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BUS
A3M.
23 m
COPYRIQHTEOIN 1936 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 142. ,MU#d
^ls'ob^e?Year*
BROOKLYN
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH 3. 5
NEW
YORK, MARCH 21 1936.
NO. 3691
TRUST
THE
COMPANY
Chartered
1866
179.
CHASE
NATIONAL BANK
Kidder, Peabody
,
NEW YORK
George V. McLaughlin
& Go.
OF
BOSTON
THE
CITY
The
NEW
chase
'
President
OF
YORK
is
tra-
PHILADELPHIA
ditionally
For
NEW YORK
BROOKLYN
:
bankers' bank.
a
many
served
a
it
years
has
large number;
of, banks and bankers
New
COMMERCIAL BANKERS SINCE 1852
and
Wells Fargo Bank
STATE
5
and
Jork correspondent
reserve
Member Federal
depository.
Deposit Insurance Corporation
AND
UnionlrustCo.
SAN
;
as
MUNICIPAL
FRANCISCO
BONDS
Member Federal Deposit Insurance Corporation
RESOURCES DYER
United States
$200,000,000
Government
Securities
The
Hallgarten & Co.
FIRST BOSTON
Established 1850
CORPORATION
NEW YORK
NEW YORK
BOSTON
CHICAGO
PHILADELPHIA
London
Chicago
Brown Harriman & Co.
Incorporated
63 Wall
ork
Street, New Yorl
>-5000
Telephone: BOwling Green 9-
SAN FRANCISCO
AND OTHER PRINCIPAL
CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120 Broadway
The
New York
London
Amsterdam
State and
jNewYorkTrust
Municipal Bonds
CARL M. LOEB <£ CO.
61
4
Berlin
•
7
.
Capital Funds
NEW YORK
Amsterdam
,
BROADWAY
..
$32,500,000
Paris
London
Barr Brothers & Co.
INC.
New York
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
40TH
EDWARD B. SMITH & CO.
31 Nassau
ST. & MADISON AVE.
United States Government
NEW YORK
SECURITIES
New York
Street
State
PHILADELPHIA
Cleveland
New York
«
•
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
London
»
European Representative
s
Office:
Railroad
8 KING WILLIAM STREET
Easton
-
-
Municipal
Public Utility
BONDS
LONDON, E. C. 4
Correspondent
Edward
Minneapolis
B. Smith &
CHICAGO
*
Co., Inc.
St. Louis
Member Federal Reserve System and
N.
y.
Clearing House Association
R.W.Pressprieh&Co.
EXCHANGE
Philadelphia
San Francisco
MEMBERS NEW YORK STOCK
New York
Chicago
March
Chronicle
Financial
n
21 .1926
BAKER, WEEKS
& HARDEN
J. & W. Seligman & Co.
Investment Securities
Co.
A. G. Becker &
Members
New York Stock Exchange
Established 1893
No.
Wall Street
64
New York Curb Exchange
Philadelphia Stock Exchange
Chicago Board of Trade
Investment Securities
52 WALL
Commercial Paper
STREET, NEW YORK
London
Graybar Building, New York
Commercial Trust Bldg.,
Correspondente
Philadelphia
SELIGMAN
Buhl Building, Detroit
v
Chicago
New York
YORK
NEW
BROTHERS
London, E. C. 2
Building, Amsterdam
6 Lothbury,
Bourse
52, Avenue des Champs-Elysees, Paris
And Other Cities
Foreign
Foreign
NEWARK
NATIONAL BANK OF INDIA, LIMITED
Hong Kong & Shanghai
New Jersey
State &
Newark Bank &
Municipal Bonds
Insurance Stocks
Bankers to the Government in
and Uganda
CORPORATION
BANKING
Head Office: 26,
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Currency) HJ50.000.000
Currency)..H820.000.000
& CO.
J. S. RIPPEL
18 Clinton
Newark, N. J.
St.
Paid
Liability of Proprietors
and
HJ20,000,000
exchange business
Trusteeships and Executorships also
C. DE C. HUGHES, Agent
72 WALL
ST.
undertaken
STREET. NEW YORK
LOUIS
St. Louis
Securities
.P.J
MORGAN & CO.
St!K 4r Co.
ISEW YORK
SAINT LOUIS
909011VK st
CO.
DREXEL &
PHILADELPHIA
Members St. Louis Stock
Exchange
■■■.
'
■
■
.
'
<9
Condensed Statement of Condition
■
March 4,1936
ASSETS
Cash
on
Hand and
{Of these, $1,000,000 are
Stocks and Bonds
State and
Smith, Moore & Co.
pledged)
Bonds, etc.
Loans and Bills Purchased.
Receivable
Accrued Interest and Accounts
St. Louis
Investment in
St. Louis Stock
Corp. Wire
Exchange
27,885,163.15
18,661,478.73
Municipal Bonds and Bills
Stocks and
The First Boston
$ 66,500,917.72
279,069,714-85
Deposit in Banks
on
United States Government Securities.
Missouri and Southwestern
Morgan Grenfell
MCo. Limited...
Banking Premises..
Liability of Customers on Letters
of Credit and Acceptances... .$15,467,892.90
Less
DETROIT
Prepayment^
...
422,249.06
48,919,500.31
1,816,410.70
5,500,000.00
6,728,304-12
15,045,643.84
$458,117,133.42
Total Assets
LIABILITIES
$369,367,207.77
Deposits: Demand
MICHIGAN MUNICIPALS
24,112,923.80
Time
and
CORPORATION BONDS
Acceptances Outstanding and Letters
Issued
Members (New York Stock Exchange
\Detrolt Stock Exchange
884 Buhl Bldg.,
Detroit
of Credit
15,467,892.90
.
Special Reserve Fund
1,000,000.00
.
Capital
$ 25,000,000.00
Surplus and Partners1 Balances
22,863,777.66
47,863,777.66
$458,117,133.42
Total Liabilities
The foregoing
$393,480,131.57
305,331.29
Payable
Accrued Interest and Accounts
WATLING, LERCHEN & HAYES
statement Is exclusive of our interest In the assets and
of Morgan & Cle., Paris. Our investment In
liabilities of the firm
Morgan Grenfell & Co. Limited, London,
of which £3,300,000 are 5% Ordinary
"
Is represented by shares,
Shares one-third paid.
I
LISTED
AND
UNLISTED
Licensed
as
Private Bankers
Authorised
SECURITIES
*
March 10,
Charles A. Pa reel Is & Co.
Members of Detroit
Stock Exchange
PENOBSCOT BUILDING,
DETROIT, MICH.
1936
as a
N
description of banking
The Bank conducts every
(Hong¬
kong Currency)
..£4,000,000
Up Capital..........£2,000,000
£2,200,000
Reserve Fund
H810,000,000
rency)
Reserve
Subscribed Capital
£6,600,000
(Hongkong Cur¬
Reserve Fund In Silver
Bishopsgate, London, E. C.
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
i
Branches
Authorised Capital (Hongkong
Paid-up Capital (Hongkong
Reserve Fund In Sterling
Kenya Colony
under Article IV of the Banking Law of the State of New York
Private Bank by the Department of
Commonwealth of Pennsylvania
Banking of the
TV
omimrchhfr
Vol. 142
MARCH 21 1936
No. 3691
CONTENTS
Editorials
page
Financial Situation.
1873
Uncertainties and Warnings at Washington
1885
The Rhineland Drama Unfolds
1887
Comment and Review
Report of the United States Steel Corp
>-.1888
.....
Text of Soil Conservation and Domestic Allotment Act. .1890
i
*
Week on the European Stock Exchanges
Foreign Political and Economic Situation
1876
1877
Foreign Exchange Rates and Comment..
....1882
Course of the Bond Market
'
1891
Indications of Business Activity
...1892
■Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
News
1875
A
1928
.''
Current Events and Discussions
1901
Bank and Trust
1924
Company Items
General Corporation and Investment News
1972
Dry Goods Trade
2023
State and
2024
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations....
1971
Dividends Declared
1929
Auction Sales
1971
New York Stock Exchange—Stock Quotations
..1939
New York Stock Exchange—Bond Quotations..1938 & 1948
New York Curb Exchange—Stock Quotations
1954
New York Curb
Other
Exchange—Bond Quotations.
1957
Exchanges—Stock and Bond Quotations
1960
Canadian Markets—Stock and Bond Quotations
1964
Over-the-Counter Securities—Stock & Bond Quotations. 1967
Reports
Foreign Bank Statements
Course of Bank
1881
Clearings
...1926
Federal Reserve Bank Statements
1935
General Corporation and Investment News
1972
Commodities
The Commercial Markets and the
Crops
2013
Cotton
Breadstuff s
Published Every
2016
2020
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 06131
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, 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.
Financial Chronicle
xn
THE
March 21 1936
CHASE
NATIONAL
BANK
'
s
OF THE
Statement
:
•
CITY
YORK
RESOURCES
Due
and
from
U. S. Government
guaranteed
State
NEW
of-Condition, March 4, 1936
;!.t
Cash
OF
and
.
Banks
.
.
Obligations,
....
and
Loans, Discounts
Banking Houses
.
.
v-;;
.
.
.
.
.
j
.
.
.
...
.
.
.
.
$
793,126,402.40
.
.
•
•
632,802,503.70
.
.
.
106,085,744.94
.
...
.
.......
117,870,672.31
....
.
.
.
:.
.
.
609,245,471.81
•
38,686,147.62
;
•
Other Real Estate
4,160,248.03
I
Mortgages
:
Customers'Acceptance Liability
Other Assets
.
.
.
.
.
.
V
'
•
•
.
.
10,130,292.62
.
.
14,987,266.06
...
.
14,398,290.58
..
....
....
/
.
'v;''/
.
•
.
.
.
.
Bankers' Acceptances
...
.
direct and fully
...
Securities
and
.
.
Municipal Securities
Other Bonds
$2,341,493,04007
.
LIABILITIES
Capital Funds:
$ 50,000,000.00
Preferred Stock
..
.
Common Stock
.
...
•
•
•
.
100,270,000.00
.
.
.
.
.
50,000,000.00
.
.
.
•
.
17,625,805.36
.
......
Surplus
Undivided Profits
.
.
Preferred Stock Retirement Fund
;
;
;
•
750,000.00
.
"
-y v;.
Reserve
for
Contingencies
Reserve
for
Taxes, Interest,
.
$ 218,645,805.36
19,558,005.62
.
.
1,609,679.46
etc.
Deposits
2,059,785,315.41
.
Acceptances Outstanding
Liability
as
Endorser
Other Liabilities
'
.
.
on
.
.
...
Acceptances
,.
.
.
.
.
.
.
17,333,224.41
.
and
.
Foreign Bills
....
.
.
3,450,291.04
.
21,110,718.77
$2,341,493,040.07
United States Government and other securities carried at
public and trust deposits and for other
purposes as
$110,205,549.47
required
or
are
pledged
to secure
permitted by law.
Member Federal Deposit Insurance Corporation
!
The Financial Situation
ALTHOUGH the European situation continues to
/"%
hold
week
of
that
In
the
has
ments
a
crisis
without
sustained
and
catastrophic
strengthened
the
event
distressing flood
home and the relief message
latest
at
for
is
it
too
early to undertake
this
the extent of the damage that has been in¬
flicted in several States by the raging waters of
rivers, but there is
the past week
has
kind known to
damage
of
is
course,
building
and
will
heavy
be
T
pensive
these
grams
performing
for
work
money,
loss
of
be
course
this
the
and
extent the powers
will
accomplish
us
all
of
far
law
income
less
and
decide
whether
if
the
as
mulating
On such
be arranged, the loss
is real and will be reflected
now accu¬
the
nation.
basis it is
evidence of
cits
unprom¬
not
substantial
should
One
thing
is
of
no
is
certain.
evidence
curtailed
at
expendi¬
although of
course
substantial part
of the
tures,
a
activities in
V,'V;;
-
There
all
schemes!
declining defi¬
despite increasing tax
people themselves through their
and in Washington were to decide for them¬
selves, regardless of the legal aspects of the
question, that they are unwilling as a matter
of
practical
wisdom
to
undertake
such
But however such matters
in
a
to »find
easy
huge vol¬
a
may,
we
the
government guar¬
anteed securities
elected representatives in the various States
for the future to disclose.
of
ume
in
limitations
How much safer
,
declining, and
into account the
sense,
must
we
scan
he will also not fail to take
yields.
ising projects.
feel
a
year.
is, how-
outgo to de-
is growing or
for which
fulfill the
In
secure.
per
termine whether the deficit
...
knows full
light of existing constitutional
and restrictions, launch upon such
that be
i
disrupted
purposes
item
Treasury reports of actual
will not and
unfortunate that the courts
matter
selves in its behalf remains
in
the
care
sort
sort
a
expense
likely to
the
over
as
$120,000,000
ever,
: j
they are certain to do is to involve
heavy expense, which so far from pro¬
in
life of
is
effectively exert them¬
may
years
deferred
at
viding the "social security" about which so
much is said, will actually make the economic
what
to
nine
The practical man
who has taken the trouble
projects of this
cor¬
allocating the
of
What
us
it is
practicable
1
are
designed, much less
promises that have been made by enthusi¬
astic Utopians in their behalf.
manage¬
matter
man
they
Just how
of
type
of
ment
cannot
proportion¬
ately reduced.
far
well that
will
nation
the
be
to
next
in other States when laid down by the
States,
look into the question with
to
public
the extent of the
to
undistributed
side of the Constitution of the United
the business
to
estimates
;
cost of the bonus
the
express
his
porate incomes, and more¬
Whatever the law may consider to be the
or
demerits of this and similar pro¬
per¬
useless
may
year,
appears
highly doubtful
on
over,
v
we
coming
basing
tax
of the courts of the State.
however,
the least.
say
yields from his proposed
merits
by those who other¬
wise would be
one
serious
to
open
President
upon
;
hope that this interpretation will in the end
prevail.
T ■ /,
next
be
can
justice in
Meanwhile,
ex¬
If somehow
tasks
formed
the
dining
is
be
essential feature
It is expected of course that the issue will
»be carried to the highest court to which the
legal aspects of the matter must be left.
re¬
restoration
few months.
system of government and constiunwarranted and unreasonable and
an
reduction of
a
below that of last
year
the
of the New York State unemployment insur¬
ance law was made
during the past week by
a
and
that
appear
As for the
our
This interpretation of
,
Heavy Flood Losses
repair,
It is true that reports
substantially increased
a
current
one to
another in violation of the due process clause
of the Constitution*"
a
clear loss to the nation.
The work of
deficit for the
arbitrary transfer of the property of
millions of dollars, all
of which,
the
compulsory contribution by an em¬
ployer to be paid as an unemployment benefit
to an employee of another is without
validity
tutes an
basis
processing tax and the enactment
bonus, it would
"The
under
can
hardly fail to amount to
many
indicated
Unwise Even if Constitutional
(
able loss of life, the actual
property
week have
question, to
In addition to the lament¬
the
place, the
to be running ahead of that
year
year
history.
our
current
this
of
year,"
In the first
previous fiscal period.
the
seen
conditions
worst
successive
daily Treasury statement shows the deficit
of the
for doubt that
no room
third
validation of the
guess
many
the
The President
reduction in the
yield from the income tax, but in view of the in¬
to
even
"for
the
of the
^
course
projects although other
for which is far from clear.
domestic
affairs.
Of
deficit
confidence
upon
relief
as
makes reference in his message to a
of the President have
definitely tended to focus attention
defended
justification is often claimed for them.
develop¬
conditions
least
at
possibilities, another
will be found out of the present impasse.
way
any
unpleasant
many
outlays
during
the
next
~~
the
areas
affected.
It
is
~
fiscal
fortunate for all concerned that the companies which
be
must bear these expenses
consistently
so
taxed
that
they
were
have not in the past been
unable to build
stantial surpluses which can now
up
be put to
is most
for
these purposes.
t
his
himself
for
another
year
1937.
$1,500,000,000
He def¬
for
relief
purposes,
which added to the funds expected to
be at his
disposal under existing appropriations will
provide around $3,100,000,000 for relief and allied
purposes,
of
including public works and other types
projects which
are
usually classified and in part
Associated
President
Press
has
estimates
Washington, where presumably information
abundant, place probable expenditures during
President
budget' picture for the fiscal
as
bonus, which the
at'
more
than $9,000,000,000, which
would break all peace-time records.
THE President's relief this time completes, as the
message is possible, far
completion at
asks
the
opposed.
the fiscal year
The Relief Message
initely
on
made at
sub¬
use
made
will doubtless
year
own
for
does
mind
not
that
obliged to
to
appear
he
come
will
to
not
winter
more
feel
funds
during the fiscal year 1937.
What he
in effect is that he hopes to be able to confine
expenditures to this amount,
to
next
Congress for
relief
says
do
Moreover, the
be at all certain in
so
if
take
his
a
vague
substantial
problem off his hands
and believes he
can
plans for persuading business
part
can
of the
unemployment
be effected.
1874
Financial
Industry and Unemployment
His
ideas
the duties
to
are
substantially the
National
of
ideas
injury of this sort,
subject
in
in
weekly wages, and
vaguely outlining his
expresses
the opinion
ca-
this matter,
on
apparently would like to
made
see
now
oblige
em-
Probably anti-
lawyers would disagree with this opinion of
lawyer
if it could be put
entirely too
situation
to
the
thoughtful
man,
will easily recognize the
not,
or
impracticability of it to
are
ex
nothing in the anti-trust laws
President, but certainly
even
say
nothing of its unwisdom,
into practical effect.
There
uncertainties in the existing
many
permit of positive predictions at this
time, but it is certainly quite possible that the President
will, next winter, after the elections
(assuming of
for
course
are over
that he is still in office), ask
$500,000,000
some
for relief
more
and allied
purposes.
At still another
the
point the President's
than usual interest.
more
He takes
message
is
pains to cite
increasing expenditures of States, municipalities
and local
governmental units for relief
cent
more
1932.
than in
1933, and 58
once
course
been
per
cent more than in
of
municipal borrowing have
the market
poor
agencies have been in
borrowers, the funds received going
as
relief and kindred
bank
studv
more
impressed during the past year with
the extent to which all these
for
per
spent the year before, 49 per
Incidentally it maybe observed that those who
follow the
than
they
He
some
this account, which, he adds, is 13
on
than
more
cent
purposes.
that during 1935 these agencies spent
says
$466,000,000
purposes.
portfolios know of
course
Those who
that
a
very
large part of such loans is taken by the commercial
banks, which in turn create deposits with which
to
pay
most disappointing.
more
about which he
ure
coun-
the
was
has
halls
three months.
one
never
of
been
Congress
Instead of
important
meas-
obviously right, the bonus,
the opposition took the lead in enacting the bonus
law
over a Presidential veto.
It has been largely
silent when the taxation problem was being manhandled—at least it has had nothing constructive
to suggest.
that
no
Reports from Washington
now
assert
opposition worthy of the name is likely to
against the relief proposals of the President,
despite the fact that they are designed to continue
the existing system, so obviously unavailing and
appear
unsound, for another
year or more.
It remains in-
different while the Securities and Exchange Cornmission is apparently succeeding in inducing Con-
securities markets of the country, despite its obvious
*ai afe
ulfill the promises that had been made
01! 1 "
€
intelligent voice ever rqised in be_a a sound banking is that of Senator Glass, who
ou .ess ^°nldinuch prefer to support the Presideat smce he 18 the tltular head of the Senator's own
Pa^7*
°f 1course we a™ fai?diar Wltb the time-worn poBt*cal Went that the opposition to be success' I?ms 710
e. constructive for fear of making
But this idea has always seemed to us
£ be ^e.yerj nega n ^ stat^man8hlP- Certainly
e PO icies now^ eing observed m the camp of the
°PP0S1 i°n urnis no inspiration and little hope
0 rea ^ cons ructive statesmanship during the
„
^ar8 ^edmtely ahead regardless of the outcome
0
e e ec 10n8 nex^ autumn,
for the obligations thus purchased—essensame
general results.
The Treasury and the Banks
too
The Real Solution
„
,
f
IGURES
now
made
public showing the assets
of member banks at the close of 1935 show all
plainly that the Treasury continues to finance
itself
to
a
very
large degree through the
now
fa-
simple truth of this matter is that from the
miliar practice of placing evidences of its deficit
first the relief problem has been dreadfully mis-
in the portfolios of the commercial banks. At the
end of the year member banks held about $10,500,-
managed, and it has
to the
been
now
grown
solvency of the nation, to
darker aspects
to be a menace
say
nothing of the
of its administration. We have often
obliged to differ with ex-President Hoover, but
are
and
or
failure
supporting the President in the
financing its deficits and certain to have the
we
The
conspicuous than in
during the past two
r-
very
their
The
It is in its failure to strike fundamentally at the
New Deal that the political opposition has proved
tially the procedure employed by the Treasury in
The
more
earn
who
salaries.
gress to increase its bureaucratic control over the
Local Relief
of
The mistaken relief policies of
the past few years have already done irreparable
try cannot stand much
reduction
President
ployers to enter such agreements.
whether
mon-
these steps
sooner
or
that he finds himself without power to
the
taken the better.
are
The
masses
was
prevent voluntary agreements
trust
etary and credit systems.
living by working for wages
the
which he
widely
government and about the soundness of its
own
injury to the morale of the
thedra that there is
to
1936
flourishing,
The
on
21
to revolve largely around shorter hours
without
like.
were
thoroughly discredited
now
Recovery Administration
seem
work
the
those which
same as
current at the time the
March
concerting uneasiness about the fiscal affairs of its
as-
by industry and trade in this connection
sumed
They
that
ought to be
as
Chronicle
is
quite certain in
our
minds that he
was
right
right in his insistence that the only sound
solution for the relief
business
problem is that of enabling the
community to re-absorb the unemployed,
000,000 direct obligations of the Federal
ment,
or
about 36
per
govern-
cent of the entire national debt
outstanding in the hands of the public. Guaranteed
obligations were held in the amount of $1,800,000,000, or 39 per cent of the total outstanding. But
fully
as
interesting
during the
year
are
the changes that took place
1935. Direct government obligations
What the national government needs to do to enable
outstanding in the hands of the public increased by
business
$1,450,000,000, while the holdings of member banks
increased by $600,000,000. If we add, say, $200,000,-
to
or
bring
to
provide additional employment is not
pressure upon
subsidize
to
industry, but
prove
on
this
employers to shorten hours,
that
or
the
other
branch
the efficiency and
economy
of operations, to
develop markets at home and abroad without
tificial
of
the contrary to permit it to im-
ar-
handicaps, to proceed generally without fear
of undeserved
punishment
affairs, either directly
conceived
or
taxation, and of
or
interference with its
through hastily and badly
course
to free it of the dis-
000
for
non-member
reasonable,
we
State
banks, which
absorbed during the
year
some
total increase of $1,450,000,000
available to the public.
obligations
we
appears
find that the commercial banks have
If
we
$800,000,000 of
in
national
a
debt
turn to guaranteed
find that the proportion of these is-
sues held by member banks increased during the year
from 32 per cent to 39 per cent. Thus it is made dis-
Volume 142
Financial
.
tressingly clear that
have
are
an
enormous
we
are
not
national
only continuing to
Treasury deficit, but
financing it in the
that has for
a
ment of the
same
inflationary manner
number of years featured the
manage-
Treasury.
Chronicle
1875
while industrial advances increased
$126,000 to $30,Open market bankers' bill holdings were
.
321,000.
$3,000 higher at $4,679,000, and $32,000
was added
to the United States government
security portfolio,
which
stands at
now
Federal Reserve Bank Statement
$2,430,319,000.
The New York Stock Market
TRANSACTIONS relating to the MarchTreasury O well prices in the New York market were rather
quarter- OTOCK maintained
financing of the United
date
States
caused very
material changes in the banking statistics this week, but
they were quite in accordance
with expectations and
closely resembled the variations
occasioned
by
the
financing, in December.
of
last
previous
For the
new
Treasury
issues
money
the
Treasury, amounting to slightly more than
$900,000,000, banks paid a large proportion of cash
and
only
posits.
modest
a
sum
was
paid for by book de-
This is due, of course, to the Federal de-
posit insurance levies
on banks, which are
applicable
deposits by the Treasury. Heavy income tax
payments swelled the cash turned over to the Treas-
also to
March 16, and
find that the Treasury deposits with the Federal Reserve banks on general
ury on
account
increased
we
$676,251,090
in
the
Wednesday night.
Member bank deposits
account fell in the
same
the
naturally
Actually, the
to
showed
decrease,
$620,000,000, or to
March 18 from $3,010,000,000 on
on
on
general
account
effect
hood that the
on
idle,
eral
extensive
see
account
to
reserves
In future weeks
we
by the Treasury of its
use
funds, and
rapid increase of
a
former levels.
In
passing, it
mentioned that the statistical variations
are
present monetary conditions.
If there
any need for the tremendous total of idle
of
paying cash
order to avoid the small
circumstances leading
for Treasury
requirements,
or
were
in
actual
to
of
a
cash,
at
but
and
Liquidation
the losses
or
never
every
the very
member
bank
that
reserve
total
to
deposits,
which
on
reserves
ties combined fell to
by the System
were
to
in-
recession
in
quotations,
pronounced, however, and
almost entirely fractional. Issues of
were
affected.
The
advance
was
re-
a
dozen
States.
Metal,
made
a
were
were
few
holders
nervous.
Movements
mostly toward lower levels, but the
small.
Industrial stocks held close to
was
quiet and generally
effects of the floods
naturally will be
on
compara-
United States government issues
were
in
steady demand, both long- and short-term obligations tending to advance. High-grade
corporate
bonds also were better. In the speculative and semi-
general account
$710,000 higher at $5,630,000,
also
Thursday, notwithstanding the terrible
tively small.
The decline
Discounts
all groups
turnover
never
holders of senior issues
already noted,
78.2% from 78.4%.
were
modest
a
was
cheerful, partly because the
small decline
deposit and note liabili-
and
The listed bond market
were
posit figures left the total deposits at $6,539,128,000
on March 18 as
against $6,514,189,000 on March 11.
Tuesday, with stocks in
gains, while
well,
Improvement
former levels, while fractional losses
appeared in
most railroad and
utility issues,
speculative domestic bonds, the trend was
quietly
favorable to holders, with dealings on a much more
compensated for this by increasing to $1,067,364,000
from $391,113,000.
These and other changes in de-
The ratio of total
on
changes
against
$5,143,768,000 from $5,786,-
173,000, while Treasury deposits
good scale,
motor, oil and carrier stocks showed best results,
American Telephone &
Telegraph shares lost ground,
due to an investigation of the company's affairs
Federal Reserve notes in
reflected
a
Steel shares also did
effects of flood waters in
The
reserve
reserves
on
nature
sumed
against $8,028,-
$3,730,979,000 from $3,731,534,000.
reduced
18
on
relatively dull, with
was
Wednesday, and it induced quieter operations in
were
small increase
a
total
$8,028,435,000
week earlier.
circulation
March
on
was resumed
Monday
material
yesterday
March 11,
on
the rule
securities
holdings of the Federal Reserve
other
hardly changed
011,000
on
reduction of
increase of
or an
$7,667,338,000
$7,667,830,000
occurred
banks,
movement last Satur-
realized
was
increase of operations.
an
char-
both.
Gold certificate
banks
be
noted
market holdings of Treasury securities by
the Federal Reserve
:V:;-r
offset in
were
A number of speculative favorites moved
up one to two points, and a few
larger advances
also were recorded. Flood news became very serious
the banking changes do»
a
week
creased.
securities in
deposit insurance levy.
to
not in the least diminish the need for
the open
was
showing
gen-
funds,
suitable demand for credit, banks would
dream
owing to
excess
now
appears
'/ vvA:
rapid upward
a
When it
was
prices tending lower in most groups,
although utility
ex-
may
merely another reflection of the artificial
acter of
any
can
market then
mostly favorable to holders, it
issues resisted the trend.
the vast aggregate of un-
over
used credit resources.
modest scale than in the previous week.
dollar bonds recovered a good
part
.
4
year, and as movements this
ties, buying of shares
and the likeli-
reserves
were
one
The session last
relatively modest current total will
diminish the alarm
pect to
week
Tuesday that the bull
just
progress
that European difficulties probably would be
adjusted without hostili-
was
for the sake of the
even
excess
the indications that
even
tion in
good part by
$1,067,364,000 by these means, and it is
hardly conceivable that such a tremendous balance
of funds will be left
But
The sharp recessions of last
raised to
incidental
industrial,
Washington, nor the continuing difficulties
of the European diplomatic situation affect the market greatly.
Movements of stocks were generally
toward higher levels, but on a subdued scale.
It
day.
Treasury balance
numerous
to be continuing.
March 11.
The
mates of the costs.
excess reserves fell
$2,390,000,000
that
industrial plants had to shut down, while railroads
were washed out in
places and utility plants forced
to discontinue operations, failed to
discourage buying altogether. Nor did the uncertain tax situa-
in
legal require-;
over
comparable
a
diminish, for it is evident
railroad and utility companies with securities listed
here suffered severe losses in the
floods, and many
investors and speculators preferred to await esti-
was noted on
on reserve
period by $642,405,000, and
of,reserve deposits
excess
ments
week
this week, despite such un¬
fortunate developments as vastly destructive floods
in most of the Eastern States.
Activity tended to
Foreign
of the losses
which appeared after the German
military occupation of the Rhineland was announced.
Commodity
markets
were
irregular, with gains of
celed by the losses of the next.
one
day can-
Net results
were
almost
negligible for the week as a whole.
yesterday at 49% against 47% on Friday of last
week; General Motors at 64% against 59%; Chrysler at 95% against 91%, and Hupp Motors at 2%
against 2%. In the rubber group, Goodyear Tire &
Rubber closed yesterday at 29 against 26% on Fri-
Foreign
exchange dealings were dull, with the dollar well
supported at all times.
March 21 1936
Chronicle
Financial
1876
Most foreign currency units
slightly lower yesterday than a week earlier.
Dividend declarations by the more prominent com-
were
stock, payable March 31 next;
day of last week; United States Rubber at 25%
against 23%, and B. F. Goodrich at 20% against
18%, The railroad shares recovered some of the
with distributions of 25c. a share
three previous quarters.
The Celanese
losses sustained in last week's trading. Pennsylvania RR. closed yesterday at 32% against 32 on
Corp. also took favorable action in the form of an
Friday qf last week; Atchison Topeka & Santa Fe
at 75 against 74; New York Central at 34% against
panies this week included the American Brake Shoe
&
Foundry Co., which declared a dividend of 30c. a
share
this
the common
on
compares
made in the
initial dividend of 50c. a share on its common
stock,
-.>0.33%; Union Pacific at 132% against 128%; SouthExchange 117 stocks
ern Pacific at 33 against 31%; Southern Railway at
high levels for the year and 71 stocks
17% against 16, and Northern Pacific at 29%
low levels.
On the New York Curb
against 29%.
Among the oil stocks, Standard Oil
payable April 15.
touched
new
touched
new
Stock
York
New
the
On
of N. J. closed yesterday at 69% against 64% on
Exchange 87 stocks touched new high levels and 63
Call loans
stocks touched new low levels.
Exchange remained
Friday of last week; Shell Union Oil at 18% against
the
17%, and Atlantic Refining at 31 against 30%.
unchanged
the copper group, Anaconda Copper closed yesterday at 35% against 33% on Friday of last week;
half-day session on Saturday last were 1,425,580
Kennecott Copper at 38% against 35%; American
Smelting & Refining at 89% against 79, and Phelps
Dodge at 39 against 34%.
Trade and industrial reports were rather corn-
On the
shares;
on
Monday they were 1,834,610 shares; on
Tuesday, 2,241,010 shares; on Wednesday, 1,746,530
shares; on Thursday, 2,016,430 shares, and on
Fri-
forting, despite the flood situation in the East. The
American Iron and Steel Institute estimated ingot
production of steel at 60.0% of capacity this week,
but this estimate was made last Monday, and it was
probably optimistic in view of plant shut-downs because of the floods.
The rate compares, however,
On the New York Curb Exchange the sales last Saturday were 447,850 shares;
on
Monday, 606,825 shares; on Tuesday, 661,525
shares; on Wednesday, 593,120 shares; on Thursday,
day, 1,887,730 shares.
610,475 shares, and on Friday, 566,750 shares.
Caution
a
was
feature of the market this week,
induced, in great part, by floods throughout the
country which wrought devastation to life and prop-
erty, particularly industrial property.
As a conse-
huge losses were sustained by many industries and much time and funds will be required before
they will be able to resume operations on a
Irregularity prevailed in some ses-
scale.
normal
sions, but prices as a whole showed a tendency to
advance, and at the close on Friday equities
tered substantial
"week ago.
regis-
improvement over the same day a
General Electric closed yesterday at 39%
against 37% on Friday of last week; Consolidated
Gas of N. Y. at
34% against 32%; Columbia Gas &
18% against 16%; Public Service of N. J.
Elec. at
40% against 41; J. I. Case Threshing Machine
87%
against
61%; Montgomery Ward & Co. at 40% against38%;
at 133
against 127; International Harvester at
against 77%; Sears, Roebuck & Co. at 63%
Woolworth at
& Tel.
at
50% against 49%, and American Tel.
162% against 165%.
AJlied Chemical &
Dye closed yesterday at 193% against 178 on Friday
of last
week; Columbian Carbon at 115% against
98; E. I. du Pont de Nemours at 148 against 141%;
Register at 27% against 25%; Inter-
National Cash
national Nickel
Products at
33%
at 50
against 47; National Dairy
weeks.
/
;
In London the price of bar silver yesterday was
Gulf Sulphur at 35%
19 13/16 pence per ounce as against 19 1/16 pence
against 33%;
Brands at
•
24% against 23%; National Biscuit at
Texas
against 35%; Continental Can at 81% against 79;
Eastman
with 55.8% last week and 46.8% at this time last
Production of electric energy was 1,900,803,000 kilowatt hours in the week ended March 14
against 1,893,311,000 kilowatt hours in the preceding week and 1,728,323,000 kilowatt hours in the
corresponding week of last year, the Edison Electric
Institute reports.
Delayed mails and other conditions caused by floods forced the American Association of Railroads to delay the report on car loadings which normally is made available every Friday,
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 97%c. against 101%c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 59%c. as against 60%c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 25%c. as against 27%c. the close on
Friday of last week.
'
The spot price for cotton here in New York closed
yesterday at 11.43c. as against 11.38c. the close on
Friday of last week. The spot price for rubber
yesterday was 16.06c. as against 15.81c. the close on
Friday of last week. Domestic copper closed yesterday at 9%c., the same as on Friday of previous
year.
quence,
at
In
V; ;
New York Stock Exchange the sales at
at%%.
the
Stock
York
New
on
Kodak
at 163
against 156%;
Standard
16% against 15%; Westinghouse Elec. &
per ounce on
Friday of last week, and spot silver
in New York closed yesterday at 44%e., the close on
Friday of last week.
Mfg. at 114% against 113; Lorillard at 22% against
In the matter of the foreign exchanges, cable trans-
22; United States Industrial Alcohol at 50% against
fers on London closed yesterday at $4.96% as
against $4.96%c. the close on Friday of last week,
and cablle transfers on Paris closed yesterday at
50%; Canada Dry at
against 13%; Schenley
against 46%, and National Distillers
Distillers at 48
at 32
6j62%c.
against 30%.
The steel stocks in the main were
higher this week,
States Steel closed yesterday at 64
United
.
against
Friday of last week; Bethlehem Steel at
56% against 62%; Republic Steel at 23% against
60%
on
50% against
Auburn Auto closed
22%, and Youngstown Sheet & Tube at
48%.
In the motor group,
as
against 6.63%c. the close on Friday of
last week.
_
,
.
European Stock Markets
T"*\EALINGS were quiet this week on stock exIS changes in the principal European financial
centers, but the trend of prices was much improved
Volume 142
over
last
took
a
Financial
week, largely because the political
favorable turn.
more
news
Apprehensions of
pleasant international complications
as
a
un¬
result of
German
the
military occupation of the Rhineland
steadily, despite the numerous resolutions
dwindled
of the
League of Nations Council condemning Ger¬
treaty violator. It appeared that the pri¬
many as a
Chronicle
definitely toward
ficulties.
the
on
On
securities
Berlin.
they
adjustment of European dif¬
this basis, quotations were stimulated
an
Gains
were
markets
exchanges at London, Paris and
not
were
especially pronounced, and
marked at times by profit-taking, but the
clearly reflected
a more
confident tone.
ternal troubles of various countries
a
little
it
was
more
began to receive
consideration, and in this connection
noted that French national elections
be held late next
will be
In¬
permitted
are
to
month, while the German people
limited plebiscite in eight days.
a
Pending such events,
pected
on
no great activity can be ex¬
the Continental markets. Trade and in¬
dustrial reports from the
leading European
coun¬
tries indicate
are
merely that the gains made last
being maintained.
^
> v
r -v.
year
The London Stock
on
session that
troubles
a
Exchange
was calm and steady
already apparent in that
compromise would be found for the
Monday, for it
was
occasioned
by the German Rhineland
extensive
cupation.
British funds recovered a good part of
registered in the previous week, while in¬
dustrial stocks also
improved. Foreign issues were
better because of favorable week-end
reports from
New York. Fresh
gains were recorded in most de¬
partments of the London market
Tuesday. Brit¬
on
ish funds
remained in demand, and brisk
inquiry
developed for most issues in the industrial section.
Commodity stocks, gold mining issues and interna¬
tional
securities
joined in the rise.
After
firm
a
gains
resumed
was
recorded
were
active in this session.
more
dull and
was
in
rentes,
on
again took
The Berlin Boerse
was
session of the week
The market
was
yesterday
the interna¬
as
dubious turn.,
a
stimulated in the
by the
French
Trading also
prices hardly varied,
tional situation
opening
of international
course
developments. Heavy industrial stocks were quite
firm, and most other issues joined in the advance
as
well, although on a more modest scale. : A mood
of confidence
again
the
prevailed
German market.
tions to the
were
on
Tuesday, also, and prices
advanced in virtually all departments of
were
Shipping shares
small. Indications
very
were
excep¬
rule, but the recessions in such stocks
Wednesday that the
on
Reich would gain its
point of
tional negotiations
equality in interna¬
provided further stimulus for
the Boerse
small
on
gains
Wednesday.
Activity increased and
general. An uncertain opening on
Thursday was attributed to lack of public partici¬
were
pation, and modest liquidation by professional
spec¬
ulators turned the German market downward.
recessions
and
small, however, and it
few groups
a
Little
were
trading
prices
was
The
noted
was
managed to show further gains.
reported on the Boerse yesterday,
steady.
were
I
Pan-American Conference
oc¬
the losses
Buying
ways.
equities and international issues.
that
:
both
Thursday, owing to good reports from London, and
vate
negotiations of Locarno treaty signatories far
outweighed the League Council deliberations in im¬
portance, and the trend of such conversations was
1877
variations
PRELIMINARY week, for the were virtually con¬
arrangements conference of tall
cluded, this
American
Republics which President Roosevelt
pro¬
posed in personal communications to the heads of
the various Latin American States.
guayan government has
it
Only the Para¬
failed to reply favorably,
indicated at the White House in
was
Washington,
Tuesday, and acceptance from the Asuncion regime
also is assured.
vene
The conference
in Buenos Aires in
opening
on Wednesday,; some profit-taking devel¬
the London Exchange, and best levels of the
day were not maintained. British funds and a few
up
of the industrial issues finished with small
in
or
probably will
con¬
August, and diplo¬
matic
oped
July
on
but iron and steel stocks
were
losses,
in excellent demand
throughout, while most international issues
firm.
were
but
not
the
There
little
was
undertone
activity
on
also
Thursday,
further
buying of iron and steel
The tone
were
of issues.
was
Monday, with mid-month
carry-over rate of
February.
There
rentes were firm.
securities
;.../;■
started quietly at
Paris,
settlements effected at
was
the usual liquidation, but
French equities and international
reflected
modest
better
was
noted in almost all
Good
.r
4%%, against 3%% at the end
was
on
cheerful yester¬
recorded in all groups
y:
Trading for the week
was
uncertainty.
The tone
Tuesday, and material improvement
fractional
gains
departments of the market.
appeared
in
rentes,
while
larger advances were scored in French equities.
Highly indicative of the improved sentiment on the
Bourse was a sharp advance in German
government
bonds.
The
delay
change in
March
one
tions
The
a
military junta
totalitarian State
11, modeled along the lines of Italian and
"which
The
Decrees
were
issued which banned
all political, labor
year
State."
up
do
not
emanate
aim, however,
or
other organiza¬
explicitly from the
was
said to be "consti¬
tutional reorganization for a future
a
Republic," and
"democracy of workers and peasants." Dictatorial
aims
were
disavowed
by Col. Franco and his
porters, who declared that it is not intended
tablish
were
a
new
rushed
form of
last
government.
Saturday,
es¬
Arrangements
moreover,
change of prisoners with Bolivia which
upon
sup¬
to
for the
was
ex¬
agreed
at the Buenos Aires peace conference, and a
of hostilities between the Chaco bel¬
resumption
ligerents
now
is remote.
The
visional regime was
recognized
government last
stance, and the
new
Paraguayan
pro¬
by the United States
Saturday, in view of this circum¬
way
thus cleared for the proposed
Pan-American conference.
The session
on
Wednesday was marked by
uncertainty regarding the international
situation, but quotations were not affected greatly.
renewal of
Rentes
for
with Bolivia.
by Col. Franco set
on
section also did well.
a
war
German fascism.
day, and small gains
of
of the Chaco
headed
were
was
a
government, effected by Col. Rafael Franco, hero
were
There
interest.
common
acceptance by Paraguay is due to
good.i British funds
was
shares, however, while other issues in the industrial
a
political problems of
greatly changed, and international issues
dull.
on
as
experts already are busily engaged in drawing
the agenda, which may include economic as well
slightly lower at the end, while French
equities and international securities showed equal
were
League Council Meeting
ALL the wiles and devious twists and
turnings of
diplomacy
were on
display this week at Lon¬
don, where representatives of
more
than
a
dozen
1878
Financial
countries
gathered to debate the German military
reoccupation
of
the Ehineland.
The
diplomatists
agreed that the Reich violated the Locarno
were
Chronicle
obviously
and
March 21 1936
were
to any such militant stand,
averse
they pulled pretty steadily for calm examina¬
tion of
Hitler's
Herr
suggestions for 25-year non-
treaty by its action, but they were agreed
on very
aggression pacts with all the Reich's neighbors, joint
little
election
establishment
that
In
else.
speeches,
the
of
course
numerous
German spokesmen' made it quite plain
they have
intention of retreating from the
no
position they took
March 7.
on
Indeed, Herr Hitler
and
Western
of
own
sanctions
con¬
lead to
regime.
endangering his
France remained intransigeant and
tinued to demand withdrawal
time
as
went
it
on
French government
British
out
aid.
became
has
no
by the Germans, but
Great Britain
And
delay in the obvious hope that
for
German
delegates
negotiations with other
engaged
on
in
of the Locarno
and
groups,
private
Thursday
on
as
violator
a
At the same time, however,
pact.
began to fill the air of
proposal for adjust¬
a
ment of the entire situation.
>
com¬
Wednesday.
long
they heard their country condemned
rumors
continued to
conferences, and
they appeared in the British capital
The
the
German representa¬
invited to London
were
that
acceptable
some
promise could be worked out.
tives
clearer
ever
intention of acting with¬
'
matic
and counter-moves is
moves
cult to ascertain.
exceedingly diffi¬
probability, however, the
sessions of the Locarno Powers and the League
open
of
In all
Nations
Council
are
far
overshadowed
in
im¬
the
on
basis
economic
an
that
day
brief, it sufficed to produce several
was very
interesting indications
behalf of the London
of national
incontestible
sailles
breach
of the Locarno
the
neglected
of last week that
ances
aid of France and
place.
England would
Belgium if
London
proceedings is
moreover,
of
serious
question,
the
of
sanctions
against Italy ■ is
in the diplomatic
country could legally
of
taking such steps exists.
customary legalistic French attitude
in the
Premier Paul
speech.
took
the
Zeeland, of Bel¬
van
an
Council
the
that
invitation to the Reich
This
sessions.
was
Council members
an
took
seriously the German suggestion that estab¬
very
lishment of
equality would
German re-entry
A little
remove
the barriers to
into the League.
light, but not
situation
the
The Council
significant step of authorizing the
further
attend
The
reflected
was
gium, associated himself with France.
in view of fairly authoritative intimations
discontinuance
that
to
open
to the
come
German attack
any
circumstances, but he made it clear that
real intention
no
which his
measures
take in the
obvious indication
govern¬
The
to repeat his assur¬
Foreign Minister Pierre-Etienne Flan-
apt to result only in vague generalities for the time
The sincerity of the
and
zone
din, of France, made much of the "urgent, brutal,
to
elections.
provisions of the Ver¬
even
League Secretariat to send
face general
In
treaty had been committed."
British Minister
takes
of
treaty relating to the demilitarized
genuine settlement is being negotiated.
ments
positions.
government, Foreign Secretary
Anthony Eden merely declared that "a patent and
ports suggest that even the secret conversations are
being, since both the French and German
would
measures
collapse of the Reich.
also
re¬
such
Although the League Council meeting last Satur¬
portance by the private discussions in which the
Some
French reports sug¬
Economics, had warned the French against any
decisive"
1 /■^
■
The precise immediate significance of all the diplo¬
by Germany
zones
European air pact.
from
without
demilitarized
gested that Dr. Hjalmar Schacht, German Minister
probably would be unable to withdraw his troops
the Rhineland
of
France, and conclusion of the long-discussed
great deal, is thrown on
a
by the heavily conditioned German
Long-
acceptance of the League invitation, and the subse¬
speeches by various diplomatists added to the foggi-
quent moves whereby the Reich actually was induced
one
of the
ness
pawns
normally thick London atmosphere, and
they did not
fairly safe to
say
representatives
to London.
The German
that most of the speeches and obvi¬
gathering, provided equality with other countries
intended
were
for
home
consump¬
granted in the discussions, and it
was
gratifying results of the Lon¬
stated that
early consideration of the
talks, all things considered, is the rather obvious
tions made
by Berlin would be
determination of all
That
very
much
appears
parties to avoid resort to war.
been decided at the
to have
were common
London, where representatives of the Locarno
countries and
the members of the
gathered last
Saturday
authorities.
British
brief
at
The
League Council
the insistence
League
Council
of
the
held
a
meeting early last Saturday, and promptly
more
intimate discus¬
by the Locarno signatories.
German diplo¬
adjourned in order to permit
sions
sideration."
matic authorities made it known in
Berlin, the
same
Both
British
a
and
was
"fundamental
French
created
reply, and
by
an
The French
note.
some
were
conference and leave the
accepted in London
suggested.
additional confusion
reported ready to bolt the
League if the Germans
on any
such bases
But Chancellor Hitler
declared that the Reich is
on
as
the
hardly to be supposed that such state¬
no
by
This
impasse plainly
British intervention.
A
was
League note
open
After
extensive
Ribbentrop,
issued
a
Locarno
brief statement to the effect that
a
group
"closer
approximation of views had become apparent."
soon
It
as a
treaty violator in
open
League
and secret
a
don, if it could possibly be done.
the
France was said
was
overcome
was
sent to the
was
assured
was
of
said
The upshot of the
that Joachim
representative
of
the
von
Reich,
by airplane, Wednesday, at the
large delegation.
on
Monday and returned the first
number of indictments
them
prepared to demand strong financial and eco¬
nomic sanctions against Germany.
But the British
special
The Council met
of
sessions, and also to bring German delegates to Lon¬
to be
a
proposals.
maneuvers
arrived in London
head of
appeared that this meant an agreement to con¬
demn the Reich
which Berlin
of the German peace
lightened the tasks of the Locarno conferees.
the
com¬
attention.
ments
conversations
day
same
plete isolation if its peace proposals received
Reich, Monday, in
is
were
the Reich
ready to recede into
equality in the deliberations, but nothing
it
was
inadequate translation of the German
day, that they intend to build "pillbox" or minor
and
con¬
spokesmen
fortifications at
strategic points in the Rhineland,
further
peace sugges¬
professed keen disappointment at the tenor of the
German
outset.
Rapid changes of formal procedure
at
send
reply indicated willingness to attend the London
One of the few
tion.
don
to clarify the situation.
to
It is
serve
maneuvers
ous
game.
along the
German
same
line.
government
against Germany, all of
A resolution found that
"had
committed
an
in¬
fringement of Article 43 of the Versailles treaty by
causing military forces to penetrate into and install
Volume 142
Financial
themselves in the demilitarized zone."
It appeared
Tuesday that the German delegation had been
on
induced to
to London
come
Herr Hitler's
by British promises that
plans for the pacification of Europe
would receive attention.
While
waiting for the Ger-
to arrive, the League
body listened to a lengthy
speech in which the Russian Foreign Commissar,
Maxim Litvinoff, assailed and
arraigned the Reich.
mans
Unlike
other
other
that
come
spokesmen, Mr. Litvinoff mentioned
of
cases
for
up
treaty violation recently had
consideration
by
the
League.
He
assured
the Council
all such
violations, and then proceeded to indict the
that Russia is
indignant
over
Reich.
The Russian spokesman
surprised the gathering by giving consideration to the German pro-
posals, but he expressed
German ideas.
occasioned
In
faith whatever in the
no
France
some
perturbation
was
by the indications that Reich representa-
tives would arrive in London to
discussions, and it
participate in the
made very clear that
German
friendship
desired.
Much also
both sides of the
on
Wednes-
on
the most
giunij Italy and Germany,
;
It
Foreign
Secretary Anthony
had committed
and
Eden
Locarno
accords.
He
that the breach does not
carry
threat of
that
Germany
incontestible breach of the Yer-
an
rumored
was
hostilities,
added, however,
with it
any
imminent
that time is available for
so
a
Britain, France, Bel-
new
and sweeping ac-
Wednesday that
an interim arrangement might be proposed - for submis-r
on
sion of the dispute regarding the Franco-Russian
pact to the World Court, in order to determine
whether it conflicted with the Locarno engagements;!
There
were
also suggestions that
demilitarized Rhineland
zone
British and Italian forces
as
a new
guarantors.
Thursday that
on
but smaller
might be created, with
But Ber-i
any
further
of the Rhineland would
any part
be totally inacceptable, and it was indicated from
time, that first versions of the
same
intentions of the
ence,
reiteration by
in prog-
pact, engaged in protracted secret I negotia--
French side.
a
were
signatories of the Lo-
as
tions for the formulation of
devoted to statements of the various govviewpoints on the German action. By far
was
Ribben/
ress, representatives of Great
important of these
were
von
\
;
While these formal pronouncements
cords.
is
made of the peace proposals
was
Council.
carno
and
peace
neighbors
the further consideration of the
upon
London, at the
Lengthy speeches before the Council
only
of the German Chancellor, which Herr
trop urged
demilitarization of
zones
that
Germany's Western
given to the German suggestion
for mutual demilitarized
ernmental
statements
with
lin made it plain
Franco-German frontier.
sailles
tomary
1879
no con-
was
sideration could be
day
Chronicle
diplomatists leaned unduly to the
Late
the Locarno Powers
Thursday it appeared that
on
propose to
at some date later this
call
year,
a
world confer-?
to consider world
disarmament, economic and colonial questions.
French Foreign
The
Minister, M. Flandin, is said to have
broached this idea, and he also
was reported to have
abandoned his demands for German evacuation of
the Rhineland.
Instead, it is indicated,
inter-
an
prudent and determined examination of the entire
national commission may be sent to the Rhineland to
situation.
insure that the present German forces in the Rhine-
what has
Mr. Eden also remarked that in
happened,
in the future
ish
as
peace
in the
spite of
treaties will be required
past, and he pledged full Brit-
participation in the work of reconstruction and
the
organization
of security in Western Europe,
Grandi, spokesman for Italy, declared rather
Dino
bluntly that his government felt keenly the sanctions
imposed
on
Italy
the
as
aggressor
in the Italo-Ethi-
land
are not
other
increased.
will
matters
It is evident that these and
be
the
subjects of prolonged
negotiations, but in all events it is plain that the
tide is setting, for the time being at least, toward
in Europe.
V".
peace
Captain Anthony Eden disclosed in the House of
Commons, yesterday, that the Locarno countries had
opian conflict, and he made it clear that removal
agreed
of the
cedure toward the Reich than
penalties
participation in
the German
desired
was
any move
as
the price for Italian
against the Reich.
delegates in attendance
on
With
Thursday,
the
on a
somewhat
in the
while, German troops
other ballots
parties to
held
was
a
were
affirmative, and since votes of
dispute
are
not counted, the Reich thus
unanimously guilty of treaty infringement,
The Chilean
the
might have been expected, but all
member
abstained from
voting, wrhile
representative from Ecuador absented himself
from the
meeting.
The Council
an
international
von
tliat his
on
Thursday
of
a
hearing of the German contentions,
chief, Herr Hitler, made
was
was
Ribbentrop made essentially the
the German intention of
land
announced.
on
same
plea
March 7, when
marching into the Rhine-
Germany carried the burden
"dictated demilitarized
zone
in the Rhineland"
in the
expectation that Other signatories of the Lo-
carno
pact
would
observe with
lighter obligations, he said.
man
equal faith
by concluding
a
as a
agree-
pact with Russia that
directly solely against the Reich.
described
their
But France, the Ger-
delegate argued, violated the Locarno
ment
was
That alliance he
"complete setting aside of the former
European balance of
pass on
power,
and thus of the funda-
buffer
zone
meana
border, and detachments of British and Italian troops
are
to be stationed in the
according to this
area.
Germany must
agree,
program, not to increase her troops
in the remainder of the formerly demilitarized zone,
does not accept these terms, it
If
Germany
indicated, Great
Britain, France,1 Italy and Belgium are to form a
was
virtual military alliance and conversations
are
to be
held to determine further
measures.
terim period is over,
international conference
an
After the in-
would be held to consider the peace proposals made
by Chancellor Hitler, revision of the status of the
Rhineland,
Foreign
and
security
governments' plan at the
economic
and
Minister Flandin
discussed
same
problems,
the
Locarno
time in the French
Chamber of Deputies, where he remarked that he
had
never
contemplated permitting
police force to enter French
"That would have been
an
or
an
international
Belgian territory,
iniquity that
no
negotiator would have accepted," he said.
French
German
spokesmen, both in Berlin and London, intimated
pact."
Included in the address
tions of the four Powers.
now cus-
In the
20 kilometers wide adjoining the French
that
the
The
to be withdrawn from
are
political and legal premises of the Locarno
were
pro¬
the compatibility of the Franco-Rus-
sian treaty with the Locarno accord.
mental
anticipated.
and not to build fortifications there.
meeting
interesting,
also, because it provided the first opportunity for
Herr
was
"interim" period, during which the World Court
might
as
stringent method of
German government was called upon to accept an,
question of violation of the Locarno treaty was
put to a formal vote by the Council. Germany voted
negative,
more
jthey could not accept the "humiliating" sugges-
1880
Financial Chronicle
March 21 1936
Nazi Elections
Japanese Cabinet
NAZI Germany presents oncecampaign in which OUTLINEStoofemerge from policy slowly and un¬
more the amazing
Japanese the confusion are be¬
spectacle of
election
ginning
an
only
party is permitted to
one
the entire issue is
one
name
candidates and
of acceptance or
rejection of
a
foreign policy that most Germans find agreeable
as a
matter of
When Chancellor Adolf Hit¬
course.
ler announced the
two weeks ago,
reoccupation of the Rhineland,
he also indicated that a national elec¬
tion would be held March
29,
that the solidarity
German people could be demonstrated to the
of the
world.
The
so
campaign now is in full swing, and it is
noteworthy that all the heavy oratorical
trained
the Rhineland
on
of other
ance
never a
whisper is
large assortment of internal prob¬
Herr Hitler addressed
Bavarians in Munich last
at Frankfurt-am-Main
Monday.
group on
are
military issue and defi¬
countries, while
heard about the
lems.
guns
to
a
huge assemblage of
Saturday, and he spoke
an
almost
equally large
In these addresses the theme of
certainty into which the entire country was plunged
which
by the military rebellion of Feb. 26, in
number of
of
leading statesmen
were
killed by
a
a group
"young officers" who appeared to desire an even
aggressive foreign policy than has been the
more
Japanese rule since 1931.
Some of the foremost
military authorities of the country resigned their
posts early this month, probably in observance of
the
by
Japanese code of honor.
This
interpreted
was
few observers as an indication that the rebel¬
a
lion had failed in its aim of
impressing
Hirohito the views of the
peror
more
upon
tarists, but the more competent commentators
to await
ferred
Koki
developments.
Em¬
fanatical mili¬
The
pre¬
Premier,
new
Hirota, issued a statement of policy last Tues¬
day, and the document implies that the rebellion
well have a deep and lasting influence upon
may
equal rights for Germany was stressed, along with
the
the need for unlimited German
of the New York "Times" remarked that the state¬
sovereignty over all
German territory.
General Hermann Goering, the
Air Minister, spoke in similar vein at Cologne on
Tuesday. There is, of course, no doubt that the Ger¬
course
officers have
asserts
people will vote overwhelmingly in favor of
and it
such
proposals and measures, and there is also
tained
doubt that the balloting will
Nazis
as
be portrayed by the
acceptance of all their policies, internal
as
well
external.
as
But every
competent foreign
correspondent in the Reich reports that
press
pursued.
ment "endorses many
man
no
to be
The Tokio representative
of the ideals the radical young
professed to
serve
and at the
same
respect for the Constitution and
time
for law,
promises that the people's will is to be ascer¬
by the government."
Premier Hirota
completed his formation of
a new
regime on March 9, and it was noted that "officials"
received
the
of
most
while "poli¬
ticians"
pro¬
that the
Emperor and his adviser^ had decided, for
nounced, and it is said that even the rearmament
the time
being, to abandon party government and to
nomic
difficulties
becoming
are
ever
more
is beginning to suffer from lack of
program
materials.
:
raw
return
in
appointments,
eco¬
were
minority.
a
the traditional
to
This showed clearly
Japanese principle of
a
government of able men, responsible solely to the
.
Spanish Disorders
Emperor.
Mr. Hirota assumed the Foreign Affairs
addition
in
the Premiership, while the
to
TURBULENT conditions have prevailed invictory
coalition
sweeping Spain
post,
at the
polls
promptly proclaimed his intention of overhauling
of the
new
since the Left
bers
of
Feb. 16, and gained complete control
Cortes, or national Parliament.
motivated by
engaged
were
and
lamentable
a
Mem¬
communist
excess
disturbances
riotous
in
Churches
places.
socialist
successful
the
groups,
have
on
won a
of zeal,
in
many
burned here and there, and
clashes between Left and
Right extremists
were
fre¬
A dozen deaths have been caused by such
quent.
incidents in the last two weeks.
Azana, who heads
a
Centrist regime, endeavored in
various ways to put an
Wednesday.
on
were
forbidden last
while Fascist organizations
Saturday,
lawed
were
out¬
Officials of the Army
were
reported last Sunday to have issued
an
that
they would take matters into their
the
government
threat
has
not
failed
raids
last
Monday
Niceto Alcala
to
preserve
yet produced
Spanish peasants,
the fiscal system
eager
upon
ultimatum
own
hands if
This
order.
the result
desired.
to gain land, engaged in
the estates of President
Zamora, while landholdings of other
in order to raise additional
The Cabinet made it
enue.
plain that
a
rev¬
"positive"
policy would be followed in foreign affairs, but since
the
practices of recent years
could
hardly be described
it is not yet
In
all
to
as
on
the Asian continent
lacking in positiveness,
clear what is meant by the declaration.
likelihood, Mr. Hirota will relinquish the
foreign post
and Hachiro Arita, Ambassador
soon
China, is mentioned as his possible
The
end to the rioting and dis¬
Marxist demonstrations
orders.
Premier Manuel
Finance Ministry was handed to Eiichi Baba, who
day
on
Tues¬
formulated, it is reported, only after exten¬
was
sive consultation with
tion
successor.
general declaration of policy issued
was
military leaders. A determina¬
expressed to reform and renovate the Ad¬
ministration, to promote the ideals of the Japanese
nation and to enhance the
all his
the government
of
the
will co-operate with all departments
nation.
seeks to maintain
ers,
based
"The
empire's
consistent
policy
friendly relations with other Pow¬
international faith," the declaration
on
"It
unity of the Emperor and
The vague promise was given that
subjects.
desires
obtain
fruitful
results
of
Spanish grandees have been seized and confiscated.
added.
The
Monday, and it
promptly decreed that land is to be given to 50,000
peasants under a scheme of agrarian reform. This
Japan's position as the stabilizing force of Eastern
is
accordance with the
new
a
Cortes
began its sessions
on
reversion to conditions that prevailed immedi¬
ately after the monarchy was overthrown.
Indica¬
Asia.
It will
live among
to
respect the principle of live and let
the countries of the Far East, and act in
inseparable unity of Japan and
Manchukuo, thereby contributing to the peace of
tive of the temper of the Cortes is the election as
the world and the
Speaker of the Left leader, Diego Martinez-Barrio,
foreign policy and defense shall follow those prin¬
count of 386 ballots out of 397 votes.
ciples, and in view of the international situation the
by
a
Cortes
issues
is
as
The
expected to deal soon with such major
the
replacement of the President and de¬
valuation of the peseta.
happiness of mankind.
Japan's
government will not only promote the national de¬
fense,
replenishing
its equipments and
establish¬
ments, but also carry out positive and independent
Volume 142
Financial
diplomacy.
be
the
To promote national progress, it will
government's
finance
and
business
urgent
economy,
reform
industry and
encourage
ports and reform taxation."
to
ex¬
In Japanese business
circles this program was viewed as rather too
gen¬
eral.
Some uneasiness was said to
prevail regarding
the
in
specific
likely to be taken to place it
measures
operation.,
^^
'
Discount Rates of
%:■.
Chronicle
Gold last year aggregated 82,568,261,850 francs and
the previous year 74,051,412,553 francs. The Bank's
ratio
reserve
80.84%
000
rates of any
banks.
Present
rates
the
at
leading
centers
of
Rate in
Pre¬
Effect
Date
Rate
Austria
Batavla
July
notes
1 1935
Date
vious
Established
Rate
Hungary...
A
Aug. 28 1935
434
234
India
3
Nov. 29 1935
2
May 15 1935
Bulgaria...
6
Aug. 15 1935
7
2H
Mar. 11 1935
mm
Japan.....
Chile..
4
Jan.
4*4
Java
Colombia..
4
Belgium...
24 1935
18 1933
July
5
M,i
3
Jan.
1 1936
Danzig
5
Oct.
21 1935
334
Aug. 21 1935
England...
Estonia....
2
June 30 1932
5
Sept. 25 1934
Finland
4
Dec.
France....
sx
Feb.
Germany
vakla
June 30 1932
5
3.65
July
9 1935
31933
4>4
June
2 1935
Sept.
5
Feb.
1 1935
Jan.
2 1934
7
3H
Morocco
Norway
Poland....
3H
5
Oct.
Portugal
5
Dec.
13 1934
Dec.
7 1934
South Africa
3H
4
Spain.....
5
May 15 1933
July 10 1935
4
61936
4
Sept. 30 1932
5
Sweden
Dec.
1 1933
3
Greece
7
Oct.
13 1933
7H
Switzerland
234
234
May
2 1935
Holland..
2H
Feb.
31936
.
.
before at 81,186,692,880
year
current
000,000 francs, respectively.
A comparison of the
is shown below:
BANK OF FRANCE'S COMPARATIVE
STATEMENT
Changes
for Week
a
Mar. 13 1936
Mar. 15 1935
Mar. 16 1934
Francs
Francs
Francs
—277,294,254 65,668,307,228 '82,568,261,850 74,051,412,553,
—8,000,000
8,959,972
9,850,849
13,869,481
French commercial
May 28 1935
Rumania
stood at 82,193,-
ago
various items for three years
2
..
creditor
Gold holdings.
Credit bals. abroad,
6
4 1934
234
534
434
,
82,074,997,055
to
up
year
Francs
334
634
6
2 34
a
4.83
6
Jugoslavia.
Lithuania..
.
Czechoslo-
Denmark..
3
Ireland....
Italy
in note
appears
Credit balances abroad, bills bought abroad
434
334
334
434
4
Canada
increase
outstanding
181,760 francs and the
/
10 1935
July
1*
...
Pre¬
Effect
Mar20
Country
French
gain of 684,000,-
a
accounts register
decreases,
namely 8,000,000 francs, 8,000,000 francs and 395,-
Rate in
vious
Established
against
as
years ago.
against securities of 69,-
A large
Circulation
francs.
and
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Mar20
70.76%,
circulation, namely 1,077,000,000 francs, bringing the
are
shown in the table which follows:
Country
at
now
and 77.67% two
francs and advances
000,000 francs.
francs.
THEREdiscount no changes during the week in
have been
the
of the foreign central
stands
a year ago
commercial bills discounted record
total
Foreign Central Banks
1881
434
May 23 1933
25 1933
4
bills
6
b Bills
534
y
534
discounted.
+684,000,000
9,881,340,264 3,635,837,408 5,091,602,369
1,292,455,278 1,006,738,366 1,055,842,303
3,379,344,215 3,145,401,956 2,994,673,220
82,074,997,055 82,193,181,760 81,186,692,880
—395,000,000 10,726,469,830 19,945,180,528 14,148,274,695
.
bought abr'd
—8,000,000
Adv. agst. securities
+69,000,000
Note circulation
+ 1,077,000,000
Cred. curr. accts...
Propor'n of gold
on
hand to sight liab.
a
3
—0.83%
70.76%
Includes bills purchased in France,
Bank of
Foreign Money Rates
80.84%
77.67%
b Includes bills discounted abroad.
Germany Statement
March shows
IN bills Friday market discount rates for9-16@ THE statement of the Bank for the second quarter
LONDON open 9-16@%% against short
slight increase in gold and
on
Y%%
of
as
Friday of last week, and 9-16% for three-
on
months'
week.
were
bills,
against 9-16%
as
Money
on
call in London
on
on
Friday of last
Friday
At Paris the open market rate remains at
in Switzerland at
H%-
was
3%% and
England Statement
wnich, however, brings the total to another
last
£201,365,033, which
year
This,
ago.
compares
together
new
high
with £193,057,746
with
a
contraction
a
of
in
other
Bank's
liabilities
and
year
accounts, which fell off £720,977, and
reserve
ratio
40.05%
a
Loans
those
which increased
accounts,
on
on
is
39.32%,
now
week ago; last
year
£1,139,288.
The
down slightly from
the ratio
was
46.73%.
government securities rose £1,580,000 and
other securities
£1,332,619.
in
on
to
265,730,000
ago
reserve
in foreign
other German banks
bringing the
Circulation
a
1,454,000
1.94%,
contraction of
total
a
of
now
8.2% the previous
circulation show
of
other
ratio is
reserve
and the year
of bankers'
years
up
aggregated
ago
of 86,000 marks, in silver and other coin
000 and other
The latter consists
year
An increase also appears
£169,000 in circulation, resulted in an increase of
£177,000 in reserves. Public deposits rose £2,653,deposits £418,311.
a
673,000 marks, in advances of 8,479,000 marks
and
of
bringing the total
Gold
13,013,000 marks, in notes
of
small increase of
marks.
80,486,000 marks and two
marks.
THE statement for the week ended gold holdings,
£7,619 in March 18 re¬
a
13,000 marks,
71,707,000
of
veals
of
currency
2J4%.
Bank of
a
bullion
down
year ago
to
as
marks.
The
against 2.49%
Notes in
year.
23,583,000 marks,
3,974,533,000 marks.
stood at 3,402,565,000 marks
before at 3,356,616,000 marks.
Bills
exchange and checks, investments, other assets
and
other
creases,
daily maturing obligations register de¬
namely 56,109,000 marks, 2,616,000 marks,
24,747,000 marks and 39,079,000 marks respectively.
Below
furnish
we
a
comparison of the different items
for three years:
Other securi¬
REICHBANK'S COMPARATIVE STATEMENT
ties consist of discounts and advances and securities.
Changes
The former decreased
£2,671,214.
£1,338,595 and the latter
No change
count rate.
Below
parisons of other
we
was
made in the 2% dis¬
show the figures
with
Assets—
com¬
Reichsmarks
Gold and bullion..
Of which
Res've In for'n currency
Notes
BANK OF ENGLAND'S COMPARATIVE STATEMENT
oth. Ger. bks.
on
Advances
Investments
Mar. 18
Mar. 20
Mar. 21
Mar. 22
Mar. 23
1936
1935
1934
1933
1932
Other assets
404,367,000 377,958,707 369,465,497 364,330.571 358,835,523
Public deposits
16,891,000
14,854,333
12,167.229 29,026,481 10,439,004
Other deposits
128,051,747 145,832,163 143,616,443 119,162,381 106,418,111
.»■.
Bankers' accounts90,848,611 105,259,109 107,555,942 84,944,825 73,448,534
Other accounts-__
37,203,136 40,573,054 36,060,501 34,217,556 32,969,577
Govt, securities
80,159,996
85,951,044 72,894,732 55,717,779 37,615,906
Other securities
26,068,832
17,897,789
18,461,900 29,665,925 59,916,525
Disct. & advances8,606,022
5,432,920
5,617,584 11,786,694 11,272,884
Securities
17,462,810
12,464,869
12,844,316 17,879,241 48,643,641
Reserve notes & coin
56,997,000
75,099,039 82,670,499 81,044,337 37,574,390
Coin and bullion
201,365,033 193,057,746 192,135,996 170,374.908 121,409,913
Proportion of
to
....
reserve
liabilities.."....
39.32%
46.73%
2%
2%
Bank rate
53.06%
2%
54.68%
2%
32.15%
3^%
Other
liabilities
THE weekly gold holdings of 277,294,254 shows a
statement dated March 13 francs,
decline
in
bringing
the
total down to 65,668,307,228 francs.
+ 86,000
—56,109,000
+ 13,013,000
+ 673,000
+ 8,479,000
—2,616,000
—24,747,000
Reichsmarks
Reichsmarks
71,707,000
80,486,000
265,730,000
20,264,000
21,643,000
39,292,000
5,448,000
4,434,000
8,732,000
3,796,133,000 3,489,037,000 2,837,316,000
204,598,000
158,210,000
258,179,000
2,783,000
11,749,000
11,437,000
47,261,000
64,010,000
77,278,000
658,735,000
761,105,000
678,922,000
683,395,000
588,063,000
511,469,000
—23,583,000 3,974,533,000 3,402,565,000 3,356,616,000
—39,079,000
572,150,000
926,485,000
535,307,000
+ 1,454,000
292,193,000
206,860,000
134,343,000
Propor. of gold & for'n
curr. to note
circul'n.
+0.01%
New York
1.94%
2.49%
8.2%
Money Market
TRANSACTIONS in the Newlarger money market
York than has been
this week
customary for
ments for
Bank of France Statement
No change
Liabilities-—
Notes in circulation
Oth. daily matur. oblig.
Circulation.
Reichsmarks
+ 13,000
depos. abr'd
Bills of exch. & checks.
Silver and other coin
years:
Mar. 14 1936 Mar. 15 1935 Mar. 15 1934
for Week
rose
the
new
were
somewhat
some
time, owing to the large
heavy income tax payments of the
The money turnover was
ever,
and
no
pay¬
Treasury securities last Monday, and
trace of
same
day.
easily accomplished, how¬
even
a
momentary hardening
of rates marked the incident.
For the country at
1882
Financial
large, the quarter-date turnover
Chronicle
estimated at
was
$2,500,000,000, while New York City transactions
probably amounted to $1,000,000,000 of this sum.
As
result of
a
large cash payments for
new
issues and income taxes, excess reserves
banks fell
the
Treasury
of member
$620,000,000, with the total estimated for
country at $2,390,000,000 as of Wednesday night.
So far
the money
as
excess
is of
reserves
The
market
goes,
Treasury sold last Monday
at
were
computed
on an
an
New York
IX
Feb.
Jan.
17 1935
Cleveland
IX
Richmond
2
May 11 1935
May
9 1935
Atlanta
2
Jan.
14 1935
Chicago
19 1935
St
annual bank discount basis.
ers' bill and commercial paper
Call loans
all week.
on
rates
the New
Bank¬
were
unchanged
York
Stock Ex¬
change held to %% for all transactions, while time
loans
available at
were
statement of
1%, with few takers.
The
reporting member banks in New York
City showed that loans to brokers and dealers de¬
•,
2
Jan.
2
Jan.
Minneapolis...
2
May
Kansas City
2
2
May
Feb.
$79,000,000 in the week to Wednesday night, '
obviously as a result of Treasury security liquida¬
ury
by dealers.
financing
In the two weeks after the Treas¬
16 1934
$159,000,000.
The last reported aggregate of brok¬
$1,010,000,000.
in terms
foreign exchanges
the exception
recovered from
the setback
Nevertheless
foreign market operations,
althoug the feeling is gaining ground that
consequences are
The
serious
no
likely to follow from the German
Forward
movement.
at
March 7.
on
trading is largely restricted and there
note of caution in all
a
The market has quite
experienced when Ger¬
moved troops into the Rhineland
many
is
ruling above dollar parity with
are
of Italian lire.
sterling and forward dollars
premium in terms of other major currencies.
a
range
for sterling this week has been between
$4.95% and $4.97% for bankers' sight bills,
New York
pared with
Money Rates
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
for both
time
all through the week
loans and renewals.
new
shows
money
change,
no
having been reported this
quoted at 1% for all maturities.
prime commercial
week, though
more
names
1% for
transactions
no
Rates
are
now
The market for
paper could have been handled
if it had been available.
choice
rate
has been fairly active this
paper
Rates
%% for extra
are
running from four to six months and
less known.
names
The
The market for
week.
The range
$4.96% and $4.99
Paris
market gold
from
price,
an
the price paid for gold by the
Thursday,
March 16
74.886
.74.835
LONDON OPEN
Saturday, March 14
quiet this week, due largely to the short¬
of prime bills.
age
Rates
tions of the American
and including
to
are
J^d.(Friday,
FOR GOLD BY
Acceptance Council for bills
90 days are 3-16% bid and
up
%%
The
is
months, %% bid and 5-16% asked.
bill-buying rate of the New York Reserve Bank
%% f°r bills running from 1 to 90 days, %% for
91- to
120-day bills, and 1% for 121- to 180-day bills.
The Federal Reserve banks'
increased from
holdings of acceptances
$4,676,000 to $4,679,000.
Open
mar¬
ket rates for acceptances are nominal in so far as
dealers
Concerned,
are
"The
rates.
own
as
the
they continue to fix their
nominal
for
rates
market
open
acceptances are as follows:
SPOT
Bid
Asked
Bid
Asked
%
At
%
90 Days
FOR DELIVERY
member
Eligible
non-member
X
X
'At
30 Days
Asked
60 Days
Bid
Asked
Bid
'At
Asked
'At
Eligible
—120 Days—
Bid
Asked
At
Bid
Prime eligible bills
exchanges,
almost
X
'A»
X
WITHIN THIRTY DAYS
banks
...
banks
% % bid
5-8% bid
Discount Rates of the Federal Reserve Banks
BANK)
every
and
securities,
description, the foreign
recovered
commodities,
the shock of the Nazi troop movement.
However,
trading has been restricted with evidence that -the
the Rhineland military step must be
negotiations
on
prolonged.
There is
London,
will result.
war
of
note
a
Berlin,
no
Paris,
real sign of uneasiness in
or
any
other market that
On the contrary,
there is
THERE have been nothe Federal week banks.
changes this
in the
rediscount rates of
for
Reserve
following is the schedule of rates
the
various
Reserve banks:
classes
-
of
paper
at
now
in effect
the
different
decided
a
complete absence of panic, but
optimism,
tendency toward cuation.
Speculation is lacking
with respect to
all currencies.
cations that the
pound and the dollar
There
Knowledge that there is
are
are
clear indi¬
in universal
powerful aid at
a
hand, if needed, in the various governmental
change funds has been
a
strong
speculation in currencies during the crisis.
for
the
sharp decline in markets
on
or
violent fluctuations such
previous crises.
as
less
constant
years.
no
from
can
excited
accompanied
The franc has required support from
necessity for
.
The
Except
Monday and
Tuesday, March 9 and 10, there has been
activity
ex¬
deterrent against
the London authorities but this has been
The
(FEDERAL
completely after Tuesday of last week from
favor.
——150 Days—
35.00
foreign markets of
STATES
Wednesday, March 18
.$35.00
Thursday,
March 19__.-.- 35.00
Friday,
March 20
35.00
March 16.....— 35.00
DELIVERY
180 Days
Prime eligible bills.
All
140s.lid.
March 20
THE UNITED
.$35.00
Tuesday, March 17
Quota¬
unchanged.
asked; for four months, %% bid and 3-16% asked;
for five and six
Monday,
74.92
[Wednesday, March 18....141s. Id.
(Thursday, March 19
141s.
141s. Id.
141s.
Saturday, March 14
March 20.
MARKET GOLD PRICE
141s. Id.
March 16
74.863
March 19...—74.878
Friday,
Wednesday, March 18.
74.867
Tuesday, March 17
Monday,
ON PARIS
LONDON CHECK RATE
MEAN
RESERVE
been
London check
mean
day to day, the London open
Saturday, March
PRICE PAID
prime bankers' acceptances has
a range
ago.
United States:
Tuesday, March 17
'HE market for
week
a
following tables give the
on
Monday,
Bankers' Acceptances
for cable transfers has been
$4.97%, Compared with
between $4.96 and
of between
com¬
of between $4.96% and $4.98%
a range
week.
last
remained the ruling quotation
■
STERLING of the dollar been all other units. All
exchange has and exceptionally steady
are
ers' loans is
3 1935
14 1935
Course of Sterling Exchange
announced, such loans advanced
was
2
2X
2X
2X
7X
2X
2X
2X
2X
8 1935
2
2X
May 10 1935
Louis
clined
tion
2
2 1934
2
issue of $50,-
an
discount of 0.104%,
average
2X
8 1934
Philadelphia
000,000 discount bills due in 273 days, and tenders
accepted
Feb.
2
;
Rate
Established
Mar. 20
Boston
Previous
Date
Effect on
San Francisco
particular importance.
no
Rate in
Federal Reserve Bank
Dallas.
this variation in
1936
March
DISCOUNT RATES OF FEDERAL RESERVE BANKS
the past two
a
more
or
.
flight of funds from Paris to New York
any
or
three
or
other center to London and New York
hardly be said to have been accelerated
as
a
result of the Rhineland troop movement.
did
funds
Paris
Although
sight and $4.97%@$4.97% for cable transfers.
European
other
and
Thursday sterling fluctuated within narrow limits.
London and in great part for
to
centers
from
move
ultimate
destination, this trend has likewise been
New York
apparent for several years, particularly during the
last year.
in
now
The foreign funds in London
greater volume than
probably
are
before, and the
ever
huge increase in gold in the United States during the
two
past
constitutes
years
infallible
of
evidence
The range was
and
sterling
for bankers'
fers.
extent
portant
factors
many
im¬
an
should
which
exceptional firmness to the pound at this
The
markets
through London offsets to
give
,
to maintain discount rates
funds in London
in
are
to
some
extent
being
seeking temporary investment
Treasury bills, the
with
content
are
of this money being
owners
almost
an
Normally the London
nominal
interest.
of
rate
market controls the
money
Treasury bill rate, but its influence is less marked
when
foreign funds flow in.
The current rate for
Treasury bills is little better than %%.
day
is also abundant at this rate.
money
the Bank of
Day to
Bill rates
the
England and the large London banks,
time is
foreseen
when
with
a
orderly
more
expansion of international commercial traffic,
the
discount houses will again perform their great func¬
tion in the
promotion of trade.
Except for
a
slight
upturn at the year-end stringency, London bill rates
have shown hardly any change from week to week
during the past few
bills continue at
Two- and three-months'
years.
9-16%, four- and six-mouths' bills
at%%.
All
the
gold
offer in London this week
on
taken for unknown
of
was
destinations, largely for account
hoarders, but much of it is believed to have been
taken for official French account.
there
available
was
On
£131,000,
on
Saturday last
Thursday £252,000, and
on
Monday £196,000,
Wednesday £151,000,
on
on
Friday £162,000.
At the Port of New York the gold movement for
the week ended March 18, as
reported by the Federal
Reserve Bank of New
was as
York,
follows:
GOLD MOVEMENT AT NEW YORK, MAR. 12-MAR. 18 INCLUSIVE
Imports
None
Decrease:
The
above
figures
Wednesday.
exports
earmarked
were
in
no
are
of the
metal,
or
week ended
imports
or
were
change in
foreign account.
franc this
week has been
due
is
no
on
imports
gold held
On Friday there
exports of the metal or change
Canadian exchange during the week was quoted
at from a discount of 3-16% to par.
Referring to day-to-day rates sterling exchange on
was up from Friday's close.
Bankers'
However, the
more
$4.97%@$4.97% for bankers' sight and
$4.97%@$4.97% for cable transfers.
Bankers'
sight
of
was
$4.97%@$4.97%.
steady.
The
the
was
On Tuesday
slightly easier.
$4.97@$4.97%; cable transfers,
On Wednesday sterling was
range was
pound
be said that while the franc
change markets.
It
there is
lative transactions
an
bear
as
entire absence of specu¬
speculation against any
of the
of the various equalization funds.
There
franc
may
encounters much danger by reason
currency
power
hardly
was
as
a
adverse influence on the
any
consequence
of the German movement of
troops, and whateyer effect was produced came to an
end
last
Tuesday and Wednesday.
No alarming
took place. Last week
movement of funds from Paris
the Bank-of France lost
French
approximately 300,000,000
gold to the British exchange control and the
francs of
Treasury
sold
equivalent
an
amount
of
sterling from the proceeds of the sterling credit.
capital
Consequently
around
There were no heavy
withdrawals of bank deposits
occurred
limited to
were
a
and such withdrawals
few towns in the eastern
The French and
part of France close to the border.
British financial authorities
to
Paris totaled
from
exports
600,000,000 francs.
in
are
a
strong position
prevent a rise in sterling which would
from France.
credit
of
drain gold
According to the terms of the recent
£40,000,000
French Treasury,
London to the
granted in
the Bank of France undertakes to
deposit in London the equivalent of the entire
on
sterling
trol.
This obligation is
gold.
or
However, exact information
of the British
$4.97@$4.97% for bankers'
to the operations
as
exchange control, the Bank of France,
and the French
Treasury is not divulged,
so
that it is
impossible to know the exact nature of such opera¬
tions.'
"'I
The
essential
continue
several years
or
less
suspicion, and nowhere
rumor
disturbance.
fbr the
of
the
''
franc
situation
the franc has been viewed with
distrust is
cessive
'>
difficulties
unchanged in all important respects.
hoarding habit,
$4.97%@$4.97%; cable transfers, $4.97%
On Monday exchange was steady. The
@$4.97%.
undertone
and London.
limited fluctuations are also due
is under pressure,
sight
the
6.65.
largely to the extreme quietness in all foreign ex¬
This
was
and
largely to co-operative transactions on the
part of the financial authorities of Paris
Saturday last
range
6.62
between
The steadiness of the unit
Par of the franc is 6.63.
gold held earmarked for foreign account.
was
ruling lower than at any time
are
weeks, but quotations are steadier
and fluctuations are narrower.
The range of the
gold in Paris in favor of the British exchange con¬
the
On Thursday there
for
Foreign Exchange
probably fulfilled by the Bank of France earmarking
$350,000
for
and grain for payment
Cotton
several
in
credit either in
Net Change in Gold Held Earmarked for Foreign Account
or
$4.95%.
'RENCH francs
keep
Exports
None
(60 days) at $4.95, and seven-day grain
closed at $4.96.
as
Tuesday £481,000,
on
at
kept from falling only by concerted efforts of
are
as
bills
Continental and Other
It is asserted that much of the foreign
defeated.
Com¬
sixty-day bills
$4.95, ninety-day bills at $4.94%, documents for
so
much in the past year that the efforts of the market
Friday were $4.96%
on
$4.96% for cable transfers.
mercial sight bills finished at $4.96,
season.
foreign money in London has increased
sight and $4.96@$4.97 for cable trans¬
for demand and
payment
York
On Friday
$4.95%@$4.96%
range was
Closing quotations
at
New
$4.96%@$4.97% for bankers' sight
lower; the
was
the large volume of foreign funds invested in American
This flow of funds from foreign
On
$4.97@$4.97% for cable transfers.
securities.
to
1883
Financial Chronicle
Volume 141
high
more
than in France.
largely responsible for the current
which is aggravated by each
of either internal
or
gone
and
suc¬
external political
Fears for the future of the franc account
money rates
which prevail in Paris, for
the low price of French government securities,
for the
For
more
and
large amounts of French capital which have
into the investment markets of Great Britain
the
United
States.
Should
the
current
war
1884
clouds
Financial
be
dispelled,
the
radical parties
would
strengthened in the May 26 elections.
victory
bankers
would,
bring about
believe,
almost
German marks continue
market.
Only
In
certainly
probable.
more
enigma to the exchange
an
practice there is
few days
a
be
Leftist
mark exchange.
no
Reichsbank director Brinkmann
ago
reiterated the official declaration that there will be
formal devaluation of the mark.
no
this decision
belief
devalued.
not based
was
that the
advantages.
on
He said that
principle but
The mark is in effect already severely
The
so-called
in
gold
free
or
and
amount
,
be applied.
to
purpbses,
40%.
even
which
to
uses
are
more
The various classes of so-called
registered marks, which
nated
marks
are
severely limited with respect to the
may
the
on
disadvantages would outweigh the
decidedly limited
they
used for strictly desig¬
are
at discounts ranging from 30%
are
Official reports from Germany indicate
a
general improvement in all important lines of busi¬
For
ness.
against J2.20.
bankers'
instance, heavy iron, steel, and machinery
Greek exchange closed at 0.9434 f°r
sight bills and at 0.94% for cable transfers,
against 0.9434 and 0.94%.
war
no
guilder is exceptionally firm in terms of the
dollar, ranging this week between 68.39 and 68.52.
of the
Par
guilder is 68.06.
firm with respect to
there continues
The firmness of the
of
German
countries increased their
goods last
twofold
year
March
francs
trained
foreign
observers
assert that
These
less
sources
unemployment has increased greatly since
November.
trial
report
As late
activity
in
as
January
a
feature of indus¬
that capital goods industries for
was
the first time showed greater retrenchment than did
goods
consumer
state
industries.
that there is
strained
continued food
a
observers
same
shortage and
a
foreign exchange situation which threatens
to efface the entire
It is
The
gold supply of the Eeichsbank.
reported that butter is
obtainable.
At the end of
fact that 1935 closed with
scarce
and eggs hardly
January in spite of the
of
111,000,000 marks
of
284,000,000 marks in 1934, Germany's balance of
foreign
payments
against
as
was
its
also
are
week.
to
of
for
adverse balance
an
improved
not
but
the
on
sight
at
bills
68.26,
transfers,
against
and
25.62,
while
a new
24.96.
following table shows the relation of the leading
currencies still
on
New Dollar
Parity
Parity
3.92
6.63
6.62
Belgium (belga)——
Italy (lira)
13.90
16.95
16.94
5.26
8.91
Switzerland (franc).
19.30
32.67
32.76^ to 32.89
Holland (guilder)..
40.20
68.06
68.23
France (franc)
The London check rate
at
74.92, against 74.90
on
Range
This Week
7.98
Paris closed
on
on
6.65
to
to 17.00
8.00
to
to 68.52
Friday
Friday of last week.
on
last
Friday at 6.6134, against 6.62% on Friday of
week; cable transfers at 6.6234, against 6.6334*
and commercial
sight bills at 6.5934, against 6.6034Antwerp belgas closed at 16.9434 for bankers' sight
bills and at 16.95 for cable
and 16.97.
40.46
for
transfers,
transfers, against 16.96
Final quotations for Berlin marks
bankers'
in
were
sight bills and 40.47 for cable
comparison
with
40.43
and
40.44.
Italian lire closed at 7.98 for bankers' sight bills and
at
7.99 for
Austrian
cable
schillings
closed at
18.84,
Czechoslovakia
against
on
4.1634,"
Bucharest at 0.76, against 0.76;
at
°n
18.94, against 18.9634, and
at
on
4.15%.
on
18.86;
Copenhagen
32.83.
on
on
Sweden closed
25.60, against 25.61
Norway finished
at
24.94, against 24.95 and
THE South American exchanges are steady as
practically all these currencies
held in
are
close relation to
of
sterling
or
to the dollar, and as the
sterling-dollar exchange
strong
a
to
their
secure
American
restrictions
are
greater progress this year.
decrees
less
become
in the
on
exchange
of goods to these
balances.
Practically all
had
countries
good export year and
the
slight,
tendency in the South
remove
and to make it easier for exporters
South
are
movement in the South American
an
unusually
looking forward to
even
As their exports increase
setting limitations
imports tend to
on
stringent, with resultant improvement
foreign exchange situation.
Argentine
paper
pesos
closed
Friday, official
on
quotations, at 33.12 for bankers' sight bills, against
33.12
Friday of last week; cable transfers at 3334,
on
against 3334was
The unofficial
or
27.55@27.65, against 27.60.
official
rates,
are
free market close
Brazilian milreis,
834 lor bankers' sight bills and
834 for cable transfers, against 8.00 and 8%.
unofficial
Chilean
basis
or
free market close
exchange
at
5.19,
was
was
5.19.
The
5.70, against 5.80.
nominally quoted
against
Peru
is
on
the
new
nominal
at
25.00, against 25.00.
transfers, against 7.99 and 8.00.
exchange
cable
—•—
In
New York sight bills on the French center finished
francs
for
and 13.75.
the
Old Dollar
Friday
Spanish pesetas closed at 13.72 for bankers'
countries
gold to the United States dollar:
cur¬
sight and at 13.73 for cable transfers, against 13.74
American countries to
1.94%.
32.77
at
Checks
checks
is
was
on
Swiss
68.36.
and
24.93 and cable transfers at
There
The
against
at 25.59 and cable transfers at
rates.
71,707,000 reichsmarks,
Scandinavian
checks and
against 22.17 and 22.18.
any
low, and its ratio
part
Friday of last week; cable
32.82
hardly
March 14 stood at
The
any
of funds to
checks finished at 22.15 and cable transfers at 22.16,
there is
all-time
gold
increasing from week
are
against 68.39, and commercial
32.75 for
at
Swiss
the
and
firm
up a movement
on
68.23,
at
fluctuations
on
of 696,700,000
78.1%.
at
Amsterdam finished
on
contrary showed signs of greater strain and further
gold holdings of the Eeichsbank
stood
safety.
68.23, against 68.38
transfers
hardly
The Netherlands Bank
steady in sympathy with sterling.
are
Bankers'
closed
shows
Every political disturbance in
Europe tends to set
sight
surprising
are
Holland
exceptionally
deterioration.
The
ratio
favorable trade balance
a
Netherlands
holdings of the Swiss bank
at
satisfactory conditions in Germany.
The
showed gold holdings
16
while
guilders,
to
fivefold.
guilder and the strong position
internal business in
Switzerland
of these
large movement of Dutch
sign of improvement.
any
on
of
Bank
the
of
because
rencies
Some
rather
a
The unit is likewise
neighboring currencies, although
funds to both London and New York for investment.
countries.
However,
:
EXCHANGE on the countriesfeatures. duringHol¬
presents
important neutral
The the
land
exports are reported, especially to South American
purchases
1936
March 21
reorganization of the Bank of France
a
and make devaluation of the franc
<
A
Chronicle
—♦—
against
THE Far sterling, exchanges they
Eastern to which all move in sympathy
with
allied either
Poland
legally
or
in
case
Finland at 2.20,
are
the
through exchange control regulations,
of
Japan.
as
The Japanese banking and
>
Financial
Volume 142
situation
business
has
since M.
Cabinet.
It is thought probable among bankers that the new
Japanese government will endorse further measures
of inflation in Japan.
India continues to sell gold
to both London and New York, but now for the first
time since the
United States passed - the Silver
Purchase Act, India is a heavy buyer of silver in
the London market.
The buying is especially heavy
at this
season
and greater than in many years
because of the approach of the marriage season in
India in May, which has been declared an auspicious
one by the Hindu priests and
astrologers.
Closing quotations for yen checks yesterday were
28.92, against 28.95 on Friday of last week.
Hong
Kong closed at 32.85@32%, against 32%@32 15-16;
Shanghai at 30@30J4, against 30}^@30}4; Manila
Hirota succeeded
Chronicle
greatly improved
Uncertainties and Warnings
March 9 in forming a
on
at
50.30, against 50.30; Singapore at 58.30, against
58.35; Bombay at 37.53, against 37.56, and Calcutta
at 37.53, against 37.56.
at
The
in
some
and
of
certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world.
We give below a
record for the week just passed:
FOREIGN
now
EXCHANGE
RATES
CERTIFIED
BY
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF
MAR.
14 1936 TO MAR. 20
RESERVE
1922
respects,
confused.
situation at Washington,
than ordinarily uncertain
more
The
verdict of
the
Supreme Court
regarding the constitutionality of the Holding Com¬
Act and the Guffey Coal Act is awaited with
pany
considerable
of
apprehension,
of the
one
and
doubtful
whether
meet constitutional
to
recent decision,
a
higher courts in New York makes it
found
the
Social
Security Act will be
requirements.
Secre¬
tary Wallace is having trouble in putting the
new
agricultural program into operation, railway labor
is alarmed at the
under
prospect of reduced employment
railway consolidation, the Works Progress
Administration is sharply under
ference,
and
a
revival of Federal inter¬
the unemployment problem remains
and
unsolved.
fire in Congress,
problem is showing perplexing features,
revenue
The accumulation of
political
banished all
legislative proposals
administrative
or
hope of
controversies
has
early adjournment of Con¬
an
and it is far from clear that the; session will
gress,
end without
next
1936, INCLUSIVE
^
approach of the national nominating conven¬
industry is menaced with
PURSUANT to Act requirements Federal Reserve
of the Tariff the
1922, the of Section 522
Bank is
Washington
tions finds the political
the
Foreign Exchange Rates
1885
leaving
number of vital issues for the
a
Congress and the
new
Administration to deal
with.
Noon Bvyino Rate for Cable Transfers in New York
Country and Monetary
The decision of Justice Pierce H. Russell of the
Value in United States Money
Unit
Mar. 14
Europe—
Austria, schilling.
Belgium, belga
Bulgaria, lev
Cxechoelo'kla, koruna
Denmark, krone
England, poundsterl'g4
Finland, markka
France, franc
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone..
Poland, zloty
Portugal, escudo..
Rumania, leu
Spain, peseta
Sweden, krona
Swtlzerland, franc
328589
Yugoslavia, dinar....
Mar. 16
023100
...
...
Mar. 17
$
Mar. 18
%
$
Mar. 19
Mar. 20
S
S
188683*
.188733*
.188733*
.188716*
.188600*
.169853
.169733
.169784
.169703
.169584
013166*
State
Supreme Court, on Monday, holding the
Unemployment
.188416*
169746
New York
Insurance
Act
.013166*
.013000*
.013000*
041680
.041692
.041667
.041671
.041653
.041601
222020
.222030
.221925
.221983
.221911
.221675
974083
.973791
.971428
.971500
.970416
L965750
021962
.021956
.021962
.021962
.021937
.021887
066410
.066436
.066403
.066409
.066361
.066265
404653
.404757
.404800
.404807
.404828
.404730
009468
.009453
.009468
.009462
.009468
.009440
684435
.684764
.684514
.684400
.684114
.683207
296625*
.296050*
.296300*
.296425*
.296350*
.295750*
079800*
.079863*
.079861*
.079859*
.079818*
.079777*
249863
.249908
.249781
.249819
.249757
.249525
189775
.189800
.189850
.189800
.189725
.189500
045242
.045050
.045107
.045120
.045115
.007316
.007316
.007300
.007316
.045050
007350
had
007368
137571
.137621
.137585
.137571
.137507
.137353
work
256368
.256433
.256316
.256315
.256250
.256029
.328657
.328528
.328432
.328246
.327928
.023066
.023066
.023033
.023033
.023033
.013000*
013000*
Asia—
unconstitu¬
tional, has occasioned marked anxiety at Washing¬
ton
notwithstanding that only
directly involved.
Feb.
In
State statute
a
was
decision handed down
a
29 Justice William F.
on
Dowling, of the State
Supreme Court, found the Act constitutional except
for
section
a
which
called for the
employment insurance benefits
been
discharged for
voluntarily,
cause,
who
had left their
or
had been thrown out of work
or
strikes
account of
on
payment of un¬
to employees
or
other labor
disputes.
The
payment of benefits under these circumstances, he
China—
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghal(yuan) dol.
Tientsin (yuan) dol'r
Hong Kong, dollar.
India, rupee
297708
.298750
.298750
.298750
.298750
298125
.299166
.299166
.299166
.299166
.299166
297708
.298437
.298750
.298750
.298750
.298750
298125
.299166
.299166
.299166
.299166
.299166
.298750
.325937
.325781
.325781
375320
.375225
.375300
.375200
.375035
.374537
Japan, yen
289205
.289370
.289060
.289085
.288940
.288775
Singapore (S. S.) dol'r
582500
.582500
.582812
.582500
.582187
.581875
325781
325625
.325781
Australasia—
Australia, pound
New Zealand, pound.
Africa—
963875*3.963125* 3.960625* 3.960000* 3.963000* 3.956250*
997187*3.995000* 3.991000*,3.990750*,3.993375* 3.987000*
South Africa, pound- 4.925000*4.918125* 4.916250*4.916041* 4.915208* 4.912291*
i,
North America—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland,
./
held, would be "unreasonable and liable to have
bearing
that
a
the destitution
condition which
to
was
caused
the
by unemployment
was
which the Act
.999778
.999401
.999270
.998880
.998593
.999000
.999200
.999000
.999000
.999000
277675
.277675
.277675
.277675
.277625
.277675
997312
.997281
.997062
.996796
.996375
.996125
its
331537*
.331550*
.331525*
.331437*
.330925*
.331237*
sented
085800*1 .085800*
050950*1 .050950*
800000*' .800625*
.085800*
.085800*
.085800*
.050950*
.050750*
.050950*
.800625*
.800625*
.803125*
.800625*
570500*
.571500*
.570600*
.567400*
.567400*
prop¬
whole to the extent
provided.
-
,
.085750*
.050950*
as a
was
impowered
relieve, and that the burden of relief might
999000
a
of the opinion, however,
Legislature
erly be borne by industry
999687
dollar
strikes." He
on
Justice Russell found the Act unconstitutional in
entirety. "The issue," he said, "is squarely
pre¬
South America—
Argentina, peso
Brazil, mllrels
Chile, peso
Uruguay, peso...
Colombia, peso
*
...
.571500*
Nominal rates: firm rates not available.
to whether
can
of
therein
be sustained
through
on
any
legislative power."
out
of
unemployment is
in
the
par
exchange) in the principal European banks as of
Mar. 19 1936, together with comparisons as of the
corresponding dates in the previous four years:
law which
requires compul¬
a
a
single fund
State agency to
pay
the
provided to unemployed employees
THE following table indicates the amount of gold
(conveited into pounds sterling at
bullion
a
contributions by employers to
sory
for disbursement
benefit
Gold Bullion in European Banks
as
ground
as a
valid exercise
The declaration of policy set
Act, that "economic insecurity due to
a
serious
welfare and morals of the
menace
to
the health,
people of this State," in¬
dicated "the intent of the statute to be
an
exercise
of the
England
power
France
a...
Germany b.
Spain
Italy
Netherlands
Nat. Belg..
Switzerland
Sweden
Denmark..
Norway
1936
1935
1934
1933
£
Batiks of—
£
£
£
201,365,033
525,346,458
2,572,150
90,119,000
42,575,000
56,689,000
95,237,000
48,089,000
23,884,000
6,554,000
6,602,000
193,057,746
660,546,095
2,954,450
90,750,000
62,979,000
67,547,000
72,306,000
67,242,000
16,111,000
7,395,000
6,852,000
192,135,996
592,411,300
12,332,100
90,476,000
76,823,000
65,711,000
77,447,000
66,774,000
14,604,000
7,398,000
6,574,000
£
121,409,913
646,302,380
612,069,133
43,940,500
89,962,000
70,975,000
90,360,000
64,236,000
70,063,000
75,786,000
88,805,000
12,143,000
7,399,000
8,075,000
72,972,000
71,692,000
65,436,000
11,440,000
8,032,000
6,559,000
Total week. 1,099,032,641 1,247,740,291 1,202,686,396 1,276,970,788 1,174,487,546
Prev. week. 1,106,835,926 1,248.058,310 1,205,499.825 1.278,705,261 1.158,174,000
a
These
are
the gold holdings of the Bank of France as reported in the new form
b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £1,011,000.
of statement,
"must be reasonable and not arbitrary, and
1932
170,374,908
34,426,500
police power," but the exercise of the police
the burden cannot be too
some
tween those upon
the
oppressive and must have
regard to the relation of
conditions
cause
and effect be¬
whom the burden is imposed and
of
evil
sought to
be remedied or
alleviated."
Justice
Russell
denied
the
contention
"that
in¬
dustry creates unemployment and that its evils in¬
here in
that
industry
the
cost
of
as a
whole, and that it is reasonable
mitigating them should be borne
1886
Financial
by industry in the first instance."
He could not
that unemployment "is caused by the omission
agree
of any
legal duty
industry
condition
of
of
control
any wrong
by
that the burden to maintain
or
employment is
and must
sumes
the commission of
or
such,
as
that industry
one
discharge.
a
as¬
March
Chronicle
has
revenue
not be
been
evasion
because
collected
1936
21
could
In the pending tax bill there is no
proved.
implication of evasion, but a direct use of the taxing
of controlling the disposition of
power as a means
corporation surplus.
a
In
Forces far beyond the
matters
particularly affecting labor and in¬
business have created, and
dustry the situation at the moment occasions ap¬
perhaps always will create, conditions of unemploy¬
ment, and those forces include numerous elements."
prehension. President Roosevelt, in asking Congress
The social
000
industry
or
insecurity resulting from unemployment
Wednesday for
on
as
an
appropriation of $1,500,000,-
contribution to estimated
a
expenditures of
is, he conceded, "a matter of great public concern,"
about
but "such a condition is not
likely to improve by
imposing burdens which tend to further extend its
ing the coming fiscal
distressing
creasing number of the unemployed"
consequences,
and which place the in¬
dustries and business of this
State at
great dis¬
a
$3,600,000,000 for unemployment relief dur¬
to extend its
ness
called upon "private busi¬
year,
operations
"little evidence that large
saw
to absorb an in¬
so as
He frankly
and small employers
advantage in the field of competition with those
by individual and unco-ordinated action can absorb
from other
large numbers of
States upon
whom such burden is not
imposed." The argument of the decision
was
summed
on
in the conclusion that "the compulsory contribu¬
tion by an employer to be paid as an
unemployment
certed action of
benefit to
up
system of government, and constitutes
employed workers by industry.
and; unreasonable
the United States
arbitrary
significant ref¬
a
to
or
taken
both
to
the
may
State
Court
eventually reach
Supreme Court. Justice Russell's
transfer of property as
every
If such
the New York statute calls
clause of the Fed¬
State statute which
similar transfer is
a
accompanied by
cation
for is violative of the due process
vides for
was
clause of the Constitution."
conclusion, however, is worth pondering.
Constitution,
peal, however,
to "the value of shorter hours in their
have been
cases
and
erence
one
whole
"learned," he
appli¬
industry" which the nation had
said,
National Recovery
under the
Administration, and to the fact that "the public
authority to require the shorter hours agreed
has been
upon
seriously curtailed by limitations recently
imposed by the Supreme Court upon Federal as well
as
State
pro¬
un¬
powers."
*
President's message,
The
lowed
also, presumably,
a
un¬
Mr. Roosevelt's ap¬
to another in viola¬
property of
Appeals, and either
eral
is to
disappear, it must be through the absorption of
tion of the due process
a
assuredly,
one,
will question that if abnormal unemployment
employee of another is without valid¬
unwarranted
Both
by voluntary, con¬
private industry" No
an
transfer of the
of
employees. A vigorous effort
our
ity under
an
new
national scale is necessary
a
it should be noted, fol¬
only two days after the publication of the
constitutional, and the whole structurp of legisla¬
tion which the States are
being pressed to erect in
monthly business review of the American Federation
order to conform to the
ment and raise
Social
requirements of the Federal
Security Act and obtain its benefits
Whether the
be
fall.
principle will undermine also
same
much of the Federal statute
ment insurance
may
is, of
relates to
as
so
unemploy¬
to debate. It may
course, open
pointed out, however, that while the Social Se¬
of
Labor, in which the failure to reduce unemploy¬
"the
was
ascribed
"chiefly" to the fact that "we
permitted by the judiciary to work out
to
discover how this could be done."
was
further made to
how
curity Act does not make Federal grants to the
cover
States
The message
except for the payment of the administra¬
tive expenses,
but makes the Treasury the custodian
of State funds which
requisitions,
seem
are
neither
paid back to the States
custody
transfer
nor
are
invalid.
It
seems
a
fair
question, also,
whether Justice Russell's contention does not
a
State
when
constitutional weakness
A
in
both
point
Federal
and
plans for paying old age pensions., Is old age,
joined to impoverishment, a condition for
which either
..
would
to be constitutional if the State statutes them¬
selves
to
on
industry
question
of
property rights
or government
the
constitutional
seems
also
to
is responsible?
protection
involved in
be
of
the
likely to be less than
same
less
time that the
than
is
was
at first feared, at the
yield may turn out to be much
expected.
The
imum
hours
effect
to that
or
a
and
can
be achieved."
complete
re¬
return to Federal control of max¬
minimum
which
have been
several
tion, and in
with
one
wages,
very
similar in
prevailed under the National
Recovery Administration,
was
recommended.
There
reports from the Berry organiza¬
of them government competition
private industry and business
strongly
was
reprobated, but the proposals for production
trol, regulation of hours and
unfair
aside
trade
of the
as
to
practices
wages,
are
so
system which the
There is
these
con¬
and prevention
strongly reminis¬
Supreme Court set
suggest that nothing less than a restora¬
tion of essential features of that
constitutional .doubt,
however, touches the right of Congress to force,
proposal
attempt to dis¬
an
Co-operation, and his industrial-labor
council, in which
of
is
increase
attempt
happened also to coincide closely with
for Industrial
cent
practical matter,
wage
The
not
were
our
port of Major George L. Berry, Federal Co-ordinator
burden of the
as a
13%
a
"begin with
the submission to the President of the
pending proposal to tax corporation surpluses. The
proposed tax,
living standards by putting to work
greatest producing mechanism in the world"
system is intended.
difficulty in seeing the warning which
no
various
matters
hold
for
industry
and the
try to force, the distribution of surplus profits in
courts.
dividends
of taxing the surplus if
the revival of
The
question is different
sequent effect of decreased unemployment, will not
cases
recently lodged with
be furthered
under
distribution
penalty
is withheld.
from that raised in
the
the Board of Tax
Appeals by two Ohio corporations,
challenging Section 104 of the revenue law of 1932
providing for
the
a
tax
corporation
was
vent the
on
corporation net income if
"formed
or
imposition of surtaxes
availed of" to pre¬
on
by allowing profits to accumulate.
the tax
was
scales
more
certain than that
industry and business, with the
con¬
by shortening hours, fixing minimum
or
raising hourly
wages,
but only by
removing impediments to industrial and business
expansion and enforcing rigorous economy in pub¬
lic
expenditure. Economy, however, is only formally
its shareholders
evident in
In this instance
idea
designed to penalize evasion, and little
wage
Nothing could be
of
the
government program,
and the old
stimulating industry and business by con¬
trolling them
from
Washington
is being
openly
Volume 142
Financial
The remark attributed to Mr. Roosevelt, on
15, to the effect that "a judicial twilight
urged.
March
zone" is
States
being created in which neither the United
States
the
nor
can
satisfactorily control
Chronicle
League.
terms
of
As
matter of fact,
a
of the utmost
are
the
1887
however, the
importance
foreign policy which Germany
pected to follow if Hitler remains in
wages,
hours or volume of production is significant
continuing resentment whose force the courts
proposals, accordingly, although not
of
the
be
may
power.
ex¬
The
sidered at
yet be made to feel.
peace
indication
as an
a
may
fundamental
a
Supreme Court
being.
much
the
be deferred to for the time
may
'Vy..
■
The Constitution remains
political issue, however
concession which goes a
the
of the
A week of intensive and at times heated discussion
has
problem
step
a
apparently brought the Rhineland
peaceful solution, although
or how long a time will
nearer a
what the solution will
be needed to reach
it,
be,
no one at the moment would
venture
to predict. In spite of the
hasty words of
Flandin, French Foreign Minister, and his in¬
M.
timations that France
might act
if
signatories did' not take its
the
other
Locarno
its
on
own
account
point of view,
more moderate counsels have pre¬
A German representative has met with the
vailed.
representatives of the other Powers at London, and
been given a full opportunity to
explain and defend
the German
case.
The
League Council,
on
the other
hand, has formally condemned Germany for its vio¬
lation of the Versailles treaty and the Locarno
pact,
although disclaiming authority to discuss the peace
terms which
Germany had proposed.
Germany has |been invited to
to
the World
For the rest,
agree to the submission
Court of the question of the Franco-
Soviet alliance and its
bearing
the Locarno
upon
pact, the temporary occupation of the former de¬
militarized
tional force has been
ference
been
to
of the
west
zone
consider
Rhine
by
suggested, and
the
German
interna¬
an
general
a
con¬
terms
proposed.
done
was
considerably
more
than
was
at first
pected. How the proposals will be received
know
more
could
hardly have done less than
fully in
for its unilateral
more
than
is
many
a
action, but the
censure
face-saving action, and
it
Germany
censure was little
as
far
as
Ger¬
will
obviously be without
Unofficial reports from Berlin are to the
effect.
effect that Hitler will not under
any
withdraw the
or
shall
few days. The League Council
a
concerned
we
ex¬
circumstances
German
troops from the Rhineland,
accept the proposal of a joint occupation of any
part of German territory unless
some
cluded.
The World Court
suggestion, on the other
hand, may be accepted, although there is no great
confidence in
Germany, nor indeed in a good many
other countries, in the
impartiality of the World
Court where
matter
conflict with
League policy in the
of the peace treaties is involved.
What
aside
a
from
the time
the
fact that hostilities
have been
being staved off, is the proposal of
ference to discuss the
for
a con¬
German peace
program.
The
a
demilitarized
Belgian
as
German
as
territory, to conclude a non-aggres¬
pact with France and Belgium, and condition¬
sion
ally with The Netherlands also, for 25 years, with
Great Britain and
Italy
as
guarantors, and to enter
air
pact designed to forestall automatically the
danger of a sudden attack by air. The demilitariza¬
an
tion of any
be
a
part of French
Belgian territory will
for those countries to accept, and
reported to have been made at London
are
that such action would
be
or
hard proposal
denials
even
be considered.
It may
suspected that Hitler, in making the proposal,
had in mind
cerned
offer
an
over
might bargain.
Rhineland
tarized
which the countries
occupation is condoned and
set up,
zone
con¬
On the other hand, if the
a new
demili¬
Western Europe would be
as
effectively safeguarded against German aggression
as could be hoped for under formal
agreements. The
alternative is
with all
the
a
continuance of the present
possibilities of
war
situation,
which it obviously
holds.
A
second
offer
States
part of the
Europe.
conclude
to
program
Germany
non-aggression
bordering it
has to do with
proposes
to
pacts
renew
its
with
the
the East, and to extend the
on
undertaking to Poland, and also to Lithuania if the
latter will
assure
the
autonomy of the Memel terri¬
tory which has long suffered from Lithuanian in¬
trigue and aggression. Finally, having attained
equality and established "full sovereignty over the
whole Reich territory," Germany offers to resume
membership in the League with the expectation "that
in due course,
of colonial
by amicable negotiation, the question
equality
ration of the
well
as
as
the question of sepa¬
League of Nations from its Versailles
basis shall be cleared
up."
No such
plexion
far-reaching changes in the political com¬
of Europe have been proposed since the
victorious
structed
litical
Allied
and
Associated
Powers
recon¬
the
European map and redistributed po¬
jurisdiction and power. Their most obvious
effect would be
of
a
really matters in the London agreements,
acquiescence is refused,
proposals, apparently, will be of¬
in the West to include French and
well
French and
Belgian territory adjacent to Germany is also in¬
If
Germany offers to create
cepted,
zone
Eastern
Considering the wide divergence of opinion which
developed among the assembled Powers, what was
Rhineland.
fered, and the Rhineland controversy will have to
be settled as best it may. If the
occupation is ac¬
has
peace
long wray toward offsetting
pronounced upon Germany.
was
of the other
none
London
which
censure
tion
The Rhineland Drama Unfolds
at
con¬
The proposals rest, of course, upon acquiescence
by the other Powers in Germany's military occupa¬
;;t
•
formally
London, could not well be ignored, and
suggestion of a general conference represents a
greatly to weaken the importance
France, and perhaps reduce it to the position of
second
class
Power.
French
foreign policy in
Europe has aimed at two things: the continued
subjection of Germany by holding that country to
the strictest
possible fulfillment of its
peace
treaty
of
obligations, and the blocking of German expansion
eastward by
interposing alliances. The German
representative to London, namely, that
the peace terms should in due course be
examined,
proposal of non-aggression pacts in Eastern Europe,
however, does not extend to either Rumania or
stipulation which Hitler made
sending
was
as
a
condition
a
abruptly rejected by the League Council
on
the
Yugoslavia, members with Czechoslovakia of the Lit¬
ground of lack of jurisdiction. Technically, perhaps,
the decision was correct, since the
peace terms, al¬
tente
though involving the League
Czechoslovakia
as
well
as
the Locarno
signatories, had not been formally presented to the
tle
Entente;
on the contrary, it splits the Little En¬
by recognizing only the bordering State of
sion pact.
as
eligible to conclude
a non-aggres¬
With the Little Entente divided and Aus-
Financial
1888
tria, Czechoslovakia and Poland bound to Germany
non-aggression
by
with
and
agreements,
a
non-
aggression agreement binding France and Belgium
in the
West, France could
troops and
Rumania
largely
influence
in
diminish
its
this is
fair
the
to
longer hope to send its
no
Germany to support
across
Yugoslavia, and the
or
alliances
taining
would
airplanes
to exist.
cease
East
the
either
with
reasons
of
for main¬
those
countries
Chronicle
political stage and an opportunity to show its states¬
manship, reasonableness and good faith. It will
that, under the guise of insuring peace and security
in the
the
West, the East is not to be left exposed to
It is to be
that Hitler
has
had
just such
(
;
The annual
an
sounds
Poland
immediately adjacent to it
and
Lithuania, nothing is said
possible German aggression elsewhere in the
East.
There is
while
widespread belief in Europe that
Germany has
no
territorial ambitions in West¬
Europe and is willing to give
ern
reasonable
every
guarantee of peaceable conduct in that region, it
additional
covets
with
territory in the East and looks
particularly longing
of the Ukraine.
the rich lands
eyes upon
It has not
escaped notice that Hit¬
1935, made public this week,
conservative
a
steel
of the
trend back
States
report of the United States Steel Corp.
for the calendar year
;
noted, further, that while the German
the
;
Corporation
tions
with
whenever Germany feels itself,
Report of the United States Steel
As
proposals look to the maintenance of peaceful rela¬
about
war
strong enough to expand.
future
with
of
ravages
would, accordingly, greatly
,
cer¬
tainly be incumbent upon Germany to demonstrate
logical implication of the scheme, it is
assume
1936
The decline of French
political influence in the West.
outcome in mind.
and
March 21
of
note
industry and shows
better business
to
in
confidence
a
the
definite
conditions after
the
long period of unexampled and extraordinary busi¬
paralysis^ with which the country had been
ness
visited
tion
during the years 1930 to 1934.
operating
fourth
The corpora¬
;
enabled to climb out of the "red" from
was
standpoint -because the upturn
in
an
the
quarter made possible the largest profit since
the final
second
quarter of 1930 (with the exception of the
quarter of 1934).
Demand for products of
subsidiary companies of the corporation during 1935
ler, in the Reichstag speech in which he announced
permitted operations of the properties on
the
substantially greater volume that in the previous
at
military reoccupation of the Rhineland, dwelt
length
great
tween
nection
which
for
the
upon
strained
Germany and Soviet Russia.
with
was
relations
Taken in
be¬
con¬
the
outspoken criticism of Germany
activity.
by M. Litvinov, Soviet Commissar
reacted
Germany
Bearing
sees
in
affected
;
less
in business
This better sustained operating schedule
favorably in securing economies from im¬
proved mill practice and greater working efficiency,
which, together with an increase in tonnage and
great struggle of the near future, as
volume, contributed largely in showing a profit for
peace
it, lies between Germany and Russia.
mind
that
started its invasion of
when
Germany,
in
1914,
France, it began its advance
for
the
convince
of
previous
a
non-aggres¬
of
a
German advance toward
stock
dividends
of
year,
improvement of $22,-
an
$36,501,122, and for 1932 a deficit of $71,175,705.
The
pact with Austria, Czechoslovakia or ; Poland
would stand in the way
preferred
For 1933 the corporation reported a deficit
814,487.
European diplomatists that
for
available
1935
$1,146,708, comparable with a deficit of $21,667,779
by invading neutral Belgium, it will be difficult to
sion
been
scale in
proposals leave little
Reichstag speech and the
doubt that the
having
noticeably by unseasonal fluctuations
voiced
Foreign Affairs, at the London conference, the
operations
such
year,
a
improvement in 1935 over 1934 was due, in
part, says Myron C. Taylor, Chairman, to the in¬
in
the Ukraine if Hitler decided that the moment for
crease
such
;
products to domestic and export markets of almost
upon
25%
expansion had
an
There
which
proposals
is
consider
to
the
conditions
.
Germany offers to re-enter the League. If the
peace
it
remains
come.
clear
that
to be taken at their face value,
are
Germany will not again join the
League unless it is assured that the question of
re¬
storing its lost colonies will be seriously considered.
Against this expectation there stands
laration of the British
recent dec¬
a
Cabinet, made through For¬
eign Secretary Eden, that Great Britain has
tention
of
parting with
dates
presumably be
break its
means
connection
legally Brit¬
strong
as
with
as
pur¬
enforcement of the
League shall
prepare
the Versailles
treaty
reason
for
League thus far, namely, the
treaty stipulations, is to
operate.
The Hitler
man¬
the British.
nothing less than that the chief
the existence of the
to
not
French objection to relinquishing its
will
The further condition that the
to
are
possessions, they are such for all practical
poses.
in¬
of its territory, and
any
while the mandated territories
ish
no
cease
proposals, in short, imply
political reconstruction
of
Europe.
a
wholesale
They
do
not
necessarily involve changes of frontiers, but they
open
the
way
to such changes. It is
an
sign that the Powers, or some of them,
to discuss the
self
can
program,
concessions.
encouraging
are
willing
and Hitler him¬
hardly expect to avoid making
fications and
ever,
far-reaching
some
modi¬
For the moment, how¬
the program gives Germany the center of the
1934,
over
or a
duction of rolled and finished steel
reached
of
a
total of
over
The pro¬
This production compares
6,004,585 tons in 1934, showing an increase
that year
volume
was
of close to 25%.
the best for
exceeded the low
in 1932
by
over
provement in
1935
*
products in 1935
7,474,213 tons, being at the rate
38.8% of capacity.
with
steel
total of 7,347,549 tons in 1935
with 5,905,966 tons in 1934.
compared
was
The 1935 tonnage
since 1930 and
any year
depression level that
100%.
was
reached
As already stated, the im¬
the aggregate tonnage produced in
relatively well maintained over the greater
part of the year, with a somewhat broadening tend¬
ency
towards its close.
tions
In the first quarter opera¬
averaged 37.5% of capacity of finished steel
products; in the second quarter 36.3%; in the third
quarter 37.7%, and in the fourth quarter 43.8%.
no
time
below
during the year
tions
operations
At
average
19.1% for the lowest month in the year
before.
The
did
33.5% of capacity for any month, which con¬
trasts with
,
and finished
shipments of rolled
V
,
•
/
gradual betterment in the corporation's opera¬
is
best
disclosed
quarterly returns.
by
an
examination of the
In reviewing the results of the
previous calendar years we pointed
out that be¬
ginning with the third quarter of 1929 each succeed¬
ing quarter, without a single exception, had shown
smaller
earnings than the preceding quarter, and
that in the latter
quarter of 1931 the shrinkage had
Volume 142
Financial
been most pronounced of all.
form
the
unfortunate
through the calendar
In greatly aggravated
record
were
net
no
As
of
matter of fact,
a
earnings at all for
of 1932 and the first quarter of
quarter having failed to
all
quarter
any
1933, each and
every
not to speak
earn expenses,
charges and allowances for depletion, deprecia¬
tion and obsolescence and interest
and
charges on bonds
In the June quarter of 1929 the
mortgages.
corporation had aggregate earnings of $73,861,425,
and while in the September quarter of that
year the
downward descent which
was
earnings in that quarter
009,666.
ence
to
to last
still
long began,
so
amounted
to
$4,474,719,
$3,755,503 and $4,045,065, respectively, is a most
extraordinary one and indicative of the slump ex¬
perienced.
In the following table
show the
we
ings by quarters for the last six calendar
The
figures,
already
as
stated,
earn¬
years.
exclusive
of
charges for interest in bonded and other debt, and
of depletion, depreciation and
obsolescence, but in¬
are
73c.,
was
increase of 3c.
an
v-
and
tions of
the
the
-
construc¬
new
payment of maturing capital obliga¬
$2,111,798, amounting in all to $35,238,548,
and the
at
com¬
v
Notwithstanding expenditures for
tion
continued payment
rate
of
of preferred dividends
2%, which called for
outlay of
an
$7,205,622, the increase in net working assets during
the year was
$13,257,291 to $387,393,373.
The fol¬
lowing table shows the relative position of current
assets and current liabilities for the last two
years:
Dec. 31
1935
Gross working assets
Current liabilities
Net working assets
Dec. 31
$456,852,996
69,459,623
$387,393,373
$72,-
deficiency in the third and fourth quarter
a
hour in 1935
per
The
The change from that condition of afflu¬
of 1932 and the first quarter of 1933 of
1889
pared with 1934.
1932 and up to the end
year
of the first quarter of 1933.
there
continued
was
Chronicle
1934
$430,122,638
55,986,556
*
$374,136,082
-
expenditures during the year 1935 for general
maintenance and
further
upkeep of the properties and the
provisional
allowances charged
against
earnings and income for accruing deterioration and
obsolescence of
ties and
improvements, equipment and facili¬
depletion of natural
resources totaled $107,612,155, in comparison with $97,483,821 for similar
expenditures and allowances for the preceding year.
There
of
was
completed during 1935
investment
in
clusive of allowances for estimated amount of Fed¬
been undertaken
eral income taxes
in
detailed analysis
a
depreciable property which had
payable in succeeding
Fourth
Third
Quarter
$20,520,928
3,788,375
5,587,543
1935
1934
1933
1932
23,038,230
57,988,856
1929
Second
Quarter
$13,469,570
3,768,863
11,816,832
x4,474,719
9,181,091
37,995,300
72,009,666
x3,755,503
4,020,549
1931
1930
\
The results of the year 1935 as
stated
operating
by
profit
saying
of
that
First Qj
Quarter
$12,428,449
6,578,731
x4,045,065
xl,136,607
19,464,836
49,615,397
Quarter
$14,117,865
21,082,389
4,631,963
x3,362,737
13,817,524
47,061,305
73,861,425
xLoss.
briefly
years:
61,978,985
:;V \
?
$60,536,812,
the
and
$13,314,634, while the call for interest charges
bonds and
and
of
mortgages of the subsidiary companies
United
$4,959,780 left
the
Steel
a
States
perior iron
Steel
Corp.
had
to
properties
addition,
and
Great
the
Lakes
concerns
were
provide for themselves.
This brought
$635,576, to which is added
the net income down to
a
in
and taxes of the Lake Su¬
expenses
ore
provide,
transportation service which these
to
amounting to
balance of $8,354,855, besides which
Corp.
$7,719,279 for
not able
on
credit of
the year
of
$511,132, making the total net income for
$1,146,708, before deducting the dividends
2%, amounting to $7,205,622, paid
upon
the pre¬
ferred
stock, leaving a deficit of $6,058,914, contrast¬
ing with a total deficiency of $28,873,402 in 1934.
The
business
of
the
subsidiary
manufacturing
companies continued for the early part of 1935 to
be
conducted
fair
under the
Supreme
with
Court
the
on
National Industrial
decision
rendered
by
In
the
May 27 1935 declaring, the
Recovery Act unconstitutional,
the iron and steel and
other codes
were
rescinded.
The
subsidiary companies concerned have, however,
policy of retaining and promoting
those working and industrial relations which tend to
continued their
maintain such
from
the
of the
advantages
as
have resulted
code
operation. Mr. Taylor states also that
plan of employee representation continues to
have the endorsement of the
by their
election
more
of
by
in
employees,
as
evidenced
than 90% participation in their last
representatives.
The
number
of
em¬
such
of
steel
reduce
to
facilities
based
the
and
to
The
mak¬
normal
changes
shifting
upon
facilities.
that
termed
markets
above
adjust¬
from
amount
"appropriated
the
for
surplus
invested
and
capital expenditures" heretofore carried at $270,-
000,000.
The remainder of the account, $181,279,972,
has been
eral
transferred
reserve
valuations.
had
to
and
The
been
found
otherwise it would
its
upon
resources
during the depression
necessary
great strength.
After allowing for past years'
deficiencies the company
still had
"earned undivided surplus
an
gen¬
And the position of the corporation is still
years.
of
upon,
impossible to trench
in the way
one
a
investment
corporation is fortunate in having
previous years, to draw
have
converted into
for amortization of property
large surplus, accumulated out of profits of
a
undivided
surplus
of
on
Dec. 31 1935
of $252,516,714." This
$252,516,714,
it
should
be
understood, is entirely apart from the $270,000,000
of earned
surplus appropriated to
cover
capital
ex¬
penditures but transferred, as already stated, to de¬
preciation and amortization
reserves
Capital outlays, necessarily
on a
in 1935.
restricted basis
during the depression years, the net property
ditures
reaching only $7,313,792 in 1934
$7,875,635 in 1933,
1935.
of
In
previous
were
is that
expen¬
against
the capital outlays
were
What is especially noteworthy
concurrently there
reductions in the
as
increased to $31,705,235 in
years
large proportions.
were
larger
or
smaller
corporation's funded indebtedness.
Beginning
with the year 1919 and continuing
through to 1935, the bonded and mortgage debt of
the corporation and the
subsidiary companies has
been reduced in the aggregate
ing this
tures
period
same
on
of $489,278,275.
(1919-1935)
Dur¬
the net expendi¬
property investment account reached the
huge total of $999,624,163 (not including $50,519,537,
the
business
of
location
transferring
to
to
mechanics
amounting to $88,720,028 has been effected
ployees given work during the
year increased 4,935
194,820, while the payroll increased $41,073,275
$251,576,808. The average earnings per employee
and
operated
transportation
account?
provisions of the code of
competition of the iron and steel industry.
accordance
life
Broadly,
attributable to the develop¬
are
art
have
plant
ment
depletion, depreciation, amortization
obsolescence of $47,222,178 left a net income of
the
expected
and
allowances for
in
which
be
for
charges
ing
reduction of net book values.
a
adjustments
ments
an
can
with
affecting
these
in
••
whole
a
starting
by subsidiaries in 1934, resulting
adjustment of the property investment account
investment
lumbia
of
Steel
cost
Atlas
of
the
Portland
properties, plants and
Cement
Co.,
the
Co¬
Corp. and the Oil Well Supply Co.,
acquired by purchase during 1930 and paid for by
the issue of
of
stock therefor).
common
has
indebtedness,
feature
of
almost
its
entire
impairing its financial resources. In his closing
to stockholders Mr. Taylor says:
"The
out
remarks
been
distinctive
gratifying in that they reflect recovery from the low
a
point to which earnings had dropped during recent
years.
pointed out in reviewing previous annual reports.
This record furnishes an insight into the underly¬
which
ing
of the company's great financial strength,
causes
enabled it to pass
which
we
as
through the unexampled
Repression in trade during the past four years with¬
Text of Soil Conservation and Domestic
prevailed during the four years prior to 1935,
profits fell short of an amount sufficient
in which
to
depreciation provisions and other gen¬
full
cover
charges, the improved results for 1935 should
eral
be found
encouraging."
more
Allotment Act—New Farm-Aid Measure
Invalidated AAA
Signed by President Roosevelt Designed to Replace
We
making room here for the text of the Administra¬
are
tion's newly-enacted
Roosevelt
dent
bill
on
farm aid legislation, signed by Presi¬
Feb. 29.
Presidential approval of the
noted in these columns March 7, page 1565, at
was
which
time, also, we gave a statement by the President citing the
The Act, which has been desig¬
Conservation and Domestic Allotment Act,
objectives of the new law.
nated
Soil
the
for the invalidated Agricultural
Final Congressional action on the bill was
is designed as a substitute
Adjustment Act.
Feb. 29, page 1383.
indicated in these columns
Items bear¬
ing on the development of the program for agriculture under
the
legislation appeared in these columns March 7 and
new
14,
1573
pages
respectively.
1739,
and
[S. 3780]
permanent policy of Federal aid to States for such
a
Be it
States
enacted by
other
protection of
(a)
and
secure,
land
following:
the
*
of
unscientific
(3)
land;
diminution
results
the
against
of
soil
navigability of waters and water
reestablishment,
determines
be
to
exploitation
of
preservation
(1)
wasteful
and
and
(4) the protection of rivers and
aid
in
erosion
maintaining
of
the
and in aid of flood control; and
courses
the Secretary of Agriculture
general public interest, of the
of the net income per person on farms
person
not on farms that prevailed during
rapid
at as
include,
promotion of the economic use and
(2)
national soil resources;
of
use
'
,
Act shall also
of this
purposes
improvement of soil fertility;
conservation
harbors
1935, is amended by inserting at
is hereby declared to be the policy of this Act also to
It
rate
a
practicable and
in
as
the
ratio between the purchasing power
that
and
the
of
income
per
inclusive,
five-year period August 1909-Julv 1914,
statistics
the
to
the
available
such
of
inclusive,
14,
the
in
of
maintenance
be
not
fibers
used
sufficient
determined
population,
domestic
consumption
in
trends
domestic
any
and
stable
due
under
by
human
of
decline
any
in
such
manner
effectuate
the
provided in
such
of
foods and
as
con¬
into
current
commodities,
particular
of
out the purposes of
In carrying
commodities adequate to meet consumer
both producers and
form
and
as
of
purposes
effectuate
to
with
cooperate
the
this
the
in the
States,
section
shall
this
of
purposes
Secretary
section,
during 1936, and apportionments
1937.
Notwithstanding the
making of an apportionment to any State for any calendar year, the funds
apportioned to any State for which no plan has been approved for such
year, and any amount apportioned to any State which is not required! to
carry out an approved plan for such State for such year, shall be available
for carrying out the provisions of sections 7 to 14, inclusive, of this Act.
"Sec. 8. (a) In order to carry out the purposes specified in section 7 (a)
during the period necessary to afford a reasonable opportunity for legis¬
1930
year
lative
in this section.
shall
to
exercise
organized for such purpose, as the Secretary finds
necessary
for the effective administration of the plan; and
It provides for the submission to the Secretary of such reports as he finds
ascertain whether the plan is being carried out according to its terms,
necessary to
the
reasonable
a
prospect that—
accomplishment In effectuating the
purposes
of this
section
will be brought about through the operation of such plan and the plans submitted
fixed
in
finds
necessary
certify
the
to
State
plan,
fourth
and
of
such
the
Secretary
the Secretary
the
amount
in
any
excess
the Secretary shall
year
of
the
maximum
of
Agriculture
Treasury
allocated.
amount
for such State for such year)
plan for such
year,
The
certifies
shall
as
he
and thereupon shall
the Treasury for payment to
of the
so
(not
(g)
to carry out such
the Secretary of
as
sum
of subsection
pursuance
in
aid
to
(4)
by
determined
connection with
their treatment
one
which
or
their
commodity
land,
that percentage
the
of
above.
grant measured by (1)
or
the
including
Secretary
tenants
and
and
of such purposes
productivity
of
during the
part thereof,
of
for
erosion,
a
or
prevention
changes
(2)
the
out
provisions
ticable,
the
out
county
this
of
protect the
provisions
commodities
the
of
designated
normal
determining
by
affected
section,
interests
of
this
soil
national
by
the
the
Secretary
production of
of
amount
such
(4)
or
any
payment
any
(2) the Secretary shall take into consideration
or
land
the
fair
percentage of their normal production of
a
In
sec¬
specified
be
to
commodities required for domestic consumption,
or
combination
the
or
(a) of this
purposes
by making payments
grants are made, and measured
or
their land,
of
use
(3)
agricultural
more
equals
or
conservation,
soil
of
use
the
the effectuation
(1)
the
(a)
producers,
agricultural
to
amounts,
the
out
7
of section
with respect to which such payments
any
1938.
carry
by,
the
farming
practices
of
the
section,
shall,
Secretary
tenants
and
Secretary is
the
far
as
share-croppers.
adopted
In carrying
as
In
authorized
prac¬
carrying
utilize
to
community committees of agricultural producers and the agri¬
and
extension
contract
any
Secretary
small
shall,
producers.
is
such
agency
designated
in
of
the
pay to such agency, oneremainder of the amount so
in
other approved agencies.
or
upon
therein.
interest
or
service,
binding
any
producer
or
In carrying out the
to acquire any
In carrying out the provisions
every
The
practicable
Secretary
protect the
manner,
administering
in
land
this
any
or
of this section,
interests
of
shall
in
section
every practical way encourage and provide for soil conserving and1 soil re¬
building practices rather than the growing of soil depleting commercial crops.
"(c) Any payment or grant of aid made under subsection (b) shall be
conditioned
utilization
the
upon
of
with
the land,
which
respect to
such
payment is made, in conformity with farming practices which the Secretary
finds
or
tend
to
of
effectuate
to
the
specified
purposes
clause
in
(1),
(2),
(3),
(4) of section 7 (a).
"Sec.
9.
research
The
Secretary is authorized to conduct
relating to the conditions and
make
"Sec.
any
and methods
(a).
Secretary is authorized
necessary
to carry
out the
The term
commodity
as
used in this Act means
market
classification, type, or
'agricultural commodity'
and any
regional
or
thereof.
"Sec.
able
he deems
as
investigations,
of section 7
this Act.
io.
such
grade
purposes
provision of existing law, the
any
public such information
provisions of
surveys,
factors affecting,
accomplishing most effectively, the policy and
Notwithstanding
by other States, and
"(2) The operation of such plan will result in as substantial a furtherance of such
accomplishment as may reasonably be achieved through the action of such State.
State
grants in connection with farming
or
year
restoration,
the Secretary
State plan for such State approved
a
power
(3), and
(2),
other
in
the effectuation
shall be exercised after December 31,
powers
shall have
Secretary
share-croppers,
and
Such plan shall be approved if the Secretary finds that there is
such
No such
Subject to the limitations provided in subsection
"(b)
in
assure
conferred in this section during the period prior
1937, except with respect to payments
tion.
to
by State action thereafter,
purposes
State after the effective date of
the correctness of and make possible the verification of such reports.
to
such
operations carried out prior to January 1,
and for compliance with such requirements as the Secretary may prescribe to assure
allocate
of States
1938, except with respect to farming operations commenced
pirsuant to section 7.
the
administer the plan shall be such State
Upon approval of any State plan for
time during
sufficient number
a
the powers
January 1,
in any
time
any
any
by State action and in order to promote the more effective
purposes
accomplishment of
right
other^State agency as is authorized by the State and approved by
"(f)
by
at
provisions of this section, the Secretary shall not have power to enter into
HI
"(2) It provides for such methods of administration, and such participation in
the administration of the plan by county and community committees or associations
"(1) Substantial
be made
may
action
of such
be made at
may
1937
as
State, or such
the Secretary;
reasonable
That
entitled to payments,
be
be designated by the Secretary if such agency is authorized by the
"(e)
respective States during a
apportionments of funds
in this section for the
the
specified
purposes
cultural
agency as may
of agricultural producers
the
out
in
however,
Provided,
carrying
major
to
State
a
"(d) No such plan shall be approved unless by its terms:
to
dairy products)
period:
for
and
acreage
and
depleting
soil
the major
of
respective States during a representative
productivity of land devoted to agricultural
the
plan
prescribes,
this section, for the year to which such plan is applicable, if
*'(1) It "provides" that the agency
the
(including
representative
available
in
during the year with respect to which such pajxnent is made.
consumers.
Agriculture shall
of
plans
and
production
next
and value
acreage
produced
crops
of
forced
were
during the
apportioned to each State, the Secretary shall take into con¬
the
sideration
funds which will be available for carrying
calendar year, and in determining the
several States the
plans
to be
grants
human
such period,
during
exports
plan is approved by the Secretary as provided
"(3)
State
out
before November 1 of each year, the Secretary shall apportion
or
the
among
amount
for the effective carrying out of the
the installment relates.
the period to which
during
"(g) On
or
powers
by
making grants under this section to enable them to carry out such plans.
"(c) Any State which submits to the Secretary, prior to such time and
in
plan
of this section.
such installment in excess of the
any
finds necessary
Secretary
(1),
into consideration
commodity that
exports
and
of agricultural
State
the
clauses
substitutes available for domestic consumption within
"(b) The Secretary
of
certified for payment under
be
amount
in
consumption
domestic
1929, inclusive, taking
1920 to
demand at prices fair to
execution
shall
effectuate the purposes
tend to
plan according to its
No amount
operation of the
further
the
that
or
will not
terms
that, prior to the due date of such installment, there
failure by the State to carry out the plan according
finds
substantial
a
terms,
7
regard shall be given to the maintenance of a continuous
supply
its
to
action
Such
supplies
of
records
and
sections
voluntary
assist
to
domestic
the
food commodities.
general class of
section
used
the production
consumption
this
conferred
powers
normal
from
quantities of
the quantities of
and
of Agriculture,
Department
be
shall
discourage
the years
in
increased
The
Act
Secretary
sumption
States
ratio.
maintain
to
such
No
Agriculture
determined from
as
the purposes specified in this section.
to
the
by
United
this
calculated to effectuate
shall
the end of the calendar year) as may be provided in the plan.
installment shall be certified for payment if the Secretary of
has been
for
erosion, and
against soil
resources
purposes", approved April 27,
7.
purposes.
assembled, That the Act entitled "An Act
in Congress
for the
the end thereof the
"Sec.
:V:.
(pay-
and! paid in such installments
be similarly certified
abU prior to
period
jv
the Senate and House of Representatives of the United
of America
provide
(5)
•
conservation and profitable use of agricultural land
by temporary Federal aid to farmers and by providing for
resources
and
'
the
promote
for
the
: '
AN ACT
to
of
text
allocated shall
expert
W
To
The
law follows:
new
the depressed conditions
In the light of
have repeatedly
history,
year's operations, while not as satis¬
results of the
factory in all respects as has been hoped for, are
administration of the property for
the
1936
21
corporation's
the
reducing
simultaneously
aggregate
This process
capital expenditures each year,
making large
while
March
Financial Chronicle
1890
11.
for
culture
All
funds
allotment to
and
Governments
for
as
the
transfer
the
available
for
bureaus
to
such
Secretary
carrying out this Act shall be avail¬
and
other
may
offices
of the
agencies
request to
of
Department of Agri¬
the
Federal
or
State
cooperate or assist in carry¬
ing out this Act.
"Sec.
conferred
12.
in
Whenever the Secretary
this
section
will
tend
finds that the exercise of the powers
to
carry
out the
purpose
specified
in
Financial
Volume 142
ciause
for
No particular trend can be discerned from the record of
bond prices this week.
Fluctuations have been mixed and
for the expansion of domestic and foreign markets or
additional markets for agricultural commodities or the
seeking new or
have not been wide in the great majority of cases.
The
highest-grade bonds revealed underlying strength, selling to
yield 3.60% in the case of the Aaa averages, the year's
he deems necessary of the sums
as
or for the removal
the products thereof.
thereof
products
commodities
or
Notwithstanding
13.
"Sec.
the
7 to
sections
under
14,
of
inclusive,
the
this Act,
of
provisions
for the execution by
to provide
Administration
Adjustment
Agricultural
or
surpluses of such
disposition of
or
foregoing
is authorized and directed
Secretary
him
both,
appropriated to
such part
use
out this Act
carry
such
of this
conferred
powers
Act
deems
he
as
the
upon'
be
may
appropriately exercised by such Administration, and for such purposes the
provisions of law applicable to the appointment and compensation of
persons employed by the Agricultural Adjustment Administration shall apply.
"Sec. 14.
The facts constituting the bases for any payment or grant or
the amount thereof authorized to be made under section 7
officially determined in conformity with the rules
8 hereof, when
or
regulations prescribed
or
by the Secretary of Agriculture, shall be reviewable only by the Secretary
of
enable
To
15.
the
Secretary
Agriculture
of
to
the
out
carry
of sections 7 and 8 there is hereby authorized to be appropriated
fiscal year not exceeding $500,000,000.
"Sec. 16.
The obligations incurred for the purpose of carrying out, for
low
record
United
yield,
States
The threat of
sided,
17.
"Sec.
(a) This Act shall apply to the United States, the Territories
Alaska and
of
"(b) This
be
may
cited
the
as
'Soil
Conservation
Section 32 of the Act to amend the
2.
and for
other
clause
out
Act
used in
as
and
Domestic
Act'."
Allotment
Sec.
Hawaii, and the possession of Puerto Rico, and
the term 'State' includes Alaska, Hawaii, and! Puerto Rico.
approved August 24, 1935, is amended by striking
purposes,
and
(3)
Agricultural Adjustment Act,
in
inserting
lieu
thereof,
"(3)
reestablish
farmers'
purchasing power by making payments in connection with the normal
duction
of
minations
agricultural commodity for
any
by the Secretary
stitutes normal channels of trade and
production
that
part
and
domestic
for
domestic consumption.
inserting in lieu thereof:
"The
such
at
and
times, in such manner,
and
in
by striking out
the second
appropriated
sums
shall be expended for such one or more of the
above-specified
such amounts
of the purposes of
Sec.
second
entitled
include
balance
"An
cattle
Act
and
the
funds
Numbered
amend
to
other
the
Seventy-fourth
funds
Secretary of
any
basic
7,
one
by
Seventy-third
or
reappropriated
so
section
entitled
"An
as
commodities,
and the unexpended
by
the
Con¬
6 of the
Adjustment Act
agricultural
1934,
Congress,
appropriated
27,
section 2 and section
Agricultural
as
approved April
or
the
Numbered
carry out
products
appropriated
320,
of
Public Resolution
other purposes",
for
of
unexpended
of
and
purposes,
the
as
this section
approved May 25, 1934, to
gress,
Act
The
3.
paragraph
proviso
under this section
Agriculture finds will effectuate substantial accomplishment of
more
con¬
and what constitutes normal
commerce
consumption shall be final."
the last sentence thereof which precedes
of
pro¬
Deter¬
to what constitutes diversion and what
as
37 of
Act
to
and
balance
Public Act
to
amend
the
Agricultural Adjustment Act, and for other purposes", is authorized to be
made
available
1937.
in
The
purposes
authorization,
37
section
the
for
Public
of
likewise extended
which
Act
that the
so
made available until June 30,
Sec.
The
4.
priation
sum
relief
for
tion Act of 1935,
of
enumerated
is
limited
Numbered
in
to
320,
funds therein
said Acts until
June
30,
Seventy-fourth
authorized
Congress,
authorized
are
30,
is
to be
1937.
$2,000,000 of the unobligated balance of the
appro¬
contained in the Emergency Relief Appropria¬
approved April 8, 1935, is hereby made available to the
Secretary of Agriculture for allocation and payment to
under plans to be
5.
June
contained
purposes
Southern Great Plains
Sec.
1936,
area,
or
to farmers therein,
the
States
in
the
for wind erosion control,
approved by the Secretary of Agriculture.
Section
22
of the
Agricultural Adjustment Act,
amended by inserting after the words "this title"
as
amended, is
wherever they appear the
following:
"or the Soil Conservation and Domestic Allotment Act, as
amended"; and by striking out the words "an adjustment" wherever they
and inserting in lieu thereof the word "any".
appear
Approved,
February
29,
1936.
The
clines
low.
minor effect
very
the bond
A stronger
on
has
been
reserves
trend
diverted
remains
as
and
sum
high, and its influence
it has
of railroad
temporarily,
business, the
to
on
a
small
total
of
the bond
been.
bonds has been quite erratic.
De¬
Friday were due to the unprecedented floods.
Atchison adj. (st.) 4s, 1995, advanced % point to 111; Great
Northern 4%, 1961, advanced 1 to 112; Pennsylvania 4%s,
1984, closed unchanged at 109*4.
Among the lower-grade
section, New York Central 5s, 2013, gained % to close at
on
90%; Erie 5s, 1975, at 77% were up 1%; Southern Pacific
4%s, 1968, closed at 88% with a gain of 1.
Offerings of new utility issues, mostly for refunding pur¬
pose's, have been resumed this week with $7,178,500 Central
Illinois Light 3%s, 1966, and $55,830,000 Consumers Power
3%s, 1970.
The markets have acted well, prices holding
up
for the most part.
Prime investment issues remained
while lower grades, except in a few cases, tended
firm,
upward. Fairly good recovery has been displayed by several
holding company issues.
Associated Gas & Electric 5%s,
1938, advanced 6 to 46; Cities Service Power & Light 5%s,
1949, gained 4%, closing at 72%; General Water Works 5s,
1943, at 92 were up 2%; International Telephone & Tele¬
graph 4%s, 1939, rose 6 points to 97.
The week has
generally minor changes in the prices
Steel and coal issues have been quiet.
There have been some advances among oils.
Revere Copper
seen
of industrial bonds.
& Brass
4%s, 1956, declined % point to 103% following pub¬
of the annual report.
Obligations of companies
making building products have been somewhat better. Inter¬
national Paper 5s, 1947, rose 2% points to
94%, and the
erratic Studebaker Corp. conv. 6s, 1945, gained
4% points,
closing at 106%.
Bush Terminal 5s, 1955, rallied sharply
from 61% to 67%, but New York Dock 5s,
1938, fell from
70 to 68%.
Foreign bonds have displayed a strong tone, with most
groups showing noticeable advances.
Among the more im¬
lication
portant
the various Italian issues, which gained from
the Royal Dutch 4s, 1945, which advanced 7
are
3 to 7 points;
points to 152, and the Kreuger & Toll 5s, 1959, which appreci¬
ated 5% points, closing at 33%*
Scandinavians and other
Europeans have been all fairly strong, as have been most of
the
South American and Japanese bonds.
Some of the
Australian
and
Province of Buenos Aires issues have been
slightly lower.
Moody's computed
are
y
bond prices and bond yield averages
given in the following tables:
MOODY'S BOND YIELD AVERAGESf
(Based on Individual Closing Prices)
U. S.
120
120 Domestic Corporate*
120 Domestic
21 1936 |
Govt.
Domes¬
by Ratings
Corporate* by Groups
Daily
Averages
Bonds
tic
All
1936
120 Domestic Corpoi
120
Daily
Aa
a
government bond purchases
portion
(Based on Average Yields)
Aaa
a new
situation, where underlying conditions remain favorable, in
spite of recently reported declines in excess reserves.
Al¬
though some of this excess is now going into tax payments
MOODY'S BOND PRICESf
**
Likewise,
advancing
influence for the time being would seem to be the domestic
market is about
this Act,
March 10.
strong,
been
Europe has at least temporarily sub¬
having had only
excess
calendar year, the provisions of sections 7 to 14, inclusive, of this Act
shall not exceed $500,000,000.
on
have
market, namely, two or three days' irregularity.
for
any
in
war
purposes
any
first attained
governments
Their average yield of 2.37% was
fractionally.
and
Agriculture.
"Sec.
The Course of the Bond Market
and stable supply of agricultural
demand at prices fair to both producers and consumers,
shall
he
section 7 (a), or will tend to provide for and maintain a
commodities adequate to meet
of
(5)
continuous
consumer
1891
Chronicle
120 Domestic
Domes¬
by Ratings
Corporate by Groups
A
Baa
P. U.
Indus,
Averages
Baa
RR.
Mar. 20-. 109.51
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
Mar. 20—
4.16
3.60
3.77
4.23
5.04
4.39
4.26
19- 109.39
110.42
121.17
117.84
109.12
96.08
106.78
108.21
116.42
19—
4.15
3.61
3.77
4.22
5.00
4.35
4.27
18.. 109.34
110.42
120.96
117.84
109.12
96.08
106.78
108.21
116.42
18—
4.15
3.62
3.77
4.22
5.00
4.35
4.27
3.84
17— 109.35
110.42
120.96
118.04
108.94
96.23
106.78
108.39
116.42
17—
4.15
3.62
3.76
4.23
4.99
4.35
4.26
3.84
16— 109.23
110.23
120.75
117.84
108.75
95.93
106.42
108.21
116.22
16—
4.16
3.63
3.77
4.24
5.01
4.37
4.27
3.85
14— 109.21
110.23
120.96
117.63
108.75
96.08
106.60
108.21
116.22
14—
4.16
3.62
3.78
4.24
5.00
4.36
4.27
3.85
13- 109.11
110.05
120.75
117.63
108.75
95.63
106.07
108.03
116.22
13-
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
12- 109.24
110.42
120.75
117.84
109.12
96.39
107.14
108.39
116.22
12„
4.15
3.63
3.77
4.22
4.98
4.33
4.26
3.85
11— 109.31
110.79
120.96
117.84
109.31
97.16
107.85
108.39
116.42
11—
4.13
3.62
3.77
4.21
4.93
4.29
4.26
3.84
10- 109.34
110.79
121.38
118.04
109 12
96 85
107.49
108.39
116.62
10-
4.13
3.60
3.76
4.22
4.95
4.31
4.26
9.. 109.30
3.83
110.79
120.96
118.04
109.31
97.00
107.67
108.39
116.22
9„
4.13
3.62
3.76
4.21
4.94
4.30
3.85
7— 109.45
4.26
110.98
121.17
118.04
109.49
97.31
108.39
108.39
116.22
7-
4.12
3.61
3.76
4.20
4.92
4.26
4.26
3.85
—
Corp.*
RR.
tic
Aaa
Aa
A
P. U
Indus
3.83
3.84
6— 109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6-
4.12
3.61
3.76
4.20
4.90
4.25
5— 109.37
4.26
3.85
110.98
121.17
118.04
109.49
97.47
108.39
108.39
116.22
5—
4.12
3.61
3.76
4.20
4.91
4.26
4— 109.26
4.26
3.85
110.79
121.17
117.84
109.31
97.16
108.03
108.39
116.22
4—
4.13
3.61
3.77
4.21
4.93
4.28
3— 109.11
4.26
110.61
3.85
120.96
117.84
109.12
97.16
107.67
108.39
116.22
3—
4.14
3.62
3.77
4.22
4.93
4.30
2.. 109.05
4.26
3.85
110.61
120.75
117.84
109.12
97.16
107.67
108.39
116.01
2—
4.14
3.63
3.77
4.22
4.93
4.30
4.26
3.86
Feb. 29._
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
21—
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
Weekly
Feb.29.. 108.98
110.61
120.54
117.84
108.94
97.16
21— 108.95
110.79
120.96
117.43
109.12
98.09
15— 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15-
4.14
3.62
3.79
4.23
8— 108.22
4.90
4.29
110.23
120.96
4.24
117.02
108.39
96.70
3.87
106.60
108.57
115.61
8—
4.16
3.62
3.81
4.26
1— 107.96
4.96
109.68
4.36
120.75
4.25
116.82
108.03
3.88
95.78
105.54
108.57
115.41
1„
4.19
3.82
4.28
Jan. 31.. 108.03
5.02
109.68
4.42
120.75
118.82
108.03
4.25
3.89
95.63
105.37
108.57
115.41
31..
4.19
3.63
3.82
4.28
24- 107.89
5.03
109.68
4.43
120.54
116.62
4.25
108.21
3.89
95.78
105.37
108.57
115.41
24-
4.19
3.64
3.83
4.27
17— 108.34
5.02
109.31
120.11
4.43
116,62
107.85
95.18
4.25
3.89
104.68
108.39
115.02
17-
4.21
3.66
3.83
4.29
5.06
4.47
4.26
10— 108.02
107.67
108.39
108.57
115.81
Weekly
108.57 115.81
Jan.
3.63
3.91
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
10-
4.26
3.67
3.89
4.33
5.14
107.31
119.27
4.54
114.63
106.07
92.53
4.27
3.96
101.97
107.85
112.69
8—
4.32
3.70
3.93
4.39
High 1936 109.51
110.98
121.38
5.24
118.04
4.63
109.49
98.09
4.29
4.03
108.57
108.75
116.62
1936
4.12
3.60
3.76
Low
4.20
1936 107.77
107.14
119.07
4.87
114.43
4.25
106.07
4.24
91.96
3.83
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
High 1935 109.20
6.28
106.96
119.69
4.65
114.43
105.72
4.29
4.05
91.67
101.31
107.67
112.11
Low
1935
4.34
3.68
3.94
4.41
Low 1935 105.66
99.20
116.82
108.57
5.30
4.67
98.73
77.88
4.30
4.06
90.69
94.14
106.78
Hlgn 1935
4.80
3.82
4.25
4.83
6.40
5.37
5.13
4.35
4.75
3.72
4.19
4.75
6.33
5.22
4.72
4.30
5.01
4.12
4.55
5.09
6.26
4.90
5.50
4.62
3-
1
107.94
Yr. Ago
Mar.20'35 107.67
1 Yr. Ago
100.00
118.86
109.68
100.00
78.66
92.82
100.49
107.67
Mar.20'35
95.93
110.98
103.32
94.73
79.45
97.62
88.90
102.14
Mar.20'34
2 Yrs.Ago
Mar.20'34 103.54
Low
2 Yrs.Ago
•
These prices are computed from average yields on the basis of
level or the average movement of actual price quotations.
They
"ideal" bond (4 H% coupon, maturing in 31 years) and do not
purport to show either the average
merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
pleld averages, the latter being the truer picture of the bond market.
For Moody's index of bond prices by months baok to
1928, see the issue of Feb. 6 1932, page 907
••Aotual average price of 8 long-term Treasury issues,
t The latest complete list of bonds uised in computing these indexes was published in the issue of May 18 1935.
page3291.
tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40
one
foreign bonds
THE
March
Financial Chronicle
1892
OF
STATE
TRADE—COMMERCIAL
EPITOME
for the week ended March 14 in time to be pub¬
"Chronicle."
These figures are gen¬
erally released on Friday afternoon.
Our own compilation of the first lb major railroads to report
for the week ended March 14 1936 showed that they loaded
a total of 296,685 cars of revenue freight on their own lines,
compared with 304,891 cars in the preceding week, and
287,056 cars in the seven days ended March 16 1935.
A
comparative table follows:
'
freight
cars
lished in this week's
Friday Night, March 20 1936.
Business activity the past week
registered a further gain.
The
production of electricity is up from the previous week,
t this being the first gain after a series of five consecutive
weekly declines.
The rate of production was 10% larger
than for the corresponding week of last year.
Steel pro¬
duction up to a few days ago was making an excellent
showing, indications pointing to a 60% rate by the end of
the week.
But the great steel centers have been over¬
whelmed by the catastrophic floods that have inundated
large areas.
Floods have either crippled or forced suspen¬
sions of steel plants at Pittsburgh, Johnstown, Wheeling
and other Ohio Valley flood centers.
It is figured it will
AND RECEIVED FROM
REVENUE FREIGHT LOADED
CONNECTIONS
(Number of Cars)
Loaded
Received from
Own Lines
on
7 Mar. 16 Mar. 14 Mar.
Mar. 14 Mar.
six weeks before many of the mills
Practically every industrial plant within
50 miles of Pittsburgh, located on or near the Ohio,
1936
1936
Connections
Weeks Ended—
Weeks Ended—
10 days to
take from
1936
7 Afar. 16
1936
1936
1935
1935
start work again.
25
to
and Monongahela rivers, has been shut down.
the Allegheny
It
-
estimated
is
Atchison Topeka & Santa
Baltimore & Ohio RR
that
one-third
of
the
United
States
Fe Ry.
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
Steel
Corp's ingot producing capacity is out of production, and
more than 35,000 employees have been forced into idleness.
This catastrophe is bound to affect many lines of trade
directly or indirectly for a time.
But from this may come
a great building revival and general rejuvenation
of .trade
that will likely carry
business to new high levels.
A
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR.
Missouri Pacific RR
...
New York Central Lines
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie
24,259
ing shortage developed since that time.
A sharp drop in
reported, and the floods are bound to play
5,414
Excludes
x
a
5,552
15,528
7,920
7,677
7,946
10,317
8,227
4,847
13,597
7,729
8,108
6,727
8,841
10,642
2,111
1,603
3,097
9,449
41,003
10,332
6,840
9,558
1,178
2,108
2,412
6,825
35,491
8,913
3,737
34,854
5,212
5,354
X6.210
1,662
2,116
2,840
9,228
37,519
9,927
3,969
36,651
5,803
4,201
4,346
38,975
6,729
4,454
x7,892
9,239
x7,524
8,644
8,388
296,685 304,891 287,056 183,967 196,128 169,980
Total
coal output was
5,986
5,728
23,580
5,555
5,507
Wabash
part in further substantial curtailment.
Wholesale and
trade showed further expansion, despite the deplor¬
able conditions in the flood areas.
The great catastrophe
56,164
53.987
5,989
Southern Pacific Lines
greater stimulus to building will probably result from the
current disaster than from the last great Mississippi flood,
on account of the better business conditions and the hous¬
2.892
4,451
15,035
38,205
4,638
20,330
37,891
4,533
20,355
New York Chicago & St. Louis Ry
Norfolk & Western Ry
5,344
14,679
17,565
28,891
21,249
13,429
17,041
13,309
2,487
1,912
3,987
13,208
36,388
4.007
20,111
57,622
5,617
5,445
19,952
4,936
18,297
28,968
24,058
15,443
19,168
14,327
2,066
18,394
28,107
21,398
14,324
18,315
14,491
2,928
2,198
4,342
14,253
P. Co.- -Pacific Lines and Texas <fc
interchanged between S.
cars
New Orleans RR. Co.
/
retail
TOTAL LOADINGS AND RECEIPTS
V
that struck the Bast this week in the form of unprecedented
floods in New England and a number of other Eastern
States
(Number of Cars)
*
Weeks Ended—
has
eclipsed everything else in the way of news.
This, overwhelming disaster will no doubt have a telling
Mar. 14 1936
effect in many lines of business
steel manufacturers.
the flood
waters
and industry, especially the
Reports to-day were to the effect that
of the Ohio
and
Connecticut
rivers
erate estimates counted 150 dead and a
homeless.
Total
ing
the
-
65,559
67,390
59,730
While advances and declines have been nearly in balance
basic commodities this week, the sharp set-back in
Moody's Daily Index of Staple
Commodity Prices to end the week at slightly lower levels.
The Index closed on Friday at 170.7, compared with 171.1
on Friday of last week.
In addition to the sharp recession in cash wheat, corn,
coffee and cocoa also receded. On the other hand, advances
were experienced by top hogs, rubber, silk, cotton,
hides,
sugar and wool.
Silver, steel scrap, copper and lead re¬
mained unchanged from a week ago.
The movement of the Index during the week, with com¬
parisons, is as follows:
among
cash wheat quotations caused
.>170.0
—169.3
and
in
Loading of
of 671
Coal
than
merchandise less
1,388
in
294
in
and
It was,
however,
and
and
an
8,341
but
a
and
alone,
cars,
above the
cars
loading
Forest
7,764
cars
Ore
cars
—167.2
Loadings Report—
Major Roads Show Decline
Due to the widespread floods delaying mails and other
means of communication, the Association of American Rail¬
cars
below
above the corresponding
below the
cars
same
.
36,971
cars,
increase
an
week in 1934.
same
r
of
the Western
In
loading for the week ended March 7
amounted
below
cars
loading of live
increase
an
of
cars
to
11,166
the same
same,
the
same
week in
week,
2,037
cars
above
preceding week, but
an
8,206
cars,
above the
In
cars
week
the Western
7 totaled
week this year,
an
increase
6ame
of
899
cars
week in 1935,
and
1934.
an
the
increase of 594
cars,
in
1935,
and
in 1934.
a
increase of 1,456
above the
cars
corresponding week
above the corresponding week
Coke loading amounted to
1934.
same
week in 1935.
30,765
preceding week, 6,330 cars
above
in
increase of 593
below the
above the preceding
cars
below the
week
an
cars
the week ended March
for
stock
553
care,
decrease of 518
loading amounted to 6,468 cars,
preceding
cars
increase of 148 cars above the preceding week this
products loading totaled
the
3,075
825
decrease of 670
above
below the
cars
increase of 5,417 cars above the same week in 1935.
stock
1935,
159,335
preceding week, 9,996 cars above the corresponding week
7,204
above the preceding week, but a
in
totaled
decrease of 41,957
a
loading totaled
products
grain
totaled 22,300 cars, an
Live
lot freight
decrease of 19,645
a
decrease of 2,107
cars
above the
below the
cars
same
week in 1935.
It was, however, a decrease of 1,888 cars below the same week in 1934.
All
districts reported increases in the number of care loaded' with
freight,
the
except
the
compared
Eastern
with
and
the
corresponding
Allegheny
week
in
All
1935.
also reported increases
revenue
districts
compared
with
corresponding week in 1934.
Loading
years
of
revenue
freight
in
1936
compared with the
two
previous
follows:
1936
4 weeka in ,TAniifl.ry
5 weeks in February
revenue
Total
1935
1934
2,353,111
3,135,118
,,
^
compile the total loadings of
carload
districts alone, grain and grain products
year
2,001
1934.
v-..
above the
cars
1935,
increase of
corresponding week in 1935 and 7,091
1934.
Grain
an
1934.
1935.
week in
cars,
above the preceding week, but a reduction
cars
loading amounted to 133,196 cars,
in
;
above the corresponding week in
the rpeceding week, but an increase of 3,258
week
3.4%, above the
or
cars,
v
week, 25,650 cars above the corresponding week
cars
Week of March 7
not able to
/
;
>
coal.
of
below the
cars
week
same
8.1%, above the correspond¬
or
20,708
freight loading totaled 248,721
increase of
an
1934.
the preceding
1935, and 32,114
cars,
cars,
of
increase
an
149.9
175.3
148.4
171.8
Flood Conditions Delay Freight. Car
was
Railroads, in reviewing the
7, reported as follows :
freight for the week of March 7 was a decrease of
5.7% below the preceding week, largely due to a reduction
movement
above
district
Moody's Daily Commodity Index Recedes Slightly
roads
V
revenue
Miscellaneous
ears
34 to
20—
20,690
27,825
11,235
increase of 47,638
an
1935
38,295 cars, or
„
To-day it was fair and cool here, with tempera¬
ranging from 38 to 55 degrees.
The forecast was for
cloudy to-night and Saturday; probably rain to-night, chang¬
ing to snow Saturday; colder Saturday.
Overnight at
Boston it was 40 to 52 degrees; Baltimore, 36 to 48; Pitts¬
burgh, 30 to 34; Portland, Me., 40 to 46; Chicago, 32 to 38;
Cincinnati, 40 to 60; Cleveland, 34 to 42; Detroit, 32 to 50;.
Charleston, 54 to 64; Milwaukee, 36 to 44; Dallas, 44 to 68;
Savannah, 52 to 73; Kansas City, 34 to 54; Springfield, Mo.,
50; Oklahoma City, 38 to 60; Salt Lake City, 30 to 58;
Seattle, 42 to 58; Montreal, 34 to 56, and Winnipeg, 20 to 40.
was
in
Loading of
Ithaca.
tures
This
week
corresponding week in
in
persons
171.1 2 weeks ago, Mar. 6__
170.6 Month ago, Feb. 21—
171.4 Year ago,
Mar. 22
171.2 1935 High—Oct. 7-9——
Low — Mar. 18
170.3
170.5 1936 High—Feb. 14Low—Jan.
170.7
4
13,152
Loading of revenue freight for the week ended March 7 totaled 634,828
cars.
Most of the residents had fled before the dike
13
14
15
16
18
19
12,550
The Association of American
quarter of a million
living in the Hartford area
already have been affected more or less.
The Ohio raced
on from desolated Wheeling, W. Va., and was, according to
latest reports, beating against the emergency breastworks
thrown up at Marietta, Ohio, with Louisville and Cincinnati
in its path.
The rivers in New York State have subsided,
but the Finger Lakes swelled perilously above Auburn and
Fri.,
Mar.
Sat.,
Mar.
Mon., Mar.
Tues., Mar.
Wed., Mar.
Thurs.,Mar.
Fri.,
Mar.
30,598
»
week ended March
reports are that the Connecticut River
burst through a dike in the southern part of the city of
Hartford, hurling a 34-foot wall of water down on a popu¬
Over 500,000
Mar. 16 1935
22,804
31,434
were
Latest
lous district
Mar. 7 1936
22,411
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry.
getting higher and higher.
Adding to the devastation and
ruin of many cities in the East, pestilence and epidemics
threaten.
Civil and military authorities are doing all pos¬
sible to hold in check marauding bands seeking loot.
Mod¬
broke.
CONNECTIONS
FROM
2,183,081
2,920,192
634,828
2,169,146
2,927,453
587,190
6,123,057
5,683,789
5,717,393
614,120
In the following tables we undertake to show also the load¬
ings for separate roads and systems for the week ended
March 7 1936. During this period a total of 99 roads showed
increases when compared with the same week last year.
Financial
Volume 142
Chronicle
The most important of these roads which showed increases
were the
New York Central Lines, the Baltimore & Ohio
the
RR.,
Pennsylvania System,
Chesapeake
the
REVENUE FREIGHT LOADED AND RECEIVED
Freight Loaded
1936
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MARCH 7
Total Loads Received
Total Revenue
Railroads
RR., the Norfolk & Western RR., the Illinois Central.
System, the Atchison Topeka & Santa Fe System, and the
Union Pacific System:
Ohio
&
1893
Freight Loaded
1935
1936
1934
1935
Total Loads Received
Total Revenue
Railroads
from, Connections
Eastern District—
from Connections
1934
1935
1936
1936
1935
Group B (Concluded)—
Ann Arbor
461
577
539
2,380
7,677
1,610
2,196
1,923
232
221
7,461
7,631
1.332
1,314
10,994
2,568
9,970
1,885
26
26
28
76
69
Delaware & Hudson
1,089
4,072
Delaware Lackawanna & West
6.737
1.006
4,193
8,151
219
218
Bangor & Aroostook
;
Boston & Maine
...
-
Chicago Indianapolis & Louisv.
Central Indiana
„.
Central Vermont
Detroit & Mackinac.
Detroit Toledo & Ironton
2,713
Detroit <fc Toledo Shore Line...
Erie.
Grand Trunk Western
1,943
1,545
6,849
6,410
Mobile & Ohio
98
92
2,120
2,140
4,036
14,162
2,005
3,664
13,585
8,036
3,505
259
168
13,880
4,436
4,165
Lehigh & Hudson River
142
157
1,072
1,183
6.333
8,890
1,874
1,206
141
Lehigh & New England
Lehigh Valley
797
Maine Central
2,731
5,487
2,272
2,263
37
36,359
9,580
39,294
2,350
3,895
4,792
41,003
11,670
2,011
10,332
4,440
36,196
11,280
1,408
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh <fc Shawmut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia....
5,272
6,729
11,122
4,054
5,308
5,509
5,986
\ >;
190
642
629
17
452
250
1,135
1,207
1,275
1,057
529
591
569
1,020
5.007
3,337
5,047
9,239
3,528
3,329
1,004
8,742
3,149
138,618
Total.
284
1,361
2,110
342
326
616
631
50,386
52,740
31,608
25,997
102,043
91,591
94,246
65,503
55,895
1,635
9,361
2,546
134,761
150,396
165,448
721
682
833
2,030
14,327
12,992
1,830
13,918
10,642
2,036
19,168
3,728
16,813
2,961
2,233
16,768
3,385
3,000
8,821
410
461
232
Milw. St. P. & Pacific-
562
151,365
6,989
3,061
2,631
80
771
574
511
365
305
6,025
....
Ft. Dodge Des Moines & South.
Great Northern
Green Bay & Western.,
Lake Superior & Ishpeming
363
5,555
3.738
Wheeling & Lake Erie
1,687
2,501
Great Western
Elgin Joliet & Eastern
19
377
1,464
442
i
367
St. P. Minn. & Omaha
Duluth Missabe & Northern
Duluth South Shore & Atlantic.
9,614
4,819
5,479
460
Wabash
710
254
,
& North Western
Chicago
Chicago
Chicago
Chicago
1,663
397
Rutland
3,911
58,486
Belt Ry. of Chicago
46
10,212
1,849
4,638
5,742
5,058
154
....
.
Grand total Southern District
38,205
b New York Central Line3
N. Y. N. H. & Hartford......
New York Ontario & Western..
N. Y. Chicago & St. Louis
755
9,418
1,732
2,970
2,815
546
11,017
Northwestern District—
3,239
4,363
188
122
1,637
1,343
654
1,005
,
193
150
1,802
3,163
3,755
1,679
....
Monongahela
Montour
127
162
1,144
6,732
2,492
7,592
3,125
9,988
17,995
2,023
3,102
Nashville Chattanooga & St L.
Tennessee Central
Total
1,760
•
360
1,242
18,823
18,861
Mississippi Central
6,313
346
1,279
18,058
Macon Dublin & Savannah
7,168
10,746
7,343
Louisville & Nashville
920
922
349
1,699
21,276
20,099
Illinois Central System
6,429
363
702
952
Georgia & Florida
Gulf Mobile & Northern..
10,980
225
11,468
4,223
—
Georgia
1,243
1,491
5,283
4,469
7,156
5,779
309
319
261
164
148
9,394
8,833
7,883
2,966
2,707
592
617
465
628
452
222
321
94
94
Minneapolis & St. Louis......
1,617
1,413
1,502
1,860
Minn. St. Paul & S. S. M
Northern Pacific
5,135
8,792
4,094
8,107
4,011
7,907
2,241,
3,119
1,578
2,157
2,434
Spokane International
Spokane Portland & Seattle
117
106
108
241
152
1,664
1,208
1,136
1,165
1,016
75,180
66,563
66,337
47,785
40,064
18,297
17,538
17,269
5,552
2,906
2,550
2,318
2,386
5,113
1,980
327
209
193
68
43
15,443
1,451
12,710
13,766
1,443
8,108
789
Total.
306
Allegheny District—
"
Akron Canton &
Youngstown.
Baltimore & Ohio
621
490
771
617
28,968
2,152
28,161
1,714
29,181
2,076
15,528
1,495
14,194
291
265
319
10
9
1,227
4,902
1,285
1,335
27
18
5,097
6,857
11,186
10,038
74
Bessemer <fc Lake Erie
Buffalo Creek & Gauley..
Cambria & Indiana
490
66
1
57
65
Central RR. of New Jersey
Cornwall
-
1,863
Cumberland & Pennsylvania..
377
385
429
Llgonier Valley..
Long Island
214
160
274
28
21
784
798
787
2,871
1,132
58,519
15,233
7,300
1,359
38,975
16,736
2,420
1,311
34,004
15,385
1,914
1,865
Penn-Readlng Seashore
972
Union
1,153
56,164
55,893
13,589
10,826
8,297
Lines.
Pennsylvania System...
Reading Co..
(Pittsburgh)
8,016
West Virginia Northern
Western Maryland......
30
27
85
Total.
105
107
0
0
3,363
3,395
3,283
6,523
6,266
121,799
118,090
97,510
127,323
88,103
Central Western District—
Atch. Top. & Santa Fe System
Alton
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy..
& Illinois Midland
Rock Island & Pacific-
Denver & Rio Grande Western.
Denver & Salt Lake
Pocahontas District—
24,058
22,513
20,330
19,182
1,596
3,735
49,719
Virginian
Total.
7,605
4,110
1,201
1,631
3,558
22,750
18,187
1,207
3,439
8,227
4,346
1,299
796
45,583
14,668
1,883
223
10
1,040
1,838
938
1,934
1,039
1,220
1,733
1,024
62
99
650
°686
324
233
90
;
2,238
451
74
100
115
14,030
4,710
3,873
inU. P. S ystem
235
323
1,186
993
6,548
North Western Pacific
Peoria & Pekin Union....
Southern Pacific (Pacific)
17,468
14,212
Included
495
4
923
957
'
12,514
11,327
11,782
7,316
361
406
237
8
3
1,417
990
1,108
1,773
1,524
94,530
82,729
82,380
49.238
42,470
162
4,663
4,059
Utah
13,697
Western Pacific.
Total.
Southwestern
District—
Alton & Southern
Southern District—
Group A—
Atlantic Coast Line...
1,173
2,524
1,965
747
Nevada Northern
781
46,884
8,565
2,325
879
1,090
1,815
Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Norfolk & Western
Norfolk & Portsmouth Belt Line
9,899
3,021
846
820
Fort Worth & Denver City
Illinois Terminal
St.
Chesapeake & Ohio.
9,961
2,939
10,589
3,435
1,047
2,485
& Eastern Illinois
Colorado & Southern
6,761
1,067
7,142
2,064
1,145
1,764
193
v
221
Burlington-Rock Island
4,817
350
5,311
1,774
1,266
143
416
282
51
147
111
1,061
1,071
1,340
1,257
458
495
962
895
3,420
3,713
12,107
10,245
1,064
10,416
1,019
10,159
Charleston & Western Carolina.
378
332
Durham <fc Southern..
Gainesville Midland..
139
182
50
47
1,191
441
....
Cllnchfleld
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac...
Seaboard Air Line
.......
1,267
300
331
320
3,818
8,810
20,774
Southern System
8,256
18,947
8,044
19,467
4,210
13,918
Winston-Salem Southbound
1,472
1,140
165
156
139
733
684
43,557
41,205
41,506
33,895
29,898
146
151
152
267
Fort Smith & Western
Gulf Coast Lines
177
145
144
268
167
2,892
2,066
2,410
2,993
1,603
1,834
3,083
2,111
1,171
1,811
1,261
1,894
—
International-Great NorthernKansas Oklahoma & Gulf
180
100
106
2,050
Kansas City Southern
Louisiana & Arkansas
1,580
1,041
1,587
1,129
1,387
Louisiana Arkansas & Texas
Litchfield & Madison
298
903
1,351
966
785
109
129
220
449
338
419
455
378
953
827
Midland Valley
Missouri & Arkansas
689
446
550
281
144
'
132
Missouri Pacific
156
92
274
207
4,451
15,035
Missouri-Kansas-Texas Lines._
4,118
13,364
4,134
12,901
3,097
2,672
7,140
Natchez & Southern
9,449
i
667
770
1,130
824
Atl. & W. P.—W. RR. of AlaCentral of Georgia
840
668
757
4,991
4,019
3,977
1,320
2,707
2,583
308
195
246
328
1,289
1,229
723
40
79
101
128
7,550
7,116
4,286
Texas & Pacific
2,276
6,112
4,343
6,739
1,901
5,402
Terminal RR. Ass'n of St. Louis
Quanah Acme & Pacific
526
...
12
28
1.976
2,595
2,307
3,769
2,196
5,163
4,174
1,576
3,182
4,103
20,475
3,536
2,136
2,347
3,616
15,204
239
180
170
57
61
43
27
34
40
34
52,939
46,572
47,855
62,214
49,136
246
1,220
29
75
St. Louis Southwestern
Group B—
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
41
102
St. Louis-San Francisco
Total.
Texas & New Orleans..
281
Columbus & Greenville
Florida East Coast
178
138
654
Note—Figures for 1934 revised. * Previous figures,
138
Not available.
a
127
890
b Includes
Central RR.
Proposed
New
Ayres
as
Taxes
Threat
Regarded
to
Depressions—Says
by
Business
Corporate
Leonard
Col.
Welfare
in
Surpluses
P.
Future
Act
as
Cushion During Industrial Declines
Enactment of President Roosevelt's
new
taxation program
corporate cash surpluses, and render difficult the improve¬
and
the
use
of earnings,
Vice-President of the Cleveland
Co., said in that institution's "Business Bulletin," pub¬
lished
on
March 16.
"Business
of Feb.
A reference to
Bulletin"
was
the
contained
preceding issue of
in
the
"Chronicle"
22, page 1198.
"is that net earnings not distributed as dividends would be
subject to heavy taxes averaging about 33%," Colonel Ayres
states that
up
"there
savings in this depression.
ings
to be real
to discourage and
danger that the result
seriously retard
expansion of plants through the
He goes on to say:
use
has
tures,
constituted
The truth is that the spending of business sav¬
far
a
larger
the building
of earnings."
from any other source.
or
It
clear
seems
enter
another
surpluses.
that
contribution toward
.
should
we
depression without
or
Even with respect to
.
be
come
the
staving off
of
from Federal expendi¬
.
threatened
any
No substitute for them
government relief work
ance.
by
disaster
if
important accumulation
as
safeguarding factor
a
probably in
any
should
we
of corporate
can
be found
form of unemployment insur¬
the present recovery there may be
some
danger
inherent in the proposed new taxes, for
corporations now holding cash
surpluses, and realizing that they would be prevented from rebuilding them
in the future if they should
spend them now, would probably decide to
them
retain
as
safety
reserves,
and
not
to
use
them
in
the
large-scale
rehabilitation of plants
that has recently been getting under way.
likely that if the proposed tax legislation is enacted its effect
in reducing future corporate
surpluses will be rather less general than has.
been
seems
assumed
in
this
discussion.
It is more probable that the new taxes
from funds that would otherwise be paid out as dividends.
The surpluses that have been built
up in the past were accumulated because
will
the
seems
of cash surpluses, and to render difficult the improve¬
ment and
If the chief result should be greatly to curtail the
building up of cash
surpluses it might lead to serious social difficulties in any future depres¬
sion, as may readily be realized by noting what has happened to business
It
Pointing out that the central feature of the tax proposal
might be
figures for the Boston & Albany RR., the C. C. C. & St. Louis RR., and the Michigan
in
expansion of plants through the
Colonel Leonard P. Ayres,
Trust
Total.
national disaster during this depression than has
might discourage and seriously retard the accumulation of
ment
Wichita Falls & Southern
Weatherford M. W. & N. W—
of
largely
come
future if the
ings,
pay
they will
one
to
■
managements deemed them necessary for the safety and future welfare
companies.
Probably they will make similar judgments in the-
the
that
reduce
new
taxes
whatever
declare
in
the
it
long
dividends.
as
taxes
in
run
in force,
are
and put aside similar amounts of earn¬
involved,
dividends.
The
and
then
principle
if
anything is
involved
left
is the
over-
simple
-
large increases in corporation taxes must operate-
1894
Financial
"Annalist"
Reports Drop in Business Activity During
as Compared with January
February
Business
activity suffered another substantial recession
last month, according to the monthly business index of the
"Annalist" (New York), appearing in the issue of March 20.
Declining to 88.1% (preliminary) of estimated normal from
January, the index has now lost 6.7 points since the
December high mark of 94.8 was touched, or slightly more
than 40% of the rise from May to December the "Annalist"
announced, continuing:
91.3 in
Sharply curtailed automobile production
in the decline, although
considerable losses
was
the most important factor
were
smaller
sumption.
tion
recessions
by zinc and steel ingot production and silk
highest level
on
record, and freight shipments (likewise
adjusted basis) the highest since October 1931.
an
tions accounted for part
on
havior of several of the components.
"ANNALIST"
1- -THE
TABLE
higher.
were
vehicles,
motor
and
1936
21
im"
The sub-groups of agricultural
plumbing
and
heating fixtures
un¬
were
changed.
Slightly lower prices for blankets resulted in
the
housefurnishing goods
a
•
The building materials group advanced 0.1 %.
lumber, and certain paint materials
other
hand,
fractional decrease in the
Average prices of furniture
group.
remained steady.
averaged lower.
were
Wholesale prices of brick,
firmer.
Sand and gravel, on the
Cement and structural steel remained
un¬
changed at the level of the preceding week.
The index for the textile products group remained at 70.4.
Cotton goods
averaged lower and silk and rayon, burlap, and jute were higher.
knit goods, and woolen and worsted
goods
Clothing,
stable.
were
Wholesale prices of paraffin wax rose 5.2% during the week and crude
rubber advanced 1.5%.
The index of the
Cattle feed,
the other hand, dropped 2.7%.
on
of Labor
Bureau
Statistics
includes
784
price series
weighted according to their relative importance in the country's markets
and is based on the average
Severe weather condi¬
of the unusual and seemingly contradictory be¬
March
the other hand,
index for
con¬
On the other hand, seasonally adjusted electric power produc¬
at the
was
mony, on
plements,
recorded by the seasonally
adjusted indices of cotton consumption, and pig iron and lumber output,
and
Chronicle
for the
1926
year
100.
as
The following table shows index numbers for the main groups of com¬
modities for the
past 5
weeks and March
16
1935, March 17 1934, and
March 18 1933:
INDEX
COMPONENT
OF
BUSINESS
ACTIVITY
AND
Mar.
GROUPS
Mar.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar,
14
7
29
22
15
16
17
18
1936
1936
1936
1936
1936
1935
1934
1933
Commodity Groups
*February
x
December
January
All commodities
Freight car loadings
70.7
69.8
67.0
69.6
86.8
79.2
79.7
79.9
80.8
80.6
79.4
73.7
60.4
Farm products
76.4
77.7
78.4
81.6
79.9
79.2
62.0
43.4
Foods
79.7
81.4
82.2
84.3
84.0
82.6
67.7
Hides & leather products.
Textile products
95.5
95.7
96.2
96.5
97.0
86.0
88.8
68.1
70.4
70.4
70.3
70.5
70.6
69.0
76.0
51.1
Fuel & lighting materials.
Metals and metal products
77.2
77.3
77.4
77.2
76.9
73.8
72.6
85.9
86.0
85.9
85.9
86.0
85.0
86.5
77.5
Building materials
85.1
85.0
85.2
85.2
85.3
84.6
86.2
70.1
71.5
70.5
Steel ingot production—
61.0
68.8
76.2
111.2
X109.8
X109.5
Pig iron production
Electric power production
92.9
Wool consumption
101.4
102.6
m-'mm
Cotton consumption
X124.0
133.0
47.8
Silk consumption
52.9
148.5
X108.0
78.0
Automobile production
63.3
X135.5
Boot and shoe production
121.8
73.8
Cement production
82.0
*
78.6
42.3
Lumber production
55.4
Zinc production
68.1
x76.0
74.3
Combined index
88.1
x91.3
54.8
63.7
Chemicals and drugs
79.0
79.4
79.7
79.9
79.9
81.5
75.8
Housefurnishing goods
82.6
82.7
82.8
82.8
82.8
81.9
82.4
72.3
Miscell. commodities
68.2
68.2
68.2
68.0
68.0
69.0
69.2
59.3
79.0
79.0
79.1
79.0
79.0
77.3
78.6
66.1
79.8
80.1
80.2
80.6
80.7
79.4
76.2
64.1
X
All commodities other than
94.8
farm products and foods
All commodities other than
COMBINED
INDEX SINCE JANUARY
1935
m
-
.
April
80.0
80.2
79.5
■
78.9
79.3
*88.1
March..
76.7
81.5
x91.3
February
73.1
83.3
80.6
January
1934
83.6
1936
77.2
May
June,...
-
1933
1931
1932
60.3
farm products
Raw materials
1931
70.1
68.1
64.0
63.2
86.4
72.4
60.9
60.4
73.2
89.3
71.2
83.5
61.3
66.5
76.4
65.2
76.3
87.4
-
.....
November
December
X
X
74.5
X
X
X
Finished products.
81.2
81.6
81.5
82 3
82.5
X
X
X
x
Not computed.
82.6
70.5
72.3
65.4
72.6
71.5
68.4
64.7
72.2
94.8
October..
-
78.9
74.7
85.1
83.3
90.5
-
8(^0
74.8
85.1
83.6
77.4
69.5
64.8
72.1
80.7
—
September
78.6
74.7
83.1
66.7
82.7
July.
August..
77.9
74.6
81.4
61.6
58.4
-
77.2
Seml-ma nuf'd articles
II—THE
TABLE
"Annalist"
Prices
83.1
59.7
78.9
Weekly Index of Wholesale Commodity
During Week of March 17—General
Foreign Prices in February
Lower
Decline Noted in
Higher prices for hogs and meat products, potatoes, butter,
lemons, sugar and cotton sent the "Annalist" Weekly Index
of Wholesale Commodity Prices up 0.9 points to 125.4 on
March 17 from 124.5 March 10.
*
Preliminary,
Wheat and oats
Decrease of
0.6% in Wholesale Commodity Prices Dur¬
ing Week of March 14 Reported by United States
Department of Labor
During the week ending March 14, wholesale commodity
prices declined 0.6 % reaching a new low for the year, accord¬
ing to an announcement made March 19 by Commissioner
Lubin of the Bureau of Labor Statistics of the U. S. Depart¬
ment of Labor.
The all-commodity index now stands at
79.2% of the 1926 average.
This is a decrease of 1.7% in
comparison with the corresponding week of a month ago and
is 0.3% below the corresponding date of last year.
Com¬
pared with the depression low, however, the current index
shows an increase of approximately 33%.
Continuing,
Commissioner Lubin stated:
Minor decreases
largely accounted for the dacline in tht composite index.
materials, metals and metal products, chemicals and drugs, and housefur-
Building mat'rials
nishing goods groups.
tered
an
increase.
Textile
products
the only group which regis¬
was
and miscellaneous commodities re¬
materials
continued downward,
A net decrease of 3.5%
Finished
products
during the week.
declining 0.9%
and
of
a
semi-manufactured
month ago.
articles
fell
The large group of all commodities other than farm products (non-
0.1 %.
agricultural)
and
0.5%
dropped
declined 0.4%.
processed foods,
All commodities other than farm products
representing industrial
commodities, remained un¬
changed at 79.0.
The
following
is
from the
Lubin:
also
issued
announcement
of 6.2%
which includes coffee, copra, lard, oleo oil, granulated
'
ucts
and vegetable oils.
0.5%.
"ANNALIST"
WEEKLY
were
slightly higher.
OF
WHOLESALE
as
COMMODITY
PRICES
(Unadjusted for seasonal variation; 1913=100)
Mar. 17 1936
Mar. 10 1936
Mar. 19 1935
Farm products
Food products
119.6
119.3
116.5
124.7
122.0
125.5
Textile products
Fuels
109.4
109.5
104.0
173.1
173.1
Metals
110.1
110.1
109.5
Building materials
111.8
111.8
111.8
97.9
97.9
Chemicals
Miscellaneous.
85.6
98.7
124.5
73.7
161.0
85.7
125.4
All commodities
73.1
78.8
/
I
122.1
72.6
*
Preliminary,
a Revised,
b Based on exchange quotations for France, Switerland and Holland; Belgium included prior to March 1935.
Foreign wholesale prices
and
the
"Annalist"
generally lower in February
Composite accordingly
were
International
declined to 74.5 from 74.8 in January—the first decline since
last July, when it stood at 70.6, the "Annalist"
continuing:
The French index
was
the only important one to
rise, continuing the
advance that has been under way since last Summer; the
of recovery
issue.
a
in France, of which this is
The German index
one. are
unchanged, but
was
increasing signs
discussed elsewhere in this
as
this index
now
gives only
partly true picture of German prices, its significance is minor.
The
of the general reaction is not
cause
immediately apparent.
Prices
generally had strengthened during last October, and the present weakness
seems
to have dated from the month
to
following.
Sanctions
appear to have
one more
obstacle
world trade and thereby tended to deflate the prices of commodities
moving in international
commerce.
FOREIGN AND DOMESTIC WHOLESALE PRICE INDICES
The food
index—79.7 —is 5% below the corresponding week of a month ago and 3.5%
(In currency of country; index
gold basis also shown for countries, when different
1913=100.0)
on
a year ago.
The farm products group index declined 1.7%.
due to decreases of 12%
INDEX
Dairy products declined 3.0% and cereal prod¬
Meats and fruits and vegetables
below that of
slightly
demand ebbed.
THE
October, while their application in mid-November added
Wholesale food prices fell 2.1% during the week due to declines
sugar,
The European
been the controlling influence, their approach
causing a temporary rise in
March 19 by Commissioner
in the sub-group
cheese, coffee, rubber.
crisis continued without apparent effect on commodity markets,
except in
has been recorded in raw materials in the past 3
This week's index—77.2—is 2.2% below the level
weeks.
as were
said,
mained unchanged at the level of the previous week.
Raw
lower,
isolated cases, such as copper, export prices for which declined
the hides and leather products, fuel and lighting
also reported for
were
b All commodities on old dollar basis.
Sharp decreases in wholesale prices of farm products and foods again
were
The "Annalist" added:
Revised.
x
Grains
were
for barley, 7.4% for rye, 2.7%
smaller decreases fo** corn and oats.
livestock and poultry sub-group,
A minor decrease
2.7% lower
for wheat, and
*
shown for the
was
%
Change
Feb.
a
Jan.
Dec.
Feb.
From
1936
1936
1935
1935
Jan. '36
128.3
129.4
although hogs and lambs averaged higher.
United States of America
Gold basis
126.3
124.3
—1.6
apples in the New York market, 6%; oranges and timothy seed, 4.8%;
74.0
75.8
76.7
74.0
—2.4
Canada
113.2
113.9
113.4
112.3
milk at
—0.6
Gold basis.
66.3
67.3
66.7
66.7
—1.5
United Kingdom
Gold basis
109.0
109.2
108.7
104.6
—0.2
65.5
65.8
65.4
62.4
—0.4
France
377
364
354
343
Germany
103.6
103.6
103.4
100.9
Japan
144.4
144.9
145.0
139.1
—0.3
49.2
49.8
49.7
47.3
—1.2
74.5
74.8
74.6
72.1
—0.4
Additional
farm
products which
decreased in price were
Chicago, 4.4%; and alfalfa hay, 3.6%.
18.30%;
eggs,
Higher prices,
on
the other
hand, were reported for cotton, lemons, clover seed, white potatoes and
territory wool.
Compared with the corresponding weeks of
and
the current farm products index—76.4—is lower by 4.4%
a
year ago,
a
month
ago
and 3.5%, respectively.
Weakening prices for denatured alcohol, citric acid, and oils caused a
Composite in gold b
0.5% decline in the chemicals and drugs group.
Although the hides and leather products group has registered 8 consecu¬
tive weekly declines, the
accumulative drop has been only 2.4%.
Lower
prices for hides, skins, and leather were again responsible for the decrease.
In the fuel and lighting materials group a slight increase in petroleum
products was more than offset by a 0.5% decline in bituminous coal with the
—77.2 —declined 0.1 %.
result that the index for the group as a whole
Metals and metal products were 0.1% lower due to weakening prices
sheet bars, steel billets, pipe,
and wire rods.
*
Preliminary,
excluded
a
Revised,
+3.6
b Includes also Belgium and Netherlands; Germany
beginning July 1934; Italy beginning November 1935.
♦
Index
of
,
Wholesale
Fertilizer
Commodity Prices of
Association Dropped During
National
Week
of
March 14
for
Average prices of concrete
reinforcing bars, automobile body sheets, wire fencing, pig tin, and anti¬
Gold basis..
Continuing the downward trend of recent weeks, the
wholesale commodity price index compiled by the National
Financial
Volume 142
Association
Fertilizer
declined
again
in
the
ended
week
March 14, falling to 76.7 from 76.9 in the week preceding.
The index last week was at the lowest level reached since
the middle of last July.
A month ago the index was 78.3
and a year ago 76.4, based on the 1926-28 average as 100.
The Association on March 16 further said:
Lower quotations for foods and farm products
largely responsible
were
for the decline in the general index in the latest week, with a sharp seasonal
drop in egg prices a primary factor in the decrease registered by these two
In addition to
groups.
such important food items
eggs,
as
dairy products,
potatoes, beef, veal, ham, and coffee moved downward during the week.
Grain prices were generally lower, with all the five grains which are included
the index
in
falling off in price.
decline, the result of
much
than offsetting a rise in
more
for denatured alcohol caused
in
fluctuation
first
prices for
the
The metals index showed
this
were
the price of tin.
Lower quotations
drop in the chemicals and drugs index, the
a
index in
group
materials
raw
the
responsible for
past
a
seven
rise in
materials.
textile
An
advance
in
prices
for
February
1895
of
Sales
27
Chain
of
Gain
According to a compilation made by Merrill, Lynch &
Co., 27 chain store companies, including two mail order
companies, reported an increase in sales of 7.34% for Feb¬
ruary 1936 over February 1935.
Excluding two mail order
companies, 25 other chain store companies reported an
increase in sales of 7.91%.
Sales of these 27 companies showed an increase of 7.74%
for two months of 1936 over two months of 1935. Excluding
two mail order companies, the 25 chains reported an increase
of 7.41% in sales
1;.',
The following table shows the amount of sales and the
percentage of increase, by groups, for the month of February
and the two months ended Feb. 29:
pine
Sales—February—
was
Increase
%
:
$45,623,357
46,084,371
6.62
15,707,494
13.42
6,065,494
10.64
2,880,093
995,000
6.85
1,085,000
$126,636,227
43,396,434
$117,355,809
41,051,952
7.91
$170,032,661
$158,407,761
7.34
$96,579,023
$88,714,961
93,842,768
35,630,521
13,068,552
89,569,379
4.77
32.347.055
10.15
6,740,191
2,197,000
12.231.056
5,971,645
2,112,000
12.87
$248,058,055
87,549,399
$230,946,096
80,363,668
7.41
$335,607,454
$311,509,764
7.74
5 grocery chains
$48,641,408
10 5 & 10-cent chains
4 apparel
49,305,231
17,816,184
6,710,974
3,077,430
chains
Twenty five series included in the index declined during the week and
2 drug chains
23 advanced; in the preceding week there were 30 declines and 16 advances;
3 shoe chains
in the second preceding week there were 31 declines and 26 advances.
1 auto supply chain
PRICE
1935
1936
were two
Southern
reached since last November.
Compiled by the National Fertilizer Association
Companies
Year
in
Higher
weeks.
responsible for the building materials index moving up to the highest level
WEEKLY WHOLESALE COMMODITY
Show
Store
7.34%
the textiles index;
only items in this group to show declines during the week
Cotton
moderate
a
drop in the average price of finished steel products
a
Chronicle
Total 25 chains
INDEX
2 mail order companies
1926-28=100
Total 27 companies
Per Cent
Latest
Precede g
Month
Week
Week
Ago
Ago
Mar. 7
Feb. 15
1936
1936
9.05
5.71
Year
Each Group
6.99
Bears to the
Mar.
Group
•»
,,
Total Index
14
1936
Sales—2 Months—
16
Mar.
1935
5 grocery chains
10 5 & 10-cent chains.
4 apparel chains
28.6
2 drug chains
72.8
77.3
77.8
3 shoe chains.
87.4
93.6
99.4
1 auto
v77.1
Fats and oils
Cottonseed oil
22.3
78.1
72.9
90.7
Foods
...
Farm products
78.5
82.2
74.4
77.4
62.3
63.7
64.2
73.8
75.4
75.9
79.6
Livestock.....
75.8
76.6
81.3
76.5
Fuels
80.7
6.7
5.8
80.0
71.9
71.6
72.1
67.9
68.6
83.1
82.9
Total 27 companies
76.5
81.6
Building materials
77.9
76.9
76.7
94.2
94.9
94.9
94.0
0 3
Chemicals and drugs
Fertilizer materials
65.3
65.3
64.6
65.2
0.3
Mixed fertilizer
71.9
71.9
71.9
76.1
0.3
Farm machinery
102.7
102.7
102.7
101.6
76.7
76.9
78.3
76.4
-*•
1.3
100.0
78.9
•
Valuation of
Output
10%
Week
of
Above
Corresponding
1935
The Edison Electric Institute in its weekly statement dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
March 14 1936 totaled 1,900,803,000 kwh.
Total output for
gain of 10.0% over the corre¬
sponding week of 1935, when output totaled 1,728,323,000
the latest week indicated
a
industry continues to record large gains
comparative levels of 1935.
For February a
contract total of $142,050,200, covering all branches of
construction, was reported by F. W. Dodge Corp. for the
37 States east of the Rocky Mountains.
This was practically
90% larger than the total of only $75,047,100 reported for
February 1935.
Partly because of the unusually low tem¬
peratures and heavy snows the February contract volume
was about 30% lower than the total of $204,792,800 registered
for January of this year.
^Residential
1,893,311,000 kwh.
This was a gain of 9.8% over the
1,724,131,000 kwh. produced during the week ended March 9
The Institute's statement follows:
in
the
37
States
building
over
last year were scored in
New York and the St. Louis territory (southern Illinois, western Tennessee,
Arkansas).
eastern Missouri,
■
.
1935,
for
Week Ended
Week Ended
as
a
against only $174,821,000 for the corresponding two months
gain
over
last
year
of 98%.
For residential building alone
Mar. 14 1936
Mar. 7 1936
Feb. 29 1936
Feb. 22 1936
8.7
6.6
8.1
11.3
10.3
12.5
England
Middle Atlantic
Central
West
__
Rocky
CONTRACTS
AWARDED—37
ROCKY
9.4
8.8
12.3
13.5
14.9
14.9
No. of
10.2
12.2
Projects
Space (Sq. Ft.)
14.6
19.5
8.9
11.4
15.8
10.0
9.8
9.7
12.3
10.8
3,249
FOR RECENT
Un Thousands of
Kilowatt-Hows)
WEEKS
6,442
of-
1934
1933
1932
1931
1930
Jan.
4.
11.
Jan.
18.,
25..
Feb.
1..
Feb.
1,854,874 1,668,731 + 11.2
1,970,578
1,949,676
1,955,507
1,962,827
1.952,476
1,950,278
1,941,633
8..
Feb
15..
Feb.
22..
Feb.
29..
Mar.
1,772,609 + 11.2
+9.6
1,778,273
+ 9.8
1,781,666
1,762,671 + 11.4
1,763,696 + 10.7
1,760,562 + 10.8
1,728,293 + 12.3
1,564
1,646
1,625
1,611
1,636
1,652
1,641
+9.8
1.646
1,658
1.647
1,900,803 1,728,323 + 10.0
1,650
1,903.363 1,734,338
1,893,311 1,724.131
7..
Mar. 14..
DATA
+9.7
FOR RECENT MONTHS
1,426
1,495
1,484
1,470
1,455
1,483
1,470
1,426
1,423
1,391
1,375
1,619
1,602
1,714
1,717
1,598
1,589
1,589
1,579
1,713
1,687
1.679
1,545
1.680
1,512
1,520
1,538
1,538
1,633
1,684
1,664
1,676
1,682
1,680
1,816
1,834
1,542
1,826
1.717
1,728
1,726
1.718
1,699
1,809
1,782
1,770
1,746
1,744
1,750
1,736
1,734
1,737
of
Jan
Feb
March
.
April
May
June
July
...
Aug
...
Sept
Oct
Nov
...
Dec
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
1934
Ch'ge
1,707
1,703
1,687
+8.9
7,131,158
+ 6.7
6,608,356
+ 4.2
7,198,232
+ 5.8
6,978,419
+4.1
7,249,732
7,056.116 + 4.9
+ 9.6
7,116,261
7,309,575 + 10.5
6,832,260 + 14.0
7,384,922 + 13.6
7,160,756 + 14.5
7,538,337 + 13.0
Total. 93.420.266 85,564,124
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771.684
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
mately 92%
on
125,137,300
47,910.000
$346,843,000
10,096,900
4,875
10,607,300
$39,027,000
63,571,200
211,200
72,222,800
12,593
Non-residential building
_
Public works and utilities
CONTEMPLATED
10,915.400
$174,821,000
WORK REPORTED—37
STATES
EAST
OF
THE
MOUNTAINS
1935
8,021,749
7,066,788
7,680,335
7,416,191
7,494,807
7,239,697
7,363,730
7,391.196
7,337,106
7,718,787
7,270,112
7,566,601
+9.2 80,009,501 77,442,112 86,063,969.89 467,099
of the electric light and power Industry and the weekly figures
about 70%.
$68,615,000
153,090,700
1,057,700
1930
Note—The monthly figures shown above are based on reports covering approxi¬
based
19,420.900
27,431,400
1,854
1935—Residential building
ROCKY
1931
6,943
5,116
2,107
5,864
Total construction
Total construction
1932
$75,047,100
14,166
_
Non-residential building
Public works and utilities
(THOUSANDS OF KWH.)
1933
9,670.300
First Two Months—
P. C.
1935
27,817,500
6,135
1936—Residential building
NEW
Month
$16,616,800
30,612,800
116,000
62,610,900
48,263,800
1929
Total construction
Jan.
4,569,400
4,984,900
822
Non-residential building,
Publio works and utilities...
Ch'ge
1935
$142,050,200
2,349
Total construction
in Millions of Kilowatt-Hours
20,856,700
2,964
2,355
1935—Residential building
Weekly Data for Previous Years
P. C.
9,114,800
11.384,400
357,500
$31,175,500
838
Non-residential building
Public works and utilities
DATA
Valuation
Month of February—
1936—Residential building
1936
THE
24.0
12.4
Total United States.
OF
New Floor
10.4
15.0
Pacific Coast._
Jan.
EAST
10.2
States
Mountain
Week
STATES
MOUNTAINS
10.3
Industrial
Central
Southern
$68,615,000
gain of 76% over the total of $39,027,000 for the corresponding two
8.3
10.9
a
months of 1935.
CONSTRUCTION
New
;
Total construction for the first two months of 1936 amounted to $346,-
of
Week Ended
each of the
13 major districts in the area east of the Rockies, excepting only up-State
the contract volume for the first two months of 1936 totaled
Week Ended
February
during
only $16,616,000 for February
1935 and $37,439,500 for January of this year.
843,000,
PERCENTAGE INCREASE OVER PREVIOUS YEAR
undertaken
building
amounted to $31,175,500, as compared with
.
Electric output during the week ended March 7 totaled
Major Geographic
Regions
in
the
Gains in residential
kwh.
1935.
Contracts Awarded
February
over
Power
Construction
The construction
All crroups combined.....
Electric
8.67
65.9
82.5
Total 25 chains
2 mail order companies
68.8
68.2
Metals
7.7
80.7
Miscellaneous commodities..
Textiles
10.3
6.85
4.02
75.5
63.6
Grains
16.4
73.9
Cotton.
supply chain
8.86
No. of
1936
No. of
Valuation
Project.*
Valuation
Projects
Residential building
Non-residential building
4,115
$199,587,000
109,784,700
5,059
$73,010,000
3,451
3,140
Public works and utilities
1,805
353,129,900
1,379
95,482,200
63,535,600
9,371
$662,501,600
9,578
$232,027,800
7,847
6,902
$245,756,900
234,588,100
596,568,000
10,033
6,279
$137,432,200
206,564,800
3,276
2,580
183,631,400
18,025
$1,076,913,000
18,892
$527,628,400
Month of February—
Total construction
First Two Months—
Residential building
Non-residential building
Public works and utilities
are
Total construction
1896
Financial
Slight Decline in
Reported
by
World
Chronicle
Business
During January
Industrial
Conference
National
lower
The composite index is now
industrial
production
higher
costs
Industrial Conference Board.
It was the first decline regis¬
July 1935, the Board said in its report, issued
March 18, continuing:
lower
was
in
January than
at the
end
of 1935
The
meal
States, Canada, Great Britain, France, Italy and Japan, and in most of the
Central
American
countries.
Production
increased
somewhat,
in
Mexico,
Little
change
general,
noted in
was
except in
The
those
Netherlands.
In France,
industries working
The
of the wool
in
ment
by
the
prices of
building
activity.
trade
engaged
Britain
seasonal
cotton,
been
adversely
in
in
marked
Belgium.
supplying
the decline
recession
A
in
the
in
Italian
result
roast
of
output
industry,
remained
depressed.
due primarily to
was
The
the
gold value of
combined
1929
index
average
world
trade declined
75
for
countries
compared
as
3G.0% in December 1934.
world
trade
the
of
1.8%
was
For the
higher than in
preceding depression
World
January
prices
of
1936.
cotton,
silk
and
only
tin.
in the
of
year
1934,
but
The
and
Advances
materials
raw
commodities
in
general wholesale price level
unchanged
Canada.
Great
and
in
Britain
Sweden,
declining
other
December
the
and
advanced
Preliminary reports
in Great Britain
Security prices
end
prices
of
report
market
for
rise
month
brought
remained
France,
Germany,
of
February
the
of
On
Exchange
during the
the
in
was
7 the
10.8%
indicate
index
higher
the only
10
10
of the
days of
in
of
of
of
The
German
1936.
In
of
decline
was
especially
as
pork
the
loin
was
lc.
4.3% and
only reported
increase of lc.
an
Prices
for
cream
BY
COMMODITY
Corresponding Period in
Jan. 28
2 W*s.
4
Ago
Ago
80.6
1935
1933
1929
Feb. 26
Feb. 15
Feb. 15
Wks.
80.7
79.7
60.1
92.5
93.0
92.1
69.2
94.9
95.9
90.9
63 9
116.7
Daily
81.8
80.5
79.8
80.6
60.7
105.7
101.0
from
in
Mid-
rolls
of
Pennsylvania
worked
in
February
in
78.0
Eggs
collieries
of
27
70.6
69.6
employment
from 57.9%
rose
of the 1923-25 average in
72.1
45.3
62.4
62.0
62.1
61.1
52.1
88.7
60.7
60.8
59.0
51.3
86.9
78.6
...
Canned
78.9
79.2
84.0
65.5
96.6
63.0
Dried
58.1
57.9
58.1
48.0
100.2
Beverages and chocolate
67.4
67.4
67.5
73.3
69.5
110.8
Fats and oils
76.2
76.8
77.6
78.1
45.1
93.7
Sugar and sweets
63.9
64.1
64.4
62.5
57.1
75.4
increased
10.4%.
Preliminary.
The
cost
of
eggs
higher than for
normal
showed
There
The
the
was
eggs
advance
increase
amounted
although
1.5%
oranges
of
to
tables
the
of
canned
products
rose
in
the
cost
fresh
of
Lemon
1.2%.
prices,
increase
An
for lettuce,
Beverages and chocolate showed
which
ment index was
4% lower, while that of wage payments
Detailed comparisons follow:
was
employ¬
20% higher.
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average—100
unchanged.
cost
6.5%
showed
change
no
Price
changes
of
fats
and
are
and
now
about at the level
other
items
price
and
The
oils
declined
51
for
in
of
each
New
in
of
1934
1935
1936
1933
1934
1935
England.
Lard
prices
62.3
61.1
57.9
36.3
59.4
48.1
February
45.8
57.2
61.4
62.7
60.1
47.7
55.2
53.9
64.7
for
vege¬
The cost
dried
continued to
Lower prices
increase
cities.
in
The
showed
resulted
Fall River
price
reported from
reported
the
greater
was
in
these
greatest
relative
than
food costs in
0.5%.
decrease,
Meat
city,
and
fruits
and
vegetables
Pennsylvania
Factory
Employment
Mid-January to
Delaware
of
the
important
an
that city.
Memphis
decreased
1.1%
Potato
prices
vegetables
and
from
1.1%,
general
most
was
and
the
relative
The
in
3.3%.
unchanged, and all other fresh fruits
cabbage and sweet potatoes were lower in price.
most
45 of
increased
costs
declined
increased
decreases, and
groups.
River
Fall
were
was
greatest
8.6% increase in the price of milk in Boston
the
that
from
reported small
for
movement
The
prices
This advance
were
cities
lower.
syrup
i.3% there, and fats and oils
rose
prices
egg
Five
Prices
slightly higher.
index
areas.
costs
0.5%
Corn
were
composite
index.
prices
sugar
geographical
change.
no
general
the
the
de¬
were
,
changed little.
Higher food
the
in
was
Meats
to
in
the nine
advance, 2.5%.
1936
51.1
1.3%.
fresh
in the average cost.
Coffee
other items in the group
slightly.
0.3%, with
Declines Noted in
1933
off
reported
change.
no
January 1935.
strawberry preserves
0.9%
of
included
there
one
declined
items in the group
increase
cities
Payrolls
January
fell
was
for
0.8%.
increased
group
molasses and
costs
marked
the
sweete
other
of
lower and
food
in
Increased
Employment
group,
Apple prices increased'
however,
of
vegetables.
the
in
Prices of the other
remained
year ago the
and
reported for lard compound, vegetable shortening and peanut butter.
of
was
minor.
45-8 to 64.7 in the
a
fruits
products
products decreased 0.4%.
On the other hand, the
0.3%, with higher prices for each of the six items.
prices remained
were
in
Compared with
eggs
The cities in the Atlantic
the
for
for sweet potatoes.
lower, except
were
0.6%
0.7%
2.7%.
rose
advanced
prices
cabbage and of 2.2%
of
price
average
This increase is contrary to the
season.
of the 13 items showed lower prices.
seven
and
Potato
at this
increase.
greatest
an
The
February since 1930.
any
price movement for
January to 60.1 in February and that of payrolls increased sharply from
period.
98.2
61.2
Fruits and vegetables
Fresh
contrary
the
102.3
"
products
Sugar
the
on
Payrolls
Collieries
81.3
92.1
crease
and
increase of 47%, following a small decline the month
same
0.7%
for
Cheese prices decreased 0.9%.
Feb. 11
contributing factor to the 2.2% rise in
index
average
1.5% for
lower.
were
lowered
was
Feb. 25
that
before.
The
an
94.9
the
at
militarization of the Rhine-
Employment
workers
actually
an
of
and
Two cities
In Boston there
slightly higher.
were
was
Butter prices advanced
time during 1935.
Los Angeles the price
common
than
The Reserve Bank further announced:
companies showed
an
from
Cereals and bakery prod.
Meats.
reces¬
companies increased about 4% and wage dis¬
bursements 41% from the middle of
January to the middle
of February,
according to indexes compiled by the Federal
Reserve Bank of Philadelphia from
reports to the Anthracite
Institute by 32 companies
employing some 85,000 workers,
whose earnings amounted to
approximately $3,105,000 a
Employee-hours
1.7%.
rose
any
All foods.
V
during the second half
anthracite
week.
Ten
reported
decline of
3.4%),
CP)
rise
a
which failed to
one
weeks
dollar
March.
Pennsylvania
Anthracite
January to Mid-February
number
and in
There
a
Prices of the cured pork items
evaporated milk
corn
reported
was
increase
an
(plus
Current
The
The
chops
pork
dairy products
higher than at
flour,
city
no
3.8%,
1936
substantially
Belgium and
gold from the United States occurred during the last month.
Noted
showed
items
for
Commodity Groups
average
land.
The outbreak of
military forces in Japan during the last week of
February had little effect on the foreign exchange.
Even the yen remained
substantially above the 1936 low level registered on Jan. 3.
No important
Increases
and
of
this decline.
GROUPS
were
leading markets during
March
was
first
terms
pronounced after the announcement of
of
part of
item,
during the two
prices
INDEX NUMBERS OF RETAIL COSTS OF FOOD
area
exchanges
Foreign currencies declined in
movements
pork
prices
any
a
first
0.4%
the
bread,
white
of
sharply
the
little change in Germany, and some
March.
important
February and the
in
the major
for this
When
1929.
and
sharp recession took place during the last week of February and
the first week of March,
bringing prices down to the year-end levels.
of
The
higher
quart,
a
slightly in the United States,
month
sharply in all
The Amsterdam
considerable
a
decreases
15
food
128.8.
index for meats showed no change.
0.2% in the cost of the beef items and
(plus 2.8%).
and for
and Canada.
advanced
11
on
1935.
Feb.
are
and 35.3%
Current
60.1.
>
•
items.
of
now
gold value of
advanced
January;
in
the
for
February and the first week of
stock
is
Food costs
last year
1935.
month
lower than
during
materials
declined
during
in the United States and France,
sion
for
decrease
for
average
index
of
was
products declined
for
changes in the price of fresh milk.
for nine commodities to 66.9% of the 1928
average.
This was the second
highest figure reached in the recovery period, and represents an increase
of 109.7% over the depression low
point registered in June 1932.
Netherlands
prices
index
Three-Year Average 1923-25=100
preceding
was
are
caused by
stood at 38.0%
1935
The
years.
foodstuffs
The
38.7%
entire
bakery
Continued
English capital
slightly during
(excluding Italy)
with
In
greater-than-
a
private and public building,
abnormally severe weather.
The trend of output in the
equipment industries remained upward during January.
The
those
for
except
the
current
accounted
greatest
The cost of
reported
was
the
and1
25.
bread
lower
The
lamb
the
affected by the recent
in
materials,
war
activity
volume
increase
Feb.
below
base,
cereals
of
white
reported
The statistical position
and silk.
rayon
cbst
decrease of
industry is strong and has brought about considerable improve¬
Australian
branches
Great
textile industry has
world
in
20.6%
the
when
The composite
armament
.
Japanese
decline
change.
no
81.3% of the 1923-25 average.
1933,
Cincinnati.
curtailed activity
government
on
contracts.
was
the corresponding period
15
1913
a
ended
advance.
Belgium, Australia and in the Scandinavian and South American countries.
was
to
and
cities
level of
Feb.
on
however,
are,
weeks
United
the
in
than
converted
since
Activity
above the
1.9%
declined
moderately during
January, according to the monthly report of the National
tered
prices for 43, and for six there
1936
21
Bureau continued:
Board
World
March
except
Payrolls
Mid-February—
Factories
The number of wage earners engaged in
Pennsylvania fac¬
40.9
69.2
32.7
tories increased less than
1% from the middle of January to
the middle of
February, and the amount of wage disburse¬
April
May
50.3
56.6
51.5
31.3
43.3
42.0
ments
42.0
62.0
52.4
25.2
June
53.7
41.8
38.5
56.0
55.6
28.8
44.7
55.5
July
August
September
42.7
52.2
48.5
32.0
35.4
31.6
received
46.4
48.2
37.9
23.8
earners
55.2
55.4
45.2
50.9
39.4
October
32.2
55.3
56.9
57.7
51.6
40.4
47.1
somewhat
November
69.4
59.0
45.7
40.1
42.8
23.9
December
occurs
53.0
59.8
56.3
37.2
43.9
46.7
March
53.1
_
Average
50.4
65.7
57.9
50.0
39.0
52.0
38.4
33.3
46.7
or
39.9
over
iron
of
the
Labor Reports
Increase
0.9% in Retail Costs of Food During Two Weeks
Ended
Retail
Feb.
food
ended Feb.
25
costs
25, according to
of
Labor.
0.9%
A
during the
two
weeks
an announcement made March 11
marked
the United
increase
in
for
the
included in
States De¬
prices and
the price of butter accounted in
large
advance, the Bureau said.
Of the 84 foods
the
index, higher prices
receiving
were
reported
Bank on the basis of reports
employing about 445,000 wage
plants
over
smaller
in this
$9,000,000
than
the
a
week.
usual
These gains were
rate
of
increase
that
period, the report said, adding:
2% higher than
8%
and
above
steel
expansion
greater
than
in
food
the
last
and
in
is
to
usual
increase.
for 35,
a
year
the
the payroll index
ago;
February.
textiles
Employment
increased
less
transportation
be
expected.
industries
group,
leather
the
Groups
in
than
owing
registered
comprising lumber and
group
major
in
seasonal
a
earners,
were
employed
receiving
in
February since 1931.
in
one
year.
week
was
a
total weekly
Pennsylvania
as
a
more
decreases
as
while
whole
was
occurred
less
activity
in
the
decline
instead
of
the
to
paper
industries,
however,
at this time.
February approximately 833,000
about $17,190,000,
compensation of
factories,
the
highest
number
for
any
The average number of hours worked by each person
35.9,
Average hourly
or
groups
the month,
group
chiefly
67.1,
was
such
usual
equipment
Larger
and,
than
showed increases, although
slight recessions normally occur
It is estimated that at the middle of
wage
egg
the continued rise in
part
2,228
tanning industry,
advanced
by the Bureau of Labor Statistics of
partment
from
The index of employment in
February was 77.4% of the 1923-25 average,
than
United States Department of
2% greater, according to indexes compiled by the
was
Philadelphia Federal Reserve
as
compared
earnings of
with
58c.
35.5
in
January
have remained
about
and
34.0
last
the
same
for
Financial
Volume 142
over
a
but weekly earnings of $20.82
year,
1% higher
in February were
Employee-hours,
worked by 92% of the
as
covered! in the
11% higher than a
earners
wage
increased nearly 2% in the month and
report,
were
ago.
year
had the following to
The bank
United
regarding conditions
say
quota
Cotton
a
Compared
nearly 7% greater, and their
the number of workers
year ago,
was
earnings and hours worked about 11% higher.
wage
Gains
Business
New
Heaviest
Mills—Production
Lumber
at
Mid-December
Reported Since
industry during the week ended March 7 1936
The lumber
1929 weekly
stood at 57% of the
of production and
average
59% of 1929 shipments.
New business was the heaviest
reported since January and was 3% above the average of
the previous weeks of 1936.
Shipments were 5% below the
preceding week, but 4% above the average of the previous
nine weeks.
Production was the heaviest reported since
mid-December, according to the National Lumber Manu¬
facturers Association, based upon
reports from regional
associations covering the operations of important hardwood
softwood mills.
Reported new business during the
and
week ended March 7 was
6% above output; shipments were
0.3% above production.
During the preceding week ship¬
ments were 10% above production and orders 2%
below
output.
All items in the current week were shown by re¬
porting softwood mills in excess of similar week of 1935,
production at these mills being 24% above last year's week;
new
business, 12% above; shipments, 24% above.
During
first two months of 1936
the
reported softwood production
35% above similar period of 1935; shipments were 22%
above the 1935 period, and new business 19% above.
The
Association's report further showed :
of
the
Jones-
during the-first two months 13.47% of the beet
Textile
10-Year
Reports from 79 establishments in Delaware, employing over 10,000 wage
with a weekly payroll of $224,000, showed a decline of 1% in
employment, 2% in payrolls, and almost 3% in working time.
provisions
the
under
companies
sugar
Survey of Cotton Textile Industry by Association
of
Period
The Association of
earners
with
beet
Last year
filled.
was
Delaware factories:
in
States
Costigan Act.
January and 6% above February 1935.
than in
1897
Chronicle
Merchants
Cotton
of
New
York—Covers
Textile Merchants issued
on
March 12 its fifth annual survey of the cotton textile industry,
covering the period from 1926, the first year of net loss in
installed spindleage, and including the record of 1935.
The
survey shows that at the beginning of 1936 there were
29,253,444 cotton textile spindles in place, a decrease of
1,636,040 from the 30,889,484 in place at the outset of 1935.
This loss, it was said in an announcement issued by W. Ray
Bell, President of the Association, "represents the most severe
contraction of equipment yet experienced in any single year.
This is a total decline of around 9,000,000 spindles from the
peak reached in 1925, he said, adding:
Production solely for domestic requirements is estimated at about 90,-
000,000 square yards greater than 1934 but 850,000,000 square yeards less
than 1933.
Works
Approximately 100,000,000
Progress
important in
wide
Administration
yards of this volume, for
square
purchases
by
the
Government,
were
constructive effect upon the market because of timeliness and
a
distribution.
Export volume dropped to
previous
a new
low yardage, being 25% less than the
Additional losses to Japan in the Philippines and Latin
year.
American
countries
were
largely
responsible.
Export
markets,
being
governed chiefly by price competition, offer small hope for increased business
without
form of
some
governmental aid.
Imports increased about 50% to the highest yardage in the past 10 years.
The Japanese increase was from 7,286,000 square
1934 and 36,474,000 square yeards in
yards of cotton goods in
1935, approximately 400%.
centration of Japanese products was largely in
Con¬
bleached goods and velveteens
where the greatly lower prices have absorbed a
considerable share of the
domestic volume in these groups.
was
week ended March 7
During the
570 mills produced
1936,
Revised
figures for the preceding week were:
Mills, 569; production, 194,996,000
feet; shipments, 214,022,000 feet; orders, 190,967,000 feet.
feet, shipped 203,809,000 feet; booked! orders of 214,406,000 feet.
All
regions but West Coast, cypress, Northern hemlock and Northern
reported orders above production during the week ended March 7.
hardwoods
but
All
these
Western
last
and
redwood
Northern
and
overl output.
shipments
reported
orders
pine reported
but
All
above corresponding
week
of
all but Southern cypress, Northern pine and Northern hemlock
shipments above last year's week, and all reported production
year;
reported
above.
lent of
25
34
days'
In
the
1935
same
totaled
1935, and 7,764
these
1936
Shipments
Reports
preceding week;
above the
cars
feet,
5%
or
hardwood! mills
give
Shipments
on
7
mills
from 499 softwood
identical
with
feet
softwood
1936,
same
was
646,740,000
and
mills
feet,
a
gross
on
1936 by 507 soft¬
week
of the
194,071,000
were
10,344,000 feet,
as
reported for the
Production
the
Last
week's
feel, and
same
week were
feet.
8,809,000
was
and
7
1936
orders
days'
equivalent
give unfilled orders
3,505,460,000
881,225,000
as
days'
25
471
feet
on
production, compared
average
of
The
feet.
average
production
it
ago
and
178,005,000
Javan
Retail Financing
and
Sugar
Shipments of
was
475 identical softwood mills
was
189,782,000
152,865,000 feet; shipments were, respectively,
feet,
152,453,000
and
orders
received,
199,759,000
feet.
Shipments
During
January
Reported
Feb. 1
were
2,675,509 tons two
years
on
taking 25,225 tons,
tons
customer,
and
or
1,096,965 tons against 1,861,782
ago.
Of the January shipments,
nearly half the total shipments, while
shipped to Hong Kong.
British
credited with taking but 2,328 tons.
were
was
India,
Java's
best
March
April
-
May
_
July
August
September
October
November
December
!
March
April
May
June
October
of
36.6% Noted in Refined Sugar Deliveries
States Beet Companies During First
Months of 1936 as Compared with Year Ago
by all United States beet sugar
companies during the first two months of the year totaled
123,704 short tons against 195,081 tons during the similar
1935 period; a decrease of 71,377 tons, or 36.6%, the New
York Coffee and Sugar Exchange calculated from figures
of the United States Beet Sugar Association.
Deliveries
during February were 82,200 tons against 112,154 tons during
that month a year ago, the Exchange announced March 16,
adding:
raw
during the
value,
or
in Dollars
Identical Orga nizations
$93,257,970
103,083
$58,152,479
159,094
187,566
59,105,614
69,873,418
100,076,895
118,663,435
113,601,251
111,893,982
119,372,346
106,472,612
82,148,583
78,903,776
95,122,311
103,200,806
68,464
37,194,801
44,410,740
63,953,950
75,622,340
70,175,835
69,409,989
74,489,758
65,138,973
47,988,826
44,024,207
62,710,224
67,423,356
96,059,710
108,656,597
149,057,165
163,235,442
135,510,277
121,779,041
122,238,736
95,588,937
41,318,194
78,577,367
136,160,556
154,382,330
270,099
320,855
312,186
303,334
324,633
292,614
229,302
221,655
243,435
260,764
first two months
8.64%
of
the
are
equivalent to
1,550,000-ton
quota
132,363
36,577,358
62.551,490
104,597,190
122,967,488
125,529,739
104,422,741
92,069,965
86,746,75b
56,848,511
46,495,841
30,556,373
37,951,278
109,997
132,485
195,196
244,537
273,320
269,656
265,147
245,799
190,236
196,440
162,783
133,103
$907,314,729 2,418,699
Total (year)
Summary for 282
82,570
120,103
140,478
127,201
126,207
134,054
116,997
85,395
76,411
114,170
120,301
36,533,359
47,623,890
72,520,725
91,849,963
103,794,935
103,450,110
99,630,687
91,618,666
35,691
54,455
$722,542,999
110,988
125,354
128,794
123,552
109,302
80,653
80,003
63,749
46,013
19,841,711
30,223,621
47,838,975
61,458,602
69,801,775
70,900,335
67,034,990
59,822,155
44,599,299
44,130,425
34,861,719
25,598,662
$893,174,917 1,045,434
$576,112,369
70,303,368
71,501,317
58,085,294
46,262,603
86,880
Identical Orga nizations
1936—
$88,591,552
99,793
$56,236,432
56,151,891
66,418,983
95,184,296
113,026,005
107,820,587
106,174,481
66,193
79,608
115,913
135,811
122,663
121,632
128,876
112,567
82,047
73,236
110,272
116,208
35,936,838
42,779,415
61,721,726
73,058,338
67,630,632
66,913.016
71,665,282
62,661,023
46,114,273
42,178,774
60.531;314
64,605,064
$1365862,549 2,933,834 $1098200,015 1,265,026
$695,795,695
34,426
52,772
84,300
107,925
122,155
19,189,736
29,290.038
46,427,926
59,772,079
$118,872,106 d227,974
January
1935—
January
February
93,830,358
106,054,455
March
145,574,233
159,930,306
132,074,003
118,731,748
119,099,810
92,918,405
April
May
-
July.
Deliveries of refined sugar
Deliveries
of Cars
$1402564,352 3,125.537 $1158435,029 1,312,351
Total (year)
June
United
Two
Volume
in Dollars
$123,195,888 b242,324
September
of
Number
1935—
January
February
August
Decrease
Volume
1936—
January
December
tons against 131,411 tons during January 1935 and
54,857 tons during the first month of 1934, the New York
Coffee and Sugar Exchange learned March 18.
It said:
led,
Summary for 456
Number
of Cars
in Dollars
November
metric
tons in 1935
New Cars
Volume
July
August
September.---..
from Java during January were 53,270
sugar
Stocks of sugar in Java
&
Total
Financing
Month
January
Reports
Below Two Previous Years
tons,
organizations for January 1936, as well as for the
Wholesale
Year
February
feet
presented in
January 1936, and for each month of 1935 and 1934,
1934—
Mill
*
10,070
automobile financing, based on data reported to
AUTOMOBILE FINANCING
June
year ago.
production of
a year
189,711,000
of
unfilled
report
or
March
stocks
Identical
Japan
on
and for 282 identical
week of 1934.
same
194,381,000 feet.
business
new
as
the equivalent of 34
or
similar date
feet
the table below for
6,330 cars
above the production
for the
Production
11% above production.
or
892,326,000
March
Monthly statistics
the Bureau of the Census by 456 identical organizations, are
during the week ended
cars
the
Unfilled Orders and Stocks
of
Department of Commerce reported last week.
Volume of wholesale financing in January was $123,195,888 as compared with $154,382,330 in December.
loadings exceeded those of similar period
reported
as
17% above production.
9,738,000 feet,
financed in January,
March 7 the equiva¬
on
for the week ended March 7
204,062,000
Reports from 84
or
above
cars
0.2% below production.
or
were
ago.
899
was
orders reported
mills.
same
on
242,324 automobiles
which $93,257,970 was advanced, compared with 260,764
which $103,200,806 was advanced in December 1935, the
by 19%.
mills
feet,
of
year
a
week of
weeks
10
Lumber
wood
reported unfilled orders
loadings totaled 30,765
car
This
1936.
abcve the
of
131 days'
products
7
on
days' average production and stocks of 133 days', compared with
and
Forest
March
A total of
months of 1935 and 1934.
softwood mills
Identical
Automobile Financing During January 1936
^
203,190,000
October.
—
November
December
Total (year)
1934—
January
February
March
April
May
;
June
July
August
September
October
November
December
-
39,699,900
75,906,849
132,314,787
149,727,695
35,879,064
61,513,896
102,775,967
121,060,526
123,691,003
102,706,220
90,294,039
85,107,739
55,586,456
45,363,396
29,729,762
36,530,495
149,583
176,585
254,539
302,860
293,693
284,723
304,742
273,666
214,387
206,153
228,166
244,737
113,125,098
100,761,009
77,651,066
74,187,694
90,190,623
97,508,282
101,700
34,437,380
124,349
45[377,552
183,724
231,735
259,120
255,449
251,611
233,154
179,886
185,414
69,202,632
87,998,227
99,591,058
99,113,597
95,484,543
87,700,286
67,209,428
68,224.126
55,303,319
43,789,120
153,261
124,184
125,073
120,017
106,041
67,991,000
68,842,069
65,092,674
58.028.789
78,179
77,502
61,769
43,249,804
42,737,846
44,505
24,761,098
$853,431,268 1,014,664
$559,167.458
33,784,399
short
provided for the
Total (year)
$890,238,563 2,283,58?
Financial
1898
Chronicle
March
Petroleum and
Retail Financing
Price
21
1936
Its Products—Renewed Talk of Crude
Advance
Heard—Marland
Asks
Renewal
of
Year
Used Cars
and.
Oil
Compact — League
Embargo Against Italy
Output Up
Unclassified
Month
Number
Volume
Number
Volume
of Cars
in Dollars
of Cars
in Dollars
With
Summary for 456 Identic al Crganizat Hons
a
137,747
$34,607,928
1,494
$497,563
20,650,382
24,107,645
3,453
34,267,163
41,002,364
41,462,893
5,153
3,127
3,172
1,260,431
1,355,033
1,855,782
2,038,731
1,962,523
2,024,849
1,186,014
1,088,666
33,339,341
2,310
820,416
33,992,779
31,460,660
2,417
886,790
November—
87,177
101,294
144,843
174,775
179,462
171,485
187,452
172,445
141,597
142,827
126,806
2,459
December
137,962
34,779,967
2,501
951,427
997,483
1,768,125
$419,463,885
45,061
$16,428,145
71,607
15,864,436
16,510,453
23,274,757
28,859,676
2,699
2,747
3,947
4,268
827,212
889,816
1,406,993
32,156,212
30,679,003
30,805,120
30,153,258
4,893
January
1935—
January
February
March
April
May
June
July
August
September
October
Total
(year)
3,702
5,602
5,523
40,459,144
43,696,574
40,244,973
5,642
75,283
February
March
104,369
;
April
129,281
May
143,073
June
135,875
July——
September
136,726
131,905
106,057
October
112,425
4,987
1,870,772
4,869
1,790,577
1,643,153
1,252,022
1,359,532
1,120,363
$16,540,619
83,892
19,652,395
4,592
3,526
4,012
3,268
3,198
1,326,259
$300,521,929
47,006
August
November.
24,452,047
26,011,360
22,103,212
95,766
December
Total (year)
1,531,685
1,836,948
Summary for 282 Identic al Organized ions
1,011,546
c
1936—
126,687
—
31,857,557
79,937
93,275
January.
18,954,622
22,284,535
1,494
497,563
3,453
5,153
1,260,431
1,355,033
1,855,782
5,602
5,523
2,038,731
1,962,523
37,236,616
5,642
40,273,802
3,127
3,172
2,310
2,024,849
1,186,014
V-
1935—
January
February
March
133,473
161,447
3,702
31,606,788
April
37,928,936
38,227,432
May.
165,507
157,449
172,739
—
June
July
i
—
August
■
157,927
-
■<
37,011,320
September
130,030
October
130,500
November
115,435
December
126,028
30,716,377
31,122,130
28,707,882
31,905,735
1,623,747
$385,976,175
Total
(year).
1,088,666
820,416
2,417
886,790
2,459
951,427
2,501
997,483
45,061
$16,428,145
1934—
January
February
64,575
14,420,432
15,197,698
April
95,477
119,542
May
132,072
June
125,389
July
126,725
August
September
122,521
3,947
4,268
4,893
4,987
4,869
October
103,900
28,601,292
28,028,344
22,707,602
24,126,748
98,181
827,212
2,699
2,747
21,367,713
26,694,463
29,763,110
28,400,756
68,830
March
■
889,816
1,406,993
1,531,685
1,836,948
1,870,772
1,790,577
1,643,153
1,252,022
4,592
3,526
November.
88,224
76,481
20,398,557
18,016,476
3,268
December
3,198
1,359,532
1,120,363
1,011,546
1,221,917
$277,723,191
47,006
$16,540,619
a
Of these
4,012
series began
unclassified,
c
This
with January 1933.
Of the 282 organizations, 24 have discontinued
d Of this number 43.8% were new cars, 55.6% used cars,
automobile financing,
and
b Of this
organizations, 37 have discontinued automobile financing,
number 42.5% were new cars, 56.9% were used cars, and 0.6%
0.6% unclassified.
Decrease in Farm Prices
Reported by Bureau of
Agricultural Economics
The
general level
clined
recently,
has de¬
of prices received by farmers
owing
chiefly
reduced prices
to
hogs,
on
dairy products, eggs, and cotton, according to the Bureau of
Agricultural Economics, United States Department of Agri¬
culture,
prices
the farm price situation, issued March 16.
on
have
tended
slightly
higher,
pointed out, adding:
Domestic
wheat
prospect
for
regarded
as
of
prices of
likely
high-grade
Hog pirces
the
feed
in
grain,
during the next two months by
view
of
generally
cattle
is
demand
no
germination
poor
change is in
for seed
and
corn
is
scarcity
a
being adjusted to the seasonal increase in slaughter from
are
in
are
Virtually
but improved
corn.
relatively large 1935 fall pig
also
report
\
prices will he affected
prospects and the foreign market situation.
crop
Grain
Bureau's
the
prospect
contingent
during
upon
Relatively large supplies of cattle
crop.
the
three
next
months.
improvement in
an
Price
consumer
recovery
demand,
says
in
the
report.
Prices
For
of
but
spell,
the
than
and
the
same
for
the
eggs
declined
few
for
levels
butter
have
next
months
next
rose
contra-seasonally
sharply
butter
months
in
month
with
the
production
is
of
weather.
warmer
expected to continue larger
Wool prices
1935.
during the recent cold
cbming
may
remain
near
present
two.
or
Daily
Average
the
for
.
•
Crude oil prices at the present time are the highest in
'
1934—
January
—
Oil
Crude
Abandoning
approach of spring and its seasonal riseTin
gasoline, renewed talk of further advances'in
crude oil price postings in the mid-continent field is heard
in trade quarters.
Recent widening of the increased price
schedule by Standard Oil of California bolsters belief held
by many trade observers that an increase of around 10 cents
a
barrel in crude postings may reasonably be expected
within the near future.
>
V
'
demand
1936—
Seen
After holding steady since September 1933, in recent
postings have displayed a strengthening tendency
technical position of the industry has bettered.
Curtailment of production to approximate market levels in
the principal producing States east of the Rocky Mountains
years.
months
as
the
and determined efforts to correct the West Coast situation
by Standard of California have been reflected in gradually
advancing crude prices.
Delegates attending the recent quarterly meeting of the
Compact Commission heard an impassioned
appeal from E. W. Marland, Chairman of the Commission
and Governor of Oklahoma, for its preservation.
Abandon¬
ment of the compact plan, he said, would "be a tragedy"
for the oil industry.
While new demands for Federal control
of the petroleum industry may come at any time, he added,
abandonment of the compact plan would be the best means
of hurrying such a development.
Should the compact agreement be abandoned when it
expires in September 1937, he said, "it will be a tragedy for
the industry itself, a tragedy for the principle of local selfgovernment and a tragedy for the consumer who must
depend on these oil-producing States for a long-continued
supply of oil at reasonable prices."
In forecasting stronger
demands for Federal control of pipe lines, particularly of
gas lines, Mr. Marland contended that ample powers were
within the hands of the States to control the industry.
The
six member States of the company—Texas, Kansas, Okla¬
homa, New Mexico, Colorado and Illinois—sent representa¬
tives to the meetings.
In addition to the member States, representatives attended
from Michigan, California, Kentucky and Pennsylvania.
Inter-State Oil
The latter
twp States, incidentally, never before had sent
of compact meetings. Louisiana—whose
representatives
Rodessa
field
^
is
currently occupying the interest of the
industry—did not send any representative.
A special com¬
mittee headed by Marvin Lee of the Kansas Corporation
Commission made a report on its study of all conserva¬
tion laws.
While Rodessa field reports have shown a steady rise
in
production, current levels indicate that it is under
fairly effective control.
Governor Noe of Louisiana an¬
crude
nounced that he was taking all possible steps to prevent any
running of hot oil from the field.
Political complications,
however, had raised some doubt as to just how effective
Governor Noe's actions might be.
Even with the co¬
operation of the Louisiana government, production in that
State last week was nearly 42,000 barrels above the level
suggested for March by the Bureau of Mines.
California continued to produce in excess of the levels
suggested by the Bureau of Mines.
A total of 538,800
barrels daily set by the latter is not regarded very favorably
by operators, according to West Coast reports.
It is
indicated that they feel that the California market can
absorb crude production in excess of this
figure.
The Texas
Railroad
Commission
wells in Cass
County,
at 400 barrels
daily.
has fixed
the
allowable for
the
two
the Texas side of the Rodessa field,
This brings this area in line with the
on
reduced allowable in the field in Louisiana.
Possibilities of an increase in the April
oil production
allowable in Texas of 30,000 barrels daily was indicated in
dispatches from Austin.
The possible level of 1,141,000
barrels would compare with the Bureau of Mines estimate
of market demand ol 1,122,000 barrels
daily for that month.
Representatives of several fields asked increased allowables
Wednesday's State-wide proration hearing of the Railroad
Commission.
The Commission's chief petroleum engineer
suggested that East Texas production be lifted to 440,000
at
from 437,496 barrels.
The Oklahoma Corporation
164,737,584
Pounds
of
Coffee
States During
Imported
into
United
January
barrels
Imports of coffee into the United States during January
were
1,248,012 bags of 132 pounds each (164,737,584 pounds),
according to
ures
made
which
a
breakdown of Department of Commerce fig¬
by the New York Coffee and
March
on
18
Twenty countries in all
supplying
total
78.2%,
imports.
while
Imports
Colombia supplied
38,782 bags,
bags,
or
or
or
the
from
18.9%,
Guatemala, 79,063 bags,
Sugar Exchange,
announced:
were
or
or
listed
first
as
nine
Brazil
daily—an increase of 18,700 barrels over the current
highest for Oklahoma since September 1932,
when the now defunct oil code went into
operation.
It is
thought that the Commission will follow its usual practice
and set an allowable equal to the Bureau's recommended
month—the
level.
The
shippers, with Brazil and Colombia
countries
were
235,884 bags.
supplied
739,816
bags,
or
98.1%
of
59.3%,
Other countries, in order,
6.3%; Mexico, -58,064 bags,
3.1%; Venezuela, 37,502 bags,
or
or
the
while
were
4.7%; Salvador,
3%; East Indies, 14,786
1.2%; British East Africa,. 12,005 bags, or 1%; Portugal, 7,581
0.6%, while 11 other countries supplied 24,529 bags, or 1.9%.
Commission will meet in
Oklahoma City on March 25 to hold market demand hearings
in preparation for the establishment of the
April allowable.
The Bureau of Mines has suggested an allowable of 525,000
League of Nations has, temporarily at least, dropped
impose an oil embargo against Italy for alleged
League regulations.
Action of Adolf Hitler in
moving troops into the Rhineland in violation of the Locarno
Treaty occupied its attention exclusively in view of demands
by France and other member nations for action to punish
Germany, and it delegated the Italian matter to the back¬
ground for the time being, at least.
j
all efforts to
violation of
Financial
Volume 142
**
Daily
crude oil production in the United States
average
last week—bolstered by substantial gains in Oklahoma and
Louisiana—rose nearly 50,000 barrels to 2,808,350 barrels,
reports to the American Petroleum Institute indicated.
This compared with the suggested level of 2,738,900 barrels
set by the Bureau of Mines, and actual production in the
like 1935 week of 2,608,400 barrels.
There
were no
crude oil price changes
Prices of
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
Typical Crudes
..$2.45
1.25
i
1
Illinois
Western Kentucky..
...
1.42
1.23
1.23
per
posted this week.
over....
week's
figure was also above the 2,738,900 barrels cal¬
by the United States Department of the Interior to
imposed by the various oilproducing States during March.
Daily average production
culated
be the total of the restrictions
for the four weeks ended
ended
March
details,
March
estimated at
1936 is
14
output for the week
16 1935 totaled 2,608,400 barrels.
Further
2,780,200 barrels.
The daily
average
reported by the Institue, follow:
as
Imports of petroleum for domestic use and receipts in bond at principal,
Barrel at Wells
Eldorado. Ark., 40..............$1.10
Rusk., Tex., 40 and over
1.15
Darst Creek
.97
.........
Midland District, Mich..
1.02
1.23
.95
1.43
1.10
Sunburst, Mont
Mld'Cont., Okla., 40 and above.... 1.18
Winkler, Tex...
.85
Smackover, Ark., 24 and
1899
Chronicle
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
75-.80 Petrolla, Canada.....
....
United States ports for the week ended March
a
weeks ended March 14.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended March 14 totaled 195,000 barrels, a daily average of 27,857 barrels,
compared with
a
daily average of 11,429 barrels for the week ended March 7
and 17,750 barrels daily for the
(All gravities where A. P. I. degrees are not shown)
14 totaled 987,000 barrels,
daily average of 141,000 barrels, compared with a daily average of 185,429
barrels for the week ended March 7 and 140,000 barrels daily for the four
four week ended March 14.
Reports received from refining companies owning 89.6% of the 3,869,000
REFINED PRODUCTS—BROOKLYN GAS PRICES STABILIZED—
SOCONY PARES UP-STATE BULK PRICES—NEW ENGLAND
barrel
estimated
United
daily potential refining capacity of the
indicate that the industry as a
whole ran to stills,
on
States
Bureau of Mines,
a
basis, 2,815,000 barrels of crude oil daily during the week, and that all
RETAIL
LEVELS
LIFTED—GASOLINE
HIGHER—DEMAND
UP 10%
SLIGHTLY
STOCKS
IN MARCH
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 72,722,000 barrels of finished and
Increased
consumption reflecting the better motoring
playing a major part in the strength¬
ening of the Brooklyn sub-market in retail gasoline prices
to former postings.
With the exception of a few scattered
stations, most of the distributors are now back in line with
the general metropolitan price level.
Bulk gasoline prices
in the local market held steady to firm.
Fuel oils eased as
seasonal declines in demand developed.
Socony-Vacuum Oil Co., Inc., posted a cut of ^ cent a
gallon in tank car prices of gasoline at Buffalo, Rochester
and neighboring points, effective Thursday.
The company
also posted increases of
cent a gallon in retail and tank
wagon prices of gasoline throughout all of its New England
marketing area with the exception of Maine and western
Connecticut, effective the same day.
A gasoline price-war broke out during the week in a narrow
area in Southern New Jersey when independent units failed
to follow major companies into higher,price levels.
Early in
the week majors increased "pump" prices 2 cents a gallon at
Vineland, Millville and Bridgeton to 17.8 cents a gallon. In¬
dependents followed with a raise to 15.8 cents, against
former levels as low as 12 cents a gallon.
One or two main¬
tained the 12-cent level, and majors on Thursday cut post¬
ings back to 15.8 cents a gallon.
Reflecting seasonal gains in consumption, gasoline stocks
rose only 243,000 barrels last week despite an increase in
refinery operations, reports compiled by the American
Petroleum Institute disclosed.
Stocks of gasoline held at
refineries and bulk terminals on March 14 totaled 65,297,000
barrels.
An increase of 1,136,000 barrels at refineries was
weather is credited with
unfinished gasoline and 95,862,000 barrels of gas and fuel oil.
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 590,000 barrels
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
B.
Actual Production
Average
Week, Ended—
of M.
4 Weeks
Dept. of
Int.
Week
Ended
Mar. 14
culations
Mar. 7
Ended
Mar. 14
Cal¬
Mar. 16
1936
1936
1936
1935
514,750
141,150
473,200
141,100
502,800
143,400
510,950
149,600
59,150
56,650
24,900
173,900
50,600
439,800
73,350
227,750
67,200
56,750
24,800
172,850
48,200
437,450
60,550
223,250
62,400
56,650
24,800
167,450
49,200
437,400
71,450
222,000
57,550
25,750
152,800
52,350
443,350
59,750
179,100
{March)
Oklahoma.
506,300
Kansas
142,000
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
1,104,000
71,550
1,106,100
1,102,050
1,091,350
1,031,200
North Louisiana..
57,150
Coastal Louisiana.
135,600
56,900
134,250
60,300
134,200
23,150
97,050
151,400
192,750
191,150
194,500
120,200
31,900
105,100
44,300
34,800
12,400
3,700
64,200
29,750
29,800
107,150
34,400
36,100
13,500
4,150
106,400
29,650
105,550
36,000
61,950
12,600
4,100
57,100
58,300
30,800
105,900
36,850
31,500
10,700
.5,100
47,700
2,200,100
2,241,750
2,189,450
2,212,000
2,080,500
538,800
566,600
569,200
568,200
527,900
2,738,900
2,808,350
2,758,650
2,780,200
2,608,400
Total Texas.
Total Louisiana.
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico.
Total east of California.
36,500
35,450
33,700
12,700
4,050
offset by a decline
of 893,000 barrels in bulk terminal hold¬
ings.
Refinery operations were up 2.6 points during the
week to 75.5% of capacity.
Daily average runs of crude
oil to stills of 2,815,000 represented an increase of 90,000
barrels over the previous week.
Trade estimates indicated that total demand for gasoline
during the first half of the current month was approximately
10% above a year ago.
Domestic demand is held to have
risen nearly
12%.
Compared with the like period in
February, demand showed a sharply higher total, explained,
of course, as indicating the February period of low consump¬
tion during the bad winter weather.
Representative price changes follow:
California
Total United States
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MARCH 14 1936
(Figures in thousands of barrels of 42 gallons each)
prices # cent throughout New England with the exception of Maine and
Connecticut, effective Thursday.
March
19—Socony-Vacuum cut tank car prices of gasoline
# cent a
and Millville in southern New
lifted gasoline prices in Vineland, Bridgeton
Jersey 2 cents a gallon to 17.8 cents at the
March 19—Major companies cut
and Millville 2 cents
a
gasoline prices in Vineland, Bridgeton
gallon to 15.8 cents.
Gasoline, Service Station Tax Included
%
z
New York-.
$.192
Brooklyn..
.192
$.175
Cincinnati
Cleveland
.175
Reporting
tial
Total
Rale
612
P.
C.
P.
Oper¬
At Re¬
age
ated
fineries
494
612 100.0
Gas
in
and
C.
Daily
Aver¬
Poten¬
Unfin'd
80.7
&c.
DistU.
9,801
New Orleans
Oil
1,165
Appalachian.
154
146
94.8
110
75.3
7,206
1,719
898
288
675
Ind.,111., Ky.
Okla., Kan.,
442
424
95.9
382
90.1
7,766
2,850
868
2,732
246
750
2,440
1,416
6,424
2,473
East Coast.-
453
384
84.8
64.1
4,961
2,250
Inland Texas
330
160
48.5
91
56.9
96.8
571
86.8
212
1,965
La. Gulf
169
6,320
233
658
1,571
7,263
123
Texas Gulf__
680
163
96.4
130
79.8
1,280
376
193
80
72
90.0
37
51.4
179
84
137
Rocky Mtn.
California
97
60
61.9
43
71.7
1,554
93
704
852
789
92.6
515
65.3
10,084
2" 175
1,113
70,635
3,468
$.184
89.6
2,619
75.5
410
43,583
18,769
6,805
401
Reported
Estd.unrep'd
—
Minneapolis..
Fuel
Terms, Nap'tha
No. La.-Ark.
Independents followed with a raise«to 15.8 cents a gallon.
"pump."
Stocks
of
Finished
Missouri-.
gallon at Buffalo. Rochester and neighboring points.
March 17—Major companies
Finished and
Unfinished Gasoline
District
%
western
Stocks of
Stills
to
Capacity
18—Socony-Vacuum advanced tank wagon and retail gasoline
March
Crude Runs
Daily Refining
196
2,686
259
620
94,229
1,633
3,869
3,869
2,815
2,725
46,269
45,133
19,028
19,921
7,425
7,227
95,862
95,888
.
aEst.tot.U.S.
Newark.—.-—.
Camden....
.168
Denver
.21
Philadelphia
.168
Detroit
.16
Pittsburgh
Boston-.....---.
.15
Jacksonville....—
.20
San Francisco
135
Houston
.19
St. Louis
177
165
Buffalo
.165
Chicago
—
Los Angeles
195
Mar.14 '36
Mar. 7 *36
U.S.B. Of M.
.135
Mar.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
a
New York
(Bayonne) .$.05#-.05#
I North Texas_$.03#-.03#| New Orleans.$.03#-.04
I Los Ang 1 s— .04#-.05
'Tulsa
04#-.04#
F.O.B. Refinery or Terminal
Fuel OH,
N. Y. (Bayonne)
New Orleans C
California 27 plus D
Bunker C
$1.15-1.25
$1.05
Diesel 28-30 D
1.05
Gas Oil, F.O.B. Refinery or
-.04#
Terminal
$.02#-.02#
I Chicago,
I Tulsa
I
32-36 GD-$.02#-.02# I
Standard Oil N. J—$.07#
New York—
Refinery
$.06
Chicago
Socony-Vacuum
.07 #
Colonial Beacon_.$.07#
New
Tide Water Oil Co—
.07#
Texas-.-.
.07#
Los Ang.,
Richfield Oil (Calif.)
.07#
Republic Oil
.07#
.07#
Tulsa
Shell East.--.--z
Not including 2%
Gulf
Gulf
Orleans-
-.06#
-.06#
.05#-.04#
.06
-.06#
.06
-.06#
.07
Warner-Qulnland Co .07#
-
ex.
ports..-
,06
city sales tax.
Daily Average Crude Oil Production Rises 49,700 Barrels
The American Petroleum Institute estimates that the daily
crude oil production for the week ended March
This was a gain of 49,700
barrels from the output of the previous week.
The current
average gross
14 1936
was
2,808,350 barrels.
currently estimated,
Production
Coal
The weekly coal report of
Mines stated that production
first week of March.
b40,220 b20,185
b5,885 b99,380
b As of March 31 1935.
Declines
Sharply
the United States Bureau of
of coal declined sharply in the
The total output of soft coal is estimated
a decrease of 1,268,000 tons, or 12.7%
preceding week. Production during the correspond¬
ing week in 1935 amounted to 8,723,000 tons.
Anthracite production in Pennsylvania during the week
at
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
2,472
1935
Bureau of Mines basis
Weekly
$.90
Phlla., bunker C
1.65
N. Y. (Bayonne)
27 plus
$.04
3,869
3,869
8,702,000 net tons,
from the
ended March 7 is estimated at 850,000 net tons.
decrease of 740,000 tons, or
but compares with 734,000
This is
a
46.5%, from the preceding week,
tons produced in the correspond¬
ing week last year.
During the coal year to March 7 1936 a total of 348,132,000
tons of bituminous coal and 50,239,000 net tons of Pennsyl¬
vania anthracite were produced.
This compares with 337,218,000 tons of soft coal and 49,978,000 tons of hard coal
produced in the same period of 1935. The Bureau's state¬
ment follows:
1900
Financial
COKE
March 21
Chronicle
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
The
(IN NET TONS)
war
abroad
scare
The London market
to have diminished.
seems
Sales
firm, largely because of news from this country.
was
1936
March 18
on
ranged from 8.95c. to 9.05c., c.i.f. usual ports.
Week Ended
Mar. 7
1936
Coal Year to Date
Feb. 29
1936
c
A summary
1935-36
1935
e
1934-35
Tot. for
Daily
per'd 8,702,000 9,970,000 8,723,000 348,132,000 337,218,000 494,295,000
1,213,000
1,450,000 1,662,000 1,454,000
1,174,000
1,714,000
734,000
50,239,000
49,978,000
141,700
265,000
122,300
176,600
176,700
per'd
29,000
36,700
21,900
977,400
Daily aver,.
4.833
6,117
3,650
3,347
810,700
2,776
9,780
134,867
130,850
56,767
54^00
13,454
:
69,932,000
245,800
Totals
Beehive coke
67,800
—
Foreign scrap, &c
850,000 1,590,000
41,200
11,200
67,000
11,450
43,833
Foreign mine
b
Daily aver..
Tot. for
.
U. 8. scrap, &c
aver..
Tot. for per'd
February
January
(blister):
U. 8. mine
a
Penn. anth.
•
1929-30
Production
Bitum. coal
of the January and February statistics of the Copper Insti¬
tute, in short tons, follows:
Mar. 9
—
—-
-
Production, refined:
United States
5,581,600
19,115
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.
(The current weekly estimates
—
131,500
51,416
Shipments, refined (apparent consumption):
United States
Foreign..
74,117
86,784
126,780
-
138.200
-
TONS)
based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
ments and are
77,000
131,384
-
Totals-
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (IN THOUS.
OF NET
74,617
52,663
Foreign
a
are
and State sources or of final annual returns from the
operators.)
Totals...
-
U. S. exports, domestic copper only
Stocks at end, refined:
2,700
3,600
232,865
257,067
232,331
250,997
489,932
483,328
...
.
United States
Foreign
-
-
-
Week Ended
State
Totals
Feb.
Feb
29
Feb.
Alaska
—
.
1935r
*
2
250
Mar. 3
Mar. 2
1934r
2
256
-ft
Alabama
Mar. 2
22
1936p
1936p
257
Arkansas and Oklahoma
136
122
180
252
127
1923
s
s
4
243
51
Colorado.
Aver.
1929
396
409
75
144
87
256
231
1
1
1
1,325
1,375
1,207
1,192
1,436
451
436
367
445
93
104
93
112
136
207
176
150
174
186
174
totaled 36,556,119 lb., the
Dominion Bureau of Statistics reports, against
s
s
Lead Demand Steady
,
Indiana.
Iowa
Kansas and Missouri
825
795
706
655
969
215
243
222
240
356
Maryland
44
43
41
42
62
Michigan
16
15
15
18
24
26
96
81
59
54
84
80
32
43
25
25
54
58
100
80
33
42
Kentucky—Eastern
Western
Montana
New Mexico
North and South Dakota
556
226
I
1
51
Four
weeks
of heavy
lead
buying
previous week.
Producers
metal sold last week
tributed among pigment
The trade
sumers.
for April delivery, with
was
that
s37
533
514
505
440
694
and
2,218
1,881
2,837
3,087
123
113
97
120
127
124
15
15
18
17
25
Utah
70
106
51
34
145
96
258
222
209
279
212
Virginia
<
253
Washington
23
46
26
62
1,548
2,029
623
696
101
86
149
1
4
7
basis of the American
Louis.
c
delivery in the East.
%
*
Zinc Firm at 4.90c.
Sales of zinc
the recent
9,873
9,970
Pennsylvania anthracite
8,903
8,385
11,358
10,956
1,437
1,902
1,590
1,488
970
1,648
11,560
Grand total
11,361
9,873
10,033
12,795
12,858
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G..
on the B. & O. in Kenawha,
Mason, and Clay counties, b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon, p Preliminary,
r Revised.
Shipments
Alaska, Georgia, North Carolina and South Dakota included in "other
producers showed
The price
zinc
Western
to
no
concern
firm at 4.90c.,
was
during
consumers
the
week
last
the
indicating that the metal is moving into consump¬
average
prices of Prime Western and Brass Special zinc sold
during the month of February, together with tonnage sold,
the
over
St. Louis.
good rate.
a
Weighted
a
and
Prime
of
amounted to 4.300 tons,
tion at
Because of
during the last week totaled about 1,500 tons.
activity in the metal,
quiet condition of the market.
Total bituminous coal
States."
Smelting & Refining Company, and at 4.45c., St.
The St. Joseph Lead Co. continued to receive a premium on its own
brands for
156
1
Consumption is increasing
firm at 4.60c., New York, the contract settling
673
180
for April.
again approaching 40,000 tons per month.
The quotation continues
1,127
593
con¬
77
1,603
690
1
Wyoming
Other western States
34
1,778
158
a
Northern b
37
1,915
690
West Virginia—Southern
Most of the
requirements are about 90%
consumer
2,124
Texas
anticipating a taper¬
demand fairly well dis¬
makers, battery interests, and miscellaneous
believes
530
Tennessee
now are
ing off in demand until the books are opened for May business.
covered for March and about 60%
s48
followed by another seven-day
was
Sales last week totaled about 6,350 tons, compared
period of good business.
with 10,250 tons the
2,200
Ohio
Pennsylvania bituminous
364,761,062 lb.
Production during December, 1935,
34,539,762 lb. in November, and 31,289,007 lb. in December 1934.
613
94
1934 and 299,982,448 lb. in 1933.
1,993
445
Georgia and North Carolina
Illinois
8
Canada's production of copper, from official sources,
on
indicate that output for 1935 totaled 419,051,0561b., against
in
134
*
Latest statistics
Prime Western Zinc
Producers
as
reported by
Committee, American Zinc Institute,
follows:
are as
western
Weighted
* Less than 1,000 tons.
Average Price
Tons
Sold
February
Anthracite
Shipments
Year Ago
50.39%
Above
a
723 net tons.
This is
increase,
compared with ship¬
ments during the preceding month of
January, of 1,068,516
net tons, or 21.96%, and when compared with
February
1935, shows an increase of 1,988,181 net tons, or 50.39%.
Shipments by originating carriers (in net tons), are as
an
as
follows:
Cents per
St.
Louis,
Pound
For February delivery:
Prime Western
Shipments of anthracite for the month of February 1936,
as
reported to the Anthracite Institute, amounted to 5,933,-
East
4,419
Brass Special
4.856
407
4.965
-
For subsequent delivery:
Prime Western
Brass
28,707
Special
Note—The
4.851
1,325
above
Include High
complete so far as Prime Western is concerned.
accounting
does
4.947
Grade zinc,
not
but Is fairly
Tin Trade Quiet
Business in the domestic tin market
the quotation
250c.
for Straits moving in
lb.
per
Tin-plate
was
narrow
operations
slow during the last week, with
limits, between 48,375c. and 48.-
estimated
are
be
to
to
up
75%
of
capacity.
February
January
February
January
1936
1936
1935
1935
1,239,265
1,099,830
834,151
The tin situation in London continues to be one of low stocks, which the
trade believes may
take
Important producers
time to be increased.
some
of tin met informally in London recently for discussions of the control plan.
Reading Co
Lehigh Valley RR
999,814
Central RR. of New Jersey
530,673
Del., Lack. & Western RR
799,316
623,962
Delaware & Hudson RR. Corp
Pennsylvania RR
768,662
Erie RR
458,567
N. Y., Ont. & Western Ry
Lehigh & New England RR
227,100
Total
286,364
5,933,723
400,223
604,895
492,296
570,443
375,507
269,029
218,833
4,865,207
811,899
1,101,605
770,125
867,338
287,119
407,019
615,785
468,157
394,783
255,143
341,660
241,471
142,745
3,945,542
Steel Production Rises Four Points to
—Six-Year High
5,070,658
develop¬
The domestic zinc situation underwent little change,
firmly maintained on encouraging reports from
particularly the galvanizers.
Tin was steady.
Operators in non-ferrous metals are convinced that business
quite active as soon as weather conditions are
more settled.
The publication further stated:
will become
Though much
was
in steel
no
improvement.
week of June 1934.
The
not
dissimilar
for
third
the
current
which
of
a
month for the first two months
While
increases
in
so
then
current
and
enforced'
steel
was
the
can
be resumed.
as
This accounts for the firm undertone
A fairly large tonnage appears to be available
basis.
on
a
the 9Mc.
:
under circumstances
sharp price increases announced
the
in
deliveries
effect
move
deadline
to
stabilize
for
the
had
Under the
quotations.
be
to
completed by the
prices will result in
completion
of
can
certainly not be
attributed
the
end
only moderate
shipments
rigidly, the sudden sharp acceleration in
output
will
not
be
trend of
upward
entirely to normal
expansion
demand.
production this week is
up seven points to 46% at Pittsburgh,
%
63^% at Chicago, four points to 72% in the Valleys, one point
at Philadelphia, nine points to 79% at Cleveland, three points
point to
steel
bar
and
mill
operations
are
up
70% in the Far West.
sharply,
as
Sheet,
these products
are
strip
most
affected by second quarter price schedules.
The
second
carbon
outdoor work
as
occurred
quarter.
a
bars will
feeling that the next buying movement will establish the market at
1934
situation,
42%
substantial improvement in the movement of the metal
rate during the second
heavy coverage at the old
43% at Buffalo, and 10 points to
With consumption of copper in this
it has been since June 1930,
same
"Age" further said
to
country averaging close to 52,000 tons
higher level.
to
quarter forced
code
The
during February, demand for the metal showed
Sales for
At 61% of capacity, current
as
bulge in output during
summer
of the year, under extremely unfavorable weather
conditions, the trade is
a
level
a
although mills operated at the
prepared for
and
high
Sales for the week in the domestic market totaled 7,450
the month to date totaled 17,962 tons.
soon as
as
to
tons, which compares with about 8,000 tons in the week previous.
a
production this. week.
output is at
Steel
made of the fact that world stocks of copper declined
61% of Capacity
Equalled
The "Iron Age" of March 19 said that the placing of
heavy orders for steel prior to the expected stabilization of
prices in the second quarter has resulted in a four-point rise
Copper Unchanged
to the extent of 6,604 tons
March 12, 47.625c.;
16, 47.375c.; March 17,
374,138
February turned out to be
better than most operators expected.
Steadiness in the Lon¬
don market for all metals was
regarded as a favorable
consumers,
13, 47.375c.; March 14. 47.375c.; March
614,624
305,911
Metal & Mineral Markets in its issue of March 19 stated
that with the exception of lead, which sold in
good volume,
the major nonferrous metals
passed through a rather quiet
week.
The copper statistics for
with prices
March
47.500c.; March 18, 47.500c.
507,018
509,660
Buying of Lead in Good Volume—Copper Quiet But
Firm—Foreign Prices Steady
ment.
Chinese tin, 99%, was quoted nominally as follows:
be
bars
quarter price structure is now clearly defined.
Alloy steel
subject to quantity differentials similar to those applying on
and
recent
have
been
reaffirmed.
tials
will
apply
requirements
are
now
as
booked
are
quotations
Small
seeking
possible
to
to
this
capacity
cold-finished
on
consumers
on
cover
month
sheets
of
as
at
all
carbon
products
many
reduced
and strip
of
on
their
prices,
and
second
but
until April
alloy bars
which
differen¬
quarter
many
1.
mills
Financial
Volume 142
weather
Moderate
continues
to
optimism
inspire
the
in
Chronicle
automobile
noticeable influence.
changes in the price structure have not had a
builders will be able to avail themselves
of
and their
deductions
reaction to the
Motor
quantity
of
projects are
New
At
ous.
increased
York
and
cast iron
activity
May
6—
May 13—
May 20....
May 27.—
construction has
noticeable in demand for highway
most
are
Apr. 29
are
small apartment
of
resumption
a
awards
the Week
of
total
the
sizable
year,
orders
and
cars
ore
The
gondolas
the Erie is
tentative
and
the market
in
2,000
cars
the
of
program
other
of
markets,
500 box
for
but
types,
calls for
formal
The
not
of
The New Haven is taking bids on 50 coaches.
market has finally reflected the release of more plentiful
supplies and shows signs of weakness despite increasing mill consumption.
While the "Iron Age"
composite price of No. 1 heavy melting steel,
based
scrap
on
quotations at Pittsburgh, Chicago and Philadelphia, is unchanged
$14.75
at
heavy melting prices are lower at Detroit
where automotive scrap is more readily available.
Cleveland,
Second
and
ton,
gross
a
changed at 2.084c.
The Senate
bill
iron demand is
quarter pig
prices has had
have
hearings
aroused
legislation
pound.
a
would
in
concern
the
steel
immediately necessitate
industry,
as
widespread and
As pointed out at the hearings,
highly discriminatory to small producers.
ments.
the
passage
This
ultimate results
would
be
One week ago
2.084c.
One month ago................2.130c.
One year ago..
...........2.124c.
beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products make
85% of the United States output.
The
1935..
1934..
2.130c.
m mm mm
•*«»«,*«•
«. _
•>
_
<m •
....2.199c.
«* -
1933
.2.015c.
2.084c.
Mar. 10
1
2.124c.
Jan.
8
Apr. 24
2.008c.
1.8670.
Jan.
2
3
1932
1.977c.
Oct.
4
1.926c.
Feb.
1931
.....2.037c.
Jan.
13
1.945c.
Dec. 29
1930....
,2.273c.
Jan.
1929....
.....2.317c,
.....2.286c.
1928....
2
7
2.018c.
Dec.
9
Apr.
2
Dec. 11
2.273c.
Oct.
29
2.217C.
July
17
Jan.
2.402o.
1927...
2.2120.
Nov.
4
1
Mar. 17 1936, »18.84 a Gross Ton
Based on average of basio Iron at Valley
One week ago..............
furnace and foundry irons at Chicago
..$18.84
One month ago--—.-.-—...... 18.84
Philadelphia,
Buffalo,
Valley
and
17.90
........,i—'
Birmingham.
are
18.84
Nov.
5
17.83
17.90
May
1
16.90
Jan.
2
16.90
Deo.
5
13.56
Jan.
3
14.81
15.90
Jan.
13.56
Deo.
6
Jan.
6
14.79
Deo. 15
18.21
1933...
—
1932
....
1931......
........
.
1930
Jan.
7
15.90
Deo. 16
Jan.
$18.84
7
5
...
1927
May 14
18.21
Deo. 17
18,59
Nov. 27
17.04
July
19.71
1929.......
1928
Jan.
4
17.54
Nov.
18.71
24
sheets
171936, $14.75
a Gross
One week ago.....
One month ago
...$14.75
14.33
10.83
One year ago
No.
1
melting steel,
quotations at Pittsburgh, Philadelphia
and Chicago.
on
heavy
Low
High
.$14.75
Feb. 25
1936.....
1935...
1935...........
| Based
Ton
$13.33
1934
1983..
....
...
1932
10.33
Mar. 13
9.50
Apr. 28
8ept. 25
12.25
Aug.
8
6.75
Jan.
3
12
6.43
July
5
Deo. 29
Jan.
1931................................ 11.33
Jan.
6
8.50
1930
15.00
Feb. 18
11.25
Deo.
17.58
Jan.
29
14.08
Deo.
3
16.50
Dec. 31
13.08
July
2
15.25
Jan.
11
13.08
Nov. 22
1927
The American Iron and
con¬
steel.
They
quarter base prices on bars, plates, shapes,
issued quantity price extras and deductions for
No differentials have been adopted for plates or
They
,
,
this
and
expected
is
be
to
corrected',
while
minor
many
Already large consumers, especially
Consumers'
preparing to pool their orders.
are
likely to be increased.
are
demand
have
to
appears
Automobile
independent
of
price
five-day week, and output last week again
a
7,000 units to 90,000.
The industry has consumed con¬
than 1,000,000 tons of finished steel so far this year.
sharply,
more
Structural
substance,
more
production is acquiring momentum, all leading
makers having stepped up to
shape
awards snapped1 back
28,232
to
tons
from 8,738 tons
preceding week, including 3,000 tons of shapes, and plates for a gas
holder—largest of its type—for the Ford Motor Co. at Detroit.
While Tail
and
mills
subsided.
have
Norfolk
is
peake
to
busy
are
Kansas
Western
&
is
may
purchases by railroads
recent orders, new
on
Oklahoma
&
Gulf
has
placed 5,700 tons of rails.
inquiring for 11,000 tons of plates for
7,500 tons
buy 20,000 tons of rails and
& Ohio
while Erie is
cars,
Pig
enter
the
market
of
car
repairs,
fastenings.
Chesa¬
7,000 freight
Northern Pacific has awarded 12
shortly
inquiring for 800.
Steel Institute
iron shipments
announced
last
for
5,000
to
on
March 16
increasing,
are
as
an
advance of
$1
a
first
ton,
November, finally will become generally applicable April 1.
Scrap maintains
strong tone, but prices
a
rising
after
nine
consecutive
are
leveling off.
weeks,
last
$14.46.
"Steel's" scrap
week
declined
4c.
'
Due to the
recent reduction in pipe prices, the finished steel composite
$1.10 to $52.
This is the lowest since April 1934, at $51.10.
The iron and steel composite also has been affected by the pipe reduction,
and adjustments in semi-finished steel, being 56c.
lower at $33.04.
Pittsburgh district steelworks operations last week advanced 5 points to
has dropped
43%; Cleveland, 11 to 75
New
England
Youngstown,
;
3
to 71;
Birmingham, 3 to 69.
off 17 to 51, and others unchanged.
was
Steel ingot production for the week ended March 16 is
placed at about 58% of capacity, according to the "Wall
Street Journal" of March 18.
This compares with around
56% in the previous week and 55% two weeks ago.
The
U, S. Steel is estimated at
before and
fraction
a
two
9
1929...
.....
advance semi-finished
to
- V; A "'"A. A":
A A
price and delivery situation recently made for small-lot, piece¬
buying,
in the
Base
7
Deo. 10
8.60
1928
efforts
purchases will be forced to warehouses.
siderably
even
prove
code.
the steel
first
official
sheets and strip.
rising
did
operative.
strip.
An easy
meal
than
"Journal" further stated:
Jan.
13.42
13.00
..................ai,...
the
and
shapes. .A
1
Steel Scrap
Mar.
pledged themselves to announce
now
stabilizing the market
now
reaffirmed
to
7
Jan.
May 14
.$18.84
1934.
steel
reaction to the
of buyers'
quantity differentials uniformly applied to alb classes of
and
composite,
Low
High
1936.—.
evidence
freight locomotives.
Pig Iron
One year ago.
in
Producers abandoned their
Apr, 18
Oct.
tonnage for delivery before second
releases on prior orders and consumers
more
majority of steel producers have
sumers
Low
7
Oct.
any
open-price plan, and the anticipated effect of new quantity
new
effective
more
•
High
....2.1300.
Jan.
1936..,
to book
result of the heavy
a
considerations.
Based on steel bars,
of June 1934, at 59%,
since the third- week
flurry was the clearest
Steel
Mar. 17 1936, 2.084c. a Lb.
the peak
publicly all price changes whenever made, and believe this may
stocks
Finished Steel
iron and steel
16 stated:
automobile manufacturers,
THE "IRON AGE" COMPOSITE PRICES
Deo. 30--
—53.5%
differentials.
of the
readjust¬
costly
unable
as
industry's
bars,
the proposed Wheeler-Utterback anti-basing point
on
some
O.¬
Deo. 23..
2—
taking advantage of outstanding quotations.
favorable effect
a
Deo.
Deo. 16..
S.¬ —60.0%
10.. ...52.0%
17.. ...51.7%
Feb. 24.. ...62.9%
Feb.
impending price advance also stimulated shipments.
March,
prices
developing slowly, but stabilization
on the market and large inquiries
are beginning to appear.
The "Iron Age"' composite price of pig iron is
holding at $18.84 a gross ton, and the finished steel composite is un¬
of steel
2..
Feb.
light finished steel products and increasing steel con¬
on
steel rate is
an
quarter,
appeared.
The
Deo.
Jan.
Feb.
Many sheet mills last week withdrew from the market for the remainder
5,000
has
inquiry
5..
20.. ...49.9%
27.. ...49.4%
breaking through last year's high of 57%, in December.
when
300 automobile
and
Ohio
&
.65.4% Mar, 9_. ...65.8%
,66.4% Mar. 16.. ...60.0%
.65.7%
.54.6%
.49.5%
.46.7%
21..
28..
Nov.
Aug.
5... ..46.U%
Aug. 12... ..48.1%
Aug. 19... ..48.8%
Aug. 26... ..47.9%
Sept. 2... ..45.8%
Sept. 9... .49.7%
Sept. 16... ..48.3%
March
on
Stronger prices
being
Chesapeake
.63.7% Mar.
Nov. 26..
Oct,
13.. —49.4%
Jan.
sumption combined last week to lift steelworks operations 2 points to 57%%,
placed and releases
The Great Northern has awarded 500
against old' contracts are increasing.
cars.
still
are
Nov. 11..
Nov. 18..
Oct.
Jan.
"Steel" of Cleveland, in its summary of the
31,750 tons, com¬
pared with 33,000 tons in the previous week.
Highway bridges at Pitts¬
burgh and Middletown, Conn., account for more than 17,000 tons of the
current lettings.
New projects calling for 19,525 tons are larger than
the preceding week's total of 18,000 tons.
While railroad buying is less conspicuous than it was in the first two
of
3
June
6.. —49.2%
Jan.
.48.9%
.50.8%
.49.7%
.50.4%
-61.8%
.61.9%
.50.9%
.62.6%
7..
14..
Oct.
July 15... ..39.9%
July 22... ..42.2%
July 29... .44.0%
pipe.
Fabricated structural steel
months
.44.4%
.43.8%
.44.0%
.44.6%
.43.1%
.42.2%
.43.4%
.42.8%
.42.3%
.39.5%
Apr. 22—
are
reinforcing bars
Federal funds
made itself felt.
steel
building
steel, piling and
1
Apr.
8
Apr. 16
general and releasee of
uniformly heavier.
New
also in larger volume, with private industrial jobs more numer¬
Reports
Sept. 23..
Sept. 80..
Oct.
Apr.
to be favorable.
structural
1936—
1935—
Mar. 11.... .47.1% June 24... -.37.7%
Mar. 18.
.46.8% July
1... ..32.8%
Mar. 25.... .46.1% July
8... ..35.3%
discounts is believed
system of
new
maximum
the
1935—
Feb. 25.... .47.9% June 10... ..39.0%
Mar. 4
.48.2% June 17.. ..88.8%
industry and tentative April production schedules are well above those in
March.
Finished steel releases are naturally heavier, and, in this case,
car
1901
1935—
an¬
49% two weeks
shade under 52% against 50% in the week
Leading independents are Credited with
63%, compared with 61% in the preceding week and 60%
over
weeks
a
ago.
ago.
The following table gives a comparison
with
the
nearest
of the percentage of production
corresponding week in previous
years,
together with the
approximate changes, in points, from the week immediately preceding:
'
A
1
U. S. Steel
Industry
Independents
nounced that
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having
98.0% of the steel capacity of the industry will be 60.0%
of the capacity for the current week, compared with 55.8%
last week, 51.7% one month ago, and 46.8% one year ago.
This represents an increase of 4.2 points, or 7.5%, from the
1929
estimate for the week of March 9.
1928
Weekly indicated rates
of steel operations since Feb. 25 1935 follow:
1936
•
......
46
X
42
—
—
14 %
—
—1
145$
265$
+2 54
65
—2
80
—2
%
94*$
1927
4-
84
+1
89
9254
— ...... .
-rl
100
5$
—1
4-
4-1
—1
57
—154
-}-3
68
54
145$
245$
—2
9254
—
97
%
-f-2
49
52
—1
+1
74
....
—
6$
54
+1
25 54
-
-
—
1931
1930
—
48
+2
56%
1933
1932
....
52
+2
48
1935
1934
58
+
78
4-1
54
85
Current Events and Discussions
The Week with
the Federal
Reserve
Banks
On March 18 total Reserve bank credit amounted to $2,485,000,000, an
increase of $12,000,000 for the week.
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended March 18, as reported
by the Federal Reserve banks, was $2,478,000,000, an in¬
crease of $4,000,000 compared with the preceding week and
of $17,000,000 compared with the corresponding week in.
1935.
After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
This increase corresponds with an
increase of $678,000,000 in Treasury cash and deposits with Federal Reserve
banks, offset in part Dy decreases of $642,000,000 in member bank
reserve
balances and $22,000,000 in non-member deposits and other Federal Reserve
accounts and
an
increase of $3,000,000 in monetary gold stock.
bank reserve balances
excess
on
Member
March 18 were estimated to be $2,390,000,000 in
of legal requirements.
Relatively small changes
were
reported in holdings of discounted and
purchased bills and industrial advances.
An increase of $50,000,000 in
1902
Financial
holdings of United States bonds
offset by decreases of $40,000,000 in
was
Chronicle
declined
March
$19,000,000
in
the
New
York
district
and
1936 2
$41,000,000
at
all
holdings of Treasury notes and $10,000,000 in holdings of Treasury bills.
reporting member banks.
The statement in full for the week ended Mar. 18, in com-**
parison with the preceding week and with the corresponding
date last year, will be found on pages 1936 and 1937.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the
year ended
A summary of the principal assets and liabilities of the
reporting member banks, together with the changes for the
week and the year ended March 11 1936, follows:
Increase
Mar. 11 1936
March 18 1936, were as follows:
Assets"***
_
Increase
(+)
Decrease
or
(—)
Mar. 18 1936
Mar. 11 1936
$
Bills discounted
Bills
bought
-
U. S. Government securities
Mar. 20 1935
$
6,000,000
5,000,000
In New York
—2,000,000
30,000,000
14,000,000
1,062,000,000
202,000,000
+ 12,000,000
+30,000,000
+3,000,000 +1,619,000,000
Obligations
fully
5,841,000,000
+1,000,000
5,144,000,000 —642,000,000
balances
+388,000,000
+783,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks.,.
3,587,000,000 +678,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
+367,000,000
Member
—22,000,000
+92,000,000
Banks
in
New
York
+495,000,000
+ 195,000.000
4,632,000,000
376,000,000
2,419,000,000
Reserve with Fed. Reserve banks.
Cash in vault
Balances with domestic banks
—91,000,000
+1,029,000,000
+ 16,000,000
+ 18,000,000
+338,000,000
+ 66,000,000
Demand deposits—adjusted
+75,000,000 +2,106,000,000
+20,000,000
+69,000,000
14,041,000,000
4,931,000,000
Spates govt, deposits
510,000,000
—1,000,000
—583,000,000
5,832,000,000
—41,000,000
+928,000,000
+222,000,000
+ 8,000,000
Inter-bank deposits:
City and
Domestic banks
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
rent
+20,000,000
+40,000,000
Liabilities—
589,000,000
Chicago—Brokers' Loans
Foreign banks
Borrowings
City member
Chicago member banks, for the cur¬
banks and also for the
*+4,000,000
*+22,000,000
—46,000,000
—141,000,000
—74,000,000
+26,000,000
—35,000.000
+95,000,000
+735,000,000
—1,000,000
by
Time deposits
of
+7,000,000
+8,000,000
1,244,000,000
3,222,000,000
guaranteed
United States government
United
Returns
+208,000,000
+25,000,000
3,378,000,000
8,588,000,000
Loans to banks
U. S. govt, direct obligations
—18,000,000
+59,000,000
+7,000,000
2,067,000,000
349,000,000
1,146,000,000
68,000,000
Loans on real estate.—..
Other securities
Money In circulation
$
+120,000,000 +1,529,000,000
others
to
Other loans
2,485,000,000
Monetary gold stock
10,173,000,000
Treasury & National bank currency-.2,503,000,000
reserve
+ 10,000,090
+23,000,000
+ 11,000,000
Total Reserve bank credit
Member bank
City
securities
on
(except banks)
Accpts. and com'l paper bought..
Industrial
advances
(not
including
$26,000,000 commitm'ts—Mar. 18)
$
21,326,000,000
Outside New York City
Loans
2,430,000,000
Other Reserve bank credit
(—)
Loans to brokers and dealers:
$
+ 1,000,000
or Decrease
Since
Mar. 13 1935
$
Loans and investments—total
Since
(+)
Mar. 4 1936
385,000,000
—5,000,000
13,000,000
+10,000,000
♦March 4 figures revised (New York district).
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
Italy Ready to End Ethiopian War if League Will Lift
Sanctions—Formal Proposal Expected Shortly—
Emperor Haile Selassie Directs Ethiopian Counter
Attack Against Italian Troops
(In Millions of Dollars)
An
New York City—— Chlca go—
Mar. 18 Mar. 11 Mar. 20 Mar. 18 Mar. 11 Mar. 20
1936
1936
1935
1936
1936
1935
$
$
$
$■
$
$
Assets—
Loans and investments—total.
8,410
8,457
7,539
946
-
1,027
609
1,988
1,932
1,650
Loans to brokers and dealers:
In New York
City
Outside New York City
■
27
"
sult
early termination of the Italo-Ethiopian war, as a re¬
the German abrogation of the Locarno treaty and
of
the consequent unsettlement of
European affairs, was fore¬
League of Nations officials announced
late this week.
cast
on March 19 that Italy is
ready to halt hostilities against
Ethiopia if sanctions against Italy are removed. The League
Committee of Thirteen met yesterday (March 29), and it
64
62
54
34
37
37
758
744
780
150
148
173
Accepts, and com'l paper bought
160
159
211
15
15
37
be
Loans on real estate
135
135
130
15
15
17
Italian
33
54
5
5
8
Loans
on
securities
to
.
others
Other loans
1,138
1,128
1,185
254
261
240
U. S. Govt, direct obligations..
3,466
3,522
3,202
1,162
1,099
817
Obligations fully guaranteed by
United States government
537
511
274
89
89
78
Other securities
1,157
1,136
1,040
264
263
Reserve with F. R. Bank
1,989
2,225
1,622
428
518
356
Cash in vault...
49
52
53
35
37
35
Balances with domestic banks._
78
79
66
167
179
179
Other assets—net—
468
604
74
76
91
5,953
4,960
1,354
1,402
541
543
608
414
414
394
198
131
527
116
80
42
2,270
2,451
1,882
555
592
346
353
143
3
3
3
18
12
20
318
377
289
"28
"29
1,461
1,455
222
222
221
Foreign banks
Borrowings
Other liabilities
Capital account
—
the
March 19 it
was
Selassie
attacks
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve
System respecting the
returns of the entire body of
reporting member banks of
the Federal Reserve System for the week ended with the
that
soon
such
an
in the Italo-Ethiopian war were de¬
of March 14, page 1725-26.
On
reported in Addis Ababa that a desperate
near Amba Alaji, and that Emperor
personally directing Ethiopian counter
Italian troops whose objective was Lake
was
on both sides were said to be heavy.
dispatch of March 17 to the New York "Times"
discussed the
possibility of ending League sanctions against
follows:
as
Chancellor Adolf Hitler's acceptance
delegation
As
of
the League of Nations
to
London
in
has
German
a
been
well
the powers get down to the discussion of Hitler's denunciation
Locarno Pact, it is felt here,
they will find
soon
the
as
they need Italy.
Italy, it is stated, will refuse to
sanctions
remain
Afework
Italian
in
Jesus,
woman
his
on
of the invitation to send
discussions
Rome.
has
to Europe
way
any
And
international obligations while
force.
former
and
assume
Ethiopian
two sons
in
with peace
Minister
to
Rome,
who
married
an
Fascist youth
organizations, is reported
proposals from Emperor Haile Selassie.
His
pro-Italian leanings are said to be so strong that the
Emperor report¬
edly held hostage in Ethiopia the envoy's two eons by a previous wife while
the
father
All
best
served
this
lessness
of
is
is
evidence that
as
resistance
and
is
Haile
preparing
Selassie
to
realizes
purchase
the
peace
hope¬
at
the
obtain.
can
further
Rome.
here
further
price he
It
in
cited
expected
that
the League will recognize that sanctions
and Italy will then be in a position to exploit
have failed in their
purpose
her
close of business March 11:
lifted would
said
Losses
A Rome
received in
As
were
Committee
in progress
against
Ashangi.
Italy
Complete Returns of the Member Banks of the Federal
Reserve System for the
Preceding Week
the
"Chronicle"
was
battle
~~41
1,461
Domestic banks
Recent developments
scribed in
495
deposits
of
suggestion would probably lead to meetings of the
Committee of Eighteen, which is charged with applying
sanctions, and the Committee of Fifty-two, comprising all
League members. These two bodies would consider the pos¬
sibility of lifting sanctions.
1,115
United States govt, deposits
Inter-bank deposits:
if sanctions
war
Members
Haile
457
5,831
Liabilities—
Demand deposits—adjusted
issued.
official Italian announcement of will¬
an
ingness to end the
216
Time
expected that
was
(except banks)
military advantages.
diplomatic
and
The condition statement of weekly reporting member banks in 101
leading
on March 11 shows increases for the week of
$120,000,000 in total
cities
loans
and
investments, $75,000,000 in demand deposits—adjusted, and
$20,000,000 in time deposits,and decreases of $91,000,000 in reserve balances
with Federal Reserve banks and $41,000,000 in
deposit balances
to the credit of domestic banks.
Canadian House Approves Tariff
Changes in CanadianAmerican Trade Treaty Placing American
Maga¬
standing
zines
On
Loans to brokers and dealers in New York
City increased $59,000,000,
loans to brokers and dealers outside New York
and
loans
on
securities
to
others
(except
City increased $7,000,000,
banks)
increased
$7,000,000.
Holdings of acceptances and commercial
real estate loans declined
and
"Other
$22,000,000
loans"
at
all
paper bought increased $8,000,000;
$1,000,000; loans to banks increased $4,000,000;
increased
reporting
$41,000,000
member
in
banks,
the
Chicago
and
district
declined
and
$29,000,000
in the New York district.
Holdings of United States government direct obligations declined $81,000,000 in the Chicago district, and $46,000,000 at all reporting member
banks, and increased $70,000,000 in the New York district.
Holdings
on
March
Free List
13
the
Canadian
Press
advices from
Conservative
Ottawa
leader,
led
controlled by a tax or embargo.
and expanded on
member
banks.
York
Holdings
of
district
"Other
and
$20,000,000 at
securities"
all
increased
reporting
$20,000,000
culties to
in the New York district, $12,000,000 in the Chicago district and $40,000,-
000 at all reporting member banks.
Demand
district,
deposits—adjusted
$17,000,000 in
all reporting
the
member banks.
at all
reporting member banks.
$24,000,000
Francisco
district,
in
and
the
Richmond
$75,000,000
at
Time deposits increased $12,000,000 in the
Philadelphia district, $7,000,000 in
At the
to
increased
San
the/New York district and $20,000,000
Deposit balances of other domestic banks
on
the
March
13
protests,
Charles Dunning, Finance Minister, insisted, that
of obligations fully guaranteed by the United States government increased
New
of
Commons,
over
R. B. Bennett,
contending that
Canadian magazines would lose circulation and that the
gates
would be reopened to unconscious influences on character.
In part, the Canadian Press accounts added:
$32,000,000 in
the
House
protests of Conservative members, passed tariff changes in
the Canadian-American Trade
Treaty putting American
magazines back on the free list.
According to Canadian
a
be fac.ed
same
reduce
duties
free tariff, although he admitted there would be diffi¬
by publishers.
on
machinery
to
Bennett defended his
1931 and
ran
tax American
national danger was
time the Finance Minister said he would
publishers, but he declined
Mr.
no
Canadian magazines had been established
as
high
as
and
production
consider appeals
supplies
for
Canadian
forecast the contents of the budget.
magazine tariffs, which went into effect in
15 cents
a
copy.
He said they
were
designed to
publishers who made money in Canada and to decrease cir¬
culation in this country and thus soften the effect
on
the national character.
American popular magazines circulated in Oanada, Mr.
contain high-class advertising in large quantities, some
of dollars
a
Bennett said*
costing thousands
page.
Royal Dutch Co., caused
In December last year the Amsterdam District Jugde, in the stock¬
holders case against the Royal Dutch, ordered the company to pay coupons
on
of the pact by the
Press advices from
Ottawa, March 10, to the Toronto "Globe" of March 11,
Netherlands
page 1726.
In reporting the ratification
House of Commons that day, Canadian
Enlisting the support of
in the House excepting Conservatives,
every one
Voting with 155 Liberals were
members, 12 Social Creditors, and 1 Beconstructionist.
ratification gained 175 votes, to 39 against.
C. C. F.
weeks of debate in which 45 members spoke
The division ended two
hundreds of thousands of words for and against the treaty ,
ated between Washington and
the first negoti¬
Interest claims in respect to the
Dutch 4%
inasmuch
as
Batavian
Petroleum issue,
tariff
Decree
Rules
Blocked Marks—May
for Exports,
on
Be
A wireless account from Berlin, Germany, March 6,
appearing in the New York "Times" of March 9, had the
following to say:
Dr. TTjaimar Schacht's recent currency measures
the restriction of trade by barter, on
have been confined to
the ground that goods for which
Germany easily could get foreign currency were being exchanged for im¬
ports of an unwanted character, and to
permitting, under certain condi¬
of the so-called foreigners' "special-account marks" for pay¬
ment of German exports to any
country.
of their respective owners. Ex¬
porters had declared that such an amendment of the regulations would
benefit exports as a whole, and thereby would help to relieve the exchange
payment for exports to the countries
tension.
There
of
prospects
are
30%
were
exports
improving.
In
January
authorities when asked, say the total amount
The Royal
New York.
or
Court
only in dollars,
payable only in the United States.
are
The
of $25,000,000.
outstanding in the amount
Effecting Changes in Italian Banking SystemBanks Remain Unchanged—-State Given
Institutions
Reich
pulsory return of all debts exceeding 5,000 marks.
March 3 issued
on
a
decree reorgan¬
as a
bank of emission.
Luigi Podesta, delegate of the Italian National Institute of
Exchange, explained the new decree in detail in an interview
published March 10 in "Progresso Italo-Americano'' of New
York City. We quote in part from that interview as follows:
Q.-Several foreign newspapers have published that the private banks have
been abolished in Italy.
of foreign liabilities no longer
precisely, and that, therefore, they have decreed a pew com¬
known
and the claim, against the
izing the country's banking system by transforming the four
largest banks in Italy from banks similar to the large Ameri¬
can institutions into organizations somewhat resembling the
Federal Reserve Banks, although under greater Government
control.
The four banks affected by the order are the Bank
Of Italy, the Credito Italiana, the Banca Commerciale
Italiana and the Banco di Roma.
The decree provides that
these institutions must pay off stockholders and liquidate re¬
serves, when they will then be subscribed to by the semiGovernmental credit institutes.
The Bank of Italy will
henceforth control all banking policy and credit, and will
machinery
the average monthly figure for 1935.
above
coupons
dismissed at that time.
Private
continue its function
blocked marks were accepted by Germany only as
Originally these
these bonds
The Italian Cabinet
Used in Certain Cases to Pay
tions, the ufe
unpaid
were
outstanding in the amount of $40,000,000,
Greater Control Over Four Leading
The House to-morrow will start reviewing the tariff
Eases
Germany
as
yielded 1% points yesterday on the New York Stock Exchange to 107%.
and this may not be for another
^
is
are
In the case of the Batavian Petroleum 4)4% bonds, however, the
changes in committee stage.
exports
Trading Society
dollar bonds
decided that servicing of that issue could be demanded
Although ratified, the agreement will not have the force of law
until Parliament passes the necessary bill,
10 days.
of gold,
Ottawa in 70 years.
Many provisions of the treaty went into effect Jan. 1, including all
changes.
or
the 4% bonds in dollars of current value instead of in terms
provided in the bond indenture.
payable either in Amsterdam
said: y
week
rise of 27)4 points in those bonds on .the New
a
York Stock Exchange to a new high record of 145.
The trade agreement was approved by the Canadian House
of Commons on March 10, as noted in our issue of March 14,
seven
1903
Financial Chronicle
Volume 142
Is it true.
A.-No, it is not at all so: all the banks, and there
are a
great number of
them, having branches in not more than 30 provinces of the Kingdom of
Italy, remain absolutely unchanged, and will continue to meet,
as
they have
done in the past, the credit needs of each region.
Swiss
30,000,000
Francs
Withdrawn
Bank for
from
International Settlements for Payment to Creditors
of Vienna Creditanstalt
following wireless account from Basle, Switzerland,
March 4, to the New York "Times" of March 5, bears on
the statement of condition of the Bank for International
Settlements as of Feb. 29, which appeared in the "Chronicle"
of March 14, page 1726:
s
International Settlements totaled 689.490,917
Swiss francs at the end of February, the monthly statement, issued to-day,
shows.
This is
for by the
a
decrease of 15,000,000 francs since January, accounted
winding up of
"live claims"
a
30,000,000-frank account in final settlement of
of creditors of the Vienna Creditanstalt.
This marks the
liquidation of the collapse of the bank of 1931 that started the world's
monetary debacle in which the
World Bank's funds dropped from
a
peak of
2.000,000,000 francs to their present level.
An increase in Central Bank deposits offset nearly half of this loss by
the Austrian
Otherwise the statement shows no great change
liquidation.
in the Bank's
A.-These three institutions, exercising their activities in more than 30
provinces of the Kingdom of Italy and having therefore
The
Funds of the Bank for
Q.—What will become of the Banca Commerciale Italiana, the Credito
Italiano, and the Banco di Roma.
Istituto di San Paolo di Torino, and the stockholders will be reimbursed for
their holdings.
It is advisable to recall, in this connection, that the public-body institu¬
tions—a product of an
no
ject to the supervision of the Government, and have fixed duties of national
interest, but they are autonomous and not State bodies.
So much so that,
in the interesting volume published in New York by Willis and Beckhart
"Foreign Banking Systems" the Banco di Napoli and the Banco di Sicilia
defined not State Banks, but "autonomous public credit institutions
are
.
.
foundations in the real sense of the word."
.
It is therefore erroneous
to define the transformation of the Banca Commerciale
Italiano and Banco di Roma into
zation of
our
Italiana, Credito
public credit institutions
Italian banking system.
as
the nationali¬
.
The Banca d'ltalia, while empowered to issue banknotes and to exercise
all the rights proper to a Bank of Issue, was a joint stock company with an
authorized capital of 500,000,000 lire of which 300,000,000 was paid up,
whose shares were listed in the Stock
Exchanges and owned by private
investors.
In accordance with the new rulings, the Banca d'ltalia is also transformed
Netherlands Supreme Court Upholds Gold Clause in
Case of Royal Dutch Dollar Bonds—Ruling How¬
Applicable in Case of Batavian Petroleum
Co
into
a
public-body institution, and its shares will be refunded to the owners
at the price of 1,300
1935.
lire each.
This figure includes the dividend for the
Amsterdam.
public-body banks.
The Hague Court to order
In January the Appeal
instructing.
In other words, the
new
"moral entities" and other
shares of the Banca d'ltalia—
the registration of which, as with the old shares, is
owned by private
individuals
or
compulsory—cannotjbe
corporations, but only by said bodies of a
non-profit character.
This is somewhat similar to the conditions existing in the
in regard to the Federal Reserve Banks,
United States
the shares of which cannot be owned
by third parties, but only by the Banks which are members of the Federal
Reserve System.
The case was ordered retried—tantamount it was said, to
year
The new capital of 300,000,000 lire entirely paid up will be sub¬
scribed to by April 15th next by the Savings Banks, the Institutes of Credit
and Provident Loans, insurance companies,
Hague Appeal Court up-holding repay¬
ment of the Royal Dutch gold clause dollar bonds in depre¬
ciated dollars was reversed by the Netherlands Supfeme
Court.
On March 13, according to press advices from
Amsterdam on that date.
Regarding the ruling the Chicago
"Journal
of
Commerce"
reported "the following from
A decision of The
to pay
interesting evolution of the Italian laws that has
counterpart In any other legislation—are created by Decree-Laws and sub¬
♦
not
national character,
di Napoli, Banco di Sicilia, Banca Nazionale del Lavoro, Monte dei Paschi,
position.
A recent agreement of the Austrian Government to pay
foreign creditors of the Creditanstalt was referred to in
these columns of Feb. 8, page 868.
ever
a
transformed from joint stock companies to public bodies like the Banco
are
Like the Federal Reserve Banks the Banca d'ltalia will
grant loans on government or government-guaranteed securities and will re¬
the company to pay dollar loan service in gold.
discount commercial paper.
Court at Hague upheld the company's refusal
rediscount directly for the public as formerly, but for the banks, becoming
interest and principal on its gold clause bonds in old gold dollars.
thus the Bank of Banks.
This means that the Banca d'ltalia will not
The Banca d'ltalia will continue, however, to
To-day's action represented a victory for the Amsterdam Stock Exchange,
grant loans to the public against government or government-guaranteed
which had pressed for gold payments.
securities.
The Court, However,
bonds
of
Batavian
rejected the plea of the stock exchange that dollar
should besimilarly treated.
The ruling
Petroleum
permits the company to pay interest and principal in depreciated dollars.
The Supreme Court based the Royal Dutch judgment on the view that
the $40,000,000 loan has an
dam is the only
held that
a
international character, inasmuch
plane of collection of principal and interest.
as
Amster¬
The Court
Dutch judge may not apply the American law if this law by
partly annuling conctractual obligations conflicts with Dutch law.
There¬
fore, the joint resolution of the
American Congress cancelling the gold
clause in all Federal and private
As to the three Italian Trust
Companies, Mr. Podesta
said:
The Banco di Napoli Trust Company, the Banco di Sicilia TrustOompany
as
and the Banca Commerciale Italiana Trust Company are controlled,
is known,
by Italian interests identified with their
names
but, legally,
they are American institutions, governed by the laws of the State of New
York under the supervision of whose authorities they operate and therefore
their positions is not at all
changed by the new rulings adopted in Italy.
obligations is not appUcable to Holland,
as
it is an infringement on payment
rights of Amsterdam.
However, in the case of the $25,000,000 issue of Batavian Petroleum
Co., an affiliate of Royal Dutch, the joint resolution of the American
Congress is applicable because, it was held, New York is the only place
for payment of
principal and interest.
tween Dutch and
was
Therefore, there is
no conflict be¬
American law upon which a Dutch Court could rule, it
held.
Recognition by United States of Paraguayan Govern¬
ment-—President Roosevelt Extends to Provisional
Col. Franco Invitation to Participate
Proposed Pan-American Peace Conference
President
in
Following formal recognition by the United States on
14 of the New Paraguayan government
under
March
Commenting on the Netheriand Court's ruling and its
effect, the New York "Times" of Marjeh 14 said:
Col. Rafael Franco, Provisional President, an invitation was
extended by President Roosevelt to Colonel Franco to
Bonds Rise in New York
participate in the proposed Pan-American peace conference.
Besides the United States, five Latin American nations, all
members of the Chaco Peace Conference, have accorded
The decision yesterday by the
Netherlands High Council (or Supreme
Court) upholding the gold clause in the servicing of the 4 % bonds of the
1904
Financial
Chronicle
recognition to the Provisional Government of Paraguay. As
to ceremonies incident to formal recognition, Associated
Press accounts from Washington March 14 had the follow¬
ing to say:
Representatives of the six nations—which comprised
co-operate enthusiastically in order to assure the successful achievement of
the purposes indicated by the President in his recent letter.
the
at
House, along
Government
with
Many of the letters contain specific suggestions as to the program which
should be undertaken In the proposed conference, and some of the govern¬
ments have informed us that more detailed and
Provisional President
All of the governments have expressed their accord with the
Simultaneously with the recognition, the Paraguayan Executive promul¬
a
mass
way as soon as the neutrals can rush the
arrangements.
w
I
ill get under
.
The protocol for exchange of prisoners was made nominally effective last
joint Bolivian-Paraguayan gesture of releasing three officers
a
offering Buenos Aires as the seat of the proposed
I esteem it as a great honor, for which
holding the conference in its midst.
deeply grateful."
am
government, the
recognition of the Franco
exchange of prisoners held by Bolivia and Paraguay
Sunday in
"I take pleasure in
conference, accepting the suggestion which Your Excellency formulated of
addition to Cuba and Mexico, which extended recognition previously.
result of the neutrals'
President's
Argentina, in his reply, has said:
*
Great Britain, Germany, France and Spain also recognized Paraguay, in
a
the President of
"state of
peace" With Bolivia, which fought Paraguay in the Chaco hostilities.
to the
as
suggestion that the conference be called to convene in Buenos Aires, and
decree ending the state of war which had existed in the country
since he took power, and also proclaimed re-establishment of a
As
specific suggestions
agenda would be communicated shortly through diplomatic channels.
Franco and members of his Cabinet.
gated
of the
President's letter.
ing in carrying out peace terms of the Ohaco War—were present at the
ceremony
The majority
of the letters received were written within 48 hours after the receipt
neutral group aid¬
a
1936
March 21
An item
>
the proposed conference appeared in
these columns Feb. 22, page 1214, while the signing of the
Chaco peace protocol was referred to on page 1210 of the
bearing
on
issue.
same
each.
The conclusion of the ceremony was followed by the
dispatch by President Roosevelt on March 14 of a personal
message, as follows, to Provisional President Franco:
I have the honor to acknowledge the
faithfully to
government
Protective Committee
receipt of Your Excellency's cabled
I learned from Your Excellency's message
carry
of the determination of your
out its international obligations and to
know that in accordance with that decision the government
of Paraguay
Deposits Funds for Benefit of Holders of 8%
External Dollar Bonds of 1947—Announcement of
Bolivian
The
It has been with the utmost satisfaction that
communication of March 5.
is
Bolivia
ized
This
funds
government has therefore reached the conclusion, after consulta¬
republics represented at
Aires, that it is the expressed intention of
Your Excellency's government to respect in every way the peace protocols
signed in Buenos Aires
I have,
the United
that
on
consequently,
States in Paraguay to inform Your Excellency's
the government of the United States
will be pleased to maintain with
the government of Paraguay the friendly relations that have been
between
two countries.
our
traditional
welfare and prosperity of the people of the Republic of
FRANKLIN
ROOSEVELT.
York
Paraguay
native land closely united in constituting a new
political situation created by the events of the 17th of February last, I
President
This
of the
Provisional
United
States
government
of America.
unanimous support of all the Paraquayan
faithfully to
carry out
.
of
purpose
8%
could
sinking
not
.
people having given its attention
declarations regarding its
international obligations and pacts in force as
of
the
for
their
committee is
as
well
as
ascertaining
fund
of
Bolivia
now
bonds to
thereon,
good
advised
by the trustee that
other
now
and
their
pledged
funds,
be
the
on
the
due
securities
of
the
in the Central
pledged by the Bolivian
these bonds.
on
to ascertain from the Bolivian
the trust agreement
in
interest and
available
on
of approximately
currency
the
to
integrity
American
the
of
underlying
principal amortization
citizens
Bolivian
who
in
government
in these bonds.
savings
The holders
made
reliance
in
Pro¬
of
Bolivia,
of
a sum
in Bolivian
certain
on
guarantee the payment of
cannot
faith
invested
Minister
Republic
the
of
is the further purpose of the committee
why
the
with the trustee bank in New
as
gbvernment for the payment of its obligation
government
with
whether the service charges
gold bonds
dividends
as
Bondholders
last, the Bolivian
10
communication
be paid.
now
The committee is
character
16 days ago with the
constituted
was
from the first moment to the issuing of official
will
.
the
for
defaulted
the
have the high honor to address myself to Your Excellency in your
as
in
Paraguay.
In the name of the Provisional Government of the Republic of
my
Feb.
on
been
has
6,000,000 bolivianos has been deposited
by President Roosevelt:
people of
organization,
Republic of Bolivia in Washington
It
the
its
Bank
D.
deposited
now
are
The statement
best wishes for the
From Colonel Franco the following message was received
and
currency
Paz.
Committee
tective
Your Excellency the assur¬
of my highest consideration and to express my
Bolivian
in La
follows:
1947,
*
I avail myself of this occasion to extend to
ances
in
Since
government
a
16, advises holders of Republic of
8% external dollar bonds of 1947 that substantial
benefit
June 12 1935, and on Jan. 21 1936.
with much pleasure, instructed the Minister of
organ¬
March
issued
statement
Bolivia
the peace conference at Buenos
Committee,
Gerard, former United States Ambassador to Germany, in
proceeding without delay with the repatriation of its prisoners of war.
tion with the governments of the other American
Protective
Bondholders
month ago under the chairmanship of James W.
over a
than
more
$4,000,000 in face value of the
Bolivian 8% bonds have already corresponded with the com¬
mittee, Albert
F.
Coyle, Secretary of the Committee, 220
York, reports.
A large number of letters
have also been received from holders of Bolivian 7% bonds
Broadway, New
organization of the State and the resolution to proceed without delay with
requesting that the committee extend its protection to these
issues.
A study of the other Bolivian bonds in default is
the repatriation of
now
well
as
with
regard to democratic principles which will guide the new
the captives of war.
Notwithstanding such antecedents and the firm consolidation of public
tranquility, until now there has not been re-establishment of official relations
with Your Excellency's government and with the Peace
consequence
^agreed
my
government
Conference and in
feels legitimate fears that the time periods
being made by the committee, it is stated, and an early
on this subject will be made.
Formation of the pro¬
report
tective
responsibility arising therefrom, being assured that it has thus given one
proof of its spirit of peace, of justice and of right and of its eagerness
for fraternal collaboration with friendly nations
for the peace of our peoples.
which
so
earnestly labor
I avail myself of this opportunity to greet
Your Excellency with my highest and most distinguished consideration.
outlining bis policies on March 14 Colonel Franco,
according to Associated Press accounts from Asuncion,
Paraguay, said in part:
The Paraguayan government will not copy any of
tions of other countries.
the present constitu¬
of them in order to give to the
new
national organization the
and our race together with the spirit of
modern government.
the Paraguayan State will not be Communist, Fascist
way,
Nazi and it will not adopt any of these political forms.
representative functional
be created.
democracy,
.
.
Subscribers offered to take them at annual interest rates
varying from
2H to 3%.
The issue
The
was
the
offered to pay off short-term notes maturing on March 10.
government accepted subscriptions
rates hp to
government's
financial
situation,
pesos at the end of
ment indicated
that
his recent
suggestion for the holding
addressed to the heads of Latin
American governments, has brought responses approving the
proposal and making loiown the desire to co-operate in the
plans.
The White House statement follows:
a
peace
Replies have
conference,
now
The letter
addressed by the President to the former President of Paraguay was not
received until just after the recent overturn of government in Paraguay.
Owing to the fact that the new government has just been recognized
by
the United States, it has been possible only within the last few days for the
President to send
a
similar letter to the new President of Paraguay.
The
government of Paraguay, however, has officially stated to the press that
if and when Colonel Franco, the new President
a
of Paraguay, receives such
letter from the President of the United States, he would be glad to reply
immediately expressing his desire to
co-operate in the proposed inter-
American conference.
All of the replies received have
February, compared to 125.000,000
pesos of this increase was due to heavier
Collections of internal
of the President's suggestions and the
National
desire of the American republics to
show
to
be
pesos on the same
revenue
payments for amortization of the
Government
year,
period last year.
taxes under the new arangement
collects
all
such
taxes
instead
of
by which
permitting
produced 26,000,000 pesos in January and
compared with only 11,000,000 pesos in the
Increased revenue also
was
reported
under
all
same
other
headings, including customs duties, income tax, sales tax and postal and
telegraphic revenue.
Increase Noted in Short Interest
on
New York Stock
Exchange During February
The
total
business
on
short
interest
existing
as
of
the opening
of
Feb. 28, as compiled from information secured
by the New York Stock Exchange from its members, was
1,246,715 shares, it was announced by the Exchange on
March 17.
This compares with 1,103,399 shares
existing
as
of Jan. 31.
The following tabulation shows the short interest
existing
at the close of each month since the beginning of 1935:
1935—
Jan.
1935—
31
Feb. 28
Mar. 29
expressed the full and cordial approbation
reports
public debt.
been received from the Presidents of all of the American
republics with the exception of the Republic of Paraguay.
latest
Expenditures increased by 23%, but all except 5,000,000
February of this
White House state¬
which
The Treasury's report for the first two months of this year
collections by the Provinces,
a
off the balance of 13,-
increase of 20% in cash receipts, which amounted to 150,500,000
an
the
the new Paraguayan State.
pay
The heavy subscription reflected the confidence financial circles feel in
the
flourishing.
It is essential to add, however, that definite adoption of these principles
On March 17 President Roosevelt in
17.000,000 pesos at interest
000,000 pepos in cash.
depends upon the will of the national convention which will be summoned
to discuss and approve
for
27A% and announced that it would
date last year.
.
Popular soveriegnty
conveniently adjusted to
17,000,000 Pesos
offering by the Argentine Government of 30,000,000
of short-term Treasury notes was over-subscribed by
20%, it was stated in cablegram advices from Buenos Aires,
March 6, special to the New York "Times" of March 7.
organization of the State, will be the basis of the new political structure.
of
15,
An
shows
A constitutional dictatorship will not
and
Feb.
pesos
It will, however, take advantage of the experience,
basic substance of our country
a
of
The advices said:
In
In such
issue
our
Notes Over-Subscribed—Tenders of
RAFAEL FRANCO.
nor
in
Accepted
Your Excellency in order to state that it disassociates itself from any
of every one
noted
Argentine Offering of 30,000,000 Pesos of Short-Term
my government sees itself under the necessity of having recourse directly
more
was
in the peace pacts may come to an end without its being
upon
possible to give fulfilment to undertakings despite our firm will to do.
In view of the possibility of so regrettable a circumstance occurring,
to
committee
1042.
page
Apr. 30
May 31.
__
764,854
741,513
760,678
772,230
768,199
June 28
July
31
Aug. 30
Sept. 30
Oct.
31
1935
840,537
870,813
998,872
913,620
930,219
Nov. 29
Dec. 31
1,032,788
927,028
1936—
Jan.
31
Feb.
28......1,246,715
927,028
/
Financial
Volume 142
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The
monthly list of companies listed
the New York
on
Stock Exchange reporting changes in the reacquired holdings
of their own stock was issued by the Exchange on March 19.
A
previous list was given in our issue of Feb. 15, page 1042.
The following is the list made available March 19:
The
companies
following
have
reported
in
changes
the
amount
of
reacquired stock held as heretofore reported by the Committee on Stock
List:
Previously
per
American Hide & Leather Co.
vided that other and independent underwriters have a
participation in the
identical terms.
on
The first change lim.its the original
exemption by extending the specified
interlocking relationships to include officers and directors of issuers serving
employees, appointees, nominees,
as
representatives of the underwriters.
or
This change is to Decom.e effective April 20
1936 but will not apply to dis¬
tributions begun prior to that date.
The second
change in the rule enlarges the scope of the original exemption
by making it available,
specified conditions, to any person who, with a
on
(common, $1 par)____...
(6% preferred)
(common)..
(common)
324
81
__
Archer-Daniels-Midland
Barnsdall Corp.
Co.
(common)
Co. (preferred)
1,817
134,482
4,000
15,167
6,590
1,195
38,047
74,467
1,668
6,365
2,349
834
27,109
4,675
2,400
...
Beatrice Creamery
(common)
(7% preferred)
Century Ribbon Mills, Inc. (preferred)
Bristol-Myers Co
Bucyrus-Erie Co
Childs Co. (common
Columbia Gas & Electric Corp. (common)
Columbia Gas & Electric Corp. (5% preferred)..
Columbia Gas & Electric Corp. (6% preferred)
Detroit Edison Co.
(common)
Electric Power & Light Corp.
(oommon)
General Asphalt Co. (common)
Hat Corp. of America (preferred)
Hercules Motors Corp.
(common)
Kresge Department Stores, Inc.
Maracaibo Oil Exploration Corp.
(8% preferred)
(capital)
(common)
(common)
Real Silk Hosiery Mills, Inc. (common)
Sheaffer Pen Co., W. A. (common)
Standard Oil Co. (Indiana) (capital).
Sterling Products (Inc.) (capital)
Superheater Co. (common)
Co., Ltd.
Morris &
15,178
6,608
1,235
38,097
81,085
1,793
8,391
2,250
835
25,110
4,685
1,900
4,994
20,000
3,710
33,054
439
15,345
4,243
26,956
1,774
99,982
33,030
The Texas Corp.
(Philip)
-
Tide Water Associated Oil Co.
United States Leather Co.
(common)
».
(vot. trust ctfs., prior preference)
Utilities Power & Light Corp.
(class A)
Wheeling Steel Corp. (preferred)
Initial report,
511,204
347,521
11,612
13,042
1,459
b Company also holds 1,813 shares Of 7% preferred (old) which
Extends
Owned
Leased
or
Commission
on
♦
Filing
of
Registration
1959 to
announced
March
on
by the Securities and Exchange Commission on
The total involved, the Commission said, is
18.
$214,642,082.97, of which $213,177,071/29 represents new;
According to the Commission, the securities involved
grouped
are
No.
follows:
as
of Issues
Commercial
3
trusts
Securities
Certificates
Increased
Exchange announced March 20 that
the short interest existing on Feb. 29 was 89,250 shares, an
increase of 21,193 shares as compared with the Jan. 31
total of 68,057 shares.
which
due
Jan.
expediting customer orders the Detroit
in operation a
According to
Frederick J. Winckler, President, the board shows up-to-theminute quotations on every stock listed on the Detroit Stock
Exchange, with the ticker tape symbols and latest price of
the stock visible from all angles of the trading floor.
The
new board was designed and installed under the supervision
of Mr. Winckler and Clark C. Wickey, Assistant to the
Gas
of
The Securities and Exchange Commission has
announced
receipts of applications from the following foreign issuers for
the permanent registration of their securities on the New
York Stock Exchange:
Republic of Peru—$8,728,000 of Republic of Peru secured 7% sinking
Dec. 1
1960. issued,"and $24,469,500 of Peruvian National Loan 6% external sink¬
ing fund gold bonds, second series, due Oct. 1 1961, issued.
trust
Railway)—£6,000,000 of the Imperial Chinese Government 5%
Hukuang Railway sinking fund gold loan of 1911, due serially from 1922 to
v
stock.
common
No.
Foreign issuers have until March 31 to apply for the per¬
registration of their securities on National securities
exchanges as required by the Securities Exchange Act of 1934.
Previous reference to applications made by other foreign gov¬
ernments was made in our issue of March 14, page 1729.
♦
Amends
Governing Exemption of Under¬
writers Otherwise Accountable to Others
March
announced
on
Electric Light
4%,
E,
mature
issuing companies for profits realized in the distribution of
The rule is applicable to indi¬
viduals acting as underwriters if they are officers, directors,
or principal stockholders of the issuer, and to underwriting
corporations or firms if they are principal stockholders of the
issuer.
The Commission, on March 19, said:
such
companies' securities.
originally adopted, it provided that if the underwriter
was'a
corpora¬
tion or firm of which an officer, director, member or principal stockholder
No.
No.
Form
2-1960,
690.)
Form
2-1965,
$5
included
A-2,
par
to April
1936
1
first mortgage bonds,
3%
$1,250,000 of
and
1955,
1
Oct.
Dairy Products
stock,
common
debentures.
L.
3%%
of
2-1966,
securities
Co.
included
the
in
A-2),
Form
covering
March
Filed
4
Davidson
C.
John
according
total,
85,000
Grier
&
of Detroit,
shares
Inc.,
Co.,
Mich.,
$1
of
of
filed
has
value
par
Biscuit
stock.
company.
Co.
111., has filed
(2-1961, Form A-2), of Mt. Vernon,
J.
E.
Canadian Capital
filed
Corp., Ltd.
registration
a
200,000 $1
shares,
$10
1946, and 68,000 shares of $1
of
Mt.
the
covering
The special shares
ordinary shares
President
of
filed
upon
the
Gotham Silk
$1
at
a
Hosiery
stock;
for
than $10
a
share, after which the
to be
are
Filed March
Co., Inc.
issued'
due
2,141
purchase 25 shares of
E.
covering
March
15
shares
common
5
of
purchase
common
debentures
the
City,
The
will
5%
10-year
of
stock
entitle
no
par
scrip
and
warrants,
stock.
and
of
shares
53,525
purchase
the holders
stock at $12 a share until March 15 1946.
Summerfield, of New York City, is President of the
6
Montreal,
1936.
$2,141,000
1946;
stock
common
attached to
to
March
holders of
to
(2-1964, Form A-2), of New York
statement
fractional
to be
are
special
ordinary stock
100,000
Fred George Donaldson, of
share.
corporation.
debenturees,
common
Canada,
value
par
redemption thereof and will entitle them to purchase
registration
a
fund
of Montreal,
offered to the public at
to be
are
more
The purchase warrants
the
warrants
the
of
be increased to net the corporation approximately 90%
may
special stock
value
sinking
value
par
is President
$1
100,000
value ordinary shares, and
par
value.
asset
sinking
111.,
Vernon,
(2-1962, Form A-l),
statement
share until the asset value is
a
offering price
has
Davidson,
Filed March 5 1936.
company.
has
a
common
principal
Detroit,
1936.
bonds, series B, due March 1
common
the
to the
registration statement covering $200,000 of first mortgage 5%%
fund
par
to
subscribe
to
follows :
(2-1959,
statement
stock.
no
2-1976, Form A-2, included in Release No. 698.)
as
are
Jacobs
certificates
subscription
due
debentures,
is the
underwriter, and Rex C. Jacobs, of Detroit, is President of the
capital
to
notes
coupon
(Docket No.
1941.
1
Corp.—$62,545,500
and
(Docket No.
Other
is
value
Release
in
with attached stock purchase warrants for 625,455 shares of
1951,
value
of
A-2,
included in Release No. 695.)
National
a
serially
to mature
notes
No.
Power Co.—$3,600,000 of
&
due Dec.
serially from
Form A-2,
19 that it has amended its rule NB2, making two
changes in its provisions. The rule exempts from Section 16
(b) of the Securities Exchange Act of 1934, transactions of
certain underwriters who otherwise would be accountable to
serial
.(Docket
691.)
S.
The Securities and Exchange Commission
4%
of
1946.
1
692.)
Iowa
series
certificates
Rule
ap¬
Associates—$75,000,000 of
(Docket
the
manent
releases
Transportation Corp.—169,600 shares of
purchase warrants.
Hukuang Railway (also called the Hunan Hupeh Section of the Canton-
April
Fuel
&
General American
due Sept. 1 1959, issued; $48,383,000 of Peruvian
National Loan 6% external sinking fund gold bonds, first series, due
(the
published
first mortgage and col¬
bonds, series A, 4%, due March 1 1956.
(Docket No. 2-1963,
registration
Peru Apply for Permanent Registration
Securities on New York Stock Exchange
been
$1,040,000
to
A-2, included in Release
F.
China and
SEC
1936
Commission,
President.
1951, issued.
273,551.68
1,191,460.00
:
deposit
have
and
1961,
1
Eastern
For the purpose of
Stock Exchange, Detroit, Mich., has placed
new
modern
manual
quotation
board.
1
Oct.
from
lateral
Quotation Board Installed by Detroit Stock
^Exchange—Prompted by Increased Trading
releases
included in Release No.
New
Hankow
8,625,002.57
i
reorganiation
of
peared in the "Chronicle" of March 14, pages 1727-1729) :
Iowa Electric Co.—$3,750,000 of first
mortgage bonds, series A, 4%,
Form
fund gold bonds of 1927,
in
The SEC said that the total includes the following issues
During February
The New York Curb
industrial
and
Investment
2
time 1,155,447 shares.
Total
$204,552,068.72
Type
21
total of 1,270,207
New York Curb Exchange
(Nos.
registration statements
of 28 additional
issues.
for
Short Interest
Securities
1986, inclusive) under the Securities Act of 1933 was
Refining Co. outstanding the Texas Corp.
has acquired and holds at the present
Under
Statements
Act
2
shares of common stock of Indian
by Other Than Original Issuer
made by the Securities and Exchange
March 19 that it has extended to April 30
was
1936, the temporary exemption from registration provided in
Rule AN9.
This temporary exemption from registration
applies to certain issues secured by property owned or leased
by a person other than the original issuer.
A previous extension of the temporary exemption was
noted in our issue of Jan. 4, page 46.
shown above.
a
This second change is to
April 30 Temporary Exemption from
of Securities Secured by Property,
to
Announcement
exchangeable for a total of 1,813 shares of new 6% preferred stock and 7,252
of common stock SI par value.
These amounts are in addition to those
of
the
imm.ediately.
Registration
shares
Notice has been received from the Texas Corp. that
than 10% of the equity securities of
m.cre
parent/subsidiary, or commonly controlled affiliate, or from
The filing
2,751
88,485
35,030
103,900
511,192
340,747
11,712
13,050
1,415
108,576
(capital)
SEC
30,134
r,
Maytag Co. (1st preferred)
McGraw Hill Publishing Co., Inc.
issuer from its
become effective
7,300
1,767
25,000
...
Latesi
distribution, acquires
individuals in similar relationships to the issuer.
American Home Products Corp.
As
the issuer
director of the issuer, it need not account to
502,762
51,189
b876
b469
502,014
52,049
(common)
American Hide & Leather Co.
are
or
Report
Reported
Name—
Adams Express Co. (common)
Allis Chalmers Manufacturing Co.
a
officer
an
underwriting of at least 50%
view to
Shares
Shares
a
also
was
for profits realized in the distribution of a security for the company, pro¬
«
'
a
1905
Chronicle
Filed
company.
1936.
Keystone Custodian Funds, Inc. (2-1967, Form C-l), of Philadelphia, Pa.,
has
filed
registration
a
Custodian Fund,
statement
tenth appreciation warrants.
based
on
March 6
a
filed
shares,
"sales
price"
a
Corp
filed
of
shares
of
of
Keystone
attached nine-
The aggregate offering price is $5,000,003.07,
$26.21
a
(2-1968,
a
share
Form
as
of
March
2
Filed
1936.
C-l),
of
Jersey
City,
N.
J.,
registration statement covering 427,350 trusteed American Bank
series
B.
Filed
American Business
has
value
190,767
1936.
Administrative
has
covering
series B-3, certificates of participation with
March
6
1936.
Shares, Inc. (2-1969, Form A-l), of Jersey City, N. J.,
iegistration
statement
covering
2,500,000
shares
of
50c.
par
capital stock, to be offered at the issue price plus a premium of 9%%
such
price.
•
As of
Feb.
25
1936,
the
offering price
would have been
1906
$1.25
Inc., of
$3,125,000 for the 2,500,000 shares.
or
Jersey City,
writers.
tion.
Financial
share,
a
Leon
Filed March
Zem
Zem
registration
and1
to be
Inc.,
of
York
of
Lord, Abbett & Co.,
&
Co., Chicago, are the under¬
Y., is President of the corpora¬
N.
Form A-l),
covering
5,000
and'one share of
McClenaghan,
Hughes
is
Rahway,
N.
no
par
value
class B
J.,
principal
is
underwriter,
President
the
of
a
cumulative
statement
convertible
stock.
The
share for share
ferred
preferred stock
share.
a
25,000
shares
of
$5
In
Filed
price not less than
any
$10
In lieu of offering for sale
the
share
a
on
in
a
Co., of Chicago, and Edward D.
Evanston, 111., is President of the company.
Lake Gold
Jones &
Co., of St. Louis.
F.
G.
a
Fox,
Filed March 7 1936.
Edwin
Carew
capital stock.
a
permit
(2-1974, Form A-l), of Los Angeles,
registration statement covering 40,000 shares of $25
par
capital stock and 80,000 shares of 25c. par value common
The preferred; stock is to be offered
publicly at par. Under
by the Commissioner of Corporations of the State of
the
officers
share
to
are
,
of
preferred
be
held
stock
in
the
share-for-share basis.
corporation.
and
Filed
directors
of
the
corporation
stock at par on the basis of
common
sold.
The
remaining 40,000
one
purchase
may
share for each
shares
of
the redemption of the preferred on a
Woodruff, of Los Angeles, is President of the
H.
9
ing
stock,
1936.
of which
18,072 shares
are
presently outstand¬
20,625 shares are reserved for the conversion of the
company's
mortgage convertible 5%% sinking fund bonds.
Th. R. Knudsen, of
Glendale, Calif., is President of the company.
Filed March 9 1936.
Rogue River Timber Co. (2-1977, Form E-l), of Klamath
Falls, Ore.,
has filed a registration statement
covering $415,900 of First mortgage 6%
sinking fund bonds, due Feb. 1 1942, under a plan by which the date of
maturity of precently outstanding bonds is to be extended from Feb. 1 1937
1942.
Filed March
10
1936.
Melville Shoe Corp.
(2-1978, Form A-2), of New York City, has filed a
registration statement covering 22,287 shares of
$100 par value 4%%
cumulative convertible preferred
stock; 33,430 shares of no par value
common
stock, and subscription warrants evidencing the right to
purchase
the
preferred stock.
and the
all
be
to
are
The preferred stock is convertible
stock is reserved for conversion.
The
common
issued:
to
shares not taken
holders
E.
A.
the
of
first
Pierce
&
until
Jan.
subscription
by them
preferred
Co.
stockholders
common
and
stock,
Cassatt
principal underwriters.
of
record
to be offered, on
are
which
&
Ward
is
to
be
on
April 6
April
called
1
1945,
warrants
1936,
Filed
Form
March
A-2),
10
and
stock
of
the
United
Telephone
Electric
1936.
L.
registration statement
to
be
offered
covering 3,214 shares
no
par
value
of
common
$100
stock.
par
the
to the
issuer
Costa
of
indebtedness of the Costa Corp. to
officers, which the issuer agreed1 to pay. Filed March 12
1936.
United Telephone & Electric Co.
7% Stockholders Protective Committee
(2-1983, Form D-l), of Manhattan, Kan., has filed a
registration state¬
ment covering the issuance of
certificates of deposit for
$4,163,000 of 7%
preferred stock of the United Telephone & Electric
Co.
(Miss) Gertrude
Cordts is Secretary of the committee.
Filed March 13 1936.
McKale's, Inc. (2-1984, Form A-2), of Seattle,
Wash., has filed a regis¬
tration statement
covering 18,921 shares of no par value non-cumulative
stock,
to
McKale, of Seattle,
be
offered
at
is President
Southland Investment
a
proposed
of the
Co.> Inc.
price
corporation.
of
$15
share.
Earl
Filed March 11
1936.
a
(2-1985, Form A-l), of Shreveport, La.,
has
filed a registration statement
covering $500,000 of self-liquidating
collateral trust notes maturing in
four, eight and 12 months, and
bearing
interest at the rate of 8% from
maturity. All of the notes are to be sold to
after
or
1961.
No premium will be paid if the bonds
are
April 1 1961.
commissions
or
to be furnished
are
the,
by amendment?
to the registration statement.
'
C. M. Brewer, of Medford,
Ore., is President of the company.
♦
SEC
Adopts Rule Covering Changes in!Fiscal Year of
Registered Issuers—Interim Report Required in
Some Instances
A
new rule
covering changes in the fiscal year of issuers
having securities registered on a national securities ex¬
change under the Securities Exchange Act of 1934 has been
adopted by the Securities and Exchange Commission. In an
announcement issued March 14 the Commission said:
In
the
case
months
or
change would result in
more,
interim
an
an
report
unreported interim period of three
is
required
than
three
to
supply data for
that
period.
Where the
need
not be
period
filed.
is
In
of
one
such
less
the
cases
of
a
annual report
The rule
financial
company
months,
an interim report
to include data for the
company is
period in its next annual report.
No special form has been
prescribed
filing
prescribed by the
interim
for
an
interim
reports.
need
not
The
rule
report shall follow the
Commission.
further provides that if the
period is less than
statements
The rule is
be certified until
the
next
six
months, the
annual
report
is
designated KA5.
Temporary Exemption from Registration Extended
by
SEC
Certain
to
Instrument
The
as
a
Securities
Listed
Evidenced
by
Same
Security
Securities
and Exchange Commission
adopted, on
14, a rule providing a temporary
exemption from
registration under the Securities
Exchange Act of 1934 in
certain cases
where, at the time a security becomes listed
March
national securities exchange as a
registered or exempted
security, the instrument evidencing the listed
security like¬
on a
wise evidences another
security.
Rule AN20, provides the
The
new rule, designated
exemption from Sec¬
(c) (2) of the Securities Exchange Act.
temporary
tions 12
SEC
value
its former
common
on
underwriting discounts
The stock
exchange for outstanding first refunding
mortgage 8%
gold bonds of S. S. Stafford, Inc.; for
outstanding certificates of indebted¬
ness
of the issuer; for
outstanding shares of preferred stock of
on
statement the net proceeds from the sale
The price to the public, the names of the
principal underwriters, and
(a) and 7
Adopts Form for Quarterly Reports of Banks
Claiming Exemption from Public Utility
Holding
Company Act
The
in
Corp., and for release
the
applied to the redemption of the following:
thereafter until April 1
redeemed
pre¬
Pettis
Secretary of the Committee.
Filed March 11 1936.
S. Stafford, Inc.
(File No. 2-1982, Form E-l), of New York
City,
has filed a
is
any
on
company after 30 days' notice at 107 J4 % and accrued interest if redeemed
prior to April 1 1941, and thereafter the redemption
price will be decreased
one-half of 1% a year prior to
April 1 1947, and one-fourth of 1% a year
S.
preferred stock and 13,000 shares of
to
Exchange Commission announced
filed.
Donald
is
give
passed
The balance of the proceeds is to be used for
general corporate purposes.
as a whole or in
part at the option of the
of
Co.
has
The bonds are redeemable
merely provides that
deposit for $4,837,500 of 6%
&
Commission
the
to be
are
form
redemption.
Telephone & Electric Co.' 6% Stockholders Protective
Committee
Form D-l), of Ohama, Neb., has filed a
registration statement
covering the issuance of certificates of
ferred
that
for
Detroit, Mich., has
a registration statement
covering 13,250 shares of $100 par value 5%
cumulative participating preferred stock.
The stock is to be offered to
the 7% preferred stockholders of the
company until May 1 1936, on a sharefor-share basis, and stockholders
making the exchange will be paid a $3
redemption premium on the stock surrendered in
exchange.
The remaining
stock is to be offered to the
public.
Watling, Lerchen & Hayes, of Detroit,
are
the principal
underwriters, and Frederick S. Stearns, of
Detroit, is
President of the company.
Filed March 10 1936.
Marlowe Products, Inc.
(2-1980, Form A-l), of Clifton, N. J., has filed
a
registration statement covering 96,000 shares of no
par value common
capital stock, to be offered at $10 a share.
Sey & White, of New York
City, are the principal underwriters, and Harold J.
Marlowe, of New York
City, is President of the corporation. Filed March 10 1936.
(2-1981,
the
Commission
$4,000,000 of refunding mortgage gold bonds, of which the
6M% series,
1942, is to be redeemed in May 1936, at
102% and the 6% series,
l9o2, is to be redeemed in July 1936, at 105%;
$1,500,000 of 5)4% gold debentures, series A, due
1942, to be redeemed
in May 1936, at 101)4%; *
filed
United
17
27 1936, to the
Co., Inc., both of New York City, are
Melville, of Stony Brook, Long Island,
N. Y., is President of the
corporation.
Frederick Stearns & Co.
(2-1979,
the
due
and
1
with
that the registration statement itself is correct.
or
due
first
to Feb.
filing
indicate that
par
value class A capital
Filed
$4,038,900 of first and refunding mortgage gold
bonds, series B, 6%,
due 1942, to be redeemed on
Aug. 1 1936, at 103%;
$2,436,900 of first and refunding mortgage
gold bonds, series C, 5M%.
due 1955, to be redeemed on
Aug. 1 1936, at 101.90%;
Knudsen Creamery Co. of California
(2-1975, Form A-l), of Los Angeles,
Calif., has filed a registration statement covering 38,697 shares of no
,
issue
of
act
or
According to the registration
common
treasury for
S.
March
the
approval
of the bonds
Productions, Inc.
issued
California,
the principal
said:
a
40,000 shares of the
is
corporation.
covering $13,500,000 first mortgage bonds, 4% series, due
1966.
The Commission's announcement
(Release No. 704)
statement
Letourneau, Inc. (2-1973, Form A-2), of Stockton, Calif., has filed
a
registration statement covering 137,370 shares of $1 par value common
stock, of which 56,250 shares are to be offered publicly by Dean Witter &
Co., of San Francisco, the principal underwriter.
R. G. Letourneau, of
Peoria, 111., is President of the corporation.
Filed March 9 1936.
Calif., has filed
City,
the
of
California Oregon Power Co., of San
Francisco, Calif., had filed that day a registration statement
(No. 2-1955, Form A-2) under the Securities Act of 1933
G.
value preferred
York
The last previous list of registration statements was
given
our issue of March
14, page 1728.
March
Filed March 7 1936.
R.
New
President
Mortgage
Mines, Inc.
registration
of
is
4% Bonds
(2-1972, Form A-l), of Buffalo, N. Y., has
covering 500,000 shares of $1 par value
common capital
stock, to be offered at $1.50 a share.
Financial & Security
Corp., of New York City, is the principal underwriter, and
George H.
Babcock, of Burlington, Ontario, Canada, is President of the
corporation.
filed
does
case
The Securities and
Webber-Simpson
&
Co., Inc.,
Nickerson
California Oregon Power Co Files Registration State¬
ment with SEC for
$13,500,000 of First
not
selling a portion,
all, of the preferred stock being registered, the underwriters
may, how¬
ever, offer the public a portion or all of the 25,000 shares of common
at
the then market price of the common on the
Chicago Curb Exchange or such
other exchange on which the stock
may be listed, plus an amount equivalent
to the stock exchange commission.
The underwriters are
of
&
John
pre¬
and
or
or
Blue
no
merits of the
value
par
stock
common
According to the underwriting agreement
be sold at
$10.50
and
Nickerson
and
In making available the above list the Commission said:
(2-1971, Form A-l), of Chicago, 111., has filed
covering 25,000 shares of $10 par value 6%
preferred stock is convertible into
basis.
stock may
than
more
Co.
(2-1986, Form A-l), of Jersey City, N. J., has
1936.
11
security its
registration
common
John
March
March 7 1936.
Peter Fox Brewing
offering is to be made.
registration
a
share.
William
and
corporation.
public
no
1936.
Utilities, Inc.
underwriter,
consisting of three shares of preference
at $50 a unit.
Maury-Henry Co.,
the
and!
1936
statement covering 2,000,000 shares of 50c. par value
stock, to be offered at the net asset value par share at the time of
sale plus 8%.
As of Feb. 20 1936 the "sale price" would have been 97c. a
stock.
common
11
21
common
stock,
common
City,
shares of
15,000
shares of
in units
March
private agreement,
a
March
Standard
York City, has filed a
$10 par value class A
of New
under
Filed
filed
offered
stock
New
R.
Glen Cove,
(2-1970,
statement
is
A.
banks
1936.
6
Corp.
preference stock
The stock
and
Abbett, of
Chronicle
Securities and Exchange
March 18 the
adoption
to be filed by
of the
of
a
Commission announced on
form for quarterly statements
banks,,claiming exemption from
Public
Rule 3A3-1.
the provisions
Utility Holding Company Act of 1935
Statements
are
to
be filed
on
30
under
the form within
days after the last day of
February, May, August and
November in each year
except that the first statement may
be filed at any time on or
before April 30 1936.
The form is
designated
U-3A3-1.
The
Commission's
March 18 also said:
announcement
of
Rule 3A3-1 originally
provided for statements at the end of each
calendar
quarter, but the Commission has amended it in order to
permit the making
of statements at
periods which are more convenient in view of
the clerical
work which must be
performed in banks at the close of the calendar
quarter.
The
form
public utility
as
beneficial
calls
or
for
a
statement
holding companies
owner
or
as
with
respect
of which
collateral
for
to
voting
the bank holds
certain
doubtful
securities
5%
loans.
or
of
more
With
Financial
Volume 142
respect to securities held in certain other capacities, such as that of trustee
under
trusts,
personal
which the bank holds
be filed only by
need
Statements
the meaning of
within
securities need
only those voting
10% or more.
such banks
as
included
be
Section
2(a)(7) of the Act defines a holding company as any company which directly
or indirectly owns, controls
or holds with power to vote, 10% or more of
outstanding voting securities of
public utility or holding company.
any
The text of the Commission's action
and amendment is
relating to the form
Acting pursuant to the authority granted by the Public Utility Holding
Act
Company
and
thereof,
of
1935,
and
particularly
finding such action
in the interest of
interest and
investors
3(a)(3)
Sections
and consumers,
3(a)(4)
and
and appropriate
necessary
Exchange Commission hereby adopts
the public
in
and
the Securities
Form U-3A3-1 and amends paragraph
of Rule 3A3-1 to read as follows:
(c)
Completing
South, Orrin G. Wood, President of the Investment Bankers
March 11, expressed
pleasure with the progress which the
making economically and with the feeling of
hopefulness which pervades business circles in sections of
the country remote from us, said that Boston "Transcript"
of March 11, which went on to say:
In the region around Spokane, Mr. Wood found
prescribe, file with the Com¬
form,
as the
Commission may require: provided, however, that the statement for the quarter
ending Feb. 29 1936, may be filed not later than April 30 1936.
statement on Form U-3A3-1, as required by the Instructions for said
containing the information therein specified and such further information
things booming, due in
part to the work being done in connection with the construction of the Grand
but the situation there also reflected the fact that crops in
northern Idaho last year were excellent and that good prices were received.
Seattle
later date thereafter as the Commission may by order
a
extended tour of the United States, which
Association of America and a partner in the banking firm of
Estabrook & Co., Boston, Mass., in an interview in Boston
Coulee dam,
(c) Any bank exempted under paragraph (a) of this Rule shall, within 30 days
after the last day of February, May, August and November in each year or such
mission
an
took him into the Pacific Northwest, the Southwest and the
country is
follows:
as
G. Wood,
President of Investment Bankers
Association, Cites Improvement in Business Fol¬
lowing Extended Tour of Country
holding companies
are
exemption from the necessity of registering as holding companies.
the
Orrin
of
the Act, but which, pursuant to Rule 3A3-1, claim
1907
Chronicle
of the relatively few areas in which the IBA head found
was one
business somewhat quiet.
This condition is explained partially by the fact
that the reciprocal tariff agreement with Canada has
business in
injured the lumber
Washington, with most of the timber being cut
on
the Canadian
side of the border.
Texas
Registration Statement Filed with SEC by Atlantic
Refining Co. Covering 148,000 Shares of Preferred
Stock
of the brightest spots visited by
was one
they had not felt the depression
due in
no
so
severely
Mr. Wood, where, he said,
in other parts of the country,
as
small measure to the benefits conferred by the active oil operations
in the Lone Star State.
Improvement in the country's business, as the banker found it,
The Atlantic
Refining Co. of Philadelphia, Pa., filed on
March 14 under the Securities Act of 1933 a registration
statement (No. 2-1989, Form A-2) covering 148,000 shares of
$100 par value, cumulative convertible preferred stock
series A.
The dividend rate is to be furnished by amendment
to the registration statement, the Securities and Exchange
Commission announced March 16 (in Release No.
701)
adding:
nature of a
was
in the
gradual recovery from the "hard times" rather than anything
savoring of an unhealthy boom.
Mr. Wood discovered the investment business good everywhere he went,
the only complaint in this respect being that dealers experienced difficulty
in
finding enough desirable securities to sell to their customers.
financing operations to continue at
an
He expects
active rate during the remainder of
the year, with plenty of refunding of higher interest-bearing obligations to be
taken care of in
increasing
as
coming months, and with "new money" financing gradually
business confidence gathers greater impetus.
According to the registration statement the company will reserve $14,000,000 of the net proceeds from the sale of the preferred stock to provide
for
the
purchase prior to, and payment at, maturity of its outstanding
gold debentures, due July 1
$14,000,000 of 15-year 5%
use
of the proceeds for this purpose the company may
of the United States government maturing on or
1937.
The
working
capital, and thereafter be available for general corporate purposes.
In connection with the issuance of the preferred stock, the company also
registered full and fractional share subscription warrants evidencing 2,664,000 rights to subscribe to the preferred stock; an
undetermined number of
and script certificates representing
The full and
rights In respect of fractions of shares of the common stock.
fractional share subscription warrants are to be issued pro rata to the com¬
stockholders of the company of record on April
mon
stock and script certificates are to be
1936.
—
The common
reserved for issuance upon conversion
of the preferred stock.
The principal underwriter is Edward B.
The conversion provisions,
Smith & Co., of New York City.
the price to the public, the names of other
underwriters, and the underwriting discounts or commissions
are
to be
New York Broker Proposes "Yardstick" to Enable
to
Determine
Whether
Securities
Should
SEC
furnished by amendment to the registration statement.
W. M. Irish of Philadelhpia, is
President of the company.
♦
Traded
Be
Organized Markets—B. W. Pizzini Sug¬
gests 200-Share Minimum Daily as Requirement for
Listing
on
At the request of the
Senate Committee on Banking and
Pizzini, specialist in guaranteed
railroad stocks, transmitted on March 17 a letter in which
he proposed a "yardstick" by which the Securities and Ex¬
change Commission might determine whether securities
should be traded on organized markets or over-the-counter.
Mr. Pizzini, who is senior partner of B. W. Pizzini & Co. of
New York City, was a spokesman for over-the-counter deal¬
Currency,
at
ers
B.
Winthrop
Committee's
the
addressed
Senator
to
last
hearing
Bulkley,
he
bill which would lengthen the list
The bill in question states in part
by the
Commission
ot
unlisted
or
appropriate
Neither
the
trading
will
tion
such
on
the
render
exchange
protection
Now what
these rather
of
place
the
exists
or
is
necessary
protection
of
investors.
for the
thereof
appropriate
or
the satisfaction
widespread
in
the
in
public
trading
public
I
know
privileges
interest
or
for
I
am
fully in accord with the protection
unfortunate transactions
many
But I
have
taken
do not think that it
character
of
the
security which he purchased.
can
what other people
see
As I pointed out in
my
on
are
a
recognized
paying for the
testimony this often
quite to the
(or exchanges)
in
question.
of
where
disadvantage of all concerned where the exchange
does not happen to be the primary market for the issue
The question of volume
the
principal market
seems
to
is located and
me
on
to
be the
determinant
this premise I make
my
recommendation:
"That
which
for
all
any
fails
four
a
exchanges.
over-the-counter
seems
the
a
volume of
period
be
or
200 shares
automatically
unlisted trading privileges
of public trading per day
suspended
from
trading
on
if substantial volume of daily trading develops
security which for good and sufficient reasons it
Conversely,
in
desirable in
Commission
by
average
months'
exchange
a
the public
should
have
interest to have traded
the authority
accompanied
by
on
an
exchange,
to permit listing, upon
supporting
data."
the
application
Morgan & Co. and
$458,117,133 March 4
$458,117,133, it is shown in the joint statement of condition
of the two firms, as of that date, issued March 20.
This
compares with resources of $537,943,911 Dec. 31 and $447,342,056 Oct. 1.
The earlier statements, viz.: Dec. 31 and
Oct. 1, were referred to, respectively, in our issues of Jan.
4,
page 33 and Oct. 5, page 2198.
In the statement for March 4 cash
on
hand and
on
deposit
in banks is reported at $56,500,918, compared with $105,-
581,282 and $135,343,998, respectively, Dec. 31 and Oct. 1;
holdings of Government securities as of March 4 were $279.059,715, against $317,406,918 and $195,406,676, and hold¬
ings (March 4) of State and municipal bonds and bills are
shown as $27,885,163, in comparison with $25,330,933 and
$19,909,366 on the earlier dates.
Total deposits on March 4 of $393,480,132 were below
Dec. 31 but above Oct. 1.
Deposits Dec. 31 amounted to
$472,756,877 and on Oct. 1 $385,564,300.
The March 4
deposits are made up of $369,367,208 of demand and $24,112,924 of time deposits.
Capital of the two firms is un¬
changed at $25,000,000, while surplus and partners' balances
increased to $22,863,778 March 4 from $22,312,991 Dec. 31
and $20,498,915 Oct. 1.
Withdrawal
Gold
of
Certificates
by Federal
Reserve
Bank of New York—Board of Governors of Reserve
System Indicates
January
Occasion
Prompting Action in
March number of the Federal Reserve Bulletin
In the
(made public March 20) the Board of Governors of the
Federal
Reserve
System takes occasion to discuss the
withdrawal in January by the Federal Reserve Bank of
2 billion of gold certificates from the United States
Treasury;
describing the action as "a routine operating transaction" the
Bulletin says:
On Jan. 24 1936, the Federal Reserve Bank of New
York withdrew in
gold certificates $2,000,000,000 of its balance in the gold certificate fund
held by the
United States Treasuryfor theaccountof the Board of Governors
of the Federal Reserve System.
This withdrawal
was a
routine operating
transaction resulting in the substitution of gold certificates for
payable in gold certificates.
public point of view and
no
It had
sent of the
Secretary of the Treasury,
as
as
a
a
part of
a
significance from the
or prospec¬
Reserve bank, with the
readily by drawing on
a
con¬
gold-
by the presentation of gold certificates.
the withdrawal of the gold
The occasion for
amount held by the
no
connection with gold exports, actual
tive, since gold for export may be obtained by
certificates
was
that the
New York Reserve Bank in the gold-certificate fund
had become greatly in excess of what has been customary or what is needed,
for the purpose of settling the New
banks.
•
reserves
The
purpose
York bank's
accounts with other Reserve
for which the Reserve banks hold
in the gold-certificate fund
a
part
of their
is to enable them to settle balances
themselves on the books of the Board of Governors daily by wire,
rather than to be obliged to ship currency.
In recent months the balance
among
held by the New
amount far
York bank had greatly increased to $3,400,000,000
an
larger than is necessary for the purpose of settling its balances
with other banks.
security enjoying either listed
to
P.
of
resources of J. P. Morgan & Co., New York and
Drexel & Co., Philadelphia, on March 4 were in amount of
was
About the only protection
securities.
Statement of J.
Co.—Resources
Compare with $537,943,911 Dec. 31
certificate account
transacting the business that caused the loss to the customer,
exchange is the fact that he
out
distribu¬
yardsticks by which the Commission will decide
that
investor that is gained by having a security traded
to the
of
the vicinity of such
unlisted
to
extension
&
Total
book balance
important questions?
of
of
application
such
investors.
rather the worthless
works
or
in the past in unlisted securities.
manner
to
trading activity therein
to be the
and
application shall be approved
sufficiently
admittance
necessary
of
are
investors
the
there
thereof and sufficient
exchange to
interest
letter,
proposed
His letter said, in part:
no
approved unless it is established to
that
the
that the continuation
pursuant
the public
in
it be
Commission
privileges
In his
of unlisted trading, would
that
finds
unless it
week.
said that
grant too great latitude to the SEC.
Drexel
invest in obligations
before July 1 1937.
remainder of the net proceeds will be added, in the first instance, to
shares of $25 par value common stock;
Current Joint
Pending
York bank had
The withdrawal
a
Even after the withdrawal of $2,000,000,000, the New
balance of $1,400,000,000 to its credit in the account.
is in accordance with
the authority given
in the Gola
Reserve Act of 1934, which provides that balances of the Reserve banks
held with the Treasury are payable in gold certificates issued in such form
and in such denominations
as
the Secretary of the Treasury may determine.
These gold certificates may be held in the vaults of the Reserve banks but
cannot be
is not
paid out to the public, because the circulation of gold certificates
permitted.
•
Financial
1908
This week
(March 16) -announcement was made of the
the Treasury of $800,000,000 in gold
certificates by the Federal Reserve Bank of Chicago.
withdrawal
from
prior thereto,
call
Open Market Committee Organized—M. S.
Eccles Named Chairman and G. L.
Harrison
Vice-
Chairman—Latter Also Elected Head of President's
organization meeting of the Federal Open Market
an
Committee of the Federal Reserve System, held March 19,
Marriner S. Eccles, Chairman of the Board of Governors of
the Federal
Reserve System, was elected Chairman of the
Committee and George L. Harrison, President of the New
York
Reserve
Federal
Committee
The
Bank,
was
chosen Vice-Chairman.
reorganized, effective March 1, under
provisions of the Banking Act of 1935 to consist of the seven
member of the Board of Governors of the Reserve System (at
present the Committee is composed of six members of the
Board of Govenors, the seventh member having yet to be
named by President Roosevelt), and five representatives of
the Federal Reserve banks who are to be elected annually
by the Reserve institutions.
Four representatives of the
Reserve banks already named are Mr. Harrison, M. J.
Fleming, Presidnet of the Cleveland Reserve Bank; B. A.)
McKinney, Presidnet of the Dallas Reserve Bank, and G. H.
Hamilton, President of the Kansas City Reserve Bank.
The other member is expected to be appointed shortly by the
Federal Reserve Banks of St. Louis and Chicago.
Previously
the Committee was composed wholly of the Governors (now
presidents) of the 12 Federal Reserve banks.
Mr. Harrison
was
1936
The last previous
total of $5,780,000.
a
21
issue of Feb. 22, page 1213.
our
The
following is also from the announcement issued March 14:
Foster
Clippinger, Vice-President of
department is handling
the
Fletcher Trust Co., whose bond
for the Joint Stock Bank,
refunding program
announced
to-day that holders of the 'most recently called
bonds will
have
at
par
for the
of
Council of Federal Reserve System
At
to
referred to in
was
H.
New Federal
March
Chronicle
the
bank.
Nov.
These
5%
the
cash
Such
some
due Nov.
are
adjustments
time ago by the directors
1 1945 and are callable
the
on
refunding bonds
4%%
and
as
exchange
are
not
and interest.
101
at
bonds
will be made as of
exchanged by the holders
called bonds will be offered for sale to investors
Interest
1936.
of
3%%
5% and 4%%
limited time of exchanging their bonds
a
3*4% bonds, authorized
new
1940.
1
May 1
for
opportunity for
the
y
;
desirable maturity,
approximately 3%
net
yield already have aroused interest in the investment markets of
important cities
throughout the country, in addition to requests for
investors from many points in Indiana, according to Mr. Clippinger.
Because
these
bonds
new
FDIC
of
high
issued
quality,
Additional
Seeking
exemption
tax
and
by the Joint Stock Bank at
Time
for
an
Bank
Mergers—
Congress Asked to Extend Powers Two Years—
Corporation Plans Elimination of at Least 100
Weakened
Institutions
With the introduction in the Senate of legislation providing
for a 2-year extension, from July 1 1936 to July 1 1938, of the
time fixed by
Reserve system but rather completed its organization under the new set-up.
the Banking Act of 1935 in which the Federal
Deposit Insurance Corporation may assist in bringing about
the merger of weakened banks with stronger institutions,
Leo T. Crowley, Chairman of the Corporation, disclosed on
March 16 that plans have been completed whereby 100
uneconomic insured banks will be eliminated from the banking
system through the consolidations.
The legislation, in the
form of a joint resolution, was offered to the Senate on
March 16 by Senator Duncan U. Fletcher, of Florida, and
was
referred to the Senate Committee on Banking and
Currency.
;'\y
In reporting Mr. Crowley's remarks, Washington advices,
March 16, to the New York "Herald Tribune" of March 17,
The open market committee selected the New York Federal Reserve Bank,
said:
Chairman of the Committee under the old set-up.
was
Regarding the organization meeting of the Committee,
March 19 advices from Washington, to the New York
"Herald Tribune" had the following to say:
According to Federal Reserve Board
•
in its
according to custom,
to
.
executor of security transactions, directed by the
as
market committee.
open
the open market committee,
sources,
meeting to-day, again did not touch upon monetary policy for the
The committee, under the
control purchases and sales of
new
law, has the
securities
government
power
by the Federal
Reserve banks.
Arrangements have already been made, Mr. Crowley said, to consolidate
the
Board
Market Committee, while Walter Wyatt
selected
was
as
General Counsel of tbe
in
Director
of the
John
H.
Board's
Division
of Research
and
Statistics,
economist,
Williams, Vice-President of the New York Bank, associate
economist.
\y,':;\,y Y
The Open Market
Committee created
an
for the Reserve banks.
It
York that Dr. W.
Randolph Burgess has been designated by
Manager of the Reserve System's open market
account in which post he has been acting in the past.
As
such, Dr. Burgess will attend meetings of the Open Market
Committee and its executive committee; he will not however
act in the capacity of recording Secretary.;
The meeting of the Federal Open Market Committee on
March 19 followed a four-day conference at Washington of
the Bank
as
the Presidents of the Federal Reserve banks with the Board
System.
This was the
first meeting of the Presidents with the new Board since the
reorganization of the Federal Reserve System under the
Banking Act of 1935. All the Reserve banks were represented
at the meeting by their chief executive officer except in the
The FDIC
shaky institutions,
bank all sound assets.
new
and
mergers
consolidations
be affected.
may
The
is to permit the FDIC to reduce risks which it may have as
of deposits in the banks.
Through consolidations, with the
FDIC assuming questionable assets, it is reasoned that over a period the
will have
bettered its protectory position.
If the deadline is extended, the FDIC plans to
more
than the 100
work to eliminate many
banks, for which arrangements have already been made.
Mr. Crowley warned against chartering of banks, which because of the over¬
no
economic place.
He said that the
Corporation is scrutinizing carefully the position of State banks applying
for membership and would not admit them to the Federal insurance fund
unless they were profitmakers and strong institutions.
"We
feel," Mr.
make loans
be
Crowley said, "that if the right to purchase assets
made permanent or extended
were
general indifference
a
to the necessity
beyond two
years
or
there would
the part of banks and supervisory authorities
on
of eliminating weak banks through the method afforded by
the provision of the bank act
"Our records
indicated
now
that
a
under consideration.
great many uneconomic banks were
ex¬
tended the benefits of deposit insurance because the original law compelled
us
to admit banks which were
low
of Governors of the Federal Reserve
earning
power
merely solvent.
This fact, coupled with the
of these institutions, convinces
us
that it will be far
cheaper for the Corporation in the long run to merge the unsound banks
with the stronger and
"I know of
from
severe
system
can
no
loss
be
better ones.
other plan
and
by which the Corporation can protect itself
by which the
brought
necessary
corrections in the banking
about."
of the Federal Reserve Bank of San Francisco in which
case
the
that
crowding of the field, would have
made known at the Federal Reserve Bank of New
was
the guarantor
executive committee of Mr.
Mr. Harrison and M. J. Fleming President of the Cleveland Reserve Bank,
order
two more years,
FDIC
Eccles, Ronald Ransom and M. S. Symczak, representing the Board, and
more
behind the authority, which Mr. Crowley asks be continued for
purpose
announced, included: E. A. Goldenweiser,
was
the
Tbe Corporation is now authorized to purchase the assets and to make
loans,
Counsel for the Committee.
Other officers elected, it
and
located in six States, with other institutions.
oanks
and wiU turn over to the
Chester Morrill, Sectary of the Reserve Board, was chosen Secretary of
the Open
100
will guarantee losses of the banks, absorbing
office of President is vacant,
W. A. Day, First Vicethe institutions repre¬
sentative.
On March 17 the Presidents elected George L.
Harrison, President of the New York Bank, as head of the
President's Council of the Federal Reserve System.. Mr.
Harrison was formerly head of the Governor's Council, the
name
applied to the Council prior to the changes which
have developed under the Banking Act.
President of the
Bank, attended
Opposition
as
United
to
Embodied
to
Proposed
Federal Mortgage Bank by
Building
& Loan
League—Plan
States
Federal
in
Fletcher
Bill Viewed
Finances and
Public
as
Detrimental
Welfare
Holding that the Federal Mortgage Bank proposed in the
now before Congress would end
by becoming
the dumping ground for the poorest mortgages in the
country
Fletcher Bill
and would thus be detrimental to the government's finances
to the public welfare, the United States
and
Fletcher
Joint
$797,500
Stock
Bonds
Land
Bank, Indianapolis, Calls
Redemption May 1
1936—
for
Total Called for That Date Now $1,955,000
B.
William
Stock Land
that
directors
the
calling of
to
be
Schiltges, President of the Fletcher Joint
Bank, Indianapolis, Ind., announced on March 14
a
of
the
institution
authorized
have
the
total of $797,500 of outstanding joint stock bonds
exchanged Into lower yields, in keeping with the
rent investment
market,
or
retired for cash.
cur¬
The announce¬
ment of March 14 said:
The
most
recent
These
1934.
of the
Joint
two
the
of
recent
are
of
action
by
call
the
the
mark
all
callable.
1952
$216,000 of
$157,500 of 5%
amounts
1
Joint Stock
This
includes
and
5%
addition
calls
directors
to
these called
for retirement of
callable in
toward
1932,
all
of that
retirement
5% bonds,
$424,000
of
of
issue.
the
4%%
the
4%%
This is
bonds
Bank.
for
retirement
of
$797,500, it is stated, brings
of Fletcher Joint Stock bonds
ment
May 1
involved in
1
May 1 1954, callable
calling for payment by the directors
the total
on
bonds maturing Nov.
bonds due
5% bonds of the institution which remain
In
authorization also
due Nov.
first
the
and
Stock Bank
outstanding and
most
bonds,
call
callable 1933,
1953,
1936 to $1,955,000,
retirement
or
conversion,
now
called for pay¬
and brings the bonds
as
of May 1 1936,
or
Building &
League, in an analysis of the bill sent to its 4,300 mem¬
savings, building and loan associations sets forth the
reason why it believes the
proposal unsound. The League
Loan
ber
contends
that under the proposed system any individual
acquire $1,000 worth of stock in the Bank could go
extensively into the mortgage lending business, on any kind
of improved urban property, sell the
mortgages without
resource to the government bank, and thus
"get out from
under" as real estate deflation begins to come. The
League
further says that since a government guarantee of obli¬
gations or complete tax exemptions are probably necessary
to provide the Bank with funds in a
period of business crisis,
the institution will be operating essentially on the faith and
credit of the United States, and can ill afford under these
circumstances to be loaded down with.the poorest of mort¬
gages.
Six major reasons for opposition to the proposal are
accompanied by comment on each section of the bill. The
who
can
statement
comes from the board of directors of the
League,
together with the League officers: L. W. Pellett, Newburgh,
N. Y.; Harold T. Donaldson,
Lansing, Mich.; E. C. Baltz,
Washington, D. C.; H. F. Cellarius, Cincinnati, Ohio, and
Morton Bodfish, Chicago.
The savings, building and loan
leaders hold:
'
.
-
Volume 142
Financial
That the proposed bank is not needed to foster home
ownership, that
the arrangements now existing in the Federal
governm
v
i.
Chronicle
1909
ment securities.
Tenders from others must be accompanied by a
deposit of
ent's-program and
in the resources and efforts of thousands of
10% of the face amount of Treasury bills applied for, unless the tenders are
building and loan associations,
accompanied by an express guaranty of payment by an incorporated bank
banks, insurance companies, and other State and local facilities
savings
adequate to finance home ownership.
That the country should hesitate before
adding
creating real estate credit when it is just now
are
2.
more
for
devices
emerging from the most
excessive amount of urban
The
proposed
bank to
any country
buy mortgages without
property would invite
estate
financing that
a
has ever experienced.
recourse
on
repetition of the pre-depression
all types of
in real
excesses
financing.
in order to perpetuate their
time, is the comment.
jobs.
own
personnel and activities
Such
an
neither
seems
nor
necessary
at
this
hopes to alleviate always arises in tim.es of business crisis and depression
and that there is no indication that in such
tim.es a central real estate
following morning.
right to reject
5.* That local management, local attention and
efficiency in making col¬
lections, in checking taxes, and in
are
are
to
go
the
essence
soon
as
possible thereafter, probably on the
any or all tenders or parts
applied for, and his action in
of tenders, and to allot less than the
any
such respect shall be final.
of safe mortggage lend¬
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be
Federal
Reserve banks in
cash
other
or
ade at the
m
immediately available funds on
March 25 1936.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale
or other
estate
except
disposition thereof will also be exempt, from all
and
inheritance
(Attention
taxes.
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
or
are not
as a
hereafter imposed by the United States
deduction,
or
is invited to
exempt from the
other disposition of the Treasury
shall be allowed
bills
otherwise recognized, for the purposes of
sessions.
handling the administrative problems
periods of depression
ing, particularly if the loans
as
The Secretary of the Treasury expressly reserves the
any tax now or
mortgage bank could market large amounts of securities.
which arise in
ceptable prices will follow
taxation,
That the scarcity of mortgage funds which this
proposed institution
4.
the closing hour will be opened and public announcement of the ac¬
up to
addition to Federal govern¬
wise
1
'
Immediately after the closing hour for receipt of tenders on March 23
1936, all tenders received at the Federal Reserve banks or branches thereof
amount
Since the central bank would have to establish branches and
employ
agents, appraisers and property managers in all parts of the
country,
another group of office-holders would
grow up with the perfectly human
motivation of making business for the bank
whether it w as needed or not
3.
ment
trust company.
or
of its pos¬
or any
•
Treasury Department Circular No. 418,
scribe the terms of the
Treasury bills and
as
amended, and this notice pre¬
the conditions of their issue.
govern
beyond the conventional, non-risk,
40-50% point.
That institutional
6.
lenders, experienced in the mortgage field are not
in favor of this type of bank, and that the
great interest in the proposal
to come from those who desire to
seems
originate and sell mortgages for
It is pointed out that the continuing responsibility which goes with
profit.
the risk of loss and
stitution to the
A
total
Section 10 of the bill which provides that
the bank may purchase from its
stockholders, mortgages
without any right of recourse against the
seller, such pur¬
chase being made in cash at
98% of the unpaid principal
plus accrued interest, the statement of the League directors
on
reads:
$50,000,000,
an
ample supply of funds to finance worthwhile projects,
only such mortgages
sold in the Central
munity
March
18
1936 and maturing Dec. 16 1936, Henry MorgenSecretary of the Treasury, announced March 16.
The Secretary said that bids of $50,025,000 were accepted.
thau
Jr.,
The tenders to the
issue
our
Federal
of
offering, reference to which
March
Reserve
14,
banks
1730,
page
and
the
placed
or
as could not be
Bank.
with
ment
placed with established lenders will be
The safer mortgages can be sold in the com¬
institutional
lenders
rather
than
coming to
the
Federal Mortgage Bank with its additional
2% discount charge. The sales
made without recourse. This whole
arrangement and competitive situa¬
tion would tend to direct the poorest
The
about
mortgages into the government bank
per
annum,
the
latter
and it would be most difficult to
prevent its
avoid
transactions
which
would
becoming
result
branches
is
per
on
a
price
in price from
to 99.916,
bank discount basis.
was
99.921,
discount
annum,
accepted.
and
rate of
a
rate of
a
about
0.111%
Only part of the amount bid for at
The average price of Treasury
the average
to
up
announce¬
99.950, equivalent to
equivalent to
the
at
thereof
rate is about
0.104%
per
bills
annum
be
to
on
a
basis.
dumping ground
a
in loss
issued
bank
bids ranged
accepted
0.066%
made in
was
received
were
Eastern Standard Time, March 16. In his
of that date Secretary Morgenthau said:
are
to
$129,255,000 was tendered to the offering of
thereabouts, of 273-day Treasury bills, dated
or
2 p. m.,
Since there is
and
of
the
continuing attention of a publicly supervised in¬
servicing of mortgages is largely lost in the proposed bank.
Commenting
$129,255,000 Tendered to Offering of $50,000,000 of
273-Day Treasury Bills Dated March 18—$50,025,000
Accepted at Average Rate of 0.104%
and
acquisition of
property.
Treasury
Purchased
$4,500,600
of
Government
Securities During February
Value
of
by
Commercial Paper Outstanding as Reported
York. Federal Reserve Bank—Total of
New
$175,600,000
Feb.
29
Compares
with
$177,721,250
Jan. 31
The
Federal Reserve Bank of New York
issued the
on
March
16
following announcement showing the total value
outstanding as of Feb. 29:
of commercial paper
Reports
a
total of
received
by
$175,600,000 of
this
bank
from
commercial
open market paper
paper
outstanding
on
dealers
show
Feb. 29 1936.
This compares with $177,721,250
outstanding on Jan. 31
and with $176,700,000 on Feb. 28 1935.
Below we furnish
a record of the
figures since they were first reported by the
Bank on Oct. 31 1931:
1934—
29
Jan.
31
.$175,600,000
177,721,250
.
1935—
Dec.
.
.
31
.
Sept. 30
.
Aug. 31
July
.
31
July
.$188,100,000
31..
171,500,000
May 31_.
178,400,000
180,400,000
183,100.000
Apr. 30..
176.800,000
Feb.
168.400.000
Jan.
.
January
page
purchases
.
151.300,000
.
141,500.000
$84,200,000
31-.
84,600,000
1932—
Dec.
31-.
139,400.000
Nov. 30-.
132,800,000
117,300,000
Oct.
.
108.400.000
81,100,000
109,500,000
113,200,000
110,100,000
108,100,000
Aug. 31-.
July 31-.
.
Mar. 31..
.
Feb.
28-.
.
Jan.
31-.
31..
Sept. 30..
Deo. 31..
.
108,700,000
June 30-.
.
173.000.000
Nov. 30-.
.
133,400.000
May 31-.
100,400,000
103,300,000
111,100,000
.
173,000,000
Oct.
.
129,700.000
Apr. 30-.
107,800,000
181,900,000
176,700,000
Sept. 30-.
Aug. 31-.
July 31-.
122,900,000
107,400,000
96,900,000
Feb.
29-.
102,818,000
Jan.
31-.
107,902,000
.
May 31
Apr. 30
Mar. 31
.
Feb.
28
.
Jan.
31
.
170,900,000
1934—
1933—
31-.
June 30-.
Dec. 31
.
Nov. 30
.
Oct.
.
31
Sept. 30
.
166,200,000
May 31..
177,900,000
Apr. 30..
187,700,000
192.000,000
Mar. 31-.
.
.
.
.
.
.
.
72,700.000
Mar. 31-.
105,606.000
1931—
60,100,000
Dec.
64,000,000
71,900,000
Nov. 30-.
117,714,784
173,684,384
Oct.
210.000.000
31-.
31-.
Offering 273-Day Treasury Bills in Amount of
$50,000,000, or Thereabouts—To Be Dated March
25 1936
Secretary of the Treasury Henry Morgenthau, Jr., made
on March 19 of a new
offering of $50,000,000,
or thereabouts, of
273-day Treasury bills.
Tenders to the
offering will be received at the Federal Reserve banks, or the
branches thereof, up to 2 p. m., Eastern Standard
Time,
Monday, March 23, but will not be received at the Treasury
Department, Washington.
The new bills, which will be sold on a discount basis to the
highest bidders, will be dated March 25 1936, and will mature*on Dec. 23 1936.
On the maturity date the face amount of
the bills will be payable without interest.
An issue of Treas¬
ury bills, in amount of $50,010,000, will mature on March 25.
The following is from Secretary
Morgenthau's announce¬
were
noted
They (the bills) will be issued in bearer form only, and in amounts or de¬
of $1,000.
$10,000,
$100,000, $500,000, and $1,000,000
nominations
(maturity value).
No tender for
must be in
an amount
1935—
multiples of $1,000.
Each tender
The price offered must be expressed
basis of 100, with not more than three decimal
places,
e.g.,
99.125.
on
the
Frac¬
tions must not be used.
.
Tenders wiU be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest-
of
Feb.
22,
1935—
January
$5,420,800 purchased
1,300,000 purchased
41,049,000 purchased
February
March
21,990,000
23,326,525
8,765,500
33,426,000
35,439,100
June
July
August
$501,249
of
March
September
-
October
November
sold
purchased
December
purchased
January
purchased
February.--
$60,085,000
17,385,000
18,419,000
5,275,200
purchased
purchased
sold
purchased
1936—
18,546,850 purchased
4,500,600 purchased
purchased
Hoarded Gold Received During Week of
11—-$31,439 Coin and $469,810 Certificates
Receipts during the week of March 11 of gold coin and
certificates by the Federal Reserve banks and the Treasurer's
office under the order of Dec. 28 1933 requiring all
gold to
be returned to the Treasury, were in amount of
$501,249.10,
the Treasury announced on March 16.
The amount of
hoarded gold returned since the order was issued, and
up to
March 11, totaled $138,839,177.19, it was made known.
The Treasury revealed that $31,439.10 of the amount re¬
ceived during the week of March 11 was gold coin, and
$469,810 gold certificates.
The data made available by the
Treasury
on
March 16
are
as
follows:
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND TREASURER'S
OFFICE (UNDER SECRETARY'S ORDER OF DEC. 28
1933)
Gold Coin
Received by Federal Reserve banks:
Week ended March 11
$31,139.10
31,214,052.09
Received previously
Total to March 11
Gold
Certificates
$456,910.00
104,463,100.00
$31,245,191.19 $104,920,010.00
Received by Treasurer's office:
Week ended March 11
$300.00
2,393,320.00
$267,756.00
Total to March 11
$12,900.00
267,456.00
Received previously
$2,406,220.00
Note—Gold bars
deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
Previous reference to the
in
our
Gold
issue of March
Receipts
Week
less than $1,000 will be considered.
issue
our
following tabulation shows the Treasury's transac¬
tions in government securities by months since the
beginning
of 1935:
announcement
ment of March 19:
in
1214.
The
May
28..
163,600,000
159,300,000
.
June 30
New
1933—
Aug. 31-.
June 30..
31
Nov. 30
Oct.
investment accounts for the calendar month of February
amounted to $4,500,600, Henry Morgenthau
Jr., Sec¬
retary of the Treasury, announced March 16.
The Treasury
during January ^purchased $18,546,850 of the securities; the
1936
April
1936—
Feb.
Net market purchases of government securities for Treas¬
ury
by
of
receipts of hoarded gold was made14, page 1730.
Mints
March
The various mints
and
and Assay Offices
13—$587,231 Imports
During
offices received during the
gold, it was
announced by the Treasury on March 16.
Of this amount,
the Treasury made known, $587,231.17 was imports, $410,-.
078.20 secondary and $3,252,218.52 new domestic.
The
week of March 13
a
assay
total of $4,249,527.89 of
Financial
1910
gold was received as follows during the week of March 13
by the various mints and assay offices^
Chronicle
Match 21 1936
In another item in which detailed mention is made to the
floods,
refer to the President's analysis of the flood situa¬
conference March 19.
we
tion at his press
Imports
New York
San Francisco
$137,062.11
192,100.00
42,515.39
336,000.00
216,376.78
_
Denver
27,697.66
"New nrleans
Seattle.
.
New Domestic
Secondary
$7,156.73
Philadelphia
$745.15
73,200.00
2,515,572.73
613,570.61
17,562.92
8,970.44
11,867.34
-
-
President Roosevelt to Speak in Baltimore on April 13
—In Address to Be Broadcast at Jefferson Day
Celebration
102.84
49,027.19
In
Total for week ended March 13 1936..
$587,231.17
$410,078.20 $3,252,218.52
Order During Week of March
8,332.18 Fine Ounces
tion
to
13 Amounted
States under the Executive Order of Aug. 9 1934, nation¬
alizing the metal.
Since the Order was issued, the Treasury
revealed; 112,680,266.02 fine ounces of the metal have been
transferred to the United
States
Government.
The
■
order
of Aug. 9 was given in our issue of Aug. 11 1934, page 858.
The following tabulation was issued by the Treasury De¬
President
UNITED
STATES
Week ended March 13 1936:
under
2,847.00
1,522.09
3,372.00
San Francisco
Denver.
75.39
Seattle
make
nation-wide
a
time other Democratic Jefferson Day
same
be held
President's
the
in various
speech
parts of the country, and
by radio to these
be
will
carried
functions.
The returns from the dinners will go toward the
campaign funds of the Democratic National Committee.
Pointing out
that
in addition
to his
April 13
Jefferson
Day dinner, the President is scheduled to make the Jefferson
Day speech in the National Democratic Club in New York
City
April 26,
on
to the New York
On
May he plans to make
will
celebration
excursion to the Southwest,
an
his
as
destination.
stops—probably in Missouri and Arkansas,
to a speech at Vincennes, Ind.,
Rogers Clark Memorial.
He
is committed
of the George
March 11
President
being the honor guest at
Roosevelt
broke
a
precedent by
dinner given for him by 22 mem¬
a
.
bers of the "Little
Total for week ended March 13 1936
8,332.18
112,680,266.02
Total receipts through March 13 1936
the
"Chronicle"
of
March
14,
1731, reference
the silver transferred during the previous week
made to
ended March 6.
in the
In
New York
States,
from
According to
tabulation issued by the Treasury on
March 16, a total of 1,488,791.27 fine ounces of silver was
turned over by the Treasury Department to the various
mints and assay offices during the week of March 13.
The
silver was from purchases made by the Treasury in accord¬
ance with the President's proclammation of Dec. 21
1933,
which authorized the Department to absorb at least 24,421,410
fine ounces of newly mined silver annually.
Total receipts
since the issuance of the proclammation, which was referred
to in the "Chronicle" of Dec. 31 1933, page 4441, were in
amount
of
71,735,323.75 fine ounces.
The tabulation
issued by the Treasury follows:
RECEIPTS
OF
a
SILVER
BY
THE
MINTS
(Under Executive Proclamation of Dec.
AND
21
ASSAY
1933,
OFFICES
amended)
Fine Ounces
— *
758,218.51
719,495.98
11,076.78
-
San Francisco
a
-
-
Denver
"Times" added,
dency.
_
Total for week ended March 13 1936
Mrs.
Coolidge
in part:
Assistant
F.
House
lived
Suite
during
of
the
the
Willard
period;
Hotel,
his
of
represented
were
Secretary
McGrady,
of
the
Assistant
to-night
Navy
Secretary
owing to
Roosevelt
of
and
the
receipts of newly mined silver during the week of
March 6 were noted in these columns of March 7, page 1731.
President
Roosevelt Defers Fishing Cruise To
Attention to Flood Reli ef
Devote
President Roosevelt, who had planned to leave Washington
March 19, to enjoy a brief holiday which would include a
fishing cruise, postponed his departure on the 19th to give
his attention to steps necessary to the relief of the thousands
made homeless through the devastating floods in the East.
On both the
19th and
20th the President conferred with
various heads of Federal agencies; on the 19th he summoned
to the White House the National Emergency Flood Com¬
mittee, headed by Secretary Dern, and, said a dispatch from
Washington to the New York "Times" machinery was swiftly
put in motion to throw the full resources and man-power of
the WPA, CCC, Public Health Service and other Federal
agencies into the fight against the waters as the Red Cross
arranged relief for the destitute. The dispatch (March 19)
also said:
of
The President also attended, as the silent
guest of honor,
the annual
dinner, on March 7, of the White House Corre¬
spondents' Association, at which there
ip no speech-making.
President Roosevelt Signs Two Bills Affecting Federal
Employees—Provide 26 Days Vacation and 15 Days
Sick Leave
Two measures, governing the
granting of vacations and
sick leaves to Federal employees, were
signed on March 14
by President Roosevelt.
Under
employees will receive
a
one
more
of the bills the govern¬
liberal vacation, while
under the other the time taken off due to sickness without
forfeiture of pay will be cut in half.
In reporting the sign¬
ing of the two bills, Associated Press advices from Wash¬
ington, March 14, had the following to say:
One
Act
provides
26
days'
annual
vacation
leave
for
permanent
and 30 days annual leave for temporary employees.
existing law only 15 days' annual vacation was allowed.
Another
provides
15
days'
sick leave
instead
of
Under
em¬
the
the
existing 30 days'
sick leave allowance.
The new provision, however,
permits a total of 90
days' accumulative sick leave, and as much as 30 days over the basic 15
days, at the discretion of the bureau or department
head, in case of
serious illness.
v
Reductions
in
Economy Act,
sick
and
which
sions.
Presidential
of
Economy Act,
the
annual
reduced
approval of
since
leave
were
Federal workers'
leave
new
salaries
and
instituted
as
salaries
and
allowances
pension
part
of
veterans'
wiped out the
reductions
been restored.
The
a
the
pen¬
last
already have
legislation authorizes the President to prescribe regulations
providing for uniformity in application of the new laws.
In signing them, Mr. Roosevelt
announced that he will appoint a com¬
mittee
new
of
representatives
of
the
various
government
agencies
to
prepare
regulations for his approval.
Both of these measures
the
last
session
were
introduced in the House at
of
Congress, on June 12 1935, by Repre¬
sentative Robert Ramspeck, of
Georgia.
The House Com¬
mittee on the Civil
Service, to which the measures were
referred, reported them to the House on June 17 with
amendments.
In the afternoon, while his aides were putting his orders into effect, Mr.
Roosevelt drove 50 miles in and about the capital, inspecting flood
con¬
ditions.
Yesterday
the recent
absence
Labor.
ployees
The
where
Vice-Preei-
.
.
eight departments
of
Edward
1,488,791.27
71,735,323.75
Total receipts through March 13 1936
and
.
Only
death
given in the White
was
President
ment
as
Week Ended March 13 1936:
Philadelphia.
party.
indicating this, Washington advices, March 11, to the
To-night's dinner, the first at which Under and Assistant Secretaries of
departments have had the honor of entertaining the President of the United
.
of
Offices
Cabinet," including Miss Josephine Roche,
Assistant Secretary of the Treasury, who was the one women
page
Newly Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,488,791.27 Fine Ounces During Week of March 13
Receipts
on
with
Going and; returning,
make several
at least.
Indiana,
in dedication
dispatch, March 14, from Washington
a
"Herald Tribune" said:
Centennial
Texas
and
515.70
-v...-—.
New Orleans
was
will
however, he
Fine Ounces
-
New York
In
At the
America.
the
i
I
Philadelphia
will
Roosevelt
Young Democrats.
The Baltimore gathering is
the
auspices of the Young Democratic Clubs of
At the end of
TO
(Under Executive Proclamation of Aug. 9 1934)
to
appeal to
partment on March 16:
SILVER TRANSFERRED
Appeal
speech to be delivered at Baltimore on April 13, at a
birthday of Thomas
a
dinners
The Treasury Department made known on March 16 that
8,832.18 fine ounces of silver were transferred to the United
Nation-Wide
Make
dinner to be held in celebration of the
Jefferson,
Silver Transferred to United States Under Nationaliza¬
Will
Young Democrats
(March
20)
the
President
personally
com¬
The House amended and
passed the two bills
They were then referred to the Senate
Committee on Civil Service, which
reported them with
amendments on Aug. 14.
On Feb. 14 this year the Com¬
mittee sent additional amendments to
the
on
Aug. 8
1935.
Senate; the Senate
manded from the White House the Federal mobilization to aid
The Associated Press accounts from
amended
Washington late yesterday added:
Senate the following day (Feb.
25) insisted upon its amend¬
ments; the bills were thus submitted to conference.
The
conference report was
adopted by the Senate on March 5
and by the House on March 9.
the flood sufferers.
Summoned early to his desk were Rear Admiral Cary T. Grayson, head
of the Red Cross; Secretary of War Dern, chairman of the special Federal
flood committee, and General Malin Craig, army chief of staff.
Mr.
Roosevelt
determined
to
twenty-four hours before leaving
remain
on
at
the
capital
at
least
his Southern fishing trip,
even
money
and
men
The
24
House
and
the
♦
President Roosevelt
against inundation and want, the Government
considered spending a total approaching $400,000,000 to aid flood sufferers
A Senate committee drafted army engineers to work out a bill
authorizing
The WPA had al¬
ready allotted $18,000,000 for flood relief and rehabilitation.
Bills
were
pending to spend $5,000,000 to $10,000,000 more in Pennsylvania alone.
the
though
and check similar disasters in the future.
$300,000,000 for flood control throughout the nation.
to
the two bills on Feb. 20.
Senate amendments on Feb.
another
reports indicated the crest of the floods had passed.
Putting
disagreed
and passed
Again Appeals for Plan to Protect
Railroad Workers Under
Proposed Consolidations
Conferences
Between
Rail
Management and
Labor Continue
Following
a second appeal from President Roosevelt that
they continue their conference, railroad managers and
repre¬
sentatives of the railroad brotherhoods met in
Washington
Financial
Volume 142
1911
Chronicle
yesterday (March 20) in an effort to reach an agreement re¬
garding compensation for employees who may lose their
jobs through co-ordination activities, it was stated in Wash¬
ington advices yesterday, to the New York "Post" of last
night. Previous reference to the conference was made in our
issue of March 14, page 1732.
The following is from the
"Post" advices of last night:
difficulties
works
public assistance—3,800,000 families and unattached persons on the
The White House said that the President sent his second message to
3.
efforts for
an
understanding
on
that prospects
for
an
employment;
to
bill,
funds.
seemed agreeable to both sides,
workers displaced through
This fell by the wayside along
our
other proposals.
carriers and
economy.
If
State for help,
the
to
,
an
negotia¬
relief
effort to reconcile the differences.
In response to this request from the
legislation bearing on the subject of rail¬
road consolidation.
The President has received assurances from the Congressional leaders that
To
bear
Sum
Added
Congress for $1,500,000,000
Provided
Would
on
March
18
asked
Congress
Let
to
The Federal government cannot
successive year a reduction
The
In my
During the current fiscal year, the cost of relief actually
an
public works.
New Taxes Needed to Lower
If to
should be
regarded
as
In asking Congress
an
1.
a
a
later date.
recommendation, and this
I
message
appropriation to meet the needs of the destitute
forth.
2.
In
1935 than in March
spite
of these
there has been a gain in re-employment
At least 5,000,000 more people were at work in
in each successive year.
great
This statement as
in the deficit.
to the budget
ment taxes and the new
lost
of course depends upon the
program
the substitute taxes, the reimburse¬
taxes which 1 have recommended to replace the
and to supply the new revenue made necessary
revenues
1945
the
of
of
value
latter action,
as
you
$120,000,000
gains,
there are at
present approximately
by the decision
invalidating the Agricultural Adjustment Act and by
of the Supreme Court
the action of the Congress
the
in appropriating for the immediate payment at
Adjusted
Veterans'
Service
Certificates.
The Agricultural program re¬
annually for nine years.
three
next
the
This
will recall, requires additional revenue in the amount
quires annual substitute taxes of $500,000,000 and there must be
within
years
$517,000,000
of revenue to
raised
reimburse the
Treasury for processing taxes lost in this fiscal year by reason of the Supreme
Court's decision.
I am, however, not
I
am
asking this Congress to appropriate $2,000,000,000.
asking only for an appropriation of $1,500,000,000 to the
It will be their responsibility to
WPA.
provide work for the destitue unemployed.
This request
together with those previously submitted to the Congress
to provide for
the CCC and certain public works, will, if acted upon favor¬
ably by the Congress, give security during the next fiscal year to those
most in
those
need,
now
condition, however, that private employers hire many of
on
relief rolls.
on
the
■
•
is inadequate.
But this trend, at its present
I propose, therefore, that we ask private
increasing number of
unemployed.
Frankly, there is little evidence that large and small employers by in¬
dividual
and
employees.
concerted
Under
unco-ordinated
A vigorous effort
action of private
the
National
action
on a
can
absorb
large
numbers
.industry .
the nation learned the
Recovery Administration
the shorter hours
were
To the Federal government was
given the task of policing against the minority who came to
and eventually
was
clear
that
In almost
approved by the great majority of in¬
dividual operators within the industry.
It
of new
national scale is necessary by voluntary,
value of shorter hours in their application to a whole industry.
"chiselers."
1933.
5,300,000 families and unattached persons who are in need of some form of
within the limit
provide for the third
action of the Congress with respect to
every case,
Since the spring of 1933,
December
by the budget message, and would, in effect,
business to extend its operations so as to absorb an
unemployed during the coming fiscal year, certain facts should be clearly
set
1937, the total for this purpose
equal the amount that is being now expended in the fiscal
An appropriation in this amount would be
1936.
year
rate of progress,
supplemental to the budget message.
for
expended for relief in the fiscal year
be
Deficit
there were added $2,000,000,000 to
total of $1,600,000,000
this
would just about
Congress follows:
could be" better made at
submit such
to
from prior year appropriations.
Treasury
The trend of re-employment is upward.
appropriation for the relief of unemployment, stating that an
prepared
the
these
In stressing his
and recommendation
now
paid out of the
will be spent
Practically all of
expenditures will be from allocations made to large projects which
could not possibily be completed within this fiscal year.
In addition to
this amount,
the budget contains estimated expenditures aggregating
600,000,000 from appropriations recommended for the CCC and various
of
out
United States:
estimate
of by
During the next fiscal year, 1937, more than $1,000,000,000
budget message of Jan. 3 1936, I reserved making a recommen¬
dation for
faces the responsibility of continuing
then,
work for the needy unemployed who cannot be taken care
Treasury will amount to approximately $3,500,000,000.
form of assistance.
am
maintain relief for unemployables in any
State and local funds.
appeal that business
increase employment, Mr. Roosevelt said that while the anti¬
trust laws will continue to be enforced, "there is nothing in
these or any other laws which should prohibit managers of
private business from working together to increase production
and employment."
He declared that employers by indivi¬
dual action are not likely to absorb a large number of new
workers, and that hence "a vigorous effort on a national
scale is necessary by voluntary, concerted action of private
industry."
Only if private industry fails in that endeavor,
he continued, will further Federal appropriations for work
relief be required.
The President said that employment had increased by
5,000,000 between March 1933 and December 1935, but
added that there are still approximately 5,300,000 families in
To the Congress of the
Federal government,
to provide
if Congress enacted
relief appropriation
provide for the third successive year a re¬
The President Roosevelt's message to
would be unjustified.
State.
In his message the President said that
his tax program the $1,500,000,000 work
some
part of local
burden on the
It is true that
some States, fortunately few, have taken an undue advantage of Federal
appropriations, but most States have co-operated whole-heartedly in raising
relief funds, even to the extent of amending State constitutions.
It is not
desired in the next fiscal year to encourage any States to continue to shirk.
$3,500,000,000.
need of
To increase this form of tax
small property owners of the nation
set
duction in the deficit."
only now emerging from tax delinquency
further remember that by far the largest
us
appropriate $1,500,000,000 for work relief during the fiscal
year beginning July 1 1936.
The President in a special mes¬
sage proposed that this appropriation be allocated to the
Works Progress Administration.
He said that while the
trend of employment is upward, its present rate of progress
is inadequate, and he again urged "private business to extend
its operations so as to absorb an increasing number of the
unemployed."
He promised that if employment gains are
"substantial enough" it will not be necessary for Congress
to appropriate additional funds for the 1937 fiscal year.
The President pointed out that more than $1,000,000 will
be spent by the Treasury in the next fiscal year from unex¬
pended prior appropriations, wnile the Budget contains
$600,000,000 for various public works and the Civilian Con¬
servation Corps.
Adding the requested $1,500,000,000, the
aggregate projected relief expenditures would approximate
$3,100,000,000.
Mr. Roosevelt had previously estimated
that relief payments during the current fiscal year would be
would "in effect
relief is to ignore the fact
that most of
State constitutional limitations, and the fact
are
difficulties.
Industry Will Absorb Workers
Roosevelt
Federal
and municipalities to
municipalities should at the present time
States and
vastly increased proportion of the cost of
taxes is levied on real estate.
Bring Expenditures for Unemployment to $3,100,000,009—Says No Further Allocation Necessary if
President
counties
States,
counties and municipalities are
our
for Next Fiscal Year—
Otherwise
Funds
to
ignorant or careless of the truth that
The fact is that during 1935 State and local
expect that
a
that there
Asks
have not been sufficient.
encouraged
to the Federal works program.
they will proceed with consideration of this legislation.
Roosevelt
and the
in
and States have been freely drawn upon
the Federal
governments
spent $466,000,000 for emergency relief, which was 13% more than these
governmental bodies spent in 1934; 49% more than they spent in 1933 and
58% more than they spent in 1932.
Let it also be noted that the great
majority of State and local governments are to-day taking care not only
of the 1,500,000 unemployables, but are also contributing large amounts
In the meantime the President has also indicated to the Congressional
Work Relief Appropriation
for its
duty and shift their financial responsibilities to
government.
leaders his desire that the continuance of these negotiations not interfere
President
have
measures
shirk their
President the carriers and employes
have agreed to continue the negotiations.
with the consideration of pending
must still face the fact that the credit
of local governments
It has been said by persons
both sides to continue the negotia¬
problem for the States and the localities.
if its resources are inadequate, it must then turn
the last few years and they
v.:,v.
.,/
we
shift
of us to take toat attitude.
primarily the duty of each locality to care
concede that it is
we
destitute unemployed, and
resources
The President has personally requested
needy unemployed must or should
It will not be good for any
Neither will it do to say that it is a
employes who have been negotiating over a proposed railroad
tions.
the provisions
Security Act.
for themselves.
informally advised by the representatives of the
consolidation plan that a virtual impasse has been reached in these
tions in
of these families or individuals have begun
It will not do to say that these
Stephen T. Early, a Secretary to President Roosevelt,
issued the following statement at the White House in Wash¬
ington on March 19:
The President has been
unemployable
local
for almost wholly from State or
It is a problem
to be faced not merely by the Congress and the Executive, not merely by
the representatives of government in the States and localities, but by all
of the American people.
It is not exclusively the problem of the poor
and the unfortunate themselves.
It is more particularly the problem of
those who have been more fortunate under our system of government and
consolidation of facilities, and secure loans from the Reconstruction Finance
Corporation with which to make payments.
be even approxi¬
unemployable families or
1,500,000
foregoing figures indicate the problem before us.
The
suggestions have been made by both sides with¬
that the railroads guarantee compensation to
Because of the impossibility
unemployment, no figures which
comparatively small amount of Federal aid under
Social
of the
already have been held between rail managers
One recommendation, which at one time
the
all
A very small number
to receive a
real progress apparent.
with many
Nearly
unattached persons are being cared
for it is said that rail labor heads realize that in its present form its con¬
was
constituted that they do not desire
so
people who cannot get work and are obliged to
exact definition of what constitutes
an
4.
stitutionality is doubtful."
out any
are
content with occasional
mately accurate.
•
and labor leaders countless
who
some
many young
Neither are there in¬
support.
purport to estimate the total unemployed in the nation can
agreement were considerably better than they have
In the discussions which
independent
maintaining
nor
work; nor
of
prepared at the suggestion of railroad labor leaders, is quiescent,
was
in
cluded many others not on the relief rolls who are
meetings, said
meantime the legislation covered in the Wheeler-Crosser
"In the
which
do not, of course, include all those
none of these figures is included the
In
unemployed who are not on relief but who are experienceing great
many
the problems involved.
been for some time.
These figures, large as they are,
share the livelihood earned by their parents.
"H. A. Enochs, chairman of the management gtoup in the
Every thinking
local and State relief rolls.
on
who seek work in the United States.
virtual deadlock and that he asked both sides to continue their
a
1,500,000
before the country.
had
reached
and
knows that this problem of unemployment is the most difficult one
person
the
railroad job conference when he received information that the meetings
program
"chiseling"
by
a
destroy the large, honest majority.
ity to require the shorter hours agreed upon has
be known as
undermine
few would
But the public author¬
been seriously curtailed
1912
Financial
by limitations recently imposed by the Supreme Court
well
State powers.
as
upon
Federal
Chronicle
such cash crops as cotton and wheat and tobacco
as
"
the wrecking
Nevertheless, while the provisions of the anti-trust laws, intended
March
might result
1936
once more
in
of their prices and the mining of their soil.
But if the farmers, in operating the soil conservation
program, display
to
prohibit restraint of trade, must and shall be fully and
vigorously enforced,
the
there is nothing in these or any other laws which would
prohibit managers
of private business from
working together to increase production and
production control programs work, they will
employment.
Such efforts would indeed be the direct opposite of a con¬
of trade.
Many private employers believe that if
left to themselves they can accomplish the
objectives
own
mit their
Industry Urged to Co-operate
wage payments
It is my belief that if the leaders in each
industry will organize
effort to increase employment within that
will increase
Insofar
as
efforts
a
industry, employment
by the next Congress for the fiscal
Federal assistance which
dustrial
can
arose
as
result
a
be terminated if industry itself
of in¬
removes
the
Should industry co-operatively achieve the goal of
re-employment,
the appropriation of SI,500,000.000, together with the
unexpended balances of previous appropriations, will suffice to carry the
Federal works program through the fiscal year 1937.
Only if industry fails
substantially the number of those
out of work will another
now
appropriation and further plans and policies be necessary.
It is the task of industry to make further efforts toward increased
output
and employment; and I urge industry to accept this
responsioility.
I
present this problem and this opportunity definitely to the
managers of
private business; and I offer in aid of its solution the co-operation of all
the appropriate departments and agencies of the Federal
government.
My appeal is to the thinking
we may divide
men
who
are assured
along the lines of economic
right-minded Americans have
in
a
common
increasing employment and in getting
stake
away
in
of their
or
daily bread.
political faith, all
extending production,
from the burdens of relief.
Those who believe that Government may be
compelled to assume greater
responsibilities in the operation of
objection to
a renewed
effort
on
industrial system can make
our
valid
no
the part of private enterprise to insure
livelihood to all willing workers.
Those,
on
a
the other hand, who believe in
complete freedom of private control without any government participation
should earnestly undertake to demonstrate their effectiveness
by
increasing
employment.
•
The
White
House,
March
FRANKLIN
18
D.
ROOSEVELT.
1936.
President Roosevelt Appeals to Farmers to
Co-Operate
With Administration In
Carrying Out Objectives
of Soil Conservation and Domestic Allotment Act—
Urges
That
advantages
They
Help
In
Preventing
Excessive
Production
recently
enacted Soil Conservation and Domestic Allotment Act
issued on March 19 by President Roosevelt.
In his
was
appeal
the President said, "If the farmers, in
operating the soil con¬
servation program, display the same
energy and cooperative
spirit which they showed in making the production control
programs work, they will go far to protect both their soil and
their income.
This," he added, "is an appeal to all farmers
to cooperate for their own and the national
good to help in
preventing excessive production." The text of the new Act
which was signed by the President on Feb. 29
(not March 1,
as
originally announced) is given elsewhere in this issue to-day.
The following is the President's statement of March 19:
Three weeks ago, when I signed the Soil Conservation and
Domestic Al¬
lotment Act. I said that this administration had not
abandoned and would
not abandon the goal of
equality for agriculture. I pointed out that although
the Act is addressed
primarily to the serious and long-neglected problem of
soil conservation, the re-establishment and maintenance
of farm income was
major objective.
a
To-day,
as a national soil conservation program
is being launched in
ac¬
cordance with the Act by the Agricultural
Adjustment Administration, the
need for
even
plant
compiled
nounced
a
by
the
was
adopted.
Department of Agriculture.
few days ago, showed that farmers
were
These reports,
planning
an
press
an
increase of around 15% in cotton
acreage.
In conformance with the
Supreme Court's decision, the farmers' produc¬
tion control programs have been
stopped, but their chronic surplus problem
Export markets for wheat, pork and tobacco, lost
following the
Smoot-Hawley Tariff of 1930, have only in small part been
goes on.
enactment of the
regained.
The
Exempt from Taxation Preferred
by RFC—Senate Adopts Measure
taxation."
Incident to the adoption of the bill by the House on
March 19, Washington advices, that day, to the New York
"Times" of March 20, said:
the RFC for adoption of the bill, which was
was
beaten last
month
by a bloc led by Representative Patman, that Majority Leader
Bankhead took the floor to urge a favorable vote to clear
up a situation
"where Federal activity in one field is not exempted from State and local
taxation, and is in
The
House
This
was
every other."
adopted
a special resolution permitting
sign the bill while the House was in adjournment.
the
Speaker
Byrns to
necessary because the
Senate already had passed the bill and
adopted
House
amendment
committee
a
limiting interest
RFC
on
loans to closed banks to
3M % provided that the receivers, in turn, charged
their debtors not more than 4
Vi %.
Action
this amendment by the Senate was necessary, and it had been
on
planned
to rush it through that body and the
enrolling room, take it to
Speaker Byrns and to Vice-President Garner at their respective hjtels for
signature and then rush it to the White House so that it could become a
law to-night.
The Senate, however, failed to live up to its share of the
arrangement.
The House
the bill
on
Banking and Currency Committee approved
March 14.
\
Senate Inter-State Commerce Committee
Approves Bill
to Broaden Powers of Federal Trade Commission—
Measure Opposed By Leading Business Associations
The Senate Interstate Commerce Committee
approved
of
March
on
11
the Wheeler
bill, designed to enlarge the powers
the Federal Trade Commission to
investigate unfair trade
practices.
The measure, which has been vigorously
opposed
by the National Association of Manufacturers, the Chamber
of Commerce of the United
States, and the American News¬
paper
Publishers Association,
many
functions
to
previously
Administration.
covery
issue
and
cease
It
desist
would invest
possessed
would
orders
by
the
the
enable
FTC
with
National
the
Re¬
Commission
without
establishing "competition and injury
the formality of
capacity to injure
or
competitors."
tHugci
leading
being launched.
now
Congressional action was completed yesterday (March 20)
the Senate bill exempting preferred bank stock held by the
Reconstruction Finance Corporation from State and local
taxation.
The Senate yesterday (March 20) without a record
vote adopted the bill, as amended and
passed by the House
on
March 19 by a vote of 218 to 144.
In approving the
measure, the House reversed its action taken Feb. 25 when
it defeated similar legislation by a vote of 172 to 164.
On
March 19 the House, in approving the measure, also
adopted
an amendment to
limit interest on RFC loans to closed banks
to 3^% provided the debtors of the institutions be
charged
not more than 4h£%.
The measure was returned to the
Senate which originally passed it on Feb. 24 by a vote of
38 to 28.
Previous reference to the legislation, which is de¬
signed to overcome a recent decision of the United States
Supreme Court upholding the right of the State of Maryland
to tax RFC-owned
preferred bank stock, was made in our
issue of Feb. 29, page 1385 and March 14,
page 1743.
The House action on March 19 followed an appeal directed
to Speaker Byrns, of the
House, by Jesse H. Jones, Chair¬
man of the
RFC, that such legislation be approved by that
legislative body.
In a letter to the Speaker, March 7,
Mr. Jones said that he was of the
opinion that Congress,
in enacting the Reconstruction Finance
Corporation Act,
"did not intend that the
Corporation should be subject to
an¬
increase of
19% in their acreage of Spring wheat, 6% in their acreage of corn,
11% in
rice, 9% in tobacco and 8% in peanuts.
These reports are not compiled for
cotton, but unofficial reports circulated in the trade and recorded in the
have indicated
in the program
on
protecting not only the soil but also farm prices and income appears
greater than when the Act
This fact has been made evident
by the reports of farmers' intentions to
to
Bank Stock Held
So anxious
An appeal to farmers to co-operate in the Administration's
Soil Conservation program, in accordance with the
also
may co-operate
After House Action—Reverses Previous Action
The ultimate cost of the Federal works program will thus be
determined
However,
powerful upward lift it has given to
.
Congress Passes Bill
1937 will be necessary.
year
by private enterprise.
to reduce
power to continue the
successful, the cost to the Federal govern¬
are
caring for the destitue unemployed will be lessened, and, if the
employment gains are substantial enough, no additional appropriation
underlying conditions.
buying
The signing by President Roosevelt of the Soil Conserva¬
tion and Domestic Allotment Act was noted in our issue of
March 7, page 1565.
ment of
disemployment
preventing excessive production.
it could within judicial limitations to enable
they have had opportunity to study the new act and that all those to whom
it offers
substantially.
their
as
I hope that farmers will not complete their plans for this year's
crops until
a
common
appeal to all farmers to co-operate for their
an
far
gone as
national recovery.
uniform rate.
But in any single industry we have found that it
is
possible by united action to shorten hours, increase
employment, and, at
the same time, maintain weekly, monthly or
yearly earnings of the indivi¬
dual.
This is
and the national good to help in
farmers to keep the gains they have made in the last three years and to
per¬
We have learned the difficulties of
attempting to reduce hours of work
in trades and industries to a common level or to increase all
at
and co-operative spirit which they showed in making the
go far to protect both their soil
energy
Congress has
all seek.
we
same
and their income.
spiracy in restraint
carryover of cotton which
was
accumulated during the years
up to 1933 has not yet been reduced to normal.
Although reduction
has progressed well for three
years, the carryover is still probably twice as
big as it ought to be for the maintenance of a reasonable
price in the future.
?
21
Although the production
control programs have
been stopped, farmers
The Commission
on
denied, in a statement to the Committee,
10, that its proposals would unduly extend its
authority over business in inter-State commerce.
March
police
The
statement
was
summarized
follows
as
entirely at the mercy of unbridled competition with their fellowproducers as they were in the years preceding 1933. The new farm act
pro¬
vides for financial assistance
by the government to those farmers who, heed¬
ing the warnings contained in the intentions-to-plant
reports, wish to shift
read
in
Associated
Press Washington advices of March 10:
are
not
,
from the production of unneeded
surpluses of soil-depleting crops to the pro¬
duction of needed soil-building crops.
I believe that farmers will find the
and in their
own
new
program is in the national interest,
individual interest, too.
productivity of his soil.
Every farmer takes pride in the
Every farmer wants to hand
children in better shape than he found it.
on
his farm to his
The conservation payments of¬
fered by the government in accordance with the Act will
help him to do this.
If farmers for any reason should fail to take
advantage of the
and
new
act,
especially if they should carry out their intentions as indicated in the
Department of Agriculture reports, the consequent excessive production of
The
parts
that
statement,
by
of
able
im commerce,"
Harper
Sibley,
States, suggested
mittee that
in
Robert
H.
Freer,
proposed' amendments to. the
body would be
practice
was
signed by Gharles
Commissioner
the
as
to
at an
authority
hands
of
of
earlier
over
Trade
as
the
"unfair
in
detail
method
Chamber
of
of
protests
Act
against
under
which
"deceptive acts
governmental
and
and
competitions."
Commerce
of
the
United
hearing before the Interstate Commerce
deceptive acts
other
Commission Chairman, and
Commission
investigate and prohibit
well
President
March,
answered
Com¬
practices in business already
bureaus,
such
as
the
Food
and
Drugs Administration.
Mr.
March
"false and
other
said
pat the Trade Commission had authority
misleading advertising matter," and asserted "there
commodities
which
are
neither
foods
nor
drugs
and
to prohibit
are
as
countless
to
which
Financial
Volume 142
acts and practices
deceptive
are
to the
committed with resulting injury
public, but with which the Commission may not deal under t$ie present Act
without the expenditure of much time and -money necessary to establish
to-day.
Press
lined
the
Make
determine if any irregularities
out¬
11
"deceptive acts and
methods
give
initiative,"
of
well
as
Commission
to
or
either
its own
Congress
"upon
proceed1
house
of
as
well
as
corporations
within
the
authority to investigate business practices and
of the Commission's
conditions in inter-State and
foreign
commerce.
"documentary evidence" to include "books of account, financial
and
records,"
corporate
make
such
records
subject
to
Commission
subpoena.
Commission to proceed in circuit courts
Allow the
when
cease-and-desist orders
to be
about
Limit
aside
an
60
the companies; for any unusual handling
of telegrams; for any irregularities
in charges; for any irregularities in the
it had
reason
believe
to
they
were
being or
days
read by the Commission's employees, is without
Such
fact.
assigned to the task
which respondents could appeal to
in
set
completed their inspection, the
by the Senate Committee investigators pursuant
to the Senate Committee's
originals of which
The Senate Committee investiga¬
subpoenas.
copies of certain telegrams,
Commission's employees copies of these telegrams
Committee's subpoenas were made by the telegraph
companies and the copies
Lobby Committee Seeks Backing of President
Roosevelt and House—Oppose Court Actions to
Bar Seizure of Telegrams—Hearings on Lobbying
Activities—Report by FCC in Response to Senate
Senate
mittee
Appropriation of $50,000 for Expenses
Inquiry into Townsend and Other
Old
Age
Pension
Plans—-Scope of
Resolution
Calling for Investigation Broadened
Votes
Incident
March 17 introduced
on
joint resolution
a
counsel of the
pay
Lobby Committee for aid in attacks made upon that
body in the courts.
The resolution, if approved, would
place President Roosevelt and the House of Representatives
behind the Committee's investigation, which was referred to
in the "Chronicle" of March 14, page 1734.
Introduction
made were turned over to the Senate Com¬
so
investigators by the Commission's employees."
House
Resolution
appropriation of $10,000 to
covered by their subpoenas.
were
covered by the Senate
an
months.
many
"After the Commission's employees had
telegrams were examined
the
foundation in
Commission personnel
the
taken
have
would
procedure
a
"At the request of the
Senator Black
by the Senate Committee's sub¬
Washington between the dates covered
poenas was
tors desired for the use of the Senate Committee
the time
passing through
"The assertion that has been made that every telegram
order.
providing
method
of handling of books of messages.
for enforcement of its
disobeyed.
to
destruction of records; for any changes since
Jan. 1 1935, in practices followed by
handling of night letters contrary to tariff filings, and to note the
partnerships
and
persons
Redefine
employees," the report stated, "were instructed to
indica¬
look for violations of the tariffs filed with the Commission; for any
tion of forgery of telegrams or
provided.
now
Include
scope
authority
the President
that of
as
in addition
specified in existing law.
competition"
the
unlawful,
It has been charged that the agents
5,000,000 messages and copied great numbers of them.
read
commerce"
practices in
examined
Its agents, the
existed under the law.
FCC said, copied about 65 telegrams.
"The Commission's
"unfair
and
March
of
of the bill as follows:
scope
Expressly
as
advices
bill would:
The
to
Washington
contended that such
The FCC denied it had exceeded its authority and
to
Associated
submitted a report
telegrams on file in the Western Union offices, the FCC
telegrams as were insepcted by agents of the Commission were
injure competitors."
capacity to
and injury or
competition
1913
Chronicle
to
resolution providing for
On March 13 the House passed a
Senate
appropriation of $50,000 to defray the expenses of con¬
an
ducting the proposed inquiry into the Townsend and other
old-age
pension
without
a
of the resolution indicated that the Committee intends to
a
combat suits brought in the
Court by William Randolph
passed the House
resolution
The
plans.
As to the House action, on March 13,
record vote.
Washington said:
District of Columbia Supreme
Hearst. Mr. Hearst, who had
been denied an order restraining the Western Union Telegraph
Co. from turning over to the Committee a telegram he had
sent
of his editors, on March 14 filed a motion for a tem¬
one
dispatch
dispatch of March 14 to
outlined this proceeding
follows:
as
Mr. Hearst's is the third injunction suit brought to restrain the
telegraph
companies from complying with the ukase of the Black committee.
in the granting
a
Hearst, for
an
members
all
and that he could
lawyers,
are
see no
He warned the committee not to go
past history of people connected with the movement.
that if the committee resorted to such tactics the
Townsend leaders almost certainly would attempt to tie up
the courts.
at
Townsend
He declared that
an
the investigation
investigator already had asked a woman
headquarters here where she got a fur coat and how much she
paid for it.
less successful, Justice Wheat holding that the subpoena in
this
committee
he told reporters
Later
The second, by Mr.
order restraining the Western Union from giving up a specific
of Washington, Townsend plan advocate, said that
of the movement are all here in Washington,
the
of
the larger appropriation.
for
into the
The
message was
it would meet the same sort
pursuing its investigation
Representative Smith
that
in
firm's telegraph messages.
committee went beyond the limits of
the books and national officers
by Chief Justice Alfred A. Wheat of an injunction against
blanket subpoena of the
in
the appropriation cut to
vain to have
in
legal opposition which the Senate Lobby Committee has met.
of
reason
first, filed by the Chicago law firm of Winston, Strawn & Shaw, resulted
sought
warning that if the
less,
or
Constitution
the
*
porary injunction.
A Washington
the New York "Herald Tribune"
members
Townsendite
$10,000
"Times" from
to the New York
date
that
on
specific, not general, and therefore apparently proper.
case was
Mr.
mittee's subpoena on the ground that the
Senate has
no
right to "inquire
into the conduct of the business of the press."
Affidavits supporting
Barnum,
Thomas J. White, General
and
Elisha
Hanson,
Mr.
Newspaper Publishers'
Association;
Manager of the Hearst Publishing Enterprises,
"Never before, to my
to review, copy or
as
knowledge," Mr. White affirmed, "has
any govern¬
that it had the right to seize newspaper messages, or
make any use of them whatever, except during such period
the United States
was
vote of 243 to
House, by
man
Hugo
L.
Black's
lobby
brief but spectacular session of Chair¬
investigating
committee
involving
these
On March 10
broadening the
of
scope
from that
inquiry
the
originally proposed in the resolution adopted Feb. 19, refer¬
ence to which appeared in these columns Feb. 29, page 1387.
From Associated Press accounts from Washington, March 10,
quote:
we
the
investigating
by C. Jasper Bell, Democrat of Missouri, Chairman
which embodies the Townsend plan
bill,
monthly pensions
$200
all
to
The
said he
hearings
preliminary plans for public
hoped to
discussed.
were
Mr. Bell
early House approval of the resolution reported by
secure
Committee
Accounts
the
also authorizes
decided to ask for wider authority after a closed meeting
committee
which
It
60.
when the investigation is completed.
is not in session
the House
than
more
persons
findings and report to the Speaker in the event
the committee to print its
at
made special reference to the McGroarty
for a 2% transaction tax to pay
committee,
$50,000
authorizing
defray
to
the
of
expenses
Randolph Hearst's complaint asking the District of Columbia
Supreme Court to restrain the Lobby Committee from obtaining any tele¬
grams sent to or
Townsend
to assume
injunction
on a
challenge of the Court's right
In
jurisdiction.
Senator Lewis B. Schwellenbach ^Dem., Wash.) developed that 90%
of the money of Mr.
Smith's association
was
contributed by utilities and 10%
Principle That
It Is
Says Economists National Committee
on
Monetary Policy—Sees Danger of Enterprise
Being Taxed Out of Existence
Col. Crampton Harris, Committee counsel, revealed the group would
base its main fight gainst the
Unsound in
So
Plan
Fantastic,
received from him in Washington, from using any telegrams
already obtained, and forcing return of any the Committee now has.
3.
committee amendment to
Deputy. U. S. Marshall Harry C. Allen served Mr. Black with a copy
of William
2.
a
investigation.
developments:
1.
time
to by the House.
viva voce vote, adopted a resolution con¬
a
The resolution offered
Washington last August while he was lobbying on behalf of
Pettingill long-short haul bill.
United Press Washington
advices on March 16 had the following to say in part:
same
the
the
a
At the
resolution was agreed
of
climaxed
113, agreed to the request by Representative
privileged resolution be given immediate
the
the
engaged in the World War."
Robert Smith of Portland, Ore., Chairman of the National
Conference of Investors, testified before the Committee on
March 16 that six members of Congress shared his house in
Mr. Smith's testimony
that
Warren
siderably
Hearst's attorney.
Lacks Precedent, Aid Declares
mental agency claimed
a
consideration.
the Hearst application were filed by Jerome D.
President of the American
passing the resolution, the House, on March 13, by
Before
Com¬
Hearst's attorneys will base their second effort to thwart the
warning against
a
Plan, proposing a
members
of
the
and
pension
analysis of the Townsend
an
to
National
Economists
60 years and
persons
Committee
over,
Mone¬
on
by railroads.
tary Policy express it as their conviction that the plan
We also quote from a Washington dispatch of March 17
to the New York "Times" regarding other proceedings before
so
the
The
injunction granted to Silas H. Strawn by Chief Justice
Wheat in the District Supreme Court which restrains the Western
from supplying
Union
to the Committee the telegraphic files of the Chicago law
firm of Winston,
Strawn & Shaw, will be called up
on
permanent in the District Supreme Court Monday.
mittee will resist the motion had not been revealed
motion to make it
Whether the Com¬
standard
and the part the
in
Federal Communications Commission is said to have played
divulging to the Committee the contents of thousands of telegrams in
the files of Western Union offices in
in the country.
Washington, Chicago and other places
He demanded that the Administration summarily
remove
In response to a
demanded
to
resolution passed
know
by what
by the Senate last week in which it
authority the Commission has scrutinized
living.
and
their
Its
be
the
of
the
supply
of
do not
sponsors
paid out of
so
that
more
in
money
a
upon
in
higher
circulation with
a
and that the
national income
a
money
and
to understand that
seem
heavily
reduced by
not
cheaper dollar,
to
something like
estimated
and
great
earner
by the
as
with
the
it that it could not
many
the
it would
tax
people beyond
burden
financial
of the
of the national
are
60
be left in
family to
of
of
years
support.
upon
enterprises
out
of
age
or
hands of
the
It
the
It
more,
existence.
would give to a
sum
a
average
would throw an
poor.
amount
the American people as
Commerce for 1934.
the
and
income of
plan
of the old-age benefits
the proposed transactions tax probably would
40%
earner
wage
If
inflation and by the payment
wife, who
a
burden.
Department
would
into law
enacted
were
the
carry
a
upon
theory
false
improved economic condition
an
It confuses
must
Townsend Plan
capacity to
in
tax
brings
income.
were
as
FCC Defends Its Acts
expression
an
the load.
husband
all members of the FCC from office.
is
proposed in the plan would rest
If the
Before the Black resolution was offered Representative Allen T. Treadway
denounced what he described as "the snooping procedures" of the Committee
1
transactions
on
fax
of
wealth
tax
carry
to-night.
plan
circulation necessarily
real
"is
The members
to say:
on
go
Committee:
The temporary
unsound in principle that it is fantastic."
several times
and salary
wage
unbearable burden
There is danger that it would
It
seems
quite clear
that the
Financial
1914
for
government
not
collapse.
market
did
it
The
bonds
would
be
weakened if,
dangerously
indeed,
plan is indefensible and, if enacted into law, it would work violently
condemnation
the
of
Plan
Townsend
passes
desirability of providing reasonable assistance
be possible
the
find
to
Townsend
defensible basis
a
Plan
does not
no
judgment
the
upon
for elderly people.
It
processing taxes would probably be rejected. Meanwhile,
was announced that the Ways and Means subcommittee
exempt banks and insurance companies from
the new tax.
This program was described as follows in a
of
may
it
for giving them appropriate aid, but
provide such
had decided to
basis.
a
The Senate will probably re¬
of April.
quite at lestst a month to take final action.
Representative Bankhead, Democratic House leader, said
on March 18 that the suggestion for temporary re-enactment
against the national welfare.
This
middle
the
before
1936
March
Chronicle
Washington dispatch of March 18 to the New York "Herald
Tribune":
House Committee Continues Study of Tax Proposals—
Tentative Corporation Levy Is Lowered to Permit
"Cushion"
for
Depressions—Report
Rates Between 15 and
The
House
tinued
its
Ways
the undistributed
surpluses of corporations.
the complexities
involved,
As
Administration desired.
the
as
receipts
icle")
in income
(described elsewhere in this issue of the
tax
measure
tax program,
new
confident
were
that
it
but
could
approved
Congress.
The Ways and Means Committee on March 13
graduated schedule of rates, ranging from 15
the prospective levy on undistributed corporate
The scale tentatively approved would permit a
to
on a
55%,
as
net income.
than it does under
more
given below
present taxation.
There
table showing the effective tax rates on
a
the undistributed net income of corporations and the sched¬
ule
which
on
the rates
based,
are
tentatively agreed
as
the
of
Democrat
Chairman
Washington,
of
had
corporation earnings,
tax
to
Hill,
that the committee
reached agree¬
disbursed to foreign
stockholders, before
He said there would be a flat rate, collected at
but that its amount had not been determined.
payments are made.
the "source,"
reference
With
the
to
tentative
under which
agreement
banks and some insurance companies
the
agreed
corporation
to 40% of net income without paying the gov¬
to retain up
ernment
by
B.
announced
also
subcommittee,
ment
of the
sponsors
be
tax schedule.
sliding
Representative Samuel
the
"Chron¬
would eliminate the necessity of acting upon all of
President Roosevelt's
is
by May 1,
Opponents of the tax pro¬
hopeful that the sharp increase
were
the
to
their ne*
with
tax,
new
under the proposal, with undistributed earnings subject
be brought
should
the
joint stock insurance companies, other than life insurance concerns,
That
pre¬
companies and joint stock life insur¬
insurance
be exempted from
in existing law.
should
levied upon as
income
result of
a
mutual
all
banks,
announced, has tentatively decided as follows:
was
companies
ance
tax
to
Congressional leaders
some
dicted that Congress would be unable to adjourn
gram
con¬
to tax all undistributed corporate net income, the
proposal
it
subcommittee,
That
this week
the Administration's proposals
of
study
Advocates
55%
Means Committee
and
Settling primarily the position of banks and insurance companies in the
Administration
would be excluded from
tax, the New York "Times" advices from Washing¬
new
19, stated that the present capital stock and
profits taxes on these institutions would be repealed
and their statutory net income levied upon at a flat rate of
March
ton,
excess
It was added that Representative Hill,
subcommittee, estimated that the yield
15% under the plan.
of
Chairman
the
from this source would be about the same as at
Our
most
reference
recent
the "Chronicle" of
tained in
the
to
tax
present.
program
con¬
was
March 14, pages 1736-1737.
on
by the committee:
Effective Tax
Amount Retained
Retained
Distributed
O
90
%
The
20
80
22.5
30
70
30.0
9.0
60
36.3
14.5
4.5
50
50
60
40
42.5
30
44.3
31.0
80
20
45.6
90
10
46.7
42.0
47.5
47.5
40.0
O*
These rates
based
are
than
more
From 10 to
tax
a
on
On the undistributed net
Not
Court
25.5
70
equal to the
income
far
so
20.0
ther
36.5
10% of the total net income,
Bertrand
the extradition of
over
Coles Nei¬
March 9,
on
according to advices
for
treaty of
de
15%.
whether
question
A
citizens
American
was
filed
Washington
dispatch of March 13 to the New York
"Herald Tribune" discussed the status of tax proposals, in
taken
been
has
before the courts
the subcommittee,
indication
no
B.
income,
schedule
a
Democrat
said that the agreement
the
that
Mr.
which
would
rates
the full House committee.
tributed
Hill,
would
the
said,
on
$620,000,000
yield
larger amounts of undis¬
yearly
government
through
Supreme
Court
amortize
to
invalidation
additional
in
requested by President Roosevelt to make
Act and
of
was
the committee believed it had1 worked
the amount
justment
Chairman
favorably reported to
ones
By increasing rates
Hill
Washington,
"tentative,but there
was
be
not
of
Hill
their
of
He
total
said
retained
that
net
that
31.8%
under
net
income
net
showed
studies
of net income for
the
an
the Federal government
income to
Treasury
paid
now
proposed tax
that
custody at the request
the
United
States
corpus,
contending that, since they
the
Ad¬
veterans'
average
16%%
of
could
Additional
and
pay
be
who
these
will
will have to
in
and,
into
on
the
average
retain
40%
called
Vinson,
a
third,
It
a
which
lower than
Appeals Court reversed
be
not
which
income
taxed
each
tax
;
70
of dividend recipi¬
also
a
normal
tax
stockholders,
portions
of
net
on
par¬
income,
who
times.
contended,
of
levied
on
at
the
not
more
agreement
by Representative
income
tax rates, to safeguard
The
schedule
may
not
marked
Fred
M.
calls
for
no
should
labor
be
noted
and
than
of
and
net
Undistributed net
income
would
be
than
20%
rates,
constituting
running
retained, to 47%%
is
on
net
his
income,
when
10%
is
undistributed net income, when 100% of net income
Representative Doughton, Chairman of the House Ways
Committee, told President Roosevelt on March 18,
that the House is unlikely to vote on the proposed tax bill
"Chronicle"
Court
at
France
years
citizens
of
has refused
this country.
to
the United
July
Philadelphia
The
1935
27
States last
(pages
513
Upholds
Over Civil Affairs of
Ickes
14 by the Federal Circuit Court of
Appeals in Phila¬
The opinion sustained the conviction on a minor
a
victory
controversy with
control
the
of the
case
for Attorney-General Cummings in
Secretary of the Interior Ickes over
Islands' civil matters.
might be appealed to
It
was
the United
predicted that
States Supreme
Court.
In
part, a
dispatch from Philadelphia had the following
regarding the decision:
Judge Joseph Buffington, who wrote the majority opinion, and Judge J.
who also presented an opinion, gave a "clean bill of health"
Warren Davis,
to
District
over
Judge T. Webber Wilson,
Mcintosh's
Judge
Wilson
trial
in
found
the
a
Cummings appointee, who presided
Islands.
Mcintosh
guilty of "embezzling" a small quantity
lumber, cement and nails,'worth not more than $79, and sentenced him
pay a fine of $200 or serve 100 days in jail.
.
.
Both Judge Buffington and
Judge Davis rejected the claims by Secretary
.
Ickes
to
authority
over
appointment
of
the attorney
for the
Islands
and
threw
retained.
and Means
150
for
her
Neidecker brothers to
the
represented
to
undistributed
of
decision
March
of
on
since
any
upholding control of the civic affairs of the
Virgin Islands by the Department of Justice, rather than
the
Department of the Interior, was handed down on
and! not
15%
in
terior
A
more
from
The
Department
Virgin
Islands—Decides
in
Favor
of
Attorney-General
Cummings in Dispute with Secretary of the In¬
that between 10% and 20% would be taxed 30%; that constitut¬
more than 30% of total net income, 45%,
than 30% of total net income, 55%.
This graduated scale, the committee explained, reduces itself to effective
more
and that
three brothers.
514).
to say
earnings.
total
New York
the French
a
of Justice Jurisdiction
the percentage
10%
of
of the
Federal
complete
of earnings retained.
sliding rates, depending on the brackets
on
request by
a
ment of Public Works
generally in opposition to
undistributed
undistributed
any
graduated
is
are
of
that
for
American citizens,
charge of Leonard W. Mcintosh, Chief Clerk in the Depart¬
of the Virgin Islands.
The decision
f
part of the undistributed income falls.
constituting
15%
retaining "60,
Mr. Hill said, "although it
percentages
extradited
extradition
delphia.
led
were
they
as
sued
ruling by the United States Dis¬
trict Court, and held that the American-born bankers need
total
as
13 refused to grant
Jan.
on
government for the extradition of the
three
run
who
large
freely admitted
the committee
in hard
taxation
The retained funds
into
of
in
for Reserves
existing corporation
payments
from
proposed
14%%
principally
policy of
surtax but
retain
Cushion
Kentucky,
that certain
stockholder
The
only
said,
from the wealthy,
was
forces within
Democrat of
at
a
is there,"
reserves
cushion."
Treasury,
taxed
for
exemptions
ing
equal
was
immediately
States Circuit Court of Appeals in
The United
City
its
of
higher income tax brackets.
Allows
victory for
only
not
pay
the -corporations
be forced
"The cushion
the
it
from corporations which have
dividends;
ticularly
a
would
obtained,
100% of net income"; second, from the general
ents,
be
which
taxes
will
revenue
First,
ways:
still
They
summer.
they could not be held under the treaty for extradition to France.
income.
and
last
The Neideckers
government
variety of taxes.
a
A committee tabulation shows
corporation
a
in
of the French
July, after their European bank had closed its doors, was
pay
corporations
reserves.
scale
in
behalf
Agricultural
Treasury expenditures to
pointed out that corporations
on
return
bonus.
Mr.
to
funds lost to the
up
the
of
out
revenue,
returned
there.
for many months.
into
part, as follows:
Samuel
be
late this afternoon jointly
Ferry de Fontnouvelle, the French Consul-General
arrived
can
Valentine, Police Commissioner of New York City, and Charles
The issue
were
30% of the total net income, 55%.
Representative
that date from
on
in that country under the terms of the extradition
the appeal
1909,
Lewis J.
of
the
prosecution
writs of habeas
More than
to
Supreme
reported:
France
20% of the total net income, 30%.
30% of the total net income, 45%.
From 20 to
Brothers
States
his
and
Involving
of the following:
sum
United
Washington to the New York "Herald Tribune," which fur¬
it constitutes:
as
Neidecker
of
Before
brothers, George W. and Aubrey, to face
charges in France growing out of the closing of the Travelers
Bank in Paris, was carried to the United States Supreme
T5
40
100
contest
decker
15.0
Brought
Court
Total Net Income
%
100
10
France
Rate of Tax on
on
Extradition
of
Question
% of Total Net Income
of
^
out his contention that Mcintosh's conviction was
unjustified.
Judge Davis, expressing stronger views than his colleague on the question
Island control, wrote:
The President intended to transfer and did
transfer the District Court of the
Virgin Islands from the jurisdiction of the Department of the Interior to the Depart¬
ment of Justice.
Thereafter the court with its officers functioned, and could only
Financial
Volume 142
function, under the Department of Justice, and was free from any control whatever
of the Department of the Interior,
We heard the representative of the Department of the Interior at the argument
of this case purely as a matter of courtesy, for as a matter of right and law it was a
stranger to the proceedings and had no standing or proper place in the court.
1915
Chronicle
As
to
affecting the law,
pending legislation
Lehman
Governor
Secretary Ickes's attorney had denounced Judge Wilson during argument
of the government
against Mcintosh.
him
has before
now
Byrne bill, which brings the
the
this
the
because he refused to grant the motion
appeal
attorney,
Ickes
an
Judge Wilson
Referring
appointee,
Wilson's
Judge
to
dismiss
to
charges
the
the defendant.
of the trial, Judge
accused of "persecuting"
was
conduct
7-777 v.,'7.
wrote:
.;V/rV V7777
Buffington
"7'
We do not feel he acted as prosceutor, but in accord with Judicial dut$ and
keeping with the standards laid down in many cases.
Buffington opinion added that Mcintosh was
Petition To
Restrain
Guild and
Newspaper
American
Denied
By Judge Bondy In U. S. District
Court At New York—Issue Involved Discharge of
NLRB
Reporter
petition by The Associated Press for an injunction to re¬
strain the National Labor Relations Board and the American
A
Newspaper Guild from inquiring into The Associated Press's
discharge of Morris Watson, a reporter, was denied on
March 17 in United States District Court in New York by
We quote the foregoing from the
had
Judge William Bondy.
New York "Herald Tribune" of March 18, which also
the
following to
by Watson, now supervisor of "The
Guild, of which
Living Newspaper," a WPA project, though the Newspaper
officer, that his discharge be investigated by the
an
that he had been released because of
In its petition
dismissal
Associated
Watson
of Mr.
would
saying that hearings on the merits
irreparable damage to the
cause
the Associated
Furthermore,
Press.
tional Labor Relations Act was unconstitutional
also
provides
employers of four or more persons in the State
stands,
for
constitution¬
ality of the act, restricting himself to the case at bar and deciding that the
Associated Press had not shown that it would be damaged by the inquiry.
benefits
of
payment
or
eligible
to
Plaintiff's Contention Cited
pointed out that the plaintiff asserted that the law was unconstitu¬
He
because
tional
the
effect of
necessary
would be to deprive
operation
its
employer subject to the law of his property without due process of
every
Constitution, and in
Section 6, of the State
Constitution of the United
of the Fourteenth Amendment to the
violation
States.
"The
is
issue
disbursement
to
legislative
"The
the
to
State
a
be sustained on any ground as a valid exercise
can
590,
guide for the interpretation of the law, that
a
as
State
public policy of the
unemployment is
serious
a
to the health, welfare and morals of
7.,-.7
■
"An
Exercise
insecurity due
'Economic
follows:
as
was
menace
of this State.'
"Being of the opinion that the complainant has not shown
the unemployment insurance law
enactment of
in the
Section
in
for
to pay the benefit therein provided
agency
power.
Legislature
the people
that it will
the mere
of the effect of any action
through
unemployed employees
of
"as to whether a law
he went on,
squarely presented,"
requires compulsory contributions by employers to a single fund
declared
and null and void.
initial payment on
compelled to make their
right and liberty of contract."
Press charged, the Na¬
dismissing the petition Judge Bondy did not rule on the
In
dispatch we take the following:
same
now
about May 1.
It
unemployed workers
beginning Jan. 1 1938.
Meanwhile the employers are to contribute 1%
of their payrolls this year beginning as of March 1 and 2% next year,
with 3% in 1938 and annually thereafter until a fund has been accumulated
out of which the unemployed workers will be paid.
'
Justice Russell wrote that "the question presented for decision on this
application is the unconstitutionality of the New York unemployment
insurance law."
;
*. ''
7'7..77
7-7'77'.-.7:: .'7
"The validity of this law must be tested," he continued, "by the legis¬
lative power to enact and through that power to enforce it, without violation
of the constitutional guarantee that the plaintiff (Associated Industries of
New York State, Inc.) be not deprived of its property without due process
of law, denied the equal protection of the law or be not deprived of its
be
which
the Court The Associated Press, through its counsel,
to
the law
will
He charged
guild activity.
John W. Davis, applied for an injunction,
of the
Board.
One provides
changes.
two
barred in the original law.
were
From the
As
bill makes
Byrne
law, in violation of Article I,
say:
The action was based on a request
he is
The
They
in
"not denied a single
right guaranteed to him by the Constitution or any law."
Judge Davis said that a trial could not be called unfair because the trial
judge, to ascertain the truth and with the consent of the defendant, asks
fair and proper questions.
.".V■
The
that
year need not submit detailed payroll
reports giving the
employees and other data.
The second permits religious and
organizations to come under the provisions of the law should they
777;-77.7'
Federal
employers
names of
charitable
so desire.
unemployment insurance law into closer conformity with the
State
Act.
of
Albany
an
dispatch to the New York "Times" said:
:
.
Power"
of Police
injury by reason of the mere existence of the act or
suffer any
pendency of proceedings against it by reason
take," Judge Bondy wrote, "the Court
that the Board has taken or may
concludes that
application no necessity for injunctive relief
the present
on
therefore unnecessary to pass upon the
has been established, and that it is
constitutionality of the act or its application to the
complainnant."
\
/
declaration
"Such
the
of
and
in
the
of
intent
statute
to
be
an
exercise
power.
some
exercise of the police power, but such exercise must be rea¬
welfare by an
and
sonable
the
indicates
The rights of citizens may be limited and regulated
instances a citizen may be deprived of property for public
police
cannot he too oppressive and
burden
not
arbirtary,
and the
some
regard in
the relation of
and effect between those
must
upon
Russell
Justice
Invalid
York
New
of
State
Supreme
Unemployment
Court
Insurance
Rules
ruling holding tlie New York State unemployment in¬
law unconstitutional was handed down at Albany,
surance
March 10, by Justice Pierce H. Russell, of the
State Supreme Court.
In his decision Justice Russell said:
It is my opinion that the compulsory contribution by an employer to be
N.
Y.,
paid
whom the burden is imposed and the conditions of evil sought to
remedied
Law—
Compulsory Contribution by Employer Held as
Violating
Constitution—Case
Brought Before
Court of Appeals
A
have
I
do
benefit to an employee of another is
of government and constitutes unwar¬
unreasonable and arbitrary transfer of the property of one to
in violation of the due process clause of the Constitution.
as
unemployment insurance
an
validity
ranted,
another
under our system
in
not
such
that
or
perhaps
whole and that it is reasonable that the
a
It
and
the
discharge.
must
of unemployment,
will create conditions
elements.
dries
lives and thrives
Industry
it
is
employ¬
burdened by exactions that its
so
con¬
misfortune follow both to
then loss and
preclusion,
and those forces
employment of
on
precludes the
dies when its condition
and
up
such
demands
it and its
by
caused
is
the commission of any wrong by industry as
to maintain a condition of employment is one
workers, and when
ment of
that unemployment
premise
or
beyond the control of industry or business have created and
numerous
workers.
dition
burden
assumes
far
always
include
legal duty
the
industry
"Forces
the
with
agree
of any
that
as
industry
industry creates unemployment
mitigating them should be borne by industry in the first instance.
of
omission
on
without
inhere
and that
that
contend
defendants
evils
its
cost
be
alleviated.
or
"The
cause
employees.
Held
Burdens
Harmful
Shortly after Justice Russell announced his conclusions,
Solicitor-General Henry Epstein made known, on March 16,
intention
his
State
Court
to
validity
the
argue
of Appeals.
of
the law before the
It was further indicated that the
would be taken before the United States Supreme Court
case
Justice Russell, while holding the law invalid,
if necessary.
refused
to
grant
injunction
an
York
of New
Industries
not wish to hamper
sought
by
the
State, on the ground
Associated
that he did
As
this, Justice Russell said:
The
sustained
by
the
remedy
in
the
very
near
future be
of
in this action,
by existing forms of action, to
or
Such
condition
a
tries
the
State
decision
in
Feb. 29—Justice William F. Dowling
Supreme Court handed down at Syracuse a
which
he held
unconstitutional
State Unemployment Insurance
that
section
of
Act which would allow
payment of benefits to "employees who have been discharged
for
sabotage or theft, or those who have
voluntarily left their employment, or who have withdrawn
at
$5
great public
50%
concern.
and which place the indus¬
in the field of
disadvantage
great
a
such burden is not
v.,.,..7
law provides that unemployed work¬
insurance
of their normal wages,
to $15
up
a
week but not
week in the ratio of one week of benefits for each 15 days
per
| Maximum benefits are limited
All manual workers are included as well as
employment in the preceding 12 months.
to
16
in any one year.
weeks
non-manual
workers
payroll tax
is expected1 to
next
year,
getting less than $50 a week or $2,500 a year.
return
and $90,000,000
other industrial con¬
troversy."
Such payments, he said, "are arbitrary, unrea¬
sonable, unjustifiable, discriminatory and constitute the tak¬
ing of property without due process."
As was noted in our
issue of March 7, page 1570, the decision was given in the
actions brought by W. H. H. Chamberlain, Inc., and E. C.
Stearns & Co., both of Syracuse, against Elmer F. Andrews,
Industrial
State
Bennett Jr.,
Commissioner, and Attorney-General John
to test the law's constitutionality.
In Troy
16
March
Andrew
a year
some
this
$30,000,000
year
The
$60,000,000
thereafter.
Industrial
State
Commissioner
Elmer
F.
reported as stating- that the Division of Unem¬
ployment Insurance of the State Department of Labor would
continue to administer the law "as explicitly permitted in
was
Commissioner Andrews further
Justice Russell's decision."
said:
incompetency,
from it by reason of strike, lock-out or
J.
State
unemployment
receive
less than
On
the
this
.,77
shall
ers
matter of
those from other States upon whom
competition with
State
a
distressing consequences
of
imposed."
The
is
likely to improve by imposing burdens which tend
not
its
business
and
public
a
insecurity which
is
extend
further
to
unemployment and the menace of its
evil and misfortune and creates a
of
condition
undoubtedly
social
injunctive relief.
A few weeks ago—on
of
is
of
of
will
statute
Appeals, and if its unconstitutionality is
the plaintiff herein will then have available, if
Court
that court,
such
necessary,
secure
by
upon
this
of
constitutionality
passed
widespread
continuance
condition
the operation of the law until the Act's
validity had been passed upon by the Court of Appeals.
to
"The
The
Division
issuing
of
forms
contributions
Of
ance
for
of
additional
short
course,
fund
Unemployment Insurance will go ahead with plans for
interpretations
for
employers'
May
on
the
from
law
the drafting
and
the first payments of
The
of
was
contributions
to
designed
as
not
basing of contributions
unemployment
an
a
penalty
upon
upon
payrolls
insur¬
industry
was
found,
long study, to be the fairest method of collecting the money for pay¬
ment
benefits.
of
As
ance
the
of
1.
collection
employers
unemployment.
after
details
on
reports to accompany
has
will
part in
been
be
some
pointed
borne
in
out
many
times, the cost of unemployment insur¬
large part by
only a small
The employer contributions
the consuming public,
instances coming out of profits.
advices, March 16, to the New York "Herald Tribune," At¬
therefore cannot be termed
torney-General Bennett was quoted
understand
extent of
unemployment, its spread over all industry, its effect upon markets, the
lives of the unemployed and the public welfare and the need for unem¬
ployment insurance will be submitted to the court.
If there
in
tiie
same
possible.
talking.
is time,
we
argument
We'll act
as
as
saying:
would like to include the Associated Industries case
so
we
can
quickly
,
as
obtain
we
a
can
general decision as quickly as
and let the courts do all the
The
that
at
legal
that
issues
time
a
involved
a
charge upon industry.
will
be
comprehensive
argued
factual
on
brief
Thursday.
showing
I
the
Financial
1916
Early Ruling by United States Supreme Court on Con¬
stitutionality of New York Minimum Wage Law
Sought—Brief Filed by New York State AttorneyGeneral Bennett
An
New
the
New
York
York
minimum
State
whose brief
in
March 17.
on
law has been asked by the
wage
Attorney-General,
the matter
As
State Court of Appeals on March 3, in a
the
declared the law invalid, the
in
The findings were
the divided
on
1923
opinion of the Supreme Court, which
unconstitutional the Minimum Wage Act of
held
Congress for the District of Columbia.
ney-General
Bennett
cision in the earlier
the laws
of
because
insisted
(Adkins)
District
the
different
New
of
Supreme
could not control because
case
and
Stating that Attor¬
Court de¬
the
that
York
were
lay
behind
conditions
economic
statutes, and because the New York law
of
State's
the
March
4-to-3 decision,
sovereign
power,
different,
the
Washington
a
dispatch,
17, continued, in part:
Inquiries put before the court by Mr. Bennett included these:
Whether
wage law operated! to deprive Mr.
Tipaldo [in whose favor the New
York
court ruled]
the
if
Adkins
District
of
liberty
decision
and
New
could
York
property without due process of law;
or
and
prevail in the light of the differences in the
in
statutes,
of
the
light
"economic
of
the
not
The
owned by stock ownership by such holding companies are
a
State and transact no business in inter-State commerce."
The
brief
gressional
argued
law,
that
the
the Adkins
well
Furtjier,
Adkins
must
case
"enacted under vitally different
eliminate
conditions
oppressive
case
controlling
where
conditions, unchallenged,
and
the
promote
welfare
suit.
State
a
is aimed to
the
of
invalid,
The
Court
did
economic
have
of
Appeals,
differ
not
the
mu6t
of
in
place
Legislature
in
women
the
the basis
as
industry
decade
last
for
also in
its
law,
holding that
were
"the
in New York
more,"
or
and!
State shown
declared
sufficient
not
changes in
to
the
validate
to
by
the
statute.
The
in
was
wrong
"rejecting the thesis that the exceptional circumstances and conditions
State"
exist
in respect
justified restraint
Arguing for
Mr.
of
Bennett
"The
law
in industrial employment in New York
women
freedom of
upon
contract.
constitutionality of the law
as
is
in
of
exercise
power,
industry,
where
power
exploitation
and
other
has
purpose!
resulted
factors,
sought to be attained and
purpose
is
The health of
lack
from
of
matter
a
of
women
equality
legislative
Fixing of wages in industry is permitted by the courts in
of
stated.
of vast
Bonds of American States Public Service
C.o—,
Involves Registration with SEC
petition filed in the United States Supreme Court on
16, that court is asked to pass upon the constitu¬
tionality of the Public Utility Holding Company Act of
The petition was filed by Burco, Inc., of Baltimore,
of $150,000 of bonds of the American States Public
Service Co., now undergoing reorganization.
An appeal is
sought from the decision of the United States Court of Ap¬
peals at Charlotte, N. C.,
that
the
Act
is invalid
in intra-State business.
columns
Feb. 22, in which it was held
on
applied
as
to bodies involved
only
This ruling was referred to in these
Feb.
29, page 1389.
Previously (on Nov. 7 1935)
Judge William C. Coleman, of the Federal District Court
of Baltimore, held the entire Act unconstitutional.
Refer¬
to that decision
ence
Nov.
16,
pages
made in these columns Nov. 9 and
was
2985 and 3149.
The action
was
brought by
Burco, Inc., to force the trustees of its debtor, the insolvent
States Public Service Co., to register with the
•Securities and Exchange Commission.
Judge Soper, who
wrote the opinion of the Circuit Court of
Appeals, said:
American
We conclude that the Public
the
to
Court
reorganization
should
be
of
the
affirmed
Utility Act is invalid, in
debtor, and
in
far
that
the
far
so
decree
of
as
the
trustees
register with the SEC and the trustees
and
reorganization
directed
to
accordance
continue
with
with
the orders
so
the
of
plan
the
for
but that
of
the
as
it relates
the
District
directed
were
reorganization
court;
not
managers
the
declaration
to
were
debtor
in
in
the
decree that the Act is unconstitutional in its
entirety should be omitted.
As
the
to the petition filed in the Supreme Court, we
quote
following from
special
advices
from
Washington,
March 16, to the New York
Burco
Court
is
and
with the
The
now
order
Aspsco
to
Supreme
register with
the
Court
SEC
overrule
and
the
Circuit
otherwise
comply
Court
finding
elicited
conflicting
expressions.
The
com¬
mittee
tory,
of utility executives greeted it as a "sweeping and
significant vic¬
despite the limited application to Aspsco, but the government found
occasion
for
satisfaction
be held' wholly
Before
in
the
court's
a
the court agrees or refuses to
that
the
real
that
the
Act
could
not
test
of
the
consider the holding company case,
to oppose
holding
the government,
a
review.
merely a "friend of the court" in the Burco issue.
The
although
government
law be based
company
SEC's suit against the Electric Bond & Share Co.
by 147
injunctions
holding
stockholders
had
concerns
sought
against en¬
in
district
injunctions
to
/.•'•...'V'
bondholders but
and
"Until
there
is
also
decision,
a
utility systems must remain at
a
to
the
industry itself,"
reorganization
standstill."
solvent American States Public Service
itself; Dr. Ferd Lautenbach, holder of
Public
proceedings
'
Co.; the corporation
some
American States
Service Co.
bonds, and its reorganization managers,
advices, March 17, from Washington to the "Times" added:
As
these
the
were
interests opposing
Holding Company Act,
Burco in two lower court
cases
on
it would ordinarily be assumed that the court
would
consent to the review sought by Burco yesterday.
The government,
however, which previously entered the case as a "friend of the court," may
oppose the review on the ground that it is "collusive," and also because
law with the suit of the SEC
to test the
against the Electric Bond & Share Co.
will
the
will
ments
makes
government
announce,
on
March
proceed
opposition,
no
30, its
in the
it
week of April
is
assumed
hear the
consent to
case
that
and
the
court
that
argu¬
27.
York
Appeals Court Upholds State Housing
Authority Act—Decision Permits Condemnation
Proceedings for "Public Benefit"
The
New York State Court of Appeals on March 17
upheld the State Housing Authority Act by a 6 to 1 decision.
This was the first ruling by a high tribunal on the law which
permits cities to create authorities to sponsor housing and
slum-clearance projects.
The opinion, which was written
by Judge Leonard C. Crouch, was given in deciding a case
involving the New York City Housing Authority, which
Paul Win dels, Corporation Counsel, argued was
legally
and constitutionally set up under the law.
Judge John F.
O'Brien dissented from the majority decision.
The action
was brought
against two owners of old-law tenement houses
in New York City, who resisted condemnation
proceedings on
the ground that the law violated the State and Federal
constitutions because it "grants the power of eminent domain
a use which is not a
public use."
for
A summary of
the opinion follows, as given in
to the New York "Times":
an
Albany
dispatch of March 17
at
Judge Crouch in the majority opinion said that the Legislature aimed
correcting by law conditions which could not be remedied by private
enterprise.
These conditions, the Court held, included
"unsanitary and
substandard living
conditions," which, the opinion went on, "caused an
increase and spread of disease and crime and constitute a menace
to the
health, safety, morals and welfare of the citizens of the State and
impair
economic values."
"The public evils,
social and economic, of such conditions
are
unques¬
tioned and
unquestionable," the opinion said.
"Slum areas are the breed¬
ing places of disease which take toll not only from denizens, but, by
spread,
from the inhabitants of the entire city and State.
Juvenile delinquency,
crime and immorality are there born, find protection and flourish.
"Enormous economic loss results directly from the
necessary expen¬
diture of public funds to maintain health and hospital services for
afflicted
slum dwellers and to
war
against crime and immorality.
Slum Areas Held "Blighted"
capital loss and
Judge
a
Crouch
continued,
"there
is
an
diminishing return in taxes because of the
by the existence of the slums.
Concededly, these
equally
areas
heavy-
blighted
are matters of State con¬
they vitally affect the health, safety and welfare of the public.
"Time and again, in familiar cases
needing no citation, the use by the
Legislature of the
on
the
The government has been
.
.
.
power of taxation and of the
the evils of the slums has been upheld
"Now, in continuation of
won,
a
battle
the Legislature has resorted
powers
In addition,
party to the suit, is expected
demands
direction
unconstitutional.
opponents of Burco will file briefs.
not
filed
early
necessitate
to
as
applications for
cern, since
Utility Act.
Circuit
been
instances
stockholders
"Indirectly,"
"Times":
demanding that the
46
cases."
proper
a
1935.
part of the Act was held
one
important
so
in
March
holder
are
concern.
States Supreme
Court Asked to Pass Upon
Constitutionality of Public Utility Holding Com¬
pany Act—Petition Filed by Burco, Inc., as Holder
In
authority over
or the
violated,
was
Stating that the petition of Burco, Inc., to the Supreme
was joined on March 17 by
the trustees of the in¬
United
Action
that
had
other
clause
process
early decision of the questions will be of great benefit not only to
brief
New
of
Act
in
thousands
If
legitimate in the public
the
said
commerce.
Congressional
fall?
Burco,
the Department of Justice wishes
proper
said:
reasonable in the method used to achieve the
bargaining
a
said
brief
the
the
Attorney-General also contended that the Appellate Court
shown to
if the due
whole law
questions,
public utility holding com¬
a
of
use
of the mails and other
use
in inter-State
lawful
a
by
commerce
was
Con¬
unwarranted
of
exercise
an
Court
erred in holding that the two
Bennett,
and
conditions
taken
said Mr.
materially,
was
and' post roads;
while
"An
State."
He asserted that the State law nowhere violated the Constitution.
laws
was
reserved to the State invaded; and if
powers
"clearly distinguishable
was
be
not
inter-State
if the Act
post offices
Act
prevent registration.
in the statutes" from the Tipaldo
as
the
of whose business
none
of
as
if
and if Congress could control
instrumentalities of
forcement
pleaded that
asked
also
power,
courts,
underlying facts
the unregulated
in the mails
corporations
wholly confined within
issuance and manipulation of the securities of such holding companies
and by the instrumentalities of inter-State commerce, even though the
wage.
Bennett
One of these asked:
widespread land T persistent
holding com¬
that
fact
a
as
Ralph P. Buell
McMahon,
questions.
seven
and to prevent fraud and damage to the unwary, and to prevent
minimum
the
reorganize the
to proceed to
and
V-:
the general public to prevent the further use of these agencies for improper purposes
The
Mr.
contained
having found
Congress,
decision.
He
void in its entirety, instructed the
SEC
brief, presented by Edward Ward
employed in New York," and in the light of the public
policy stated by the Legislature in its effort to assure women and minors a
on
•_
with the
panies by the use of the malls and the instrumentalities of inter-State commerce,
has power to enact the Public Utility Holding Company Act in the interest of
citizens of the United States who are or may become investors or consumers and
These
-A.-.
petition
a
abuses have flowed from the unregulated activities of public utility
conditions
Disputed
filed
in holding the Act
register
Heyward Hamilton,
"Whether
Baltimore dentist and
calling the law un¬
Lautenbach,
Fred
bonds,
.
''
Burco
D.
and
bank¬
asked last September for a
On the same day Burco filed a
trustees
Aspsco.
women
Basis
Dr.
Aspsco
.
to
affecting
Adkins
of
.
Judge Coleman,
trustees
day,
same
$2,500
constitutional.
pany,
the
The
declaring the law clearly valid.
on
holder
two
valid exercise
was a
Baltimore.
in
determination of the law's constitutionality.
petition
Jr.,
1936
21
began in June 1934, when trustees of Aspsco filed a
case
petition
opinion being directed against
basic pay for women in laundries.
the
based
Bennett
J.
John
filed in the Supreme Court
was
indicated in these columns, March 7,
was
The Burco
ruptcy
Also
early ruling by the United States Supreme Court on
March
Chronicle
by giving to
a
police power in dealing with
by the courts.
which,
to
the
city agency the
if not entirely lost is far from
last
power
of the
trinity of sovereign
of eminent domain,
called upon to say whether, under the facts of this
case,
cumstances of time and
place, the
use
we
are
including the cir¬
of the power is a use for the public
benefit—a public use—within the law."
Discussing the aim of
the Act,
Judge Crouch went
"The fundamental purpose of
government
safety and general welfare of the public.
is
to
on:
protect
the
health,
Financial
Volume 142
"All
its
activities
complicated
simple
that
have
of the slums in New York City has been long
menace
enough
years
past
police
power
The
the
In conclusion, the
control of the public itself.
the direct
...
Nothing is better settled than that the property of one individual can¬
not, without his consent, be devoted to the private use of another, even
where there is
incidental
an
here present no
In
matter of far-reaching public concern,
a
and to administer
the public is seeking to take the defendants' property
interest
public benefit and, therefore, at least
part of a project conceived and to be carried out in its own
and for its
far
as
The facts
colorable benefit to the public.
or
such case.
That is
benefit.
own
this
as
a
Changes in Taxing Corporations Em¬
Proposals Before Congress Call for
Study of Possible Dangers Before Any Tax Measure
Is Adopted,
Says Report of Committee of New
York Chamber of Commerce—Consideration Urged
Far-Reaching
in
the
to prevent employer interference with the freedom
employees in national elections." He suggested that this
measure
of
be expanded so as to protect voters against influ¬
all sources, including officers and agents of the
measure
from
itself.
Congress
business
and
should carefully
men
the
study
will
The report,
which was drawn by the Com¬
Taxation, of which James T. Lee is Chairman,
on
before
come
its
Chamber! at
the
next
meeting
on
April 2.
Copies of the report were mailed to President
Roosevelt, Secretary of the Treasury Morgenthau, members
of the Ways an
Means Committee of the House, and to 400
Chambers of Commerce
committee
throughout the country.
six
presents
specific problems
in
the
proposed radical change in taxing corporations, which, it
says, should be thoroughly studied in order that new tax
legislation will not retard recovery.
The report says:
In
the
of
opinion
a
Chamber
The
advocated
has
reduction
radical
Without
alone
in government
taking
But it believes
by increased taxation, but also by
a
time
either
for
or
against the proposed change in the Federal method of taxing
corporations,
that "such
ful
committee's
the
study before
of
sideration
final decision is made."
a
the
following
(1) Attention should be given
the
down
of
the
millions
expansion
plant
their
out
goods
corporations is
con¬
tax would slow
the re-employment
and
corporations
decide to
delay
contemplating
action
or
the
all
book
surplus
curtail
is
the existing unemployment
of
in the
shown
now
now
cushion
forms
this scheme
by
of
not
a
rainy day.
new
Large
stock;
surface.
in
the
the
the payroll
it
must
over new
concern
produce
hard¬
now
be
They have been
past.
the
They have benefited labor, no
only
meeting certain
Security Act,
of
means
under the
taxes
depend upon operation at
Furthermore,
will
Certainly there is reason
for argument that large surpluses
room
harm
They represent
like
not
it is intended to, prevent accumulation of large
as
good than
investors.
taxation,
which do
Social
profit.
a
remembered
the
that
proposal
new
does
not
contemplate taxation of surpluses accumulated in past years.
Consequently,
it would appear that as applied to future earnings of corporations, it would
tend
to prevent
the growth of those corporations now having little or no
a continued competitive advantage to the corpo¬
enjoying a large surplus.
Again, if not equitably worked out, the plan may penalize originality
and
initiative by operating with peculiar harshness
against the young,
efficient, expanding corporation which, but for such a tax, would) keep
surplus, and thus to give
ration
now
dollar of
its earnings,
plant
into
and improving its competitive
other
the
certain
its earnings and put it
durable goods industries, employing
benefiting the
side
of
forms
the
of
taxation,
picture
and
equipment,
labor,
more
thus
increasing
position.
there
the
is
of
promise
repeal
of
existing inequitable
discriminations, simplication of the tax structure, escape from the nuisance
and red tape of several different Federal taxes.
But can we hope for
permanent repeal
and
in
business
made
for
removal
Will they
force payment
the long run,
have
men
in
resulting
of these taxes?
public demands
added tax
an
be
restored
the situation
long
time,
a
circumstances
as
New Deal debts?
of
rather than merely
a
of
Will this prove
substitute?
is that
that the
it
meets
corporate
disregarded at least to the extent of recognizing that when
pays
tax, the tax really falls
a
upon
the individuals who
demand
a
fiction be
corporation
a
the corpora¬
are
tion.
If this
principle should be clearly established, is it not possible we
could
expect
a
will
decline in other
fact that they are
of the
I have said,
holds
or
the
on
But there is
more
is
revenue
.
taxation
of
during five long depression years.
than
less
distribute all earnings, cash
the sale of
or
far
the
or
business, aside from its natural
inequities not clear
done
have
As
improvement
loans
corporations might expand through
to
on
of
is whether
surpluses in future.
Accord¬
property acquired: with surplus earnings.
for expansion,
merely that of taxation.
concern
there
be
must
predicted1
undistributed
on
adoption of sound governmental policies
on
Another favorable factor about
industries,
because
might
Nearly
compelled from
are
be accumulated
cannot
goods
earnings
physical
if they
ingly,
of
industries.
care¬
asks
themselves
believe that it will,
to
problems:
relief,
on
The great bulk
programs.
capital
now
It
the possibility that this
the heavy
in
recovery
many
however, emphasizes
report,
revolutionary change should receive most
a
and
On
this
at
earnings
And this depends
burdens,
ships
expenditures.
position
a
the
every
and far-reaching that the
carefully considered before
balanced Federal budget.
a
should be accomplished not
this
numerous
so
should be most
disadvantages
decision.
advantages and
reaching
effects of the proposed
committee the economic
your
in taxing corporations are
change
dis¬
a
it will produce the revenue
No matter what the rates of taxation
all fields, not
The chief
Mr. Lee's
involved
into
hardships cannot yet be determined.
be determined whether
it
forthcoming.
tax
New York.
entered
corporate income "which is not distributed as
on
can
earnings,
is
mittee
likewise
Whether this plan will work undue
Neither
in
adopted, it was urged in an interim report made public
March 17 by the Chamber of Commerce of the State
Gall
earned," and, in part, said:
of the proposed revolutionary change in
the method of taxing corporations before any tax measure
of
tax
new
possible dangers
on
Mr.
cussion of the President's proposal to Congress, calling for
the repeal of some existing taxes and the substitution of a
by the President.
by Congressmen and Business Men
on
some legislative trends in Washington, describ¬
so-called Walsh government contract bill as "an
instrument of boycott, oppression and discrimination."
Mr. Gall also called attention to the Van Nuys bill, already
passed by the Senate, which, he said, "is advertised as a
ing
government
bodied
Association of Hartford
March 1, John C. Gall, asso¬
National Association of Manufacturers,
the Employers
objected to
ence
is concerned, is a public use."
case
to
ciate counsel of the
regulated ownership of the
be wrought not through the
The cure is to
speech
a
County, at Hartford, Conn.,
opinion said:
individual but through the ownership and operation by or under
as
Legislative Trends
In
still exists."
menace
Workings of President's Proposed Tax Plan
John C. Gall of National Association
Manufacturers—Objection
Voiced
to
Some
Discussed by
of
in attempts to cure or check it.
"The slums still stand.
it
Probable
serious
as
Acts applying the taxing power and
sprinkled with
are
The
view.
in
The session laws for nearly seventy
public action.
to warrant
end
recognized
1917
Chronicle
no
burdens
really burdens
on
on
possibilities for both good and1 evil.
determine
corporations,
in
recognition
the stockholders themselves?
conclusive judgment is yet possible, but the proposal
whether it
should
receive
The final form of the proposal
our
support
or
our
opposition.
this,
however, would not be possible for the majority of the smaller organiations.
(2) It is believed there
are
thousands of corporations which have
many
only been able to endure through the depression because of
They
surplus.
remained
have
or
solvent
and
has been
factor in
most vital
a
made of the effect of
position
(3) The
providing employment for all
The fact that they have carried on
social security.
our
A careful study should:
surpluses
this aspect
upon
should
not
be
ignored.
of
Many
surplus is penalized by heavy taxes, the position of the bondholder
a
(4) If,
loans through
advocate,
many
as
In fact, corporations might be handicapped
existing indebtedness out of earnings as well as in
their
paying off
placing long-term
bond issues.
tax-exempt
reserves
are
set
aside for work¬
ing capital, depreciation, depletion, &c., what amounts should be allowable?
And
should
how
the
amounts
if
vary,
at
all,
in
various
industries
and
trade?
(5) Railroads
former
resulted
in
desire
be exempted from the
may
This is to enable them
program.
back to
standards.
serious
to
Decreased
deterioration,
provisions
of
the
bring their property and
earnings in the past few
and
it
is
stated
new
tax
recognize, in respect to the railroads at least, the principle that
taxation should bear a close relation to the ability to pay.
It has, how¬
ever, been pointed' out that there are many hundred industrial corporations
have
and
their
well
be
had
also
their
of
rebuilding
considered
in
this
(6) The Treasury
revenue
tax
tax
strength
problem
the
from
brackets.
returns
.
tax
.
But
can
it
by
by the
depression
;
and industrial efficiency might
secure
be
that
the
additional
into
higher
The
are
many
tax-exempt
With the present personal high income
seek investments of this type, and the
revenue
needed
report, which represents only the opinion of the com¬
until it is adopted by the Chamber, is signed by
Mr. Lee, as
Chairman, and by Frederick P. Condit, Charles
K. Etherington, Jesse S. Phillips and John Sloane,
of, corporations and unincorporated businesses cannot be
indefinitely without introducing tendencies which in the long run
earnings
will prove to
be economically harmful.
000,000
of the earnings of business enterprises in 1937 than in 1936,
that the funds available for productive purposes and for the
it
more
will
mean
If the government absorbs
$620,-
expansion
and improvement of productive equipment will be reduced.
Corporations and their stockholders and employees will have no voice as to
this $620,000,000 will be expended.
As a basis for increasing the
how
to the
income
in
the
future,
business community,
savings
or
That
forgotten in estimating the
there
by the government will not be obtained1.
mittee
contrary to its own revenue interests in adopting measures
tending to disorganize and deplete the capital structure of
business enterprise.
A summary of the Board's study states:
national
most of
driving stockholders
should not
taxpayers
buy.
depleted
tax program.
program
individual
investors
tax rates, many may
resources
proposed
Department expects to
new
.
from
securities which
seriously
the Federal government now depends and must continue to
depend upon business for the major part of its tax revenues.
Consequently, the government would be pursuing a course
The
to
that
Board points out that while many of these taxes, such as
on tobacco and liquors, are shifted to consumers,
tapped
officials
than 80% of all Federal tax
more
the taxes
have
government
1935
collected from business in the first instance,
according to the National Industrial Conference Board. In
an
analysis of the proposed tax on undivided profits, the
equipment
years
were
have
might be seriously weakened.
in
In the fiscal year
revenues
purchased bonds of corporations because of the company's substantial surplus
and practice of plowing back earnings into the business.
If the accumula¬
tion of
Eighty Per Cent of Tax Collections During Fiscal Year
1935 Collected from Business, National Industrial
Conference Board Reports—Proposed Undivided
Profits Tax Viewed as Tending to Disorganize
Capital Structure of Business Enterprise
during depressions.
bondholders
of
accumulated
concerns,
drastic taxation of
business organizations
our
going
an
and ceased paying dividends, but they
wages
of their regular employees.
many
be
have cut
may
among
business
savings
and
the most important
the nation
for
it will be definitely and permanently lost
no
part of it will be available
in the hands of stockholders
is
well
potential
source
have in
as
business
of capital.
the
past been
of addition to the productive capital of
While
government can
larger
and larger shares from these
at
risk of serious interference with
the
a
reinvested dividends
sources
understood.
as
sources
of capital,
the operation of
continue to absorb
it
can
do so only
the economy as a
whole and with the advancement of living standards.
In
is
of
an
economy
fundamental
subject to marked cyclical variations the surplus account
importance to the
capital structure.
If the assets are
sufficiently liquid, it makes possible the continuance of dividends when
earnings are negligible or non-existent, thereby helping to maintain the
1918
incomes
Financial
of
banks,
importance
of
insurance
these
companies,
in
reserves
individual
and
sustaining
investors.
employment and
Chronicle
The
during
wages
If this estimate should be made official later,
believe that
to jettison the
y^rs.
revived for
The taxation of undistributed profits at the high average rate of 33
at
a
minimum rate
in
the
case
to
set
aside
of
substantial
to
increase
time
same
their
banks find it desirable
earnings
frequently compelled to do
are
distribution
the
Not only do
of
part
of
bank
for
the
protection
of
Any tax law that
so.
earnings to stockholders,
diminishing the margin of protection accorded to
socially undesirable
1/3%
at the
If,
unofficially predicted
as
$450,000,000,
the full year's collections probably would run to between
In 1935 the actual collection
the
new taxes now
Collections
so
set out
are
as
follows:
beginning next July 1,
being framed in Congress.
far this calendar year, compared
January
February.
March
*
with 1935, were as follows:
1935
1936
$22,320,790
33,309,929
192,429,413
S36.060.989
43,609,969
281,758,032
Month
.
1-16*
March
1-15 last year.
The increase for the first half of March, this year, was
In urging that
contentions
$1,099,000,000 and in 1934 $818,000,000.
was
placed in the budget message at $1,943,000,000, not considering, of
course,
exception be made of the crude oil pro¬
ducing companies from the proposed surplus tax legislation,
William Wallace Mein, President of the Bishop Oil
Corp.
declares that "if the surplus is taken from the oil producing
companies, they will have to remain on a status quo, because
their well will not have any working capital."
A letter ad¬
dressed by Mr. Mein to California Congress, expresses the
reaction of his corporation to the proposed legislation, and
he regards the views therein as probably
expressing the
attitude of most oil producing companies.
Mr. Mein's
$1,434,000,000
the returns for March should amount to
now.
The amount estimated for the fiscal year 1936-37,
Producing Companies of Proposed
Cor¬
poration Surplus Tax Legislation—W. W. Mein of
Bishop Oil Corp. Declares That if Surplus is Taken
from These Companies They Will Be
Deprived of
Working Capital
;
around
$1,600,000,000 and $1,700,000,000.
Oil
on
than three years to produce a total of
the present fiscal year, ending June 30 1936, were placed at
wras
Effect
more
revenue.
budget estimate to Congress the income tax collections for
In the last
depositors, is
indefensible.
and economically
period of not
a
there is every reason to
agricultural processing levies, which the President has asked-
$367,000,000 in needed
20% would be especially unfortunate
banking institutions.
a
depositors, but they
tends
lower than
no
1936
21
determined, if not successful, drive would be made in Congress
a
depression is well recognized and fully attested in the experience of recent
and
March
Officials
emphasized, however,
not be taken to indicate
year an
that
early reports
about 46.4%.
collections could
on
For this particular
large increases for the month.
additional day was allowed to income tax payers to submit their
returns, since March
returns, fell
15, ordinarily the final day for filing the year's first
Sunday.
on a
Regardless of the cautiousness of the Treasury Department in estimat¬
ing additional
yields,
revenue
leaders who are
of the Congressional
some
attempting to fram.e the President's tax proposals into legislation sought
to
magnify
by their
They admittedly were motivated
possible sign of gain.
every
desire to forego re-enactment of the processing levies, and thus
own
avoid both the legislative and legalistic battles which they believe
would
surely follow.
March 12 1936
I do not question the principle that as much money as possible should be
paid to stockholders from earned surplus; however, I feel that
classifying corporations, for this discussion, under
am
I.
J.
Fixed
estimate
Corporations—This type is
one
who needs little
or
capital to continue in business at its present rate of earnings.
are
no
further
Their plants
built and there is nothing to do but maintenance and repairs and
try
and make profits.
An example of this type would be
a
corporation owning
large office building with that happy hope of perpetual tenants.
The
profits, after taking care of maintenance repairs, instead of going to form
large surplus could w ell be distributed practically 100% to stockholders,
a
and this would not
impair the value of the corporation
assets and would not
destroy the continuity of the enterprise.
II.
employ
men
and
producing companies.
Once
a
a
dividends.
pay
These
one
which
makes
com.panies really sell their
barrel of oil must be found.
new
corporation rents
an
ment represented
by the
is still there.
office;
th% keep
same
office
on
The oil company, after
a
motor car
getting returns
on
Therefore, what appears
dfill and fine
oil company, is needed to
business,
building
same
invest¬
as a
large surplus
new sources of supply.
earnings for the drilling of
new
new
National
11,Income
of
part of their
or
according to
a recent
Conference
Industrial
to
those
to
who
one-sixth
over
for December
estimated
The
from
of
the
was
increase
some
executive
service
1935, said
alone
regular
1933
the
in
the military
years
the
in December
to say :
on
establishment
government
for
but
the
persons.
224,510
compensation and1 pension
In
payroll
increased
The
following table shows the number of
receiving income from Federal funds,
the
same
increased
persons
of Dec.
as
in the various groups
31 1935:
Current Service:
Executive
816,185
I^islative-.....—4,975
Judicial
1,933
production and spend
—
Military
—
_
large capital expenditure,
well, the income from this
Civil
858,694
pensions..(50,442
Emergency establishment:
Employed by contractors on construction projects financed by Federal
government—-——'.^.^-.■"■-"'296,258'
Employed under works program..
oil reserves of the United States, there is too much oil. Proration means that
as others drill in some
newly discovered field, each well in that field is
allowed less and less production so that more wells are needed to drill to
Total
3,086,748
;
Recipients of government aid...
due to greater
demand for oh as the well cannot produce to its allotted capacity, the well
production generally decreases until it ceases to be profitable to operate,
and the well is abandoned.
•
trying to
convey
is that
as
soon
as
capital has been
expended and fortune apparently smiles on the oil producer, that well
immediately begins to die and natural decline is working against the pro¬
ducer, and m.ust be replaced. In view of this inexorable fact, if the surplus
is taken from the oil
producing com.panies, they will have to remain
status quo because their w ell w ill nor have any
reserves
ana
I.
working capital.
and the further development of these
these should be encouraged
are
on
a
Large oil
of national importance
from the point of view of,
National Defense.
II. Price of Gasoline, a low price to the public being entirely dependent
large crude oil supplies accessible to refiners.
on
I therefore urge you to make exception of the crude oil
producing com¬
panies from the Surplus Tax.
—
11,120,925
—
Delay by Congress on Price Discrimination Bills Urged
in Report of Committee of Merchants Association
of New York Approved by Directors of Association
1
A
recommendation
Tax
pending
comprehensive
a
and
laws
the
Income tax collections from Jan.
Federal
Federal
re-examination
Trade
Trade
Commission
Merchants Association
45.6%
Above
1935
1
to
March
16 of this
45.6% above the same period in 1935, according to
preliminary Treasury tabulation made public on March 17.
These receipts, which were above earlier Administration
estimates, amounted to $361,428,990 in the 1936
period
as compared to $248,060,133 in collections in the
comparable
period last year.
They indicated that first payments on
income for the calendar year 1935 might reach $450,000,000,
although Treasury Department officials refused to make any
new predictions as to the final outcome for the
year.
Secre¬
tary Morgenthau said that he was satisfied with the initial
returns.
Meanwhile, it was unofficially predicted that
income tax collections for the current fiscal year might be as
much as $200,000,000 above the Treasury Department's
original estimates.
A Washington dispatch of March 17 to the New York
year were
this situation
bills
which
would
Trade
as
follows:
are
Commission
been
a
extend
daily
within
been
all price
on
of
the
anti-trust
Commission
of
and
New
Anti-Trust
Laws
of
the
York, which has just been
report says:
now
the
Act
in
occurrence
the
scope
receiving
provisions
to
of
serious
consideration
of the anti-trust
thousands
of
laws
transactions
scores
of
these
statutes.
"Price
which
Committee
Congress
Federal
the
for
have
years
industries, and heretofore have
These
bills
fall
into
never
several
-
discrimination"
was
in
and
that
categories:
a
by Congress
Act, which, it is
recommended, he undertaken by the Administration elected
next November, is contained in a report of the Committee on
Numerous
Already
Period—Payments from Jan. 1 to March 16 Total
$361,428,990, Compared with $248,060,133 in 1935
on
action
approved by the Board of Directors.
Collections
"Times" commented
that
discrimination bills, "basing point" bills, and bills to increase
the powers of the Federal Trade Commission be deferred
The Association's
Income
5,720,017
...............
...
just maintain the original production of the first well.
(B) Natural Decline—After proration has been lifted,
am
2S5.673
——
.
,:
Military pensions and compensation
a
two
number
in
Regular government establishment:
To
(A) Proration Regulations—Notwithstanding the pessimism regarding the
I
There
1935.
growth of the
by 16,516, the number of civil pensioners, by 17,601.
Past service:
one new
as
announcement issued
an
military establishment,
accounted
available
of
number
1,108,766 in December
to
varying
of
figure equivalent
of the United States,
March 16, which went
on
covering
payroll
861,033
incomes
receiving
are
the Federal government—a
somewhat
wells and acquiring new potential
Further, the producing oil company, after
The point
Board.
increase in the direct payrolls and pension
any
gainful workers in the population
oil producing lands.
having been fortunate in bringing in
begins to shrink, due to
receiving all
persons
Federal government,
the
amounts from
employ men and pay dividends, the wasting asset
type of company m ust be constantly bringing in
most of the
a
Estimates
Part
or
rolls, the last two years have added approximately 9,000,000
persons
gasoline,
as
receiving payment for its oil, must
in
an
the
assets.
After receiving rent, the building
again find another barrel to sell.
continue in
capital
This is not the case when
space.
Apart from
of
use
An example of this type wrould be oil
barrel of oil is produced, sold and burned in
brand
of
by the Board
Wasting Asset Corporations—This type is
wasting assets and these m.ust be replaced if the enterprise is to continue
to
11,120,925
are
income from the
II. Wasting Asset Corporations.
All
Receiving
from Federal Government
There
two distinct type:
Fixed Corporations.
Board
Conference
Persons
120,925
surplus of these treated differently from the point of taxation.
I
Industrial
National
definite
a
distinction should be made between various types of corporations, and the
bills,
illustrated
by the Robinson
favorably reported to the Senate
on
Feb.
3
1936
bill,
3154,
S.
by the Senate
Judiciary, and the Patman bill, H. R. 8442, and the Utterback bill, H. R. 10486, and the
Copeland hill, S. 4024:
With varying
degrees of severity, each of these bills brings within the prohibition of the
anti-trust
laws many practices
that for generations have been routine
procedure in scores of industries.
on
"Basing point" hills,
Utterback
the
now
illustrated by the Wheeler hill, S. 4055, and the
11329, which would1 bring within the prohibition of
"basing point" and "delivered price" systems that are
hill, H. R.
anti-trust
laws
fundamental in
dozens of businesses.
Bills to increase the powers of the Federal
Trade
Commission, illustrated
by the Wheeler bill, S. 3744, and the Rayburn bill, H. R. 10385.
bills would extend the
jurisdiction of the Federal Trade Commission
unfair methods
all
unfair
would
and
remove
of
competition
in
deceptive acts and1
many
of
the
inter-State commerce,
practices
limitations
in
which
and
inter-State
the
would
These
beyond
include
commerce,
Federal
Trade
and
Com-
Financial
Volume 142
mission
Act
gatorial
licenses
by
and
the Borah
all
the
Federal
kind
across
bills
any
were
governmental
character.
Whatever
Council,
the O'Mahoney bill,
S.
further
into
regimentation
the result would be
law,
of
business
all
of
the
their
these bills,
of
them
pressing
are
which
defects
or
opponents
resisting
the
and'
Congress,
upon
are
earnestness with
the
suggest
them,
Ever
since
business
these
National
bills,
This
and
there
and
Federal
Trade
be
national
the
election
tion
of
such
of
laws and
whatever
Commission
present
Act
contained
in all
fall,
surely be to join with
anti-trust
the
Administration
this
Mr.
in opposing
these
various
one
elected
of
for
each of
major jobs
its
comprehensive re-examination
Commission
may
the
at
will
of the
Act, and in the formula¬
then be called
for in the light
re-examination.
Administration
then
is
in
office,,
it not
is
1937
in 1938 by whatever
or
mistake,
a
the
in
remaining before the campaign for this election, to attempt
legislation
on
few
the
any
the
limitations
constitutional
concurring in the
court
"seriously
embarrass
but does not, give due
Federal
on
State
and
legis¬
Report Inadequate
dissenting report set forth above, I feel that
Although I sincerely regret that portion of the
Supreme Court in the recent NRA
having to do with
case
in plain and unequivocal terms,
by unanimous action declared that the Congress could not legislate
matters
the
indirectly affecting inter-State
decision)
'building,
.
.
crops.',
commerce
mining,
.
such
(page
as
manufacturing
16
of
growing
or
v':;
"-v-' ^v:
by the several States creating a reasonable
,
definitely
minimum
indorse
and
wage
action
the
labor.
prohibition
of
abusive
•\■■
i
hours
labor
of
and
child
•
"I
feel, however, the Council, in approving the committee's report
requesting Congressional action at this time, specifically recommended that
the
Congress enact legislation
definitely and obviously unconstitutional in
of the clear and unusually specific language of the court
and the former child labor
case
its
piecemeal
is reasonably calculated to seriously discount
usefulness, discredit the worthy aims for which the Council
and
embarrass
both
the
in this
cases.
"Such action by the Council
weeks
this subject ?
and
'
of the
the light
Since this job must certainly be taken up in
Council
the
"We believe that the report should,
to
report is inadequate.
"I
office
to
said it would
He
of
usefulness
inter-State commerce, the fact remains that,
bills.
that
a
the
of the five dissenters to go
one
was
Glasgow added:
decision
on
cause
be
the Federal Trade
the
of
Act.
moving
will
legislative program
has
of the anti-trust laws
scope
that
Congress in
there
thousands
the
is
certain
is
it
by
the
Finds
equal
this
re-examination of
comprehensive
a
Trade
Commission
legislative proposals
Whatever
be
with
collapsed,
shared
part either in sponsoring or
no
Federal
dissatisfaction
feeling,
widespread
should
the
Administration
Recovery
a
taking
are
that
laws
same
the
industry
who
men
anti-trust
the
the
"discredit"
They said:
"While
throughout
N. C.,
obviously unconstitutional."
and
lative power."
conclusion:
been
Charlotte,
Congress and the Administration.
com¬
purely
than
more
power."
declaring that the Council's recommendation proposed something
consideration
merits
sponsors
with
in
discount"
State lines.
one-sentence
a
Glasgow, President of the National Motor & Equipment Whole¬
"definitely and
corporation doing any
every
legislative
salers Association of
in inter-State commerce to procure
these bills would open the
of each and
State
Thomas
3363:
Commission,
enacted
who pointedly remarked in
dissent that the report
not give "due consideration to the constitutional limitations on Federal
and
are
...
be the
their
Trade
Federal regulation
these
earnestness
579,
S.
all corporations engaged
from
business of
bill,
which
1919
Chronicle
investi-
its
did
drastic
door to
which
of
exercise
in inter-State commerce,
By requiring
local
Commission's
license corporations engaged
to
illustrated
plete
the
upon
powers.
Bills
If
imposes
now
Congress and the
was
formed,
Administration."
As bearing on the above report, it was indicated in a
Washington dispatch, March 14, to the "Herald Tribune,"
.
Federal
Control
Industry Similar to that Under
NRA Advocated in Report Approved
by Council
for Industrial Progress Under Major
Berry—Five
Members of Council Dissent Easing of Loans to
Small Businesses Urged by Council
over
A report approved by the Council for Industrial
Progress,
under Presidential authority, and headed by Major
created
George L. Berry, recommends the creation of
a
Council
dissented
from
the
action
of
the
majority in
indorsing the report, which was drafted by a group set up
within the Council, which group virtually
proposes Federal
control over industry similar to that exercized under the
National Recovery Administration. The five dissenting are:
D.
G.
Sherwin, Vice-President Caterpillar Tractor Co., Peoria, 111.
Sawyer, Dennison Manufacturing Co., Framingham, Mass.
F.
S.
Voorhees, architect, New York City.
Jenkins, Twentieth Century Fox Film Corp.
Glasgow, Motor and Equipment Wholesalers
Tom
lotte,
N.
In
Char¬
C.
a
Washington dispatch, March 18, to
series of recommendations from
leaders
who
the New
York
fall had refused to
the
14, said
the
according to Major Berry, the President
of the Council.
we
From the advices to
placed
dispatch,
gave
last
Council
abolition
employables
hours
revived the conflict again
codes.
are
meet
emergency
con¬
.j
minimum wage and maximum
the national
of
permanent advisory
a
hour standards with sub¬
income
its
and
council
distribution,
make
to
the
continuing study
a
council
to
include repre-
enterprise, but insists that
the
maintenance
of
a
successful
system of private capital demands
certain
governmental restraints.
In another item
we refer to the report made to the Council
committee under Captain W. P. Roberts, in which it is
found that there is general adherence by
industry to NRA
a
that
standards.
the
The
Council
Reconstruction
term loans.
March
on
Finance
among
16
recommended
Corporation meet
an
"in¬
small businesses for long-
The recommendations
summarized
as fol¬
lows in Associated Press Washington advices of March 16:
were
Interest should
should
be not more than 4%, and the means of
obtaining loans
simplified', the Council 6aid in a report to President Roosevelt.
be
"It is apparent that
promoted
The
fewer
the government loan policies
sufficient financial relief for small
Council
than
pointed
500
persons
Fifty-four
out
each
1933
said
in
cent,
per
and
that
71%
of
of
in
was
1929
these
the
firms
establishments
employed in
the
decline
small
in effect have not
now
enterprise," the Council said.
manufacturing
in
62%
all
employing
of
industrial
all
establishments, it added.
covered
by
a
1935
wage
employment
The
Department
of
45% of the borrowers reported
"credit difficulties."
over
the results
of
the
It
supported its program by declaring that 25%
unemployed, that a tendency exists toward lengthening
"Assistance
of
this
kind
can
be expected
only from
some
governmental
source," it added.
The Council also recommended that the RFC
accompany a liberal
lending
publicity drive similar to that started by the Home Owners'
Corporation, and that new legislation be adopted if necessary.
policy with
Loan
a
by F.
products
of
of
industry
Employment and
constituting
as
wages, it
added,
were
a
continuous
stream
of
then
in wages,
rendered!
the
following conclusions,
commerce.
Now therefore:
after finding adverse trends
long working hours. Inadequate wages
industry creates unfair competition, in the flow of
It is resolved that:
Congress be requested to enact legislation creating a commission which
shall,
after findings, have authority to determine a minimum
wage rate to be paid by each
of the several industries, the commission to determine
the field covered
by each
Industry.
It is further resolved that:
..
Congress be requested to enact legislation creating a commission which
shall,
after findings, have authority to determine the maximum number of
hours per week
to be worked in each of the several industries, the commission to
determine the field
to be covered.
That in any instance where the hour week shall
have been greater
than the hour week established by the commission for that
Industry
In the wage rates shall be made, so that there shall be
of the workers.
no
adjustment
a
commission, which shall,
agriculture.
commission, Congress shall provide for
a
personnel giving
equal representation of management and labor.
to
the
dissenting views,
above extracts
are
taken
The
the
and
was
suggested by President
addressed
to
the
Roosevelt in
acting' National
a
a
Recovery
letter
June
17
Administration
committee report on "accurate information
concerning the extent to which changes
standards
or
occur in the maintenance of labor
fair practice provisions of codes of fair
competition following the
The report revealed that "in
no industry has there been complete abandon¬
by all establishments surveyed of both the labor and the trade practice
provisions of a code."
ment
paper
from which
the
said:
Berry Council approved the proposal for mandatory control of wage
hours standards in the face of objection from five members of
the
The study
abolition of such codes."
It is also further resolved that:
In the appointment of a
as to labor provisions and fair-trade
practices,
according to reports published on March 16. The committee,
headed by Capt. W. P. Roberts, found,
however, that in
some industries there has been a
widespread breakdown in
minimum wage payments.
The worst showing, the report
said, was in retail trades, in which there was a "very general
breakdown of labor and trade practice standards."
The
complete text of the report, now in the hands of Secretary of
Commerce Roper, will not be published until after
April 1.
A Washington dispatch of March 16 to the New
York
"Times" gave the following extracts ftorn the
report:
Administrator, directing that
after findings, regulate the minimum ages at which children
may be employed in
or
code standards
1935,
j
It is also further resolved that:
Congress be requested to enact legislation creating
an
reduction in the earnings
Asks Control for Youth
manufacturing, mines,
*
appointed by President Roosevelt to study
the operations of industry since the invalidation of the
National Recovery Administration has found that a
survey
of 44 industries shows substantial adherence to former NRA
The committee finds that
commerce in and between the several States of the
United States and is detrimental
tolthe general welfare of industry and the
nation; and that Congress should create
commissions empowered to regulate such unfair and
detrimental practices.
commerce,
Retail Trade
A committee
hours, employment and youthful labor:
and Tern ploy ment of children in
Presidential Committee Under Captain Roberts Finds
General Adherence to NRA Labor Standards and
Fair-Practive Provisions—Most Violations Seen in
vital national factors.
Submits Conclusions
and
to
senatives of industrial management, labor and the general
public.
The committee declares its belief in
private
also
John P.
As
of
of
Council
Tribune"
C. Cosgrove, of Johnson & Johnson, New Brunswick, N.
J.,
Frey, President of the metal trades department of the American
Labor.
The report implied a constitutional defense
of its
recommendation by referring to the flow of raw
materials, supplies and
r
Creation
his approval
and
Federation
It
Maintenance
1929
the "Herald
situations
•••
stantial overtime rates.
earners.
a
headed
and
special
.
between
reducing wages, and that employment of youth has increased
considerable percentage" in consequence of the abolition of the NRA.
The wage and hour report of the Council was drafted
by a committee
"by
in
Commerce survey borrowed money, and that
majority
NRA
of
only
:
and,
also quote:
The
of
Administration
The recommendations were
March
on
under
humber of industrial leaders
a
serve.
President
group of business men and
a
organized
were
sponsorship only after
before
control
creasingly urgent" need
"Herald Tribune," it was stated that the
proposal for the
establishment of the Commission came as the
climax^ of a
labor
Protection
ditions.
labor
Association,
In
The committee recommends:
by
Albert E.
F. A.
income is the chief cause of the country's economic ills.
outline of the report at that time the dispatch said :
an
Federal Com¬
mission which would be empowered to fix maximum
working
hours and minimum wages in industry.
Five members of
the
that the committee held that maldistribution of the national
It
was
found that
a
larger number of concerns disregarded hours provisions
provisions than minimum wage standards.
The report admitted that with reference to child labor the
known to be inaccurate."
answers
"are
1920
Financial
"Reports which have been received from various
sources
employment of child labor than has been shown in
declared.
The
.S.-'v-.'
indicate
a
larger
returns," the report
.-/yV
general conclusions
"In
Mr. Tolley said, "a State committee
Each of these committees will have from
those committees,"
to
will be established in each State.
surveyed of both the labor and the trade practice provisions of
a
three to
five members,
amended
respects, and the process of discarding code observance has been selective.
istration.
"For example, in one large industry only about 15% of the establishments
of whom will be producers."
the majority
out those provisions of the
The newly-named regional directors will carry
code.
Soil Conservation Act which
Also,
Agricultural
will take the
committees
community
and
county
local administration.
addition
Code standards have broken down in particular respects rather than in all
surveyed
farmers'
program,
leading part in
"In
follows:
are as
old
■
industry has there been complete abandonment by all establish¬
no
ments
our
1936
March
Chronicle
they
will
assigned to the AAA for admin¬
were
the
of
provisions
under
operations
continue
and related legislation.
Adjustment Act
reported to observe code hours for all employees, but 80% are
are
reported to observe the trade practices surveyed.
"Or, again, in
of the small industries, 80%
one
of the manufacturers
surveyed departed from the minimum wage requirements of the code, but
about half of them
reported to observe the trade practices surveyed
were
and about half to observe the code hours.
"On the other hand, less than a third of the
establishments in still another
of the industries surveyed observed all the trade practices whereas about
three-quarters observed the hours.
"Contrary to the general impression, the reports from establishments
where
surveyed,
by
classified
size
establishment,
of
show
uniform
no
relationship between size and observance of code standards to be maintained
in
large and in small establishments.
(whether of minor
But in some industries departures
major importance is not yet known)
or
appear
more
"Generalizations with reference to the influence of geographical location
the observance of code standards
are
likewise not supported by field
reports, except with due regard to the particular industry involved.
numbers of establishments adhere substantially to the former code
standards
labor provisions and similarly large numbers as to trade
to
as
practice provisions.
current
insure to
The
Taking all the industries surveyed, the majority of the
lina,
substantially to the code labor standards; similar comments apply in
regard to those adhering to the trade practice standards.
that
important differences in adherence exists
between
board
disregard adherence to such standards.
"These findings
departures therefrom
whole."
*
of
the code standards and
degree of adherence to
to
as
considered generally indicative of industry as a
are
of
Second, it would
not
in
Senate
a
resolution,
joint
Caro¬
Senate
favorably reported to the
was
bales
of such
Feb.
22,
about
Presidential
than
more
ings of
40,000
Previous
appointees who would dispose
bales, and not less
week, was made in
cotton each
10,000
than
issue of
our
1219.
page
Mr. Beane said that government hold¬
as collateral for loans amount to
bales (including pool spots and futures).
cotton
acquired
5,600,000
made
About four years would
L.
rate of about 1,125,000 bales a year.
by the Industrial Labor Council, under Major George
Berry for government control, similar to NRA regulation.
regular sup¬
a
security for loans, to the jurisdiction of a joint
three
*
Reference is made under another head to recommendations
the
to
as
surplus now held
reference to the bill, which would provide for the transfer
of all cotton, held or acquired by a government agency as
collateral
the part of more than one-third of the establishments
embodied
Feb. 4, and
on
there is
to
buyers
already somewhat tight market
an
legislation,
different industries; also in about three-fourths of the industries surveyed
on
cotton
Feb. 14 by the Senate Agricultural Committee.
on
Extra Overtime Pay Wanes
tendency
of
part
introduced by Senator Ellison D. Smith, of South
adhere
found
the
ply of cotton from the government stores.
was
a
He said that the measure would relieve
on
amounts in which the cotton
and
manner
members thereof and those carrying by far the largest number of employees,
"It is
anxiety
by the government might be disposed of.
"The data received indicate that in nearly all the industries surveyed
arge
The Smith bill now before Congress providing for the
disposition of cotton held by government agencies is "the
only solution that will take the weight of the government
cotton surplus off the market," in the opinion of William
Beane, commodity department manager of the firm of
Fenner & Beane, New York, commodity and security brok¬
ers.
Mr. Beane expressed himself as "very strongly in
favor" of the bill.
frequently in reports from large than from small establishments.
on
Liquidation of Government Cotton Holdings Favored
by William Beane, of Fenner & Beane—Supports
Smith Bill Now Before Congress
be required for its disposal at the
In commenting
on
the
bill, Mr. Beane stated:
Establishes
AAA
Five
Regions for Administration of
Bill—Regional Directors Named—
Will Be Under Supervision of H. R. Tolley—Four
Commodity Divisions of AAA Discontinued
.New
The
Farm-Aid
establishment
17
Under
the
would
be
by
Secretary of Agriculture Henry A. Wallace.
Regional directors, who will work under the general super¬
vision of H. R. Tolley, Acting Administrator of the Agricul¬
tural Adjustment
Act, were named to have immediate
tion
and
Domestic
March 1, was noted in our issue of March 7, page 1565.
The following are the five regions established, together
on
with the
regional directors named,
nouncement issued
contained in
as
an
an¬
by the Agricultural Adjustment Admin¬
istration:
The
do
Division
is made
Carolina, Georgia, Florida,
of South
up
Alabama, Mississippi, Louisiana, Arkansas, Texas and Oklahoma.
Cully A.
Cobb, who has been director of the Cotton Division of the AAA, will be
regional director of the Southern Division.
The
East
Central
Division
is
comprised
Tennessee,
of
who
has been
Potatoes of
The
York,
director of the Division of Tobacco, Sugar,
the AAA,
Northeast
is
made
up
Massachusetts,
Mr. Hutson
will
of
Maine,
New
New
and
Vermont,
Hampshire
The North
Central Division
is made up
of Ohio, Michigan, Indiana,
Illinois, Wisconsin, Iowa, Missouri, Nebraska, South Dakota and Minnesota.
Gerald
Feed
B.
ijjhorne, who has been director of the Division of Livestock and
Grains
of
the AAA,
will
be regional director
of
the
North
Central
Division.
The
Division
is
made
up
of North Dakota, Kansas, Colorado,
Wyoming, Montana, New Mexico, Arizona, California, Utah, Nevada, Idaho,
Oregon and Washington.
George E. Farrell, who has been director of the
Division of Grains of the AAA, will
The
be director of the Western Division.
following is also from
v
Secretary Wallace also directed the discontinuance of the four commodity
divisions.
duction
The
work
control
regional divisions.
the
AAA,
the
Division
The
in
such
Sugar
of
the
The
former
will be
programs
order
leaves
in
of the
intact
liquidating
duties
other
the AAA
pro¬
assigned to the
new
administrative
units
of
as
the Division of Marketing and Marketing Agreements,
Program Planning, and the Division of Consumers' Counsel.
of
Section will continue
with
connection
divisions
part
a
sugar
handle
to
quotas
and
some
other
phases
program.
•
Headquarters of the regional divisions will be maintained in Washington,
those offices will deal directly with individual States.
Under the new
and
set-up, however,
ing producers'
in the States
much of the administrative work of
applications
instead of
for
grants
and paying
examining and audit¬
producers
will be done
in
Washington.
Mr. Tolley said' that establishment of the five
regions was
necessary steps in getting the new farm program into operation
as
one
as
of the
quickly
practicable.
"We
few
days,"
Mr.
sion
hope
to
he
announce
details
of
the
new
program
within
the
next
said.
administer
work
the
already has been started to set
new
«farm
program
in
up
the various
field organizations to
States.
As
under
the
a
have
year's
for
crop
period
a
opportunity
an
to
cotton
approximately four
of
advance,
ceiling of government cotton
discretion
of
market
this type will be
the
values,
they
them which
cannot
under
six
the
market of
result
At
Smith
months, the
the
over
.
now
and
bill
would
seen
it
is
needed
the
into
the fallacy of making loans on
unlikely
that
of
further
bales
40,000
would
year
permit
loans
of
probable consumption,
healthy,
a
at
of
carryover
around
been
which
for the next
cut
the
assure
short
as
a
and government accumulation.
crops
slightly subnormal,
(beginning Aug. 1)
year's world
week
a
before Congress would also
effect of small
it
last
now
supplies of cotton which have
next crop
basis
about
run
Smith program
time,
same
the
year's
such
prices
made.
the combined
of
be
may
the government's pool at
of
manager
whereas
over
By releasing the government surplus in regular weekly amounts,
which
may
American
3,000,000
bales,
carry¬
be estimated
cotton
and
exclusive
this
of im¬
pounded government holdings.
New York
Building Service Employees' Strike Settled
—Agreement Provides for Arbitration of Wages and
Hours for Three
Years—Strikers to
Both Sides Claim
Victory
The
Be
Rehired—-
building
service employees' strike, which crippled
transportation in New York City apartments and
office buildings for more than two weeks, was settled on
vertical
March
15, when representatives of the Building Service
Employees' International Union and of the Realty Ad¬
visory Board signed a contract calling for reinstatement
strikers and
immediate arbitration
of
the
minimum
question.
The strike, which started on March 1, was
last referred to in the "Chronicle" of March 14, page 1746.
wage
Approximately 3,000 buildings
was
reached.
affected at the time
were
Late this week
a
of the strikers
some
had not yet been re-employed, but James J.
Bambrick, head
of the union which called the
strike, said on March 19 that
a "more
friendly attitude" was evident on the
part of the
realty interests and expressed confidence that all strikers
would be returned to their jobs within a few
days.
The strike
was
La Guardia and
Bambrick
and
settled through the intervention
a
mediation board of five
Walter
Gordon
Realty Advisory Board, said
gratified with the settlement.
men.
of Mayor
Both Mr.
Merritt,
Counsel for the
March 15 that they were
on
Mr.
Bambrick
said
that the
contract assured the
rehiring of all strikers. The agreement
is in effect a continuance of
previous employment contracts
which expired March 1.
The conditions of those contracts
are
prolonged for three years, during which period both
sides
The
are
bound
agreement
to
settle
calls
for
their
the
differences
by arbitration.
establishment
of
minimum
wages for the first year of the contract, and arbitration of
hours and
Tolley also announced that under leadership of the agricultural exten¬
services
will
above
settlement
the announcement issued by
the AAA:
approximately 1,125,000 hales of government
each
Apparently the government has
of all
Western
bill
which he may choose to establish.
Rice, Peanuts and
Pennsylvania, New Jersey,
the
at
cotton
John B. Hutson,
also be regional director of this Division.
cotton and ready to pay current pricee, mills at
buying hand-to-mouth for fear of government dumping.
to
with
now
will be regional director of the East Central Division.
Division
Connecticut,
Rhode Island.
North
Kentucky,
Carolina, Virginia, West Virginia, Maryland and Delaware.
Smith
added
prices
so
sold
on
Southern
need of
With the Smith bill in effect, cotton will again have a free market and
cotton
charge of the divisions.
The signing of the Soil Conserva¬
Allotment Act by President Roosevelt,
in
years.
of five
regions, comprising all the 48
States, for administration of the recently-enacted Soil Con¬
servation and Domestic Allotment Act, was announced on
March
Although
the present time are
third
or
wages
years.
to
be established
The contract makes
preferential shop.
the strike follows:
during
no
the
mention
second and
of the closed
The text of the contract which ended
Volume 142
Financial
"Taking into consideration the
those
as
the
of
32-B
of
made
respectively
the
on
Chronicle
well
as
represent
the prompt
Cross, I
terms
the
of
termination of
the
minimum relief fund of S3,000,000 be
a
1
our
as
President of the
American^Red
people to contribute promptly and most
so that sufficient funds may
be available fo; the relief of these
always been the
when the Red Cross has acted
case
as
agent in the
your
relief of human suffering.
Nov.
on
that
possible.
as
therefore, urging
am,
genexously,
strike
present
into between the parties
agreement entered
necessary
promptly
thousands of your homeless fellow citizens.
I am confident that in the face
of this great need your response will be as immediate and as
generous as has
following terms:
"The
as
As President of the United States and
submit to the parties whom
to
agree
1921
conditions, it is
raised
by
following terms of settlement and
they
public,
directly involved, and with due consideration to
the Mayor's board of survey, the undersigned
of the Realty Advisory Board on Labor Relations and of
the Building Service Employees' Union hereby approve of
representatives
the
the general
of
parties
recommendations
Local
interests
V
,
21
1934
there
shall
of
the
further
shall
arbitration
effective
arbitration
be
effective
year,
for
continue
of
from
date
the
of
of
application
of
award.
At
hours
party,
Associated Press Washington advices of March 19 reported
the President's analysis of the flood situation at his
press
conference as follows:
the
of either
After talking with the committee, Mr. Roosevelt gave a personaFexplanation of the situation to White House news men, emphasizing the im¬
portance of financial assistance to the Red Cross.
hours,
shall be
There
either
that
wages,
and
wages
and
wages
of
except
application
of
thereof.
year
standards
effect,
standards
upon
standards
second
the
in
minimum
the
minimum
the
upon
third
the
for
of
minimum
of
second
effective
award
from this date there shall be,
arbitration
the
of
be
become
to
year
to
Curran
immediate
an
further
a
award!
end
to
be
one
party,
the
of
standards
such
end
and
a
the
at
He
the award
"Signatory members to ratify this agreement
their
restore
arrive in
who
connection
shall
"The
back
to
are
employees to their former positions.
with
the
once
to Mr.
shall be submitted at
consider all
return
of
and
the union
of
the
whose
hereby
will
as
to work,
such
immediate
arbitration
of
the
to
their
send
co-operate to the
fullest
minimum
standard
of
in
parties
the
of
administration
and
the
fail
to
Curran
chairman
shall
"New York,
"JAMES
board!
award,
function
to
under
hereby extended.
as
such
upon
agree
"S.
to take up immediately the selection
agree
chairman
a
be selected
within
the
of
a
week
that it had not gone out.
ing
date,
of
1934
then
J.
for Building
storing flooded
Committee,
The
Employees.
VICTOR
M.
EADE, ARTHUR
C.
"The settlement
upon
"1.
"2.
or
The
Wage
closed
based
is
shop
is
and
not
should
be
determined
by
Reason
peaceful
and
interests
best
are
protected
by
force
"Each
sound
of
long-term
agreements
for¬
Relatione,
moral
code
On
by the employer.
these
social
and
Inc.,
for
March
fundamental
moral
feel
that
industrial
19
points
represents
The
a
principle
based
Advisory Board on Labor
settlement they have written a
disputes."
Police
Valentine
announced
a. m. March 20, the emergency orders
department had been operating since the
inception of the strike would be rescinded, the improved
situation having made it no longer
necessary to keep the
police on extraordinary duty.
which
the
therefore
States—More
Dollars
Than
100
Killed
Through Eastern
and
Millions
New York State Affected—Shutting Down of Steel
Mills—Manufacturing Industries Affected
were
homeless
destroyed this week
devastating floods in 11 Eastern States. The
floods were particularly destructive in Western
Pennsyl¬
vania, West Virginia and New England.
In many cases
flood waters reached the highest mark in recorded
history.
The city of Pittsburgh was virtually
isolated, its business
section was flooded to as great a depth as 15
feet, and all
the result of
Sower in 1889, was again submerged asexperienced a tragic
ood
was cut off. Johnstown, which two rivers
overran
their banks, and the city was without light,
heat, or power.
Many persons were killed in Wheeling, W. Va., while Wash¬
ington was threatened by the rising waters of the Potomac.
In most cases the floods were caused by torrential
rains, ag¬
gravated by melting snow.
Press advices yesterday (March
20) indicated that parts of Ohio were being inundated by the
floods.
of
on
March 19 took personal direction
Government efforts to combat
the emergency.
After a
by his special flood committee, the President issued a
proclamation appealing for $3,000,000 in contributions to the
survey
American Red Cross.
He also decided to postpone a sched¬
uled fishing trip to Florida until the termination of the crisis.
The text of the President's proclamation follows:
To the
11
States have driven 200,000 people
from their homes, with every indication that this number may be
materially
increased within the next 24 hours.
In this grave emergency, the homeless
are
turning to
our great
national relief agency, the American Red Cross, for
food, clothing, shelter, and medical
Mr.
are
care.
There is
As
a
no
production and
result, deliveries for
earnings for the first quarter will be
Other Industries Affected
,
While Pittsburgh was worst hit in terms of
damage to manufactur¬
as Wheeling, W. Va., Rochester
Binghamton, N. Y., Hartford, Conn., and scattered cities throughout
Railroad service
traffic of
of New
washout
was
slowed down in northeastern states, with mainline
Pennsylvania and Baltimore & Ohio seriously affected.
Haven mainline track
Delaware &
was
reported under water
Hudson service into northern New York
impaired by a
Waterford, N. Y.
near
v
Lehigh Coal & Navigation's collieries
not
One mile
Hartford.
near
was
Only one-third of Reading Coal & Iron Co.'s collieries
were
was
in operation
were
all closed.
flooded, officials explained that the water
operation.
While the mines
too
high for safe
-
Telephone and telegraph service to western Pennsylvania was impaired.
The public utility industry in cities of at least seven states was
working
overtime to keep power production intact and to
overcome
danger, present
impending, to transmission lines.
or
The
flood
Wednesday, extended from West Virginia and
Pennsylvania through New Jersey. New York, Connecticut, New Hamp¬
shire,
area,
Rhode
as
on
Island and
Massachusetts, with considerably difficulty re¬
ported in Maine.
In
Quebec,
covered to
a
Que.,
the
Quebec
Central
depth of nine feet in
some
Railway tracks
were
reported
places.
In New York
State, where 4,000 were reported homeless
floods, Oswald D. Heck, majority leader,
on March
19, introduced a resolution in the Legislature at
Albany calling upon the Governor for action. According to
Albany advices to the New York "Times" hardly had the
as
result of the
a
resolution
been
voted
word in the form of
a
when
special
Governor
Lehman
message, as
follows:
sent
back
I have been advised of
the resolution which has been passed
by the As¬
sembly urging that "the Governor immediately place at the disposal of the
flood sufferers every possible resource and all facilities of the
State, and to
request the Federal Government to lend its powerful aid for the relief of
flood sufferers and in coping with the flood waters."
I
am
very
glad indeed immediately to be able to report to
body that every possible
resource and all
your
facilities of the State
honorable
were
placed
disposal of the flood districts several days ago.
At the very commencement of flood conditions I
directed the several de¬
State government including the State
police, National
Guard, Health Department, the Department of Public Works and the
Con¬
partments of the
servation
Department to place their facilities and their assistance at the
disposal of the flood sufferers. These agencies have since then been
cooper¬
every way possible in the flood area.
I have also asked the Presi¬
ating in
dent of the United States and other authorities
to lend full Federal assist¬
ance.
"I
people of the United States:
Flood waters raging throughout
army,
the New England states also reported distress.
at the
President Roosevelt
charge of the
Meanwhile damage to the eastern seaboard states
by flood continued to
mount.
of
Property Destroyed—President Roose¬
$3,000,000 Contributions to Red Cross—*
Pittsburgh, Johnstown, Wheeling, and Cities in
as
under
ing industries, such widely scattered points
in
velt Asks
More than 100 persons were killed, 200,000
and millions of dollars in property was
work—is
The Public Health Service and the Coast Guard
shipment of steel out of the territory.
no
i
were
Floods Sweep
re¬
adversely affected.
and
200,000 Homeless As
division—rescue
the current month, and steel
company
that, effective at 8
under
supplies,
putting power and telephone lines in commission
All of the mills of the U. S. Steel Corp. in that
territory, with the excep¬
and
Commissioner
sewers,
tion of the Clairton coke plant remain closed.
on
Realty
in securing this
being used elsewhere, building
highways passable.
fourth
.
standards.
now are
the waters go down, Mr. Roosevelt said
down.
must
bidding strikes and lockouts during the term of the agreement.
"4. Satisfactory employees employed in good faith to fill
positions vacated
by strikers, with assurances that their employment is not temporary, should
not be abandoned
soon as
Ohio, Allegheny and Monongahela Rivers, has been shut
From the same paper we also quote:
negotiation
not
1
Public
clear-"
"Wall Street Journal" of March 20 it was stated
advices received the previous day by steel companies
with offices in New York indicate that every industrial
plant
within 25 to 30 miles of Pittsburgh, located on or near the
prevail.
"3.
providing
as
that
sound social principles:
by industrial warfare.
described
In the
15:
won.
definitely rejected'.
adjustments
arbitration
was
co-operating to provide medical supplies.
Mr. Merritt issued the following statement on March
fight and the public has
co-operating with municipalities in
The CCC likewise
As
up.
Roosevelt explained.
BANG,
Realty Advisory Board, -f'v
"It has been the public's
"/
lodging,
.
They
and making
WEAVE#,
also
that the WPA workers would be employed in
restoring water
by the Mayor's Board of Survey.
BAMBRICK,
Executive
debris.
away
dykes and cleaning
such
March 15 1936.
FULLERTON
y;"?1 ; ."V-"-:'.'.1-
absolutely essential that money
."" 0. V.
The third agency, said the President, comprises the relief workers under
WPA Administrator Hopkins.
chairman
agreement
from
was
labor for rescue and patrol work pending the arrival of the militia and
In the event that the parties
one
He said it
Roosevelt related that yesterday, when reports were circulated thao the Quemahoning dam at Johnstown, Pa., had broken, the army picked up a radio
message from a CCC boy, who said he was sitting on top of the dam and
herein
wages
co¬
extraordinarily good work, adding that the
Army Chief of Staff had reported the CCC to be one of the outstanding
agencies in the flood crisis, particularly in supplying information.
Mr.
members
extent
completely
are
The Second Division, he designated as the Civilian Conservation Corps.
He said that the CCC is doing
ruling shall be final.
agree
now
He divided the emergency program into
repairing private houses.
provided for is to be conducted by the Hon. Ferdinand A. Silcox.
"The
departments
furniture, stoves and medicine and
cases
impartial arbitrator,
endeavoring to bring general conditions in the industry up to the standards
provided for under this agreement, and will do nothing contrary to the
spirit of this undertaking.
"The
Government
be contributed to the Red Cross which is
providing clothing, food,
work.
"Both parties to this agreement
all
'X''V"
First, the division of relief.
immediately proceed
If individual disputes
employees
Hugh S. Robertson,
circumstances
representatives
to
that
four phases.
"This agreement is to continue in effect for a period of three years.
to
said
ordinated in the flood relief efforts.
thereof.
year
directing the Department of Public Works, the Department of
Conservation, the Temporary Flood-Control Commission and the division
am
of State police to report
promptly to the
conditions in the flood
Assembly
on
the damage and the
areas.
"I join with the members of the
Legislature in the desire
and Federal Governments assist communities which
are
to have the State
suffering from flood
conditions.
To enable the Red Cross to meet this immediate obligation and to con¬
tinue to carry the burden of caring for these unfortunate men, women, and
children, until their homes are restored and they
can return to normal
living
The dispatch to the "Times" added that Mr.Heck in offer¬
ing the resolution which evoked the Governor's message sug-
Financial
1922
gested allocation for the use of flood sufferers of as much as
needed of the $20,000,000 of the relief bond issue voted
last year for permanent public improvements.
March
Chronicle
Issuance of First 1936 Edition of Rand
Kimball
Dr.
of
York
New
The
following bearing
Weather
City
Bureau
on
is from the "Times" of March 20:
The extremely heavy precipitation of rain and snow by a storm which
formed
Alabama
over
its center
was over
on
almost simultaneous outbreak of severe floods in more than
dozen States,
a
Br. James H. Kimball, chief of the Weather Bureau here, said yesterday.
The situation has also been complicated by the fact that the long, hard
New
bank,
precipitation
as
usual.
as
large
Consequently, the rain and melting
off into the streams and rivers at
a
a
share of the
it is known,
officer,
obtainable
later)
clearly
analyzed
list
investment
of
Maps of
the
follows
dealers
every
11
columns,
in
of banks
also included.
are
Bankattorneys throughout the United States, Canada and foreign
recommended
are
listing
State, 72 of them,
five-year list of discontinued bank titles is in
countries
in
lists, as well as the latest
government banking agencies and Federal
all
on
and foreign
American, Canadian
every
correspondent
with their official personnel.
metropolitan centers.
A
on
statements,
and
director
information
selected
A
information
(and!
31
in addition to
year,
revised
and
Reserve banks,
snow have run
faster rate than normal.
The low pressure area which has been the principal source of the trouble
will probably have
this
Dec.
revised
winter froze the ground in many areas to a considerable depth, Dr. Kimball
explained, with the result that it has failed to absorb
as
its world-wide banking
information, a symbol indicating membership in the Federal
Deposit Insurance Corporation. Other features of the direc¬
tory, containing 2,370 pages, were announced as follows:
March 16 and gradually proceeded northeast until
New York City yesterday is the principal reason for the
Bankers Directory
This one hundred
edition of the "Blue Book,"
twentieth
and
contains
the disastrous floods of the week,
on
The first 1936 edition of Rand McNally
has been made available for distribution.
Causes of Present Flood Outbreaks
McNally Bankers
Directory
was
-♦
1936
21
special section.
a
in another section.
completely left the boundaries of the United States in
another 36 hours, Dr. Kimball said, but he warned that it was impossible to
foretell whether another storm might soon follow it.
Precipitation had almost ceased yesterday in the flooded
areas
sylvania, the Ohio Valley and the Southeast, he said but it
was
of Penn¬
Greece—Had
Connecticut River Valley.
The low pressure area
more
which has caused the trouble has
than 500 miles, Dr. Kimball said.
last Monday, the center of low
over
the Carjlinas
on
After its formation
barometric
pressure
a
diameter of
over
Alabama
advanced until it was
Tuesday night, over Washington on Wednesday night
Federal
Reserve
System To-day"—Booklet
Dis¬
tributed by Federal Reserve Banks
A booklet,
entitled "The Federal Reserve System To-day,"
is being distributed by the Federal Reserve banks.
In a
forward to the booklet it is stated that "it was prepared under
the
auspices of the Federal Reserve Agents' Conference
primarily to give the essential facts regarding the System
itself, and to furnish banks with a general outline of the
requirements for membership."
The booklet, which contains several charts and photo¬
graphs, discusses the Board of Governors of the Federal
Reserve System, the Federal Open Market Committee, the
Federal Advisory Council, the Federal Reserve banks and the
The work of the Federal Reserve banks is
member banks.
Regarding
the
new
publication,
the
Chicago
"News" of March 4 had the following to say:
The exhaustive and informative booklet
To-day,"
on
"The Federal Reserve System
origin and form largely to two Chicagoans, it was learned to-day.
It
was
of
had been living in
Paris since the collapse of the revolution
1935.
His body will be taken
which he headed in March
back to his native Crete for burial.
On March 19 the Greek
government ordered that the former Premier be buried with
honors.
M. Venizelos' health had been poor for the
past year, and although the present King of Greece had pro¬
claimed an amnesty for his revolutionary activities, he
refused
to return to his homeland.
A summary of his
political career is given below, as contained in a Paris dis¬
patch of March 18 to the New York "Herald Tribune":
Nine times Premier of Greece and for many years virtually its dictator,
statesman who
a
one
waged three wars, led
insurrections, dethroned
numerous
king and made another. Eleutherios Venizelos lived long and died a
national hero, in exile, after a comparatively humble origin in the Turkish
colony of Crete.
He restored that island to Greece; he doubled
Greek
territory on the mainland and brought bach to Greek sovereignty many of
the ancient stored islands in the Aegean.
The closing years of his life were confused and stormy.
who obtained
career
The prosecutor
his condemnation after his flight last year summed
of the fugitive statesman
criminal revolt which
up
by saying: "He always sacrificed
the
every¬
He furnished the funds and materials for
thing for his personal glory.
a
has left thousands of victims."
His Rival Defeated.
Yet
M.
Venizelos
survived
the
death
sentence,
received
a
decree of
amnesty from King George II and lived in comparative tranquility in Paris
to
being distributed by all the Federal Reserve banks, owes its
now
Premier
in exile in Paris
described in the pamphlet, which also contains general in¬
formation regarding membership in the Federal Reserve
System.
Former
Living in Paris in Exile
full
and over New York yesterday.
**The
Venizelos
Been
Eleutherios Venizelos, Premier of Greece nine times, died
on March 18.
He was 72 years old.
He
tinuing in New England and would probably last through the night and pos¬
sibly through to-day, thus adding to the already serious situation in the
Eleutherios
of
Death
still con¬
see
his political
Field Marshal George Kondylis, who crushed
enemy,
the March revolt, defeated
Even in exile he
Kondylis died
on
Dy
Venizelists in the election of January 26-
the most powerful political figure of Greece.
was
Jan. 31.
■
'
■
Marshal
.
Eugene M. Stevens, Chairman of the Board of the Chicago Bank,
and Chairman of the Federal Reserve Agents, who suggested that a com¬
mittee be appointed to revise an
effected in the
to
carry
new
earlier publication in the light of the changes
Mr. Stevens
banking act.
was
asked to select the men
the project through.
^
Harris G. Pett, Manager of the division of research, and
Chicago Bank,
was
F. A. Delano, President's Kin, Designated Chairman of
Richmond
Federal
Reserve
Bank—Hugh Leach
President
Chosen
statistics of the
Philadelphia
charge of the publication, the other members being from Minneapolis and
Vice-President—Tributes
New
G.
York.
The
booklet
which
resulted,
is
written
non-technical
in
language, is illustrated with charts and photographs, and describes in detail
the powers and functions of the
The section on
Federal Reserve System.
general information regarding membership in the Federal Reserve System is
in itself
excellent digest of the position and powers of the
an
under the
new
member banks
Banking Act.
The present edition of
in November
the pamphlet is a revision of one
1934, the revision, Mr. Stevens
points out, having been rendered necessary by a number of
changes effected by the Banking Act of 1935.
Copies of the booklet have come to us both from the
distributed
Federal Reserve Bank of New York and the Federal Reserve
Chicago.
National
Directory of County Key Bankers Prepared
by Agricultural Commission of American Bankers
The Agricultural Commission, American Bankers Asso¬
ciation, has issued a national directory of County KeyBankers, numbering 2,385 local bankers active in its agri¬
cultural work, said advices from Madison, Wis.
The direc¬
tory also gives the agricultural committees of the State
bankers associations co-operating with the Extension Service
of the Colleges of Agriculture and with the Commission.
In a foreword to the directory the Commission, according to
the advices, says:
The conservation
a
of soil
resources—our
primary
source
of wealth—has
pressing national problem, with 100,000,000 farm acres already
abandoned, and another 100,000,000 acres headed in the same direction,
conditions
is
'
are
fast approaching a national emergency.
recommending soil conservation
as a
The Commission
national project for banks during the
ensuing year in their efforts to co-operate with agricultural interests.
Key bankers can render
a
valuable service by pointing out that farm
mortgages are safe only where the upper surface of the soil is handled
as
for
to
protect it from water or wind erosion.
county or group
Key bankers
meetings where such information
farmers, bankers and other business men.
so
can also arrange
can
be given to
Meetings of bankers,
accom¬
panied by interested farmer customers, give an opportunity to present
the problem
program
and encourage organized co-operation in harmony with the
already adopted by the Extension Service;
A booklet
on
"Protecting Investment Values in Land" has been prepared
Commission
are
furthering this project.
The offices of the
in the First National Bank Building, Madison. Wis.
by the Commission to aid in
to
George J.
Seay
and
Norris
W.
Frederic A. Delano, an uncle of President
Roosevelt,
was
on March 18 by the Board of Governors of the
Federal Reserve System as Chairman of the Federal Reserve
Bank of Richmond and Federal Reserve Agent for the Rich¬
mond District.
Mr. Delano, who is 73 years old, will serve
it is stated, in an advisory capacity without pay in accordance
with the Board's announced policy.
In Washington advices,
March 18, to the New York "Times' of March
19, it was
stated:
As Chairman of the Richmond Bank, Mr. Delano will be the Federal Re¬
Board's representative, will preside at meetings of the Bank and will
report to Washington as to affairs of the Richmond district.
^
Association
become
Bank
designated
serve
Bank of
Reserve
Elects J. S. Sinclair President and W. H. Hutt First
then appointed Chairman of the committee of three in
Member of First Board
Mr. Delano
one
time
was a
member of the original Federal Reserve Board and at
Deputy Governor. He resigned from that position in 1918.
Members of the Federal Reserve Board explained that the
appointment
of Mr. Delano did not conflict with the
policy of putting "new and young
was a
blood" into the system.
more
The plan to eliminate executive officers who
than 70 years old applied to the
The Federal Reserve Banks of
have elected
were
presidents, not to agents.
Philadelphia and Richmond
chief executives which have received the
approval of the Board of Governors of the Federal Reserve
new
System.
The Board recently rejected the appointments of
George W. Norris as President of the Philadelphia Bank and
George J. Seay as President of the Richmond institution
because of their advanced ages.
The terms of Mr. Norris
Seay as Governors of the respective Banks expired
on March 1.
The titles governor and
vice-governor were
and Mr.
changed to president and vice-president
provisions of the Banking Act of 1935.
Announcement
was
made
on
on
March 1 under
March 14 by the Richmond
Reserve Bank, of the election of
Hugh Leach, First VicePresident, as President.
He will also serve a five-year
term ending Feb. 28 1941.
Mr. Leach had been appointed
to the position of First Vice-President
by the Directors of
the Bank on March 2 prior to which he had been
Managing
Director of the Baltimore branch of the institution.
At
a
special meeting March
13,
the
Directors of
the
Philadelphia Reserve Bank elected John S. Sinclair to the
Presidency for a five-year term ending Feb. 28 1941. Mr.
Volume 142
Financial
Sinclair had served the Bank
the old set-up.
The
as
Treasury
Deputy-Governor under
a
following is from the Richmond "Times-Dispatch" of
The
Mr.
regional bank in the history of the Reserve System.
Born here in 1894, he attended Mc Guire's School and studied further at
a
master of arts
as an
had
degree in 1917.
branch there and
was
its
managing director until Oct. 15 1931, when he
managing director.
He
'■;/
;-Y.iv;
granted
was
many
New Yorker
such
In
his
the System
authorities in Washington issued a ruling which brought about
ment of Mr.
Inasmuch
Seay and the Governors of three other Reserve banks.
as
Mr. Leach had been approved by
Reserve
district
Bank
after
Governor
charge of the Richmond
Seay's retirement, it
action
of
directors
the
of
Richmond
the
Federal
Reserve Bank in taking occasion to commend the services of
George J. Seay, who had been Governor of the Bank from
the time it was founded in March 1914, was noted in the
Richmond "Times-Dispatch" of March 5; in a letter sent to
member banks, the directors said in part:
Mr.
Reserve
one
of the original
the
bank
governors
and
of the Reserve banks remaining in office.
the system
able
reconcile
to
it
was
housing
to
of
information
with conscipuous ability in all the
work of the Federal Reserve Bank of Richmond fell
local matter, the fine work done by him in
aiding in securing the location of the Federal Reserve Bank of Richmond is
well remembered, and what has
frequently been alluded to
as
his "famous
brief" is still referred to, and for this he received a formal resolution of thanks
about
of
as
the
appoint
liaison
officer
Federal
$500,000,000 of
Seay,
with
Bank of Richmond
Reserve banks.
conclusion
able assistants,
his
well in
the
Dining the
of the
war,
the
forefrqnt in standing
severe
and
placed
among
began in 1929. he served the Federal Reserve Bank of Richmond and the
well be envied.
may
It is stated that the Boardof Governors has approved both
election of Mr. Sinclair, and the election of William
the
H. Hutt
First Vice-President of the
Philadelphia Reserve
Bank.
Mr. Hutt, who, prior to the election of Mr. Sinclair,
had been serving as Acting President of the Bank, was se¬
lected as First Vice-President on March 2 but approval by the
Board at Washington was deferred at that time pending
as
election of
a
successor
to Mr. Norris.
Since his retirement
from the Reserve System, Mr. Norris has been elected to the
Board of Managers of the Girard Trust Co., Philadelphia.
In reporting the election of Mr. Sinclair as President of the
Philadelphia Bank, Washington advices, March 13, to the
Philadelphia "Record" of March 14, said:
The Presidency of the Philadelphia bank is for a 5-year term.
$30,000
pays
Mr.
appointed
a
a
new
the
post
vacated
graduate of Columbia University and Law School.
with the law profession in
The pos
by Mr.
Norris,
as a
executive of the institution for
a
Hutt,
number of years.
periods of "great variety and difficulty,
the
as
well
as
governor
a
Department at Washington, announced March
University of California
College of Commerce
on
July 1, it
as
Dean
stated in
was
Washington, March 13.
Mr.
already concluded.
SEC Appoints Ernest Angell as Regional Administrator
for New York Regional Office
Announcement
of
the
appointment of Ernest Angell
as
Regional Administrator for the New York Regional Office of
the Securities and
Commission
on
Exchange Commission
March
15.
Mr.
of the law firm of Hardin, Hess &
he has
engaged in
was
made by the
Angell, who is
member
a
Eder, New York, where
general law practice, succeeds Robert G.
a
Page, who resigned
Jan. 31 to return to the private prac¬
Regional Administrator is also a
Legislation Committee of the New York
County Lawyers Association, and the Legal Aid Committee
of the Association of the Bar of the City of New York, and
tice
of
also
a
New
The
law.
member
of
new
the
member
York
on
of
State
the
Bar
American Bar Association
Association.
He
is
and
the
graduate of
Harvard College and of the Harvard University Law School
Class of 1913.
:. -4:
.'• •- ■'•-■'V,
a
■
'
E.
J.
and G. B. Dorman Appointed Deputy
Superintendents of Banks of New York
Pierce
The New York State
Banking Department, in its "Weekly
of March
13, made known the appointments of
Edward J. Pierce and Gerald R. Dorman, both of Brooklyn,
Deputy Superintendents of Banks.
Prior to the appoint¬
Mr. Pierce was Senior Bank Examiner and Mr.
Dorman was Principal Bank Examiner.
ments,
education, reputation and the confidence of his friends and member
"His knowledge of financial questions,
judgment not only
gave
Muncy Appointed State Bank Commissioner of
Delaware—Will Succeed H. W. Horsey April 1
unprecedented financial
banks and the public.
his educational preparation and
him the ability to form but the clarity to
adequately and convincingly his weU-founded judgments
as
and
was
stimulated
Grady, the advices said, has had active charge of negotiations
and drafting the 11 reciprocal trade pacts with
foreign
had included
uncertainty," the minute continued:
well
has
home building and repairs in the private realty
Associated Press advices from
Ernest
as
"He brought to the position all the requisites therefor: character, experi¬
as
which
Philadelphia advices, March 10, to the New
Asserting that Mr. Norris's tenure of office
general
1933,
Daiger
as
Philadelphia Clearing House made public
York "Times" of March 11, said:
his trained
of
Federal
legislation
Mr.
Henry F. Grady, chief of the trade agreements division
in the State
3
minute passed at a special meeting March 5 praising the
services of Mr. Norris as head of the Philadelphia Federal
express
projected
Capitol Hill.
President
the
to
Grady to Resign from State Department at Wash¬
ington July 1—Trade Pact Drafter Will Return to
University of California
Reserve
a
ence,
adviser
H. F.
member of the
In the personnel of the Bank Mr. Sinclair has ranked next to Mr.
stress and
Act
r'■'
was appointed an aide of
Secretary Morgen¬
July 9 1935; his appointment was reported in our
issue of July 13, page 214.
ivV.Y
Bulletin"
Reserve Bank.
Daiger,
as
growing
a
recommendation,
co-ordinate
on
on
the technical questions raised by the circumstances of
the
Governor C. Douglass Buck, of Delaware, on March 6
appointed Ernest Muncy as State Bank Commissioner.
Mr.
Muncy, who has been Deputy State Auditor, succeeds
Harold W. Horsey, who resigned to become Executive VicePresident of the Union National Bank of Wilmington, Del.
'The new Superintendent will assume office on April 1.
+
our
time."
The minute expressed regret that the Federal Reserve Bank would be
"deprived in the future of his official guidance."
Reference to the previous
changes in the personnel of the
Federal Reserve System was made in our issue of March 7,
page
1558.
Peter Grimm
of
on
Resigns
Special Assistant to Secretary
Morgenthau—Completed Survey
as
the
Treasury
Housing
On March 17, Peter
Grimm, Special Assistant to Secretary
of the Treasury Henry Morgenthau Jr.
for
the
with
and housing expert
Administration,
the
government,
formally severed his connections
having completed a survey of the
Annual Coal Mining Convention and Exposition to Be
Held in Cincinnati May 11-15
Announcement has been made that the annual coal mining
convention
and exposition will be held May 11 to 15 in
Cincinnati, Ohio, under the auspices of the American Mining
Congress.
The object of the convention and exposition,
which has been held for 13 consecutive years, is the advance¬
ment of safe and efficent production methods.
An an¬
nouncement issued by the American Mining Congress said:
Optimistic reports from the American Mining Congress show that all
floor space for the exposition of mining equipment
months in advance of the exposition date.
R. E.
the
will present over
to
say:
of available floor space.
and Chairman of
that manufacturers
$2,000,000 of equipment for consideration of the operators.
Salvati, General Manager, Island Creek Coal Co.,
from
on
is completely sold three
One hundred and twenty manu¬
facturers have contracted for the 75,000 square feet
nation's housing, it was stated in the United Press advices
Washington, March 17, which went
'
have
was
He is
bank there.
an
to
on
He had been associated
Philadelphia since 1922 and
firm of Williams, Brittain & Sinclair, handled the legal affairs of the
On March 10 the
his
meeting
♦
who succeeds to
Deputy-Governor of the Philadelphia bank Jan. 2 1934.
who has been
of
manner
on
J., M.
to
Housing
a year.
Sinclair,
understood
Mr. Grimm
thau
member banks of the district with singular ability and judgment and dis¬
reputation which
is
the Federal
deflation period which came after the
a
Grimm
Reserve
Federal
through the unprecedented depression which
cretion, and he leaves the bank with
general
a
embrace subsidized
to
field.
countries
from the City of Richmond.
Governor
the
on
that,
of
a
of
construction.
vU'b
to-day
to
during that notable period.
As
points
yesterday that
program
.
revealed
13 he would return to the
The organization
divergent
co-ordinating the work of the housing agencies
agreed
Board,
announced
private
President Roosevelt Mr.
detailed
had
of
vicissitudes through which the system and the banks of the country passed
exclusively upon him.
co¬
at cross-purposes.
were
the widely
a
on
represent the various housing agencies
Mr. Seay has been the Governor of the Federal Reserve Bank of Rich¬
He served
from
are
The work of the agencies
objectives
reached
means
Grimm
Roosevelt
mond from the date of its organization, nearly 22 years ago, and was the
only
to
the opinion in
was
banking circles that Mr. Leach would be advanced to the Presidency.
The
the
as
co-drafter
the Washington authorities
First Vice-President and placed temporarily in
as
the retire¬
report
18:
housing agencies.
stimulation
housing shortage.
After Governor Seay bad been re-elected for a 5-year term,
52
extent that
and
report
recommended
the way for his
First Vice-President about March 1 1936.
as
of
was
an
had been
clearance
well
attention of banking and governmental leaders, and paved
final
a
supervision of his private realty interests.
overlapped and their
cases
Corporation's first Treasurer.
return to the Richmond bank
submitted
brought to Washington by Secretary Morgenthau to
was
organization of the Reconstruction Finance Corporation and served as the
His unusual abilities attracted the favorable
to
"Times" of March
the activities
agreement
slum
*
1932 to assist in the
temporary leave of absence in
a
York
activities to
transferred to the Baltimore branch of the Richmond parent bank as
was
in
The J
new
had
Grimm
view of advocates of low-cost housing, slum clearance and' other construction
He went to Charlotte, N. C., organized the bank's
auditor.
Mr.
he would return
Grimm
ordinate
Mr. Leach became affiliated with the Federal Reserve Bank of Richmond
in 1920
said
following Washington advices of March 17
New
the
the University of Virginia, where he received his bachelor of arts degree in
1916 and
officials
Grimm said
President Leach, a native of Richmond, is one of the youngest banking
a
1923
President Roosevelt.
As assistant to
Secretary Morgenthau he had been
brought to Washington to co-ordinate the New Deal's housing efforts. Mr.
March 15 bearing on the election of Mr. Leach as head of the
Reserve Bank of Richmond:
executives to head
Chronicle
Program Committee for the convention, reports
Financial
1924
ITEMS
ABOUT
TRUST
BANKS,
COMPANIES,
the
promotion of Authur N. Otis and Richard H. West, from
Assistant Secretaries to Assistant Vice-Presidents.
The Federation Bank & Trust Co., New York, in its state¬
ment of condition as of March 4
1936, reveals an increase in
$11,460,326, compared with $11,116,696
Dec. 31 1935 and $9,518,669 on March 30, last year.
total
on
to
resources
Deposits increased to $9,561,148 from $9,243,573 on Dec. 31
$7,632,358 a year ago.
Undivided profits totaled
$141,064, against $134,073 at the end of 1935 and $108,101
a year ago.
Other items showed the following comparisons
and
with Dec. 31 1935 and March 30 of last year:
its
In
&c.
I* The Irving Trust Co. of New York, announced on Marchl9
of
statement
National
1936
March 21
Chronicle
of
Bank
condition
Boston,
the First
total deposits of
of March 4,
as
shows
Mass.,
$654,627,153 and total resources of $751,735,233, the prin¬
cipal items of the latter being: Cash and due from banks,
$303,193,656; loans, discounts and investments, $247,422,641, and United States government securities, $126,272,949.
The institution has a capital structure of $76,057,578 (con¬
sisting of $27,812,500 and surplus and profits of $48,245,078)
and reserves, including interest, taxes, dividend, unearned
stockholders
not
in
of
Chairman
The
of
included
the
the
National
First
Bank
B.
statement.
above
Board,
The figures of
beneficially owned by the
of $11,310,807.
discount, and contingencies,
the Old Colony Trust Co., which is
Philip
and
of
W.
Boston, are
Trafford is
Stockton,
President.
Cash, $3,329,166, against $3,409,360 and $2,236,812; U. S. Government
Government guaranteed securities,
and other
A
$235,978, against $185,276
and $159,591; New York State, county and city bonds,
$2,331,887, against
$2,383,844 and $2,383,323.
♦
i
1-^,
!-'■"^;;
The statement of condition of the First National Bank of
City of New York as of March 4 shows total assets of
$599,733,443, as compared with $584,176,898 Dec. 31. The
bank's holdings of Uhited States Government obligations
on the latest date were $220,554,581 while holdings of other
bonds, stocks and securities amounted to. $117,404,306.
These two items were $196,439,394 and $113,608,297, re¬
spectively, at the end of December.
Deposits on March 4
in amount of $496,100,451, as compared with $479,351,272 Dec. 31.
Capital, surplus and undivided profits
totaled $101,781,373, of which $10,000,000 was capital and
$80,000,000 surplus, both unchanged from Dec. 31.
•
City Bank, New
that date totaled
York, shows that resources of the bank on
$1,878,129,543, which compares with $1,880,679,850 on
Dec. 31.
Deposits on March 4 amounted to $1,650,147,302,
as against $1,652,366,244 at the close of 1935.
According to
the statement, the bank on March 4 had cash on hand and
due from banks and bankers in amount of $484,647,497, and
also held U.S. Government securities in amount of $498,767,781.
These two items on Dec. 31 amounted to $527,491,424
$510,764,688, respectively.
Undivided profits of the
slightly from $10,644,279 Dec. 31 to
$10,944,550 March 4.
Capital and surplus were unchanged;
capital of the bank is made up of $50,000,000 preferred and
$77,500,000 common stock; surplus amounts to $30,000,000.
and
institution increased
Deposits of the City Bank Farmers Trust Co., New York,
City Bank, totaled $72,358,056 on
MArch 4, according to the bank's statement of condition as
of that date.
This compares with deposits of $87,526,709
on Dec. 31, the date of the last statement.
Undivided prof¬
its at the latest date were $2,973,012, an increase over the
Dec. 31 figure of $2,805,961, while capital and surplus re¬
mained unchanged at $10,000,000 each.
Cash on hand and
due from banks dropped to $30,790,789 March 4 from $36,275,953 on the earlier date, as did holdings of U. S. Govern¬
ment securities, to $31,015,098 from $39,771,668 at the close
of 1935.
Total resources March 4 were shown as $96,541,089,
affiliate of the National
against $111,390,184 Dec. 31.
♦
York,
17, in response to the
call of the Comptroller of the Currency, shows deposits
of $2,059,785,000, these comparing with $2,075,121,000 on
Dec. 31 1935.
Total resources amounted to $2,341,493,000
The statement of the Chase National Bank, New
4,
made public March
against $2,350,549,000 on Dec. 31 1935; cash in the bank's
vaults and on
deposit with the Federal Reserve Bank
and other banks, $793,126,000 compared with $855,638,000;
investments in U. S. Government securities, $632,802,000,
as
contrasting with $561,505,000; loans and discounts are now
$609,245,000, whereas at the earlier date they were $638,002,-
capital of the bank consisted of
On March 4 1936 the
000.
$50,000,000 preferred stock and $100,270,000 common stock
and $50,000,000 surplus, the same as on Dec. 31 1935.
Un¬
profits on March 4 (after payment on Feb. 1 of com¬
preferred dividends, amounting to $6,083,333.80,
and allocation of $750,000 for preferred stock retirement fund)
were
$17,626,000 compared with $21,897,000 on Dec. 31
divided
mon
and
1935.
National
Commercial
Bank
&
Trust
Co.
of
Albany,
March 4, reports'
total resources of $65,567,541 of which the principal items
are:
Cash and due from banks, $20,098,995; United States
government securities, $19,755,194; demand loans secured,
$6,925,494; loans and discounts, $6,211,202, and State, city
and county bonds due within one year, $5,189,518.
On the
liabilities side of the statement, total deposits are shown at
$57,981,533. The institution is capitalized at $1,500,000 and
has combined surplus and undivided profits of $4,976,938.
N. Y., in its statement of condition as of
William
L.
Gillespie is President.
Thomas F. Hanley, receiver for the Douglaston National
Bank,
Douglaston, N.
dividend
creditors
"Times"
A
of
12}£%
of
the
Y., announced
was
being paid
March
on
of
institution, according
16, which added:
43%%
was
paid
on
June 15
15
that
to the depositors
to
of March
dividend
Pittsburgh, Pa., in its state¬
ment of condition at the close of business March
total
resources
4, reports
of. $343,473,975 (as compared with total re¬
of $337,627,791 on Dec. 31 1935), of which $207,192,215 represents U. S. Government securities; $79,300,882
cash and due from banks, $31,321,229 loans and discounts,
sources
and
$20,675,611 other bonds and investments.
Deposits are
$305,336,584, as against $300,298,242 on Dee. 31.
Capital and surplus remain the same at $7,5p0,000 and
$17,500,000, respectively, while undivided profits were
$2,383,059, as compared with $1,887,867 on Dec. 31.
The
shown at
bank
was
established in
1869.
R. K. Mellon is President.
In its condition report as of March 4, the Fidelity-Phila¬
delphia Trust Co. of Philadelphia, Pa., shows total assets of
$150,808,376 (as compared with total resources of $129,894,487 on Dec. 31 1935), of which the following are the chief
items: Cash on hand and in banks, $37,097,721 (against
$23,491,498); United States Government securities and
Home Owners' loan bonds, $28,180,738
(against $30,178228); loans, $27,306,618 (against $26,999,248) and State,
county
and municipal securities, $25,912,910
(against
$17,790,764).
On the liabilities side of the statement, de¬
posits are shown as $124,637,543 (as compared with $103,531,993 at the end of 1935) and undivided profits as $1,456,292 (against $1,335,362) .>» The company, which was organ¬
ized in 1866, is capitalized at $6,700,000 and has a surplus
fund of $15,000,000.
William P. Gest is Chairman of the
Board and Henry G. Brengle, President.
As of March 4 the Philadelphia National Bank, Philadel¬
phia, Pa., had total rsources of $447,195,238, which compares
with $452,787,740 at the close of 1935.
Cash on hand on
due from banks amounted to $165,870,064 March 4, against
$173,321,996 Dec. 31.
The institution's holding of Govern¬
ment securities rose from $121,123,266 at the end of December
to $131,504,516 at the latest date.
Capital stock of the bank
remained unchanged at $14,000,000, while surplus and net
profits increased from $20,641,585 to $22,237,597;
Deposits
showed a slight recession to $397,142,913 March 4 from $403,941,318 Dec. 31.
♦
The statement of condition of The Pennsylvania Co. for
Insurances on Lives & Granting Annuities, Philadelphia, Pa.,
of March
4, showed total resources of $252,218,171, of
principal items were: cash and due from banks,
$70,167,563; U. S. Government securities, $59,442,744 (par
value $59,492,000); other loans upon collateral, $40,571,170;
other
investments, $26,921,295, and commercial paper,
$21,304,271.
On the debit side of the statement, capital
stock is given at $8,400,000; surplus at $12,000,000; un¬
divided profits at $2,103,303, and total deposits at $228,317,as
which the
209.
C. S. W. Packard is Chairman of the Board and C. S.
Newhall, President.
»
•
"
■
■
The Central-Penn National Bank of Philadelphia, Phila¬
delphia, Pa., in its statement of condition of March 4, reports
total
assets
Time
loans
of
$65,515,010, of which the chief items are:
discounts, $19,472,233; cash on hand, in
and due from banks, $17,138,330;
U. S. Government securities, $9,196,444; demand loans,
$8,684,983 and other bonds and securities, $5,292,188.
Lisffed under liabilities are: Deposits, $53,970,431; capital,
$3,040,000; surplus, $5,000,000 and undivided profits, $1,808,926.
Archie D. Swift is Prseident of the institution.
and
Federal Reserve Bank
4
The
♦
The Mellon National Bank of
.
The March 4 statement of the National
for March
dividend, amounting to 15%, is being paid to
■
the
were
second
depositors of the defunct First National Bank of West New
York, N. J.
1934.
the
New
a
and
♦
The
Tradesmen's
National
Bank
&
Co.
Trust
delphia, Pa., in its statement of condition
as
of
Phila¬
of March 4 re¬
ports deposits of $38,906,216 as compared with $40,107,606
on Dec. 31 last.
Total resources declined to $49,481,286 from
$50,671,385 at the year-end. Cash and funds due from bax^ks
amounted to $13,107,656 against $12,305,484, while loans and
discounts
were
$17,144,099,
compared
with
$16,575,218.
Holdings of United States government securities amounted
to $8,649,637 against $11,177,716 on Dec. 31.
York
Announcement
President
of
the
has
been
made
by
William
R.
Mooney,
Bryn Mawr, Pa.,
that Henry B. Reinhardt has been elected Executive ViceBryn
Mawr Trust Co.,
Volume 142
President
of
Financial
the
In
company.
reporting Mr. Reinhardt's
election, advices from Bryn Mawr, appearing in "Money and
Commerce" of March 14, outlined his
banking career as
follows:
Mr.
the past
he
\
v
rose
' •:',''V;
,
Reinhardt
has
been
four years.
connected
Starting his
rapidly to higher and
with
the
State
with
career
Banking
hank
a
in
Department
later became
affiliated with the Union National
and
later
delphia.
for
holding
When
Insurances
executive
an
a
Bank of
Philadelphia as Vice-President,
similar position with the Colonial Trust Co. of Phila¬
the
latter
Lives
on
position
institution
and
with
merged
Granting
a
large
with
Annuities,
brokerage
held until his appointment with the State
the
Mr.
Pennsylvania
Reinhardt
house,
which
Co.
accepted
position
he
Banking Department.
Important changes were made in the personnel of the
Savings & Trust Co. of Indiana, Pa., recently, following the
death of John A. Scott, President of the institution since
its
organization in 1903.
E.
E.
Lewis, who had served
as
Secretary and Treasurer for 22 years, was promoted to the
Presidency; Robert E. Lewis (a son of the new President),
formerly Assistant Secretary and Trust Officer, was ad¬
vanced to Secretary, while
continuing as Trust Officer;
Harry T. Rankin, heretofore an Assistant Treasurer, was
promoted to Treasurer, and Roy S. Stephens was named
Assistant Treasurer.
S.
M.
The other officers of the
company are
Jack, Vice-President;
J. Wilse McCartney, Assistant
Secretary-Treasurer,
and
the changes,
added, in part:
"Money
noting
Mr.
Lewis
circles.
Trust
The
of
has
M.
and
Duncan,
Teller.
Commerce"
of
Pittsburgh.
of
In
March
4
exceptionally well known in Weetern Pennsylvania
banking
going to Indiana, he was Treasurer of the Real Estate
Savings
institutions
it
is
Before
Co.
Frank
& Trust
the
capital,
western
of
Indiana
part of the
surplus and
of
one
State.
of
reserves
is
over
the
With
paid.
^
The South Shore State Bank is
total repayments to 35
%
been paid.
disburing $22,847 or another 5% to raise
Prior claims of $9,520 and bills of $154,425 have
♦
The First National Bank of
Chicago, Chicago, 111., in its
condition, shows total resources of
$938,545,167; total deposits of $874,512,749; cash on hand
and due from banks,
$342,649,348, United States Govern¬
ment obligations,
$318,591,321; loans and discounts, $192,790,959, capital stock, $40,000,000 (made up of $15,000,000
preferred stock and $25,000,000 common stock), surplus of
$15,000,000, and other undivided profits of $2,082,327.
March
The
4
statement
of
institution, which
was
established in
1863, is headed
by J. P. Oleson and E. E. Brown, Chairman of the Board
and President,
respectively.
;
The Continental Illinois National Bank & Trust Co. of
Chicago, Chicago, 111., reports in its statement of condition
as of March
4, total resources of $1,123,722,686 of which
$269,171,041 represents cash and due from banks, $591,595,763
United
States Government bonds
(direct and fully
guaranteed), and $186,030,977 loans and discounts. On the
debit side of the report,
deposits are shown at $1,007,016,828.
The bank's capital account stands at
$108,458,698, consisting
of $50,000,000 preferred
stock, $25,000,000 common stock,
$12,500,000 surplus, $4,681,744 undivided profits, and
$16,276,954 reserve for contingencies. W. J. Cummings and
J.
R.
Leavell
are
Chairman of the
Board and President,
respectively.
,
Co.
1925
A payment of 5%, or
$23,601 is being made to 2.500 Marshall Square
State Bank depoistors, a total return of
20% of their claims.
Old bills of
$192,888 and preferred claims of $6,276 are
Baltimore, Md.,
responsible positions, and
more
Chronicle
larger and stronger
$7,250,000 resources,
In this statement of condition as of March
4, the National
of Detroit, Detroit, Mich.,
reports total assets of
$750,000.
Bank
March 17 was the one-hundredth
anniversary of the grant¬
ing of the charter of the Girard Trust Co. of Philadelphia.
The company began business with an authorized
capital of
$300,000 and an office force of four employees. To-day (ac¬
cording to its statement of condition as of Mar. 4) the
institution has combined capital, surplus and undivided
profits of $14,851,592; deposits of $111,491,524 and total
resources of $128,740,959.
Effingham B. Morris is Chairman
of the Board and Albert A. Jackson, President.
•
In its statement of condition
as
at the
close of business
March 4, the Baltimore National Bank of
Baltimore, Md.,
shows total assets of $30,436,332 (as
compared with $28,512,468 on Dec. 31 1935), of which the
principal items are:
$25,799,584, representing cash and due from Federal Re¬
serve and other banks and United States
Government securi¬
ties; $3,788,113, loans and discounts, and $550,314 repre¬
senting other investments. Deposits are shown at $27,926,479, as compared with $26,020,517 on Dec. 31, while un¬
divided profits stand at $216,522 as
against $205,280. The
bank's capital and surplus at
$1,500,000 and $500,000,
respectively,, remain unchanged. In addition to its main
office, the Baltimore National Bank maintains three branches
in Baltimore.
Howard Bruce is Chairman of the Board and
President.
The First National Bank of
statement
of condition
as
Baltimore, Md., reports in its
of
March
4, total
resources
of
$182,657,619, of which the chief items are: Cash and due
from Federal Reserve Bank,
$39,058,100, United States
Government securities, $97,000,000, due from
banks, $26,818,408, and loans and discounts, $11,299,271. On the debit
side of the statement, total deposits of
$170,024,558 are
shown.
The institution is capitalized at
$4,000,000 with
surplus and undivided profits of $6,572,162.
Albert D.
Graham is Chairman of the Board and Morton M.
President.
Payment of $478,147 to approximately 41,000 depositors
seven defunct banks in Cook
County, HI., was announced
on March 12 by Edward J.
Barrett, State Auditor of Illinois.
in
The
banks of which William L. O'Connell is
receiver,
Savings Bank, the State Bank of
Hills, the Forest Park Bank & Trust Co., the Des
seven
the West Side Trust &
Beverly
of
which
$183,033,499
represents
United
States Government obligations, direct and
(or) fully guaran¬
teed, $152,166,099 cash on hand and due from other banks,
and $39,801,174 loans and discounts.
The statement shows
total
deposits of $363,506,009, while the capital structure
$25,933,858. James Inglis
of the institution is indicated as
is Chairman of
the Board of
Directors
and
Walter
S.
McLucas, President.
The First and American National Bank of
Duluth, Minn.,
in its statement of condition at the close of business March
4,
reports total
resources
of $30,294,441, of which cash
on
hand
due from banks amounted to
and
$14,714,398; U. S. Govern¬
ment bonds, to $7,074,635; other loans and
discounts, to $2,596,378; loans secured by collateral, to $2,177,837; munic¬
ipal bonds to $1,096,500, and railroad, industrial ana public
utility bonds, to $1,028,952.
On the debit side of the state¬
ment, total despoits are shown at $26,820,163; capital stock at
$2,250,000 (consisting of $1,500,000 common stock and
$750,000 preferred stock); surplus at $760,000 and undivided
profits at $335,998.
George P. Tweed is Chairman of the
Board, and Isaac S. Moore, President.
Circuit
Judge Granville Hogan on March 9 approved a
request to borrow $32,000 from the Reconstruction Finance
Corporation for a 12y2% distribution to depositors and other
creditors
of
the
Chouteau
learned from the
which
The
gave
bank's
missioner
procure
St.
further particulars
assets
Creighton
are
B.
new
of
St.
as
Louis,
it
of March
is
10,
follows:
'
January 1933, already has paid 37%%
claims, which total $458,022.
the
Co.
being liquidated by Special Deputy State Com¬
Calfee, who filed the petition for permission to
the loan.
The bank, closed since
able by
Trust
Louis "Globe-Democrat"
on
approved
Distribution of the funds to be made avail¬
loan jvill complete half payment of all claims approved.
Prentis,
♦
are
$392,114,824,
In its statement of condition as of March
4, the MercantileCommerce Bank & Trust Co. of St. Louis,
Mo., shows total
deposits of $152,128,201 and total resources of $168,894,960.
Capital stands at $10,000,000 and surplus and undivided
profits at $5,048,519.
The bank's holdings of cash on hand
and dud from banks
are given as
$65,225,066; U. S. Govern¬
$110,726,972 and other bonds and securi¬
$46,984,494.
John G. Lonsdale is Chairman of the
ment securities
ties
as
as
Plaines State Bank, the Crawford State
Savings Bank, the
Marshall Square State Bank, and the South Shore
State
Bank.
The Chicago "Tribune," from which we
Board of the Mercantile-Commerce Bank & Trust
Co., and
W. H. Hemingway, President.
supplied further details
The First National Bank of
Memphis, Memphis, Tenn.,
in its statement of condition at the close of
business March 4,
reports total resources of $39,654,294 (as compared with
♦
quote,
as
follows:
The largest distribution is to the 14,000
depositors of the West Side Trust
& Savings Bank.
They
are
receiving $208,335,
or
7H %, raising to 52 M %
total refunds made to depositors by that bank.
The money was obtained in
In addition, this institution has paid off
$182,027
in preferred claims and $593,381 on old bills.
ordinary liquidation.
The
was
only payment resulting from other than the normal sale of assets
by the State Bank of Beverly Hills.
more,
is being returned
Corporation.
as a
result of
a
In this case, $58,922, or
10%
loan from the Reconstruction Finance
This makes total repayment of 40%
of depositor claims.
In addition it has paid $39,812 preferred claims and
$165,383 Dills.
The Forest Park Trust & Savings Bank is
paying
6,100 depositors, lifting total returns to 20 %.
and old bills of
A
$64,395, or 5% to its
Preferred claims of $143,958
$147,553 have been wiped out.
5% return of $50,700 is being made to the 2,800 depositors of the
Des Plaines State Bank, lifting total restitution to
45%.
of $103,855 and old bills of $40,000 have been erased.
The Crawford
to
6,500
$309,051
State Savings Bank is
depositors,
old
bringing
bills and
total
distributing $49,347
repayment
to
$30,439 preferred claims.
Preferred claims
25%.
or
Also
total
resources of $41,532,095 at the close of
business Dec. 31.
principal items listed in the assets are: Cash and due
from banks, $16,760,462, as
against $19,155,801); direct
obligations of the United States Government, State,
County
and municipal bonds, other bonds and
other securities,
$13,688,152 (against $12,390,412) and loans and discounts,
$7,641,782 (as compared with $8,420,987).
On the debit
The
side of
the report, total deposits are listed at
$36,564,371
(against $38,484,250 at the close of 1935) and undivided
profits at $439,876 (against $501,664). P. S. Smithwick and
S. E. Ragland are Chairman of the. Board and
President,
respectively, of the institution.
5% more,
paid
are
The Hamilton National Bank of Chattanooga, Tenn., in
its report as of March 4, shows total resources of
$40,821,396
Financial
1926
cash
on
hand and due from banks of $12,625,220, compared
with $11,340,276 at the end of last year, and holdings of
United States Government securities of $14,387,638, against
$15,395,724. Its loans and discounts amount to $9,898,324,
compared with $10,131,516. Surplus and undivided profits
amount to $920,474, compared with $949,026 at the end of
last year, while total deposits stand at $36,852,146 as against
$36,556,597 on Dec. 31.
♦
The
"State"
Columbia
of
Dolde
National
is authority
for the
is
years,
the United States National
Bank
of
now
April, the dividend being made payable April 7.
ment
the
addition
declared
also
the trustees
dividend
the
to
declared
to
to creditors and:
depositors,
stock
dividend for
a
go
purposes,
and will pay off
and
creditors
comes
amount each year to
an
announced,
is
add the equiva¬
to its present dividend payment of
6%
shares
on
value of $20.
par
"The activities
of
dent of the United
of
the
tribution
Corp. are
formerly," stated P. S. Dick, Presi¬
States National Bank,
present large
capital
is
"and the employ¬
longer necessary.
no
corporation have, therefore, authorized dis¬
bank's
the
to
States National
United
the
limited than
more
Trustees of the
further:
paper
In
We quote
a
it
$1,000,000 which,
approximating
will be distributed in
$500,000 will be disbursed under the dividend at the institu¬
tion's branches in Columbia, Charleston and Greenville in
day
Corp., the United States National
Portland, Ore., will return to its shareholders an
at
previous
capital of its wholly owned subsidiary,
reduction of
a
by the trustees of the
reorganized South Carolina National Bank. Approximately
on
■
♦
In
the
declared
Mr.
Calif.
Whittier,
of
native of Kansas and a graduate of the University
a
lent of 1%
was
Bank
Savings
of Kansas.
15% dividend to depositors and creditors
statement that a
&
Trust
Dolde, who has been active in the banking field for several
amount
14
March
1936
21
According to the Los Angeles "Times" of March 8, H. O.
has been elected a Vice-President of the Whittier
and
deposits of $36,852,146, compared with $40,841,331 and
$36,556,597, respectively, on Dec. 31, last.
The bank lists
March
Chronicle
shareholders
of
of their
portion
a
capital investment in the corporation."
$100,000 of preferred stock.
Funds
dividend
the
for
for
depositors
$100,000 from
about
sources;
Depositors
were
of
earnings
from collections made since last
the bank and
two
from
$400,000
about
December.
paid 40%, waiving 60% when the bank was reorganized.
During the bank holiday the bank owed the Reconstruction Finance Corpo¬
$1,105,000.
During the con¬
$2,300,000, which was the
outstanding when the bank reopened.
The obligation to the Federal
was
discharged1 in full.
Since the reopening of the bank, the
ration
the
$2,800,000 and
amount
Reserve
have
trustees
made
period had
to
to
$2,300,000 owed the RFC, final payment
in September
having been
Reserve
reduced
was
paid the balance,
six
months'
Federal
debt
RFC
the
servatorship,
1935.
elapse
before
Under the reorganization plan, a
any dividend could be paid to
Officials said the trustees would continue liquidation of assets which
will
benefit of depositors and creditors.
The promotion
of two officers and the appointment of two
by William Murphey, President of the Citizens & Southern
National Bank of Savannah, Ga.
Associated Press advices
from Savannah,
the date named, in noting the changes,
on
said, in part:
Pierce
Blitch, Cashier of the Macon office of the bank, was elected a
G.
Cashier at Valdosta,
Mills B. Lane Jr.,
named Assistant to the President, with
was
offices in
changes
are:
Streets
branch
Eugene W. Stetson Jr., now in the Savannah office, was elected Assistant
Cashier
of
the Macon
branch.
Joseph Harrison
named Assistant Trust
was
main branch in
intendent
the
an
Assistant
his
banking
with
career
Citizens
the
&
Kosciusko
Bank,
Kosciusko,
Miss.,
which
failed
The dividend was paid from the pro¬
total of 75%.
ceeds of
loan.
a
March
Chancellor T.
of
L.
S.
P.
and by
are
Superintendent
Toronto.
its
began
his
Kingston
that
In
banking
an
Chairman;
Miss
Charlotte
Hammond
Ralph L. Landrum is the receiver.
orderly liquidation
and
F.
R.
The bank has other
other dividends will be paid
in
the
future.
B. B. Brown, Vice-President and
Secretary of the American
Trust Co. of San Francisco, has been elected Trust Officer
of the institution, according to an announcement made
March 16.
Mr. Brown has been acting head
of the trust
of R. M. Sims, with
whom he served as Assistant Trust Office.
He is a graduate
of the University of California, and has been a member of
the staff of the American Trust Co. and its predecessor,
the American National Bank, since 1920.
department since the death last
year
of
the
Canada
St.
Molsons
with
Peter
Bank
St.
Board that
quarterly dividend of 40 cents be declared on
the new $20 par value common stock, to be payable July 1.
This action was recommended by the executive committee
in response to many inquiries by common stockholders.
of
the
Molsons
charge.
Bank
In 1931
J.
he
Williams
Sheffield
of
prior
British
with the
tendent's
over
a
The Wells Fargo Bank & Trust Co. of San Francisco,
Calif., as of March 4, reported deposits of $211,994,872, a
gain of 2% in a year.
Loans and discounts increased
$2,150,000 to $59,700,000.
increase of
other
bonds
resources were $238,313,700,
Cash, United States government
amounted
to $165,000,000,
indicating a
This
was
March
16 a branch of the Bank of America (head
Francisco, Calif.) was opened at Weaverville,
Calif.
Ray O. Kelly, formerly Assistant Manager of the
bank's Antioch branch, is Manager.
The new branch is the
San
only bank in Trinity County.
Bank of America, with 438
branches, is now serving 56 of the 58 counties in California.
Merchants
of
Bank
his long and
managerial
and
posts
of
valued
rose
Montreal, in
Streets
by
the
1922, he became
branch
Bank
in
of
Montreal.
Montreal,
that
of
Manager
When
the
1925,
in
the
the main branch
amalgamated and Mr. Merrett was placed in
appointed to the position from which he is now
.
.
Bank
was
.
to coming
North
to
America.
of Montreal,
with
the
Canada
United
to
join
During his
Counties
the staff
with
career
Banking
of
the
that
Co.
former
institution
he has held varied appointments in Saint
Winnipeg and Toronto.
He
Department at Winnipeg and
was
was
transferred
for
to
for
time
a
four years
Toronto in
in the
Superin¬
Manager of the
1932
to
hold
the
position of Manager of the Toronto branch.
Bank
CLEARINGS
clearings this week will again show
pared with
a year ago.
an
increase
com¬
Preliminary figures compiled by
us
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended to-day (Saturday,
March 21) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
26.4% above those for the corresponding week last year.
Our preliminary total stands at
$7,264,802,234, against
$5,745,447,234 for the same week in 1935.
At this center
there is a gain for the week ended Friday of
40.1%.
Our
comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending March 21
Per
1936
1935
$4,262,141,559
240,885,918
285,000.000
225,349,000
83,984,766
65,097,402
51,124,170
32,269,000
$3,042,203,723
193,299,604
267,000,000
175,000,000
71,142,927
69,600,000
99.900,000
78,416,694
70,944,161
54,114,571
45,150,655
29,777,000
$4,196,549,335
575,983,830
+ 33.3
Other cities, five days
$5,592,124,998
628,543,530
Total all cities, five days.
All cities, one day
$6,220,668,528
1,044,133,706
$4,772,533,165
972,914,069
+30.3
+ 7.3
$7,264,802,234
$5,745,447,234
+26.4
Philadelphia..
Boston
Kansas City-.
St. Louis-—.
73,233,774
78,700,000
122,491,000
San Francisco.
Pittsburgh
71.848.409
—
Detroit
Cleveland
Baltimore
New Orleans..
cities, five days.
Cent
+40.1
+24.6
+ 6.7
+ 28.8
+ 2.9
+ 13.1
+ 22.6
—8.3
+ 18.4
+ 20.3
+ 13.2
+8.4
+9.1
Total
$25,000,000.
liquidity ratio of 78.5% compared with deposits.
slightly higher than the ratio a year ago.
On
the
course
various
were
was
Winnipeg branch before being
Twelve
office
of
James
taken
Chicago
its regular weekly meeting held March 19, the execu¬
tive committee of the Board of Directors of the American
Trust Co. of San Francisco, Calif., recommended to the
and
occupied
the Bank
and
was
New York
At
an
with
career
branch, and in the
institution
CTrriTFf COURSE OF BANK
being administered under the jurisdiction of
Guyton, of this city, and a depositors' committee consist¬
Sanders,
Joplin, members.
assets,
Streets
Kosciusko advices to the Jackson "News,"
10, from which this is learned, continuing, said:
The affairs of this bank
ing
at
with
John, Regina,
Feb. 15 1933, has paid its depositors another dividend, mak¬
on
Bank
of
and
♦
a
Ontario
Yonge
the position of Agent in New York, and for 17 years was Superintendent
Branches and Chief Inspector.
On the amalgamation of the Merchants
to
in
office.
The
in
Merrett
service
Fleming Winn will continue as Executive Vice-President of the Val¬
A.
ing
Mr.
Canada
R.
began
...
dosta
bank's
King and
for the Ontario division,
outlining the banking careers of
Mr. Merrett and Mr. Williams, the Montreal "Gazette" of
March 13 had the following to say:
Bank
here.
the
district, will be Manager
branch, and H. Brooks,
Assistant Superintendent of Montreal district branches, will
of
Southern
Blitch
Mr.
of
Skey, Manager of the King and Yonge
Toronto, will become Manager of the
that city; G. F. Pearson, an Assistant Super¬
in
retiring.
of the main office here.
Officer
H. F.
business of the former Merchants Bank office and
Savannah.
the
1931, is retiring from active service
May 31 next, and R. J. Williams, now Manager of the
Toronto branch of the institution, has been chosen as his
successor.
Other
appointments
consequent
upon
these
of
Vice-President, with headquarters at the Valdosta office.
of
on
resident
employees to official positions was announced on March 10
circles
Montreal, and Manager of the Montreal branch
Bank of Montreal since
be
depositors and creditors.
be pledged to
T. E. Merrett, for many years prominent in banking
in
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.
Accordingly, in the above the last day
of the week in all
cases
In the elaborate
has to be estimated.
detailed statement, however, which we
present further below,
we are able to give final and complete
previous—the week ended March 14.
For that week there is an increase of 3.4%, the aggregate
of clearings for the whole country being $6,146,381,414,
results for
the
week
Financial
Volume 142
against $5,943,833,039 in the same week in 1935.
Outside
of this city there is an increase of
7.4%, the bank clearings
at this center having recorded a gain of
1.3%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an increase of
1.2%, in the Boston Reserve District of 7.7%
and in the Philadelphia Reserve District of 0.8%.
In the
Cleveland Reserve District there is a gain of 8.9%, but in the
Richmond Reserve District there is
Atlanta Reserve District of
District the totals
District by
serve
trict by 4.7%.
tricts both show
Week Ended March 14
Inc.
4.1% and in the Minneapolis Reserve Dis¬
The Kansas City and Dallas Reserve dis¬
an improvement of 11.0%, and the San
Francisco Reserve District has to its credit
an
increase of
.
*
la.—Cedar
Rap.
892,928
Des Moines
Sioux City....
7,241,974
2.864,750
111.—Bloom'gton.
Chicago
390,883
297,467,450
Decatur
by Federal Reserve
744,706
Springfield
Total (18 cities)
<
9
S
1st
Boston
245,083,090
227,625,526
232,989,175
211,692,731
2nd
New York.. 12
"
4,006,494,199
3,957,332,258
+1.2
3,822,493,198
Mo.—St. Louis..
79,400,000
31,864,854
14,670,197
Philadelphia 9
••
339,608,019
337,051,610
+0.8
296,298,097
Tenn.—Memphis
111.—J ackson ville
3,383,640,265
3rd
470,160
71,781,764
1,519,624
963,449
+ 0.5
+22.4
+8.3
f50.4
.
••
573,416
-11.3
11,389,000
f-38.6
3,560,780
12,841,491
d49,871
d230,877
6,264.000
b
856,735
-22.7
503,684
c2,834,193
d454,947
-28.0
-10.8
261,006
4,807,988
-15.3
-13.4
b
11,043,928
b
2,818,283
1,554,332
-31.6
2,217,723
410,852
-21.9
202,212,896
186,872,254
-22.5
513,544
d239,550
b
-38.4
2,538,276
1,933,145
-11.9
558,104
740,876
556,916
+7.9
+ 16.8
318,217,674
216,281,462
71,300,000
26,736,371
15,208,447
49,100,000
dl3,080,634
6,262,107
928,482
76,200,000
28,781,756
16,127,842
+4.2
+ 10.7
—9.0
b
b
b
b
472,000
346,000
+36.4
343.000
b
126,407,051
121,455,598
+4.1
113,587,818
68,442,741
Reserve Dis trict—Minnc
apolis
+32.1
+6.6
1,963,230
48,908,698
22,376,590
1,992,224
cl,197,172
41,289,442
208,512,575
12 cities
4th
Cleveland..
6
"
242,889,293
223,114,339
+8.9
192,498,690
Richmond .6
"
107,977,657
109,786,906
—1.6
94,743,636
Atlanta
"
114,225,403
Total (4
cities).
b
61,100,815
6th
Quincy
119,261,223
6th
48,768,207
10
128,087,761
—4.3
7th
Chicago ...18
"
122,643,535
450,432,182
385,585,214
+16.8
318,217,674
216,281,462
8th
St. Louis—.
4
"
126,407,051
121,455,598
9th
Minneapolis 7
"
t4'1
61,581,582
"
+4.7
113,428,010 +11.0
113,587,818
78,049,852
10th KansasClty 10
11th Dallas
6
86,314,428
125,905,769
107,327,312
68,067,620
"
54,739,639
12th San
"
237,886,552
47,681,818 +11.0
210,236,948 +13.2
Fran. .12
82,447,051
68,442,741
45,470,543
34,581,907
180,385,865
175,436,190
5,596,287,263
2,486,466
54,520,102
24,167,590
1,918,953
524,339
577,861
2,119,117
St. Paul
N. D.—Fargo..
S. D.—Aberdeen
110 cities
6,146,381,414
2^30,670,511
+3.4
+7.4
5,943,833,039
2,077,137,615
32 cities
263,432,903 +20.4
317,093,943
Helena
266,441,229
add
now
our
detailed statement
showing last week's
figure for each city separately for the four
cities)
years:
Kan.—Topeka
$
First
Federal
Me.—Bangor
1934
1933
S
%
491,272
1,840,243
Fall River
891,759
Lowell
384,614
+7.3
+ 9.7
+4.2
+ 8.0
+20.4
457,811
1,678,100
199,319,737
825,739
319,420
764,045
436,382
9,801,100
8,527,800
-14.9
N.H.—Manches'r
422,950
316,466
-33.6
Total (12 cities)
245,083,090
227,625,526
+7.7
232,989,175
Springfield
637,607
3,239,436
Worcester
Conn.—Hartford.
New Haven
1,698,600
14,678,483
3,298.053
2,764,085
1,376,728
8,416,354
1-17.2
2,859,241
-15.3
al Reserve D istrlct—New
N. Y.—Albany..
[-23.4
-74.4
Buffalo
Elmira
Jamestown
New York
Rochester
Syracuse
717,706
2,870,538
d649,310
8,287,462
4,545,046
7,765,900
392,046
York
+ 14.8
5,596,831
7,352,022
—13.0
809,875
27,268,097
575,249
22,064,846
676,125
Conn.—Stamford
J.—Montclair
3,334,755
348,901
Newark
16,703,179
Northern N. J.
23,836,695
+ 12.8
+6.1
2,310,055
450,000
17,416,743
29,172,652
-22.5
—4.1
Third Federal
Bethlehem.
375,688
a434,428
Chester
.
_
Scranton
Wilkes-Barre..
York
N. J.—Trenton..
26,434,283
252,400
19,506,241
27,709,681
+ 1.2 3,822,493,198 3,383,640,265
216,631
1,059,819
327,000,000
1,119,753
2,307,633
922,799
1,460,049
5,046,700
-1 -26.3
372,326
b
-14.6
849,071
+24.8
327,000,000
1,137,151
0.0
1,908,328
892,338
1,120,774
3,514,700
284,503
b
253,560
—1.5
+20.9
+3.4
-30.3
-43.6
-
223,812
655,720
287,000,000
1,177,439
2,486,227
1,388,353
1,002,220
1,992,000
cities).
339,608,019
b
211,407
v
337,051,610
+0.8
Cincinnati
50,274,659
51,417,249
—2.2
Cleveland
71,194,710
13,978,500
1,190,829
60,649,258
11,515,100
-1-17.4
1,008,939
4 -18.0
Youngstown...
Pa.—Pittsburgh
.
Total
W.Va.—Hunt'ton
Va.—Norfolk..
Richmond
-21.4
b
d529,785
2,765,726
S. C.—Charleston
M d.—Baltimore
.
C.—Wash'g'n
296,298,097
208,512,575
cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville
b
b
b
47,681,818
cities).
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
30,591,814
Spokane
Ore.—Portland..
Utah—S. L. City
Calif.—Long B'ch
Pasadena
Sacramento—
San
Francisco.
San Jose
Santa Barbara.
Stockton
Total (12 cities)
total
7,038,900
dl79,052
b
57,905,012
—4.0
30,805,842
948,757
—0.9
58,047,265
17,737,756
+ 10.5
4.4
Ga.—Atlanta
Augusta
1,162,289
Macon..
Fla.—J'ksonvUle.
Ala.—Birmlng'm.
Mobile
Miss.—Jackson..
Vicksburg
La.—New Orl'ns.
Total (10
cities)
799,614
13,063,000
15,428,604
1,232,495
b
14,812,194
46,200,000
1,191,932
790,699
12,870,000
253,955
2,508,000
dl5,388,526
b
34,149,051
8,801,283
210,236,948
Toronto
Vancouver
15,629,868
15,826,445
3,788,007
2,049,659
4,052,929
5,061,990
1,568,550
1,614,626
2,448,378
3,425,500
Halifax
Hamilton
Calgary
St. John
London
2,592,694
Brandon
Lethbridge
-
Saskatoon
Moose Jaw
243,453
394,025
1,114,397
450,732
114,225,403
$
109,180,708
73,634,115
34,058,195
13,583,949
3,435,280
3,122,149
1,692,677
3,320,093
3,825,847
59,573,206
1,171,623
57,977,942
37,294,677
27,784,559
14,030,755
18,565,192
3,454,040
1,789,886
3,297,932
4,419,310
1,345,623
r54.6
-16.6
1,284,810
1,412,581
K14.3
2,141,294
3,113.223
-14.3
1,388,232
2,100,813
1,031,418
1,827,710
3.268,149
2,378,528
2,781,938
2,807,032
2,314,846
217,837
360,070
953,933
347,893
-11.4
-14.8
+9.7
[-14.5
-22.9
-14.5
.
-10.0
-12.0
9,527,885
2,893,188
3,112,909
1,595,471
2,527,332
3,914,565
-11.8
235,051
211,687
+9.4
H[-20.0
317,718
264,828
821,242
331,727
897,183
387,780
427,627
377,486
503,895
—0.3
373,958
146,773
482,776
542,084
724,214
2,014,603
223,521
-26.0
183,189
536,383
299,828
146,829
416,337
Kingston
—4.3
-22.6
-29.6
409,336
d5,672,117
128,087,761
92,635,244
77,216,532
+8.6
+ 14.6
684,028
13,207,000
18,189,710
954,539
122.643,535
1933
705,481
+ 1.1
9,717,606
737,060
$
414,505
Prince Albert
85,485
23,992,908
1934
%
[-18.6
766,425
21,500,000
756,934
-1.2
or
Dec.
475,019
502,485
108,667
1,129,617
+ 16.4
175,436,190
-15.6
Fort William
41,000,000
105,565
180,385,865
3,320,076
103,921,120
1,541,139
Brantford
—2.5
28,731,475
+ 13.2
-71.5
-16.5
$
109,852,586
94,637,826
42,967,698
—6.9
b
913,268
1,172,101
-27.5
-11.2
1935
$
Medicine Hat—
Peterborough
b
3,381,000
-12.7
23,958,155
8,972,484
2,853,448
3,063,727
-22.2
Inc.
1936
Sherbrooke
122,852
28,375,341
5,058,413
121,035,298
1,894,675
1,090,939
1,435,237
d5,451,695
Week Ended March 12
1,649,224
8,234,797
-20.4
b
-20.1
6,620,000
467,488
d226,925
15,369,972
7,764,936
3,377,411
3,781,350
4,140,015
127,712,882
2,068,230
1,296,532
c865,242
2,832,488
\
2,419,435
12,562,681
+ 1.5
11,024,554
3,290,904
23,582,859
Clearings at—
+ 16.7
+8.5
a—
+ 12.7
Franci SCO—
+7.4 1,862,272,477 1,363,536,189
61,100,815
1,093,240
34,581,907
OutsideNewYork 2,230,670,511 2,077,137,615
94,743,636
19,385,986
1,114,952
+3.4 5,596,287,263 4,657,367,318
—1.6
lOf,786,906
+ 11.0
1,841,097
45,470,543
.
6,146,381,414 5,943,833,039
Regina
142,047
1,952,000
26,556,884
749,539
51,340,762
14,002,404
b
b
+25.7
(110
cities)
Edmonton
Reserve Dist rict—Richm ond—
+87.6
+0.6
-20.8
+0.2
•
+ 11.3
+9.9
+52.3
+7.1
237,886,552
Yakima
H
27,490,201
7.929,000
510,374
26,644,865
8,714,000
777,330
28,536,124
13,24h,415
4,022,737
3,611,757
8,675,801
134,625,000
2,207,310
1,261,375
1,617,889
Quebec
119,261,223
2,906,670
789,743
26,783,462
3,457,750
2,436,000
54,739,639
Total (5
d27,926,899
78,966,796
3,391,622
16,067,718
43,000,000
758,508
35,775,472
4,431,466
2,664,000
District—Da lias—
a763,369
Ottawa
192,498,690
Reserve Dist rict—Atlant
-28.4
1-16.5
-29.8
Reserve
2,580,972
Galveston
d26,211,360
+8.9
107,977,657
68,067,620
Wichita Falls..
New Westminster
Total (6
107,327.312
La.—Shreveport.
Winnipeg
b
43,092,481
60,749,819
8,598,000
1,091,592
+ 7.8
19,592,611
+ 11.0
1,700,604
36,619,513
4,971,973
2,307,000
a762,191
2,052,728
Ft. Worth
1,092,874
98,523,793
117,286
113,428,010
2,520,000
223,114,339
2,130.000
578,090
1,217,781
42,657,164
6,455,722
1,828,000
Dallas
1,571.999
106,250,595
220,063
627,431
461,009
-
199,000,000
242,889,293
2,142.000
29,579,764
940,120
55,503.099
483.020
-24.6
Eleventh Fede ral
Tex.—Austin
Victoria
(5cities).
Fifth Federal
D.
b
—0.1
H-24.2
532,971
125.905.769
Montreal
Feder al Reserve D Istrlct—Clev eland
Ohio—Canton
b
b
b
Mansfield
2,929,772
599,515
1,675,395
2,099,884
66,999,203
2,569,402
536,281
Fourth
Columbus
-26.1
664,243
Canada—
Total (9
-12.8
66,594
b
1,794,268
dl5,349,907
2.223,999
1,625,249
44,607,909
1,194,173
2,926,07'.
744,54.f
Total (10 cities)
Grand
Reserve Dist rlct—Philad ellphia
474,635
Lancaster
443,338
15,915,803
-18.3
Total (12 cities) 4,006,494,199 3,957.332,258
Pa.—Altoona
970,655
+ 19.3
464,769
367,956
+ 1.3 3,734,014,786 3,293,831,129
+ 16.7
5,502,993
7,493,413
+ 11.5
3,237,653
2,584,618
+44.4
2,229,521
d831,179
3,246,614
29,008,192
61,839
80,088
2,188,995
30,708,477
-23.2
211,692,731
216,793
5,309,304
3,619,825
Philadelphia
Reading:
185,354,009
578,637
1,132,274
25,000,000
511,298
481,876
570,308
478,056
3,915,710,903 3,866,695,424
6,578,654
5,639,260
Bingham ton.
N.
6,094,050
985,631
28,200,000
-16.5
-27.0
-21.3
-
b
1,847.380
R. I.—Providence
_
City
93,665
2,209,085
+ 1.£
+ 10.1
Colo.—Col. Spgs.
315,284
as
100,567
80,391,54'.
$
206,845,718
707,707
283,216
705,621
2,458,813
1,207,233
7,314,946
3,059,903
7,796,000
326,256
New Bedford.
61,581,582
354,32/
1,990.731
Mo.—Kan. City
St. Joseph
Reserve Dist rlct—Boston
207,698,973
Portland
Mass.—Boston.
78,049,852
2,906,524
Pueblo
$
+4.7
484,058
2,863,020
73,029,492
.
Wichita
or
Dec.
82,447,051
118,964
2,721,918
32,798,75f
2,511,214
Lincoln
Week Ended March 14
1935
1,970,730
121,981
Hastings
Clearingt
1936
-14.0
14,899,316
1,841,258
479,102
275,151
1,600,141
Reserve Dis trict—Kans
N eb.—Fremont..
Omaha
Inc.
+4.6
+0.9
+28.7
196,109,460
Tenth Federal
We
1,834,391
519,56f
449,154
2,462,908
—0.1
1,363,536,189
Total (7
Canada
1,882,487
51,122,223
24,176,322
86,314,428
Minneapolis..
4,657,367,318
1,862,272,477
Ninth Federal
Minn.—Duluth..
Mont.—Billings
Total
Outside N. Y. City
i
Eighth Feder a 1 Reserve Dis trict—St. Lo uis—
1933
1934
Dee.
9
$
-23.6
385,585,214
South Bend
Terre Haute...
Ky.—Louisville..
Reserve Dlsts.
S
450,432,182
_
Wis.—Milwaukee
Inc.or
Federal
$
3,723,459
891,416
1,002,753
W
Indianapolis...
OF BANK CLEARINGS
1935
1933
%
407,846
88,099,215
1,942,924
1,247,275
704,515
13,225,000
770,375
3,725,408
16,596,528
806,013
6,280,519
2,526,639
297,033
243,931,316
607,974
2,690,784
796,350
929,500
Lansing
Ind.—Ft.
districts:
1936
1934
S
311,611
88,511,561
2,378,287
1,350,569
1,059,835
14,717,000
1,067,673
4,571,681
21,243,646
Grand Rapids.
Rockford
Week Ended Mar. 141936
Dec.
al Reserve D istrict—Chi cago
Detroit
Peoria
SUMMARY
1935
%
13.2%.
In the following we furnish a summary
or
1936
1.6% and in the
In the Chicago Reserve
16.8%, in the St. Louis Re¬
1927
Clearings at—
loss of
a
4.3%.
larger by
are
Chronicle
580,151
466,232
Kitchener
870,769
Windsor
—
Moncton
Chatham
2,568,829
282,440
559,844
503,126
456,123
-
703,071
+20.2
-14.0
-
-
433,250
K20.2
[-27.5
966,966
606,849
1,999,708
1,632,173
-26.4
276,716
180,338
440,200
520,188
+7.6
518,961
414,826
396,296
[-27.0
459,542
384,637
345,179
264,589
384,393
374,246
-21.9
403,532
800,938
Sarina
Sudbury
549,416
315,213
668,358
-28.0
375,801
-19.8
684,554
317,093,943
263.432,903
+20.4
266,441.229
390,225
b
91,133
Total (32 cities)
196,109,46
b
48,768,207
a
Not included in totals,
d Figures
b No clearings available,
much smaller: account of bank holiday.
c
Clearings for three days.
1928
Financial
THE
Chronicle
also considerable interest displayed in the
mining
shares and in the oil issues.
The volume of dealings was
Sales at
moderately heavy, but somewhat below the daily average
preceding week.
Specialties attracted some buying
toward the end of the week, but the alcohol shares and mer¬
chandising stocks were quiet.
Mining shares, public utilities and oil issues were in sharp
demand at higher prices during the brief session on Saturday.
Gains in other groups were apparent, but these were gen¬
erally small and without special significance.
The total
transfers for the day were
approximately 447,850 shares
with 390 issues traded in during the session.
Prominent
among the stocks closing on the side of the advance were
such popular issues as Aluminum Co. of
America, 9% points
to 141 %; Cities Service pref., 5%
points to 47%; Dow
Chemical, 2 points to 113; Flintkote A, 2% points to 47;
Gulf Oil of Pennsylvania,
2% points to 96%; Lynch Corp.,
2% points to 47% and Pittsburgh Plate Glass, 2 points to
Exchange
Stocks—No
1* •m
1936
Jan. 1 to Mar. 20
of shares.
1935
1935
1936
3,486,545
667,675
50,749,372
9,153,571
$18,138,000
$19,336,000
349,000
$265,662,000
5,448,000
2,936,000
$274,046,000
Bonds
Domestic
259,000
200,000
$278,479,000
5,083,000
V
3,096,000
$18,616,000
___»
$19,885,000
$286,658,000
———_
Foreign government.
219,000
-
Foreign corporate
Total.
THE ENGLISH
,
GOLD AND SILVER MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 4 1936:
GOLD
The Bank of England gold reserve against notes amounted to
on
£200,611,852
the 26th ult., as compared with £200,611,369 on the previous Wednesday.
Purchases of bar
gold announced by the Bank during the week amounted
to £820.
-y:.'•
larger scale, about £2,100,000
■
In the open
market offerings
were on
a
of bar gold being disposed of at the daily fixing.
Business has been more
active and in addition to the general demand there were indications of buy¬
.
ing for a special quarter.
Prices continued firm
on Monday, and while the volume
buying was smaller, transactions in the public utilities
were in good demand and substantial
gains were made in
this group.
Some of the mining shares continued to move
upward, particularly Consolidated Mining which broke into
new high
ground with an advance of 15 points to 290.
Bunker Hill-Sullivan followed with a gain of 4%
points to
79 %.
Smaller advances were registered by numerous other
active stocks including General Tire & Rubber
pref. A, 3
points to 98; Penn Water & Power, 5 points to 92%; Central
States Electric, 6% pref.; 2 points to 24; American Manu¬
facturing Co., 2% points to 18 and Seovil Manufacturing
Co.,J% points to 38. The turnover was 606,825 shares as
compared with 113,990 a year ago.
of
Oil stocks
fairly firm on Tuesday and some modest
gains were recorded among the more active issues. Trading
was on a smaller scale as
compared with the turnover of last
week, but the list, as a whole, was fairly steady. Specialties
made some good advances and public utilities, particularly
the preferred stocks, made some gains following the an¬
nouncement of the proposed Federal tax
exempting corporate
income from any tax where the entire amount is declared
out in dividends.
Outstanding among the day's advances
were Aluminum Co. of
America, 5 points to 143; American
Superpower pref., 6% points to 46%; Babcock & Wilcox,
3% points to 94; New Jersey Zinc, 6 points to 91% and
Sherwin Williams,
4% points to 140.
The market continued to move upward on Wednesday,
though most of the buying interest centered around the
preferred stocks. Public utility issues were especially active
and some modest gains were scored
by a number of the
were
preferred stocks. Oil shares were weak and most of the trad¬
ing favorties were down on the day. Some of the specialties
showed substantial gains, Sherwin Willaims making a new
top at 143 with a gain of 3 points.
Duke Power moved up
2 points to 75 and St.
Regis Paper pref. advanced 1% points
to
Week Ended Mar. 20
•
New York Curb
was
of the
117.
1936
CURB EXCHANGE
Public utility stocks have been in general demand in the
curb market trading during most of the present
week, though
there
March 21
71%;
Considerable irregularity was apparent during the trading
on Thursday, and while wide
changes were registered on both
sides, the general tendency was toward higher levels.
The
preferred stocks in the public utility group were particularly
active and spcialties also attracted some
speculative attention
but the oil shares and 'mining and metal issues made little
progress either way.
The principal changes registered at the
close
on
the
side »of
the advance
were
Aluminum
Co.
of
Prices continued to rule at
a
good premium over
gold exchange parities.
Quotations during the week:
Per Fine
Mar.
Vjd.
4
*
12s. 0.52d.
2d.
12s. 0.43d.
1 ^d.
Id.
12s. 0.47d.
12s. 0.65d.
12s. 0.53d.
.--141s.
-—
Average-----
Id.
140s. HHd.
3
Feb.
of £ Sterling
12s. 0.56d.
141s.
—141s.
141s.
141s.
-
2
Mar.
Equivalent Value
Ounce
Feb. 27
Feb. 28
Feb. 29
12s. 0.52d.
0.92d.
141s.
-—
JThe follo^n^werejihejdnitedjpngdomjmports and exports of gold
mid-day*oiTFeb. 24*to~mid-day"6iTthe 2d Inst.:
registered from
P<H
Imports
British" South 'Africa
British
British
-
Exports
--
Malaya
Netherlands
£1,382,592
.-
India
924,940
13,960
389,052
100,000
177,384
15,429
3,408
3,335
7,281
17,534
-
Australia
Canada
U.S. A
—
-
Germany
Netherlands
France
-
Spain
Other countries
France
£1,000,066
Finland
258.574
-—-
22,835
1,548
Other countries
£1.283,023
£3,034,915
The
SS. Narkunda, which
sailed
from
Bombay
Feb. 29, carries
on
gold to the value of about £495,000, consigned to London.
^
SILVER
During^the first half of the week under reviewtbe market maintained a
19^d."and
steady tone with the quotation for cash at
account and resales by
montEs'
that for two
19^d. and 19 ll-16d.
delivery varying only between
Selling on China
speculators formed the supplies and the main sup¬
port was from the Indian Bazaars.
Following
on
a
falling-off in the up-country demand, advices from Bombay
the 2d inst. showed
market
weaker tendency and Indian buying in the London
a
eased in consequence.
Support was therefore lacking and
little to offset offerings by China and speculators, prices declined
19Hd.
There
and
was
19d.
for
the respective
deliveries
quoted
being
with
"sharply
yesterday.
slight reaction to 19 3-16d. and 19 l-16d. to-day.
a
The tendency is uncertain and in the absence of any indication from the
American Treasury may depend upon whether the lower prices attract de¬
mand from India.
^_The following were the United Kingdom imports and exports of silver
onVebr24 to mid^day on the~2d inst.:
registered from mid-day
Imports
British
Exports
India
Japan
Netherlands
Belgium _•
British Malaya
Australia
British
£29.020
211,356
42,024
29,691
8,134
3,716
1,037
3,415
Manchuria
-
Other countries
India
France
£289,594
1,245
2,330
2,317
-
Egypt
-
Other countries
America
634 points to 14634; American Hard Rubber 2
points to 34; Pittsburgh Plate Glass 5 points to 123; Mead
Corp. pref. 1% points
£328 393
a brisk opening on Friday, the market eased off
extent, but the changes were generally within a
narrow range.
Public utilities quieted down and many of
the preferred stocks that had held to the side of the advance
during the greater part of the week closed with a moderate
some
IN NEW YORK
INJLONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
Following
to
£295,486
week:'
Quotations during the
Johnson 3 points to 94 and United Gas
to 104.
Feb. 27
(Per Ounce .999 Fine)
Mar.
2
Mar.
3
19^d.
19%d.
19^d.
19^d.
19Hd.
Mar.
1
Mar.
4
19 3-16d.
19 l-16d.
Mar.
2
19.510d.
19.396d.
Mar.
3
Feb. 28
Feb. 29
19 ll-16d.
19^d.
19^d.
19%d.
19d.
Feb.
Feb.
27
45 cents
Feb.
Feb.
26
28
29
45 cents
45 cents
-
-_-45 cents
-—45 cents
45 cents
-
loss.
Average-
prices ranged considerably higher,
Aluminum Co. of America
closing last night at 147 against
132 on Friday a week
ago, American Laundry Machine at
26% against 22%; American Light & Traction at 21%
against 19; Duke Power at 73 against 72; Electric Bond &
Share at 23% against 18; Gulf Oil of
Pennsylvania at 95%
against 94%; Hudson Bay Mining & Smelting at 26% against
24%; Lake Shore Mines at 54 against 52; New Jersey Zinc
at 92%
against
85%; Newmont Mining Corp. at 93
against 88%; Sherwin Williams Co. at 141 against 134%,
and South Penn Oil Co. at
38% against 37%.
from the]27th ult. to Mar. 4 was $4.99X and the lowest $4.98?i.
The transfers for the day were
approximately 566,750
shares against 610,475 on the
preceding day.
As compared
with Friday of last week,
DAILY
TRANSACTIONS
AT
THE
NEW
Stocks
Week Ended
CURB
Shares)
Saturday
Monday
Domestic
447,850
606,825
$1,757,000
2,743,000
Foreign
Government
Corporate
$21,000
$8,000
9,000
48,000
28,000
23,000
$1,786,000
2,775,000
36,000
3,686,090
37,000
39,000
26,000
3,353,000
3,351,000
127,000
3,665,000
Tuesday
661,525
3,602,000
Wednesday
593,120
Thursday..
Friday
610,475
3,286,000
3,288,000
566,750
3,462,000
76,000
3.486,545 $18,138,000
$219,000
Total.
Total
$259,000 $18,616,000
during the period
Bar Gold
Oz. Std.—
2 Mos.—
20 l-16d.
-
ENGLISH
20d.
per Ox. Fine.
141s. 2d.
19 7-16d.
19.7962d.
19 5-16d.
19.7113d.
140s. 10.90d.
140s. 6d.
FINANCIAL MARKET—PER
CABLED
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Mar. 14
British 3X%
War Loan.
__
British 4%
1960-90
The
Mar. 16
19 ll-16d.
141s.
Id.
Tues.,
Mar. 17
19^d.
141s. Hd.
Wed.,
Mar. 18
19%d.
141s. Id.
Thurs.,
Mar. 19
19^d.
141s.
Fri.,
Mar. 20
19 13-16d.
140s. lid.
85
84%
85 ys
Holiday
105%
106%
106M
106 %
106 X
Holiday
118H
118H
USX
11SX
ll&X
-
Foreign
on"New~York^recorded
—Bar Silver per
Cash.
Highest price
Lowest price
Average
Silver, per oz.. 19^d.
Gold, p. fine oz.141s. Id.
Consols, 2 H %
Holiday
Bonds (Par Value)
of
rate of exchange
^Statistics for the month of February:
EXCHANGE
(Number
Mar. 20 1936
YORK
""The'highest
45 cents
.
85
85
price of silver per ounce (in cents) in the United
the same days has been:
States
on
Bar N.Y.
(for'n) 44^
44^
44%
44^
50.01
50.01
50.01
44 ^
50.01
44^
U. S. Treasury.
U. S. Treasury,
50.01
50.01
(newly mined)
77.57
77.57
77.57
77.57
77.57
77.57
Financial
Volume 142
1929
Chronicle
Established 1874
DeHaven & Townsend
New York Stock Exchange
7% preferred (quar.).-
PHILADELPHIA
NEW YORK
1415 Walnut Street
80 Broad Street
American Products Co., 5% prior
American Products, partic. pref.,
Prior preferred (quar.)—.
inclusive, compiled from official sales lists
Mar. 20, both
Sales
1933 to
Feb.29
Jan.
Par Low
Stocks—
*
American Stores
1936
Bankers Secure
Shares
pref— "50
464
i
110
23
22 J4
Bel! Tel Co of Pa pref- -100
*
Budd (E G) Mfg Co-
122
1354
14
:ioo
98
323
98
Preferred
-
4H
Rights
*
Budd Wheel Co.
Chrysler
12454
1—5
Corp
9354
2054
9954 10054
48
6154
3154 3154
6454
6054
31
3154
854
954
1154
1254
4
554
754
454
Curtis Pub Co com— —-*
Preferred
—
Elec Storage Battery- .100
—10
General Asphalt-—10
General Motors
Horn & Hard (NY) com—*
*
Lehigh Coal & Navlg.
—50
Lehigh Valley
Mitten Bank Sec Corp -25
-25
Preferred
Natl Power & Light—
*
1054
Pennroad Corp vtc..
*
454
-50
3254
—50
127 54
Phila Elec of Pa $5 pref—*
Phi la Elec Pow pref— —25
11454
3454
Phila Rapid Transit— -50
754
Pennsylvania RR
Penna Salt Mfg.
1254
5
3454
12954
11454
3454
1154
13
-50
Phila & Read Coal & Iron*
254
1554
254
Philadelphia Traction- -50
1
Salt Dome Oil Corp—
1554
2254
1654
2654
7%
preferred
1,030
906
2
33
541
116
3,325
273
—
213
8,240
2,153
4,265
1,987
134
2
•
Jao
654
Feb
Jan
2454
12554
1554
Mar
Jan
Jan
Jan
Mar
Jan
98
Mar
Jan
554
1454
Mar
Mar
101
Mar
Mar
Jan
2254
Mar
10354
Feb
Mar
6154
3454
6454
Mar
54
i
54
h
454
2
154
1754
'
2
90
Jan
654
854
J4
154
954
354
3154
3
'
Mar
Jan
Jan
J8C
154
Jan
1154
1454
854
Fen
.V 8
Jan
Mar
Mar
Feb
Jan
39
Feb
Feb
130
Mar
11654
3554
1254
Mar
Mar
Jan
Jan
854
Jan
Jan
16
Feb
Jan
Mar
Mar
Jan
354
1054
1754
3
Feo
Mar
34
1454
554
A*
954
Jan
Jan
web
11354
11254
3354
254
4254
»
Jan
31
6
»
Jan
2254
5
i
2,443
1,066
Jan
17
Jan
3054
Mar
Feb
50
«
2454
57
Jan
72
Mar
57
i
42
*16
54
354
654
4354
Jan
Feb
9054
3854
154
154
754
Mar
1754
7154
2954
Jan
•
Feb
954
Feb
72
130
*16
1,800
4,525
Union Traction
-50
654
United Corp com
Preferred
—*
654
8
3,797
3,023
116
2
H
354
154
«
138
»
2054
6.656
'
254
4354 4554
1754
1654
11054 U2
14 54
1354
III*
III*
Jan
Feb
Mar
154
9054
3854
III*
36
17754
19
2954
72
United Gas Impt corn- III*
Jan
9954
48 54
35
8954
3654
1
High
Mar
i
954
8254
103
Jan
16
Jan
Jan
Mar
Mar
Mar
Feb
Mar
4754
Mar
1954
Feb
10854
1354
113
Feb
Jan
15
Feb
10
654
Jan
Jan
1954
9
1954 106,500
11254 11254
3,000 210454
200
11054
11054 11054
18
1966
Registered
For footnotes see page
U154
Feb
U054
Mar
Mar
113
11054
Feb
Mar
1963.
CURRENT
NOTICES
—Eli T. Watson & Co., Inc., announce
that John Wolcott Greenman,
formerly with Ames, Emerich & Co. in New York where he specialized in
Pittsburgh office.
Mr. Greenman has just resigned as chairman of the
Republic of Chile Bondholders Protective Committee and the Mortgage
Bank of Chile Bondholders Protective Committee, both of which operate
Foreign Bondholders Protective Council.
—Laurence J. Golfer has become associated with Suplee, Yeatman 8c Co.,
in their Trading
Department.
The quarterly edition of "A Comparative Tabulation of Public Utility
Operating Company Preferred Stocks Paying Dividends Currently and
Having Accumulations" is being distributed by G. L. Ohrstrom & Co.,
Inc., 40 Wall St., New York.
—Warren W. Mansfield, for the past several years a partner in Roy
H. Barnes & Co. of Hartford, has retired to establish his own firm
T.
there under the name of Mansfield & Co., to deal in general market bonds,
specializing in Connecticut municipals.
—Lester
manager
Robins has become associated with
Hirsch, Lilienthal & Co.
of their uptown branch office at 1182 Broadway.
NATIONAL
BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
VOLUNTARY LIQUIDATION
Amount
March 9—First National Bank in Neche, N. Dak-$25,000
Effective Feb. 7 1936.
Liq. agent: Evan D. Saltzman, care of
liquidating bank.
Succeeded by: Citizens State Bank of
Neche, N. Dak.
"
^
DIVIDENDS
Dividends
first
we
—
(quarterly)
are grouped in two separate tables.
In the
bring together all the dividends announced the
Mar. 31 Mar. 21
1 Mar. 20
Apr.
Apr. 15 Mar. 31
1 Mar. 25
Apr.
1 Mar. 25
50c
Apr.
Badger Paint & Hardware Stores, Inc
1 Mar. 25
25c
Apr.
Participating preferred (quarterly)
1 Mar. 22
18c
Apr.
Bancohio Corp. (quarterly)
1 Feb. 29
17.2497c Apr.
Bank Stock Trust Shares, C-l registered
1 Feb. 29
15.6687c Apr.
C-2 registered
15c
May 1 Apr. 10
Barnsdall Corp. (quarterly)
1 Apr. 10
5c
May
Extra
1 Mar. 20
75c
Apr.
Belt RR. & Stockyards Co. (quarterly)
1 Mar. 20
75c
Preferred (quarterly)
Apr.
Apr. 30 Apr. 15
Bon Ami Co., class A (quarterly)
—
Mar. 2 Feb. 25
Budd Realty Corp. (quarterly)
1 Mar. 23
87 He Apr.
Brandtjen & Kluge, Inc., 7% pred. (quar.)
50c
Brantford Cordage, pref. (quar.)
Apr. 15 Mar. 20
Apr. 10 Mar. 31
$154
Brooklyn Borough Gas Co
1 Mar. 18
75c
Apr.
6% participating preferred (quar.)—
1 Mar. 18
56 He
Apr.
6% participating preferred (extra)
75c
Apr. 15 Apr.
1
Brooklyn-Manhattan Transit Corp. (quar.)
30c
Apr. 15 Mar. 25
Bruck Silk Mills (quarterly)
1 Mar. 23
75c
Apr.
Burco.tlnc.. preferred (quarterly)
1 Mar. 15
Apr.
$1
Burger Brewing Co., 8% preferred (quar.)
June
5 May
15c
2
Burroughs Adding Machine Co
California-Oregon Power Co., 7% pref. (quar.)_ 87 He Apr. 15 Mar. 31
75c Apr. 15 Mar. 31
M6% preferred (quarterly)
Apr. 15 Mar. 31
Canadian Fairbanks Morse, pref. (quar.)
15c Mar. 30 Mar. 20
Capital City Products Co., common (quar.)
50c
Apr. 15 Apr.
1
Celanese Corp. of America, common (quar.)—
1 June 16
July
$1H
7%iCumul. prior preferred
-—
June 30 June 16
$3H
7% cumul. 1st preferred
1 Mar. 26
Apr.
Centlivre Brewing Corp., A (quar.)
June
1 May 18
Century Ribbon Mills, preferred (quarterly)—
1 Mar. 20
Apr*
Chatham Mfg. Co., preferred (quarterly)——1 Mar. 20
Apr.
**6% preferred (quarterly)
1 Mar. 20
Apr.
Chicago Daily News. Inc., $7 pref. (quar.)
1 Mar. 20
Apr.
Cincinnati Advertising Products (quar.)
Cincinnati Postal Terminal & Realty—
Apr. 15 Apr.
4
6 54% preferred (quarterly)
$1X
(quar.)
—
25c
20c
—
ili!
_ _—
hi
RR. Co—
6% preferred (semi-ann.)
City Auto Stamping (quar.)
City Investing Co., pref. capital stock (quar.)__
Cleveland Cincinnati Chicago & St. Louis RR.
Co., 5% preferred (quarterly)-Cleveland Electric Illuminating, pref
Common (quarterly):
Cleveland Graphite Bronze Co-----Special
•
Coca-Cola Bottling Corp., Del., cL A (quar.) —
Oohen-Hall Marx Co., 6% preferred (quar.)—
Colonial Ice Co., cumul. pref. ser. B (quar.)Cumul.
show the
Then
we
follow with
a
second table in which
dividends previously announced, but which
have not yet been paid.
The dividends announced this week
Name of
are:
Per
Share
Company
When
Holders
Payable of Record
(quarterly)
7% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
—
Adams Royalty Co.
$1M
(quarterly)
Affiliated Fund, Inc
American Baking Co., 7% pref. (semi-ann.)
3c
—
7% preferred (quarterly)
American Beverage Co., 7% preferred (quar,)American Brake Shoe & Foundry (quar.)
Preferred (quarterly)
American Discount Co. of Ga., common (quar.)
American General Insurance Co—
$3 H
$1 %
SHc
May
Apr.
Apr.
July
Apr.
Apr.
Apr. 15
Mir.
20
Mar. 31
June 15
Mar. 16
15c
Mar.
Mar.
30c
<20c
Mar. 23
Mar. 27
Mar.
Apr.
Mar.
Mar. 20
Mar. 20
27
$154
75c
20c
$1
in
50c
50c
55c
55c
55c
25c
30c
7% preferred (quar.)
Creamery Package Mfg. (quar.)__
—
Credit Utility Banking Corp. (quarterly)
Dakota Central Telep. Co., 654 % pref. (quar.)Danahy Faxon Stores, Inc. (quar.)
Extra
Des Moines Gas Co., 8% pref.
$1.65
50c
blyj——.
blyj-
m
25c
25c
(quar.)—
7% preferred (quarterly)—
87 He
Theatres, Inc-
4
Detroit Consol
Detroit Edison Co. (quarterly)
Diamond Shoe Corp., common (quar.).
Dravo Corp., 6% preferred—
25c
7i25c
25c
Driver-Harris (quarterly).—
1254c
Duquesne Brewing Co. (quarterly)
Class A preferred (quarterly)
Early & Daniel
Prsfcrrod (queii* •)
Eastern Magnesia Talc Co., Inc. (quarterly)—_
Easy Washing Machine, cl. A & Bj(quar.)
Class A & B (extra)-.
Eaton Mfg. Co. (quar.)
Edison Elec. Illuminating Co. of Boston, (quar.)
El Paso Electric Co. (Del.), 7% pref. A (quar.)_
6% preferred B (quarterly).
Empire Trust Co. (quar.)
Equity Corp., $3 conv. preferred
Fairbanks (R. & T.) & Co., pref. (semi-ann.).
FeddersMfg. (quar.)Fifth Ave. Bank (N. Y.)
First Cleveland Corp., preferred A & B_
Fishman (M. H.), pref. A & B (quar.)
Mar. 23
Mar. 25
Mar. 25
14
Mar.
12 He
25c
SI
1254c
1254c
50c
$2
$1H
$154
25c
h$7H
$354
37 He
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
July
$1H
hly)
6.6% preferred (monthly;
6.6% preferred (monthly
6.6% preferred (monthly
>.
Cook Paint & Varnish Co (Del.), A (quar.)
Corcoran Brown Lamp Co
Apr. 20
Mar. 23
Mar.
AH
6%
1 Apr. 15
1 Mar. 24
1 Mar. 27
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
S7_preferred (quar.)
7% preferred (quarterly)
Commercial National Bank & Trust (guar.)—
Quarterly—
Commonwealth Telep. (Madison, Wis.)—
6% preferred (quarterly),.
—
Connecticut Gas & Coke Securities Co., $3 pre¬
ferred (quarterly)
—
Connecticut General Life Insurance—
Consolidated Car Heating Co. (quar.)
Consumers Power Co., $5 preferred (quar.)—
Mar. 20
Mar. 20
Apr.
1 Mar. 14
Apr.
1
Apr.
1
Mar. 25
June 24
Mar. 14
Apr.
Mar. 16
Apr.
Apr. 15 Mar. 31
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 Apr. 15
May
1 May 15
June
1 June 15
July
1 Apr. 15
May
June
1 May 15
July
1 June 15
Mar.
2 Feb.
Apr.
Apr.
Apr.
1 Mar. 18
26
1 Mar. 18
10 Apr.
1
Apr. 10 Mar. 25
1 Mar. 25
Mar. 31 Mar. 20
Mar. 31 Mar 20
Apr.
1 Mar. 14
1 Mar. 14
Apr.
2 Mar 16
Apr
Apr.
_
Apr. 15 Mar. 31
Mar. 20
Apr.
Mar 28
Apr.
Apr. 20 Apr. 10
May
Apr. 21
Mar. 21
Apr.
.
_
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 31 Mar. 21
May 15 May
1
May
Apr. 10
Mar. 31
Ap<.\
Mar. 31
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Apr.
Apr.
1
Mar. 24
Apr.
Mar, 31
Apr.
Mar. 20
Apr.
Mar. 31
Apr.
Mar
14
Formica Insulation Co
Apr
Fostoria Pressed Steel (quar.)
Mar. 31 Mar. 24
Franklin Teleg Co
254% gtd stk (s-a )
Freiman (A J ) Ltd , 6% pref (quar )
Fruehauf Trailer Co , pref (quar.).«
Fulton Trust (N. Y.) (quarterly)
May
Apr
Apr.
Apr.
Apr.
,
Abraham & Straus, preferred (quarterly)
May
Apr.
Apr.
Commercial Discount (L. A.), 8% pref. (quar.).
-
current week.
we
Mar. 20
9
9
Apr. 15 Mar. 19
1 Mar. 21
Apr.
Mar. 31 Mar. 20
Atlantic Steel (quar.)
Atlas Acceptance Corp., 5% pref.
—George A. Kemp, for some 15 years Secretary of the Anglo-Russian
Trust, London, England, and in more recent years identified with invest¬
Assistant Secretary of LaSalle Quincy
Corp., is now associated with A. G. Becker & Co., in its sales department.
the
-
Atlas Tack (resumed)
Autoline Oil, preferred (quarterly)--.
ment interests in Chicago, lately as
as
_
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 20
Apr.
Mar. 19
Apr.
May
Apr. 15
Apr. 10 Mar. 31
Mar. 20
Apr.
Mar. 23
Apr.
Mar. 23
Apr.
Mar. 20
Apr.
Mar. 30
Apr.
—
American dep. rec. for ord. reg_.
Atlanta Gas Light Co., 6% cum. pref. (quar.)-.
Atlantic City Fire Insurance Go. (quar.)
foreign financing, has become associated with them as Manager of their
Inc.,
Mar .117 j
Mar. 14
Mar. 20
Cincinnati Sandusky & Cleveland
Bonds—
Elec & Peoples tr ctfs 4s '45
Phila Elec (Pa) 1st 5s. 1966
under the
Apr.
Apr.
Apr.
Apr.
5
May 15 May
Mar. 20
Apr.
pref. (quar.)omitted.
American Shipbuilding (quar.)-American Thermos Bottle
Arundel Corp.
86
2654
1354
385n
33J4
'
1154
"2254
2
1554
win
Art Metal Construction Co., Inc
Associated Electrical Industries—
'
673
150
1936
»
3,850
2,040
,316
754
Westmoreland Inc
'
1.786
-I-*
Bridge-*
Tonopah-Belmont Devel-l
—1
Tonopah Mining
Tacony-Palmyra
Preferred
16
2,164
—*
Scott Paper
Sun Oil Co
3
'
946
454
1254
9754
2054
11H
9854
154
554
10954
818
10
2954
15554
454
2154
11954
954
8554
2J4
1154
3254
«
1
LOW
Low
1,611
1,131
16054 16951
554
054
*
Baldwin Locomotive—
High
3054
2954
American Tel <fc Tel- 1100
Since
Range
for
Week
of Prim
43 He
——
Preferred (quar.)
Arrow-Hart & Hegeman Electric (quar.)
Preferred
(quarterly)
-
t July 1
Week'3 Range
50c
American Screw (quar.)
Philadelphia Stock Exchange
to
(qu.)
-
American Mfg. Co., preferred
Preferred (quarterly)
American News N. Y. Corp.(bi.-mo.)-_
Philadelphia Stock Exchange
Mar. 14
$2
25c
American Hard Rubber, pref. (quar.)
American Hardware Corp. (quarterly)
American Investment Co. of 111., 8% pref.
Members
-
Gannett Co.,
Inc., $6 pref. (quar.)..
-
Garlock Packing Co., common (quar.)
Extra
;
General Machinery Corp., 7% pref. (quar.)
General Baking Co., common (quar.)
-
—
General Public Utilities, Inc., $5 pf. (quar.)
$6 preferred (quarterly)
Mar
15
14
Mar. 20
Mar, 23
Mar. 16
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 21
■
-
Apr
—
Apr.
May
Apr.
May
1
1 Apr. 18
1 Mar. 20
1 Apr. 15
1930
Financial
Per
Name of Company
When
Share
General Stockyards_
Extra
May
40c
87*|c
Hackensack Water Co., 7% pref. A (quar.)
Hall (O. M.) Lamp
43 Mc
$15*
Hi
Horn & Hardart Baking Co. (quar.)
Illinois Northern Utilities, 6%ipref.
(quar.)
10c
Mar.
Mar. 311
Mar. 21
Mar .[28
Mar.
Mar. 16
Mar. 20
10c
Apr.
Apr.
Apr.
May
May 19
10c
Monthly
June
June
16
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
15
37 He
Extra
Inter-State Royalty Corp. (quar.)
Light Co., 7% pref. (quar.)
6% preferred (quar.)
Island Creek Coal Co., common (quar.)
Preferred (quar.)
Iowa Power &
Jamaica Public Service (quar.)
7% preferred (quarterly)
Joliet & Chicago RR. Co
Kahn (E.) Sons, 1st pref. (quar.)
Kansas Power Co., $6 pref.
(quar.)
$7 preferred (quarterly)
Kaufmann Dept. Stores (quar.)
Kelley Island Lime & Transport (quar.)
Kentucky Utilities, pref. (quar.)
Kimberly-Clark Corp
6% preferred (quar.)
Lake Erie Power & Light, 7% pref. (quar.)
6% 2d preferred (quar.)
Lane Co. (The), Inc.
(quar.)
Lawyers County Trust (N. Y ) (quar.)
Lockhart Power Co., 7% pref. (semi-ami.)
Loomis-Sayles Mutual Fund, Inc
-
com.
;
Magma Copper Co.
Meyer-Blanke Co. (quar.)..
7% preferred (quarterly)
Miami Dept. Store, pref. (quar.)
Monarch Machine Tool (quar.)
Extra.«
Montreal Tramways (quar.)
Monumental Radio Co. (Balt.,Md.) (quar.)
Morris (Philip) & Co., Inc., cap. stock
Muskegon Motor Specialties, pref. A
Mutual Telep. (Hawaii) (monthly)
Nashua Gummed & Coated Paper Co.—
7% preferred (quarterly)
National Cash Register (quar.)
—
National Casket Co. (semi-ann.)
Preferred (quarterly)
National Fire Insurance, Hartford (qu.)
Nation-Wide Securities Co., vot. shs
New Hampshire Fire Insurance Co. (quar.)
New London Northern RR. Co. (quar.)
New River Co., preferred
New York Power & Light, $6 pref.
(quar.)
7% preferred (quarterly)
New York Sun, Inc., 8% 1st pref. (quar.)
New York Trust Co.. cap. stock (quar.)
North American Bond Trust, ctfs. of int
North American Rayon Corp., cl. A & B (qu.)__
Prior preferred (quarterly)
North Star Oil, preferred
North West Bell Telep. Co. (quar.)
:
Northwestern Bell Telep.. 6H% pref. (quar.)__
Northwestern Yeast Co. (quar.)
Norwich Pharmacal Co., com.
(quar.)_.
Oahu Sugar Co. (monthly)
Ohio Brass
$15*
12Hc
$1H
$15*
50c
lHc
40c
$2 X
$1H
$1H
$15*
4%
5%
$87.40
12Hc
75c
hSHc
By,
35C
20c
25c
$1H
Quarterly
Pennsylvania Power Co., 6% pref. (qu.)
6.60% preferred (monthly).
6.60% preferred (monthly)
6.60% preferred (monthly)
Pennsylvania Warehousing & Safe DepositlCo..
Pennsylvania Salt Mfg. Co. (quar.)
40c
pfd. (mo.)
Reece Button Hole Machine,
(quar.)
Reece Folding Machine
(quar.)
Reno Gold Mines, Ltd. (quar.);
Retail Stores Corp. common
Rex Hide, Inc.
(quar.)
Richman Bros, (quarterly)
i
St. Joseph Ry., Lt., Ht. & Pr. Co.
5% pf. (qu.)_
San Carlos Milling Co.
(monthly)
Seaboard Finance preferred
(quar.)
Seaboard Finance Corp., $2 cumul.
pref.
Second Twin Bell Syndicate
(monthly)
Bros., Inc.,
20c
7% preferred (quarterly)
6% preferred (quarterly)
6.6% preferred (quarterly).
Southern Ry. (Mobile & Ohio stock
trust)
Southwestern Portland Cement (quar.)
Preferred (quar.).
Standard Cap & Seal
(quarterly)
Standard Wholesale Phosphate & Acid-.
Stearns (Fred.) preferred (quar.)
Preferred (special)
Stix Baer & Fuller Co. 7% pref. (quar.).
Superheater Co. (quarterly)
Swiss Oil Corp. (quarterly)
•
Extra
Mar. 26
Mar. 25
7%
preferred
75c
5c
$15*
$1H
50c
20c
5c
50c
20c
50c
iim
75c
$1H
15*%
1H%
1.65r
5c
5c
Mar. 12
Apr.
Mar. 31
Apr.
Apr. 30
Mar. 15
Mar.
Mar. 24
Mar.
Apr.
Mar. 31
Mar. 20
Mar. 24
Mar. 24
Mar. 24
Mar. 26
Mar. 12
Western United Gas & Electric—
Mar. 20
Apr.
10
Mar.
23
Mar. 12
Apr.
Apr.
Mar. 21
Mar. 21
Preferred
Mar. 12
Mar, 15
Mar. 15
Mar. 16
Apr.
Apr.
Apr.
Apr.
...
West Virginia Pulp & Paper Co
White Villa Grocery, Inc., 6% pref.
Mar. 25
Mar. 14
Mar.
Mar.
6H% preferred (quarterly)
6% preferred (quarterly)
Mar. 25
(quar.)
7% pref. (quar.)
Mar. 16
Mar. 18
Mar. 15
Mar.
Mar. 23
Mar.
Mar. 23
Apr.
Apr.
(quarterly)
Mar. 23
Mar.
Mar. 20
Mar.
£0
Mar. 12
Mar. 31
Mar. 31
Below
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
Mar. 27
Apr.
4
Mar. 20
we
Mar. 31
Mar. 26
Mar. 26
Per
Name of Company
Apr.
3
Mar. 20
Abbott Laboratories
Extra
Apr.
1
Mar. 30
Share
(quar.)
75c
10c
Abraham & Straus
Acme Glove Works Ltd., 6H% pref.
6 H % 1st preferred
Mar. 10
45c
-
H5QHC
95c
Aetna Life Insurance (quar.)
Affiliated Products (monthly)
Acme Steel
(quarterly)
_
_
-
-
Mar. 16
25c
50c
40c
15c
5c
-
Mar. 12
Mar. 16
Max. 16
Apr.
Mar. 16
_
Mar. 31
Mar. 21a
Feb.
29
Mar. 21
Apr.
Apr.
Apr.
1 Mar. 21
Mar. 16
Mar. 31 Mar. 27
Apr. 15 Mar. 20
Mar. 16 Mar. 12
Mar. 20a
Apr.
15
25
15
20
Apr.
7
Mar. 31
Mar. 31
Apr.
10
1 Mar. 25
1 Mar. 25
1 Mar. 18
1 May 20
1 Mar. 20
1 Apr.
20
1 May 20
1 Mar. 28
15 Mar. 31
15 Mar. 31
Apr.
Apr.
Apr.
1 Ma.r. 27
Apr.
Mar. 31 Mar. 16
Apr. ~1 Mar.
1 Mar.
Apr.
Apr. 15 Mar.
Apr. 30 Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1
26
15
31
1
17
17
Mar. 10
Mar. 28 Mar. 21
15 Mar. 31
1 Mar. 23
1 Mar. 12
Apr.
Apr. 15 Apr.
1
1 Mar. 14
Apr.
1 Mar. 14
Apr.
Apr. 15 Mar. 30
1 Apr. 15
May
1 Apr. 15
May
1 Mar. 21 j
Apr.
1 Mar. 20
Apr.
1 Mar. 18
1 May 15
Apr. 15 Mar. 31
1 Mar. 23
1 Mar. 23
1 Mar. 23
1 Mar. 16
1
1
1
Apr.
4
15c
62 He
Extra
17
"
r$ 15*
75c
Air Reduction Co., Inc. (quar.)
Ainsworth Mfg. (special)
Alabama Power Co., $7
75c
50c
pref. (quar.)
$15*
-
$6 preferred (quar.).
$6 preferred (quar.)
Alabama & Vicksburg Ry. Co
Allied Laboratories
(quar.)
Quarterly.$3H convertible preferred (quar.)_
$3H convertible preferred (quar.).
Allied Products, class A (quarterly)«Allied Stores Corp., preferred
Alpha Portland Cement
Aluminum Co. of America, preferred.
Preferred (quarterly)
Aluminum Goods Mfg. Co. (quar.)
15c
15c
.
-
.
-
87 He
87He
/ 43 5* c
1 $1H
25c
7i50c
.
-
37He
15c
10c
50c
1 Mar. 18
1 Mar. 18
Apr.
Apr.
Mar. 31 Mar. 21
Apr.
1 Mar. 31
Apr.
1 Mar. 31
Apr. 10 Mar. 23
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr
Apr.
Apr.
Apr.
Apr.
1
1
1
1
1
1
1
1
15
10
1
Mar. 16
Mar. 16
Mar.
7
Mar. 16
Mar.
7
Mar. 16
Mar. 16
Mar. 20
Mar. 31
Mar. 31
Mar. 14
1 Mar. 14
1 Apr. 15
9
Apr.
1 Mar.
Apr.
1 Mar. 28
July
1 June 27
Apr.
1 Mar. 28
July
1 June 27
Apr.
1 Mar. 12
Apr.
1 Mar. 20
Apr. 25 Apr.
1
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 21
Apr. 15 Mar. 31
Mar. 31 Mar. 15
June 30 June 15
50c
Sept. 30 Sept. 15
50c
.
-
15
Apr.
1 Mar. 19
Mar. 31 Mar. 16
75c
$2
American Bank Note
25c
75c
Preferred (quarterly)
American Can Co., pref. (quar.)
American Capital, preferred
American Chain, preferred...
rH
.
American Chicle (quar.)..
h$15*
75c
25c
...J
American Cigar, preferred (quar.)
American Crystal Sugar, 6% pref. (quar.),
American Cyanamid Co., A & B com
American District Telegraph of N. J. (quar
Preferred (quarterly)
American Enka Corp
S1H
-
SI H
.
$15*
15c
$1
25c
American
Envelope Co., 7% pref. A (quar.
7% preferred (quar.)
7% preferred (quar.)
American Express (quar.)
M
.
$15*
$1H
$1H
35c
-
25c
75c
Home Products Corp
Insurance of Newark (semi-ann.).
20c
25c
Machine & Metals (initial)
10c
Paper Goods 7% pref. (quar,)...
7% preferred (quar.)
7% preferred (quar.)
American Power & Light Co. $6 pref. (quar
$5 preferred (quar.)
•
American Rolling Mill Co. (quar.)
6% preferred (quar.)
American Safety Razor (quar.)
American Service Co., pref
American Smelting & Refining
1st preferred (quar.)
2d preferred (quar.)
American Snuff (quar.)
31 Dec.
Mar. 31 Mar. 15
June 30 June 15
50c
-
Preferred (quarterly)
American Hawaiian Steamship (quar.)
American Hide & Leather, 6% pref. (quar.)
Dec.
$15*
$1**
$15*
SIS*
-
7 % preferred (quarterly)
Amalgamated Leather Cos., preferred
American Agricultural Chemical Co
American Asphalt Roofing, preferred (quai
American
American
American
American
Holders
50c
Quarterly...
Quarterly
Quarterly
7% preferred (quarterly)
7 % preferred (quarterly)
7% preferred (quarterly)
Extra
When
Payable of Record
Apr.
May
.
.
$15*
$15*
$15*
37Hc
31 He
30c
$1H
$1H
69c
40c
$15*
$1H
75c
1 Mar. 17
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar. 31 Mar. 16
Preferred
(quar.)
American Steel Foundries, preferred
American Stores (quar.)
50c
Apr. 16 Apr.
4
Apr. 10 Mar. 25
Apr. 10 Mar. 25
American Sugar Refining Co. (quar.)
50c
Preferred (quar.)
American Telep. & Teleg. Co. (quar.)
American Tobacco, preferred (quar.)
Apr.
435*c
12Hc
Mar. 21
Mar. 20
Mar.16
Mar. 14
May
Mar. 16
Mar.
Mar.
Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 16
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
Mar. 16
Apr.
Aetna Casualty & Surety (quar.)
Aetna Fire Insurance (quar )
Apr.
Mar. 21
Apr.
-
20c
Mar.
15
Mar.
Mar.
Apr.
Apr. 30
Apr.
Apr.
(quarterly)
Mar. 31
Apr.
June
Mar. 18
7% preferred (quarterly)
Weinberger Drug Stores (quar.)
Western Commonwealth Corp. class A
Western Exploration Co. (quar.)
Western Pipe & Steel (quarterly)
Addressograph-Multigraph (quar.)
25c
75c
$15*
July
Apr.
Yichek Tool (resumed)
1 Mar. 25
Apr. 15 Mar. 30
May 15 Apr. 30
Apr.
15
Mar. 20
Apr.
3c
20c
June
Apr. 15
May 15
Mar. 20
12H%
50c
15
May
Young (J. S.) quarterly)
Apr.
June
Apr. 15
May 15
July
May
Utah-Idaho Sugar (resumed)
Class A preferred (quarterly)
Mar. 24
15
15
June 15
June
United States Elec. Lt. & Pow. Shares, Inc
Universal Products (reduced)
Mar. 26
Mar. 24
June
June
May
Mar. 12
Apr.
Apr.
Apr.
Apr.
10
1 Mar. 20
June
—
Mar. 12
June
$15*
Soundview Pulp Co
Southern Counties Gas 6% preferred
(quar.)__.
Southern Indiana Gas & Electric Co—
Extra
Mar. 31
June
62Hc
Extra
Mar. 14
Mar. 14
Mar. 14
Woodward & Lothrop, Inc.,
Common (quar.)
Common (extra)
Apr.
May
Slattery (E. T.) Co. 7% pref. (quar.)
S-M-A- Corp. (quarterly)
Smith (L. C.) & Corona
Typwriter, pref
Mar. 17
Apr.
1 Mar. 25
Mar. 23 Mar. 18
Apr. 15 Apr.
1
Apr. 15 Mar. 31
Mar. 14
Apr.
(quar.)
common
Mar. 17
Apr.
Apr.
50c
(qu.)_
Mar. 20
Apr.
Apr.
Mar.
Preferred
(quarterly)
Onomea Sugar Co. (monthly)
Orange & Rockland Electric—
7% preferred (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
Pacific Accident Insurance
Pacific American Fisheries, Inc
Pacific Gas & Electric (quar.)
Peninsular Telephone Co., com. (quar.)__
Penna Co. for Ins. on Lives & Granting Annuities
Extra
Phoenix Securities, pref. (quar.)
Pickle Crow Gold Mines
Pinchin, Johnson & Co., final
Pond Creek Pocahontas Co.
(quar.)
Provincial Paper Co., Ltd., 7% pref.
(quar.)
Prudential Investors, $6 pref. (quar.)
Public Service Corp. of N. J. 6%
Mar. 23
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
(quar.)
1 Apr.
Mar. 31 Mar. 20
Apr.
July
July
July
July
May
...
Apr.
Second fund
Extra
May
50c
27Hc
Holders
Payable of Record
~$VA
5% preferred
(quarterly)
.
6 % preferred
(quarterly)„ .
7% preferred (quarterly)
7.2% preferred (quarterly).....
6% preferred (monthly)..
6% preferred (monthly)
........
6% preferred (monthly)..
7.2% preferred (monthly)..
7.2% preferred (monthly)....
7.2% preferred (monthly)
Texas Electric Servcie, pref. (quar.)
Thatcher Mfg. Co., convertible pref. (quar.)...
Tintic Standard Mining
Traders Finance Corp. 7% pref. B (quar.)
6% preferred A (quar.)
Travelers Insurance (quarterly)
Union Stockyards of Omaha, LtdUnited Investors Realty Corp. (quar.)
United Standard Oilfund of America (quar.)
Mar.
Extra
MacAndrews & Forbes Co.,
Preferred (quarterly)
14
$15*t
7% junior preferred (quar.)__
Industrial Rayon Corp
Inland Investors (quar.)
International Button Hole Machine (quar.)
Seeman
Mar. 25
Mar. 31
Mar.
When
Per
Share
Company
1936
Tennessee Electric Power Co.—
10c
Hibbari
rd, Spencer, Bartletb & Co. (mo.).
Name of
Tacony-Palmyra Bridge, pref. (quar.)
Taylor-Colquitt Co., common (quar.)
Telephone Investment Corp
10c
_
Haverty Furnace Cos., Inc.
$1H preferred (quar.).
Monthly
Mar. 20
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
10c
Gilbert (A. CM,
preferred (quar.)
Gold & Stock Telegraph (quar.)
Great Lakes Power, $7 preferred (quar.)
Apr. 15
Mar.
$1H
March
Holders
Payable of Record
60c
General Tire & Rubber Co., 6% pref.
(quar.)__
Gibson Art Co. (quar.)
Chronicle
50c
...
$2H
$1H
Sept. 30 Sept. 15
Dec. 31 Dec.
15
Apr. 15
Apr.
1 Mar ."I I
Apr.
1 Mar. 11
Apr.
1 Mar. 18a
Mar. 31 Mar. 14
Apr.
1 Mar. 20
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Mar. 31 Mar. 12
Apr.
1 Mar. 20
Apr.
1 Mar. 14
Apr. 15 Mar. 14
Apr. 15 Mar. 14
Apr.
1 Mar. 16a
June
Sept.
Dec.
1 May 25
1 Aug. 25
1 Nov. 25
Apr.
Apr.
Apr.
1 Mar. 20
15 Apr.
4
1 Mar. 10
May
1 Apr.
8
Apr.
1 Mar. 14
Mar. 30 Mar. 20
Apr.
1 Mar. 10a
Apr.
1 Mi
Apr.
1 Mar.
June 16 June
Sept. 16 Sept.
Dec.
16 Dec.
Apr.
Apr.
1 Mar.
1 Mar.
15
15 Apr.
1
Mar. 30 Mar. 10
Mar. 31 Mar. 14
Apr.
Apr.
May 29
1
Apr. 30 Apr. 10
Apr. 30 Apr. 10
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Mar. 31
Apr.
1
Apr.
2 Mar.
Apr.
2
Apr. 15
Apr.
1
Financial
Volume 142
Per
Name of Company
Share
When
1931
Chronicle
Per
| Holders
Share
Name of Company
Payable of Record
Mar. 14
Apr.
Marl 14
Apr.
Mar. 14
Apr.
Apr. 15 Mar. 31
Apr. 30 Mar. 31
1 Mar. 20
Apr.
1 Mar. 29
Apr.
1 Mar. 16
Apr.
Canadian Foreign Investment Corp. (quar.)
American Water Works & Electric Co.lst $6 preferred (quar.)
Mar. 16
Amoskeag
June 20
Canadian General Electric (quar.)
Co., common
(semi-annual)
„
8% preferred (quar.)
—
June 20
Canadian
Anaconda Copper Mining Co.
Mar. 14
Anchor Cap Corp., common (quar.)
Mar. 20
$63^ convertible preferred (quar.)
Angostura-Wupperxnann Corp. (quar.)
Apex Electric Mfg., prior pref. (quar.)
Mar. 20
Mar. 20
Preferred
Canadian Oil Cos.. 8% preferred (quar.)
Canadian Westinghouse Co. (quar.)...
Canadian Wirebound Boxes
Canfield Oil, preferred (quarterly)
Mar. 20
Cannon Mills (quar.)
Mar.
Capital Administration Co., $3 pref. A (quar.)..
Carnation Co., 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)..
Preferred
Mar. 20
Prior preferred
Appalachian Electric Power Co., $7 pfd. (qu.)
Arkansas Power & Light, $7 pref. (quar.)
-
Mar. 14
Mar. 14
$6 preferred
Mar. 10
Art Metal Works
Mar. 11
„
Mar
-
31 Mar .21
31 Mar. 21
Preferred (quar.)
Atlanta Gas Light Co., 6% preferred
Atlantic & Ohio Teleg. Co. (quar.)
Automatic Voting Machine (quar.)
Carthage Mills preferred A (quar.)..
Celanese
Corp. of Amer., 7% cumul. 1st pref
7 % cumulative prior preferred
Central Aguire Associates (quar.)
1 Mar. 21
1 Mar. 17
1 Mar. 20
1
Quarterly
Tune
Extra
Central Hanover Bank & Trust Co. (quar.)
20
Central Illinois
7
1 Mar.
1 Mar. 15
Automobile Insurance (quar.)
Avon Mills, common A & B (quar.)
Axton-Fisher Tobacco, common A (quar.)
Light Co., 6% pref. (quar.)
7% preferred (quarterly)
.
Central Illinois Public Service, $6 preferred
6% preferred
Central Maine Power, $6 preferred (quar.)...
7% preferred (quarterly)...
6% preferred (quarterly)
Centrifugal Pipe Corp. (quar.)
Quarterly..
1 Mar. 16
1 Mar. 16
1 Mar. 16
(quar.)
Preferred (quar.)
Babcock & Wilcox
1 Mar. 20
1 Mar. 17
Backstay Welt (quarterly)
Bala ban & Katz, preferred
Preferred (quarterly)
1 Mar. 25
Baldwin Co., 6% cum. pref. (quar.)
Baldwin-Duckworth Chain (quar.)
Preferred (quarterly)
—i
Bangor Hydro-Electric
6% preferred (quarterly)
7% preferred (quarterly)
Bankers Trust Co
1 Mar. 10
(quar.)
Bank of York town
1 Mar. 20
Battle Creek Gas Co. 6%
1 Mar. 20
pref. (quar.)
Bayuk Cigar, 1st preferred (quar.)
Beatrice Creamery, pref.
(quar.)....
Beech Creek
RR.
(quarterly)
Beech-Nut Packing Co. (quar.)
Extra
Quarterly
30 Apr.
3
31 July
3
15 Mar. 23
_
Bell Telep. Co. of Canada (quar.)".
Bell Telep. Co. of Penna.. pref. (quar.)
Bensonhurst National Bank (Brooklyn, N. Y.)
Initial
7% preferred
Bickford's, Inc. (quar.)
Preferred (quarterly)
Bird & Son, Inc. (quar.)
Birmingham Electric, $6 preferred
$7 preferred
Black & Decker
Mar.
Mar. 16
Mar. 16
Mar. 10
May 11
Aug. 11
Nov.
...
Nov. 11
Mar.
Borg-Warner (quar.)
Preferred (quar.)
Borne-Scrymser Co. (special)
Boston & Albany RR. Co.
Boston Elevated Ry. (quarterly)
Boston Insurance Co. (Mass.) (quar.)
Boston Storage Warehouse Co. (quar.)
Bower Roller Bearing (quar.)
Bralorne Mines (quarterly)
;
Dec. 24
Brazilian Traction, Light & Power pref. (quar.).
Brewer
(C.) & Co. (monthly)
Bridgeport Brass Co. common (quar.)
Bridgeport Gas Light
Bridgeport Machine preferred
Brillo Mfg. Co., Inc., common (quar.)
Class A (quar.)
British American Assurance Co.
(s.-a.)
British American Oil Co. (quar.)
British-American Tobacco Co., Ltd.—
Mar.
lOd.
5% preference (s.-a.)
Mar. 31 Feb.
Apr.
_
45c
Apr.
Apr.
Apr.
Apr.
Apr.
1
15
1
15
1
29
Mar. 20
Consolidated Bakeries of Canada
Mar. 31
Consolidated Film Industries, pref
Consolidated Gas (N. Y.), preferred (quar.)
Consolidated Gas Light & Power Co. of Bait
Mar. 16
Apr.
1
Mar. 14
2
1 Mar.
1 Mar. 20
Consumers Gas of Toronto vquar.)
Consumers Power Co.. $5 pref. (quar.),
1 Mar. 20
Apr.
15
Apr. 15
Mar. 14
Continental Bank & Trust
Continental
Mar. 10
Continental Oil
Mar. 10
Continental Steel Corp., preferred (quarterly)
Continental Telep. Co., 7% partic. pref. (quar.)
Mar. 14
12Hc
Mar. 21
25c
Mar. 14
Mar. 14
...
Canada Bread preferred A
Canada Northern Power Corp.
Mar. 14
Mar. 31
(quar.).
7% cumulative preferred (quar.)
Canada Packers, Ltd. (quarterly)
Mar. 12
Canada Permanent
Mar. 21
Canadian Celanese, Ltd., common
Mar. 14
Mar. 17
Mar. 31
Mtge., Ont. (quar.).
Canadian Canners, Ltd., 1st pref. (quar.)
7 % cumulative participating preferred—
7% cumulative partic. pref. (quar.)
Mar. 17
Mar. 17
•
6% preferred
6X% preferred (quar.)
Copperweld Steel (quar.)
Quarterly.
Quarterly
Cosmos Imperial Mills, 7 % preferred
Courier Post Co., 7% preferred (quar.)
Courier-Post (Phila.), pref. (quar.)
Courtaulds Ltd., final
Cream of Wheat (quarterly)
Crowell Publishing
Crown Cork International Corp., cl. A (quar.)..
Crown Willi amette Paper $7, 1st pref
Crucible Steel of Amer., pref.....
Crum & Forster (quarterly)
-
....
Extra
Mar, 20
_—
SIX
Preferred (quarterly)
Mar. 20
Curtis Publishing, pref
Sept. 19
Jan 1*3
Apr.
Mar. 3
Apr.
Apr. 10
Dec. 19
Mar. 20
Mar. 14
June
Mar. 20
Mar. 31
Sept.
May
9
Aug. 10
Dec.
Nov. 10
Mar. 3
Mar. 14
Mar. 20
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 20
Mar. 21
Mar. 12
Mar. 12
Mar. 16
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
5
Mar. 10
Mar. 13
Mar. 18
June 23
Mar.
Mar.
Mar. 11
Mar. 11
Apr?
Mar.
May
5a
'Apr. 14
Mar.
6
Mar. 14
Mar. 14
Apr.
Apr.
Apr.
June
May 15
Mar.
I Mar.
29
June 25
June
Sept. 25
Dec.
Dec. 25
Apr. 15 Apr.
5
Mar. 14
Apr.
Mar. 16
Apr.
Mar. 10
Apr.
Sept.
__
May
Mar. 27
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Mar. 14
Mar. 14
Mar. 11
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 16a
Apr.
Apr.
(quar.)
May 25
Gin,
June 20
Oct.
Apr.
Mar.
Continental-Diamond Fibre Co
Mar. 21
.
—
Mar. 25
Mar. 14
Mar. 14
Campbell. Wyant A Cannon Foundry, extra
6% preferred (quar.).
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
6.6% preferred (monthly)
Continental Assurance Co., Chicago (quar.)
Continents JBaking Corp.,pref. (quar.).
Mar. 14
7% preferred (quar.)
Consolidated Oil
1 Mar. 20
...
Extra
Canadian Cottons (quar.)
Preferred (quarterly)
5% preferred (quar.)
Mar. 31 Mar. 17a
Mar. 31 Mar. 17a
_
California Ink (quar.)
Extra
„
—
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Apr,
Apr.
Apr.
conv.
—
Mar. 16a
6% preferred (quarterly).
British Columbia Power, class A
(quar.)
Broad Street Investing Co., Inc. (quar.)
Brooklyn-Manhattan Transit Co., pref. (quar.)
Brooklyn & Queens Transit Corp., pref. (quar.)
Brooklyn Union Gas
Brunswick-Balke-Collender Co., pref—„
Bucyrus-Erie Co., pref
Bucyrus-Monighan, class A (quar.)
Budd Wheel Co., 1st preferred (quar.),
1st preferred (extra)
Buffalo Niagara & Eastern Power—
1st preferred (quar.)
2nd preferred (quar.).
$5 preferred (quarterly).
red (quar.)_
6.4% prefem
Bunte Bros, (resumed).
6% preferred, initial (quar.)
Burt (F. N.) Co. (quar.)
7% preferred (quar.)
Calamba Sugar Estates (quar.).
(quar.)
preferred (quar.)
com (quar.)
Commonwealth Investment Co., Dela. (quar.)
Commonwealth Sc Southern preferred
Commonwealth Utilities, 7% pref. A (quar.)—
6% preferred B (quarterly)
6H% preferred O (quarterly)
Confederation Life Association (quar.).
Quarterly
Quarterly
Quarterly
;
w.
Connecticut Investment Management
Connecticut Light & Power (quarterly)
bX%
Commercial Investment Trust
Mar. 16
Mar. 24
British-Amer. Tobacco Co., Ltd.. (Interim)
British Columbia Electric Power & Gas Co—
20
Mar. 20
Apr.
July
Apr.
Aug.
Commercial Credit Co., com.
Mar. 20
Mar. 16
Apr.
Apr.
Apr.
Apr.
1 July
Apr. 15 Mar. 31
Mar.
Mar.
—
Mar. 13
Mar. 19
Mar.
—
Semi-annual
Mar. 20
Mar.
Mar.
Second interim div. ord. stock
Cambria Iron Co. (semi-annual)
Extra
Cluett, Peabody & Co., Inc., pref. (quar.).
Coats (J. & P.) Ltd. (interim)
Coca-Cola (quar.)
Coca-Cola International Corp. (quar.)_—.
Cohen (Dan.)
Coleman Lamp & Stove
Oolgate-Palmolive-Peet, preferred (quarterly)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Broadcasting, A & B (quar.)
Columbia Pictures Co., com. (quar.)
Apr. 25 Apr.
1
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Mar. 16
Apr.
Extra
2
$1,125 Apr. 15 Mar. 31
Mar. 18
$1.13
Apr.
40c
Mar. 3 Mar. 21
....
„
13
10
13
13
20
29
1 Mar. 10
Apr.
1 Mar. 20
Apr.
Mar. 31'
—
1 Mar. 20
1 Mar. 13
Aug.
SIX
...
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
Mar. 31 Feb.
....
Mar." ~6~
Mar. 31 Mar.
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)
Citizens Water Co. (Wash., Pa.) 7% pref-.
City Ice & Fuel (quarterly)
Claude Neon Electrical Products (quar.).
Clayton & Lambert Mfg. (resumed)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)—
Registered guaranteed (quar.).
Registered guaranteed (quar.
Climax Molybdenum (quar.)
Clintsn Trust Co. (quar.)
Clorox Chemical (quar.)
Mar. 27 Mar. 16
Bohn Aluminum & Brass
Bon Ami class B (quar.)
6
Apr.
5%
5%
5%
5%
Sept. 25
Dec.
8
Cincinnati Union Terminal Co.—
June 25
Sept.
6
1 June
Apr.
—...
Cincinnati Suburban Bell Telep. (quar.)
Cincinnati Union Stockyards (quar.)..
Mar. 25
June
1 Mar.
1 Mar.
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)..
Mar. 25
Mar. 12
Mar. 12
May
Aug.
.....
5
5
1 Mar. 14
Apr.
1 Mar. 14
Apr.
Mar. 31 Mar. 20
1 Mar.
9
Apr.
Quarterly
$4X preferred (quar.)
Feb. 20
Mar. 20
Mar. 20
Mar.
Mar.
Mar.
.........
Mar. 20
Cine. Newport & Cov. Light & Traction Co.—
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
...
8% preferred (quarterly)
Bliss & Laughlin, initial
(quarterly)
Bloch Bros. Tobacco (quar.)..
Quarterly
Quarterly
$6 preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
i,
6% preferred (quar.)
Bloommgdale Bros
;
15 Mar. 20
B.-G. Foods, Inc.,
h,
Extra
1 Mar. 14
1 Mar. 14
,
Mar. 17
Mar. 17
Mar. 14
Mar. 14
Mar. 31 Mar.
6
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Towel, preferred (quar.).—
Chickasha Cotton Oil .special
Christiana Securities Co., 7% pref. (quar.)
Chrysler Corp
Cincinnati Gas & Electric, 5% pref. A
1 Mar. 12
Belding-Corticelli, Ltd. (quarterly)..
Preferred (quarterly).
Beldlng-Heminway (quar.)
C
Mar. 17
Mar. 17
Apr. 15 Mar. 31
Apr. 15
Extra
1 Mar. 12
Mar. 20
Mar. 12
Mar. 17
1 Mar. 10
1 Mar. 10
Mar. 31
Chicago Flexible Shaft (quar.)
15 Mar. 31
1 Mar. 14
1 Mar. 16
....
Mar. 13
Mar. 24
Mar. 23
Mar. 20
15 Mar. 20
1 Mar. 10
Apr.
Apr.
July
—
1 Mar. 20
1 Mar. 17a
20
Nov. 16 Nov.
5
1 Mar. 14
Apr.
1 Mar. 17
Apr.
Champion Paper & Fibre. 6% preferred (quar.).
Chemical Bank & Trust Co. (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (semi-annual)
Chesapeake & Potomac Telep. Co.—
7% preferred (quar.)
Redemption payment
1
Chesebrough Mfg. Co. (quar.)..
1 Mar. 12
....
20~
20
Mar. 13
May 15 May
Aug. 15 Aug.
.........
1 Mar. 21
1 Mar. 10
Bank of New York & Trust (quar.)
Bank of the Manhattan Co.
Apr.
Apr.
Apr.
Quarterly
15 Mar. 31
1 Apr. 10
1 Feb. 29
1 Feb. 29
Bangor & Aroostook RR. (quarterly)
Apr.
...
1 Mar. 25
1 June
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
Apr. 15
Preferred B (quar.)
Case (J. I.) 7% preferred
~
1
Oct.
1 Sept
Jan2 '37 Dec.
Carriers & General Corp. (quar.)
14
Mar. 14
7 % preferred (quarterly)
Associated Electric Industries
Associated Investment (quar.).....
Apr.
July
Carolina Power & Light, $7 preferred
$6 preferred
Carolina Telephone & Telegraph Co. (quar.)
Mar. 20
(quar.)
Associated Breweries of Can., com. (quar.)
Mar. 31 Mar. 20
2 Mar. 18
1 Mar. 16
Apr.
Apr.
...
Mar. 10
Old 7% preferred
Arnold Constable Corp
common...
...
Mar. 10
Armour & Co. (Del.) 7% pref.
(quar.)
Armour & Co. (111.) $6 prior prer. (quar.)
Common B
7
.
Industries,
Holders
When
Payable of Record
_
Mar. 20
Mar. 30Mar. 16
Apr.
ljMar. 14
6
Apr. 30 Apr.
Mar. 16
Apr.
Mar. 14
Apr.
Mar. 14
Apr.
May 15
May
Aug. 15
Aug.
Nov. 30 Nov. 15
Mar. 21
Apr.
Feb. 29
Apr.
Mar. 16
Apr.
Mar. 2 Feb. 18
Mar. 21
Apr.
__
Mar. 24 Mar. 14
Mar. 12a
Apr.
Apr.
Mar. 13
Mar. 16
Mar.
6
Apr. 15 Apr.
6
Apr. 15 Apr.
June 30 June 20
1 Feb. 29
Apr.
__
;
1932
Financial
Per
Name of Company
Share
Davenport Hosiery
Preferred
25c
(quarterly)
Davidson Biscuit Co.
(quar.)
Dayton & Michigan RR. (semi-annual) II
8% preferred (quar.)
Dayton Power & Light Co.. 6% pref. (monthly)
Deisel-Wemmer Gilbert (quar.)
~
Extra
"I
Dejay Stores class A (quar.)
$\'£
87 He
50c
12Hc
12Hc
i3Va
Delaware RR. Co. (s.-a.)
De Long Hook & Eye (quar.)
75c
Special
$1
Dentists' Supply Co. of N. Y. 7% pref/(quar.)
7 % preferred (quar.)
7 % preferred (quar.)
$1X
Devonian Oil Co. (quar.)
Diamond Match Co., interim.
91H
$1%
Apr.
Apr.
Mar.
Mar. 23
Mar. 23
Mar. 16
Apr.
Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Mar.
Mar. 16
Mar. 20
Mar. 20
Mar. 30
Mar. 16
June
Mar. 20
Dec.
Mar. 16
Mar. 20
June
June
May 15
May 15
May 15
Apr.
ZEE"
Mar. 20
June
Preferred (extra)
EEEEEE
Diamond State Telep., preferred (quar.)
Doctor Pepper Co. (quar.)
Quarterly
Quarterly
Dominion Rubber, preferred
(quar.)I
(quar.jl
Extra
pref.~(s"-a")
Great Lakes
Apr.
Mar. 20
Mar. 14
Mar. 31
Mar. 31
Mar. 16
May
4
May 21
Feb.
Mar. 21
Mar. 20
Mar. 14
1 Mar. 20
1 Mar. 14
Hanover
18c
Apr.
$i x
Apr.
Apr.
Apr.
Apr.
Apr.
$1H
$3H
15 Dec.
'iS
50c
50c
1 Mar.
5
1 Mar.
5
UMar.
5
1 Mar. 20
European & North American Ry. (s".-a.~)"~
Semi-annually
Evans Products (quar.)
Falconbridge Nickel Mines
EEEEEEEEEE'E"
Famise Corp. (Del.), class A (quarterly) EE EE ZEE
Fansteel Metallurgical Corp., 85 pref. (auar.)
$5 preferred (quarterly)
$5 preferred (quarterly):
$5 preferred (quarterly)
Fanny Farmer Candy Shops (quar.).EEEE'E'
(quar.)!
Feitman & Curme Shoe Stores Co., preferred
Ferro Enamel, preferred (quar.)
Z
7% preferred (quarterly)
7% preferred A (quarterly)
Finance Co. of Penna. (quar.)
First Bank Stock Corp. (s.-a.)
First National Bank (N. Y.) (quar.)"""
Quarterly
First National Stores (quar.)
7% 1st preferred (quar.)
First State Pawners Society,
ChicagoTq'uar".)ZEE
Fisk Rubber preferred (quar.)
Florsheim Shoe, class A (quar.).""
Class B (quarterly)
49 West 37th Street Corp. v. t. c. (semi-ann*.)"""
Fox (Peter) Brewing Co
Franklin Teleg. Co. (semi-ann.)Z"ZZZZZZ"Z"""~~
Freeport Texas, preferred (quarterly)
Fuller Brush Co. 7% pref. (quar.)...
7% preferred (quar.)
7% preferred (quar.)
EEEEEE
Fundamental Investments, Inc.
Gair (Robert) Co., $3 preferred (initial) ZEE EE"
Gallan Mercantile Laundry
General Ai'iance Corp
EEEEEEEEEE"
General American Investors. $6 nref ."(quar.)" " ~
General Baking Co. preferred (quar.)
General Cigar, preferred (quarterly)__
General Fireproofing (quar.)
Preferred (quarterly)
E.EEEEEEE
E.EEEEE""
EEEEEEE
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp., $5 preferred (quar.)....
General Paint, class A
Sept. 20
Mar. 20
Oct.
Sept. 20
t&. 2l
Apr.
Apr.
Apr.
Mar. 31
Mar. 14
May 21
Aug. 21
Nov. 21
Holophane Co., Inc.,
Apr.
Apr.
Homestake Mining
Extra
Horn & Hardart
Extra
Mar.
Mar. 21
Hoskins
Oct.
Sept. 26
common
...
|Apr.
Baking Co. (N. J.) (quar.)____!
(quar.)
Apr.
Apr.
Mar. 18
Mar. 18
Houdaille Hers hey, class A
Class B
87 He
87 He
June
87 He
80c
80c
80c
Dec.
Nov. 30
June
Sept.
May 29
Aug. 31
Houston Natural Gas, 7% preferred
(quar.)
Howe Sound
Dec.
Nov. 30
Apr.
Apr.
Mar. 13
Mar. 14
Oct.
Sept. 14
Apr.
Mar. 18
25c
7 He
Mar.
Mar. 10
6Hc
Apr.
91X
Mar.
Mar. 20
Mar. 14
91X
91X
91 X
June
*86
25c
87Hc
13 He
16c
12Hc
43 He
8Hc
$2H
20c
$25
$25
62 He
Participating preferred (quar.)
(quarterly)
Telephone (quarterly)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 16
Mar. 11
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar. 21
Mar.
2
Mar. 20
Mar. 13
Mar. 19
Mar. 19
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
June
6
6
6
14
Mar. 14
Mar. 14
Mar.
Mar. 21
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
16
Apr.
Apr.
15
Intertype Corp., 1st preferred
Investors Corp. (R. I.), 1st pref. (quar.)
15
Investors Royalty Co
Mar.
Apr.
May
May
Apr.
July
16
15
12
International Salt Co
16
International Shoe (quarterly)
Interstate Hosiery Mills (quar.)
14
Mar. 25
June 24
Oct.
Sept. 25|
Apr.
Mar. 10
Mar. 16
Mar. 14
Mar.
Mar. 20a
Apr.
Apr.
Mar. 20
June
May 22
Mar. 13
Apr.
Apr.
Apr.
Apr.
May
Apr.
Mar. 21
Mar. 20
Mar. 2(T
Mar. 10a
Apr.
International Power. Ltd., 7% preferred
16
Apr.
Mar.
International Cement Corp
International Harvester (quar.)
International Nickel of Canada
Preferred (quarterly)
International Ocean Teleg. (quar.)
6
8% non-cumulative preferred
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly
Irving Air Chute (quar.)
Irving Trust, New York (quarterly)
(quar.)
Jefferson Electric Co.
Extra
Jersey Central Power & Light Co.—
7% preferred (quarterly)
6% preferred (quarterly)
5 h % preferred (quarterly)
Jewel Tea Co., Inc., common (quar.)
Johns-Manville Corp., com. (quar.)
7% cumul. pref. (quar.)
Julian & Kokenge (semi-ann.)
Mar. 20
Mar. 20
Mar. 31
Mar. 31
Mar. 16
Mar. 10
Mar. 10
Mar. 15
Mar. 15
Mar. 14
Mar. 14
_
Mar. 14
Mar. 31 Mar. 21
Wis.)|
h75c
93X
Quarterly
93 X
Quarterly
93 X
Quarterly
93 X
Imperial Tobacco of Can., ord. (quar.)
rlX%
Ordinary (final)
r3H%
Preferred (semi-ann.)
r3%
Independent Pneumatic Tool (quarterly)
75c
Extra
;;
25c
Incorporated Investors (semi-annually)
e2 H%
Indianapolis Power & Light, 6% pref. (quar.)..
$1H
6H% preferred (quar.)
;
91X
Indianapolis Water Co., 5% series A preferred..
$1 X
Interlake Steamship (quarterly)
25c
International Business Co. (quar.)
*1H
Apr.
Apr.
Apr.
July
Apr.
Apr.
20
Apr.
Arp.
Apr.
Apr.
Apr.
Apr.
Apr.
$8 preferred (quarterly)
$2 convertible preferred
$6 preferred
Imperial Life Assurance of Canada (quar.)
1
1
15
15
Apr.
(qu.)|
Ideal Financing Assoc., class A
(quar.)
Illinois Bell
Illinois Commercial Telep. Co.
(Madison,
Mar. 16
Mar. 14
I
Extra
Dec.
1 Mar. 21
Mar. 31 Mar. 20
Mar. 31 Mar. 23
Apr.
1 Mar. 2
Humble Oil &
Dec.
15
Apr.
Apr.
Apr.
Apr.
(quar.)
(quar.)
30]June 15
Sept. 30,Sept. 15
1 Mar. 23
1 Mar. 12
Mar. 26 Mar. 11
Mar. 26 Mar. 11
Household Finance, A & B (quar.)
Sept.
May 29
Aug. 31
m
1 Mar. 20
MLar. 25 Mar. 20
Mar. 25 Mar. 20
(monthly)
Refining (quar.)
Huyler's of Del., Inc., 7% stpd. & unstpd.
Hygrade Sylvania Corp. (quar.)
Preferred (quarterly
Ideal Cement (quarterly)
10
10
Mar. 13
9
Mar. 24 Mar.
15 Mar. 31
Apr.
Apr.
Apr.
(quarterly)
Extra
Mfg.
20
20
1 Mar. 14
1 Mar. 21
1 Mar. 23
9
Mar. 24 Mar.
I
Holly Development Co. (quarterly)
Apr.
Mar. 14
Apr.
Apr.
Apr.
Apr.
Hollinger Consol. Gold Mines
Holmes (D. H.) Co.
6
4
Mar. 14
Mar. 27 Mar. 20
1 Mar. 25
(quarterly)
Holland Furnace, preferred
New $5 preferred
Mar. 16
Mar. 16
Mar. 21a
30c
Preferred (quar.)
..EE
Finance Co. of America,"A"&"B"("quar")
General Electric Co
Oct.
Apr.
Apr.
Mar. 31 Mar.
Mar. 31 Mar.
1 Mar.
Mar.
Heyden Chemical Co. 7% pref. (quar.)
Apr.
Mar. 24
Mar. 16
Mar. 31 Mar. 28
1 Mar. 20
Hibbard. Spencer, Bartlett & Co.
(mo.)
Hickok Oil Corp., 7% preferred
(quar.)
Hinde & Dauch Paper of Canada
Dec.
40c
50c
10c
Z
StoresIEEEEEEEEEZEEEE"
Fifth Ave. Bus Securities (quar.)
Filene's (Wm.) Sons
9
Mar. 16
Mar. 20
Mar. 18
Apr.
20c
EEEEEEEEEE
(quar.)
EEEEEE
(quar.)ZZZZZZZZZ
Faultless Rubber (quar.)
Federal Motor Truck
Mar.
Mar.
9
Mar. 20
Sept.
50c
91X
Guaranteed betterment (quar.).
Eureka Vacuum Cleaner (quar.)
Federated Department
Mar.
Mar.
Apr.
Mar. 16
Feb: 29
lApr.
...
Preferred
(quar.)
Hercules Powder Co., common (quar.)
75c
ZEZZ
Farmers & Traders Life Insurance
Mar. 20
(quar.)
(quarterly)
Heller (W. E ) & Co. (quarterly)
Preferred (quarterly)
Helme (Geo. W.) Co., common
(quar.)
25c
CoZ,~7% g"td."("quar.")ZEE
Guaranteed betterment
Guaranteed betterment
1
29
Mar. 18
Mar. 18
(qu.)_.|
Heath (D. C.) & Co., preferred
June
S1H
iSB
Z_Z_ZZ"Z
7% guaranteed (quar.)
7% guaranteed (quar.)
15 Apr.
|
(quarterly)
Hercules Motors
10
Mar. 30
Apr.
1
Mar. 31
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr. 20
Apr.
1
Apr. 15
Apr.
1
Apr.
1
Hazel-Atlas Glass Co. (quar.)
Extra
25c
86 cumulative nreferred
Endicott-Johnson (quar.)
Preferred (quar.)
$1
IIS
31
Mar. 14
Mar. 14
Mar. 16
4 Mar. 22
Mar. 31 Mar. 10
1 Mar. 6
Apr
l Mar. 14
Apr.
1 Mar. 16
Mar. 31 Mar. 20
Co., preferred
Harbauer Co.
Mar. 14a
Mar. 20
Apr.
Gulf Oil Corp. (resumed)
Harbison-Walker Refractories Co., pref.
Hartford Fire Insurance (quarterly)
Hawaiian Sugar Co
Apr.
Apr.
Apr.
Apr.
Hammermill Paper Co., 6% pref. (qu.)
Hanes (P. H.) Knitting Mills, 7%
1 Mar. 16
Mar. 20
May
Gulf States Steel, 7% 1st preferred
1 Mar. 14
1 Apr. 24
1 Apr. 24
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31 Mar. 20
Mar. 25 Feb
Empire Safe Deposit Co. (quarterly)
Emporium Capwell (s.-a.)
Z"Z
_|
% pref. (qu.)
6% preferred (quarterly)
Western Sugar (quarterly)
Preferred (quarterly)
Green (Daniel) Co., 6% preferred
(quarterly)..
Green (H. L.) Co., Inc
Greenwich Water & Gas System, 6% pref.
(qu.)
Greif Bros. Cooperage Corp., class A
(quar.)
Greyhound Corp., preferred A (quar.)
Group No. 1 Oil (quarterly)
Guaranty Trust Co. of N. Y., (quar.)
pf. (quar.)
(quarterly)
Mar. 10
Mar.
5
Mar. 14
Mar. 14
Mar. 28 Mar. 18
Apr.
1 Mar. 21
Great
1 Mar. 20
1
1
1
1
May
May
(quar.)
Great Western Electro Chemical, preferred
Great Western Power Co. of Calif., 7
Insurance
Sept. 20
Mar. 27 Mar. 18
Mar. 31 Mar. 20
Mar. 31 Mar. 18
Apr.
1 Mar. 13
Steamship
10c
Apr.
Apr.
Apr.
EZZZZ"
Apr.
Apr.
Apr.
Apr.
Extra
Fire
Mar. 20
June 20
_
Apr.
Apr.
Hamilton Cotton Co., $2 convertible preferred--!
Hamilton United Theaters, 7% preferred
Apr.
Apr.
Apr,
Apr.
Apr.
Mar. 18
Mar. 31 Mar. 10
Mar. 31 Mar. 10
Apr. 25 Apr. 10
Apr. 15 Mar. 14
$1H
$1,121
91X
87 He
91X
1
Mar. 18
Janl *37 Dec. 20
1 Mar. 17
1 Mar. 17
I
$1H
$i x
25c
Semi-annual
29
Mar. 14
Mar. 14
40c
5% preferred (semi-annual)
ZZZZZZZ!
5% preferred (semi-annual)...
El Paso Electric Co., Texas, 6% pref.Tquar".)"~
Emerson Drug, preferred (quar.)..
Empire & Bay State Teleg., 4% gtd. ("quar".)""
4% guaranteed (quar.)
4% guaranteed (quar.)
Empire Power Corp. participating stock
20
Apr.
Mar. 14
Oct.
(quarterly)
Grant (W. T.) Co., (quarterly)
Great Lakes Engineering Works
Mar. 25a
Mar. 14
Mar. 14
Mar. 14 :
May
Apr.
Apr.
Apr.
Apr.
July
Goldblatt Bros, (quar.)
Mar. 15
Mar. 16
30c
Semi-annual
Goebel Brewing
Extra
Mar. 18
Mar. 10
Mar. 10
Mar. 31 Mar. 12
Preferred
Mar. 21
Mar. 31
Economy Grocery Stores (resumed).
Preferred (quar.)
Elizabeth & Trenton RR. Co. (semi-ann.)
_
Mar. 21
Edison Bros Stores (quar.)
Electric Auto-Lite
Preferred (quar.)
EE
Electric Controller & Mfg. (quar.)
Electric Storage Battery Co. (quar.)
,
Preferred (quarterly)
Preferred (quarterly)
Godchaux Sugars, Inc., preferred (quar.):
Haloid
25c
ZEE
cumul.
_
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor (quarterly)
Convertible preferred (quarterly)
Glens Falls Insurance Co. (quarterly)
Glidden Co. (quar.)
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
•>"
Duplan Silk, preferred (quar.)
"
Du Pont de Nemours (E. I.) & Co~.~
~
Debenture (quar.)
Duquesne Light Co., 5% 1st pref.Tquar.)
Eagle Fire Insurance (resumed)
Eagle Pic her Lead, pref. (quar.)
II III ZEE
Eastern Gas & Fuel Assoc., prior pref. Cauar )""
6% preferred (quar.)
Eastern Steam Ship Lines, pref. (quar.)
Eastern Steel Products preferred (quar.)
Eastern Township Telep. Co. (quarterly)
Eastman Kodak (quarterly)
Preferred (quarterly)
East Missouri Power Co., 7%
(quarterly)
Mar.
Preferred (quar.)
Dover & Rockaway RR. (semi-ann.)
Dow Drug (quarterly) _______
preferred
Preferred
Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
General Telep. Corp., $3 conv. pref. (quar.)
J
General Water, Gas & Electric, $3 pref. (quar.).
May
ZZZZZZZZZZZ~Z""
stockEIZ
(quar.)
of Record
General Printing Ink
Preferred )quarterly)
General Ry. Signal
Apr.
Apr.
Apr.
ZZZZZ'Z"
(semi-ann.)~~
Dominion Textile, Ltd. (quar.)
Preferred (quarterly)
Draper Corp. (quar.)
Driver-Harris, 7% preferred
Duke Power (quarterly)
Preferred (quarterly)
Company
Goodyear Tire & Rubber $7 preferred
__|
Goodyear Tire & Rubber of Canada (quar.)...
5% preferred (quarterly)
Gorton-Pew Fisheries (quar.)
Grand Rapids Varnish
Granite City Steel Co. (quar.)
Dec.
Apr.
Apr.
Apr.
$7 preferred (quar.)
Dominion Glass (quar.)
Preferred (quarterly)
Dennison Mfg. Co., debenture
Mar. 10
Sept.
Doehler Die Casting, 7% pref. (quar.)
Dome Mines, Ltd. (quar.)
Dominion Coal Co. 6% preferred
Mar. 20
June
E~
1936
Holder»
Name of
Preferred (quarterly)
Globe Wernecke Co., pref. (quar.)...
Preferred (quarterly).
Sept.
Apr.
Mar.
Extra
Erie & Pittsburgh RR.
15
Mar. 20
May
Apr.
Z.~
March 21
Holders
Payable of Record
June
7% preferred (quar.)
Deposited Insurance Shares, series A
Devoe & Raynolds, A & B (quar.)
2nd preferred (quar.)
Duncan Mills Co., 7%
When
Chronicle
37$
25c
|
SS
im h
37 He
50c
50c
$2
91X
Apr.
Apr.
July
1 Mar. 14
1 Mar. 31
1 June 30
1 Sept. 30
Oct.
Jan2 *37 Dec. 31
Mar. 31 Mar. 13
Mar. 31 Mar. 13
Mar. 31 Mar. 13
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr. 30 Mar. 20
5
Apr.
1 Mar.
Mar.
5
Apr.
Mar. 12a
Apr.
Apr.
1 Mar. 14
Apr. 10 Mar. 21
Mar.
27 Mar. 11
Apr.
15 Mar. 20
Mar.
2
Mar. 31
Apr.
May
Apr.
Apr.
Apr.
1
Mar. 31
Mar. 14
Mar. 16a
Apr.
1 Mar. 14
1
May 15 May
Apr.
1 Mar. 16
Apr.
1 Mar. 20
50c
Mar. 31 Mar. 15
Mar. 31 Mar. 15
25c
June
25c
Sept.
25c
Dec.
15c
1 May
1 Aug.
7
6
25c
Apr.
5
1 Nov.
1 Mar. 16
15c
Apr.
1 Mar. 16
50c
Mar. 31 Mar. 15
25c
Mar. 31
|Mar. 15
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
1
Apr. 15 Apr.
Apr. 15 Mar. 23
Apr.
1 Mar. 16
July 15 July
1
Volume 142
Financial
Per
Name of Company
Share
Johnson
Publishing, 8% preferred
8% preferred
Mar. 31 Mar. 21
June 30 June 20
Quarterly
Quarterly
Quarterly
Sept. 30 Sept. 20
Dec. 31 Dec. 21
Kansas City Power & Light, pref. B (quar.)
Kansas Electric Power, 6% preferred (quar.)__
Apr.
Apr
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$6 preferred
(.quarterly)
Kansas Utilities Co., pref. (quar.)
Katz Drug, preferred (quarterly)
Kaufman Dept. Stores, cum. pref. (quar.)
Keith-Albee-Orpheum, pref. (reserved)
Kekaka Sugar Co. (monthly)
Kelvinator Corp. (quar.)
Kennecott Copper
Keystone Public Service Co., $2.80 pref. (qu.)_Keystone Steel & Wire
Kimberly Clark (quarterly)
1 Mar. 10
1 Mar. 17
1 Mar. 24
Apr.
7% preferred (quarterly)
Kansas Gas & Electric, 7% pref. (quar.)
$6 preferred (quarterly)
Kansas Power Co., (Chicago) $7 pref. (quar.)
1 Mar.
14
Mar. 14
Mar. 14
Mar. 16
Mar. 16
Mar. 20
Mar. 20
Mar. 21
„
Mar. 15
5
Mar. 31 Mar.
6
1 Mar. 14
«.
Apr.
Apr.
Apr.
Apr.
Preferred (quarterly)
1
15 Apr.
1 Mar. 12
1 Mar. 12
Mar. 31 Mar. 16
King Royalty, 8% preferred (quarterly)
Kings County Lighting Co., 7% pref., ser. B
6% preferred series O (quar.)
6% preferred series D (quar.)
Kirkland Lake Gold Mining
Klein (Emil D.) (quar.)
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 16
9
Apr. 30 Apr.
Apr.
1 Mar. 20
Apr.
1 Mar. 20
July
1 June 20
Apr.
1 Mar. 24
Apr.
1 Mar. 12
Extra
Extra
Koloa Sugar Co. (monthly)
Koppers Gas & Coke, 6% pref. (quar.)
Kresge (S. S.)
Preferred (quarterly)
Kroger Grocery & Baking, 6% preferred (quar.)
7% preferred (quar.)
Lackawanna RR. of N. J., 4% guaranteed (qu.)
Lambert Co., common (quar.)
Landers, Frary & Clark (quarterly)
Quarterly
Mar. 31 Mar. 12
Mar. 31 Mar. 12
Apr.
1 Mar. 20
May
Apr.
Apr.
Apr.
July
1 Apr. 20
5
1 Mar.
1 Mar. 17
1
Oct.
Quarterly
Jan 1 '37
Landis Machine Co. (quar.).....
Preferred
Lexington Telephone Co., 63^% pref. (quar.)
Liggett & Myers Tobacco Co., peferred (quar,).
Lincoln National Life Insurance (quar.)
Quarterly
Quarterly
Link Belt, preferred (quarterly)
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's Inc., common (quar.)
Long Island Lighting Co., 7% pref. series A
6% preferred series B (quar.)
Loose-Wiles Biscuit, new S% pref. (quar.)
Lord & Taylor (quarterly)
Lorillard (P.) (quarterly)
Preferred (quarterly)
Loudon Packing (quar.)
Lone Star Gas Corp., 6% pref. (quar.)
Louisville Gas & Electric Co., Del.,
class A & B common (quar.)
Ludlum Steel Co., preferred (quarterly)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
Preferred (quar.)
(quar.).
Quarterly
Quarterly
Motors Products, new stock (initial)
New stock (quarterly)
Murphy (G. C.) new 5% preferred (quar.)
Mutual Chemical Co. of Amer., 6%
pref. (qu.)6% preferred (quarterly)
6% preferred (quarterly)
6% preferred (quarterly
Myers (F. E.) & Bro. (quar.)
Nassau & Suffolk Lighting. 7% pref.
National Battery Co., preferred
(quarterly)
National Biscuit Co. (quar.;
National Breweries (quarterly)
Preferred (quarterly)
National Candy,
(quarterly)
National Enameling & Stamping Co_
National Fuel Gas Co
National Gypsum, 7% 1st pref. (quar.).
.....
National Oil Products
Apr.
Apr.
July
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
3734c
$154
HP,
IIP
iR
HP
$634
$154
21 Vsc
25c
50c
25c
10c
$154
15c
um
(quarterly)
lc
...
Maui Agricultural Co
McCall Corp. (quarterly)
"...
50c
3$i1?
30c
50c
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil, preferred (quarterly)
McKee (Arthur G.), class B (quar.)
McKeesport Tin Plate (quar.)
4354c
43 54 c
4354c
...
Extra
McQuay-Norris Manufacturing (quarterly)
(quarterly)
.
'
...
1
1
1 Mar. 18
1 Mar. 17
1 Mar. 13
1 Mar. 13
1 Mar. 16
"IK
$1
25c
75c
75c
50c
Semi-annually
Memphis Natural Gas, $7 pref. (quar.)
Memphis Power & Light, $6 pref. (quar.)
$7 preferred (quarterly)
Mercantile American Realty, 6% pref. (quar.)..
Merchants Bank of New York (quarterly)
Extra
Minnesota Power & Light, $6 pref.
(quar.)
6% preferred (quarterly)...
,7% preferred (quarterly)
Mississippi River Power, preferred (quar.)
June
1 May
1 Aug 27
1 Nov. 26
Mar. 31 Mar. 20
June 30 June 20
Sept.
Dec.
2 Mar. 21
Apr.
Mar. 28 Mar. 19
June 27 June 18
Sept. 28 Sept. 17
28 Dec. 17
Mar. 31 Mar. 16
1 Mar. 16
1 Mar. 17
Dec.
Apr.
Apr.
15 Mar 13
1 Mar. 16
1 Mar. 16
1 Mar. 12
1 Mar. 12
4
1 Mar.
4
1 Mar.
Mar. 31 Mar. 30
15 Mar. 31
Apr.
Apr.
Apr.
1 Mar. 14
1 Mar. 14
Mar. 31 Mar. 13
May
....
$7 preferred (quar.)
National Securities, B, Chicago (quar.)._
National Standard (quar.)
Extra
National Sugar Refining Co. of N. J
National Tea Co., common (quar.)
Natomas Co. (quarterly)
1 Apr.
2
1 Mar.
2
Mar. 31
Mar. 16
Mar. 16
Mar.
2
Apr.
Nehi Corp., $534. 1st preferred
Nevada-Calif. Electric, preferred
Newark & Bloomfield RR. (s.-a.)
Newberry (J. J.) (quar.)
New England Fire Insurance (quarterly)..
New England Power Assoc., 6% preferred.
$2 preferred.
New England Power Co., preferred (quar.)
New England Telep. & Teleg. Co
New Jersey Power & Light, $6 pref. (quar.)
$5 preferred (quarterly)
New Jersey Water 7% pref. (quar.)
Newport Electric, preferred (quarterly).
New York Lackawanna & West. Ry., 5% gtd
New York Steam, $6 pref. (quar.)
$7 preferred A (quarterly)
New York Telephone Co., 634% pref. (quar.)
_
__
17
Mar. 31 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 13
Mar. 16
Mar. 14
Mar. 30
Mar. 20
Mar. 16
Mar. 16
Mar. 16
Mar. 16
Mar. 10
Mar. 31 Mar. 10
Apr.
1 Feb. 28
1 Feb. 28
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
_
1 Mar. 20
1 Mar. 16
1 Mar. 12
1 Mar. 14
May 15 Apr
Aug. 15 July
30
31
Oct.
Sept. 21
Class A (quar.)
Noblitt-Sparks Industries (quarterly)
Noma Electric Corp., common
Nov. 14 Oct.
31
Jan.2'37 Dec. 21
Apr.
1 Mar. 20
Mar. 31 Mar. 14
May 15 May
Aug. 15 Aug.
Nov. 15
May
Apr.
Nov.
Apr.
_
1
1
1
15
Mar. 20
Mar. 31 Mar. 16
Mar. 14
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
_
Mar. 16
10 Mar. 20
1 Mar. 13
1 Mar. 20
1 Mar. 20
1 Mar. 20
1 Mar. 21
Mar. 25 Mar. 14
May
5 Apr. 25
Mar, 31 Mar.
4
Mar. 31 Mar.
4
Apr.
1
May
1
May 30
Aug. 31
Mar. 20
Apr. 15
May 30
Aug. 31
Nov. 30 Nov. 30
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15 Mar. 31
1 Mar. 20
Mar. 17
Mar. 17
Mar. 20
Mar. 12
Mar. 12
Mar. 14
Mar. 20
Mar. 14
Mar. 14
Mar.~2d~
Mar. 20
Mar. 31 Mar. U
Apr.
1 Mar. 25
Apr.
Apr.
Apr.
Apr.
1
1
1
1
Mar. 23
Mar. 23
Feb.
29
Mar. 16
Apr.
Apr.
Apr.
Feb. 28
Feb. 28
Mar.
171S
1 Mar. 24
27
Apr.
Transportation Co. (quar.).
Niagara Share Corp. of Md., pref. A (quar.)
Mar.
$134
1
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
Mar.
Merchants Nat. Realty Corp., 6% pref. A & B.
Merck & Co. (quarterly)
1 Oct.
Oct.
Jn.2'37 Jn.2'37
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 21
June 20
Mar. 25 Feb. 29
Mar. 20a
Apr.
Merchants & Miners' Transportation Co.—
Common (quarterly)
Apr.
1 Mar. 14
Apr.
1 Mar. 14
May 10 Apr. 30
Apr.
1 Mar. 19
Apr. 15 Mar. 20
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Apr.
1
Apr.
1 July
1
July
Apr.
Apr.
July
Apr.
Apr.
Apr.
Apr.
Extra
S1 V.
1 Mar. 16
1 Mar. 14
1 Mar.
15 Mar.
15 Mar.
Mar. 27 Mar.
1 Mar.
Apr.
Meadville Connecticut Lake & Linesville RR—
Preferred (quarterly)
Mercury Oils, Ltd
Mesta Machine Co., common (quar.)
Metropolitan Edison Co.—
$7 prior pref. & $7 pref. (quar.)
$6 prior pref. & $6 pref. (quar.)
$5 prior pref. & $5 pref. (quar.)
Metropolitan Coal, 7% pref. (quar.)
Midland Steel Products (quarterly)
$2 non-cumul. div. shs. (quar.)
8% preferred (quarterly)
Minneapolis-Honeywell Regulator Co., pref. (qu.)
Minnesota Mining & Manufacturing (quar.)..
5% 2nd preferred (quarterly)
New York Transit Co
$134
Massachusetts Bonding & Insurance Co. (quar )
Mathieson Alkali Works (quar.)
Preferred (quarterly)
1 Apr.
1 July
Mar. 31 Mar. 14
Magnin (1.) & Co., $6 preferred (quar.)
$6 preferred (quar.)
$6 preferred (quar.)
Mahoning Coal RR. (quarterly)
Manischewitz (B.) Co., 7% pref. (quar.)
Manufacturers Finance of Baltimore, pref
Manufacturers Trust Co. (quarterly)
Mapes Consolidated Mfg. (quar.)
Margay Oil Corp
Marine Midland Corp. (quar.)
Marion Water Co., 7% pref. (quar.)
Maritime Telephone & Telegraph (quar.)
7% preferred (quarterly)
Marlin-Rockwell (quarterly)...
...
2 Oct. 27
1 Mar. 14
Oct.
1 Oct.
1
Jan2'37 Dec. 31
Mar. 31 Mar. 13
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Mabbett G. & Sons Co., 1st and 2nd pref. (qu.)_
Mack Trucks, Inc
Mead Johnson & Co., common
5
17 3iC
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1st and 2nd preferred (quar.)
National Dairy Products (quar.)
5
4334c
8734c
1 Mar. 20
1 Mar. 20
1 Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
-
National Lead (quarterly)
Preferred B (quarterly)
Nov.
...
.......
Morris Plan Insurance Society
5
Apr.
4 Mar. 20
1
Apr. 15 Apr.
Apr. 15 Mar. 31
Apr.
1 Mar. 10
May
1 Apr. 25
Aug.
1 July 25
......
...
______
5
5
15 Dec.
5
Mar. 31 Mar. 20
Apr.
1 Mar. 15
Lehman Corp. (quarterly)
Lerner Stores, new (quarterly)
Extra
1
Dec.
.r
Lazarus (F. & R.) Co. (quarterly)
Leath & Co., preferred (new) (qu.)
Mascot Oil Co.
Monarch Knitting Co., 7% preferred
Monongahela West Penn Public Service—
Preferred (quarterly)
Monroe Chemical, preferred (quar.)
Montgomery & Erie RR. (semi-annual)
Montgomery Ward, class A (quar.)
Montgomery Ward (resumed)
Moore Corp., Ltd. (quarterly)
Preferred A & B (quarterly)
Moore (Win. R.) Dry Goods (quar.)
Quarterly
Quarterly
Quarterly
Morris Finance Co., class A (quar.)
Class B (quarterly)..
Preferred (quarterly).
Morrison Cafeterias Consol., Inc., 7% pf.
(qu.)
Nov. 16 Nov.
June 15 June
(quarterly)
Holders
Payable of Record
$134
$1.16 2-3
$134
$134
(quar.)
h$134
May 15 May
Aug. 15 Aug.
..........
_i
Preferred (quarterly)
Preferred (quarterly)
Preferred
6% preferred B (quarterly)
Missouri Edison Co., $7 cumul. pref. (quar.)
Mitchell (J. S.) & Co., 7% pref. (quar.)
Mock Judson Voehringer 7% preferred
Sept.15 Sept.
Quarterly
Quarterly
Share
Company
Preferred A & B (quarterly)
1
Quarterly
When
Per
Name of
Mississippi Valley Public Service—
1
1
July
1933
Holders
When
Payable of Record
Apr.
*
Kalamazoo Vegetable Parchment Co
Chronicle
Mar. 24
Mar. 21
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Feb.
28
Mar. 21
Mar. 21
Mar. 20
New York
North American
Co., common (quar.)
(quar.)
Corp. 6% pref_.
534% preferred
h$
North Canada Mining Corp
Northern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
4% guaranteed (quarterly)
Preferred
North American Investment
North
Ontario Power Co—
6% preferred (quarterly)
Norwich & Worcester RR., preferred (quar.)
Novadel-Agene Corp.. common (quarterly)
Nova Scotia Light & Power Co. ordinary (quar.)
First preferred (quarterly)
Second preferred (quarterly)
$7.20 preferred (quarterly)
_;
Ohio Finance 6% preferred (quar.)
_
Ohio Public Service Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Ohio Service Holding Corp., $5 preferred-.
Old Colony Insurance Co. (Boston)
Old Colony Trust Associates (quarterly).
Omnibus Corp., $8 preferred (quar.)
Ontario Loan & Debenture Co. (quar.).
Ontario Mfg. (quarterly)
7% preferred (quarterly)
Otis Elevator (quarterly)
Preferred (quarterly)
Ottawa Electric Ry. Co
Ottawa Light, Heat & Power (quarterly).
Preferred (quarterly)
Ottawa Traction Co. (quarterly)
Paauhau Sugar Plantation (monthly)
Pacific Finance Corp. of Calif. (Del.) (quar.)
8% preferred A (quar.)
634% preferred C (quar.)
7% preferred D (quar.)
Pacific Indemnity Co. (quar.)
Pacific Investment, Inc
Pacific Lighting, $6 pref. (quar.)
Pacific Southern Investment $3 preferred.
Pacific Telep. & Teleg., pref. (quar.)
Common (quarterly)
Packer Corp. (quarterly)
Page-Hersey Tubes, Ltd. (quar.)
Panama Power & Light Corp., 7% pref. (quar.).
Paraffine Cos. (quarterly)
Parke Davis & Co
Parker Pen (quar.)
Mar. 12
Mar. 12
Pathe Film Corp., $7 cumul. pref. (quar.)
Penman's, Ltd. (quar.)
Preferred (quar.)
13
Apr.
1 Mar. 20
1
Apr. 15 Apr.
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr. 20 Mar. 31
Apr. 20 Mar. 31
May
1 Apr. 11
June
1 May 19
Sept. 1 Aug. 22
Dec.
1 Nov 21
Apr. 25 Mar. 31
Apr. 25 Mar. 31
1 Mar. 14
Apr.
1 Mar. 20
Apr.
1 Mar. 16
Apr.
_
_
Mar. 31 Mar. 14
Oahu Ry. & Land Co. (monthly)
Ogilvie Flour Mills (quarterly)
Ohio Edison Co., $5 preferred (quar.).
$6 preferred (quarterly)
$6.66 preferred (quarterly)
$7 preferred (quarterly)
Mar. 20
Mar. 20
Mar. 12
Mar. 14
13
Mar. 31 Mar. 14
Mar. 31 Mar. 14
Nunn-Bush Shoe
Quarterly
14
20
27
_
..
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
Apr.
11
Mar. 20
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 20
Mar. 14
Apr.
Mar. 14
Apr.
Apr.
May
Apr.
Apr.
Apr.
Mar. 14
Mar. 16
Apr. 20
Mar. 16
Mar. 13
Mar. 16
Mar. 31 Mar. 20
Apr.
1 Mar. 20
Apr. 15 Mar.
Apr. 15 Mar
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
5 Mar.
Apr.
1 Mar.
Apr.
1 Apr.
May
Apr.
May
Apr.
May
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
27
27
14
14
14
14
31
14
15
15
15
14
Mar. 16
Mar. 31
Mar. 16
Mar. 31
Mar. 31 Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Mar. 14
Mar. 28
Mar. 27 Mar. 10
Mar. 31 Mar. 20
June
1 May
Sept. 1 Aug.
Apr.
1 Mar.
May 15 May
May
1 Apr.
15
15
23
5
21
1934
Financial
Per
Share
Name of Company
Patterson-Sargent (quar.)
-
Penn Central
Light & Power, $2.80 pref. (quar.)
$5 preferred (quar.)
Penney (J. C.) Co., common (quar.)
Pennsylvania Gas & Electric, $7 preferred (qu.)
7% preferred (quar.)
Pennsylvania Glass Sand .pref
.
Preferred
(quarterly)
—
(Veen
25c
70c
Apr.
Apr.
Apr.
HP
75c
Mar. 31 Mar. 20
1 Mar. 20
!&
SI"
$6 preferred (quarterly)
$7 preferred (quarterly)
Pennsylvania Water & Power Co. (quar.)
Preferred (quarterly)
Peoples Drug Stores (quar.)
Peoria Water Works 7% pref. (quar.)
Perfect Circle (quarterly)
-
Pfaudler
Co.
25c
—
(quarterly)
Philadelphia Co., common (quarterly)
$6 preferred (quar.)
$5 preference (quar.)_
6% cumul. pref. (semi-ann.)
Philadelphia Electric Power, 8% pref. (quar.)
Philadelphia National Insurance (semi-ann.)
Philadelphia & Trenton RR. (quar.)
Phoenix Finance Corp., 8% pref. (qu.)
Pieferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Phoenix Insurance (quar.)
Pie Bakeries, Inc
7% preferred (quarterly)
2nd preferred (quarterly)
SIX
SIX,
six
$1X
50c
30c
50c
60c
.........
.
50c
50c
15c
$1X
75c
r20c
15c
75c
Pioneer Gold Mines of British Columbia
Pioneer Mill, Ltd. (monthly)
Pittsburgh Bessemer & Lake Erie, (s.-a.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
SIX
Quarterly
SIX
Quarterly
SIX
7% preferred (quarterly)..........,..........
SIX
7% preferred (quarterly)......
six
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Plate Glass (quarterly)
50c
Special (quarterly)
z
$1
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly).
7% preferred (quarterly)
7% preferred (quarterly)
Plume & Atwood Mfg. Co. (quar.)
Plymouth Fund, class A (special)
Ponce Electric, 7% preferred (quar.)
Porto Rico Power, preferred (quarterly)
Powdrell & Alexander, preferred (quarterly)
Power Corp. of Canada—
6% cumulative preferred (quar.)
rlH%
6% non-cumulative preferred (quar.)
Pratt & Lambert (quarterly)
Premier Gold Mining (quar.)
3c
m
_
....
......
Extra
lc
Pressed Metals of America (quar.)
Extra
Providence Gas (quarterly)
Providence Washington Insurance
25c
12$
25c
(quar.)
Providence & Worcester RR. (quarterly)
Procter & Gamble, 8% preferred (quar.).
...
Publication Corp. 7% original preferred (quar.).
Public National Bank & Trust (quar.)
Mar. 13
Mar. 14
Mar. 14
Mar. 14
Mar. 16
Mar. 16
Mar.
9
Mar. 20
Apr.
Apr.
Apr.
Apr.
$1
30c
20c
Pfeiffer Brewing (quar.)
Mar. 20
Mar. 13
Mar. 18
Mar. 31 Mar. 20
Apr.
1 Mar. 25
-
Perfection Stove (quarterly)
Pet Milk (quarterly)
Preferred (quarterly)
1 Feb. 15
1 Mar. 10
1 Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
t2&
37Xc
37Xc
1 Mar. 11
1 Mar. 11
1 Mar. 21
2 Mar. 20
Apr. 25 Apr.
1
Apr.
1 Mar. 2
1 Mar.
1 Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
July
2
1
1 Mar. 10
15 Mar. 27
10 Mar. 31
11 Mar. 31
10 June 30
Oct. 10 Sept. 30
Jan.10'37 Dec. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
1 Mar. 14
1 Mar. 20
1 Mar. 20
1 Mar. 20
1 Mar. 2
1 Mar. 21
1 Mar. 14
1 Mar. 10
1 June 10
Oct.
1 Sept. 10
10
Jan2'37 Dec.
Apr.
July
7 Mar. 10
7 June 10
Oct.
6 Sept. 10
10
Jan5'37 Dec.
Apr.
Apr.
1 Mar. 10
1 Mar. 10
June
9 May 20
1 Aug. 20
Sept.
Dec.
1 Nov. 20
1 Mar. 25
Apr.
Apr,
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 13
1 Mar. 14
1 Mar. 16
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1 Mar. 16
Apr.
Apr. 15 Mar. 12
Apr. 15 Mar. 12
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 14
Apr.
Mar. 28 Mar. 13
3 Mar. 11
Apr.
Apr. 15 Mar. 25
1 Mar. 20
Apr.
Apr.
July
1 Mar. 20
1 June 20
Apr.
Apr.
Apr.
Quarterly
1 Mar. 14
Public Service Co. of Colorado—
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J.
8% preferred (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% cum. pref. (monthly)
.....
....
6% prior lien
Public Service Electric & Gas, 7% pref. (qu.)
$5 preferred (quarterly)
Extra
Preferred (quar.)
Radio Corp. of America, A preferred
(quar.)
Rath Packing (resumed)
Preferred (quar.)
Remington Rand, new 5% pref. (quar.)
$6 preferred (semi-ann.)
Reno Gold Mines, Ltd. (quar.)
Reynolds Metals Co., 5X % cum. conv. pref
Reynolds Spring (quarterly)
Republic Steel Corp., conv. pref. ser. A (quar.)
Reynolds (R. J.) Tobacco Co. (quarterly)
Common B (quarterly)
Rice-Stix Dry Goods Co., 1st & 2d pref.
(quar.)_
Rich's, Inc., 6X% pref. (quar.)
Riverside Silk Mills, class A
Rochester & Genesee Valley RR.
(s.-a.)..
Rochester Telep. Corp. (quar.)
6% preferred (quar.)
Root Petroleum, $1.20 conv. pref.
(quar.)
Ross Gear & Tool (quarterly)
Rossia Insurance of America (s.-a.)
...
Extra
common
(quar.)
Sangamo Electric (quarterly)
;
Preferred (quarterly)
Savannah Electric & Power, 8% deb. A (quar.)
7H% debentureB (quarterly)
.'
7% debenture O (quarterly)
±
6)4% debenture D (quarterly)
6% preferred
Schenley Distillers, 5X% pref. (quar.)
Schwartz (Bernard) Cigar (resumed)
Preferred (quarterly)
Scott Paper Co., com. (quar.)
..
Scovill Manufacturing
(quarter y)
$6 pref. (quar.)
Industries, $5X preferred (quar.)
$5)4 preferred
Servel, Inc., 7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Shattuck (Frank G.) Co
Silver King Coalition Mines (quarterly)
Singer Mfg. (quarterly)
1 Sept. 19
Mar. 14
Mar.
7
Mar. 14
Mar. 14
Mar. 20
June 20
Jan 2'37 Dec.
Mar. 21 Mar.
1 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 27
Apr.
Extra
7% pref.
May
Aug.
19
2
16
10
10
1
1
Apr.
1 May
1 Aug.
1 Nov.
15 Apr.
Apr.
1 Mar.
16
Nov.
(quar.)
South Amer. Gold & Platinum Co
South Carolina Power Co., $6 preferred
Southern Acid & Sulphur
(quar.).
Co., Inc., 7% pf. (qu.)
62Xc
Original preferred (quarterly)
6)4% preferred, series C (quarterly)
Southern Canada Power Co.,
1
1
Mar. 30 Mar. 18
Southern & Atlantic Telephone Co., gtd. (s.-a.)
Southern California Edison Co., Ltd.—
Apr.
Apr.
Apr.
1 Mar. 16
1 Mar. 10
1 Mar. 16
Apr. 15 Mar. 20
Apr. 15 Mar. 20
Ltd.—
6% cumul. pref. (quar.)
Apr.
Southern Pipe Line Co., preferred
South Penn Oil (quar.)
Extra
Mar.
Mar.
...
South Porto Rico Sugar Co., com. (quar.)
Preferred (quarterly)..
Southwestern Gas & Electric, 7% pref.
Southwestern Light & Power, $6 pref
South West Penna. Pipe Line
Mar. 20
Mar. 12
Mar. 16
Mar. 16
Mar. 12
Mar. 12
Mar. 20
Apr.
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Southwestern Bell Telep. Co., 7% pref. (quar.).
(quar.).
Spang, Chalfant & Co., Inc., pref. (quar.)
Spencer Kellogg & Sons .(quar.)
Spencer Trask Fund (quarterly)
Spiegel May Stern. 6)4% preferred (quar.)
Springfield Gas & Electric pref. A (quar.)
Square D Co., class B (resumed)
Class B (extra)
Preferred A (quar.)...
Standard Brands, Inc., common
$7 cumulative preferred (quar.)
Standard Fuel Co., 6)4% preferred (quar.)
Standard Oil Co. of Ohio, 5% cum. pref
Stanley Works (quar.)
6% preferred (quarterly)
Starrett (L. S.)
Preferred (quar.)
Steel Co. of Canada
I
1
1
1
1
1
Oct.
Smith (S. Morgan) Co. (quar.)
uarterly
uarterly
Sonotone Corp. (initial)
60c. cum. conv. pref.
Holders
Apr.
Apr.
Apr.
Apr.
Apr.
July
Scranton Electric Co.,
Selected
Sloan & Zook Products,
When
Payable of Record
Mar. 14
Mar. 1$
Mar.
Mar.
Mar.
Mar.
Mar.
May
Apr.
16a
17
14
14
Apr.
Mar.
Mar.
15
Mar.
Mar.
Mar.
Mar.
Feb.
Feb.
Mar.
Mar.
14
20
20
20
27
27
Apr.
Apr.
14
Apr.
Mar. 31
Apr.
Mar.
Mar. 14
May 15iMay
2
Mar. 30 Mar. 18
~
Mar.
Apr.
7
Apr.
7
Apr.
Mar. 16
Apr.
Preferred (quarterly)
Stein (A.) & Co., preferred (quar.)
Sterchi Bros. Stores, 6% cum.
Mar. 18
May
May
(quarterly)
Mar. 14
Mar. 17
Mar. 21
Mar.
pref. (quar.)....
Strawbridge & Clothier Co., 7% pref.
Stroock (S.) & Co_
Sunshine Mining (quar.)
Superior Water, Light & Power, 7% pref. (quar.)
Sutherland Paper (quar.).
Apr.
Apr.
Mar. 21
Mar.
Mar. 21
Mar.
2
Feb. 22
Mar. 10
Mar. 10
Mar. 21
Mar.
Extra
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Tamblyn (G.) Ltd.. 7% preferred (quarterly)
Taylor Milling (quar.).
Teck-Hughes Gold Mines
Mar. 14
Mar. 14
Mar.
Apr.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
._
..
Mar. 10
Mar.
Tl
Tennessee Electric Power Co.
5% preferred (quarterly
6% preferred (quarterly;
7% preferred (quarterly
7.2% preferred (quarterly)
6% preferred (monthly)..
7.2% preferred (monthly)
Texas Corp.
(quarterly)
Tex-O-Kan Flour Mills (quar.)
Texon Oil & Land (quar.)
Textile Banking Co. (quarterly)
Thatcher Mfg
Thompson Products, new 5% pref. (quar.)
Tidewater Assoc. Oil, 6% preferred
(quar.)
Toledo Edison Co., 7% pref.
(monthly)
6% preferred (monthly)
.;
5% preferred (monthly)
Toledo Light & Power Co., pref.
(quar.)
Toronto Elevator, 7% conv. pref.
(quar.)
Torrington Co. (quarterly)
Tri-Continental Corp., $6 cum. pref
Trico Products Corp. (quar.)
Troy & Greenbush RR. Assn. (s.-a.)
Trumbull Cliffs Furnace Co., 6%
pref. (quar.)
Tubize Chatillon Corp., 7% pref.
(quar.)
7% preferred
Twentieth Century-Fox Film Corp.,
pref. (qu.)_
Twin Disc Clutch
(quarterly)
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar.
6
Mar. 14
Mar. 10
Mar. 24
Mar. 14
Mar. 23
Mar. 12
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Apr.
1
Mar. 20
Mar. 14
Mar. 11
June
1
Mar. 14
Mar. 10
Apr.
37 J4<
25<
Twin State Gas & Electric, 7% prior lien
Underwood-Elliott-Fisher
10
Mar. 14
Mar. 20
Mar. 14
Mar. 12
Mar. 12
Mar.
6
Mar. 14
Union
Mar. 14
Mar. 14
Mar.
2
Mar.
2
Mar. 30 Mar. 16
1 Mar. 12
Union
Mar. 20
Apr.
Apr.
Apr.
Apr.
1 Mar. 18
1 Mar. 18
1 Mar. 15
Mar. 31 Mar. 16
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 14
1 June
15
1 Mar. 20
1 Mar. 20
1 Mar.
1
Mar.
20
20
Mar. 13
1 Mar. 13
1 Mar. 18
1 Mar. 18
1 Mar. 18
Mar. 31 Mar. 16
Mar. 31 Mar. 16a
Mar. 31 Mar. 16a
(quar.)
Share
Preferred (quarterly)
Union Carbide & Carbon Corp
Union Elec. Lt. & Pow. (111.), 6% pref.
(quar.).
Union Elec. Lt. & Pow. (Mo.),
7% pref.
Apr.
Apr.
Apr.
Apr.
Apr.
Safety Car Heating & Lighting
Safeway Stores (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
|
St. Louis National Stockyards (quar.)
St. Louis Rocky Mountain & Pacific Co
Per
Name of Company
1936
July 15 July 15
1 Apr. 20
May
1 Mar. 20
Apr.
1 Mar. 10
A.pr.
1 Mar. 10
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Mar. 31 Mar. 14
June 15 June
5
1 Mar. 25
1 Mar. 14
(quar.)..
Preferred
St. Paul Union Stockyards
15
15
1 Mar. 11
1 Mar. 20
9 Mar. 19
Mar. 30 Mar. 20
Mar. 30 Mar. 20
(quarterly)
Ruud Mfg. (quarterly)
Sabin Robbins Paper, preferred
1 Apr.
1 Apr.
1 Mar. 20
1 Mar. 20
Apr.
Apr.
Apr.
(quar.)
Reliable Stores, first preferred
Reliance Mfg., Illinois (quar.)
Ruberoid Co.,
2
Mar. 31 Mar.
2
Mar. 31 Mar.
2
1 Mar. 16
Apr.
Apr. 15 Apr.
1
Apr. 15 Apr.
1
May 29 May
1
Queens Borough Gas & Electric, 6% pref.
Quaker Oats (quar.)
Reed Roller Bit
Extra
2
May
May
Apr.
Apr.
(Okla.) 7% prior lien
second preferred
2
Mar. 31 Mar.
2
Mar. 31 Mar.
2
1 Apr. 15
May
7% preferred (quar.).
6% preferred (quar
\).
Reading Co
1 Mar. 14
Mar. 31 Mar.
(quar.)
Public Service of Northern Illinois
Public Service Co.
1 Mar. 14
Mar. 31 Mar.
Mar. 31 Mar.
common
March
Holders
Payati.e of Record
Penn. Power & Light, $5 pref. (quar.)_.
Petersourg KR. (s.-a.)
Chronicle
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20
Mar. 20
Mar. 20
1 Mar.
1
1
1 Mar. 13
1 Mar. 13
1 Mar.'13
1 Mar. 13
1 Mar. 13
1 Mar. 16
1 Mar. 20
1 Mar. 20
Mar. 31 Mar. 16
(quar.).
6% preferred (quar.)
Pacific RR
Preferred (semi-ann.)
Twist Drill.
Preferred (quar.)
United Biscuit Co. of Amer., pref.
(quar.)
United Carbon (quar.)
Mar. 20
Apr.
15
United Corp., $3 cum. preference
(quar.)
United Dyewood Corp., pref. (quar.)..
Mar. 16
Mar. 16
Mar. 13a
United Elastic Corp
United Fruit Co., capital stock
United Gas & Electric Corp., 7% pref.
United Gas Improvement (quar.)
Mar.
5
Mar. 19
Mar. 16
Feb
29
...
(quar.).
Preferred (quar.)
United Gold Equities of Canada, std. shs
Feb
Apr.
29
6
United
Light & Ry. Co. (Del.)—
6% preferred (monthly).
7% preferred (monthly).
6.36% preferred (monthly)
United Loan Industrial Bank (Brooklyn)
Extra
United New Jersey RR. & Canal (quar.)
United Profit Sharing, preferred
(semi-annual)
United Securities, Ltd. (quarterly)
United Shoe Machinery Corp., common
Preferred
United States Foil, A & B (quar.)
Preferred (quar.)
United States Gypsum (quar.)
Preferred (quar.)...
United States Industrial Alcohol (quar.)
United States Pipe & Foundry
United States Playing Card (quar.)
Extra
United States Toobacco Co., common
Preferred (quarterly)
United States Trust Co. (quar.)
Universal Leaf Tobacco (quarterly)
Preferred (quarterly)
50c
581-3c
53c
$1H
Mar. 16
Mar. 16
Mar. 16
Mar. 20
Mar. 20
$2)4
Mar. 26
50c
50c
Mar. 31
Mar. 26
62Xc
Mar. 17
37 Xc
Mar. 17
HP
25c
Mar. 16
Mar. 16
Mar. 16
Mar. 16
Mar. 16
Mar. 31
Mar. 21
Mar. 21
Mar. 16
Mar. 16
Mar. 20
Apr. 20
Mar. 20
Financial
Volume 142
Universal Products
Share
25c
Mar. 24
Mar. 16
Mar.
Mar. 16
Apr.
Apr.
Mar.
June
June
Sept.
Dec.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
Mar.
Apr.
July
10
10
Oct.
Oct.
10
58 l-3c
$6 preferred
Vapor Car Heating Co., preferred (quarterly)
Preferred
50c
(quarterly)
Preferred
(quarterly)
Vicksburg, Shreveport & Pacific (s.-a.)
Preferred (semi-ann.)
Victor-Monaghan Co., 7% preferred (quar.)
Virginia Public Service, 7% pref. (quar.)
Vortex Cup
(quarterly)
„
_
Class A (quarterly)
Vulcan Detinning, preferred (quarterly)
Preferred
__
(quar.)
Preferred (quar )
.
Waldorf System, Inc., common.
Extra
«
.
Warren RR. Co. (semi-ann.)
Washington Mills Co. (quarterly)
Washington Ry. & Electric, 5% pref. (semi-ann.)
5% preferred (quar.)
7% preferred (quarterly)
Mar. 10
Western Assurance Co. (Ont.)
Western Grocers, Ltd. (quar.)
(semi-ann.)
Mar. 13
Mar. 20
Mar.
20
50c
Quarterly
Mar. 14
Apr.
4
(quar.)
Weston Electrical Instrument Corp., class A
Weston (Geo.) Ltd., 7% preferred
50c
Woodley Petroleum (quarterly).
Wrigley (Wm i Jr 0« (monthly).
Wright-Hargreaves Mines, Ltd. (quar.)
1
I
1
1
1
Apr.
Apr.
Apr.
Apr.
Apr.
5c
15c
75c
h37Hc
1
Mar, 10
1
Mar,
1 Mar, 19
1 Mar. 21
Mar. 20
Feb.
May 15
Aug. 15
stock of the corp. at the rate of 5-208 of 1 share of com. stock per
Mar. 14
conv.
Mar. 14
in cash at the rate of $1.50 for each share or conv.
of 1929, so held.
Weyenberg Shoe Mfg. (resumed)
Wheeling Steel, preferred
Mar. 24
Mar. 20
Mar. 16
Mar. 20
Th$ following corrections have been made:
Mar. 31
OF THE
NEW
m
*
Surplus
and
Mar."l7
1 Apr.
1 Apr.
3
3
Mar. 14
o
A quar.
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
r
a
reduction of
t
Payable in special preferred stock.
20,000,000
Guaranty Trust Co
90,000,000
32.935,000
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
21,000,000
15,000,000
10,000,000
50,000,000
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. «fe Tr. Co
Com'l Nat. Bk.&Tr.Co.
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
Public N. B. & Tr. Co..
X5.775.Q00
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
1
Title Guar. A Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Totals
612,480,000
u
Payable in U. S. funds,
Mar. 20
x
Less tax.
*
per official reports:
Average
National, Dec. 31
v
v
V
.
Per 100 shares.
y
to
Less depositary
A deduction has been made for
expenses.
expenses.
Condition of the Federal Reserve Bank of
New
The
City
York
following shows the condition of the Federal Reserve
HOUSE
9,399,224,000
comparison with the previous week and the corresponding
date last year:
Time
Net Demand
Deposits,
742,947,800
,
Mar. 14
York
Deposits,
Average
153,774,000
356,049,000
40,644,300 al,367,550,000
49,888,300
486,442,000
177,398,400 61,332,403,000
11,548,900
447,699,000
62,597,400
737,547,000
16,325,100
237,861,000
90,572,200
499,015,000
58,959,800
527,971,000
3,791,200
39,329,000
71,897,300 cl,848,013,000
3,443,700
49,261,000
68,386,000
<2777,871,000
5,416,100
16,526,000
8,069,300
87,217,000
21,727,300
291,171,000
7,762,100
68,920,000
*8,330,600
74,605,000
127,500,000
pref. stk. opt. ser. of 1929, of Commercial
conv.
1 Mar. 12
10.758,100
25,431,700
20,000,000
National City Bank
Chemical Bk. & Tr. Co..
div. on the
of 5-208 of 1 share of com. stk. per share of conv. pref.
stock, opt. ser. of 1929, so held, or, at the option of the holder in cashlat
the rate of $1.50 for each share.
Mar. 16
$
Bank of Manhattan Co..
Advance-Rumely, liquidating stock div. of M sh. of Allls-Chalmers
on each share of Advance-Rumely capital stock held.
Investment Trust Corp. has been declared payable in common stock of the
Mar. 14
$
6,000,000
~
accu¬
corp. at the rate
CLEARING
Profits
Bankof N. Y.&Tr. Co.
h On account of
Bank of New York at the close of business March 18 1936,
YORK
Undivided
Capital
Members
g Payable in scrip,
in preferred stock.
Lincoln Printing pref. div. of 1-5 sh. of pref. stock for each share held.
Mar. 19
Mar. 16
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MARCH 14 1936
Clearing House
share^of
pref. stock, opt. series of 1929, so held, or, at the opt. of the holder,
pref. stock, opt. series
n
in
MEMBERS
the conv. pref. stock, opt. series of 1929, of Com¬
Corp. has been declared payable in common
stock
Weekly Return of the New York City
I
Clearing House
New
on
Trust
Payable in stock.
e
Mar. 16
Apr.
weekly statement issued by the
Clearing House is given in full below:
div.
Investment
/ Payable in common stock,
mulated dividends,
j Payable
June 15
1
1
1
1
Mar. 31
The
rdg? quar.
d A
mercial
Mar. 20
May
Apr.
Apr.
Apr.
Apr.
-
c
1
Transfer books not closed for this dividend.
Mar. 20
May
West Texas Utilities Co., $6 cumul. pref
Westvaco Chlorine Products, pref. (quar.)
a
15
Mar. 20
Mar.
Extra
10
1 Mar. 20
Mar. 16
6% preferred (quar.)
7% -preferred (quar.)
West Point Mfg. (quarterly)
5,621,000
31,979,000
154,454,000
14,330,000
38,009,000
82,752,000
15,494,000
21,489,000
3,600,000
422,000
2,229,000
47,745,000
49,575^666
350,000
2,506,000
21,569,000
1,730,000
41,515,000
Mar.
18 1936 Mar.
11
1936 Mar. 20 1935
Assets-"
Gold certificates on hand and due from
U.
S.
Treasury.x
Redemption fund—F. R. notes........
Other cash t—
3,009,932,000 3,172,126,000 2,089,860,000
1,226,000
1,078,000
1,063,000
90,342,000
90,994,000
73,578,000
3,192,004,000 3,263,694,000 2,164,501,000
Total reserves
Bills discounted:
Secured
by
U. S.
Govt, obligations,
3,593,000
4,502,000
1,740,000
7,604,000
2,026,OM
1,719,000
69,023,000
486,069,000
179,291,000
55,252,000
492,235,000
186,896,000
457,462,000
734,383,000
734,383,000
755,318,000
747,893,000
747.320,000
763,565,000
253,000
5,308,000
149,386,000
10,823,000
25,491,000
255,000
4,866,000
124,544,000
10,823,000
31,939,000
284,000
4,045,000
123,103,000
11,658,000
27,999,000
1,987,000
2,163,000
...
Bills bought In open market
Industrial
2,191,000
2,311,000
1,743,000
7,617.000
Total bills discounted
1,545,000
2,048,000
4,150,000
direct and (or) fully guaranteed
Other bills discounted
advances—
U. 8. Government securities:
Bonds
.....—...
Treasury
notes....
Treasury
bills
526,369,000
.......
...
Total U. S. Government securities..
138,755,000
159,101,000
1935; State, Deo. 31 1935; trust
Other securities
companies, Deo. 31 1935.
x As of Jan. 18 1936.
Includes deposits in foreign branches as follows: (a)
$229,314,000; (6) $78,872,000;
.......—
Foreign loans on gold.................
(d) $28,065,000.
Total bills and securities....
New
York "Times"
publishes regularly each week
which
The
the figures for the week ended March 13:
number of banks and trust companies
not members of the New York
Clearing House.
following
10c
Yale & Towne Mfg. Co
Young (L. A.) Spring & Wire (quarterly).
Youngs town Sheet & Tube, preferred
1 Mar, 20
May
West Penn Electric, class A (quar.)
Power Co.—
are
25c
.
Mar. 20
1 Mar. 16]
1 Mar. 20 I
1
Mar. 31 Mar, 17
1 Mar
20
Apr
10c
Extra
1
1 Mar. 20
May 15
West Penn
of
Nov.
Nov.
$1>$
Extra
Mar. 20
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
May
Westmoreland, Inc. (quar.)
The
50c
Mar. 13
Mar.
Westinghouse Air Brake Co.
West Jersey & Seashore RR. (s.-a.)
West Kootenay Power & Light, pref.
returns
$1M
i
5a
Mar. 14
May
Aug.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quarterly)
(e) $76,636,000;
(quarterly)
5a
Mar,
1
Mar.
Western Maryland Dairy, preferred (quar.)
Western Massachusetts Cos. (quarterly).
Western N. Y. Securities Corp
Western Tablet & Stationery, 7% pref. (quar.)..
As
50c
Grocery, class A (quar.)_
Preferred
Winstead Hosiery Co. (quarterly)
Extra
1 Mar,
1
Mar.
.
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc
Extra
•
$1
$1H
$2
,
Will Sc Baumer Candle Co., Inc.. pref. (quar.).
Winn & Lovctt
1 Mar, 20
Mar, 20
1
June
...
OF
0
Whitman (Wm.) Co.,7% pref. (quar.)
Whittaker Paper Co
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Aug.
Aug.
Apr.
Weeden & Co. (quarterly)
Weill (Raphael) & Co
Welch Grape Juice Co., preferred (quar.)
STATEMENT
35c
$1$06M
White Villa Grocers, $4)4 conv.
preference (qu.)
Conv. preference (opt. ser. 1929) (quar.)
Mar.
Payable of Record
June
Waukesha Motor Co
Preferred
2
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
__
Walgreen Co., preferred (quar.)
Ward Baking Corp., 7% preferred
White Rock Mineral Springs (quar.)
1st and 2d preferred (quar.)
Sept.
Dec.
Utah Power & Light, $7 preferred
Mar.
Apr.
50c
_
Share
Company
Holders
When
Per
Name of
Payable of Record
h$ 1
_
Upresslt Metal 8% preferred
Utah Copper
1935
Holders
When
Per
Name of Company
Chronicle
a
are
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 13 1936
Gold held abroad
Due from foreign banks
F. R. notes of other banks......
Uncollected items..—...........
Bank premises....
All other assets
......
Total assets....
4,131,158,000 4,183,441,000 3,095,155,000
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc,
and
Other
Cash,
Including
Investments Bank
Manhattan—
$
Grace National
23,366,300
18,150,000
4,575,112
Sterling National—
Trade Bank of N. Y.
Notes
Res.
Dep.,
Dep. Other
N. Y. and
Banks and
Cross
Elsewhere
Trust Cos.
Deposits
$
$
F. R. notes in actual circulation..
783,244,000
787,579,000
658.207,000
Deposits—Member bank reserve acc't.. 2,346,420,000 2,623,765,000 1,889,857,000
U. 8. Treasurer—General account...
285,202,000
602,034,000
138,572,000
Foreign bank
24,172,000
22,547,000
5,846,000
Other deposits
214,490,000
204,242,000
154,761,000
...
$
$
...
...
97,100
506,000
191,057
4,424,200
3,730,000
994,123
2,961,200
1,619,000
153,772
27,289,100
21,107,000
5,010,131
Brooklyn—
Total deposits
Deferred
availability
items
3,076,868,000 3,146,004,000 2,189,036.000
121,618,000
145,027,000
125,774,000
50,923,000
50,925,000
59,588,000
50,825,000
50,825,000
49,964,000
7,744,000
7,744,000
1,492,000
8,849,000
8,849,000
7,501,000
14,234,000
3,341,000
3,593,000
...
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)....
.....
People's National...
3,936,000
90,000
691,000
TRUST COMPANIES—AVERAGE
'
Loans,
Disc, and
487,000
4,683,000
FIGURES
Res. Dep.
N. Y. and
Banks and
Cross
Trust Cos.
Deposits
...
Dep. Other
Elsewhere
Cash
Invest.
...
Reserve for contingencies
All other liabilities
Total liabilities
Ratio
of
total
4,131,158,000 4,183,441,000 3,095,155,000
reserves
to
deposit and
F. R. note liabilities combined
Manhattan—
Empire
Federation
Fiduciary.
Fulton
Lawyers
United States
Brooklyn—
Brooklyn—
Kings County
$
$
54,389,400 *14,187,700
8,152,328
143,778
*964,3861
10,905,771
19,333,300 *3,698,300
29,353,700 *11,640,300
63,604,030 18,107,213
81,408,000
30,359,062
2.688,000
2,522,385
X
8,369,500
708,545
855,050
2,084,000
2,461,600
18,493,194
45,253,000
10,599,403
$
3,262,900
2,326,462
l,568j66
$
69,307,300
9,506,216
10,614,858
22,358,600
41,003,400
71,062,186
35,000 122,270,000
38,116,597
Contingent liability on bills
for foreign correspondents
Commitments
vances
make
.....
82.6%
83.1%
76.0%
9,859,000
9,886,000
6,211,000
purchased
49,000
Industrial
ad¬
...
t "Other cash" does not Include Federal Reserve notes
Reserve
bank
or a
bank's own Federal
notes.
certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
x
These are
cents to 59.06
clary, $673,507; Fulton $3,479,600; Lawyers, $10,929,900.
to
....
of the dlfprofit by the Treasury
cents, these certificates being worth less to the extent
jerence, the difference itself having been appropriated as
under the provisions of the Gold Reserve Act of 1934.
1936
Financial
Chronicle
March
21
1936
Weekly Return of the Board of Governors of the Federal Reserve System
The
following is issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
on
on
Thursday afternoon, Mar. 19,
Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the
and liabilities separately for each of the twelve banks.
resources
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
appear
in
our
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Afar. 18 1936 Afar. 11 1936
ASSETS
Gold ctfs.
on
$
$
Feb.
26
1936 Feb.
19
1936 Feb.
$
15,019,000
Other cash ♦
346,078,000
15,253,000
344,928,000
14,902,000
338,513,000
14,402,000
348,259,000
12
1936 Feb.
$
hand & due from U.S.Treas.x 7.667,338.000 7,667,830,000 7,669.328,000 7.670,230,000 7,670,230.000
Redemption fund (F. R. notes)
Total
Afar. 4 1936
$
BUSINESS MAR.
15,367,000
341,978,000
5
1936 Jan.
8
29
18
1936
1936 Mar. 20 1935
3
15,920,000
337,337,000
16,259,000
339,200,000
15.685,000
346.649.000
15,877,000
252,657,000
8,028,435,000 8,028,011,000 8.022,743.000 8,032,891,000 8,027,575,000 8,014,480,000 8,019,696,000 8,006,194,000 5,835,755,000
reserves——
Redemption fund—F. R. bank notes
Bills
$
7,661,223,000 7,664,237,000 7,643,860,000 5,567,221,000
yV\'
discounted:
Secured by U. S. Govt, obligations
direct and(or) fully guaranteed.....
—
Bills bought In open market
Industrial advances
2,857,000
2,773,000
t2,308,000
t2,612,000
2,996,000
4,099,000
2,833,000
3,780,000
2,807,000
6,142,000
2,876,000
6,789,000
2,829,000
4,105,000
2,960,000
4,487,000
2,716,000
5,630,000
Other bills discounted
Total bills discounted
5,000
4,920,000
5,712,000
6,932,000
6,587,000
8,018,000
/ 9,618,000
7,065,000
7,657,000
4,676,000
30,195.000
4,673,000
31,454,000
4,673,000
31,773,000
4,673,000
31,868,000
4,674,000
31,801,000
4,671,000
31,965,000
4,670,000
32,148.000
20,409,000
4,679,000
/
30.321,000
U. S. Government securities—Bonds
3,170,000
5,299,000
215,726,000
265,756,000
216,069,000
215,685,000
215,690,000
215,696,000
215,721,000
391,980,000
215,681,000
1,554,896,000 1,594,648,000 1,602,759,000 1,622,544,000 1,622,544,000 1,626,808,000 1,624,918,000 1,616,659,000 1,494,667,000
619,913,000
609,667,000
592,011,000
612,011,000
592,011,000
698,008,000
589,653,000
543,660,000
587,752,000
Treasury notes
Treasury bills
Total U. S. Government securities..
Other securities.—————————
2,430.319,000 2,430,287,000 2,430.839.000 2,430,245,000 2,430,240,000 2,430.241,000 2,430,292,000 2,430,263,000 2,430,307,000
181,000
181,000
181.000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold
Total bills and securities
2,471,130,000 2,470,259,000 2,472,859,000 2.473,804,000 2,473,649,000 2,474.915,000 2,476,727,000 2,474,327,000 2,463,672,000
....
Gold held abroad
"~64~4~666
Uncollected
Items
Bank premises
All other assets
Total
647" 000
""649", 000
649,000
17,670,000
636,336,000
47,864,000
35,549,000
Due from foreign banks
Federal Reserve notes of other banks
18,334,000
509,419,000
47,865,000
42,006,000
18,999,000
523,547,000
47,863.000
41,076,000
17,693,000
547,021,000
47,813,000
39,717,000
""""648",000
~""~64~6~,666
650~66O
18,552,000
17,653,000
564,697,000
47,799,000
39,382,000
19.054,000
470,583,000
47,798,000
39,605,000
559,987,000
47,799,000
39,016,000
650,000
19,685,000
477,480,000
47,799.000
40,529.000
708,000
16,684,000
509,742,000
49,524,000
41,359,000
11,237.628,000 11.116,541.000 U, 127,736,000 11,159,588,000 11.167,126,000 11,159,572,000 11,074,113,000 11,066,664,000 8,917,449,000
assets
LIABILITIES
3,730,979,000 3,731,534,000 3,735,066,000 3.677.076,000 3,664,670,000 3,656,138,000 3,640,094,000 3,599,683,000 3,139,753,000
F. R. notes In actual circulation
F. R. batik notes in actual circulation
Deposits—Member banks'
100,000
reserve account
U. 8. Treasurer—General account
Foreign
banks
...
Other deposits
Total
5,143,768,000 5,786,173,000 5.813,244,000 5,838,708,000 5.832,048.000 5,783,814,000 5,868,769,000 5,863.331,000 4,361,278,000
391,113.000
1,067,364,000
379.299,000
472,821,000
478,037,000
433,118,000
481,816,000
309,517.000
440,247,000
64,391,000
66,016,000
49,275,000
49,631,000
51,865,000
52,747,000
67,998,000
16,430,000
66,998,000
272,512,000
261,980,000
272,189,000
275.378,000
251,519,000
269,757,000
256,648,000
226,393,000
296,053,000
6,539,128,000 6,514,189,000 6,514,007,000 6,594,330,000 6.632,112,000 6,629,681,000 6,632,662,000 6.642.518.000 4,913,618,000
deposits
Deferred availability items
622,988,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
130,741,000
145,501,000
26,513,000
34,100,000
7,678,000
...
...
All other liabilities..
Total
Ratio
of
liabilities—
total
reserves
...
to
507,067,000
130,638,000
621.660,000
130,656,000
145,501,000
145,501,000
26,513,000
26,519,000
34,107,000
34,123,000
20,204,000
26,992,000
546,418.000
130,708,000
145,501,000
26,419.000
34,110,000
5,026,000
528,885,000
130,713.000
145.501,000
26,419,000
34,111,000
4.715.000
532,326.000
130,703,000
145,501,000
26,406,000
34,047,000
4,770,000
458,986,000
130,684,000
145,501,000
26,406,000
34,050,000
5,730,000
482,746,000
130.630,000
519.167,000
145,601,000
144,893,000
14,366,000
26,406,000
33,901,000
5,279,000
7,813,000
deposits and
F. R. note liabilities combined
78.4%
78.2%
78.3%
78.0%
78.2%
77.9%
78.1%
78.2%
Commitments to make industrial advances
72.5%
206,000
...
Short-term
30,815,000
11,237,628,000 11,116,541,000 U. 127,736,000 11.159.588,000 11,167.126.000 11.159,572,000 4.074,113,000 11.066,664,000 8,917.449,000
Contingent liability on bills purchased for
foreign correspondents..
maturity Distribution
146,924,000
25,709,000
25,537,000
25,537,000
25,866,000
26,893,000
26,562,000
26,621,000
27,004,000
15,551,000
of Bills and
Securities—
$
$
$
1-15 days bills discounted
4,263,000
16-30 days bills discounted
31-60 days bills discounted
129,000
485,000
469,000
761,000
512,000
61-90 days bills discounted
Over 90 days bills discounted....
633,000
120,000
55,000
84,000
5,630,000
4,920,000
1,781,000
428,000
1,630,000
840,000
402,000
286,000
4,225,000
$
$
$
8
8
$
7,413,000
132/000
1,483,000
451,000
139,000
5,712,000
6.932,000
6,587,000
8,018,000
9,618,000
2,071,000
706,000
1,190,000
415,000
354,000
869,000
742,000
703,000
1,947,000
833,000
608,000
538,000
651,000
1,271,000
2,426,000
4,004,000
2,826,000
459,000
848,000
2.622,000
651,000
322,000
1.382,000
1,760,000
635,000
1,572,000
1,452,000
2,004,000
714,000
503,000
4,676,000
4,673,000
4,673,000
4,673,000
4,674,000
4,671,000
4,670.000
5,299,000
1,764,000
149,000
1-15 days bills bought in open market...
16-30 days bills bought In open market...
31-60 days bills bought in open market...
61-90 days bills bought In open market...
6,831,000
137,000
1,595,000
347.000
108,000
4,679,000
Total bills discounted
4,580,000
769,000
787,000
360,000
91,000
4,789,000
113,000
101,000
4,793,000
1,204,000
541,000
121,000
93,000
1,562,000
455,000
1,537,000
1,833,000
250,000
626,000
459,000
28,605,000
1,840,000
245,000
635,000
435,000
28,713,000
1.692,000
401,000
704,000
378,000
1,618,000
28,626,000
718,000
369,000
28,681,000
1,632,000
686,000
494,000
685,000
28,751.000
1,173,000
425,000
17,598,000
31,773,000
31,868.000
31.801,000
31,965,000
328.148,000
20,409,000
.
782,000
Over 90 days bills bought in open market.
Total bills bought in open market
1-15 days Industrial advances...
16-30 days Industrial advances
s
609,000
340,000
31-60 days Industrial advances.
452,000
352,000
61-90 days industrial advances
Over 90 days Industrial advances..
482,000
405,000
...
27,474,000
27,421,000
407,000
28,561,000
—
30,321,000
30,195,000
31,454,000
Total industrial advances
,
579.000
132,000
5.613,000
58,000
1,398.000
333,000
585.000
161,000
1,568,000
85,000
7,065,000
7,657,000
149,000
623,000
590,000
1-15 days U. S. Government securities..
16-30 days U. S. Government securities._
43,850,000
22,674,000
45,730.000
39,295,000
33,630,000
37,317,000
40,550,000
31,025,000
36,013,000
7,164,000
22,674,000
9,200,000
45,730.000
43,850,000
31,025.000
34,009,000
39,295,000
35,630,000
31-60 days U. S. Government securities..
116,410,000
46,816,000
128,062.000
170,017,000
175,526,000
110,710.000
89,843,000
72,129,000
90,969,000
61-90 days U. S. Government securities..
47,506,000
93,133,000
49,806,000
48,816,000
46,816,000
178,275,000
188,821,000
272,839,000
181,122,000
Over 90 days U. S. Government securities 2,258,496,000 2,215,357,000 2,184,567,000 2.128,267,000 2.126.538,000
2,098,971,000 2,086,558,000 2,072,936,000 1,993,066,000
Total U. S. Government securities
2,430,319,000 2,430,287,000 2,430,839,000 2.430,245.000 2,430,240,000 2,430,241.000 2.430.292,000 2.430.263,000 2,430,307,000
1-15 days other securities
16-30 days other securities
61-60 days other securities
61-90 days other securities
"l8l"666
Total other securities
i8i~666
~"~i~8l", 000
""i8i",oo6
i8i~666
"""~18l",6o6
"i's'i'.ooo
"~~"i8i",6o6
181,000
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R Agent
Held by Federal Reserve Bank
In actual circulation....
k
T
4,004,698,000 4,008,275,000 3,997,381,000 3,966,457,000 3,954,159,000 3,949,707,000 3,961,896.000 3,963,622,000 3,422,956,000
276,741,000
262,315.000
273,719,000
289,381,000
289,489,000
283,203.000
353,939,000
293.569,000
321,802,000
3.730,979,000 3,731,534,000 3,735,066,000 3.677,076,000 3.664,670,000 3,656,138,000 3,640,094,000 3,599,683,000 3,139,763,000
Collateral Held by Agent as Security for
Notes Issuea to Bank—
Gold ctte. on hand St due from U.S. Treas. 3,966,843,000 3,931,843.000 3,915,343,000 3,885,843,000 3,884,843,000
3.881,843,000 3,888,343.000 3.880,343.000 3,320,679,000
By eligible paper
—.......
U. S. Government securities..
Total collateral........—...
•
3,681,000
88,000,000
3,211,000
123,000,000
3,999,000
131,000,000
5,224,000
127,000.000
4,914,000
118,000,000
6,243,000
118,000,000
7,832,000
126,000.000
5,153,000
131,400,000
5,684,000
173,000,000
4.058,524,000 4,058,054,000 4.050.342,000 4,018,067.000 4,007,757,000 4,006.086.000 4,021,175,000 4,016,896.000 3,499,363,000
"Other cash" does not Include Federal Reserve notes,
t Revised figure.
x These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents on
Jan. 31 1934. these certificates being worth less to the extent of the difference,!! he difference Itself having been appropriated as profits by the Treasury under the provisions
of the Qold Reserve Act of 1934.
Financial
Volume 142
1937
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS MAR. 18 1936
Two Ciphers (00) Omitted
'
RESOURCES
Gold certificates
on
Boston
New York
%
Cleveland Richmond
Phila.
%
Total
Federal Reserve Bank of—
%
•vi. *
Atlanta
Chicago
9
9
$
9
St.
Dallas
*
$
1
San Fran,
I
Louis Minneap. Kan. City
9
$
hand and due
from U. 8. Treasury
Redemption fund—F. R. notesOther cash *
Total reserves..
7,667,338,0 573,999,0 3,099,932,0 407,931,0 554,205,0 278,802,0 208,470,0 1,379,220,0 209,540.0 170,301,0 193,769,0 150,425,0 440,744,0
569,0
464,0
1,201,0
2,631,0
830,0
1,035,0
318,0
1,144,0
626,0
2,397,0
2,726,0
1,078,0
15,019,0
5,065,0
14,655,0
45,397,0
7,847,0 20,715,0
16,652,0
90,994,0 42,218,0 33,259,0 16,590,0 11,346,0
346,078,0 41,340,0
8,028,435,0 618,065,0 3,192,004,0 450,775,0 588,499,0 296,222,0 222,213,0 1,424,935,0 227,336,0 178,612,0 215,685,0 156,059,0 458,030,0
...
discounted:
Bills
Sec. by U. 8. Govt, obligations,
direct & (or) fully guaranteed
2,857,0
Other bills discounted
2,773,0
Total bills discounted—...
143,0
33,0
1,987,0
2,163,0
:
410,0
35,0
15,0
92,0
61,0
32,0
2.0
41,0
55,0
12,0
3,0
18,0
40,0
85,0
"l45"0
144,0
90,0
24,0
5,630,0
176,0
4,150,0
471,0
124,0
50,0
67,0
41,0
21,0
125,0
145,0
146,0
114,0
4,679,0
30,321,0
349,0
2,762,0
1,743,0
472,0
5,477,0
440,0
164,0
865,0
580,0
61,0
133,0
133,0
2,208,0
87,0
504,0
1,474,0
1,184,0
1,711,0
327,0
1,110,0
-----
11,019,0
66,320,0
28,965,0
174,338,0
122,861,0
13,492,0
81,704,0
28,004,0
14,560,0
45,558,0
15,531,0
13,013,0
77,206,0
26,625,0
18,247,0
1,555,0
190,0
3,854,0
265,756,0 17,957,0
1,554,896,0 103,893,0
609,667,0 35,828,0
Bills bought in open market
Industrial advances--
69,023,0 20,755,0 23,973,0
486,069,0 116,714,0 144,293,0
179,291,0 39,651,0 49,759,0
12,834,0
77,244,0
26,638,0
2,430,319,0 157,678,0
734,383,0 177,120,0 218,025,0 116,716,0 100,209,0
326,164,0 123,200,0
75,649,0 116,844,0
181,0
85,000,0 199,331,0
747,893,0 183,540,0 220,144,0 120,810,0 101,305,0
328,993,0 123,812,0
77,309,0 118,487,0
86,990,0 200,882,0
7,617,0
.
U. 8. Government securities:
Bonds.
Treasury notes
Treasury bills
Total U. S. Govt. securities-
Other
securities
181,0
Total bills and securities
2,471,130,0 160,965,0
Due from foreign banks
644,0
Fed. Res. notes of other banks
Uncollected
Bank
All
Items
50,0
320,0
61,576,0
3,113,0
resources
253,0
5,308,0
149,386,0
10,823,0
202,0
17,670,0
636,336,0
47,864,0
35,549,0
——
premises-.-
other
22,870,0
25,491,0
63,0
707,0
60,790,0
4,926,0
3,556,0
59,0
973,0
58,823,0
6,525,0
28,0
1,021,0
54,705,0
2,919,0
1,018,0
1,490,0
23,0
1,699,0
24,428,0
2,284,0
1,352,0
1,160,0
27,949,0
2,451,0
184,0
17,117,0
19,0
3,0
836,0
15,067,0
1,531,0
465,0
4,0
78,0
2,480,0
85,563,0
4,828,0
419,0
21,918,0
49,636,0 131,921,0
45,492,0
19,0
487,0
1,393,0
37,871,0
3,360,0
302,0
45,0
32,262,0
1,286,0
37,916,0
1,524,0
826,0
3,580,0
244,0
11,237,628,0 844,291,0 4,131,158,0 694,357,0 876.513,0 476,723,0 353,304,0 1,847,296,0 382,896,0 273,823,0 377,117,0 278,167,0 701,983,0
Total resources
LIABILITIES
859,653,0 162,343.0 111,709,0 143,073,0
787,579,0 277,056,0 358,861,0 175,123,0 160.006,0
F. R. notes In aotual circulation. 3,730,979,0 338,444,0
74,825,0 282,307,0
Deposits:
Member bank reserve account.
U. 8. Treasurer—Gen'l aco't—
Foreign
Other
deposits
Total
deposits
Deferred availability items
7)
Surplus (Section
713,797,0 139,628,0 110,835,0 165,244,0 135,758,0 292,061,0
132,584,0 31,229,0 20,158,0 18,434,0 13,208,0 53,373,0
1,911,0
1,582,0
7,644,0
1,977,0
1,911,0
4,547,0
4,345,0
934,0
9,718,0 12,675,0
8,105,0
3,078,0
857,103,0 180,939,0 136,920,0 186,523,0 160,595,0 362,656,0
622,988,0
130,741,0
145,501,0
26,513,0
34,100,0
7,678,0
Capital paid in.
Surplus (Section
5,143,768,0 304,209,0 2,346,420,0 280,114,0 336.894,0 202,302,0 116,506,0
502,034,0 44,328,0 88,820,0 28,352,0 31,971,0
1,067,364,0 102,873,0
2,899,0
4,876,0
6,128,0
6,063,0
2,306,0
24,172,0
66,016,0
2,374,0
2,824,0
5,672,0
1,876,0
261,980,0
6,137,0
204,242,0
6,539,128,0 418,095,0 3,076,868,0 332,446,0 434,151,0 236,377,0 156,455,0
bank
13-B)
Reserve for contingencies
All other liabilities
Total liabilities
3,341,0
51,796,0
51,559,0
12,324,0
13,406,0
4,231,0
3,000,0
335,0
12,549,0
14,371,0
1,007,0
3,111,0
667,0
50,611,0
4,592,0
5,186,0
3,448,0
1,257,0
86,401,0
12,046,0
1,391,0
7,573,0
5,616,0
754,0
2,508,0
128,0
129,0
16,252,0
3,016,0
3,149,0
1,003,0
1,477,0
297,0
4,655,0
546,0
892,0
1,779,0
4,234,0
29,525,0
3,762,0
21,350,0
23,603,0
234,0
37,776,0
3,947,0
3,613,0
1,142,0
843,0
200,0
32,469,0
3,802,0
34,034,0
10,149,0
3,783,0
9,645,0
1,121,0
1,849,0
222,0
1,252,0
1,328,0
113,0
11237628,0 844,291,0 4,131,158,0 694,357,0 876,513,0 476,723,0 353,304,0 1,847.296,0 382,896,0 273,823,0 377,117,0 278,167,0 701,983,0
Ratio of total res. to dep. & F. R.
note liabilities combined
78.2
Commitments to make Industrial
advances-.-
25.537,0
♦
145,027,0
50,925,0
50,825,0
7,744,0
8,849,0
63,935,0
9,395,0
9,902,0
2,874,0
1,413,0
233,0
1
81.7
82.6
74.0
74.2
72.0
70.2
83.0
66.2
71.8
65.4
66.3
71.0
3,281,0
9,859,0
335,0
1,607,0
2,305,0
385,0
86,0
1,950,0
106,0
663,0
587,0
4,373,0
"Other Cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F. R.Bk.by F.R.Agt.
Held*by Fed'l Reserve Bank-.
Boston
New York
%
%
%
9
Atlanta
Chicago
9
Minneap. Kan. City
St. touts
9
Cleveland Richmond
Phila.
$
STATEMENT
%
9
Dallas
San Fran.
%
%
$
S
888,162,0 290,133,0 373,497,0 183,976,0 179,466,0
14,636,0
8,853,0 19,460,0
100,583,0 13,077,0
894,764,0 170,089,0 115,421,0 151,115,0
3,712,0
8,042,0
35,111,0
7,746,0
80,362,0 321,023,0
5,537,0 38,716,0
3,730.979,0 338,444,0
787,579,0 277,056,0 358,861,0 175,123,0 160,006,0
859,653,0 162,343,0 111,709,0 143,073,0
74,825,0 282,307,0
3,966,843,0 366,617,0
150,0
905,706,0 291,000,0 375,440,0 186,000,0 155,685,0
55,0
35,0
92,0
439,0
2,444,0
27,000,0
900,000,0 152,632,0 116,000,0 136,000,0
127,0
11,0
108,0
17,000,0
18,000,0
81,500,0 300.263,0
130,0
90,0
26,000,0
4,058,524,0 366,767,0
In actual circulation
4,004,698,0 356,690,0
273,719,0 18,246,0
908,150,0 291,439,0 375,532,0 186,035,0 182,740,0
900,000,0 170,643,0 116,108,0 153,127,0
81,630,0 326,353,0
Collateral held
by Agent as se¬
curity for notes Issued to bks.
Gold certificates
on
hand and
due from U. S. Treasury
Eligible paper
U. 8. Government securities.Total collateral
3,681,0
88,000,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Disscussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6 1935 covers reporting banks In 101 leading cities, as It did prior to
In "Other loans."
the banking holiday in 1933, instead of 91 cities, and has
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
also been revised further so as to show additional Items.
The item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of Individuals, partnerships, corporations,
The method of computing the item "Net
associations, States, counties, municipalities, <fco„ minus the amount of cash items reported as on hand or In process of collection.
demand deposits," furthermore, has been changed in two respects In accordance with provisions of the 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 bolely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23 1935. The Item "Time deposits" differs in that it formerly Included a relatively small amount of time deposits of other banks,
which are now included In "Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The item "Borrowings"
represents funds received, on bills payable 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 cash 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 MAR. 11 1936 (In Millions ot Dollars)
Federal Reserve District—
Total
New York
Boston
Phila.
Cleveland Richmond
St.Louis
Chicago
Atlanta
Minneap. Kan. City
Dallas
San Fran.
ASSETS
Loans
1,730
573
499
2,816
17
13
3
6
43
211
69
1,168
9,307
1,130
1,062
6
1,041
10
202
26
64
2,067
and Investments—total
148
21,326
614
353
6
2
61
602
430
2,104
3
2
17
40
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
1
2
Loans on real estate
50
206
30
44
6
5
30
11
8
25
2
25
21
21
66
38
6
16
21
367
Loans to banks
—
1
9
7
Other loans..
U. 8. Govt, direct obligations
194
103
132
400
107
120
123
121
356
802
256
172
1,545
229
130
225
147
665
Obligations fully guar, by U. 8. Govt.
Other securities
66
39
37
146
52
15
43
50
138
249
76
75
369
103
42
117
47
364
Reserve with Federal Reserve Bank..
—
Balance with domestic banks
68
722
113
Other assets—net
892
147
349
48
164
22
3
1,146
banks)..Acceptances and com'l paper bought.
Cashl n vault
2
(except
85
251
66
188
68
4
34
3
4
3,378
8,588
1,244
288
1,268
3,737
166
301
17
539
102
3,222
167
1,317
296
4,632
294
2,305
224
285
138
376
120
66
15
32
17
10
60
11
5
12i
10
18
2,419
1,347
129
180
168
228
165
175
399
142
106
304
183
240
81
539
87
112
39
41
110
24
18
25
28
243
379
/
169
4
89
116
2
193
85
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank
14,041
4,931
969
6,429
769
966
384
293
2,070
380
258
442
334
747
301
945
271
696
193
170
764
173
120
144
118
1,036
510
7
151
30
41
24
27
103
4
7
12
21
83
5.832
251
2,519
309
336
214
211
796
253
124
370
181
268
______
deposits:
Domestic banks
Foreign banks
10
8
356
3
1
1
4
1
------
1
877
25
391
19
15
30
7
34
11
4
2
5
334
3,511
231
1,593
223
332
87
84
336
83
57
89
76
320
385
-
Borrowings
Other
_
liabilities
Capital account--
13
13
mm
1938
Financial
3Tfa>
March
Figures after decimal point represent
dtrmmftfi"1(Efrrtmirle
PUBLISHED WEEKLY
one
B.
William
DANA
June 15 1936—
1H%
1H%
1H%
101.8
101.10
Deo.
15 1936...
101.28
101.30
Apr.
15 1936-—
Mar. 15 1941...
Street, Corner Spruce, New York.
1H%
101.4
101.6
June 15 1938
15 1940...
1H%
1H%
1H%
1H%
2H%
101.10
101.12
Feb.
101.2
101.4
Apr. 15 1937.—
2H°r,
15 1939...
States
Government
Securities
the
on
New
June
York Stock Exchange—Below we furnish a
daily record
of the transactions in Liberty Loan, Home Owners'
Loan,
Federal Farm Mortgage Corporation's bonds and
June 15 1939
certificates
Sept 15 1938..
Sept. 15 1936...
Dec.
Treasury
on
the New York Stock
Exchange.
Quotations after decimal point represent
of
a
point.
,
,.
:
.
one
or
more
15 1940—
Mar. 15 1940...
(High
117.13
117.14
117.16
117.15
117.13
117.14
117.14
117.13
117.13
117.14
117.17
117.13
117.16
quoted
117.17
6
50
26
3
27
107.10
mmmm
107.12
107.13
107.15
107.21
Apr.
107.10
-m-m
107.12
107.12
107.10
107.17
Apr.
IClose
$1,000 units..
107.10
107.12
107.12
(High
107.21
106
7
204
112.14
112.14
mmmm
112.13
0
112.13
112.14
112.12
112.13
112.14
112.14
112.12
112.13
$1,000 units.
1
102
52
*0
1
(High
110.21
110.24
110.23
110.22
mmmm
Sept. 15 1937...
-MMMM
105.20
102.27
102.29
103.9
'
M
M
M
M
104.27
1 1936...
3
105.17
101.18
104.23
X%
105.19
101.16
104.25
Treasury Bills—Friday, March 20
for discount at purchase.
Asked
J Low.
110.21
110.21
110.21
110.22
mmmm
110.23
(Close
110.21
110.21
110.23
1
12
4
108.1
(High
iLow.
(Close
110.22
;
0.20%
mmmm
•
107.31
mm,
m
107.29
107.31
7 WW
mm
107.29
-mm
m m
107.29
July
July
July
108.4
$1,020 units...
7
(High
(Low.
103.28
103.27
103.31
103.30
104
104.6
103.24
103.27
103.28
103.30
104
[Close
103.28
103.27
103.29
103.30
104
5
65
135
3
104.11
104.11
104.13
0.20%
0.20%
1 1936
8 1936...
14 1936
0.20%
Oct.
21
0.20%
0.20%
...
0.20%
Oct.
0.20%
1936..
7 1936
Oct.
28 1936
0.20%
0 20%
0.20%
Nov.
1936
4 1936
0 20%
Nov.
10 1936
0
0.20%
0.20%
Nov.
18 1936
15 1936
0.20%
0.20%
0.20%
Nov. 25 1936
20%
0.20%
0.20%
104.6
5
0.20%
Sept. 23 1936
Sept. 30 1936
Oot.
104.2
Total sales in $1,000 units...
Sept. 2 1936
Sept. 9 1936
Sept. 16 1936..
0.20%
0.20%
0.20%
0.20%
0.20%
July 22 1936
July 29 1936
108.3
107.31
Aug. 26 1986
0.2O%
0.20%
0.20%
0.20%
0.20%
0.20%
0 20%
June 17 193ft
108.4
mmmm
mm¬
107.28
107.29
Aug. 12 1936
Aug. 19 1936
0.20%
June 24 1936..
20
mmmm
Ailed
0.20%
...
June 10 1936
110.26
■
10
•
3
Bid
5 1936
8 1936
June
110.26
Total sales in $1,000 units...
3s. 1951-55
mm
104.5
(High
(Low.
(Close
38. 1946-48
.
4
m
mm—'
1
mmmm
460
2 1936
9 1936
0.20%
16 1936
0.20%
330
Transactions
104.18
104.5
mmmm
104.10
104.11
104.9
104.15
mmmm
104.11
104.11
104.13
104.18
mmmm
67
105
246
25
Dec.
Deo.
Dec
104.5
Total sales in $1,000 units...
the New York Stock
at
Exchange,
Daily, Weekly and Yearly
283
(High
108.17
108.17
108.19
108.20
108.18
108.19
(Low
108.17
108.17
108.19
108.20
108.18
108.19
108.17
108.17
108.19
108.20
108.18
108.19
Total sales in $1,000 units...
cl
9
3
1
2
1
(High
108.29
108.31
(Low
I
108.29
3Xs, 1940-43
I Close
SHs, 1941-43
0J0Q0
109
109.1
108.26
108.31
108.31
108.29
Total sales in $1,000 units.
109
1
32
108.30
109
108.30
109.1
23
108.30
51
109
1
13
105.4
105.7
105.7
105.12
105.14
(Low.
105
104.30
105.2
105.7
105.7
105.12
(Close
3H8. 1946-49
105.1
105.2
105.7
105.7
105.12
105.14
Total sales in $1,000 units...
72
56
213
4
53
105.5
mmmm
105.7
105.5
mm
105.5
mmmm
J
105
105.5
105.7
Total sales in $1,000 units...
$5,923,000
6,299,000
8,489,000
9,133,000
8,062,000
1,834,610
2,241,010
United
$689,000
966,000
9,253,000
$47,159,000
11,151,890
Total
States
Bond
Bonds
Sales
$412,000
363,000
1,299,000
1,661,000
992,000
1,191,000
1,118,000
1,228,000
$6,184,000
1,746,530
2,016,430
1,887,730
Total
105.13
mm
3
12
(High
108.30
108.29
108.30
109.2
109.1
108.29
108.24
108.29
108.31
108.31
$7,024,000
7,628,000
10,780,000
1,115,000
4,580,000
11,985,000
10,295,000
15,061,000
$9,430,000
108.30
108.29
108.30
109.1
108.31
109.2
Week Ended Mar. 20
$62,773,000
Jan. 1 to Mar. 20
109
(Close
Sales at
109.3
..(Low.
3^8. 1941...
1,425,580
...
State,
Mis cell. Municipal A
For'n Bonds
Bonds
105.9
....
(Low.
(Close
and
of
Shares
Friday
105.13
105
Number
Wednesday
Thursday
452
105.1
....
(High
3Hs, 1949-52
Saturday
Monday
Tuesday
109
105.2
Railroad
Stocks,
Week Ended
Mar. 20 1936
109.1
(High
■
-m-m
Total sales in $1,000 units..
Total sales in $1,000 units.
10
mmmm
200
New York Stock
Exchange
Stocks—No
1936
of shares.
1935
1936
1935
11,151,890
3,562,618
166,702,867
46,676,280
$84,721,000
2
2
106.28
106.28
107.3
107.6
107.12
Government
106.28
106.28
107
$9,430,000
107.2
107
107.6
106.28
106.28
State and foreign
107.2
107.3
107.6
107.12
Railroad and Industrial
1
1
6,184,000
47,159,000
$14,378,000
8,447.000
34,391,000
872,504,000
$242,870,000
95,508,000
461,120,000
101.10
(High
(Low.
(Close
3^8. 1944-46
$62,773,000
$57,216,000
$1,049,182,000
$799,498,000
174
'107.2
83
102
6
106
460
15
101.10
101.15
101.17
101.17
101.24
101.5
101.8
101.12
101.14
101.14
101.10
101.16
101.16
101.17
101.24
Total stiles in $1,000 units...
19
23
123
213
305
450
91,957.000
101.19
101.10
Bonds
362
(High
(Low.
(Close
2Kb, 1955-60
.
Total
Stock and Bond
Averages—Below are the daily closing
of representative stocks and bonds listed on the
'
102.11
(High
2Jtfs, 1945-47
102.10
102.9
13
(High
----
(Low
2
101.14
101.16
101.24
242
243
120
m
mmmm
104.1
104.2
104.3
104.1
103.31
104.2
mm-m
mmmm
'•
101
104.1
104.1
4
104.3
26
46
102.13
102.15
102.17
102.19
102.13
102.15
102.17
102.18
mmmm
102.13
102.15
".mm
mm
102.17
102.19
'
1
-mmmm
23
10
4
mm*...
103.6
103.7
103.9
103.4
103.11
103.3
103.7
103.5
103.4
103.9
mmmm
103.3
103.7
103.6
103.4
i
I
1
1
1
1
1
10
13
1
101.27
1
101.25
1
I
1
101.25
Forty
Rails
ties
Bends
Total
157.42
47.33
31.83
47.88
32.11
56.81
105.98
110.98
85.89
106.26
47.46
102.28
32.21
56.38
105.78
110.89
86.14
156.34
106.10
47.92
102.23
32.54
56.71
105.80
110.80
Mar. 16.
106.03
153.25
46.72
102.08
32.01
55.55
105.53
110.60
85.08
Mar. 14.
106.19
154.07
47.13
31.84
101.85
55.80
105.61
110.60
85.18
105.85
101.81
Mar. 17.
FOOTNOTES
56.57
106.29
110.93
85.35
85.70
106.11
102.17
102.5
102.4
102.7
102.9
102.8
a
102.13
102.6
102.7
102.10
102.10
102.12
102.16
118
29
mmm-
119
49
26
101.5
101.8
101.9
101.10
101.3
101.4
101.7
101.7
101.5
101.8
101.9
101.10
x
Ex-rights.
101.13
48
111
32
33
304
54
101.8
101.7
101.11
101.12
101.12
101.8
101.5
101.8
101.9
101.8
33
101.14
Low.
34
586
fHlgh
101.13
101.8
101.7
J
101.11
8
101.12
101.12
5
21
"
40
33
39
Deferred delivery sale.
40
sales
of
Adjusted for 25% stock dividend paid Oct. 1 1934.
Listed July 12 1934; par value 10s.
replaced £1 par, share for share
Par value 550 lire listed June 27
1934; replaced 500 lire par value
Listed Aug. 24 1933; replaced no par stock share for
share.
Listed May 24 1934; low adjusted to give effect
to 3 new shares exchanged for
1
old
37
101.14
27
41
coupon
42
were:
....
.
Ex-divldend.
y
101.10
101.5
delivery
Cash sale.
101.13
101.3
Deferred
New stock.
r
436
101.5
Low.
41
FOR NEW YORK STOCK PAGES
Bid and asked prices; no sales on this
day.
n
35
102.16
mmmm
Note—The above table includes
only
bonds.
Transactions in registered bonds
no
par share.
Adjusted for 66 2-3% stock dividend payable Nov. 30.
Adjusted for 100% stock dividend paid April 30 1934.
Adjusted for 100% stock dividend paid Deo. 31 1934.
Par value 400 lire; listed Sept. 20
1934; replaced 500 lire par value
Listed April 4 1934; replaced no par stock share
for share.
Adjusted for 25% stock dividend paid June 1 1934.
43
Listed
1940-43
.108.17 to 108.17
44
1941-43
1941
.108.26 to 108.26
43
1945-47..
.102.4
From low through first
classification, loan 75% of current.
From last classification and
above, loan of 55% of current.
Listed April 4 1934; replaced no par stock share
for share.
Listed Sept. 13 1934; replaced no par stock share
for share.
Listed June 1 1934; replaced Soconoy-Vacuum
Corp. $25 stock share for share
50% stock dividend paid Deo. 10 1935.
16 Treasury 3s, 1946-48.
.104.9
44
.108.27 to 108.27
47
to 102.9
43
CURRENT
NOTICES
34
«—Beichart, De Witt & Co., Inc., 150 Broadway, New York, has
pre¬
pared for distribution a current analysis of the Famise Corp.
—James Talcott, Inc. has been appointed factor for
Brilliant Fabrics,
Inc., New York City, distributors of silks.
—J. Roy Prosser & Co., 52 William St., New York
City, have issued
circular on Consolidation Coal Co., Inc.
Co., 20 Broad St., New York, have prepared
an
this
name
Aug. 9 1934 replacing
31
no par stock.
Former
100% stock dividend payable Feb. 1 1936 to stock of record
Deo. 2$ 1935
Adjusted price for stock dividend.
tables)
are as
follows:
»
New York Stock
12 Cincinnati Stock
22
»
New York Curb
«3 Cleveland Stock
Pittsburgh Stock
"
New York Produce
Richmond Stock
14 Colorado
New York Real Estate
24 St. Louis Stock
«3 Denver Stock
"
3
Baltimore Stock
14
Detroit Stock
24
4
Boston Stock
'7
Los Angeles Stock
Los Angeles Curb
27
a
analysis of
—Dunne & Co., 20 Pine St., New York City, have
prepared a circular
the baking industry.
—Herbert Filer has removed his offices to 150 Broadway, New York
City.
same
The National Securities Exchanges on which low
prices since July 1 1933 were
made (designated by superior figures In
3
Continental Bank & Trust Co.
under
American Beet Sugar Co.
to 104.9
44
—Allen &
Utili¬
Rails
trials
t Companies reported in receivership.
30
102.12
Total sales in $1,000 units
Treasury 3%a,
4 Treasury 3^8,
2 Treasury 3^s,
2 Treasury 2Ha,
Ten
Orads
155.82
102
mmmm
102.11
'
mmmm
Close
4
Second
157.40
'
102.10
I Close
Stocks
Ten
First
Orads
Mar. 19.
*
102.7
Total sales in $1,000 units...
Ten
Mar. 20.
101.28
fHlgh
2Kb. 1942-44
Total
Seventy Indus¬
Mar. 18.
102
1
I-
(Close
Home Owners* Loan
t Us
107
1
1
«
1
mmmm
•
1
1
i
1
1
i
11
(Low.
2Jis, series B, 1939-49._
utut-
103.9
mmmm
102.7
Total sales in $1,000 units...
Home Owners' Loan
Rail¬
26
''-mmmm
mmmm
(Close
Twenty Twenty
roads
104.2
fHlgh
3s, series A, 1944-52
Thirty
Indus¬
trials
mmmm
■
102.13
(Low.
Home Owners' Loan
Date
104.2
mm
Bonds
Ten
104.3
"mm
-
'
(Close
compiled by Dow, Jones & Co.;
Stocks
101.22
101.16
102.13
Total sales in $1,000 units
Federal Farm Mortgage
fHlgh
as
101.24
101.14
102.13
fHlgh
Exchange
71
101.17
155
(High
Total sales in $1,000 units
102.24
154
101.17
m
101.11
106
....
(Low.
2^8, 1942-47
m
101.16
m m
Total sales in $1,000 units...
38, 1942-47
m
101.8
(Low.
Federal Farm Mortgage
m
101.16
101.7
—
mmmm
Total sales in $1,000 units
I Close
102.18
averages
New York Stock
'
(Close
3b, 1944-49
m
----
"Vmmmm
(Low.
Federal Farm Mortgage
m
mm-'
(Close
Total sales in $1,000 units..
Federal Farm Mortgage
(High
3Xs. 1944-64
102.21
m
'
2
101.9
102.24
102.18
102.18
m
102.10
Total sales in $1,000 units
2^8, 1948-51
102.19
102.16
mmmm
102.8
102.11
102.19
mmmm
(Low
(Close
on
103.26
104 25
102.11
105.18
Aug
15 1936....
May 6 1936
May 13 1936
May 20 1936
May 27 1936
112.13
112.13
112.13
----
(Close
a
103.24
104.19
102.9
3%
3%
3%
3 H%
Mar. 15 1938.—
Aug.
Asked
100.4
0.15%
Apr. 22 1936
Apr. 29 1936
107.15
30
112.14
mmmm
1
--mm
(Low.
Toted sales in
15 1937.—
101.6
Bid
104.17
2H%
2H%
2H%
2H%
0.20%
1 1936...
Apr.
2
[High
3^8.1943-47
1 1938...
101.30
are
Mar. 25 1936.—
1 Low.
SHa, 1940-56
Feb.
101.4
Bid
117.15
Total sales in $1,000 units...
Total sales in
100.28
117.15
117.13
(Close
48. 1944-54
Rale
Maturity
101.28
117.17
| Low.
Total sales in
100.26
United States
Rates
3Jis, 1943-45.
Bid
Z2ds
l;,v
Daily Record of U. S. Bond Prices Mar. 14 Mar. 16 Mar. 17 Afar.18 Mar. 19 Mar. 20
Treasury
&H*. 1947-52
—
32ds of
more
Int.
Asked
Rate
COMPANY, Publishers,
Dec.
United
or
Int.
Maturity
Mar. 15 1939...
WILLIAM
1936
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, March 20
JEinsnriai
jk
,
Chronicle
4
Springs Stock
7
Buffalo Stock
•
California Stock
Minneapolls-St. Paul
24
Chicago Stock
New Orleans Stock
Chicago Board of Trade 2» Philadelphia Stock
Chicago Curb
•
10
"
19
23
Salt Lake City Stock
San ~
Francisco Stock
San Francisco Curb
San Francisco Mining
29Seattle Stock
39
Spokane Stook
»
Washington (D.C.) Stock
** ^
Volume 142
1939
fin
Report of Stock Sales—New York Stock Exchange
wmm'm):s daily,
weekly and yearly
Occupying Altogether Nine Paget—Rage One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the
only transactions of the day. No account Is taken of such sales
In computing the rauge for the year.
HIGH
AND
LOW SALE PRICES—PER
July I
Monday
Mar. 14
$
ver
share
Tuesday
Mar. 16
$ per share
Thursday
Mar. 18
.
Mar.
Friday
45
45
*44% 4712 ♦45% 47l2
112
*110
*106l2 112
*107l2 112
68
♦675s 68
68I4
*6758
69%
lie8
12%
1178
12i2
1214
12%
EXCHANGE
per
20
10
Lowest
12%
12%
12%
12%
12%
12%
*33%
34%
*33%
34
33%
33%
300
26%
27
Par
Abraham & Straus
No par
100
Preferred
Acme Steel Co..
25
Adams Express.
No par
100
Preferred..
*34
*26i4
*3i2
778
34
77s
*183
187
6
5
*68
96
15
34
26l2
3x2
778
34i2
267s
384
26?8
15
*33%
267s
35s
778
27
3%
3%
8
77&
8
182% 182%
*68
*68
1478
4%
96
15
4l2
35s
2314
23i4
3%
334
22%
*2114
23%
2314
21
3612
35%
24
*35
38
*35
33%
106
3414
*
181" I8684
24
8
71l4
4412
2H4
43s
*40
106
184% 187
243s
24%
1
8%
*71%
4484
*2034
71%
46
2114
412
4012
1
4%
185"
25%
70
*4684
47
47%
*47%
165
35
6584
35%
*66
44%
447b
*12314 12484
43%
165
44
95
34
11
*3284
10%
34
10l2
303s
3038
2934
2234
23l8
22%
*935s
25s
94s4
*9334
2%
7is
41
39%
*314
54
48
48%
48%
49%
49
49%
70
70
70
70
70
70
47%
47%
47%
131
123
125
123
165
165
36
164%
36%
69
45
36%
69%
4584
69
45
123% 123% *121%
*95% 9584
95%
*33
34
112% 114%
47% 47%
*130% 132
124
124%
12478
165
164% 165
37
35%
36%
69
6984
68%
45
45%
45%
125
*121% 127
95
95%
95%
47%
131
34
*10%
1078
30
30
30%
30%
31%
1,800
4,000
22%
23%
22%
23%
23
23%
9,500
\947b
2%
*12%
8%
37%
15%
9478
2%
14%
9%
39%
*92%
2%
*14%
94%
2%
*92%
94%
140
2%
3,100
14%
*13
2%
14%
8%
37%
15%
878
8%
878
79,300
38%
37%
38
16
15%
15%
32
85%
25%
86
85
86
25%
2478
25%
24%
25
13%
2484
13%
25%
13%
13%
13
13%
12%
13%
33%
*41
10
9%
40%
3%
129
33%
*118
41%
11%
11%
4934
50
54%
55
4034
42
42
457b
45%
21%
21%
*
"29%
29%
110
23%
28
110
23%
28
23%
2684
81
80
8284
150% 150% *150
*105% 106
105%
*57% 58%
59%
*140% 143
140%
28
2784
2784
111% 111% *111
2978
30%
2978
54
54%
54%
137
227b
169
2I84
159
*
27
100
97b
61%
1%
8
6%
114
68
34%
42
237s
*107% 108%
6%
11%
11%
32
32%
*84
40%
3%
18
18
*84
5,400
6,600
800
5,800
4,200
♦111
41%
41
41
12%
11%
12% 236,300
58
60%
57%
59%
159
29% 30
109% 109%
*23% 24%
28
28%
86
877s
150
*107
60
29%
151
60
60%
*140%
29%
29%
113
111
49%
21%
159
29%
111
24
28
22% 22%
167% 169
90% 90%
90% 91%
149
150
22%
168
•
90%
91%
*148
297a
24
28%
89%
111
30%
54%
110
110
27,600
800
23%
28%
89%
1,700
28%
91%
23%
30,000
240
600
108%
107
107
800
111
113
30%
*30%
55%
54%
2278
169%
23
23
164% 167%
10
No par
No par
Air Reduction Inc
No par
Air Way Elec Appliance.-No par
Alabama & Vicksburg RR Co 100
Alaska Juneau Gold Mln
10
A P W
Paper Co
{Allegheny Corp
No par
No par
Pref A with $30 warr.
Pref A with $40 warr
100
Pref A without
100
100
warr
2)4% prior conv pref—No par
Allegheny Steel Co
..No par
Alleghany & West Ry 6% gtd.100
Allied Chemical & Dye
Preferred
Allied Stores
No par
100
....No par
Corp
No par
—100
135
23
60%
-
-
-
«
30%
1,300
40
17,300
113
150
32
3,000
6,100
54%
135
500
23
89%
91%
91
91%
1,200
17,600
2,700
13,300
14978 *148
1497b
400
160
164%
91
Range for
Year 1935
44% Mar 10
111% Mar 18
68
Mar 16
1078 Jan
2
100% Jan 2
83% Mar 2
22% Jan 21
*1% Jan 14
7% Jan 2
168% Jan 2
2
Low
Highest
$ per share
%persh
% per share
30
32
1
89
110
74% Feb 10
1378 Feb 21
100% Jan 10
21
51
118
Feb
4%
65
35% Feb 14
28
9
194
14%
52%
116
4%
8484
28
6
8
1%
47g
4%
2
Jan 11
80%
Feb 28
21% Jan
Mar
8
2
5% Mar 20
14% Mar 17
3% Jan 2
2% Jan
12% Jan
12% Jan
12% Jan
27% Jan
30% Jan
17% "Jan 23
5% Jan 27
4% Jan 31
3084 Feb 18
29% Feb 18
29% Feb 18
457a Feb 6
39% Feb 11
Jan
High
Low
$ per share
4978 Jan 25
%
6%
104%
%
74
98
Feb
103
157
Jan
19978 Mar
120% Jan
23% Mar 12
6% Jan
7
124
74
220%
4
%
3%
2%
2
2
14%
14%
14%
33%
1%
6%
1%
6%
21
32
107%
125"
173""
117
122%
22%
129
27%
13%
82
2
2
20%
8%
173
2%
2%
6
Jan
13%
1%
1%
%
Feb 14
27% Jan
74
13%
7484
117s
100%
37%
24%
2
5%
9% Mar 5
74% Feb 27
3%
3%
9
5% pref
Allis-Chalmers Mfg
No par
Alpha Portland Cement.-No par
Amalgam Leather Co—..1
7% preferred
50
Jan
5% Jan 29
2%
3778 Jan
21%
26
40
Amerada Corp
No par
75
Jan
27
48%
80
Amer Agile Chem (Del)—No
par
American Bank Note
10
Preferred
50
52
Jan
47% Jan 29
125% Mar 11
63% Feb 15
5078 Mar 11
20
41%
13%
57%
47%
Am Brake Shoe & Fdy
-No par
Preferred
American Can
—100
25
Preferred
.100
American Car <k Fdy
Preferred-
No par
American Chain......
42% Feb 18
65
Jan
8
42% Jan 18
125% Jan 9
11584 Feb 24
163
Feb 14
20
10
3
96
34
Jan
3
34
20
30
34%
8% Jan
2
13% Feb 13
27
Jan 81
16% Jan
9
7
Jan
5% Jan 7
38% Jan 22
2
No par
No par
27% Jan
6% conv preferred
100
Amer News, N Y Corp ..No par
Amer Power & Light
No par
$6 preferred.—
No par
No par
San'y—No par
Preferred
100
American Rolling Mill—
25
American Safety Razor. No par
_
American Seating v t c
No par
Amer Shipbuilding Co...No par
Smelting & Refg—No
127
2nd preferred 6% cum
American Snuff
....
Jan
«
3
7
28% Mar 13
89% Jan 21
20% Jan 2
25% Jan
5684 Jan
22%
5%
6%
72
72
%
%
2%
2%
2
2
11%
37s
37% Jan 28
18% Mar 3
8% Mar 6
10%
12
46
3
28
28
15%
678
40
24%
z29%
17b
14%
4%
17«
38%
478
14%
37%
4%
11%
27%
76%
33%
12%
24
Jan 14
1278
36%
95%
2978
Jan 28
Feb 28
Feb 27
Jan 14
15
Feb 13
3
11% Jan 2
35?8 Mar 20
3
Feb
17
38%
8%
3
41%Mar 7
5% Jan 14
133
42
37s
8%
Jan 27
19%
92%
378
9%
9%
14
Feb 17
9%
3534
9
9
32
32
12
18%
4%
4%
1278
63
6
13%
72
*24
12%
32%
130%
36%
42% Mar 13
12% Mar 17
20%
1%
1%
9%
60% Mar 19
5078 Mar 19
10%
10%
8%
49%
41%
25%
8%
9%
27% Jan
163
Mar
34
4
5
Feb 19
107%
159
15%
32%
66
9534
5
33%
27
Mar
5
2
31
Jan
6
116% Mar
10%
134%
12%
4%
15
20
31%
217s
26%
64%
91% Mar 20
15284 Mar 11
28%
136% Jan
71
121
144
104
Jan
107
57
101%
117%
Mar
Jan
Jan
143
Amer Sugar Refining
Preferred
100
57%
133%
2384
107%
29%
51%
100
129
Am Sumatra Tobacco
No par
Amer Telep & Teleg
American Tobacco
...100
100
Preferred
Feb 20
36% Feb 20
20% Mar 13
157
20%
par
100
25
Preferred
American Stores
Feb 24
2%
100
Preferred..
Amer Steel Foundries
7
*35% Jan 8
7% Feb 20
43
Mar
2
17% Feb 17
2
Amer Metal Co Ltd—
Jan
3% Feb 28
14% Feb 17
9% Feb 17
Jan
No par
Mar 17
32% Mar
24?8 Mar
95
Jan
No par
33%
115
66
3
Amer Mach & Fdry Co
Amer Mach & Metals
168
38
17% Mar 12
10% Jan 2
25% Feb 6
73% Jan 2
24% Mar 18
10% Jan 18
11% Jan 2
No par
.100
149%
151%
14
37
No par
110
43%
Jan 20
Preferred
80
95% Mar
125
Jan
100
129
2
13
.....
Amer
8
119
Jan
6% non-cum pref
Amer Internat Corp.
$5 preferred
Rad & Stand
65
4
88
88
114% Jan 14
Amer Home Products—...
1
American Ice
No par
Am
337b
25%
26
50
42%
25%
43
pref.
21
10
29% Jan
12% Jan
1
70
43
10
No par
—No par
No par
No par
10
2%
120
89% Jan
1% Jan
9% Jan
Locomotive
34%
19%
14
75%
377b
22%
4%
Feb 21
Jan
100
$6 preferred
11%
12
5078 Mar 2
132% Jan 25
134% Jan 2
166% Jan 14
No par
No par
Amer Hawaiian S S Co
Amer Hide <fc Leather
11%
Feb 28
31
6% 1st pref
Amer Encaustic Tiling
American
72
No par
100
Corp
American Crystal Sugar
conv
Mar 20
10%
73% Feb 19
47% Mar
Am Comm'l Alcohol
6%
24
Jan 21
10
2nd preferred.
2
20% Jan
*49
49
Mar 11
62
Colortype Co
Preferred
48
100
7% preferred
Amer European See's
Amer & For'n Power
Jan 31
41
American Chicle
No par
Am Coal of N J (Alleghany
Amer
69
35% Jan 21
32% Jan 22
'
90%
90%
91
29%
2878
151
135
92%
110
161
151
135
149% *148
23%
19,200
34,000
81,600
151
137
91
600
50%
49%
23%
160
60%
60%
60%
138% 140% *138%
29%
29% 30%
55%
137
23%
85%
*150
30%
135
507„
159
109% 110
108% *107
55
*
200
1178
21%
28
107
"7"OO5
58%
49%
2178
*41
No par
100
No par
25
Common class B
25
Preferred
100
6
Mar 13
88% Mar 13
136
Jan
Feb
4
2
63
76
125
143
10%
33% Feb 19
21% Mar 13
155>4 Jan 2
87
43
106
73% Jan 22
Jan
Mar 17
Mar 11
Jan
Mar 17
12
25%
113
115
Feb 28
52
88
36
Jan 29
32%
45%
32%
50%
60% Mar 3
14178 Jan 29
26% Jan 28
178
102
6
104
6
150
Feb
72%
74%
107
129%
141
11
18%
987b
63%
6478
Feb 14
102% Feb
987b
105
Mar 17
43
70%
140%
27's
160%
104%
124
"
6%
6%
2584
22%
9984
978
6234
1%
100
784
6%
8
70
3384 34%
*40% 4234
23% 2334
*107% 108%
137b
14%
40% 41
6%
26%
23%
100
5%
24%
22%
*98
10
10%
62%
1%
63%
1%
62
8%
6%
8
6%
*62
978
*1%
6%
70
*62
34%
35%
41
41
34%
*41%
6
26%
23%
100
978
62%
1%
8
6%
6978
35%
42%
24%
5%
6
5%
26
26
26%
28%
22
2278
22
22%
100
978
62-
100
11%
67%
1%
1%
1%
7%
6%
6%
41%
24
23% 24%
224
107% 107% *107% 109
*106
*13% 14%
13% 13%
13%
*40
*40
4178
41%
41%
69
36
41%
24
7
6%
*62
35%
*39%
23
—
Ij 55 56
For footnotes see page 1938»
2,900
1,180
65,600
700
100
10%
65%
6%
3478
100
11%
67
1%
*62
5%
22,100
13,100
2,400
7%
1,500
6%
4,600
36%
42
63~800
300
24%
•*«.«.
{Am Type Founders
3.600
30
600
1,000
100
Am Water Wks & Elec
1st preferred
"""166
25,800
1,400
7,300
No par
Preferred
100
{Am Writing Paper...
1
Preferred
......No par
Amer Zinc Lead & Smelt
1
5% Mar 20
24% Mar 18
20% Mar 13
92% Jan 3
9% Jan 2
60
Mar 13
1% Jan 6
6% Mar 19
4% Jan 3
..25
44
Jan
Anaconda Copper Mining
50
Anaconda Wire 4c Cable
No par
28
Jan 20
Anchor
Cap——...
—No par
$6.50 conv preferred—No par
Andes Copper Mining.....
10
Archer Daniels Mldl'd
....
No par
.100
Armour &• Co (Del) pref
Armour of Illinois new
$6
conv
pref..
Preferred
"MOO
No par
No par
American Woolen..
7% preferred
-
No par
Preferred..
Preferred
69
109
*108
110%
137b
14
14
13%
*40
41%
42
41%
41%
*121
*121
121% *121
*121
*121
*121
*108% IO884 *108% 10884 108% 108% *107% 108% *107% 108% *107% 108
6
6
578
6%
6
6%
6
6%
6
6%
6%
6%
•
*81
80% 81%
81% 82
82
82% *80% 82
82% *81% 82%
*115
*115
120
120
*115
i*115
120
120
*115
120
*115% 120
56
55% 56%
577b
61
5778 58%
58%
59%
607«
11% 12
11%
1178
11% 12
11% 11% 211%
11%
10%
11%
*12
2,600
2,500
900
34"" "33% 35%
34%
3378
129% *118
129% *118
129%
30%
22%
*61
11%
54%
21%
1%
40
32%
8534
3%
17%
400
11,200
800
11%
30%
27
784
40%
3%
17%
43
*40
31%
54%
25
9%
42%
33
2984
I68S4
62
*40
40%
30
168
16%
7%
7%
40%
3%
18%
11%
55
"22%
*99
106
60
59%
140% *140%
28%
27%
90
88%
89%
8984
8984 9O84
14334 14384 *14378 150
2678
2178
28
106
34
*16
7%
12%
159
82%
82% 87%
152
15184 *150
13678
22%
6
22
159
30%
109% 109%
2378
24
24%
*32
16%
41%
46
29%
110
88
6
*155
30
34
7%
55
5578
4678
2IS4
16
100
5,800
3,500
2,200
41%
1178
12%
48%
159
*32
Address Multlgr Corp..,
Advance Rumely
Affiliated Products Inc
Voting trust ctfs
"33%
129
34
.......No par
Co)25
31
43
900
*33
31%
128
400
11
3084
*85%
*41
800
7,700
1,500
4,600
34
*17%
11%
31%
3"334
4,600
11
18%
11%
3%
17%
11%
110
*33
43
40%
1,400
29%
9
42
7,100
4,900
7,200
11%
*41
4134
600
16,100
2,400
3,800
11
14%
Adams Millis..
6,700 Allied Mills Co Inc
18,000
110
*15%
7%
128
2284
55
"moo
400
16%
778
42%
407s
3%
42
*40
54%
4%
42
3384
129
337b
55%
34
7%
42
*60
54
95%
8%
*118
77s
578
55
112% 117%
24
16
"33%
*1%
119
42
33
33%
984
22%
478
16%
784
40%
40%
3%
1884
11%
33%
61%
22
*37
118
125
14%
13%
*96
72%
4678
42
4578
22%
4%
*40
33
13%
25%
21%
•71%
47%
30
25
578
72%
46%
*16%
7%
40%
3984
3%
*1734
11%
778
1312
22%
272%
17
2584
168
72%
47%
21%
478
31
13
*130
8%
16%
34%
16%
77s
25
110
25%
8%
45%
37%
87
2584
29%
24%
4%
200
2,700
106
191% 19334
15
85
21
t
600
500
34%
13%
7%
35
85
9%
24%
36
34%
38%
16%
*12
3078
11
*22%
*35
35
9478
2%
3978
r
I8I4
118s
3134
18
23%
9478
2%
1512
31
12,900
8,000
25
23
95
2%
1378
8%
37%
15%
»1438
*1534
3%
3%
24%
24%
25%
37%
192%
100
30%
22>4
3478
714
3%
25%
106
191"
4%
*4
4%
11%
30%
23%
25s
14ls
75s
3534
*12
►
68
*3234
10%
10%
30%
23
34%
37
95
*3284
*34
165
125
*94
*23%
-~9~i6o
8%
131
95
24
15%
1478
25%
131
*94
3%
25
538
2,000
1,300
2,900
1,000
44,100
*90
8%
12278 123
67
124% 12484
25
5%
186
2484
21%
434
49%
35%
6778
44%
186
14%
*4
37%
35%
131
*165
36
7%
*41
70
131
121% 125
165
6534
131
14%
8
22% 22%
4%
4%
40% 42
117% 120
54% 55%
487b 493s
70%
3334
24%
72%
70
1484
4%
3%
25%
2478
25%
106
46%
71
27%
3%
7%
186
4%
96
•
188" 190%
190
47
*70
*164
►
72%
48%
47%
35
72%
49
131
37
4534
45%
21%
434
120
*13088 131
123
1247s
*2284
8%
56%
49%
4818
3%
25
*23%
8%
40
56
3%
25%
23%
25%
37%
357b
25
&
73
117
4%
106
25%
40
116l2 12012
55% 55l2
»
14%
4l»
3%
23%
23%
*22%
3%
8
*90
147fi
36
35l2
*21
*68
96
*4
186
*26
3%
3%
*778
182% 182%
4
4%
484
145s
45s
3i2
22i2
*20i2
20i2
27
3%
778
183i2 184
5l4
4%
34%
27
358
*4
*384
^
347b
100-share Lots
1936
Shares
1,100
16,400
1933 to
Feb. 29
Range Since Jan. 1
On Basis of
Week
Mar. 20
19
share
per share \
*45
457b
4578 *44
457b
4578
111%
111% *110
111% 111% *110
69%
70
70% 70% *70% 71%
per share
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
Mar. 17
8 per share
Sales
for
Saturday
100
5
No par
...
Armstrong Cork Co...—No
Arnold Constable Corp
100
par
5
35
15%
104%
11%
40%
120%
105%
4%
66%
Jan
2
8
Jan 2
Jan 3
Jan 7
Mar 13
8% Jan
35
24% Jan
100
10
Feb
46
48
48
478
35%
478
35%
5
%
%
2%
2%
3
31
8
8
30
37
7%
16%
1078
5
1078
96%
111
Jan 30
80
15
Feb 17
50
Jan
3%
2178
7
3%
36
Jan 13
106
117
110% Jan 20
7% Jan 25
64
97
122
84
Jan 28
3%
46%
55%
Jan 14
125
Jan 28
31%
85
47% Feb 24
7% Jan 9
61
Mar 19
13
25%
15
Mar
4
10%
68*4
2%
11*4
578
3
Jan 24
Jan 3
Jan 2
Jan 2
109
10%
38%
22%
94%
31
2
2
7
Feb 15
2684 Mar
7%
1
1
Jan 10
784 Mar
73% Mar
36% Mar
9
7%
8
2%
7
Jan 24
11% Feb
70% Feb
2
2%
2
Jan 10
2
27g
3%
4
49
17%
109
12%
52
122%
109
6%
70%
110
50%
9%
New York Stock Record—Continued—Page 2
1940
HIGH
LOW
AND
SHARE, NOT PER CENT
STOCKS
Sales
NEW YORK
14
Mar
Tuesday
16
Mar.
Mar
$ per share
$ per share
Wednesday
17
Mar.
$ per share
Thursday
18
Mar
$ per share
Friday
19
.
Mar
$ per share
$
20
19
1834
18*4
185S
181j
19*2
197.
197g
19
19i2
1934
*105*4 116
*103*2 116
*105*4 116
*105*4 116
*105*8 116
*105*8 116
16*2
1634
1612
1684
1634
17*8
16*2
1634
17
16*2
16*4
16*2
*107
109
*108
109
*107*2 109
*10712 109
*105
109
*106
109
*95
110
*46
48
7434
18
*13
*14*2
*15
3078
313s
6434
65
*120
•
23*8
*65
*120*8
-ww
www
.
w
25*4
4834
83S
4634
49
8
8
40*8
65g
40*8
7*4
53s
w
25*4
4212
4734
838
*38*8
2434
108
*4534
*101
4812
7634
110
6
*101
47
*4534
75*2
76*4
*100*8 101
76*2
75*4
100^8 101
*100*8 102
30
285S
2834
29*2
2834
*13ig
15*4
*135a
15*4
13*2
*15
*15
173g
*15
173g
3034
31*g
31*8
31*4
31*8
*65
67
67
*65*4
67*2
*120*8
122l2 122l2 *123*2
25*4
26*4
2534 26*2
25*4
49
4834 5134
5058
49*4
8*4
83g
*8
*8*s
8*2
*41
4212
*40*2 4212 *38*2
7*8
73g
73g
734
7*2
534
6
57g
5*2
558
1514
1738
31*4
67*4
3034
*101
48l2
74»8
29
28*4
*13*4
110
*4534
101
101
285a
15*4
27l2
48*2
757g
74
7534
100
100
*101
110
*4534
.
6%
100*2 100*2
1,400
28*4
*1334
29*4
5,100
15*4
20
*15
173g
3178
12",600
31
68
83g
40*4
Atlantic Coast Line RR
5034
8*4
8*4
*38*2
7*4
423S
10
75g
534
78,400
34,800
47*2
3,200
1958
20
21
1934
2038
2038
20
20*2
193g
20*8
28
29
27
2734 28*4
26*2
2734
28
2834
27
27*2
26*4
llO*?^ 110*732 110*732 HO'732 110*732 110**32 110*932 110* *>32 ♦IIO'SJZ
110*8,, 110*8,2
*45
47
*45
46
47
*45
*45*8
4~6~"
46*2 *45*4
453g
453g
116
116
*114*4 116*4
*114*4 116*4 *114*4 116*4 *114*4 116*4 114*4 114*4
*16
17
17
1634
17*4
20
1778
1838
19*2
20
2034
19*2
87
87
87
87
86*2
8812
88l2 90
89*2
94i2
94i2
9434
163s
1658
1638
17
1634
16*2
167g
1658
1634
1734
177g
173g
69
67
*66
67
67*2
6712
6734
6734
6634
67*2
68*4
68*4
*112
111
112
11278 *112
1127g
111
*110*4 112*2 111
all2
112
2378
24*2
2334
24*8
2334 24*4
2334
23l2
23*2
243g
2334
2334
*10578
*106*8
*106»8
*10658
*1065g
*10658
*35
36
35
36
36
35
*35
36*2 *33
36*2 *33
36*2
89
89
*86*2
*86*2 88*4
*86*4
8834
8834
87*2 8734 *87*2 88*2
15
15
1434
1434
15*4
15*4
15
15
15
15*4
15*4
15*4
*87
*87
*87*4
*87
*87*8
*87
24
24
2358
2434
24i2
253g
243g 253g
2434 25*4
24*2 25*4
38,300
4,700
7
658
5*2
5*8
47
51
47
4734
49
20
48*4
734
57g
55g
21
*47*2
4878
49
*47*2
47
m
wwww
"w
2H2
*5H2
m
-
w
mm**.
-
22
22*4
52*4
•
2238
51*4
51*4
2218
*51
www
-
www
-
w
2278
52*4
2238
*50*2
-
m
w
..w
1,800
'
•
mm mm
23
23
5234
23
52
*50
±
"www m
2312
2338
51*2
*505s
m
rn
'm'm
m
17
54
118
17
17*4
118*2
*37
38
1678
37
1738
18*g
*1838
*111
2034
*183g
*111
112
03*4
24*8
93*4
93*4
23*8
2278
24
235g
58
59
58*2
60*2
96*2
97
*96*2
59*2
97*2
93*4
*90*4
*96*2
40*4
40
56
577S
18 'J 18*4
11734 119*8
38
37*2
1734
18*8
18
37
18*4
112
56*4
118*4 11834
21
*183S
*111
56
20
112
94
*37*2
24*4
60
61
97*4
96
96*2
40*4
285g
97*4
97*4
40
40*8
3958
27*4
27
28*8
28
40*4
2884
79*2
79
7984
9*2
234
80*8
81
*2i2
234
1658
1634
*2*2
1634
17
40*8
28*4
80*2
9*4
*2i2
165g
9*2
25g
17*4
29
2838
80*2
*834
25g
81*2
9*4
234
17
82
9*4
25g
17
1638
62*2
7,000
4,100
3934
18
18*4
*1812
1934
111
111*4
94
*90*4
23*4
2412
60*4
6034
94*4
94*2
40
3934
28*4
29*4
89*4
8134
9
*8l2
*2l2
234
1634
16*8
61
61
63
633g
61*4
57
57
57
583S
59
59
59*4
60
60
60
4734
47*2
48
47
48
103s
103s
11*4
103s
103g
473g
10*2
48
11*8
46*2
49*2
47*2
1034
47
103s
4734
1034
58*2
47*2
58l2
4758
10
10*2
45
47
46
46
44
44
49
50
48*2
4878
52
50*2
51
60*8
60*8
11*2
5112
60*8
1214
llSg
17*4
11
113g
16*8
17
59*4
45*8
49
100
60
60*2
47
44*2
4858
497g
100*2 *1003S 101*4
*55
62
*1058
11
50*2
60*8
10*2
11
11*2
1078
16*2
1634
16*2
5012
*99
103
*102
61*2
*45
485g
11
103
100
51
60*8
11*2
11*2
1634
101
14
133s
1334
135s
98
98
98
1158
12
123g
12
17*2
18
18
17*2
26
27*8
17*2
2684
27*4
27
103
14
97
43g
412
4*4
•
46
495g
485s
49*4
1017a 1017g
10034 101*4 *101
97*2
45g
12*4
13l2
*97
6278
43g
1358
*98
4l2
125g
17*2
27*2
43g
51
14
117g
12*2
18*8
117g
17*8
103
60*g
1158
1758
4*2
1134
12*2
1734
17
2634
27*2
2634
w
20
16,900
6,500
330
650
21,000
9,000
103
100
100
14i8
97*2
45g
43g
12
125g
17*4
27*4
125g
17*2
2784
17*2
26*2
*1358
20
283s
6
6*4
16*2
15*4
20
20*2
28s4
28*4
6*4
1512
28*2
21
6
21*2
6*2
2
2*8
2234
233g
69
6*2
1534
6
293g
634
16*4
2034
63g
1
178
28*2
6*2
6*2
16*2
16
*3312
k 1*4
812
33*2
1334
2*8
213s
21
21*4
6*8
2*4
23*4
67
68*s
69
25
512
2*8
2034
*65*4
69*2
2534
3378
138
33*8
33*2
34
J*
33*4
1*2
13g
1*2
13g
834
85g
9
834
3334
135g
93g
834
534
512
2*4
34
33*4
135S
14
*56
*53*2
13
38
*1434
*48*4
*
~1~3 *2
8*8
ww
*5312
w
1234
*3758
1658
*15
*48*2
13
165g
50
50
100*2
8*2
131*2 13334
*135
1412
39
99
*99"
3378
w
138
13*4
*
99
l66"
8*8
734
8*s
100
132
134
135
*134
139
135
245g
3338
138
34
34*4
34
33l2
14i8
13
*3758
99
*99" 100*4
85g
8*2
130*4 134*4
*134
*60
67
*60
z333s
35
34
3434
33
*47
51
*48
497g
*47
8
*7*4
*98*2 107*2
*99
51
1638
89
*101*2 103
3934
41
64*2
555S
64*2
56*4
2*2
4*8
212
4
*178
*6
*7
*27
2*8
4*8
378
2
6l2
10
28
2*4
4l2
4
16*4
*483g
50
*
99
*99"
*483g
*
100*8
834
*98*8 100*4
133
13412
132
133
135
135
135
135
8*2
/8I4
687S
70
70
28*4
29*4
*28*4
28*2
29*8
29*2
2858
28
2634
2834
67
*60
67
65
65
33*8
4978
7*4
3234
33*2
*47
107*2
*99
29
*65
34*4
51
*47*2
8*2
703g
29*2
29l2
70
3414
51
100
_
110
38,800
700
16,400
22,600
Blaw-Knox Co
,
5
Bon Ami class A
No par
$6 preferred series A...No par
*7
10
27*2
2*8
4*4
384
28
*7
28l2
2*8
43g
2*8
438
4
3*8
10
10
I684
53*2
25g
16*4
53*8
57g
55g
534
534
25*2
2*2
5*2
5*4
24i2
24l2
For footnotes see page
2*2
1938.
10
*7
10
» *7
3034
1
2*8
438
2878
2*4
434
30
378
4*8
10
*7
28l2
2*4
45g
4*4
10*2
28
17*2
537g
2*2
534
57g
25l2
10
10
17
17*4
54
54
2*2
6
534
2434
212
6
534
25*4
2*8
43g
334
*10
1678
*52*4
238
534
534
*25*4
2*8
4*2
378
10*2
17*4
53*2
23g
534
534
253g
30*4
1 2
1 4*4
f 384
*9*2
»
1678
154
*
238
55g
5*2
24*2
100
700
2,000
20,600
100
2,600
800
1,100
10
3034
"2*8
4i2
37g
10*2
2,800
1,700
5,200
7,800
800
167g
3,700
54l8
23g
684
800
534
2,100
1,700
2,400
25*4
900
w
No par
Canadian Pacific
Cannon Mills
Capital Adminls cl A
113
Jan
6
Stpd
Carriers & General Corp
Case (J I) Co.
Preferred certificates
Caterpillar Tractor
Celanese Corp of Am
JCelotex Co
28*4
6*g
395g
8
68
90
3
45
38
38
4734
2
30*4 Feb
83i2Mar
18
21
2734
11*2
28*4
334
70*2
*2
234
17*8
Jan 21
Jan
41
Jan 17
4
Jan
7
2
97*4 Feb
4
Mar 13
MarlO
Mar
9i8 Jan
Jan
6
4
11*2 Jan 30
33s Feb 14
1878 Feb 13
6478Mar 6
48
85
Jan 15
7
60i2 Mar 10
48i2Mar 11
12U Mar 5
5D2Mar 5
503s Mar
9
5% preferred
Checker Cab
Chesapeake Corp
Chesapeake & Ohio
JChlc & East 111 Ry Co
6% preferred
Chicago Great Western
71*2
6384
Feb 24
47
5
16
538 Mar
5
14
197s Jan
64
74
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2
Jan
6
30
Jan
6
13U Feb 19
54
Jan
6
7
8*4
*4
24l2
234
*4
1434
1*2
2
17
4i8
1*8
38
113s
10
32
165s
*4
30*2
*4
2*2
7*2
8*8
42*2
1*8 ?
20
30
13
Jan 10
Jan 13
Feb 10
Mar
9
13*4
1
5*4
1*8
28
3*8
10*2
22i2 ;
3*2
38
1»4
113g
2058
32
2*2
Mar
3
6
2
Jan 31
Jan
Feb 19
8
87
Jan
4
90
91
Jan 21
116
Jan
7
10078 Feb 21
72
58
Jan
7
253s Jan
6
47
Jan 21
7is Mar 20
102
Mar 12
4734 Jan 21
138s Jan 6
80i2 Feb 4
101
Mar 13
2214 Jan
No par
59
25
51
2
Jan
Jan
Hs Jan
278 Jan
66
27i2Mar 13
I84 Jan 2
16
5U2
1&8
4is
3&s
1984
85
358
7
4534
567g
83*2
36*2
95
8*8
111*4
126*2
19*2
16*8
353s
21*4
Feb 18
55
55
6234
1834
22*4
29
34
34
Mar 13
Feb 21
Mar
7
665s Mar 20
104i4 Mar
4318 Mar
74i2 Feb
Feb 19
Jan 13
Jan 15
Feb
6
Feb
7
Jan 31
318s Jan
60
6*8
62*2
123g
75
96*4
109*2
2334
25g
10&8
385g
35g
23
653g
153g
88*4
438
2912
37*8
37*8
1
1
5*2
7
6
4
6
6
3
Feb
8
Jan
2
8
Jan 11
Jan
2
Jan
2
Jan
Jan
70
35
88
Feb 19
7
2
2
Mar 13
14
32i2
82*4
48
60
26
17*8
16*8
Feb
2
858
438
15
66
2
30
6
Feb 11
Feb 11
Feb 21
Jan
50
858
2214
4*4
6
278
578
478
12is
20i2
3is Jan
784 Jan
44
.
333s
175g
56*2
1334
40*4
Jan
1818 Mar 6
95i2 Feb 26
12
8*8
,
634
Mar
984 Jan 17
107
314
6I4
25s
8i8
Jan
3
57
61
Jan
No par
3
143g
20
4584 Jan
1>2 Jan
Chicago Yellow Cab
934
97*2
10*2
*4
2
3214
31i2
7H4
3514
100
100
13
20
Jan
13
7
6% preferred
16
5484 Jan 16
tChicago Rock Isl & Paclfio..l00
7% preferred
100
11*2
87S
1734
2*2
334
1
4312 Jan 11
18i2 Feb 24
4878 Mar 6
26i2Mar 13
1914 Jan 6
100
*4
2
7
4
37»8
178
934
363s
16i2
57i2
*8 Jan
6
No par
No par
*4
100
2534 Mar 17
No par
No par
3*4
23
2*2
4*8
*4
33i8 Mar 13
4
Conv preferred
8*8
6234
3
5
Mar
100
Preferred
6
Mar
5
100
Chicago Pneumat Tool
33g
4*4
3l2
Mar
984 Feb 19
Chicago & North Western.-.100
33s
15
28
JChic Ind & Louisv pref
100
Chicago Mail Order Co
5
JChic Milw St P & Pac
No par
Preferred—
100
Preferred
4634
Jan 15
Mar 17
Feb 14
Feb 14
135i2Mar 12
137i2Mar 4
100
38
90
6
100
14
36*2
100
*4 Mar
5*2
14
2534
53
3
5
138
42
43
4
No par
No par
13s
553g
55
69*4
Jan
7% preferred
100
Champ'n Pap & Fib Co 6% pf 100
23*8
303g
41
784 Jan
100
10*2
87g
43
92i2 Jan
Central Aguirre Asso
No par
Central RR of New Jersey
100
Century Ribbon Mills...No par
Preferred
100
8*2
24l2
25
22*2
597g
100
Jan 31
Mar
1
*2
8*2
6*4
90
5612
655s
12i4
14U
20is
113i2
19i2 Feb
3Hs Feb
334 Feb
33s Feb
3314 Feb
814 Mar
1834Mar
2334 Jan
65g Mar
35$ Jan
2514 Feb
255s
212
814
I6I2
2&s
334
2
His Mar 13
1112 Jan 10
1
6i8
8
Jan 20
22*4 Jan
28;
10178 Mar 19
1
No par
2378
3334
Feb 28
100
100
,,
26*2 Jan 29
63*8 Mar 7
97U Mar 19
1078 Jan 20
100
65
99
237*2Mar 17
10
27*2
9
1.25
Carolina Clinch & Ohio Ry__100
Y434
17U
112
6
Jan 24
No par
1
121*2
Jan
1
Calumet & Hecla Cons Cop
25
Campbell W & C Fdy
No par
Canada Dry Ginger Ale
5
Canada Southern
100
Preferred A
880
100
Feb 28
Mar 18
23*4 Mar 19
California Packing
Callahan Zinc-Lead
Cerro de Pasco Copper
4
.No par
19
120
52
5534
207$ Jan
52
No par
Certain-Teed Products
165g
86
90
.
2U
Preferred
6684 Jan 11
5978 Feb 19
'
17
100
...No par
1178
15i8
114
100
Debenture
12
95g
16
No par
934
5
2438 Mar
95
1434
117*2
2412
2234
57*2
165g
103*4
5
100
*2658 Feb 19
79
33*2
6
No par
10
No par
79
11*8
1484
Bruns-Balke-Collender
Bucyrus-Erie Co
7% preferred
Rights
Mar
88
33
72
7
20*8
108*8
16
59*4 Mar 13
87S Jan 29
87s Jan 2
7% preferred
I6I4 Mar
100*2
...
6634
115
2014 Feb 19
215a Feb 11
l
50
Budd (E G) Mfg
14
834
1434
6
No par
15,000
51
16
85
23
80
Mar 11
15l2
88
3934 Mar
No par
Byers Co (A M)
•wwww.
743s Feb 14
114U Jan 15
57g
37*2
IO784
116
3
40 U
11,700
100
578
18
25*4
110*2
49l2
Jan
Buown Shoe Co
37,000
7*8
*99
Feb 27
Brooklyn Union Gas
Preferred
32
215g
4i| Jan
33is Jan
JButterick Co
4,000
14
40
5634
No par
33,100
4,900
Mar 20
183s Feb 19
36*8
4
No par
Preferred
Bush Term B1 gu pref ctfs.-.lOO
Butte Copper & Zinc
5
120
106*4
3*4
Feb
5984 Mar
64
1,190
49,500
10,500
28,000
2914
9H2
214
Feb 28
Mar 19
34
10
No par
20
49i2
117i2
2034
9484
215s
443s
15
...No par
No par
100
3,300
7,700
7*2
9*8
10084
918
21
Borg-Warner
JBush Term
......
86
4
Borden Co (The)
Burroughs Add Mach
400
1105s Feb 17
1335s Mar
937s Feb
39*8 Jan
25^8 Jan
Corp
5*4
658
1*2
7*2
2
109*4 Jan 24
5
Bohn Aluminum & Br
9,600
13,900
3,300
1,200
1*2
1514 Jan
19i2 Feb
100
Boeing Airplane Co
6
1678 Mar 13
100
Blumenthal & Co pref
7
23
No par
Preferred
Jan
112
No par
Bloomingdale Brothers
Bullard Co
49,300
14
52i2 Mar 13
No par
5% preferred20
7% preferred
100
Bigelow-Sanf Carpet Inc-No par
51
52
50*2
51*4
543g g 54*4 1 565g
51*2
16*2 Ji 1778 |1634
16*8
16*4
16*2
165g
175g
87
*85l2
85*4
88I2 " 90 4
86*4 89*4
85l2
103
101*2 101*2 *10134 103
*10112 103
*101*4 103
k102
41
41
42
41
43
41
*40
*40*2
4112
i 41*2
65
68
65*2
68*4 |68*4
66*2
6834
66l2
67*2 67*2
56
56*2
55*2
565g
575g 157*4
5778
5678 58*2
5738
*2*4
27g
*2*4
*2*4
27g 1*2*4
27g
*2*4
278
27g
4*8
4*8
4*4
45g
45g
434
4i2
45g
4i2
1*414
2
2
17g
1*8
178
178
1*8
178
*134
4*134
6
6
6
6
6
6*4
*63g
63g
6*2
63g
50*8
7*4
107*2
48
49*8 Jan
120U Jan
1912
45*2
63
55
100
48*2
2»4
7i2
7*2
Jan
Jan 18
17*2
1978
35*2
Feb 24
26
20
92*8
37*4
234
54i2 Feb 28
24i4 Feb 21
34i4 Feb 19
Jan
1318 Jan
8512 Jan
21&8 Jan 20
60
275s
54
3,800
9,900
Jan 24
Mar 18
44
5*2
27
No par
22,600
15
4
Feb 13
No par
No par
4,400
24,300
15
Jan 15
10i8
46i2
784
678
Marl6
Bulova Watch
2,700
4
90i2 Jan 28
Budd Wheel
30
15,300
4
36
1,400
m
18
75
108
Bklyn Manh Transit
7,000
6,300
Feb 18
30*s Feb 14
54U Mar 5
Feb
No par
Beth Steel Corp (Del)
3
121i2 Feb 21
Feb 28
1,900
15.900
7,200
3
35
Bristol-Myers Co
5
Brooklyn & Queens Tr__.No par
700
Feb 24
85
5
Class B
104
5
50
Belding Heminway Co
No par
Belgian Nat Rys part pref
800
*7*8
107
Mar 17
Jan
20
Beech Creek RR Co
Beech-Nut Packing Co
7*8
107*2
7*4
18
17,700
1,700
2,800
15,400
50
99
70
10
*2334
165g
2778
16
2*2
5*2
5*4
2534
*16
6858
53*2
238
13*2
40
15
27
17
5*8
13*8
111
25
D2 Jan
157S Jan
5H2 Jan
wwwww.
40
69*4
738
7*2
*98*2 107*2
153g
-
13*2
*3734
28
52
5*4
1434
*56
68*8
27*4
1634
10*2
357g
15*4
677g
273g
52
10*2
139
13g
9*4
3578
834
35
38
13*4
13*2
50
35*4
49*2
16*8
145g
9
*56
38
*4838
*
67
50*2
15
17*2
*60
*81
13S
834
••www
*16
66
8
69
24
2634
26*2
*7*2
*66*4
343g
1*2
67*2
*101*2 107*2
21*2
69
24*2
2778
*47
1
1*4
23*4
34
67
35
*66
,
2334
27*2
*26*2
27*2
217g
6*4
6*2
34*2
1*2
93g
'
8*2
130*4 133
175g
21
297g
8*4
1834
23*4
65g
1*4
227g
25
*56
50
99
73g
34
337g
1412
*48*2
*
69
29*2
7*8
17
20*8
6*8
1*8
2234
23
30*4
16
24*8
13i2
37&g
1634
3:37*2
100*4 100*4
22*4
*66
mm, mm
*16
38
*19*4
29*8
6*2
Jan
82U Jan 10
14i8 Jan
63*2 Jan
No par
100
Class B
2938
Jan 22
13U Jan
5
Bayuk Cigars Inc
1st preferred
,
114
100
Beatrice Creamery
Preferred
2
417s Jan
50
100
Burns Bros class A
28*8
57S
109
No par
Barnsdall Corp
"
4*4 Jan
37*4 Jan 14
16*4 Jan
22U Jan
100
6M% conv preferred
Mar 11
4*8 Jan 15
JBotany Cons Mills class A.-.50
Bridgeport Brass Co
No par
Briggs Manufacturing._.No par
Briggs & Stratton
No par
13,900
103
1334
115
100
115g
125g
1734
97*2
3234
10634
Jan 17
7*4 Jan
500
17
73
2
Jan
100
1,500
12*4
28
Boston & Maine
51
11*2
20*2
400
60
434
12*8
*17*4
w
50
51
98
98
WW
*59
103
/103
135g
14*4
99*8
4*2
6234
12,500
10178 1017g
51
60*8
51*2
60*8
12*4
11&8
900
39*2
25
6134
18*4
119*4 II934
3834
25
78
9
18
18*8
120
20i2
40
Beneficial Indus Loan....No par
Best & Co
No par
42,300
Feb 13
2
7*4 Mar 13
100
Bendix Aviation
57*8
6
34
48
No par
15,100
56*8
18
18*4
11834 11934
37*2
39*4
1734
18*8
1734
18*8
*1834
1934 *18*2
1934
*111
112
*111*4 112
94
94
*90*4
*90*4
1778
119
24
39*2
*8*2
*2*2
16*2
573g
60
2634
95S
565g
24*2
6212
40
*8*4
573g
6
27*8 Jan
6
7% preferred
5578
1912
401* Jan
Bethlehem Steel Corp
5434
19l2
14i2 Jan 27
3584 Feb 21
16*8 Feb 6
18*2 Feb 6
No par
33*300
200
3584
53t4
..No par
Preferred
80
m
100
80i2Mar
6
Barker Brothers
6,000
30
109
2984
3534
665g
18U Jan
Preferred
2,080
32,600
1,100
700
807g
48
Jan 22
Baltimore & Ohio
1834
44
No par
_
978
90
26
12
Bamberger (L) & Co pref
Bangor & Aroostook
50
"
2
7*2
36
Mar 13
Preferred
100
mm'rnm
90*4 Jan
334
70
8
-.100 *112
Prior A
10,600
_
2
318
6334
7U
Mar 13
Aviation Corp of Del (The) new 3
Baldwin Loco Works
No par
950
'
Jan
.No par
Austin Nichols
700
59
6
High
% per share
5118 Feb 10
27
Preferred
20,000
103
Jan 11
25
Atlas Tack Corp
Auburn Automobile
Jan 20
109
Feb 21
No par
100
Atlantic Refining
Atlas Powder
2,500
Feb 17
98
43
-_100
At G & W I SS Lines
10
2578
106
100
Preferred
Low
\
1784 Mar
100
Atch Topeka & Santa Fe
800
w
95
25
100
Preferred
68
*123*2
*24*2
503g
49*2
w
~2~6~3g
Year 1935
Low
22is Feb 27
100
1st preferred
7% 2d preferred
10,660
3
Jan 20
13*2 Jan 29
1
Associated Oil
763g
75
8*s Jan
95
100
Associated Dry Goods
47
Highest
$ per share
No par
Preferred
..
'
W
Artloom Corp
8,600
109
*4534
2884
13*2
173g
3U2
6734
w«w
Lowest
$ per share
Par
"5~2o6
Range for
3
1936
Shares
.
0
On Basis of 100-share Lots
Week
share
per
Range Since Jan. 1
STOCK
EXCHANGE
the
<18
*99
i
1936
21
July 1
SALE PRICES—PER
Monday
Saturday
March
Feb 21
Jan 2
77g Jan 10
x2fli2 Feb 19
43g
36
78
58
1»8
1&8
1
1
884
*4
84
1*8
358
358
1414
84
15s
1*4
9i8
2~1~
61*4
78
58
53*4
2*8
3*4
2*4
55g
9
19*8
*4
235
3
1&8
434
558
10&8
205g
5434
25g
4*4
1*4
9*4
1984
84
13g
'
35g
45S
20
84
4
1
'
'
New York Stock Record—Continued—Page 3
Volume 142
1941
July 1
HIGH
AND
LOWTSALE PRICES—PER
Sales
SHARE, NOT PER CENT
NEW YORK
Saturday
Mar. 14
Mar. 16
$ per share
$ per share
1
Monday
Mar.
2534
26%
*10%
10%
10
*31%
93%
31%
Mar.
17
Friday
Thursday
26%
26%
26%
26%
26%
10%
10%
10%
10
10%
10
10%
1,300
5,300
3234
3234
*31%
3234
3234
3234
30
28
27%
95%
96%
9734
95%
17%
17
95%
1634
97
17
93%
16%
*31%
95%
17
1634
1678
17
17
17%
17%
79%
80
79
79
79
79%
79
79%
79%
79%
80
80
45
45
95
34
36
7
*156% 350
*95
mmmm
*
7
36%
37%
37%
36%
*156% 350
*156% 350
*95
*95
~
mm~~
*93
m
+
3,800
370
-
-
m*
*101
102%
45
43%
*109% 110
684
6%
—
17
1634
3%
18
*16%
4%
5%
27
29
33
33%
33%
33%
33%
34
25
32%
26
32%
3234
31%
34
32%
34%
32%
33
33
35%
35
33
32
33
105
113
3884
103
10534
104
10434
38
*37
47%
*37%
38
473s
*47%
17%
47%
4%
5
35
'
*37%
47%
*30
38
3734
*4634
10
10%
*75
79
*69%
6%
19
33%
106
*4%
14%
*105%
8%
%
12
12
2
86% Feb 19
63%
6984
35
35
5
No par
Preferred
100
400
17,200
13,200
100
5,630
22
20%
4%
434
20,800
4%
25
24%
727g Jan
7
2334 Jan 21
No par
100
1,700
27%
48%
Jan 13
60
80
87
50
Feb 20
31
48
No par
53
Jan
70% Feb
20
124
Jan 15
90
110
No par
84
Jan 31
No par
55% Jan 16
No par
17U Mar 13
7
26
17
15
6
20
100
100
Cluett Peabody & Co
Coca-Cola Co (The)
Class A
Colgate-Palmolive-Peet
102% Mar 16
preferred
Collins & Aikman
No par
100
Preferred
Colonial Beacon Oil
No par
J Colorado Fuel & Iron
No par
Preferred
100
;
Colorado & Southern
100
4% 1st preferred
4% 2d preferred
100
100
8,500
Columbian Carbon
1,200
Columbia Pict
2,200
10
10,000
mmrnrn'mm
3,500
:
mm**^mm
1,300
v t
Corp
c..No par
c.No par
v t
42
6
Mar 13
2
36
94
Jan
7
118% Mar 19
3584 Mar 18
z45% Jan 22
$4.25
conv
10
44
Jan
9
110
Jan
8
55
Jan
9
1105s Jan
9
No par
of 1935No par
Solvents
No par
pf
6
100
Conv preferred
ser
Jan 10
97
46,200
Commercial
98,300
6,200
Commonw'lth & Sou
No par
2014 Feb 10
2% Jan 2
$6 preferred series
No par
60
Mar 13
10%
10%
11
10%
10%
10
10
No par
3634
36%
37%
36%
37
37%
38%
1,400
8,000
Conde Nast Pub Inc
36
3512 Mar 16
2234
23
23
23%
23%
24
24%
500
Congoleum-Nairn Ino
Congress Cigar
No par
*21
No par
16
1434
15
15%
15
15%
15
15
15
15
14
310
Connecticut Ry & Lighting.
1,500
25%
10%
25%
25%
10%
25%
10%
10%
78
*75
*79
8134
*69%
85
634
19
3484
106
79%
*69%
5%
14%
mmmm
33% 34%
10534 10534
8%
1
17%
2%
5
14%
14%
*75
78
*75
*80
8134
*80%
85
*80
*75
81
85
78
82
*80
8134
*80
85
160
Consolidated Cigar
Preferred
...100
Prior preferred
Prior
...
No par
100
100
pref ex-warrants
Consol Film Indus
2,200
62,400
I
No par
18
Consolidated Gas Co
30% Jan
2,900
1,200
94,700
No par
No par
Consol Laundries Corp
Consol Oil Corp
5%
14%
1434
8%
%
8%
8%
1
%
23%
23%
23
17%
18%
17%
2%
7184
2%
2%
73
7134
79%
8034
82
81
8234
*70%
813*
21%
41%
2I84
20%
21%
22
42
41
42
21%
41%
2%
34%
61%
3
3
35%
33%
6O84
35
61%
6I84
72
74
73
74%
7234
2%
4%
14%
*105
*105
21
*8%
884
1
%
23%
18%
23%
1734
2%
2%
73
*71%
53s
15%
1434
15
mm* m
35%
106%
*105
■'
mmmm
mmmmmm
700
1
11,400
JConsolidated Textile
23%
24%
10,100
Container Corp of America. __20
18%
17%
18
15,000
Continental Bak class A..No par
2%
7,900
2%
2%
72%
*70%
72
100
81%
82
9,900
21%
21%
3,100
2,800
81
82
22
2I84
42%
41%
3%
334
42%
3%
42%
3%
3%
3334
34%
3334
343g
35
3434
35%
62
62
62%
63%
64
64
640
74
73%
71%
73
8,800
165% 165% *165%
6%
63S
6%
100
8%
%
2334
83
34%
62%
72%
73%
*165%
Consol RR of Cuba pref
*7
61
3%
No par
new
1
3%
42
Preferred
No par
No par
8%
21%
42%
3
5i2 Jan
Preferred
73%
42%
4
35,100
100
*165%
mmmm
111,300
No par
No par
Class B
Preferred
100
:
Continental Can Inc
20
Continental
5
Continental Oil of Del
Corn Exch Bank Trust Co
Corn Products Refining
20
25
100
Preferred.
10%
1%
67%
731*
Jan
6
Jan
2
3
Jan
Jan 30
3
Jan 14
162
36
36
36
36
36
35%
36
No pas
16%
48%
16%
16
16%
16%
16%
16
16%
2,400
8,500
Cream of Wheat ctfs
Crosley Radio Corp
No par
50
51
1534
50%
51%
50
50%
5084
6,200
Crown Cork & Seal
No par
43% Jan
46%
46%
4634
4684
*46%
46%
50%
*46%
50%
46%
46%
200
*102
*102
9%
36%
*109
*46%
93*
37
115
'mm****
*102
9%
9%
934
mmmm
*102
10%
97*
38
37
2%
95
13%
13%
96%
95
96
95
96
96
39
39
39
39
39%
19%
39%
393*
19%
8%
19%
*104
10
934
37
36%
37%
37%
115
*109
115
114% *109
2%
2%
2%
2%
2%
2%
14
*9% 13%
11% 11% *12%
13
13
13%
13%
12%
12%
36%
2%
8%
18%
mmmm
*110
*11%
13%
18%
19%
9934 100
6%
19
19%
10084 *100
100
19%
10034
8%
8%
19%
19%
80
*75
80
*75
80
80
65
62
62
*62
65
*62
58%
8%
57%
*8%
58%
*57%
*8%
58
79%
29%
23%
4434
77
79
79
80%
29%
23%
29%
29
29%
2334
24
43
44%
19%
18%
19
2334
44%
18%
8%
■78%
29%
23
44
18%
7%
140
*334
*10
7%
140
9
18
9
8
*7%
*137
140
*334
9
18
*10
52
50%
7%
140
*334
58%
*8%
79
9
2%
13%
13
99
101
99
39%
40%
20%
1,400
8%
8%
734
18%
19%
18%
83s 208,900
67,100
19
85
*80
85
62
62
62
62
60
59
59
59
59
2,300
*8%
9
*83g
9
100
12,500
8334
82%
84
29%
29%
29%
24
23%
23%
44%
19%
18
x23%
44%
43
44
9,100
1834
734
19%
18%
19
14,500
8
1,300
141% 142
700
*10
18
*52
5334
8
*334
*%
*15*
17%
1%
2
30
I 30%
31
31
313*
31%
31%
32%
16
*15%
1%
*1%
16
16
16
17
17
*15%
*%
1%
7%
1%
1%
7
7%
7%
7%
*15%
15% *15% 15% *15%
*113%
*113%
*113%
142% 144% 142%
14184 145%
131% 131% *131%
*131% 132
115
115
*114
115
115%
*18
*18
*18
22%
22%
834
834
8%
8%
8%
160
161
160
161% .161%
....
*164
30%
*7
40
112
15
6%
1434
5934
5534
mm
31%
7%
41%
112
15%
7
*165
*165
31
7%
32
734
1%
18
mmmmmm
54
54
400
22%
884
162
mmmm
343g
7%
4034
161%
64
l6334
»5584
58
•59%
(The)
pref
preferred
Cutler-Hammer
pref
100
..No par
No par
Ino
Davega Stores Corp..
5
Deere & Co
Z.....—.No par
20
Dlesel-Wemmer-Gilbert Corp. 10
Delaware & Hudson
100
Delaware Lack & Western
50
Preferred
Denv & Rio Gr West
100
pref
100
Detroit Edison
1,600
1,300
23,900
5,000
1,300
74,100
21
*18
21
8%
8%
83s
8%
162
162
162% 163%
165% 165% *165
34
35%
36%
3538
7%
7%
7%
7%
3934 41%
39% 40%
........
111
111
*111
15%
66%
69
63%
61%
64%
6534
62%
1084 Mar
48
40
27
4878
43%
74%
100
3%
4
9%
3%
38
Feb 18
14
14
Mat
6
30
47%
4
%
105%
1
2%
14
3
5
2%
5%
6
14%
40%
8%
80»4
44% Jan 14
23% Jan 8
35%
13%
37
47%
15
38%,
89%
2434
105%
Mar
Feb
4
4
2
101* jan
6
9% Mar 11
21% Mar 9
2
80
Mar
9
90
Jan 21
73
73
62
Marl6
4
Jan 15
334
4%
12%
6%
X95
70% Jan 27
61
61
75
43% Jan
8% Feb
6
3
65
16
47
52
Jan
7
84
2234
10%
6834
27
Jan
2
31
9%
5%
10%
10%
4%
19
28
23%
23%
23% Feb 20
11
11
9% Feb 7
153
Feb 17
55
65
2
2
Mar
6
934 Mar
6
Feb 13
26
3684 Jan 20
Mar 20
52
22
1534 Jan 20
43g Jan 4
12884 Jan 6
Feb
Mar
7
6
16
Feb 20
100
17
Jan
9
42
Jan 10
57% Feb 25
Diamond Match
No par
11534 Feb 4
37% Jan 18
1%
21% Jan 31
No par
100
119% Jan 11
40% Jan 25
88
Jan
8
Distill Corp-Seagrams
LtdNo par
25% Mar 13
Dome Mines Ltd
...No par
41i* jan
No par
884 Jan
Douglas Aircraft Co Ino..No par
50% Jan
2
3
6
29
42
Jan
Mar
3
1%
20
89%
21
6
34% Jan 2
52% Jan 24
11% Jan 23
27%
3
8%
6
1878
-
1%
33
12%
583*
32
8%
338
13%
134 Jan 15
%
%
100
li* Jan
3
%
%
300
100
1
Dunhill International
No par
Duplan Silk
6
Feb 17
7
Mar
Jan 17
Jan 31
Feb 19
132% Feb 27
112% Mar 19
*18
8%
163
165
300
130
21
8%
165
165
7
8
114
Feb
138
Jan 31
2,800
Eastman Kodak (N J)
130
35%
51,100
7%
41%
700
15
7
27,800
6,900
1584 247,300
22,400
67%
6684
68%
63
62
64%
5
Eastern Rolling Mills
7%
6%
6% non-voting deb
100
Duquesne Light 1st pref
100
Durham Hosiery Mills pref. .100
4,000
35%
40
DuPont de
11,700
No par
6% cum preferred
Eaton Mfg Co
100
No par
Eltingon Schild
No par
5
Elec Auto-Lite
(The)
100
Preferred
3
Electric Boat
Elec & Mus Ind Am shares.
Electric Power &
$7 preferred
$6 preferred
_.
Light—No par
No par
No par
2
11534 Feb 14
141* Jan
100
Nemours(EI)&Co.20
Preferred
8,600
Jan 15
8%
18%
115%
150%
129
18
Feb
Mar 11
7% Jan
156% Jan
158
2
2
Jan 27
28% Jan 6
714 Mar 13
36% Jan 21
110U Jan 23
13% Jan 6
6% Jan 2
6% Jan 2
3234 Jan 2
29%
Jan
2
25
1234
Feb
69
Mar 18
64% Mar 18
146%
104
115
12
3%
65%
120
10
3%
11%
75
6
17% Feb 4
7% Feb 21
16% Mar 17
19
116
12
36% Mar 19
9% Jan 30
44% Feb 19
114
1234
1
13*
8%
85
3
Mar 13
2
17%
86%
126%
59%
104%
9% Feb 11
166
638
103
92
2'
Jan 13
167% Mar
41%
38%
44%
634
1784 Jan 31
1,500
41
17%
32% Mat 19
6
120%
634
11%
7534 Jan 30
6
Preferred
503s
34%
51* Jan 10
78 Mar 11
Jan
19
25
100
A .No par
5
6
5%
35%
114%
26%
343*
No par
Dresser (SR) Mfg conv
24%
43%
19%
130
Convertible class B
280
14%
16
15%
66%
Jan 30
105
23%
Duluth S S & Atlantic
25,500
7%
1938
I8S4
32
200
14%
1484
6%
II84
400
1,200
111%
14%
7%
7%
3978
3578
10
Dominion Stores Ltd
165
7
2
25
783s
60
148%
4%
1%
14
14%
7
3%
23
Jan
PkParticipating preferred
234
16%
33
111% *111
14
55%
133
6
7
5% non-cum preferred
Devoe & Raynolds A
20%
4478
%
%
I8S4 Jan 7
54% Jan 15
47% Jan 7
104
1
99%
7
28%
37% Jan 10
99i2Mar 13
mmmm
*18
7% Mar
102
1
Cushman's Sons 7%
8%
78% Feb 20
165% Mar 17
Jan
Feb 25
Mar 9
A
69
46%
6284
6984
6%
631*
385s
185s
Curtiss-Wrlght
%
4%
%
35
No par
Preferred.
2%
22
2% Feb
181* Feb
14% Mar
Jan
Jan
11* Jan
63s
12%
101%
8%
13s
23%
1178
1%
15%
115
Jan
3484
105%
1%
6%
100%
4184
3
11
50
37
7%
22%
12%
41
No par
100
10
100
%
44%
80
40%
Jan 25
103
Packing
Curtis Pub Co (The)
Class
75* Jan 17
35
Preferred
4%
82
72%
3%
14%
1578
72%
Jan 14
69
No par
Sugar
Cuban-American
Cudahy
Jan 27
102
100
Cuba RR 6%
z71
74
69
*%
*2
mmmm
*6%
57%
*1%
Cuba Co
7
451* Jan 14
100
Preferred
1%/
734
62
16%
*31
7%
32%
15%
6234
13s
1%
No par
Crown Zellerbach v t c
Crucible Steel of America
58%
11%
7
38% Feb 11
1st preferred
*10
2
2
2
2
2%
7%
7%
7%
73s
7%
7%
15%
*15%
15%
15%
15% *15%
153s
*113%
*113%
*113%
144
147
147% 149
144% 14534
145
131% 131% *131% 13184
13134 *131% 13134
112% 113% *110% 115%
115% 113% 113%
2
z40% 40%
112
112% *111% 111%
14%
15%
14% 15%
7%
634
6%
6%
15
16
115% 16%
39%
*1 %
..No par
Pap 1st pfiVo par
preferred
Detroit <fc Mackinac Ry Co__100
9
,
30
1,100
2,300
44
*51%
5334
50%
*50%
*116% 11634 *116% 11634 *116% II684 *116% 11634 *116% II684 *116% 11634
37%
38
37%
37%
37%
37% 37%
37% 37%
37%
37%
37%
40
40
40
*39% 40
39
3934
*39%
39% 40
39%
39%
28%
26
26
26%
26%
25% 26
255*
26%
25% 26%
26%
45
45
45
45%
45
45%
45
45%
4434 45
453s
45%
9%
9%
984
9%
9%
9%
934
9%
9%
9%
9%
9%
71
73%
71%
7234
68% 71%
74%
67% 69%
73%
68% 69%
1*29%
L*15%
60
*80
,
29%
*10
870
100%
7%
8%
140% *141% 14184
9
*334
8% t *334
18
20
20
80
52
2,200
23,700
100
140
9
100
20%
29%
8
8
14084
3,400
100%
.
79%
24
10,600
1,700
6,700
39%
4334
1S34
19%
51
9
2%
12%
*29%
23%
46
*10
59
111
*12%
1934
65
58
*109
2%
100
80
65
36%
111
10
36%
$2.70
Crown W'mette
----
12%
99
8%
19%
*75
934
36
13%
39%
20%
8%
*104
10
2%
100% 10034
18%
mm mm
12%
39%
8%
50
*46%
46%
*1134
100
19%
8%
18%
111
6%
49
24
Mar 20
*68% Jan
21%
24
4
Mar 13
4584
9
14%
2% Jan 2
33% Mar 13
60
27
14%
Jan 10
6
16%
X36
7%
20
36
6%
16%
5
15%
49%
6%
57*
11
Feb 11
36
No par
3
71
46
16%
Coty Inc..
%
5
44% Jan
2534 Mar
24% Mar
6
237*
16%
29%
Marl6
Jan
105
h
17%
Feb 17
6%
100%
2%
%
19%
6% Jan
84 Jan
198g Jan 30
72
115%
110%
1534
6% Feb 17
15% Mar
105% Mar 11
11% Feb I
1% Jan 16
26% Mar
19% Mar
234 Feb 21
7734 Jan 11
87% Jan 13
jan
119%
66%
9778
117* Jan
lni
36
6%
8,900
97
103% Mai 19
24% Feb 21
58
39%
110
22%
84%
1%
36
6%
32
6% Feb 10
5% Feb 3
3578 Mar 20
1558 Mar 16
6%
11%
110
114% Mar 13
648* Jan 30
11534 Mar
108% Mar 11
18
1
83
Jan
41
Motors
31
45s Jan
2.50
Insurance
Continental
Jan
102
__5
Cont'l Diamond Fibre
90%
31
15%
6,400
5%
35%
7% Feb 13
20% Feb 13
38% Feb 17
6%
18%
34%
1584
35%
Feb 21
63s
106
50
338
Mar 20
18%
5
4978
48%
76
6%
35%
40
3%
82
18%
34%
11%
Jan 15
63s
10534 10534
17%
101%
78
72U Jan 27
73i2 Feb 13
21
67
47
49
9034 Feb 24
52% Feb
20
22%
7
6%
45
Feb 17
82
29
6%
67
183s
353s
34%
105% 10534
*5%
5%
14%
143*
100
%
7
4
5%
30%
45%
45%
Jan
97*
5%
1034
Mar
2434 Mar 20
914 Jan
6%
Preferred
1034
109
5
%
331* Jan
13% Jan 22
18%
17%
*165%
6%
6%
1034
85
23%
*71
10%
79%
81
73%
2434
10%
Mar 20
6%
1
23%
1634
2%
2534
10%
100
14
18%
*5
8%
8%
%
2534
11
78
*105
*105
2534
Preferred
100
Jan
684
6%
18%
5
*10%
170
_
884 Jan
18% 1834
34% 35%
10534 10534
634
6%
18%
11
78
*75
78
79
85
2534
25%
14%
2534
5
12% Feb 27
10%
36%
2234
10%
50
Jan 1 i
51% Jan 23
20% Feb 17
No par
preferred
69S4
634
107%
5
36% Feb 20
377* Mar 11
2
21
9
6984
Jan 15
Jan
90i2 Jan
8O84 Jan
5 J^%
9
583s
101
22% Mar 19
9% Feb 19
2
Comm'l Invest Trust
15%
66
16
93
53%
9
49
Jan
Commercial Credit
5734
72%
45%
24% Mar 20
21i2 Jan 2
19% Jan 2
Feb 24
100
Jan
48
126
4*21%
112
14
preferred
Feb
Jan
10714 Jan 3
8I4 Jan 6
3% Mar 16
47
5%
Feb
106% Feb 28
51% Feb
No par
pref
conv
Mar
127%
97%
57%
20%
Columbia Gas & Electric.iVo par
Preferred series A
100
$2.75
■
89
'■mmmm'
■
mm
84
160
400
mm
46
340
101,000
'mmmm
80
107%
27%
2
"
mmmm
71
6%
27%
■
Feb 26
410
47%
■
Feb 20
35
*46
Feb 10
IIOS4 Feb 14
4
37
12%
50
34
4734
90
Feb 10
140
2478
100
82
50
Spec guar 4% betterm't stk_50
32
4734
Feb 20
937s
3%
3%
6%
5
73gMar
26
9
31
4034 Feb 26
Cleveland & Pittsburgh
34
47%
188
107U Jan
33%
11534 117
36
36%
9
90
100
33
11534 118%
36
36%
Mar 20
156i2 Jan
34%
*32
42
434 Jan
26
34
Mar 14
Mar 14
45
Clev Elec Ilium Co pref. .No par
Clev Graphite Bronze Co (The) 1
6%
9
45
10%
35%
23%
*165%
26%
*20%
10
17
2%
101% Mar
1978 Feb 14
37%
23%
22%
*70
2,900
4734
19
'
.
85i2 Jan 21
15U Jan 2
9
6
Preferred.
500
19
18%
19
18%
1734
18%
18%
19%
17%
18%
99
99
99
98
*97
97%
96%
97%
97% 98
97% 98
89
89
*87%
89
89
89,
*85% 89
*87% 89
*87%
*85%
;
51
51
50%
51%
49%
5034
5034
50%
50%
4834
49% 4934
114
*112
*112
114
*112
*112
114
114
*110% 114
*110% 114
63%
62%
63
63%
63%
63%
63%
6234
63%
62% 63%
62%
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
103%
103% 103% *103
102% 103
102% 102%
102% 102%
#102% 102%
22%
21%
22%
2134
21% 22%
22%
21%
22%
21%
21% 22%
3%
3
3
3%
3%
3%
3%
3%
3%
3%
3%
3%
66
65
64%
63
64%
6484
6134
61% 62%
62% 64
6134
36%
*20%
1434
*24%
3%
33% Mar
*33
32
3534
47%
1184 Jan 24
8
24%
*32%
33
11334 117
2,400
110%
46%
22%
17
17
27%
34
*32
16%
434
4%
3,800
______
103
103
110% *110
109% 110% *110
3
Jan
Preferred
-
102% 102% *102% 103
46%
44%
45%
4434
Chrysler Corp
City Ice & Fuel
9
3%
Jan
5
300
15
6
7
City StoresClark Equipment
*93
3014 Jan
25i2 Feb 19
$ per share
30
25
25
CCC&St Louis
--
--
mmmm
mmmm
m
102%
102% 102% *102
45%
44% 45%
44%
110
110
*109% 110
18
18
--
mm — m.
—
10
High
Low
$ persh
25
Chile Copper Co
100
23,800
107% 109% *105% 108% *106% 108%
*108% 109% *108% 109% *108% 109%
45
45
45
44
45%
44%
4534
44%
43%
43% 44%
43%
*82%
*82
*82
*82%
*82%
*82%
50
50
*47%
50
50
50
50
*47%
*47%
*47%
*47%
*47%
59
60%
61
62
63
57
56
62
60%
54%
*54%
54%
*12534
*128
*12534
*127%
*127%
*127%
91
91%
9034
91
9034
9078
90%
9034
90%
91%
90%
90%
57
57
*56%
57
57
57
57
57
*56%
*56% 57
*56%
19%
18%
18%
18%
183s
17%
17%
1734
17% 17%
17% 18%
Low
$ per share
No par
Childs Co
City Investing Co
*156% 350
mm
Chickasha Cotton Oil
2,200
6%
42
40%
Par
10
60
6%
6%
41%
6%
67s
97% 116,400
*41
60
*41
60
6%
*156% 350
*
-
*41
60
*658
34%
34%
3284
*156% 350
*95
60
7
6%
6%
*45
*41
9634
.
Highest
$ per share
Week
10%
*31%
Year 1935
1936
Shares
*26%
31%
Range for
to
Feb. 29
100-share Lots
Lowest
Mar. 20
$ per share
On Basis of
STOCK
EXCHANGE
$ per share
19
Mar.
18
$ per share
$ per share
26%
10%
32
2534
f
Wednesday
Tuesday
the
1933
Range Since Jan. 1
STOCKS
for
JUf
27%
8
334
110%
172%
141
160
16%
3%
30%
1938
3884
113%
107
2%
3%
5%
1%
1%
3
3
2%
2%
3
44
132
83s
1484
8%
7%
34%
3134
*E
New York Stock
1942
AND
HIGH
LOW
SALE PRICES—PER
SHARE,
NOT PER
Record—continued—Page
CENT
Sales
Monday
14
Mar. 16
Tuesday
Mar.
NEW YORK
Wednesday
Thursday
Friday
Mar. 18
Mar. 19
Mar. 20
$ per share
$ per share
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
Week
$ per share
Shares
17
the
21
1936
July 1
STOCKS
for
Saturday
Mar.
March
1933 to
Feb.
EXCHANGE
flange for
29
Year 1935
1936
Lowest
Highest
% per share
% per share
LOW
High
Low
$ per share
$ per share
49
50%
4938
$ per share
49
4914
49
48%
50
49%
1
1
1
1
1
%
1
%
*238
238
*2%
2%
2%
2%
2l2
2i2
68I4
6734
6734
685s ar67i2 67i2 *67%
67%
*127l4 128i4 *12714 12814 *125% 125i2 *125% 126%
8I4
8I4
Si4
9i8
918
9i
9%
55
55
*53i8 54i2
5412 55
54%
54%
60
59
59
60
*5812 60
60%
60%
*62
*61
62l2 62l2
6212
6?i2
62% 62%
6I4
6iS
6is
6I4
6I4
6%
612
6%
14
13i2
14i8
1312 14
14%
I5i4
15%
21
22
2134 2314
22i2 23
21% 23%
15
15
15
*14
15
16
*15%
15%
14i4
14l2
34i2
*6%
14i4
34i2
714
3512
7
33s
*3
41l4
140
140
*3
4234
12l2
43l2
*136% 144
36%
36%
36
22
22
22%
*92
3512
714
3%
,
12
12l2
43
11S4
1414
*92
93
14%
£34%
14l2
34l2
7%
314
13
44%
7
*3
;
*1212
43i2
93
38
36%
22%
22%
93%
61%
*92
55
58
59%
60
60
75
75
70
75
*76
10%
11%
5
5
3%
21%
3%
*45
22%
46%
*23%
25
*112
113%
30
30%
103% 103%
42
42%
*24
10%
5%
3%
21%
*43%
*23%
9%
44%
31%
55
33
1,100
,
56
56%
62
63
900
$5J^ preferred
800
86 preferred
15
15%
14%
64%
6%
15
22
22%
15%
22
22
6%
6%
15%
6%
*15
1,800
12,300
14%
14%
36
12%
43
14%
35%
7%
3%
13%
43%
8%
*2%
12%
43
3%
1,700
5,500
Evans Products Co
8%
3%
13%
7,800
43%
3,600' FairbanksjMorse &,Co
100
38
11,700
93%
*136t2 148
37% 37%
*2034 22%
9334
*92% 94
22%
55
55
47
53
76
76
*74%
80
11
11%
5%
3%
11%
5%
47
11%
30
11%
1,800
79
500
28
*24
32%
10%
10
10%
45
9%
45
45
45%
33
33%
9%
45
*24
10%
45
26
9%
*24
9%
45%
45%
34
33%
33% 34%
33%
116% *114% 116% *114% 116%
*114
115
26
26
9%
9%
44%
32
33
114
500
-«
40
9,200
900
2,500
—
44%
— -
-
3,400
114%
30
70
*65
30%
*34
*65 lit 70
31%
31
A
125
128
128
34%
34%
34%
*65
f 33
70
34%
34%
*65
*68
70
68
68
72
72
72%
43%
5%
*14%
10%
44%
42
42
42
45
43
45
5%
14%
10%
5%
14%
11%
*5%
5%
15%
15
10%
103
*102
56
*102
56%
31
31%
12%
12%
150
150
31%
12%
*146
9
10
13
12%
30
30%
30%
87%
*80
88
57
57
*57
140
140
15
10%
103
2%
39%
34%
2%
143%
39%
34
34%
2%
2%
34
31
34%
1,100
*32%
*34%
*40%
47%
61%
61%
*118% 119%
60%
61%
*119% 119%
*28
29%
7%
7%
47
48
108
108
44%
118% 118%
3%
37%
3%
38
37%
38%
55
56
44%
29
8
46
17
17%
10%
84
*81%
s47
'
——
47%
-
5%
46
—
-
-
7%
8%
9
20
*117
18%
92%
20%
121
27
19%
92%
28%
93
,
93
11%
*85
11%
90
3%
3%
10%
4%
10%
-
3%
37%
38%
57%
17%
88%
10%
84%
47
112
112% *110
7%
6%
7%
9
9
8%
20%
20%
20% 21%
6
preferred
Firestone Tire & Rubber
Preferred series A
First National Stores.
5%
10%
43
----
3
3%
*35
130
65
200,000
64%
119&8 119%
2,400
*28
200
29%
7%
7%
1,900
600
49%
49%
37%
5%
5%
*43
45%
*117%
... -
3
37%
38%
*35%
38%
55
55
*52
12,700
8,200
17%
17%
17%
17%
10,600
87%
87%
87%
1,400
9%
10%
84%
83
83
45%
46%
110
9%
*81%
46%
109
110
85%
50
110%
*92
10%
*85
*117
121
18%
93%
27%
28%
93
11%
90
3%
10%
4%
11
3%
19%
94%
28
*90
92%
19
35%
2%
36%
4%
31%
19%
36%
3
37%
*117
120
10%
85
85
4%
3%
10%
3%
11
30%
30%
30%
4%
19%
31%
30%
31
31
30%
31%
19
19%
19%
20
38
37%
39
2%
36%
3
20
33
35%
2%
36%
96%
28%
92
92
11%
11
95%
27%
28
92%
11%
3%
19"
97
93%
27%
*90
4%
*117
120
19%
19%
97
90
11%
*85
*117
18%
19%
11
87
27%
45,800
92%
600
10%
*85
4
3%
3%
37
3,400
50
3%
£3%
3%
5,900
4%
4%
4%
2,100
*4%
20
19%
19%
19%
19%
900
32
31%
3234
32%
32%
1,900
32%
32%
700
30%
31%
4,300
19%
20
8,800
38%
31%
19%
38%
*29%
31%
20
*30%
37%
38%
2%
2%
36%
3
2%
36%
36%
35%
36%
*52
75
26%
26%
*76%
64%
27%
26%
26%
26%
27%
26%
26%
85
81
81
76
76%
81
81
64%
2%
64
65%
65
65%
39
35
15%
48
*42%
2%
85
65%
*16
2%
35%
16%
48
*44
48
44%
140% 140% *140%
66
3
3
*31
36
*42
16%
*109% 113
32
*31%
*35%
8%
18%
65
36
8%
18%
*112
114
*103
105%
*31
17
17%
48
45
44%
*111
*109% 114
32
*31%
*31%
35% 35% *35%
8%
9%
8%
18%
18%
18%
*112
114
113%
*103
105% *104
39
38%
38%
*124% 140
*124%
12%
12%
12%
62
*140%
7~5~~
'
2%
*31
17
17
*52
2%
17%
-
-
-
—
75
2%
39
17%
50
*47
50
*47
51
45%
*42
45
*41
45
112
32
36
9%
18%
114
105%
39%
*109% 112
*31%
36
8%
18%
114
32
36
9
18%
115
*109% 112
31%
*36
8%
18%
115
39
140
37,500
98,000
7,900
138
138
180
*52
75
------
2%
*31
5,600
90
3
15,100
1,600
39
200
17%
17%
49%
49%
500
45
300
*42
*109% 113
1,900
------
32
32
32
500
40
*36
40
70
8%
18%
116
8%
18%
116
preferred...
General Cigar Inc
7% preferred
1938.
Feb
28% Jan
125
Marl6
Jan
Feb
1
77% Feb
35% Feb
8
5
Jan
Jan
I
22
Jan
12
Feb 18
141
Jan 23
9
Mar 14
100
No par
100
6
2
Jan
70% Jan
54% Feb 21
Jan 21
6%
18%
95
58% Jan 14
143
Jan
2,200
40
12,100
16
5
Jan
48
Feb
Jan
50
19% Jan
50
Mar
...No par
No par
No par
Gen Public Service
Gtn Railway Signal
Preferred
No par
100
118
120
Conv preferred
Feb 17
Jan 17
100
....No par
Prior preferred
100
Jan 21
3
Jan 30
16% Mar 13
86
Feb 28
6% Jan
69
Jan
6
6
45% Mar 13
107
Jan
3% Jan
1
8% Mar 13
No par
18% Feb 20
No par
Gold & Stock Tel'ph Co
100
Goodrich Co (B F)
..No par
Preferred
100
Goodyear Tire & Rubb...No
par
115% Jan
116
7
Feb 10
13% Jan 21
78
Jan
6
21% Jan 21
1st preferred
No par
87
Jan
2
Gotham Silk Hose
No par
9
Jan
6
100
77
Jan
6
Preferred
Graham-Paige Motors
1
Granby Cons M Sm
& Pr
Grand Union Co tr ctfs
Conv pref series
Granite City Steel
100
1
No par
...No par
Part paid rets
No par
Grant (W T)
No par
Gt Nor Iron Ore Prop
No par
Great Northern pref....
100
Rights w 1
Great Western Sugar
No par
Preferred
100
Green Bay & Western RR Co 100
Green (H L) Co Inc
1
Greene Cananea Copper
Greyhound Corp (The)
Guantanamo Sugar
Preferred
Gulf Mobile & Northern
Preferred
5
No par
...100
100
100
Gulf States Steel
Preferred
Hackensack
100
No par
100
Water
Preferred
Hanna (M A) Co $5 pf
Harbison-Walk Refrac
2% Jan 2
£3% Mar 20
334 Jan 2
18% Mar 13
30% Mar 13
30% Jan 29
28% Jan 16
Feb
43
18
32
59%
26%
10
3
17%
93%
1%
%
14%
16%
14
«
14
18
23%
75%
49%
104%
1%
8%
14%
1%
116
Feb 10
120
104
105
"
15%
53%
2%
20
1%
7%
82
15%
26%
70
2%
20
22%
25
26
4
2%
14%
18%
14%
40
1%
5%
2%
14%
18%
22%
Feb 21
3
4%
22
14%
111%
7%
26%
Feb 14
2% Mar 16
111
96%
33% Mar 9
20% Feb 19
44
8%
77
8
6
51
19%
2%
80%
32% Jan
31.
39%
33%
93
Jan 27
33
4%
41%
12
Feb 28
Feb 17
Jan 6
2
6%
42%
109
70%
2%
7%
45%
114%
7%
10%
21%
115%
Jan
21
12
11% Mar 12
86% Mar 6
55% Jan 14
Jan
59%
120
13%
Jan 24
20% Feb 14
98% Mar 20
31% Feb 14
99% Feb 17
12% Mar 11
94% Jan 18
4% Feb 19
11% Mar 20
6% Jan 15
23% Jan 15
34% Jan 3
61%
72%
£120%
109
%
7
18% Jan 16
15%
80
10
15%
15%
8%
Feb 21
.ll2
18
80
Feb 21
43
92
10%
85
4%
13%
5
29%
35%
33%
38%
Marl6
16
31
Jan
7
136
Jan
6
50% Mar
9
39
7%
9
25
99
119
55
Mar
26%
9
21
21
50
2
24
25%
28%
Jan 23
18
34
95
46%
74%
2%
43%
11%
34%
33%
Mar 19
95
62
Mar 18
80% Jan 27
3% Feb 7
5
Jan
7
Jan
7
2
2
7
65
Mar
3
6
6
48
Mar
6
12
12
Jan 24
118
Mar
6
25%
19%
48
21%
30%
26
30
35
Jan
Jan
Jan
39
%
19% Mar
Jan
4
32
Jan
2
10
6
Jan
9
No par
100
14
Jan
2
36% Jan 16
9% Mar 11
21% Feb 4
Jan 11
103% Mar 13
30% Jan 3
Preferred..
Hat Corp of America cl A
100
120
1
12
6H% preferred
Hayes Body Corp
100
Jan
3
119
Mar 12
Feb
19
4
4
30
1
7%
Mar 19
35
110
34%
140
Feb
Jan 24
76
105
16
35%
28% Mar
24
1%
26%
9%
30%
28%
9%
9%
140% Mar 16
25
2
8U
40%
37%
11
15%
25
No par
No par
30
3
6% Feb
60% Feb
64%
145%
10%
61%
1%
118%MarJ4
3% Jan 21
90
46%
127%
20%
£107%
Mar 14
10%
76
116
8%
146
19
100%
22
22%
49% Mar 20
108
:*
84
Mar 20
50
Jan 10
2% Jan
42
65
4
3% Jan
39% Jan
106
36
Preferred
32
51
70% Jan
834 Mar
38
105
33% Feb
No par
No par
34
Mar
Jan 27
18% Jan
534 Jan
No par
Gimbel Brothers
6%
7%
Mar
33
6
120% Jan
No par
Gen Steel Castings pref..No par
Gillette Safety Razor
No par
Glidden Co (The)
Mar
59% Mar 17
117% Jan 13
53% Jan
Gen Realty & Utilities
86 preferred
General Refractories
3
115
%
5%
Feb
39
28
Feb
Hamilton Watch Co
80
97
«
6
4% Feb
19
1,300
4,000
24%
Jan 10
14
18%
------
14
Feb 13
No par
86 preferred
48%
22%
£13%
4
No par
General Printing Ink...-No par
13%
10%
100%
4
36
No par
No par
7
5%
8434
32%
11%
7%
47%
5%
5%
% Jan
Common
%
2
33% Feb 18
10
55
4%
5
No par
General Motors Corp..
$5 preferred
Gen Outdoor Adv A
70
30%
125
2
No par
39
10%
36%
30%
17%
112%
15
111
100
41% Feb 17
100
2%
11% Jan 11
15% Feb 11
150
36% Jan 21
Preferred
30
6
MarlO
.—.No par
88 pref class A
No par
Gen Ital Edison Elec Corp
General Mills
No par
6%
39%
19%
5%
64%
25%
11%
6%
6
25%
58%
30%
33% FeD 10
5% Jan
140
Feb
34% Feb
14% Jan
114
102%
2%
7"
12% Feb 19
103% Mar 20
63
47% Jan
10
17
Feb 20
6% Jan 23
18% Jan 27
45%
9%
60%
17%
112%
12%
4%
Feb
25
•
39
20
Feb 17
76
12
19
2
53% Feb 29
Jan 29
.
6%
8%
44%
2%
16%
132
3%
25
106%
13%
84%
44%
12%
*•
Mar 5
Feb 17
35
10% Jan 13
cum
9,700
200
44
9
2
Mar
47% Jan 17
3% Jan
4%
%
13%
67%
6
Jan 11
Convjpref series A
A
For footnotes see page
Jan 20
97
No par
8%
116
38
No par
7% preferred class A
Hall Printing
*103
105% 105% 104% 105
104%
39
39
40
39%
39%
39%
*124% 140
*124% 140
*124% 140
12%
12%
12%
12%
12%
12%
13%
13%
13%
*106% 108% *106% 108% *106% 108% *106% 107% *106% 108%
105
106%
8
7%
7%
8
7%
7%
7%
7%
7%
8%
7%
8%
37%
*124% 140
25,100
11%
11
75
26%
*76%
4,300
11
140%
*52
35,900
87
'
2%
------
20%
98%
29%
92%
11
*85
120
127
64
8%
2
%
£85
7
7
3%
16
2
6
72
95
2%
16%
28%
Jan
Mar 12
4% Jan
37% Feb
21%
£85
•
16
Jan 21
28
..No par
5
General Bronze
24,500
19%
125
5%
1
Jan 18
5
General Cable
21%
93
'«
Feb 11
No par
General Baking
88 preferred...
20%
140
3
90
115
12
16%
20%
33%
104%
48%
29%
11%
47%
38%
100% Feb 26
41% Mar 16
No par
Gen Amer Trans Corp
General Asphalt
20%
*52
36
100
11,900
39%
Feb 28
25
112
No par
20%
139% 139%
66%
17,000
3%
15
17
4
12% Mar
5% Mar
4% Feb
25% Mar
49% Feb 14
2
No par
Preferred
21%
121
9
4
10
Goebel Brewing Co
Gold Dust Corp v t c
86 conv preferred
18%
92%
27%
Jan
Jan
111
100
Gobel (Adolf)
*117
110
7% pf__100
Fuller (G A) prior pref...No
par
...No par
20,300
20%
Jan
x24% Jan
27
1
w
$6 2d pref
Gabriel Co (The) cl A
Gamewell Co (The)
24,800
*52
3
10
No par
No par
;
9%
*29%
30%
*31
470
%
4
115
»
No par
w
Preferred
7
*29%
*31%
18%
87
100
5
33% Jan
10
Freeport Texas Co
9%
£31
27
110
41%
10
100
100
new
Preferred
Fourth Nat Invest
634
32
26%
*76%
65%
4,600
1,400
3%
37%
57
19% Feb 25
par
No par
Machinery Corp
Foster-Wheeler....
7%
31
75
30
87
47
110
6,000
5%
43
*117%
47%
----
151% Feb 25
38% Mar
24% Mar
31% Feb 24
$7 pref class A
60%
*106
1
..No par
No par
t Follansbee Bros
Food
9%
20
37
110
88
50
....
122% Jan
6
%
3%
4%
49% Feb 19
2
7
19%
36
*81%
46%
*49
*106
7
Jan
9
31
—
17%
87%
9%
7%
34% Jan
20% Jan 27
7%
32
—
*55
3%
37%
37%
56%
17%
29
7%
par
42
(Wm) Sons Co...No
9
20
— —
3%
37%
29
14% Mar
Fidel Phen Fire Ins N Y...2.50
Gen'l Gas <fc Elec A
118% 118%
60.
6
2
27,400
55
*43
60
119% 119%
5%
44%
118
*36
47%
59%
118% 118%
64%
62%
11% Jan
2
9
26,600
49
*34%
15
2
Jan
Jan
General Electric
General Foods
40
3
Jan
7
31
35%
—---
5%
*43
*32%
8
8% Mar 19
3% Mar 6
3
2% Jan 10
Federal Water Serv A
No par
Federated Dept Stores...No par
8%
19%
19%
36%
49
:
118
55
7%
49
*106
49
40% Jan
4% Jan
54
6%
31
31%
30
7%
*32%
*34%
31% Feb 25
6%
50
8%
3%
10%
4%
*19%
458
*28
44%
'
17%
88%
10%
*82%
£46%
84
-
*32% 49
*34% 55
*40%
47%
59%
50%
118% 119
61%
62%
119% 120
6%
Mar
7%
60
4
101
Class A
600
15% Mar
Mar 16
1,300
48,700
7
7%
4%
2%
20%
6,800
*110% 112% *111
6%
130
Jan
69%
10%
50
70
4,900
9%
13
12
Federal Motor Truck....JVo par
Federal Screw Works
No par
14,500
*35
88
47
5,300
Jan 15
40
10%
56
10%
150
7,100
Feb 15
48
13%
57
88
*144
19
69
33
10
56
17%
13
150
3,500
8%
3
Jan 10
11% Jan
40
Gen Amer Investors
700
27% Feb 21
55%
7%
14
19%
13%
85%
14%
40%
4%
7%
Feb
13
37%
10%
33
12%
*144
16% Jan 21
4%
7%
8%
6%
Mar
10%
38%
88
56%
370
6,700
12
92
13%
45%
39
17
10%
*81%
46%
56%
32%
11
103% 103%
56%
56%
32
33%
13
1234
64% Mar 20
7% Feb 2i
17% Feb 21
Jan 15
97
9%
37%
88
11%
103%
110
390
2,800
Jan
3
12%
118% 118% *118
3
3%
3%
*37
11
5%
15%
11%
55
Mar 19
14
14
48%
48%
107% 107% *106
4%
5%
5%
5
4%
*44
7%
13
16%
15%
71
----
5%
15%
230
50
14%
15%
47
10
10%
*32% 49
*34% 55
*41%
47%
59% 60
119% 119%
61%
62%
119% 120
*28% 30
8
7%
*48% 49%
55
*41
47%
59%
60%
118% 118%
60%
61%
119% 119%
29
32%
150
*66
*43
538
•
49
55
56
*146
71
44%
X 5%
15,600
8%
14
84
Fkln Simon & Co Inc
— — — -
32
30%
128% 128%
*102
11%
70
<
31
49
*65
44%
103
55%
31%
12%
*66
34%
66
134
10%
100
32
30
31%
29% 30%
30%
30%
92
93
88% *88
90%
89%
89%
57%
67%
57%
57%
*57%
57%
*56%
*140
143% *140
143% *140
143% *140
143%
39
39
38%
39%
39%
39%
3934
39%
34% 35%
35%
35%
35%
35%
35%
35%
2%
2%
2%
2%
2%
2%
2%
2%
*29 .J 34
*29
34
32
32
*29
32
38%
*31
13
13%
30%
88%
57%
87%
57%
*32%
*34%
31%
150
9%
10%
14%
32%
15
11%
103
56%
150
*140
38%
34%
103
55%
31%
12%
56%
31%
12%
150
10
12%
5%
103
56
70
32
32
32% 33%
31%
32%
*128
150
126% 127
*126% 150
129
5%
*14%
10%
34%
*65
70
68
5%
34%
1%
7
100
Foundation Co
34%
*34
Feb
1%
52%
125%
1%
Fajardo Sug Co of Porto Rico.20
Federal Light & Trao
15
Preferred
No par
Floraheim Shoe class A
—
10,200
2,100
12% Feb 17
Filene's
2,900
—
58
100
No
preferred
conv
14
100
...
Preferred
2,000
6,500
— -
6%
112
11
25
.
45
Jan
Federal Min & Smelt Co
700
50
*72%
Preferred.
Feb
131
Mar 20
par
Fairbanks Co
69
17
58%
%
%
%
68
5
Exchange Buffet Corp...No
550
31
39
63
6
_
2301
$ per shaie
33%
%
%
1% Feb
3% Feb
11% Jan 21
100
14%
21
7
55
Second preferred.-...100
Erie & Pittsburgh._
50
Eureka Vacuum Cleaner..
5
36%
55% Jan
Jan
.No par
_.
% per sh
48
100
First preferred
500
V,
148
37
Equitable Office Bldg
18
'
No par
No par
Erie
100
35
$5 conv preferred
3,500
15%
72
11%
5%
3%
*24
Preferred
64%
22
28
48% Mar
% Jan
50
1% Jan
_._50
62% Jan
100 2125% Mar
No par
7% Jan
No par
45% Jan
Engineers Public Serv
5%
4%
5
5%
5%
3%
3%
3%
3%
3%
3%
22
21%
21% 22
£21% 2134
2134 22
45
45
45
*44
45
43% 43%
44%
44%
25
25
*22
*22
25
*23% 25
*23%
25
112
112
*111% 113% *111% 111% 111% 111% *111% 113%
30
30
31
30%
30%
30%
31%
31%
31%
31%
*103% 103% 102% 102% *103
103% *103% 103% 103% 103%
42
42
42
43
42
41% 42
42%
42% 43
*111
116
30
3,100
61%
85
10%
No par
No par
6% part preferred
Endicott-Johnson Corp
62
*21
93%
800
11,700
9%
42%
♦111
54
*138
38
22%
2%
67
Storage Battery
t Elk Horn Coal Corp
62
7%
148
36%
22%
*92%
1
2%
Eleo
60%
14%
36%
12%
44%
1
1,600
3,700
2,200
11%
*25
28
11%
5%
3%
44
67
51
125% 125% *125% 126%
9
9%
9%
9%
7%
2%
12%
*138
*136% 148
36%
22%
14%
34%
51
1%
2%
67%
1
2%
67%
'
68
68
50
Par
3%
3%
20
8
105% Mar 18
41% Feb 24
124% Feb 14
100%
Feb 13
1%
Jan 20
14
104% Feb 17
434 Jan 7
115
Jan
Mar
5
4
6%
63
100%
12
16
82
9
9
4
99%
14%
4S
1
5%
81
1%
108
8
14%
112
105
30%
121
14%
113%
6%
New York Stock Record—Continued—Page 5
Volume 142
1943
July 1
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
14
Mar.
$ per share
♦128
Monday
Mar.
Tuesday
Mar.
16
Wednesday
NEW YORK
17
Mar.
$ per share
$ per share
♦123
130
128
130
128l2 *125
130*2 *125*2 130*2 *125i2 130*2 128
♦163
135
165
32*2 3212
IO284 10234
*163
317g
mm m
*163
32
3134
103
133
133*4 *133
Mar.
19
$ per share
*125
129
128
*123
m m
*163
32*2
*3134
*163
~3~2"l2
mm
Hercules Motors
Hercules Powder
102*4
30
77*4
7734
77*4
7734
*77*4
*116
117
120
♦116*4 117
116*2 *116
11634 11634 *114
38
39
40
41
40
3878
3934
40*2
39*4
40*2
10
93g
9*8
938
93g
9*4
*9*4
93g
10*2
9*2
978
33
33
33
3314
3284
33*4
33*4
34l2
35*4
3434
33*4
*110
*110
*110
*110
*10912
200
m
*76
-
♦77
7784
*101
107
..
m
mm
*102
107
*133
78
102
*77
♦109
'
m
495
mm -
495
-
*450
mm
mm
500
-
*450
mm m
500
*450
44
43*4
295g
2038
297g
74*4
11*2
74*4
11*4
54
54
55
435g
43*4
29*4
30
2884
43*4
297g
73l2
IDs
5338
73l2
IIS4
737g
74
11*8
53*4
434
478
434
478
13
11*2
11*2
1234
1234
*47g
1234
18*8
167g
177g
1784
2l2
18*8
25s
2434
1712
2l2
23*4
533s
458
♦12i2
173s
2i2
2334
3714
6312
15
47g
258
2412
39
6312
153s
2l2
23*4
*37*2
6312
17
7
*684
*6*2
293g
2834
29*4
♦11884 125
♦135
mmmm
10834 109*4
lli8
1584
584
♦412
•32
♦414
13i8
5
36
41
*39
64
64
62
16*4
7
6*2
16*2
6*2
16*2
6*4
2912
30
128
128
-MM.-..
109
434
4*2
13i2
5i2
37i2
13*4
53g
1334
37*2
*175
43
43
81
80
MM
130
—
1278
*6*2
♦4l2
434
4*2
MM
110*2
123g
678
15*2
6
32
131
*135
16
3314
438
30
2934
7*4
179
♦170
♦39
17
7
6
11*8
55*4
6312
1234
1534
*72
11*2
24
41
12
6
♦7
25s
24*2
107*2 10912
123s
7*4
1534
6
128
♦135
*4H2
1578
3884
33
43s
1334
55g
38
38*2
177*2 178
179
434
33
43g
13*2
53g
534
*6
43g
13
5*4
37*4
17834
495""
*430
490"
200
43*2
43*2
1,400
2:38*8
30*2
2934
*72
74*2
*72
11*8
5538
21,000
4,000
1,300
1234
13 i
13
11*8
x54*2
434
*12*4
11*2
5
11*8
5434
*434
18
177g
1878
25g
24is
4078
55*4
25s
24*4
5
2*2
23*2
*39
42l2
64*4
16*2
6*4
63
16*8
6*8
30
30
130
*129
*135
109
31
131
5538
434
100
108
Feb 17
100
495
Mar 14
41
Howe Sound Co
19,200
Illinois Central
15518 ♦152
35g
334
35s
63s
658
6*2
48*4
154*8
378
65g
4812
487g
♦126
127
129*4 al26
6
6
578
578
3
3l2
33g
33g
23s
2*2
2l2
2*2
30*2 32*4
3034
323g
40
41i2 4H2
41*2
4734
♦108
110
26*4
52
♦108
10934
26*4
26*4
27
52
52
18*4
19
57
57
52
20*2
♦19
57
58
16
1678
1284
»8414
1234
88
*17
18
♦28
2858
*123
1578
12*2
♦84*4
*16*8
*28
16*2
127g
88
17
28*2
♦123
70
*
153
"8418
♦120
84*s
----
19*4
♦3012
20*2
*19
20
29l2
*87
32
2984
91
♦
153
"84"
84*8
*120
*
153
"85"
120
1984
2034
31*2
213g
31*4
2134
31*2
*19*4
20
20
20
29
2958
29*4
29l2
91
91
91
2384
2U2
24*4
2I84
2338
*90
24
2438
24
2434
213g
2134
21*2
21l2
21*4
217g
91
♦90
21
♦90
22
*90
37*4
36«4
95
2514
25*2
92*2
25*2
6
6
39
39
6*8
37*2
2258
227g
2234
*77ig
♦66
1
15
15
38*4
Feb 18
40
40
59*4
6
900
4*8 Jan
2
83s Jan 29
6
130
130
*135
S110
6,700
1,300
30*2
£30*4
MM
—
*.
*634
7
14*2
15*2
14*4
1434
4,500
*6
67g
534
3434
6*2
678
5*2
34*2
270
458
143s
800
53g
33
4*2
13*2
5*4
*37*2
179
:
!
14,600
400
100
Indian Refining..
No par
No par
Ingersoll Rand.
Preferred
Insuranshares Ctfs Inc
♦65
♦26
283s
♦3714
23l2
45
♦37*4
*23l2
45
*37*4
233g
*8i2
1538
41
18
18
18
11714 11714
12
117
117
68I2
24
2334
22*2
22*2
32
33*4
18*2
3378
187g
29*4
*90*2
2938
29*4
29*2
26*8
2234
253s
2IS4
2134
2258
23*2
235S
95
*90*2
24*2
*21*4
2434
19
*40
90
90
190
138*2
3884
6*8
37*2
23
225g
10478 105
*5*8
638
*6412
235g
f 578
135
6*8
225„
10434 10434
22*4
*5*8
6884
2334
*63
235s
41
*40*4
41
*40*4
23*4
41
115
11512
12
1258
23*2
2334
*8*8
978
153g
155g
18
1734
115*2 11634
12
12*4
2l2
25g
235g
97g
*8*8
153s
16
18
20
116
11*4
2*2
1184
13
97
97*8
97
*96
97
1284
14
135s
1378
61*2
60
6158
*1378
59*2
9*2
14
5934
9*4
1312
60*4
97*2
137g
9734
13
9784
137g
61*2
595g
60
9*2
2758
97g
28*2
97
59
2812
1234
587g
87g
275g
98
98
97
98
99
♦162
165
9*4
•2734
21*8
3214
21*8
40
41*8
38*2
475s
39
32S4
48*4
•105i2 IO6I2
234
55g
4H4
•110
234
6*8
41*4
112
22
22l2
•146
148
1484
2114
*66
1434
215g
68
27
275g
♦130
160
9834
*164
20*2
*32*2
99*2
165
20*2
3278
9
10
28
2858
9784
95g
97g
283g
28*2
98*2
1178
1178
99
28*2
99
9834
995g 100*2
9938 100
10012
165
165
*16334 165
*16334 165
*21
21
21
21
21*2
21*4
33
338g
3338
325g 3234
3234
97*2
99
*1184
97
28*4
98*2
12
977g
984
28*4
99
100
10134
165
165
*130
160
1434
15
15
15*4
15*8
223g
223g
223g
22
69
305s
*66*2
2984
*140
69
31*4
159
40
♦128*8 130l2
32
3212
46
47
•IH4
38*4
117g
388s
♦395s
40
130*2 130*2 *128*4
3284
32*2
32*4
46
463s
453g
1178
113g
*11*4
38
38*s
For footnotes see page
40
40
^mmm
38
1938.
335g
47
11*2
38
40
40
68
2934
*140
69
3034
152
32*2
4558
11*2
3734
*395s
40*2
*67*2
2884
*135
40*2
*130
*130
*130
33
33
3334
32*4
463g
45*2
46
45*2
11*2
*11*2
12
38
38
4
5*2
884
2
2
■
1*2
4*4
25g
1*2
4
1*2
10
108
83g
235s
488
1*4
9*4
1*4
65s
121
7*2
26
149*2
35g
465s Feb 21
183g
23*4
2278
34is
153g
2212
68*2
2934
Jan
2*4 Jan
138 Jan
23*2 Jan
100
Corp ...No
Preferred
International Salt
International Shoe
108
No par
100
38
....
6
54*4 Feb 19
129*2 Mar 2
73g Feb 8
6
9
6
8
5
20*2
3
13*8
5
4284
190*2
8
4
Feb
18*4 Mar 16
Mar 13
100
82
Jan
2
..No par
15
Jan
2
Preferred
Jewel Tea Inc
No par
Johns-Manville
No par
100
MM
m
m
580
30
7,500
2,300
3,200
4,200
20
70
32,100
1,400
1,400
2,300
270
8,100
120
100
No par
160
„
2,800
mmmmmm
12,800
4,700
700
2,100
11,900
300
6,700
1,200
14,700
300
Kress (S
H) & Co
14,300
22*2 Mar 12
20*4 Mar 12
1484 Jan
par
100
..No
Preferred
Lehman
Corp (The)
No
Lehn & Fink Prod Co...
10
9,200
6,300
11*4
34*8
463g
11*4
38
38*g
3,400
900
Jan 31
Jan
2
Jan 21
lli2 Mar 13
94
Jan
6
12
Jan
2
Mar 16
162i2 Feb
Preferred
Louisville & Nashville
7
Mac Andrews & Forbes
6% preferred
56*8
22*4
12
32*8
27*2
47*4 Jan 31
26*4 Feb 6
19*4
193s
19*4
46
218s
28*2
9*2 Mar 6
16*4 Mar 17
4*8
5*8
9
8*2
105g
73
8934
Feb 20
Mar
6
1438 Mar
6
5
5
6
1*2
163s Feb
6
4
1*2
5*2
100*4 Mar
3
6
5834
1478 Feb
63*8 Mar 6
11*8 Jan 6
31*8 Jan 29
104i2 Feb 28
Mar 13
Jan
7
No par
100
13
Jan
3
No par
20*8 Feb 20
Jan
2
Jan
2
57*2 Jan
24*8 Jan
2
2
120
122
165
Feb 28
41*2 Jan
5478 Jan
123
9
8
19*2
45
1
1*4
33
Jan 30
IO784
1484
98*2
175s Jan 13
233s Jan 28
6*2
103g
74*4 Jan 31
34
109*8 Jan 30
26*2 Jan 27
151
35
Jan 16
Jan
4
42
Jan 21
9
273g Jan 30
45
Jan 30
8&8 Jan
2
34i2 Jan
6
7*2
Feb 19
50
16434 Feb 28
130*2Mar 16
36*4 Feb 19
493g Mar 4
1214 Mar 6
42
Feb 17
%
,
17*8
2412
31*4
1
1
33
Jan 17
15U2
15*2
13*2
102
66
108*4 Jan 15
35g Feb 11
634 Mar 20
1
127i8 Jan
295g
94*4
4
No par
17*4
49*4
1038
9334
4
No par
3*4
1584
9534
73*4
Jan
Macy (R H) Co Inc
Madison Sq Gard v t c
J 1*2
71*2
*2 Jan
39
21
107
Jan 16
38
129
638
9
14*2
173s
116*2 Jan 15
115
11*2
16*8
22
No par
10
21*2
2*4
155s
5078 Feb 19
142
100
10*2
21
2
67*8
10*2
13*2
10
10
,
14*4
Mar 13
5
Feb
4
6
Mar 13
6*2
12
39*4 Feb 21
39
113
19
Jan
23*4 Feb
Mack Trucks Inc
Magma Copper
Mar
2
100
100
2734
3
Mar 13
Jan 30
No par
41
Jan
2*8
33g
40i2
109i8
Ludlum Steel
6*8
23
257b Jan
20
36*2 Feb 26
Louisville Gas & El A
21
12
8
2734
119
47
100
25s
3
20
No par
(P) Co
7% preferred
t Louisiana Oil
10
8
2
No par
Lorlllard
'
3378 Jan 31
Jan
9734 Mar 13
..25
2*4
80
28
97
No par
Jan
77*2 Jan
Marl6
23i2Mar 13
22i2 Jan 3
37*4 Feb 20
Liquid Carbonic
Loose-Wiles Biscuit
43
66
25
...No par
No par
778
93«
80
Loew's Inc
Preferred
mmmm
®
26i2Mar 20
73g Jan 8
42
25
No par
'mmmm
97*2 Feb 25
12
27*2 Mar 13
Link Belt Co
303s
4
2
100
96
1334
81
Life Savers Corp
Preferred
84
1334
Feb 19
747g Feb 26
2
Lily Tulip Cup Corp
No par
Lima Locomotive Works .No par
18*4
55
39
2
9
5
10*4
91*4 Feb 11
103*2
47*4 Jan 2
87S Mar 16
Series B
*s
3*4
2
Libbey Owens Ford Glass .No par
Libby, McNeill & Libby.No par
Liggett & Myers Tobacco
90*8
31*4
28*4
6
2*2
1*2
67g
99*4
Jan
5
30
34
3
2% Jan
par
20*4
15
678 Mar
3
8*2 Jan
50
22
7*2
1534
47s Jan
par
100
.
65s
12
1934
50
7% preferred
Lehigh Valley Coal
Feb 25
MarlO
Jan 2
Jan 2
Mar 20
10*4
7*8
13*8
1534
10678
Lehigh Valley RR
3
Mar
93
120*4
14*2
25*4 Jan 2
1103g Feb 10
22
50
5
21*8
33*4
91*4
283g
2478
2558
130
50
2214 Mar 20
103*2 Mar 16
No par
Lehigh Portland Cement
7
2
Mar 20
No par
Conv preferred
300
Jan
Lane Bryant
5
7
Mar 20
5% preferred
Lambert Co (The)
Lee Rubber & Tire
2
Feb 28
35
No par
5% preferred
420
7
Jan
5
Kroger Groc & Bak
No par
Laclede Gas Lt Co St Louis.. 100
Long Bell Lumber A
2,900
1,800
80
No par
Loft Inc
180
r
9
18i2 Jan
13,400
8,000
357g Mar
2
Jan 27
17
37
99*2
126*2
130
334
65s
5*4
19*4 Jan
16
36'
120*2
115*4
3«4
45
Feb 24
27*4 Jan
165s
49
36*2
87
90*2 Feb 21
4234
110
38*2
117*2
26
6
Feb 21
24
89
.100
110
2
Jan
par
No far
24i2
2034
9778
par
23,200
700
77*2 Feb
6*8
85
Feb 24
Jan 21
28*4 Jan
7% preferred
14
90
120
87
Kresge Dept Stores
78
55s
87s
70*2
Jan 11
par
10
100
565s
55s
234
16*4
434
129
par
Kresge (S S) Co
40
126*4 Feb 24
Kendall Co part
Preferred.
Jan 30
3
Kennecott
pf ser A.No
Copper
No
Keystone Steel & Wire Co No
Kimberly-Clark
No
Kinney Co
No
28
123
•
Kelvinator Corp
49*2
16
5
13
Dept Stores $12.-50
1
42*4
16
115
Kayser (J) & Co
Class B
36*4
38
14i2Mar
78*4 Jan 15
pf ser BNo par
Kansas City Southern
100
5
Kelth-Albee-Orpheum pref.. 100
Kelsey Hayes Wheel conv cl A.l
25
Jan
118
Kansas City P & L
Preferred
20
67
58i2 Jan 18
Joliet & Chic RR Co 7% gtd.100
Jones & Laugh Steel pref
100
Kaufmann
4*2
21i2
98i2
12134 Feb
94*8
5
3*8
23s
2878
9
4*2
2
8878 Jan 18
19*4 Jan 11
29*4 Feb 19
1,400
38
*8
6*2
132
65
19*4 Feb 17
7,600
..
1*8
*8
38
484
47*4
Feb 10
2
Jan
6
Preferred
101
Mar 18
12*8 Feb 17
4
60
21
29*4 Feb 27
53i2 Feb 21
23*2 Jan 30
2
2
13
1*4
178
22*4
12378
1*8
4334 Mar 18
111
3
56
Interstate Dept Stores
Feb 21
3678
655g
154
135
1*4
178
14tJg
3*s Feb 10
363s Feb 8
27*2 Feb
150
40*2
6
100
No par
No par
7% preferred
Inter Telep & Teleg
110
8
5i2 Jan
26*4 Jan
47*8 Jan
No par
International Silver
Jan
Jan
2
2
37*4 Jan 30
par
100
Mar 17
4
No par
Preferred
Mar 19
6
No par
Int Printing Ink
88
156
Feb
.No par
Class B.
Class C
8
Rights
*3938
2
125*4
358
Jan 23
Jan
115*2 Feb
1,300
22
160
2*2
6
565g Jan
148*2
3*2
4i2
44*8
126*4
1
1,800
1478
2984
*145
;
15
5*4
363s
130
46*4
2*2
Feb 21
Mar
2
1
328g
22
1478
21l2
*653s
109
26
Feb 14
Feb 14
Mar 4
Mar 11
35*2 J&n
Preferred..
21*4
42
42
41
42
41l2
41*8
42l2
41*4 4112
39
39
39
39
39
39*8
39*4
*38*4
39*4
49
49
48
48
487g
48*2
483g
475g
49*8
47*2
106*2 106*2
10638
1055g 10558 *10534 1063s *106
1063s 10638
3
3*4
3*4
284
27g
278
27g
234
234
234
6
6
6
684
57g
578
6*8
6*4
6*8
578
42
42
42
*4114
42l2
4284
43*2 43i2 *4212 43*2
112
112
*108
*110
*107*2 112
*107*2 112
♦107*2 112
23
23
23
22*2
225g
2258 23l8
2284
223s
225g
150
148
150
150
14884 149*4
*143*4 14934
*143*4 150
1484
Inter Pap & Pow cl A
Island Creek Coal
32*4
40
21*2
67*2
2812
100
900
21*4
*37*2
1434
21*4
♦65*4
27l2
Preferred
Intertype Corp
860
9712
9
2*8
23*2
60*2
45
Feb 14
1
No par
No par
100
800
6,600
6,500
1,800
2,100
2,100
12,800
7,700
12
I25g
7
40
Preferred
50
1188
25g
12
1278
5784
3,200
11684
25s
125g
234
3*4 Jan
185
Internat Harvester
670
78,700
166
1234
97
500
4,300
11,200
12*4
2*2
284
500
2378
12*4
284
27g
Jan 20
11
Feb 21
International Cement
130
6884
1134
258
1134
123g
2l2
1134
4*4
2*8
13*4
36
658 Feb 14
365s
5*4
1534
578
MarlO
Int Nickel of Canada
29
18*2
9
2
33
Preferred
*25
16*8
9
173
59,200
1,000
6,000
6,000
13,100
24,800
2,600
*75
29
18
Jan
100
No par
No par
63g
*26
18l2
4*4
114i2 Feb 20
13i2Mar 9
778 Jan 18
187g Jan 11
8*4 Feb 14
No par
Int. Mercantile Marine
36
2834
16*4
117
6
37
*75
9V8
3
No par
25
90
3878
2334
10
7
19*4 Jan
2i2 Jan
No par
No par
Int Hydro-El Sys cl A
5,900
22l2
1,500
255s 135,900
383g
2378
6
334 Jan
No par
100
Intercont'l Rubber
400
25*4
39
*68*2
Jan
14*4 Mar 20
16,500
1,600
95
91
23*2
*8*8
1534
2334
18
115
23*2
28*2
6*8
X Interboro Rapid Tran v t O.100
Internat Rys of Cent Amer__100
Certificates
15,200
28,700
8334
18
24*4
22*2
*65
147
9*2
105
67S Mar 18
25,900 Interlake Iron
8,700 Internat Agricul...
Prior preferred
3,200
1,500 Int Business Machines
mmmm
23
24
15l2
18*4
153
8234
*120
39
25
10
*
90
25
237g
mm
26*2
2334
15
m
89
66
*8
84*8
m
26*2
31
15*4
153
"84"
90
24
237g
9*4
*
25*2
69*8
2
1
v:
90
2358
Jan
98*8 Jan 17
20
Preferred
*123
31*4
*75
117
84
'
25*2
*75
3158 Feb 25
28*2 Jan 31
No par
Inspiration Cons Copper
170
180
2
....100
Inland Steel 1
310
53g
38*4
Jan
1958 Jan 22
...10
Industrial Rayon
—
-
1*10*2 ~6~500
21*2
638
17*2
37S
Feb 19
7
2434
*5*4
22*4
18*4 Feb 24
90
63s
6*4
«4
9*2
70
26
104
6
45
90
♦5*8
6*2
60*8
5*2
13»4
4
2534
104
6*2
21
234
6
9284
25i2
103*2 103*2
♦5*4
63g
7
234
Jan
20
6*8
38*4
2212 2234
104
10412
73
Jan
3134
6
43
20
6
1934 Mar 6
3*4 Feb 19
287g Feb 19
1*2
1*2
Jan 22
2134
38*4
173s Feb
Jan 25
3158
;
12
38*4
6*8
3
15
49
58
7
*90*2
24*4
*90
10*4 Jan
10
42
6*2
43
57g Jan 23
495
3078
2*2
33
23
95
2
338
7
100
1278
*120
29*2
a
4
100
39
♦2414
*8i2
14*8
21*4
3134
195g
29*4
Mar
...100
225g
6*8
66
84*2
33
200
8
44*4 Feb 20
mm
RR Sec ctfs series A
38
37*4
93*2
25*2
*75*8
m
153
"84"
Feb
544
7
11
'
Leased lines
92l2
25*4
*57g
23
63g
91
*
mmmm
34
6% pref series A
■;
*123
*120
mm
'7
3034
640
3758
37*2
♦5i2
32
22
91
3638
9412
♦10312 104
85l2
120
2384
300
114
12434 12434
19*8
250
70
70
70 Y *70
70
70*4
1151 £11412 11512
114*2 114
126*4
126*4 126*4 *122*2 126*4 *122
70
11134 114
,71.75
118
64*4
16*2
.
69*4
69*4
70*4
70*4
111
112
1J212 114
125
125*4 ♦122*2 126*4
65s
104
40
45
4638
45*2
45*4
453s
44l2
\
45
81
83
85
86
88
875g
82*4
8434
159
*156
159
♦156
*156
159
153*2 156
4
4
4
4*8
334
4*4
4*4
678
63g
6*2
6*4
6*2
6*4
63g
63s
4934
505s
4984
50*2
49*8
50*8
4934 5034
*126l« 127*4
*128
128
128
192*4
127*4 128
6
63g
'6&8
684
6*8
6*4
63g
1.6*4
4
4
378
334
3*2
37g
334
334
3
234
234
234
2*2
284
234
27g
34
33
3134
337g
34*2
32is
32*2 33*2
41
*40*2
42l2
43l2
4234 4334 #42*2 43*4
108
108
108
108
109*2 10984
10934 10984
28
28
27
27
27
*26*8
*26*8
*26*8
5134
*515g
52l2 *5U2
52*4
5134
51*2
51*2
20
185s
185s
185g
18*2
1934
195g
18*2
59
60
57*2
5634 *57
66*2
5834
56*2
16*4
17*8
167g
16*8
1678
165s
165s
173g
13
13
13
127g
1234
1234
1234
12*4
88
88
88
88
88
88
88*4
♦86*8
17
18
17
I884
*1678
17*2
17*2
17*2
29*4
*2834
28*4 28*4
28*2 2834
2834 2884
*123
534
6*8
64*4
44l2
♦123
4
Jan
No par
Hupp Motor Car Corp
Internat Carriers Ltd
♦152
80
81*4
73*4
40
►
445g'
81*2
5
74i2 Feb 15
12*4 Jan 15
5778 Feb 19
4
100
Hudson Motor Car
9
42*2
79l2
Feb
10*2 Mar 20
35*4 Mar 20
10978 Feb 28
63s Jan 7
48*4 Jan 21
100
Preferred.
700
Jan
131
4478 Feb 19
26*4 Jan 21
65*4 Jan 14
5
Hudson & Manhattan..
23*2
*16
110
*478
3334
410
434
*4l2
1334
1334
13*4
5*2
5*4
5*2
38
38*s
37*4
Sl7934 180
179
19*4 Jan 13
par
Household Finance partlc pf..50
Houston Oil of Tex v t c new..25
40,400
14,000
123g
484
2
par
No par
Class B
1878
25g
1234
33
Jan
90
122
104*8
44
119
9
5
36*2
71
40
Jan 13
115i2 Jan 16
30*8 Jan 2
No par
(A)
13*4
123g
67g
Jan 30
162
11
5*4
177g
2l2
23*4
64
16*8
6*8
700
128
120
141
142*2
94
Feb 11
35*4 Jan 2
105i2 Feb 17
133*4 Mar 17
No par
Conv preferred.
Hollander & Sons
13,600
74*2
113s
3058
74*2
Jan 23
127
Jan 27
163
80
Holly Sugar Corp
No
7% pref
Homestake Mining
Houdaille-Hershey cl A ..No
4334
84
$ per share
120
85
$ per sh
65
141
7538 Feb 27
9,900
£43*2
109*4 109*2
127g
12l2
*684 7 7
1534
155s
534
33
32
£495
Jan
High
Low
$ per share
133
Mar
6
No par
Holland Furnace
mmmmmm
127*4 Mar 10
156*4 Jan 27
3034 Mar 13
100
Hershey Chocolate..
200
4378
30*2
*135
67g
67g
500
preferred
cum
120
No par
No par
6,500
4,700
mm mm
4358
$7
2
25
100
Low
Highest
$ per share
25
W)
Preferred
1,500
32
3184
385s
32
Helm (G
mmmm mm
m
133*4 133*4
77*4
9
Hazel-Atlas Glass Co.
100
128
'
m
117
38
Lowest
Par
300
*126*2 128
*123
rn
Range for
Year 1935
J. POO
Shares
$ per share
128
1933 to
Feb. 29
Week
20
129
32
103
102*2 102*2
*133
117
3178
—
Mar.
500
♦132
7714
*163
-
18
$ per share
Range Since Jan. 1
STOCK
EXCHANGE
the
Friday
Thursday
On Basis of 100-share LoU
STOCKS
Sales
NOT PER CENT
for
Saturday
21
875g
107*4
43
37*2
55*8
IO884
25g
43«
4158
112
26*2
£l4978
17S
*8
15
4*2
23*8
103g
34
6484
26*2
1234
18*2
124
90*4
*8
3778
113
185s
*858
30*2
30*2
2*2
5*2
1858
12*4
167*2
23*4
27*8
135
78
46
130
3O84
57*4
11*4
3734
New York Stock Record—Continued—Page 6
1944
HIGH
LOW
AND
SALE PRICES—PER
Saturday
Mar.
Mar
14
Tuesday
SHARE,
16
Mar
Wednesday
NOT PER CENT
17
Mar.
Thursday
18
Mar
Sales
STOCKS
Friday
the
Mar. 20
$ per share
Range Since Jan. 1
STOCK
On Basis of
Week
Shares
19
1936
21
July I
NEW YORK
Monday
March
1933
100-share Lots
Range for
to
Feb. 29
EXCHANGE
Year
1935
li)36
Lou. est
Highest
$ per share
$ per share
High
Low
Low
$ per share
*258
$ per share
3*8
12*4
*8%
*258
1234
"9"
"l9"
19
21
2278
5
5*4
10
9*2
1%
19*8
22*2
6*4
21*2
5*8
978
178
178
*5
8
23
23
338
4
17
912
3234
17*8
1638
10
10
3234
*159
1784
5278
5278
18*2
*50
33l2
160
19
*18*2
*53*4
28*2
28*4
378
37
36
36
4634
878
19*4
4634
1934
1938
35*2
37
38
36*2
1658
33
3338
4734
*18%
48
48
1858
53*4
21
41*4
103l2 10434
1034
4338
11*4
443g
1414
*103l2 104
16
1638
16
1334
104
102
102
102
70
68
68
37
978
65%
*36
37
9
19*4
39
38%
120
190
*109
10978
10978 10978 *109
10978 *109
11
11
10*2
1034
10%
11*4
68
68*4
*69
7134 7134
7034
1
1
1
%
%
78
2
2
*134
*134
2
*134
4
4
*35g
4
*3*2
*3*2
4l2
4l2
*3*2
478
*3i2
47g
26
26*4
25%
25%
25% 255S
784
778
8
734
8%
8*2
20*2
2138
21*8
22*4
21*2 22*8
3*4
3*4
3*4
3*4
3*4
3*4
6
534
534
6*8
6*8
6*4
25
25
25
2512
25*2 25i2
98
99*4
99
9834
100
9834
39*8
40*8
3978
40*4
39%
4038
51
51
*50*4
*50*4
50*4
50*2
*69
69
69
6958
71
69*4
Us
1*4
1*8
1*4
1*8
1*8
1058
11
69
69
1
*78
*1*2
*35s
*3l2
25*2
75g
2058
3*4
5*2
25
2
4
478
*69
21
3*4
6
99*4
40*4
5278
70
1*4
~2~ 300
H4
1,200
9
120
a:119
9212
92l2
*183l2 188%
31%
1534
44
13%
*103
*36
37
119
92
1078
11*2
2
*3l2
4
*3*2
*25l2
8*s
26
4*2
66%
36%
46 34
9%
21%
3S%
215g
3*4
580
420
4%
16
*15*4
15l2
*7538
2:355s
1512
21%
22
*3
3%
6%
2534
24*2
1*8
1%
7,400
36
35%
36%
12,300
20%
20*2
21
10,500
16
15%
16
15%
*77%
15%
15%
78%
400
1,600
77
77
79
*26
26*2
26*2
27
27
27
20
20*2
21%
49
20*2
47
21%
34,000
47
*46%
19*8
47%
47%
47%
300
20%
19%
20
24
195g
2412
20*2
47*2
19*8
25
25
15
15
15
24%
1434
1434
24%
14%
49
*47
19*4
1878
1918
19
1978
22*2
23
23
23
25
15*8
1434
34*4
14l2
15*8
15*4
34%
14l2
15l8
14*2
1412
1478
34
337g
v34%
161*2 161*2 *160
161*2
26*2 283s
2678
27*4
24
23*2 24
2458
109
10934 10934
109*8
*160
161*2
26*2 27*4
2358 24
10984 10934
*109
111
*109
111
49
15
*109
14
145g
14*8
14%
14*8
1438
14
3134
31*2
30*2
3178
30*2
31%
31*2
3238
31l2
3138
30
30
290
280
280
288
288
*162
168
*165
168
168
168
*140
142
*140
1078
142
141
142
1034
*134
78
2*8
1
111
*109
143g
1134
1134
12*4
2*8
*1*2
2
*78
1
1
325g
32
32
295
295
-
*161*2
142
11*2
*158
*78
142
12*8
2
1
66*2
32i2
8634
66*2
3234
67*2
69
3534
35l2
70*4
3634
6912
36*8
70*2
3738
88
92
91
93
93
94i2
10
10
10
10
11*8
3512
1138
3512
113g
11*2
1158
52
52
113
113
*10
15
*34i2
50*4
*113*4
*10
123g
38
12*8
*3712
35*4
29*2
57
3438
3038
*56
5*4
5%
13%
1334
10
978
1138
50*4
----
100
3
2034
2034
6034
22
22
33%
24%
2%
42%
9%
20%
8%
24%
s
60
«
9
Feb 28
IOI4 Mar
13%
*109
14
110
Feb 21
300
2,500
27,000
140
5,100
2,500
15,000
200
22,200
21,200
270
111
14%
12", 700
Mar
Jan
9
121
Feb 27
10712 Jan
2
6% Jan 6
5714 Jan 17
44
60*8
Feb 20
50
85
85
Jan 29
20%
68
150
75
Feb
66
Jan 21
63% Jan
No par
2884 Jan 21
3778 Mar
4
5
16i8 Jan 2
133s Jan 31
13i8 Feb 1
22% Mar
1784 Mar
1778 Mar
84
Mullins Mfg Co class A
Class B
Preferred
158
*
"4*4
11*4
107s
6
Jan
7
3212 Feb
3
100
No par
No par
7% pref class A
100
7% pref class B
100
J Nat Department Stores.No par
*4
1458
*68
134
134
99
4*8
1078
43g
113g
6*8
434
6*8
*438
*4*8
14*2
5
88
83
*100
101
2
2
5478
934
*9934101
*4*4
12l2
100
100
♦
3034
29%
30*2
"36*2
53
53
53
*53*2
378
334
*27
4
32*21
<•27
35%
67,900
30
30%
2,700
58%
*534
58%
6%
2,000
1412
14l2
1434
14*2
1434
133
13478 *130
*126% 134%
670
5*2
160
178
99
86*2
84l2
100
5%
*132
134
*90
43g
4*4
11*8
1034
65g
434
4*8
1438
101
107%
27*8
54l2
93g
100*8
*5*2
34*2
30%
59
67
88
27*4
4*8
36%
86
100
5%
160
*132
134
99
1%
*__
4%
1034
6
6%
434
434
5
6%
1,100
434
434
400
*4%
14%
14
*65
83%
101
5
1,700
100
14%
6934
8,300
83%
170
101
10
20
214
2l4
*2
2%
2%
300
23412 234
23438 233*2 233*2 *232% 233%
600
1075g *107*2
107*2 107*2 *107%
100
2778
26*2 27*2
265g
27%
26%
27%
36,100
55
5434
5478
55
55
*5434
55*2
800
934
934
105g
10%
1034
10%
1034 151,700
101
100*2 100*2 *100
100*2 100
100%
1,400
*6
10*2
*512
10*2
9%
*5%
9%
*
*
♦
9978
9978
99%
10
99%
3134
"30% 315g "801, 31% ~29% 30% 24,600
54
*53
54
54
54
*53*2
140
*53%
4
4
*35s
334
334
3%
3%
3,200
32*2 *27
30
*27
32*2 *27*2
32%
*2
...
For footnotes see page 1938.
Feb 19
11
11
19*2
Feb 11
14
14
27*2
Feb 19
Mar 9
3
Jan 24
4*2
634
6
2
Feb 28
158*8
13*2
1278
11*4
2
363s
141 *8
12
9
14%
14*4
22*4
5*4
22*4
129l2
Jan
80
108
zl06
zl06
Mar 11
3~~
Mar
16
23*8
Feb
6
10
21
2
305
Mar 19
16434Mar
4
168
Mar 17
143
Mar
17
3434
34*2
32*2
145
122
206
150
8734
162*2
143s
34
403S
8334
2078
77%
113s
13*8
4134
61*4
25
25
100
64% Mar
1978 Jan
74i8 Jan
9*2 Jan
lli8 Mar
3412 Feb
4934 Mar
13
2
6
2
14
29
3
75
Jan
5
33
38l2Mar 19
100*2Mar 19
9
9
33
36
1178 Jan 17
13*4 Jan 24
N Y Air Brake
No par
3212 Jan
8
New York Central
No par
2784 Jan
2
40* 2 Feb 21
100
1784 Jan
3612 Jan
2
35*2 Feb 21
63*4 Mar 6
.
N Y Chic & St Louis Co
Preferred series A
New York Dock
Preferred
100
100
100
111
17
Jan
4
10*4 Feb
4
9% Jan
8
5
Jan
2
2
13i2 Mar 13
*2
2
3878 Mar 5
59*4 Jan 3
113i2 Jan 15
15*8 Feb 10
1334 Feb 6
42*4 Mar 4
6i2Mar
4
17*4 Feb 17
5*
2:8*4
3%
4
15
80
28*4
7*2
»
2114
4312
109
35s
43s
35s
43s
11*2
12*4
18*2
12*4
6
19
978
39
2
2
4
119
Jan
6
135
Feb 28
101
112
125
Jan 20
125
Jan 20
112
6*4
1678
4
50
50
1
90
Jan 10
100
4
Mar 13
100
8% Jan
514 Jan
2
212 Jan
7
t N Y H & Hartford
Conv preferred
N Y Ontario & Western
100
No par
Preferred stamped
N Y
Shipbldg Corp part stk
1
7% preferred—1
...100
Jan
2
2
*2% Jan 17
123s Jan 2
65
Feb 19
No par
83
Mar 17
No par
100
Jan
3
I84 Jan
2
2*4 Feb
98
5%
14i2
7*2
5%
5*2
15%
73*2
Mar
%
78*2
258
5%
2%
%
%
Feb
6
7
Feb 24
Feb 24
Feb 24
Mar 13
139
114*4
5
4
Feb
118*2
1112
107s
36*2
2934
978
10% preferred
{NY Investors Inc
No par
1*2
6
NY& Harlem.
N Y Steam $6 pref
$7 1st preferred
108
%
Preferred
N Y Railways pref
23*2
22*8
113*4
~
3
6
Mar
Jan
N Y Lackawanna & Western. 100
6*4
6934
85
"5" 600
4,000
14
83
1%
4%
10%
•*67
*100*2 101
20
160
99
4%
1034
*4*4
440
47*2
%
No par
1,200
30
li2 Feb 11
No par
37
13*2
% Jan 10
No par
3512
29*8
14
*100
107*4 107*4 *107*8
2512 2634
26*4
*54
5478
*54*4
9*4
934
9*8
6*8
*4lo
37
26*2
213s
Mar 11
8134
.100
Natomas Co
58
67
88
233
4*4
*1034
38
13*4
434
140*2
National Tea Co
59
1478
101
234
158
*95
38
62
3&s
478
5.800
ii'ioo
62
28i2 Jan 16
2884 Jan 2
204
16*4
1534
10
25*4 Mar
11234 Mar
15*4
4078
3338
34*8
153s
9*4
9*2
4
2H4 Jan 21
IO8I2 Jan 4
10712 Jan 6
1078 Mar 4
29U Jan 9
111
33*8
Feb 29
Mar 6
Feb 11
30
69
121%
11,460
3,100
14%
12%
6
4
7*8
9934
478
%
10
3638
30*4
70
*66
*83
*232
13l2
38
12
9
6*4
9*4
9l2
65*2
1*8
Feb 11
Newberry Co (J J)
No par
7% preferred
100
J New Orleans Texas & Mex. 100
Newport Industries...
1
14%
12%
Jan
2112 Jan
17*8
3184
66
1478 Feb 17
20
*10
1178
9
U
934 Feb 19
78 Jan 8
*11034 113
12l2
Jan
60
13734 Jan 21
2d preferred
113
12*8
37*2
35*8
30*4
58i2
5i2
Jan 21
Jan 21
9434
4078
100
113
*10
2
50
55
2134
4178
..No par
12
9934
9%
11%
Jan
4*2
23
15*4
3478
5584
%
15*4
76g
Feb 25
Jan
3
1*2
1034
24
38
178 Feb 10
27i2
2234
51%
2178
283s
17*2
15%
3884
162U
63S
16*4
1
4% pf__100
*10
15
*
2%
Preferred B._
National Pow & Lt
15
*100
178
No par
Neisner Bros
*132
15*4
Nat Distil Prod
Nat Enam & Stamping.. .No par
National Lead
100
Preferred A
100
300
*127
70
100
7
17ia Jan 21
153
71
2
National Aviation Corp..No par
National Steel Corp
National Supply of Del
15,500
6
National Biscuit
cum pref
6
5
1738
223s
13^8
123s
7%
Mar
4*2
1734
578
1*2
1034
7
No par
Nat Cash Register
Nat Dairy Prod
103
5934 Feb
Nash Motors Co
10
784 Feb 11
4278 Mar
43
30,300
3634
98%
2
1%
212
1
7
Jan
No par
Nat Rys of Mex 1st
~1,600
Jan
Jan 20
Nashville Chatt & St Louis..100
National Acme
1
Feb
Jan
Jan
200
160
478
5*4
69%
37%
1
1038
4
2*2
578
2778 Feb 19
74
51
132
6*8
*4*4
69
260
84,000
2
3
21
37
132
11*8
65g
434
11%
Jan
Jan
No par
*35
*132
438
6934
36*4
38*2
96*4 100*2
10
978
12
1134
141
11*2
*1%
*34
4
No par
10
*50
36*2
31%
5812
534
57l2
*5*4
*14*8
134
99
1
141
100
Jan
Munsingwear Inc
Murray Corp of Amer
Myers F & E Bros
51
*113
30
160
1,600
1
37
15
3514
13434
900
7.50
*50
38
*132
2
37,600
33
1%
103s
8
84
25s
34
1
4
j.
Jan
6i2 Feb
26*4 Mar 16
9% Feb 21
2534 Feb 21
7%
68
*8
84
3
When issued
Motor Wheel
2
6
378
1
2
2
Jan
116*8
2:111*4
31
*8
7
601s Jan
84 Jan
*35
38
*127
69
12
1*2
15
6
No par
Jan
Jan
105
68
13s Feb 10
No par
Corp
51
38
134
1
32%
305
*161
141
2
10978Mar 16
116s Mar 11
Mother Lode Coalition
J 50
38
1234
160
11%
*1*2
32%
634
97
44
10
*48*4
1238
3512
141
32
305
8%
200
88
142
No par
20
4934
*10
57*2
53g
1334
32%
32%
305
2%
9%
6%
7
No par
..100
...100
*35
123s
31
315s
*3H2
296
884
9
Jan 14
Morrel ( J) & Co.
Morris & Essex
No par
No par
100
37
*113
15
*132
1*4
10*8
113s
11*4
*3412
4934
37
*127
31
1334
111
*161
6538
3058
8558
97S
35g
41
3
284
1712
512
14ia
23s
37s
2012
8914
3584
Preferred
288
3*2
*27*2
15
15
15*8
15%
14%
35
34*4
34*8
34%
33%
34%
161*2 161*2 *160
161% *161
161%
2678
2778
27%
28%
27%
28%
24
24
2434
24%
24%
24%
109
10878 109
109
109
109
3078
30*4
97%
17%
37U Mar 12
3
100
50
4% leased line ctfs
Mission Corp
7,900 Mo-Kan-Texas RR
Preferred series A
14,400
1,100 t Missouri Pacific
Conv preferred
3,500
1,400 Mohawk Carpet Mills
1,700 Monsanto Chem Co
53,300 Mont Ward & Co Inc
26*2
20%
*52
No par
2,800
26*2
20*8
100
6
584 Jan
97%
65%
28
5
6884 Mar 17
40% Jan
1434
5
234 Feb
8%
6
'2
15%
11
3%
6% Feb 10
26
8
8*2
22%
2
1034
8%
Mar
55
9
40
45%
10*8 Mar
2
76*2
*98"
6
3
2038
105g
Preferred—
7% preferred
26*2
*
Mar
131
5%
38%
%
97%
17i2Mar 11
104i2 Feb 6
1% Jan
3is Jan
4
19%
100
105
14%
111%
1934
90%
67%
3%
3734
1
14%
6%
28%
Feb 17
1434 Feb
7
76*2
100
46
35%
57%
7%
3334
4
493s Jan 24
118*2 Jan 3
1134 Feb 14
55
103
7%
%
1%
3%
Jan 31
% Jan
26
230
24
Minn St Paul & SS Marie... 100
2034
230
28
100
26
2
22
2
20*4
*178
32*4 Jan 8
16i4Mar 11
1578Mar 11
11284 Mar
100
26
5
32%
84%
t Minneapolis & St Louis
77
15l2
27
800
160
7838
*15
1534
70
8
9
71
Jan 25
54
r
4
'
Minn Moline Pow Impl_.No par
1,000
75
*4*4
15*8
No par
36,700
75
*68
97ij Jan 10
20
5%
Jan
1
70
*1538
157g
*584
434
1812 Jan 23
3934 Mar 13
103i2Mar 18
914 Jan 9
3784 Jan 3
12i8 Jan 9
978s Jan 7
1284 Jan 2
10
10
70
*69*4
Us
1534
11*4
6
5734
35%
33
Mar
5514 Jan 31
7®s Jan 6
100
8% cum 1st pref
..100
Milw Elec Ry & Lt 6% pf__100
Minn-Honeywell Regu..-No par
6% pref series A
.100
80
400
1534
1534
43g
Jan
33%
156
50
40% Mar
99
20
99
Feb 24
11
4
2334
110
21% Jan
50%
2038
158
2
14%
136
3%
884
Feb 28
Midland Steel Prod
41%
20
16
~4*4
55
3%
45%
684
23
63*2 Jan 3
2H2 Feb 28
18,000
50%
2038
1534
"
2%
23%
105%
22
99
1978
15*4
15%
*
6
Feb 28
I8I4 Marl3
40*4
203g
5*4
135s
12
Mar
10
1
%
6%
3612 Feb 19
160
2334
20
5
5
12
J 9i8 Mar
2
1%
2%
334
2
3
4i2Mar 18
3
9%
38
%
5034 Mar
Mid-Continent Petrol
3,500
6,200
41%
50*2
70%
1%
19*2
*1478
3434
5%
15,500
99%
203s
56
5
3112 Jan
99
2:40*2
*50
1938
*15*8
1534
28
1
6
Jan
108
19%
1
Merch & Min Transp Co .No par
Mesta Machine Co
5
Miami Copper
5
2534
36
38
100
No par
No par
7% preferred
50
3%
6*8
2534
6*8
35*4
1238
6% conv pref
1
400
11%
71%
*%
*134
*3%
*3*2
25%
1
No par
120
71
1
No par
Mengel Co (The)
92%
185%
109%
11
7134
$3 conv pref.
McLellan Stores
500
30
10
9
5
11,200
6934
9%
*64%
46*4
Mclntyre Porcupine Mines....5
McKeesport Tin Plate ...No par
Mead Corp
$6 pref series A
Melville Shoe
*99% 102
2034
No par
McKesson & Robbins
100
4,700
*68
2
2,900
3,600
100
McGraw-Hill Pub Co
30
10
6
125s Jan 16
12i2 Jan 16
No par
66%
13%
•
Jan
Feb 13
29
29
14
10%
Jan
Jan
45
12%
Jan 22
Feb 29
103
par
Class B
"""600
1634
10%
65%
7134
*7S
36
78
t McCrory Stores class A .No
3
4634 Feb 21
1684 Jan 4
4912 Jan 17
par
Conv preferred
105%
16%
*177
182l2 188
10978 *107*4 10978 *109
35%
*2
No
2,000
13,800
10%
44%
1334
No par
McCall Corp
13,500
2,700
36,800
94
10
par
No par
Prior preferred.
900
42%
119
*92i2
8
30
10
3
10
3is Mar 19
10i2Mar 18
30i4 Mar 19
Jan 10
153% Jan 17
Preferred ex-warrants..No par
10%
9%
20*4
39%
z38
35%
10*4
Preferred
80
36%
47*2
6534
3434
111
May Department Stores
Maytag Co
...No
2,400
110
68
97g
35*2
*109
No par
Martin-Parry Corp
Matheison Alkali Works..No par
Preferred
1
100
4
684 Mar 17
10a4 Jan 14
Feb 26
Jan 7
2%
%
%
1
Mar 17
23
3
Jan
Marshall Field & Co
1,600
48%
19%
53%
7
1884
100
212
No par
41i2
No par llUs
6,300
105% 106%
16*2
100
100
10
42
104
16
3434
*47*2
1834
2212
1458
1434
3312
Preferred—'.
$ per share
3
5714 Jan 10
2314 Feb 3
Feb 26
Jan
7
7
3
10i2 Jan
Mar 19
Prior preferred
2d preferred
Marlin-Rockwell
37g Feb
17i2 Feb
Mar 19
17%
17%
214
914
1%
$ per sh
Motor Products
2534
7%
25
98*2
393s
*5034
120
104
1934
189"
91
42
42
25
33%
*31
4134
46*2
120
120
..
160
48%
18%
52%
31*2
10478 105*2
1034
11*4
43*2 4334
135g
14%
*36
190
91
4%
33
110
31l2
155S
48
120
120
9%
30
*50
9*4
1934
39%
47*2
9*4
1934
*183l2 189
14,200
111"
111
68
118
91
17%
19
*99*2 102
10*4
6534
*178"
91
48%
11,530
1,040
2,450
2,870
1,500
100
100
Maracaibo Oil Explor
1
Marine Midland Corp (Del) —5
Market Street Ry..'
100
117
42
48
3
15%
15%
*15
1538
15%
15%
*108*4 117
*108% 117
21*4
*20*2 21*2
2034 2034
21
10*2
6834
10,200
*159
*50
*107
104*4
11*4
4334
14*8
10%
5334
115
42
77,300
48*2
1978
54
160
t Manhattan Ry 7% guar
Mod 5% guar..".
Manhattan Shirt.—'rr?
6
33%
*159
*10912 110
31i2
3112
15I2
16*4
1512
15%
157g
9
33*8
160
31*4
1578
47
10
No par
5,400
234
9%
29%
3%
*45*2
17%
934
17*2
10
10
1% Jan 2
7% Jan 2
8ig Jan 31
.1.100
Mandel Bros
6,200
1734
2134
10
48
17
45
100
Preferred
400
17%
21%
5%
4i2
a:48
t Manatl Sugar
"""410
9%
*38
54
18%
*36
9*4
10
*50
31
47*2
9*4
1934
2%
110"
110
31
15*4
15*4
15l2
1538
15
15*2
15*2
155«
1538
*105*4 115
*105
*105*4 115
*1858
2034
20*2
20*2
*2034
41
41
40*8
405g
41*8
105l2 10578 Zl0434 105
10358
10
10*2
10*4
10%
10*4
42
42*4
42*4
42l2
4238
1358
1334
135g
1358
1312
*102
10518 *102
105*8 *103
16
16
1634
16*8
165g
*100
102
*100
102
*99*2
*68
70
68
68
*67*2
938
934
9*8
9l2
9*2
*625s
67
6312
6H4
6378
35*2
9
*159
*50
31
15
45*2
87s
19*2
3
10*2
48
54
109*2 109*2
10
4
33%
48
54
*52
578
10*4
10
160
4734
*50
*108*4 109*2
30*2
30*2
33*8
*159
48
4734
183g
18*2
22%
6*4
10*8
3%
978
30*4
978
10
4734
42
17*2
2712
47
3358
160
47
42
Par
3
14
*9
934
2178
6l2
4i2
485g
17*4
*2%
*12%
13*2
*9
2%
4*8
48*2
1678
10*4
*35
28
10
47
1634
578
3
*258
13*2
834
47
10
*45*8
16*4
47
*159
634
10*4
25g
934
2*8
9*4
24*4
3*2
46*2
278
18l2 -1834
2134
2234
23
6*4
978
25
3*2
*42
$ per share
13
834
1834
22
2*8
9i2
23
*3*4
47
"18*2
10
8
*25g
*123s
8*2
*
47
$ per share
278
1212
8%
12
8*2
*
47
*2os
13
12*4
8*2
9*2
»_
$ per share
2%
6*8
%
96
114*4
1*4
99
2%
8*2
5^8
1658
258
6*2
%
%
334
2*8
6*8
16*8
5
51
96
Feb 17
69
69
92*2
107
Jan 31
79
79
102*4
Feb
51
87
t Norfolk Southern
100
Norfolk & Western
.100
210
Jan
2
235
Mar
5
138
158
218
100
106
Jan
4
108
Feb
3
77
99
108
Jan
9
28
Adjus 4% pref
North American Co
Preferred.
.No par
50
North Amer Aviation...
1
No Amer Edison pref
No par
No German Lloyd Amer shs
25i8 Mar 13
5234 Feb 6
6% Jan 6
98
Jan
2
414 Jan 17
99
Jan 30
2418 Jan 2
5H4 Jan 16
2
Preferred
.50
23
Jan
6
Jan 16
278 Jan 14
34
34
30*4
5534
1034
10178
12t2
8
9
Feb 14
31
Mar 19
2
2
Jan 24
39
57
101
Mar
Feb 21
7*8
3
-71
3634 Feb 20
55*2 Feb 18
4i2Mar 6
33
30
20
Jar 22
13*8
US
35*2
3*4
86*2
13*8
3578
1*8
x20
2*2
55
738
102
10*8
99
25*4
a:53*2
2*4
32*2
New York Stock Record—continued—Page 7
Volume 142
1945
July 1
AND
Mar. 14
Mar.
$ per share
15%
39
22%
115
10%
29%
*132%
18%
*85
*49
*113
Tuesday
17
Mar.
16
$ per share
Mar.
$ per share
NOT PERJCENT
SHARE,
Wednesday
18
22%
«.
156%
15% 16%
7%
7%
*14
14%
*7%
834
34
3434
49
16
1534
125
'—
*7%
34%
*15%
-
*113
70%
5 1 I
5%
6%
6%
*37% 38%
32% 33%
*7%
35%
50%
35%
49%
16
15%
5%
6%
33%
—
-
-
-
157% 157%
1684
17%
*7%
7%
8
A
8%
3584
5034
1534
*13
14
*7%
8%
35%
35%
51%
16%
50
16
127
*113
5%
6%
38
3334
17
32%
32%
33%
*4
6%
69
*23%
17
1634
17%
1634
17%
18%
18%
18%
18%
34%
35
34%
18%
35%
36
38%
48%
18%
3784
48%
88%
8%
18%
38%
318%
3734
47%
48
48
91
10%
1134
15
15%
2%
2%
69
S34
13%
2%
48%
934
1134
69%
*11%
71
*82
86%
43%
4284
41%
*8
2%
70%
13%
2%
9%
*12%
13%
9%
*81%
12%
2
2%
35%
2%
*34%
*60
*82
43%
; *8%
35%
75
75
35%
9%
42%
13
-
—
—
.
9%
*9%
9%
*36% 40
*36%
*176% 180
♦176%
10
9%
9%
72
*1%
*14
75
75
2%
19
81
32
32%
*2%
5%
3
14%
—
-
16%
17%
*24%
16%
*734
7%
234
—
*177
73%
13%
86%
43%
9%
81%
13%
2%
35%
9%
9%
6
78%
2%
6
48%
88%
8%
1284
284
68
*23
88%
8
8
11%
2%
7284
6%
13%
*82
86%
45
46%
9%
*80
*80
*13
*8%
13%
2% *2%
13%
2
6%
19
6%
10
29%
160
2%
14%
*2%
3
*2%
13%
*24%
3
*2%
200
3
2%
1334
14%
16%
8%
16%
8
2%
17%
8%
3
234
10
14
*23
27
*23
27
10%
17
8%
*2%
10%
4
4%
117
131% 131% *130% 132
153
4%
10
14%
27
17%
1634
8%
8%
234
3
10%
10
130%
114
130
*140
*148% 154
*112%
*112%
4334
44%
43% 4484
24
24%
2378
2384
130
130%
130%
130%
114
115
115
115
*115
*114% 116
117
*
130
131
130%
154
*149
114% *11384 115
130
*11334
—
-
-
—
—
-
_
29%
29%
30
30
29%
30%
42
43
42
42
43
43
43%
39%
*41%
*38
*38
16%
*1434
*86
23%
112
"6%
23
*9284
90%
14
*30
7
2384
96
90%
14
30%
87
22%
*107
634
23
93
90%
*1384
30%
15
12%
13%
55%
55%
96%
95
784
29%
43%
8%
8
30
30
43%
43
*42
43%
43
*37%
39
39
15
15
*15%
234
18%
2134
90%
22%
22%
90
23
*
....
15
85
234
1834
21%
91
23%
112
7%
2434
*80
85
234
234
17%
18
21
2134
*90
2284
110
7
P034
2284
110
7%
2484
7%
24%
94%
24%
95
96
95
96
92
92%
92%
14%
92%
1334
92%
31
31
31
14%
14%
1278
55%
95%
39%
*80
234
I884
31
*130
43%
15
81
112
1434
130
*38%
16
234
i§6~
-
*41%
43%
39%
*15%
---
-
*11384 117
*11384 116
*11334
*
131% *128%
129
*129% 130%
130%
130% 130%
14%
14%
14%
1434
15%
14%
13
12%
12%
12%
12%
12%
55%
55%
55%
55%
55%
•55%
93
93%
93% 95%
92% 93%
8
8%
7%
784
7%
7%
+
—
3%
14%
14
27
24%
17%
8%
17%
8%
234
2%
14%
24%
17%
8%
284
10
10%
3
10%
4
3%
*14
29%
23%
14%
*80
4
29%
28
28
46
45%
46
119% *118
1191; *118
11834 11934 *118
41
42
42%
4034
4284
4284
42%
104%
104% 104%
105% 105%
105% 105%
116
*113
116
11634 116%
*116% 117
131
*130
132
133
131%
*130% 132
112% 112% *112%
42%
44%
43%
23%
23%
23%
130
*
6%
83
117
119%
41
16
85
*15%
*80
1534
85
234
18%
21%
*23
24
*105
112
7%
96%
9234
1384
*30%
21
90
23%
*105
91%
23%
112
7%
24%
7%
24%
96%
7%
23%
9634
9734
9234
93
93
1334
13%
14%
30%
30%
31
63
63
*63
63
*61
65
*61
*11
14
*10%
33%
*35%
33%
36%
32
12
*11%
31%
36%
12
*ii%
14
*11%
32
*31
32
*35%
33
36%
46
36%
*36
52%
3634
45%
52%
31
3634
47
47%
50
53%
527?
65
63%
5338
63%
500
30
2,100
20
18
Feb 10
2
2
13
Feb 19
21
18i2
78I4
918
70'4
Jan
Jan
Mar
Mar
10
MarlO
17% Jan 13
4% Jan
1% Jan
-.100
100
100
Pittsburgh Screw & Bolt-No par
Pitts Steel 7% cum pref
.100
Pitts Term Coal Corp
100
100
25
100
Pittsburgh & West Virginia.. 100
...No par
PIttston Co (The)
...No par
No par
t Postal Tel & Cable 7% pref 100
t Pressed Stee* Car
No par
Preferred.
100
..No par
5% pref (ser of Feb 1 *29) .100
No par
S5 preferred
No par
6% preferred
100
7% preferred
100
8% preferred.
100
Pub Ser El & Gas pf $5. ..No par
Pub Ser Corp of N J
10
100
No par
100
1
25
Prior preferred-
25
Rensselaer & Sar'ga RR Co.. 100
Reo Motor Car.
5
ClassA.
5,200 Reynolds Metals Co
%
%
34
Jan 15
97% Feb 13
—10
100
No par
5H % conv pref
100
4,400 Reynolds Spring....
1
20,600 Reynolds (R J) Tob class B... 10
......
6
8
8078
67
67
Mar
6
12
8
7
3
27
5% Jan 23
47% Mar 10
8% Jan 8
9%
9%
11
11
3
2
'
IOI84
14%
21%
2%
6
'
19%
.4.--
----
%
h
438
4%
8%
h
478
Feb 10
8%
%
8%
15
134
44%
64%
81
4%
4i2
28^4
31%
Mar 13
35%
1%
234
57%
2%
8484
6%
3
5%
3034
67b Jan 28
Mar 20
Jan
8
Jan
Jan
46
Jan 16
10
18
39
Feb 21
17%
17%
39
Feb 19
Mar
114% Jan
88
133* jan
18
Feb
16
Jan
19% Mar
25%
45%
81%
3%
8%
2%
Jan
Jan
39
Jan
jan
Jan
Jan
93
F
12
M
11
Mar
49% Jan 11
2»
19%
2
11
1134
21%
38%
]%
74% Feb 19
15% Feb 7
48
Mar
Jan 31
84
Feb 21
2
17
Jan
1% Jan
33% Mar 20
11
9% Mar 14
36% Jan 21
Jan
-=
38%
1%
3%
134
35%
5%
53%
1334
10%
50
78%
234
%
%
38
Feb
50
65%
76%
127b
4484
12
7
7
Feb
26
40% Feb
26%
141%
4%
15%
Mar
11% Jan 31
5%
22%
1
Jan
1
21
Jan
6%
10%
1%
24%
678
1
86% Mar
35% Mar
6
4
384 Feb
6
1
Mar 13
Jan
2
4% Jan
1% Jan
2
934 Jan
6
2
3% Jan 7
23% Jan 6
44% Mar 13
11884 Mar 17
4084 Mar 13
103% Feb 21
116
180
172
3
Jan
1]78 Jan
Jan 16
Mar 3
Feb 19
Mar 4
Jan 11
Feb 6
5% Jan 16
15%
26%
I934
984
3%
12%
36
Jan
—
2%
—
Jan
112
7
Jan
1234
1%
%
4%
578
2%
16%
4%
26%
5334
%
2t
%
5%
33%
6%
42%
101
115
5978
104%
73
73
117
84
136% Jan 27
156
99
Feb!
8378
29%
148
99
113
29%
57g
527B
49%
1197B
65
103
578
Mar
17
107
Feb
Mar
•
....
129% Mar 11
14% Feb 3
11»4 Feb 10
54% Feb 3
8312 Jan
5
132
100
33%
132
1027g Jan
128
85%
4684
49
48% Mar
24% Mar!
Jan
107
121
20%
62%
20%
113% Jan
367b Jan
16% Jan
115
13
----
6%
%
4%
'
130% Mar 11
62
25
1%
2
122% Feb 2C
—
16%
3%
6
Ji
49
10
10
55
2%
6%
6%
6
Mar 19
149
134
31
1% Jan
68% Jan
8
35
1%
24%
678
21
85
40
3
234
6% Feb 19
Jan
10
478
a?68%
1434
44
85% Mar
is4 Feb 24
16% Jan
23
14
19%
28%
45%
85%
4%
2% Feb
37% Jan
3 a;179
8% Mar 20
1284
3
61
Jan
7%
1%
88
3
54
10%
5%
78% Jan 29
38% Jan 6
83S Feb 7
49
13
3% Jan 13
12% Jan
4
13%
3
16% M
Mar 13
Feb
34%
6434
9%
7%
Jan 13
176
16%
12
Jan
16
50
1784
2%
9%
14%
Feb 19
56
32%
39%
II684
43%
1%
2
3584 Feb 19
64is Jan
Jan
108%
1734
40% Jan
66
30
10%
80
9
Jan
17% Jan 6
14% Jan 17
8%
884
4
4
22
50
13%f
56% Mar 9
98% Mar 20
9% Feb 19
35%
1%
16%
29%
1784
13%
62%
92
287g Jan
35% Jan
33
48% Feb 24
1%
11%
29%
39
Jan
43
Feb 25
28
36
30%
43%
43%
37
Jan
40
Jan 13
27
33
38
978 Jan
Jan
2% Jan
15% Jan
197b Jan
22
Feb 17
94
Feb 20
Jan
8
1
8
7
69
Feb 20
69
21%
98%
6
2434 Jan 23
110
20%
1
Jan 14
2334 Jan 15
22% Mar 12
3%
5%
5%
384 Jan 14
85% Jan
110
3%
20%
16'4 Jan 30
88
70
Feb 19
21%
98%
2
Feb 19
2%
478 Jan 2
18% Jan 21
2634 Feb 19
9
86
Jan
2
99
Feb 19
19
28%
89
Jan 27
95
Jan 13
78%
78%
5%
9
16% Feb 17
«
36
Jan 10
«10
13
2
120
Jan 23
35
75
27% Mar 17
34
9
117
Jan 13
Feb 17
50
Mar 20
13% Jan
7
28% Mar 12
113
113
27
Jan
Mar
Feb
5
14
*11%
14
32
32
900
Rhine Westphalia Elec & Pow__
Ritter Dental Mfg
..No par
IO84 Jan
19% Feb
3
2
37%
37
37
700
Roan Antelope Copper Mines.
32
3
38% Feb 17
—10
1%
20
71%
Feb
12
31
Class A
21
8784 Feb
1284 Jan
68% Feb 28
65% Feb 10
13% Jan 3
35
Mar 10
50
7%
6%
6%
26
14
21
2
8
Preferred
Preferred
3% Jan 15
5
2%
Jan
72
25
Pittsburgh Coal of Pa
8%
142%
Feb 21
Jan
Pillsbury Flour Mills
123
70
9
20% Jan
Jan
No par
21
12
68%
99%
73
100
Pierce Petroleum
56
79
-.100
Preferred
31%
19
Marl3
4
No par
5
5%
13%
69
29
100
378
10
64i2Mar 13
100
—100
100
1
111%
684
3%
10a4
9
7*8 Jan
12% Jan
30
No par
1734
1
3%
17% Jan 24
2% Mar 17
45% Mar 20
4% Jan
110
100
14
12
27
13*8 Jan 18
...
...
6
Jan
Feb 27
31,100
74,000 Republic Steel Corp.. ..No par
1,600
6% conv preferred.
100
1,500
6% conv prior pref ser A —100
1,300 Revere Copper & Brass
.5
1,500
19
Feb 21
7
3
2
9
13
129
80
19
4
130
13a Jan
115%
114%
,
5
12%
567b Feb
147
Feb 19
55
1
3
16
92
1
8
6% Jan
17%
4%
3%
Feb 11
Jan
Pierce Oil Corp pref
1,300 Reis (Robt) & Co
1st preferred
500
11,100 Remington-Rand
$6 preferred
2,400
Mar 14
100
Phillips Petroleum...
Phoenix Hosiery
Real Silk Hosiery
Preferred
17
27
Jan
12
13C
Jan
1514 Feb 19
Poor & Co class B
10,500
Jan
17% Feb 21
934 Feb 11
11%
26%
125
38
60
164%Mar
107
2284
7%
28
Feb
118
7% preferred
4,500
1,700
4,500 Procter & Gamble
63
140
100
Pet Milk
Class B
3
2O84 Mar
95% Feb
27%
2084
106
92
100
____
-
49
No par
Prior preferred
Preferred
Preferred
Mar
100
------
---
234
63
52%
No par
500
131%
100
*148% 154
100
*112%
44
-No par
43
4334 16,300 Pullman Inc
No par
24% 24% 129,100 Pure Oil (The)
24%
132
131
8% conv preferred
100
1,290
132
115
115% 115%
1,800
6% preferred
100
116
6% pref rets
116% *115
70
130% 130%
8% pref rets plan B
130%
60
*130
8% pref rets plan A.
1434
No par
14%
8,300 Purity Bakeries
1478
13%
13% 223,900 Radio Corp of Amer.....No par
13%
Preferred
50
55%
5,300
*55%
55%
Preferred B
...No par
97%
98% 22,700
97%
No par
7%
8% 38,200 X Radio-Keith-Orph
8%
31
2,600 Raybestos Manhattan...No par
30%
30%
43
50
*4134 4334
1,000 Reading
1st preferred
200
43
*40% 43%
50
2d preferred.
300
39
39%
.......50
*38%
*17%
*51%
5134
25
.No Par
Porto-Ric-Am Tob cl A ..No par
1,200
3,400
----
234
45
52%
2
4
Jan 3
Jan 11
4,000
1,600
154
19%
2178
9034
*44%
51%
46
3i2
9i2
4%
30>4
10
133
97
24
600
234
46%
52%
46
2
Jan 20
Plymouth Oil Co
5
Pond Creek Pocahontas.-No par
1,000
110
*102
III84
113
110
*102
*102
11184 *102
112% *102
28
28% 29%
2834
29
2778
27%
27%- 28%
28%
28%
28%
*108% 115
115
*10834 115
*110
*110% 115
*110% 115
*110% 115
46%
Jan
14
100
6,500
11584
*17%
2034
90%
24
360
10434
*102
45%
51%
*6184
128
5
G L & C (Chic)
w--
83
117
.25
Preferred
6% preferred22,700 Pittsburgh United
-
29%
46%
21%
6%
19
------
30
45%
21%
6%
1,050
84
46%
81
*1384
17,300
84
45%
*16
*1%
9%
78%
2%
1512 Jan 20
7
Pitts Ft Wayne & Chic pref..
29%
453j
234
2%
------
84
45%
18%
22%
8884
23%
77
79
40
32
45%
85
300
934
....
2
Jan
Pirelli Co of Italy Amer shares.
31%
4434
k234
1,100
75
83
378
*16
34%
*9%
19
*28%
4578
*80
30
-
*36%
*176%
8%
9%
*178
*1334
6%
4
*41%
*60
40
29
130
i.-'-
5,000
*9%
29
2284
400
2%
*36%
*176%
9%
78%
9%
-
62,400
2%
33%
75
9%
79%
2%
-
2%
35
9%
77%
*1%
-
2,300
35
9%
-
14%
*60
40
-
13%
75
9%
—
46%
45%
*8%
*80
--
-
13%
35
29
45%
2384
--
35
29
*112%
44%
9%
.
Jan
Jan 15
No par
..No par
Peoples Drug Stores
s
123
47
1,820
7% preferred
—
50
No par
4,600 Phila & Read C & I.
10
7,600 Phillip Morris & Co Ltd
200 Phillips Jones Corp
No par
73%
*12
30
153
2%
72%
73%
13%
4
-
600
47%
8984
9%
12%
284
*85%
8%
1134
»-
31
*116
434
11%
5
5,300 Petroleum Corp of Am
No par
4,800 Pfeiffer Brewing Co
25
39,800 Phelps-Dodge Corp..
800 Philadelphia Co 6% pref
50
$6 preferred
200
No par
1,710 X Philadelphia Rap Tran Co..50
39
38%
47%
86%
2834
«...
18
-
800
*82
4384
-
71
23%
17%
18%
1634
*12
4
155
284
-
83
*104
484
11%
87
Peoria & Eastern
82
120
2
100
Pere Marquette
31
41%
42%
104% 104%
2
Jan
6
No par
100
6% preferred.
75
Jan
8
24% Jan 21
Pacific Coast
100
70
14%
8%
16%
3%
107
No par
100
8%
16%
3%
7
100
Prior preferred
1,400 People
-
14
73%
10%
*145
12
50
85
86%
44%
9%
28%
120
6,900
32%
41%
10584
Preferred.
1st preferred
2d preferred
17% Jan 15
4434 Mar 20
24% Feb 21
6
No par
... .
$ per share
"
Jan
No par
Outlet Co.
High
Low
$ per sh
18»4
100
...
Otis Steel
$ per share
1312 Jail
24% Jan
Otis Elevator
20,900 Pacific Gas & Electric
6,900 Pacific Ltg Corp
2,700 Pacific Mills
230 Pacific Telep & Teleg
51%
18
17%
*125% 127
*12%
9%
3%
41%
24%
17%
18%
38%
48%
88%
28%
119% 119%
20
81
2%
10%
36
*82
*14
19
*14
19
2%
7234
*36%
*176%
180
*1%
36%
*60
40
9%
77
2%
12
2%
9%
984
*734
*2%
-
8%
13
75
*36%
77
13%
26%
35%
*60
9%
*2%
14%
*23%
2
40
5%
81
*31
13%
2%
*1%
*13
5%
80%
80
13
*31%
*81
91
734
14
13
69%
86
*89
86%
13
*82
130
*66%
23%
69
22
17
*89
•
Preferred A.
Low
Highest
$ per share
par
Oppenhelm Coll & Co
Preferred
8%
36%
51%
8%
Range for
Year 1935
par
2,000 Owens-Illinois Glass Co
10,000 Pacific Amer Fisheries Inc
200
70
69
22
17
93
50
8
*83
21%
48
200
14
7%
14
8534
70
*89
28,400
17
*83
16%
*47
60
----
16%
6%
33%
*4
213s
*65
12,300
155% 15584
*32%
17
70
*82
87
*65%
17
*113
100
9,100
36%
38%
110% 110%
42% 43
*4
6%
32% 32%
21
*80
-
11034 11084 *110% 111
43
43
43
43%
17
87
«...
*122% 127
21
*82
•
155% 157
17
1634
734
778
*13% 1478
*778
8%
35% 36
51
51%
34%
86%
69»4
24%
*57
par
*146% 155
*146% 155
146% 146% *146% 155
16
No Par
15
2,500 Pac Western Oil Corp
15%
15%
15%
15%
15% 15%
..No par
11
11
II84 108,600 Packard Motor Car
11%
11%
1178
11%
118s
Pan-Amer Petr & Trans.
5
20
*14
*14
20
*1384 20
*14% ,20
1,100 Panhandle Prod & Ret.". No par
2%
234
2%
2%
2%
2%
2%
2%
80
31
30
*30
31
8% conv preferred
100
29% 29%
29% 29%
No par
87
88
87
1,200 Paraffine Co Inc.
*88
8984
89%
89%
89%
1
10
10
10
9%
9%
9%
9%
10%, 51,700 Paramount Pictures Inc
First preferred
74
100
73
73
4,800
7634
76%
74%
76%
72%
Second preferred
11
10
11
11,900
10%
10%
10%
10%
10%
10%
1
500 Park-Tilford Inc
*25
25
25
*25
*25
25%
253s
25%
...1
4% 17,000 Park Utah CM...
4%
4%
4%
4%
434
434
434
Parke Davis & Co
No par
4584
2,300
45%
46%
46% ®46% 46%
46% 46%
7
7
6,500 Parmelee Transporta'n...No par
7%
634
7%
6%
7%
6%
No par
8%
9,100 Pathe Film Corp
778
8%
8%
7%
8%
734
8%
15%
10,300 Patino Mines & Entefpr.. No par
14%
1378
14%
14%
14%
13%
14%
3
2%
2%
234
234 11,900 Peerless Motor Car—;
2%
2%
2%
2«4
...No par
700 Penick & Ford
65
65% 65%
65%
6534
65%
6434
65%
73
No par
73
37134
72%
9,700 Penney (JC)
7234
70%
72%
72%
5
5
5
5
10
1,100 Penn Coal & Coke Corp
*47g
5%
*4%
5%
8
No par
6
684
44,600 Penn-Dixie Cement
6%
684
6%
6%
6%
Preferred series A
100
*36
*37
4,100
38%
38% 39
39% 44
38%
50
32%
34%
3284 33%
33% 27,100 Pennsylvania
33% 34%
33%
33
31%
3234
33%
32%
33%
*11034 111
110% 110% *11034 111
44
4384 4334
4384 44%
43%
*4
6
*5%
6%
5%
5%
*32
33% *32%
34%
*30% 3334
*81%
No
25,400 Ohio Oil Co
10,700 Oliver Farm Equip new_.No
47,500 Omnibus Corp (The) vtc.No
20
71
*37
*113
125* *125
125
66
70
-
14%
884
*65
66
—
17
14%
784
14
125% 125%
70 1
-
157
16%
*734
1684
*147
148
*146% 155
1538
15%
15% 15%
1038 11
10%
11%
*14
20
20
*1384
*2%
2%
2%
2%
32
*30
33% *29
89
891
87% 89
9%
9%
9% 10
74
74
72%
72%
IO84
10%
10%
10%
25
25
25
25%
434
4%
4%
4%
46
46
46%
46%
6%
634
6%
6%
:
8%
8%
8%
14
14%
14%
14%
2%
2%
2%
1 ► 2%
66
-
155
155
*7%
14
49
50
15%
155
Lowest
Par
40
*113
-
-
15%
3834
22%
100-share Lots
1936
Shares
$ per share
$ per share
1933 to
Feb. 29
Range Since Jan. 1
On Basis of
EXCHANGE
Week
20
Mar
19
Mar
$ per share
STOCKS
NEW YORK STOCK
the
Friday
Thursday
16
16
16
16
16%
15%
15%
16%
16%
43% 4484
40%
40% 43
3884 40
39%
23% 243s
23% 24%
22%
22% 23%
22% 23%
116
*114
116
115
*112
116
*114
115% *114
116% *114
12
12
12%
11%
11%
12%
12%
11%
12%
1284
11%
30
30%
2984
2934 30%
30%
29%
29%
29%
29% 30
133
133
133
132% 132%
133
132% 132% 133
*132% 138
19
209
19%
19%
19%
19%
18%
19%
19%
1984
1834
91
91
93
93
93% 93%
*9278 93%
*89%
92% *90
*49
*49
49%
49%
49%
49%
49% *49
49% 49% *49
16%
39%
155
125
SALE PRICES—PER
LOW
Monday
Sales
for
HIGH
Saturday
a:51% Mar 17
60
Jan
Jan
2
«
3
9%
101
*7
6
3984
20
55%
1034
5%
17%
101
12%
43%
55%
11
5%
21%
6
New York Stock
1946
HIGH
AND
LOW
SALE PRICES—PER
Monday
Mar
Mar
14
$ per share
Tuesday
16
Mar
*5238
997g
*91 4
812
*7i2
2714
234
3
512
5
*9
12
*9
23
*15i4
31*8
3U2
*110*2 112
.*112l2 113
*14*8
1434
48
47i2
*99*2 IOOI4
3*8
334
113
113
34
14
48l4
4714
100
100
100
4
1*8
234
403s
234
6
6338
535a
*94
8ig
2778
1378
1414
14
28
287g
28*s
7
3
534
53g
12
*15
23
100
37g
100
4i8
1*8
3*4
612
6234
4*4
*53g
6214
71
1934
1412
1812
143g
1438
I9I4
14l4
2834
29
28i4
7
7
*512
63i2
48
*45
48
31
*31
45
*41
46
47
*42
47
1812
I8I4
185g
II6I4 11634
1134
12i2
28
2714
*42
18
llSg
5i8
2678
115
117i2
62
*61
63
71
*71
12
2734
5i8
51g
2714
277g
117*2 119
28i4
116
117
27
273s
5
5ig
117
63*2
75
6*2
100
12,400
400
123s
Conv preferred.:
Silver King Coalition Mines
Simmons Co
5*8
Simms Petroleum
Skelly Oil Co
25
119
119
119
61*2
62
62
62
150
753g
28*4
30
283g
*70i8
75
75
75*2
75
62
62
*61*4
25lg
63*2
2434
63*2
2412
2434
1434
15*8
15
1514
15
1512
15
1538
15
6
*11034
57g
*4U4
578
33
32*4
*15514
2512
33i8
1734
251g
255g
32*g
I684
33
28ig
27
46
*4U4
*9
10
68
17i2
2534
3414
I8I4
27l2
29i8
44
44
44
914
9*4
68
*100l2 103
8*8
834
812
9
9
9
*33
*9
34
34
213g
2US
20*8
2134
2078
2Ug
513g
2178
20*s
6312
*98
64i4
102i2
36
1638
507g
64i4
*98
lOUg
157g
16ig
12412
1134
12ig
714
1312
734
*33
14
34
3512
3534
*234
3
*1121411234
4478
4534
3714
3812
*
16
-
-
—
—
-
63g
42,500
32*2
32
3,400
*152
10
26*8
26
26*4
3378
33
34
6,900
15,500
46
10
*9
*6614
104
9
914
107g
*42
95g
68
106
9
11*4
100
95g
200
6634
6684
105
884
10*2
46
*9
30
260
9
13,100
113g
33*2
3378
2U8
215g
23*2
23%
5178
53
52
53
6,900
63
635g
*98
100
I6I4
*98
1678
3714
38
3
*27g
3678
3
3
11212 *112
44*8
453g
314
*9U
71
1214
2678
44i2
3778
*8
32i4
2
834
8lg
66I4
30
28
713g
978
50i4
2118
1714
13i2
89*4
90
44i2
7U8
3
314
122
122
39
3712
6*4
9l8
.*4634
20U
I6I4
125g
90
93g
90
127g
15,700
8
20,900
15*8
14
16,400
34
34
32
14*4
32&g
36
37
35
36*2
83s
1,300
7,500
17*4
1678
17*4
50,300
1234
13*2
13
13*2
73,000
8884
8834
1,300
120*8
39*8
39*8
90
90
*89
90
*12018 12178 *120*8 12178
40
123*8
12*2
778
8
40i2
39
39*2
120
2,500
J
612
13*8
2678
6ig
6i2
133g
*814
12l2
1314
27
267g
27
834
834
834
6*8
12*2
1234
ar26*2
2634
87g
6
63g
87g
12*2
26*2
*7*8
23*2
32*4
9
200
23
233g
23
23*4
32l2
3234
32*2
3234
2
2
2*8
9*2
2*8
*8*4
8*2
8*8
8*4
3,200
1,000
9'8
95g
9*4
9*2
14,200
*2
914
8ig
9*2
*814
984
9lg
9l2
3634
3538
3734
355g
37U
3514
125g
9*2
2
9
2358
3234
2
9*4
10,300
1278
23,100
13
13*4
1234
13*8
11,600
35*8
*31*4
34*2
400
3784
3614
3714
3634
3634
36i2
36
900
60
*60
1212
114
61
1234
*103
1012
1078
1034
*734
8
8
28*2
11*2
297g
*27
27i2
27*2
*10l4
29*2
10i2
*10i2
2978
1234
114
30
*27
*10i4
29i2
67g
7*8
3412
7
1034
1034
11*8
8*8
734
77g
27i2
11*8
3034
714
34r2
*33i2
35i2
18
1812
1734
183g
♦10334 10434 .10384 10334
*5212 59
a*53i2 59
15ig
157g
1512
157g
67i4
6812
68i2 69
14
13»4
13i2
1334
24
1714
20i2
1934
13
13i2
135g
1334
*•
10
934
984
97g
*106
10612 *106
10612
6
6
57g
*534
87g
9*4
914
93g
28% 293g
29i2 297g
3714
37i2
3612 3714
10i8
10*s
105g
IOI4
75
634
*887g
*131
75
75
634
90 i
*6i4
90
1331
*131
47
47
82
827S
.
4612
81*2
*33
36
18ig
1812
10334 10414
*53*2
60
155g
16U
695g
69
1234
11
75g
*28
*11
30l4
684
*33
1734
69
1334
14
1384
2314
21
1314
14
137g
934
10*4
10
106*2 1065S *105
534
95g
29l2
36ig
1034
7512
297g
5*4
*9l2
2884
37
36
11
763g
634
634
9012
90
534
93g
67g
9012
*131
133
61
1284
114
11*4
734
28i2
11*4
31
7*8
36
183g
104i8 104i2
*505g 60
16
155s
22ig
75
133
7
67g
*60
*110
35%
*60*4
1234
*110
113g
75g
28
36
36
61
*60*4
1234
*123g
114
1134
110
11
61
100
13*2
400
110
No par
25
*27*4
*11*4
28*2
200
1158
303s
31*2
678
7*8
32*2
3278
1778
18*4
10334 104
*54
5934
7
75g
34*2
3584
1,400
18*8
18&S
20,500
104*2 104*2
1,000
*54
5934
-
63
Mar 13
99
Mar 12
153a Jan
Jan
Jan
2
Feb 26
112
Mar 13
397a Jan
323a Jan
10
27
6
2
5U8 Jan
par
28
10
65
6
Mar 18
Sun Oil.
Preferred
2
10>4 Jan
6
23
Jan
3
50
6s8 Jan
4
25
22i2 Jan
3
..100
..10
No par
.No par
Class A
No par
Telautograph Corp
5
Tennessee Corp
..5
(The)
Sulphur
25
No par
Texas Pacific Coal & Oil
Texas Pacific Land Trust
conv
pref
The Fair
10
1
$3.50 cum pref
Tidewater Assoc Oil
1034
76i2
63g
1U4
7714
1034
IO84
10
107g
76
76*2
76
77
220
7
2,500
90l2
90l2
9034
1,700
6i2
133
6*2
90
*131
65s
9034
6*2
90
*131
133
46
47
47
47l2
4634
4684
47
47
847g
833g
84
83*2
8478
84
847g
133
8,900
------
1,400
17,200
36i2
3970
3*4
U3i2
47*8
4018
Mar 13
Da
57g
8i8
7*2
287b
33
Jan
Jan
434
6
6
78
94i2
26l2
3
Feb
19
20
3318
3534
12ia
58*4
Us
318
10
6
19
4534
1
28
8
2*8
28is
412
212
2U
28
4
17
4
aril
96
1*4
14*8 Feb 19
2938 Mar 6
15
32i2
*4
1*4
6*4
Mar
4
3834 Feb
3
1514 Feb 29
14*8 Mar 6
41?8 Feb 11
13l2
93s Jan
39
8
Feb 25
44
Jan
No par
60
Jan
6
62
Jan
9
1414 Mar
985s
8*a
3U
27ia
8U
24*a
Jan 15
i"
Jan 15
10
par
No par
-No par
No par
100
No par
2
Jan
7
Jan
3
Jan
2
47a Jan 21
29
Jan 31
14*4 Jan
100*8 Jan
52
6
3
Jan 20
5
12
Jan 21
2
1278 Mar 13
7ia Jan
3
110
60
212
24
17
r
27
7i2
4338
21
478
714
4i2
178
4
Jan
2
Jan
3
99
131*4 Feb 18
133
Feb
51
1*2
33g
Jan
1078 Feb 18
323s Mar 2
13
Jan
41
24*8
Mar
2
Jan 21
1234 Jan 31
Jan 22
83
No par
46
No par
71*a Jan
Mar 17
3
Mar
84
26*4
4*8
283g
47g
7U
518
178
3*8
312
24*8
212
18
1
Jan 13
1*8
5334
22i2
Jan 17
95
la
125
29
6234 Feb 19
Feb 20
7*8
412
8*8 Jan 20
87
1®8
17
13
*4
6
5iS
1338
69
Feb 29
Jan
5*4
6Hg
2i2
2
1®8
107*8 Mar 11
7
131s
50
16
10
2
12
314
8i2
14
2
478
Marl6
16*2 Jan
4
16i2
28*4
13
3
86
...100
45
18
Jan
No par
Under Elliott Fisher Co ..No par
Feb 28
Mar 11
Jan
100
4
1734 Feb 19
72i2 Feb 18
1434 Feb 25
478
7*2
22*8
31i2
9U
65*4
4*4
Ulen & Co
8
38*8
5
778 Feb 25
3934 Feb 25
19i8 Feb 4
106i2Mar 3
93
20th Cent Fox Film Corp No par
Preferred
No par
Twin City Rapid Trans.-No par
8
12*8 Mar 5
9i2 Feb 18
29i8 Feb 13
12U Feb 14
32i2Mar 6
No par
10
158
5
177«
314
*4
1*4
6U
318
1612
2234
1134 Feb 19
Jan
115i2
ill
11
No par
25
212
2U
60i2
19*8
6
Jan
100
6*8
534
3i8
IOI4 Mar 11
Jan 18
36
2*4 Feb 11
34
1
23
4*8
9*8 Feb 14
Jan
2784
35?8 Jan 30
No par
Preferred
6
Mar 19
2
7if Jan
10U Jan
1117*
23
Mar 13
Jan 22
Jan 6
Jan
2i2
1*2
1*4
Jan 24
Feb 8
Feb 6
Feb 29
40i2 Mar 18
634 Mar 12
25
4378
101*4
1212
122*8
Jan 17
42
6% preferred
Union Bag & Pap Corp
Union Carbide <fc Carb
1212
120
Jan 27
No par
100
45
Mar 12
Truax Traer Coal
Truscon Steel
Preferred
7U
*
7*4
8i2
3314
Feb 17
28
Preferred
Tide Water Oil
6
18
65
31
2i2
1*2
1*4
434
100
Preferred
Thompson-Starrett Co
32
Transue & Williams St'l.-No par
Tri-Continental Corp
No par
6,000
Jan 15
24i2Mar 20
5334 Mar 20
7212 Feb
103*8 Jan
59l2
3ia
3i4
27g
1*2
3012
12U
35s
122
Jan
1,900
16,400
10,300
82
42
20
2378 Jan 29
2
Jan
Jan 11
3
Swift & Co
Texas & Pacific Ry Co
Thatcher Mfg
30U
36*4 Jan 25
27
147s Jan
29
Feb
118
Superheater Co (The)
Superior Oil
Jan
Transcon & Western Air Inc
37
5
100
_
37,800
2834
7
15
No par
1
2
14
36*2
7
5
91
5
No par
10*8
12*4
5i2
15
2
Stewart-Warner
Stone & Webster
t Studebaker Corp (The)
49
137g
2938
78
30
~20"
132
Feb 20
IO914 Feb
9*4 Mar
113a Mar 20
70
10712
Feb 20
72
50
14
3634
5*2
6
Convertible preferred
1334
35*4
1234
6
9*s Mar 14
14
28
Feb 19
Feb 21
1714 Jan
145a Jan
9*8 Jan
7
234 Mar 19
12*a Jan 6
65*4 Jan 21
300
3
7
Jan
No par
No par
Timken Detroit Axle
10
Timken Roller Bearing...No par
Transam erica Corp
No par
2,700
112
Feb 17
Mar
cl A
Preferred
8,300
201700
4,000
20
Mar 17
157
13
1*4
3
3334 Feb
7134 Mar
4*a Jan
12*4 Jan
6312 Jan
22*8 Mar
193s Feb
14*8 Mar
19,100
9*2
76
7i2 Feb 29
34*4 Mar
..No par
Sterling Securities
$3.60
Mar 14
16*8
534
112ia Feb 14
9*2
978 Feb 17
6934
5*2
«*
1714 Jan 30
1534
9*2
4
Feb
Feb 24
69*4
934
1514
10*8
6
17
1334 Mar 17
16*2
53g
3*2
28*2 Jan
129
10i2 Jan
6*a Jan
9i2 Jan
70*4
9%
463s
1207a Jan 10
157g
5*4
24
15l8
Feb 24
6934
534
15
18
69l2
21*2
22%
21*2
22*4
2214
14
13%
1334
13»4
137g
10
105g
10U
10*8
10*4
107
107*8 *105
107i8 *105
12
Jan 31
2
25
Thompson (J T)
8,500 Thompson Products Inc.-No
22,300
2
Jan 22
Standard Oil of Kansas
100
11
31%
133a Jan
44
Standard Oil of New Jersey
Starrett Co (The) L S
No
Sterling Products Inc
Third Avenue
Third Nat Investors
83
Indiana
Thermoid Co
47
1938.
of
1,200
934
2834
3684
♦131
Standard Oil
9,400
28
11
3084
Jan 15
3214 Feb 26
16U Jan 20
27
8
*75s
82
$7 cum
No par
Stand Investing Corp
No par
Standard Oil Export pref
100
11*4
8
83
For footnotes see page
30
6434 Jan
25
Standard Oil of Calif
2
2
101*2Mar 18
7ia Jan 7
67a Jan 4
No par
9,400
*31*4
1212
prior pref
prior pref
Texas Corp
1314
60
cum
Texas Gulf
3434
3612
*110
$6
41,700
13*8
100
No par
No par
Preferred..
38*8
125g
No par
Stern Co....No par
Stand Comm Tobacco...
t Standford Gas & El Co.No par
Preferred
No par
353g
13
1314
Spiegel-May
3758
13i8
100
6M% preferred
Standard Brands
35*4
12*2
3434
60
100
Spencer Kellogg & Sons..No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
38
1338
1314
par
Spang Chalfant & Co Inc preflOO
Sparks Withington
No par
Spear & Co...
No par
35*2
35
Feb 19
1134 Feb
37*2
13
1234
70
49
23i| Jan
137a Jan
434
6*2
60
76U Feb 19
3
4
35*8
35
7
6
4*4
72
3
3534
1338
Jan
Feb 20
29*8
203s
5l2
6318
8*8
6
42
Jan
38
353g
4
Mar
512 Mar 10
26&a Jan 2
f
4?!i
6
Jan 21
t Symington Co
?212
»
512
4512
514
Mar 20
77a Jan
Swift Internat Ltd
127g
>32
*7
Mar
19
1,100
1312
133s
7*2
19
Mar
34
Spalding (A G) & Bros..-No
2,600
3412
Jan
Mar 13
19U Feb 20
100
100
Sutherland Paper Co
Sweets Co of Amer
(The)
3212
2
22i2 Feb 18
14 if Jan
2
25
30
I20is Mar 18
Jan 18
160
100
Southern Railway.
Preferred
Superior Steel
2338
34
45
30
Jan 16
110
3*4
60i2 Feb
2834
38?a
20*8
3278
1,700
32i4
68
68
25
6
6*4 Jan 15
667a Jan
7*8
4
Mar
83s Feb
14i2 Jan 25
Mar
1*8
40
312
1578 Feb 11
Jan
112
30
32
29
19i2 Jan
27g
31
1'8
21*a Mar 20
Jan
5
100
3,100
23
36i4
114
Preferred
Southern Calif Edison
Southern Pacific Co
1258
26*2
13
*12
par
60,400
34
*59
100
South Amer Gold & Platinum.
So Porto Rico Sugar
No
6*4
3512
133g
*110
Sloss-Sheff Steel & Iron.....100
7% preferred
100
Smith (A O) Corp
No par
Snider Packing Corp
No par
Socony Vacuum Oil Co Inc
15
Conv preferred A
100
55,200
163s
9i2
35
127g
17*8
17
8*8
35ig
1234
100
16*2
123
660
2,600
133g
9ig
36
100
1634
124*2
2,320
3
318
800
278
*234
27g
11312 *112
500
113*2 *112*8 113*2
45
46
4514
4534 463g 34,100
38
3814
3834
385g 3934 34,000
27*2
100
27i2 *26*2
*26*2 27*2
70
68I4
68*4
68*2
6938 149,400
30
400
29i2 *2834
28*2
28*2
7U2
71*8
7134
71*2
7134
5,100
3
3i8
234
3,800
27g
27g
*9
9*2
912
9*2
900
9*2
SOU
*4634
50*4
*4634 50*4
21
21
20*2
2012
20*2
6,700
2is
9l2
8I2
37
124
133g
9ig
8i2
978
8*8
97g
67ig
13
2
834
*2612
16i2
23ig
325g
17g
38
27i2
3U
*9ig
*4634
2078
8i2
23
3214
38*4
71
1314
23
453g
*28
27
32i4
1*8
11312 *112
*26i2
66*8
663g
2278
124
100
16*8
38
112
34
124
400
39,000
24l2
5334
64l2
6334
34I2
32l2
36l2
33*2
2138
53
64
34
3134
35U
*27g
14i4
*33*4
2034
23*2
6312
1414
143g
312
9ig
50i4
834
33i2
21l2
2378
85g
15i2
8
3078
713s
314
978
123g
2634
17
3312
21
213g
1212
8ig
14i2
8
*4634
50l4
2012
20l2
2034
I6I4
15i2
16&S
1234
3278
13ig
1312
89i4
89i4
8912
8934
I2U4 122
*120lg 122
36
3578
36i2 37
6I4
634
65S
6I4
*37
100
1st preferred
106
884
1034
11
19*4 Jan
*4
«8
2OS4
2*2
30
Jan 16
120
IIOI2 Jan
5
Preferred
Jan 17
73
8
19
4*8 Feb
Mobile & Ohio stk tr ctfs-.lOO
1734
*44
46
100
No par
Solvay Am Invt Tr pref
-
27*4
1334
85g
1512
34U
1314
197g
1538
8is
934
3584
3538
127g
89,100
—
17
13
12i8
7l2
1378
*2812
8
—
26*2
124l2
3012
71*8
3012
70l4
*3*g
*8
—
177g
68
8&S
5184
64l2
1015g
64
*98
38i4
66*8
12
2,400
15*4
28
124*2 12412 *124
27i2
65i2
26*8
2434
—
27
29
10112 102
3312
215g
2U4
51
513g
3734
27
*46
*33
*2612
65i8
27
9i8
24*2
1,300
No par
Preferred
5078
6334
*124
33*2
----
330
64
40,600
17,400
*9
938
35
20i2
21
1712
27l2
-----
68
70
*10012 103
9
85g
85g
834
2512
327g
*44l2
914
*68
534
3218
*15734
2512
33*8
173g
*918
70
102
3212
157
283s
*6934
102
618
32
157
•»---
700
Shell Union Oil
7
9
"184
.
6618 Mar
10
*5
637g
6*4
327fi
Sheaffer (W A) Pen Co
No par
Shell Transport & Trading...£2
11,400
5,200
23,100
1,300
*11034
6~
534
3234
32i4
*15734
2534
2534
3334
33i8
18
17%
No par
28,100
5*8
—
No par
2 884
27%
253g
----
140
14,300
4*2 Feb
Jan 21
6
22
2478
*4
43*a Mar 12
3?s Jan 2
6714 Jan
15&8 Jan
IUa Jan
2034 Jan
434 Jan
4318 Jan
3012 Mar 13
38it Jan 2
1514 Jan
Preferred
Servel Inc
18*4
185g
11658 116%
1238
125g
63
-
69 s8
No par
2434
—
334 Jan
No par
31*8
10484
109
8
*»
Mar
1*4 Feb
218 Jan
3314 Jan 20
m_No par
Conv preferred ser A
63l2
mm
Seagrave Corp
Sears, Roebuck & Co
Second Natl Investors
400
25
15
100
No par
47
62
*11034
No par
Preferred..
Seaboard Oil Co of Del
No par
2478
— — —
73
Shattuck (F G)
Sharon Steel Corp...
Sharpe & Dohme
63l2
153g
20i2 Feb
2,700
2514
—
1584 Jan
4,400
7,600
313g
Feb 29
53*2 Jan
'a Jan
1
7*8
48
80
90*8
412
17i8
97*2
1®4
101*4 Mar
414 Feb
100
14*2
2478
*11034
6ig
2:578
1,000
150
52
97i* Feb
3ia Jan
No par
285g
275g
119
12*2 Jan
4514 Jan 30
5
100
t Seaboard Air Line
12,2<jo
47
31*8
Jan 20
Schulte Retail Stores
Preferred
Scott Paper Co new
1,500
26,300
No par
61,400
5
11912 120i8
18,600
Savage Arms Corp
Schenley Distillers Corp
5preferred
215g
12
2734
*60
74
7,800
13,000
2078
14*4
28*2
27
8
113
4*8
313g
Mar 18
114i2Mar 11
163a Jan 13
64*2
*42
1*
if
6
Jan
69
48
if
4
22i2 Feb
35*2 Jan
Jan
*5*2
637«
313g
10U
109
68
I8I4
1834
11634 11634
IOI4
111
400
1*4
7
3
Feb 28
4
100
48
313g
31
No par
2078
1458
28*2
7*8
*634
5
Safeway Stores
Jan 24
82
Mar
12*4 Feb 11
18
29i2
25
3
100
3
62l4
♦11034
High
9 per
28*8
*
Feb 19
638 Mar
7 h Jan
100
71
193s
145g
28i2
*42
28
100
..100
$ per sh
Feb 19
7% preferred
42*2
4
23is Jan
lit Jan
23g Jan
117*8
10i2
2934
3*8
6% preferred
3
6*2
*46
64
*60
74
5
273g
1*8
1st preferred
Jan
50
41*2
4*8
*68*2
32
*41
64i2
*4
14l2
2834
7*4
7
1*4
3*4
42*2
3
6*2
4*4
70i2
1934
*69
7
1*8
4184
63*4
*4
4*4
*68
1*4
314
42i4
100
Jan 10
8
10
110
378
1734
31
28ig
Low
$ per share
57
Feb 3
488s Jan
08
100
$ St Louis Southwestern
"5",900
80
41
Rutland RR 7% pref
St Joseph Lead
Preferred
100
*71
3
*5ig
1734
18ig
*11512 11678 *11634 117
1134
11«8
1U2
1U2
100
4
334
*17*4
4134
62
18i2
100
378
18
*45
-
10
72
31
*11034
578
32l2
*15514
25is
32l2
1714
27i2
6,000
5,600
23
18
48
71
53g
10*4
*15
11,000
72
287g
263g
Range for
Year 1935
Highest
9 per share
Royal Dutch Co (N Y shares)
Ruberoid Co (The) cap stk No par
t St Louis-San Francisco
283g
27g
18
31
6U2
100
72
48
•112
1,000
100
18
31
27
Lowest
Par
8
72
1*4
47
5i8
53g
*10*2
5438
183g
3
1834
634
1933 to
Feb. 29
1936
Shares
102
*7*8
27*2
234
5*4
10*4
3
12
47
25
28
23
*3038
26
5438
*98
8
314
100
4034
68
I8I4
Range Since Jan. 1
On Basis of 100-share Lots
EXCHANGE
Week
72
1*8
514
6234
414
68
19
1778
20
.
$ per share
535g
101*2
*7l2
28
53g
4*8
18
42
*4
68
634
9 per share
9978
*914
*1514
100
*71
1*4
234
5*4
617S
414
18*8
12
23
4
334
427g
68
Mar
32
31
3U2
31*4
31*2
31*4
31*2
11112 *110
111*2 *110
11134 *110
110*2
113
*112lS 11214
11218 H2I8
11134 11214
1414
1414
*1418
14i2
1412
14l2
14*8
14*8
47
48i2 49
485g
48
4714
47*2
487g
I8I4
♦4
19
1936
21
July I
STOCKS
NEW YORK STOCK
the
2:111
71
6212
Mar
533s
3
57g
*914
*1514
2:3184
1734
*514
2778
33j
5l2
12
71
234
Sales
Friday
31*2
IIOI4 110*2 *110
1*4
42
18
533s
9978
8is
2734
9
3
23
177g
1*8
Thursday
$ per share
997g
*8is
27i2
32
72
17i2
♦70
53*$
5*2
*15i4
Mar.
53ig
*91
2712
318
234
5i8
17
$ per share
53i2
9978
834
27
Wednesday
March
8
Low
$ per share
5284
*7*2
2634
SHARE, NOT PER CENT
J U!
Saturday
5234
*9084
Record—Continued—Page
29
34
44
4is
20ia
1947
New York Stock Record—Concluded—Page 9
Volume 142
July 1
Mar.
14
$ per share
27
27%
130% 132
*94
96
28%
28%
29%
29%
16%
15%
*24
27
*24%
*113%
72%
27%
678
43%
14%
19
*95%
5%
70%
16%
*111
24%
25
*113%
73
28%
7%
44%
14%
19%
100%
578
7
44
14%
19%
*98
5%
70%
10%
7%
6%
77
*60%
96
28%
28%
2884
18%
28%
29%
19%
28%
24%
29%
19%
*25
27
25
24%
115
*115
100
72%
27%
7%
4484
74%
28%
8
7%
4484
14%
19%
*95%
5%
£71%
16%
45%
14%
15
19%
20%
98
98
5%
71
76
28%
5%
71
5%
,72
60%
10%
6%
*70
60%
10%
10%
6%
77
77%
91
2
88
60%
60
2%
1638 17
17
34% 36
34%
*3%
4%
*16%
17
30%
*16%
30%
17
98%
101%
*163%
2%
*3%
*16%
30%
2%
17%
35ls
4%
16%
31
88
2%
*17
35%
*3%
16
♦30%
16%
11%
52%
878
16%
*8%
16%
85
*82%
11
11%
24
26
67%
71%
86
87
86%
*115
76
73%
29
28%
7%
7%
44%
15%
45
1484
19%
*95%
5%
71%
16%
20%
98
5%
72%
17
*111
28%
28%
20
47,900
85,400
26
26
26
100
24%
24%
24%
........
*115
«
-
—
75%
28%
7%
15%
45%
14%
7%
45%
15%
20
20
20%
98
*95%
5%
5%
3,200
60
~
75
28%
74%
28%
7%
45%
800
10
2,600
5%
73
73%
17
16%
16%
111% *111
9%
.
8,600
30,900
*80
200
112
"2"
*98
101
101
101%
101
*79
*90%
38
7,700
U S Pipe & Foundry
1st preferred
a
35%
36
36%
4
4
4
17
17
17
31%
30%
16%
30%
*90
4
16%
3084
16%
*96%
17
98
09
99%
163% 163%
12
11%
52
50%
*8%
9%
16%
16%
98
*
4
16%
31%
16%
31
17%
200
4
16%
31%
110
98
12
51%
*
12%
51%
9%
16%
84
84
84
10%
11%
11%
11%
25%
25%
73%
87%
73%
64%
26%
74%
89%
73%
65%
131% 131%
25%
26% 105,600
72%
87%
88
89
73
89%
*80
*80
----
*80
mm
m
16%
45,600
14,200
74
1,100
65% 154,600
4,300
132
100
140%
40
163%
6% 45,200
2
6,800
74%
92
8
46%
8%
48%
130
130
111
111
*4%
*22
30
6,400
2,200
90
1,300
7%
26%
*54%
7%
80%
92
1197« 120
*115%
9%
*17%
*3%
7%
10
92
*80
92
91%
91%
2%
38%
*80
*95%
92
134
28
28
*37
39
*37
39
*37
39
*24%
24%
*23
24
25
25
50
50
*51
*44%
75
*44%
33%
*44%
35%
65
35
*44%
34%
*102
24%
16%
*4%
mmmm
75
34%
*46
103% *101% 103%
25
16%
24
*16
4%
103
24%
16%
4%
24%
22%
3%
9%
16
4%
21%
3%
9%
22
9
478
21%
3%
9%
83%
83%
83
83
82
50
50%
30%
49%
30%
50%
49%
31
31%
6778
*65%
21%
3%
29%
67%
*57
91
*75
38%
15%
111
46
49%
*112
17
8
3%
9%
36%
103
25%
16%
5%
23%
3%
9%
82%
50%
32%
68
68
69
58
56%
56%
59
95%
94
96
93
76
76
59%
96%
76%
76
39%
16%
111%
47
50
92
*80%
96%
101
91%
"¥%
39%
80%
97
110% 110%
7%
*4%
*22
26%
400
110
mmmm
*37
15%
111
46%
48%
113% ♦112
17
17%
7%
8%
39%
16%
111%
46%
50%
113%
17%
76
*36%
16
112
47
50%
113
17%
8
8%
For footnotes see page
1938.
38
17%
116
47%
51%
113
18%
8%
*37
24%
35
103
25%
39
25%
mm
mm
65
36%
103
26%
16
16
5%
22%
23
3%
9%
81%
49%
30%
67%
5%
3%
9%
82
24%
*51
*44%
34%
3,400
39
24%
mm mm
65
34«4
103% 104%
2534 268s
16
*15%
5
5%
22% 22%
3%
3%
9%
*82
9%
83
24%
*51
65
34%
3%
9%
*82
50%
50%
No par
Preferred
100
Utilities Pow & Lt A
1
Vadsco Sales
No par
_100
Preferred-..
Vanadium Corp of Am
Van Raalte Co Inc
7% 1st pref
No par
5
100
-
-
Vick Chemical Inc
5
-
39
24%
--
67
34%
22%
3%
9%
83
31
31%
69%
31
68%
59%
69
70%
59
60
60
60
64
95
98
96
98%
76%
94
98
76% £76%
75% 75%
38
38
36% £37% 37%
188s
18%
187b
18%
19%
116
117% 119
118% 119% 120
48
£47% 47%
48%
48% 48%
51
50%
51%
50%
50%
50%
*110
113% *108% 112% *108% 112
18%
19%
19%
18% 19%
18%
8
8
7%
778
7%
7%
2
Jan
9
15
Jan
8
281& Mar 12
Jan
4
m
300
500
100
97,900
100
Preferred.
100
t Wabash
100
Preferred A
100
Preferred B.
100
-
*
21% Jan
5
12
13%
Jan 23
20
99
85
Jan
75
4%
34%
3%
32
3%
7
Mar 20
4% Jan
32
Jan
7
6
105
Jan 23
110
Mar 14
5
Jan
8
24% Jan 31
135
Mar 11
2% Jan
7
5
2
Jan
4% Jan 4
9% Jan 7
31% Mar 13
116% Jan 29
5% Jan 3
Jan
par
par
24
4
~
6% preferred
preferred
Jan
Jan
1% Jan 2
35% Feb 19
78
Feb 25
91% Jan
7
Jan
2
Feb 20
116%
111%
878
16%
2%
5%
Jan
6
2%
17%
85
114
72%
1%
Jan
6
60
9% Feb
30% Feb
8
7
2
2
15
15
120% Mar
4
114%
86
Feb 19
36
135
Mar 11
95
4% Feb 5
10% Mar 3
7% Mar 6
15% Feb 11
34% Jan 8
1
118
10
63%
109%
1
1%
1%
1
1
3%
4%
15%
26%
Feb 28
1%
34% Feb 21
Feb 25
Jan 24
34%
94is
123%
28
Mar 13
727s
6%
5
5
1%
24
Jan 24
2%
19
8
29
12
1%
28%
2%
14%
58
20
19
2
6
%
2%
7%
13%
20
2%
778
20%
25%
21
3
4
85
90
1
3
15
30%
49
72
55%
84%
34
2% Jan 13
46is Jan 2
82% Feb 7
99% Mar 10
102% Jan 24
34
91%
%
99%
3978
397g
95
Jan 24
36
36
121
Feb 21
88%
78%
104%
120%
95
114%
5%
5%
10%
7%
1%
2%
20%
7%
1%
2%
19%
3%
4
Jan
Jan
Jan 13
Jan 6
Jan 7
978
33%
12%
18
5%
4%
20%
19
83
117%
3%
120
114
Jan 16
115% Mar 13
12% Feb 21
20% Feb 24
Jan
Jan
Jan
Jan
Feb
9% Feb
-
7
7
95
Feb 13
48% Mar 3
122% Feb 10
140% Jan 31
33% Jan 25
22
20%
18
15%
277g
32%
77
90
5
10
15
29
12%
16%
92
778
77%
35%
98%
126
51
Mar
6
18
18
100
50
Jan
4
67
Mar 20
21
25
50
-No par
31
Jan
2
37% Jan
11%
14%
32%
-—1100
98
Jan
2
34
18%
14%
4%
17%
2%
8%
Feb
46%
678
12%
102%
19%
24%
4%
20%
3%
36% Jan 14
39
28% Jan 10
50
Wheeling & Lake Erie Ry Co-100
34
Jan 14
6% non-cum preferred
3,100 Wheeling Steel Corp
.50
35,400 White Motor
2,300 White Rk Min Spr ctf
No par
2,900 White Sewing Machine- -No par
Conv preferred
1,600
No par
2,000 Wilcox Oil & Gas—
—.6
-—No par
14,800 Wilson & Co Inc
800
$6 preferred
—.100
(FW) Co
10
—100
Worthington P & W
Preferred A
100
1,110
Preferred B
100
2,800
1,270 Wright Aeronautical
No par
900 Wrigley (Wm) Jr (Del). -No par
700 Yale & Towne Mfg Co
—25
117,500 Yellow Truck & Coach cl B..10'
Preferred
100
1,300
2,400 Young Spring & Wire
No par
6,500 Youngstown Sheet & T-.No par
100
5H preferred-100
33,800 Zenith Radio Corp
No par
6,100
-
,
63
91
60
7
87
No par
-
68
57%
14% Feb
57% Feb
2% Feb
8% Mar
23% Mar
28% Feb
29% Jan
11% Feb
23% Jan
34
33%
38%
25%
35%
Class A
Preferred
1
19%
11%
-1%
10
70
96
100
Western Pacific
27%
73%
119%
149%
8% Mar 16
48% Mat 19
131% Mar 20
3% Jan 24
Jan
Jan
Jan
100
-.100
100
—100
..100
Western Maryland
91%
6278
60
Feb
100
West Penn Power pref
9%
24%
%
19%
11%
3%
54%
23%
27% Feb 19
36% Mar 3
Mar
1% Jan
4% Jan
1578 Jan
5
3
81*4
124%
21
7g
Jan 18
46
50
par
53
3
Feb 10
Jan 10
par
par
5
35%
3%
7%
45
6778 Mar
132
4%
65%
40%
143
110
4
143% Jan 21
163% Mar 20
%
5
11
60
Mar 12
13
2%
19*8
22%
21%
81s
20%
%
5
Feb 15
Feb 18
Feb 21
Mar 12
Jan 27
Jan 28
73
%
9*8
14*4
19%
4
Feb 17
Mar
110%
169%
14%
53%
9%
18%
51
73%
133% £159%
11
197s Jan 23
39% Jan 2
11%
7%
78
68
42
Jan
6,900
%
4%
114
par
West Penn Eleo class A—No par
Wool worth
Jan 17
16
17
23
25,700
3
5
2
7%
92%
18%
110
29
15
21% Feb 13
6% Mar 2
2% Jan 18
Westvaco Chlorine Prod-No par
700
37
108%
Marl6
38%'Mar
2%
3%
46
92
50
1,500
20
69% Jan 10
159% Jan 24
2%
46
17%
53%
51%
27%
67%
Jan
Preferred
100
3,300
21,100 Western Union Telegraph--.100
14,700 Westingh'se Air Brake.—No par
26,100 Westinghouse El & Mfg
50
270
1st preferred
50
No par
1,600 Weston Elec Instrum't
mmrnrnmrn
8
100
——
6% preferred
1,000
8
Feb
80
76% Mar 17
06% Jan 24
1078
2%
47%
9%
Wells Fargo & Co
2d
87%
1
2
Jan 20
5
Preferred
100
82%
7
25
3
21
7
13
6
Mar 13
Warner Bros Pictures.
160
5,100
Feb 10
12% Feb
7% Feb
Jan
18
No par
100
Preferred
240
mmmmmm
9%
19% Jan
84% Feb
68% Jan
46% Jan
115% Jan
£138% Mar
160% Feb
3% Jan
1% Jan
37% Jan
20% Jan
28% Jan
£110% Feb
47
28
1
6,200 Wesson Oil & Snowdrift--No par
800
Conv preferred
No par
250
8
3%
60%
9%
9%
No par
Ward Baking class A
Class B
-
30
49%
27% Mar 17
No par
Preferred
100
$3.85 conv pref
No
2,100 t Warner Qulnlan
No
No
28,300 Warren Bros
Convertible pref
2,000
No
1,500 Warren Fdy <fc Pipe--—No
2,700 Waukesha Motor Co
No
1,600 Webster Eisenlohr
350
3
6% Feb 19
Feb 4
2
16% Jan
100 £114% Jan 16
70% Feb 3
100
Virginia Ry Co pref
Vulcan Detinning
No par
mm
6%
2%
50
5
100
Walgreen Co
6}4% preferred-...
t Walworth Co
-
96
Mar
pf.100
No par
100
P2
5078
33%
73%
76%
36%
17%
100
-
No par
6,900 Walker (H)Gooder&W LtdNo par
97%
103% 103%
26%
25%
14%
15%
5%
5%
22
Preferred
U S Tobacco
Waldorf System
30,100
2%
80%
*37
50
100
Corp
2,200
«.
81
92
Preferred
U S Steel
1,400
42%
49%
30%
49%
-
mmmmmm
mmmm
*37
m
500
101% *101% 102
92
——100
50
Smelting Ref & Min
Preferred
*2%
39«4
*96
1st preferred
U S
Virginia-Carolina Chem—No par
6% preferred
100
1,100
7% preferred-100
110 Virginia El & Pow $6 pf.-No par
Virginia Iron Coal & Coke—100
5% preferred
100
47%
130% 131%
mmmm
134
*46
80%
96%
2%
38
No par
47,300
19,700
47
120% 121
*120% 121
120% 120%
120% 120% *120% 121
*115%
*115%
*115%
*115%
*115%
10
10
10
9%
10%
978
9%
10%
9%
9%
*17
18
*17
18% *17%
18%
1778
*17%
17%
17%
2%
2%
2%
2%
284
2%
2%
2%
*2%
2%
7%
7%
7%
7%
8%
*7%
7%
7%
7%
7%
86
87
88
87%
87% 88%
85% 88
87% 88%
43
43% 45%
42% 43%
43%
43% 44%
43% 44%
111
114
113
116
113% 115% .112% 1J4% 113% 115%
137
*134
*134
134
137
134
135
135% 136% 136%
29
28
28
29
28% 28% ,28% 29%
28% 29%
113
86
38%
101% 102
18%
2?8
7%
86%
43%
115%
42
"2%
U S Rubber
Common
8"%
*80
*80
2Us Jan 6
207s Jan 16
U S
Vicks Shreve & Pac Ry Co
*80
*54%
2
2
13is Jan 20
84
76%
Jan
91
11%
87
IBs Jan
15
7
No par
84
75%
100
Jan
No par
10%
87%
No par
No par
U S Dlstrib Corp
Preferred..
Mar 17
50
85
Jan 2
Gypsum
20
10
7% preferred..
—100 £16314 Mar 13
8?s Jan 2
2,200 U S Hoff Mach Corp.-5
39
Feb 3
16,700 U S Industrial Alcohol-—No par
300 U S Leather v t c
No par
8I4 Mar 13
Class A v t c._
No par
13% Jan 7
3,400
Prior preferred v t c
71
Jan 8
500
100
10
Jan 21
7,600 U S Realty & jmpt
No par
84
20%
74%
20
60
1541s Feb 13
U S & Foreign Secur
Preferred
100
50%
*8%
16%
9
100
Jan 25
No par
4,000
166
"12"
-.1
-
70
1,600
101
50%
*8%
16%
—100
Preferred-.
Jan
8I4 Jan 13
63s Jan 9
U S Freight
98
100
Universal Leaf Tobacco—No par
109
1,800
17%
98
100
166
~12~
*3%
*16
36
No par
No par
Preferred class A
Preferred
65
113
100
t Universal Pipe & Rad
<3
24%
7%
45*4
13%
20%
7
No par
4,300
280
2%
17%
1%
20%
8*4
4%
79
2%
17%
2%
78
171s
4*8 Jan 3
66i| Jan 2
16is Mar 13
No par
118
111
46
101
2%
17%
35%
17
2% "2%
38
37%
38%
*80
80%
80%
98
96%
*96%
102
101% *101
United Gas Improve
Preferred
26%
5%
1%
20%
Jan 15
No par
No par
United Fruit
13*4
20
7
20%
Jan
Universal Pictures 1st pref.—100
2%
"2%
United Electric Coal
4%
20%
Feb 19
79
15
9
$ per share
14%
24
82% 111%
79%
90%
20%
26%
97S
30%
29% Mar 11
9% Feb 17
47% Feb 17
16% Feb 4
20% Mar 5
93
10
500
Jan 6
Feb 19
Mar 13
Jan 21
10
1,000
7%
*2%
37%
80%
£96%
377b
5
Jan 21
100
-—
91
18
*80
par
61
27%
*80
"
68
22%
6i2
4234
12U
155
100
171* Jan 22
24% Mar 18
113
Jan 18
par
par
7
7
2
2
261s Jan 20
13
Jan 2
Par
61
7
78%
.
2
Preferred
1,700 t United Paperboard
22,700 United Stores class A
9%
120% 120% *119% 120% *119% 120% *120
120% 120% 120% 120% 120%
*77
80
*76
78
75
76%
76%
*76% 79
75% 77
75%
*130
135
*130
135
*130
135
*130
135
*120% 135
*120% 135
4
3%
*3%
*3%
*3%
3%
3%
*3%
3%
3%
3%
3%
8
8
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
*5
*5
*5
7
7
7%
*5%
6%
*5%
7%
*5%
7%
137g
13%
13%
13% 13%
137g
13%
13% *13% 13%
13%
13%
32
32
32
31% 31%
31%
34% 34%
32%
32%
32%
32%
118
*116
*116
118
*116
118
*116% 118
*114% 117
*114% 117
9
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
29
30
28% 29%
29%
29% 29%
29%
29%
29%
29%
30%
18%
18%
18% *18%
18%
*18%
18%
*18%
18%
*18%
*18%
18%
14
14
14
*14
15
*14
15
*14
14
15
14%
14%
3
3
*2%
2%
*2%
278
*2%
2%
2%
2%
*2%
2%
64
63
*60
*60
*60
63
60
60
*59% 64
*59% 64
13
11%
12%
11%
11%
11%
117s
11%
12%
11%
12%
12%
*47
55
*53
54
*51
55
55
53
53
55% *50
*47
2%
2%
2%
2%
*2%
2%
2%
2%
2%
2%
2%
2%
7%
7%
7%
7%
7%
7%
8%
7%
7%
7%
8%
8%
*18
22
20%
20%
*18% 20% *18% 20%
23%
20%
20% 22%
26
26
27
27
*25% 26%
*25% 26
26% 26%
26%
26%
26
*26% 27
26%
26%
26% 26%
25% 26%
26%
25%
26%
9
9
9
9
9
8%
8%
9%
8%
8%
9%
*8%
*80
Preferred.
89
——
mmmm
No par
100
A55
*54%
*54%
8%
8%
8%
7%
8%
45
46
46
43%
47%
46%
47%
130
128
128
*128
129% 129%
130% *128
111
111
110
110%
110% 110%
*109% 111
*4%
*4%
7%
7%
*4%
*3%
6%
7%
28
*22
27
*21% 29% *21% 27% *23
7%
44%
United Biscuit
61
154%
90%
2%
2%
*17% 18%
35% 36%
6%
*70
mmmm
*54%
7
5
88
90
26%
74%
*80
*54%
22% Jan
United Aircraft Corp
*60
78%
73%
63%
m-mmm
No par
Union Tank Car
United Air Lines Transp v t c__5
United American Bosch—No par
*153
*934
6%
74
74
*72% 73%
*72% 74
73%
64% 66%
6438 65%
63%
62% 64%
131
129% 129% 130
131% 130
13184
127% 129*4
143
*138
*139
143
139
139
*137% 143
*137% 143
*137%
*162
*162
165
*162% 165
*160%
*162% 165
163%
6
6
6
5%
6%
6%
6%
6%
5%
5%
6%
2
2
2
2
2
1%
1%
17g
1%
1%
1%
*36
42
40
♦36
*35
39
40
40
*37%
39%
*39% 40
23
22%
*23% 23%
23%
23% 24
23%
22% 23%
23%
22%
32
*32
*32
32
32%
31% 32
32%
32%
32%
31% 32
*112
113% ♦112% 113% *112% 113% *11284 113%
113% 113% 113% *111
44
44
45
44% 44%
45%
*43% 45
45%
45%
45% 45%
73%
62%
9018 Jan
No
5,500 United Carbon
1,500 United-CarrFastenerCorpNo
No
113,800 United Corp—
Preferred
No
10,400
35,100 United Drug Inc
5,200 United Dyewood Corp
98
73
23i* Jan
1081s Jan
60
60
90
10%
7%
2884
27%
19%
25
100
High
Low
%per sh
11%
28% Feb 7
82%
138% Mar 6
62%
97% Feb 26
1334
31% Feb 7
8%
32% Feb 18
3%
20% Mar 19
7
28% Mar 6
19
28% Jan 6
117
Jan 11
104%
$ per share
$ per share
100
Preferred
*153% 155
91
16
16%
16%
98% *90
98%
98% 101%
98% 100
*163%
♦163%
11%
11%
11%
11%
51
52%
52%
50%
9
9
8%
8%
16%
16%
16%
16%
*82% 85
*82% 85
11
11
11%
11%
27
24%
400
95
*70
*70
*90
25%
70%
*25
Par
.
7,200 Union OH California2,700 Union Pacific
95
Range for
Year 1935
Low
Highest
Lowest
Shares
27
26%
132% 133
100-share Lots
1936
Week
20
$ per share
26% 27%
132% 133%
95%
95%
*28% 29
y27% 28%
18% 20%
On Basis of
10%
6%
78%
60
92
mmmm
11
51%
9%
6%
7%
77%
6%
115
111% 112
10%
157% *153% 157% *153% 155
85
101
96
25
73%
28%
7%
44%
14%
19%
27
96
*25
25
«•>«»•*»
26%
132% 132%
Mar.
19
$ per share
$ per share
131% 134
*94%
28%
28%
18%
Mar
Mar. 18
Mar. 17
$ per share
26% 27%
1933 to
EXCHANGE
Friday
Thursday
Feb. 29
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
17
16%
16%
16%
16%
111% *111% 112% *111% 112
*70
*90
Tuesday
16
26% 27%
131% 132%
*94% 96
28% 28%
2778 28%
16%
18%
*23% 27
73%
*10
*154
Mar.
% per share
28
72
SALE PRICES—PER
LOW
Monday
Sales
for
HIGH AND
Saturday
-
Zonite Products Corp—
1
78
2
3
Jan 28
Jan
3
0
109% Feb 19
28% Mar 4
17
Mar
678
12%
6
Jan 10
Jan 6
Jan 7
Jan 2
24% Jan 10
4% Jan 15
11
Jan 14
Jan
87
3
49% Mar 17
23% Jan 2
5% Jan 13
1%
1%
4
6
1
1
3%
378
9%
Jan 15
58
58
79
35
51
65%
11%
11%
57
Jan
2
56% Feb 5
34% Feb 19
74% Feb 6
25%
25%
61
47
Jan
4
64
Mar 20
20
20
51%
62% Jan 6
75% Mar 20
34% Jan 2
8% Jan 3
83% Jan 6
44% Jan 21
41% Jan 6
106
Mar 11
12
35%
68
79
Feb 10
47%
73%
45
Jan 23
11%
17%
82%
35%
19% Mar 19
120% Feb 19
49% Mar 5
54% Feb 19
2%
25
2%
31%
10%
18
105
Jan
6
11% Jan 28
7% Feb 20
116
Feb 19
19% Mar 18
9% Jan 4
12%
13
13
30
38%
1%
2%
1%
2%
25%
9%
96
53%
46%
105
14%
7%
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
Telephone BOwllng.Green
New York Stock
1948
STREET,
Exchange
Exchange
NEW YORK
9-4600
A. T. & T.
Teletype TWX, N. Y. 1-1793
Exchange- Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method
of *uotino bonds
was changed and prices are now "and interest"
except for income and defaulted bonds.
NOTICE—Cash and deferred delivery sales are
disregarded in the week's range, unless they are the only transactions of the
week, and when selling outside of the
regular weekly range are shown in a footnote in the
week in which they occur.
No account is taken of such sales in computing the rango for the
year.
Week's
213
BONDS
Range
N. Y.
STOCK EXCHANGE
Week Ended March 20
July 1
£3
or
Friday's
Bid
Nft,
&
Week's
1933 to
Range
Feb. 29
Since
N. Y. STOCK EXCHANGE
1936
2
g
Jan. 1
Week Ended March 20
Asked
/BONDS
Inter st,Period
1
U. S. Government
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Lovo
Low
High
117.18
117.13
117 17
114
115.3
15 1943-1945
107.10
107.21
348
105.24107.21
15 1944-1954
Dec
3s
Aug
111
112.24
♦Cologne (City) Germany 6 %s. 1950
109
111
108.4
472
M
S 103.27
D 104.5
104.6
543
104.18
726
Colombia (Republic of)—
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on.Jan 1961 J
♦Colombia Mtge Bank 6%s
1947 A
1 1941 F
108.20
15 1944-1946 A
15 1955-1960 M
May 15 1944-1949
Jan
Mar
105.14
103.24105.14
225
103.19105.13
727
108.5
107.12
587
101.24
S 101.5
108
450
m'
m
—
'
109.8
109.11
100
101.24
102.24
242
100.31102.24
866
101.7
101.24
104.3
102
102.20104.11
102.19
139
100.26 102.21
J 103.3
103.11
142
102
65
100.15102
♦Artioquia (Dept)
♦External
s f
A
7s series B
♦External
s
1957 A
7s 2d series. 1957 A
f 7s 3d series. 1957 A
Antwerp (City) external
5s
1958 J
f 6s of Oct 1925
s
External
f 6s series A
s
Extl
s
f 6s of
External
s
May 1926
f 6s (State
D
External
1961
A
1955 J
—
—
f 6s
8
J
.1957 M S
1957
J
A
1945
1949 M S
1955 J
J
1955 J
External 30-year s f 7s
Stabilization loan 7s
D
1956
Bergen (Norway) ext s f 5s
1960
♦Berlin (Germany) s f
6%s
1950
♦External sinking fund 6s. ..1958
♦Bogota (City) extl s f 8s
1945
M N
M
99
105
105%
100
93 %
96%
31%
27%
106
108
3
64
98
2
1
4
7
75
44%
44%
44%
44%
97%
97%
14
45
97%
72
100%
29
41
74
41%
77%
29
78
44
73%
15
mmmm
92%
91
8
10 H
23%
20%
23%
8
9%
188
8%
55
4
7
9%
8%
31
4
7%
9%
31%
33
22
21%
27%
35%
29%
30%
27
27%
58
18
O
27%
27%
18
27
27%
18
17%
18%
22%
21%
21%
26 %
96 H
27
29
26%
S
S
2
99
19
68
68%
♦6s July 1 1935 coupon
on...1962 J D
Buenos Aires (City) 6Ha B-2..1955 J
J
External s f 6s ser C-2
1960 A O
232 H
98 %
33
25
O
S
75
95
Refunding s f 4%-4%s
Readjust 4%-4%s
Bulgaria (Kingdom of)—
98%
*97%
»
-
-
♦Farm Loan
s
f
♦Farm Loan
8
f 6s__Oct
6s..July
77 %
70
79
64%
71
80
55%
57%
65%
64%
62
15%
15%
40
12
13
2
12
11H
11%
108%
4
25
113
58
8%
86%
99%
96%
61%
J
-
107%
111%
98%
•
-
98%
43
138
-
39
43
2
37
10%
10%
1
7%
29%
S
31%
32
J
27%
29%
2
36
26
33
26%
27%
27
29
28%
30%
16
14%
14%
15%
14%
26
A
14%
17
S
14%
♦External sinking fund 6s_._ 1962 M S
♦External sinking fund 6s... 1963 M N
14%
14%
14%
14%
14%
14%
12%
12%
12%
13
6s.
F
Jan 1961 J
6s...Sept 1961
♦Chile Mtge Bank 6Hs
♦Sink fund 6%s of 1926
32%
99%
55
14 %
15
♦Ext sinking fund 6s....Feb 1961
M
14
1957 J
1961 J
D
♦Guar
s
f 6s
1961 A
O
♦Guar
s
f 6s
1962 M N
D
12
54
45%
45%
63%
55%
1937 M N
Cuba (Republic) 5s of 1904
J
External 5s of 1914
External loan 4%s
14%
12%
12%
12%
12%
S
1949 F
A
1949 F
A
ser
1944 M
A
ser
.
1959 M N
Denmark 20-year extl 6a
External gold 5%s
1951 A
O
1952 A
B
O
1942 J
J
1955 F
A
External g 4 %s
Apr 15 1962
Deutsche Bk Am part ctf 6s
1932
A
O
{♦Stamped extd to Sept 1 1935... M S
Dominican Rep Cust Ad 5 %8.. 1942 M S
1st ser 5%sof 1926..
1940 A O
2d series sink fund 5%s
97
m
m m,
—
49
6
*68
mm mm
29%
70
22.,
97
70
~58~"
2
45%
57
60
77%
77%
5
25%
73
80%
50
50
2
17%
35
50
32%
33%
19
23
34%
101
101%
2
99%
95%
100%
45%
100
8
83%
96
20
61%
58
31
42
7
15%
16%
10%
13
105% 109
111% 115
96%
98%
13
43
9%
30%
27%
11
103%
103%
104%
100%
96%
4
100%
42
48
7
11%
104%
11
4
105
77
105%
101%
97%
68%
61
19%
8%
77%
77
79%
20
75
66
61
99% 101%
99% 100%
92
96
100
100%
54%
10
13%
100% 105%
100% 105%
104% 106%
100% 102%
93%
99
37%
39
44
68%
69%
20
40
67
70
67
67
5
36
63
68
67
67
2
36
63
69%
25%
27%
30%
36
61%
*30
1940 A O
♦Dresden (City) external 7s.-.1945 M N
*67
♦El Salvador
50
mm mm
*62%
J
J
J
J
1967 J
J
(Republic) 8s A.. 1948
♦Certificates of deposit
Estonia (Republic of) 7s
Finland (Republic) ext 6s
1945 M S
External sink fund 6%s
1956 M S
♦Frankfort (City of) s f 6%s... 1953 M N
French Republic 7%s stamped. 1941 J D
7%s unstamped..
1941
External 7s stamped-—
D
1949 J
mmmm
7s unstamped
1949
German Govt International—
♦5%sof 1930 stamped
mmmm
1965 J
D
♦5%s unstamped
1965
♦German Rep extl 7sstamped.. 1949 A
O
....
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan) 6%s
1958 J
----
Graz
67%
D
45
12%
37%
36
27
34%
28%
37
14
16
5
13%
6%
6%
14
15%
15%
13%
15%
14
15%
22
6%
6%
13%
92
6
14
34
15
7%
9%
7%
12%
12%
15%
15%
13%
13%
13%
17
7%
12
62
94
....
"64" "n
94
105%
102%
22%
176
7
177%
167
2
106%
102%
48%
33%
48%
70
63%
41%
64%
93
96%
105% 108%
102
20
70%
12
20
26
23
126
172
165% 172%
177
182%
174% 177%
22%
104%
27
183
168
6
170%
177%
*175%
179
8
127%
26%
25%
34%
28
98
49
21%
21%
25%
26%
25%
29
35%
39
30%
33%
39%
30
31%
29
30%
30
34
33
----
35
174%
23%
32
49
12
99
29%
45%
(Municipality of)—
♦8s unmatured coupons on..1954 M N *104
Gr Brit & Ire (U K of) 5%s
1937 F A
106%
t4% fund loan jEopt I960...1990 M N
♦Greek Government a f ser 7s. .1964 M N
♦7s part paid
♦Sink fund secured 6s
♦6s part paid...
1964
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on
1945
on
f 5s
Italy (Kingdom of) extl 7s
External
sec s f
7s ser B
*29
A
O
A
O
J
J
A
O
94%
22%
m
13
107
54
»
"33%
mm
*.
«.
m.m
95%
22
'm
27%
20
30%
95%
14
22%
2
16%
mmm
67
20%
93%
23%
24
2
66%
J
23
24
7
24%
1946 J
25
mm mm
J
*20
M N
*20
F
A
41%
1960 M N *113
D
1951 J
68%
"27
23
30
25%
24
mm
m
25
m
m m
m
25
25%
24%
32%
25%
26
42
37
75
"175
50%
97
S
63
64%
13
44
J
59%
95%
64%
50
40%
96%
81%
125
A
81
1
97
*26%
30
a f 7s
1947 F
Lower Austria (Province of)—
♦7 %s June 1 1935 coup on
1950 J
A
*27%
32
D
*97
♦Medellin (Colombia) 6%s
1954 J
♦Mexican Irrlg assenting4%s._1943 M
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1948 Q
D
9%
9%
18
N
6
6%
3
J
*10%
*10%
♦Leipzig (Germany)
J
♦Assenting 5s large
♦Assenting 5s small
*6%
D
J
11%
....
mmu
L
mmmm
12
i:
77
93
67%
81
23
25
30%
31
31%
50
6%
3
4
4%
100
89%
100% 101
7%
10%
5%
7%
10%
10%
9%
12%
9%
12%
"6%
7%
5%
5
D
1954 J
104%
68
38
42%
113% 115
60%
75
83%. 97
53
64%
51% 64%
29%
75
O
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦STreas 6s of '13 assent (large) '33
31%
92
120
S
1947 M
96
26%
24%
104% 110
m
*20
M N
106%
106
105% 108
114% 118%
28% 34
25%
31%
26
29%
23%
28%
15
23%
1957 A
♦4s of 1904
105%
"28%
*27%
*20%
106%
mrn
116
*34
26
Extl sinking fund 5%s
.1965 M N
Jugoslavia State Mtge Bank—
♦7s with all unmat coup
115
107%
J
♦Hungarian Land M Inst 7%s.l961
♦Sinking fund 7%s ser B
1961
Hungary (Kingdom of)—
♦7%8 February coupon on
1944
s
A
1968
Haiti (Republic) s f 6s ser A... 1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7%s *50
♦7s unmatured coupon
mmmm
1968 F
6
J
♦Farm Loan 6s ser A Apr
15 1938 A
♦Chile (Rep)—Extl sf 7s
1942 M N
♦External sinking fund 6s... 1960 A O
65%
92%
88%
98%
45
Italian Cred Consortium 7s A.. 1937 M
M N
M
60%
95
60
Italian Public Utility extl 7a—.1952 J
Japanese Govt 30-yr s f 6%3— .1954 F
59
15 1960 A
26
92
98%
57%
15 1960 J
96
*50
99%
99%
17
J
D
92%
61
O
1952 J
1953 M N
1957 F A
93
60%
S
J
17%
17*
95
13
A
13%
36
27
A
1
36%
-
97%
78%
63%
62
F
19
19
-
97 H
*73
A
19
Costa Rica (Republic of)—
♦78 Nov 1 1932 coupon on...1951 M N
♦7s May 1 1936 coupon on...1951
Irish Free State extl
63%
S
1952 M N
A
38%
60
10-year 2 Ha
Aug 15 1945
♦Carlsbad (City) sf 8s
1954
♦Cauca Val (Dept) Colom 7HS.1946
♦Cent Agric Bank (Ger) 7s
1950
1947 F
32%
62 %
J
17
12
29%
40%
1975
1977 M
20
13%
8
29%
25%
27%
25%
57%
♦Sink fund 7s July
coup off.. 1967
♦Sink fund 7 Ha May
coup off 1968
♦Caldas Dept of (Colombia) 7
Ha '46
Canada (Domof) 30-yr4s
1960
5s
30
95
99%
101% 104
1961
♦6 Ha stamped
16%
8%
7%
6
s f
5%
13
28%
27%
21%
7H
19
♦Ext sinking fund
62%
22
17%
13%
16H
96%
105% 109%
100% 101%
10
99
♦Ry ref ext
92%
24%
104
1960 A
94%
98%
104% 106
104% 106
98% 100%
101% 109%
109
118%
86%
37
mmmm
97%
97%
97%
10
28%
32
105% 110
27
98%
f 6s ser C-3
17%
4
16
10
26%
88%
24
102 H
s
42%
108%
23 X
10
44
A
External
10%
D
Budapest (City of)—
♦Buenos Aires (Prov) extl 6s...1961 M
♦6s stamped
1961 M
♦External s f 6%s
1961
7%
7%
21
D
f 6s.
10%
35
1958 F
s
10%
10%
8%
24
16
44
115%
26
8
6%
6%
103
O
21%
100
101%
100%
100%
100%
100%
100%
100%
100%
100%
37
13
102%
7%
21
8%
8%
74%
95%
44
97%
44
97%
44% •te/97%
1950 J
20-year
6%
6%
6%
6%
6%
1
108%
D
1957 M
17%
18%
109
A
1935 M
6
14%
15%
101H
J
1952 J
♦5 Bremen (State of) extl 7s
Brisbane (City) s f 5s
Sinking fund gold 5s
99%
98%
105%
105%
100%
98
A
6%s of 1927—1957 A
♦7s (Central Ry)
99
*102%
O
23%
♦External sinking fund 7s...1969 M S
♦Brazil (U S of) external 8s
1941 J D
♦External s f 6%s of 1926... 1957 A O
s f
99 H
,
S
♦Bolivia (Republic of) extl 8s. .1947 M N
♦External secured 7s
J
1958 J
♦External
96%
99%
99%
99%
99%
99%
99%
99%
99%
99 %
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6%s
Belgium 25-yr extl 6%s
External
H
99 %
99
F
4%s of 1928.—.1956 M N
g
1
1960 M N
May 1927—1961 M N
Public Works extl 5%s
1962 F A
External 5s of 1927-
2
Ry)...1960 MS
Australia 30-year 5s
1
9
99
1957 M S
Extl 6s Sanitary Works
Extl 6s pub wks
13
19
19
O
D
99
1958 J
22%
18%
18%
23
1946 M N
25%
25%
19%
20
♦Public wks 5%8—June 30 1945 J
99
1959 A
External 6s series B
20
99.17101.17
9%
95
Argentine Govt Pub Wks 68—1960 A
Argentine 6s of June 1925
1959 J
Extl
18
102
101.14
9
sec s f
sec s
51
J
8%
.1945 J
1945 J
♦External
23%
J
9H
9H
9%
9%
8%
J
1945 J
♦External
22%
J
Sinking fund 5%s—Jan 15 1953
19 %
7s series C
7s series D
f 7s 1st series
27%
O
99.16 101.16
99 %
s f
23%
100.17102.16
19%
20%
99%
9%
9%
9%
9%
9%
O
s f
22
777
19%
1963 M N
♦External
5
mmmm
Sinking fund 8s
♦External
23%
♦7s stamped
1937
Cordoba (Prov) Argentina 7S-.1942 J
♦Cundinamarca 6%s
Czechoslovakia (Rep of) 8s
coll 7s A—1945 J
50
23%
101.13 1144
102.16
Foreign Govt. & MunicipalsAgricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb
coupoD on. 1947 F
♦Sink fund 6s Apr
coup on...1948 A
High
,15
S
47%
♦External sink fund 7s
Low
101.20103.11
S 101.25
below.
Akershus (Dept) ext 5s
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4%s
♦Cordoba (City) extl s f 7s
M
105.12107.12
101.24
M N 102.13
1942-1947 M
note
850
105.13
/
Home Owners' Mtge
Corp—
3s series A
May
1 1944-1952 M N 102.5
2%s series B__Aug
1 1939-1949 F A 101.3
2%s series G
-.1942-1944
101.5
City—See
107.19109
121
109.3
O 106.28
15 1942-1947 J
1
102.29104.18
17
109.1
A 108.24
3%s.__Apr
2 Ms
11%
42%
47
2%s___Mar
3s
22
166
June 15 1946-1948 J
3%s
5
3
112.14
3%s.__June 15 1940-1943 J D 108.17
3%s.__Mar 15 1941-1943 M
108.26
3%s.__June 15 1946-1949 J D 104.30
3%s___Dec 15 1949-1952 J D 105
Low
2
110.26
102.20104.6
Jan. 1
No.
112.13
106.17108.9
Since
1936
11%
S 110.21
mmmmm
Range
Bonds Sold
Asked
50
D 107.28
m
&
High
J
mmm m mm
Bid
Feb. 29
Foreign Govt. & Mun. (Con.)
Low
♦Chilean Cons Mhnic 7si
1960 M S
11%
♦Chinese (Hukuang Ry) 5s
48
1951 J D
M
3%s—Mar 15 1946-1956
3%s.._June 15 1943-1947
3s
Sept 15 1951-1955
3s
&
Low
15 1947-1952
4s
2%s___Sept 15 1945-1947 M S 102.8
2%s.-.Sept 15 1948-1951 M S 101.7
Federal Farm Mortgage
Corp—
3%s
Mar 15 1944-1964 M S 103.31
State
No.
High
4%s___Oct
3%S—Oct
July I
1933 to
Range or
Friday's
4
4
5
3
5%
4%
4%
7%
7%
7%
9%
9
6%
mmmm
7
7
6%
7%
6%
j
J
6%
8
mmmm
57
62
111
39
50
62
18%
18%
8
13
15%
18
18%
4
13%
14%
19%
19%
20
27%
•
—
J
♦{Small
J
Milan (City, Italy) extl 6%S—1952 A
Minas Geraes (State of, Brazil)—
O
3
141
1
7%
3%
3%
5%
4%
6%
6%
13%
86
6
12%
♦6 %s Sept coupon off
♦6 %8 Sept coupon off
♦Montevideo (City of) 7s
♦External s f 6s series A
1958 M
S
1959 M S
1952 J
D
1959 M N
New So Wales (State) extl 5S..1957 F A
External s f 5s
Apr 1958 A O
50
53
.
100%
102%
39
73%
44% 53
43
48%
100% 103
101%
102
10
73%
101
48
48
7
25
103
For footnotes see page 1953.
NOTE—Sales of State and City securities occur very rarely on the New York Stock
Exchange,
Bid and asked quotations however by active dealers in these securities will be found
on a
subsequent
dealings In such securities being almost entirely over the counter
page under the general head of "Over-the-Counter Securities."
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 20
fcl
gt
Nft,
Foreign Govt. &Munic. (Concl.)
Norway 20-year extl 6s
1943 F A
20-year external 6s
1944 F A
.
30-year external 6s
40-year s f 5Ms
External sink fund 5s
1952 A O
....1965 J D
1963 M
extl sf 5s.
__
1970 J
1952 F
♦Nuremburg (City) extl 6s
S|
Low
100%
100 m
18
£5
33
78%
56
76
101
+:
22
8
82
24
64
76 M
26
59%
16
73
102
104
104
104 M
89
104
s
14
M
S
f
15%
12%
17%
8%
18
19
14
J
D
13
13 M
49
5
12%
a
o
13%
13 M
39
4%
12
0|
75 m
77%
17
56
o
106%
106%
a
7s A
63
63%
19
19
4
12%
16
22
18
18%
2
12
15
19%
77%
22%
22%
99% 101%
"io
23%
24%
27
o *110%
a
110
112%
*28%
19m
19%
Ol
60%
65
15
21
19%
54%
65
14%
92%
122 M
112
22%
27
19
21
26
13%
N|
18
18
1
11%
J
J
External 7s Sept coupon off. 1956
♦External 6a July coupon off. 1968
♦Secured a f 7s
1940
♦Santa Fe (Prov
Arg Rep) 7s._ 1942
26
24
12%
12%
22
22
M S
20 m
20%
1
16 m
17%
5
88%
90%
a
O
22%
16%
15%
81%
10%
40
17
75
75
67
24
38
57
8
29%
28%
1
28
28%
32%
29
J
D
28%
28%
2
32%
28%
26%
15
19%
23%
23%
66%
29%
29
33
51%
1962
24 m
(Prov of) extl 7s„.
1958 J D
♦Slleslan Landowners Assn 68—1947 F a
MN
Solssons (City of) extl 6s
1936
162 m
Styrla (Province of)—
*7s Feb coupon off
1946 F
a
*93 m
Sydney (City)
1955
F
a
f 5MsTaiwan Elec Pow 8 f 5
Ms
s
1971
Tokyo City 5s loan of 1912
1952
External s f 5Ms guar......1961
♦Tolima (Dept of) extl 7s
1947
Trondhjem (City) 1st 5Ms
1957
♦Uruguay (Republic) extl 8s ..1946
♦External s f 6s
I960
♦External
f 6s
s
Venetian Prov Mtge
Vienna (City of)—
1952
101
F
A
M N
MN
1943 J
♦6s with warr assented
Alb & Susq 1st guar 3 Ms
2
25%
117
*46m
76%
11%
48%
51
a
D
z81%
82%
50
50
60
D
71%
89
A
48%
123
101%
11
61
100
100%
10
96%
97
62
1
50%
53
72
62
2
80%
D *110
74
D *106
O
71
83
"93%
D
86
88
1950 A
O
75
75%
2
52%
122
50 M
1950
1998 AO
1942 M S
1950 A O
Allegh A West 1st
gu 4s
Alleg Val gen guar g 4s
Allied Stores Corp deb
4%s
Allis-Chalmers Mfg conv deb 4s 1945 MN
♦Alplne-Montan Steel 7s
1955 M S|
Sugar 6s ext to Feb 1 1940
F
Am & Foreign Pow deb 5s
2030 M
American Ice
1953 J
f deb 5s
Amer I G Chem conv 5
109
54
100
100
105
104%
105%
106%
D
80
85%
O
111
113%
D
90
O
J
S
1996 M
F
ser
A
S
1942 J
1989 J
1936 J
...1936 J
1951
cons
a
S
100
109M
109%
93
12
100%
101%
12
92%
131M
135%
241
109%
96 M
96%
7
102 M
102%
50
80
15
78
73
74%
A
1948 J
1960 A
3%s..l943 J
1955 A
1944 J
1950 M
76%
113%
48
100%
MN
113%
114%
85
103
o
94 M
61%
90
80%
79
84
398
52%
94%
74%
74
90
29
1
1
74
D
74
J
*100%
100%
J *101
103
119
121
19
103%
125
129%
28%
25%
29%
6
"27%
A
27
6
O
24%
26
3
24%
24%
27%
99%
104% 106
90
109% 109%
D
O
J
m
«
-
-
29
29
105%
5
106
95
D *109
110
*41
48
S
25
Private
32%
30
29
29
33
25%
»
-
«
-
'
-
-
-
-
93%
80
94
78%
82
93
56
75
24%
22%
21%
25%
19
18%
89%
31%
23%
9
5%
21%
21%
1
6
21
sec
S
J
J
s
1
18
18
100%
83
107
30
103
102%
86%
J
105
106%
12
1968 J
J
105%
106%
274
103%
104
J
D
M N
14
84
84
3
94
10
J
J
F
A
93%
114%
114%
6
M N
120%
120%
10
*125%:
127%
f deb 3%s
98
52%
57%
72%
103%
105%
D
104
104%
8
1957 M N
1950 F A
109
109
5
106
106
11
1950 J
4%
68%
99%
106%
..1952 J
6s A
1938 J
93
23
7
26%
26%
18
88
100%
106% 108%
105
108
105% 107%
103% 106
69
75
109
85
95
114%
119% 122
124% 126
105%
104
100%
108
104
105% 106%
109%
A
O
111
J
91
80
242
50
65%
15%
21%
22%
25
By-Prod Coke 1st 5%s A
Cal G A E Corp unf A ref 5s
1945 M
1937 M
Cal Pack
1940 J
J
1942 A
1962 A
O
deb 5s
N
N
91
*87
14
--
-
-
98
106%
104%
15%
117
68%
125
65%
22
99%
61%
62%
31
106%
5
104%
5
108% 112%
96%
96%
96%
113% 116%
115
118%
115% 118%
112% 117
A
117%
117%
115%
113%
112%
116
12
113%
54
113%
24
125%
126%
3
F
1970
Canadian Northern deb 6%s
1946 J
Canadian Pac Ry 4% deb stk perpet J
90% 101%
J
93
91
1
S
104
—.1944 J
J
114%
Dec 1 1954 J
...1960 J
D
..1946 M
Coll trust 4%s
5s equip trust ctfs
114%
J
Coll trust gold 5s
Collateral trust 4%s
J
106%
103%
—
Members
-
2-7900
—
—
Wires to Chicago,
A. T.
New Yerk Curb Exchange
-
&
T.
-
Teletype
NEW YORK
NY
Indianapolis and St. Louis
1-911
92%
91%
118
O
85
9
117%
J
54
10
116
Guaranteed gold 5s
Guaranteed gold 5s
58%
35
110%
J
1957
July 1969 J
Oct 1969 A
Guaranteed gold 5s
105%
48%
7
J
83%
79
104
80%
10%
31
62
Guar, gold 4%s
June 15 1955 J D
Guaranteed gold 4%s
1956 F A
Guaranteed gold 4%s..Sept 1951 M S
104
106%
84%
30%
29
90
68%
66%
101%
107%
39
102%
103
16%
117%
111%
116%
O
109
110%
104% 104%
mdmrnrn
28
*24
103
105
*20
♦Certificates of deposit
conv
88%
96%
J *103
F A *109%
1937 M S *104%
76%
1957 M N
1981
Canadian Nat guar 4%s
Telephone HAnover
-
28%
79%
Vilas & Hickey
•
24%
60%
5
191
104%
114%
43
107%
24
104%
76
4
Railroad, Public Utility and Industrial Bonds
—
99
16
127%
69%
70
Exchange
98%
120%
69
66%
49 WALL STREET
100% 101%
101% 101%
127%
J *101%
O
BOND BROKERS
New York Stock
89%
109% 118
106% 120
68%
75
66
1953.
For footnotes see page
60
88
----
O *100%
120
J
101%
94%
'
113% 116%
103% 109
252
102
96
112M
38%
88%
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
112
J
550
87
5 {♦Burl C R A Nor 1st A coll 5s 1934
100
20
J
1940 a
90
105
71
74%
75
106%
O
100
108%
98
52%
113%
O
10
107M
88
232
106%
1952 A
58
D
65
99% 105
61
83%
8
{♦Bush Terminal 1st 4s
22
J
102%
101%
74%
78%
69%
8
♦Consol 5s
—1955 J
Bush Term Bldgs 5s gu tax ex.-I960 A
116%
122
76%
9
109
81
113
100
122%
60
101
114%
60
114M
105%
92
75
108% 113%
84% 100%
100% 105
96%
109
95%
112M
105%
120 %
Convertible debenture 4Ms.. 1939 J
Debenture 5s
1965 F
76
J
116
J
S
59
104%
104%
113%
J
94%
102%
100%
95%
J
97%
a
113
J
54
45
84%
Buff Roch A Pitts gen g 5s
Consol 4 %s
104%
112% 117%
101% 105%
119% 134%
107% 110%
112
113%
113% 115
114
119%
75
M N
300
82%
108% 110%
99% 101%
118% 135%
91%
96%
62
21
141
104% 107%
102% 106%
J
78
32
515
75%
D
100% 104
95%
82%
253
95
113
75
1
112%
1943 J
...1951 J
48%
36%
62
1
100
73
55
8
M
.
104
J *104
87%
13
Am Internat
Founders 6s ctfs..
J
Bruns A West 1st gu g 4s
Buff Gen El 4%s series B
110
101
41
145
Am
Ms
1949
Corp conv 5Ms.. 1949
Rolling Mill conv deb 4%s.l945
Am Telep & Teleg coll tr 5s
1946
35-year s f deb 5s
1960
20-year sinking fund 5Ms.—1943
105% 106%
62
109
47%
218
91%
70
101
1955 M N
1961 A O
Brown Shoe
100%
53
44%
2
73
*95M
a
61
28
Debenture gold 5s
1st lien A ref 5s series B
103% 105%
38
33%
105%
15-year sec 6s, series A
1949
Bklyn Qu Co A Sub con gtd 58.1941
1st 5s stamped
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s
1945
40% 49
98% 102
73
F
13%
45 %
100%
40%
105%
1995 J
Gen mtge 5s series E
94%
81%
27
J
1951
Bklyn-Manh R T
'
66%
63
1949 J
5s
conv 5s
Am Type
/•
28
88%
89%
99%
57%
47%
23
-
49%
92%
41
68
-
96%
35%
♦Certificates of deposit
5 {♦Bowman-Bilt Hotels 1st 7s. 1934
M
Stmp as to pay of $435 pt red
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison Inc ger 5s A
1949 J
- •,
89%
19
1st g 4%s ser JJ
{♦Boston A N Y Air Line 1st 4sl955 F A
5 {♦Botany Cons Mills 6 %s
1934 A O
JP%
52%
31
20
39%
37%
37%
26%
81%
99%
52%
1st M 5s series II.
82%
11%
9%
100
101%
26%
47
57
Boston A Maine 1st 5s A C...1967 M S
76%
33
45%
88
69%
75%
8%
82%
88
44%
Big Sandy 1st 4s
Bing A Blng deb 6%s
83
70
63%
60
60
74%
59
61%
67%
♦Berlin Elec El A Underg 6%s.l956 A
Beth Steel cons M 4%s ser D__ 1960 J
93%
53%
72
36
82%
87%
99%
50
♦Debentures 6s
100% 103%
58
78
101
45%
46%
92
75
96% 100%
84
D
1960 F
Belvldere Delaware
75
71%
42
♦Berlin City Elec Co deb 6%s_.1951 J
♦Deb sinking fund 6%s
1959 F
162% 166
47%
96
101%
94%
1946 AO
5s stamped
s
8
92 m
67
1948
{Alleghany Corp coll tr 68——1944
Am Beet
6
163%
144
99%
1st lien A ref 6s series A....1947 M N
J
1943 J
ser B
conv
*11
1947 J D
1952 A O
♦Albany Perfor Wrap Pap 68—1948
Coll &
MN
M N
1948 M
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 5s
♦Coll &
75 %
O
70
35
42
105% 110
1
J
1st & ref 5s series C
INDUSTRIAL
Adams Express coll tr g 4s
Coll trust 4s of 1907
4s
71m
a
J
1958 F
1961 J
COMPANIES
♦JtAbltibl Pow & Paper 1st 5s.l953
cons
M S
26
%-*
Yokohama (City) extl 6s
AND
J
100 m
75 m
1964 M N
Bank 7s.. 1952 a o
♦6s Nov coupon on
Warsaw (City) external 7s
RAILROAD
68 %
35
17
6
103% 105%
86
10
J
Beech Creek ext 1st g 3%s
Bell Telep of Pa 5s series B
32%
25%
86%
m
98%
M N
99%
110% 113%
112
112%
118
118%
87%
—
105%
S
MN
July. 1948 A
Beech Creek 1st gu g 4s
2d guar g 5s...
35
Slovenes (Kingdom)
J
105% 107%
J
4s stamped
32%
2
29
M
79
89r
108
108
114
109
3
16
J
Batavlar Petr guar deb 4%s
Battle Crk & Stur 1st gu 3s
69%
33%
2
29
coupon on
J
74%
78
98%
106%
110% 115%
104% 108%
104% 113%
106% 109
105
108%
102% 106%
88%
114
>
94%
105
1959 J
1937 J
Con ref 4s
75
69%
28 m
28%
1 1935
?
Silesia
►
21%
20%
90%
1 1935 coupon on.. 1962 M N
an
113%
1944 J
Bangor & Aroostook 1st 5s
23%
14
61
D
M N
106
112
1962 M S *111%
1946 J D *118
J
105%
1944 J
Conv 4%s
.29%
J
7s. —.1945
1946
106
Tol & CIn Div 1st ref 4s A— .1959 J
Ref & gen 5s series D
2000 M
23
19%
29%
28%
*o?n,_State Mtge lDat
£ nJ£,ng fUDd * 6Hs
J
J
P L E & W Va Sys ref 4s... 1941 M N
J
Southwest Dlv 1st 3%-5s
1950 J
27
67
M S
♦Stamped
♦Saxon Pub Wks
(Germany)"fa 1945 F a|
*Gen
guar 6%s._
1951 M N
38
75%
84%
100%
...1948 J
1st gold 5s
Ref & gen 6s series C
27%
18%
14%
15%
2
28%
J
J
112%
1958 J
Atl & Charl A L 1st 4%s A
1st 30-year 5s series B
Ref & gen M 5s
1936 J
111
1965 J
Cal-Ariz 1st & ref 4%s A
Atl Knox & Nor 1st g 5s
122%
22%
26%
27
30
San Paulo (State
of)—
5*8s July coupon off
D
1948 J
84%
75
Bait & Ohio 1st g 4s
July..1948 A
Refund & gen 5s series A
1995 J
12%
40%
D
♦External 8s July coupon off. 1950 J
3
105%
1952 M N
coupon off.-1957
106%
{Baldwin Loco Works 1st 5s__. 1940 M N
20%
M
105%
Auburn Auto conv deb 4%s...1939 J
Austin & N W 1st gu g 5s
1941 J
14
(City of Brazil)—
coupon off
D
1960 J
24%
17%
16
12%
26 m
18
Atlantic Refining deb 5s
12%
*20
108
19%
14
J
107%
D
14
16%
a
19
11%
24 M
F
~-
111
1955 J
96
103% 105%
90%
103
75
'
D *105
Atl Gulf & WISS col tr 58
16%
J
3
86
38
24
292
98%
110
71%
78%
114%
21
d
75
107% 118%
27
-
106%
15
1946 a
-
97%
29%
16 M
-
105%
111
20%
122 m
-
105
13%
32
3
103
80
80
109
29%
28%
37
24%
24
83%
32%
110
16
M N
99% 104%
24
30%
112
19%
19%
48%
98%
3%
109
a|
A
49
41
230
104
103%
1955 J
2d 4s
1967 J
42
20%
94
o
1968 J D
1966 M N
18
22
Atl Coast Line 1st cons 4s July. 1952
General unified 4%s A
1964
LAN coll gold 4s
Oct
1952
10-yr coll tr 5s
May 1 1945
Atl & Dan 1st g 4s
1948
23%
23%
1946 a
1953 F
(City) extl 6Ms
...1952
Rotterdam (City) extl 6s
1964
Roumanla (Kingdom of
Monopolies)
♦7a August coupon off
1959
♦Saarbruecken (City) 6s
1953
♦
80%
102
111%
88%
96
13
26
43%
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
75
40
66
44
O
1995 M N
Conv gold 4s of 1909
Conv 4s of 1905
19
91
24 M
1947 F
1950 M S
15%
112
Conv g 4s issue of 1910
Conv deb 4%a
16%
103
High
110
97
42%
J
F
A
Adjustment gold 4s
Stamped 4s
16%
*99%
23%
Low
41
J
A
1955
75
;;
80
1950 J
15%
J
110
S
112%
1995
1995 Nov *110%
f 4s ser B (Del)
Atch Top & S Fe—Gen g 4s
(City of)—
Serbs Croats &
s
Armstrong Cork deb 4s
s!
Rome
*8®
1st M
90%
81
D
58
Ark & Mem Bridge & Ter 5s—1964 M S *100%
Armour & Co (111) 1st 4%s._—1939 J D
104%
58
M
7S-.1941,
♦8s April coupon off
♦6s June coupon off
♦7s May coupon off
*78 June coupon off
1st
75
7
M N
Aug coupon off
Rio Grande do Sul
(State of)
o
86%
82%
79%
67
1961 J
1966 J
Low
60
Anaconda Cop Min s f deb 4%8 1950 A O
♦
Anglo-Chilean Nitrate7s....1945 M N
{♦ Ann Arbor 1st g 4s
1995 Q J
24%
89
Jan. 1
No.
-
27
Jl
Since
1936
High
6s__1947 J
g
10
1
Feb. 29
109%
Certificates of deposit
56
1950 J
♦8s April coupon off
,0^!,May
10-year 5s conv coll trust
♦
87 M
87%
Range
Bonds Sold
1944 M
Deb g 6s series A
106
1952
♦Prussia (Free State) extl 6
M S
Ms. 1951
♦External s f 6s
1952 a o
May
27
22%
102%
80 %
Asked
&
108
t♦ Am Writing Paper 1st
106
80%
"22 %
Friday's
Amer Water Works & Electric—
100% 103%
100% 104%
102% 102%
83%
29
100",6
102
101
1933 to
Range or
Bid
Low
;,
107%
105% 107%
100% 105%
87%
July I
1975 M N
High
Low
88
107
1947 a
f 7s
♦7Ms July coupon off
Prague (Greater City) 7 Ms
»
No
106%
1940 A
♦8s June coupon off
♦8s
High
'
106
105%
Week Ended March 20
73 m
External sink fund g 8s
Porto Alegre (City
of)—
Sao Paulo
Jan. 1
75
S
1963 IVI N
Poland (Rep of) gold 6s
Rio de Janeiro
Since
1936
102
1958,
♦7s Sept coupon off
...1947
♦Peru (Rep of) external 7s
1959
♦Nat Loan extl s f 6s 1st ser..I960
*Nat Loan extl s f 6s 2d ser.1961
♦Rhine-Main-Danube
Feb.29
§3
Low
Inter st Period
N. Y. STOCK EXCHANGE
is
M N
..1953 M
Queensland (State) extl
25-year external 6s
BONDS
Range
Friday's
&
Asked
D *102%
A
22%
♦Stamped
Pernambuco (State of)—
8
1933 to
Range or
Bid
1955 M N
19531 J D
Oriental Devel guar 6s
Extl deb 5%s
Oslo (City) 30-year s f 6s.;
Panama (Rep) extl 5 Ms
♦
Extl s f 5s ser A
Stabilization loan
Week's
July 1
Week's
Municipal Bank
1949
New York Bond Record—Continued—Page 2
Volume 142
1%
79
94%
91%
91%
105%
52%
66
94%
73%
64%
9%
16%
111% 117%
110% 114%
110% 114
122% 126%
87%
94%
102% 105
113% 115
105% 107%
100% 104%
New York Bond
1950
Record-Continued—Page
3
March
21
1936
Week's
Range or
Friday's
BONDS
Bennett tyros. &
cMembers
N. Y. STOCK EXCHANGE
Week Ended March 20
Johnson
120
r.
Wall Street
WHitehall 4-3939
*3^. T. 1-761
Week's
1933 to
Feb. 29
Since
1936
Jan. 1
A
Low
{♦Car Cent 1st
guar g
4s
1949 J
J
1938 J
D
J
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9
3034
107
10234
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9234
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126
96
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12534
D
1939 M N
1992 M
S
1993 A
1995 J
Craig Valley 1st 5s._May__.1940
J
Potts Creek Branch 1st
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R A A
Dly 1st con g 4s
1989
2d consol gold 4s
1989
Warm Spring V 1st
g 5s
1941
Chic A Alton RR ref
g 5s
1949
Chic Burl & Q—111
Div 334s
1949
Illinois Division 4s
1949
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1958
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J
J
114
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110
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1949
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1988
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see
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page 1953.
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1955
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1957
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1938
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Federal Light A Tr 1st 5s
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stamped
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1954 F
1942 IVI
1942
1974
117
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1942
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1947 J
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1940 J
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228
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1943
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79
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1950 J
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53
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1951
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1957
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1955
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1956
107
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15
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1938
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1934
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1982
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117
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1945
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32
10534
1989
General 4s
Cent Pac 1st ref gu
g 4s
Through Short L 1st gu 4s
♦1st ref g 5s
♦1st & ref 434s
Low
19
109
D
J
♦Mobile Div 1st g 5s
1946
Cent Hud G A E 1st & ref 3
34s. 1965
Cent 111 Elec & Gas 1st 5s
1951
{♦Cent New Engl 1st gu 4s
1961
Central N J gen g 5s
con g
No
60
108M
F A
♦Consol gold 5s
1945 MN
♦Ref A gen 5 34s series B
1959 A O
♦Ref & gen 5s series C__
1959
♦Chatt Div pur money
g 4s__ 1951
♦Mac & Nor Div 1st
g 5s
1946
♦Mid Ga A Atl Div
pur m 5s_1947
Ches A Ohio 1st
High
*53
Range
....
1981
♦Cent Branch U P 1st
g 4s
1948
Cent Dist Tel 1st 30-yr 5s
1943
{♦Central of Ga lstg 5s_..Novl946
g
Asked
107 34
1st & cons g 6s ser A. .Dec 15 1952 J
D
Carriers A Gen Corp deb 5s w w
1950 M N
Cart A Ad 1st gu g 4s
Guaranteed
July 1
or
Bid
J
....1942
1948 MN *104
Series D 334s guar
1950 A F *106%
Gen 434s ser A
A
1977
106
Gen A ref mtg 434s ser B
J *10634
1981
Cleve Short Line 1st
O *10934
gu 434s..l961
Cleve Unior Term gu
O
534s
1972
10934
1st s f 5s series B
o
guar
..1973
Friday's
Week Ended March 20
Caro Clinch & O 1st 5s
Series A 434s guar
Series C 334s guar
Randolph 7711
Range
STOCK EXCHANGE
High
166" "23
Range
•
System Teletype •>- Cgo. 543
BONDS
N. Y.
Low
Cleve-Cllffs Iron 1st mtge 4548.1950 M N
106
Cleve Elec Ilium 1st M 354s... 1965
J
10934
Cleve A Pgh gen gu
434s ser B.1942 A O *11134
Series B 334s guar
O
1942
*10434
135 So. La Salle St.
Connections
-<• 'Bell
Jan. 1
1933 to
Asked
*10034
Chicago, 111.
Brivate Wire
Since
1936
A
J *10534
Cto Wabash A M Div 1st 4s. 1991
J
100
St L Div 1st coll tr g 4s
1990 MN *10034
Spr A Col Div 1st g 4s
1940 M S *10334
W W Val Div 1st g 4s
J
1940
{
%A1LRQAD 'BONDS
'H.ew Tork,
Feb. 29
Bid
Clev Cto Chic A St L (Concluded)
Cairo Div 1st gold 4s
1939
( "Kew Tork Stock Exchange
^ew York Qurh 6xchange
July 1
7534
10334
3534
7334
"52"
5834
9034
60"
10134 10434
10534
25
46
101
29
30
7
32
30
29
34
31
30
3034
3054
3034
5
N
1
3034
3034
3234
32
J
103 34
103 34
4
76
103
104
New York Bond Record—Continued—Page 4
Volume 142
Week's
Range or
Friday's
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 20
Nft,
Feb. 29
Since
1936
Jan. 1
Bid
A
No.
Low
91%
147
54
28
30 -t
96
28
30
89
8t*Gen Theatres Equip deb 6s. 1940
♦Certificates of deposit
t*Ga A Ala Ry 1st cons 5s—1945
5t*Ga Caro <fc Nor 1st ext 6s_.1934
J
J
♦Good Hope Steel & Ir sec 7s.-1945
Goodrich (B F) Co 1st 6%s__.1947
Conv deb 6s
1945 J
Goodyear Tire & Rub 1st 5s.._1957
♦23 %
*23 %
gu
98
2%
2%
30%
19
30
9
378
30%
18%
20%
20
32
18
30%
108%
14
32%
89%
107% 108%
D
104 %
105%
48
63
104
IVI N
103 %
104%
118
D
100 %
100%
11
83%
82%
J
10
D
74
102%
102%
12
12
A
J
89 %
J
101%
101%
56
100
"93%
93
90
4
35
108% 110
107% 112
107% 116
68%
General 5%s series B
General 5s series C
1952
J
112
112%
41
64
1973
J
108
109%
44
57
General 4%s series D
General 4%s series E
1976
J
102
103%
72
53%
1977
J
195
53%
1946
101%
112%
99%
102%
J
115
316
101%
275
106 %
107%
477
Greenbrier Ry 1st gu 4s
Feb
1940 M N
Gulf Mob & Nor 1st 5%s B.._1950 A
1st mtge 5s series C
1950 A
Gulf & S 11st ref A ter Ss.Feb 1952 J
O
$Hansas SS L 6s (Oct 1 '33 coup) '39 A
35%
119%
95%
31
37%
104%
102%
103
19
44
46
43
1949 M N *122%
A
85
105
104%
100%
38%
103
35
"87
"97
♦Adjustment Income Ss.Feb 1957
33%
35%
130
106 %
107%
92
63%
25%
102%
7
25%
4%
77%
102%
47
80
57
64
97
33
64%
31%
62%
32
64
68
73
98
100
79
82%
96%
50
75%
30%
81%
33%
97
249
72
33
34
62
63
37%
40
25
89%
103% 106
2
89%
115
95
97
46%
49%
51%
55
58
29
64
17
65%
O
105
106
O
118%
118%
A
O
135%
137
F
5s.
A
122
124%
M N
A
O
J
48%
D
O
A
iJ
18a
*106%
102%
52%
105
D *105%
IVI
S
102
3
117
36
103
108
76
102% .104%
38
58%
45%
104% 106
104% 105%
101
103%
7
105%
105%
102%
——
15
104%
98%
87%
5
83
101%
76%
105% 112
102% 102%
IVI N
*103%
IVI
s
102
101%
102%
78
101% 102%
A
O
131
131
F
A
122
122
91%
111%
112
3
107%
2
66
87%
89
1952
82%
84%
67
57
80
89
87
88%
24
56%
91%
M N
J
82
82
81%
69%
86
IVI
1953 M N
78
81%
106
52%
97%
63
70%
Purchased lines 3 %s.
Collateral trust gold 4s
1952
.
J
Qtt
Refunding 5s
1955 M N
15-year secured 6%s g
1936 J
100%
40-year 4%s
Aug 1 1966
72%
Cairo Bridge gold 4s
1950
*103%
.
Litchfield Dlv 1st gold 3s.—1951
Louisv Dlv A Term g 3%s_. 1953
Gold 3%s
Springfield Dlv 1st
*
1951
g
90
3%s._-1951
1st A ref 4%s series C
*
83%
78%
107%
28%
1963
Illinois Steel deb 4 Ha
1940
♦Ilseder Steel Corp mtge 6s —.1948
Ind Bloom A West 1st ext 4s__1940
3
76%
134
82
42%
IVI N
85%
100%
100% 102%
64%
84%
68%
A
O
) A
103% 104%
87
91%
O
) A
O
104%
110%
108%
4
98%
38%
88%
35
81
110%
14
80%
63
74
A
O *105
98
F
A
107%
107%
10
72%
85
IVI
S
87%
87%
8
61
75
90%
90
62%
101
67
75
85%
203
80%
82
91%
100% 101
87
52%
47
49%
108
22
101%
29
5
31
71%
67%
M S *112
South Ry joint Monon 4s.
99
115
IVI N
92%
88
A
IVI N
103%
35%
A
33%
A
1950
*100%
37%
102%
72
99% 101%
1956
37%
7
1965
*106
106%
96
1965
*108
98%
108
79
102916 103%
94
89%
82
54%
92
——
38
56%
80
....
107%
104%
107%
103%
96
86
108% 112%
44%
88
99
17
46%
115
117
116%
103%
35
102% 104%
50
53
38
19
9
23
35
30
7%
22
41%
41%
23
40
O
4
♦Certificates of deposit.
"2l"
4
63%
61
_
D
64%
"23
35
4l"
20
42%
63%
7%
AO
108
71%
68
61
6
35
60
48
....
27
49
100
1
82
50%
94% 100
49%
93%
248
56%
92
92%
15
86%
87%
92%
IVI
O
51%
57%
44
65%
IVI N
17
19%
20%
54%
53%
91%
54
53%
60%
IVI N
*67
69%
M~S
93
18
57%
90
J
J
*37%
44
91%
92%
27
57%
1951 M N
92%
95
68
50
87%
86%
94%
93%
J
D
*97
99%
Int Agric Corp 5s stamped 1942— IVI N
Intemat Cement corv deb 4s._ 1945 M N
101%
123 %
41%
11%
102%
130%
A
O
330
Q
J
*84%
102%
102%
16
60
100
42%
27
M N
103%
104%
36
47
102
12%
19
55
62%
14
41%
1956
40%
40%
10
23
110
110%
5
1956
40
40
2
23
36
45
1944
51%
73%
92%
80%
85%
93%
83%
54
224
28%
45
59
75
29
37
36
47
83%
40
65%
92%
75%
79%
94%
1932 A
{♦10-year 6s
♦Certificates of deposit
{♦10-year
conv
7% notes
1932
♦Certificates of deposit—
Interlake Iron 1st 5s B
^♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A—July 1952
♦1st 5s series B
♦1st g 5s series C
Internat Hydro El deb 6s
Int Merc Marine s f 6s
-..1941
Internat Paper 5s ser A A B—1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 5s B..1972 IVI N
1941 IVI N
1st coll trust 6% g notes
1st lien &ref 6%s
1947 F
A
Int Telep A Teleg deb g 4%s._ 1952
Conv deb 4%s
1939
Debenture 5s
1955
Investors Eq deb 5s ser B w w.1948
Without warrants
1948
47
52
115%
25
4%
97%
Mfrs Tr Co ctfs of partic In
A I Namm A Son 1st 6s
99
102%
115% 132
38
47%
14%
10%
36
46%
80
96
33
31%
45%
49%
98%
86%
86%
85
36
43%
88%
81%
A
3
85%
37
75
91%
97
192
42
86%
89%
211
40
79
*100
100%
82
100
"~~4
3
17
%
95%
47
66%
105%
105%
10
70
102
4s—1936
46%
48%
56
29%
K C Pow A Lt 1st mtge 4%s_.1961
Kan City Sou 1st gold 3s
1950
111%
81%
t*Iowa Central Ry 1st A ref 4s. 1951 M S
Kan & M 1st gu g 4s.
**K C Ft 8 A M Ry ref
1990
g
♦Certificates of deposit
Ref A Impt 5s
100
2%
92
44
Apr 1950
Kansas City Term 1st 4s
Kansas Gas A Electric 4%s
1960
1980
♦Karstadt (Rudolph) 1st 6s
1943 M N
♦Ctfs w w stmp (par $645)—1943
♦Ctfs w w stmp (par $925) -.1943
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 6s
Kendall Co 5%s
Kentucky Central gold 4s
Kentucky A Ind Term 4%s
Stamped
1946
1948
1987
1961
1961
83
15
28
113
27
96
84
103
45%
86
107%
108
105%
105%
157
51%
52
29
84%
153
40%
*26
4%
*108%
J
105%
84%
70
19
59
65
57
102
104%
LJ
J
102
103%
35
56
102
105
tJ
D
7 IVI
S
40%
41%
I J
J
79
79
*
105%
57%
53%
*75
*78
1 M N
7%
7%
S
5
F
3
10
3 J
J
39%
41
30
3 J
J
38
38
104% 106
3 J
J
45%
46%
)J
J
33
) IVI
s
27%
28%
33
33
33
38%
3 J
J
90%
38
95
44
89
4
26%
19%
32%
29
46%
42%
31
38
52
10
16
15
51%
23%
18%
81%
39
28
-
83
83
12
36
49%
89%
77%
8
*76
) J
J
42
45
)J
D
84
86%
80
2 J
J
73%
76%
262
2 J
98
1
1
91
*34
25%
23
[ M N
J
62%
68
21
50%
31%
72
Purchase money 6s
Kings County Elev 1st g 4s
98
J
66%
69%
106
93
102
102%
103%
B J
*104
7 A
O
46
51
414
11%
1937
Kings County El L & P 5s
80
27%
28%
*106
103
106
106%
5 F
A
30
31
24
155
160
±mmm.
*28
1997
1949
Kings Co Lighting 1st 5s-.--.1954
First and ref 6%s
1954
Kinney (G R) & Co 7%% notes 1936
Kresge Foundation coll tr 4s..1945
^♦Kreuger A Toll cl A 5s ctfs. .1959
Laclede Gas Light ref A ext 5s. 1939
Coll & ref 5%s series C
1953
Coll A ref 5%s series D
1960
102%
157
107%
*114%
*120%
108
66
5%
121
*28
31
19%
18%
108
102
12
90
73
46%
77
10%
119
120
102
102%
107
112
27%
35
101% 102%
72%
80%
76
5
46
71%
5
71%
74%
87
75
77
77
19? 8 M N
♦Certificates of deposit
♦Conv gold 5%s
♦1st A ref g 5s series H
-
deposit.
9%
30
*28
m
F
29%
31
82
10%
98
31%
107
*28
.
194 9 M N
O
1
♦Certificates of
«
19S 0 A
-
80%
79
♦Certificates of deposit
♦1st A ref 5s series G
A
30
30
31
*28
30
----
64
76
59%
49%
52%
30%
27%
27
19
209
31
17
*75
«
14
30
242
.1942
-
12%
S
34
—1942
-
S
7M
108
74%
-
5 M
112% 114%
102
101%
73%
74%
30
20
103% 108%
30
1
♦Certificates of deposit
..
100%
105%
77%
107
Coll tr 6s series B
118
157
102
Coll tr 6s series A
1953.
102%
9
6
%
16
34
39
30%
92%
96%
102% 104%
107
114%
88
83
42
73
79
5
4
13
2Q
4%
2%
49%
70
15
) IVI
60%
35%
60%
1
95"
30%
27
"70%
55
84
37%
111% 113%
85
74%
67
87%
107
109%
29
95
58
91%
)
67%
62%
95
)
37%
80
98% 106
26
93%
103%
105%
42
68
102% 103
92
92%
104% 108%
92
13
98
3%
102
) J
52
114%
18%
29%
93%
83%
32
103%
13
3%
29%
83
*39
98
46% 62%
110%
100% 102
1%
29%
*27
103%
113%
105
9
2
----
36%
70%
13%
94%
92
103
..
108
67
74
14
36%
100
79%
1961
Plain
For footnotes see page
82
*3%
D
98
) A O
J D
95
99
100% 101
100
100%
1%
3%
96%
84%
James Frank A Clear 1st 4s...1959
J
67%
36
41
89%
IVI N
91%
99%
87
14
A
M S
83
61
50
—
74
51
33
80
*100%
) J
J *103%
M S
*80
96
81
80
S
O
JF
7
100
O
A
♦Miag Mill Mach 1st s f 7s
1£
Michigan Central Detroit A Bay
*38%
s
IVI
Metrop Wat Sew A D 5%s...
89
86%
106
111%
110%
106% 107%
105
107%
81
87%
111% 111%
93
♦Certificates of deposit
109%
4
99
O
A
39%
21%
105% 106%
98%
„
96
113%
113
6%
O
----
89%
*10217j2 103%
94%
*111%
IF
97
106% 108%
28%
J
IVI N
J
95
84
75%
105
91%
122
118
107% 108%
104% 107
19
65%
73%
12
101%
99% 102%
133%
111H
100
107
98
86
109%
60
97%
70%
t*Ind A Louisville 1st gu 4s
Ind Union Ry gen 5s ser A
1978
flnterboro Rap Tran 1st 5s.—1966
107%
*104%
108%
108
-
131
110
167
93%
85
"91%
*102
Inland Steel 1st 4%s ser A
J
)J
90
Ind 111 A Iowa 1st g 4s
Gen & ref 5s series B
S
1
109%
106%
....
94
100%
Western Lines 1st g 4s
1951
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A
1963
100%
56
J
)J
92%
85%
36
86%
91%
97%
*81%
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s.—1951
3
5s.
133% 137
121% 125%
81%
*106
1951
70%
118%
16
1951
1955 M N
58%
64%
28
1951
Refunding 4s
69%
58%
1st gold 3%s—
Collateral trust gold 4s
101%
72%
102%
Extended 1st gold 3%s
1st gold 3s sterling
*103 %
*89
80
52%
69
A
119% 122%
80%
89%
32%
103%
2
75
A
104
79
16
96%
I
100% 103
99% 104%
21
27%
98
104%
98
104%
104% 105%
170
3
J
102
103
39
A
IVI N
105
104
61
104%
99%
J
High
104
77
61
105%
75
Low
Low
99%
95%
A
J
4s.x..
89"
101%
Illinois Bell Telep 3%s ser B—1970
Illinois Central 1st gold 4s
1951
A
F
cons g
Since
98%
F
Lehigh Val (Pa)
Range
Jan. 1
1936
5
*96%
68%
62%
*60%
J
64%
"64%
No.
103
IVI N
f 58
121
44%
i
ll
IVI.N
8
37
36
89
104%
A
F
1st & ref
70
12%
54%
"§§"
1954 F
*
S
A
102% 104%
107% 109%
116
O
F
49%
30
*80
1997 J
M
39
91
60%
f 4%s A
94%
33%
121
s
Ashed
High
102%
*103%
D
104%
J
23%
J
102%
J
102%
Cons sink fund 4%s ser C—.1954 J
Lehigh A New Eng RR 4s A—.1965 A
103%
A
J
—1954 J
14%
26%
"35%
Lake Sh A Mich So g 3%s
Lehigh C A Nav
37%
*18%
Houston Oil sink fuDd 5%s A--1940 IVI N
Hudson Coal 1st s f 5s ser A—1962 J D
1957 F
69
Bid
J
1941 J
70
90%
57
IVI N
1937 M N
H & T C 1st g 5s int guar
J
1937 J
Houston Belt A Term 1st 5s.__ 1937 J
J
Hudson Co Gas 1st g 5s
Hud A Manhat 1st 5s ser A
50
109%
*29 %
5s
cons g
103
104
*42 %
♦6s (Apr '36 coupon on)
1939
♦Harpen Mining 6s
1949 y
Hocking Val 1st cons g 4%s._ -1999 j
♦Hoe (R) A Co 1st mtge
1944 A O
81%
1937 J
90
49%
49%
%
♦Lautaro Nitrate Co Ltd 6s.„ 1954 J
7%
55
109%
Lake Erie A West 1st g 5s
2d gold 5s
50
43
*72
103
3
Friday's
Low
96% 105
112% 115
70
Range or
Inter st Period
Week Ended March 20
103% 112%
96% 105
88%
92%
*72
-
{♦Housatonlc Ry
"22
"97%
97
90%
J
Stamped
1
Gulf States Steel deb 5%s_—-1942 J
Hackensack Water 1st 4s
1952 J
♦Holland-Amer Line 6s (flat).-1947
12%
Week's
BONDS
N. Y. STOCK EXCHANGE
99%*101%
106% 107%
26
69%
11%
*106 %
91
101% 102%
50
*50
Telephone Whitehall 4-;2900
99
71%
112
J
90%
85%
58%
56
111
J
YORK
90
165
J
Feb
k
NEW
102% 103%
90
1961
r
Members New York Stock Exchange
63 Wall St.
100
91%
100%
D. H. SlLBERBERG & Co
88
1st A ref 4%s series A
1946
35%
105%
8
85
♦90
Gt Cons El Pow (Japan) 7s—.1944
Units (equal amts of G & H).1946
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
32%
100
72
*97
J *110
1936 M S
5s—-1947 J
Gen mtge. 4s ser G w 1
Gen mtge 4s ser H w 1
FOR BANKS AND DEALERS
103% 106
100
102%
35
1st & gen s f 6 Ha
1950
Great Northern gen 7s ser A--1936
.
BROKERS IN BONDS
High
19
35
1940 F A
1942 J D
Grays Point Term Jst
;
89
108
1936 J
1941
Low
J
8t*Gould Coupler lsts f 6s
Gouv A Oswegatchle 1st 5s
_
Range
o
Gotham Silk Hosiery deb 6s
Gr R & I ext 1st gu g 4%s
Grand Trunk Ry of Can g 6s.
1933 to
Asked
High
Low
Gen Steel Cast 5%s with warr.1949
1951
July 1
33%
16%
35%
28
I
70
36
33%
35%
27%
7%
-
69
51
27
19%
19%
93
10%
27%
18%
3%
19%
19%
18%
30%
27%
"27%
27
32
12%
35%
35%
33%
New York Bond Record—Continued—Page 5
1952
Week's
BONDS
N. Y. STOCK EXCHANGE
Range or
Friday's
I
Week Ended March 20
Bid
Range
BONDS
II
%
Feb. 29
Since
1936
Jan. 1
N. Y. STOCK EXCHANGE
Week Ended March 20
-I
N&,
High
No.
Low
*88.
{♦Mobile A Ohio gen gold 4s_—1938 M S
♦Montgomery Dlv 1st g 5S..1947 F A
♦Ref & impt 4%S—
1977 M S
♦Sec 5% notes
1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S
MonoDgahela Ry 1st M 4s ser A.'60 M N
Mont Cent 1st gu 6s
—1937 J
J
1st guar gold 6s
.a
1937 J
Montana Power 1st 6s A1943 J
Deb 68 series A
1962 J
Montecatlnl MIn & Agrlc deb 7s '37
Montreal Tram 1st & ret 6s
1941
Gen A ref s f 6s series A
1966
Gen & ref s f 6s series B
1955
Gen A ref s f 4 %s series C
1955
Gen A ref s f 5s series D
1955
Morris A Co 1st s f 4 %s
Morris A Essex 1st gu 3 %s
J
J
A
91
107 M
104%
104M
106M
101%
78 %
104 M
86 %
war
{♦Naugatuck RR 1st
1948 F
92%
"71%
*60
2013 A
70
1998 F
F
165
92%
29%
36
38
38
38%
115
A
A
A
O
A
112%
115%
114%
248
85%
240
89
91%
387
98%
101
105
105%
83M
25
297
86
96%
95%
103%
34
95%
120
84
586
90
96
95%
103%
93%
82%
88%
105 M
39
7
14
105%
107%
68
70
44
107%
104
1951 A
104
25
108%
104
104%
100
105%
32
13
36
31
35%
34
35
N
....
118
36%
45%
43%
20
14
25
21
82
36%
100
40
50%
54
44%
7
"91% ""3
5
45%
45
137
58
J|*102%
1965
Prior lien 6s assented
103
1965
N Y A Rlchm Gas 1st
6s A
1951
*107%
N Y Steam 6s series A
*110
....1947
1st mortgage 6s
...1951 M N
106%
1st mortgage 5s
M N
106%
...1956
N Y
Susq A West 1st ref 6s
J
78
1937
2d gold 4 Ms
1937 F A
73%
General gold 5s
...1940 F A
66%
Terminal 1st gold 5s
1943 IVI N *101%
N Y Telep 1st A gen s f
4M8...1939 M N 110%
N Y Trap Rock 1st 6s
D
1946 J
*83%
87
-.1946
17
107
IVI N
M N
M N
1950 A
F
O
101%
*90%
50%
138
1
103"
8
20
1
73%
66%
1
••>«»•
30
111%
89
....
89
9
84
18%
107%
102%
93
89
97
80%
24%
32%
33%
92%
14%
14%
14%
33
38%
32%
119
89
100
43%
74%
80%
46%
73%
67
43
64
65
77
43%
36%
91
41%
30
98
100
90
95%
101%
105%
74%
90
90
98
96%
86%
101% 104%
82
97%
70%
87%
88% 94%
105% 109
108% 108%
66%
77%
58
75
108%
102%
102%
107% 109%
104
105%
104%
122% 125%
95
104
107
113% 115
92% 100
83%
92%
89%
102
100%
104%
105%
100%
29%
95%
100%
25
104
94% 100%
103
108
101
105
105%
100%
39
22
30
37
21%
29%
29%
38%
37%
37%
37%
22%
20
30
20%
28%
32%
25
43
34%
12%
23%
31
80
89
39%
42%
35%
31
16%
41
51%
26%
40%
100
56%
49%
81%
66%
"82%
93%
105%
105%
31%
31%
99%
99%
107%
108%
106%
90
106
108%
111
107%
91%
40%
106
107
4
10%
56
90
41
31%
72%
102%
45%
7
17
6
72
100
101
110% 111%
81
93
96
90
107
38
36%
105%
14%
91%
96
61%
10
56
2
56
14
46
22%
5
32
89%
83
15
4
165
54
45
84
8
1
103%
104
10
14
'
47
76
48
15
18%
47
54
108
96% 102%
88%
93%
48% 67%
138
16%
15%
155
22%
21%
51
61%
115
119%
106% 107%
103% 106%
102% 104%
103% 106
101% 106%
109
M N
J
D
100%
34%
*108%
*103%
113%
112%
23
J
107
102%
102%
J
D
J
J
64
103%
D
103%
107%
*105%
52%
"52%
J
D
57%
91%
134%
33%
64%
62
1963 F
Penn-Dixle Cement 1st 6s A...1941
Pa Ohio A Det
1st A ref 4%s A. 1977
4%s series B
1981
Pennsylvania P A L 1st
4%s..l981
Pennsylvania RR consg 4s... 1943
A
IVI N
IVI N
94%
107%
A
119%
120%
D
112
113
118
119%
A
O
1981 A
O
1984 J
J
1943 A
O
1947 M S
1940 A
O
♦Income 4s
April 1990 Apr
Peoria A Pekln Un 1st
5%s...l974 F A
Pere Marquette 1st ser
J
A 5s
1956 J
J
1956 J
1980 IVI S
1943 MN
General 5s series B
1974
General g 4%s series
C___—1977
General 4%s series D
1981
J
J
J
D
J
D
Phlla Elec Co 1st
A ref 4%s_..1967 M N
Pitts C C A St L 4
%s A
Series B 4%s guar
13
109%
101%
94%
96%
A
5sII1973
J
SI
1937
J
o
6s.. 1943
1952 IVI N
25
27
105%
59
103
186
110
75
109%
117%
111%
88%
13%
111%
102%
95%
73
97%
3
21
16
29
56
115
115%
115%
105%
105%
5
*70
106
18
69
51
55
30
209
29%
106%
10
10
85
N
*103%
ser
1977
A
A
S|
J
34
106% 109
100
111% 112%
99
70
70
111
113%
111
112%
111
109
109
96%
86%
85%
116
120
75
107
110
120
108%
109
84
111
99
118
118%
115% 121
94
86
53
73
85%
51%
75
86
47
74
92%
91%
91%
92%
97
94
93%
72%
107%
96%
96%
73%
107%
19
6
155
9
Jl
80
81
7
36
37
277
J
87
88%
vi
N
1956 ivi
s!
*9%
*89%
103%
126
102%
95%
1950
1948
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com
stk(65% pd)—
50
D
75%
100
66
37%
106%
28%
25%
38%
77%
98%
79%
97
71%
80%
107% 108
64%
82
35%
41%
80
11
14
105%
131% 1292
47
102%
46
98%
14%
90%
21%
79
79
88%
103% 109%
95%
102%
110% 131%
102% 102%
78%
95% 103
35
158
75
75%
17
15
40
73
17
79
Gen A ref 4%s series B
1997
Rem Rand deb 6%s with warr.1947 M N
5%s without warrants
1947 MN
Deb 4%s with warrants
1956 IVI S
107%
104%
104%
108%
100%
107%
107%
104%
104%
109%
Rensselaer A Saratoga 6s gu
Repub I A S 5s s f
lOS^
105*32
107
61%
79
18
D *105
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4%s series A
1997
1941
32%
27
120%
J
Pub Serv El A G 1st A ref
4s.. 1971 A
Pure OH Co s f 4%s w w
1950
4%s without warrants
Purity Bakeries s f deb 5s
54
24
20%
102%
69%
*113%
D *107%
Port Arthur Can A Dk 6s
A... 19531
1st mtge 6s series B
1953
Port Gen Elec 1st
4%s ser C..1960
1st 68 1935 extended to
1950
Porto Rlcan Am Tob conv 6s. .1942
1st 4s
109
108%
43%
D
1974
{♦Postal Teleg A Cable coll 5s. 1953
{{♦Pressed Steel Car conv g 5s. 1933
{♦Providence Sec guar deb 4s. .1957
24
105
104
120%
A *119
....1962
89%
43%
108% 108%
115% 119
D *108
1948
A
100
96%
119
Pitts Va A Char 1st 4s
guar ..1943 M N *107
♦Pitts A W Va 1st
D
84%
4%s ser A..1958
1st M 4%s series B
O
85
1958
1st gen 5s series B
1st gen 5s series C
1st 4%s series D
100%
61%
98
_
O
48%
46
100%
97%
89%
96%
*110
A
A *110
1960
17
113
115%
110
115%
103% 106
7
105
105%
47%
26%
28%
106%
A *117%
..1963
4%s
11964 M N *117%
General M 5s series
D
U9%
A......1970
1st M 4%s series C
51
87
106
2!
...1977
92
9
98
113%
J
76
108% 111%
98% 104
89
95%
124
113%
*113%
O
50
111%
117%
111%
113
o
1975
114
120%
106%
104%
111%
89
,
Gen mtge 5s ser B
Gen 4%s series C
109
115%
105'}32
66
99%
105%
75%
91% 105%
100
115%
80
106%
81
120
"I
1960
107
111
D *110
1953
1957 M N *109
Series H cons
guar 4s
104
108% 108%
106
107%
110% 112%
111% 114
111% 113%
118% 121
98%
111%
Series I cons 4%s
Series J cons guar
lol""
104"
102% 106%
101% 104%
90%
99
95%
111%
1942 MN
70
121%
115%
115%
O
..1945 M
1949!
60
102% 102%
104% 106
4
1942
Series C 4%s guar
55
78
101%
75%
98%
94%
96%
98%
80%
87%
83%
1940
Series D 4s guar....
Series E 3%s guar
gold
Series F 4s guar
gold
Series G 4s guar
100
86% 97%
131% 151%
33%
42
49%
71
119% 122
111
111
105
1971
1949
Phillippine Ry 1st s f 4s
Pillsbury Flour MUls 20-yr
Pirelli Co (Italy) conv
7s
105'332
101%
108%
108%
117%
110%
87%
A|*120
F
1967
Conv deb 6s
"69
112%
D
1968 J
1964 M N
1st A ref 4s
16
114
1965 J
1st g 4%s series C
Phila Bait A Wash
1st g 4s...
35
114
1960 F
"l970
8
14
45%
107
106%
O
60
94
*108%
106%
*111%
113%
*113%
A
56
54%
84%
104%
81%
83%
81%
84%
11
J
101
61%
59%
75
50
S
93
103% 104%
107% 110%
50
106
104
O
73
103% 104%
106% 108%
99% 101%
48%
102
106%
A
101% 103%
101
103%
25
1
23
105%
102%
90%
M
1948 IVI N
1st 4s series B
27
122
*120%
J
II1948
Gen mtge
4%s ser E
Peop Gas L A C 1st cons 6s_.
Refunding gold 5s
Peoria A Eastern 1st
cons 4s.
178
*102%
1952 IVI N
108
25%
63
D
1944 J
121%
121%
105
93
*57
1942
General 4%s series A
General 5s series B
Secured gold 5s
Debenture g4%s
General 4%s series D
15
52
87%
131%
33%
S
80
103%
104%
112
119
84
50
1968
1953
109
55
98%
106%
100%
S
*65
Penn Co gu
3%s coll tr A..... 1937 M S *102%
Guar 3%s coll trust ser
106
B
1941 F A
Guar 3%s trust ctfs C
J
D
Consol sinking fund
4%s
20
103%
108%
39%
112% 113%
112% 113%
101% 101%
102
103%
111% 114%
113% 115
25
103%
107%
1955
Consol gold 4s
4s sterl stpd
dollar May
102%
107%
A
100%
*100%
{♦Park-Lexington 6 %s ctfs
Parmelee Trans deb 6s
1944
Pat A Passaic G A E
cons 5s.. 1949
♦Paulista Ry 1st ref s f 7s
1942
99%
77%
65%
162"
34
118
100
64
1955
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
99
94%
83%
103
IVI
faducab & His 1st s f g 4%s..l955
.{{♦Pan-Am Pet Co(Cal)conv 6s '40
♦Certificates of deposit
Paramount Broadway Corp—
f g 3s loan ctfs
87
21
108
1952 IVI N
Phila A Reading C A I
ref
89
78
103"" 103%
114
112%
113% «115
110
111%
J
M
109
99%
68%
19%
105%
113%
112%
119
1938 F
A
106% 107%
109
119%
1938 J
1937 J
{♦Providence Term
36%
119
♦2d extended gold 5s
Pacific Tel A Tel 1st 5s
Pitts Y A Ash 1st 4s
""6
118
1964
£° sec 5a series
161%
J
Oslo Gas A El Wks extl 6s
1963
Otis Steel 1st mtge 6s ser
A... 1941
1st g 5s
1946
Pacific Gas A El gen A ref 5s
A. 1942
1st A ref 4s series G
108
107
100
J
Pacific Coast Co
™ a
62
90
1961
Ref mtge 6s series A
108
2
1946 J
38%
109
98%
106%
109
*104
J
1937
Guar 3%s trust ctfs D
Guar 4s ser E trust ctfs
92
105
o
1947
28-year 4s...
38%
93
61
100
1936
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
s
104% 106
18
1951
1964 MN
S
64
89
105
Ohio Connecting Ry 1st 4s
1943
Ohio Indiana A West
5s..Apr 11938
Ohio Public Service
7%8 A
1946
60
68%
34
54
o
Northwestern Teleg 4%s ext..1944
Norweg Hydro-EI Nit 5%s.._1957
Og A L Cham 1st gu g 4s
1948
*lst M
81
239
73
104% 112%
74% 85%
93
103%
107
111%
100
107%
99% 108
66
1941
37%
30
64
49
....
52%
61%
118% Zll9%
107
107%
105
105%
103
103%
103%
104%
104%
105%
38
58%
12%
7
140
16
74
96
5
81
17%
61%
1
ICO
108%
110%
106%
106%
•
100
101%
105% 107%
75
88%
98
106
43
42
1965
1941
....
33
35%
105%
3
35
*31%
68
45%
121%
119%
77%
121
83%
77%
124
122
96%
87
34%
Jan 1965 Apr
North Amer Co deb 5s
1961
No Am Edison deb 6s ser A
1957
Deb 5 Ms series B
Aug 15 1963
Deb 5s series C
Nov 151969
12
*101%
32%
s
*30%
o
31%
33%
120%
75%
102
105"
S
66%
52
61
166%
O
3MS.1966 M
1996
20
115
♦1st
{{♦Norfolk South 1st A ref 5s.. 1961
♦Certificates of deposit
j
{{♦Norfolk A South lstg 63...1941
21
124
A ref 4Mb ser of 1927... 1967
D
35
♦Harlem RAPt Ches 1st 4s. 1954 IVI N
98%
N Y O A W ref
48
g 4s.
June 1992 M S
General 4s
D
43%
1955
{♦N Y Providence A Boston 4s.l942 A O *103
N Y A Putnam 1st con
91%
gu 4s... 1993 A O
{♦N Y Westch A B 1st ser
14Ms.'46
Niag Lock A O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5 Ms. .1950
♦Norddeutsche Lloyd 20-yr s f 6s '47
New 4-6%
1947
2
6%
107
88%
99
15
.1944 A
A
3%
35
92%
69%
68
A
42
100
A|*106M
F
122
99
84
6%
38
14
33%
Jl*107%
♦Non-conv debenture 3Ms.. 1947
♦Non-conv debenture 3 Ms. .1954
♦Non-conv debenture 4s
J
1955
♦Non-conv debenture 4s__._1956 M N
♦Conv debenture 3
J
Ms
1956
♦Conv debenture 6s
J
1948
♦Collateral trust 6s
O
1940
♦Debenture 4s...
1957 IVI N
119
/
35
F
1947)
N A W Ry 1st cons g 4s
Pocah C A C Joint 4s
89
96%
34M
A
A 01
M s
} N Y A N Eng (Bost
Term) 4sl939
{♦N Y N H A H n-c deb 4s
Nord Ry ext sink sunf 6
Ms
48%
67
•
105
101%
47%
43%
104%
99%
82%
68%
82
N Y Gas El Lt H A Pow
123%
g 5S...1948
114
Purchase money gold 4s
1949
N Y Greenwood L
99%
gu g 6s
1946 M N
N Y A Harlem
gold 3Ms
..2000 M N *104
N Y Lack A West 4s
100%
ser A
1973 M N
4%s series B...
105%
..1973 M N
N Y L E A W Coal
A RR 5%s.l942 M N *102%
N Y L E A W Dock
J
A Impt 68.1943
104%
N Y A Long Branch
gen 4s
1941 M S *105%
6s stamped
24
106%
33
0
F
120M
*35 M
o
2%
4
45
123%
97
1:
50%
107%
105
Pac RR of Mo 1st ext
g 4s
20
49
79%
122M
120M
*61M
95M
95%
91%
28 M
1944 MN
6%s A... 1941
6%
4%
70
79%
1998
1998
3%
76
159
102%
110%
107%
65
34%
100
o *108
o
103
4%
6%
72%
110%
105%
105%
107%
106%
1938
1941
99
4%
3%
35
84
106
2047
High
120
121 %
112% 113
65% 70%
35%
110
2047
Low
98
69
100%
2047
A
113
121
2047
IVI N
105
Low
Range
88
82
1943
1%
4M
Ref A lmpt 4 %s series A
1st A ref 6s ser B
Ref mtge 4%s ser B
Ref mtge 5s
No.
High
*68%
109%
1997
Ontario Transmission 1st 5s... 1945
Oregon RR A Nav com g 4s
1946
Ore Short Line 1st cons
g 5S...1946
103%
103% 104%
Jan. 1
Asked
69
102
91
Since
1936
A
*60
2047
Reg A impt 6s series B
Ref A impt 5s series C
Ref A lmpt 6s series D
Nor Ry of Calif guar g 5s
Nor States Pow 6s ser A
July 1
1933 to
Feb. 29
1945
North Pacific prior lien 4s
Gen lien ry A id g 3s Jan
1936
or
cpns—
50%
65%
74%
86
1%
106 M
5s
guar g
Apr'33-Oct'33-Apr'34
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons
1st A ref 7s series B
32
6
♦Ex
21
Friday's
*120%
*116%
1974
Ohio River RR 1st g 5s
General gold 6s
Ontario Power N F 1st 5s
5M
*65
D
1945 J
N Y Chic A St L 1st
g 4s
1937
Refunding 5%s series A
1974
Ref 4%s series C
1978
3-year 6s
Oct 1 1938
N Y Connect 1st
gu 4%s A
1953
1st guar 5s series B._
.1953
N Y Dock 1st gold 4s
1951
Serial 5% notes
1938
N Y Edison 1st A ref
{♦N Y Rys Corp lnc 6s
♦Inc 6s assented
Prior lien 6s series A
83
105%
90
94%
90
98%
84
92%
109% 112%
108% 109%
1%
121
1948 J
F A!
2013 A o
2013 A o
3%s_1997 J J
J
1942 J
N Y Queens El Lt A
Pow
88
{♦North Ohio 1st
1974
92%
103
103%
57%
71%
78
173
104%
4%
105%
-
F
F
1954 A
1st lien A ref 5s series B
1st lien A ref 5s series C
N Y A Erie—See Erie
RR.
95
1
5%
1956
3%s
65%
"32
103 %
103M
104M
~
...1956
Debenture 4s
Ref A lmpt 4%s ser A
Lake Shore coll gold 3
%s
Mich Cent coll gold
49
103%
85%
82%
;
New Orleans Term 1st
gu 4s... 1953 J
{{♦N O Tex A Mex n-c Inc 5S..1935 A
♦1st 6s series B
..1954 A
Consol 48 series A
Ref A lmpt 4%s series A
Ref A lmpt 6s series C__
N Y Cent A Hud River M
70
24
87
104
77
5
NO A NE 1st
refAImpt 4%s A. 1952 J
{New Orl Pub Serv 1st 5s A... 1952 A
First A ref 5s series B
1955 J
N A C Bdge gen
guar 4%s
N Y Cent RR conv 6s
82
89%
1st g 4%s series B
1961 IVI N
N J Junction RR
guar 1st 4s...1986 F A|*101M
N J Pow A Light 1st 4
106 M
>$8
1960 A
New Orl Great Nor 5s A
81
1983 J
♦1st 6s series C
13
69
6
*4M
1945 J
♦Consol guar 4s
1945 J
New England Tel A Tel 5s
A—1952 J
♦1st 4%s series D
♦1st 5%s series A
10
112%
86
70%
72%
63%
70%
*3
.1954 M N
Newark Consol Gas cons 5s
♦New England RR guar 5s
65
88
1
48
91
103
80
102% 104%
1957
1965 J
g 4s
77
50%
1
98M
91M
91
1945 M N
ret No 4 on..
f 4s
9
98
*103M
69M
103*
1951 J
1942 J
♦Guar 4s Apr '14 coupon
1977
♦Assent cash war ret No 5 on__
Nat RR Mex pr lien 4%s
1926
♦Assent cash war ret No 4 on..
♦1st consol 4s
...1951
s
80
104M
86%
104%
103%
106%
97%
66%
79%
18
96
105% 109
105%
104%
107%
87
33
104M
94%
1914 coupon on
J
♦Assent cash war ret No 4 on..
♦Assent cash
106 %
103
102%
"88
♦Jan
Nat Steel 1st coll
14
14%
15%
9%
85%
70
16
28
104 %
104 %
93 %
1978 F
.1937 F
Nassau Elec gu g 4s stpd
108
105
*86 M
9
5
23
25"
Range
Bid
Low
North Cent gen A ref 5a A
Gen A ref 4%s series A
88
14%
4%
13M
88
Mutual Fuel Gas 1st gu g 5s.__ 1947 M N
112%
Mut Un Tel gtd 6s ext at
5%..1941 M N *109%
Namm (A I) A Son—See Mfrs Tr—
Nat Acme 1st s f 6s
Nat Dairy Prod deb 5%s
Nat Distillers Prod deb 4
%s
Nat Ry of Mex pr lien
4%s
11M
94
88
2000 J
1955 M N
1955 M N
Nash Chatt A St L 4s ser A
Nash Flo A S 1st gu g 5s
9
11%
*11M
93 M
High
82
30
21
*14
Low
69%
*81%
1939 J
Constr M 5s series A
Constr M 4 %s series B
1933 to
97
A
A
A
Week's
Asked\
A
Low
♦MoPac3d7sextat4% July..1938 MN
March
July 1
18
14!
1
79%
63
99%
313
158
82%
96% 100%
106% 108%
106% 107%
104
113%
104% 113%
108% 110
IVI N
1940 A
O
80
106%
New York Bond Record—Concluded—Page 6
Volume 142
BONDS
Bid
Low
122
102%
99%
J
J
36
106%
40
102%
J
33
*30
A
O
31%
31%
31%
1944 IVI N
40%
31%
31%
31%
42%
40
42
M N
Rlchm Term Ry 1st gu 5s
1952 J
J
1955 F
A
*33%
s
f 7s
♦1st
con
f 6s
20
38
49
{♦{Union Elev Ry (Chic) 5s...1945 A
O
*17
19%
37
47%
Union Oil of Calif 6s series A—.1942 F
A
121H
122
119
*28%
35
34%
35%
J *108%
N
104%
109
*80
82
24%
21%
33
6
30
38%
61%
3
37
174
86
9%
8%
15%
14%
33
9%
17%
9%
7%
7%
15
20
23%
27%
24%
22%
20%
91
70%
165
18
39
91
26
51#
14%
13%
76%
65
70
42
40
50
49%
34%
54
84
37
82
33%
23%
39%
28%
*102
1937 J
*102
''
45
'■
m m m m m
45%
41%
100% 102%
101% 102%
84
4
24
4
21
21
11
20%
17%
3l""
27
107%
106%
18
92%
105
1937 J
D
103%
103%
3
86
1940 J
1972 J
St Paul Un Dep 5s guar
J
106%
120%
106%
1
85
120%
4
96
103% 104%
104% 106%
117% 120%
95%
108%
97%
109%
139
55
12
70
112
112
1
95
J
S A'& Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv lBt 6s... 1952 J
Santa Fe Pres A Phen 1st 5s.—1942 M S
1946 J
Schulco Co guar 6 Ha
Stamped
Guar
1946 A
s f 6 Ha series B
Stamped
J
*61%
61%
*61%
O
"mm
'■■m
34
mmm
62%
2
♦CertIfa of deposit stamped
♦Adjustment 5s
Oct 1949
{♦Refunding 4s
24%
v
♦Certificates of deposit
cons 6s series A
1945 M S
♦Certificates of deposit...
{♦Atl & Blrm 1st g 4s
...1933 M S
♦1st &
12
16%
2
16%
6%
7%
7%
10%
8%
17%
1
8
.
17%
{♦Seaboard All Fla 6s A ctfs...1935 A
O
♦Series B certificates
Sharon Steel Hoop s f 6Ha
Shell Pipe Line s f deb 5s_.
Shell Union Oil s f deb 5s
1935 F
1948 F
A
Shlnyetsu El Pow 1st 0Ha
♦{Siemens A Halske s f 7s
1952 J
D
1935 J
J
*66%
1951 M S
45%
112%
28%
85%
96%
104%
*101%
*115%
5
4%
5%
4%
103%
103%
IO22I32 103
102532
102%
87
85%
A
1952 M N
1947 IVI N
f 6Ha...
Sierra*& San Fran Power 5s....1949 F
♦Silesia Elec Corp s f 6%s
Slleslan-Am Corp coll tr 7s
Skeily Oil deb 4s.
Socony-Vacuum Oil 3Hs
1951
1950
Sou A Nor Ala
A
1946
1936
1941
5s
guar 60-year 5s
cons gu g
1963
South Bell Tel A Tel 1st s f 5s. 1941
Southern Colo Power 6s A
1947
So Pac coll 4s (Cent Pac coll)..1949
1
38
48
14
3
67
7
13
3%
8%
6%
6%
10%
9%
9%
13%
8
11%
17
24%
7%
2%
2%
35
2
86%
5
90
78
97%
96%
105%
49
100%
99
89
103%
60%
97%
89%
246
55
84
44
249
43
1981 M N
87
88%
286
42
1955
75
no
.
-
-
-
-
-
—
-
-
-
105%
----
150
"99"
1956
59%
62%
1956
76
79
74
81%
84
113
88
34
1956
1996
1951
87
East Tenn reor lien g 5s
Mobile & Ohio coll tr 4s
1938
1964
J
A
~
O
~
95
-
-
«.
97%
98 H
119
D
68
69 %
A
64 H
66
O
91H
93 %
{♦Spokane Internat 1st
g 5s.
Staten Island Ry 1st 4Ha
_
106%
23%
Des Moines Div 1st
g 4s
Omaha Div 1st g 3Ha
1939
1941
Toledo A Chic Div g 4s
1941
{♦Wabash Ry ref A gen 5 Ha A.1975
♦Certificates of deposit..
of
♦Certificates
♦Certificates
6s
88
97
.1955
Swift & Co 1st M 3%s_.
or B
1943
A
O
1980 A
O
95%
106%
97%
42
98%
101%
43%
121%
121%
3
101%
104
104
6
99
105
mm.rn.~m
106
1947
Tenn Cop A Chem deb 6s B
1944 IVI
Tenn Elec Pow 1st 6s ser A
1947
97%
4Ha—.1939
110%
1st
cons
gold 5s
Gen refund
s
f g
S
118
1944
4s
16
54%
99
98
74%
120
103%
94
1977 A
Gen A ref 5s series C
.1979 A
O
O
D
Gen A ref 5s series D
1980 J
Tex Pac-Mo Pac Ter 5H8 A. ..1964 M S
J
Third Ave Ry 1st ref 4s
1960 J
71
104%
140
102%
11
122%
2000
2
100%
124%
102%
17
82
120
55
98
104
53%
97
104%
101
101
101%
108%
Third Ave RR 1st g 5s
1937 J
J
68%
36%
102%
Toho Elec Power 1st 7s A
1955 IVI
s
93%
A
O
102%
102%
1C8%
37
71
93%
64
29
54
3
67
68%
18
38%
102%
133
18%
18
85%
8
70%
95
38
99% 100%
117% 124%
97
104%
105% 109%
57%
71%
22% 43
100% 103%
93% 96
Tokyo Elec Light Co Ltd—
Tol W V & Ohio 4s ser C
79%
102%
100%
1942 M S *108%
81
60
57%
104
62
97%
101
4
60
103
24
12
30
10%
11%
28
36%
32%
29
35%
11
29
32%
11%
29%
10%
29
106%
105
v
56
30
6
34
49
105%
O
1956 A
O
..1939 M
8*
80 H
92
95%
39 %
54
41%
59
52%
1955 A
106 H
57%
S
S
S
"86
84
9
71
71
150
24
86
96%
98%
34
21
30
46%
57
30
35%
41%
41%
59
29
76
77
82
79
94%
99%
80
107%
5
82
1
98%
103%
5
101%
119
1
101
105% 106%
4
111%
123
123
119
119
105%
105%
1st mtge 4s ser H
Western Maryland 1st 4s
1st A ret 5Ha series A
1961 J
J *107 %
100 H
O
108%
101H
150
1977 J
J
107%
108 H
32
66
West N Y & Pa 1st g 5s
Gen gold 4s
1937 J
1943 A
J
O
103 %
103%
7
100
109%
9
78
1946 M
S
35 %
56
23
J
34 %
106
{♦Western Pac 1st 5s
ser
A
♦5s assented
1946
Western Union coll trust 5s
1938 J
90%
110
37%
35%
106%
61%
108
106
35%
44
108
107 H
67
67%
103
102
102%
23
92
102
D
106
106%
62
71%
108
S
106%
72
J
28 %
107%
28%
96
J
8
27
J
92H
94%
49
00
2361 J
J
87
88%
10
1949 M S
Wheeling Steel Corp 4 Ha ser B. 1953 A O
1st mtge s f 4Hs series A
1966 F A
83
*110%
102132
102,32
6
100 %
101%
154
103%
103% 106%
104
107%
28%
35%
85
96
81
I63"
D...1966 M S *104 H
RR 1st consol 4s
110
42%
106%
2361 J
ser
109
106
A
—I960 IVI
Registered
122%
110
"85%
1951 J
Wheeling A L E Ry 4s
124
14
1950 IVI N
4 Ha
112
103% 104%
34
51
109%
96% 101%
106
1936 F
g
58
105%
109%
110%
121%
D
1952 A
31
70
94
111
36%
108%
70
A *108
1945 F
38
68
92
♦Ctfs for col & ref
1940 MN
conv
J
7s A.1935 MN
Wllk A East 1st gu g*5s
1942 J
D
*97
60
101%
26 %
27
28
47
28
65
63
63
1
gen
D *106 %
J
100%
1949 J
4s
♦Certificates of deposit
♦Wor A Conn East 1st 4Ha
92
104
105
107% 110%
102132 102%
100% 101%
1st mtge s f 5s ser B
79
86%
99% 104%
96% 101
4%
3%
90
98%
22%
21%
31
31%
67
45
86
101%
109%
33
107
"22
98
13
83
99% 102
107% 110
25%
15%
25%
15%
20
19
18%
10%
7%
7%
4%
4
*9
107%
9
15%
12
14%
66
1943
105%
1970
106
63%
106 %
Youngstown Sheet A Tube 5s._1978
e
42%
99%
106%
63%
Cash Sales transacted during the current week and not
104% 106%
104
100%
inoluded In the yearly
range.
Ontario Transmission, Mar. 18 at
r
116j
Cash sale only transaction during ourrent week,
transaction
during current week,
current week.
n
a
{ Negotiability Impaired by maturity,
at exchange rate
Deferred delivery sale only
Under-the-rule sale only transaction during
t Accrued interest payable
of $4.8665.
{ Companies reported
as
being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities
assumed by such companies.
♦
Friday's bid and asked price.
t
Deferred Delivery Sales transacted during the
♦ Bonds selling flat.
In the yearly range.
Budapest 6s, 1962, Mar. 21 at 32.
1st 6s dollar series
1953 J D
Tol A Ohio Cent ref A imp 3%s 1960 J D
Tol St L & W 1st 4s
1950 A O
31
1956 J
102
110% 111
118%
105% 111%
87% 102%
102% 105
109%
64%
11
34
s f 5s
..1939 J
J
Westchester Ltg 5s stpd gtd .—I960 J
D
West Penn Power 1st 5s ser E..1963 IVI S
116
102%
Gen A ref 5s series B
♦AdJ inc 6s tax-ex N Y..Jan 1960
2
60
105%
28%
112
100%
107%
98
121%
105
104
1943
Texas & Pac 1st gold 5s
76%
109%
98%
-.1953
Texarkana A Ft S gu 5Hs A...1950
Texas Corp conv deb 5s.
1944
Tex A N O con gold 5s
110%
118%
18
10
30%
28%
32 %
♦Certificates of deposit
81%
100%
12%
29
♦Sup A Dul div A term 1st 4s 1936 MN
39
93%
72
32
*17%
10%
270
89
34
109 H
18 H
108%
77
56
34
~30%
J
19%
82%
60
10
35
*
J
12
72
38
93 %
32 X
Winston-Salem SB 1st 4s___...1960 J
104%
1950
70
31
57%
104% 107%
14%
34
"26" "16
98% 104%
96%
84%
67%
67%
100% 100%
45
75%
Will & S F 1st gold 5s
1938 J
Wilson A Co 1st M 4s series A. .1955 J
"25%
Tenn Coal Iron A RR gen 5S..1951
Term Assn of St L 1st g
6
57%
48
80
89%
97% 102%
OR UL
WO 7J
{{♦Stevens Hotels 6s series A..1945
♦Studebaker Corp conv deb 68.1945
Sunbury & Lewlston 1st 4s
1936
Tenn Cent 1st 6s A
10
29
102% 104%
60
&
33
of deposit
5s series G...
92%
110% 111%
84%
94
„
Wash Water Power
sec
81
89
102 %
Warren RR 1st ref gu g 3 Ha—2000 F A
82
Washington Cent 1st gold 4s... 1948 Q IVI
*99%
Wash Term 1st gu 3Hs
1945 F A *108 H
1st
70
105
-
78
104%
55
91H
of deposit...
guar 4s
65
104
80
♦Deposit receipts
40-year
19%
106% 108
100% 100%
*101%
s
{♦Warner-Quinland Co deb 6S..1939 Ml
♦Warner Bros Co deb 6s
1941 IVI
1st
"II"
75%
*70
1978 A
debentures
69
91
93 H
*83
J
deposit...
Warner Bros Pict deb 6s
60
87
95%
107% 108
107% 107%
3%
6%
115
90
O
J
A
Ml
M
1976 F
♦Ref & gen 5a series D
64
33
99%
101%
72%
100 H
102 H
{♦Wickwlre Spencer St't 1st 7s. 1935
J
♦Ctf dep Chase Nat Bank
94
50
101%
85
36
105%
66
{Wabash RR 1st gold 5s
68
68%
3
110%
1939 IVI N
♦2d gold 5s
1939 F A
1st lien g term 4s...
J
.1954 J
Det & Chic Ext 1st 5s—.1941 J
J
97
3
110%
102%
68%
107%
24%
1%
*65 H
{♦Wis Cer 150-yr 1st
65
1938
85
5
Virginia Ry 1st 5s series A
1962 IVI N
1st mtge 4Hs series B......1962 IVI N
53
73
59
107%
35%
85
18
74
99
106%
28
71%
23
N *107H
O
95%
149
A *108 H
1958 A
42%
32%
50%
55%
20%
122
ser A
.1955 MN
Va Iron Coal & Coke
1st g 5s... 1949 IVI S
5s
"29%
32
32 %
98 H
18%
cons
33%
13
"16
37
16 H
1st
33%
28%
98%
96
1936 IVI N *100 H
J *104%
2003 J
33
23
"~8
29
D
370
35%
27
110
1942 J
Virginia Midland gen 5s
Va & Southwest 1st
gu gs
103% 106
100% 102%
29
33%
26
31
*99%
35 H
Virginia El & Pow 4s
White Sew Mach deb 6s
63%
56
85%
124
4%
92% 101%
60
97%
15%
... .
*4 %
West Shore 1st 4s guar
-
53
72
29 %
J
♦Westphalia Un El Power 6s...1953
---•
102
J
76%
----
106% 109%
98
103%
111
112%
25
35%
J
♦{July coupon off
♦Vertlentes Sugar 7s ctfs
77
----
105%
101H
*28%
1944 F
15-year 6Hs
25-year gold 5s
30-year 5s
99% 106%
3
*29 H
28 %
1944 A
Power & Light 5Ha
-1947 J
Debenture 5s
1959 F
Vanadium Corp of Am conv 5s.l941 A
Vandalla cons g 4s series A
1955 F
Cons s f 4s series B
1957 M
♦{Vera Cruz A P 1st gu 4Ha...1934 J
Funding & real est
60%
102% 104%
108
90
~
1951 J
Utah Lt A Trac 1st A ref 5s
Utah Power A
Light 1st 5s
102% 106
80%
92%
87%
99
106% 106%
76%
105%
74
*102
S'west Bell Tel 3H8 ser B
f 6Ha series C
106% 108
93
91%
76% 91%
106% 112
112%
"26
"34H
127
*97
St Louis Div 1st g 4s
80%
98%
104% 106%
101% 102%
114% 114%
97
1994
101
46
100
-
104%
Devel A gen 6 Hs
Mem Div 1st g 5s
51%
112%
31%
89
*
69%
97%
San Fran Term 1st 4s
1st 4s stamped
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
88%
75
95%
88%
87%
108%
..1950 A O
So Pac of Cal 1st con gu g 5s.._1937 M N *106%
So Pac Coast 1st gu g 4s
J *101
1937 J
So Pac RR 1st ref guar 4s
104
1955 J
6%
104
104%
103%
28%
1969 IVI N
Gold 4 Ha
4
36
58
91
S
4
8
86
89%
1908 IVI
....
:
s
Walworth Co 1st M 4s
88%
1st 4 Ha (Oregon Lines) A—*.1977
J
21
78%
15
♦Un Steel Works
Corp 6Ha A.. 1951
118
99
104
*33 H
„
16
21
17
J
105
J
105 H
J
IVI N *100%
10%
33
107%
103% 108%
Walker (Hiram) G& Wdeb 4%s 1945
25%
106
81
J
10
28
105
21
111%
D
.
19%
21
26
----
111% 114%
107% 111%
100 H
114% 117%
87
-----
80%
s *110
20%
42
m-1+mmm
94
34
s
16%
16%
39
45%
112%
28%
93
109 H
IVI
♦Sec,
123
31
114H
IVI
♦Certificates
2
118
120
O
♦Ref A gen 4Hs series C
4%
3%
4%
3%
8%
109%
99%
10%
112%
A
♦Sink fund deb 6Hs ser A...1947
Un Steel Works
(Burbach) 7s.. 1951
High
101% 105
120% 121
117% 130
90%
99%
105
13
"24
Low
101®,6 103
91
84%
80%
82%
90
98%
104% 106%
105% 107%
21
17%
119% 122
19 %
United Biscuit of Am deb 5s...1950
United Drug Co. (Del.) 5s
1953
UN J RR A Can gen 4s
..1944
{{♦United Rys St L 1st g4s
1934
U 8 Rubber 1st & ref 5s ser A—1947
United S S Co 15-year 6s
1937
19
6%
10%
105 H
106
101%
112%
108 H
104 %
J
1968 J
♦Ref A gen 5s series B
66
.
94
105 H
106
102 H
108 ,
66
102%
1022132
102532
84%
59%
42%
111%
80
106%
.
58%
56%
90
rnmmm.
16%
7%
*6%
9%
1959
66
28
16%
16%
6%
1950
58
2
16%
♦Certificates of deposit
{♦Gold 4s stamped
99%
108
110%
108% 112
60% 60%
29
mmmm
62
89
26%
----
61
Scioto V A N E 1st gu 4s
1989 M N *116%
*16
I {♦Seaboard Air Line 1st g 4s..1950 A O
Gold 4 Ha
Gold 4Hs
59
94
...
Range
s *109 H
1967 J
June 2008 IVI
Gold 4s
Util
75
7
15
22
12-year 4s conv deb..:
.1947 IVI N
Union Pac RR 1st A Id gr 4s—1947 J
J
1st Hen A ref 4s
June 2008 IVI s
{♦Universal Pipe A Rad deb 6s. 1936 J
♦Unterelbe Power A Light 6s.. 1953 A
78
20%
1990 J
5s_.__1937 J
Mont ext 1st gold 4s...
tPacific ext gu 4s (large)
cons
70
17%
D *103%
con g 4s.. 1968 J
J
{♦St Paul E Gr Trk 1st 4 Ha... 1947 J
20%
21
{♦St Paul A K C 8h Lgu 4%s.. 1941 F A
J
St Paul Minn A Man 5s
1943 J
105%
Gen
70
107% 109%
103% 105%
87%
92
80
87%
81
St Paul A Duluth 1st
s
83%
89%
1989 MN
♦2s g 4s inc bond ctfs
J
Novl989 J
♦1st terminal A unifying 5s.-1952 J
♦Debenture
43
19
;
{♦St L S W 1st 4s bond ctfs
cons
43
34
25
'
ivi's
35
33%
71
21%
25%
♦Gen A ref g 6s ser A
12
32%
18%
22
67%
20
1978
21%
126
A
1019,6
89H
86 H
Uijigawa Elec Power
1st lien & ref 5s
52
23
*74%
45%
♦Certificates of deposit
13
1952 F
f 7s
Gold 4 Ha.
90
54
45%
75%
76%
45%
83
j"j
79%
37%
83
74
J
St Paul City Cable
Guaranteed 5s
6
64%
J
1950
104% 107%
41%
52%
90
94%
32%
18
5
lien 4s A...1950 J
♦Con M4Hsseries A
♦Ctfs of deposit stamped
24%
92
82
J
pr
60%
mmrnm
104%
J
O
1933 IVI N
♦Certificates of deposit
♦Prior lien 5s series B
4
72
♦Certificates of deposit
{♦St L Peor A N W 1st gu 5s... 1948 J
St L Rocky Mt A P 5s stpd
1955 J
{♦St L-San Fran
70
mm —mm
33%
St Lawr A Adr 1st g 6s
,.1996 J
2d gold 6s.
1996 A
St Louis Iron Mt A Southern—
♦§Riv A Q Div 1st g 4s
45
114
J
94%
32
7%
90%
J
1949 J
...1941 J
St Joe A Grand Island 1st 4s... 1947 J
St Jos Ry Lt Ht A Pr 1st 5s
1937 M
69%
1
J
89%
O
RutrCanadan 1st gu g 4s
Rutland RR 1st con 4%s
7
UnEL&P(Ill) IstgSHsA —1954 J
25
155
43%
s f 7s
1945 IVI S
Union Elec Lt A Pr (Mo) 5s.. .1957 A O
18%
17
146
67%
46%
1
33%
5
S
3
33%
108 %
O
35
5
31%
112% 112%
108% 109
A
7
89 H
86 H
31%
86
1948 A
3
101H
98
31%
sec s
82
128 H
98 H
♦Tyrol Hydro-Elec Pow 7 Ha.-1955 IVI N
♦Guar
Low
128
J
6Ha— .1943 M N
..1940 M N
22
20
No.
105 %
121
32%
41
82%
48
conv
Trumbull Steel lstsf 6s
Hiah
D *105
S 121
31%
31%
99
82%
Low
Toronto Ham A Buff 1st g 4s..1946 J
Trenton G A El 1st g 5s
..1949 IVI
Trl-Cont Corp 5s conv deb A..1953 J
Truax-Traer Coal
105
Jan. 1
31%
25
1
IVI
{{♦R I Ark A Louis 1st 4%s.._1934
Royal Dutch 4s with warrants. 1945
s
J
100%
109%
Since
1930
Asked
32%
131
90
126
Feb. 29
A
6
40%
90
1949 A O
46%
1977 M S *113%
1962 M 3
108%
& coll trust 4s A
Roch G&E4HS series D
Gen mtge 5s series E
♦Ruhr Chemical
D
112%
98%
107%
102%
32%
1933 to
Friday's
Bid
7
26
*103%
♦Rlma Steel 1st
Range or
IS
High
Low
July I
34
28%
34
33%
26%
rnmmm
warr '55 A
♦Rio Grande June 1st gu 5s
1939 J
{♦Rio Grande West 1st gold 4s. 1939 J
Week Ended March 20
283
1953 F
♦Certificates of deposit
N. Y. STOCK EXCHANGE
NO.
..1952 IVI N
S {♦Richfield Oil of Calif 6s
BONDS
Since
Jan. 1
High
116%
98%
♦Rheine-Westphalla El Pr 7s.-1950 M N
♦Direct mtge 6s
♦Cons mtge 6s or 1928
♦Cons M 6s of 1930 with
2
118%
99%
107%, 108%
103%
104%
*29%
34%
26
26%
Low
Republic Steel Corp 4 %s ser A. 1950 M S
Gen mtge 4%s series B.
1901 F A
Purch money 1st M conv 5%s '54 M N
Revere Cop «fc Br 1st mtge 4%s_1956 J
♦Rhelnelbe Union s f7a
1946 J
♦Rhine-Ruhr Water series 6s
1953 J
Range
1936
6
Asked
A
Feb. 29
1933 to
Range or
Friday's
N. Y. STOCK EXCHANGE
Week Ended March 20
1953
Week's
July 1
Week's
Norf. A West. cong. 4s,
Yokohama 6s,
1996, Mar. 20 at 120.
1961, Mar. 19 at 81%.
current week and not included
1954
New York Curb
Exchange—Weekly and Yearly Record
Marcb 211936
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range,unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown In a footnote In the week In
which they occur.
No account Is taken of such sales In computing the range for the year.
In the
following extensive list
we furnish a complete record of the transactions on the New York Curb
Exchange for
Saturday last (Mar. 14 1936) and ending the present Friday (Mar. 20 1936). It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
the week
beginning
on
July
Week's Range
Sales
1
1933 to
Ranoe Since
of Prices
for
Feb. 29
Jan. 1 1936
Week
1936
Shares
Low
STOCKS
Par Low
Acme Wire
v t c com
Adams Mlllls
Aero
20
7% 1st pf 100
Supply Mfg cl A
50
*
3k
4X
15
700
3*
55X
100
5
4%
1,300
32 X
100
1%
45X
2,100
Conv preferred.
Warrants
*
Alabama Gt Southern
50
45
*
71
74
65
66 k
»«
9
X
170
*
170
Ala
Power $7 pref
$6 preferred
Allied Products cl A com 25
Aluminum Co common
*
6%
preference...
100
136X 149
117k 119
Aluminum
62 k
4
Jan
Feb
85
k
Mar
Feb
Jan
lk
Feb
Jan
48 k
76
Feb
Burco Inc
Jan
1
Feb
*16
3x
Jan
4k
Feb
Jan
21
25k
Feb
5,400
32
87
Jan
162
Mar
650
54
109
Jan
120
Feb
16 k
Mar
6
9
Jan
13 k
Mar
17
45
Jan
75
Mar
97 X
97k
100
37
87
Jan
101
Mar
1,300
1
Mar
4
8
•2
100
10c
*
;--*
Am Cities Pow A Lt—
Class A
...25
IX
500
35X
100
7% conv preferred. ..100
Amer Equities Co com
1
Amer Fork & Hoe Co com*
Amer Foreign Pow
warr.
Amer Gas & Elec com
*
45
45
7%
Preferred
*
35%
~37~~
22
22 X
Jan
Jan
8X
38
39%
111X
10%
37X
41X
40 X
42 X
3
8,100
16%
450
67%
Feb
Feb
Mar
Feb
48 k
9
Feb
36 k
Mar
40k
Feb
Feb
118
Jan
Feb
k
Jan
124 k
7
Jan
24k
3k
Mar
19
87 k
Jan
43k
Mar
Feb
Feb
Feb
Feb
114
Feb
12
Feb
30
80 k
Jan
41k
Mar
50
38
88
Jan
43 k
Mar
4
32
Mar
7,900
500
19k
28
23
19 k
17k
Jan
16
25k
Feb
30 k
14
Jan
23
1,200
1
IX
IX
33 X
2
34%
3k
24,000
*
1,200
500
%
2%
91X
3
X
200
800
4%
%
50,900
92
48%
300
•it
Jan
27k
22k
Jan
Jan
lk
Feb
Jan
39 k
Feb
Feb
Jan
Jan
2k
Jan
Jan
39 k
Jan
29
Feb
4%
9
600
5%
900
Appalachian El Pow pref.*
lo
Arkansas P & L $7 pref I.*
5
Associated Elec Industries
£1
108"
2%
6X
6%
7%
Feb
Feb
Cities Service
4
Feb
Preferred
Jan
"l'ioo
IX
Mar
7%
9k
Mar
Mar
Jan
96
Jan
U%
9k
Jan
Ilk
Feb
10k
700
Jan
12 k
Feb
IX
1%
k
Feb
8,000
X
1
Jan
3k
Feb
3,300
IX
5k
14 k
Feb
32
X
6,100
'32
X
Feb
Amerl*
X
100
'«4
X
Jan
Jan
k
Feb
Feb
X
k
k
k
350
8%
26 k
Jan
100
1
lk
Jan
32 k
3k
25k
Jan
26 k
10k
X
3,600
29
2%
31
2%
"lOX "l2~" "3",100
Atlas Corp
common.....
"l3~X "14""
$3 preference A
Warrants
...I
53
Baumann (L)&Co7% pfdlOO
Bellanca Aircraft com
1
Bell Tel of Canada
100
I
HI
Blumenthal (S) & Co
Bohack (H C) Co com.
7%
35
preferred
Mar
12k
Ilk
2k
Feb
Mar
1,500
5k
2k
5,700
4k
lk
4
Tk ""3k
7",500
1%
*95
IX
"ix
1,050
43%
18%
1,000
X
38%
26
42
22%
3%
47%
""960
1%
104%
"109k
lk
100
lk
800
100
4%
23
1,500
3,800
3,500
4k
700
28 k
9%
125
5
60
38
50
""900
"27"
4",900
13k
1,800
7,800
18%
2%
6
100
lk
16 k
3
Feb
600
4k
21k
13k
18k
Jan
92
92
10k
"I4"
"l4X
113
115
Mar
Feb
Jan
98
Feb
Feb
90
Feb
9k
10
Mat
41
12k
Jan
9k
3k
42
Jan
16k
Jan
Jan
Mar
81
107k
Feb
116k
Jan
75
150
107k
12 k
Feb
116
Jan
6k
Jan
16 k
25
16k
37
Mar
55
Jan
50
40
92
Jan
102
Jan
8
15
Jan
Mar
17k
Jan
10
63
69
53 k
:■ 69
350
11
42k
Feb
2k
3,300
lk
Jan
lk
18k
31k
Jan
31k
Jan
2
Jan
54
Feb
lk
20
Jan
44
Feb
69
48
2k
175
125
30
30
25k
5k
26
*16
14,100
45k
25
175
k
19 k
74
53 k
3k
Jan
Jan
1,500
3k
5k
18 k
Feb
"l§"
".18" """206
119
119
3k
31
Jan
18 k
9
5k
"29 k "32"
52
22
124k
Feb
Feb
Jan
Feb
Mar
Jan
Mar
Jan
38
Jan
4k
24
Jan
32
Mar
400
6k
34k
k
Jan
58k
Mar
%
1,100
5k 130,600
k
4k
Jan
Jan
38
7
6k
22
Feb
Mar
"i',200
57
45
17k
117k
105
100
»
*
Jan
1,300
38k
38k
101k 101k
15k
16k
26 k
HI*
Feb
5
86
4k
•
2k
com
21
22k
82
16",500
42 k
100
Jan
33
3.900
9k
Mining Co..l
54
5,900
N
41k
1
Feb
Jan
3
k
6k
7k
Feb
Jan
69k
Feb
Jan
Preferred B
»
4k
Preferred BB_.
*
41k
49
180
6
41k
Mar
54
Feb
49
58
400
7k
42 k
Jan
58
Mar
48 k
54k
16k
250
6k
45
Jan
55 k
Feb
3
11
Jan
18
Feb
Cities Serv P A L
$7 pref I*
$6 preferred
__*
City Auto Stamping._.__*
Claude Neon Lights
Inc__l
Cleve Elec Ilium
Cleveland Tractor com
*
Clinchfleld Coal Corp. .100
Club Alum Utensil
Co...*
Cohn A Rosenberger
*
Colon Oil Corp
com....
Colt's Patent Fire
*
Arms.25
Columbia Gas A Eleo—
Conv 5% preferred..100
15k
500
4k
k
6,600
3
"lk "Ik "2",800
48 k
13 k
51
14 k
2,300
Jan
k
"2k "2 k """400
Jan
3k
Jan
Jan
lk
52 k
Feb
48
Feb
12 k
9k
200
3k
19,300
60 k
104
Feb
16 k
6
Mar
3k
5k
•k
9
Feb
k
k
3k
6 k
3k
*16
21k
lk
300
4
3k
Jan
Jan
Feb
Feb
Jan
Feb
12
Mar
lk
Jan
4
Mar
3,500
.67
106 k
15
51k
Jan
73
Jan
32
93
Jan
114
Feb
Jan
Jan
Feb
Commonwealth A Southern
Jan
65
*16
k
26
2k
lk
33,500
1,650
3*
13
50
70
Jan
Jan
IX
Feb
Jan
2k
Jan
Jan
k
12k
55k
103
2k
70
4k
k
X
%
23
Jan
Jan
Mar
Feb
Feb
Jan
144
Jan
148
Jan
121
Jan
121
Jan
3k
Warrants
Community P A L $6 pref *
Community Water Serv..*
Como Mines..
.1
Compo Shoe Machinery 1.1
Consolidated Aircraft
1
Consol Copper Mines
Consol G E L
22 k
2k
1
14
5
5
85
A
8% preferred w w
100
Consol Royalty Oil
10
Cont G A E 7% prior
pf 100
5k
Jan
62c
260k 290
5k
5k
96
2k
29
lk
100
27
Feb
Copper Range Co.......*
7k
7k
100
Feb
Cord Corp
...5
Corroon A Reynolds—
6k
7k
24,000
6k
7
Jan
Jan
k
9k
50
Jan
Jan
lk
Feb
Mar
6k
Feb
Feb
13 k
23
Jan
18
Feb
29 k
Mar
9k
Jan
Feb
Mar
13 k
Jan
15k
18k
1 k
3
Jan
4k
Feb
Jan
8
k
53k
Feb
Common
$6 preferred A
Cosden Oil com
..100
2k
14
Am dep rets ord
reg__£l
Cramp Shp A Engine ..100
12k
Crane Co
25k
29k
com
...25
Creole Petroleum
Crocker Wheeler Elec
Croft Brewing Co
5k
7k
Jan
8k
Feb
50
22 k
26 k
Mar
20%
100
12k
14k
16 k
Jan
27 k
24
Jan
Feb
20k
Jan
22 k
Jan
Preferred
Cuban Tobacco
29%
29%
100
24k
28
Jan
32 k
Feb
Cuneo Press
29%
30%
200
24 k
28k
Mar
30 k
Mar
Feb
75
900
3k
Jan
Jan
k
k
2~306
45k
15
88
Jan
3k
98
2
Mar
Mar
Jan
Feb
Feb
6k
2
"17"
75
2k
6k
102
Feb
2k
Jan
9k
Jan
19
Mar
Jan
45k
Mar
34
12
9k
Feb
3
6k
Jan
8
2
4k
Jan
7k
Jan
800
1
5k
Jan
8
Feb
200
10
»
15,100
65
k
X
1,600
Jan
lk
Jan
6k
Jan
77k
4k
17
Feb
Feb
Feb
Feb
Courtauld's Ltd
150
Jan
*
1
Preferred
200
29
1
...
Mar
Jan
75
"
43
290
Jan
96 k
Feb
Te"
Jan
4
90
1
Feb
lk
226
200
Mar
96
Mar
2k
19k
Mar
Mar
Jan
116
k
12k
180
30
Jan
6k
90k
Jan
Jan
115
600
39
25 X
Mar
113
45k
""210
105
Jan
Jan
6
84
91
88
Jan
4k
Jan
Feb
Jan
53
Feb
16
21k
Jan
lk
23k
Jan
Jan
Feb
Jan
Mar
Jan
1
Jan
Ilk
13k
35k
13 k
Mar
Ilk
Jan
44k
3k
15k
4k
Cooper Bessemer com....*
$3 preferred A
._..*
Jan
6
14 k
Continental Oil of Mex
1
Continental Securities...»
k
28k
Feb
Jan
lk
8
100
Consolidated Min A Smelt.
Consol Retail Stores
5
Jan
Mar
1.200
22k
P Bait com*
6% preferred
80*
•is
5k
13,300
13,100
2,200
15
21k
k
5,200
29,800
Feb
4
5k
7k
Feb
38
1959
Feb
Feb
27
40
24
10
Chllds Co pref
Chief Consol
7X
26%
36%
7%
4k
16k
7
3
2,000
1,000
Jan
Jan
Mar
Jan
43
6
25%
12%
16%
2k
22
13
16 k
2
800
Mar
45
3k
1H
1
23%
22
112
65 k
11
"~3~X ~~3X
Jan
Jan
Feb
90
2
lk
6
4k
20k
100
•
5
._*
..1
Crowley M liner A Co
*
Crown Cent Petroleum..1
Crown Cork Internatl A__*
Crown Drug Co
6k%
1
12k
lk
2k
14
25c
4k
25
com
23 k
12k
lk
27k
31
13k
lk
200
5
12,800
1,400
3,200
2k
15
!2k
Mar
Feb
2k
Feb
25k
Mar
29 k
Feu
19k
9k
k
Jan
34k
Feb
Jan
16
Feb
k
2k
k
5k
6k
Feb
lk
Jan
2k
Jan
Ilk
Jan
15 k
Mar
4%
4k
Mar
6k
Feb
8
600
8,500
11,800
3,100
11,200
X
5
5%
3k
24
275
23
com vtc_.»
9
9
400
»
39
42
400
lk
15k
100
106
106
100
1
5,600
com
preferred
Cusl Mexican Mining
9k
9
10k
9k
2
Jan
51
4,100
....
For footnotes see page
Mar
Mar
British Amer Tobacco—
dep rets ord bearer £l
Am dep rets ord reg__£l
15k
Jan
k
10k
26%
20%
Am
Mar
Mar
36 k
Mar
2
100
32
15k
31k
Jan
97
11
4%
Brillo Mfg Co com
Class A
Feb
42 k
Mar
4%
Class A
Jan
'it
6k
Jan
30k
Jan
25
""
lk
Jan
T.TOO
4
Bourjols Inc
Bearing...
Feb
700
200
5k
k
Brazilian Tr Lt & Pow..
lk
•it
5k
24k
%
103k
11
9
Bridgeport Machine
Brill Corp class B
»i«
*16
3k
100 «15k
Feb
Mar
4k
Jan
com
Borne-Scymser Co
300
Mar
'166k
Jan
46%
20%
_
lk
10k
2k
Commonwealth Edison 100
7k
10k
25%
20k
3%
100
Jan
Jan
Columbia Oil A Gas vtc._*
Columbia Pictures new
*
3k
38
I
k
Jan
Feb
IX
12%
12%
17% X18
Black & Decker
Mfg Co..
Bliss (E W) & Co com
k
Feb
Feb
2%
% pf.100
com....
pref
.1
2k
k
3
16 k
900
.10
Babcock A Wilcox Co
Baldwin Locomotive warr
3,300
15,900
Jan
38 k
1,300
700
Feb
k
2k
7k
Jan
5,200
10%
Mar
Mar
40
Mar
9X
10%
Axton-Fisher Tobacco—
Jan
Mar
1,650
45,400
3%
Automatic-Voting Mach"
Blue Ridge Corp com
$3 opt conv pref
Feb
Feb
Feb
54 k
11
pref
Jan
9
10%
com
2
3%
.......
Corp. 11H
Automatic Products
Class A common
2
18
2l", 700
Jan
33 k
Mar
3k
34
13
pref...*
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
1
85
*16
lk
City A Suburban Homes 10
UX
60
200
100
warr
Conv preferred
100
Conv pref op ser *29.100
14 k
108k
9%
Brit Amer Oil coup
Registered
6% pref without
7% preferred
Charts Corporation
7k
Jan
Jan
Jan
Feb
200
2k
Chesebrough Mfg......25
Chicago Flexible Shaft Co f
Chicago Rivet A Mach.. *
1%
7% 1st preferred
Botany Consol Mills
7% pf 100
L7% pref...100
Jan
90
*
Jan
Jan
Jan
Mar
X
5k
Cent A South West Utll
Cent States Elec com..
Jan
25%
~~9% "lOX
t c
v
Feb
Jan
48
51k
lk
k
Chapman Valve Mfg...25
1%
Associates Investment Co
Convertible
$7 dlv preferred......
1st preferred
Centrifugal Pipe
8X
Associated Rayon com...*
Assoc Telep $1.50
Bell Tel of Pa 6k
Benson & Hedges
7% 1st partic pref
100
7% prior preferred..100
Celluloid Corp com
15
Feb
7k
Jan
25k
107
16k
200
k
*
10
Catalln Corp of Amer....l
Celanese Corp of America
Feb
V t c common
Atlas Plywood
Carrier Corporation
Castle (A M) A Co
Jan
..IIIl
I HI*
Assoc Laundries of
...
6
%
Jan
Jan
6
Carnation Co com
Carolina P A L $7 pref..*
$6 preferred
*
2
%
50
26
300
1,276
5k
31k
25c
*
Jan
IX
24k
103
66
Convertible class A....»
Jan
15,300
9%
Jan
Mar
2k
10k
2k
X
2k
9k
lk
...1
Class B
X
2%
3%
67%
X
70
39 k
Carman & Co—
18 k
2%
7%
Feb
Mar
Capital City Products.._.*
Jan
1,500
25,200
7% 152,200
108k
9k
16 k
*
Marconi
Feb
l
Class A
non-voting.,
corn....*
Common
$5 preferred
Option warrants
B
Jan
k
31
Jan
Mar
20
Canadian Indus Alcohol A*
Canadian
4k
lk
4k
13 k
104 k
k
3k
3k
I
II
Arcturus Radio Tube
1
Arkansas Nat Gas com...*
Common class A
...»
com
9
5X
Angostura Wupperman.
Apex Elec Mfg Co com..
Feb
Jan
Jan
Mar
6k
15k
25
18 k
3
Feb
34 k
28
14k
150
3
lk
Calamba Sugar Estate..20
Canadian Car & Fdy Ltd—
Ilk
preflllls
Amsterdam Trading—
American shares.....
Anchor Post Fence.....
7X
Jan
5k
..*
dep rets A ord shs.£l
Am dep rets B ord shs £1
Amer dep rets pref shs £1
4k
99k
63k
4k
44
3k
15 k
Mar
5
1,400
59
81k
3
Am
Cent P A
lk
23k
2k
High
Mar
2%
9k
Cables & Wireless Ltd—
Jan
18
28
1,600
25k
57 k
79k
Warrants
Feb
Mar
2k
lk
800
8k
25
Buima Corp Am dep rets..
Butler Brothers
10
Cable Elec Prod v t c_...*
Cent Hud G A E
Cent Maine Pow
Mar
82
5%
«
11
46
46
10k
7%
300
17
108
5
Jan
Jan
27
2
Jan
Jan
25
Amer Pneumatic Service.*
Amer Potash A
Chemical.*
Am Superpower
Corp com*
1st preferred
*
Preferred
Amer Thread Co
9
2
36k
91k
7k
21%
7%
Jan
7
100
6% preferred
Bower Roller
Jan
2,300
1,000
1,950
9k
116
15%
1%
3,200
110
115
1
500
4X
3X
27%
Amer deposit rets
Assoc Gas & Eleo—
Mar
5k
81k
29 k
200
34
Preferred
44 k
98
5
25
Amer Mfg Co com
Amer Maracalbo Co
Amer Meter Co
Jan
73%
5
24
20
com
Jan
%
17",800
32
conv
k
77 k
Jan
Jan
86 k
12%
Amer
Laundry Mach
4k
'it
27
23X
50
4,800
American General Corp 10c
$2 preferred
1
$2.60 preferred
..1
Amer Hard Rubber
com. 50
$2.50
? Jan
$3 convertible pref
Carib Syndicate
6k
...
X
9%
46
aIIiO
Class B n-v
__10
Amer Dlst Tel N J com..*
Blckfords Inc
75
1
IX
35X
ClflS8 R
Art Metal Works
2k
41
10c
Common class B
$3 preferred
$5.50 prior pref
Amer L & Tr
Feb
k
350
4,300
105 k 106
*
com
Preferred
com
Amer Cynamld class
15
2
26
8k
Bulova Watch $3k pref--*
Bunker Hill & Sulllvan.-lO
Jan
k
2k
Low
300
17k
Buckeye Pipe Line
50
Buff Niag & East Pr pref 25
$5 1st preferred
*
82k
700
3%
30
115
200
2%
30
3%
*
Jan
16%
12X
Class A
Class A preferred
*
Brown Forman Distillery. 1
Bruck Silk Mills Ltd
Feb
70
American Book Co
American Capital—
31
Feb
16k
UX
•
*
58
66
preferred
100
American BeverageXcom.l
10
Brown Fence & Wire B
67k
Aluminum Ltd com..
6%
Low
3%
Ilk
34k
115
•
900
Shares
High
Ltd—
anese
dep rets ord reg-.lOs
Brown Co 6% pref
100
90
>16
"Too
Jan. 1 1936
1936
Am
25
Goods Mfg..*
Aluminum Ind com
..*
*
British Ce
Feb
Feb
"""loo
22 X
15 k
Jan
"it
26
2
22%
Jan
Jan
Jan
Mar
Mar
37 k
30
75
Allegheny Steel 7% pref 100
Allied Internatl Invest _.*
Alliance Investment com.*
Mar
Jan
15
X
4%
32 %
lk
Jan
113k
18k
4%
Jan
55
_.*
Range Since
Feb. 29
Par Low
46k
Jan
k
Ilk
44 k
2k
27 k
1
com
1933 to
for
Week
High
Feb
2
10
Agfa Anaco Corp com
AInsworth Mfg Corp
Low
43 k
66 X *110
5
15
"4", 100
Sales
of Prices
{Continued)
6%
1
*
Class B
Air Investors
Hioh
44%
44k
113k 113k
July
Week's Range
STOCKS
50c
1*16
23
Jan
Jan
15
lk
7
25
Jan
Feb
Mar
Feb
4k
Jan
Ilk
Feb
42
Mar
69k
37 k
106
Mar
108
Jan
»,«
,516
Mar
lk
Feb
Jan
Volume 142
New York Curb Exchange—Continued—Page 2
July
Week's Range
STOCKS
Range Since
for
Darby Petroleum com...*
Davenport Hosiery Mills. 5
Low
Low
Par Low
High
10
500
4
x9
Mar
200
8
12
Jan
13%
Mar
Mar
14%
Mar
25
Mar
13%
24
35
Shares
24
400
.
12%
23%
100
11
Feb
Jan
De Havin Aircraft Ltd—
Am Dep Rec ord Reg £1
Dennlson Mfg 7% pref.100
Detroit Gray Iron Fdy
5
19%
19%
61
61%
90
10%
11%
3%
2 400
Derby Oil A Ref Corp eom*
Preferred
3%
100
19%
50
Detroit Paper Prod
9%
5%
Dictograph Products
2
Distilled Liquors Corp.-.5
Distillers Co Ltd—
11
9%
6
11%
23%
*
10
Mar
7%
Feb
Jan
12%
Jan
11
1,000
400
Jan
Feb
Mar
Jan
117%
4%
36«
300
22
95%
65%
33
100
9%
48
""2% "T
73
75
Jan
Jan
25
Jan
Mar
33
*
Eastern Malleable Iron..25
Eastern States Corp.....*
East States Pow
Mar
3%
Jan
Jan
2
Jan
Hygrade Food Prod
15%
Mar
59%
41%
39
9,800
2%
200
16%
200
*5 preferred..
$0 oreferred
Elec Power Assoc
Class A.....
Elec P A L
2d* pref
Jan
43%
Jan
80
87
10%
8%
11%
51
Common
.....1
*
w
Elec Shovel Coal $4 pref..*
Electrographic Corp com.l
Elgin Nat Watch Co...15
Empire District El 6%. 100
2,925
4,600
6%
93
7%
l,20f
93
Emsco Derrick A Equip..5
10c
com..
Jan
13%
Mar
Jan
23%
Mar
Indiana Pipe Line
Jan
40
Mar
4%
Mar
24%
Mar
78
Mar
74%
Jan
87
Mar
9%
6%
18%
Jan
12
Mar
warrants
2
9%
Feb
Jan
51
Jan
5%
Jan
Jan
Jan
Mar
8%
Jan
91%
10
Evans Wallower Lead
9%
98
29%
Mar
Feb
Jan
Feb
1
Metallurgical
*
Fedders Mfg Co com
..*
Ferro Enamel Corp com..*
Fiat Amer dep rcets—
Fldello Brewery
.1
Film Inspection Mach...*
Fire Association fPhlla).10
Am
14%
::i:
Ford Motor of Can cl A..*
Feb
21
Jan
Jan
20%
Feb
3%
Feb
*
14%
200
38
39%
'«
%
%
%
«
1,400
1
1%
%
7%
16%
5
82
82
%
1%
Jan
21
Jan
Feb
7%
8%
24%
26%
30
30
International Products
23%
100
94
95%
Class A....
«'
—
9%
5%
8%
Italian Superpower A
16%
Feb
Jan
17
Jan
27
Jan
31%
Jan
28%
Jan
40
Mar
20
Feb
20
Fen
3lH
Feb
Jan
89
Feb
112%
Feb
117
Jan
9
Feb
Kansas G A E
Feb
Kingsbury Breweries
Kings County Lighting
50
Mar
450
8%
8,200
6,700
4%
8%
14%
70
60
Mar
Feb
2%
Jonas A Naumburg
2.50
Jones A Laughlln Steel.100
Kansas City Pub Service—
Common vtc
*
V t c preferred A
*
7% pref.100
Jan
9%
Feb
7% preferred B
5% preferred D
Klrby Petroleum
24%
Jan
28%
Feb
27%
Jan
32
Feb
Klein (Emll).
18%
3%
400
14%
3,400
%
19%
17%
500
1,000
9%
3
5%
1
1%
47
1%
49
1,300
200
3#"
60*
Gen Outdoor Adv 6% pflOO
com_20
$3 convertible pref
»
General Tire A Rubber..25
6% preferred A
100
Georgia Power $6 pref
*
$5 preferred
*
Gilbert (A C) com
..*
74
77
1%
15%
50%
1%
16%
51%
*
Globe Underwriters
2
Godchaux Sugars class A.*
Class B
•
Goldfield Consol Mines. 10
Gorham Inc class A com.*
10
2%
Jan
Jan
19
Mar
4%
25
Greenfield Tap A Die....*
Feb
Jan
20%
Jan
Mar
84
Feb
Jan
34
1%
9%
3%
Feb
Mar
Jan
Feb
14%
Jan
Feb
7%
Jan
14%
Jan
Feb
2%
15%
Jan
38
Jan
5%
39%
38%
Feb
1
Jan
64
1%
Jan
7%
64
Feb
Feb
Jan
Jan
Jan
1%
c;v x
500
Jan
4%
15
6,400
4
2%
Jan
Jan
14%
Feb
%
*16
Jan
%
Jan
*16
27%
20%
Jan
2%
'n
%
Feb
Feb
82
Jan
33%
Mar
%
Jan
1%
Feb
Jan
31%
26%
Mar
%
Jan
700
%
29%
800
13
31%
230
7
3,650
3%
26
1,700
2%
%
15
25%
1%
1,400
*16
200
Jan
Feb
Jan
Jan
%
Jan
1%
%
70%
3%
38%
42
86~
Jan
83%
100
1
1
1%
4
6%
60
60%
%
550
3%
40
15%
21,600
19,800
•»
.....
*.
%
%
83%
*. .
"3%
200
""4% "4%
2,606
Feb
Feb
Feb
Feb
Jan
......
Knott Corp common.....1
""4%
.....
Ltd._.£l
i.
9%
%
1%
111%
1%
Feb
1%
Mar
Mar
Mar
Jan
Jan
6%
112
1,900
Mar
Jan
3%
Mar
4%
J„n
Jan
2%
%
18%
5%
®i6
Jan
Jan
24
Jan
11%
5%
Feb
Feb
3%
Mar
%
Jan
Mar
1
107
*16
Jan
Jan
8
600
20"
43%
1
600
%
%
Feb
Feb
Jan
30
5
.
Mar
4%
.......
%
1,400
98
Jan
1%
50
24"
91
Jan
88
Jan
%
75
"22%
Kolster Brandes
76
10
20
700
93
6%
100
preferred
74
120
18%
12%
Jan
Jan
13
Jan
Feb
1
Jan
49
2%
20
41%
'iz
Jan
49
73
Jan
85
Jan
81%
1
Jan
Jan
Lake Shore Mines Ltd—1
"52% '54~"
Feb
20%
18%
Lakey Foundry A Mach._l
Lane Bryant 7% pref-.100
Langendorf United Bak—
Feb
Mar
%
Feb
Lefcourt Realty com
1
Preferred
...*
Feb
Lehigh Coal A Nav.....*
%
Jan
2%
Jan
12%
12%
Jan
18%
Mar
600
47
47
Jan
52%
Mar
Lit Brothers com
93
Mar
102
35
83
Feb
90%
50
71
Jan
73
Jan
1
6%
22
4
3
2,100
100
45
10
14%
2%
2%
10
Jan
24
Jan
8
Jan
35%
17
600
%
3,300
%
100
1%
11%
22
200
10%
16%
500
4%
4
Jan
Feb
Mar
3%
%
2%
8%
16%
13%
24
17%
13%
26%
Feb
Class B
*
4,700
45
Feb
Lockheed Air Corp..
1
Lone Star Gas Corp...—*
18%
3%
Feb
Jan
Mar
7%
Mar
Preferred class B—100
74%
51
5%
Jan
70
70
50
3
3
200
,25
*«
5%
1
7
8%
1%
42
9%
1%
46%
109% 110
5%
4,600
6,100
7,400
10%
3
800
3
Jan
78
Mar
69%
Jan
8%
Mar
Mar
Jan
12%
40
•
200
3
1
15
14%
if
75
15%
4%
Mar
25
Jan
%
Jan
Feb
107%
7%
Feb
3
Mar
Jan
11%
2
>
46%
110
11%
3
Jan
20%
Feb
18%
Jan
10%
Jan
18%
18%
7%
9%
Mar
Jan
Mar
3
20%
6%
37%
100
11
Mar
Jan
70
3i«
Feb
12%
20%
14%
Long Island Ltg—
39%
17%
Jan
%
■
Jan
14
4,500
*
Feb
Common
.......
*
preferred.......100
Jan
*16
Feb
Jan
4%
25%
Feb
.»
Louisiana Land A Explor.?
Feb
21%
14%
Jan
Feb
Lucky Tiger Comb G M 10
Lynch Corp common..-.5
Mangel Stores Corp.....*
6%% pref ww—...100
9"
eoc
13»%
14
3,500
5,400
4%
84%
5
10,400
2
87%
390
75
76
525
7%
12%
15
63,200
"47%
49%
"WOO
6%
6%
400
9%
4%
Jan
38
4%
72%
Jan
88
32
64
Jan
76
5%
Louisiana L P A L Co—
Jan
10
8%
Jan
11%
4%
59%
32%
Loblaw Groceterias cl A..*
Feb
95
150
400
preferred
Jan
34%
56%
73
210
6,400
6%%
.._*
Jan
375
98%
85
7
Oil Develop...25
Feb
80
15%
Leonard
Lerner Stores
100
Lion Oil Development—*
84%
6%
100 **54
..*
Jan
95
14%
2%
35%
15%
3is
Class A
7%
98
10
103% 105
"l9
Mar
Jan
Loudon Packing
8%
1,800
*
500
8
JaD
32%
Jan
117
560
115
112
Mar
130%
Jan
Mapes Consol Mfg
125% 126
50
120
124
Feb
128
Jan
Mar
American dep receipts. £1
Margay Oil Corp
.*
•
2%
7%
Jan
1%
9%
Jan
15
Jan
95
95
95
8%
Jan
2
2%
Mar
2%
Mar
15
34%
Jan
55%
Feb
Jan
Marconi Internat Marino-
20%
Great Atl A Pac Tea—
7% 1st preferred....100
23%
♦
10
$6 preferred
stock...*
97
Jan
5%
800
1%
—.1
Lackawanna RR of NJ 100
Gorham Mfg Co—
Gray Telep Pay Station..*
Feb
Mar
23
Kress (S. H.) A Co pref.100
200
*
V t c agreement extended
Grand Rapids Varnish...*
17
11%
3%
33%
5%
7%
.
..100
Feb
5,500
*
Glen Alden Coal
Jan
67
Warrants
Gen Pub Serv $6 pref—.*
Gen Rayon Co A stock..*
Feb
.
8,000
"5%
Kreuger Brewing
..»
*
4%
30
39%
9%
Koppers Gas A Coke Co—
18%
16%
Gen Fireprooflng com....*
Gen Gas A Elec—
Jan
Jan
-
3,200
5
37%
Klrkland Lake G M Ltd.l
3
.
700
"27% "30%
1
8%
30
.
*16
1%
50%
11
%
Warrants
Feb
Jan
Jan
Feb
5%
3%
5,700
11%
13%
13
5%% preferred
100
6% preferred
....100 ~~86~
7% preferred.......100
92%
%
Mar
Mar
Feb
Jersey Central Pow A Lt—
Feb
57%
37%
37
%
F:-
1%
*
1%
85%
3%
1
1,650
■».-
28%
29%
Jan
750
25
*
Interstate Power $7 pref.*
Jan
Jan
4,900
Interestste Hos Mills
Feb
Feb
Feb
6%
Mar
10
.....
K
7%
4%
Feb
14%
3%
25
75
IK
23%
10%
7,400
2%
15%
.
1
Jan
80
24%
Mar
i,a
...*
Jan
Jan
24%
Jan
13%
10
.....
4%
13%
13%
7
Jan
20%
60
100
Jan
30
Am dep rets ord re«._£l
112
30
30
50
9%
3%
3,800
_.25c
9%
2%
Guardian Investors—...1
1%
1%
1,000
3,200
19%
3%
25%
Jan
%
7%
2%
3
Jan
Mar
31%
10%
3%
%
Jan
1%
Feb
Mar
Feb
Marion Steam Shovel
Maryland Casualty
*
.1
Maasey-Harris common..*
1959.
1
0
Feb
12
63
Jan
66
Feb
21%
.*
Masonite Corp common..*
Mass Util Assoc v t c
1
page
200
7%
17
*
6% preferred
Kleinert Rubber
18%
3%
For footnotes see
37%
16
Internatl Safety Razor B.*
Internat'l
Utility—
%
110
100
com
300
10%
11%
9%
20
800
14
4%
35%
Iron Cap Copper com
10
Iron Fireman Mfg v t c.10
Irving Air Chute
.1
19%
14*500
23%
...
%
200
10
Jan
5
2%
4,900
Conv preferred
15
General Alloys Co
_.*
Gen Electric Co Ltd—
Grocery Sts Prod
Mar
"
Warrants
1%
19%
Fort Worth Stk Yds Co..*
Froedtert Grain A Malt—
Gt Northern Paper
9%
"12% "12%
1
Class B...
Feb
Ford Motor of France—
com
Jan
.__*
Corp
Registered
4
:::::
52
Non-vot
Feb
9%
Pref $3.50 series......50
Feb
2%
2%
50
•
dep rets ord reg..£l
$3 preferred
Internat Holding A Inv—*
Internat Hydro-Elec—
67%
23%
2%
63
Preferred
Feb
32
65%
900
47%
General Telephone
55
53%
18%
67%
3,000
45%
...__*
16 conv pref class B
Jan
Feb
10
34%
Jan
Jan
15*000
7
7
$6 conv pref B
Gen Investment com
400
73%
Jan
9%
61
American dep rets
47%
34%
Jan
*2§"
6%
....1
Class B
Feb
....100
43%
19%
8%
preferred........100
Florida P A L 17 pref
Ford Motor Co Ltd—
Jan
53%
7% preferred
47
2
.100
Flintkote Co cl A
40
Jan
37%
7%
Insuranoe Co of N Amer. 10
International Cigar Mach *
8
First National Stores—
$6
Jan
36%
38%
52%
Jan
8%
Fansteel
7% 1st preferred
Flak Rubber Corp
35
10
3%
Feb
...1
Fanny Farmer Candy
17
Jan
Feb
is
Jan
150
5,050
1%
62
1,700
7%
37
%
02
1%
Jan
2%
Feb
Feb
Feb
200
Jan
Jan
2%
40%
9%
Jan
2%
15%
73%
Jan
44
Mar
6
1
43
Jan
33%
V t c common
42
Jan
Jan
Jan
7%
2
76%
%
6%
12%
15
28%
Jan
25
39
107%
Jan
1%
221
1
5
Jan
Jan
22%
62%
700
52
30
850
105
5
50%
Feb
*16
20%
2%
1%
1,400
2,800
8%
22%
4%
52
Feb
7%
si
•
Class B
47%
44
20
'■..
A
Intl Metal Indus A
16
35
Industrial Finance—
Internat Mining
Warrants
1%
22%
6%
Feb
'16
Jan
Feb
Jan
Feb
♦
7% preferred....... 100
Ex-cell-O Air A Tool
3
Falrchild Aviation—.....1
18
30%
Jan
19
800
10
16
16%
83%
3%
3%
37
2%
•
46%
New warrants
....
Falstaff Brewing
425
17%
10
Jan
Feb
92%
Jan
7,200
13,200
"50
Mar
1
Jan
3
—
48
15
20%
10
.
—
150
30%
...50
3
.
100
1
is
8%
1%
i.
.
mrnm
5
6%
50G
23
5
class
10C
23%
65
Feb
*
Non-voting
16%
8
Feb
21%
13%
6%
"l8~"
Indian Ter Ilium Oil—
Jan
75
3
Feb
48
18
22%
13%
10
Jan
25C
Jan
14
5,400
14%
"21% ~23%
Britain and Ireland...£1
Feb
1.00C
6%
14%
17%
800
..J i
Indiana Service
34
50%
58%
5ia
,
2%
Jan
Jan
43
..*
18
European Electric Corp—
Option
Registered
2%
1
300
8%
72%
Mar
250
22
6
15%
""lot
4
7,800
15%
2%
50%
Jan
Jan
Jan
36
Imperial Tob of Canada.5
Imperial Tobacco of Great
16%
60
2%
2%
600
£1
Imperial Oil (Can) coup..*
34
50%
47%
58%
22%
18%
2%
5,400
7%
68%
1%
3%
10%
11%
2%
Jan
Mar
44%
International Petroleum..
6% preferred
100
6%% preferred
100
7% preferred
.100
8% preferred
100
Empire Power Part Stk.
Equity Corp
Amer deoosit rets
60
34*
21
%
Illuminating Shares cl A..*
Imperial Chem Industries
36
Empire Gas A Fuel Co—
Eureka Pipe Line
5
20%
2%
2%
2%
%
1,700
5%
48%
31%
106% 107%
6% pref 100
Ind'polis P A L 6%% pflOO
%
3%
3
1,500
1%
5%
12%
31
Hygrade Sylvania Corp..*
Illinois P A L $6 pref
*
6% preferred
100
25
2,500
44
6
6,800
1
6%
Jan
24%
6%
2,400
•
Feb
Jan
5
.,106.200
2,800
...
2%
3%
Feb
500
3%
A
Feb
Jan
78
Option warrants
Electric Shareholding—
42%
Mar
43
24%
9
Mar
Jan
3%
18%
..1
Jan
83
23
69
„
Mar
85
Jan
4
*
...
$6 conv pref w
1,800
11%
Jan
1,000
...»
com
Jan
1%
1%
%
13
Elec Bond A Share com..5
4
2%
40
««
1,600
6%
33%
7%
4%
Jan
53
22
■i
500
Mar
36
11%
Jan
21%
13%
7% pref stamped
100
Hydro Electric Securities.*
1,500
39
84%
7%
1%
35%
Jan
6,000
21
Jan
1%
Jan
2,550
Economy Grocery Stores.*
76
1
Common
1%
10%
10
Edison Bros Stores com..*
Eisler Electric Corp
»
40
40%
7,700
7
500
25
10,300
80
83%
74%
2%
2%
41%
41%
Jan
80
75%
Jan
7%
1%
91
26%
Feb
3,400
37%
98
Jan
24%
73%
1
'6*200
B__*
com
Jan
Huylers of Delaware Inc—
124%
73%
66
$6 preferred series B
*
$7 preferred series A
*
Easy Washing Mach "B".*
High
72
82%
5
7% preferred
100
Hud Bay Min A Smelt
*
Humble Oil A Ref
...»
37
9%
77%
71%
4%% prior preferred. 100
6% preferred
100
Low
43
40
12%
14%
2%
49%
*
Feb
Low
1930
25
Hollinger Consol G M
5
Holophane Co com
.*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co....* ""18"
110
Jan. 1
11,100
1%
._*
Jan
.
97%
1%
...10
Horn A Hardart
Range
■
84
"71% "72% """l75
*
Heyden Chemical
Shares
High
6%
.25
Jan
Jan
East Gas A Fuel Assoc—
Common...
Hecla Mining Co
Helena Rubenstein
39
%
475
13%
Feb
1930
80
Harvard Brewing Co
1
Hazeltine Corp.........*
Mar
1~I66
'~9%
12%
Mar
7%
Feb. 2S
93%
Hartford Electric Llght-25
Hartman Tobacco Co....*
33
X
'~7~
10
25%
35%
Jan
19331(
for
■
84
$5.50 preferred..
Hall Lamp Co
.....*
Handley Page Ltd—
Am dep rets pref...8 sh
106
52
33
Feb
Jan
28
12
113
Mar
23%
40p
7%
Eagle Picher Lead
Mar
5%
11
*
Duke Power Co
10
Durham Hosiery class B._*
Duval Texas Sulphur....*
Mar
600
1,000
6%
6%
....10
preferred
..100
Dubiller Condenser Corp.l
25%
8%
Douglas (W L) Shoe Co—.
7% preferred
...100
Draper Corp
Mar
11%
3%
25%
100
24%
34%
33
Dominion Steel A Coal B 25
Dow Chemical..
Mar
Mar
,70
Gulf Oil Corp of Penna..25
Gulf States Util $6 pref..*
Hires (C E) Co cl A
Amer deposit rets
£1
Doehler Die Casting.....*
Driver Harris Co
Feb
Jan
1,200
20
__1
19%
Mar
50
8%
1%
*
...
Sales
of Prices
{Continued)
13%
9%
12%
12%
Dayton Rubber Mfg com.*
Class A
High
1936
1
Week
Week's Rangt
STOCKS
Jan. 1 1930
Week
Par Low
July
Sales
of Prices
(Continued)
1955
1
24%
Jan
27%
Feb
9
Jan
9%
Jan
14
Mar
21%
Jan
Mar
Jan
0%
"20"
7
3%
93
2%
6%
*21% _2~ 400
7%
4%
97
3%
6%
400
4
1%
7
9%
3%
JaD
8%
5%
100%
Mar
2,100
62%
1%
Jan
1
Jan
4
Feb
4,600
3
5%
Jan
7%
Jan
2,500
800
1
8%
1
Jan
New York Curb Exahange—Continued—Page 3
1956
Week's Range
Sales
July 1
1933 to
Range Since
of Prices
for
Feb. 29
Jan. 1 1936
Week
1936
Shares
Low
STOCKS
(Continued)
Par Low
Mayflower Associates
May Hosiery Mills—
High
-
—
~"io"
—
—
-
—-
——
11
*
69
73%
*
91
94
Memphis Nat Gas com__5
Metrop Edison $6 pref
-
1,000
-----
5
mm
—
— —
-
-
-
X
"%
3,300
-
5%
------
300
%
116
46%
Jan
12
Feb
Paramount Motor
;
3,300
Jan
73%
Mar
Parker Pen Co
94
Mar
Parker Rust-Proof new 2.50
25
8%
45
Mar
82%
Mar
20%
Jan
30%
Mar
*
*
*
*
40
—-*
Class B v t c.
—*
Midland Royalty Corp—
Feb
8%
Jan
Mar
Jan
55
S16
102
Jan
Jan
»16
V
Jan
5%
Feb
Jan
4%
3%
1%
6%
Pa Pr & Lt $7 pref
Feb
102
Pa Gas & Elec class A
$6 preferred
Penn Salt Mfg Co
Mar
Feb
1%
Perfect Circle Co
Jan
1,600
%
»i«
Jan
2%
Feb
600
51%
260
50%
-
-
""32%
—
—
mm-'
-
—
—
—'-mm
Moody's Invest Service..*
—
—
—
—
—
-
—
— —
"
"36%
'
—
-
—
-mi,
-
-
-
-
37
2%
-
13
Jan
25%
44%
Jan
52
1%
Mar
Jan
88%
Feb
Jan
Jan
70
Jan
9%
Mar
13%
Feb
Pitts Bessemer & Le RR.50
Jan
7%
Jan
34
38%
Jan
Jan
35%
Mar
Murphy (G C) com
*
Nachman-Sprlnlllled Corp*
Nat Auto Fibre A v t c
11%
12%
National Baking Co com.l
45%
47
1
Nat Bond & Share Corp.-*
National Candy Co com..*
4%
10%
Natl Bellas Hess com
--
500
46.3C0
2%
49%
2%
4%
2,900
4%
49
9
300
24
National Container Corp—
Feb
*
National P & L $6 pref—*
—
—
'
""80
—
—
com--25
7%
*
6%
%
7
1
Nat Service common
Conv part preferred—*
National Steel Car Ltd---*
—
—
—
—
—
Jan
Jan
18%
35
Feb
37
Mar
1%
Feb
275
2%
22%
6,800
S16
1
Royalty
cers
15%
Realization—
Voting trust ctfs.33 l-3c
Jan
6
Feb
7%
Jan
77%
123
Mar
Feb
Jan
1%
Jan
2%
Mar
150
19%
%
4,300
%
%
Jan
Jan
24%
*16
Feb
Feb
250
12%
Feb
18
1%
1,700
Properties
17
17
1
Propper McCallum Hos'y*
Prosperity Co class B
*
"
Jan
2
;
%
9%
19%
Gas
Providence
$6 preferred..
1%
Feb
Feb
9%
10%
Feb
4%
Mar
Mar
Jan
11%
Feb
Jan
102%
Mar
Jan
9%
98%
103
Jan
103%
Mar
75
100
90
■"I
"43% "44"
103%
37%
Mar
Jan
63
Feb
Feb
8
110
—
14%
Jan
27%
9%
54%
Jan
60%
Feb
*
—
5
*
—
9
57%
Feb
60
Feb
40
23
22
*
------
—
60
Common
Jan
9%
10%
59
100
Public Serv Nor 111 com..*
Feb
%
10%
6% 1st preferred--—100
7% 1st preferred
16
%
8
Pub Serv of Indlana$7 pref*
Pub Service of Okla—
77%
Jan
86%
Feb
2%
5%
Jan
8%
Mar
6%
Jan
8%
Feb
6% prior lien pref--_100
7% prior lien pref
100
%
Jan
%
Feb
Pub Util Secur $7 pref—*
Jan
2%
17%
Feb
Puget Sound P & L—
Jan
Jan
28%
Mar
*i6
X
—
34%
25
—
~
—
Jan
22%
Can com..*
2
9i«
11%
16
21
'
-----
Jan
Jan
23%
11%
800
1,200
S16
'
-
*
2
500
30
29%
14%
Jan
Jan
Feb
Feb
6%
13%
Mar
Feb
14%
3%
69%
1%
2%
Jan
38
Jan
Jan
Jan
Jan
10%
Jan
37
3%
10%
32
«*
2%
29
%
7%
6%
15%
11%
Jan
Jan
Jan
4,500
Pressed Metals of Amer..*
"i«
1%
Jan
Jan
Feb
Jan
12%
Mar
Mar
Feb
Jan
2%
10%
1%
1,600
8%
69
2%
6%
2%
Feb
Jan
Feb
Mar
18%
3%
98%
1
4%
50
Jan
7%
%
*
23
Jan
Jan
2%
9%
1
1%
Premier Gold Mining
89
Feb
Feb
13%
7%
50
45
*
7
40
Jan
51
Pratt & Lambert Co
Jan
9)4
Jan
Mar
4){
30%
Power Corp of
Jan
Feb
Mar
1,000
Feb
2
36
3,070
3,500
123
2%
5%
Feb
80
Jan
116%
74%
71%
117
Feb
Mar
Feb
5,300
10%
H
—
400
8%
Nat Rubber Mach
—
36
------
10%
11%
900
83%
National Refining
—
Mar
35
*
%
—
113%
3,000
9%
■;
*
%
—
90
29%
13%
35%
49%
18
-----
— -
8%
150
Jan
Jan
Feb
•'
—
Jan
Jan
41
117
Jan
10,100
11%
*
1,300
—
—
Jan
Jan
Jan
Feb
Feb
11%
—
Jan
Feb
Mar
116
13%
------
-
$6 preferred
Pub Serv of Colo—
1,100
-
1,900
Prudential Investors
35
•
-
— —
8%
*
Meter
Pittsburgh Forgings
5
Mar
70%
4
------
----
9%
141%
26%
4%
2%
93%
Feb
37
90%
8,400
17%
Powdrell & Alexander
47
Jan
61
3%
Feb
46
Jan
Mar
87
21
------
Jan
1%
—
*
500
Feb
2%
2%
com—*
150
------
13%
1,900
84%
1%
1
130
31
*
Warrants
Jan
52%
------
—
Jan
National Fuel Gas.
20
114 %
42%
41%
150
—
%
16%
"is
%
29
1,900
Jan
24%
*
3%
Mar
104%
Jan
$2 conv pref.-
85
110%
Jan
13
10
21%
Jan
103
1%
43%
*
20%
3%
106%
%
1%
28%
8%
Common
National Investors com—1
74%
Pltney-Bowes Postage
Prod
600
Feb
200
45%
26%
1,700
2,300
50
46
3%
100
— _—
—
Jan
5%
18%
400
Jan
%
2,100
-'-
34%
8%
Jan
530
6%
-
1
Pittsburgh & Lake Erie.50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Potrero Sugar com
5
Feb
""% "e" 100
1 """"%
Mountain Producers
10 >v: 7%
Mountain Sts Tel & Tel 100
Mueller Brass Co com
1 ""32%
Mar
Mar
10%
Pioneer Gold Mines Ltd—J
93
90
Mountain & Gulf Oil
7%
3)4
17%
37
Feb
21%
Jan
28
19
112
1%
6
700
—
5%
-----"
31%
6
Feb
Jan
110
Feb
2%
10%
5
35
37
Jan
5
17)4
36
Pines Wlnterfront Co
12
Mar
34)4
2'
17
Jan
152
60
21
*
15%
Jan
28
Feb
66%
100
15%
Ry—100
Piedmont & Nor
81
142
Mar
35
100
-----
Pierce Governor com
Feb
25
25
5
15,000
37%
14%
*
Mar
Mar
Feb
Jan
Feb
20
-----
10
16%
——————
100
Nat Mfg & Stores
37%
Jan
114
Feb
7%
Jan
6
24)4
93%
62
1
$3 conv pref ser A
Pie Bakeries Inc com
Mar
6%
64
—
"87%
pref—.25
Common
Jan
33%
91%
Jan
Phoenix Securities—
Feb
4
22
109
Feb
Mar
26%
—
125
mm mm -
-
9
*
170 •56
148% 150%
m
30%
25
8,800
Jan
19
3%
72%
*
41%
6%
25
11
*
—
100
20%
89%
60%
89%
60%
10%
*
—
4%
18%
1316
300 '9 7%
88%
'65
-
33%
'■
""20%
Molybdenum Corp
1
Montgomery Ward A
*
Montreal Lt Ht & Pow—*
—
10%
4
200
Mfg *
100
Miss River Pow 6% pfd 100
Mock Judson Voehrlnger.*
Moh & Hud Pow 1st pref-*
$5.50 preferred
500
200
pref...100
Philadelphia Co com.—.*
Phila Elec Co $5 pref
*
Phila El Pow 8%
12%
24%
Minn Pow & Lt 7% pf
Nat Leather com
6
:
6
51%
66%
25%
12%
24%
4%
50
-----
-
Jan
3%
4,700
7%
7%
4%
4%
17%
17%
106% 108%
100
Pepperell Mfg Co
Jan
Jan
12
Mining Corp of Can—--*
Preferred A
*
'
Mar
45 %
4
------
----
-
18% £19
*
*
50
Pa Water & Power Co
Feb
'
111% 111%
1
*
Pennroad Corp v t c
Feb
%
Feb
Jan
Feb
—
5%
Penn Mex Fuel Co——1
Jan
31%
6%
Mar
3%
40
—
mmmm-
Peninsular Telep com
Preferred
—100
Feb
90
3
24
Minnesota Mining &
Ltd com
;
Feb
%
*
*
preferred
Class B
6%
1,100
4%
1%
4%
*
Midvale Co
Pender D Grocery A
—
Pet Milk Co 7%
Class A v t c-.
$2 conv pref
Plymouth
Patchogue
—'
-
High
42%
300
26%
Feb
Jan
%
---10
Midland Steel Prod
50
3,100
21,500
6%
6%
Feb
2%
1%
1%
1
59
1%
16
4%
Low
10
31%
%
800
79%
5%
82%
Petrol—
States
Moore Corp
8%
Jan
1% > 1%
%
800
2%
2%
62%
5%
47
Jan. 1 1936
1936
Low
45
60
1Range Since
Feb. 29
Shares
High
42%
1933 to
for
Pacific Tin spec stk
*
10
Pantepec Oil of Venez—-1
Feb
31%
9
------
6%
-
*16
*
*
2d
Par Low
High
60%
1936
Sales
Range
of Prices
89%
60
------
7%
""
8%
*
Michigan Gas & Oil
-
-
45
25
100
*
Mexico-Ohio Oil
i,
-
7
12%
44%
1%
4,600
82%
28
Merchants & Mfg cl
-
V
Feb
21
1
Week
Week's
STOCKS
Feb
42
1%
9
200
7%
82%
7% preferred...—-100
A—1
Participating preferred. *
Merrltt Chapman & Scott*
6%% A preferred--.100
Messabl Iron Co.
*
2,700
8
28
7% pref—*
Mercantile Stores com—*
Preferred
Low
57%
22
—
1,600
Mead Johnson & Co
Middle
^
0Continued.)
38
300
McWilliams Dredging
Michigan Sugar Co
■-''t 'V
Pan Amer Airways
59
58
*
§4 pref ww
—*
McCord Rad & Mfg B_—*
Memphis P & L
March
July
23
Jan
$5 preferred
"24%
12.50
"12%
Nat Union Radio Corp—1
1%
1%
1,400
1%
1%
300
%
Jan
111% 111%
5%
5%
111%
Mar
100
%
4%
Jan
114
100
20%
110%
12%
Jan
114
Mar
400
Jan
19
Feb
10%
16
Feb
2%
Feb
110
Feb
6%
350
%
3%
Jan
55%
500
7%
50%
Jan
67
24%
300
6
22
Jan
34%
4
14
Jan
14%
24
Feb
Jan
Jan
Rainbow Luminous Prod—
Mar
97
Jan
4%
52%
*
Ry & Util Invest cl A....1
15
Jan
98
81
*
Refining-.*
10
92
54
4 v•
National Sugar
Nat Tea Co 5%% pf
National
Transit
Nebel (Oscar) Co com
Nebraska Power
*
7% pf.100
Nehl Corp com
*
Nelsner Bros 7% pref-_ 100
Nelson (Herman) Corp
113
5
100
7% preferred
New Bradford Oil
-
2,100
—-
300
'mm
—
—
-
------
—
5
—
—
3%
-
30
-
-
3%
3%
2
i*
—
14%
-
-
—
1%
1,500
85%
92%
5
4%
v-
10%
Jan
%
Jan
9
Jan
Feb
15%
2
Feb
Jan
3%
112
Mar
Feb
5%
Jan
4%
Feb
11
Jan
14%
Mar
Mar
75%
4%
Feb
2%
128
75
47%
4,450
2,700
Feb
74
35
*
100
New Jersey Zinc
-25
New M ex & Ariz Land.1%1
1
5%
-
New England T & T Co
8%
%
129
700
■
-
9
60
11%
10%
"H"
8%
6%
%
"
13
14%
Neptune Meter class A
*
Nestle-Le Mur Co cl A—*
Nev, Calif Elec com ----100
27%
-
%
1%
Jan
Mar
$0 preferred
...»
Pyle-National Co
5
Pyrene Manufacturing.. 10
Quaker Oats com
*
Class B
»
%
716
*
1%
Mar
10%
Common
Reed Roller Bit Co
9%
96%
25%
Jan
Reiter-Foster Oil
Jan
Reliable Stores com
N Y Auction Co com
*
%
2%
Feb
3%
Jan
Reybarn Co Inc
N Y Merchandise
*
Feb
Reynolds Investing
15
36
N Y & Honduras RosariolO
""33"
N Y Pr & Lt 7 % pref.—100
107
107
10
59
$6 preferred
,__*
N Y Shipbuilding Corp—
Founders shares
1
98
100
30
53%
""loo
17%
52
96%
11
Jan
38
Jan
Feb
Feb
Jan
%
Jan
%
%
%
Jan
Jan
1%
Feb
600
'16
%
Feb
500
3%
10%
%
4
Jan
13%
Feb
25
Feb
36
3
Jan
4%
Jan
3
Jan
7%
Mar
Jan
104
Jan
Richmond
Rad
—'«i
— -
900
9
1,600
%
68%
1,900
39%
39%
Jan
Jan
%
19%
1,100
*16
12%
Jan
1
Feb
4,200
4%
'16
1%
6%
%
17%
Jan
900
1%
4%
Jan
Feb
%
1%
Jan
20%
6%
3%
11
70
8%
Mar
Mar
Feb
4%
5
2%
2%
9%
2%
2,000
9
Jan
2
2,200
%
1%
Jan
2%
Jan
5
10
1
5%
2,000
2%
4%
Jan
6%
Mar
105%
9%
*
25
1
com
Feb
7%
*
Richfield Oil pref
9%
Mar
17
900
12
15%
Mar
150
113
116%
4%
Jan
4%
,700
3
N Y Wat Serv 6% pfd—100
20
66
Jan
Mar
Jan
11%
20%
Jan
121
Mar
Feb
6%
75%
Feb
6% preferred ser D..100
5
200
24
6%
Feb
Jan
%
2
Jan
4%
Feb
%
4%
Jan
13%
Mar
14%
Jan
20%
Feb
1%
11%
$1.20 conv pref
—..20
Rossla International.....*
4,900
%
Mar
900
35
400
23%
8%
2%
%
8
Jan
3%
1%
Jan
%
65
19%
1%
_._.*
35
9%
10%
716
'%
25,600
3,300
8
300
35
2%
8%
Jan
11%
Feb
Royai Typewriter
*
63
65
%
%
Jan
%
Feb
Russeks Fifth Ave
5
14%
18%
Rustless Iron & Steel
*
5
*
4%
2%
4,600
1,600
Ryan Consol Petrol
15
warr
2%
1,100
84%
225
S16
5%
49,000
7
1%
2%
700
%
1%
Mar
2%
Feb
5
11%
1,400
Jan
13%
39%
Jan
44%
Mar
Nipissing Mines
5
2%
32%
2%
Jan
3%
Noma Electric
1
6%
3%
Jan
7%
38%
Jan
1%
Mar
*16
39%
Feb
Jan
69%
18%
Mar
6%
3%
Mar
Feb
Feb
*
2%
7%
7%
Nlles-Bement-Pond
12%
44%
2%
6%
Feb
Feb
200
26,400
-----
3%
1
Root Petroleum Co
105%
3%
13%
19%
-----
Roosevelt Field, Inc
Royalite Oil
Niagara Hud Pow—
Common.
Feb
21%
2%
67
*
Rice Stix Dry Goods
110
121
11%
*
15%
pref—100 £120
5
/" Class A opt
18%
Jan
6
_»..*
Jan
31%
105
Jan
Jan
17
Rochester Gas & Elec Corp
N Y Steam Corp com
N Y Telep 6%%
NY Transit
33%
Jan
4%
12%
•"
*
Reeves (Daniel) com
Jan
i
142
14%
13
3,100
/
Feb
Jan
%
Red Bank Oil Co...._..*
6%
137%
Raymond Concrete Pile—
Jan
^
1
""3% "3%
Jan
Mar
%
$3 convertible preferred*
Mar
141
-
9
Jan
111
-
350
Raytheon Mfg v t c._.50c
92%
-
925
19%
*
Jan
_
—-
18%
Class A
24%
V
-----
Jan
Jan
Jan
5%
130
'
10%
com
1,500
19
Feb
Jan
1%
50 *106
Mar
128
69%
8
7%
133
17%
._..*
*
New Process
5,2,800
7%
133
Ry & Light Secur com
74%
500
94
88%
------
-
100
6% preferred
Quebec Power Co
34
8
New Haven Clock Co.—.*
Newmont Mining Corp. 10
----
Class B opt warrants
.
Niagara Share—
Class B common
4,600
600
«
2,100
1%
%
,
Jan
Mar
Nor Amer Lt & Pr—
Common.
1
56 preferred
9
Feb
5%
Feb
49%
Feb
40
2,900
3
38
Mar
North American Match. _*
37
37
50
18
35
Feb
No Amer Utility Securities*
5
5
200
Nor Cent Texas Oil Co
5
6
7%
3,200
%
1%
Nor European Oil com
1
%
1,500
'ic
Nor Pennsy RR
50
Nor Ind Pub Ser 6 %
7% preferred
S16
8,900
"
-----
-----
-
-
-
-
-
-
%
3%
1st preferred
*
Jan
Schiff Co com
*
29%
Jan
8%
Jan
Schulte Real Estate com..*
%
Jan
716
98%
Jan
Scoville
87
3%
*16
98%
76
76
10
21
75
83
40
20%
81%
-----
Jan
Feb
Mar
Jan
79
Jan
87%
Feb
Northwest
Ohio Brass Co cl B
com
7,700
24%
4,800
44
1,300
*'
*
30
31
50
1*
Ohio Edison $6 pref
Ollstocks Ltd com
108% 108%
110%
110
5
Outboard Motors B com—♦
Class A conv pref
*
Overseas Securities
•
Pacific Eastern Corp
1
Pacific G & E 6% 1st pf.25
5%% 1st pref
Pacific Ltg $6 pref
25
*
15%
2%
15%
14%
page
3
500
900
600
4%
5
8
300
30%' 31
27% 1 27%
106
106%
3,000
7
Jan
9%
Feb
Seiberllng Rubber corn...*
14%
10
Jan
35%
Mar
Selby Shoe Co
15%
Jan
24%
Mar
48
27
2,200
100
»
275
a
300
%
350
17
25
27
100
5%
4
4%
3,200
30
Jan
101%
35
Jan
108%
*
%
100
34%
Feb
Jan
Jan
41%
Feb
Jan
65
Feb
Feb
Mar
Jan
6%
Mar
46%
Jan
1%
Jan
Jan
Mar
Feb
1
15%
30%
Jan
4%
4%
34%
2%
Jan
4%
Feb
Mar
'
4
83
86%
600
38
81
Jan
90
Mar
88
200
37%
78
Jan
95
Mar
2%
*16
7%
4%
19%
Jan
13%
Jan
15%
Feb
1%
Jan
Feb
Jan
Mar
Amer
dep rec
—.£1
—
-
.
,
-
3%
17%
Mar
Shattuck Denn Mining—.5
Jan
Mar
Shawlnigan Wat & Pow..*
Jan
8%
Jan
Jan
6%
31%
Feb
Shenandoah Corp
$3
conv
pref
Sherwin-Williams
5%
cum
com.-.l
25
com.
.25
preferred—100
Jan
107
Feb
Sherwin-Williams of Can.*
Jan
83
Feb
Singer Mfg Co
100
--
-
-
—
-
-
1%
-
%
11%
5%
1,800
%
1,000
8,700
21%
21%
6
Jan
%
■'
%
Sentry Safety Control-... 1
Seton Leather com
*
11
Feb
5,500
Selfridge Prov Stores—
10%
4%
28%
2%
4%
34%
1%
85%
106
Jan
Feb
Jan
$5.50 prior stock
25
Allotment certificates...
109%
112%
78
10
Jan
Feb
Jan
Feb
Jan
104%
1%
28%
7i«
32%
Jan
Jan
3%
Jan
Jan
Feb
Jan
1
Feb
4%
29%
26%
%
42
34
»
Feb
2
6,300
3%
2%
7n
5%
73%
2%
Feb
42
%
100
Feb
Jan
Mar
Common
104%
16%
66%
13
100
42
34
%
1,100
63
7
5
1,900
Ji«
3%
92
Feb
110
6%
%
%
1%
1%
18%
2,500
Selected Industries Inc—
Jan
101%
70
1959.
21%
35%
17%
716
1,170
55
5%
Segal Lock & Hardware..*
71
100
7%
Mar
80
70
15%
108%
45%
81%
------
7
Pacific P & L 7% pref—100
For rootnocea see
_
-----
Jan
3
19%
42
*
Ohio Oil 6% pref
100
Ohio Power 6% pref
100
Ohio P S 7% 1st pref—100
103
4%
6%
100
„_*
Engineering. _*
Novadel-Agene Corp
7%
35%
7%
55
42
*
%
1
Feb
Jan
72
35
2,800
38
36%
Manufacturing.25
Scranton-Sprlng Brook
Water Co $6 pref
*
Securities Corp General._*
45%
------
32
Northern Pipe Line._--.10
Nor Sts Pow com class A100
-----
8%
3%
29%
1516
3
Savoy Oil
6%
Seeman Bros Inc..
100
8%
Jan
Jan
Northern N Y Utilities
7%
73%
1%
1
1
3%
81%
pfd 100
100
Salt Creek Consol Oil
516
4%
67%
Salt Creek Producers...10
46
*
4%
43%
3%
82
Safety Car Heat & LlghtlOO
St Anthony Gold Mines. .1
St Regis Paper com
5
7% preferred
100
Jan
300
3%
1%
14%
200
%
3
-
-
-
-
3
-r;
•
-
-
-
-
112
18%
336
112
18%
340
12
-
134% 144
3,350
*
50
2%
1%
Jan
12%
Feb
5%
Jan
23%
Jan
14%
119
47%
Jan
118%
Jan
110%
32%
10
100
2
Jan
Mar
18%
Jan
333%
Jan
4%
62%
144
113%
20%
365
Feb
New York Curb Exchange—Continued—Page 4
Volume 142
July
Week's Range
Par Low
High
1933 to
Range Since
for
of Prices
Sales
Feb. 29
Jan. 1 1936
Week
STOCKS
(Continued)
1957
1
1936
Shares
Specialists in Curb Bonds
Low
Low
:•!,
High
Singer Mfg Co Ltd—
Amer dep rec ord reg_£l
Smith (L C) A Corona
Typewriter
v
Sonotone Corp
1
32%
1,900
2%
10,300
2%
19
3%
1
1%
Jan
5%
Feb
Jan
3%
30
t c com
34%
3%
Mar
Jan
Peter P. McDermott & Co.
Members New York Stock Exchange
Feb
Members New York Curb Exchange
Southern Calif Edison—
5% original preferred.25
6% preferred B
26
5 Mi % pref series C
25
Southern Colo Pow cl A.25
Southern N E Telep...l00
Southern Pipe Line
..10
Southern Union Gas
Southland Royalty Co
£37
5
27%
700
26%
200
South Penn Oil
25
So'west Pa Pipe Line...60
Spanish A Gen Corp—
Am dep rets ord bear_£l
37%
%
Common class B
♦
1
preferred
Sterling Brewers Inc
1
Stetson (J B) Co com....*
Stinnes (Hugo) Corp
6
Stroock (S) A Co
*
Stutz Motor Car........*
Sullivan Machinery......*
Sun
Investing
$3
Jan
2%
Feb
Jan
Jan
9%
38%
64
Jan
58
Mar
3,700
2,300
100
«•
2.40
conv
preferred..
Sunray Oil
Sunshine Mining Co
47%
18%
20%
12%
12%
26%
32%
100% 100%
3%
3%
3%
3%
Jan
5
Jan
Feb
Feb
Mar
13%
300
7%
7,100
11%
76%
v'l
%
1S16
6
*8~ 100
49%
23%
Jan
14%
Feb
Jan
32%
104%
4%
Mar
4%
41
Feb
Jan
Jan
2%
Jan
Jan
%
%
2%
1
Jan
~~6%
3
T,900
6%
6%
18%
19
1%
1%
£20% £20%
2
2%
18%
20%
6,800
500
50
4%
%
5%
3,400
900
Feb
10c
19%
20%
17,300
2.10
100
63
63%
""260
32%
l
5
5%
11,200
Wayne Pump common...1
Western Air Express
1
Western Auto Supply A..*
Feb
Feb
Jan
17
Feb
3%
Jan
7%
Feb
4%
Jan
Mar
18
Jan
1
Jan
6%
25%
1%
18
Feb
23
Jan
Jan
Jan
1%
Jan
3%
15%
Feb
22%
Feb
6%
Jan
Feb
Jan
2%
18%
Jan
Mar
6%
Mar
9%
62%
4%
24%
6%
65%
5%
62
1
4%
Jan
Jan
"7",200
%
700
21%
15,700
%
12,000
7%
3,600
3%
45
Tenn Products Corp com.*
Texas Gulf Producing
*
5%
35%
2%
17%
4%
70
%
4%
'16
2%
13,100
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
8%
39%
Mar
3%
32%
Mar
5%
Mar
Jan
79
1%
Jan
7%
Jan
Mar
Jan
8%
Jan
9%
Feb
57
Jan
68%
Mar
65
Jan
66
Jan
Mar
4
Jan
"2",900
Thermold 7% pref
Tobacco Allied Stocks
100
63%
63%
50
._*
*
4%
"4", 700
2%
2%
104
Feb
Am dep rets ord
reg__£l
Am dep rets def
reg__£l
Shipyards Corp
*
18%
4%
44
44
1%
Trans Lux Plct ScreenCommon
l
1,400
si6
%
4%
3%
Feb
87
Feb
"31%
9%
10%
84
Mar
2%
3%
19
Jan
27
8
Jan
10%
Jan
5%
Feb
5%
Feb
Mar
10%
Jan
2,200
%
"9
"9"
3%
%
"2% "2%
'"loo
1%
Jan
2%
Feb
'"loo
916
12%
1%
Jan
Jan
2%
31%
Mar
Jan
10%
Feb
28%
7,000
9%
27%
4,400
8
8
19
2
4%
17
37%
62%
Jan
46
Feb
Jan
101
Jan
78
67
67
35
67
Mar
104
104
65
104
Feb
6%
22
15%
64
60
Jan
Petroleum
101%
3%
Jan
10%
1%
600
%
400
1%
10%
Jan
11
2
11%
34%
35%
400
1
"4% "5%
£7
7
'2~o66
2%
9
26%
1%
15%
40
Jan
83
Mar
Jan
7
Jan
3%
5%
Amer
(F W) Ltd—
deposit rets
5s
17%
29
Jan
7%
8%
20,700
5%
7%
Mar
9%
Feb
3%
3%
5,700
316
1%
Jan
4%
Feb
5
$
BONDS—
Abbot's Dairy 6s.....1942
Alabama Power Co—
1st A ref 5s
..1946
1st A ref 5s
1951
2,000
43,000
1956
98
99%
1968
84
1st A ref 4%s
1967
80%
94,000
85%
81% 108,000
Aluminum Co
5s
s f
called
deb 6s *52
107% 108%
106%
Jan
107
102 %
Jan
105%
100%
Mar
99%
Mar
54%
60,000
1st A ref 5s
86%
63
106% 106%
104% 105
97% 100%
Amer G A El deb 5s._2028
9
24
9%
24%
Feb
55
18,000
96
Feb
84
Mar
95
Mar
91%
Feb
Mar
Mar
Jan
108%
105%
Feb
105%
Mar
Jan
10%
Feb
Jan
28%
108%
Mar
.1952
"I6i"% 105"
96%
36"666 "59"
1%
7%
2,000
10,000
64
107% 108%
68,000
94
95% 281,000
80%
107%
105%
103%
3%
13%
106
102%
103%
Jan
41
100
Feb
Feb
8%
"3"400
3
700
13
Jan
Mar
Feb
6%
9%
2%
13%
Jan
9%
Mar
23%
10%
Jan
37%
Mar
Jan
6s stamped..ext to 1946
Appalachian El Pr 6s. 1956
Appalachian Power 5s. 1941
Debenture
6s....-.2024
Feb
Arkansas Pr A Lt 5s..1950
Associated Elec 4%s..l953
Jan
16%
Feb
Mar
Mar
2%
26%
Mar
16
3
8%
Jan
16%
4%
30%
12%
Mar
7%
Mar
Jan
Jan
105% 105%
"i'ooo
104
104
105% 106%
28,000
64
105
Jan
99
107%
113%
Feb
99
105%
104%
101%
107%
106%
Feb
Jan
Feb
Feb
Jan
Mar
Jan
Feb
Feb
50
98
Feb
2U%
56%
Jan
65%
Feb
12
115% 116% i"o~666
100% 101% 168,000
56%
59% 132,000
108%
116%
102%
35%
28%
27%
Jan
52 U
Feb
Mar
?8%
Feb
Mar
Feb
58
Feb
Jan
Jan
Associated Gas A El Co—
13%
92%
Jan
62
22%
11%
Feb
Mar
47%
44%
92%
55,000
16,000
Jan
Jan
Feb
Wright-Hargreaves Ltd..*
50,000
Jan
31
Yukon Gold Co..
105
Mar
8%
Jan
Feb
Wool worth
104%
10
Jan
Feb
Jan
105
11%
Feb
Feb
Jan
104
21%
3
Mar
Feb
Amer Radiator 4%s._1947
7%
12%
Jan
Feb
31
2
500
9
Jan
Feb
80
Am Roll Mill deb 5s.. 1948
Amer Seating conv 68.1936
6%
104%
5%
Mar
Jan
Jan
100
70
Mar
Feb
11%
105%
23%
Mar
8
%
Jan
100
2%
*
Feb
14
14%
Mar
10%
3
11
~2
400
""800
Jan
40%
28%
27%
30
Feb
Conv deb 5%s
..1938
Conv deb 4%s C...1948
Couv deb 4%s
1949
Mar
Conv deb 5s
1950
33% 106,000
33% 203,000
11
30
Jan
1968
30%
29%
39%
40%
Debenture
United Chemicals com...*
$3 cum A part pref....*
21
20%
7%
38%
21%
.7%
38%
*
United G A E 7% pref. 100
United Lt A Pow com A..*
Common class B
»
$6 conv 1st pref
Milk Products
3
100
100
$3
14%
7%
35%
11%
29
Mar
40%
Feb
1977
35
37
11
33
Mar
45%
Feb
Feb
13
Jan
Mar
Jan
Atlas
42%
Jan
3t6
%
Jan
10%
2%
i
2%
Mar
Jan
4
Jan
81%
46
Jan
%
86%
Jan
Jan
"4% "7% 161", 100
%
3%
Jan
5,700
29,400
6%
Jan
3%
29%
6%
Jan
Jan
43
Jan
*
7%
40
9%
52%
1
3
20
9%
104%
2%
91%
Jan
Mar
5%
5%
400
*
1%
1%
800
2%
%
10
United Shoe Mach com..25
Preferred
25
U S Dairy Prod class A...*
*
U S Elec Pow with warr..l
Warrants
6
Mar
U S Int'l Securities..
*
*
*
10
U S Radiator Corp com..*
7% preferred
100
U S Rubber Reclaiming..*
U S Stores Corp com
*
Feb
77%
79
85
88
31,000
34
78
Jan
91%
Mar
9,000
47
96%
Jan
i00%
Feb
32%
30%
80
Jan
108
Mar
74%
Jan
100%
Mar
100% 100%
6s with warrants...1938
98% 104
92%
38%
54,000
96% 307,000
1st M 6s series A...1955
115% 115%
20,000
1st M 5s series B...1957
Mar
6s
119% 120
120% 121%
140% 140%
9,000
2,000
2,000
106% 106%
1,000
series C
1960
Feb
Bethlehem Steel 6s...1998
7%
Mar
9%
52%
Mar
Binghamton L H A P 5s '46
Birmingham Elec 4%s 1968
Birmingham Gas 5s... 1959
14
Mar
47
Feb
Boston Consol Gas 5s.1947
Broad River Pow 5S..1954
6%
Jan
1%
Jan
Mar
75
Jan
79
Feb
92
93%
80
83%
98
Mar
116
Jan
121
Mar
116%
Jan
121%
102
134
Jan
145
Mar
76%
45%
38%
102%
49,000
28,000
117
97
97%
105%
Feb
106%
94%
87%
Mar
114%
89%
76
Jan
Jan
Jan
FeD
Feb
Feb
106%
89%
Mar
109
Jan
Jan
100
Feb
102%
106
Mar
109
Jan
102
"94% "95%
"13",000
Buffalo Gen Elec 5S..1939
Gen A ref 6s
1956
106
106%
18,000
105
Mar
108
Feb
Canada Northern Pr 5s *53
Canadian Pac Ry 6S..1942
103
103%
113%
22,000
71
102%
Mar
104
Feb
97,000
100% 101% 182,000
113% 113%
19,000
98
110
Jan
46%
98%
111%
105%
Jan
116%
101%
Jan
113%
Feb
Jan
107%
Mar
33%
108%
Mar
105%
100%
103%
100%
104%
Mar
Mar
8
Jan
10
""525
47
83
Jan
90
Jan
50
30%
38%
Jan
41%
Feb
1%
%
%
'32
1%
600
1%
Mar
2%
Feb
%
100
%
%
Carolina Pr A Lt 5s
1956
Cedar Rapids M A P 5s '53
Cent Ariz Lt A Pr 5s 1960
%
Jan
1%
Feb
%
24,500
138,300
'3,6
Feb
29
Central German Power
%
%
Jan
%
l«
1%
Feb
Jan
Feb
Jan
1%
Jan
5
17%
19%
2%
11,000
1,100
5%
2%
300
39%
%
5%
34
2%
2,000
34%
34
200
6%
800
1%
100
6
34%
1%
%
2
%
1%
50c
4
4%
5%
3is
"
%
2,400
2,000
1,300
17%
1%
77%
1%
33%
4%
30%
%
%
1956
24%
3%
Jan
1st A ref 4%s ser F.1967
Feb
5s series G
1968
84
Feb
4%% series H
1981
Jan
Jan
3%
Feb
Cent Maine Pr 4%s E 1957
35%
Feb
Jan
Jan
7%
Jan
Cent Ohio Lt A Pr 5s. 1950
Cent Power 5s Ber D..1957
41%
Jan
2
%
Jan
i%
Feb
%
Jan
1%
Feb
Jan
4%
6%
Mar
3
1
3%
Jan
7%
Jan
1.20
E
Jan
Jan
1
series
11
Mar
Mar
Mar
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s... 1948
5%s ex-warrants... 1954
Cent States P A L 5%s *53
Chic Dlst Elec Gen 4%s *70
Chic Jet Ry A Union Stock
Yards 5s
112
106% 106%
94%
72%
10,000
1934
Jan
Mar
2%
"
1959
14%
700
15,000
6s partlc ctfs
Cent 111 Light 5s
1943
Central 111 Pub Service—
5s
80%
2%
80
1
page
9%
6,000
6,000
6s without warrants 1938
40%
*
United Wall Paper
*
Universal Consol Oil....10
9%
16,000
31% 181,000
Bell Tclep of Canada—
*88%
100
1
Jan
Jan
Plywood 5%s..l943
40%
~87~
U S Finishing common...*
U S Foil Co class B
5%
1%
25,000
Mar
United Molasses Co-
£1
46
Baldwin Locom Works—
Feb
Mar
1%
%
Assoc Rayon 5s
1950
Assoc TAT deb 5%s A *55
Mar
9%
%
Conv deb 5%s
10
%
15
6s
22
11%
2%
1%
2,700
4,300
9% 267,800
7,700
98% 104%
1%
2%
70,300
2%
1%
7%
*
*
3%
2%
1,000
*
United Dry Docks com..*
United Gas Corp com_.__l
see
Feb
5%
50
United Aircraft Transport
Warrants
For footnotes
Mar
6%
Union Traction Co (Pa)-
United Verde Ex ten
Feb
3%
3
100
Aluminum Ltd deb 5s 1948
Feb
32%
Jan
10%
*
Wise Pr A Lt 7% pref.. 100
Wolverine Portl Cement 10
Jan
Jan
10%
Amer Com'lty Pow 5%s '53
Am EI Pow Corp deb 6s '67
%
Jan
1%
1%
%
7
Jan
1%
18
1%
Jan
3,200
1,000
United Stores vtc
Conv preferred..
Wilson-Jones Co....
Woodley
Feb
Jan
35,100
1st pref with warr
3%
Jan
3
1%
16%
U S Lines pref
U S Playing Card
1,750
6%
Jan
3%
11%
14%
13%
2%
Unexcelled Mfg Co
10
Union American Inv'g..^*
Union Gas of Canada
*
Preferred
27%
"2% "2% "5",500
Jan
1%
%
12%
14%
B
25
3%
%
1%
33
Class
19,500
Jan
Jan
2%
1,800
32
dep rets ord reg
Unitea Profit-Sharing
Preferred
1,400
2%
5%
83
Jan
6,600
1
Am
4%
2
%
%
%
4%
.1
preferred
1,200
4%
Tung Sol Lamp Works
United
Feb
Jan
Mar
38%
97%
1
Pref non-voting
Option warrants
101
4
300
Feb
11%
11%
Jan
95
79
%
30
5,400
110
Jan
Jan
Feb
5%
104%
Jan
Jan
Mar
4
8%
Feb
Mar
2%
62%
Feb
%
8
Ja*
103
Jan
Jan
4
4%
Williams Oll-O-Mat Ht._*
Wil low Cafeterias Inc
1
Jan
46
*
5%
48%
107
8
United Elastic Corp
United Corp warrants
1%
Jan
*
Mar
Jan
58%
1%
%
Tublze Chatlllon Corp
Class A
(§17.50 paid in)
800
Mar
32
%
%
11,200
100
Feb
18
..*
..*
preferred
Am Pow A Lt deb 6s._2016
Trl Continental
warrants..
80c dlv pref new
Twin Coach Co
7%
West Va Coal A Coke
Williams (R C) A Co
21%
100
Triplex Safety Glass CoAm dep rets for ord
reg_.
6% pref 10
5%
81%
11
Mar
25
22%
Jan
13%
77
4%
79%
1%
4%
Western Tab A Sta v t e._*
West Texas Ufll $6 pref..*
Westvaco Chlorine Prod—
Mar
500
%
Tonopah Mining of Nev._l
Tri-State T A T
19%
5%
32%
51
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
Trunz Pork Stores
750
1st A ref 5s...
Tobacco Securities Trust
Todd
*
Cartridge pref. 100
Western Maryland Ry—
7% 1st preferred
100
Western Power 7% pref 100
Feb
Jan
Feb
6
37%
7%
3,200
Feb
101
75
»
4%
High
Feb
4%
9
Feb
20
Texas P A L 7% pref.. 100
Texon Oil A Land Co
'«
*
1
89
29%
4%
1%
62%
1
*
6
1%
8%
36
3%
30%
4%
Va Pub Serv 7% pref.. 100
Walker Mining Co
Jan
48%
34
6%
35%
3%
100
Waltt A Bond class A
Class B
63
2%
15
preferred
200
Western
2%
2%
7%
%
150
7%
Venezuela Mex Oil Co..10
Venezuelan Petroleum
5
Vogt Manufacturing
80
""8"
1%
58%
Waco Aircraft Co
..*
Wahl (The) Co common..*
Jan
59
*
Jan
Mar
%
preferred
Feb
%
Jan
Conv
"l",266
27
£25
Utll Pow A Lt common.. 1
Feb
13%
7,100
""266
Jan
Jan
3
%
Feb
Mar
97
'16
3,900
26
"18% "l6%
35%
18%
11%
21%
28
8
'""% ~~"9t6
Utlca Gas A Elec 7% pf 100
Utility Equities Corp....*
Priority stock.........*
Utility A Ind Corp..
*
Feb
350
7,700
%
Tobacco Prod Exports
1%
41%
Jan
17%
10,200
Teck Hughes Mines
..1
Tenn El Pow 7% 1st
pf.100
Jan
%
*
Low
18
5%
11
9%
Utah Apex Mining Co...5
Jan
400
Low
1
Utah Pow A Lt $7 pref...*
Utah Radio Prod....
*
Mar
500
Shares
High
Insurance.....8
Feb
Feb
3%
300
Jan. 1 1936
1936
Par Low
Universal
Universal Pictures com
Universal Products
Mar
13%
3%
Technicolor Inc common.*
3
Jan
%
1%
10%
3%
Tampa Electric Co com..*
Tastyeast Inc class A
1
%
87%
33%
4%
83
23
l
Syracuse Ltg 6% pref.. 100
Taggart Corp common ...»
Jan
Jan
Feb
100
*
Swan Finch Oil
Corp
Swiss Am Elec pref
Swiss Oil Corp
%
1%
%
100
Range Since
Feb. 29
Week
Mar
150
3%
15
%
4%
Feb
29
'16
300
3%
14
%
%
40%
%
900
150
July 1
1933 to
for
Mar
15%
6%
32%
Sales
of Prices
(Concluded)
*
common
Week's Range
STOCKS
1
800 1»« 70c
45
10
6%% pref erred. ....100
SterchJ Bros Stores
*
Jan
Feb
Feb
1%
40%
1%
Corporatlon.._..l
Steel Co of Can Ltd
*
Stein (A) & Co common..♦
149
7%
...»
Standard Silver Lead
Feb
5%
Jan
DIgby 4-7140
Jan
83
32%
40
•
Preferred
Jan
Feb
NEW YORK
Jan
4%
*
Standard Oil (Ohio) com 25
5% preferred.......100
Standard P & L com
*
6%
%
%
32
*
Common..
3
3%
%
4%
900
9%
38%
78%
com
Standard Brewing Co
*
Standard Cap A Seal com .5
Standard Dredging Co—
Starrett
2
%
Am dep rets ord reg..£l
Conv preferred
»
Stand Investing $5.60 pf.*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
26%
149
BROADWAY
34%
8%
Stahl Meyer Inc com
Feb
Mar
%
100
""loo
5
preferred
9
37
Feb
27%
28%
26%
34%
15%
14%
.....
1%
Class A
100
;V; 5
.....
*
Square D class B
20 >y 26
£37
27%
£25%
39
1940
32
Feb
1,000
99
105
Mar
104% 105%
36,000
99% 116,000
99%
103
103%
28,000
98% 100
21,000
103% 104
8,000
99
98%
6,000
91
92%
24,000
84%
88% 305,000
69
67%
97,000
67%
70% 179,000
50
100%
33%
105
72
105
73
104% 105%
45%
49
46
72
94
99%
93%
103%
96%
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Mar
Jan
101
Feb
90
Jan
95
Feb
Jan
89%
25
82%
62%
Jan
75%
Jan
Feb
25%
64
Jan
78%
80%
106%
Jan
Feb
111
Feb
55%
37%
37%
76,000
29
71%
Mar
18,000
62
104%
Mar
90
109%
Jan
«
I
Jan
New York Curb Exchange—Continued—Page 5
1958
July
Sales
1933 to
of Prices
for
Feb. 29
Week
%
Low
Low
Chic Pneu Tools 5 Ms-1942
1927
Cincinnati St Ry 5%s A '52
6s series B
102 %
74
1966
Conv deb 5a
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
1943
Cities Serv P & L 534s 1952
1949
5%s
1st M 5s series B...1954
1st 4Mb series C
1st 4Mb series D
1st M 4s series F
1956
3%s series H
1965
1957
1981
Com'wealth Subsld 5 Ms '48
10,000
51%
43
Range Since
Jan. 1 1936
1951
103
80
Jan
Jan
93
Jan
97%
77 M 60,000
73 M
78% 968,000
59,000
100% 101%
28%
69%
69%
97%
Jan
Jan
Jan
80
Feb
80%
Feb
101%
15,000
102M 103%
195,000
67%
73
68 M
118,000
73
65
28%
43%
5s series D
.*.1962
Consol Gas (Bait City)—
6s
1939
Gen mtge
4Mb
1954
s
f 4s
1981
9%
ser
68
90
Mar
96%
39,000
73
Jan
106%
41%
46
36
37
111% 112%
111% 112M
111 % 112
112
112
7,000
16,000
83%
32,000
43
2,000
104%
Feb
66
75
26%
27%
Jan
76%
Mar
70
75
Jan
76%
33
34
Feb
37
86%
86%
111
68
Feb
Mar
Jan
112%
Feb
3,000
Jan
'
Feb
Jan
Jan
Jan
Jan
113%
Mar
113
Mar
30,000
80%
79%
69%
98%
111%
110%
110%
105%
103%
113%
106%
Jan
24,000
64
103%
Jan
105
Feb
74,000
33%
63%
Jan
77
Feb
4,000
19,000
76
107% 108
101% 102
101% 101%
International Salt 5s__1951
"80"
49
53%
"82% 13l",000
101%
37
«•
104%
4%
Jan
Feb
Feb
Jan
17
50
Jan
75
Mar
54
Feb
75
Mar
53%
Feb
76
Mar
M
MM
107
Jan
109%
Feb
99
Jan
103
Feb
101%
101%
Mar
103
79%
Mar
Jan
101%
Jan
Jan
88
Feb
Jan
79%
Jan
70%
72
96,000
107%
Feb
72
127
127
4,000
l08~
108""
103
103
112
98%
~
4*666
11,000
102
87%
125%
Jan
127%
107
Jan
109
108
Jan
103
Mar
111M HIM
121
1,000
3,000
103
99%
26%
69%
88%
84
13,000
41
85
Jan
92
18,000
42
79%
Jan
87%
Jan
100%
Mar
100%
Mar
Jan
Invest Co of Amer—
"161"
Mar
105%
105%
105%
105%
Jan
109
Jan
104%
Jan
Iowa Pub Serv 5s
121
24,000
87%
83%
Debenture 6s...
74%
67
105% 106 %
104% 105M
104 M 104 %
2,000
111%
Jan
112
Jan
122
53
Jan
120
Jan
ior"
"i",66o
67
100
Jan
101
105%
105%
105%
105%
13,000
56
105
Jan
106%
56%
104%
105%
101%
Jan
106
Jan
Mar
106%
Feb
Jan
105%
Mar
2,000
72
57%
18,000
57
1,000
18,000
39
44
Jan
57
55
78
Jan
90
39%
Jan
51%
-;v-
■
""48% "53%
107M 108 M
7,000
100%
21,000
88%
107%
Mar
110
Feb
29,666
35
99
33
88
Jan
100%
54%
8,000
48
Consumers Pow 4Ms.. 1958
Cont'l Gas & El 5s.__.1958
105% 105%
31,000
88
33
105%
85%
Mar
90% 559,000
Jan
93
Feb
Crane Co 5s
102 % 102%
77%
102%
Mar
104
Jan
105% 105%
117% 118%
103%
Feb
102
87
102 M 102%
98
96%
78
78
105% 105%
2,000
10,000
24,000
4%
70
60%
2,000
50
1,000
35
9,000
65
Jan
29%
96
'
102%
88%
100
Feb
Feb
Jan
107%
5s series B
105% 105%
105% 106%
Jan
98
Feb
Jan
78
Mar
105%
106%
Mar
107
Feb
Feb
110
Jan
70
Mar
Feb
Mar
Jan
53%
Jan
61
106%
Jan
108
Jan
77
Jan
106
Mar
70%
103%
103%
Jan
106%
Mar
102%
105%
Mar
61%
115%
100%
Jan
118%
Mar
Feb
103
Mar
105%
Mar
105%
Mar
91%
Feb
Jan
Jan
Jan
96%
53%
Mar
48
Feb
Jacksonville Gas 5s__.
3,000
Cumberld Co P & L 4Ms'56
Dallas Pow & Lt 6s A. 1949
Feb
35,000
11,000
14,000
7,000
Mar
Stamped
1940
74
1%
38 M
38M
100
100
Cuban Telephone 7Ms 1941
Cuban Tobacco 5s
1944
Jan
105%
110%
International Power Sec—
A..1943
Crucible Steel 5s
63
26,000
Conv deb 6Ms w w.1943
Consol Pub 7%s stmp.1939
Aug 11940
Feb
22
12
65%
66%
102
Consol Gas Utll Co—
1st & coll 6s
75%
10,000
68%
Consol Gas El Lt & P (Bait)
1st ref
Jan
23%
Mar
73%
Feb
65
32,000
70%
95
96%
105% 105%
Jan
25,000
Feb
111%
70%
68
High
107
Jan
88%
111
111
5s.
Low
Jan
70
5,000
10,000
Mar
86%
4,000
Low
%
High
106% 106%
Feb
Jan
47
97 M
1956
Conn River Pow 5s A 1952
Jan. 1
1936
Low
Feb
Connecticut Light & Power
7s series A._
Range
Feb. 29
Week
Hit*
Low
72
40%
96
97
Community Pr & Lt 5s '57
4Mb series C
1933 to
for
(Continued)
102
1936
1
Sales
of Prices
BONDS
96
Commerz & Prlvat 5 Ms '37
Commonwealth Edison—
1st M 5s series A...1953
3,000
74 M
95
1955
Cities Service 5s
High
102 %
21
Week's Range
1936
(Continued)
Chic Rys 58 ctfs
July
1
Week's Range
BONDS
March
103
10,000
60,000
1,000
10,000
11,000
105% 105%
5,000
105% 105%
2,000
55
80%
70
107
106%
106%
Jan
Jan
Jan
Kentucky Utilities Co—
106 M
12,000
94
106
Mar
107%
Feb
104
105%
20,000
55
Feb
97%
107%
Delaware El Pow 5 Ms 1959
Denver Gas & Elec 5s. 1949
103 % 104%
15,000
65
103
Jan
105%
Feb
16,000
50
95%
Feb
102
Feb
64,000
45%
91%
Feb
Jan
Derby Gas & Elec 5s__1946
102
99% 100%
92%
94%
104% 104%
3,000
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Mar
6s series C
1952
109
109
106
108% 108%
102%
45,000
106
106M
2,000
104 %
105M
Certificates of deposit-
Elmira Wat Lt & RR 5s '56
El Paso Elec 5s A
56%
76
35,0(00
9%
11,000
7M
9
23,000
2
2,000
2%
1%
%
%
2
14,000
3,000
86
88 M 724,000
3,000
101M 103
1M
102 M
2
102 M
76
22
55
64
1950
92%
107M 107%
5,000
Empire Dist El 5s
1952
66%
25
1938
"ioo"
Empire Oil & Ref 5 %s 1942
85M
6Ms series A
161
~55~, 000
46
88
188,000
41
Jan
Jan
82%
103%
Jan
Jan
107%
Mar
103% 103%
11,000
72
103
Mar
104%
Jan
105%
Jan
104% 104%
11,000
76
104%
Mar
106
54,000
54
4%
4%
Jan
Jan
%
Jan
3
Jan
%
Jan
Jan
2%
103%
88%
Feb
99%
101%
74
99%
102%
Jan
103
Feb
11
Kimberly-Clark 5s__.
106%
105%
98%
80%
Feb
110
102%
Jan
Jan
5,000
82%
103%
102%
Feb
104%
105%
104%
Mar
57
65
105%
Jan
107
Feb
94
107
Feb
61%
103%
Jan
107%
105%
Jan
79
105%
Jan
107%
Feb
Mar
107% 107%
7,000
Jan
*104%
Jan
Mansfield Min &
Feb
107
Feb
5s__1942
85
9,000
Jan
Jan
102
Feb
Jan
51
Mar
2%
Federal Water Serv 5Ms'54
Finland Residential Mtge
Banks 6s-5s stmpd.1961
Firestone Cot Mills 6s 1948
40%
Jan
Jan
107%
~~5"66o
75%
Jan
36
Feb
58
103
Jan
85
39%
3
87%
100
103% 104%
104%
104
First Bohemian Glass 7s '57
Fla Power Corp 5 Ms. 1979
104
12,000
1%
2%
Jan
104
5%
89
105
105%
99%
103%
106%
Mar
Mar
33
101
Feb
104
Mar
63
103%
Feb
73
105%
91%
Mar
107%
106%
Mar
8,000
105% 105%
Jan
70
80
97%
8,000
46
Jan
103
Jan
91
92%
38,000
53
78
Jan
Feb
105% 106%
20,000
90
104
Feb
Mar
Mar
105% 105%
Jan
11,000
67
36,000
54
104%
98%
Jan
100%
Jan
100%
103% 104%
Feb
93%
106%
105%
7,000
58%
103%
Feb
105
100%
Feb
21,000
85
103%
Jan
86%
87%
45,000
35%
86
89
104
Jan
Feb
92
93%
40,000
40
89%
91
Jan
105%
106%
95%
Feb
25,000
105% 106%
18,000
48
100
Jan
105%
Mar
107% 107%
106% 106%
6,000
85%
95%
70%
92%
Gatlneau Power 1st 5s 1956
99
218,000
88%
92%
Deb gold 6s June 15 1941
86%
90%
30,000
60
83%
89
49,000
Deb 6s series B....1941
General Bronze 6s.___1940
102
102%
General Pub Serv 5S..1953
101
101
Gen Pub Utll 6 Ms A. 1956
General Rayon 6s A. 1948
84
84%
56
57
Gen Vending Corp 6s. 1937
Certificates of deposits.
25%
26%
87
5s.
.
Jan
98%
Feb
Jan
99
Mar
Jan
90%
Mar
89
Miss River Pow 1st 5s 1951
Feb
Jan
Mar
_
69%
82
Jan
55
97%
Jan
102%
1,000
54
99
Jan
23%
79
Jan
102%
89%
59,000
13,000
30
30
Jan
2
22%
Mar
6,000
2
22
Mar
102,000]
107
Feb
Mar
108%
Feb
Mar
108%
Jan
68%
Feb
105%
6%
Mar
91%
103%
Mar
106
104
Mar
107%
Jan
104
Jan
106
Feb
Jan
Feb
Jan
Jan
38%
86%
97
201,000
54%
Mar
85%
88
20,000
95%
81%
32%
87%
102%
60,000
107
Guantanamo & West 6s '58
Guardian Investors 5s. 1948
55
58
65
1947
Gulf States Util 5s
1956
1961
107
107% 108%
5,000
1977
4,000
1936
Houston Gulf Gas 68..1943
6 Mb with warrants. 1943
Houston Light & Power—
66%
106%
Jan
107%
105
Jan
107
Mar
55
102%
Jan
103%
98%
108%
Jan
109%
"4",000
98
105%
Jan
107%
60
72
Jan
Feb
37
41
Feb
93%
43%
1,000
28
29%
Jan
2,000
65
104
32%
104%
4,000
40
103%
Jan
107
8,000
29%
97%
Jan
101%
29%
104
29%
104
105% 105%
100
101%
Jan
Jan
Mar
Mar
75
Mar
Feb
Feb
Jan
109
Jan
95%
112%
79%
79%
Jan
Mar
72%
73,000
34
73
16,000
33%
33%
46%
69
Mar
72% 119,000
69
Mar
85
Jan
88%
Jan
99% 476,000
99
102% 823,000
50
Jan
Feb
Feb
Mar
Feb
Feb
79%
99%
102%
Mar
88%
Feb
Feb
Mar
A
1,000
91%
105%
Mar
Mar
79
103%
Mar
Jan
80
104
Mar
107%
106%
100%
113%
100
107
5%s series A
1956
107
"1I666
76
78
22,000
1,000
96% 120,000
2,000
107% 107%
104% 105% 103,000
101
102
47,000
98%
99% 183,000
108% 108%
93%
Sf deb 5Mb ..May 1957
92%
Indiana Electric Corp—
6s series A
1947
94
99% 100%
1951
102
102%
89%
91%
95
96
1959
114
Jan
108
Jan
82
Feb
58
Jan
86
108
Jan
81
Jan
Feb
104
Feb
7,000
103%
73
66,000
1,000
58%
"112%
..
—
M
M
M
M
77
81
96
Jan
Jan
105%
101%
111%
106%
Mar
110%
107%
103%
108%
Mar
105%
Feb
Jan
112%
108%
Mar
Jan
Mar
Mar
Jan
Jan
1,000
15,000
2,000
104
106%
Feb
109
Jan
63
84%
Mar
90
Feb
81%
99%
Mar
87
M m -
M
107%
105%
102%
9,000
112%
106% 107%
106% 106%
86%
»
74%
— •
M
M
M
M
M
M
99%
Mar
100%
Jan
Jan
20,000
25%
90%
Jan
97
57%
106% 106%
9,000
18%
53%
Jan
64%
1,000
71
106%
Feb
108
Jan
1(^4%
14,000
51%
Jan
104%
104%
101%
107%
104%
104%
Feb
52%
49%
102%
102%
95
95
Mar
Northern Indiana P S—
Jan
40%
60
82%
Jan
81%
109%
Feb
Feb
Jan
97
Feb
Feb
82%
106
Jan
109
48
101%
Jan
105%
46
99
Jan
103
05
Jan
32,000
42%
32%
86
Jan
100%
94%
23,000
64%
06
Jan
102
Jan
2,000
28,000
58
100
Jan
104
Feb
45
86%
107%
Jan
97
Feb
7,000
44
93
Indiana Gen Serv 5s.. 1948
Indiana Hydro-Elec 5s '58
Mar
Mar
56%
42
107
69
101
67,000
1953
Nor Cont Utll 5%s__.1948
No Indiana G & E 6s. 1952
25
M
1959
No Amer Lt & Pow 58.1936
60
15,000
102% 103%
105% 105%
Niagara Falls Pow 6s. 1950
series
33,000
78%
108% 108%
106% 107%
N Y P&L Corp 1st 4%s '67
N Y State G & E 4 %8.1980
5s
85%
77
..1942
Income 6s series A..1949
Feb
Mar
Jan
84%
56
5s stamped
Jan
Mar
2,000
.1954
1st 5%s
1962
N Y & Westch'r Ltg 4s 2004
Debenture 5s_
1954
108
83,000
1949
For footnotes see page
44
Nippon El Pow 6%s
Hydraulic Pow 5s__._1950
1953
Feb
86%
109%
76
Debenture 5%s
New Orl Pub Serv—
Jan
21,000
105% 105%
88 M
90%
104
6 Mb series B
105%
54
Feb
Feb
104% 104%
5s series C
35
Mar
104
A '53
5,000
92% 100,000
71
Jan
62
1981
1st <fc ref 5Ms ser B.1954
1st & ref 6s ser C...1956
108%
97
1978
111 Northern Utll 5s.__1957
Feb
Jan
Jan
Jan
70%
1948
Feb
Feb
18
70%
Conv deb 5s
Feb
24
1st 4Mb series D
1st 4Mb series E
1947
91%
Jan
119
87%
69
107%
Feb
Jan
3%
83
Mar
Feb
Jan
107%
11%
70%
27,000
2,000
85
108
100
110
106% 108%
20%
97%
Jan
100%
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
108%
117%
84%
90%
24,000
106
6s series B
42
93
67
105
102%
93%
23%
119
20,000
106
Idaho Power 5s
51
119
22,000
6,000
1953
Illinois Central RR 6s 1937
32,000
Jan
73 M
1st 5s series A
Ref & lmpr 5s
...1951
Hygrade Food 6s A...1949
Mar
90
98
101%
101
Deb 5s series B
2
"2,000
83,000
103
33
105%
46,000
106%
90
8%
90%
106% 107%
105% 107
103
103%
1938
Hood Rubber 7s.
63
102%
93%
94%
22%
109%
10
Hamburg Elec 7s
1935
Hamburg El Underground
& St Ry 5 Ms
101
Feb
79,000
4,000
5,000
109
11,000
Hackensack Water 5s. 1938
1947
53
44,000
99% 100%
101
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stmp__1950
Great Western Pow 5s 1946
Gulf Oil of Pa 5s
40
30
47%
"105%
99%
76,000
95%
14,000
8
Nebraska Power 4%s.l981
89%
98%
105% 106
Nat Pub Serv 5s ctfs
Georgia Power ref 5s__1967
Georgia Pow & Lt 5s. .1978
Jan
106%
67%
93%
67
103% 104
Mar
Mar
Feb
Feb
Feb
Jan
911666
A...1951
Feb
93
"87% "88%
ser
94
26
1953
let & ref 5s
26%
26%
25%
_
Jan
Feb
Montreal L H & P Con—
Nat Pow & Lt 6s A...
Gen Wat Wks & El 5s. 1943
95%
96%
106%
1,000
38,000
98
Feb
58
Feb
Mar
Jan
93%
Jan
98
11,000
Jan
97
Jan
63%
71%
Mar
Jan
Feb
44%
Gobel (Adolf) 4%s___1941
Jan
Mar
Mar
Jan
75%
39,000
Glen Aiden Coal 4s___1965
96
94%
99%
95,000
Jan
103%
106%
101%
15
94
Jan
70
86
94%
ser
92%
103% 107I666
106% 116,000
26,000
100%
17,000
104
107
7,000
7,000
93%
97%
stamped. 1944
111 Pow & L 1st 6s
40
Jan
32%
7s
"l02%
Gary Electric & Gas—
5s series A
83%
40,000
96% 205,000
Hail Print 6s stmp
Jan
Jan
62%
Florida Power & Lt 5s 1954
4Mb series B
76%
40
61
86%
100
Firestone Tire & Rub 5s *42
Gesfurel 6s
22%
33
7s without warr...
92
105%
65
28,066
100
103% 103%
Federal Sugar Ref 6s__1933
ex-warr
105%
7s with warrants..
78
Feb
Si
108%
Mar
24
84
551666
Feb
Metropolitan Ed 4s E.1971
European Mtge Inv 7a C*67
5s
103%
Jan
Feb
Los Angeles Gas & Elec—
5%s.
1967
European Elec Corp Ltd—
6MB
1965
Fairbanks Morse
108%
54%
6,000
Mar
Jan
Jan
Jan
6,000
Jan
105
Jan
103
Feb
103
Jan
Feb
103% 104%
104% 104%
Feb
10%
Mar
40
1953
101
105%
102%
107%
Ercole Marelli Elec Mfg—
Erie Lighting 5s
46
97%
106%
""§0% "83%
6M with warrants._ 1943
82,000
109
El Paso Natural Gas—
Deb 6 Ms
95
109% 110
92%
8
Aug 1 1952
Certificates of depositDeb 7s
Aug 1 1952
Dixie Gulf Gas 6Ms.. 1937
Elec Power & Light 5S.2030
3,000
100%
67%
Detroit Internat Bridge—
6Ms
5,000
01
Jan
Jan
107%
101%
Mar
Feb
Mar
Feb
Feb
Feb
55%
5s series C
1966
103%
5s series D__.
1969
103% 104%
73,000
4%s serlesE
1970
100% 101
106% 106%
41,000
1,000
71
104% 104%
101% 102%
57%
65
57%
64%
29,000
19,000
No States Pr ref 4%s._1961
5%% notes
N'western Elec 6s
..1940
1945
N'western Power 6s A. 1960
Certificates of deposit
98
Jan
Jan
Jan
69
105%
103%
Feb
97
Jan
Mar
Feb
Mar
Mar
101
Jan
46,000
8%
51
Jan
65
Mar
32,000
8%
60%
Jan
64%
Mar
Feb
New York Curb Exchange—Concluded—Page 6
Volume 142
July
Week's Range
Sales
Low
Ogden Gas 5s___
Jan. 1 1936
1936
Low
Low
Ohio Power 1st 5s B..1952
21,000
20,000
23,000
1,000
44,000
lst&ref.4%9serD 1956
Jan
Jan
Mar
Jan
Jan
107
83%
105%
105%
105%
109
Jan
60%
105
Jan
63
Mar
Jan
88
5s series D
1954
104% 105%
5%s series E_
1961
106% 106%
105
105%
23,000
68%
106%
104%
-.1940
102
102%
63
102
Mar
Okla Power & Water 5s '48
89
11,000
18,000
10,000
40
89
Mar
45%
93%
Okla Gas & Elec 5s—1950
series A
Low
Texas Power & Lt 58—1956
Feb
Mar
6s__.........
Oswego Falls 6s
1947
90
Co 6s stpd.1937
Tide Water Power 5s_.1979
107%
Mar
107
Mar
112
Feb
Twin City Rap Tr
105%
107%
Jan
1st 6s series B
1941
lst&ref4%s E
1957
120%
105%
105%
101%
115%
81%
102%
2,000
65
16,000
102%
Penn Cent L & P 4%s 1977
5a
1979
104
101
105
Penn Electric 4s F
100
1st <fc ref 4%s F
1960
Pacific Invest 5s ser A. 1948
Pacific Ltg & Pow 5S..1942
Pacific Pow & Ltg 5s. .1955
1938
121%
105%
107
Feb
105
Feb
94%
1950
Jan
100
106
Jan
107%
Jan
119%
105%
Jan
Feb
United Elec N J 4s
Mar
121%
107%
Jan
United El Serv 7s
99
Penn Water Pow 5s.—1940
6s series
1957
Phila Elec Pow 5%s—1972
Phila Rapid Transit 6s 1962
Phil Sub Co G & E 4%s '57
Piedm't Hydro-El 6%s '60
Piedmont & Nor 53... 1954
107%
Jan
Feb
100
Mar
49
98%
Jan
101%
83%
34
a78
76
84%
a78
79
106%
76%
19
74
54
18,000
14,000
77%
32
25
77%
75%
78
100
99
106%
102%
Mar
116
Feb
Feb
2,000
85
Feb
100%
100
Jan
105
67
104%
Jan
106
Feb
97%
Jan
101%
Feb
51%
Jan
6%s
5%s
Jan
102%
99%
57
3,000
32,000
2,000
12,000
31,000
26,000
107%
107
105%
113
39%
35
Jan
6s series A
100
80,000
56%
68
Feb
102%
Feb
6%% serial notes...1939
Feb
106%
104%
112%
105%
Feb
Mar
6% % serial notes...1940
Utah Pow & Lt 6s A..2022
Jan
107%
106%
Feb
114%
Jan
Feb
108
Jan
88%
103%
Jan
100
Mar
Jan
4%s
100
44%
98
35%
5s Series E
106%
Feb
Jan
15%
113%
Mar
1st ref 5s
Jan
6s
Jan
112%
Mar
Mar
86%
Jan
90%
Feb
105%
Mar
108%
Jan
Ward
41%
Jan
103
89
106
4,000
80
Portland Gas & Coke 5s '40
9,000
79
16,000
67%
Jan
64
106%
72
106
Jan
107
...1961
108
108%
11,000
65
106%
Jan
108%
Jan
102%
83%
88%
24",000
41
94%
95
98
6,000
53
97%
15,000
41%
West Texas Util 5s A. 1957
Jan
Feb
West Newspaper Un 6s '44
West United G&E5%a'5?
Mar
19,000
45
21%
22%
18,000
106
106
1,000
106 V
106
4%
10,000
92%
21%
106
Feb
Feb
Jan
101%
Mar
Jan
97%
Jan
Jan
94
Jan
Mar
27
Jan
Feb
107
Jan
76
*
105%
Mar
107%
Feb
83
106
Jan
Mar
221666
105
Feb
Feb
Mar
46
47
Mar
105% 106%
Jan
106%
107%
103%
60
103%
Jan
108%
41
88%
33%
105%
Jan
94%
Jan
49%
Feb
Jan
Mar
107
Feb
106%
107%
75
46%
20,000
21
15,000
64
99
Mar
Feb
Jan
Wise-Minn Lt & Pow 5s '44
106% 106%
"lb1666
61
106
Jan
107
Jan
91
Jan
Wise Pow & Lt 5s E
103
26,000
52
101%
Jan
105
Feb
Jan
95%
Feb
103
25,000
6,000
51
101
Jan
Feb
78%
105%
106%
103%
103%
107%
Jan
107%
104%
Jan
97%
Jan
31
Jan
100%
5s series F.
103%
103%
105% 106
107
107%
103% 104%
1956
.1958
Feb
107
104%
104
102
Jan
103%
Jan
104%
105%
Feb
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
20-year 7s
1947
18%
Jan
15%
17
Jan
21%
Jan
104
Jan
Baden 7s
21
26
Jan
26%
Feb
25%
27%
55%
57%
Jan
Jan
66
Mar
66%
Mar
Jan
11
Jan
33
21,000
23,000
103%
32
Jan
Jan
Jan
Mar
Jan
4,000
7,000
10,000
87,000
104
Mar
105
55
102%
Mar
Feb
Jan
96%
Feb
Jan
Jan
(Province)—
1952
7%a stamped......1947
Cauca Valley 7s
1948
Feb
Prov Banks 6s B...1951
86,000
10,000
30%
85
105
Jan
106%
Jan
106%
61%
55%
103
Jan
105
Mar
Danish
100
Jan
104
Jan
1951
5s
22%
100
28%
23
106% 107%
ii"66o
15
15%
103% 104%
34,000
45,000
91
3%
64
Jan
Jan
6s series A
Jan
95
112
Jan
33
Feb
27
Feb
Jan
108%
19%
101%
Jan
105
Feb
Jan
Mar
Secured 6s
Jan
125
110
Jan
Maranho 7s
Jan
33
Jan
4%
66%
3~66o
96%
104
105
104% 104%
16,000
107% 102,000
16,000
104% 105
107
69
70
22,000
22,000
98%
99%
103% 104% 162,000
18%
18
Jan
30%
Mar
Jan
30
Feb
Feb
104
Jan
Jan
Jan
72%
103%
Feb
Mendoza 7%s
48 stamped
Feb
108
1945
Ref M3M8 May 1 1960
RefM3%sB July 1 1960
103% 103%
102% 103%
103
103%
1st & ref mtge 4s... 1900
107
107%
14,000
88,000
42,000
4,000
1955
S'west Pub Serv 6s... 1945
106% 106%
27",666
103% 104%
10,000
107% 108
14,000
79%
80%
31,000
102% .103% 121,000
98
94%
15,000
100% 102
31,000
102% 103
4,000
92%
94%
37,000
104% 104%
4,000
Staley Mfg 6s
102
102
2,000
76%
76%
78
134,000
1935
75
78
Debenture 6s
Certificates of deposit.
1951
69
72%
Debenture 6s.Dec 11966
69
72
Stand Gas & Elec 68..1935
Certificates of deposit
76%
1,000
56,000
Jan
Jan
105%
105%
Mar
Jan
108
Mar
63%
100%
Jan
105%
Mar
38
41
37%
58
97%
101
Jan
Feb
Feb
70
Santa Fe 7s
105
Feb
Santiago 7s
Jan
103%
103%
96%
96%
107%
107
101
100%
Mar
Jan
Jan
Mar
104%
104%
108
Mar
106%
78%
75%
106%
Jan
107%
106
Feb
107
Feb
107
Feb
108
53
101
Jan
82%
104
Jan
99
45
99
Jan
25
37
92%
Jan
91
Jan
55
101%
83
102%
Feb
3,000
23
29
Mar
3,000
21
22%
10%
8%
13%
9%
71%
Mar
32%
26%
Jan
Jan
12%
Feb
Jan
12
Jan
17%
Jan
14
Feb
81%
63
Feb
75
Jan
18
Jan
19
Feb
7,000
11%
3%
10%
8%
72%
181666
26%
23%
19
13,000
13
19
12%
12%
16
18%
15%
15%
3,000
3,000
8,000
51,000
6,000
13
17%
6
10%
1
1%
1%
8,000
70
70
...1945
56
56
11%
11%
11%
1949
1961
%
22,000
11%
3,000
4,000
9,000
1,000
19%
14%
98%
21%
1
12
Jan
92%
10%
7%
62%
"I'h "l% "7I666
Mar
72
Jan
Jan
12%
1%
1%
Mar
17%
2%
2%
Mar
Mar
103%
Feb
105%
Feb
102
Mar
104%
Jan
37%
69
Jan
83%
48
69
Jan
81
Feb
37%
47%
69%
Jan
84%
•
No par value,
the rule sales not
Feb
Feb
Jan
102%
Feb
64%
Jan
76%
Feb
46%
Jan
59
Feb
15,000
26
49
Feb
61%
Mar
5,000
12,000
3,000
3,000
25
45
Jan
60%
106%
106%
110%
109%
Mar
Jan
Jan
Jan
64
69
97
Stlnnes (Hugo) Corp—
1%
Jan
Feb
13
58
Feb
Jan
Jan
Feb
Jan
43%
5%
50
Feb
56
11%
11%
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
63%
12%
12%
5%
range,
x
Jan
Mar
Jan
Jan
a Deferred
delivery sales not Included In year's range,
n Under
r Cash sales not included In year's
Included In year's range,
Ex-dlvldend.
I
»«
Price adjusted for spllt-up.
92
Price adjusted for stock dividend.
Abbreviations Used Above—"cod," certificates of deposit; "cons," consolidated;
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates; "w i," when Issued; "w
w," with warrants; "x w,"
without warrants.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables) are as follows:
»
59
56
103%
97
104%
104%
107%
108%
Mar
Mar
Mar
Jan
48
89
Jan
98
79%
54%
40
78%
Jan
90
45,000
36%
Jan
64%
103% 104%
88,000
60
41%
99%
8,000
12
29
4,000
Mar
Mar
Mar
99
Jan
16
371666
Jan
2%
2%
1 %
%
Jan
Feb
25%
Feb
28%
Feb
101% 101%
26,000
69
71% 128,000
54
54
10,000
30
28%
Mar
Jan
92%
Feb
29
Mar
24%
Feb
JaD
40
Feb
51%
Jan
23%
21%
Jan
25
107%
56%
Feb
79
69%
23
Jan
96%
76
"91% "92%
36%
Mar
80
Ternl Hydro Elec 6 %s 1953
Mar
Jan
103
81
Tenn Public Service 5s 1970
96%
Jan
Feb
Jan
105
Feb
Mar
Jan
105
Jan
100
5,000
.....1945
7s
34
Jan
7,000
94
1919
1921
5%s certificates.... 1921
Jan
Jan
Mar
6,000
19
6%s certificates
5%s
100%
104%
Feb
71
"6§"
Issue of Oct 1927
Mar
Jan
1957
Jan
24%
30%
22%
Russian Govt 6%s...l919
Mar
66
107% 108
61
95%
89%
19
105
65%
55%
57
104% 105%
68%
11%
1951
63
63%
Feb
28%
57
28
2,000
6,000
8
4%
Mtge Bk of Bogota 78.1947
Issue of May 1927
73
Mar
30
54
22
98%
95%
22%
Mtge Bk of Chile 6S...1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6%s..l959
61
79,000
IO~7"666
31%
29
1951
7s Stamped
Debenture 3%s
30
1958
102%
65%
08%
106%
100%
100%
17
1,000
36,000
21%
25
Medellln 7s series E..1951
Jan
2,000
3,000
Lima (City) Peru 6%s—'58
Certificates of deposits
Jan
9,000
"
Jan
71
Hanover (City) 7s
1939
Hanover (Prov) 6%s..l949
124
7
102
Feb
23%
24%
.1947
109
32%
31%
29%
28
German Cons Munio 7s *47
Feb
Jan
6
31%
Danzig Port & Waterways
External 6%s
1952
Mar
106%
14%
2,000
95%
Mar
27
13,000
9%
1953
74
Feb
3,000
66
9%
98%
111
28%
65
65
1955
88
30%
2,000
64%
.1952
5%s
101
27%
27%
102% 102%
Jan
Jan
Cent Bk of German State &
Mar
15
7s stamped
Jan
86%
83%
78%
88
28%
70
Buenos Aires
101
104%
103%
Jan
40%
60%
93%
89%
106%
10,000
63%
AND MUNICIPALITIES—
37%
36%
33%
50,000
9,000
39,000
FOREIGN GOVERNMENT
Sou Calif Edison Ltd—
1945
45
92
Jan
100
103%
Jan
Jan
106% 106%
Texas Elec Service 5s. 1960
52
97,000
72,000
90
107
Feb
Mar
Jan
102
Tennessee Elec Pow 5s 1956
96%
102%
95%
91%
83%
Feb
Servel
Super Power of 111 4%s '68
1st 4 Ha
1970
Syracuse Ltg 6%s
1954
75
102
Second Int'l Sec 58...1948
1936
1946
106
75
1,000
Feb
98
101%
9,000
6s with warrants... 1935
Standard Investg 5%sL 939
91
2,000
99
Wheeling Elec Co 5s._1941
Schulte Real Estate—
Standard Telep 5% 8—1943
Mar
58%
53%
52%
52%
1,000
2,000
San Joaquin L & P 6s B *52
Sauda Falls 5s
.1955
Standard Pow & Lt 68.1957
93%
52 %
92
Feb
Feb
Jan
Feb
Saxon Pub Wks 6s...1937
1942
105%
106%
100%
111%
1,000
S'western Nat Gas 63.1945
Jan
Jan
1,000
24,000
So'West Pow & Lt 58.2022
Jan
90%
104
91
S'western Lt & Pr 5S..1957
Jan
105%
108%
111
S'western Assoc Tel 5s.*61
104
60
62
91
Sou Indiana Ry 4s
1951
Southern Nat Gas 63.1944
60
45
Feb
32,000
111
Sou Calif Gas Co 4 Ha 1961
Mar
111%
Jan
110
105%
103%
103%
103%
105%
Rochester Ry. & Lt 5s 1954
Ruhr Gas Corp 6%s..l953
Sou Counties Gas 4%s.'68
Sou Indiana G & E 5%s '57
Feb
102%
93%
109%
105%
103%
102%
102%
104%
102% 102%
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 53.1957
Southeast P & L 6s...2025
86%
Jan
25
York Rys Co 5s......1937
Reliance Managemt 5s 1954
Rochester Cent Pow 5s 1953
1st 4%s series D...1970
Jan
11,000
98%
Feb
Feb
104%
75%
98%
51%
8,000
15,000
102% 102%
100
101%
95%
96%
105%
90%
Jan
Jan
Wise Pub Serv 6s A—J1952
Yadkin Riv Pow 5s
1941
Queens Boro G & E 4%s '58
5%s series A
1952
1970
100%
81%
Feb
102% 103
102% 103%
88%
90
84%
87
81%
83%
106
106%
Shawlnlgan W & P 4%s *67
4%s series B
..1968
Feb
Mar
1957
1948
Feb
91
Jan
140%
5s series D
1935
Jan
88%
Mar
Jan
104
Scripp (E W) Co 5%s_1943
Seattle Lighting 5s... 1949
Jan
58
132%
29
1961
San Antonio P S 53 B..'58
Feb
100
2030
West Penn Traction 5s *60
Jan
Oklahoma—
St. Louis Gas & Coke 6s *47
Feb
107%
116%
102
5s aeries C
Ruhr Housing 6%s...1958
Safe Harbor Water 4%s '79
106%
Jan
Jan
17,000
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—.
1st & ref 4%s ser D. 1950
Quebec Power 5s
1968
Mar
138% 140%
Prussian Electric 6s.. 1954
1st & ref 5s series C. 1950
Jan
Jan
96%
105% 106%
83%
Feb
Jan
50
101
102%
79,000
106% 106%
4,000
93
93% 133,000
Feb
110
Jan
80
106%
94%
Wash Water Power 58.1960
Mar
Jan
Mar
76
104% 104%
106
West Penn Elec 5s
106
Jan
84%
101%
Mar
32%
33%
31
15,000
Mar
9,000
Power Securities 6s... 1949
Mar
85
Jan
4,000
1946
Baking 6s
1937
Wash Gas Light 5s...1958
Wash Ry & Elect 4s.. 1951
Mar
Feb
Jan
Mar
Mar
15,000
Mar
Mar
77%
66%
90%
1950
Mar
45%
82%
108
103%
101
111
104%
27%
106%
100%
82
Jan
106
Potrero Sug 7s stmp..l947
Power Corp (Can) 4 %s B '59
110
Jan
Mar
1956
Potomac Elec Pow 58.1936
B
Mar
87%
28%
31%
102% 102%
Waldorf-Astoria Corp—
7s with warrants...1954
ser
34
108
26%
87%
64,000
102% 104% 37,000
84% 87
139,000
1937
Jan
Jan
Jan
Jan
26
721666
85
1952
Vamma Water Pow 5%s'57
Va Public Serv 5 %s A. 1946
Feb
35%
Utlca Gas & Elec 5s D. 1956
6
69
Mar
32
12,000
2,000
28%
1944
112%
110%
1%
104%
High
106%
Mar
32
28%
1973
104%
105% 105%
Pub Serv Subsid 5%s.l949
Puget Sound P & L 5%s '49
1952
6s series A
U S & Brit Internat 5s 1948
U S Rubber Co—
107%
96%
1st & ref 4%s ser F.1981
4Mb series I__
1960
1959
Jan
26
1980
1
Mar
79
1978
Apr
Un Lt & Rys (Del) 5%s '52
United Lt & Rys (Me)-
Mar
Mar
66%
103
1974
98%
105
60
ex-w
101%
92%
25
1939
115%
56%
58
United Lt & Pow 6s... 1975
94%
103%
16,000
4 % series D
105%
113%
Jan
18,000
4%s series E_
96%
Jan
26%
1956
105
90%
6,000
Mar
108
1966
92%
2,000
80
104%
1st & ref 5s
4,000
106
114
26
5s series C
105%
69
107%
Texas Gas Utll 6s
94
105
35
104
5s series B
Feb
55
115
102
Pittsburgh Steel 6s...1948
7-4% stamped
7-4% stamped
108
106
17,000
Pittsburgh Coal 6s_—1949
Convertible 6s
Jan
1949
1,000
151,000
84
105%
98%
Pomeranian Elec 6s. .1953
Refunding 4%s
104
1957
115%
105% 105%
14,000
15% 298,000
13%
17,000
112% 112%
110% 111%
37,000
89
90
5,000
105% 105%
1,000
50
54
28,000
105% 105%
17,000
1979
1st 5s series C
104%
51
1967
Valvoline Oil 5s
98%
Phila Electric Co 5s—1966
Inc 5s
33%
101%
107% 107%
United Industrial 6%s 1941
1st s f 6s
1945
89
1981
6s ex-warrants
65
1954
82%
1968
4s series B
Pub Serv of
Low
6s series B
Peoples Gas L & Coke—
4%s series F
96%
Low
$
29,000
1,000
4,000
44,000
4,000
30,000
117,000
5s series A
82%
100
107%
106%
105%
112%
1954
Potomac Edison 5s
100
1956
Mar
Jan
15,000
103% 104%
Penn Pub Serv 6s C..1947
Poor & Co. 6s
1962
25,000
139,000
106
8,000
101%
67,000
106
Deb 5%s series B___1959
Pennsylvania Power 5s '50
C._
108
Union Amer Inv 5s A.1948
Union Elec Lt & Power—
Jan
62
1971
Peoples Lt & Pr 5s
95%
5%s '52
6s 2nd stamped
1944
6s 3d stamped.....1944
Jan
Penn Ohio Edison—
4 %s series B
108
(Leonard) 7%s.l946
105%
101%
1936
58 series D
Jan. 1 1936
1936
Ulen Co—
Tletz
Pacific Gas & El Co—
6s series A xw
Range Since
Feb. 29
High
105% 106
Thermoid"
Jan
1933 to
for
4%s
99%
99%
106% 106%
Pacific Coast Power 5s 1940
Palmer Corp 6s
Park & Tilford 6s
2022
Toledo Edison 5s
1953
6s
102%
107%
Co—
Service
6s series C
Sales
Week
of Prices
High
98%
103%
5,000
1,000
106% 106%
105% 107
47%
73%
63%
Week's Range
BONDS
(<Concluded)
70%
1960
Public
Range Since
Feb. 29
t
100% 101 %
106% 107%
105% 106
1945
Ohio Edison 1st 5s
High
1933 to
for
of Prices
N'western Pub Serv 5s 1957
Ohio
July
Week
BONDS
(Continued)
1959
1
Feb
Feb
Feb
Mar
Jan
105
Mar
Mar
40
Jan
New York Stock
« Cincinnati Stock
22
*
New York Curb
» Cleveland Stock
« Richmond Stock
'
New York Produce
'♦ Colorado Springs Stock
» Denver Stock
29 St. Louis Stock
Pittsburgh Stock
*
New York Real Estate
»
Baltimore Stock
i«
Detroit Stock
26
San Francisco Stock
•
Boston Stock
17
Los Angeles Stock
27
San Francisco Curb
7
Buffalo Stock
'■
Los Angeles Curb
29
San Francisco Mining
•
California Stock
«
Minneapolls-St. Paul
29
Seattle Stock
9
Chicago Stock
Chicago Board of Trade
29
New Orleans Stock
M
Spokane Stock
Washington (D.C.) Stock
'•
'i
Chicago Curb
2' Philadelphia Stock
23 Salt Lake City
«
Stock
Financial
1960
Chronicle
March
21
1936
Other Stock Exchanges
July
New York Real Estate Securities
Sales
1933 to
Range
of Prices
for
Feb. 29
Jan.
Week
1936
Shares
Low
Closing bid and asked quotations, Friday, Mar. 20
Par Low
Stocks (Concluded)
'
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Ask
Bid
(Concluded)
1
Week's Range
Exchange
100
New River com
High
10
10
Since
1
1936
44 K
1941
Alden 6s
■:>
Prudence Bonds
—
Low
High
IK
5K
4K
4K
191
2H
4
Jan
North Butte
Corp—
50
N v N HavenAHarttordlOO
38c
40c
2,711
20C
86o
Jan
58o
*
5Ks, 1934, 3d series....
3
Berkshire (The) 68—1941
31
Dorset ctfs of deposit
Drake (The) 6s
.
-
!V
5th Ave A 29th St Corp 6s '48
36
Old Colony
26
31
Old Dominion
43
47
5Ks, 1940, 17th series.61 Bway Bldg 5K8—1950
Sutton Place Apts 5Ks '37
-
41
38
.1939
-
32
6Ks, 1934, 9th series
5Ks, 1940, 15th series..
5
Unlisted
65
62
44
49
Place
11
v t c
5
8
4th Unit Inc units
25
10
Reece Folding Mach
stone A Webster.
Texla OH
11
12
on
Established 1853
New
York
and
Baltimore
Stock
%
17%
K
56c
Jan
80c
Mar
31%
Jan
522
IK
500
57
2
320
Jan
630
6K
11
2K
14 K
2%
1,680
Feb
Jan
700
2
Jan
846
7%
87%
40 K
9K
88 %
156
6
IK
IK
1
70c 90c
K
1,108
1,025
40 K
100
Feb
Feb
13
1
25
IK
17 K
17%
102
IK
90K
22%
85
9K
4
K
2%
300
%
H
K
90K
42
Jan
28c
Jan
126 % 126 K
Feb
2K
Feb
90c
Jan
124
96
10
Mar
Mar
Feb
9%
iJan
5,915
Feb
Mar
28 K
Jan
89
Mar
Feb
5H
Jan
83
30 H
Feb
104
Jan
Jan
47
Jan
13K
19K
Mar
4
4K
108
Feb
Jan
Jan
IK
IK
8
348
-.100
39
70o
15 K
17
28 K
Jan
130
Feb
9
Jan
16
Feb
*
13%
7%
14
540
2K
4
Jan
8%
24
*
24
5
4K
23
Jan
29 %
Mar
Jan
74
77
81,600
70
Jan
79K
Mar
235
8%
3K
Bonds—
Eastern Mass St Railway—
Series B
Members
750
26
warren Pro« Co
York, Fa.
Louisville, Ky.
Hagerstown, Md.
Mar
4
Warren (S. D.) Co—
NEW YORK
BALTIMORE, MD.
70 K
101
Waldorf System Ino
39 Broadway
Jan
34%
\
Jan
42
4K
2%
Feb
39
6
Vermont A Mass
6. S. Calvert St.
K
32%
1%
16 %
IK
12 %
Mar
6%
260
80c
*
Utah Apex Mining
Utah Metal A Tunnel-.
STEIN BROS. &> BOYCE
70
1
Corp
Torrlngton Co
Union Twist Drill Co
United Gas Corp
0 Shoe Mach Corp
Baltimore Stock Exchange
65
15%
Preferred
Orders Executed
*
..
Suburban El Secure com.-*
8
9th Unit Inc units
35
32
Pennsylvania Bldg 6s. 1939
4%
3K
39 Bway Inc units
Tudor City—
...
......
-.50
...
Reece Button Hole Mach 10
Bhawmut A sen tr otle
City A Suburban Homes-
"X. X
Corp
Dodge
Income with
,?
Stocks—
Lincoln Bldg Corp v t c—
Park
47
RR
Pennsylvania
QulnoyMining.
m
45
.100
25
RR.
10
Mar
...1948
5s
34
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Baltimore Stock
Mar. 14 to Mar. 20,
CHICAGO
Exchange
SECURITIES
Listed and Unlisted
both inclusive, compiled from official sales lists
July
Week's Range
'
":'W
1
1933 to
Range
for
Feb. 29
Jan.
Week
1936
Shares
Low
:;VX
•
Stocks—
*
Bait Transit Co c<
m v
t c_*
1st preferred vtc
*
Black A Decker com
*
Preferred
25
Ches A Po T of Bait pf .100
Conso. G E L A Pow
*
100
preferred
Davison Chemical Co
*
Eastern Sugar Assoc com.l
18K
...
X 3
4K
High
19%
3%
485
305
25K
174
28 K
29
130
86 K
115
88
136
115K
K
15%
K
16M
26 K
K 101K
43 K
44 %
Finance Co of Am cl A
11
Jan
5
Feb
Jan
7%
22
Jan
22%
30
Jan
36
Jan
119
Jan
Jan
17
62
15K
88
Feb
116
Jan
1
Jan
Mar
Week's Range
Sales
1933 to
Range
105 K
Feb
of Prices
for
Feb. 29
Jan.
Week
1936
Shares
Low
Jan
50
Jan
9K
Jan
11
Mar
20 K
4
1,098
10
80
25
15
Jan
10
Feb
U%
Jan
31
5K
21
Jan
36 K
Mar
Jan
25
25%
320
12K
23 K
Feb
25K
Feb
New Amsterdam Cas...-5
13K
1,132
5%
12K
Feb
50
98 K
95
Jan
16 K
WO
Jan
Northern Central Ry
14%
98K
Feb
Owings Mills Distillery. ..1
IK
Jan
&1K
Jan
87
Jan
91%
Mar
14K
Jan
17K
Feb
34
Jan
35K
Mar
2
15K
Western National Bank_20
35 K
35
*
com.
88
10
71
850
1
IK
"
41K
:.XX 7
1,884
2K
24
59
K
1961
Bait Transit Co 4s flat 1975
a 5s flat
1975
5s flat
...__1975
Read Drug a Chem 5Ks'45
22 K
25 K
99 K
101
23 K
to
93
S700
117K H7K
115
13
17,500
13K
7,000
99 K
99
79
118
Jan
15K
8,000
1,000
26
101
Boston Stock
Mar. 14
Advance Alum Castings..6
Allied Products Corp cl A *
Common
17
Feb
10
Amer Pub Berv Co pref.lOt
Armour 4 Co
Jan
Feb
Feb
99%
Mar
101
Jan
Exchange
Mar. 20, both inclusive, compiled from official sales lists
July
1933 to
Range
for
Feb. 29
Jan.
Week
Low
1
Par Low
Common
7%
Feb
8K
1,150
1%
5%
Jan
8K
Mar
22 K
800
3K
21
Jan
25 K
Feb
14%
15K
950
13K
28 K
30 K
310
6K
7%
21K
6% non-cum pref—.60
Amer Tef A Tel..
101
1936
High
Low
IK
2
4K
4%
43
159 K 169 K
3,294
104
370
104
iu<
135
137 K
10'
Albany
H
2
'
98 K
IK
4K
155K
Jan
Mar
Jan
2%
Jan
5%
Feb
178
Feb
66
67 K
10
60
97 K
Jan
104
125
88
369
65
117K
Jau
143
Feb
65K
Jan
70
Feb
Mar
Boston A Maine—
Common.
100
8K
8K
Preferred stamped
Prior preferred
Cl A 1st pref stpd
100
7
8
..lot
32
9K
12 K
Boston Personal Prop Tr.*
Boston A Providence-.100
Brown-DurreU
com
Hecla..
Cliff Mining
*
25
25
Copper Range.
..26
East Gas A Fuel AsaaCommon
UK
Eastern Mass St Ry—
Common
145
101
362
3K
10
12
5%
4K
140
8K
12K
UK
15K
154% 154%
4
4K
8%
9K
K
K
7K
7K
10
50
656
305
79
206
4%
4%
Jan
m
27 K
Jan
33
Feb
10%
10%
2,100
2U
7K
Feb
11
Feb
t
com
6
Xl5
15
50
Balaban & Katz pref
110
110
10
Bastlan-Blesslng Co
Bendlx
K
2
59
General Capital
*
23 K
38 %
Gilchrist Co
*
7K
GilletteSafety Razor
•
17
Hathaway Bakeries cl A__*
Hathaway Bakeries clB—*
7
m
2 *
Feb
12K
Mar
30 K
82
6,300
1,050
20
20
150
29 %
30 %
350
32
34 K
B
;
*
conv
2
2
70
K
100
4 K
IK
25
280
IK
3
Jan
25
25
im
Jan
Mar
Mar
7
Mar
r
Feb
30K
Mar
64
Jan
83 K
Mar
6K
250
Gent 111 Pub Berv
Cent 111 Seour
16K
Jan
20
5
27 K
Feb
30 K
Jan
34 K
Mar
Jan
18K
10K
Mar
<7lH
20K
4
4
40
16K
52%
IK
pref...*
Jan
Mar
common
1
..
I
Jan
Mar
2K
Feb
18
2K
6,750
316
IK
Jan
Jan
3K
Feb
68 K
Feb
Jan
40
Jan
22 K
680
14
35
Jan
50
Mar
Cherry-Burrell Corp com.*
Chicago Corp common..
43
47 K
44 %
82
6
40K
Jan
44 K
Mar
5K
9,450
4K
Jan
Preferred
5%
48 K
Part certificates 2
50
44
45 K
4
Chic Yellow Cab m« oap.*
01 ties Service Co com
•
*
Coleman L'£ A Stove com*
Commonwealth Edison 100
Consumers Co—
100
6% prior pref A
7% cum pref
Jan
Jan
14 K
Feb
48
3
Feb
%
Mar
%
Feb
IK
K
Jan
20
310
4K
25
58 %
100
103
105
24
70
25 K
4K
2K
32
950
5K
2K
•'
Feb
4K
%
%
32
Feb
>
Jan
120
30
Mar
52
Jan
1
%
Feb
Jan
Jan
32
Mar
Jan
105
Feb
9K
19K
Jan
26 K
Feb
K
%
2K
Mar
7%
Feb
2K
Mar
3%
37,000
150
Jan
32
50
5K
100 K 103
1,050
30 %
96%
Jan
HON
Jan
%
%
Feb
Feb
5K
Jan
Feb
2K
Jan
IK
12K
7%
36%
Mar
43 K
Feb
Jan
K
K
1,450
5K
9K
5%
40
9
1
32
Mar
38
Feb
Continental Steel—
8%
Jan
1%
%
Feb
5K
44
33K
I
50
100
...100
Mar
12
«
20K
1,000
5
41
IK
4
K
100
Chicago Rivet A Mach cap*
Chicago Towel Co conv pf*
Jan
Jan
878
97 h
60
Jan
155%
Jan
23 K
169
52K
Jan
64 K
Mai
22%
Jan
27K
Feb
Mar
Mar
39 K
170
Jan
40 K
Feb
7K
1,295
2K
5%
Jan
7K
17 K
7
362
7 H
19 K
Feb
K
50
K
16K
5K
IK
Jan
15
IK
Mar
Common.
......
Preferred—
.....100
Cord Corp oap stook
t
Crane Co common.....25
Preferred
in*
Cudahy Packing pref--100
Curtis Lighting Inc com.*
36 K
42 K
107 K 107 K
6K
25 K
7K
27 K
70
%
9,800
5
Feb
20
40
104
Feb
117K
17,550
2
5
Jan
Jan
1,500
5
Mar
7%
I 29 K
Mar
25K
Feb
128
129
540
32
120
Jan
131K
108
108
10
90
108
Jan
110
Jan
7
9
60
2
3K
Jan
9
Mar
10K
19K
Jan
14K
25K
Mar
Mar
250
10K
10 K
25
31
15
50
37
10K
30
20c
Jan
K
Jan
K
Jan
9K
Jan
30c
4
Jan
8
Jan
2K
Jan
35
IK
IK
11
Jan
Dayton Rubber Mfg com.*
Cumul ol A pref
35
Common—......100
12
16K
100
33 K
40
315
8
*
2K
3
465
1
70
445
42
20%
299
75
'
124
4%
12K
13%
900
2K
24
25
300
8K
10
7
pref.*
13
ily'
11
12
18K
25K
16K
19K
1,150
3K
16K
26 K
300
4H
16K
2,800
34
35
600
Common
Feb
Deep Rock Oil
Jan
Dexter Co (The) com
Feb
Econ Cunnghm Drug com *
conv
6
180
10
150
H
3
18K
Jan
37 K
Feb
16 K
39
Jan
21K
Feb
Jan
45
UK
Jan
14
FltzSlms A Con DADcom *
19
19K
400
Gardner Denver Co com..*
44 K
45
120
8K
9K
Genera! Candy A
11%
12
150
3
Feb
5
Ma
Fea
Jan
Feb
Mar
19 K
30
Mar
Eleo Household UtU oap.5
Elgin Natl Watch Co.—15
51
Ja
Jan
16K
Jan
130
12K
27 K
Feb
Jan
9K
13.K
Jan
4%
6K
18
45
Jan
Mar
Feb
9H
16%
6
Jan
Jan
119
Jan
10
Mar
7%
3%
Mar
24
18%
IK
38%
Jan
Jan
Decker A Cobn—
Eddy Pap Corp (The) oom*
1963.
1
15
2
Jan
Feb
33
Mar
1
39 K
%
5%
8
Jan
18
IK
120
600
49
Feb
53
18
Feb
21
K
Feb
66
2
Jan
2%
Jan
2
7
Jan
57
20
Jan
IK
10K
340
3K
5K
Feb
1,090
2,470
Mar
Mar
Feb
16K
154%
Mar
17
33
Jan
14%
6K
2K
Chicago Rys oart ctfs 1.100
K
Jan
Jan
64
Jan
9%
42 K
15
16K
46 K
*
15 %
8
Jan
5
Jan
4K
350
16
•
Feb
Jan
Jan
38%
10
31
pref
Preferred
Feb
70
366
IK
15
IK
Mar
CentralStates Pow A Lt pf *
Chain Belt Co com
•
8K
1
59 K
10
Jan
—
Common
Hen
7%
K
100
16K
*
100
39
13
5
1,350
7,400
10
Convertible preferred-.*
Prior
18
10 K
pref*
i com
Storage com.20
15
4K
33
350
9%
Jan
90
64 K
25
16K
lb
8K
14K
K
8
Preferred
26 K
Jan
78%
6K
111
41
IK
For footnotes see page
21K
7K
Jan
2
28 %
Chle Flexible Shaft oom--.
Chic A No West Ry eoralOO
Mar
1
100
9*
7,050
Rorg Warner com oon».io
Bracb A Sons (E J) com.-*
Brown Feuce A Wire—
Jan
84
31
Linotype..*
11K
4K
20
60
Feb
Jan
l
..25
Loew's Theatres.......25
Maine Central—
110
Jan
6K
Feb
60
*
Isle Royal Copper
18
Jan
25K
12K
14K
53
161K 169
»
Feb
6K
6K
.*
Jan
7,300
7,050
23 %
10 K
Class A...
Jan
7%
5K
102K
*
1
Aviation oom
Bergboff Brewing Co...
14
Jan
2K
Blnks Mfg Co A conv pref *
17
474
21
Employers Group
UK
41
Jan
83 K
21
Reo for 660 pd on new shs
8K
Jan
Mar
53
10(
*
com
Jan
8
Mar
*
New Eng Tel A Tel
100
UK
11K
Economy Grocery Stores.*
Mergenthaler
Feb
83
10%
Mass Utilities v tc__
8K
Jan
*
v t c
Jan
Jan
9K
UK
63 K
Preferred
Jan
8%
41K
39%
9%
Helvetia OH Co
10K
37 K
100
Edison Eleo IUum
23
Mar
479
9K
100
2d preferred
Feb
3%
144 K
12*
200
8K
3K
74
71
1st preferred
com
Feb
32 K
<78*4
Common
100
15K
Jan
450
Club Aluminum Uten Co
Preferred B
Eastern 8 8 Lines
„
4K
1K
10
15K
9
0% cum pref
100
4%% prior preferred 100
6
34 K
100
1st pref stpd.-lOO
Cl C 1st pref stpd
100
Cl B
Jan
1,900
2,800
Central 8 W
100
Boston Elevated
13 K
25 %
3
5
Castle A Co < A M
High
Carpet
Preferred
Mar
31
Cent Cold
-.25
Bigelow-Sanford
Calumet
Jan
4K
Bruce Co (E L) oom
Butler Brothers
Since
Amer Pneumatic Serv Co-
A
107 K
6
97 K
1936
Shares
High
Jan
IK
30 %
Canal Construct
Stocks—
Low
8K
100
7
Asbestos Mfg Co cbm
1
Associates Invest Go com.*
Class
1
Sales
of Prices
X
1936
180
7
Bliss A Laughlin Inc cap .5
32 K
Jan
84
iook
Jan
27 K
Jan
Week's Range
Boston
High
zl06K 107 K
Backstay Welt Co com..*
lmpt
sewerage
B
Par Low
Stocks-
Abbott laboratories com
Adams Royalty Co com--*
Since
1
Automatic Products
Bonds—
4s
1
28K
Jan
43 K
36 %
u S Fid A Guar
July
Jan
3
10
Penna Water A Pow
both inclusive, compiled from official sales lists
Jan
8
36 %
IK
91K
15K
Mar. 20,
to
Mar
20
Merch A Miners Transp.. *
PS7% pf25
Mar. 14
17 K
65
Mfrs Finance 1st pref.-.25
Monon W Penn
Chicago Stock Exchange
Jan
90K
Jan
K
CHICAGO
St.,
Feb
Mar
11
37 So. La Salle
Feb
84
28K
120
18K
X'
.
Chicago Stock Exchange
Chicago Curb Exchange
Feb
IK
3K
11
18
Feb
K
2K
9c
100
99
100
91
New York Curb (Associate)
18 K
114
45 K
1,197
High
111
111
2
142
26
Houston Oil pref
4K
7K
187
111K HIK
1
*
1936
Members:
Low
11%
K
IK
557
5
25
Fidelity A Deposit20
Fid A Guar Fire Corp. -.10
Preferred
Pa a J H.Davis & Go.
Since
1
New York Stock Exchange
Par Low
Arundel Corp
5%
Sales
of Prices
Jan
Mar
K
Mar
Volume 142
Financial
July
1933 to
Range
for
Feb. 29
Jan.
Week
Stocks (Concluded)
1936
Shares
Par Low
4%
LOW
4%
85C
Since
1
1936
BALLINGER & CO.
Low
3
1%
High
Jar
Members Cincinnati Stock Exchange
Feb
4X
UNION TRUST BLDG.,
Godchftux Sugars Inc—
Class A
*
33H
Class B
*
15
36%
16%
22%
29%
1,550
1,800
150
1,150
11»
2,150
3%
6
Jar
10
4%
Jar
11x
12%
4,950
6%
9X
8%
Jar
12X
250
20%
20%
Fet
26X
Feb
_•
oom
225*
28x
Great Lakes DAD com..*
Hall Printing Co com
10
8X
Harnischfeger Corp com .10
14
Helleman Brew Co G cap.l
Heller (W E) pret
25
With warrants
12 Ji
26%
12%
Hormel & Co (Geo) com A*
18
18
Houdallle-Hershey CI B
29
30%
Borders Inc
*
com_
CINCINNATI
Mar
25%
Goldblatl Bros Inc
1961
1
Sales
of Prices
Qen Household Utll oom
Chronicle
22 %
Jar
Jar
8%
8%
22%
12%
28%
Mai
10
3%
Jar
Mar
39%
17X
1
Feb
23X
Jan
33
Stocks and Bonds
Mar
9X
16
Feb
250
10
12
Jar
13X
50
16
17X
26X
8%
Jar
22
Jar
32X
1,830
Specialists in Ohio Listed and Unlisted
Mar
Wire System—First Boston Corporation
Cincinnati Stock Exchange
Feb
Jan
Mar. 14 to Mar. 20, both inclusive, compiled from official sales lists
Mar
26
10
10
450
2%
3%
Jar
12 X
IU North Utll Co pref—100
105
105
20
47%
100
Fet
109X
66
68
170
9
63
Jar
23
24%
50
5
23
Mai
Iron Fireman Mfg v t o..*
2%%
31
1,900
3%
26
Jar
31
Feb
Jarvls (W B) Co cap
1
21%
24
15,650
18%
18 X
Fet
24
Mar
Kalamaaoo Stove com
*
61%
70
32
Illinois Brick Co
Indep Pneum Tool
Interstate Pow
t c__*
v
$6
pref.
Kati Drug Co oom
1
Kellogg Swltchbd com..10
Preferred
7
33%
850
19
7%
„
100
100
Ken-Rad T A Lamp oom A*
10%
Ky Utll Jr cum pref
38
50
100
11%
39%
82%
89
93
3
Keystone Stl A Wire
6%
Mar
Fet
35
Feb
Jan
Mar
Mai
14
Jan
Fet
43
Jan
81
Fet
90
7%
%
74
Jar
100
IX
2X
28X
Jar
3X
Mar
Fet
3X
32
Feb
2%
2%
460
31%
30
%
21
5%
5%
90
4
*
25
25
10
28
Llbby McNeil A Llbby..10
9
10
3,850
9%
42%
5%
6,850
...
preferred
Fet
3X
Feb
Feb
7
Jar
Jan
*
8%
41%
10
5%
10%
Common
|3X preferred
Lindsay Light com
Lion Oil Refining Co com.*
Mai
%
Jar
Packlngjoom
11
37
800
2
35X
3
350
x7%
8
1,800
Jan
7%
7X
'
♦
Jan
5
7
Feb
Jan
35X
11X
Jan
Jan
Jan
8%
Jan
Mar
Mar
Feb
5
47
49%
350
26
34
Jan
54%
Feb
37
39%
440
2
36
Jau
42%
Feb
8 H
27
Jan
33
Mar
55
Jan
59
Mar
Jan
Jan
3X
27%
Mar
Mar
Mar
MoGraw Electric
oom.
31%
33
3,000
McQuay-Norrls Mfg com.*
57
59
140
Manhatt-Dearborn
2%
27%
16%
2%
27%
17%
210
94
94
Mapes
Cons
com
Mfg cap—.*
Marshall Field common.. *
Masonlte Corp com
Mer A Mfrs Sec cl A
»
1
com.
6%
7%
24
39
%
660
22
6%
11X
Jan
19
8%
%
62 X
Jan
99%
6X
Jan
1,800
50
IX
25
*
3,050
Common
2%
Stock purchase warrants
Midland United Co—
3%
8
T
4%
4%
%
%
2%
Conv preferred A...
Midland Utll—
*
1
10
100
6% prior lien
7% prior lien
2
8
Jan
Jan
H
8%
4%
2X
7%
4%
Mar
7X
Feb
1,210
%
X
Jan
X
21x
2,070
351
1st
.100
preferred
.100
Prod
*
Cin Ball Crank pref..
*
4
Cin Gas A Elec pref.. .100
Cincinnati Street Ry. —50
102
Cia
Advertising
*
oom
*
2
9%
Jan
High
13x Mar
10x
19%
20%
Jan
27
Mar
Feb
20
105
8
Jan
16x
Jan
ix
ioox
5%
ix
25
Mar
Jan
4x
Feb
8
75
Mar
102
101x
30
4
Low
5x
125
1
102 x
200
7x
62
225
2x
Telephone. —50
91
92
82
60x
Cin Tobacco Ware... -.50
7
7
61
5
Cincinnati
*
Cola
Dow
Drug..
Eagle-Pi cher Lead
21
64
65
90
16
16
105
*
"A"
Crosley Radio.
21
*
*
Cin Union Stock Yard
Coca
7x
10
iox
12%
21%
14
22
18
90
32
29 %
105
Feb
8x
Jan
Jan
Jan
92
Mar
7
60
29?/g
Jan
Jan
85
8
90
-.20
1936
Mar
7
Mar
16x
20
Mar
23
Feb
5x
120
44
Jan
65
Mar
7
16
Mar
i
Jan
2
7%
Jan
3x
49
145
18x
hx
8
Jan
15
19%
Mar
25
Jan
90
Mar
90
Mar
30
Mar
Feb
Mar
*
Formica Insulation...
.100
Gibson Art
*
Goldsmith
*
Hobart "A"
*
Jaeger.
Kahn
1st
100
pref
40
470
%
Mar
3X
52
39
24x
100
3x
80
%
200
2.50
Moores Coney B
A
2%
%
5%
4%
*
102
Mar
Jan
37
Mar
18
x
x
4%
3x
94
100
215
215
20
17%
7%
34
8 %
101
Feb
x
Feb
5x
Mar
Feb
5
Mar
45
33x
Mar
215
Mar
16
Jan
310
2%
200
14%
4x
33x
Jan
31
Feb
4x
Mar
9x
17 x
34
*
Jan
25
Jan
x
Jan
27%
Jan
2
x
46
7x
Mar
x
8
30
4*5
*
Jan
20
100
*
"B"
Feb
23x
5%
P AG.
*
14
10
4%
*
8% preferred
Jan
Mar
19
'
National Pumps
_
45
93
50
111
Jan
Mar
12x
1
35
24
Jan
7
40
22x
20
39
*
Magnavox
3
175
23%
24%
*
28
7%
70
42
14
12x
101x 102
—
Kroger
Lunkenhelmer
228
7%
7%
41
*
Mar
Jan
48x
218
—
Feb
_
-
9
Jan
_
_
^
Jan
Feb
Jan
2
7%
46%
7%
50%
.....*
Preferred
3,550
12,650
2,200
150
2
450
1H
48
300
7
8
420
1
%
590
1
Miller A Hart conv pref.*
Modlne Mfg com
Monroe Chem Co
20%
102 x 102 %
15
15
Champion Coated
'
Low
12%
23
Jan
4X
Feb
Mar
10 x
Feb
U. S. Playing Car
10
*
U. S. Printing
Preferred
........
Shares
12
23
Randall A
Middle West Corp cap...5
High
*
"A"
Mlckelberry's Food Prod-
Common
Par Low
Industries.
Found Invest pref
McCord Rad A Mfg A—.»
com
Stocks—
Amer Laundry Mach. ..20
Since
1
Mar
6%
11%
9
7
370
1
9%
42%
Mai
2%
^
25
Lincoln Prtg Co—
Lynch Corp
iox
115
'
Common
Loudon
1936
72%
Leath A Co—
Cumul
Jan.
Week
Mar
80
1,550
29%
cum pref. 100
Range
Feb.29
350
,
3%
LaSallo Ext Unlv com...6
Lawbeck
1933 to
for
Jar
10%
34X
B
Sales
of Prices
70
Mai
54
1%
210
,
6%
17
1,200
83
com. •
Kingsbury Brew Co cap—1
1H
30
24X
Week's Range
Jar
32
150
1
Jan
Aluminum
43
6%
100
6% preferred
2,180
July
Jan
Feb
68
10%
%
Jan
2%
Jan
11X
Jan
38 X
Jan
55
Feb
Jan
10X
Jan
52
2
4x
6
Jan
8x
Feb
21
Jan
28%
Jan
Members Cleveland Stock Exchange
Jan
50
Jan
7X
20%
15
20
7%
27
Feb
Ohio Listed and Unlisted Securities
Jan
3
Mar
Jan
2
60
50%
1%
1
3X
7%
26
50
35 x
Muskegon Motor Spec A.*
20
22
700
5
17
Jan
25%
Jan
Nachman Springfield com*
11^
12^
450
4%
11
Jan
13X
Jan
Natl Gypsum cl A
com..6
57
60
6
38X
Jan
65
Feb
10
2
IX
Jan
National Leather
com
National Rep Invest Trust
Cumul
pref
conv
7%
x40
Noblltt-Sparks Ind oom..*
31
North Amer Car
4%
10%
19%
*
com
Northwest Banoorp com..*
7% preferred
7% prior lien
1,650
1,250
%
2X
GBLLfl
Jan
'
*
National Standard com...*
Nat'l Union Radio com—1
Northwest Eng Co com..*
Northwest Utll—
2%
1%
10
1
5X
Jan
10
400
17
32 X
Jan
42
Mar
1%
33%
4%
12%
24
900
11,050
8,250
140
1
30
2
Union Trust Building, Cleveland
Feb
42
7%
100
14
34
50
15m
...100
34
X
%
Jan
IX
3
Mar
3X
9X
15X
Mar
14
Jan
Jan
24
Mar
7X
1%
2%
A. T. A T. CLEV. 595
Feb
30
10
600
Telephone CHerry 5050
Jan
20
Feb
Jan
40
Feb
35
6X
Jan
Feb
Jan
Cleveland Stock Exchange
Mar. 14
to
Mar. 20, both inclusive, compiled from official sales lists
July
1
Okla Gas A El
7% pref. 100,
Parker Pen Co
10
com
Peabody Coal cl B
com
100
56
104X
Mar
22%
1%
100
4
21X
IX
Mar
17%
37%
900
6
17
Mar
19
37%
21
37
Feb
41
2%
4%
2%
5%
750
%
1,750
1%
2
2
250
H
21%
com..
Penn
104x 104k
Gas A
Elec
1%
•
Perfect Circle (The) Co..*
Pines Wlnterfront com
6
Prima Co
*
com
Process Corp com
»
17
160
%
50
108
Feb
3X
6
2X
Feb
Jan
Jan
Mar
Feb
58
Common
60
58%
400
9%
54 X
Jan
61X
Feb
250
59%
58%
9
54
Jan
61X
Feb
Canfield Oil
100
6
*
Mar
Cleve Elec 111 S4.50 pref. .*
370
106
130
Jan
140
Jan
Ctfs of deposit
20
111
142
Jan
146
Feb
Cliffs Corp v t c
Dow Chemical pref
St Louis Natl Stkyds cap *
2%
12%
86%
Sangamo Electric Co
com.
.10
*
44%
•
12
oom
*
Sou*west G & E 7% pfd 100
Southwest Lt A P pref
*
100
1,150
9
88
50
32
46
880
4
13x
21m
220
IX
Slvyer Steel Castings
.
Standard Dredge—
Common
*
Convertible preferred. _•
Swift International
.15
Swift A Co
26
20x
110
3%
100
64x
3%
13%
4%
14%
33
23%
32%
22%
Utah Radio Produot com.*
Utll A Ind Corp com
*
Convertible pref
*
10%
3%
1%
4
107 X
107 %
Mar
110
23
35X
66
34 X
5
61X
59 X
Jan
165
Jan
69
20
Jan
24
118
Jan
123
14X
57
Jan
70
31X
Mar
35
99
4
*
10
10
100
pref. .100
A..*
49
—---5
19
21%
103%
Mar
Feb
67 X
*
5%
18X
35X
Feb
Jaeger Machine.—
,*
12
Feb
Kelley Island Lim A Tras_*
24
Jan
Lamson A Sessions
25
Jan
Leland
1
Fostoria Pressed Steel
%
3X
Mar
13X
Jan
19 X
32 X
22 X
Mar
Jan
.
Jan
Bros
Hanna (M A) $5 cum
pref *
---*
Harbauer
*
Metropolitan Pav Brick._*
8X
Jan
12X
Feb
X
%
2%
Jan
4X
Feb
Monarch Mach Tool
1
Jan
2
Jan
Murray Ohio Mfg.--
%
3X
Jan
5X
Jan
National Refining.
Preferred-
64
3%
34%
46
80
16
23
377
8
51
46
X
104
104 X
35
X
100X
4X
3%
26
305
271
14
379
160
6%
135
21%
4
20
12
18%
20
3,950
38
38%
5%
32%
1,050
%
5
Feb
1,800
16X
31
Mar
5%
*
31
Ward (Montg) A Co A...*
Wleboldt Stores Ino com.*
150
ooramon
Wllllams-Oll-O-Matlc com*
WlsconsinBankshares oom*
Zenith Radio Corp com..*
19
1034
5%
16%
250
150
19x
11m
6
19%
Bonds—
5%
24
17X
33X
142
Jan
Jan
20%
38%
6%
34 X
Feb
Feb
27 X
Mar
5X
IX
5X
Jan
16 X
Mar
2%
2%
18 X
5
Jan
75
55
Jan
77
Jan
12
*
Richman
Seiberling Rubber
Jan
8X
Jan
IX
11
Jan
19%
Mar
2,050
10,800
5X
6%
5X
8X
4,735
see
page
70%
11%
1963.
70%
11%
1,000
15,000
Bros
23 %
64
S M A Corp
21
1
cm
18
pflOO
24
3
28
10
2
48
7%
2%
20
29 X
104X
9X
824
3%
115
10%
23
38
Jan
Feb
8X
103
X
Jan
35
Jan
106
Jan
Jan
13
Mar
Feb
27
Jan
1,250
1
56 X
2
Jan
40
3
8X
Jan
14%
Jan
19
Jan
Jan
25
103
283
103
40
10
135
8%
60
102
Feb
Jan
1,030
18 X
Mar
Feb
20
64 X
21
Jan
Feb
Mar
4X
4X
4
8% cumul preferred. 100
Trumbull-Cliffs F
30 X
30 X
105X 105X
13
11X
%
Jan
Feb
7
18X
26
Jan
Feb
68
4%
Feb
Feb
X
Feb
Mar
Union Metal Mfg
Vlchek Tool..
*
9%
Jan
iox
*
11X
11X
35
1
10
Jan
12
Mar
Jan
Weinberger Drug Inc
*
17X
17 %
10
7
17
Jan
18
Feb
Feb
W Res Inv Cp 6% pr pf 100
81
81
30
20
70
Jan
83
Feb
S
Chic City Ry ctfs 53.1927
Chic Rys 5s series B__1927j
Jan
Jan
12X
*
Jan
4X
70
Patterson-Sargent
Feb
Feb
Feb
60
Jan
Feb
Mar
3X
147
*
12X
152
Mar
14
26
17
6% cumul preferred-100
22 X
Jan
47
Jan
21
Packer Corp...
Feb
Jan
Jan
22
16 X
Ohio Brass B
Mar
Mar
20
*
Jan
19
Jan
26
21X
25
10
105
Jan
6
20
2%
IX
56
Jan
Mar
18
100
20
9%
100
Mar
23
15 X
1
150
Mar
40
*
25
*
Tool...
900
51
Jan
15
7% cumul preferred.100
*
Feb
Mar
10
40
National
Jan
Feb
76
National Tile
Jan
iox
12 X
100
Feb
41
Feb
Jan
125
24
Mar
Mar
10
3
Jan
39 X
Jan
14 X
3
8
15 X
21 %
*
Jan
X
Jan
60
77
IX
100
...
Feb
11X
3
140
41
com
Feb
Feb
104
34%
i
7%
21%
36
19X
47
44
9X
36
24%
22%
50
21
41
Cup Co—
10
-.100
4%
*
Class A..
Mar
X
11
Electric
»
Common
%
Jan
Feb
Mar
*
Faultless Rubber
Foote-Burt
Preferred
For footnotes
103
21
Jan
Jan
Common
Walgreen Co
Feb
15
Feb
Feb
Viking Pump Co—
Wahl Co
Jan
187
Mar
3X
15X
IX
1,350
54
14 X
14%
Jan
Feb
1,150
*
15
14
8X
16X
Jan
3,300
800
758
6X
71X
—*
Gt Lakes Towing
61
2,100
2,950
Jan
64 X
31 X
Halle
14
11%
3%
1%
4%
Jan
5
64%
31%
Mar
4X
Medusa Portland Cement *
Thompson (J R) com...26
Feb
1
178
48
39%
11
Feb
19 X
121
Jan
20
•
36
80
'
1,588
Jan
Mar
Jan
23
Mar
Jan
Feb
93
Jan
65 %
88
99
1,750
5,250
35
Jan
Mar
Feb
66
Elec Controller A Mfg—*
90
14%
15X
21%
119
Mar
24
35
65
100
11X
38 X
80
66
Jan
10
67%
1936
12
100
---*
Greif Bros Cooperage
Common
Since
63%
100
Railway
35
%
50
67 X
107 % 108
2X
IX
12X
79%
Slgnode Steel Strap Co—
Vortex
62%
Interlake Steamship
6% preferred vtc
H
50
15
Mar
6
38
3X
7
6
123
Jan
91
*
Jan
300
91
Cleve Builders Realty
112X
3%
2%
12%
275
5
38
3%
12 X
15
30
50c
Jan
126
Cleveland
v t c
Mar
19
17
119% 120
144
25
17
78
Cleve-Cliffs Iron pref
144
1
High
14
3,450
38
115
Low
504
23 X
16X
Jan
132% 133%
Low
38 X
78
*
103
•
Shares
High
33
21X
11X
100
Preferred
28
101
Co
100
*
50
.......
Mfg
Apex Electric Mfg.
Prior preferred-
114
Raytheon Mrg—
Reliance
1
Inc
101
Preferred
Common
Allen Industries
114
Quaker Oats CoCommon
Jan.
1936
Par Low
Stocks—
Airway Elec Appl pref. 100
101
6% preferred
7% preferred
Range
Feb.29
Week
City Ice A Fuel
Public Service of Nor 111-
Common
1933 to
for
Jan
3X
2X Mar
Jan
2X
Feb
IX
Sales
Jan
27X
Jan
Week's Range
of Prices
27
36
70 %
Mar
f4
11%
Feb
76%
11%
3X
5X
Jan
1962
Financial
Chronicle
March
Los
Mar. 14
watling, lerchen & Hayes
Angeles Stock Exchange
Mar. 20, both inclusive, compiled from official sales lists
to
Week's Range
Exchange
July 1
1933 to
Range
for
Feb. 29
Jan.
Week
1936
New York Curb (Associate)
Detroit Stock
Stocks—
detroit
-
Par Low
1
Associated G&EA
Baker Bros Corp
*
10
Bolsa Cbica Oil A
10
Exchange
100
Mar. 14 to Mar. 20, both inclusive, compiled from official sales lists
July
Preferred
1933 to
Range
for
Feb.29
Jan.
Week
California Bank.
1936
Since
500
20
575
8%
1936
3%
20c
18c
19c
41
5
Jan
Feb
20
Mar
Jan
2%
Feb
98
6c
8%
3%
101
Jan
30c
Feb
Jan
Jan
Mar
Jan
8c
100
14c
13c
Jan
30c
Feb
3%
26
800
•
3%
Jan
6
42
2,000
12,500
25%
41
High
Jan
16
2%
1%
1%
24
20c
24%
25
1
200
101
Low
1%
3%
yH
2
9,100
*
Byron Jackson Co
1
Sales
Low'
6
400
1
t c
v
Shares
1 %
4
3
Broadway Dept St pref. 100
Buckeye Union Oil pref-.l
B_
Detroit Stock
High
1%
3%
18%
6%
Vandini Petroleum Co___l
Randolph 6630
Week's Range
Since
1
Exchange
Buhl Building
Telephone
Sales
of Prices
Members
New York Stock
1936
21
16%
31%
Jan
25%
Mar
Jan
43
Mar
20
Feb
Par Low
Stocks—
Auto City Brew com.—
1
—
2%
*
Baldwin Rubber "A"—
High
2%
43
Bower Roller Bear com -5
Shares
Low
300
26%
26%
356
Burroughs Adding Mach_*
28%
29%
22
22
6%
'
722
Capital City Prod com.
150
5
Chrysier Corp common
Consolidated Paper com.10
10%
96%
96%
933
29%
19%
3%
1,446
5,737
6%
Crowley, Milner com— ._*
7%
20%
3%
7%
3%
120
2%
1%
—
.
Det&CleveNavcom.. AO
3%
100
Detroit Edison com
137
*
Detroit Forging com—
*
Det Paper Prod com—
24
com
*
Fed Motor Truck corn-
lio
com.—
24
36
21%
15%
U%
_.i
com
8%
3%
Graham-Paige Mtrs com.l
*
Hall Lamp com
Hoover Steel Ball
54%
15%
54%
30
30%
*
Hudson Motor Car
17%
.10
Kresge (SS) com
22%
7%
Lakey Fdy & Mach com -i
McAleer Mfg com
Mich Steel Tube com—
*
18%
Parke-Davis & Co
com
.
910
18%
7%
6%
345
Rickel, H W
River Raisin Paper
*
'.
2
Feb
Mar
Jan
900
Feb
55
Jan
Feb
Mar
31%
Mar
19%
Mar
Feb
25
Mar
8%
Jan
6%
Mar
19%
1%
Feb
Jan
Feb
5
Jan
Feb
32
Feb
6%
37%
Mar
17%
Jan
22%
Mar
6%
Jan
12%
Feb
44
Jan
50
16%
Jan
18%
Feb
Feb
Mar
4%
Jan
8
Feb
5%
6%
Jan
7%
Feb
1,423
9%
10,297
*
8
1,265
3,475
3%
Mar
7
Jan
25
Jan
29
Feb
12%
3
Jan
17%
Feb
5%
Jan
9%
Feb
7%
6%
Jan
12%
Mar
Jan
9
2%
1%
%
1%
Jan
3%
Jan
26%
Mar
Mar
Los Ang G & E 6% pref
Los Ang Investment
100
10
55c
3%
26%
5,250
128
6%
23%
Jan
%
,516
Jan
3
Mar
%
,1t6
Jan
1%
Mar
Jan
17%
Feb
Mar
11%
Mar
1
26%
2%
Wolv Brewing com
Wolv Tube com
,1
%
2%
1%
18,500
24,925
*
16
Wayne Screw Prod
*
10%
16%
11%
1,815
150
4
15
10%
10%
5%
5%
6%
3
2%
250
15c
17c
Jan
6%
19c
10
2%
Jan
4
Feb
3,500
7,000
%
21c
31%c
Jan
82 %o
Mar
70c
1
3,000
22c
2%
75c 82%c
85c
Feb
31c
Feb
70c
2%
35c
Jan
Mar
Jan
50c
Jan
1
16c
16c
300
4%c
8c
Jan
10
20%
14%
2,300
6%
18%
Jan
21
Jan
10
19%
14%
9
13%
Jan
15
Feb
Pacific Gas & Electric
25
35
35
31%
27%
18%
50%
Feb
36
Feb
Olinda Land Co
5%% preferred
25
Pacific Indemnity Co
Pacific Lighting Corp
*
*
Pacific Public Service
*
200
7
1
500
27% 27%
18%
18%
50%
50%
106% 106%
10
Preferred
500
26
100
12%
16%
7%
500
1
19
110
26
66%
%
105%
100
7
Mar
27%
21%
Mar
Jan
Mar
55%
107%
Mar
Feb
Feb
Feb
5%
Jan
7%
Feb
*
21%
23%
400
1%
20%
Jan
Mar
*
15%
16
300
5
13
Jan
23%
17%
Republic Petroleum Co—1
Rice Ranch Oil Co
1
20c
20c
2
2
1st preferred
Pacific Western Oil
.
4,400
1,800
1%
Jan
5%
Mar
5c
10c
Jan
20c
Mar
18
5%
5%
Feb
1%
50c
Feb
50c
Feb
c
2%
Samson Corp 6% pfd annlO
Sec Co units of ben int
*
48%
49%
100
13
45
Jan
54
Security-first Natl Bk__20
53
50%
Jan
60
15%
16%
25%
1,100
2,600
25
Signal Oil & Gas A com..*
55%
17%
11%
Jan
Mar
16%
100
26%
2,300
17%
16%
28%
36%
27%
36%
27%
280
Feb
Jan
36%
28%
26%
Feb
Feb
108%
Mar
B common
*
Sou Calif-Edison Co
25
Orig preferred
25
6% preferred
25
5%% preferred
25
Sou Cos Gas 6% pref. .100
Southern Pacific Co
Standard Oil of Calif
100
*
Transamerlca Corp
*
Union Bank & Trust Co. 50
Union Oil of Calif.
.25
26
26%
1,300
1,200
108
108%
1%
34
13%
14
46%
1,500
2,500
10
27
Weber Showcse & Fix pref*
10
10
Jan
38%
Jan
47
Feb
12
Jan
14%
Feb
120
Jan
150
Feb
Feo
11%
Jan
28%
Mar
7%
Jan
13%
Mar
3%
5%
4%
Feb
10%
Mar
50c
Jan
9%
Feb
2
2
23%
1.20
210
2,500
1,000
Jan
24
71
«
4,100
8%
Feb
39%
4%
2,700
9
26
106%
Mar
Mar
12%
13%
8%
27%
Jan
Jan
26%
27%
—1
Jan
14%
26%
12%
Western Air Express Corpl
Jan
35
75
»
Universal Cons Oil Co...10
Wellington Oil Co
25%
15%
2
14,200
141
141
Mar
10%
26
38
32%
44%
15
1%
'
5%
Jan
10%
Feb
14%
Mar
17%
Jan
63c
Feb
Feb
7%c
Feb
Fel)
Mining—
10
14%
14%
200
13%
Blk Mammoth Cons M.lOc
36c
63c
22c
4c
5c
23,100
43,000
6c
Calumet Gold Mines ColOc
3c
3%c
h. s. edwards & co.
Cardinal Gold Mining Co.l
1
14c
14c
15,700
1,000
/ Pittsburgh Stock Exchange
Tom Reed Gold Mines...1
34c
35c
4,300
Gold Ore Mining Co
1
1.40
1
1.40
Jan
5c
14c
Mar
14c
Mar
%
34c
Jan
44c
Feb
98%
2%
157%
Jan
177%
Feb
Jan
7%
7.%
Mar
7%
41%
Mar
Jan
Jan
42
Mar
Jan
13
1
New York Curb Exchange (Associate)
1
BANK
Tel
Jan
Pacific Finance Corp
Preferred A
Alaska Juneau Gd M
UNION
•
2%
Mills Alloys Inc A
*
Mt Diablo Oil M & Dev..1
Oceanic Oil Co
6
22c
Menasco Mfg Co
1
Merchants Petroleum Co.l
——
*
Jan
111%
2
12%
Mar
73%
1%
Jan
4%
7%
15%
1
Jade Oil Co
Feb
Feb
1.10
5
,316
17%
Jan
%
Feb
2%
419
24
4Ge
63,350
29,300
Holly Development Co
"19%" Mar
Jan
11%
116%
3%
17%
3,045
10%
Jan
Jan
Feb
7%
1.10
Feb
18%
7%
2%
2>
95c
11%
10%
6
26
30
90c
Jan
Jan
1
4
700
500
2%
5%
Mar
23%
9%
9%
110% 110%
Feb
6
10
22%
Lockheed Aircraft Corp_.l
10%
22%
10
*
Jan
Jan
%
*
Feb
Jan
4%
18%
God en State Co
Feb
54%
Feb
6%
10%
800
Gladding McBean & Co..*
20c
22%
16c
1%
t
19%
Mar
10c
22
Hancock Oil A
com
67 %c
Jan
29c
3%
2
800
5%
19%
20%
Feb
Feb
Feb
Mar
17%
Jan
64%
Jan
14%
95c
Mar
15
General Motors Corp—.10
3%
15
Jan
Mar
e
57 %c 67 %c
3,100
3,815
Feb
12
21
20
8c
64
June
18%
18%
9c
Jan
27
90c
4%
2%
17%
62%c
Jan
2%
150
300
4%
*
Emsco Derrick & Equip.-5
Exeter Oil Co A.
1
lc
Mar
Jan
4%
i
1,400
8c
4
Jan
Preferred
15
10c
Feb
Feb
Consolidated Oil Corp
*
Consolidated Steel com..*
Feb
7,400
Jan
11
Jan
Feb
Mar
11,800
10
44%
Jan
12
18%
15%
12c
Jan
1
32-%
Jan
13c
9%
7%
3
27%
Jan
14%
85c
54%
13
Jan
28
7%
6%
11c
22%
1
22
18
500
10c
2%
22
1
650
15%
80c
Jan
Mar
40
30
10c
2,921
16%
Warner Air Corp
Jan
27
15%
14%
Kinner Airpl & Mot Corp.l
Lincoln Petroleum Corp__l
Feb
2,720
6
9
Feb
2%
7%
%
3
7%
9
"B"_
Feb
Mar
3%
2%
19%
11
Walker & Co units
4%
152%
4%
5%
Jan
Mar
1
-_*
Univ Cooler "A"
Jan
36
495
1
com.
Mar
25%
1
15%
-10
com
com
United Shirt Dist
7%
23%
265
*
Tlvoli Brew
Feb
Mar
Jan
430
28
5%
Mar
2%
%
28
10
com
Timken-Detroit
6%
6%
Jan
3%
Feb
1%
46%
99%
23%
Jan
24
2,210
6,191
Jan
Mar
86%
19%
2%
5%
20
3
18%
5
2
com
Jan
28%
2%
100
46
*
com—
Feb
2%
230
*
20%
32%
24%
10
856
*
lio
com
Scotten-Dillon
8%
5%
Mar
Jan
%
135
1,706
1,238
2,240
26%
Feb
7%
925
10%
com—- -.*
.10
-
Reo Motor Car
18%
23
Jan
Feb
26%
%
1
4,485
11,889
2,572
1,338
1,668
18%
1%
5%
35%
20%
11%
1%
5%
35%
Preferred-
Pfeiffer Brew
'
5%
*
Mich Sugar com
Packard Motors
7
6%
14%
__*
Houdaille-Hershey "B" .3*
Murray Corp
3%
.10
com.
Hoskins Mfg com
Motor Products
9%
Feb
3%
50
24
1,044
1,299
1,150
64
24
1
248
35%
61%
._*
Federal Mogul com
General Motors
.
Jan
128
55
3,110
1,565
3,200
20%
15%
10%
*
3
Goebei Brew
5%
9%
2%
2%
Det Steel Prod
Eaton Mfg com
Ex-Cell-O Air
650
8%
*
Dolphin Paint "B"
i
51
3
2%
5%
~"l
Det Mich Stove com—
%
883
139
Jan
40%
20%
4
Continental Motors com.*
i
High
1%
6%
27
28
Central Investment
1936
Low
1
5,527
45
1
100
Citizens Natl T & S Bk..20
Claude Neon Elec Prod..*
of Prices
BLDG.,
Court-6800
120
Unlisted Stocks—
American Tel & Tel
Aviation Corp (Del)
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
100
6%
*
5%
Cord
BROADWAY, NEW YORK
5
7%
38%
39%
10%
12%
Corp!
General Electric
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Montgomery Ward
Packard Motor Car Co.
Radlo Corp of America.
Seaboard Oil of Del
Pittsburgh Stock Exchange
Tide Water Assoc Oil-
Mar. 14 to Mar. 17 both inclusive, compiled from official sales
lists,
the market having been closed the remainder of the week because
Warner Bros Pictures.
5
472
'
1,300
1,800
'
164% 170
5
Cities Service
41%
18%
11%
7%
5%
100
7
38%
100
6
16
4%
3%
7%
37%
40%
300
1
15%
36%
11%
1,200
7%
%
2
7
2%
13%
4,100
t
4
42%
300
i
19
18%
100
26
'
13
2,500
Ja.i
Mar
Feb
Feb
Feb
Feb
14%
Jan
Jan
42%
Mar
7%
11%
33%
14%
Jan
18%
Feb
2%
10
J
14%
Feb
an
of floods.
July
st.
1
Week's Range
Sales
1933 to
Range
of Prices
for
Feb. 29
Jan.
Week
1936
Shares
Low
1
louis markets
Since
i. m. simon &co.
1936
Business Established 1874
Stocks—
Par Low
Allegheny Steel
*
35%
Atkansas Nat Gas Corp..*
Preferred
100
6%
7%
com
Armstrong Cork
High
35%
6%
8
33%
Jan
38%
Mar
15
%
3%
3an
6%
8%
Jan
Jan
Feb
57%
Mar
Jan
20
515
1%
56 K
57%
560
13
*
17%
17%
130
6
Carnegie Metals Co__
1
3%
1,400
6
90c
15%
2%
Feb
Mar
4%
6
100
3
17
19
681
3%
14
Jan
19%
20
50
8
16%
Jan
20
32
Jan
40
Lone Star Gas Co...
*
34
80
5
103
13%
1
15%
1%
Feb
1 %
Jan
Feb
105
180
54
97
J ah
14
2,382
2,225
10
Jan
41%
106%
14%
Mar
4%
45%
47%
6%
200
6K
50c
50c
200
50 c
7c
8c
2,660
2c
Pittsburgh Plate Glass. .25
2
23%
12%
IK
118
2%
24
12%
1%
118%
50c
1%
2%
Mar
49%
Mar
Week's Range
Sales
1933 to
Range
7%
Feb
of Prices
for
Feb. 29
Jan.
50c
Mar
1%
Feb
Week
1936
8c
Feb
Shares
Low
2c
Jan
379
15
Jan
25
150
2
7%
Jan
200
1
1
Jan
14%
1%
21
145
30%
98%
Jan
9K
435
4%
9%
Jan
1 %
300
1
1
Jan
11%
1%
200
7
15
Jan
18
Shamrock Oil & Gas
18
*
4%
4%
Vanadium Alloy Steel
*
36 Vs
33%
33%
Victor Brewing Co
1
70c
75c
United Engine & Fdy
37%
6,475
75c
3%
Jan
120
5%
Jan
Feb
Mar
Stocks—
Par Low
High
American Credit Indem.10
46
46
35
American Inv B
25%
28%
99
3
A
*
29%
30
Jan
Brown Shoe
*
60
60%
Burkart Mfg com.
*
62
62
Columbia Brew com
5
Jan
Dr Pepper com
*
Elder Mfg com
Mar
7%
30
Jan
40
Mar
50
15%
31
Jan
35
Feb
50c
60c
Jan
90c
Jan
462
15%
34%
Jan
47%
Mar
68
27%
97
Jan
121%
Mar
1
i
com
*
Ely&Walk DryGds com_25
.
*
Westinghouse El & Mfg. 50
42%
43%
111% 114
Unlisted—
6% pf 100
Pennroad Corp v t c
footnotes
see
*
page
106
4%
1963.
106
4%
35
75
64
1%
101
3%
Jan
106%
Mar
Jan
5%
Feb
1st preferred
5%
36
13%
17%
6%
32%
65
27
120
42
92
1
1,770
36
35
13%
17%
40
10
2%
6
10
13
1
Low
Since
1936
39
Feb
13%
Jan
High
48% Mar
28% Mar
27
Feb
30
60
Mar
48%
3
30%
13%
17%
Jan
Jan
Feb
Mar
Mar
64%
77
6%
Mar
Feb
Feb
Mar
36
Mar
13%
19%
Mar
Jan
100
115
118
5
Emerson Electric pref. .100
Falstaff Brew com
1
74
74
5
7
400
Globe-Democrat pref. .100
Hamilton-Brown Shoe com
Westinghouse A ir Brake.
For
July
Jan
Mar
430
2,250
Exchange
Mar. 20, both inclusive, compiled from official sales lists
Jan
1%
18
to
Jan
9K
Manufacturing Co.5
St. Louis Stock
Mar. 14
Jan
Pittsburgh Screw & Bolt.*
1
Feb
4%
41
638
Renner Co
Lone Star Gas Co
St., St. Louis, Mo.
Telephone Central 3350
Jan
31
*
—
Jan
12
5
Pittsburgh Brew Co pre!.*
Pittsburgh Forging Co
1
Pittsburgh Oil & Gas..
5
6
45
Mesta Machine Co
25c
Jan
100
1%
McKinney Mlg Co
com *
5
39
IK
Mountain Fuel Supply Co.
Ruud
(Associate)
of
Trade
Mar
Koppers Gas & Coke pi 100
com
315 North Fourth
York Curb
Chicago
Board
New
Feb
*
Fort Pittsburgh Brewing. 1
Harb-Walker Refrac com. *
Fireproof'g Corp
New York Stock Exchange
St. Louis Stook Exchange
FeD
20
all
MEMBERS
Jan
*
on
Mid-Western and Southern Securities
Feb
100
Follansbee Bros pref
Phoenix Oil
7%
47%
10
Columbia Gas & Elec
Devonian OH
Nat
Enquiries Invited
13%
co com..*
Clark (D T) Candy Co
High
25
Blaw-Knox Co
3
Low
115
115
81
105
Mar
7%
115
Mar
3
3
180
2
2%
Jan
3%
Feb
Hussman-Ligonier
Preferred
com
*
*
6%
8%
11%
115%
40
2%
115
74
4%
115
Mar
M
Jan
118
Mar
74
Mar
8%
125
1
6%
Jan
10
11%
275
3%
9%
Jan
11%
Feb
Jan
Mar
Volume 142
Financial
Chronicle
1963
July
Week's Range
1
1933 to
Range
for■
Feb.29
Jan.
Week
Stocks (Concluded)
Sales
of Pr ices
1936
Shares
Low
Par Low
Huttig S & D com
7
*
Hydraulic Pr Brk com. 100
Preferred
High
7
1%
100
50
Johnson-S-S Shoe
15%
Jan
10c
50c
Jan
4
Jan
1
38
47%
32
9
11%
Jan
9%
Mar
Feb
New York
17%
12%
Feb
Jan
20%
Feb
39
56
Feb
59%
10
13%
58%
10%
59%
110
10%
156
10%
11%
485
9%
Feb
11%
15%
11%
60
25c
11%
Mar
15%
50
10
13%
Jan
5
12%
Oakland
Portland
*
Nicholas Beazley Airp com5
Nat Oats com..
...
St Louis Pub Serv com—*
Preferred A
*
Scullin Steel pref
*
Southw Bell Tel pref...100
Stix, Baer & Fuller com.. *
Wagner Electric com
15
_...
.
15c
15c
185
25c
25c
8%
6
2
2%
126% 127%
9%
Mar
2
7%
6%
310
Stockton
15C
Mar
3%
4s certificates.
107% 107%
33%
33%
33
30c
Mar
Mar
29%
Jan
33%
95
107%
Mar
107%
28%
Jan
35%
18
27
Jan
34
1933 to
Range
for
Feb. 29
Jan.
Week
:
1936
Par Low
Alaska Juneau Gd Min__ 10
Alaska Packers'Assn. .100
Anglo-Calif Natl Bk S F_20
Mar
High
15%
20 %
5
32 %
30
30
104
22
22
20
120%
3%8
15%
17%
7
1,145
2,250
100
41)4
84)4
1)4
43
49
49
200
34)4
631
*
com...
California Packing Corp..*
Calif Water Service preflOO
Caterpillar Tractor
*
Claude Neon Elec Prods..*
Cst Cos G &E 6% 1st pflOO
Consolidated Aircraft
*
July
Stocks—
Par Low
Alaska United Gold
5
Amer Tel & Tel
.100
Amer Toll Bridge
...1
*
Anglo Nat'l Corp
".'.5
Argonaut Mining
*
Ark Nat'l Gas A
Atlas Imp DieselB...
5
...3
Aviation Corp
z
American & Foreign Pow *
*
Baldwin Locomotive...
Bancamerica-BIair
_„w
:::i
♦
B
Jan
71%
1554
144
Jan
Feb
106 %
25
31
165
325
325
10
104 )4
105
55
6)4
42)4
47
28
28
6%
7 54
15
15%
18)4
20
Fireman's Fund Insur.25
56%
250
14%
101%
6
205
40
3,578
1,335
23 %
29 %
301
Jan
31M
Jan
325
Jan
109
3%
23 %
14
Jan
30%
Feb
Mar
Feb
16%
20%
Feb
14%
102
120
45
45
328
4
4
300
98%
157%
Jan
177%
Feb
45
45
39c
Jan
64c
Feb
Galland Merc Laundry
General Motors com
*
20c
60)4
2,565
15%
Jan
Jan
Gen Paint Corp A com...*
64)4
37)4
9)4
10)4
16)4
23%
631
270
22%
22%
26 %
162
17%
17%
12%
6%
280
32%
3,125
11%
6%
28%
7%
3
200
175
7%
500
1
9
100
1
5%
5%
25
«
7%
8%
7,289
10%
Mar
%
5%
18%
Feb
14%
6%
Mar
Golden State Co Ltd
*
Jan
33%
Mar
Hale Bros Stores Inc
*
2%
4%
Jan
7%
Mar
Hancock Oil Co...
*
100
78%
100
2
14%
14%
125
9
Mar
1%
7%
81%
2
5%
Mar
5%
T7
6%
Jan
lH
7%
26
52
1.00
13%
*
84
84%
85
20
63
1.35
11,175
5%
4,819
*
Lights.. ..1
Oil
.--*
5
1%
1%
III2
20
14%
1,135
15
85
*
Cypress Abbey
1.00
85
7%
75c
1.00
21
52%
0 1~-
726
1.00
'
2
Feb
6
Mar
Feb
Jan
"I*
General Metals
*
106
39%
21
106
39%
22%
10
315
'7
Hobbs Battery B
Holly Develop
International Cinema
.
9)4
2,640
111)4
10
75
3
3
430
1
Jan
7%
Lockheed Aircraft
Feb
Jan
87
80c
Jan
Jan
1.00
Mar
Jan
23%
Mar
Jan
Mar
Jan
39%
Mar
39%
17
Jan
22%
19%
12
3,105
16
16
10
17
63
Mar
67
Feb
28
41
Mar
42%
Jan
*
76c
82c
350
95c
1.15
14,850
Jan
10c
50c
Feb
82c
82)4
82)4
10
14
100
50c
Feb
1.15
10%
547
1.40
4.50
Jan
3.55
3.80
3,980
2.50
3.15
Jan
1.90
2.05
2,550
1.45
Mar
16%
16%
126
6,171
16,594
1
Preferred
50c
54c
2.80
3.40
Kinner Air & Motor. ...1
80c
86c
10
34c
39c
Lincoln Petroleum
1
12c
12c
100
McBryde Sugar
5
6%
6%
McKesson & Robbins.
*
10%
10%
26c
22%
IIIi
M J & M & M Oil
*
Marine Bancorp
*
22c
Jan
75c
Feb
1.60
Jan
3.90
Feb
10c
63c
Feb
95c
Feb
Jan
58c
Mar
6%
6%
Mar
100
4%
7%
10%
Mar
10%
Mar
33c
40,450
3c
13c
Jan
35c
22%
21
22%
Mar
24%
Jan
2.65
Jan
6%
Mar
1,590
9
'7
20
2%
3.35
40
40
260
1
*
5
5
260
35
*
9%
9%
200
9%
10%
985
7
15%
36%
52
41
Jan -;
Jan
.
-
7
Jan
42%
Jan
66
Jan
Mar
Jan
"20
Oahu Sugar
*
Occidental Pete
O' C onnor-M off att
Olaa Sugar
---*
—
*
Packard Motors
Pacific Clay Products- II.*
Pacific Eastern Corp..
*
Iloo
34%
34%
100
30c
30c
700
12%
7%
13
7%
11%
880
14
4%
14
100
5
50
4%
13%
300
5%
3,945
2%
614
Riverside Cement A_. II-*
13%
13%
Santa Cruz Ptld Cement.*
37
37
Schumacher Wallbr— -__*
4.50
4.50
1
*
—
Republic Pete.. ......
1
Richfield Oil pref...--
*
*
17%
*
34
*
12%
Sou
Calif|Edison
5%% preferred
6% preferred
H25
25
..25
Sou Pac Golden Gate pref *
United Corp
*
17
Non-voting
25%
12%
26%
26
7%
7%
Jan
14
Jan
Jan
5%
12%
Feb
11
4%
30
Jan
Jan
14
6%
Jan
Mar
Feb
17
41
Feb
4%
11%
Jan
5%
Mar
4
1
Feb
14%
Jan
1%
3.00
Jan
5%
Mar
2
2
50
Mar
2%
Jan
5%
9
Jan
13%
27%
32
Jan
37
35c
2,338
23
1
125
453
1
17
2
50
110
*
40c
44c
48%
48%
*
12
13
West Coast Life
5
16
16%
1
9%
660
'
96
Western Air Express..
17%
33
5%
10%
14%
15%
14%
1%
16c
2,030
.
11%
24%
25%
27%
37
Feb
5.14
Jan
Mar
19
Jan
Jan
36
Jan
Jan
14%
Feb
28%
Feb
Feb
26%
28%
Mar
52%
8%
Feb
Mar
Jan
6%
Feb
Jan
Jan
Feb
25c
Jan
55c
Feb
42%
Jan
49%
Feb
2%
10
Jan
14%
Feb
4.20
50
330
Mar
3.05
30
15
Jan
20
5
Jan
29
1
2
2
47 %
13
Mar
3
3%
9%
Jan
Feb
Mar
68%
15%
Jan
86
Mar
Jan
19 %
33%
32%
14%
Mar
13
28
Jan
5
29
Jan
11)4
481
1%
Mar
15%
17
11%
12%
15%
615
30)4
27%
50
51 )4
106
106)4
7)4
23)4
126)4
4
6)4
22
125
100
146
_*
43
Jan
17
Mar
Mar
17
Mar
31
Feb
37
Feb
Jan
Feb
16%
26%
Jan
31 %
28
19
50
Feb
Feb
15%
12%
Mar
104%
Jan
4%
30
Jan
56%
107%
7%
18%
Jan
Jan
23%
Jan
13,934
2,920
1%
115
68%
119
Jan
130
Feb
75
99%
139%
Jan
147
Feb
147
43
5)4
Jan
Feb
Jan
29 %
3,457
1,079
1,408
*
16
40
6%
Jan
Jan
345
30)4
27)4
preferred._*
Mar
4,148
770
*
33%
11%
9
112
11
25
3
38%--
Feb
44%
*
20
135
16%
17%
Jan
24
heb
100
Rainer Pulp & Paper A..*
86
86)4
190
79%
80 %
Jan
87
Feb
39
39
157
15
Jan
41
Feb
26)4
210
5
34%
25%
Mar
29%
Feb
10
61
104%
Jan
110
Feb
31%
Mar
35
Feb
Mar
119
5%
6%
Roos Bros com
1
100
Preferred
Safeway Stores
*
S J
L&Pow7% prpref 100
Schlesinger&Sons(BF)com*
Shell Union Oil
*
com
Sound view Pulp
__*
.
,
*25)4
109
32)4
*
44%
Tide Water Ass'd Oil com.*
100
18
%
Jan
5%
15%
Jan
19
Feb
Jan
53
Mar
14
27
25
15
16)4
28)4
28)4
19%
13)4
115
42
42
957
12 %
23 %
825
4,133
1,034
20
14)4
265
1,749
26%
43%
4%
11%
14%
Jan
19
101
Jan
27
23
Jan
28%
Mar
15%
Jan
20
Mar
7%
3%
1.20
872
7%
729
2%
y
Jan
Jan
13%
Mar
10
42)4
Ex-dividend,
Jan
Mar
16
«
Jan
106%
14%
28%
16%
Jan
32 )4
x
Feb
Jan
Jan
41
Cash sale,
Feb
40
12
32
c
Feb
Jan
23%
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
No par value,
38%
4
i
320
*
Jan
Feb
1%
7%
Wells-Fargo Bk & U T.100
15
Jan
Feb
3%
2%
47%
%
i
320
320
1%
3
563
30
13)4
26)4
*
%
34,188
1,084
3,024
*
25
Universal Cons Oil
67%
104
Union Sugar Co com
7% preferred
25
United Air Lines Trans..5
31%
593
46
Transamerica Corp
Union Oil Co of Calif
Feb
785
18)4
104
7%
400
3)4
1%
1%
Standard Oil Co of Calif. .*
Jan
20
33
3
4%
100
31)4
115
117)4
1
1)4
18)4
18)4
51 )4
53
*
6% Dreferred
110
31)4
Sou Pac-Golden Gate A._*
B
.
179
301
Jan
26%
23 %
Ex-rights,
/Flat,
4.50
11
35
100
Jan
r
335
Jan
Feb
5)4
20)4
Mar
10
Mar
3,941
Ry Equip & Rlty com
Feb
5%
Jan
..20
6%
6%
%
Waialua Agricult
8%
Feb
2
Warner Brothers
United States Pete
44c
Mar
100
27%
44
Jan
35
2%
17
Pacific Tel & Tel com..l00
•
390
26
27 %
44
Jan
18
Jan
25
6% preferred
Phillips Petroleum
Mar
2%
2%
1%
40
34
Silver King Coalition.
10%
21c
2.00
652
17%
Shasta Water
► Preferred
Jan
4.55
'
1,689
4%
12%
5%
2%
Radio Corp
Mar
27%
18c
65
9%
7%
2
15
50
10%
50
Pacific Ptld Cem pref.
Park Utah Mines
1
Mar
17
Jan
2
36
Southern Pacific Co
9%
Jan
13
29)4
Pac P S non-vot com .—*
Feb
'7
16
1
34)4
6% preferred.
Jan
Feb
6
15
19)4
32)4
Pacific Light'n Corp com. *
Jan
Feb
507
17%
32)4
*M6)4
25
Jan
11%
116%
4%
3%
7,682
25
com
6% 1st preferred
5)4% preferred.
Feb
12c
7
North Amer Aviatlon.
Pacific G & E
Jan
29)4
11%
15
Pacific-American Fish
Feb
Mar
7
Niagara Hudson Power
Feb
10c
pref..*
Mountain City Copper
2.95
15c
6%
M ont gomer y *W ar d—
3.80
19
Jan
5c
6
*
14
5%
*
Jan
Mar
2%
%
.
Feb
9c
.--*
MenascoMfg
Mar
5c
100
Kletber Motors
10%
47c
10,949
1,000
B
Paauhau Sugar
•
2.00
«
10
Mar
9%
...1
10
Oliver United Filters A...*
Mar
25c
Jan
7%
111
4
Nor Amer Oil Cons
Mar
50
116
1,997
11 %
*
100
6% preferred
Mar
Jan
Feb
11
1%
2%
47
Mar
-
16%
33
Mar
90c
2)4
46)4
Nor Amer Inv com
Mar
106
19%
...1
Italo Petroleum
Monolith Ptld Cem
105%
Jan
Jan
9%
2%
16 %
16)4
Jan
Mar
25%
21
3)4
16)4
17)4
Mar
52%
129
Natomas Co..
Jan
Mar
23
7
Market St Ry com
100
Natl Automotive Fibres. _*
Mar
9%
3
40
Marchant Cal Mach comlO
Feb
Jan
1
LosAngG&E pref..—100
Lyons-Magnus Inc B._._*
Magnavox Co Ltd
2)4
Magnin & Co (I) Com
*
Jan
42%
*
Intl Tel & Tel-...
Feb
Jan
Jan
Jan
400
...1
Idaho-Maryland
31%
9%
24%
7%
9)4
20
Sugar
Feb
9)4
9)4
111)4
63
14
8%
29)4
18%
.
Feb
125
*
Jan
11%
54
Jan
8)4
24
Libby McN & Libby com.*
16
4%
Jan
21%
Leslie-Calif Salt Co
40%
2,422
Jan
46 %
10%
3%
Jan
63
1120
Hawaiian Sugar
26
24 %
6%
Feb
Feb
Jan
26
11%
1.35
Jan
Feb
46
%
85
Feb
11%
18
4,062
5%
Jan
Mar
Mar
52
580
Feb
Jan
Jan
31 %
302
Mar
Jan
Mar
Feb
Mar
52
6%
'""l
Great West El-Chem..
Mar
12%
29)4
20
Gladding-M cBean
%
»4
578
Jan
64%
38%
10%
6)4
14
2,755
3,108
48%
Jan
Jan
12%
79
1
5
Feb
112
29
8)4
Occidental Insur Co
General Electric Co— ._.*
655
43%
54%
33%
5%
10%
14%
23)4
Feb
44
31%
22%
4%
Langendorf UtdBak A.._*
75c
40%
22
47%
Jan
Hutchinson Sugar Plant.15
Island Pine Ltd com
20
1%
15%
17
10
Jan
Jan
4.50
Feb
Feb
Mar
84
Mar
3%
17
Jan
Mar
37%
85
Mar
47
23%
27%
26 )4
_*
com
7%
'
99
5%
Jan
80c
23c
8)4
10)4
16)4
44
Mar
4%
60c
-
Hunt Bros A
37
23
Hawaiian Pineapple.
5
Home Fire & Mar Insur. 10
Honolulu Oil Corp Ltd. _*
Mar
9
12%
3%
Jan
8%
7%
81
2
120
52%
65c
16%
116
1,506
3
516
6%
1
250
1.00
23%
1.00
75c
2
10
1,672
*
1.75
2.50
1
B common
1.00
2
9
2.75
20
Feb
2%
101
10
Jan
Feb
Mar
5
17
10
'
Feb
13
234
1,367
3,000
10
416
Feb
Jan
Jan
Food Mach Corp com
2,675
Mar
32 %
2%
Foster & Kleiser
60c
Jan
Mar
16
Feb
52c
16
Jan
Feb
162% 169%
37%
102
103
21%
«
Jan
6%
24c
79
Fibreboard Prods pref- ..10
z
Mar
20c
2.00
Ewa Plantation-
z
Feb
33 %
„
Feb
Feb
51
99 %
55
-
Mar
Jan
15
31
com
1%
45
Feb
High
84%
Jan
Feb
Feb
Mar
Jan
Feb
22
Dumbarton Bridge— ..10
z
Feb
%
16%
*
10
7
Mar
25
5c
10
Electric Bond & Share. ...5
Honokaa
Feb
9c
Low
20
Curtlss-W right
z
4%
lc
2.75
Crown-Will 2d pref...
z
22%
2c
Low
84
Cities Service——
z
Jan
600
Shares
84
6% pref'27
Consolidated
32 %
59
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
pref.. .100
Cardinal Gold
Neon
Jan
900
*
Calif Art Tile A
Claude
1936
23 %
21 %
10c
Bunker Hill & Sullivan ..10
Cal Ore Pow 6%
1
Mar
25%
10c
High
7%
z
Jan.
1936
Mar
188
Jan
10c
Bolsa-Chlca Oil A—.....10
z
Feb. 29
24
Jan
5
21%
Feb
Jan
Feb
47%
17
17
Jan
Mar
Jan
622
102)4
$3 preferred
...100
Eldorado Oil Works
*
Since
Jan
Mar
10c
Alaska-Mexican
z
for
Week
of Prices
Range
4%
22%
5%
50%
70
67)4
15%
21)4
Di Giorgio Fruit com
1
1933 to
17%
140
102
102
101)4
Cons Chem Indus A
Sales
33)4
4*
High
Jan
Feb
Jan
80
30
400
Crocker First Natl Bk.. 100
Crown Willamette
_*
Exchange
both inclusive, compiled from official sales lists
Week's Range
62
1%
100
Exchange—Chicago
14 to Mar. 20,
83
10
com.
Board of Trade—New York Curb Exchange (Associate)
Mar.
6)4
6,615
1936
20%
180 %
15%
%
__*
7% preferred
California Copper
Direct Private Wire
35
25)4
20
com
17
46
26
1%
188
15%
187%
%
80
2,562
20
Calif Cotton Mills
Calif Ink Co A
187
23)4
*
Calaveras Cem
FRANCISCO
1%
47
30
7% preferred
CSince 1880)
69 %
1,004
1,925
5%
46
.
Calamba Sugar com
Members: New York Stock Exchange—San Francisco Stock
13%
5
20 %
Since
1
Low
Low
600
135
25
Imp Diesel Eng A
Byron Jackson Co..
STREET
Shares
15%
135
Assoc Insur Fund Inc.-.10
STRASSBURGER & CO.
San Francisco Curb
1
Sales
.5
Bank of California N A 100
Curb
Exchange
July
Jan
Francisco
Inc.
Exchange
of Prices
Atlas
Exchange—San
Stock
Week's Range
Mar
18
MONTGOMERY
Exchange,
Honolulu
Fresno
inclusive, compiled from official sales lists
Feb
1,000
5,000
SAN
(Asso.)
Exchange
Cotton
Commodity
Tacoma
Feb
9%
Associated Oil Co
133
York
Mar
127%
10%
1,000
33%
of
Trade
Exchange
New York Coffee t Sugar Ex.
Mar
Jan
Bonds-
t United Railways 4s_1934
New
Seattle
San Francisco Stock
Mar. 14 to Mar. 20, both
Mar
Stocks—
Nat Bearing Metals 6s 1947
Stock
Jan
25c
100
33
32%
Board
Chicago
Feb
123
10c
115%
Honolulu
Mar
17
Mar
40c
91
9%
14
11%
15c
5c
245
Jan
Beverly Hills
Sacramento
Nat Candy com
Chicago
New York Curb Ex.
Los Angeles
Feb
10
50
Mo Portland Cem cdm.,25
Exchange
Mar
6
10
29
*
McQuay-Norrls com
Stock
York
San Francisco StockExchange
San Francisco CurbExchange
WIRES
San Francisco
Feb
New
Corporation Bonds
PRIVATE LEASED
Mar
25
10
28%
*
Municipal and
Feb
1%
9
53%
20
Knapp Monarch com
Laclede Steel com
Dean Witter & Co.
Mar
7
Jan
15%
*
4
47
52
com
Members
High
317
8%
52
«■
1936
Low
2
60
1%
8%
International Shoe com..*
Since
1
z
Feb
Feb
Mar
320
Feb
Jan
34%
Feb
Jan
42%
Mar
Listed,
t In default
g Price adjusted because of stock
dividends, spllt-ups, Ac.
New stock,
t Low price not including cash or odd-lot sales.
The National Securities Exchanges on which
low prices since July 1
made (designated by superior figures in
tables) are as follows:
r
1
New York Stock
2
,z
Cincinnati Stock
1933 were
22
Pittsburgh Stock
23
Richmond Stock
New York Curb
13
Cleveland Stock
*
New York Produce
14
Colorado Springs Stock
24
♦
New York Real Estate
«
Denver Stock
23
5
Salt Lake City
Baltimore Stock
16
Detroit Stock
26
San Francisco Stock
6
Boston Stock
17
Los Angeles Stock
22
San Francisco Curb
7
Buffalo Stock
Los Angeles Curb
24
•
California Stock
'9
Minneapolls-St. Paul
»
Seattle Stock
9
Chicago Stock
Chicago Board of Trade
29
New Orleans Stock
39
Spokane Stock
Washington (D.C.) Stock
10
"
Chicago Curb
14
2' Philadelphia Stock
«i
St. Louis Stock
Stock
San Francisco Mining
March
Financial Chronicle
1964
1936
Canadian Markets
LISTED
Provincial and
Bid
Province of Alberta—
Bid
Jan
1 1948
86
88
5%s
Jan
3 1937
4%s
Oct
1 1956
84
86
5s
Oct
1 1942
6s
Sept
15 1943
101
6s
May
1 1959
98
4s
June
1 1962
4%s
Jan
Prov of British Columbia—
12 1949
July
4Ms
Oct
1 1953
99
96%
Province of Manitoba—
1 1941
4%s
Aug
5s..
June 15 1954
5s
Dec
2 1959
105
106
108
110
108% 110
June 15 1936
Apr 15 1960
Apr 16 1961
4 Mis
100% 101
110% 111%
4 Mis
Sept 15 1952
53
Mar
1 1960
103% 104%
112
112%
116% 117%
116% 117%
105% 106%
110% 111%
Last
Stocks (Concluded)
Canada Steamships
Par
pf_100
Mar
2 1950
113% 114%
Canadian Bakeries
1 1958
109
Canadian Canners
May
1 1961
June
5s
110
4%s.
5%s
15 1943
100
102
Nov
110
109
15 1946
101
103
1951
96
.Oct
99% 100%
115% 116%
26
v-v-'-v 7
12
12
45
48
48
4
100
*
*
25
91%
6%
6%
14%
160
Canadian Ind Alcohol A__*
92
SB.
*
*
100
Preferred
25
Canadian Wineries
*
Cockshutt Plow
Wood,
Consolidated Smelters ..25
Consumers Gas
*
Gundy
Distillers-Seagrams
Dominion Steel & Coal B 25
Preferred-
Co..
&
New York
25
Dominion Stores
Inc.
*
Fanny Farmer
*
Ford A
*
Goodyear Tire..
*
Preferred
Private wires to Toronto and Montreal
Bid
AbitibI P & Pap ctfs 5s *53
98
Asbestos Corp of Can 5s '42
100
BeauharnoisLH&P 5%s '73
Beauharnois Pr Corp 5s '73
48%
Int Pr &
Pap of Nfld 5s '68
6%s
Feb
1 1942
6%s
Feb
1 1947
105
106% 107
Minn & Ont Paper 68.1945
Montreal Island Pr 6 %s '57
-
-
--
88
Calgary Power Co 5s.-I960
101% 102
Canada Bread 6s
108%
Canada Cement Co 5%s '47
Cana Canners Ltd 6s. 1950
Canadian Con Rubb 6s '46
Canadian Inter Pap 6s '49
Can North Power 5s__1953
Can Lt & Pow Co 5s.. 1949
Canadian Vickers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5 %s_ 1961
Dominion Canners 63.1940
Dominion Coal 5s
Dom Gas & Elec
105% 106%
108%
Power
Corp of Can 4%s '59
5s
Deo
Gatineau Power 6s.,.1956
General Steelwares 6s. 1952
Gt Lakes Pap Co 1st 6s '50
Smith H Pa Mills 5%s *53
Quebec Power 5s
1968
*
com
"49%
"i~50
Kelvlnator
*
7%
*
19%
17%
Maple Leaf Mill
*
Preferred
100
106
95%
100%
113% 114%
113% 114%
101%
106% 107
-
*
Preferred
100
Monarch Knitting pref. 100
Moore Corp com..
*
A
16%
103%
Penmans
-
±
United Grain Grow 5s.1948
98%
99%
United Securs Ltd 5%s '52
83
99%
83%
100% 101%
46%
/46%
Winnipeg Elec Co 5s. .1935
85
85%
100
»
Co.
WA. 3401-8
*
Low
6% preferred
Beauharnois Power
Jan
5
5
130
*
Bell Telephone
100
50
20
145
200
104
2%
36
104
15
2
2%
140% 147
681
338
■
3
Jan
12%
6
*
Jan
69
Mar
Mar
18%
3%
5
2%
Mar
1.55
50
1.50
Feb
40
3%
6%
Mar
5%
Jan
Jan
7%
Jan
65
34
36%
15%
102
6%
37
16%
103%
3,524
770
3,010
35
12%
105
Jan
5
Mar
35
36
376
Jan
39
Mar
158
Jan
165
Mar
Jan
20
Mar
I eb
6
■
18%
6%
31
140
27%
146
17%
410
6
Mar
5
130
134
8
7%
135
Jan
10
Jan
20
6
Jan
8
Feb
102
79
Jan
95
Feb
7%
91
5
5%
1,390
3%
Jan
23%
75
23%
Mar
14%
16%
22%
29%
916
11%
Jan
29%
107
108
36
19
Jan
29
Jan
31
Mar
Jan
108
Mar
30
74
Feb
63
960
57
56%
56
57
220
49%
3
3
10
76
8%
"10%
5
8%
9:
70
106
10
35
106
10%
11%
3%
3,180
5,380
6%
Jan
Mar
9%
15
14%
111% 111%
795
14
Jan
Feb
4%
34%
Feb
19
Feb
Mar
Jan
17%
Jan
Jan
111%
Mar
Jan
4%
Mar
.100
16
3
3
22
100
64
64
4
11
16%
11
2%
60
Jan
17%
Jan
Feb
3
Feb
Feb
64
Mar
58
Mar
Banks—
..50
.100
.....
Dominion
100
57
58
322
159
155
159
118
149
Jan
170
207%
207% 211
44
190
Jan
222%
Feb
205
210
26
200
Jan
221
Feb
285"
285
287
64
177
178
28
164
Jan
182
Feb
230%
230% 230%
12
225
Jan
235
Mar
64
137%
54%
100
100
100
Toronto
100
Loan
and
51%
271
Jan
Jan
Feb
300
Feb
Trust—
100
198
198
2
30
Jan
2%
Natlona 1 Trust
31%
Jan
Mar
109%
8
150
2%
Feb
12%
12%
68
58
Jan
9
28
Jan
Jan
100
83%
Feb
Mar
11
*
58
Mar
57%
3%
106
17%
4
Feb
Jan
Feb
Jan
801
4
Feb
9%
64%
Mar
18%
*
80
Jan
Jan
8%
102
18
325
Feb
Mar
18%
14%
111%
,7
24
3
30
3
Feb
100
76
105
J line
18%
60
59
""9%
Feb
6%
27
181
76
8%
Feb
Mar
5%
85
8%
82
27
Feb
17%
Jan
Jan
153
30
Mar
3
10%
pref
40
97
28%
100
Jan
5
100
140
fcJan
2.25
136
100
10
Mar
Feb
Feb
4
5
.100
Mar
Jan
155
22
82
52%
198
Jan
160
Mar
88
Jan
Feb
58
Mar
Jan
201
Feb
Feb
Feb
Feb
Toronto Stock
Mar
9%
Jan
2,845
85c
Mar
1.40
Jan
23,112
16%
Jan
23%
32%
37%
Mar
Exchange—Curb Section
Feb
31
16,027
57
28%
Jan
34%
35
57
33
Jan
44
46
125
40
5
545
40
20
37%
Jan
16%
47%
Feb
Mar.
14 to Mar. 20,
both inclusive, compiled from official sales lists
Last
Stocks—
Mar
6
44
Jan
4%
Biltmore Hats
"88"
Price
Low
High
6
Jan
8
Feb
Bissell
123
58
Jan
75
Feb
Brewing Corp
•
24
75
Mar
24
Mar
Preferred
*
88
89
65
Jan
93
Feb
23%
82%
*
No
32
(TE) pf
par
value,
3
16%
f Flat price.
32
45
195
65
6J
Week
*
64
6%
for
of Prices
Range Since Jan. 1 1936
Shares
Low
High
Feb
Jan
Par
Week's Range
Sale
Mar
39
Sales
Friday
Jan
23%
6%
64
*
*
90
Landed Banking
20
4%
Canada Packers
Feb
Jan
1.05
60
Power
22
17
93
23%
Bread
*
Jan
Jan
165
Canada Permanent
90c
.25
..100
9
Huron & Erie
30
30
Canada Cement....
Jan
Jan
20%
*
preferred
Feb
6%
Feb
23%
B C Power A
Building Products A
Burt (FN)
Feb
80
Feb
30%
13%
12
Feb
39
30%
Feb
2.25
40%
3%
105%
14%
Jan
Mar
Feb
Feb
54
Jan
2%
Mar
Jan
25
104
14%
Jan
29%
30
13
Jan
1.05
Brewers & Distillers
British American Oil
Preferred..
5
33%
36
pref .50
Brantford Cord 1st pref.25
Brazilian
Can Northern
6%
31
Cyanamid B.10
Beatty Bros pref
100
B
322
100
Alta Pac Grain pref
American
Canada
10%
10%
Alberta Pacific Grain
Blue Ribbon 6%%
9%
100
Jan
Mar
Jan
11%
Royal
3
6%
40c
"29%
*
Nova Scotia..
High
Jan
Mar
15%
20%
*
com
Imperial
Week
Range Since Jan. 1 1936
1.25
52
Mar
44%
3%
*
Commerce-
270
Mar
Mar
125
"62%
♦
Canada
Shares
Mar
Jan
100
Winnipeg Electric
Sales
1.90
Feb
1
Jan
89
100
Zlmmerknit
1.80
Feb
4
29%
480
33,089
Westons (Geo) com
Mar. 20, both inclusive, compiled from official sales lists
High
Jan
Mar
*
....
Preferred
Low
8%
Jan
18%
Zimmerknit
Price
2%
Walkers (Hiram) com
Preferred
Toronto Stock Exchange
Par
56
Feb
17%
7%
91
29%
Preferred
Stocks—
6%
Jan
380
134
100
._25
United Steel
New York Curb (Associate)
Abitibi
949
Jan
3
884
20
Riverside Silk A
Twin City
Union Gas
Exchange
of Prices
Jan
18
"7%
Pressed Metals
Russell Motors pref
Preferred
Canadian Commodity Exchange, Inc.
Sale
1
23%
Tip Top Tailors
STOCK BROKERS
for
175
5%
Mar
19%
1
Preferred
Week's Range
Mar
69
6%
„*
Sterling Coal___
Last
Mar
Jan
53%
4%
90
19%
17%
18%
Limited.-
Power Corp
104% 105%
Friday
Mar
64%
89
Feb
153
"35"
100
Ontario Equitable.
Simpsons Ltd pref.... 100
to
72%
59
652
-
Standard Chemical
Mar. 14
16%
28%
Feb
Jan
5
*
Preferred
-
37
_•
National Grocers.
113
King Street West, Toronto.
Jan
24%
4
100
Nat Sewer Pipe A
105
Members Toronto Stock
Jan
13%
6,830
19%
6%
*
com
104% 105%
&
11%
19
100
Massey-Harris
Steel of Canada Ltd 6s '40
Duncanson, White
Jan
1.55
"l9%
Southern Can Pow 58.1955
2 1954
8%
Feb
3%
*
107
Oct
Feb
1,680
3,700
8
7%
8
67
*
*
102% 103%
6s
1.65
Jan
34%
17%
940
1.50
Jan
Jan
7%
3%
104%
48
50%
12%
13%
Jan
107
Jan
100
14
Mar
Mar
22%
4%
104
*
Page-Hersey
Pantepec Oil
99
Mar
295
200
14%
4%
13%
*
B
Steel of Canada
15
14
Orange Crush 1st pref. .100
101
25
Jan
30
13%
103%
104% 105
88
3,872
1,048
5
Shawinlgan W & P 4%s '67
Simpsons Ltd 6s
1949
87
Jan
50
M cColl-Fr ontenac
95
96%
104%
12
99
105% 105%
5
10
B
82
81
Jan
50
Preferred
98
80
17%
320
Lake of the Woods
91%
64%
64%
80
Donnaconna Paper 5 %s '48
Duke Price Power 6s._1966
Jan
Jan
189
5%
12%
Maple Leaf Gardens preflO
105
Certificates of deposit
Provincial Pap Ltd 5%s '47
200%
38
419
12%
104% 105%
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5 %s '70
103%
2,086
50
Laura Secord
Ottawa Lt Ht & Pr 5s. 1957
103
Mar
5
Loblaw Groc A
92%
1943
18%
12
51
50%
105% 106
113% 114%
33%
1 1957
Mar
50
pref-.100
Internatl Nickel
/33%
Price Bros & Co 6s
15%
Feb
104%
95
Feb
710
80
Internatl Utilities A
105
64%
92%
Mar
35%
64%
91%
Play Can Corp 6s '48
104
Certificates of deposit-..
Nova Scotia L & P 58.1958
92
7%
Jan
Ham U Theatres
Feb
390
27
90%
35
Northwestern Pow 6s. 1960
1949
Fam
1 1951
Oct
Feb
3%
8%
10
51
104% 105%
103%
101% 102%
103
94%
Fraser Co 6s unstpd._1950
6s stamped
1950
5s
1939
126
15
84%
-
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
1940
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
87
84
104% 105%
106% 107%
87%
87%
6%s.l945
Dominion Tar 6s
value) 3s
Jan
85
Imperial Tobacco
6
Internatl Milling pref.. 100
Montreal L H & P ($50
par
Jan
15%
56
3%
18
Jan
7
3%
Jan
Jan
2
■:
Mar
29
93
,f—
89%
104
"7
123
Jan
4
10%
2%
2
*
Manitoba Power 5%s.l951
Maple Leaf Milling 5 %s *49
Massey-Harris Co 5s. .1947
Brit Columbia Tel 5s. 1960
14%
26%
72%
Feb
12%
11
Jan
85
*
106
McColl Frontenao Oil 6s *49
10
Mar
29
Hinde & Dauch
/92
85%
105
6%
16%
Mar
185
185
195
25%
5%
15%
9%
13%
24%
69%
52%
4%
14%
6,984
17%
295
"4%
*
United
Hunts A
MacLaren-Que Pr 5%s '61
103%
60
8
19% 20
105% 105%
48
Jan
Mar
1%
80
Feb
17%
Jan
Mar
10
40
"
Mar
Thea_25
Hamilton
49
26%
115% 115%
1941
103%
82%
Bell Tel Co of Can 5s. 1955
*
13%
3%
14
37%
150
8,145
126
193%
*
/47
25%
Brit Col Power 5%s.-1960
5s
Mar 1 1960
Burns & Co 5 %s-3 %s. 1948
103
83
British-Amer Oil Co 6s '45
-
Ask
Lake St John Pr & Pap Co
■>
*
220
Hamilton Cottons pref..30
Bid
99
/47.%
Alberta Pao Grain 6s__1946
Ask
com
Gypsum
Harding Carpets
Utility Bonds
Feb
4
16
150
Gen Steel Wares
Great West Saddlery
Industrial and Public
Feb
10%
8%
3
26%
6%
16%
9%
14%
25%
72%
Feb
94
8
251
100
Preferred
14 Wall St.
284
"19%
Jan
Jan
8%
7%
100
Cosmos Imperial
Feb
5%
Mar
40
12%
17%
57
Mar
15%
126
13%
■...*
Consolidated Bakeries
Bonds
126
Jan
Jan
Mar
6%
1,384
15
......
12%
6
3%
Canadian Pacific
88%
27
515
48
9%
8%
*
Canadian Oil
Canadian
53
4
Feb
Mar
Jan
Feb
536
160
160
15%
43%
15
7%
15%
6%
9%
9
High
Jan
6..
6
Canadian Locomotive
B
70
20%
274
4%
91
48
Cndn General Electric.-50
Low
8
420
11%
4
Preferred
Shares
10%
48
Canadian Car
Range Since Jan. 1 1936
for
Week
26
Canadian Dredge
97%
10%
High
*
Conv preferred
1 1936
Low
pf..l00
1st preferred
Prov of Saskatchewan—
May
Price
"12"
*
Feb
Range
of Prices
Canada Wire & Cable A..*
4s
4Kb
Sales
Week's
Sale
B
110%
112% 113%
Exchange
Friday
4%s
109
Province of Nova Sootla—
15 1965
Ask
Province of Quebec—
4%s
Prov of New Brunswick—
4%s
4%s
Toronto Stock
Municipal Issues
As*
5s
5s
UNLISTED
AND
50
2%
15
3%
16%
20
30
Feb
32
Mar
10
33
Jan
50
Feb
710
520
2%
13
Jan
Jan
4%
18
Feb
Feb
Volume 142
Financial
Toronto Stock
Last
Sale
Brack
(Concluded) f Tar
Price
Week's Range
of Pr ices
.
im
6%
...
Canada Bud
Malting
14
365
Disher Steel Preferred-
10 %
10
Dominion Bridge
Dom Tar & Chemical-
22%
6*4
10%
38
35
e%
74%
10^
10%
Preferred...
100
Feb
Perron Gold
...1
1.26
35
Feb
Peterson-Cobalt
...1
27%
Jan
Pickle Crow
1
2%
Feb
Jan
23
Feb
Jan
7
Mar
8%
90
Fb
Jan
40%
4
Jan
Mar
11%
32
400
7%
Feb
Hamilton Bridge
....*
Shoe
5
~23%
Int Metal Indust
.*
Preferred
*
Montreal Power
*
National Breweries
12 J^a
32 %
.*
National Steel Car
5
43%
16 %
*
North Star Oil-.
31 %
42
10
Mar
28c
Mar
1.34
Jan
2.10
1.70
2.15
70,597
1.44
Jan
2.15
Mar
1.09
1.05
1.10
1.00
Mar
1.20
Mar
91c
89c
94c
6%c
36%
6c
43 %
16 %
16%
360
360
25
Ontario Sllknlt
Feb
St Anthony Gold
IIIi
23c
23c
25c
Feb
Sudbury Basin
Sudbury Contact
nil
Sullivan Consolidated- —i
Sylvanite Gold
...i
4.40
3.75
4.40
18c
13c
18c
96c
85c
98c
2.47
2.35
2.49
i
46c
45c
50c
San Antonio
Jan
Sheep Creek
-50c
70c
69c
70c
Jan
42
Jan
Sherrltt-Gordon
...
1
1.17
1.08
1.22
Jan
3.20
2.96
3.20
*
4%C
4%c
5c
*
36c
28c
37c
13
Jan
Mar
Jan
34%
43%
16%
Jan
17%
Mar
140
360
Preferred
125
Stadacona-Rouyn.
24%
7%
Feb
Jan
39
60
125
125
Feb
7,450
69,990
7,200
1,488
22,035
2,400
29,535
42,385
31,400
125,975
15,410
8,623
97,950
51,295
16,660
1 %v
4
Jan
:y
1
Jan
-
Mar
Mar
12
Ontario Sllknlt pref
Rogers-Majestic
*
(R) Simpson pref
Sbawinigan
4%
100
'22"
Preferred
...100
2%
12
23
12
Mar
14%
84
40
80
Mar
90
Feb
*
I
...
4%
4%
620
4%
Mar
115% H5M
21
22%
2
2%
10
111%
Jan
\l*
Jan
23%
Jan
22
%
Feb
com
1,150
683
Jan
6%
Tashota Goldflelds
.
Preferred
100
Toronto Elevators pref. 100
United Fuel pref..
100
'26"
Waterloo Mfg A
f Stocks (Concluded)
Par
Acme Gas «fe Oil
2.50
Feb
1.00
Jan
1.32
15%C
Feb
20% 0
Feb
3c
Jan
5%C
Mar
3o
Jan
9%0
Feb
7.55
Mar
9.00
Feb
111%
26
265
Mar
29
2c
1
*
Wrlght-Hargreaves
/>;
Feb
70o
Jan
Jan
70c
Feb
2%c
1%C
Jan
3%o
Feb
7%c
9c
74,900
3%c
Jan
10%c
Feb
4.55
4.60
527
4.10
Jan
4.95
Feb
73%c
76c
70c
Feb
97c
Jan
16c
2,100
9,900
12o
Mar
25c
Feb
5c
27,000
"2%o
JaD
6%c
32,400
35,500
8,750
5%c
Jan
11%C
Feb
3%c
Mar
7c
Jan
210
Feb
40c
Jan
7,200
6,800
13,550
39,780
21,975
5,121
28c
Mar
50o
Jan
1.30
Mar
1.84
Feb
61c
Mar
15c
Mar
23c
Jan
9c
Jan
16o
Mar
3.80
Jan
6.50
Feb
2o
Jan
9%C
Mar
Ashley Gold
Astorla-Rouyn
1
16c
14c
1
5c
4%c
Bagamac Rouyn..
1
7%c
7c
,
...1
4C
3%c
4c
Base Metals
*
23c
23c
26c
Bear Exploration
Beattle Gold Mines
1
28c
35c
1.35
1.50
1
Stocks—
Par
Price
m
Aldermac Mines
of Prices
Low
High
Sales
12c
10c
12c
for
i
Range Since Jan. 1 1936
Week
Low
Shares
97,300
12,000
89,041
15,700
High
7o
Jan
16o
Feb
Feb
8c
4.60
1
64c
1
"l5%c
15c
50c
16c
12c
Bobjo Mines
High
50c
*
Big Missouri..
inclusive, compiled from official sales lists
Friday
Week's Range
hast
Sale
54c
*
B R X Gold Mines
8.00
9,000
4,820
Feb
Exchange—Mining Curb Section
Range Since Jan. 1 1936
13,350
17,401
1,350
20,500
Arntfield
"l~47
7.80
7~90
Mar. 14 to Mar. 20, both
18%o
Anglo-Huronlan
*
7c
Jan
Feb
Jan
Algoma Mining..
Barry-Holllnger
6c
"
*
1.60
Jan
Feb
2.25
14 %c
2%c
7%c
-
1.07
19%c
3%c
Week
52c
Alexandria Gold
2.20
*
Sales
62c
Feb
9,393
—1
15% c
52o
64,380
Wlltsey-Coghlan
51c
Jan
1.25
Jan
58c
28o
2.27
Feb
58%c
Feb
25,400
1.06
119
1
2.90
2.00
112%
1
Mar
17%c 19%c 139,050
4C
12,600
3%c
Ventures
Feb
AJax Oil & Gas
Feb
2.25
Feb
Mar
Afton Gold
1.15
Feb
111
15c
Mar
1.50
14
15c
Feb
83c
Jan
21
*
Feb
18%0
1.20
116
Low
Feb
4.95
Jan
2,575
Feb
Shares
36c
Jan
1.45
*
40
High
Jan
6o
1.30
i
,
Jan
Low
180
3.00
1.43
Exchange—Mining Section
Price
Feb
Toburn Gold
Feb
32
for
Feb
38% C
Mar
25
of Prices
8%o
Jan
5.40
38%
112%
Week's Range
Jan
4.60
150c
Sale
Jan
4o
18% o
Jan
Wayside Consolidated
White Eagle
Last
3.40
Mar
Waite-Amulet.
Friday
Jan
1.63
Toronto Stock
Toronto Stock
2.87
4.30
2%
Jan
Feb
18,345
Feb
23
Jan
1.33
17,194
Feb
1.25
Jan
72c
Jan
4.20
38
200
3.45
Jan
4.75
Jan
1.85
Mar
56c
1.00
4.00
30
1.75
2.60
4.45
60
23
Feb
N
4.66
130
38%
Jan
Feb
Jan
4.70
112.
38%
94o
9%o
39%
Texas-Canadian
35
33 %
Jan
Mar
Teck-Hughes Gold... ..-*
112
*
....
2.99
50o
6%c
29%
Mar
116
1
Su pert est Pete ord
Tamblyns (G)._
36%
2.60
2.72
Siscoe Gold
South Tiblemont
33%
Feb
83
100
7c
•
Jan
31%
Mar
23c
90c
35
9
967
Jan
5,750
*
Feb
Mar
3.25
39,620
I
39%
2.48
95c
33%
10,355
Jan
Mar
27c
30
V
5
Jan
1.80
2.50
90c
20%
4
14,656
12.00
23c
Roche-Long Lao
Royallte Oil
Feb
Jan
26c
Feb
32
9.60
Feb
700
Read Lake-Gold Shore
80
Mar
2.65
Feb
6%
Feb
5.30
2.30
Jan
Jan
4%0
Mar
2.55
Feb
Mar
4%
125
11%
JaD
3.95
2.15
23
10%
33
9.75
2%c
2.65
i
103
45
16,500
5.30 107,550
1.74
2.20
Read-Authler
209
23%
5%
37%
37%
12%
37%
35%
37
Mercury Mills
21%
5
100
International Petroleum.
3%c
Jan
—1
Feb
32
32
3c
4.25
High
1.12
Prospectors Airways......*
*
Preston (new)
Quebec Gold Mines
IZIJ
Jan
56
26,670
3,625
11,250
78
5
4%
*
Imperial Oil.
13
1.35
10%
Premier Gold
2
Low
1.20
5 15
Pioneer Gold
21
Range Since Jan. 1 1936
Shares
5%c
Reno Gold
English Electric B
Humberstone
Price
8%
1,547
1
Week
Mar
300
;
38
6H
74%
6%
Jan
Jan
Mar
Mar
Mar
Par
!
for
of Prices
Low
High
16%
120
6
21%
5)4
6
13%
6%
31%
20%
1%
462
31%
%
Canadian Wire Box A—
DeHavlland Aircraft...
665
Week's Range
Sale
High
Low
265
7
6%
Sales
Friday
Last
Shares
15
31
Canada Vinegars--....
Canadian Marconi
Stop & Shop
Range Since Jan. 1 1936
for
Week
High
Exchange—Mining Section
Mar. 20, both inclusive, compiled from official sales lists
to
Stocks—
Silk
Canada
Mar. 14
Sales
Low
1965
Toronto Stock
Exchange—Curb Section
Friday
Stocks
Chronicle
67c
16%
c
16c
Buffalo Ankerlte..
1
5.00
4.70
5.10
Buffalo Canadian..
*
*
5%c
9%c
Calgary & Edmonton
*
1.15
1.08
Canadlan-Malartic
*
1.14
1.01
Cariboo Gold
1
1.45
Castle Trethewey...
Central-Patricia
1
Chemical Research...
'
9%c 469,100
Bunker Hill
8%C
9%c
Feb
,
76c
Jan
11c
19,360
6c
Jan
18o
73c
Jan
1.39
Feb
1.15
5,500
32,891
95%c
Mar
1.40
Feb
1.45
1.50
6,700
1.15
Jan
1.60
Mar
1.41
1.30
1.48
35,760
1.27
Jan
1.69
Jan
2.96 708,120
1.10
2,950
2.41
Mar
1
2%c
17c
21%c
7c
6c
7c
3.00
w
2%c
20%c
—
-
-
20
Jan
4%o
1%C
3%o
Jan
250
Feb
Jan
8%c
Mar
Jan
Churchill Mining
—1
Coast Copper
—5
3.00
205
3.00
Mar
4.50
Feb
Cobalt Contact
...1
2%c
2%c
3c
12,200
l%c
Jan
3%c
Mar
*
57c
50c
58c
16,711
40c
Jan
78c
Feb
*
9c
8c
9%c
6,600
6%c
Jan
13%o
Feb
5%c
5%c
1,500
5%c
Mar
5%c
Mar
Dalhousie Oil
East Crest OU
Gr ozelle-Klrkland
—1
*
Home OU
*
Hudson Bay
KIrkland Townslte
1.15
1.00
1.17
8,550
72%o
Jan
1.430
26%
24%
26%
22%
14%c
28%c
Feb
17c
Jan
22o
Feb
6c
3,728
2,000
62,400
Jan
16c
Jan
9%C
Feb
4c
40,800
3%c
l%o
1
*
Lake Mar on
4%c
30c
1
2%c
2c
*
Malroblc Mines
4%c
3%c
16%c
6c
1
-
*
Mandy Mines
Night Hawk Pen
Oil Selections
Oslsko Lake-..
4c
34c 100,175
Jan
Feb
70
Feb
12o
Jan
340
Mar
l%o
Jan
4%0
4%o
Jan
70
Jan
7o
Jan
14c
Feb
Feb
5%c
9%c
10c
31,500
38,357
2,050
23c
25c
14,000
18%o
Jan
31%0
3c
4%c
24,300
9,000
10%c 12%c 106,500
2%o
Jan
6%C
1.00
...1
2%c
6%c
1.05
95c
Mar
1.20
Feb
4c
Jan
160
Mar
lo
Jan
5%c
Feb
Jan
Feb
1.16
Brett-Trethewey
Central Manitoba
Parkhlll Gold
1
2.90
2.60
*
1.10
1.01
Chlbougamau Pros...—*
46c
40c
50c
Clericy Consolidated....*
4%c
4%c
45%
5%C
Dome Mines
*
3%c
44%
Dominion Explorers
Eldorado
1
5c
97.700
28,900
2,635
3,125
24% c
Pawnee-Klrkland
4c
Pend-Oreille
1
1.00
Porcupine-Crown
1
10% c
Ritchie Gold
1
Robb Montbray.
3.44
Jan
90c
Jan
1.60
Feb
Sudbury Mines
1
5%c
5%c
19 %c
Jan
63%c
Feb
Temlskamlng Mining. —1
3c
3c
Jan
5c
Mar
7c
2%C
5%C
3%c
21,700
6c
61,792
6%c 101,700
3c
16,550
Feb
Feb
42
Jan
4%C
Jan
52
Wood-Kirkland...—
—
4%c
2%c
6%c
1
7c
5%c
Jan
9o
Feb
3%c
Jan
7%o
Mar
2c
Jan
4%o
Feb
4o
Jan
8c
Feb
9,500
Jan
—1
1.15
1.10
1.18
Maa
1.38
Mar
*
9.20
8.50
9.25
6.90
Jan
9.50
Mar
Federal-Klrkland
1
5c
5c
6c
16,290
17,231
32,800
1.05
Falcon bridge..
3c
Jan
10c
Feb
—1
5%c
5c
6c
232,850
5c
Jan
lie
Feb
God's Lake
*
89c
Goldale
Franklin Gold
80c
Mar
1.45
19c
14%C
Jan
28c
Feb
17c
14%c
18c 250,750
6c
Jan
26 %c
Feb
Graham-Bousquet
1
4c
4c
4%c
3%c
Jan
7%c
Feb
Granada Gold.....
1
19c
20c
19c
Jan
30o
Jan
*
19%c
6%c
6%c
6%c
3,100
16,180
9,000
5%o
Jan
9c
Feb
-.1
24c
23c
30c
Jan
36c
Feb
88c
79c
92c
49,354
34,485
230
i
75c
Jan
94c
Jan
...1
3%c
3c
3%c
2,000
2c
Jan
5C
Jan
20,600
34,500
30c
Jan
77c
Feb
7c
Jan
11 %c
Drury & Thompson
Jan
21c
1.14 298,705
22c
19,450
00 o o
1
Goodfish Mining—.....1
CANADIAN SECURITIES
Jan
Grandoro
Greene-Stabell
Gunnar Gold
Halcrow-Sway ze
1
62c
57c
68c
—1
9c
Hollnger Consolidated ...6
7%c
13%
9%c
14%
Mar
17%
He
Jan
42 %c
61c
17,695
56c
Mar
75c
Jan
26,500
25,478
2,509
57c
Harker Gold.;
Homestead Oil
1
14%
37%c
Howey Gold...
1
59c
J M Consolidated
1
45c
Klrkland-Lake
1
47c
Lake Shore Mines
1
Lamaque-Contact...
1
Lebel Oro
1
23c
Lee Gold Mines
1
3%c
Little Long Lac..
*
6.80
Macassa Mines.........1
8%c
39c
45c
46c
52%
49% C
54%
7c
10c
39,100
19c 25%c 225,986
3c
3%c
12,300
6.35
6.90
12,400
4.00
3.61
4.20
17%c
10% c
12c
18c
14c
*
Maple Leaf Mines _■
1
Mclntyre Porcupine
5
17c
58,060
249,950
35,500
4,358
37,455
31,450
22,000
19,843
5,150
1.32
Manitoba & Eastern
1.30
1.35
989
52c
28c
McMillan Gold
.1
McVittie-Graham
42%
1.30
1.40
8%c
7c
42
26c
30c
1.25
1.43
Merland Oil..
Mining Corp
Minto Gold
*
Moneta-Porcuplne
13c
10c
Morris-Kir kland.
69c
65c
2%c
2%c
...
1
Newbec Mines..—
NI pissing
Noranda..
8%c
29c
1.40
McWatters Gold...
Murphy Mines
11c
8%c
40%
1.40
McKenzle Red Lake
2%c
2%C
...5
2.62
2.55
.*
50%
36%c
39% c
36%c
Northern Canada Mining *
O'Brien Gold
1
Olga OU & Gas
*
New
Omega Gold
Pamour-Porcupine
*
Paymaster Consolidated.. 1
12>?c
47
56c
140,740
4,100
43,400
3%c 68,500
13%
c
69c
3%c
2.65
51
16,500
2,425
12,808
39c
2,300
35c 39%c
6,035
4c
5%c 250,500
12c 13%c
18,000
290
Jan
45c
Mar
58c
PHONE
Jan
59%
Feb
Jan
190
Feb
12c
Jan
29%c
Mar
2%c
Mar
6%C
Feb
6.05
Mar
7.75
Feb
3.12
Jan
4.73
Feb
5%c
Jan
19%c
Mar
1.22
Jan
15c
Feb
Mar
5%c
40
49%
Jan
Mar
1.63
Jan
Jan
15c
Feb
21c
Jan
42c
Jan
1.20
Mar
1.65
Jan
2%c
13c
Jan
24c
Feb
1.23
Mar
1.50
Jan
7c
Jan
43c
Mar
6%0
Jan
Mar
Feb
58o
Jan
»-l CO £ ©
80o
%o
Jan
4%c
2o
2.45
Jan
Jan
44%
Jan
28 %o
34o
Jan
Jan
4c
Mar
12c
Mar
4c
3.05
51
Feb
Feb
Jan
Mar
42o
Feb
70o
Jan
7%C Jan
13%c Mar
61c
51c
65c
44,801
40c
Mar
79o
Feb
4.00
3.70
4.10
10,080
3.50
Mar
4.85
Jan
70c
63c
73c 114,300
60% c
Jan
84%o
Feb
HARBOUR
1254
Montreal Stock Exchange
Mar. 14
to
Mar. 20, both inclusive, compiled from official sales lists
Friday
Jan
51%
,
ST. JAMES ST. W., MONTREAL
Feb
5c
360
Mar
59c
Hard Rock...
-
Montreal Curb Market
Canadian Commodity Exchange Inc.
Jan
38c
6,046
174,940
13%
28c
Members
Montreal Stock Exchange
Sales
Last
Stocks-
Par
Agnew-Surpass Shoe pref_*
Alberta Pac Grain A
*
of Prices
Price
105
*
Associated
Week's Range
Sale
Breweries
Preferred
Preferred
104
Range Since Jan. 1 1936
for
Week
High
105
Shares
45
Mar
13%
3%
105
4
Jan
6
395
10
Jan
15
Jan
107
135
107
Mar
110
Feb
11
14
7,861
3%
3%
750
30
30
30
25
145
143
146
619
Canada Cement
107
5
100
*
High
Jan
11
4%
10%
Bell Telephone
100
Brazilian Tr, Lt & Pr
*
British Col Power Corp A.*
Brack Silk Mills
*
Building Products A..
Low
100
107
"io%
.100
Bathurst Power & Paper A*
Bawlf N Grain
*
Low
13%
11%
13%
31
30%
13%
31
595
14%
15
1,690
35%
34%
35%
*
11,271
210
10%
1.75
26%
141
9%
Mar
Jan
17%
4%
Jan
Feb
Jan
Jan
38
Jan
Mar
150
Feb
Jan
15%
Feb
32%
Feb
28
Jan
13%
Jan
16
Jan
33
Jan
37%
Jan
7
666
100
63
66
117
58
Jan
74
Feb
Canada Iron Foundries-100
41
41
5
41
Mar
41
Mar
24
24%
336
22%
Jan
25%
Jan
2%
10%
2%
135
1.75
Jan
11%
385
8
3%
15%
Feb
25%
25%
5
23
Preferred
Can North Power Corp...*
Canada Steamship
*
Preferred
100
6%
24
2%
10%
Canada Wire & Cable A--*
Can Wire & Cable cl B
*
Canadian Bronze
*
"~9%
38
Canadian Bronze pref-.100
Canadian Car & Foundry.*
Preferred
25
Canadian
Celanese
Rights
*
No par value.
__*
-
*
9%
38
110
"~6%
6%
14%
27%
13%
26%
20
20
6%
Jan
Jan
Jan
8
26
Feb
Feb
Jan
9%
5
9
Jan
12%
Jf>n
38%
250
31
Jan
40
Feb
51
110
Mar
116
110
.
8
1,175
6%
Jan
987
13%
Mar
17%
29
627
26%
Mar
31%
21
685
18
7
15%
Feb
21
Jan
Feb
Feb
Feb
Mar
1966
Financial
Chronicle
1936
March 21
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Week's Range
of Prices
"Wp file
rv tW
Par
Price
Canadian Cottons
100
50
Canadian Cottons
pref.100
39
8k
3 k
3k
25
13 H
12 k
*
8
Mining & Smelting.25
283
Cockshutt Plow
Cons
Crown Cork—
10 k
9
3k
13k
*
Par
50
99
Jan
Jan
34 k
Jan
48
Jan
Ea Kootenay Pr cum
9k
Mar
12 k
Feb
Mar
ilk
Jan
32
9,474
15k
15k
28k
Week
Price
Low
105
Jan
Dom Tar & Chemical Ltd *
34
Mar
Jan
Cum pref
26 %
Corp Seagrams
Dominion Bridge
*
112
100
Preferred
141
Dominion Steel & Coal B 25
*
Textile—
Dominion
16
16
—.100
Glass
Domlnon
37%
100
Dominion Coal pref
5k
.'■'72 k
5k
6k
Dry den
Paper..'
*
Eastern
Dairies
*
3
Electrolux Corp.
74 k
15
15
30
5
Jai
15
Mar
19
19
25
10k
Jar
24
Feb
11
510
7
Jar
12k
Feb
Foreign Pow Sec Corp Ltd*
Fraser Cos Ltd
*
17
16k
18k
272
9
Jar
19k
Feb
Voting trust ctfs
Home Oil Co Ltd
*
17
16
19
785
8
Jan
19
Feb
Jan
9k
Feb
293 k
Mar
17
Feb
Jan
32
Jan
34 k
40 k
Feb
Jan
17 k
Feb
35c
35c
100
35c
Mai
1.00
1.00
25
85c
Jar
35c
Int Petroleum Co Ltd
14k
Inter Util Corp clA
1.15
Corp..*
Feb
1.04
"23 k
21k
23 k
36 k
12 k
37 k
13k
210
1.35
*
1.50
2,015
37
*
Class B
4k
8
Gurd, Charles—
*
Gypsum, Lime & Alabast.*
Hamilton Bridge.—
*
Preferred
100
Feb
Jan
5
Jan
7
Feb
Mitchell & Co Ltd (Robt)*
2
Jan
3k
Feb
Page-Hersey Tubes Ltd..*
88 k
91
28 k
Feb
Power of Can cum pref.100
97 k
98
Mar
21k
Feb
Rogers-Majestic Ltd A...*
16
Feb
Reliance Grain Co Ltd...*
20
80
20
50
13k
Jan
10
Hollinger Gold Mines...
I
Howard Smith Paper—
680
4k
Jan
8k
8k
Mar
Jan
Walkerville Brewery Ltd
3
6k
Jan
Walker-Good & Worts..
30
29
33
25
25k
Feb
18 k
18 k
18k
15
3,920
13.60
Mar
International Power...
108
2,770
42
50
48
"56"
11
25
14
42
"
795
118
13k
50 k
14,698
4k
55
4
4M
-.-1"
85
86
35k
.
82
35
35 k
Jan
Jan
36
Jan
17k
19 M
Mar
Beaurort
Mar
Big Missouri Mines
Gold
35c
"95
100
54
Feb
Bulolo Gold Dredging....5
34
Feb
Cartler-Malartic Gold...
3kc
Feb
Dome Mines
Jan
6
88 k
115
33
Jan
35
Mar
-
Falconbrldge Nickel.-...*
Jan
22
Feb
Greene-Stabell Mines
Jan
4
Jan
J-M Consol Gold
Jan
7k
Jan
Lake Shore Mines
15 k
16k
1,518
12k
Jan
17k
Feb
35
26
Jan
35
Jan
43
41k
National Breweries pref. 2."
42
41
16 k
100
Mar
31k
Mar
34
Jan
99
99 k
Mar
103
Jan
Jan
44
39k
Mar
43
Feb
17k
2,925
410
Jan
39
Noranda Mines
50 k
15
Mar
55
75
34
Jan
55
Mar
58
"58
Niagara Wire Weavg pref.*
240
53
Niagara Wire Weaving...*
59
45
56
Jan
60
Feb
51
7,215
44 k
240
62
199k
18
15
50
122
237
47
18
*
100
Ottawa Traction
235
49
Ogilvle Flour Mills
100
Preferred
Power Corp of Canada—*
15 k
122
16
1,678
1,387
Quebec Power
Regent Knitting
17k
*
14 k
17
18
Rolland Paper
25c
25c
500
23c
Jan
39kc
45c
Jan
54k
8c
9c
20kc 25kc
3kc 3kc
24,950
1,362
9,300
6,400
3,000
28k 0
53 k
2.63
41k
2.63
100
2.50
4.00
4.00
100
3.75
9,200
18k c
Jan
Feb
50k
Lee Gold Mines
1
3kc
Mclntyre-Porcup M Ltd. 5
Nipisslng Mines
5
*2~63
2k
9k
Pamour-Porcupine Mines *
Parkhill Gold..
93c
Quebec Gold
1
97c
85c
1.00
1
4.80
4.55
*
2.25
2.10
Feb
Wayside Cons Gold
Feb
White Eagle Silver
*
Feb
Wright-Hargreaves
*
55
1,870
18
6k
15
.1
...
Jan
104
Mar
Jan
Jan
2.11
Mar
Mar
3.40
Feb
83o
Mar
1.15
Feb
4.80
715
4.30
Mar
5.35
2.30
5,450
1.60
Jan
2.50
Feb
19c
800
15c
Mar
21c
Feb
4c
4kc
3,000
3kc
Mar
5c
Mar
7.90
8.10
505
7.65
an
8.90
Feb
6c
29,320
2o
Jan
80
Mar
14kc 14kc
500
13ko
Mar
24k 0
Feb
900
98c
Mar
1.42
Feb
Mar
3.42
Jan
Feb
"4kC
1.85
623
2k
Jan
8
Feb
Arno Mines.............*
Ashley Gold
1
Jan
10k
20k
JaD
28
Mar
Cndn Malartlc Gold
1
19 k
Jan
23k
Mar
Central Patricia Gold
17k
Jan
20
Jan
12
Jan
13k
Feb
5kc
Chibougamau Prospectors*
Duparquet Mining...
1
4kc
1
Feb
*
"63"
59 k
63 k
762
57
Jan
64k
Feb
Eldorado Gold
1
25
57k
54 k
57 k
10 k
370
49 k
Jan
Mar
Granada Gold
Jan
Mar
Kirkland Lake Gold
40
2
Jan
1
107
Jan
3k
109k
Macassa Mines
28
Mar
Mar
San Antonio Gold M Ltd_l
Mar
Sherritt-Gordon Mines
1
2.68
2.95
3,050
2.43
48c
42c
49c
16,410
20o
Jan
62o
8c
7kc
8c
14,350
7c
Mar
10k 0
Jan
1.12
1.15
200
1.09
Mar
1.38
Mar
19 kc 19 kc
49c
48 kc
19kc
Mar
31c
Jan
47c
McVittie-Graham Mines. 1
4k
1.15 1
1
2k
109k
1.03
1.11
1
9k
57k
10k
Stadaconna-Rouyn Mines *
10k
Winnipeg Electric
2k
109
*
100
4
3k
16 k
16
10
4
550
2k
Jan
50
Ilk
Jan
16 k
Feb
18
1.12
Mar
56c
3.85
4.20
3,000
2,900
4,600
3.18
Jan
4.74
Feb
24c
24c
100
22 kc
Jan
38c
Feb
2~69
2.65
2.75
900
2.65
Mar
3.40
Jan
1.18
1.16
1.22
300
1.00
Jan
1.32
Feb
36c
30c
37c
84,420
18k O
Jan
39o
Feb
1.75
2.00
1,199
1.35
Jan
2.50
Feb
955
6k
Jan
13
39
6k
105k
Jan
12k
Mar
4.00
Banks—
50
Canada
58
58
Jan
58
Mar
137
135
137
63
133
Jan
140
Feb
Abltlbl Pow & Paper Co..*
2.00
100
158
158
160
120
149
Jan
170
Feb
10 k
Montreal
100
195
185
195
179
188
Jan
214
Feb
Nova Scotia
100
284
284
285
85
271
Jan
300
Feb
Cum 6% pref
100
Ctf of dep6% pref... 100
Atlantic Sugar Ref pref.100
Royal..
100
176 k
176
179
229
164
Jan
181
Feb
Brewers & Dist of Van...*
1.10
..........
...
253
51k
Brewing Corp of Can
Preferred
Canadian Government
Municipal
INCORPORATED
ESTABLISHED
Sparks St, Ottawa
Industrial Bonds
25k
Mar. 14
to
Mar. 20, both inclusive, compiled from official sales lista
Friday
Last
Sale
Stocks—
Par
Cum preferred
Week's Range
of Prices
Price
Acme Glove Wks Ltd B..*
Sales
Low
High
12
_
12
50
54 k
.•100
Low
Hk
20k
24 k
300
17 k
Jan
2k
2k
2k
822
2k
Mar
Bright (TG)&Co Ltd pf 100
*
23 k
Brit Col Packers (new)
*
10
Canada Vinegars Ltd
109 k
Canadian Vickers Ltd
Cum pref
Catelli Mac Prods B
*
Dom Eng Works
Ltd
*
Feb
3k
mm «.
—
««-
33
*•.
15
33
7k
60
5
5k
13
24 k
26
Jan
2k
24k
1,606
Feb
Jan
35k
9k
7k
28k
Jan
Feb
Feb
Feb
61
15
55
Jan
65
24
24
20
i8k
Jan
29k
Jan
19 k
10
19
Jan
,20k
Feb
37 k
80
Jan
k
Jan
40
Mar
6
34k
96k
Jan
104k
Jan
102 k
102 k
10
102 k
Mar
102 k
Mar
4k
5k
2,920
Jan
6k
Mar
Jan
40
Feb
JaD
39 k
Feb
38
37
39
1,045
3k
22k
36 k
34
36 k
1.5681
29
55
Feb
1.10
21
Mar
27k
205
37
Jan
25
10
24
24
10
1.00
35
47
Mar
tfan
Bid
4.00
Mar
65
Mar
4ka
1.75
Jan
4
Feb
Ilk
2k
Jan
25
2k
20
2k
Mar
1.75
1.75
5
1.75
Jan
Jan
Sept
1 1951
4ks
4ka
June 15 1955
Feb
Feb
1 1956
Feb
4ka
1 1957
4
Jan
5s
July
July
Feb
5s
Oct
1 1969
6s
Feb
1 1970
36
Feb
Ask
Canadian National Ry—
3k
3.00
114k 115
Dominion Government Guaranteed Bonds
Feb
50
26 k
104k
Mar
3k
2k
130
107 k
1 1960
101
Jan
Feb
Jan
1 1954
July
Mar
13
25
Deo
4ks
1.28
Jan
3
5s
102
1 1944
1.03
60
Ask
104 k
15 1944
5,050
107k
93 k
1 1946
July
1.20
Feb
Ask
Canadian Pacifio Ry—
92 k
Sept
Deo
10 k
33 k
33
7
4ks
5s
325
32
Mar
33
Feb
113
4ks
47
2k
Jan
15 1942 /112
Jan
23
21k
3k
Mar
2
Sept
Feb
82
Jan
3
3
«. «,
16
9,569
102 k 102 k
Bid
Jan
130
Jan
9
Jan
k
Jan
3k
Feb
120
3k
Railway Bonds
Canadian Pacific Ry—
4s perpetual debentures.
6s
109 k
------
*
City Gas & Eiec Ltd
10
60
*
100
Canadian Wineries Ltd...*
130
24
109
3k
pref.100
•
Feb
21
47
Jan
18k
3k
17k
3k
/Flat price.
Feb
53
43 k
*
Cndn Dredge & Dk Ltd..*
Cndn Int Inv Trust Ltd..*
Can Int Inv cum
20
JaD
16k
23 k
9
47
80
81
21k
1.12
205
12k
4,985
1,083
81
Brit Amer Oil Co Ltd
Calgary <fc Edmonton Ltd *
Can Nor P Corp Ltd pf 100
130
Feb
Feb
6O0
High
Mar
54k
13
61k
35
Jan
Week
Shares
20 k
preflOO
Mar
Mar
40o
Range Since Jan. 1 1936
for
50
cum
58
31k
5
*Nc par value.
Asbestos Corp voting tr__*
Beauharnols Power Corp.*
Belding-Corti
30
36
102 k
Royallte Oil Ltd....
Feb
700
19
Nova Scotia L & P pref. 100
100
Jan
Feb
4k
61
"24"
Price Bros Co Ltd.—..100
Preferred...
1.40
18
435
40c
5k
Massey-Harris Ltd preflOO
McColl-Frontenao OilpflOO
Montreal Curb Market
Jan
58
7
*
Jan
17 k
33
pref
30
Loblaw Groceterias Ltd A*
Mar
2k
13k
Feb
33
..*
Int Paints (Can)
80c
280
456
Feb
Feb
106
31k
""3k
General Steel Wares pf 100
330 Bay St., Toronti
280
3k
16k
40c
*
B
1.10
10
58
33
Donnaconna Paper A....*
Ford Motor of Can A
255 St. James St., Montreal
56
95c
3
15k
Consol Bakeries of Can..*
Consolidated Paper Ltd..*
11
10 k
105k 106
»
Dom Oilcloth & Lino
Public Utility and
1883
9k
9
.....*
Can & Dom Sugar
*
Canada Malting Co Ltd.
Claude Neon Gen Ad Ltd.*
HANSON BROS
Jan
Unlisted Stocks—
58
100
Commerce
Canadienne
j
Jan
Unlisted Mines—
2,026
3,882
356
Preferred
1.32
1.43
2.88
18kc
50c
Mar
20,627
11,950
23,913
Mar
97
Feb
Feb
Ventures Ltd
Jan
31k
Mar
Teck-Hughes Gold
Jan
Jan
1.75
Jan
Feb
Jan
5.25
Mar
5
4.70
Jan
57
12k
Jan
Jan
Jan
Mar
122
18k
2.95
1.12
Jan
Jan
3kc Mar
46 k
Feb
3.95
Mar
Ilk
14k
Mar
Mar
2,400
48
Feb
3kc
40
150
11,975
3,100
118
1,186
*
Feb
Mar
1.35
5
13k
*
180
290
5.25
124
18 k
100
25c
24c
98c
13k
City
Jan
Jan
1.30
3.30
18
Twin
Jan
60
13o
4.35
2.15
18
Western Grocers Ltd pf
Feb
1.30
95c
Sherwin Williams of Can.*
Vlau Biscuit
Feb
580
5.15
1.73
22
Preferred.....
35c
59
Jan
1
3.02
20 k
Steel Co of Canada
52
...1
Gold
3.20
22
*
24c
1
Perron Gold.
Pickle-Crow
"2" 10
Shawinigan W & Power ._*
Southern Can Power
41
1
*
28
9c
1
2
9
Feb
Read-Authler Mine
101
25 k
440
81scoe Gold
337
2k
Mar
25c
23c
Jan
22o
44c
1
Jan
58,700
54k
Mines..
Jan
50
52
Jan
23c 27 kc
Jan
295
"27k
JaD
43
200
Feb
Mar
5k
50
2o
3,600
37
9.50
21
14 k
104
St Lawrence Paper pref. 100
Jan
Mar
Mar
Jan
240
100
pref
75c
600
1
Lamaque Contact Gold..*
Lebel-Oro
Mar
Mar
Mar
31k
~
1
45c
60c
20o
8,850
1,700
6.90
Jan
5
St Lawrence Corp
A preferred.
Feb
2,496
Mar
14
5k
Mar
9.25
8.60
25c
1
=
10,200
4c
45 k
18
*
Preferred
Mar
25
Mar
__1
Sullivan Consol
Penmans
30c
25
Feb
43 k
42
16 k
15
86
6,513
100
National Breweries
National Steel Car Corp..*
-21
Feb
3c
9.15
*
5k
95
19
35 k
32
45
16 k
3
33 k
Jan
35c
Jan
10
31k
17 k
"
1,427
100
Feb
110
25c
44 k
1
3k
95
32 k
*
Montreal Tramways.-.10f
3k
34k
66c
Brazil Gold & Diamond
Jan
125
Jan
Mar
30c
Jan
6k
16*4
10(
Montreal Cottons pref.KH
2k
28 k
64c
45
35
McColl-Frontenac Oil.
53
20c
Jan
67
810
Jan
90c
Jan
983
21c
40
65
19 k
65c
1,320
64c
...
14k
6k
""m
Mar
5k
Mines—
Mar
14k
118
3k
17k
—-
Jan
100
Jan
Preferred
Francoeur Gold
Lake of the Woods
10
Jan
3
2k
Jan
3k
Feb
Feb
25
25
13k
*
Feb
Jan
98
100
30 k
United Securities Ltd. .100
Feb
101
4k
70
65c
65c
Jan
94k
Jan
Mar
6k
75
United Dist of Can Ltd...*
8
Jan
79
97 k
30
Jan
.
Montreal L, H & Pr Cons
7
Jan
13
Montreal Cottons
4k
7
99 k 100
6k
12
Lindsay (C W)_——
Massey-Harrlb...
Feb
6k
4k
117
Jamaica Pub Ser Ltd...
Feb
5k
35
13 h
Preferred
13k
Mar
5k
370
12*4
Int Nickel of Canada...
Jan
Mar
4
635
113M
.
5k
9k
175
260
8
"
—
Mar
245
7k
5
-10<
Preferred
4k
10
7k
Imperial Tobacco of Can I
Intercolonial Coal
10(
Feb
4
9k
7
13.60
Feb
2.25
6k
6k
15
Feb
39 k
14 k
Jan
4
""7k
4k
33
Jan
Jan
500
105
19k
..*
B
7
33
Feb
4
37
Jan
350
455
Melchers Dist Ltd A
5
'
Feb
Feb
Feb
8
335
4k
1.46
10k
33k
79
26
4k
2,390
146
Feb
24 k
Jac
20 k
Jan
13k- 13k
*
7,562
Jan
2.50
Jan
8
5
■
35c Mar
Mai
70c
8,445
8
Jan
k
4k
Sou Can P Co Ltd pref.100
General Steel Wares
1.17
8
70
3
20
115
Imperial Oil Ltd
136
1,318
5k
5k
Foundation Co of Can—*
310
Jan
Feb
Feb
15k
Mai-
106
Feb
European Elec Warrs A
Mar
32
7k
80
10k
B
i5k
692
Fel
Ma
50
Jan
12
Jai
4k
110
238
6
73
3
26
Famous Players C
38
16k
112k
141k
780
74
High
Low
9
152
7
6
6k
Hydro-Electric Sec Corp.*
Dist
9k
9k
74
100
pf 100
Range Since Jan. 1 1936
Shares
High
Jan
4
Jan
9k
25
1,440
2,524
for
of Prices
Dbminion Stores Ltd
Jan
.201
55
25k
35k
Jan
"
2k
10k
7k
2,505
Week's Range
English Electric Co Can A*
8
365
293 k
(Concluded)
Jao
4,140
1,095 /
8
7k
257
Stocks
High
23 k
301
9k
Sales
Last
48
20
40
37 k
*
Canadian Pacific Ry
Low
350
%
Canadian Locomotive
Shares
100 k 105
31
31
9
Market
Sale
15
9k
B
Range Since Jan. 1 1936
50
*
Hydro-Elec pref 100
Candn Industrial Alcohol
Class
High
50
'~3l"
Candn Foreign Investm't
Candn
Low
Curb
Friday
for
Sale
Stocks (Concluded)
Montreal
Sales
Friday
1 1969
113k 114
116
116k
113k 114k
Hlk 112k
116
116k
117k H8k
H7k H8k
Bid
Canadian Northern Ry—
6ka
July
1 1946
Grand Trunk Pacifio Ry—
4s
Jan
3s
Jan
Grand TYunk Ry—
6s
Sept
1 1962
Ask
125 k 126 k
108
1 1962
99 k 100k
1 1936
102 k 102 k
1967
Chronicle
Financial
Volume 142
Over- the- Coun ter
Am. Type Fdrs. 5s 1950
Lake Superior Corp. 5s 1944
Glen Martin Co. 6s 1939
Warren Bros. 5V2S1957
Deep Rock Oil 7s 1937
STOCKS & BONDS
York Ice Machine 6s 1947
Established 1914
74
Trinity PL, N- Y.
Members
•
mmmmm
New
Whitehall 4-3700
York Security
Quotations
on
New York
a 4a
1975
1957
a4s
May
a 4a
May 1 1977
Oct
1 1980
a4s
1 1959
a4%s Sept
1 1960
1 1962
1 1964
a4%s Mar
a4%s Mar
Ask
Bid
a4%a April 1 1966
a4%s Apr 15 1972
a4%s June 1 1974
a4%s Feb 15 1976
102% 103
a4%s Jan
1 1977
106% 107% a4%8 Nov 15 1978
110
110%, a4%8 Mar 1.1981
110
110%( o4%s May 1 & Nov 1 1957
110
110% o4%s Mar 1 1963
110% 111% o4%s June 1 1965
111% 111% a4 %s July 1 1967
113% 114% o4%s Dec 15 1971
113% 114% o4%a Dec 1 1979
Jan 25 1937
113% 114% a6s
1 1958
Nov
Private wires to principal cities in United States and Canada.
Bank and Insurance Stocks
113 % 114%
114% 115%
114% 115%
MUNDS, WINSLOW & POTTER
116% 116%
40 Wall Street, New York
116
115
116% 117%
116% 117%
Whitehall 4-5500
Members New York, Chicago and other
117% 118%
Stock and Commodity Exchanges
118% 119%
121
120
104% 104%
New York Bank Stocks
Ask
Bid
Ask
Bid
Sold and Quoted
Bought,
115% 116
115% 116%
115% 116%
New York State Bonds
Ask
Bid
Par
Par
World War Bonua—
Canal & Highway—
5s Jan & Mar 1946 to '71 b
2.90
•
City Bonds
101}*
104% 105%
104% 105%
103% 104%
1976
•
Over-the-Counter Securities—Friday Mar. 20
Ask
Bid
100 %
1975
1954
1954
1960...
a3%a July 1
d3%s May 1
o3%sNov 1
a3%sMar 1
o3 Mb Jan 15
a3%s July 1
a4s
May 1
Dealers Association
Open-end telephone wires to Baltimore, Boston, Newark and Philadelphia.
—
Bank of Manhattan Co. 10
29%
31
Merchants Bank
4%s April 1940 to 1949.. b 2.10
Highway Improvement—
125
48 Mar & Sept 1958 to '67
125
Canal Imp 4s J&J '60 to '67
114%
Barge C T 4a Jan 42 to *46
117%
Barge C T 4%8 Jan 1 1945.
Bank of York town..66 2-3
50
60
National Bronx Bank
National-.50
50
85
Bid
Ask
100
75
85
50
20
25
16
131%
Canal Imp 4%s Jan
131%
Can & Imp
High
1964..
4%s '65..
'
17%
128%
—
42
36
38
Peoples National
50
50
182
188
Public National
26
42%
44%
100
970
1005
Sterling Nat Bank & Tr.25
2065
Trade
Fifth Avenue
100
30
Klngsboro National... 100
8
9
28%
29%
12%
18
20
100
Bank
75
60
Flatbush National
Yorkville
Bank
Ask
Bid
Ask
40
Chase.
Port of New York Authority Bonds
Bid
....13.55
City (National)
12%
Commercial National..100
First National of N Y..100 2025
Highway Imp 4 %s Sept '63
National Safety Bank. 12 %
Penn Exchange
10
Bensonhurst
George Washington Bridge
Port of New York—
Gen & ref 4s Mar 11975.
3a series F Mar 11941..
106%
4s
107
ser
B
102
1936-50.-J&D
112% 113%
101%
4%s ser B 1939-53.M&N
103% 104%
Inland Terminal 4%s ser D
1936-60
M&S
107
104% 106
Holland Tunnel 4%s ser E
1936-60
M&S
113% 114%
«.
.
Gen & ref 2d ser 3%s '65
Bayonne Bridge 4s series C
1938-53
J&J 3
-
New York Trust
108%
Companies
Ask
Bid
Par
Par
Ask
Bid
Banca Co mm Italians. 100
4m
Bid
oci"f959;:::::::
Honolulu 5s
3.50
105
U S Panama 3a June 11961
104
105
Govt of Puerto Rico—
5s
101% 103%
107
108%
5s
1952
Feb
5%8 Aug
Hawaii 4 %a
110
1941
Oct 1956
100 z205
215
Guaranty
Irving
100
295
300
65%
63%
10
20
County
7
12
...10
8
9
119
124
116
24%
16
10
100 1700
48
25
Kings County
Lawyers
113
Brooklyn
23%
Manufacturers
17
1750
51
118% 119%
104
1952
Apr! 1955
Fulton
Bronx
3.00
101%
4 %s July
4 %s
Empire..
482
Bank of Slcilly
Ask
Bid
Ask
100
1Q4R
115
475
Bankers
United States Insular Bonds
Philippine Government—
105
Bk of New York & Tr. .100
..20
49%
Chemical Bank & Trust. 10
58%
60%
New
112%
Clinton Trust
50
67
75
Title Guarantee & Tr
112
114
Colonial Trust
25
14%
Conversion 3s 1947
114
Continental Bank & Tr.10
Corn Exch Bk & Tr.. —20
19
20%
Underwriters
100
63%
64%
United States
100 1995
51%
16%
112
110
U S conversion 3s 1946
112
114% 116%
20
Central Hanover
115
112
4%s July 1958
5a July 1948
York
25
20
115
118
11%
12%
75
85
2045
Federal Land Bank Bonds
Bid
99% 100%
99% 100%
101% 102%
1946 opt 1944... ..J&J
_M&N
1957 opt 1937—.
.M&N
1958 opt 1938.
108% 109%
S
a
3
3
Ask
Bid
Ask
1955 opt 1945......J&J
1956 opt 1946... ..J&J
.M&N
I%s 1955 opt 1945-.
3
105
105%
106
4%s
4%s
4%s
4%s
4%s
1956
1957
1957
1958
1942
opt 1936.._J&J
opt 1937
J&J
opt 1937
M&N
opt 1938—M&N
opt 1935
M&N
1015,6 101%
103
103%
104
104%
Chicago Bank Stocks
107% 108%
101
101%
106%
Par
Ask
Bid
Par
First National
100
210
240
Continental Illinois Bank &
Trust
33 1-3
175
STOCKS
Ask
299
304
355
380
840
875
179
Trust
JOINT STOCK LAND BANK BONDS &
Bid
100
Harris Trust & Savings. 100
Northern Trust Co
100
American National Bank &
MUNICIPAL BONDS
Bought—Sold—Quoted
DEALERS-COUNSELORS
MUNICIPAL BOND
Insurance
Vfocm
VP
Par
,
Bid
Companies
Ask
Par
Home Fire
Bid
Surety 10
104
108
10
54
57
Homestead Fire
10
26
Aetna Life
10
37%
39%
Importers & Exporters.. 10
8
Agricultural
25
84
88
Ins Co of North Amer__10
American Alliance
10
27%
28%
Knickerbocker
5
Equitable— —5
5
Aetna Casualty &
Joint Stock
Bid
Atlanta
99
5s...
Teletype CGO. 437
State 0540
LaSalle St., Chicago
120 So.
Aetna Fire
Land Bank Bonds
Atlantic 5s...
100
Burlington 5s.
100
California
5s.
100
5s...
/12
13
100
101
-
-
•>
Louisville 5s
-
-
Chicago
Dallas 5s
74%
Denver 5s
First Carolines
92%
5s
-
5s__
99%
New York 5s
98%
North Carolina 5s
99
75%
Ohio-Pennsylvania 5s
97%
98%
96
98
94
Oregon-Washington 5s
Pacific Coast of Portland 5s
100
100
Pao Coast of Salt Lake 5s.
93
96
Pao Coast of San Fran 5s—
100
99
100
First of Montgomery 5s. _.
First of New Orleans 5s...
First Texas of Houston 5s.
Pennsylvania
100
Phoenix
Fletcher 5s
100
Potomac 5s
93
95
m
108
35
/31
Greensboro
5s
Southwest
84
Illinois Midwest 5s
81
Illinois of Montlcello 5s...
98% 100
Iowa of Sioux City 5s
1C0
96
La Fayette 5s
100
5s
-
98
2%
Shippers... .25
100
98%
97%
99% 100%
99
Land
Par
Bid
69
73
Merch & Mfrs Fire New'k 5
10%
12%
National
..10
19
21
41
National Fire
10
76
79
9%
8%
100% 104%
National Liberty
National Union Fire
20
720
New Amsterdam Cas—5
New Brunswick Fire
10
730
Atlanta
100
25
28
Lincoln
Atlantic
100
35
39
North
Dallas
100
69
72
Pennsylvania
Denver-
100
3
8
Potomac
100
100
75
80
San Antonio
First Carolinas
100
6
10
Fremont
100
6
9
Virginia
Virginia-Carolina
Des
Moines
10
12
100
30
32
..100
22
26
..100
27
30
—..100
48
5
100
30
Carolina
...
<
22%
31%
10
City of New York
Connecticut Gen Life.. .10
Continental Casualty.. —5
27%
28%
New Hampshire Fire...10
New Jersey
20
49%
51%
New York Fire
25%
28
Northern
2%
4%
1970.
North River
2.50
11
150
13%
14%
35
37
47%
49
48
21%
109
51
24%
113%
29
27%
128% 134
42
Northwestern
5
12%
14%
Pacific Fire
25
.10
50%
54%
Phoenix
10
90%
5
20%
22%
10
41%
43%
10
26%
28%
10
31
33
5
14
15%
Employers Re-Insurance 10
40
100% 102%
76%
81
Preferred
Natlonal.25
Accident
14%
Franklin Fire
5
12%
31%
Providence-Washington
Republic (Dallas)
33%
Rochester American
General
1
21
23
Rossia
30
St Paul Fire & Marine..25
43%
Seaboard Fire & Marine. .5
Seaboard Surety
Firemen's of Newark.. —5
Alliance
..10
28
—5
41%
5
...5
,
>
.
127
132
94%
222% 227%
14%
12%
16%
18%
49
10
Security New Haven...10
22%
47
39%
24%
41%
68%
73%
Southern Fire
28
30
Springfield Fire & Mar. .25
Stuyvesant
5
10
146% 149%
29%
31%
11
14
Halifax Fire
10
21
22%
Sun Life Assurance
100
550
580
10
17
27
Travelers
100
633
643
10
38
40
10
27%
28%
U S Fidelity & Guar Co. .2
U S Fire
4
55%
57%
76
79
U S Guarantee
10
56%
60
80%
83%
Westchester
37
39
37
39
Great American
Fire
Hanover Fire
Harmonla
Hartford Fire
..10
Hartford Steam Boiler ..10
For footnotes see page
4%
5
12.50
9%
145
4%
Hamilton
%
35
2
3%
Great Amer Indemnity -.1
52
%
Casualty
29%
Globe & Rutgers Fire....15
.15
2d preferred
Ask
5%
54%
22%
Globe & Republic
Bid
16%
76
Georgia Home
Bank Stocks
Ask
Par
9
75
29%
Glens Falls Fire
Joint Stock
4%
6%
27%
46
5
Eagle Fire
73%
14%
Ask
44
.10
Fire
5%
1
Bonding & Ins
25
Merch Fire Assur com.2%
--
Virginia-Carolina 5s
Virginian 5s
98
.10
Fidelity &Dep of Md_. .20
Fire Assn of Philadelphia 10
33
Union of Detroit 5s
100
Kentucky of Lexington...
/
/31
Southern Minnesota 5s
Tennessee
_
Baltimore Amer
Bankers &
Federal
76
73
5s
39
Automobile....
Excess
'
100
Antonio 5s
San
100
52%
_
m
99% 100%
St Louis 5s_
100
Greenbrier 5s
74
27%
25
American Surety
Carolina
107
5s
First Trust of Chicago 5s..
„
99% 100%
5s
Mass
Camden
100
88
Maryland Casualty
17
..10
Lincoln Fire
16
15%
Boston
99% 101
Pacific Coast of Los Ang 5s
100
Fremont 5s
101
100
91
5s..
Wayne
First of Fort
100
Maryland-Virginia 5s
Mississippi-Tennessee
37%
15
American Re-insurance .10
10
American Reserve
-
"
--
34%
.10
American of Newark
100
Security
2%
American Home
98
96
Lincoln 5s
American
Ask
Bid
Ask
100
-
Home
5
Fire
2.50
7%
15
8%
16%
1968
Financial
Chronicle
March
1936
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
Offerings Wanted
3o$epb Walkers Sons
York Stock
Members
//„
120
.
Dealers in
Broadway
Exchange
NEW YORK
DUNNE&CO.
\
Tel. REctor
GUARANTEED
Members New York Security Dealers Ass'n
20
2-6600
STOCKS
Pine
Street, New York
JOhn
4-1360
,J5i nee 1855
RAILROAD
Guaranteed Railroad Stocks
(Guarantor In
Parenthesis)
Bought
Dividend
Par in Dollars
'
v
190
195
6.00
100
105
2.00
35
37
100
8.75
137
140
8.50
155
.100
3.00
55
Request
—
.100
4.00
Cleveland A Pittsburgh (Pennsylvania)
41 Broad St., New York
Sloane
HAnover 2-2455
•
& Co.
YorJ{ Security Dealers Association
Bell System Teletype NY 1-424
98
3.50
51
45
47
100
5.50
87
92
100
10.00
174
179
.100
4.00
76
80
Michigan Central (New York Cenfal)
,.100
50.00
950
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
1100
-.50
—
—
3.875
68
70
.100
6.00
94
98
50
4.00
96
99
..
Old Colony (N Y N H A Hartford)
Preferred
100
72
Chicago Union Station 3)4s, series E, 1963
Choctaw & Memphis. 1st 5s, 1952
75
80
-
160
168
180
6.90
Tunnel RR St Louis (Terminal RR)
.1(H)
United New Jersey RR A Canal (Pennsylvania)— .100
108
113
6.00
145
150
72
75
3.00
145
150
10.00
250
255
6.00
92
96
.100
.100
5.00
99
106
.100
5.00
80
85
5.00
_.
81
86
Preferred
Warren RR of N J (Del Lack A Western)—
West Jersey A Sea Shore (Pennsylvania)
3.50
52
55
3.00
64
67
.......
100
Ca
.
Georgia Southern & Florida 1st 5s, 1945
Goshen & Deckertown 1st 5)4s, 1978........
Hoboken Ferry 1st 5s, 1946
Kanawha & West Virginia 1st 5s, 1955
New York
63
Railroad
Bid
Atlantic Coast Line 4)4s..
Baltimore A Ohio 4)4 s
51.75
102)4
104
-
105
/39)4
Ask
1.25
Bid
Missouri Pacific
4j^s
64.75
80
5s
64.50
3.75
5^8
64.50
60
2.75
New Orl Tex A Mex
64.75
4.00
2.75
New York
63.00
2.00
2.00
63.00
2.00
63.00
Canadian Pacific
2.00
63.00
4)4 s
Cent RR New Jer 4)4s._.
Chesapeake & Ohio 5)48_.
2.00
62.50
4)4s_.
Central 4)4s.._
5s
77
101)4
N Y N H A Hartf
1.75
Northern Pacific
1.00
Pennsylvania RR 4)4 s
0.50
5b
62.50
2.00
Telephone
2.25
HAnover 2-1282
5s
62.00
1.00
65.00
4.00
65.00
4.00
64.50
Mlfw
& St Paul
4J^b.
66.75
66.75
92
43*4 s
2%b series G
non-call Dec 1 1936-50
84
63.00
2.50
62.25
1.50
4^s
63.25
2.75
5s
63.00
2.50
62.00
1.25
62.00
1.25
62.00
1.25
63.00
2.00
63.00
2.00
62.00
62.75
2.00
$7
4.50
5)4s
03^8
1.00
62.00
62.50
St Louis-San Fran 4s
1.00
64.75
4.00
2.00
84
78
53^8
84
78
5s
St Louis Southwestern 5s.
78
84
65.50
4.50
65.50
Southern Pacific
4)4 s
5s
4.50
62.75
1.75
627.5
Southern Ry 4>4s
1.75
63.90
3.00
63.00
4Hs
3.00
63.90
5Ma._.
Texas Pacific 4s
3.00
63.90
5s
2.00
63.00
434s
2.00
63.00
5s
Union Pacific
2.00
62.00
5s.
1.00
62.00
1.00
62.00
5s
Virginian Ry 434s
1.00
62.00
1.00
Loulsv A Nashv 4)4 s
5s
Maine Central 5s.
63.25
2.00
2.00
1.25
5^8
100)4
62.00
...
63.25
62.00
6s
102)4
1.25
6s
101
103
64.00
3.25
Wabash Ry
5S
4348
3.25
Western Maryland
5s
66.00
5.00
5.00
64.00
4)*s
99
100
Western Pacific 5s
66.00
5^8
Minn StP ASSM4s.._.
4)4s__.
534s
102
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
For footnotes
63.00
63.00
$7
preferred
page 1970.
Mississippi P A L $6 pf...*
Miss Rlv Pow
4
6
7
9
9
114
62)4
24 X
6434
2534
92
94
8434
95
62
65*
100
68
70
53
54
J). 100
Consumers Pow $5 pref..*
6% preferred
100
6.60%
preferred
100
Continental Gas A El—
7%
preferred
46
102
103
10434 10534
104 J4 10534
98
113
54
2.00
Essex-Hudson
192
198
2.00
Foreign Lt A Pow units._*
Gas A Eleo of Bergen.. 100
Hudson County Gas...100
Idaho Power $6 pref
*
4.50
4.50
preferred
100
Illinois Pr A Lt 1st pref..*
Interstate Natural Gas..*
Interstate Power $7 pref.*
Jamaica Water Sup pref.50
Jer Cent P A L
7% pf-.lOO
Kan Gas A El 7%
pf.__100
111)4 113
95
121
Bid
12)4
mmm
■m
mm
14)4
3
4)4
44
45)4
111)4 112)4
Newark Consol Gas...100
121
New
Eng O A E 534% pf-*
6% pf__100
New Eng Pub Serv Co—
26
$7 prior lien pref
*
New Jersey Pr A Lt $6
pf.*
New Orl Pub Serv $7
pf..»
N Y Pow A Lt $6 cum
49
N E Pow Assn
pf.*
7% cum preferred... 100
Queens E L P pf 100
Ohio Power 6% pref... 100
Ohio Pub Serv
6% pf_.100
7% preferred
100
Okla G A E 7% pref...100
Pacific Pow A Lt
7% pf 100
Penn Pow A Lt $7
pref
*
Philadelphia Co $5 pref..*
Pub Serv of Colo
7% pf 100
Queens Borough G A E—
6% preferred
100
192
Rochester G A E
103
104
6% preferred C
100
Sioux City G A E $7 pf.100
109)4 111)*
7% B 100
72)4
103
49
98
107
88
98
100
77)4
79)4
108
109
79
82
104
82
107
102 )4
88
27
7% preferred
100
Texas Pow A Lt 7% pf.100
—
107
192
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
-
104)4
Sou Calif Edison pref B.25
mm
■
90
104
South Jersey Gas A El. 100
Tenn Elec Pow 6%
pref 100
•
50)4
99)4
108)4
102
46
56
74
49)4
104)4
109)4 111)4
22)4
93
27)4
109)4 110)4
31
54
125
104
21
91
32
104)4 106)4
29)4
111
112
30
198
43
Ask
66
110
100
Nor States Pr $7 pref.. 100
Ohio Edison $6 pref
*
$7 preferred
*
44
51
65.50
preferred
108 )4 11034
111
65.50
7%
105 X 107
Dallas Pr A Lt 7% pref. 100
Dayton PrA Lt 6% pf.100
Derby Gas A Elec $7 pref. *
100
Mo Pub Serv $7 pref...100
Mountain States Pr com.*
N Y A
96
Gas
6% pref. 100
Nassau A Suff Ltg pf__100
Nebraska Pow 7% pf__100
110)4
Cent Pr A Lt 7% pref. ,100
Columbus Ry Pr A Lt—
1st $6 preferred A... 100
$6.50 preferred B...100
Consol Traction (N
Par
72
9134
82
preferred
Cent Ark Pub Ser pref. 100
Cent Maine Pow
6% pf 100
64)4
—
83)4
-
-
-
103)4
90)4
27)4
198
65)4
72
73
101
103
108)4 110
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
7% preferred
100
94
96
74)4
76)4
United G A E (N J) pf.100
66)4
84
86
62
111
113
Utah Pow A Lt $7 pref...*
Utica Gas A El 7% pf-.lOO
61
Los Ang G A E 6% pf-.lOO
Memphis Pr A Lt $7 pref.*
Metro Edison $7 pref B__*
97)4
99
Virginia Ry.
100
Washington Ry A Elec—
108
111
110
112
6% preferred series C..*
see
70
n.y!'i?905
70
100
102
ABBOTT, PROCTOR & PAINE
BROADWAY, NEW YORK CITY
Street, N.Y.
90
*
Carolina Pr A Lt $7 pref.
6%
Bid
7
preferred
preferred
Atlantic City El $6 pref..
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Nlag A E pr pref.-.25
7%
120
68
Ask
$6.50
65.50
Internat Great Nor 4)4s_.
Long Island 4)4 s
mm
103)4
Utility Stocks
Alabama Power $7 pref..*
Arkansas Pr A Lt $7 pref.*
Assoc Gas A El orig pref..*
2.00
5^8
...
111
92
10334
Par
2.00
5S.
4^8
6s
2.00
62.50
4.50
Illinois Central 4>4s
63.00
63.00
4.50
Hocking Valley 5s
110
....
Public
1.00
-j.
Jan A July 1936-49
52 William
1.00
4)4 s
65.50
6s
m
91
1.25
62.00
62.00
Reading Co 434s.—
65.50
Great Northern 4>4s
62.00
Pere Marquette
6s
Erie RR 5)4s
6s
mm
74
89
3.75
6.00
84
78
Denver & R G West 4>4s..
'
85
71
INC.
6.00
78
5s
mm
3.75
4s series E due
5s
76
94
87
...
robinson, miller &. co.
2.25
64.50
4>4s
6s
61.00
Chic
101)4
74
92
......
2.00
63.10
63.10
5s
61.50
Chicago RI & Pao 4)4s__.
80
Offerings Wanted
63.00
4>4s
6^8...
43^8
Chicago A Nor West 4>4s.
62
95
3.75
N Y Chic A St L
5s
mm
Bonds and Preferred Stock
4.00
2.00
2.00
63.50
Canadian National 4>4s..
73
NORTHERN NEW YORK UTILITIES, INC.
As*
63.75
3>4s Dec 1 1936-1944..
«
-
72
Equipment Bonds
63.75
4)4s
....
102
Maryland & Pennsylvania 1st 4a. 1951
Meridian Terminal 1st 4a, 1955
Minneapolis St Paul A Sault Ste Marie 2d 4a. 1949..
Montgomery A Erie 1st 5a, 1956—
.....
63.00
Boston & Maine
6s
91
101)4
Kansas Oklahoma A Gulf 1st 6s, 1978
Little Rock & Hot Springs Western 1st
4a, 1939....
Macon Terminal 1st 5s, 1965.—.
Toronto Hamilton A Buffalo 4)4s. 1966
Virginian Railway 1st Hen A ref 3)4s, series A, 1966.
Washington County Ry 1st 3>4s, 1954....
63.00
5s
65
88
Southern Illinois A Missouri Bridge 1st 4s, 1951....
Toledo Terminal RR 4)4s, 1957
Philadelphia, Pa.
99)4
98
102
...
Private Wire* to
)4
68
98)4
96 X
1957
St Clair Madison & St Louis 1st
4a, 1951
Shreveport Bridge A Terminal 1st 5a, 1955........
Somerset Ry 1st ref 4s, 1955
Stroud & Company Inc.
86
106
/65
Cincinnati Indianapolis A Western 1st 5s, 1965
Cleveland Terminal 4 Valley 1st 4s, 1995
1951
Consolidated 5s, 1945
Rook Island-Frisco Terminal 4>4s,
-
s
83
Portland RR 1st 3>4a,
Quotationa—Appraiaala Upon Requeat
100
105)4
New York A Hoboken Ferry general
5s, 1946
Pennsylvania RR 3)is, series C, 1970
EQUIPMENT TRUST CERTIFICATES
93
94
Chateaugay Ore A Iron, 1st ref 4s, 1942
39
93
91
-
69
176
mm
104)4
91
4)4s, 1944
37
3.00
100
(D L A W)
98
103 a
67
...
68
7.00
83
91
...
66
7.00
(Delaware A Hudson)
Prior lien
81
80
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston & Albany 1st 4)4s, April 1 1943
Boston & Maine 3s, 1950
Prior Hen 4s, 1942
Conveitlble 5s, 1940-45
Buffalo Creek 1st ref 6s. 1961
3.00
Preferred
Asked
79
1.50
v
.50
Pittsburgh Fort Wayne A Chicago (Pennsylvania). .100
St Louis Bridge 1st pref (Terminal RR)
Second preferred
5)4 a, 1945
7.00
60
.
.
Bid
Akron Canton A Youngs town
6s, 1945
4.60
100
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Bonds
87
49
2.00
Fort Wayne A Jackson pref (N Y Central)—*—
Georgia RR A Bonking (LAN-ACL)
84
2.00
stock
Delaware (Pennsylvania)
•
101
93
Railroad
99
99
6.00
..50
96
6.00
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (IlUnols Central)
E.
Members ?{ew
58
Chicago Cleve CIno A St Louis pref (N Y Central). .100
Utlca Chenango A Susquehanna
on
165
—
Providence (New Haven)
Canada Southern (New York Central).
Carolina CUnchfield A Ohio (L A N-A C
L) 4%
Common 5% stamped
john
97
10 50
100
92
Boston A
Rensselaer A Saratoga
BONDS
Quoted
—
Earnings and Special Studies
Asked
6.00
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Lackawanna RR of N J (Del Lack & Western)
'
Sold
1
Alabama A Vlcksburg (IlUnols Central)
Albany A Susquehanna (Delaware A Hudson)
Betterman
,»
Bid
—
82
—
84)4
—
5%
preferred
100
Western Power $7 pref. 100
90
92
_
_
_
104)4 106)4
1969
Financial ' Chronicle
Volume 142
I
Quotations
Over-the-Counter Securities—Friday Mar. 20—Continued
on
Specialists in —
Securities of the
Water Works Securities
Associated Gas & Electric System
S. A. O'BRIEN
& CO.
Members New York Curb Exchange
SmRT.BRENT&Co.
v
75 FEDERAL ST., BOSTON
Hancock 8920
NEW YORK
150 BROADWAY,
COrtlandt 7-1868
incorporated
40
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Direct Private
Public
Water Bonds
9954 101
70
554s. 1955
Lehigh Vail Trans rel 5s '60
Long Island Ltg 5s-..1955
Los Angeles G & E 4s. 1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st & gen 454s
1960
63
64"
Nassau El RR'lst 5s..1944
29 K
31
Newport N & Ham 5s. 1944
354s
Income deb 3948
29 54
3054
New York Cent Elec 5s '52
103
30
3054
N Y Edison 354s
10154 10154
Income
32
3254
Northern N Y Utll 58.1955
103
35
37
Northern States Pr 5s. 1964
t—
Ohio Ed 1st & cons 4s. 1965
105
105%
Okla Nat Gas 6s A...1946
General
1947
5s
/30
66
68
96 54
98
5s,—1948
88
90
.1945
91
92
554s_1948
Amer States P S
Amer Wat Wks &
Ariz Edison 1st
Keystone Telep
El 5s '75
1st 6s series A
Ark Missouri Pow 1st 6s '53
6854
Appalachian Power 7s 1936
101%
Associated Electric 5s. 1961
Assoc Gas & El Co
4>4s '58
.
Mtn States Pow 1st 6s 1938
New Eng
Assoc Gas & Elec Corp—
1978
1978
deb 4s
.1978
deb 45£s.._1978
Income deb
Income
58
1973
Conv deb 4s
G & E 5s.-.1962
D—1965
107
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
10254
10454 10454
98
97
10254 105
105% 106%
104"
104
59
103
104
6554
1948
101
102
74
Old Dom Pow 5s May 15'51
68
70
95
97
Parr Shoals Power 53.1952
104
IOC#
B_
354s-—1966
Colorado Power 5s.—1953
Columbus Ry P & L 4s *65
10554 10554
102 54 10254
79
78
5548—1948
Rochester Ry 1st 5S..1930
San Diego Cons G&E 4s '65
Schenectady RyCo 1st 5s'46
37
/35
108% 10954
Scranton Electric 5S..1937
Pub Utll Cons
El 6s '47
Sioux City Gas &
82
1945
Sou Blvd RR 1st 5s
Phila Suburb Wat 4s„1965
69"
85
103
104"
ISO
101
Western Mass Cos 4s. 1939
39
40
Western Pub Serv 554s '60
10554 10654
10954 10954
West Penn Pr 3 54s ser I
'66
Wisconsin Pub Ser 5 54s '59
85
Pinellas Water Co 5 54s '59
85
87
Pittsburgh Sub Wat 5s '58
102% 104%
Connellsvllle Water 5s. 1939
100
mm'mrn
Plalnfield Union Wat 5s '61
108
Richmond W W Co 5s. 1957
10554
Consol Water of Utlca—
....
mm
93
1950
mm
95
97%
98
4548
1st mtge
1942
5s series A...
:£_1942
6s series B
1960
5s series D
103
mm
454s
mm
104% 106
103
m
mm
1967
5s sereis A
.1952
9754
9954
Sedalia Water Co 554s "47
92
1952
96
98
South Bay Cons Wat 5s '60
14
Hackensack Wat Co 5s '77
106
126
554s series B
1977
Huntington Water 5s B '54
108
mm
mm
101%
5s series B
—
9654
88
86
1st & ref 5s A.
Greenwich Water & Gas—
10254
mm
mm
■
mm'm
9454
6s
1954
102
78
82
53
1962
Illinois Water Serv 5s A '52
10454
10254 104
Indianapolis Water 4 54s *40
9454
10554 106%
105% 105%
75
80
Sou Pittsburgh Wat 5s
mm
mm
.
mm
1949
6s series A
mm
84
82
10254
10254
....
105
101
mm
mm
103
103
Texarkana Wat 1st 5s .1958
10154
10654 107%
Union Water Serv 554s '51
101
1st lien & ref 5s
1960
105%
Water Serv Cos Inc 53.1942
1st lien
1970
105%
& ref 5s
ref 5 54s. .1953
10454
'mm
mm
West Virginia Water
mm
mm
96
102
Jamaica Water Sup 5 54s '55
107
Joplin W W Co 58—1957
10454
Kokomo W W Co 53—1958
102
9954
—1951
1950
100
102
Wichita Water Co 5s B. '56
10254
6s series C
1960
10454
6s series A
.1949
1st mtge 554s
mm
109
rnmmrn
105
Lexington Wat Co 554s '40
104"
99
Westmoreland Water 5s '52
99
m
103
92
102%
1950
5s series B
1st mtge 5s
...1958
5s
5s '51
Western N Y Water Co—
10454
1st lien
Interstate Water 6s A. 1940
Reports—Markets
1960
Terre Haute Water 5s B '56
Indianapolis W W Securs—
Real Estate Securities
1960
5s series B
m
mm
mm
'55
5s series A
■
9254
1st lien & ref 5548..1954
Yonkers RR Co gtd 5s 1946
104
1952
W'msport Water 5s
104
10354
104"
:
^
— ^
m
mm mm
m
m
mm
105"
Utilities—Industrials—Railroads
BAKER & CO.
AMOTT,
Surety Guaranteed Mortgage Bonds and Debentures
INCORPORATED
BArclay 7
2360
A.T.&T. Tel
N Y 1-588
Broadway, N.Y.
150
Bid
Certificates
Real Estate Bonds and Title Co. Mortgage
Bid
Jan 1 1941
6s '41
B'way Barclay 1st 68.1941
Certificates of deposit..
B'way & 41st Street—
1st leasehold 6%s_.1944
Bldg 6s. 1948
4s—1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6S..1948
Court & Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) 1st 6s...1941
B way Motors
Chanln Bldg Inc
Bid
Ask
/45
/5154
/32
47
/3254
3354
/4054
/5554
6454
Ludwig Bauman—
'
mm m
Eqult Off Bldg deb 5s. 1952
60 Bway Bldg 1st 3s inc '46
6954
74
7154
7554
(Bklyn)
6754
Metropolitan Corp (Can)—
6s
1947
69
7154
Metro pol Playhouses
9354
9554
56
54
1945
53
3354
reg'55
1st & gen 6s
1946
N Y Eve Journal 6 %s. 1937
1st mtge 2s stmp &
69%
4954
51
46
—
•*
m
«•
3154
'mm
'43
1958
1939
Film Center Bldg 1st 6s
mm
-
1
'
mi
m -
79%
Oct 1 1941
Fuller Bldg deb 6s
1944
6 54s unstamped
1949
Graybar Bldg 5s
1946
77
35
37%
39%
37%
39-
10054 102
m
m
mm
/4854
1654
mm
m
...
Debenture
2-6s
1953
45
Cont'l Inv Bd Corp 2-5s '53
72%
Cont'l InvDebCorp 2-6s '53
42
/50
Mortgage Bond Co of Md
Inc 2-5s
1953
75
Mtge
6s
Co
1954
5254
Ask
Series B 2-5s
1954
73
Potomac
Bond
(all
Corp
75
1953
Potomac Cons Deb Corp—
47
..
rnmm
.1953
42
44
Potomac Deb Corp 2-6s '53
42
44
42
44
2-6s
-
-
44
Potomac Franklin Deb Co
5548 &
1934-43
Home
Series A 2-6s
Issues) 2-5s
Associated Mtge Cos Inc—
...
1953
2-6s
Potomac Maryland Deben¬
33
/32
(Mtge Guarantee series).
/35
37
/34
deb
1953
41
42
44
6s'37
/50
f50
52
2-6s
52
76
Nat Deben Corp 2-6s.l953
44
Universal Mtg Co 6s '34-'39
37
73
70
42
2-6s
Union Mtge Co 5 54a&
Nat Bondholders part ctfs
Nat Cons Bd Corp 2-5s '63
65
1953
Potomac
Realty Atlantic
Debenture Corp 2-6s '53
Realty Bond & Mortgage
ture Corp
—
(Central Funding series)
Nat Bondholders part ctfs
43
(Mtge Security series)
53
__
5054
«.
•
-
Telephone and Telegraph Stocks
43
6s-._
July 7 1939
Par
f33
Nov 15 1939
11%
1 Park Ave 6s__Nov 6 1939
83
68—1941
6854
71
54
5554
/7354
---
1943
/50
5154
1st fee & l'hold 6%s_1940
/35
37
5s
income
123
New York Mutual Tel.100
122
12454
N'west Bell Tel pf 6
of Canada.. 100
Bell Telep of Pa pref
100
Clncin & Sub Bell Telep.50
Cuban Telep 7% pref..100
Emp & Bay State Tel.. 100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
Lincoln Tel & Telegraph. *
144
146
121
123
90
93
Bell Telep
54 % 100
Pac & Atl Telegraph
25
Peninsular Telephone com*
100
Preferred A
Roch Telep
43
6254
44
48
9254
9454
$6.50 1st pf.100
So & Atl Telegraph
25
Sou New Engl Telep...100
S'western Bell Tel pref. 100
5548-1945
122
2454
/22%
/45
/14
121
19
21
18%
1954
11054 112%
11054
21
24"
14654 14854
12454 127
123
_
103
10
11
12
pf.100
114
116
Preferred
107
47
.1945
Wisconsin Telep 7%
New England Tel & Tel 100
29
118
28%
1950
148"
Ask
25
Trl States Tel & Tel—
144
Bid
116
24
/26%
/5454
A9
106
Mtn States Tel & Tel.. 100
Savoy Plaza Corp—
Realty ext 1st
Par
Ask
118
100
Preferred
/9%
/81
1st 6s
Bid
Teleg (N J) com.*
Am Dist
Roxy Theatre—
74
74
m
34
Realty Assoc Sec Corp—
14%
55
m
44%
Oliver Cromwell (The)—
Prudence Co 5 54s stpd 1961
48
Bldg—
1st 654s
554s series Q
165 Bway Bldg 1st 554s '51
/4554
Arundel Deb Corp 2-6s '53
«...
151
m
103 E 57tb St 1st
1400 Broadway Bldg—
1948
75%
76
m
Nat Bondholders part ctfs
00
/33
Arundel Bond Corp 2-5s '53
19th & Walnut Sts (Phila)
1st
/34
/4954
77%
7854
89
/42%
/33
554a series BK
554s sereies C-2
52d & Madison Off Bldg—
1947
87
75
N Y Title & Mtge Co—
10
/8%
67%
554s series F-l
1949
31
N Y Athletic Club—
500 Fifth Avenue—
502 Park Ave 1st 6s__1941
/29
Ino—
S f deb 5s
Munson Bldg 1st 6 %s. 1939
East Ambassador Hotels—
1947
1942
(LI)
1936
Majestic Apts 1st 6s.. 1948
Metropolitan Chain Prop—
6s
1948
1st 6s
1st 6548
34
/52
/3054
Ask
Bid
Ask
Nat Union Mtge Corp—
Allied Mtge Cos Inc—
All series
2-5s
1953
stamped
100
83
1946
6s series A
95%
103%
9254
1st 6 54s
109
98
—
Water Serv 5s_..1961
107
Fox Theatre & Off
108
—
10354
106
42 Bway 1st 6s
106"
101
Virginia Power 5s
1942
Wash& Suburban 554s 1941
Westchester El RR 58.1943
40 Wall St Corp 6s
104
___1958
Scranton Spring Brook
Utlca Gas & El Co 58.1957
N »v
1948
St Joseph Water 5s...1941
Scranton Gas & Water Co
88
/4S
1947
Community Water Service
5548 series B
1946
107
123
6s
10154
105
/10
unstamped
100
1948
E St L & Interurb Water—
83"
78
5S..1942
654b
1948
107 54
Un Trac Albany 454S.2004
1st & ref 554s
100
1st consol 4s
1st & ref 5s
mmm
104% 105%
Union Ry Co N Y
10454
Sou Calif Gas 1st 4s. .1965
6 54s series A
102
—1950
1st consol 5s
■m
100%
10554 106
Broadmoor (The) 1st
106
Peoria Water Works Co—
Roch & L Ont Wat 5s. 1938
10654 107J4
Alden 1st 6s
54s '52
Penna Water Co 5s__.1940
mm
'mmmrn
103
Duquesne Light 354s.1965
Edison El 111 (Bos) 354s *65
Public
90
103
Penna State Water 5
■■'mm
101
98"
88
101
Ore-Wash Wat Serv 5s 1957
mm
101
102% 102%
554s—1950
3s_1951
Kansas Elec Pow 1st 6s *37
Kan Pow & Lt 1st 454s '65
96
mm
10554
94%
107
Ohio Valley Water 5s.
^
5b
1958
Davenport Water Co 5s '61
15
/13
Tel Bond & Share 5s..1958
Iowa Sou Utll
1957
1954
Ohio Water Service 53.1958
„
„
105
Roanoke WW 5s
S'western Gas & El 43.1960
Green
1st 5s series C
92%
102
Sou Cities Utll 5s A.. 1958
Kan City Pub Serv
102
City W (Chat) 5s B...1954
10454 10554
100
10554 10554
1940
Mountain Pow 5s *48
1941
6s
-m
102
100
1958
103
42d St Man & St N 5s.
103
mm
9754
Newport Water Co 5s.1953
mm
mm
102
1951
City of New Castle Water
mm
95
9554
Ohio Cities Water 5 54s '53
....1951
5s
■
New York Wat Serv 5s '51
■
Prior lien 5s
Pub Serv of Okla 4s A. 1966
83
88
67
10354
(Wash)
10254 104 ~
104
Federal Pub Serv 1st 6s '47
10554 107
Chester Wat Serv 4 54s '58
Citizens Water Co
—
mm
m
93
1951
554s
/7154 7354
10554 106%
Public Serv of Colo 6s. 1961
Federated Utll 554s—1957
mm
105
106
i'70
w
mm
Butler Water Co 5s...1957
Commonwealth Wat (N J)
5s series C
1957
Dayton Ltg Co 5s
1937
Duke Price Power 6s__ 1966
354s
10254
—
m
102
New Rochelle Wat 5s B '51
mm
10454 105%
104% 10454
56 54
5554
Consumers Pow
mm
10554
Telep Corp 1st 4s '65
Peoples L & P 554s ...1941
10354 104
5154
5054
Consol E & G 5-6s A.. 1962
103%
101
Pub Serv of N H 354s C '60
78
Coney Isld & Bklyn 4s 1948
Conn River Pr 354s A.1961
New Jersey Water 5s.,950
102
1954
Clinton W Wks Co 5s_1939
7554
86
1954
Penn
102% 10354
10554
105J4 10554
Cent Maine Pr 4s ser G *60
5s series B
5 54s series A
Pennsylvania Elec 5s.1962
105% 10554
Cent Ind Pow 1st 6s A 1947
104
10154
97
8154
1946
1st lien coll tr 6s
series
74 54
554s—.1946
Morgantown Water 5s 1965
Muncie Water Works 5s '65
107
105
'
5s
96
Cent Ark Pub Serv 5s 1948
Cent 111 Light
6l"
9554
92H
108 >4 10954
Blackstone V G & E 4s *65
Central G & E
54
1957
5 54s series A
70
1950
102
554s
6s series C
99% 101
Monmouth Consol W 5s '56
California Wat Serv 5s '58
7054
64
654s
m
Birmingham Water Works
1973
Participating 8s
1940
Bellows Falls Hy El 5s 1958
Bklyn C & Newt con 5s *39
Conv deb
Monongahela Valley Water
mm
10654 10654
1973
454s
Conv deb 5s
10754 109
103
104% 10554
Ask
104
Middlesex Wat Co 5 54s' 57
9954
105
Alton Water Co 5s
106
Long Island Wat 5548-1955
mm
m^mm
9754
1956
57
55
1973
Conv deb
Alabama Water Serv 5s '57
Bid
Ask
Bid
Ask
Bid
Ask
Bid,
PLACE, NEW YORK
Teletype: New York 1-1073
EXCHANGE
Tel.: HAnover 2-0510
Utility Bonds
/40
5s_1930
Albany Ry Co con
Invited
Complete Statistical Information—Inquiries
18
1945
6s
Harrlman Bldg 1st
58
6154
Hearst Brisbane Prop 6s
91
93
Sherry Netherland Hotel—
55
May 15 1948
60 Park Pi (Newark) 6s '37
616 Madison Av 1st 654s'38
68.1951
'42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
Kelth-Albee Bldg (New
Rochelle) 1st 6s
1936
Lefcourt Empire Bldg—
1st 5%s
June 15 1941
Lefcourt Manhattan Bldg
1st 4s
1941
1st 4-58 extended to 1948
Lewis Morris Apt Bldg—
1st 654s
Apr 15 1937
Lincoln Bldg inc 5548.1963
Loew's Theatre Re alt Corp
lit 6s
1947
London Terrace Apts 6s '40
.
/5254
53
51
7954
1st
'
mmm
5%s
61 Bway Bldg 1st 5548
General 7s
150
m
69
73
6954
70%
Syracuse Hotel (Syracuse)
1st 654a
Oct 23 1940
Textile Bldg 1st 6s
1958
Trinity Bldgs Corp—
1939
2 Park Ave Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
1st 654a
Oct 19 1938
1st 5 54s
/4754
6454
94%
/40
•.
«.
-
6754
95%
42
Westlnghouse Bldg—
1st fee & leasehold 6s '39
-
m<mm
Federal Intermediate Credit Bank
Bid
Debentures
Bid
Ask
Ask
'
/5554
/47
100
6454
—
49
"
mm*i'
6754
FIC 1543—Apr
15 1936 b .30%
FIC 154a—May 15 1936 5.30%
FIC 154a—June 15 1936 6.30%
FIC 154s—July
FIC 1543—Aug
/2954
/71
3254
FIC 154s—Sept
15 1936 6.30%
15 1936 6.30%
15 1936 6.35%
For footnotes see page 1970.
•
1
1
1
1
•
1
1
•
•
1
•
•
1
•
I
1
1
FIC 154s—Oct
FIC 1543—Nov
FIC 1543—-Deo
FIC 1543—Jan
FIC
Feb
15
15
15
15
15
1936
1936
1936
1937
1937
6.35%
6.40%
6.40%
6.50%
6.50%
ii•.i••••
iii
•
•
■
1970
Financial
Quotations
Chronicle
March
Over-the-Counter Securities—Friday Mar. 20—Continued
on
SYLVANIA INDUSTRIAL, CORP.
Specialists in all
Investment
Bought, Sold &^Quoted
QUAW & FOLEY
PINE
STREET
63 Wall
NEW YORK
Molybdenum Co.
Sylvania Industrial Corp.
/New York Security
61
j Commodity
Bid
*
Ask
16.95
Par
18.03
1.98
16 %
1.19
1.29
Amer & Continental Corp.
Amer General Equities Inc
Dealers Association
com—
Amerex Holding Corp..-*
Amer Business Shares.-.1
Exchange. Inc.
13%
14%
1.10
1.23
Am Insurance Stock
BOwling Green 9-3505
Broadway, New York
Fund
Affiliated Fund Inc
.
Trading Correspondent
Yi,
Par
Administered
C. E. UNTERBERG & GO.
_
Incorporated
BOwling Green 9-1420
Investing Companies
Climax
Members
GROUP,
Street, New York
Kneeland & Co.—Western
Telephone ANdrews 3-5740
_
Company Securities
DISTRIBUTORS
Members New York Curb
Exchange
30
1936 2
2.16
18
Bid
Ask
43
45%
10
com
7% preferred
*
43
Investors Fund C
99.48 101.48
Investment Tr of N Y
*
Investm't Banking Corps
Bancamerica-Blair Corp
4
4%
First Boston
7
Corp*
1%
6%
7%
49%
Schoellkopf, Hutton &
Pomeroy Inc com....
'
Assoc Stand Oil Shares...2
Teletype N. Y. 1-1666
Invest Co of Amer
Bancshares Ltd part shs50c
Corp
.50
.75
Corp *
4%
4%
Basic Industry Shares.—*
British Type Invest A
1
Major Shares Corp
4.67
.47
".67
Maryland Fund Ino com..
Mass Investors Trust
1
Bullock
1
18%
19%
Mutual Invest Trust
1
1.63
1.78
4.10
4.50
Nation Wide Securities.. 1
4.37
4.47
*
43
46
Voting trust certificates.
1.80
1.94
4
5
N Y Bank Trust Shares.-.
27.53
29.60
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953—
3%
73%
77%
Bankers Nat Invest
COMPREHENSIVE SERVICE
in the
Fund
Ltd
Canadian Inv Fund Ltd
Central Nat
Over-the-Counter Market
Corp cl A
Class B
*
Century Trust Shares..
Bristol & Willett
Commercial Nat'l Corp.
Corporate Trust Shares-..
%
5%
2%
*
19.42
21.00
25.73
27.97
2.68
2.77
Series AA
Series 1955.—
2.62
Series 1956
Members New York Security Dealers Association
3.29
Accumulative series
2.62
Series 1958
3.30
Broadway, N. Y.
Series AA mod
Established
±15
1920
Tel. BArclay 7-0700
3.30
Series ACC mod
Bell System Teletype NY 1-1493
Crum & Forster Ins
100
Common B shares
Industrial Stocks
American
Arch
American
Bid
vtc..
Book
100
25
Par
76
11%
36%
37%
*
American Mfg
22
24
22
23%
Preferred
100
American Republics com.*
Andian National Corp.—*
71
■
I-
75
5
4l"
100
1st preferred
2%
warrants..
M erck & Co Inc com
Casket—
Preferred
125
preferred
53
2110
113
•
4%
22%
5
%
Northwestern
11
Norwich
100
72
75
Pharmacal
Leather
5
234
35
Ohio
53%
52%
Oldetyme Distillers
Pathe Film 7% pref
5
Publication Corp
44%
*
46%
Remington Arms
107
55
58
*
53
56
...100
117
%
%
21
5%
5%
298
100
42
*
39
100
103
*
5
com
Rockwood & Co
Preferred
Scoviil Mfg
100
19
1
-*
$7 1st preferred
22%
24 %
Yeast
21
com
6~"
22%
78
25
82
36 %
37%
Singer Manufacturing._ 100
Sparta Foundry common.
336
342
25
26
Standard Cap & Seal
Standard Screw
39 %
41%
124
129%
_
Dixon (Jos) Crucible-__ 100
62
Doehler Die Casting pre!.* £100
Preferred.—
50
£50
67
Douglas Shoe preferred. 100
23
Draper Corp
69
*
Driver-Harris pref
100 £105
9
4.55
D
Sylvania Indus Corp
*
25
Taylor Milling Corp
*
Taylor Whar I & S com..*
16
1.63
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management...
12.66
13.16
4.45
4.75
%
490
%
Selected Amer Shares Inc.
Selected American Shares
1.59
1.73
6.90
7.65
25c
1.69
1.81
29.46
31.66
42%
46%
3.68
.
Selected Cumulative Shs—
Selected Income Shares.
Selected Industries
conv
9.60
4.93
pf
22%
23%
*
20.02
21.28
Standard Am Trust Shares
Standard Utilities Inc
*
3.75
4.00
1.08
1.17
Spencer Trask Fund
Fidelity Fund Inc
*
26.33
Fixed Trust Shares A
B
*
12.06
State Street Inv
*
96.89
10.00
Super Corp of Am Tr Shs A
3.75
28.36
Fundamental Investors Inc
New stock
22.89
24.94
5.91
6.50
Corp
AA
B
5.64
2.55
B
3.95
BB
2.55
C
Group Securities—
7.11
D
Agricultural shares
7.11
1.95
2.11
Supervised Shares.
10c
1.68
1.54
1.67
Building shares
Trustee Standard Invest C
2.64
1.98
2.14
Chemical
1.56
1.69
Automobile
shares
.•
shares
Food shares
1.11
1.21
Merchandise shares
1.13
1.23
1.55
1.68
1.46
1.59
1.15
1.26
Mining shares
Petroleum
shares
Equipment shares..
Steel shares.
1.61
1.75
Tobacco shares
1.23
1.34
1%
2%
Guardian Inv Trust com.*
Preferred
22
Huron Holding Corp
Incorporated
24
.70
.90
22.15
23.82
1.07
Investors—*
1.17
D
1.85
2.59
Trustee Standard Oil Shs A
7.62
B
6.95
Trusteed Amer Bank Shs B
Trusteed Industry Shares
1.07
1.43
1.58
Trusteed N Y Bank Shares
United Gold Equities (Can)
1.55
1.76
Standard Shares
1
U S El Lt & Pr Shares A—
B.
Voting trust ctfs
Un N Y Bank Trust C 3—
Un N Y Tr Shs se rF
1.19
2.77
3.08
18%
19%
2.87
2.97
1.12
1.20
3%
4%
2%
18
Flour Mills of America
*
-
~
—
Stromberg-Carlson
110
1%
2%
Foreign shares
American
_*
shares
Gair (Robert) Co com
Preferred
*
*
Gen Fireproofing $7 pf.100
Golden Cycle Corp
10
Graton & Knight com.
Preferred
...
100
Tel Mfg
3%
4%
9
7%
37%
8%
39%
4%
46
Great Northern Paper..25
Herr-Hall-Marv Safe.. 100
29
30%
102
Lawrence Portl Cement 100
$7
18
3%
3%
1st preferred
Wilcox-Gibbs
■
18%
20
Chain
104
15%
24
30
Co com—.100
120
preferred
Chain Store Stocks
Par
123
100
Borland Shoe Stores..
7% preferred
AS*
Bid
104%
96
98
100
98
Bear Mountain-Hudson
River Bridge 7s
IS
Home Owners' Loan
Corp
l%s.
Aug 15 1936
_
/94
W8
N Y
Nat Radiator 5s
/38
40
Deep Rock Oil 7s
-
-
-
Journal of Comm
Loew's Inc
6%s.l937
deb 3%s__ 1946
101.8
-
97%
99%
89
6%s_1944
94
7%
preferred
Diamond Shoe pref-
103
/16
»
£17
*
£37%
No
par value,
Coupon.
a
/ Flat price,
to
r S
8
9
43
49
104
108
100
Edison Bros Stores
pref 100
Fishman (M H) Stores
*
Preferred
100
Green (H L)
as
on
New York Stock
Melville Shoe pref
Miller (I) & Sons com
100
100
Bid
Ask
11%
12%
107% 110
110%
*
7""
5%
30
32
100 £103
105
Neisner Bros pref
16%
110
100
102
105
7%
100
112% 114%
(Daniel) pref
100
105
Rose 5-10-25C Stores
Schlff Co preferred
100
5
92
109%
United Cigar Sts 6 %
pf. 100
-
29
6% pref ctfs
U S Stores
preferred—100
29
—...
100
85
Par
Bid
64
/62
1
ft Basis
x
price,
c
—
31%
31%
7
12
Sugar Stocks
t
64
-
-
-
Ask
Par
-
-20
„
—
21%
Preferred.
22%
15
1
16%
26
Savannah Sugar Ref
7%
27%
1
%
preferred
Bid
*
Ask
110
100
114
West Indies Sugar Corp—1
3%
1%
Registered coupon (serial)
Ex-dividend.
Now selling on
New'
Exchange.
X Quotations per 100 gold rouble bond
equivalent to 77.4234 grams of
pure gold.
14%
84
/68
/22
York Curb Exchange.
t Now listed
10
100
Reeves
112
7% pref—100
Katz Drug preferred
*
Kobacker Stores
*
Kress (SH) 6% pref
Lerner Stores pref
6%% preferred
Murphy (G C) $5 pf
39%
*
Government—
Treas 2 Ha w i. 1948-1951
i When issued,
-
18
6%s
"truth Wells Titus
6%s *43
71
Interchangeable,
Par
-
18
100
*
•
-
108
'42
Ask
7%
88
103%
107
Bid
*
100
Bickfords Inc
$2.50 conv pref
Bohack (H C) common
7% preferred
1945
19
97
-
38
Scoville Mfg 5%s
103% 104%
96%
99%
/36
1946
101%
Std Tex Prod 1st
102% 103%
/17
101.9
Otis Steel 6s
ctfs.—1941
Penn-Mary Steel 5s...1937
—
Federal Farm Mtge Corp—
103.3
101.7
Shipbuilding 5s__ 1946
No Amer Refrao
101
101.6
102.7
103
l%s
June 15 1939
Merchants Refrig 6s—1937
104% 104%
101% 101%
/76
78
1Mb
Sept 1 1939
Glldden Co 5%s
1939
Haytlan Corp 8s
1938
Inland Steel 3%s ser D '61
100.19
102.4
15 1938
101%
Ask
100.16
15 1937
Aug
100
Chicago Stock Yds 5s. 1961
1937
Aug
2s
96%
101
Boston
26
28
Miscellaneous Bonds
110
-
William St.
100 2100
263
7%
Bid
NEW YORK
Store Securities
16%
common. .50
' Young (J S)
20
-
57
WJR The Goodwill Station
Worcester Salt
100
39
_
Chicago
10
Spring—
34
36
20.00
100
Preferred
100
White (S S) Dental Mfg.20
White Rock Min
5%
44
18.23
BURR & COMPANY INC.
3%
44
Grape Juice pref. 100
West Va Pulp & Pap com.*
58~"
54
100
Ktldun Mining Corp
1
King Royalty common...*
$8 preferred
100
*
Welch
Fund
13
6
Warran Northam—
$3 conv preferred-
99
Wellington
2
47%
2%
11%
100
Investors Fund of Amer
10
46%
104
Unexcelled MfgCo..
10
Un Piece Dye Wks
pf—100
U S Finishing
pref
*
8
*
TubizeChatilloncumpf-10
8
*
5
Trico Products Corp
Foundation Co—
d
1.13
1.57
26
72
5
1.02
10
26
16%
4
4.25
Equit Inv Corp (Mass)..5
Equity Corp cv pref
RR
*
100
3.82
Fundamental Tr Shares A.
56
*
39"
Dentists' Supply Co of N Y
Dictaphone Corp
—*
2.75
4.05
4%
33
40%
21
*
7%
4%
231
36
56
10%
Dividend Shares
%
9%
90
4%
Preferred
6%
53
5% preferred
100
New Haven Clock pf
100
North Amer Match Corp.*
111
19%
Consolidation Coal com—
5%
-
51%
51%
*
com
1
_
5.80
2.48
C
51
Nat Paper & Type com
29
9
Columbia Broadcasting A *
Preferred.
Macfadden Publica com..*
Preferred..
*
Mallinson (H R) Inc com.*
Preferred
100
3%
27
Columbia Baking com
$1 cum pref
118
6% preferred
100 £113% 115%
Mock Judson & Voehringer
Preferred
100
100
54%
Preferred
;
100
120
Carnation Co $7 pref. .100 £108
Carrier Corp 7% pref..100
51
Climax Molybdenum
39
*
Crowell Pub Co
100
National
100
108
16
52%
Canadian Celanese com..*
Class B
100
Maytag
tP
Beneficial Indus Loan pf.*
Bowman-Biltmore Hotels
200
45
15
*
Plymouth Fund Inc A. 10c
Quarterly Inc Shares..25c
1.10
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B
Ask
55
43
Class B
38
(Diversified Trustee Shs B_
Bid
5%
48%
46%
14%
Art Metal Construction. 10
100
1st 6% preferred
2 d 8 % preferred
100
Amer Maize Products
Lord & Taylor com
30
73
*
American Hardware
Ask
10%
27%
Securities.-.100
1.14
10
7% preferred
35
Cumulative Trust Shares
Par
Amer Air Lines Inc
Northern
33
3.33
Pacific Southern Inv pref.*
Class A
*
3.30
10
com
8% preferred
$7
8%
31%
Realty, Surety and Mortgage Companies
Par
Bond & Mortgage Guar_20
Empire Title & Guar
100
Bid
I
Ask
1
12
%
7
%
|
Par\
Lawyers Mortgage
20
Title & Guar..lOOi
1 Lawyers
Bid
I
Ask
1
2
1
1
1%
Volume 142
Financial
Chronicle
Quotations on Over-the-Counter SecuritiesFriday Mar. 20—Concluded
German and
Foreign Unlisted Dollar
Bid
1946
8%
m
1946
Bank of Colombia 7 %
Bank of Colombia 7 %
_
/26
/18
20
/18
1945
Palatinate
Clt 7% to
1945
Hungarian
7^s
16 J*
24
Land M Bk Warsaw 8s '41
19
/24
f70%
f73
27
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 78.1953
Luneberg Power Light &
Water 7%
__1948
1953
Callao
/29
1947
City Savings Bank, Buda¬
pest, 7s
1953
-
10 %
12
45
54
56
/25
30
1949
52
Dortmund Mun Utll 6s '48
54
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
f26%
f23%
m%
East Prussian Pow 6s_1953
/24%
European Mortgage & In¬
vestment 7%a
1966
Panama 5% scrip
Porto Alegre 7%
•
-mmm
Protestant
many) 7s
m
m
-
«,
_
Rom Cath Church 6 %a '46
R C Church Welfare 7s *46
153
/29
Saarbruecken M Bk 6s '47
Salvador 7%
1957
Land-
f27
/58
/40
/24
July 1934 to Mar 1936
__
German scrip
German called bonds
German
Dec
Salvador 7% ctf of dep '57
Salvador 4% scrip
Santa
Catharina
■mmm-
-
26
fS
Z25-45
Coupons
stamped
April 15 1935
German
/9%
/19
Coupons
stamped
__
June 1 1935
Guatemala 8s 1948
6%
92
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
■
1,640
1,610
1,690
1,680
1,680
1,700
1,630
1,660
1,640
1,660
496
479
481
484
482
700
710
715
716
717
Eaux Lyonnaise
m
Energie Electrique du Nord....
Energie Electrique du Littoral..
Kuhlmann
1947
Wurtemberg 7s to
1945
110
578
588
910
920
940
803
801
802
Nord Ry
Orleans Ry
990
987
995
1,012
385
381
615
940
950
815
385
17
17
1,280
1,307
66.40
67.40
67.30
67.50
69.70
69.70
70.10
70.10
69.10
69.90
69.90
70.30
70.40
74.25
74.20
75.00
74.80
75.10
75.10
75.10
/16
/2 3%
75.90
75.70
76.10
76.00
99.00
99.75
99.40
99.60
99.80
2,410
1,620
1,575
26
75.00
99.10
f24
/38
/32
/38
2,420
1,585
1,575
2,440
1,638
2,460
2,510
1,600
1,610
2,480
1,658
1,610
54
53
54
57
58
57
34
Societe Lyonnaise
1,640
34
37
39
39
1,630
1,625 "•
1,649
1,655
1,650
Societe Marseillaise
533
Tubize Artificial Silk pref
Union d'Electricitie
66
67
69
68
17
71
477
479
496
491
25%
496
Wagon-Lits
47
48
51
49
52
_
!2 3
26
/18
19
530
530
530
530
25
/2 4
/29
/2 9
/23
The
30%
Berlin
Stock
Exchange
Closing prices of representative stocks
day of the
received
as
Mar.
14
16
U%
16%
Mar.
17'
18
19
110
109
110
111
112
112
141
ljll
141
141
141
91
91
92
92
92
92
Dessauer Gas (7%)
125
Deutsche Bank und Disoonto-Gesellschaft.. 91
Deutsche Erdoel (4%)
108
126
126
127
128
127
91
92
92
92
92
mm
36
36
36
36
Deutsche Reichsbahn (German Rys) pf
Dresdner Bank
^
"
98
—
36
108
109
111
111
113
7%. 123
123
123
123
123
123
92
92
92
92
92
92
■
96
20
140
35
Commerz-und Prl vat-Bank AG
98
Mar.
Berliner Kraft u. Licht (8%)
...
^
Mar.
Allgemetne Elektrizitaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
39~"
_
Mar.
Per Cent of Par
/29
m
by cable each
past week
Mar.
S26%
f27
67.70
69.00
69.10
Societe Francalse Ford
Societe Generate Fonclere
/65
/66
383
16
1,273
68.90
16%
/38
970
385
16
1,250
67.25
nm
__
381
605
802
,
16
Saint Gobain C & C
Schneider & Cie
35
607
1,238
Royal Dutch
mmm
....
1,034
Pathe Capital
Pechlneyl
Rentes, Perpetuel 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%%, 1932 A
Rentes 4%%, 1932 B—
Rentes 5%, 1920
mi m m
110
228
:
Lyon(PLM)
mmm
96
1950
17
912
1,670
1,620
-
/25
Vesten Elec Ry 7s
~m
910
594
30
/44-55
Tucuman Prov 7s
-
/25
910
110
mmm
f!5%
__
25
903
Y
86
587
81
Stettin Pub Util 7s.
1946
Stinnes 7s unstamped. 1936
7s unstamped
1946
95
f22
/26
1957
87
225
/23
/78
Tucuman City 7s.__.1951
Haiti 6%
1953
Hanover Harz Water Wks
87
110
f25
13%
16
47
86
224
'
/10M
1956
1,340
17
86
585
/25
J2 3
Serbian coupons
/40
980
1,320
18
110
Stem & Halske deb 6s.2930 /260
7s.
1940
/44
flh
970
1,320
L'Air Liqulde
20
fl2H
975
1,330
18
/72
Serbian 5s
Young
12-1-34
950
1,280
575
''
Santander (Colom) 7s. 1948
10%
959
1,300
Transatlantlque.__"
220
m'mm
Sao Paulo (Brazil) 6s. 1943
Saxon State Mtge 6s__1947
rn'm
204
18,600
110
m
Santa Fe scrip
9
.-
1947
201
18,200
579
(Brazil)
8%
-
Dawes
1934
1946
Westphalia 6s '36
Rhine Westph Elec 7% '36
Rio de Janeiro 6%
1933
„
160
Jan to June 1934
Church
Prov Bk Westphalia 6s '33
■
S27
148
1968
(Ger¬
-
201
18,200
218
•
m%
bank
6%%
1948
German defaulted coupons
July to Dec 1933
1945
Prov Bk
Frankfurt 7s to
1945
French Govt 5 Ha
1937
French Nat Mall S3 6s '52
German Atl Cable 7 s. -1945
German Building &
to
'•
Credit Commercial de France._
Credit Lyonnaise
S83
7%
1948
Oberpfals Elec 7%__.1946
Oldenburg-Free State 7%
199
18,200
Courrleres
/64
Mtge
196
18,100
904
National Hungarian & Ind
'mmm
191
38%
S28
1948-1949
8,200
978
445
32
f28
CC&D7
8,200
958
436
Comptoir Nationale d'Escompte
Coty S A
f23%
6%s (A &B)__ 1946-1947
Nat Central Savings Bk of
Hungary 7%a
1962
69
/43
1945
Nassau Landbank 6%a '38
Natl Bank Panama 6 %%
■'mmm
f67
Costa Rica funding 5% *51
Costa Rica Pac Ry 7 Ms '49
5S
45 %
f25
Columbia scrip Issue of '33
Issue of 1934 4%
31~"
/ 35%
/29
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
■
fW
f 11
/2%
(Peru) 7%%..1944
Cie Generate
8,300
947
436
Citroen B_
81
Mimic Bk Hessen 7s to '45
':.mmm
Buenos Aires scrip
/44
Burmelster & Wain 6s .1940 /106
Call (Colombia) 7%„ 1947
Ceara (Brazil) 8%
'
8,200
944
424
18,100
Canal de Suez
39
8,100
932
421
Cie Distr. d'Electrlcltle
Cie Generate d'Electricitie
...
/25
/35
8,300
Banque de Paris et Des Pays Bas
Banque de I'Union Parisienne..
/27%
71%
76
Bank
Corp—
6%B
Bank of France
Canadian Pacific
/27
Mannheim & Palat 78.1941
Munich 7s to
13
by cable each day
Mar. 14 Mar. 16 Mar. 17 Mar. 18 Mar. 19 Mar. 20
Francs
Francs
Francs
Francs
Francs
Francs
85
/20
/18
/io
1962
Brown Coal Ind
28%
Cons
Bogota (Colombia) 6 %a '47
Bolivia 6%
1940
Brandenburg Elec 6s__1953
Brazil funding 5%-1931-51
Brazil funding scrip
British
20
mn
f2 7
.
received
as
of the past week
Ask
Hungarian Discount <fc Ex¬
change Bank 7s
1963
f25
Hungarian defaulted coups /20-40
Hungarian Ital Bk 7 %b '32 /25
Jugoslavia 5s
1956
38%
Coupons
/44-55
Koholyt 6%s
1943
/27
29
1947
1948
Barranqullla 8s'35-40-46-48
Bavaria 6 Hs to
Bavarian
Bid
mm
The Paris Bourse
Quotations of representative stocks
Bonds
'
Anhalt 7s to
Antioquia
Ask
1971
Farbenindustrle IG (7%)
151
152
153
155
155
126
126
127
128
129
129
Hamburg Electric Werke (8%)
Hapag
30
..150
Gesfuerel (6%)
mm
134
135
135
136
136
136
Bid
Union of Soviet Soc Repub
7% gold rouble
1943
Ask
Bid
I
15
15
16
16
16
81
82
83
84
83
84
Norddeutscher Lloyd
^Soviet Government Bonds
15
Mannesmann Roehren
17
17
17
18
17
17
Reichsbank (8%)
Rheinisohe Braunkohle (8%)
Salzdetfurth {7% %)
91.75
10% gold rouble...1942
184
184
185
185
184
183
215
218
221
222
226
226
Seimens & Halske (7%)
Ask
Union of Soviet Soo Repub
87.99
167
182
...
87.991
167
169
....
171
17l"
171
For footnotes see page 1970.
CURRENT
NOTICES
AUCTION SALES
The following securities
were
sold at auction
on
of the current week:
Wednesday
president of the
The
By Adrian H. Muller & Son, New York:
Shares
$ per Share
Corp.,
common
7%
Stocks
par
$ per Share
16
$100
2%
20 Terminals & Transportation
Corp., common, par $1
10 Terminals & Transportation
Corp., pref. voting trust certificates
1 Boston Athenaeum, par $300
350 Santa Fe Gold & Copper Mining
Co., par $10
50 Chemical Paper Mfg. Co., 1st
preferred,
Spa, preferred,
par
30%
301
$20 lot
_
par $100
$3,755 lot
50 Middle West Utilities, common
17 Saco Lowell Shops, 2nd preferred, par $100
5 Thompsons
9
$11
lot
10%
$100
19
...
Bonds—
-
Per Cent
$1,000 City of Boston 3%s, April 1939 registered, tax exempt
$1,000 Smith & Wesson, Inc. 5%s, Jan. 1938
104% & int.
46% & int.
.107
certificates, par $5
10
98
20 Shannon Copper Co., par $10
11%
45%
5c lot
9
33%
13%
Bonds—
Per Cent
attached.)
19% flat
first
mortgage,
due
Building.
Mr. Falvey was formerly viceTrading Co., fiscal agents for Transamerica
L.
Ohrstrom & Co.,
Manager
of
Hearst
Mr. Waddell
and prior to that
Enterprises
Hearst
and
was
formerly vice-president
was
associated with Dillon.
—William Hooper Dayton, former railroad editor of the
"Wall Street
Journal," has resigned to take charge of the railroad department of the
Investment house of Lobdell & Co., 48 Wall
Street, New York City.
Prior to joining the "Wall Street Jorunal" 10
years ago, Mr. Dayton
with
the
New
York
"American."
Ells, who for the past six
and the aviation
attended
Van
years
the
Baylor
School
has specialized in railroads
industry for the "Wall Street Journal," has also become
associated with Lobdell & Co.
Mr.
He
University of Tennessee.
F. Henry Van
Ells
received
as
his
specialist in railroad securities.
academic
transportation
education
under
With
their
6% flat
Lobdell
attention
&
Co.,
toward
both
Messrs.
handling
Dayton and Van Ells will direct
bank,
insurance
company
and
other
—The annual field
day of the Bond Mens Club of Chicago will be held
Friday, June 5, at the Knoll wood Club, Lake Forest, it has been announced
by John W. Newey, President of the club.
Field
Day
Committee,
chairmanned
offering $300 in prizes for contributions
club's
annual
tributions
are
burlesque of the
not
limited
to
by
to the
Edward
K.
Welles,
members
of
is
"Journal of Comics," the
Chicago "Journal of Commerce."
the
club.
Seventeen
Con¬
prizes
ranging from $10 to $50 will be awarded for prize-winning contributions.
A bonus of $10 will be paid for each
prize-winning feature mailed before
Sunday, May 10.
care
Contributions should be
sent
to
Edward
K.
Welles,
of Brown Harriman & Co., 135 South LaSalle St.
Other
members
of
the
Field
Day
Committee
are
Andrew
Baird,
of
A. G. Becker & Co.; Frederick B. Carpenter, of Barr Brothers & Co., Inc.J
and Donald Nichols, of Ericson, Nichols & Bobbins, Inc.
—Amott, Baker & Co., 150 Broadway, New York City, have prepared
on Grand Rapids Railway Co. first mortgage 7s of 1939
statistical studies
and Syracuse Rapid Transit Railway Co.
first( gold 5s of 1946.
—-Jenks, Gwynne & Co., 65 Broadway, New York City,
$ per Share
1
M.B.A degree.
institutional accounts.
1942.
By A. J. Wright & Co., Buffalo:
Slocks
Eastern
Read & Co.
The
$ per Share
349
$5,000 Ha]oca Corp., 6% debenture. Due April 1 1937. (Coupons due Oct. 1
1932, and subsequent coupons attached)
23% flat
$5 Sixth Ave. and 31st St. Corp. (Greely Square Building), 6% first
mortgage.
Due Aug. 1 1950.
(Coupons due Aug. 1 1933, and subsequent coupons
Shares
Merchant is heading the
was awarded an
25 Corn Exchange National Bank & Trust
Co., Philadelphia, Pa., par $20... 54
25 Philadelphia Electric Co., common, no par
38%
10 Nap Furniture Co., Dover, Del., capital, par $10
$105 lot
25 James H. Billington Co., Philadelphia,
Pa., par $100
5 The Como Mines
and
Consolidated Publications, Inc.
of G.
5
Slocks
6%
I.
Cunningham at the Harvard School of Business
97
5 First National Bank of Philadelphia, par $100—
5 City National Bank, Philadelphia, Pa., par $50
Building,
and in
F. J. Wilson is in charge of the
St.; Arthur
Administration, where he
By Barnes & Lofland, Philadelphia:
Club
Congress
the tutelage of Professor
$1 lot
•
25 Mass. Bonding & Insurance Co., par $12.50
12 Kreuger & Toll Co
8 Brockton Gas Light Co., par $25...
Keystone Athletic
Certificate of deposit
35
10
10 Lynn Gas Electric Co., voting trust
certificates, par $25..
10 Providence Gas Co
$5,000
at
Street, New York,
Building, New York,
62%
Manufacturing, common, par $100
Amoskeag Co., preferred
.<
Eastern Utilities Associates, convertible
Shares
Corporation,
23
11 Merrimack
General Motors
branch in the Baltimore Trust
...398
__24-23%
37%
the
president of the Intercoast
$ per Share
2 Merchants National Bank,
Boston, Mass, par $100
10 Norwich & Worcester RR., preferred
ex-dividend, par $100
50 Pelzer Manufacturing
Co., voting trust certificates, par $5
10 Arlington Mills
10 Pelzer Manufacturing Co., voting trust
offices in
branch
and the
Slocks
Falvey is
Chauncey L. Waddell is vice-president.
and
Pittsburgh office in the Grant Building; Paul Hittinger is manager of the
Albany office at 75 State Street; and T. A. Stewart is head of the Baltimore
was
By Crockett & Co., Boston:
Shares
firm,
new
firm will have executive offices at One Wall
Boston, Pittsburgh, Baltimore and Albany.
Boston
By R. L. Day & Co., Boston:
Shares
30 Nashua Manufacturing Co., preferred,
5 Amoskeag Manufacturing Co.j
new
and branch
Slocks
551 Morristown Securities
—Announcement is made of the formation of the firm of
Falvey, Waddel &
Co., Inc., to conduct a general securities business.
Thomas F.
a
are
distributing
circular entitled "Stocks Under Past and Present War Uncertainties."
Financial
1972
General Corporation
Chronicle
March
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
RAILROAD—PUBLIC
Monthly Gross Earnings of Railroads—The following
comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
Consolidated Balance Sheet Dec. 31
•
are
1935
Assets—
b L'd,
chinery,
$713,520
169,874
63,000
997,056
379.251
&c
Cash & cash items.
Marketable securs.
Accts. receivable
.
_
Length of Road
Month
Inc.
1934*
(+)
Per
or
Licenses, patents,
trade-marks, &c.
Misc. receivables.
31,126
11,571
Adv. to distrib'rs.
February
280,4^2,018
April.
274,185,053
279,153,707
280,975,503
274,963,381
293,606,520
306,566,997
340,591,477
300,916,282
295,880,873
May.
—
June
July-
August
September..
October
November
—
December
+ 15.04
+ 13.20
237,078
+ 3.45
—0.88
—1,431,003
—0.51
—646,683
+ 11,281,900
+31,408,547
+48,095,489
+44,278,559
+38,679,418
—0.23
+4.20
+4.00
+ 11.41
+ 16.44
+ 17.25
239,506
239,433
239,246
239,129
238,980
239,020
239,000
238,955
238,819
238,791
238,668
238,436
39,961
Total
1935
238,393
February..
March
April
May
June..————
July.
August
September
October
November
...
December
Amount
1934
1935
$62,258,639
59,927,200
83,942,886
65,252,005
72,083,220
74,529,254
67,586,762
71,686,657
72,390,908
81,039,275
60,061,636
62,786,896
$51,351,024
54,896,705
67,659,321
65,305,735
70,416,370
64,920,431
57,478,685
72,794,807
88,955,493
108,551,920
82,747,438
70,445,503
Per Cent
—17.5
—$10,907,615
—5,030,495
—16,283,565
+ 53,730
—1,666,850
—9,608,823
—10,108,077
+ 1,108,150
+ 16,564,585
+ 27,512,645
+22,685,802
+ 7,658,607
—8.3
—19.40
+0.08
—2.31
—12.89
.—14.96
+ 1.55
+22.88
+33.95
+37.77
+ 12.20
193245
prior to this latter date.—V. 141,
Alliance
monthly earnings statement of the large telephone com¬
panies having an annual operating revenue of $250,000 or
over.
Below is a summary of the December return:
a
No. of Co.
Stations in
Operating
Operating
Service
Revenues
Expenses
December 1935
.$14,620,974 $86,111,250 $60,684,743
December 1934
14,132,026
80,411,034
58,713,909
992,652,772 699,615,687
12 mos. end. Dec. 31 '35
_
12
mos.
Operating
Income
$17,367,316
14,980,225
194,362,168
940,395,899 662,825,202 185,294,242
end. Dec. 31 '34
(& Subs.)- —Earnings—
1934
1933
$2,295,719
2,036,281
$1,982,495
1,604,457
$2,023,400
1,571,603
$259,438
37,704
$378,038
35,863
xl935
Calendar Years—
Net sales..
Cost of sales and expenses
— .—
Operating profit
Other income (incl. interest rec.).
—
_
_
$413,901
28,337
54,892
128,648
$482,628
32,567
74,283
Cr375
$202,023
403,194
Cr20,269
$375,778
416,624
Dr38,289
$589,852
229,680
59,038
$625,487
229,680
33,657
$754,113
350,919
$297,142
26,717
43,097
Total
Depreciation
_
Provision for Federal income tax.
Provision for contingencies.Net income
$227,328
362,150
...
—.
Surplus, total balance Jan. 1
Surplus adjustments—net...
—
Total
...
Common dividends
Other charges to surplus.
$451,797
30,831
*
1935
1934
1933
$52,464
54,902
$71,688
81,274
$108,644
106,564
Int. charges on mtges.__
prof.$2,080
Consolidated Balance Sheet Dec. 31
$140,392
Accts. receivable-
106,950
Inventories
212,361
1,906
28,500
Other curr. assets.
Investments
197,119
Fixed assets..__
y
Deferred
28,956
expense-
$397,839
70,421
187,233
$48,150
mortgage
Notes payable
2,500
250,000
99,980
19,140
38,500
55,597
1,616
.
311,284 Dividend payable.
41,055
Mtges. payable
Net deficit
$7,173
$2,438
$9,586
97,099
205,551
79,951
247,479
$89,926
34,524
19,984
$203,113
35,605
19,078
83,750
2,533
$70,365
35,048
24,860
132,107
4,177
$249,559
54,698
39,217
$62,145 loss$125,827
loss$583i449
(including interest).—
"
Total income
Gen. corp. exps. & taxes
Depreciation
Properties abandonedInterest
on
"""380
loans.
Net earnings-
399~ 387
$35,037
Preferred dividends
(3%)60,000
----
$35,037
$62,145 loss$125,827
def$621,669 def$656,707
def$26,473
Balance
1935
1934
16,667
23,563
1,753,374 Acquired surplus
$2,816,429 $2,784,772
Total
_ -
Total
$2,481,496 52,463,868
Allis-Chalmers Mfg.
Air-Way Electric Appliance Corp.—New President, &c.
The stockholders at the annual meeting elected J. H.
Nuffer a director
di *ec-
of B. O. Milner Jr., who resigned as President and a
Mr. Nuffer was named President last week by the direcotrs.
At the organization meeting C. O. Miniger was elected Chairman
to take the place
tor.
of the
Board to replace Newton Tracy and George B. Welles was elected Chairmand of the Executive Committee to fill the vacancy left by Mr. Minige*.
Income Account for
Calendar Years (Incl. Subs.)
1935
Not
reported
Other expenses
1934
$130,634
1932
55,885
495,415
1933
$148,876
55,246
177,720
$63,748
59,399
402,284
loss
-
$230,096
$420,667
$84,091
$397,934
for
Accounts
reserve
z
charges, including interest on deben¬
was $1,985,137, as compared with
or
loss and
~
Unfilled Orders
Year
-
—
_
Bookings
$22,687,049
12.316,556
14,270,941
21,875,009
38,283,740
Net Income
Billings
$27,800,639
14,764,064
13,286,768
20,287,148
38,787,007
End of Year
$1,256,431
loss2,955,043
loss2,983,905
lossl.039,406
1,985,137
$7,889,334
5,441,825
6,425,998
8,013,859
7,510,593
Expenditures for maintenance and repairs to buildings, machinery and
equipment in 1935 amounted to $1,369,627, as compared with $864,754
in the year 1934.
The depreciation of buildings, machinery and equip¬
ment in 1935 was provided at the rates established in 1932 and amounted
to $637,853.
The provision for depreciation in 1934 amounted to $659,986.
An issue dated Nov. 1 1935 and due Nov. 1 1945 of
$15,000,000 10-year
4% convertible debentures was sold, and the major portion of the proceeds
applied to the redemption on Dec. 20 1935 of the then outstanding $13.963,000 10-year 5% debentures due May 1 1937 at 100M % plus accrued int.
are
entitled to convert
same
into
fully paid and non-assessable shares of the common stock as then consti¬
tuted at the price of $35 per share up to but not incl. Nov. 1 1938; at the
price of $40 per share on Nov. 1 1938 and thereafter up to but not incl.
Nov. 1 1941, and at the price of $45 per share on Nov. 1 1941 and thereafter
up to but not including Nov. 1 1945.
Provision is made for the revision
of such base conversion prices in various events to
protect the conversion
privilege from dilution.
The earnings for the calendar years were published in V.
142, p. 1802.
Consolidated Balance Sheet Dec. 31
Assets—
Cash
on
x
1934
Accts.
1,834,053
1,786,058
2,094,753
2,317.643
13,629,542
9,002,606
secure.
Notes and accts.
Sund. debtors, em¬
y
1934
payrolls
Reserve
3,348,741
...
$
for
2,162,936
com¬
of
con¬
tracts billed
1,074,588
513,212
1,116,199
652,380
390,913
458,820
Deb. Interest aecr.
100,000
116,358
Sundry creditors..
210,631
71,127
Reserves
2,176,639
2,186,068
Funded debt.....15,000,000 13^963,000
b Common stock..40,171,768
40,171,768
Earned surplus.— 9,812,956
7,791,325
aTreasury stock. _Z>r224,661 Dr387,369
Taxes accrued
Advances
395,892
305,840
14,808,098 13,303,714
Factory sites,
bldgs., machin¬
equipment-26,631,852 26,575,514
11,920,187
2,041,295
1,949,100
Deferred charges..
493,226
230,266,
ery,
Other assets
Total
$
payable and
pletion
receivable
ployees' working
fund, Ac
1935
Liabilities—
$
hand and
demand deposits
73,177,775 67,699,6291
on contr.
Total
73,177,775 67,699,629
x After reserve for receivables of
$931,957 in 1935 and $567,181 in 1934.
After reserve for depreciation of buildings and machinery of $16,647,938
in 1935 and $16,120,480 in 1934.
a Represented by 16,206 no par shares
at cost in 1935 and 29,332 shares no par at cost in 1934.
b Represented by
1,360,600 no par shares.—V. 142, p. 1802.
y
Allen
Industries, Inc.—New Officials—
Harold C. Allen has been elected Executive Vice-President and J. J
Tobias has been elected Vice-President.—V. 142, p. 1802.
Aluminum
Industries, Inc.-—Earnings-—
Calendar Years—
1935
Net sales
$2,216,415
Net profit after int., deprec.,
Net
$2,481,496 $2,463,868
following table shows the bookings, billings, net income
1931.
shares.—V. 142,
292.
income
Manufacturing: income. ]
Depreciation.
Total
Co.—Report—
G'd-will & patents 11,557,761
a proposed
in the authorized capital stock from 1,000,000 shares to 3,000,000
shares; each present share to be exchanged for three new
p.
The
41,500
Air Reduction Co., Inc.—To Increase Stock—
The company has notified the New York Stock Exchange of
ncrease
|
unfilled orders for the past five years:
1935
no par
1934
tures, Federal taxes and depreciation,
a loss of $1,039,406 in 1934.
Inventories
1,578,723
301,134
445,070
1935
x Represented by
132,000 shares of $5 par value,
y After
possible losses of $2,077,134 in 1935 and $2,640,000 in 1934.
receivable only.—V. 140, p. 1299.
$2,816,429 $2,784,772
Capital stock
Earned surplus—
2,083,577
382,800
Liabilities—
&
52,903
215,737
1,578,723
362,150
445,070
Res. for conting—
x
$643,449
surl87,620
31
Real estate,
cure.
2,000
shares,
y After reserves of $144,468 in 1935 and $167,171 in 1934.—V. 142, p. 1802.
x
Dec.
Sheet
Preferred stock.-.$2,400,000 $2,400,000
se¬
mtges..32,244,899 $2,263,002 x Common stock..
660,000
660,000
Bills & accts. rec..
z7,810
17,857 Accounts payable.
10.865
4,374
Cash
181.343 Notes payable
228,786
25,000
Accrued interest..
Int. & taxes pay.
£510
Furn. & fixtures..
1
and accrued
32,301
31,201
156 Deficit
Prepaid interest—
621,669
656,707
y
1~9~398
19,140
339,706
Securs. & mtges. writ, off
Marketable
Res've for taxes—
zation
Good-will, formu¬
lae, trade-mark,
Total
1934
$24,169
Liabilities—
Accrued expense.
Pats., less amorti¬
&C
1935
Accounts payable.
Current install, on
1934
1935
Assets—
1932
Inc. from other invests.
Holders of these convertible debentures
$301,134
$362,150
$403,194
Surplus, Dec. 31Earns, per sh. on 382,800 no par shs.
capital stock.
$0.59
$0.52
x Includes operations of Outdoor Girl Co. since acquisition on May 22
35.
Cash
3850.
p.
$50,180
57,353
_
The net income for 1935, after all
Affiliated Products, Inc.
Repre¬
Net inc. from real estate
Assets—
Large Telephone Companies—The Fed¬
eral Communications Commissions at Washington has issued
Earnings of
c
1802.
Realty Co.—Earnings—
Profit and loss
+29.82
+ 15,478,511
51,905,000
p.
The directors have declared an extra dividend of 5 cents per share in
addition to a regular quarterly dividend of 25 cents per share on the capital
stock, par $10, both payable Mar. 30 to holders of record Mar. 20.
A
similar extra dividend was paid on Dec. 30 last.
The company paid extra
dividends of 10 cents per share on Jan. 2 1935 and in each of the four quar¬
Balance, surplus.
1935
1936
67,383,511
January
$2,462,109 $3,158,184
—
value).—V. 142,
Allemannia Fire Insurance Co .—Extra Dividend—•
operations and sales.
January.
Total
b After depreciation of $525,001 in 1935 and $483,848 in 1934.
Years End. Dec. 31—
Inc. (+) or Dee. (—)
Net Earnings
Month
.
$2,462,109 $3,158,1841
—
1934
1935
7% 1st pref. stk_.$1,658,900 $1,732,000
$736,109 c Common stock—
488,125
488,126
296,805 Notes payable..-.
670,000
250,000
Dealers' deposits..
63,546
70,741
1,540*194 Due to distributors
115,685
3,820
368,050 Accounts payable.
87,769
75,361
Accrued payroll,
taxes & expenses
29,181
24,138
168,588
15,357 Sundry creditors._
26,661
91,562 Conting. res., &c.
8,133
8,169
Deferred income.
58,922
12,095
35,082
22,003 Capital surplus.—
170,347
106,534
Operating surplus.def436,805 def206,709
sented by 390,500 shares (no par
ters
1936
+34,842,478
263,862,336
298,704,814
56*761
Miles
238,245
238,162
238,011
237,995
237,951
237,800
237,700
238,629
237,431
237,385
237,306
237,074
+2.60
1935
1936
January
+2.39
1934
Miles
+ 6,148,718
+ 6,444,483
—12,306,728
+9,147,757
—2,489,273
257,728,677
248,122,284
292,798,746
265,037,296
281,642,980
282,406,506
275,610,064
282,324,620
275,158,450
292,495,988
256,637,723
257,201,455
263,877,395
254,566,767
March
January
1935
$
S
$
Cent
*+Dec. (—)
Other assets..
Deferred charges..
1935
Liabilities—
1934
bldgs., ma¬
Inventories
Gross Earnings
1936
21
Fed. taxes, &c-
—V. 141, p. 3370.
72,675
1934
1933
1932
$2,339,800
$2,154,086
$1,734,455
69,661
100,208
Ioss70,889
Volume 142
Financial
Chronicle
1973
Amalgamated Properties, Inc.—Files
Bankruptcy Petition
The
company, a wholly owned subsidiary of the Prudence
Co., Inc.,
on March 17 in the Federal Court in
Brooklyn a petition seeking reor¬
ganization under Section 77-B of the Federal
Bankruptcy Law. The peti¬
tion asked that the proceedings be severed
from those of its parent company,
filed
which are in tho
same
court.
Judge Grover M. Moscowitz approved the petition
continued
Specialists
the officers
of the
in
concern
control
as
All
properly filed and
He set
The petition stated that Amalgamated
Properties is in the business of
the acquisition, management and sale of real
estate, buildings and equip¬
ment: that it has liabilities of
$31,657,412 and assets of $25,171,177, leaving
a deficit of $6,486,235.
MCDONNELL & CO
The petitioirset forth that the
company was unable to pay its debts as
matured; that the capital stock is owned by
Stephen Callaghan,
John M. McGrath and William T. Cowin as
trustees of the Prudence
York Stock
they
Member,|NewYork
Co.,
Inc., and that the trustees constitute the entire board of directors and all
officers of the company.
The main office is at 331 Madison Ave., Man¬
hattan.
Rights and Scrip
of its property.
April 10 for a hearing.
120
on
Properties, Inc., was deposited by Prudence Co., Inc., as
security for the
repayment of a loan of $20,000,000 made by the Reconstruction Finance
Corporation to the Prudence Co.
Curb
BROADWAY,
iYv'/'VVT '
:
June 8 1932 the capital stock of
Amalgamated
TEL.
,
The petition states that
in
Exchange
£xchange
NEW YORK
RECTOR
2-7815
The
report of Wilbur Newton, the receiver, reveals that he has on hand
$4,571 in cash and $90,000 in
Treasury bills.
He said 57,000 shares of
outstanding.
Judge Symes's orders were issued on request of attorneys for
stock are
American Brake Shoe &
The
directors
Foundry Co.—-Larger\ Dividend
have declared a dividend of
30 cents per share on the
stock, no par value, payable March 31 to holders of
record
March 27.
This comparas with dividends of.
25 cents paid on Dec. 31,
Sept. 30 and June 29 1935; 20 cents in each of the five
preceding quarters,
and 15 cents per share paid each three months
from June 30 1932 to and
including Dec. 30 1933.
In addition an extra dividend of 25 cents was
common
on Dec. 31 last, and
1935.—V. 142, p. 1109.
paid
an extra
dividend of 5 cents per share
on
stockholders
who
Wyoming
brought
the
suit
against
the
company
and
numerous
officers.
This suit was dismissed as to all defendants
except the company
itself and two former officers now
serving prison terms.
Mr. Newton pointed out that all
with reinsurance
without liens
March 30
on
American
policy holders have been protected
through the United Benefit Life Insurance Co. of Omaha,
their policies.—Y. 140, p. 631.
Manufacturing Co.—Preferred Dividend—•
The directors have declared a dividend of
$2.75 per share on account of
accumulations on the 5% cumulative
preferred stock, par $100, payable
March 31 to holders of record March 9.
A payment of $2.50 was made on
Dec. 31, last and a dividend of 50 cents was
paid on Oct. 1 and March 31
1935, prior to which regular quarterly dividends of $1.25
per share were
distributed.
Arrearages after the payment of the current dividend will
,
American General
Corp.—Advisory Committee—
The directors on Ma ch 16 appointed Leland
B. Robinson and William
W. Cumberland additional members of the
company's investment advisory
committee.
The board also designated Mr. Robinson
as Chairman of the
investment advisory committee.
The other members of the committee
are William R. Bull,
Marshall Forrest, E. Carleton
Granbery, Samuel S.
Hall Jr., Frank K. Houston, Edwin W.
Kemmerer, Joseph S. Maxwell,
Joseph R. Proctor and Herbert W. Rice.—V. 142, p. 1802.
American Investment Co. of Illinois—Stock Dividend—•
The directors have declared a stock
dividend of one-third share of class B
stock for each share of class B stock held
payable March 25 to holders of
record same date,
A quarterly cash dividend of
25 cents per share was
distributed on March 2 last —Y
142, p 771
American Light & Traction Co.
(&
12 Months Ended Dec. 31—
Grass oper. earns, of subs, (after
Subs.)
1934
A
$36,093,640 $34,680,888
19,306,889
18,108,629
2,203,652
2,321,537
2,216,569
1,870,226
4,623,695
4,569,743
from operations of subsidiaries.
Non-operating income of subsidiaries
earns,
$7,742,833
334,354
$7,810,751
488.817
$8,077,188
$8,299,568
3,465,562
637,500
7,175
3,442,195
161,153
637,500
14,957
$3,805,641
749,615
$4,839,460
257,978
77,956
$4,793,377
277,180
95,380
$4,503,524
804,486
Amortization of bond discount and
expense
Dividends on preferred stocks
Propor. of
Income
161,309
earns, attributable to minor, com. stock
of
Am.
Lt.
&
Tr.
Co.
(excl. of income
Balance transferred to consolidated
surplus
on preferred stock
Dividends
Sheet
Earmngs per share of
—V. 142, p. 451.
common
$3,699,038
$1.34
stock
American Machine &
Calendar YearsGross oper. income of the
consol. cos. from all
less
costs
$3,616,330
$1.30
Metals, Inc. (& Subs.)- -Earnings
1935
1934
1933
1932
of
manufacturing
$1,077,985
$911,083
$647,879
$539,944
721,671
681,353
616,346
676,829
$356,314
1,550
$229,730
$357,864
$229,730
$108,229
$37,393
111,770
78,884
11,034
67,063
103,178
87,918
119,273
Gen. exps., incl. cost of
retire, of bds.
_
Tin Plate
Com¬
Fifteen important tin plate
manufacturing companies have been charged
Companies charged with violation of the Act are: American Sheet &
Co.* Pittsburgh; Bethlehem Steel Co., Bethlehem, Pa.; Canton
Corp., Canton, Ohio; Columbia Steel Co., San Francisco; John
Foilansbee, George T. Ladd and Isaac M. Scott, trustees in
bankruptcy
for Foilansbee Bros.
Co., Pittsburgh; Granite City Steel Co., Granite City,
111.; Inland Steel Co., Chicago; Jones & Laughlin Steel
Corp., Pittsburgh;
McKeesport Tin Plate Co., McKeesport, Pa.; Republic Steel
Corp.,
Youngstown, Ohio; TheN.& G. Taylor Co., Cumberland, Md.;
Washing¬
ton Tin Plate Co.,
Washington, Pa.; Weirton Steel Co., Weirton, W. Va.;
Wheeling Steel Corp., Wheeling, W. Va., and the Youngstown Sheet &
Tube Co., Youngstown, .Ohio.
Tin Plate
Tin Plate
American Steamship Co.—Smaller Sividend—
directors have declared a uividend of
$1 per share on the common
stock, payable April 1 to holders of record March 31.
This compares with
$2 paid on Jan. 2 last, and on Oct. 1 1935; prior to this latter date
regular
quarterly dividends of $1 per share were distributed.
In addition the
company paid extra dividends fo $1/ per share on Dec. 29, Oct. 1 and
Jan. 5
1934.—V. 141, p. 2267.
American Thermos Bottle Co.—25-Cent Dividend—
a dividend of 25 cents
per share on the class
value, payable April 10 to holders of record March
paid on Oct. 15 and April 10 1935 and on Nov. 5
and July 2 1934. The July 2
payment was the first made on this issue since
Feb. 1 1932, wben 15 cents per share was
distributed; similar distributions
A
stock,
common
31.
no par
Similar dividends
were
made
on
Nov.
were
1 and
ments of 30 cents per
Aug. 1 1931, prior to which quarterly disburse¬
were made.—V. 140, p. 4225.
share
Anglo-American Corp. of South Africa, Ltd.—^-Results
of Operations for Month of February 1935—
f'S;
vv/'i
(In South African Currency)
_
&
fixtures
other fixed assets
$31,533 loss$136,885
76,696
174,278
Companies—
Brakpan Mines, Ltd..
Daggafontein Mines, Ltd
•
-
Springs Mines, Ltd.
and
xl02,291
58,982
15,241
Bond interest
ProV. for Fed. inc. tax..
;
Total
Milled
x
West Springs, Ltd
Prof., incl. bds. repur
Deprec. on plant, mach.,
furn.
Co.—15
Tons
Operating profit..
on
Plate
with violation of the Federal Trade
Commission Act in a complaint issued
by the Commission.
The complaint alleges that the companies entered
into an agreement not to sell "stock
plate" to small manufacturers of tin
cans, thereby tending to create a
monopoly in the American Can Co. and
the Continental Can Co.
management & cost of
Profit
;/
& Tin
The directors have declared
_
—.
sources,
•
The
Expenses of American Light & Traction Co
Holding company interest deductions
Balance
4008.
n'-:,;/
American
$4,420,816
804,486
Interest, amortization & pref. divs. of subsidiaries:
Interest on bonds, notes, &c
p.
The directors took no action on the
paying of a dividend on the $1.50
cumulative participating preferred stock at this time.
Regular quarterly
dividends of 37H cents per share were
paid up to and including Jan. 2 1936.
—v. 142,-p. 119.
$4,043,761
1,033,819
Total income of subsidiaries
$1.25 per share./—V. 141,
American Products Co .-—Preferred Dividend
Deferred—
*
panies Charged with Violation of FTC Act—•
Earnings-
eliminating inter-
General taxes & est. Federal income taxes
Net
-
1935
amount to
Revenue
Costs
£231,969
247,063
272,361
106,408
£131,932
130,055
117,329
73,371
132,000
120,000
121,000
103,000
Profit
£100,037
117,008
155,032
33,037
Note —Revenue has been calculated on the basis of £7.0.6d.
per ounce fine.
x Each of which is
incorp. in the Union of South Africa.—V. 142, p. 1109.
Argo Oil Co.—AcguisitionSee Mountain & Gulf Oil Co. and Salt Creek Consolidated Oil
Co. below.
—V. 142, p. 941.
...
Net profit
x Includes
depletion of
$181,349
...
$28,042
Consolidated Balance
Assets—
1935
cash
_
1934
$615,786
e
Accounts receiv.
$78,485
104,292
15,191
11,034
36,583
19,068
6M % debs
4% debs.,
170,000
782,500
due Jan. 1 1943.
690,500
93,000
on
contracts
1,781
46,070
921,456
31,516
789,996
15-year
170
Stocks, bonds and
conv. s. f.
Conv.
Def. oblig. for acct.
mortgages
of purch. of stk.
of subsidiary
Inv. in & ad vs. to
415,000
66,071
65,650
1,491,300
91,0,318
154,247
1,430,550
1,535,675
def27,101
...
Halliwell of Can¬
Res. for
ada, Ltd
a
Ore
5,127
reserve
c
and
mineral rights..
b Fixed assets
1934
$180,327
122,089
income tax
773,015
398,636 Adv. payments
7,228
Inventories
1935
Accounts payable.
Other accruals
cos.
& to secur. bids-
Dec. 31
Est. liab. for Fed'l
601,132
439,866
Accts. rec., empl.,
&adv. tosalesm.
Deps.with ins.
kheet
Liabilities—
$401,435
d Notes and trade
accepts. & accr'd
int. receivable.,
loss$62,011 loss$169,798
ore reserves.
con ting's,
Capital stock (no
par)
Deferred charges..
588,830
957,759
68,371
G'd-wlll, pats., &c.
1
756,629 Capital surplus...
919,067 Earned surplus...
20,905
1
Total
..$4,251,626 $4,093,152 |
Total
$4,251,626 $4,093,152
a After
depletion of $428,693 provided since 1930 and
$153,199 in 1934.
b After depreciation of
$562,232 in 1935 and $541,130 in 1934.
c Repre¬
sented by 298,260 (286,110 in
1934) shares (incl. 131 (2,626 in 1934) shs.
held for exchange of predecessor
company stock).
d After reserves or
doubtfuls of $186,125 in 1935 and
$300,525 in 1934.
e After
deducting
$27,510
$48,581
,
in
1935
aild
in
1934
V. 142, p. 1803.
reserve
for
as
doubtful
accounts.—
■
American Life Insurance Co.—Final
The stockholders are to receive $1.60
U. S. District Judge Symes at
a
share, it
Liquidation—•
was
disclosed
Denver, Colo, issued
on
March 12
an order for final
9f the company's assets. The liquid assets of the company are
be distributed to stockholders who must
send their certificates
to
Boettcher & Co., Denver, within 60
days.
liquidation
to
Associated
Rys. Co.—Files
Minneapolis & St. Louis RR.—
Plan
with
ICC
to-Divide
Plans of the company to acquire the
Minneapolis & St. Louis RR. for
$7,200,000 and divide the property among seven Western roads were laid
formally
on March 17 before the Interstate Commerce Commission in
an
application for authority to borrow the purchase money from the
Recon¬
Finance Corporation.
The M. & St. L. would be acquired at a foreclosure sale
on a date yet to
be set by the Federal District Court at
Minneapolis.
If less than the re¬
quested $7,200,000 were needed to buy the road, the
application for the
RFC ioan would be correspondingly reduced.
The roads comprising the recently formed
Associated Railways have
applied to the ICC for authority to take over
specified portions of the
M. & St. L. and operate them as
parts of their own systems.
They in¬
clude the Chicago & North Western, the
Chicago Burlington & Quincy,
the Chicago Great Western or the
Chicago Milwaukee St. Paul & Pacific,
the Chicago Rock Island &
Pacific, the Great Northern, the Illinois Central
and the Minneapolis St. Paul & Sault
Ste. Marie.
Jesse H. Jones, Chairman of the
RFC, gave his
struction
.
posed dismemberment plan
approval to. the pro¬
some
chase price, provided the advance
acquired.
The
Associated
time ago and agreed to supply the
pur¬
secured by a first lien on the property
was
Railways
accordingly stipulates
in
its
appli¬
cation that the loan was to be secured
by a first lien on about 1,009 miles of
line and appurtenances,
together with terminal properties in Minneapolis,
Mason City and Oscaloosa.
New mortgage bonds to be issued as evidence
of the RFC loan would be dated
June 1 1936, would be in different series
and each would represent a
separate lien on the dismembered portions to
be
acquired by the roads participating in the deal.
The bonds to be issued would run ten
years and would be subscribed
by the participating companies as follows:
Chicago & North Western, $1,189,000 series A; Chicago Burlington &
Quincy, $1,251,000 series B; Great Western or the Milwaukee, $1,921,000
series C; Chicago Rock Island &
Pacific, $1,087,000 series D; Great North¬
ern, $107,000 series E; Illinois
Central, $1,123,000 series F; Minneapolis
St. Paul & Sault Ste.
Marie, $257,000 series G, and Great Northern or the
Milwaukee, $257,000 series H.
Associated Railways also would issue 20,000 shares of capital stock
at $1 each, but to date no directors'
qualifying shares have been issued,
the remaining shares being
subject to ICC approval, as is the proposed
acquisition and abandonment of certain portions of the M. & St. L. line.
,
Financial
1974
March
Chronicle
1936
21
According to the registration statement the company will reserve $14,000,000 of the net proceeds from the sale of the preferred stock (dividend
date) to provide for purchase prior to maturity of
its outstanding $14,000,000 15-year 5% gold debentures, due July 1 1937.
Pending use of the proceeds for this purpose the company will invest in
obligations of the U. S. Government maturing on or before July 1 1937.
Remainder of the net proceeds will be added, in the first instance, to working
capital and thereafter be available for general corporate purposes.
In connection with the issuance of the preferred stock, the company also
rate to be fixed at later
American WaterWorks & Electric Co., Inc.
Debenture "B" 5s Dec.
lj 1975
registered full and fractional share subscription
warrants evidencing
2,664,000 rights to subscribe to preferred; an undetermined number of
value common stock; and scrip certificates representing
rights in respect of fractions of shares of the common stock.
The full and fractional shares subscription warrants are to be issued pro¬
rata to common stockholders of the company of record in Arpil of this year.
The common stock and scrip certificates are to be reserved for issuance
QUOTED
SOLD
BOUGHT
shares of $25 par
Eastman, Dillon & Co.
MEMBERS NEW YORK STOCK EXCHANGE
15
conversion of preferred stock.—V. 142, p. 1806.
upon
Street, New York
Broad
A. T. & T.
Atlantic Steel Co.—Smaller Dividend—
Teletype N. Y. 1-752
The directors have declared a dividend of $1 per
Co., Inc.—Weekly
American Water Works & Electric
mon
pares
three months.—V.
previously each
Output—
Output of electric energy for the week ended March 14 totaled 44,162,000
kilowatt hours, an increase of 8.9% over the output of 40,547,000 kilowatt
hours for the corresponding period of 1935.
Comparative table of weekly output
follows:
Week Ended—
1936
1935
Feb. 22
44,398,000 41,099,000
Feb. 29
43,979,000 40,857,000
Mar.
7_
43,606,000 40,311,000
Mar. 14
-44,172,000 40,547,000
of electric energy for the last five
years
1934
36,323,000
35,875,000
35,441,000
36,293,000
1933
27,087,000
28,168,000
27,419,000
26,745,000
1932
30,654,000
29,735,000
29,676,000
29,498,000
Gross earnings
__
2,146,209
2,189,626
24,634,998
17 voted to amend the
which no par value common stock can be issued and to make
available 20,000 sharas of unissued common for sale to employees from time
to time.'—V. 142, p. 1628.
the price at
Atlas Tack Corp.—To Resume
Dividends—
The directors on March 18 declared a dividend of 25 cents per share on
no par value, payable April 15 to holders
of record
This will be the first dividend paid since November 1920
regular quarterly payment of 75 cents per share was made.
capital stock,
when
31.
a
New Director—
24,016,002
Charles F. Simmons has been elected a director to fill a
5,135,002
$1,931,177 $23,431,998 $22,250,481
8,810,362
Int. & amortiz. of disc't., &c., of subs
8,886,492
5,713,576
Preferred dividends of subsidiaries
5,714,304
Int. & amortiz. of disc't., &c., of American Water
1,484,938
Works & Electric Co., Inc
1,515,848
3,313,029
Reserved for renewals, retire. & depletion
3,672,818
1,200,000
Preferred dividends
1,200,000
Gross income
$2,442,534
1,741,008
Available for common stock
Shares of common stock
*
1,741,008
subject to audit in so far as they contain earnings for the
1936.—V. 142, p. 1805.
year
Associated Electrical Industries, Ltd.—-Annual Div.—
The directors have declared an annual
dividend of 8% on the ordinary
British income tax of 22M%.
the American depository re¬
shares for the year ended Dec. 31 1935, less
and deduction for expenses of depositor on
ceipts for ordinary stock. The dividend is payable April 15 to holders of
record March 19. A dividend of 6% was paid in 1934; 3% in 1933; 4% in
1932 and 1931, and 6% in 1930—V. 140, p.
468.
Associated Gas & Electric Co.—Weekly Output—
For the week ended March 7 Associated
net electric output
p.
Gas & Electric System reports
of 74,941,450 units (kwh.), which is an increase of 6.6%
Autocar
output, including
Gross
sales to other utilities, increased 5.9% above
Dissolution of
Preferred Group Opposes Merger Plan—
holders of the 8% cumulative preferred stock
stockholders asking for proxies for their stock
the plan of merger and reorganization submitted by the company.
Members of the committee are David Ludlum, former president of
Autocar, Chairman; James B. Lear, (Read, Lear & Co.), Pittsburgh;
Ford R. Jennings, (Buckley Brothers), Philadelphia: and Victor F. Sheronas,
(of Bryan, Pennington & Colket), Philadelphia, Secretary.
The letter says in part:
"A group of preferred stockholders, believing
the plan to be unfair, unjust and inequitable, attended the meeting and
voiced strenuous objections, because of which final voting on the con¬
templated merger and consolidation has been postponed until April 1 1936.
"This committee intends to oppose the present plan of merger; to study
and revise plans which may be submitted by the management: and, if
necessary, to propose a plan which in its opinion would be equitable."—V.
142, p. 1628.
A protective committee for
to oppose
March 14 that the following
units had recently been dissolved:
Atlanta Gas Light
The directors on Feb.
merged or otherwise dis¬
21 declared a regular quarterly dividend of $1.50
share on the 6% cumulative preferred stock, par $100 payable April 1
holders of record March 21.
An initial dividend of $2 per share was
paid on Jan. 1, last.
Earnings /or$ll Months Ended Nov. 30 1935
Fed. taxes and other deductions
13,000 shs. 6% cumulative pref. stock
Net income after deprec., int.,
Earns, per sh. on
$209,042
$16.08
—V. 142, p. 1628.
Atlantic City Sewerage
Service
earns.,
$450,615
earnings
Miscell.
7,447
7,134
Drl, 860
Z)r 10,482
1932
$461,365
5,724
Dr6,810
2,193
Dr6,609
115,501
23,621
56,064
18,849
53,426
$452,788
120,481
19,545
53,922
18,533
52,840
$456,256
112,621
20,634
54,114
19,481
52,471
$456,946
112,177
$182,740
2,897
$187,466
4,082
$196,935
2,855
$195,723
$450,202
Total earnings
Operation expenses
Maintenance expenses._
Taxes—local & franchise
Taxes—Federal—
Depreciation
Exchange has admitted the common stock, $5 par,
Works—February Bookings—■
and sub¬
sidiary companies, including the Midvale Co., was announced on March 13
as $3,600,301
as compared with $1,596,197 in February 1935.
Included
in the February bookings were 10 locomotives for the Bessemer & Lake
Erie RR. and five locomotives for the Union RR.
year.
shipments, including Midvale, aggregated in February
compared with $1,881,695 in February of last year.
Consoli¬
of 1936 were $2,520,856 as com¬
pared with $3,881,293 for the first two months of 1935.
On
Feb.
29
1936 consolidated unfilled orders, including Midvale,
amounted to $9,620,898 as compared with $6,689,081 on Jan. 1 1936 and
with $8,753,750 on Feb. 28 1935.
All figures are without inter-company eliminations.—V. 142, p. 1278.
Consolidated
$1,235,340
as
dated shipments for the first two months
Period End. Feb. 29—
Gross earnings
25,553
53,992
17,553
51,951
accrued
Taxes
Depreciation
Fixed charges
Div. on pref. stock
Div.
on common
1,008
stock..
1936—Month—1935
$177,788
59,963
$184,352
58,403
27,250
10,257
26,772
25,482
14,481
'
—V. 142, p.
25,250
10,307
32,320
25,483
14,481
1936—12 Mos.—1935
$2,097,847
$2,043,740
733,467
706,787
285,450
283,550
150,553
148,080
355,852
345,718
305,793
305,797
173,772
264.279
$9,983
$21,705
Balance
def$10,472
$92,957
1807.
Corp.—5-Cent Extra Dividend—
Barnsdall
earnings
income—interest-
and
listing and registration.—Y. 142, p. 1629.
Operating expenses
tions, cleaning, &c
Net
$457,341
connec¬
Res. for uncoil .serv .chgs.
Other
193a
1934
$456,135
Listing
Bangor Hydro-Electric Co.- -Earnings—
Co.—Earnings—
1935
Calendar Years—■
to
These bookings brought the total for the first two months of the year to
$5,452,673 as compared with $3,172,331 in the corresponding period of last
Co.—Preferred Dividend—
per
to
Corp.—Admitted
The dollar value of orders taken in February by this company
York).
This brings the total of companies dissolved,
posed of since 1921 up to 320.—V. 142. p. 1806.
to
Baldwin Locomotive
Associated International Electric Corp. (Connecticut).
Associated Public Utilities Corp. (Connecticut).
Cold Spring Light, Heat & Power Co. (New
General Management Corp. (Connecticut).
Products
Automatic
Registration—The New York Curb
Four More Corporations—
Associated Gas & Electric System announced
Co.—Meeting Adjourned—•
has sent a letter to preferred
above the comparable week a year ago.
last year's figure.
vacancy.—V. 142,
1628.
Following objections from preferred stockholders, the annual meeting,
held on March 13, at which
^stockholders were to have voted on the re¬
capitalization plan, was adjourirtKi until April 1, in order to give stock¬
holders time to reconsider their objections.
See also V. 142, p. 1628.
$1,728,573
All figures
no par com¬
Approved—■
The stockholders at their annual meeting March
$4,077,387 $48,066,997 $46,266,483
14,324,629
Operating expenses
the
certificate of incorporation so as to provide a definite method for determining
March
*1936—12 Mos.—1935
*1936—Month—1935
on
142, p. 1110.
Atlas Powder Co.—Amendments
the
Earnings for the Month and 12 Months Ended Jan. 31.
share
stock, payable March 31 to holders of record March 21.
This com¬
with $4 paid on Dec. 31 1935; $2 on Oct. 1 1935, and $1 per share
of 5 cents per share in addi¬
dividend of 15 cents per snare on the common
April 10.
The com¬
made similar distributions on Feb. 1, last, and Nov. 1 1935.
The directors have declared an extra dividend
tion to the regular quarterly
stock, par $5, both payable May 1 to holders of record
Net
on
funded debt.
Amort, debt disc. & exp.
$185,637
82,275
3,754
$191,548
83,175
3,801
$199,790
84,525
3,848
$196,731
85,425
3,471
Cr689
income
Interest
Crl25
Crl85
Crl,048
Int. & overhead charges
to
construction
90% of deposits in closed
bks.
Balance of net income:
Dividends
$104,696
75,000
$100,297
75,000
$104,808
75,000
$108,883
75,000
$29,696
754,944
$29,808
x725,248
$33,883
698,697
Surplus for year
$25,297
Total surplus
780,242
x Includes certain capital adjustments.
Balance Sheet
Assets—
Fixed assets
Dec.
1934
1935
$3 ,476,794 $3,450,189
on
hand
114,736
897
10,119
76,560
93,751
Investments
Accts. & notes rec.
Total
x
68,246 Dividends payable
items—
888
Deferred
items—
10,119 Reserves
80,097 x Capital stock—„
110,434 Surplus
$3,772,858 $3,719,975
1934
indebt'ness.$1,365,000 $1,380,000
Accrued bond int.
Scrip (available for
current taxes)..
Deferred
1935
Liabilities—
Fund,
Transfer Treasury Stock—
tion.—V.
142,
p.
Total
2,638
18,750
6,825
160,732
688,671
750,000
780,242
7,154
18,750
6,900
161,442
640,784
750,000
754,944
..$3,772,858 $3,719,975
The consolidation of this company and Klein Brothers has
31—
Net profit after depreciation, income taxes, &c—
Earns, per sh. on 296,305 shs. com. stock (no par)
V. 141, p. 3528.
1936
1935
$137,963 loss$156,528
$0.46
Nil
Atlantic Refining Co.—Files Stock Issue—
A proposed issued of 148,000 shares ($100 par) cumulative convertible
preferred stock, series A, was registered with the Securities and Exchange
Commisson March 16 by the company.
been agreed
corporation retaining the name of Belding Heminway.
will be continued by Klein Brothers and Marillyn Silk Division.
For the present the operating units now in use by both
companies will be maintained and no changes in organization or operation
is contemplated.
R. C. Kramer will be President to the combined company and the three
Klein brothers will take executive positions in the new organization.
Reports from the company indicate that no new financing will be necessary
to complete the new consolidation.
Klein Brothers have been in the silk business for 17 years and are said
upon
with the
new
Present lines and operations
to do an annual business of
approximately $2,000,000.—V. 142, p. 1807.
Bessemer Limestone & Cement
Atlantic Coast Fisheries Co.—Earnings—
another
1629.
Represented by 75,000 no par shares.—Y. 140, p. 2854.
9 Months Ended Jan.
intends
in acquisition of the entire capital stock of that company, which
company in turn owns valuable oil leases in the State of Oklahoma, and
through which transaction Barnsdall Corp. will thus acquire these oil leases
for its own operation.
The 104,348 shares of stock will be issued to seven
distinct and separate interests owning the stock in the selling corporation
one of which interests is trustee for five other people, and Barnsdall Corp.
is advised that the stock will be held for investment and not for distribu¬
Belding-Heminway Co.—Consolidation Voted—•
31
Accounts payable.
Cash in bank and
To
The company has notified the New York Stock Exchange that it
to transfer 104,348 shares of treasury stock to the stockholders of
company
6,795
(anticipated loss)
pany
Co.—Earnings—
Earnings for Six Months Ended Dec. 31 1935
Net income after
$12,574
depreciation, interest and other charges..
—V. 141.P.3528.
Bigelow-Sanford Carpet Co., Inc.—Stock Reduced—
The
stockholders
have
voted
to
reduce
stock
now
held in the treasury.—V. 142, p.
26,403
313,609 shares
cancellation of
the preferred stock to
shares from 55,000 $100 par shares, and the common stock to
from 326,500 no par shares.
Reduction is to be effected by
1458.
Volume 142
Financial
Bohn Aluminum & Brass Corp.
Calendar Years—-
Chronicle
(& Subs.)—Earnings—
1935
1934
1933
Gross profit from sales..
Other income (incl. int.
and royalties)
$2,715,412
$2,763,275
$2,800,717
118,859
111,457
104.806
$2,834,271
748,767
198,895
17,352
21,758
16,783
241,889
$2,874,732
790,901
211,718
71,194
49,574
$2,905,523
724,684
234,378
101,219
39,163
$444,149
508,557
362,870
109,959
183,330
16,781
216,176
The directors have declared a dividend of 37
H cents per share on account
of accumulations on the $3 cumulative preferred
stock, no par value,
payable April 15 to holders of record Mar. 3l.
A similar payment was made
123,648
Gross profit & income.
1975
Brewing Corp. of Canada, Ltd.—Accumulated Div.—
236,527
Selling & general exps.
Depreciation
_
_
—
Bond interest
deductions
Other
Amortization of patents.
Prov. for Federal taxes.
!
profit
paid
in each of the five preceding quarters, as
against 75 cents paid on Oct. 15
1934.
This latter payment was the first made since stockholders
votedito
extinguish previous accruals on this issue.
Following the April 15 payment, arrears on the above issue will amount to
$2.25 per share.—Y. 142, p. 1459.
Bridgeport Brass Co.—Earnings—
Calendar
Prov. for loss on deposit
accts. with closed bks.
Net
1932
$320,501
$1,518,388
1.057,254
$531,573
352,418
$4.51
$461,134
$1,142,134 def$720,568
352,418
x352,418
$4.24
Nil
352,418
$4.31
Other income—Interest and discount
earned, &c_.
Gross
Consolidated Balance Sheet Dec. 31
1935
1934
Liabilities—-
Land, buildings,
mach'y & equip.$2,588,516 $2,458,665
Cash
193,641
117,135
z Accts .¬esrec.
1,409,953
1,043,230
y
Cash surr. val. life
insurance
policy
78,000
171,247
78,847
Other assets
Marketable
secure.
Patents,
licenses,
good-will, &c.__
Deferred
x
Funded debt
Earned surplus.._
70,393
122,769
items—
4,013,298
to
1935
$9,866,032
488,927
$10,354,959
1,783,532
1,183,809
31,553
prod..
348,012
on
1934
$6,154,581
405,744
$6,982,732
reserve for doubtful accounts
Reduction of book value of real est. to eliminate
Shs.
$6,982,732
200,376
2,014,169
$4,768,187
common
$6,560,324
1,614,391
788,913
69,173
333,303
"1,195
220,020
169,056
$1,679,115
1,666,226
1,150,945
$5.89
107,156
266,764
65,937
share
1935
Accounts
receiv.
74,196
1,150,907
120,273
y
138,106
335,042
59,232
63^% 15-yr.
conv.
gold debs.
94,357
358,378
Bldg., mach'y &
eq., auto. & trks 1,867,388
1,714,673
-
_
-
z
Earned surplus
$7,013,618 $5,653,807
After
Capital stock
Total
$
for doubtful accounts of $95,579 in 1935 and
$39,100 in
y After reserve for depreciation of $3,993,670 in 1935 and
$3,486,078 in 1934.
z Represented by 648,304
(520,992 in 1934) no par shares,
a Includes reserves.—V.
142, p. 1631.
■
x
reserve
1934.
Nil
Bridgeport Gas Light Co.—Smaller Dividend—■
The directors have declared
a dividend of 50 cents per share on
the com¬
stock, payable March 31 to holders of record March 19.
Previously
regular quarterly dividends of 60 cents per share were distributed.—V.
129,
p. 3325.
$1,327,844
102,141
_
Bridgeport Machine Co,—To Sell Common Stock—
Surplus from appreciation as at Dec. 31 1935
$1,225,702
Paid-in and capital surplus—Balance as at Dec. 31 1934
$10,220,220
Surplus arising from acquisition of Calumet Steel Co. June 10
1935; excess of equity over investment therein
445,577
Total
The company has entered upon an agreement to sell a substantial
number
of shares of its unissued common stock at $13 a
share, to reduce bank in¬
debtedness and to furnish additional working capital for its
expanding oil
well supply business and the further development of oil
producing proper¬
ties, according to A. A. Buschow, President.
"It is hoped that all steps
incident to this sale will be completed within 40
days.
Thereafter additional
wells will be drilled on company's properties and other
areas which have
been selected for exploration," he states.
As of Dec. 31 last the company had 150,000 shares of the
300,000 author¬
ized common shares still unissued.
-$10,665,798
Corp.
pref.
stock
retired
73,757
306,350
Good-will written-off
Paid-in and capital surplus, as at Dec. 31 1935
Earned surplus—Balance as at Dec. 31 1934
$10,285,690
$3,525,165
Net income for the year ended Dec. 31 1935
Income Account
for Calendar Years
6,982,732
reserves for
adjustment of securities to market
value, returned to surplus (net profits realized credited to
income)
Adjustment of reserves applicable to prior years
___
Premium paid on redemption of debentures of
subsidiary co_
Additional provision for Federal income taxes for
prior years
Preferred stock dividends...
Common stock dividends
_
Gross
28,850
7,366
200,375
2,014,168
„
$521,306
489,944
17,945
$474,420
370,627
8,219
$13,417
5,050
$95,574
Dr7,055
profit
Net operating profit
Miscellaneous credits
(net)
Net income from oil producing lease¬
holds before depreciation, depletion,
Earned surplus, as at Dec. 31 1935-x$8,476,641
x Subject
to restriction to the extent of $1,295,778 under the
business
Corporation Act of Illinois 1933, with regard to acquisition of
Borg-Warner
.Corp. stock.
repairs and taxes
1934
$
1934
$
$
Earn, per sh. on 150,000 shs.
Preferred stock
2,000,000
3,400,000
equipment
13,918,965 13,290,001 Common stock...12,308,700
12,308,470
Investments
1,266,012
1,308,103 Scrip outstanding.
1,504
1,734
Prepaid expenses.
194,719
135,986 Funded debt subs.
1,075,000
b Borg-Warner stk.
held
by subs...
Good-will &
pats.
Cash
Notes payable
1,295,779
144,068
8,849,609
Marketable
secur.
220,095
Accts. & notes rec.
5,492,914
Balance
in
closed
banks
26,260
Inventories
Deferred
Patents
charges.
Total
9,157,603
426,919
and
Assets—
Total
com.
stk.
1935
a
Sundry
notes
accts. rec.
2,968,284
907,532
631,292
532,698
and
(curr.)
Inventories
Prepaid
Sundry
land
$101,485
Customers' notes
& accts. receiv
175,000
1934
$115,645
Cash
accts.
27,694
purchase costs..
6,468
8,283,423 Conting. res., &c.
353,804
363,913
272,740 Apprec. surplus.. 1,225,703
1,327,844
Capital surplus
10,285,690 10,220,220
Earned surplus.._ 8,476,641
3,525,166
40,992,942 36,917,142
$43,034
7,380
133,388
$221,907
40,146
$50,414
10,256
$181,761
$1.24
$40,158
$0.09
Balance Sheet Dec. 31
6,218
1,334,398 Mortgage bonds..
380,376 Accts. payable and
accrued expenses 4,939,589
7,126,490
715,460 Fed. tax provision 1,401,311
4,042,471 Dividends payable
$237,407
194,373
$89,688
$0.70
Balance
1935
Liabilities—
•
121,405
Consolidated Balance Sheet Dec. 31
Assets—
Not
stated
$139,871
50,183
■.
Cash dividends paid.
■;
1933
$1,899,614
1,425,193
Operating expenses
Prov. for Fed. & State income taxes..
$10,727,402
1934
$2,538,490
2,017,184
Cost of sales and tool rentals
45,154
174,350
_
.
1935
Net sales and tool rentals
_.
Total
Prop., plant and
885,500
3,147,660
880,055
78*880
mon
Surplus from appreciation—Balance as at Dec. 31 1934
Depreciation or appreciation written-off during the year 1935.
a
105,250
353,607
4,140,160
1,296,734
State taxes
;'
1,284
52,918
355,958
Total
Consolidated Surplus Accounts Dec. 31 1935
1935
1934
$202,855
'
fund—Cash
Land..
1,230,821
$0.84
75,038
Reserves.
operation
Sink,
1935
$440,753
500,000
al62,823
Res. for Federal &
(not current)
$678,181 df$l,128,668
1,150,919
$3.06
Liabilities—
$396,451 Accounts payable957,245 Notes payable
2,041,004 Accruals
Del. chgs. to future
$1,196,270 loss$598,300
230,363
238,273
287,721
292,095
$2,087,482
1934
$266,643
1,487,463
2,744,920
rec.
Inventories
$1,204,256 loss$589.083
7,986
9,217
$3,750,576
224,448
1,438,645
$880,055
520,992
$1.11
$1.12
Assets—
Cash
228,053
$3,753,347
2,771
per
Accts. & notes
converted at $4.86 per £1, $26,584.
Borg-Warner
during the year 1935—
116,714
Balance Sheet Dec. 31
Note—Subsidiary company not included in above consolidation:
Morse
Ltd. (92.6% owned subsidiary of Morse Chain Co.) dividend
and included above $14,971; equity in
earnings for the year,
on
$1,132,306
52,099
17,500
648,304
Earnings
Chain Co.,
Proportion of
17,500
2,185
—
_
received
paid
-
Expenses incurred in connection with the issue &
sale of capital stock to extinguish current debt.
1932
$1,249,913
429,203
$3,879,699
1,640,581
257,541
84,941
303,303
stock out¬
standing (par $10)—
Earnings per share
Premium
-
50,000
yrs.
Borg-
Surplus
-
tion of such asset
deposit
Invest. & advances
Preferred dividends
Common dividends
-
$1,645,600
243,866
55,000
Increase in
on
to
38,927
«.
capital surplus created in 1922 by the apprecia¬
*
Minority divs. paid
income
$576,636
535,984
redemption of debentures
Total surplus
Dividends declared and paid
x
>
•
$726,618
880,055
$1,296,734
25~,3i§
sale of securs.
Warner
''', r'
1,996
108,816
Allow, upon exercise of a stk. option in connection
with engineering services performed in prior
1933
$3,450,550
429,148
Reserve for conting. and
Net
i
9.974
prior years
Profit
f
Reserve for loss in closed
banks and conting—
Net income
10,750
140,082
110,033
Other income.
on
------
Res. for purchase commitments transferred hereto.
3,406,725
87,176
98,133
72,935
5*379
10,000
•
.
Surplus balance, Jan. 1
adjust, of gen. res. & other items applicable
Consolidated Income Account for Calendar Years
Losses
-
Net
Borg-Warner Corp. (& Subs.)—Earnings—
new
year
$873,898
Net profit for year
$9,665,289 $8,374,824
Total
$9,665,289 $8,374,824
Represented by shares of $5 par value,
y After depreciation,
z Less
allowance for doubtful accounts of $13,000.—V.
141, p. 3684.
Develop, of
subsidiary for
-
Prov. for Fed. & State inc. & capital stock taxes
x
Interest
on
Expenses incidental to conversion of debs
Other charges
Total
Federal taxes
■_
Addition to general reserves
Provision for bad debts
.1934
Capital stock—$1,762,090 $1,762,090
499,000
Accounts payable.
785,965
501,977
Notes payable
850,000
4,304,064 Federal tax res'ves
241,889
216",176
Accrued accounts.
97,743
79,872
72,850 Reserve for
con¬
136,831
tingencies
45,490
40,169
44,844 Capital surplus... 1,868,814
1,868,814
4,951,924
——
Loss
1935
income
Interest expense
Cash discounts allowed
xNo par shares.
$850,564
23,333
$1,051,513
31,669
102,719
$1,494,552 loss$720,568
352,418
Surplus
1934
$1,857,602
179,988
802,454
124,595
$1,014,895
36,618
Increase in reserve for doubtful accounts.
$1,588,827
1,057,254
....
Com. shs. outst.(par $5)
Earned per share.
Inventories
1935
$2,221,434
167,448
1,039,091
75,000
Dividends
4 Q p/)/ o
Years—
Depreciation
expensesnotes
■
510,320
16,009
1,076,184
18,727
996,740
16,142
and
equip._
9,116
8,647
205,723
Patents
1,121
bPlant & equip..
Treasury notes
Treasury stock.__
1934
$475,000
182,687
23,733
$375,000
125,621
62,400
501,850
150,000
466,170
111,900
513,850
150,000
464,617
7% preferred stock
c
18,440
Common stock..
9,702
Reserve
for
11,722
313,484
11,722
223,796
202,196
12,373
con¬
tingencies
123,281
15,000
1,294
178,423
Unamortized disct.
depreciation reserves of $13,692,800 in 1935 and
$12,274,621 in
1934.
b Represented by 1,446 (2,106 in 1934) shares of
preferred stock and
79,925 shares of common stock at cost.—V. 142, p. 1631.
notes—
Earned surplus
------
40,992,942 36,917,142
benture
Capital surplus
Investments
&
.
372
Producing oil lease¬
holds
1935
Accounts payableAccrued liabilities
Serial 6% gold de¬
a
receivable
Rental tools
Liabilities—
Notes payable
a
After
Boston & Maine
on
RR.—Prepares Financing—•
Total
Facing maturities of $6,160,000 mortgage bonds next Feb. 1, the road
has asked stockholders to authorize, at the annual
meeting April 8, various
steps for financing by the issuance of collateral notes and general
mortgage
bonds, as well as the issuance of equipment trust certificates.
Bonds to be
authorized would be secured by the general
mortgages, dated 1919.
Maturities next February are $1,160,000 improvement 4s
and $5,000,000
Fitchburg RR. 4s.
The road also had $1,250,000 Boston & Lowell
5s
1 1936, and has $100,000
Peterborough & Hillsborough first
p. 1459.
due March
4Ks. due July 1.—V. 142,
deben. notes.
979
.
2,679
3,000
12,000
$2,187,046
$1,988,8781
Total
$2,187,046 $1,988,878
reserve for doubtful accounts
of $48,703 in 1935 and $48,077 in
b After depreciation and
amortization reserve of $372,502 in 1935
and $342,563 in 1934.
c Represented
by
a
After
1934.
I
290 shares
were
150,000 no par shares (of which
held in treasury in 1934).—V. 142, p. 1631.
Brooklyn Borough Gas Co.—Extra Dividend—•
The directors have declared an extra dividend
of 56 H cents per share in
the regular quarterly dividend of 75 cents
pei* share on the
addition to
6%
cum.
and participating pref. stock, par $50, both
payable April 1 to
1976
Financial
An extra dividend of
cents per share has
paid each quarter (except on April 1) since and including July 1927.
participating dividend of 5634 cents per share has been paid each
April since 1932.—V. 141, p. 4012.
Chronicle
holders of record March 18.
is
been
of shares
An extra
at
March
Columbia
British
Period End. Feb. 29—
Gross earnings
-V.
1936—Month—1935
1936—8 Mos—1935
$1,080,446
712,219
$9,265,113
6,233,096
$8,706,232
5,768,218
$368,227
$3,032,017
Canada Northern Power Corp., Ltd.—Called for
Canadian National
Rys.—Earnings—•
Earnings of System for Second Week of NMareh
1631.
1936
Gross earnings
Brooklyn-Manhattan Transit System—Earnings—
—V.
[Including Brooklyn and Queens Transit System]
Period End. Feb. 29—
1936—Month—1935
$1,093,865
71,933
$1,125,345
58,774
$8,873,978
478,279
$9,276,139
489,341
Gross income
$1,165,798
725,283
$1,184,119
718,998
$9,352,257
5,743,027
$9,765,480
Income deductions..
142, p.
$465,121
$3,609,230
Ry.—Earnings—•
1936
Gross earnings
_____
Capital City
Registration—
44,962
333,262
372,354
$400,486
B.
$420,159
13,275,968
$3,617,743
Products
Co.—Admitted
142,
Operating income
income--
$206,671
13,956
$208,186
15,661
$1,601,313
123,659
$1,706,895
127,593
Gross income
$220,627
133,823
$223,847
126,346
$1,724,972
1,002,281
$1,834,488
1,027,024
$86,804
$97,501
$722,691
$807,464
Net non-oper.
Income deductions..
Current income carried
to
sin-plus
-V. 142, p. 1280.
(Edward G.)
Issue, dfcc.—
Cash
Budd
Mfg.
Co.—Subscriptions for
New
subscriptions in excess of $1,400,000 for stock purchased
warrants have been received to date
on option
by the company, Edward G. Budd has
full $4,500,000 will be received by the time the last
period of warrants expires," said Mr. Budd. "We shall need that additional
working capital to handle the anticipated increase in both our automobile
business and other lightweight railway equipment business."
Mr. Budd announced that a five-year $5,000,000 loan received from the
Federal Reserve Bank has been reduced to $3,800,000 largely with funds
received from the sale of the British Pressed Steel Co.
"be paid promptly."
A bonus which stockholders just approved provides that the managers
of the company shall receive 10% of the first $1,000,000 of profits of the
company,
V. 142, p.
15% of the second $1,000,000 and 20% of
1808.
Bulolo Gold Dredging,
The
any
further profit.—
1282.
p.
1281.
& General
Carriers
companies consist of investment securities.
In the case of Southern Bankers
Securities Corp., Carriers & General Corp. will pay $442,195 in cash and
26,190 shares of common stock.
Assets of Second
Southern Bakers
Securities Corp. will be purchased with 16,587 shares of Carriers & General
Corp. common.
At a special meeting of the stockholders of Southern
Bankers and Second Southern Bankers held in Wilmington, Del., on
March 18, more than 78% of the shares were voted in favor of acceptance
of these offers.
It is understood that the purchase will be consummated
prior to May 1 1936.—V. 142, p. 1810.
1936—March—1935
Earnings
per
share
1
on
$2,514,194
$7,094,667
$4,568,433
675,054
348,002
1,129,188
625,960
-_
$0.60
$0.33
,-
882,240 shs. cap. stk_
—V.
142,
p.
1935—2 'Mos.—1935
$4,036,776
-
Net profit after deprec.,
int. and Federal taxes
1460.
(J. I.) Case Co.— To Pay Bonus—
The
and
company
Dec.
business
V.
142,
will
The
31.
bonus of 3% on wages earned between June 3
stated its farm machinery manufacturing
profitably the last seven months of 1935.—
pay a
company
had been operated
p.
1810.
The directors
on
Bunker Hill & Sullivan Mining & Concentrating Co.
Month of January—
1936
1935
Co.—Earnings—
Caterpillar Tractor
Period End. Feb. 28—
Net sales
Ltd.—February Output—•
reports gold production during February amounted to
9,432 fine ounces, against 9,094 fine ounces in January and 10,022 ounces
in February 1935.
Estimated net working profit in February is shown at 6.442 fine ounces
equivalent to $225,470, with gold calculated at $35 per ounce in Canadian
funds.
In January, net working profit was estimated at $224,140, and in
February a year ago at $240,135.
During the month, 902,100 cubic yards of gravel were dredged, against
899,000 cubic yards the previous month and 820,000 cubic yards in Februar y
1935.—V. 142, p. 618.
Corp.—Acquisition—
Announcement was made March 19 of the acceptance of an offer made by
this company to purchase the assets of Southern Bankors Securities Corp.
and Second Southern Bankers Securities Corp.
Assets of both of these
■
Celanese Corp.
company
Ltd.—Meeting Again Adjourned—
The adjourned annual meeting of stockholders scheduled for March 17
further adjourned until May 26 due to lack of a quorum.—V. 142, p.
was
In referring to arrearage on the sinking fund of $210,000, Mr. Budd said
that the cash position of the company was such it could pay up the arrearage
and it would
to listing and registration
1281; V. 141, p. 2111.
acquisition would be brought about by payment of $212,370 in cash
Carib Syndicate,
announced.
"We anticipate the
and
for the 21,235 shares of Washington Rapid Transit stock and the assumption
of a 6% promissory note for $327,253 held by North American Co.—V.
Period End. Feb. 29—
1936—Month—1935
1036—8 Mos.—1935
Operating revenues—_ $1,736,095
$1,638,609 $13,663,167 $13,433,946
Operating expenses
1,391,782
1,297,173
10,921,272
10,674,226
Taxes of oper. properties
137,642
133,250
1,140,582
1,052,825
Listing
to
subsidiaries of North American Co.
The
Brooklyn & Queens Transit System—Earnings—
$438,000
Capital Transit Co.—Acquisition—
M.
system
Increase
$2,203,000
This company has applied to the Interstate Commerce Commission for
authority to acquire the Washington Rapid Transit Co.
Both companies
are
Balance to
-V. 142, p. 1631.
1935
$2,641,000
____
The New York Curb Exchange has admitted
$3,990,097
40,029
$234,521
—Y. 142, p. 1810.
5,775,383
$440,515
Increase
$3,135,870
Earnings of System for Second Week of March
the common stock, no par.—V. 142, p.
surplus *_
1935
$3,370,391
_
1810.
Canadian Pacific
1936—8 Mos.—1935
$4,113,708 $34,571,001 $33,856,588
2,602,407
22,439,817
21,705,958
385,956
3,257,206
2,874,491
Operating income
income-
Net non-oper.
Trading
1810.
p.
$2,938,014
Operating revenues
$4,334,684
Operating expenses
2,833,016
Taxes on oper. properties
407,803
number
same
same assets as
The outstanding 400,000 shares of common stock, no par, were called
for trading on the Toronto Stock Exchange on March 16 1936.—V. 142,
$374,980
income
142, p.
Corp. Ltd.—Earnings—
$1,179,897
804,917
Operating expenses
Net
Power
approved and adopted, each shareholder will retain the
as at present and each share will have behind it the
present."—v. 142, p. 1460.
1936 2
on
/
>
of America—Initial Common Dividend—
March 19 declared
the common stock,
an
initial dividend of 50 cents
a
payable April 15 to holders of record April 1.
share
The
charter of the company requires that no dividend can be paid on the com¬
mon stock until all cumulative dividends and current dividends on the out¬
have been declared and paid or provided for.
Therefore the directors also declared a dividend of $1.75 a share on the 7%
standing preferred stocks
cumulative series
prior preferred stock, payable July 1, and a dividend of
cum. first participating pref. stock, payable
$3.50 per share on the 7%
June 30 to holders of record June 16, and has set aside funds for the pay¬
ment of such preferred dividends.—V. 142, p. 1632.
Celotex
Corp.—Earnings—
Earnings for the 3 Months Ended Jan. 31 1936
Net
Operating profit incl. other income, but fefore
depreciation and income taxes (estimated)
$148,025
$26,770
Operating profit for 1935 totaled $1,494,723 against $922,566 in 1934.
—V. 142, p. 944.
sales
$1,383,819
1,207,415
Costs and expenses
*
Butterick Co.—To Be Stricken from List—
Total income..---
The common stock
(no par) will be stricken from the New York Stock
Exchange list March 25—V. 142, p. 1460.
California Electric Generating Co.—To
See Pacific Gas & Electric Co., below.—Y. 133, p.
Dissolve—
Depreciation
Netprofit
142, p. 455.
$51,981
—V.
639.
Central Arizona Light & Power
California-Oregon Power Co.—Accumulated Dividends—•
The directors have declared dividends of 87 H cents per share on the 7 %
rates.
Period End. Jan. 31—
1936—Month—1935
$256,590
171,168
$3,007,714
2,129,244
$2,732,242
1,925,272
$100,329
13,860
$85,422
22,894
$878,470
246,505
$806,970
272,255
$114,189
31,822
$108,316
31,784
$1,124,975
381,605
$1,079,225
382,049
Balance
y$82,367
y$76,532
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid-
$743,370
192,085
$697,176
439,493
Net
,
The company on March 17 filed a registration statement
Securities Act of 1933 covering $13,500,000 first mortgage bonds,
under the
4% series,
due 1966. Net proceeds from the sale of the bonds are to be applied to the
redemption of the following: $4,038,900 1st & ref. mtge. gold bonds, series
B 6%, due 1942, to be redeemed on Aug. 1 1936, at 103; $2,436,900 1st &
ref. mtge. gold bonds, series C 5M%, due 1955, to be redeemed on Aug. 1
1936, at 101.90; $4,000,000 ref. mtge. gold bonds, of which the 6J^%
series, due 1942, are to be redeemed in May 1936, at i02 and the 6% series,
due 1962, are to be redeemed in July 1936, at 105; $1,500,000 5J^% gold
debentures, series A, due 1942, to be redeemed in May 1936, at 101M
The
balance of the proceeds is to be used for general corporate purposes.—V.
142, p. 1809.
.
California Water Service
Co.—Earnings—
12 Months Ended Jan. 31—
Gross income
;
Net earns, before Fed. taxes., deprec. and charges
1936
$2,116,887
1,040,787
1935
$2,070,709
1,006,577
—V. 142, p. 121.
Calumet & Hecla Consol.
Copper Co.—To Reduce Par—
change in the par
per share, each present share to
exchanged for one new share.
In a ietter outlining the reasons for this proposed change, President
MacNaughton says in part:
"The company was organized in Michigan in 1923, with an authorized
capital of 2,500,000 shares of common stock (par $25).
2,005,502 shares
have been issued at par, resulting in a capital stock account of $50,137,550.
As of Dec. 31 1935, the balance sheet shows a deficit of $12,115,032.
This
deficit was brougnt about largely through distributions to shareholders
from depletion reserves.
"It is proposed to reduce the par value from $25 per share to $5 per share
which will reduce the capital stock account to $10,027,510 and transfer
the difference, namely $40,110,040, to surplus account, thus eliminating the
deficit and leaving a net paid- in surplus of $27,995,008.
Please note that
the proposal does not make any change in asset values and that, if the plan
The stockholders on April 9 will vote on a proposed
the capital stock from $25 to $5
be
1936—12 Mos.—1935
$296,825
196,496
Operating revenues
Oper. expensesrevs,
from oper'n_
Other income (net)
4% Bond Issue—
Co.—jEarnings—
[American Power & Light Co. Subsidiary]
pref. stock, par $100, 75 cents per share on the 6% cum. pref. stock
par $100, and 75 cents per share on the 6% cum. pref. stock, series of 1927,
par $100, all payable April 15 to holders of record March 31.
Similar
distributions were made on the respective issues in each of the ten preceding
quarters, prior to which payments were made at the regular quarterly
value of
$187,604
41,092
94,531
Interest
cum.
Files
$176,404
11,200
Operating profitOther income
Gross corp. income.-Interest & other deduc'ns
Balance
-
-
—
108,054
108,054
$443,231
$149,629
y Before
property retirement - reserve appropriations and dividends,
Regular dividends on $7 and $6 preferred stocks were paid on Nov. 1
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Feb. 1 1936.—V. 142, p. 946.
z
1935.
Central
Illinois
Light Co.—Bonds Offered—Morgan
Stanley & Co., Inc., Bonbright & Co. and E. W. Clark &
Co. on March 16 offered at 104 and int. $7,178,500 1st &
consol. mtge. bonds, 3M>% series due 1966.
A prospectus
dated March 16 affords the following:
Dated April 1 1936; due April 1 1966.
Interest payable A. & 0.1 in N. Y.
City.
Bankers Trust Co., New York, trustee.
Coupon bonds in denom.
$1,000, registerable as to principal.
Registered bonds in denom. of
$1,000, $5,000 and authorized multiples of $1,000.
Coupon bonds and
registered bonds are interchangeable.
Redeemable, at the option of the
company, as a whole or in part, at any time prior to maturity, on at least
30 days' published notice, at principal amount thereof and int. to the date
of redemption, together with a premium of 9% of the principal amount
of
thereof if red.
on or
before April 1 1939; and if red. after April 1 1939 and
on or before April 1 1962, with said premium decreased by % of 1% of said
principal amount for each full 12 months' period elapsed after April 1 1938;
and with no premium if redeemed after April 1 1962 and prior to maturity.
Legal Investments—The bonds will qualify, in the opinion of counsel for
the company, as legal investments for sayings banks under the laws of
Financial
Volume 142
New York,
1977
Chronicle
California, New Hampshire, New Jersey .IRhodeJTsland and
Vermont.
Consolidated Balance Sheet Dec. 31
ivfl
Company—Company, 65.7 % of the voting capital stock of which is owned
by Commonwealth & Southern Corp. (Del.), was tncorp. in Illinois on April
11 1913.
In 1933 it acquired the businesses, except the transportation
business, formerly owned and conducted by Illinois Power Co. and Illinois
Electric Power Co. (also subsidiaries of Commonwealth & Southern Corp.).
Company serves a population, ali of which is in Illinois, estimtaed to be in
excess of 280,000, serving electricity, gas or steam or hot water heating,
or several of such services, in Peoria, Springfield, Pekin, DeKalb. Sycamore
and various other communities, as well as in rural areas.
Company's
electric operations in Springfield are
subject to competition with municipal
operations.
Natural gas is purchased from Panhandle Illinois Pipe Line
Co.
Company owns four electric generating plants with an aggregate
rated installed generator capacity of 88,500 kilowatts (effective capacity
75,400 kilowatts), together with certain gas plants (used for stand-by
purposes), steam plants, electric transmission lines, substations and elec¬
tric and gas distribution systems serving as pf Dec.' 31 1935 59,745 electric
and 45,637 gas customers' meters.
Capitalization Outstanding
of I)ec.
as
31
1935
Assets—
Working funds...
a
Notes and accts. -.i:
receivable
$7,178,500
9,376,300
8,723,500
6% preferred stock, cumulative <jpar $100)
7% preferred stock, cumulative (par $100)---Common stock, no par value (210,000 shares), stated at
comm. and exp.
Investm'ts in other
together with other treasury funds, will be used by the company to provide
funds for the redemption on April 1 1936 of its $7,178,500 1st & ref. mtge.
bonds due April 1 1943 outstanding with the public, at 105.
Earnings—The income statement shows the following as the company's
total gross earnings, net earnings (the amount available for fixed charges
after provisions for Federal income taxes and retirement reserve), interest
on funded debt, other interest charges, &c. tall other interest charges and
1,170,783
Due fr. parent co.
Bond diset. & exp.
3,462,483
Prepayments
80,166
Special deposit...
63,850
Years Ended Dec. 31
Total gross earnings
Total operating expenses
Maintenance and repairs
General taxes
Federal
1934
1935
$5,538,133
2,114,097
306,310
315,574
179,625
477,250
$7,037,387
2,361,589
453,510
456,205
266,841
718,500
$7,507,782
!,145,276
644,399
$2,780,740
888,097
$2,886,291
786,951
*1933
income taxes-
Provision for retirement reserve.
-.
Net earnings
Total interest charges, &c
.
2,562,317
470,367
525,606
313,200
750,000
Central Ohio
—
—
$1,500,877
—
$2,099,340
$1,892,644
*
Includes operations of properties formerly owned by Illinois Power Co.
and Illinois Electric Power Co. for only six months.
The annual interest charges on the
upon
$16,554,800 bonds to be outstanding
completion of present financing and retirement of 1st & ref. mtge.
93,567,883 97,571,422
Total
Light & Power Co.-
Calendar Years—
Oper.
_
_
Balance—
$32,073
$91,116
Dec.
31
______
17,093
15,266
267,731
1st mtge.
1934
1935
Liabilities—
Prepaid insurance,
5% gold
bonds
$3,600,000 $3,600,000
Accounts payable.
45,678
30,812
Accrued items
102,970
99,880
Due to affil. co
11,678
*8*426
Consumers' dep..
7,852
Reserves
713,610
757,200
Subcript. to $6 pf.
shares
4,784
Pref. shs. $6 cum. 1,073,880
1,073,880
x Common shares.
1,000,000
1,000,000
323,644
329,851
Surplus
285,882
debt
,
discount & exp.
Total
$7,880
Balance Sheet
-
x
1932
$1,144,219
420,260
208,183
49,286
71,675
1934
Property, plant &
equip., franch. &
other intangibles?6,350,558 $6,324,000
Invest, (affil. co.)_
12,000
12,000
Cash.
97,256
89,128
Cash (work, funds)
4,800
Accts. receivable..
109,426
107,747
Inventories.
38,972
40,390
Insurance deposits
3,898
4,089
Subscriptions rec.
3,910
Unamortized
1933
$1,068,623
380,168
183,363
93,151
71,580
$29,590
Condensed
1935
Earnings—
1934
$1,109,679
356,441
183,830
93,151
71,580
1935
incl.other inc. $1,194,011
Net after taxes
377,246
Interest deduction, &c__
182,913
Deprec. & amortization.
93,151
Dividends on preferred.
71,592
rev.
taxes and rents.
Netincome
im
issued
—
93,567,883 97,571,422
Assets—
Statement of Income
drafts
and outstanding
Dividends payable
a After reserve for uncollectible accounts and notes of $407,262 in 1935
and $471,172 in 1934.
b Represented by 260,343 ($40 par) shares.-—Y. 142,
amortization of debt discount and expense), and net income:
Years Ended Dec. 31—
Federal taxes
Div.
364,623
328,660
1,025,077
73,774
51,179
289,884
32496
56,894
1,259,207 Misc. curr. liabil.
$6 pref. stock
26,021,965 26,208,405
593,000
2,892,486 6% pref. stock
593,000
178,001 b Common stock.10,413,720 10,413,720
4,055,738 Payments received
on pref. stock
27,210
84,365
.50,421,000 54.873,500
64,997 Funded debt
Reserves
2,712,922
2,770,908
Paid-in surplus.—
63,146
866*857
Earned surplus
1,206,354
1,233,960
other cos., &c._
2,422,900
10,833,988
-
Purpose of Issue—Net proceeds from the sale of the $7,178,,500 3}4%
series due 1966 bonds (.estimated at $7,267,699 after deducting expenses),
361,191
372,432
998,388
Acer. Int. & taxes-
1,106,628
1,215,104
Mat'l & supplies..
647,932
608,169
Fixed assets
..83,879,620 84,595,399
Pref. stock selling
Total
1st & ref. mtge. 30-year 5% gold bonds, due April 1 1943
1st & consol. mtge. bonds. 4K% series due April 1 1963
$
2,710,954 Acc'ts payable
15,477 Consumers' depos.
1,799,477
14,507
1934
Liabilities—
$
$
Cash
1935
1934
1935
Issuance and sale authorized by the Illinois Commerce Commission.
$6,896,934 $6,887,212
Represented by 20,000
no par
$6,896,934 $6,887,212
Total
shares.—Y. 141,
p.
3220.
bonds will amount to $649,740.
3H% Series Due 1966 Bonds—After the retirement of the 1st & ref.
mtge. bonds, the 314 % series due 1966 bonds will, in the opinion of counsel
for the company, be secured, pari passu with the bonds of the 4 Y\% series
due 1963, by a first lien on substantially all of the fixed property now owned
by the company.
The mortgage permits, under certain conditions, the issuance of addi¬
tional bonds thereunder, of the 3?^% series due 1966 or of other series,
which would rank pari passu with the 4M % series due 1963 and the 3H %
series due 1966 bonds.
The mortgage provides for releases and substi¬
tutions on certain conditions of property covered by the mortgage.
Com¬
pany has covenanted that, in certain cases involving withdrawals or re¬
leases of a value of $500,000 or more, it will give at least 10 days' published
notice thereof.
Additional bonds may be issued and property released
upon the basis, among others, of property additions subject to liens prior
to the lien of the mortgage.
Central Ohio Steel Products Co.—Resumes Dividends—
on
The company paid a dividend of 50 cents per share on the common stock
Feb. 25 to holders of record Feb. 15.
This was the first payment made
since July
Calendar Years—
1934
1933
1932
$6,810,032
4,626,336
$7,169,779
4,904,241
$6,845,952
4,480,736
$7,830,687
Operating income
$2,183,697
8,383
$2,265,538
18,505
$2,365,216
Drl9,443
$3,156,182,
$2,192,079
1,760,770
Miscell. int., amort., &c.
184,459
$2,284,043
1,806,117
216,655
$2,345,773
1,812,376
198,270
$3,146,400)
$246,851
210,706
$261,271
105,353
$335,127
333,576
$36,145
$155,918
Other income (net)
Gross income
outstanding prior lien bonds at least equal
by which 15% of the gross earnings during the preceding
calendar year exceeds the aggregate amounts expended during such period
by the company for repairs and maintenance and for replacements of prop¬
erty retired since Jan 1 1935.
In lieu of depositing cash or bonds, the com¬
pany may certify to the trustee for such purpose unfunded property addi¬
tions since Jan. 31 1933, at cost or fair value, whichever is less.
Undettoriters—The name of each underwriter and the respective princi¬
pal amounts of new bonds severally underwritten are as follows:
on
funded debt____
Net income
issued under the mortgage or of
Divs.
on
to the
Divs.
on com.
amount
Co.—jEarnings—
1935
Operating revenues
Oper. exps. & taxes
Int.
The mortgage provides for the annual deposit by the company with the
trustee, within four months alter the close of each calendar year commenc¬
ing with the year 1935, of an amount in cash or in principal amount of bonds
15 1930—V. 132, p. 3345.
Central Power & Light
-
pref. stock
4,674,505
Dr9,782|
1,823,335)
238,141
$1,084,923
843,436
454,905
stock
Balance to surplus
$1,551 def$213,418
.
Morgan Stanley & Co., Inc., New York__
Bonbright & Co., Inc., New York
E. W. Clark & Co., PhiladelphiaCentral Republic Co., Chicago
Balance
V.'/
JLSSCt$
Fixed
Sheet Dec.
—
—
_
31
^
1935
securities
in
of
34,871
various companies, &c
Debt discount and expense..
Def'd charges & prepaid accts.
489,922
Funded
132.951
Deferred
liabilities
Gash in banks &
494,214
Accounts
payable
Working funds.
_
hand....
on
.
_
.
i
-
6,240
-
-
U. S. Government securities
2,072,500
.
Accts., notes & int. receivable
1,041,615
Due from affiliated companies
1,868
Materials and supplies
338,449
debt
Payroll payable
—
Account pay. to affil. co
Accrued
taxes
Accrued int.
on
funded debt-
Miscellaneous accrued llabil.
Reserves
__
Contributions for extensions.
Premium
Earned
on
pref. stock
surplus
$46,414,363
Total.
Central Maine Power
,711,528
132,628
4,409,628
231,791
16,707
1,801,186
.$46,414,363
-
Co.—Registers New Issue—
The company, a subsidiary of New England Public Service Co., has filed
registration application with the Securities and Exchange Commission
under the Securities Act of 1933, covering $9,000,000 4% 1st & gen. mtge.
bonds, series H, due 1966.
At the same time, the company made application under Section 6-B of
the Public Utility Holding Company Act of 1935 for exemption of the issue
and sale of the bonds from the requirements of filing a declaration under
a
the Act.
'
1934
$
$
7,721,039
7,721,039
9,365,500
7% pref. stock.9,365,500
6% pref. stock... 3,114,700
3,114,700
1st mtge. 5% 195633,343,700 34,276,700
1st
mtge.
serial
Arkansas Pass—
149,000
2,923,025 Series B 6^s 1951
993,000
1,000,000
91,196 Underlying 6% bds.
due serially 19371942
131,000
Pur. contr. oblig.155,020
156,522
Accounts payable193,054
189,838
Interest accrued742,226
758,985
Taxes accrued
649,521
731,867
Consumers' deps—
417,253
433,362
Misc. curr. liabil.
46,440
43,539
Retirement res've. 1,560,079
1,201,979
Res.
for
possible
aband. of prop.
129,951
Contrib. for extens
78,369
65,490
Miscell. reserves.632,260
482,993
Surplus
193,613
157,469
Unamort. debt dis¬
y
Common stock—
.
-
Total
Total
Liabilities—
52 ,930,033 53,101,152
2 ,064,995
2,268,198
x Notes & accts. rec 1 ,062,965
1,076,925
Mat'ls & supplies.
336,724
321,161
Prepayments
97,903
197,276
$2,422,900
8,723,500
10,833,988
16,554,800
159,545
210,761
46,504
15,767
791,516
189,354
6,415
-V. 142, p.1810.
1935
Assets—
Other assets-
6% preferred stock
Common stock (210,000 shs.)
1934
Fixed capital
Cash
count and exp__
Liabilities—
$41,801,733 7% preferred stock
capital.
Investments
$2,914,000
2,914,000
1,100,500
250,000
—
Consolidated Balance Sheet Dec .31
1935
59,336,776
59,978,9341
Total
59,336,776 59,978,934
x After reserve for uncollectible notes and
accpunts of $184,820 in 1935
and $224,943 in 1934.
y Represented by 202,180 shares of no par value.
—V. 142, p. 295.
Central Vermont Ry.,
Period End. Feb. 29—
Railway
oper. revenues.
Net rev. from ry. oper__
Net ry. oper. income
Income
avail,
for
Inc.—Earnings—
1936—Month—1935
$458,738
$389,721
45,741
24,842
36,206
8,817
1936—2 Mos.—1935
$903,184
79,063
63,435
$774,516
def4,211
def35,787
fixed
charges
37,077
109,093
9,732
108,556
67,271
218,986
def31,800
217,769
$72,016
•
Fixed charges
$98,824
$151,715
$249,568
Net proceeds from
the sale of the bonds together with funds of the
company are to be applied to the redemption on June 1, at 102 H the
company's 43^% general mortgage bonds, series E.
m <
Names of underwriters and underwriting commissions are to be filed by
amendment.
The issue has been authorized by the Maine Public Utilities Commission,
it is stated.—V. 142, p. 1810.
Central Illinois Public Service Co.
Calendar Years—
1935
1934
(& Subs.)—Earns.
1933
1932
Gross earnings
Oper. exps.
$11,422,734 $11,058,144 $10,817,728 $11,828,531
& taxes, &c_
7,816,621
7,563,257
7,362,526
7,245,553
Operating income.
-
Other income
Gross income
Interest charges, &c.
.-
.-
$3,606,112
37,193
$3,643,305
2,709,589
$3,494,887
36,871
$3,531,758
2,859,695
$3,455,202
20,858
$3,476,060
2,833,625
$4,582,978
122,341
$4,705,320
2,925,258
Net deficit
-V. 142, p. 1632.
Chicago Burlington & Quincy RR.—Acquisition—
The Interstate Commerce Commission on Feb. 21 authorized the
acqui¬
sition by the company of that part of the railroad of the Green
Bay &
Western RR. extending from Ninth St. and Mormon Coulee Road to a
point near the city pumping plant, about 2.655 miles, together with certain
side and industry tracks, in La
Crosse, Wis.—V. 142, p. 1633.
Century Ribbon Mills, Inc. (& Subs.)—Earnings—
Calendar Years—
xNetsales-..—
Cost of goods sold
Other expenses
Net
income
Common
.-
dividends.
dividends.
Balance, surplus
Com. shs.
$933,716
569,495
$672,063
142,381
$642,435
427,223
$364,221
$529,682
260,343
Nil
260,343
260,343
Nil
Nil
$1,780,062
1,706,910
195,257
$215,212 def$122,105
outstanding at
end of year (no par)-_
Earnings per com. share.
260,343
$0.28
(net)
-
Depreciation
Federal
Preferred
1935
income
taxes.--
Net profit-dividends
Preferred
1934
1933
1932
1,364,958
161,085
82,809
1,218
$2,132,425
" '586^241
1,210,186
139,228
81,945
11,452
$2,114,810
535,950
1,060,136
254,071
79,607
27,599
$1,999,024
601,132
1,208,495
$5,552
5,552
$103,374
52,493
$2,160,081
General & selling exps--
544,458
293.847
94,938
$157,445 loss$199,389
62,258
72,791
Surplus—
Nil
$50,881
$95,187 def$272,180
x
Including other income of $29,930 and operating income of Century
Factories, Inc., of $139,027 in 1935; $180,223 in 1934: $294,108 in 1933;
$265,265 in 1932.
1978
Financial
Consolidated Balance Sheet^Dec. 31
Assets—
1934+"
1935
Liabilities—
Plant, eq't, &c_.$1,657,206 $1,619,378
631,351
662,513
Notes rec.—cust'er
38,047
28,694
1935
y
Preferred stock
Cash
x
Accts. receivable.
1,692,344
1,229,731
_
Inventories
Deferred assets
50,500
Prepaid
16,107
expenses.
$749,900
2,000,000
750,000
577,662
941,224
Notes payable
1,364,907
1,413,230
51,370
23,675
1934
$646,400
2,000,000
1,050,000
Common stock..
78,912
600,605
984,350
Acceptance against
letters of credit.
Accounts payable-
Surplus...
Chronicle
$5,215,286 $5,163,7671
Total
$5,215,286 $5,163,767
Represented by 100,000 shares of no par value,
y After deducting
$1,140,651 reserve for depreciation in 1935 and $1,057,842 in 1934.—V. 142,
p. 1282.
■
>;>:■:;% :;A
;
"
Chesapeake Corp.—Collateral Withdrawn—
The Guaranty Trust Co. of New York as trustee for the
company's 20year convertible collateral trust 5% gold bonds, due May 15 1947, has
notified the New York Stock Exchange that during the period from Feb. 7
1936 to March 6 1936, inclusive, bonds of said issue aggregating $3,025,000
principal amount were converted, canceled and retired in accordance with
the terms of the indenture dated May 15 1927, and as a result thereof 68,797
shares of Chesapeake & Ohio Ry. Co. common stock were withdrawn from
the
P.
collateral
1810.
pledged
with
the
trustee
under
the
indenture.—V.
142,
yy.\
y.
.
Chesapeake & Ohio Ry.— ■Earnings1936
February—
Gross from railway— ..$11,374,481
Net from railway
5,342,659
1935
Net after rents
1934
1933
4,668,511
$8,793,514
3,677,987
2,889,708
$8,526,782
3,671,934
2,789,951
$7,626,140
3,158,623
2,404,011
21,699,950
9,966,441
8,480,213
17,394,803
7,144,699
5,550,352
17,103,279
7,265,210
5,469,219
15,580,382
6,277,543
4,739,989
__
..
From Jan. 1—
Gross from railway
._
Net from railway
..
Net after rents
—V.
—
142, p. 1282.
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
Calendar Years—
1935
Manufacturing profits
Administrative, selling & gen.
1934
1933
$3,600,822
2,408,132
exps_.
$2,764,844
1,959,503
$1,354,951
1,328,846
293,735
243,266
Depreciation
336,894j-
Profit from operations
$855,796
174,286
21,190
$511,606 loss$217,161
172,704
184,628
Income eredits
$660,320
72,841
$338,902 loss$401,789
75,701
59,638
Net profitMinority interest
$733,161
3,162
$414,603
1,980
$729,999
$412,623 def$336,947
Other income charges
Prov. for Fed. inc. taxes
...
Profit from operations
Balance
Earnings
per
share
$0.48
on common
def$342,151
Cr5,204
Nil
Nil
Status
of Reorganization Proceedings—On Aug. 6
James H. Wilkerson issued
an
board of directors, to show
Consolidated Balance Sheet Dec. 31
1934
1935
AsseJs—
1935
S
Cash
LiabilitiesS
Notes & accts. rec.
527,165
2,081,026
Inventories
6,799,709
140,005
Notes payable—
304,857
1,728,672
5,807,925
158,397
733,904
30,250
31,306
int., accrued
Installments
Misc. investments,
x
933,454
liabilities & taxes
Bond
receivable
566,723
due
within 1 year...
68,368
advances, &c
Land, buildings,
63,843
15-yr.
5y2%
102,737
74,707
2,100,000
mach., eqpt., &cl0,160,708
Unamort. disct. &
10,271,699
Mtge. pay.—For'n
subsidiary
44,943
51,601
Reserve for ins.,&o
expenses—debs.
Insur.
taxes, duty
& develop, exp.
28,924
117,789
31,681
147,223
>
Minority interest—
359,550
343,561
Foreign subsid..
23,747
20,587
stock
9,055,500
z Common stock..
1,994,690
Surplus
4,626,231
8,992,250
1,994,690
3,937,484
Total
20,181,474 18,730,555
y
Total
y
x
20,181,474 18,730,555
|
Cap.stock—pref.
x After
depreciation of $4,076,201 in 1935 and $3,887,898 in
Represented by 181,110 no par shares in 1935 and 179,845 in
Represented by 199,469 shares (no par).
Note—-The
above
balance
sheet
includes
the
assets
and
1934.
1934.
liabilities
of
Consolidated Pneumatic Tool Co., Ltd., and certain of its subsidiary
companies and branches as of Nov. 30, and of its remaining subsidiary com¬
panies and branches as of various dates from Sept. 30 to Oct. 31 inclusive.
—V.
142,
p.
.
.
.
tions to insure the presentation of some
plan
:
..yv.
These developments make it plain that some
plan of reorganization will
be formally laid before the Commission and the
Court, either by the trus¬
tees or by the board of
directors, within a few months.
In such a pian
the preferred stockholders will have a vital interest.
This committee has
for some time past enjoyed the informal
support of a very substantial num¬
ber of preferred stockholders,
owning approximately 40% of the outstanding
shares, but in negotiations with various parties, and in the protracted
hearings likely to take place, the committee feels that the interests of the
preferred stockholders will be best served by actual deposit of stock.
Section 77 as amended
duties
specifically provides for tbo discharge of important
by committees, and it is felt that the committee's work should be
placed
on a more permanent basis than that represented
by its present
authorizations of support.
While no plan may be submitted to security
or their representatives without
the
approval of the ICC and the
Court, Section 77 provides that such a plan, once approved, "shall be sub¬
mitted by the Commission to the creditors of each class whose claims have
been filed and allowed
..
and to the stockholders of each class,
and (or) to the committees or other
representatives thereof, for acceptance
.
rejection, within such time as the Commission shall specify."
Accordingly it is expected that upon compliance with the regulations of
the proper public authorities, the committee will
call for deposit of Rock
Island preferred stock.
No action should be taken by any stockholder until
the committee has complied with such
regulations and makes request
pursuant thereto.—V. 142, p. 1634.
or
City Ice & Fuel Co. (& Subs.)—Earnings—
Calendar Years—
Net profit after deprec.,
int., Fed. taxes, subs.
1935
1934
per^hare.-...
The protective committee for
7%
Ry.—Status of Reor¬
dismemberment azuld make it irretrievable.
The risk
berment is emphasized by the unsystematic relationship of
of dismem¬
many
lines of
the Rock Island, and the lack of connection between certain
terminals, to
which reference was made in the committee's letter of
Sept. 3 and in the
text of its plan.
In the light of these facts the committee filed its plan
with the Commission and the Court.
In a report issued Dec. 10 1935, the ICC
(by Division 4) rejected the
because of "procedural difficulties and com¬
plan primarily
The Commission did not pass upon or discuss the merits of the
Its report pointed out that the plan would require a further
modification of the ICC general consolidation
plan, entailing notice to the
Governors of 17 States and a hearing and investigation as to reallocation
of the C. & E. I., that the respective boards of directors had not taken action
on the plan; and that the three
properties were undergoing reorganization
under three different judges in proceedings involving 50 classes of creditors
plexities."
proposal.
and stockholders.
"Under the circumstances," the Commission said, "we
conclude that we should not permit the issues involved in
reorganization of
the debtor |to be broadened to include the consolidation
$4,025,578
1,178,000
$2.45
$2.20
$2.32
$1.45
Cleveland Graphite Bronze
The
directors
have
Co.—Special Dividend—
declared
a special
dividend of 25 cents per share
quarterly dividend of like amount on the common
stock, par $1, both payable April 1 to holders of record March 25.
Simi¬
in addition to the regular
lar payments were made
on
Jan. 2 last and
on
V. 141, p. 4013.
Oct. 1 and July 5
1935.—
Corp.—Earnings—
1935
Gross income
:••/$iZ-
$1,483,964:
Expenses
1933
1934
$ 1,348,422
1,144
740
150,000
Net income
$955,987
1,965
.
by the committee's plan."
;\.This committee was well aware of these procedural difficulties, but was
prepared to cope with them in the interest of a constructive program for
security holders of all three railroads and in the interest of a contribution
toward the railroad situation generally.
However, the attitude of the
ICC must be accepted, until and unless circumstances warrant the Com¬
mission's reconsidering its stand, and the committee after mature con¬
sideration has concluded not to appeal this ruling under present conditions.
Current Outlook—The Rock Island at present is struggling out of the worst
year in its history.
The cumulative effect of three years of drought in its
territory on agricultural and livestock production, coming on the heels of
the business depression, and complicated by disappearance of certain export
markets and by uncontrollable increases in costs, have resulted in a failure
to cover operating expenses for the first time since the line was completed
to the Mississippi in 1854.
The outlook for 1936 gross earnings is distinctly promising.
Gains are
expected in revenues from the movement of practically every important
commodity.
At the present time it is difficult to forecast how far thii
$1,333,224
293,520
1,190,418
Common dividends
$1,347,278
340,449
1,007,965
$954,022
342,207
613,698
$150,714
Class A dividends
$1,136
$1,883
Deficit
-V. 142, p. 1811.
(Dan) Cohen Co.—Earnings—
Years Ended Jan. 31—
Net income after deprec., Federal
taxes, &c
Earns, per sh. on 38,000 no
par shs. cap. stock..
—V. 141, p. 4162.
Colon Oil Corp.—Plan
1936
$24,056
$0.63
1935
$63,437
$1.67
Confirmed hy Court—
The reorganization plan was confirmed
by Judge Henry W. Goddard in
the Federal District Court, New York on March
13.
Counsel for the com¬
stated that 93% of the creditors and 73%
approved the plan.—V. 142, p. 1635.
pany
Colorado Central Power
12 Months Ended Dec. 31—
of the stockholders had
Co.—Earnings—
1935
Total revenue
Taxes, including Federal income tax
Income deductions
Interest on funded debt
Miscellaneous interest
2% normal tax
Provision for renewals
$393,032
243,522
14,815
37,366
4,327
42,295
1,258
610
450
24,000
23,700
$25,718
and replacements.
Balance to surplus
-V. 141, p.
$386,729
6,303
$418,367
261,703
19,889
40,949
2,918
41,315
1,263
1
Operating.
Maintenance
1934
$412,851
5,516
Operating revenue—electric
Non-operating revenue
question presented
$3,852,390
1,178,000
preferred stock (Carter H.
reorganizing and consolidating the Chicago Rock Island & Pacific Ry.,
St. Louis-San Francisco Ry. and the Chicago & Eastern Illinois Ry.
As earlier reported to stockholders (June 1 1935), the U. S. Circuit
Court of Appeals and the U. S. Supreme Court had emphasized the need
for promptness and diligence in the conduct of railroad
reorganizations
under the bankruptcy law.
The proceedings involving this railway had
been pending for over two years without the proposal of
any definite plan
leading toward reorganization.
Certain risks to stockholders inherent in
the situation included dissolution of the injunction
restraining certain
creditors from disposing of their collateral, the sale of which would increase
the debt and decrease the equity of the
company; dismissal of the reorgani¬
zation proceedings with consequent foreclosure of
mortgages; and dismem¬
berment of the system by sale of different portions, with or without fore¬
closure.
Foreclosures would impair or destroy the stockholders'
equity,
committee's
1932
Taxes
and 6%
Harrison Jr., Chairman) in a circular, dated March 16, states:
Plan Filed by This Committee—On August 30 1935 this committee sub¬
mitted to the Interstate Commerce Commission a plan for
simultaneously
while
1933
$4,126,481
1,157,000
divs., minority stock
interest, &c
$2,972,997
com. outst'g (no par)
1,157,000
Earnings
Shs.
3 Months Ended Dec. 31—
Pacific
of reorganization by July 15
1936.
Coca-Cola International
1634.
Chicago Rock Island &
ganization Proceedings, &c.—
Judge
2,200,000
gold
debentures
Federal
why it should not be required to file a
plan of reorganization by Nov. 1 1935.
Subsequently, on Aug. 27 1935,
amendments to Section 77 of the Federal Bankruptcy Act (under which
these proceedings are being conducted) became effective, providing among
other things that a debtor corporation should file a reorganization plan
within six months of the effective date of the Act.
After a hearing on Sept.
17 1935, Judge Wilkerson discharged the rule to show cause, and gave the
debtor until Feb. 27 1936 to prepare and file a reorganization plan.
At a hearing on Jan. 23 1936 the company at the instance of board of
directors petitioned the Court for a further extension of time until Aug. 27
1936 for the filing of a plan of reorganization.
The petition called attention
to burdens imposed by the Railway Retirement Act, the Social Security
Act and the Guffey-Snyder Coal Act, totaling about $2,000,000 annually
as to the Rock Island system, and referred to the
possibility of court tests
of these Acts.
"Although business is now recovering and the earnings of
the trust estate are gradually improving," the petition stated, "the extent
of the recovery and the ability of the trust property to bear the additional
burdens placed upon it by this legislation are at this time matters of
specula¬
tion.
To submit a plan of reorganization at this time based upon
the present level of earnings would impose great
hardship on the various
classes of creditors and upon this debtor itself, and would entail unnecessary
losses and burdens upon the various classes of
security holders, a large part
of which can probably be avoided by awaiting further
recovery in business."
Most of the parties in interest joined with the debtor in this recommenda¬
tion to the Court, but certain creditors who had been
enjoined from the
sale of their collateral, including the Reconstruction Finance
Corporation,
reserved the right to move for dissolution of the
injunction.
After consideration, the Court on Feb. 11 1936 issued an order
granting
the debtor's petition for an extension of
time, but attaching certain condi¬
.
$
1,168,152
Accts. pay. & accr.
Long-term notes &
accts.
1934
1935,
order requiring the Rock Island, through its
cause
holders
..
1936
other roads in its territory, however, it has inaugurated less-than-carload
pick-up and delivery service, and otherwise taken steps to keep pace with
competitive demands.
Total
x
March
improvement may go.
In the opinion of the management, early gains in
earnings, at least, should be devoted to betterment of the property.
Preliminary studies made by the committee's technical advisors indicate
some possibility of reduced costs and increased profits
through adoption of
certain policies in several specific situations.
The road, of course, has a
difficult problem in endeavoring to introduce any innovations while at the
same time rehabilitating and maintaining its
property.
In common with
$25,298
3222.,
Balance Sheet Dec. 31 1935
Assets—
Capital
assets...
Liabilities—
$1,500,786
Special deposit
Cash
Notes & warrants receivable.
Accounts receivable
Inventories
Prepayments
Suspense
48
42,504
3,959
74,184
20,001
2,438
3,955
Funded debt.
Accounts payable...
Accrued taxes
Accrued int.
Common stock
Surplus
x
Represented by 10,000
$1,647,8771
no par
funded debt.
Miscell. unadjusted credits..
Reserves
x
Total
on
Miscellaneous accruals
Consumers' meter deposits..
$734,500
17,502
31,659
3,366
2,973
18,638
9,042
410,956
300,000
......
Total.
shares.—Y. 141, p. 3222.
119,239
.$1,647,877
Financial
Volume 142
Colorado Fuel & Iron
which should be
Co.—Reorganization—
Federal District Judge J. Foster Symes at Denver on March 13 approved
conditional reorganization plan for the company.
He required that
a
articles of
incorporation of the
must be voted on by
stockholders if a proposal for a $15,000,000 bond issue is decided on.
cut fixed charges of the concern from $1,600,000 to $225,000 a year.
new
company
the
He
The reorganization plan submitted by the New York
banking house of
J. & W. Seligman & Co. provided for a bond issue not to exceed $15,000,000
for working capital.
The reorganization permits only the preferred and common stockholders
buy stock in the new company at $35
to
share if it
a
goes
be.exchanged
20 shares of the
on
new
company.—Y. 142,
p.
,
Annual Statement—A summary of operations for the cal¬
endar year 1935, together with analysis of consolidated earned
surplus and balance sheet as of Dec. 31 1935, will be found
advertising pages of to-day's issue.
Our usual com¬
parative tables were given in V. 142, p. 1115.—V. 142, p.
in the
1635.
above that price
Columbia Pictures Corp.
by Rockefeller and
Gould interests, was not disturbed by the reorganization.
The $27,000,000
of industrial bonds, which were a second mortgage on the company properties
will
decided improvement~over any of the plans at present in
a
use."
in the stock markets.
The issue of $4,883,000 of general bonds, held mostly
1979
Chronicle
(& Subs.)—Earnings—
6 Months Ended—
Gross income from
Dec.
common
$400 bond of the
one
new
company
and
stock for each $1,000 bond of the present
1812.
H.
Anthony has been elected
D. Newton Barney.—V. 142, p. 1283.
Columbian
Carbon
a
director
Co.—Annual
to
the
succeed
late
Report for 1935—The
remarks of F. F. Curtze, President, together with the income
account and balance sheet for Dec. 31 1935 will be found
under
2,168,821
$779,349
104,089
$1,006,098
91,102
$883,438
26,835
$1,097,200
15,517
$910,273
129,000
$1,112,717
183,000
$781,273
$919,184
x32,091
113,989
25,891
86,020
Oper. profit of foreign sub. & branches.
.
Other income, net.
on
subsequent
pages.
Expenses of newly-formed foreign subs., &c.
10,533
Consolidated Income Statement for Calendar Years
1935
1934
----$11,748,645
5,030,308
Deprec. and depletion._
1,174,995
Selling, adm. & gen. exp.
2,077,738
1932
$9,096,151
5,101,886
987,176
1,817,072
$7,427,291
3,841,557
942,551
1,890,558
Operating profit
$3,465,604
Rentals, int., divs., disc.,
comm., royalties, &c.
346,720
Adjust, of minority int.
Divs.—Monroe Gas Co.
1933
$9,776,490
4,535,642
Sales (net)
Cost of sales
Preferred dividends
Common dividends, cash.
1,099,120
1,633,803
$2,407,738
$1,190,018
$852,811
310,457
270,683
271,920
53,533
Surplus
Preferred stock called for retirement
x
$3,812,324
property
abandoned
or
discts.,
$1,469,485
$1,178,264
28,591
dis-
int.,
mantl. exps., rents, &c
Fed. income tax (est.)..
188,732
437,500
254,579
260, out,
204,905
70,000
Proportion of profit applic. to minority int
193,232
92,249
Dec. 29 *34
$748,525
_
producers
Adv.
profit
$2,992,860
3,633,270
Previous earned surplus.
Prior years adjust, (net)
$2,111,367
3,646,226
$954,017
5.41c ,807
22,850
Minority int. applic. to
surp. adj. of sub. cos.
$5,757,593
Res.
leaseh.
Earnings
per share
Cash
2,356.910
1,820,833
1,071,048
$4,148,277
$5.56
$3,633,270
$3.92
$3,646,226
$3,545,492
$2.16
$1.77
1935
LiabilitiesAccounts
1,118,550
Federal taxes—est.
1,217,069
market
in assoc.
1,397,811
and
int.
2,235,843
and
641,658
461,248
556,920
275,000
x
49,006,235
Total
49,006,235 47,315,347
Represented by 834 shares in 1935 and 701 shares in 1934.
by 538,420 non par shares.—V. 141, p. 3375.
y
Repre¬
sented
Co.—To
Acquire
American
Credit
Indemnity Co. of New York—
Joint announcement
made March 19 by A.
E. Duncan, Chairman of
the Board and J. F. McFadden, President of American Credit
Indemnity
Co. of New York, that negotiations had been concluded, subject to the
approval of the directors of each company, for the acquisition of American
Credit
was
Conv. pref. stk.
stock-
177,965
55,372
517,830
2,163,922
3,487,500
3,448,295
67,044
3,520,781
75,825
3,903,489
$12,806,010 $8,854,879
Total
no par
in 1934.
1934.
142,
p.
b 273,After
d In¬
c
123.
Sub.)—Earnings—
1936—2 Mos.—1935
1936—Month—1935
$7,025,069
5,962,570
$6,724,568 $14,470,262 $13,811,268
5,659,614
12,208,081
11,476,574
$1,062,499
♦Netincome
*
$1,064,954
$2,262,181
$2,334,694
After interest, depreciation, taxes, &c.—V. 142, p. 1812.
Indemnity Co. by Commercial Credit Co.
Commonwealth & Southern Corp.—February
Compressed Industrial Gases,
proved—
The Chicago Stock
on
140,
p.
the
472.
The directors have declared
on
on
com¬
Concord Gas Co.—Accumulated Dividend—-
Credit Indemnity Co. for one share of common stock of Commercial Credit
Co., provided not less than 80%, or 40,000 shares, of the outstanding 50,000
shares of stock of American Credit Indemnity Co. is deposited for
exchange.
Credit Co. shall have been listed
Exchange has approved the application of the
list 76,398 shares of capital stock, no par, to be admitted to trading
notice of registration under the Securities Exchange Act of 1934.—V.
of accumulations
count
of American Credit Indemnity Co. will be made
until the registration statement in respect thereof shall have become effec¬
tive and a prospectus issued setting forth the terms of the exchange and the
Inc.—Application Ap-'
pany to
become effective, an offer will be made to the stockholders of American
Credit Indemnity Co. for the exchange of one share of stock of American
No offer to stockholders
Output—
Electric—Electric output of the system for the month of February was
567,172,786 kwh. as compared with 487,477,244 kwh. for February 1936
an increase of 16.35%.
For the two months ended February 29 1936, the
output was 1,188,527,653 kwh. as compared with 1,018,348,289 kwh. for
the corresponding period in 1935, an increase of 16.71%.
Total output for
the year ended Feb. 29 1936 was 6,586,235,471 kwh. as compared with
5,826,226,326 kwh. for the year ended Feb. 28 1935, an increase of 13.04%.
Gas Output—Gas output of the system for the month of February was
1,405,890,100 cu. ft. as compared with 991,066,400 cu. ft. for February
1935, an increase of 41.86%.
For the two moths ended Feb. 29 1936, the
output was 2,709,472,000 cu. ft. as compared with 2,072,220,400 cu. ft.
for the corresponding period in 1935, an increase of 30.75%.—V. 142,
p.1462.
Commercial Credit Co. will make application for the registration with
the Securities and Exchange Commission for the issuance of 50,000 shares
of its common stock, and after the registration of said shares shall have
additional stock of Commercial
53,682
201,565
Stock div. payable
on common stk.
shares in 1935 and 17,261 shares
Gross earnings
Operating expenses
1,115,386
1,161,186
20,709,192 19,758,497
221,053
47,315,347'
Credit
12,787
238,728
Res. for conting..
Commonwealth Edison Co. (&
Capital stock...21,930,474 21,930,473
Earned surplus... 4,148,277
3,633,270
patents,
Commercial
ducers
y
5,160,420
4,589,183
266,344
972,721
xTreas.8tk.,atcost
56,080
66,720
Fixed assets
36,278,392 34,888,718
Copyrights, trade¬
Total
withheld
from outside pro¬
in
subsid.cos
oth. cos., at cost
1
227,086
no par
54,800
150,000
depreciation reserve of $1,146,666 in 1935 and $1,007,516 in 1934.
$
Other assets
marks,
$12,806,010 $8,854,8791
75,000
a
Period End. Feb. 29—
accts.
Reserves
1,906,799
Total..
_
after
573 shares (no par) in 1935 and 173,593 shares (no par) in
payable
accr.
Minority
good-will, &c
Deferred charges.-
pay.
Capital surplus
1934
S
1,867,555
102,969
secur-
ties—at cost
Inv.
286,628
1,621,871
241,706
53,683
4,353
67,660
1,319,457
243,994
cludes time deposit of $500,000.—V.
1934
Inventories—lower
or
5,692
expenses.
taxes
Earned surplus
2,121,978
339,883
1,286,403
receivable.
Mtges.
25,000
-H
57,094
43,398
325,000
259,420
20,536
68,393
320,680
277,248
54,650
payable.
Funds
12,008
__
Fixed assets
814,921
1,105,764
1 year
276,922
$
Notes receivable..
Res. for Fed
b Common
Consolidated Balance Sheet Dec. 31
of cost
28,017
out¬
Investments
Prepaid
1,432,225
1,338,848
1935
Marketable
468,068
certain
Assets—
Accts.
from
$153,560
$5,638
producers
a
plants to salvage value
Dividends
Total earned surplus--
accrued expenses
Cash in trust with¬
c
writ.-off
reduce
to
$6,593,487
$807,273
y$5.15
Dec. 28 '35 Dec. 29 '34
Deferred income.
300,000
.
Undev.
$4,717,274
s
Earnings per
z On 273,573
Mtges.pay.in 1 yr.
Owing to outside
Deposits
foreign
Deposits
3.490
Prov. for vat. of invest,
of assec. & other cos.
67,334
side producers
Liabilities—
Divs. payable
partlywholly-
subsidiaries
held
$6,626,130
4,837
Abandoned leaseholds..
116,107
,
Notes payable
Loans pay. to bank
390,768
496,289
to
in
owned
205,813
Total surplusSurplus adjust, (net)
420,671
5,510,417
owned co
$1,165,709
3,545,492
6,073
y
Accts. payable and
Advance to outside
Invest,
Net
1935.
Consolidated Balance Sheet
Dec. 28 '35
d$l,927,532
U. S. Treas. ctfs__ 1,000,000
Notes receivable..
2,125
Accts. receivable.
326,942
Inventory
6,417,149
28,872
175,656
20,000
19
on capitalization outstanding at end of period,
giving effect to 50% stock dividend Dec. 10 last.
Assets—
sold
on
Cash
$2,718,195
Nov.
share based
shares
~~8~, 785
------
$635,193
z$2.74
Earns. per share on com. stock (no par)
Cash
Loss
'34
Cost of accessories
-
Federal taxes
"Reports and Documents"
Total income
29
1,873,172
3,438,920
146,355
159,159
2,122,640
$7,337,027
Amortization of production costs
Share to other products
Colt's Patent Fire Arms Mfg. Co.—New Director—
Graham
*35 Dec.
28
4,114,159
117,568
157,130
Expenses, including depreciation
the basis of
rentals, &c
on
a
dividend of 87 H cents per share on ac¬
cumulative preferred stock, par $100,
the 7%
payable May 15 to holders of record April 30.
Feb.
15 last.
A dividend of 87 cents
per
A like distribution
was
made
share was paid on Nov. 15
1935 and one of 87H cents on Aug. 15 1935, prior to which regular quar¬
terly dividends of $1.75 per share were distributed.—Y. 142, p. 620.
Connecticut
Light & Power Co.—Earnings—
12 Months Ended Feb. 29—
Gross
operating
1936
revenue
New York Stock Exchange.
Mr. Duncan stated that a number of years ago he was for several years
in the credit insurance business—in fact was General Agent of American
Net avail, for divs. & other corporate purposes
Bal. avail, for com. stock & other corporate purps_
Credit
1935
$17,835,357 $16,883,306
4,463,772
4,534,014
3,653,425
3,713,098
$3,183
$3,255
—V. 142, p.1812.
Indemnity Co. of New York for the territory adjacent to Baltimore.
diversify and enlarge
its activities in connection with the extension of credit in lines closely akin
to its present business, as is credit insurance.
No change is contemplated
either in conducting the current business, the personnel, or in the location
of the Home Office of American Credit Indemnity of New York, which
will remain at St. Louis, Mo.
Earnings
per
share
Also that Commercial Credit Co. desired to further
Mr. Duncan also stated: "The business of the American Credit
Co.
of New
York is
the issuance
manufacturers and wholesalers
of
are
Indemnity
of policies of indemnity under which
insured against credit losses in excess
agreed percentage of their total sales, as well as the guarantee against
through the failure of specific customers.
"The business of which Commercial Credit Co. was first organized is
the purchase of current open accounts from manufacturers and wholesalers
who pass their own credits, take the risk of loss thereon, and made their
an
loss
collections
as
usual from their customers who are not notified of the sale
of their accounts, under the 'non-notification' plan.
"The 'factoring' business, which Commercial Credit
Co. entered nearly
three
Consolidated Aircraft
Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Net
1935
1934
$2,841,753
$1,552,209
322,731
$0.56
sales
6,560
$0.01
Net income after depreciation, amortization, Fed¬
eral income taxes and other charges
Earns, per sh. on 574,400 shs. cap. stock (par $1)__
—V. 142, p. 1462.
Consolidated Biscuit Co.—New Name
See Davidson Biscuit Co. below.—V. 142, p.
Consolidated Film Industries, Inc.
Calendar Years—
1935
Approved—
1636.
(& Subs.)1933
1934
Earns.
1932
Net profit after deprec.,
int., prov. for doubtful
accts., Fed. taxes, idle
plant exps. & oth.chgs. $1,077,450
years ago through the acquisition of Textile Banking Co., Inc.,
and later, Edmund Wright Ginsberg Corp., both of New York, is the pur¬
chase of current receivables from manufacturers and wholesalers, where the
Earns, per sh. on 524,973
factor passes the credit, takes the risk
—V.
from the customers who
are
notified
on
of loss thereon, and collects direct
their invoices that remittances
business
of
credit
closely allied,
and
the financing
of
current
open
under the 'non-notification' plan or as 'factors,'
and it is the intention of Commercial Credit Co. and
York to develop some new plans
American Credit Indemnity Co. of New
142,
Consolidated
insurance
accounts receivable, either
are
stk.(par $1)_
p. 1284.
com.
$0.53
$917,160
$909,388
$862,228
$0.22
$0.21
$0.12
are
payable to the factor.
"The
shs.
Cement Corp.—Report—
reorganization of corporation under Section 77-B of the Federal
Bankruptcy Act was consummated as at April 30 1935 and on May 1
the company began operation under the direction of its officers and directors.
The first period of operation therefore covers eight months.
The
1980
Financial
Chronicle
Earnings for Eight Months Ended Dec. 31 1935
Net sales
$733,899
Cost of goods sold
March
422,720
.
H*
Gross profit on sales
$311,179
152,427
24,393
22,738
Selling, general & administrative expenses
Mill overhead applicable to non-operating periods
Expenses of Mildred, Kan., plant which is not in operation...
on
15-year lstmtge. 6% cumulative income bonds..
15-year 6% cumulative-income notes
Bond discount & expense (incl. amortization of $6,002)
Loss on retirement of fixed assets, operation of
dwellings, &c.
Net profit.
on
hand
$390,255
x31,509
332,981
85,652
_
_
.
.
»
-
-
-... —
Investments, &c
Plants, properties
&
:
y4,983,146
138,539
Capital surplus,
excess of
The mortgage permits,
$5,962,085
'x After
reserve
for depreciation
sented
by
share.—V.
Total
*
-
26,495
$5,962,085
for bad debts and discounts of $6,060.
y
After
Underwriters—The name of each underwriter and the respective principal
reserve
amounts of new bonds
and depletion since acquisition
100,617 shares
141, p. 2884.
no
of $1,458,794.
z Repre¬
par value having a stated value of $1 per
The stockholders at the annual meeting held March 16 voted
by 7,836,658
shares to 758 to change the name of the company to Consolidated
Edison
Co. of New York, Inc.
Steps will be taken soon to
York.—V.
Consolidated Laundries Corp.—To
change the name under
142, p. 1813.
Change Par—
Container Corp. of America—Prices Raised—
I*The company has announced advances in prices on box board
ranging
from $2.50 to $5 a ton, and other units in the industry are understood to be
p.
Heating and water
Non-operating revenues
Total
-L_-
Less—Amt. charged to construction.Balance
-
Provision for uncollectible accounts..
Other operation expense
Maintenance and repairs
General taxes
Federal income tax
Provision for retirement
.
reserve
Net earnings
on funded debt
Interest
Amortization of debt discount & exp.
Miscellaneous interest
Interest charged to construction
Net income
4,000,000
1933
1934
.
$23,362,490 $21,669,914 $19,863,338
6,656,683
6,535,384
5.601,839
364,510
360,360
367,078
93,610
119,478
167,743
$30,477,295 $28,685,138 $26,000,000
2,317,533
1,910,213
1,738,202
307,686
367,038
384,091
$2,625,219
144,166
$2,277,251
146,879
$2,122,294
170,396
$2,481,053
175,693
7,806,022
1,576,731
2,017,430
586,340
2,850,000
$2,130,371
449,247
6,825,015
1,514,128
2,137.620
772,493
2,850.000
$1,951,897
293,466
5,733,380
1,205,326
1,810,987
592,600
2,784,000
$12,984,023 $12,006,261 $11,628,341
4,348,660
4,676,769
4,371,842
307,621
329,444
304,721
67,277
100,295
205,383
Cr63,032
Crll5,895
Cr88,449
$6,967,814
$7,212,764
$7,993,409
:
Fixed
";v:
capital..
panies, &c
Sinking funds
deposits
com¬
and
special
expense
—
Capitalization Outstanding
as
First lien & unifying mortgage gold bonds:
Series of 1928 4XA% due Nov. 1 1958—
paid accounts
Cash in banks and
and
on
pre¬
hand.
Accounts, notes and interest
receivable
Materials and supplies
_.
.
—
_
.
of Dec. 31 1935
Total
x
$104,967,448
111,838,675
1,621,662
61,461
15,384,744 Accts. payable—affil. cos..
62,578
Accounts payable—other.
1,115,746
6,342,181 Payrolls payable.—
269,430
Accrued taxes—General---.
105,293
Federal income
657,321
2,272,816
1,571,412 Accrued interest
663,291
83,518 Miscell. current liabilities..
100,911
Retirement reserve
15,497,650
3,702,614 Casualty and insurance res.
298,874
3,197,592 Contingencies reserve
341,134
Other reserves
262,288
Contrib. for extensions
1,294,540
Acquired surplus
312,908
Earned surplus..
4,992,924
.
Consumers' dep. & accr. int.
Miscell. deferred liabilities-.
--.
charges
Working funds
»
| i;
Capital stock
Funded debt—
796,839
Debt/liscount, premium and
Deferred
Liabilities—
$214,343,411
Investments in various
meters.
$246,079,632
Total
$246,079,632
-V. 142, p. 1636.
_
$50,830,600
8,168,000
x
3M"% series of 1935 due May 1 1965
3y2% series of 1935 due May 1 1965
Preferred stock, cumulative, various
series.y
Common stock, no par value (1,643,080
shares) stated at.
_■
18,594,000
18,925,000
70,682,723
34,284,725
1935 there were on deposit with the
respective trustees
sufficient to pay the principal/amount and interest to maturity
on $14,638,000 of the
company's 1st lien & ref. 5% 25-year gold bonds
due Jan. 1 1936 and on $295,000 Jackson Gas Co. 1st
mtge. 5% 40-year
gold bonds due April 1 1937, and the mortgage securing the bonds due Jan. 1
1936 was discharged.
Accordingly, the bonds of all series listed above
are now designated "first mortgage bonds."
y Outstanding in series:
$5 (no par value—liquidating value $100)—
191,924 shares stated at $18,690,923; 6% (par value $100)—323,655
shares;
6.6% (parvalue$100)—168,479shares;7% (par value$100)—27,784shares.
Purpose—The net proceeds from the sale of $50,830,600 series of 1936
bonds (estimated at $51,314,621 after deducting
expenses), together with
other treasury funds, will be used for the redemption at
105% on May 1
1936 of $50,830,600 1st lien & unif. mtge. 43^ % bonds due 1958, and those
from the sale of $4,999,400 series of 1936 bonds
(estimated at $5,074,391)
will be used to reimburse the company in part for certain
expenditures for
improvements and additions heretofore made to its property.
Earnings—The income statement shows the following as the company's
total gross earnings.
Net earnings (the amount available for fixed charges
after provisions for Federal income taxes and retirement
reserve), interest
—
Balance Sheet Dec. 31 1935
Listing—Company will make application for the listing of the bonds on
the New York Stock Exchange.
Issuance and sale authorized by the Michigan Public Utilities Commission.
Company—Company, 70.06% of the voting capital stock of which is
owned by Commonwealth & Southern Corp. (Del.), was
incorporated in
Maine April 14 1910 and admitted to do business in Michigan on
July 21
1915.
Company is engaged in Michigan principally in the generation,
purchase and sale of electricity and its distribution in 824 communities
and townships as well as rural areas, and in the
production, sale and dis¬
tribution of manufactured gas in 189 communities and
townships, and the
purchase, sale and distribution of natural gas in 37 communities and town¬
ships.
Total population served is estimated to be in excess of 1,900,000.
Company owns and operates electric generating plants with an aggregate
rated installed generating capacity of 403,310 kw.
(effective capacity,
385,810 kw.; reduced to an estimated 329,540 kw. in low water season),
gas plants with daily manufacturing capacity of 40,430,000 cubic feet
(not including reserve capacity of 15,000,000 cubic
feet), together with
electric substations, electric and gas transmission and distribution
lines,
&c., serving as of Dec. 31 1935 343,785 electric and 171,472 gas customers'
Dec. 31
-
General and miscellaneous expense.Service contract fees.--—
Commission of the State.
On
—
1.000,000
1,000,000
1,000,000
1,000,000
1.000,000
1,000,000
1,000,000
1,000,000
^
Gas
following:
Series of 1934 4% due Nov. 1 1944
First lien & unifying mortgage bonds:
-
1935
Gross earnings—Electric--
bonds in denom. of $1,000, $10,000
and $100,000.
Coupon bonds and
registered bonds interchangeable.
Red., at option of company, in whole
or in part, on any int. date, on at least 30
days' notice, at principal amount
thereof, plus a premium of K of 1% thereof for each period of two con¬
secutive years or fraction thereof of unexpired life, except that if redeemed
on or after May
1 1965, at the principal amount thereof without any
premium.
Legal Investments—Bonds, in the opinion of counsel, will qualify as legal
investments for savings banks under the laws of New York, California,
Maine, New Hampshire, Rhode Island and Vermont, and will be legal in¬
vestments for savings banks in Michigan when approved
by the Securities
x
1.000,000
——
1636.
Co.
Dated March 1 1936; due Nov. 1 1970.
Interest payable M. & N. in
N. Y. City, the first coupon being for int. payable for period from March 1
to May 1
1936.
City Bank Farmers Trust Co., New York, trustee.
Coupon bonds in denom. of $1,000 registerable as to principal.
Registered
moneys
1.000.000
LOOO.OOO
1,000,000
500,000
Income Account, Years Ended Dec. 31
(Me.)—Bonds Offered—Morgan
Stanley & Co., Inc.; Bonbright & Co., Inc.; the First Boston
Corp.; Brown Harriman & Co., Inc.; Edward B. Smith &
Co.; E. W. Clark & Co.; Mellon Securities Co., (Inc.); Coffin
& Burr, Inc., and Stone & Webster and
Blodget, Inc., on
March 19 offered at 103F£ and int. $55,830,000 1st
mtge.
bonds, 33^% series of 1936, due 1970.
A prospectus dated
March 19 afforded the
1.000,000
1.000,000
— -
following the increase.
Although no mark-up in price of containers has
yet been made an advance in box board quotations is normally followed
Power
2,000,000
Kidder, Peabody & Co., New York
W. C. Langley & Co., New York
Lazard Freres & Co., Inc., New York
Lee Higginson Corp., New York
Lehman Brothers, New York-----Schoellkopf, Hutton & Pomeroy, Inc.. Buffalo
White, Weld & Co., New York
Kuhn, Loeb & Co., New York
change
($5 par).
Outstanding capital will remain
unchanged at $16,291,300.—"V. 142, p. 1286.
Consumers
3»°MRR
1,000,000
Harris, Hall & Co.. Inc., Chicago
W. E. Hutton & Co., New York
there will be 3,258,260 shares
•
3,000,000
3,000,000
First of Michigan Corp., Detroit
Mining & Smelting Co., Ltd.—To Split
by container prices.—V. 142,
$11,165,000
11,165,000
Blyth & Co., Inc., New York
Clark, Dodge & Co., New York
Estabrook & Co., New York
Field, Glore & Co., New York
The shareholders will vote shortly on splitting the stock on a
five-for-one
basis.
There are 651,652 shares ($25 par) outstanding; under the
I
follows:
Coffin & Burr, Inc., BostonStone & Webster and Blodget, Inc., New York
142, p. 1463.
Consolidated
as
E. W. Clark & Co., Philadelphia
Mellon Securities Co., Inc., Pittsburgh
The company has notified the New York Stock
Exchange of a proposed
change in the par value of the common stock from no par to $5 per share;
each present share to be exchanged for one new share.—-V.
Shares—
severally underwritten are
Morgan Stanley & Co., Inc., New York
Bonbright & Co., Inc., New York
The First Boston Corp., New York-Brown Harriman & Co., Inc., New York
Edward B. Smith & Co., New York
Consolidated Gas Co. of N. Y.—New Name
Approved—
the General Corporation Law of New
No notice is required to be given to
Sinking Fund—Mortgage provides for semi-annual cash sinking fund
payments equal to at least M of 1 % of the aggregate bonded indebtedness
of the company outstanding on the date of such payments, to be applied
to the purchase of bonds issued under the mortgage or to reimburse the
company for expenditures for extensions, enlargements or additions.
General Reserve Fund—Mortgage also provides for the annual deposit
in a general reserve fund of an amount in cash at least
equal to the amount
by which 4% of the aggregate sum of the total bonded indebtedness out¬
standing on Dec. 31 for each year since Jan. 1 1920 exceeds the aggregate
amounts (together with any unexpended balances) expended during such
period for maintenance and replacements, and for. extensions, enlargements
and additions not theretofore availed of under the mortgage, and for the
purchase of bonds issued under the mortgage.
3,712,645
—
under certain conditions, the issuance of additional
property covered by the mortgage.
over values assigned to se¬
curities issued in connection
cash dividends)
in the opinion of
bondholders in connection with any release or substitution.
representing
therewith (not available for
—
bonds thereunder, of the series of 1936 or of other series, which would
rank pari passu with bonds of all series outstanding under the
mortgage,
and provides for releases and substitutions, on certain conditions,
of
values assigned to
Earned surplus since reorganition (April 30 1935)
—
fixed property of the company, subject as to a relatively small portion of
the property, to the lien of the $295,000 Jackson Gas Co. 1st
mtge. bonds
above.
15,698
net assets in reorganization
iTotal
_
Series of 1936 Bonds—The series of 1936 bonds will,
2,012,350
zlOO.617
Class A stock
quarry
lands..
Deferred charges-
.$30,477,295 $28,685,138 $26,000,000
12,984,023
12,006,261
11,628,341
4,676,769
4,371,842
4,348,660
313,844
421,654
311,867
7,993,409
7,212,764
6,967,814
—
funded debt
counsel for the company, be secured pari passu with the other series of
bonds outstanding under the mortgage, by a lien on substantially all of the
$25,885
68,393
Provision for returnable sacks
Funded debt
the
1933
1934
The annual interest charges on the $101,517,000 bonds to be outstanding
completion of present financing and retirement of the 1st lien &
unif. mtge. 4^% bonds due 1958, will amount to $3,640,420.
'V^v'v
Accounts payable, trade.
Accruals
and
upon
Balance Sheet Dec. 31 1935
Liabilities—.
Cash in banks &
on
Other interest charges, &c
$26,495
;
Assets—
Inventories.
Interest
$119,155
71,476
8,254
6,252
6,676
on
Receivables
Total gross earnings—
Netearnings—
$111,620
7,534
P*Net profit.
Interest
1935
Net income
Net profit from operations
Other income
Interest
1936
funded debt, other interest charges, &c. (all other interest
charges
amortization of debt discount and expense), and net
income, during
three calendar years:
on
Continental Can Co.,
Inc.—Offers Rights to Shareholders
The directors on March 18 approved a
pian for the offering of rights to
shareholders to subscribe for 177,679 additional common shares at the
price of $60 per share in the ratio of one new share for each 15 shares
owned, according to an announcement made by C. C. Conway, Chairman
of the Board.
"Last year the company spent over
$6,000,000 on new plants and plant
improvements and plans this year call for continued expansion of plant
facilities to take care of increased
production and new markets.
The
proceeds from the offering to shareholders are expected to be used partly
for plant expansion and
partly for additional working capital incidental
to the increased volume of
business," Mr. Conway stated.
"In addition to the shares to be offered to
stockholders, the directors
voted to call
a special
meeting of the stockholders to be held on April 20
1936 for the purpose of
approving the issuance of 75,000 common shares
employees at a price not to be less than $60 per share, such shares to be
issued at the discretion of the board and
subject to other restrictions,
terms and conditions as determined
by the board," Mr. Conway continued.
"The company now has an authorized
to
capital of 3,000,000 shares of
$20 par value, of which 2,665,191 shares are outtsanding, leaving 334,809
shares authorized but unissued
A total of 252,679 shares will be required
to cover the
offering to shareholders and employees.
In order that the
authorized capital may be sufficient for future needs, stockholders will
also be asked to vote at such
the authorized capital
common
shares," Mr
special meeting upon a proposal to increase
stock from 3,000,000 common shares to 4,000,000
Conway reported.
Financial
Volume 142
"Warrants to subscribe to the additional stock offered shareholders
expected to be mailed to stockholders on or about May 5 1936, following
registration of the shares with the Securities and Exchange Commission.
It is expected that the offering of the stock to the stockholders will be
underwritten by a syndicate headed by Goldman, Sachs & Co.,"Mr.Conway
concluded—V. 142, p.
Chronicle
are
1286.
1981
Crosley Radio Corp. (& Subs.)— Earnings—
9 Months Ended Dec. 31—
Net sales.
1935
1934
.$15,056,176 $11,375,777
deprec.,
469,675
578,477
stock.(no par)
$0.86
$1.06
•
_____
Net profit after amort,
Federal taxes, &c
of patent rights,
Earns, per share on 545,800 shs. cap.
Continental Gas & Electric Corp. (&
Subs.)—Earnings
12 Months Ended Dec. 31—
1934
1935
Gross operating earnings of subsidiaries*
General operating expenses
--$32,609,442 $30,769,950
12,916,730
11,982,940
1,527,635
1,481,230
Provision for retirement
4,231,182
4,204.211
General taxes and estimated Federal income taxes
3,338,940
3,406,568
Maintenance
Net earnings from operations of subsidiaries
$9,694,999
762,470
$10,594,951
849,466
Non-operating income of subsidiaries
Total income of subsidiaries
.
$11,444,418 $10,457,470
Interest, amortiz. and pref. divs. of subs.:
Interest on bonds, notes, &c
3,991,873
Amort, of bond disc, and pref. stock expense.289,534
Dividends
common
1,070,219
3,975,379
300,112
1,070,219
12,444
7,317
$6,080,346
,
Davidson Biscuit Co.—New Name and
on
The stockholders on March 16 voted to change the name of this company
to Consolidated Biscuit Co. and to approve the forthcoming merger recently
announced of Davidson Biscuit Co. with the Hampton Cracker Co. of
Louisville, Ky.
W. L. Hampton will be President oi Consolidated Biscuit
The merger will create a coim
had combined net sales of neariy $5,000,000.
It was also announced that F. S. Yantis & Co. of Chicago will shortly
offer 68,000 shares of common stock and $200,000 first mortgage 5)4%
bonds of Consolidated Biscuit Co.—V. 142, p. 1814.
Co. and J. E. Davidson, Vice-President.
that last
pany
year
Deisel-Wemmer-Gilbert Corp.—Extra
stock
an extra dividend of 12)4 cents per share in
regular quarterly dividend of like amount on the common
stock, par $10, both payable April 1 to holders of record March 20.
An ex¬
tra dividend of 37)4 cents per share was paid on Jan. 2 1936 and on Jan. 2
a
1935.
;
Gas & Elec, Corp.
income received from subsidiaries)
(exclusive of
36,526
40,119
.
$6,116,872
158,424
$5,144,561
152,097
$5,958,447
$4,992,464
2,600,000
164,172
2,600,000
164,172
$3,194,275
Expenses of Cont. Gas & Elec. Corp.
$2,228,292
1,320,053
...
Amortization of debenture discount and expensei
1,320,053
Earnings
*
$1,874,222
$8.74
share
per
After eliminating
inter-company transfers.—
Calendar Years—
1935
Net profit after Federal
taxes, deprec., &c
V. 141, p. 915.
1934
$872,366
36,582
244,406
160,274
Net income
Credit to advertising, by charge
1933
$430,425
for extra¬
to res.
ordinary advertising
11,000
Transferred to surplus
1932
$425,513
79,044
172,327
—
common
Earnings
per
stock outstanding
(par $10)
share
$430,425
92,817
148,750
$174,142
196,942
$1.76
'.
I
Surplus
Shares
$16,415 loss$147,803 loss$176,223 loss$609,332
$502,425
72,000
$414,513
Net income before income tax
Provision for Federal income tax
$495,586
6,839
$472,713
58,200
Net operating profit
Miscellaneous income (net)
$939,427
35,071
252,092
156,677
$431,102
41,610
Shipping
Selling and advertising
Administrative and general
Preferred dividends
Common dividends
Cooper-Bessemer Corp.—Earnings-
<
1934
1935
$908,239
$4.24
.142, p. 457.
Years
Calendar
Gross profit on sales
x
Holding company deductions—
Interest on 5% debentures, due 1958
for
Earnings
(
Income of Cont.
Dividend-—
The directors have declared
addition to
Equity of Cont. Gas & Elec. Corp. in earnings of
subsidiaries
Merger Voted—1
$5,104,441
preferred stocks.
of earnings, attributable to minority
Proportion
—V. 142, p. 296.
$188,858
197,092
$1.56
Comparative Balance Sheet Dec. 31
Crum &
Forster, Inc.—Extra Dividend—•
Assets—
The
directors have declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 20 cents per share on the com¬
mon stock, par $10, both payable April 15 to holders of record
April 6.
Similar extra dividends were paid on Jan. 15 last, Oct. 15 and July 15 1935.
A special dividend of 20 cents per share was paid on Dec. 20 1935 and
of 15 cents per share was distributed on Dec. 24 1934.
one
Prior to the Jan. 15 1936 disbursements, the company paid regular
quar¬
terly dividends of 15 cents per share.—V. 141, p. 3858.
1934
1935
Cash
Liabilities—
$286,210
$247,869
U. S, Govt, sees—
249",631
246,319
2,251,005
Cigar inventory184,051
Supplies & revenue
2,047,582
186,960
Accts. receivable—
Total
leaf tobacco
Cuban
American
Sugar Co.-
■Vice
93,403
85,828
& other charges
44,814
26,622
.
Balance of funds in
$48,592
200,000
Notes pay. banks.
$120,281
72,500
-
State taxes
91,110
for
Appriopriation
advertising
81,000
92,000
Preferred stock
1,029,200
1,969,420
1,572,096
1,384,922
1,189,600
1,970,920
stock
Capital surplus
Earned
surplus.
1,568,889
1,204,742
closed banks (less
Vice-Chancellor
Chas.
M.
Egan
in
City"
Jersey
March
18 restrained
24,977
reserves)
the company from executing and filing an amendment to its certificate of
Advances to sub—
incorporation embodying a new plan of capitalization.
The restraining
order was granted on a complaint filed by Mrs
Mary L Buckley of The
Plains, Fanquier County, Va., who holds 2,000 shares of 7% cumulative
preferred stock ($100 par).
Maintaining that preferred stockholders' interests will be prejudiced
if the proposed plan of recapitalization is ratified at a special
meeting
called for March 24, a committee which includes Ernest Sturm, Chairman
of the boards of Continental Insurance Co., Fidelity-Phenix Fire Insurance
Co., and American Eagle Fire Insurance Co ; Earle T, Shaw of Fellows,
Davis & Co., and Williams & Co. is seeking stockholders' proxies to oppose
the plan.
To eliminate $50.75 of accrued preferred dividends on the 7% stock,
the management is proposing to exchange 1 }4 shares of new 4% participating
preferred stock and 75 cents in cash for each share of the present preferred.
A second bill was filed with Vice-Chaiicellor Egan by six complainants
holding 4,100 shares of preferred stock.
Mr. Egan restrained the com¬
pany from compelling these complainants to surrender their stock, or their
rights in the stock, and also directed the company to show cause March 23
why the meeting scheduled for March 24 should not be adjourned.
Adv.
Preferred Stockholders to Protest Plan to SEC—-
of the company.
The stockholders assert that the scheme to reduce the dividend
on
the
preferred stock from 7% to 4% and to pay accrued dividends on this stock
is unfair and inequitable and only benefits the common shareholders
—V. 112, P. 1637.
Cushman's Sons, Inc.—Founder Dies—
Lewis Arthur Cushfnan Sr., founder of this company and Chairman of
on March 10.—V. 142, p. 1117.
the Board died
175,000
13,901
63,420
963,123
924,894
523,003
522,742
employees
Inv.
in
stock
of
BernardSchwartz
Cigar Corp
a
Prop., plant and
equipment
b Cigar machinery
leased
24,750
31,057
1,612,950
1,612,750
S>6,357,730
Good-will,
$6,237,542
brands
& trademarks„
Total
a
Hammer, Inc.—Earnings—
1935
Sales.
$S97,989
1933
$3,655,367
46,070
211,862
269,455
206,921
185,194
Net operating profit..
Dennison Mfg.
$5,001,897
loss555,073
214,644
Other credits
$712,795
24,567
$62,533 loss$165,793 loss$769,718
$737,363
xl30,000
3,977
$74,359 loss$130,386 loss$736,458
7,894
1,652
$603,386
$6^,465
329,599
329.499
326,900
$1.83
1
$0.20
Nil
Nil
J
Prov. for Federal taxes..
debits
11,826
$387»497 in 1934.
p.1463.
The
directors
accumulations
have
on
Co.—$2 Preferred Dividend—
a dividend of $2 per share on account of
cumulative debenture stock, par $100, payable
declared
the 8%
of record April 20.
Similar distributions were made
on March 5 and Feb. 1 last, in each of the eight quarters preceding Feb. 1,
and on Jan. 4 1934, while on Feb. 1 1933 the company paid $4 per share.
The last previous regular quarterly dividend of $2 per share was paid oh
Feb. 1 1932—V. 142, p. 1287.
1
holders
to
Detroit Edison Co.
(& Subs.)—Earnings—
Consolidated Comparative Earnings and Income Statement
Feb. 29 '36.
12 Months Ended—
Gross earnings from
Steam
Gas
Feb. 28 '35.
operations—Electricity——$48,097,036 $43,455,424
1,924,696
1,693,740
362,114
370,374
140,122
137,678
-----
Miscellaneous
:
$50,523,970 $45,657,218
-
-
33,848,069
32,284,210
1932
329,999
Interest received
-.$6,357,730 $6,237,542
Operating and non-operating expenses
1934
Not reported$5,117,883
Profit from operations-Prov. for depreciation-.
Total
After reserve for depreciation of $405,255 in 1935 and
b Charges under contracts, less provision for amortization.—V. 142,
Total
Cutler
Calendar Years—
„
officers &
to
May
The
preferred stockholders, according to Havana press dispatches,
unanimously resolved on March 19 to file a protest with the Securities
and Exchange Commission
in Washington and the New York Stock
Exchange against the new plan of recapitalization sponsored by the directors
Other
ac¬
Common
stamps
Chancellor Restrains
1934
1935
&
crued expenses.
Prov. for Fed. and
inventories
Prepaid ins., adv.
Plan—
Accts. -pay-
152,414
35,407/
\
17,892
15,367
—
$16,675,900 $13,373,008
143,777
187,066
Balance, income from operations
Other miscellaneous income
Gross corporate income
on funded and unfunded debt--______
$16,819,678 $13,560,075
6,413,401
6,495,038
Cr37,000
Cr44,300
216,137
203,296
Interest
Interest
charged to construction
Amortization of debt discount and expense
Extraordinary appropriations to retirement
serves
additional to current appropriations
re¬
1,457,382
,
Net income
$10,227,138
—
$5,448,658
—V. 142, p. 1287, 950.
Net profit for the year
of cap. stock out¬
loss$130,386 $loss738,110
Shs.
standing (no par)
Earnings per share
x
Includes
State
income
tax.
1935
a
b
Plant & prop
Accts.
&
$2,621,234 $2,598,042
notes
receivable------
1,297,220
318,909
surr.
Notes payable
Tax
Investments
Patents
Deferred charges
a
25,442
.
1934
$3 ,299,995 $3,295,995
157,873
72,248
300,000
Reserves
200,000
58,378
accruals
62,579
63,050
165,992
18,998
16,474
2,167,081
24,052
1,030,558
339,556
13,707
16,782
3,829
1,649,772
53,293
1,021,565
362,082
12,441
$7,856,122 S7,032,338
benefits—Wis
—
82,206
41,639
.
exps.,
taxes, renewals & replace, res-
17,545,791
2,520,954
17,713,866
2,877,471
17,236,121
2,938,409
17,144,876
2,984,619
$4,250,498
$2,952,370
9,953,300
$4,048,667
10,397,529
$3,683,371
11,893,495
$13,494,064 $12,905,670 $14,446,196
20,247
19,859
19,859
4,040,192
3,535,168
3,030,144
$15,576,866
9,243,565
892,386
838,654
2,939,696
319,257
Total surplus..
Preferred dividends
Common divs. (cash)
Premium & unamortized
Total
„
bonds
on
41,071
$7,856,122 $7,032,338
After deducting reserve for depreciation of $4,086,904 in 1935 and $3,-
996,138 in 1934.
b After reserves of $44,724 in 1935 and $43,580 in 1934.
c Represented by 329,999)4 no par shares in
1935 and 329,599)4 in 1934.
—V. 142, p. 1287
1935
1934
1933
1932
$24,317,244 $23,543,706 $24,223,197 $23,812,867
Oper.
Previous surplus
on contracts
surplus
Co.—Earnings—
Calendar Years—
Gross revenue
21,968
Advance payments
Capital surplus
Cup Co., below.
Duke Power
Interest
Amt. duesub
Earned
See Vortex
Net income---
Unemployment
rec__
Marketable secure.
Total
25,540
18,263
insur. policy
—_
Miscell. accruals—
-
Inventories
1935
payable-
334,726
val. life
Accrued int.
Capital stock
954,362
Mutual Insur. Co.
deposits.
c
Accounts
Cash
Cash
Liabilities—
1934
Mfg. Co.—Transfer Agent & Registrar—
City Bank Farmers Trust Co. has been appointed transfer agent
Empire Trust Co. has been appointed registrar for the company's
6% cumulative preferred stock.—V. 142, p. 1814.
Dixie-Vortex Co.—New Name—
Comparative Balance Sheet Dec. 31
Assets—
Detroit Gasket &
The
and the
disct.
on
20,636
5,050,240
bonds retired
in 1935-
Surplus adjustments.
Surplus, Dec. 31
___
1,674,764
246,324
107,077
$8,522,972
$9,243,565
432,456
108,461
$9,953,300 $10,397,529
1982
Financial Chronicle
March
Consolidated Balance Sheet Dec. 31
1935
1934
$
$
Assets—
Ilea
Balance Sheet
1935
1934
$
$
Liabilities-
est.,plants,
Notes,
,
accts.
int. payable—
188,805,953 188,961,390
1,664,487
Investments
7,302,963
6,237,531 Acer. int.on bds.
192,774
Sinking funds..
12,874 Taxes reserve..
1,191,143
Deferred charges
1,728,839
2,472,125 Divs. declared._
762,500
Cash
4,934,093
9,476,211 Res. renewals &
Notes, accts. &
replace., &c_. 51,134,284
Int. receivable
5,406,447
5,076,306 Funded debt— 48,814,000
1,678,339
municipal bds
Mat'l & supplies
2,666,581
2,725,882
7,544,381
2,656,969
46,933,845
Profit
and
Other assets
500
500
7% red. pref. stk.
Common stock—
Total
213,570,759 222,437,788
Dinkier Hotels Co., Inc.—Dividends Resumed—
The company paid a dividend of 25 cents
per share on the $2 cumulative
class A stock, no par value, on March 1 to holders of
record Feb. 20.
This
was the first distribution
made on the issue since Sept. 1 1931, when a
dividend of 25 cents was paid.
Similar distributions were made on June 1
and March 1 1931 as against
regular quarterly dividends of 50 cents per
share previously paid.—V. 139, p. 2360.
Eagle-Picher Lead Co. (& Subs.)—Earnings—
Calendar Years—
1935
1934
$16,032,816 $11,802,257
12,990,380
9,752,759
Production and manufacturing costs
After
y
Eaton
General and administrative
Bad debt provision less recoveries..
$2,049,499
724,960
176,165
575,346
87,069
566,264
89,192
Manufacturing Co.—Dividend Doubled—
The directors have declared
dividend of 50 cents per share on the
a
com¬
stock,
mon
no par value, payable May 15 to holders of record
May 1.
Dividends of 25 cents per share are paid each three months from Feb.
15
1934 to ana including Feb. 15 1936; 20 cents on Nov. 1
1933, and payments
of 12)4 cents per share were made on
May 2 and Feb. 1 1932.
Extra
dividends of 12)^ cents per share were paid on Feb.
151936,Nov. 15, and
Aug. 15 1935.
A special extra dividend of 25 cents was distributed on
Dec. 20 1935.—V. 142, p. 1816.
Ebasco
$3,042,436
875,559
226,679
Selling expense
Traffic, warehousing and shipping.
$206,711
...
reserve for doubtful accounts of
$4,639 in 1935 and $4,251 in
After reserve for depreciation of $10,364 in 1935 and $6,533 in
1934.
z Represented
by 28,330 no par shares in 1935 and 27,866 no par
shares in 1934.—V. 141, p. 592.
x
1934.
Net sales
8,873
sur p.
Total'.
$206,711
225
78,080
29,002
50,807
2,947
$209,641
Distributable
Earned surplus
$209,641
3,896
2,057
75,760
31,322
45,807
9,243,565
Total
Total
213,570,759 222,437,788
-V. 142, p. 1464; V. 141, p. 4014.
2,092
Income tax
sale
25,040
1,190
Res. for Dominion
15,736
101,004,898
8,522,972
1,290
payable
and accrued
29,260
loss
surplus
24,332
Sales tax payable.
Real estate held for
21,181,000
283,700
1934
$11,000
4,521
7,107
Accts. pay. &accr.
97*240 Comm'ns,
105,717
28,475
10,005
Fixed assets
40,000,000
1935
Overdrafts
833
Inventories
1936
$11,000
Demand loan.
charges
claim
21
31
Liabilities—
$503
50,051
13,420
Customs drawback
y
$7
cum. pref. stk
283,700
Common stock.101,004,898
Retail install, accts
762,501
Bonds of subs..
1934
$565
61,193
2,352
..
285,014
1,064,926
—_
1
1935
hand...
on
Acc'ts receivable
x
&c
Govt. State and.
Assets—
Cash
<fc
Dec.
Services, Inc.—Weekly Input—
For the week ended March
12 1936, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light
Co., as compared with the corresponding week during 1935, was as follows:
the
Increase
Amount
Per Cent
1
Other income:
$1,284,741
29,623
Interest and dividends.
Miscellaneous
Interest
on
$485,958
36,223
8,429
34,882
Royalties.
46,849
9,415
$1,357,676
16,867
notes payable.
Oper. Subsidiaries of—
American Pr. & Lt. Co_
Electric Pr. & Light Corp.
National Pr. & Light Co—
—
—V.
$578,445
30,863
1936
96,740,000
1935
85,786,000
35,020,000
69,002,000
40,443,000
77,777,000
10,954,000
5,423,000
8,775,000
12.8
15.5
12.7
142, p. 1816.
Edison
Electric
Illuminating
Co.
of
Boston—New
Directors—
$1,340,809
Provision for depreciation and depletion
Provision for E'ed. & State income taxes, estimated
$547,582
697,282
3,492
640,438
116,750
Net profit for year.
$583,620 loss$153,192
-V. 142, p. 622.
dividend of 25 cents per share on the com¬
stock, no par value, payable March 31 to holders of record March 20.
This compares with 12 H cents paid in each of the three
preceding quarters;
a
mon
25 cents paid on March 30 1935; 12 H cents in each of the
two preceding
quarters; 25 cents each three months from Sept. 30 1932 to June 30
1934,
cents per share each three months
previously.—V. 140,
inclusive; and 50
p. 4232.
East Coast Public Service Co.
(&
Subs.)—Earnings—
Calendar Years—
Total operating revenues
Total operating expenses^
1935
1934
$657,492
497,672
revenue, net
.
Net income before renewals
$625,880
502,534
$159,820
10,118
Net income from operations
Non-operating
$123,346
8,086
$169,937
58,000
Provision for renewals and replacements
(deprec.)
Interest on unfunded debt of subsidiaries
Annual interest requirements on
long term debt of
$131,431
50,000
21
163
95,104
x96,192
...
East Coast Public Service Co
M iscellaneous interest
long-term debt of East Coast Public Service
loss$14,923
require¬
Co.
Liabilities—
1935
invest
4,247
83,112
3,030
Cash in banks
Cash, work, funds
Notes receivable..
Accounts receiv
12.038
81,355
3,125
195
Insurance deposits
Special dep., trustee
Total def. items..
622
98,807
57,685
1,988
61,950
3,644
Inventories
liabilities—
Consumers' depos.,
accr.
86.039
61,464
1,968
1,950
6,169
89,791
refundable
90,724
9,586
2,663
373,220
x9,542
32,999
350,690
Unrealized
profit.
Common cap. stk
Capital surplus
y
Earned
accumulations
$3,056,182 $3,305,8461
amount
by which
10,114
Erie
par
in
par
value
Total
Coast
various
amounts,
RR.—Earnings.—
1936
Gross from railway
from railway.
1935
6,665,028
Net
Net after rents.
1,308,857
1934
1933
5,682,180
1,479,118
899,426
5,735,164
1,498,669
892,642
5,036,305
1,078,019
398,696
11,642,047
2,961,323
1,784,634
11,737,381
3,218,330
1,986,759
10,367,357
2,321,377
949,572
From Jan. 1—
Gross
from
railway
Net from railway—
12,884,073
2,227,352
Exeter Oil Co.,
Ltd.—Earnings
Calendar Years-
1935
1933
$63,447
66,738
128,192
133,977
$489
res.
$67,041
41,077
depl.,
1934
$41,566
Gross profit
bad
640
sale
32*999
$303
loss$64,745
loss$23,715
1932
$110,262
for
accts.
& loss on
of capital assets,
&c
Net profit
Balance Sheet Dec. 31
$3,056,182 $3,305,846
of East
the sale
'
in
arrears
February
Assets—
Public
securities exceeds cost of such securities to
subsidiary company,
capital stock
were
on
Dec. 31 1935,
depending upon the
year ended
date of issuance of the stock.—V. 142, p. 1638.
value $1.—V. 141, p. 3072.
Service
y
Co.
Common
1935
Current assets
Contracts
Total
$732,000 derived from profits realized
According to the corporation's report for the
surplus—
1934
Net
Equity Corp.—To Pay All Preferred Arrearages—
At a meeting held March 16, the directors declared
payment of all ac¬
cumulated dividends on the corporation's $3 conv. pref. stock which were
in arrears on March 1 1936, the last
regular dividend payment date.
The
payment, which is to be made on April 6 to stockholders of record March 20,
7,794
428,314
def. since Mar. 1
x
Equitable Office Building Corp.—Bonds Called—
A total of $185,000 35-year
5% s. f. debentures have been called for
redemption May 1 at par and interest.
Payment will be made at the
Empire Trust Co., trustee, New York City.—V. 142, p. 1816.
350,690
183,509
reserves
1934
$653,674
19,562
—V. 141, p. 4165.
Deprec.,
Def. credits to inc.
Total
1935
$856,852
51,461
1934
Prop., plant, equip.
Tot. long term debt$2,371,200 $2
,404,800
& franchises,
&c.$2,741,522 $3,051,115 Total current and
MIscell.
'
Net income after all charges and taxes
Net after rents.
—V. 142, p. 1639.
Condensed Consolidated Balance Sheet Dec. 31
1934
Corp.—Earnings—
Calendar Years—\v
Net sales
(Including Chicago & Erie RR.]
$15,850
Amourft actually paid and (or) accrued for 10 months'
$78,777.53.
Note—Comparative figures for 1934 reflect operations of East Coast
Public Service Co. for the 10 months ended Dec. 31
1934; operations of
subsidiaries for the 12 months ended that date and annual
interest
x
1935
p.
962
Net income for the year
Assets—
Charles
cause
will aggregate more than
of securities.
and replacements
(depreciation), fixed charges, &c
ments of
held March 17 elected T. Jeffer¬
Coolidge and Joseph P. Manning to the board of directors, succeeding
Francis Adams and I. Tucker Burr, who
recently resigned be¬
of the restrictions of the Public
Utility Holding Act of 1935.—V. 142,
1464.
son
Eisler Electric
Early & Daniel Co.—Dividend Doubled—
The directors have declared
The stockholders at their annual
meeting
1934
$393,480
225,000
receiv._
Investments
Liabilities—
$236,276
Purchase
Reserves
800
800
1,085,437
1,119,841
500
500
1
1
11,494
Property
1934
1935
Current liabilities.
302,000
obliga'ns
$132,259
$211,864
3,118
768,544
2,943
799,863
793,120
8,152
9,693
Franchise
Organization exps.
ClassAstock
790,100
Class B stock
8,152
65,067
Deficit
67.226
Prepaid & deferred
Eastern Cuba Sugar
Corp.—Listing of Ctfs. of Deposit
The New York Stock
Exchange has authorized the listing of certificates
of deposit, now
outstanding, for $3,938,100 15-year 7)4 % mortgage sinking
fund gold bonds, the holders of which are
bound to the terms and condi¬
tions of the plan of readjustment
dated Nov. 13 1935, and certificates of
deposit,
now
outstanding, for $533,200 of bonds, upon official notice that
are bound to the terms
and conditions of the plan, and
certificates of deposit for $3,028,700
bonds, upon official notice of issuance
thereof to holders who are bound to the terms
and conditions of the plan.
the holders thereof
—V. 142, p. 1638.
Eastern Gas & Fuel
Calendar Years—
Net income after all
1
sion for taxes &
1934
charges, proviminority interest.. $2,873,973
Note—The above figures are
Commission.—V. 142, p. 1638.
as
filed with
1933
$4,135,069
$3,725,125
Exchange
the Securities and
Easy Washing Machine Corp.—Extra Dividends—
The directors have declared extra dividends
of 12 )4
addition to regular quarterly dividends of like
class B common stocks,
cents per share in
amount on the class A and
no par
record Marcn 21.
See also
—V. 142, p. 1464.
V.
value, all payable March 3] to holders of
141, p. 1932 for detailed dividend record.
Year
Ended Dec.
31
Selling and general
expenses,
$111,672
$100,929; financial
expenses
$1,426; organization expenses written off, $1,327
Provision for Dominion income taxes
Net profit
Surplus at beginning of year.
Surplus Dec. 31 1935-
Total.
(net),
103,683
2,064
$5,925
Family Loan Society, Inc.—Extra Dividend—
The directors have declared an extra dividend of 37
)4 cents per share on
the $3.50 cum. and partic.
pref. stock, no par, in addition to the regular
quar. div. of 87K cents per share, both payable April 1 to holders of record
March 14.
Similar payments were made in each of the nine
previous quar¬
Farr
141,
p.
4014.
Alpaca Co.—Changes in Personnel—
The resignation of Frank H. Metcalf as Treasurer of the
company and
of the Skinner family's representation on the board are
the termination
among the changes recently announced.
Donald R. Green, son of Addison
L. Green, Chairman, will succeed Mr. Metcalf as
Treasurer.
Joseph Met¬
calf, grandson of the founder, has been elected agent.
Edward J. Meacham
as Secretary by David H. Martin.
William Skinner, 2d, who
his father Joseph A.
Skinner, on the board of directors, has
resigned.—V. 142, p. 953.
is succeeded
succeeded
Fairbanks, Morse & Co. (& Subs.)- —Earnings—
1935
1934
$18,221,228 $12,551,466
2,070,791
1,346,192
eq._
628,030
536,419
Interest
273,434
290,269
Federal taxes
230,011
80,196
Net profit of Municipal
Acceptance Corp
Crl33,058
Crl24,539
Miscellaneous income
Cr393,405
Extraord'y charges (net)
_
2,947
$8,873
.$1,716,712 $1,669,111
125.
Operating profit
Deprec. on bldgs. &
1935
Gross profit on sales.
$1,716,712 $1,669,1111
142, p.
Calendar Years—
Net sales
Easy Washing Machine Co., Ltd.—Earnings—Income Account
—
Total
—V.
ters.—V.
Associates—Earnings—
1935
charges
Net profit. _i
Preferred dividends
$1,465,779
229,792
$563,847
1933
1932
$8,907,945
$8,584,902
loss479,550 lossl520,072
414,788
392,138
313,333
329,338
Cr60,332
Crl27,052
::::::
432*740
l's$U47,339 l's$2547,231
Financial
Volume 142
Gabriel Co.
Consolidated Balance Sheet Dec. 31
[Excluding Municipal Acceptance Oorp.]
1935
$
$
f Plant
Preferred
3,064,368
Accounts
4,523,901
Accrued
280,000
525,000
4,357,125
Accrued interest—
113,302
Res've for conting.
Res.for developm't
578,753
76,600
28,000
5,674,493
1,651,870
Inventories
Investments
1,430,310
Marketable secur.
57,027
365",003
investments
Deferred charges.
217,821
_
565,983
204,819
Stk. held in treas.
Deferred
1,007,410
&c__
paym'ts.
Unearned interest,
finance chgs. &c.
134,462
72,986
242,399
5,693,290
Paid in surplus
e225,557
Pats., g'd will, &c_
1
Capital surplus
Earned
28,532,220 27,084,002
surplus
626,010
117,38&
640,965
28,532,220 27,084,002
Total
Represented by 368,871 shares of no par value, b Authorized 700,000
shares of which 196,972% shares are reserved for conversion of 6%
cumulative convertible preferred shares; issued 434,528% shares,
c 6%
cumulative convertible preferred stock, $100 par.
d 7% cumulative pre¬
ferred stock, $100 par.
e 2,984% shares of preferred and eight shares of
common,
f After reserve for depreciation of $10,375,874 in 1935 and
$9,791,231 in 1934. g After reserves of $486,932 in 1935 and $582,479 in
1934.—V. 142, p. 1289.
Co.—Dividend—
proposed change in the par
value of the common stock from $100 per share to $10 per share, each
present share to be exchanged for one new share.
Income Account
on a
$48,802
6,826
1933
$1,085,844
1,510,133
$215,838
44,954
$396,734 def$424,289
110,222
44,935
$589,604
172,025
136,351
$260,791
134,541
70,795
$506,955 def$379,354
79,685
80,537
70,445
62,824
$281,228
$55,455
$356,825 def$522,715
7,675
103,335
Balance
j
Total income
Gen. exp., incl. tax, &c_
Depreciation
Net earnings
on stk. purchased
Profit
Profit
sale
on
of
U.
of
value
Total surplus
com.
def$197,996
$2,082,493
$2,628,004
$3,718,909
49,328
49,328
Nil
49,328
$3.19
49,328
Nil
outstanding
(par $100).
Earnings
Dr600,966 Drl,455,625 Drl,727,543
2,628,004
3,718,909
5,865,832
Dr2,566,579
2,082,493
Previous surplus
Shs. of
219
4,862
book
in
property
per
share.
Balance Sheet
Assets—
Cash
on
band and
iu banks
...
$140,777
U. S. Treas. bonds
100,667
Accts. receivable..
136,016
1,396,610
Inventories
...
Prepaid royalties &
»
Insurance
60,592
Mineral lands, oth.
►
lands & leaseh'ds
x'Bldgs. & equip—
4,872,012
1,133,415
Investments
285,025
After
x
reserve
1934.—V.
Nil
1935
Accts. pay., trade.
$49,427
$41,823
462,277
423,815
$140,090 Accr'd liabilities—
16,376
14,320
302,129 Other liabilities.—
4,808
131,117 Mortgage payable.
716,303 Res., empl. liab—
14,833
5,273
7% cum. pref. stk.
(par $100)
2,847,400
2,847,400
58,873
Common stk. (par
$100)
4,932,800
4,932,800
7,478,967
197,996sur2082,493
1,265,585 Deficit
$8,125,117S10,352,735
Total
$4,334,753 in
Works—■New
Directors—Stated
Value
Changed—
Earl W. Stewart, Vice-President, and Marshall T. Boden, Secretary and
Treasurer, have been elected directors, succeeding W. H. Wildes and Jerome
S. Freud, resigned.
fm The stockholders approved a write-down in the value of the capital stock
to $1 from $5 a share.—V. 142, p. 1640.
RR.—Earnings—
1936—Month—1935
Tax
$105,910
94,667
5,012
$8,070
$6,737
$9,077
330
290
781
$8,400
14,855
$7,027
14,366
$9,859
29,067
$9,557
$6,454
Operating income
Gross income
Deductions
Net deficit
142, p.
$108,673
94,209
5,385-
$54,061
$7,338
$19,208
$19,048
Other income
—V.
1936—2 Mos.—1935
$57,321
46,515
2,735
accruals
44,820
2,504
$6,230
3,327
28,606
1465.
Fundamental Investors,
Inc.—Par Value Increased—
Stockholders at a special meeting held Jan. 15 1936 increased the par
value of the company's stock from 25 cents per share to $2 per share.
One
new share of $2 par stock was issued for each eight shares of old 25 cent
par
stock held.
To
Pay 20-Cent Dividend
The directors have declared
a
on
Notes & accts. rec_
Receivable
par
vious payments on
6 cents on Jan. 2 1936; 2 cents on Oct. 1
(Robert) Gair Co., Inc.—Acquires Canadian Companies—■
has
been made by E.
V. Donaldson, President of this
Co. of Canada, Ltd., that an agreement has been
the physical assets of Dominion Boxboards Ltd.,
Fibre Boxes, Ltd., York Paper Mills, Ltd., and the controlling interest in
the common stock of Dominion Envelope & Cartons (Western), Ltd., the
latter company having plants at Winnipeg and Edmonton.
The agree¬
ments, which are in the hands of lawyers, will be consummated April 1 next.
All companies mentioned are subsidiaries of Dominion Envelope & Car¬
tons, Ltd.
Neither the Dominion Envelope & Cartons, Ltd., and Canadian
Wrappers, Ltd., its subsidiary, are identified with the transaction.—V. 142,
p. 1467.
Announcement
company, and of Gair &
entered into to purchase
Garlock Packing Co.—Extra
Dividend—•
The directors have declared an extra dividend of
addition to
a
12% cents per share in
regular quarterly dividend of 25 cents per share on the com¬
stock, no par value, both payable March 31 to holders of record March
21.
An extra dividend of 25 cents was paid on Dec. 31 last; 10 cents on
July 2 1934 and an extra of 15 cents on April 2 1934.
See also V. 140, p.
2006, for detailed dividend record.—V. 141, p. 4015.
mon
$130,620
$107,939
Capital stock...$1,000,000 $1,000,000
15,700
51,362
payableNotes payable
18,227
15,000
a
•
63,331
46,928
Accounts
Accruals
from
20,000
Res.
for
8,879
«.
—
—
-
dl02
-.
_
6,458
8,841
c Treasury stock._
Marketable secur.
6.987
44,871
13,210
6,987
156,948
351,847
14,383
2,500
351,847
584,746
Initial
472,020
$842,343
$928,541
__
surplus
Deficit
156,949
20,351
12,287
purchase
commitments
and employees
1934
1935
Liabilities—
1934
$524,252
$519,372
61,425
40,001
sale of props
Due from officers
20,837
25,689
Other assets
Prepaid expenses.
103
Cash in closed bks.
2
2
7,573
5,279
$842,343
$928,541
Good-will.
Deferred charges-
Total
a Represented by
198,000 shares of class A, no par value, and 2,000
shares of class B, no par value,
b After reserve for depreciation of $514,603 in 1935 and $451,280 in 1934.
c Represented by 850 shares class A
stock at cost,
d Employees only.—V. 141, p. 2888.
Corp.—Dividend Increased—
a
dividend of 20 cents
per
share on the capital
stock, payable March 27 to holders of record March 20.
Dividends ol
15 cents per share were distributed in each of the four quarters of 1935
—V. 142, p. 1641.
General Cable
Corp.—Capital Change Voted—
The stockholders at their annual meeting
March 18 approved the plan
aggregate stated value of the common and class A stocks to
$1,285,236 from $10,280,882. Transfer of the difference, $8,995,646, from
capital to capital surplus, eliminating the operating deficit of $5,443,861,
and creating an extraordinary reserve for obsolescence an«, contingencies,
also was approved.
Under the plan differentiation will be made in the common and class A
stocks so that they will appear as separate items in the balance sheet with
the class A having a stated value of $2 a share, and the common $1.
At the
same time recognition will be given to the fact that each share of class A is
convertible into two shares of common.
to reduce the
It was further approved that the net capital surplus still remaining be
additional $1,771,107 to the existing extraor¬
dinary reserve for obsolescence, contingencies, &c.
Approval also was given to the transfer of an additional $350,000 of such
capital surplus to the existing general reserve for contingencies.
New Directors—H. A. Guess and James Ingliss were elected directors,
utilized in part to create an
W. Marsh, deceased.—
General
Candy
Corp.—Cumulative
Feature of Class A
Stock Eliminated—
The stockholders at a special meeting held March 13
ment
to the
approved an amend¬
corporation's articles of incorporation whereby dividends on
the class A stock no longer will be cumulative.
Recently, a 10% stock
dividend was voted upon class A which was the nature of a settlement of
dividend arrears amounting to $12.90 a share.
Other provisions
of the class A stock will remain the same as heretofore.
This stock is entitled to dividends of $2.50 a share a year before any pay¬
the class B stock.
If this amount is paid on the
class A stock, then a like amount may be paid on the B stock
both classes share equally in any additional disbursements.
after which
10% stock dividend
will be in the hands of the transfer agent, the First National Bank of
Chicago, on March 25.
All shares issued after that date will be of the new
stock which does not include the cumulative dividend feature.—V. 142,
p. 1641.
It is understood that certificates representing the
General Electric Co.—Earnings—
Calendar Years—
1934
1935
Net income after deprec.,
interest and taxes
$27,843,000
1933
1932
$19,726,044 $13,429,739 $14,404,110
Earns,
per sh. on com.
stock outstanding
—V. 142, p.
$0.97
$0.59
$0.38
$0.41
1816.
General Finance Corp.,
Detroit, Mich.—Debentures
Offered—A syndicate consisting in part of Jackson & Curtis;
First of Michigan Corp., and Charles A. Parcells & Co.,
offered on March 2 by means of a prospectus a new issue of
$750,000, 10-year 5% convertible debentures, at 99 and int.
To provide for the exercise of the conversion privilege,
187,500 shares of common stock have been reserved and are
offered only in connection with the debentures, the offering
of which, because of their convertible feature, is deemed an
offering of such shares of stock. In addition 10,000 shares of
common stock are offered apart
from the debentures at
$1.50 per share.
A prospectus dated Feb. 25 affords the following:
New Stock—
dividend of 20 cents per share on the new
capital stock, payable April 1 to holders of record March 10.
Pre¬
the company's old 25 cent par stock were as follows:
1935; 1% cents on April 1 1935;
1 cent on Oct. 1 1934; 3 cents per share on April 2 and Jan. 2 1934, and on
Oct. 1 1933, and 2 cents paid on July 1 1933.
In addition, the company
paid stock dividends of 2% on July 1 1935, Jan. 2 1935 and on July 2 1934.
—V. 142, p. 1466.
$2
$140,759
1935
Assets—
Inventories
——*
Fonda Johnstown & Gloversville
Operating revenues
Operating expenses
$83,240
24,698
$112,726
ment can be made upon
259,670
for depreciation of $4,479,527 in 1935 and
Screw
$63,879
66,741
1934
141, p. 4014.
Federal
$67,174
73,585
succeeding G. D. Guggenheim, resigned, and J.
V. 142, p. 1641.
31
Liabilities—
$8,125,117$10,352,7351
Total
Dec.
1934
1935
$41,976
70,749
The directors have declared
S.
Treasury notes
Decrease
$104,604
21,363
1
Comparative Balance Sheet Dec. 31
1932
$2,946,899
2,550,165
Other income
$103,306
39,427
Other deductions.
General Alliance
1934
$3,308,821
3,092,983
$511,945
77,659
Cost, royalty, &c
$86,485
19,311
Loss
for Calendar Years
1935
$4,323,492
3,811,547
Value of production
$103,312
149,840
58,075
Other income
Total
Mining & Smelting Co.—To Reduce Par Value—
April 13 will vote
$78,354
118,920
62,740
Cash
i
37% cents per share on the
no-par common stock, payable April 2 to holders of record March 24.
A
like payment was made on Jan. 2 last and an initial distribution of 25 cents
per share was made on this issue on Oct. 10 1935.—V. 141, p. 3860.
on
$96,980
90,574
92,891
Invests, in affil.co.
The directors have declared a dividend of
Federal
$52,634
62,040
39,396
Net loss.
250,248
4,589,451
a
The stockholders
$337,213
233,901
Total loss
40,500
no par
Fedders Mfg.
$507,056
428,701
Gross profit from oper.
Selling, gen. & adm. exp.
Depreciation
bLand&bldgs.,&c.
Total
1934
$682,966
585,986
1935
expenses,
dividends,
Accept. Corp.—
1932
1933
$408,792
356,158
Net sales
Cost of sales
5,634,500
762,248
1,022,296
payable.
5,088,141
Notes of Municipal
Other
$
15-yr. 5% debs.— 5,438,500
notes
g Accts.
&
receivable
$
stock—.c6,565,750 d6,864,225
stock.>_b7,558,470 a7,558,470
Common
11,818,301 12,129,911
3,436,589
1934
Liabilities—
equip¬
&
ment, &c
Cash
(& Subs.)—Earnings—
Calendar Years—
1935
1934
Assets—
1983
Chronicle
Dated Feb. 1 1936; due Feb. 1 1946.
These debentures are subordinate
outstanding and future collateral trust notes of the company, or renewals
thereof, having a stated maturity of not more than nine months.
The
company covenants in the indenture that it will at all times maintain its
net worth at a sum equal to at least 150% of the principal amount of
debentures then outstanding.
Interest payable F. & A. at principal office of the Continental Illinois
National Bank & Trust Co., Chicago.
Coupon bonds in the denom. of $1,000
registerable as to principal only.
Red., all or part, at option of the com¬
pany on first business day of any month upon at least 40 days' notice at
principal amount plus a premium of:
5% through Feb. 1 1937, thereafter
4%% through Feb. 1 1938, thereafter 4% through Feb. 1 1939, thereafter
3%% through Feb. 1 1940, thereafter 3% through Feb., 1 1941,
there¬
after 2%% through Feb. 1 1942, thereafter 2% through Feb. 1 1943.
thereafter 1%% through Feb. 1 1944, thereafter 1% through Feb. 1 1945,
and thereafter at the principal amount, in all cases with accrued interest.
Reimbursement upon written demand within six months of final pay¬
ment of Federal income tax to not exceeding 2% of the interest on the
debentures held, for Mass. income tax to not exceeding 6% of such interest,
and for any Conn, or Pa. personal property tax to not exceeding three mills
per annum on each dollar of taxable value thereof.
Holders may convert the debentures into shares of common stock of the
company at any time on or before Feb. 1 1944, or prior date of redemption,
in the following ratios for each $1,000 thereof, accrued interest anu cash
in lieu of fractional shares to be paid to the holders:
250 shares if con¬
verted on or before Feb. 1 1938, 200 shares if converted thereafter but on
or before Feb. 1 1940, 175 shares if converted thereafter but on or before
Feb. 1 1942, 150 shares if converted thereafter but on or before Feb. 1 1944.
to
Listing—It is expected that the company will
registration and listing of its common stock on the
make application for the
Chicago Stock Exchange.
1984
Financial
Business—Company
organized
was
as
corporation
a
11 1933
in Michigan.
The character of business consists of
financing the pur¬
chase of motor vehicles upon deferred
payments and of making loans secured
by first liens upon motor vehicles.
It has five wholly owned
subsidiaries.
The company has facilities for the
purchase and collection of evidences
of indebtedness
representing the purchase of motor vehicles upon a de¬
ferred payment plan, and the
present policy of the company is to adhere to
business of this type and to
making of loans upon the security of motor
vehicles.
It confines its purchase of conditional sales
contracts and promis¬
sory notes secured by chattel mortgages
representing the purchase and sale
of motor vehicles to that class
which represents motor vehicles
$1,500
principally
Current
r
doing business
States,
aggregating
than $2,000,000.The principal amount of collateral
trust notes
issued by the company and
outstanding from time to time is increased or
decreased in accordance with
changes, seasonal or otherwise, in the total
volume of receivables.
The company has
recently expanded by the acquisition of Motor Ac¬
ceptance Co. of Illinois, a Delaware
formerly
whicn
on
had
con¬
Further
Acceptance
the transaction of
The latter
company has
Purchasers Finance, Inc., a
Michigan corporation, wholly owned by the
company, likewise finances the purchase of motor vehicles
upon deferred
payments, but does not make any loans.
It is qualified to do business
only in the State of Michigan.
Green Agency, Inc., a
Michigan corporation, also a wholly owned subid iary of the
company, acts as an agency in the
writing of insurance upon
motor vehicles.
It conducts its business under
a license
granted by the
Insurance Department of the State
of Michigan and does business
and
owns
property only in that State.
i
The company also is the sole owner of the
capital stock of General Finance
Corp. of Indiana.
This subsidiary is
qualified and licensed to do business
of the same
type and character as the company, within the State of
Indiana.
Has not conducted
any business since May 1 1935.
The only other
subsidiary, Motor Loan
do business in that
State, is
now in
Co.
(Mich.), although qualified
the process of dissolution.
Volume of Purchases—Periods Ended Dec.
31
7
\
•
Retail
33
1934-.
....
1935 (11 months ended Nov.
30)---_
Wholesale
$3,280,815
5,611,993
6,868,252
$2,282,085
4,467,809
6,452,949
Small
Loan
$121,614
218,136
400,869
$373,116
245,838
Net income
Profit
on
on
operations
$496,297
$310,490
128,935
$496,297
123,147
$93,281
$181,555
$373,150
45,742
__
$310,490
$160,415
67,134
sale of securities
Gross income....
Total deductions
$876,553
380,256
$127,277
33,138
._
$640,149
329,659
65,055
45,053
Net income before bonuses
Bonuses to officers and
employees of
Motor Acceptance Co..
...
—
Net before Federal tax.:
Provision for Federal income tax....
and the expansion of the
are
to
be
$116,500
8,265
$108,235
a
The
maximum
conversion
of all
for additional
company's business.
number
of shares
figures interpret the tax problem as it affects the direct interests of
stockholders and employees.
The figures also reflect the consequences
constantly mounting costs of Federal, State and local
governments,
concerning which it is our obligation to urge individual action.
our
$284,735
used
"With the exception of small claims for refund of taxes
paid for 1926 ana
the two preceding years, the Federal income tax
liability of the company
and its subsidiaries has been
adjusted and closed for all years prior to 1933,
that for 1930, 1931 and 1932
being settled during the year with the Bureau
of Internal Revenue.
working capital
'
In connection with the settlement referred to
in the preceding
paragraph,
engineers of the Bureau reduced rates of depreciation with
respect to
Authorized
ToBeOulstandinn
$750,000
$750,000
250,000 shs.
69,047 shs.
2,500,000 shs.
a641,550 shs.
of common
of the
43,362
stock
vessels and various items of
of
deliverable upon
provision for
records
dilution
names
Similar transfers of
subsidiary assets and operations to the parent com¬
in factory locations, have been made since the
by Calumet Baking Powder Co., Calumet Chemical Co.,
Diamond Crystal Salt Co.. Maxwell House
Products Co., Inc., Oakland
Realty Co., Postum Co., Inc., Richard Hellmann, Inc., and The Jell-0
Co., Inc.
It is contemplated that transfers to the
parent company of assets and
operations of certain other subsidiaries will be made
during the current year.
The consolidated income statement for the
year ended
Dec. 31 1935, together with the consolidated balance
sheet
as of Dec. 31
1935, will be found in the
-
and
addresses of the
underwriters, the prin¬
cipal amount of debentures which each of
them have
severally agreed to
purchase and the number of shares of
such common stock to be received
by each of them are as follows:
Debs, to Be
Shs. to Be
Name and Address—
Purchased
Received
Jackson & Curtis, Boston..
$375,000
5,000
First of Michigan
Corp., Detroit.
200,000
2,667
Charles A. Parcells &
Co., Detroit
150,000
2,000
Jackson & Curtis Securities
Corp., Boston......
25,000
333
Jackson & Curtis Securities
Corp. will purchase its proportion of the
debentures principally for the
purpose of investment rather than for
resale.
,
General Household Utilities Co
.—May Increase Stock—
The
Exchange.
stockholders
also
will
be
asked
to
authorize the corporation to
borrow $1,000,000 from the
Reconstruction Finance Corporation as
provided
in the amended plan of
reorganization.
Approval will be asked of a plan to fund that
portion of the manufac¬
turers excise taxes now
owing, in accordance with proposed
amendment,
and execution of a second
mortgage on real estate located at
Marion, Ind.,
to secure payment of the excise
taxes so funded.
'
The shares of preferred stock
authorized in the proposed amendment
to the charter will be convertible
into common stock at
any time within
four years from the date of consummation of
the amended reorganization
plan, the notice states.—V. 141, p. 4166.
General
advertising
Foods
Corp.—1935 Annual Report—C. M.
Chester, Chairman, and Clarence Francis, President, state
in part:
Results—Corporation and its subsidiaries earned $11,730,768, after all
charges
and expenses, and provisions for taxes, during the
year ended
Dec. 31 1935.
This equals $2.23 a share on 5,251,440 shares of
common
stock outstanding at that date.
The 1935 earnings compared with
$11,143,875 for the year 1934, or $2.12 a share on the 5,251,440 shares out¬
standing Dec. 31 1934.
pages
of
to-day's issue.
Consolidated Income Statement for Calendar Years
,
The stockholders will be asked
to approve an amendment
to the cor¬
poration's certificate of incorporation
whereby the authorized capital stock
will be increased from
300,000 shares of common stock to
700,000 shares of
which 200,000 will be $10
par preferred stock,
according to a notice on file
with the Chicago Stock
adjusted rates afforded adequate
exhaustion, wear and tear of such assets reflected by
for 1935 and prior years.
In view of this, the
company
pany, without changes
close of the year
The option
Underwriting—The
the
of the
Analytical
Simplification of Corporate Structure—With a view to consolidation of
manufacturing operations and simplification of our corporate structure, the
operation formerly conducted by La France
Manufacturing Co. at Phila¬
delphia was removed during the year to Hoboken, N. J., and the assets trans¬
ferred to the parent company.
will be issued in connection with
this financing.
Stock Option—-On June 23 1934 the
company employed Owen L. Coon
and, as part consideration therefor,
granted him an option to purchase
for cash at book value
75,000 shares (par $1) common stock class A
(now
present common stock).
The option can only be
exercised, in instal¬
ments of not more than
25,000 shares in each year, within 10
days after a
nationally known certified public accountant or firm of
public accountants
has certified to the
company the book value as of June 30 in
1935, 1936 and
hereby.
basis consistent
adjusted rates so established have been used in
determining depreciation
for 1935, amounting to a total of
$1,729,450, as compared with an amount
$2,006,570 which would have been provided at rates used for
previous
years without such adjustment.
In
1937, respectively.
a
of
part consideration of the purchase of the
debentures the underwriters
are to receive, in
proportion to their respective
participations in the under¬
writing, an aggregate of 10,000 shares of common
stock, and this number
of shares
lapses on any shares not so purchased and
is not assignable.
The optionee has exercised his
right to purchase the
first instalment of 25,000
shares.
Litigation—The officers of the
company do not know of any pending
litigation that may materially affect the value of
the securities offered
fishing
machinery and equipment to
with that followed in similar settlements with
other taxpayers.
review disclosed that depreciation at the
debentures, without giving effect to the possible
adjustment provisions, will be 187,500 and this
number of shares has been
by proper resolution of the
company's board
of directors reserved for issuance
upon the exercise of the conversion
privilege of the debenture holders.
operation
stimulus of the
which
reflects continuance of the increasing trend of similar
burdens for previous
years amounting to 55.6c. a share for 1934, 44.3c. a share for
1933, and
43.5c. a share for 1932.
This shows an increase of 29% in taxes a share
since 1932.
$328,097
Capitalization—
-----?
10-year 5% convertible debentures, 1946
6% preferred stock (par $10)
Common stock (par$l)
be
These
$45,877
Purpose—Net proceeds
said fund shall
of
$47,539
1,662
Net income
an
through increased
earnings for the stockholders.
Tax Situation—As a result of the recent
Supreme Court decision invalidat¬
ing taxes under the Agricultural Adjustment Act, we paid no
processing
taxes (except minor items) for the months
subsequent to April 1935.
In
view of the prevailing uncertainty with respect to Federal
taxation of this
type, it has been deemed advisable to provide a tax
contingency reserve of
$700,000, which is reflected by the financial statements.
Federal, State, local and foreign taxas (exclusive of processing taxes)
paid or accrued for the year 1935 amounted to 56.3c. a share, a burden
—Year Ended Dec. 31— 11
Mos.End
1933
1934
Nov. 30 '35
otal operating revenues
Resolved that
for the stockholders.
In the judgment of the board of
directors, the added
chance to share in this fund will more than
justify its cost
Earnings for Stated Periods
Total operating expenses
1935 were $42,209,501, compared with
$38,590,613 for the preceding year.
Current liabilities were
$6,789,891,
compared with $5,681,373 at the end of 1934.
The ratio of current assets
to current liabilities was 6.2 to 1,
compared with 6.8 to 1 for 1934; 6.8 to 1
for 1933; 6.2 to 1 for 1932; 6.7 to 1 for
1931; 5.3 to 1 for 1930, and 3.7 to 1
distributed to managerial em¬
ployees (in addition to their regular salaries) in such amounts as shall be
determined, and to such of said employees as shall be selected, in accordance
with such regulations as may be established by the board of
directors, by a
committee of directors who are not eligible to share in said
fund.
Said
committee in making allotments shall take into consideration
the relative
contribution of the officer or employee to the profits of the
company, his
value to the business, his loyalty, general
conduct, salary and his purpose
to continue with the corporation.
Further Resolved that said plan shall not become effective unless
and until
the same shall have been approved by the stockholders of the
corporation
at its annual meeting, April 8 1936, or at
any adjournment thereof.
Further Resolved that the board of directors
hereby recommends to the
stockholders adoption of said profit incentive
plan for the year 1936.
For many months a committee of directors who are
not eligible to share
in the plan studied this subject and reached the conclusion
that it is in the
best interests of the corporation and of its stockholders to
provide for those
executive employees charged with the major responsibilities of
management
some reasonable amount of
participation in net earnings above the dividend
returns to stockholders.
For many years, continuing
through the year
1931, the company had in one form or another a similar plan for extra
compensation of major executives, based on profits earned in the business.
During the years 1932, 1933, 1934 and 1935, no such plan operated.
The
experience of the company with various forms of incentive
plans in the
operation of the business has been generally satisfactory and
productive of
increased efficiency and greater
profit, in the opinion of those intimately
acquainted with these plans.
It should perhaps be pointed out that for
each dollar which goes into the fund for distribution
among the executives
nine dollars, over and above dividends at
$1.80 a share, must be earned
commenced
May 26 1927.
1936
of
after deduction of all expenses and reserve for Federal
income taxes in
ducted a business of similar character to that
conducted by the
company.
of Nov. 30 1935 the
company acquired by purchase
substantially all
of the assets and assumed all of the
liabilities of that corporation in
con¬
sideration of 11,000 shares of
preferred and 390,000 shares of common
stock and the latter thereafter became
a
wholly owned subsidiary upon
the re-transfer to it of furniture
and fixtures valued at $9,160 in
exchange
for 1,832 shares of its common
stock.
Motor Acceptance Co. of Illinois
was organized on March
16 1935, and commenced business on
March 27
1935, when it acquired by purchase all of the assets
of Motor
Co., an Illinois corporation,
business of the same charcter
close
amount approved by counsel and by certified
public accountants for the
corporation, which fund shall be known as the "profit incentive
plan fund";
the amount of said fund shall be an amount
equal to 10% of that portion
of the net profits for said year applicable to dividends over
and above the
sum of $1.80 a share of stock
outstanding at the end of the year.
As
since been dissolved.
the
share).
During 1935 the physical volume of General Foods' packaged
products
approximated that of its record year of 1934.
Profit Incentive Plan—The stockholders will be asked to vote their
ap¬
proval or disapproval of a profit incentive plan for
1936, which has been
approved and recommended by the board of directors.
The resolution of
the board on the subject is as follows:
Resolved that a fund be, and the same
hereby is, created and established
out of the consolidated net profits of the
corporation for the year 1936,
•
which
at
Quarterly earnings during 1935 were: First quarter,
$3,361,339 (64c.
share); second quarter, $2,501,383 (47c. a share); third
quarter, $2,907,715
(56c. a share), and fourth quarter, $2,960,331 (56c. a
The company has established lines of
credit, at banks
in the eastern and middle western
parts of the United
corporation,
assets
21
a
Its assets, except for office furniture and
equipment, consist
of cash and current receivables.
more
March
for 1929.
selling for
less.
or
Chronicle
May
on
.
:
1935
Gross profits from
oper_$40,658,501
x Cost and
expenses
26,965,180
Balance...
Other income.
.....$13,693,321
753,877
Total income
See y
Income taxes..
Prov. for tax conting
2,016,430
700,000
1933
1932
$46,185,334 $45,384,367
32,167,071
32,374,087
$12,542,276 $14,018,262 $13,010,280
566,967
777,498
924,660
$14,447,198 $13,109,243
Depreciation
Net profit....
1934
$37,874,227
25,331,950
See
y
1,965,367
$14,795,760 $13,934,940
2,045,152
2,040,678
1,717,661
1,550,380
..$11,730,768 $11,143,876 $11,032,948 $10,343,882
14,430,964
12,375,743
9,832,589
13,111,943
Previous surplus
res. of unrealiz'd
Adj. for
loss on for'n exchange
in Canada & EnglandAdj. of res. for unrealiz'd
deprec. in mkt. val. of
marketable securities.
Adj. of min. int. in sub¬
333,714
387,340
363,960
sidiary company
Excess of cost
over
82,631
546,531
Total surplus.
$26,549,072
Res. for flue, of value of
marketable securities.
204,339
1,323,532
$23,883,579 $21,828,413 $24,983,696
135,912
tang.
; assets of cos.
acquired
Common dividend (cash)
9,452,592
9,452,615
9,452,669
1,847,408
13 .167,787
Surplus at Dec. 31-..$17,096,480 $14,430,964 $12,375,743
$9,832,589
Shs. of com. out. (no
par)
5,251,440
5,251,440
5,251,468
5,251,501
Earns, per sh. on com.__
$2.23
$2.12
$2.10
$1.97
x Includes
selling, distributing, administrative and general expenses
and other charges (incl.
proportionate share in results of operations of
controlled companies),
y Depreciation provided during year aggregated
Financial
Volume 142
$1,729,450 in 1935 ($2,123,990 in 1934). of which $346,251 ($567,792 in
1934) has been included in selling, administrative and general expenses.
Consolidated Balance Sheet Dec. 31
1935
$
20,783,607 19,047,173
bAccts.& notesrec 6,038,533
5,640,718
Marketable securs. 5,979,310
4,517,064
Accounts
9,408,052
9,385,659 Foreign drafts dis¬
4,845,055
count, &c
1
84,362
2,425,568
for
in¬
come taxes
,1
760,837
101,081
2,416,182
Res. tax conting..
700,000
Deferred credits..
10,743
Minority
int.
in
Provision
Property accts--19,341,435 19,251,633
Trade marks, pat¬
ents & good-will
2,132,971
962,861
75,610
1,941,339
Accrued liabilities. 1,312,680
Accepts. payable„dl,018,610
a
720,769
Deferred charges to
operations
$
$
payable
(current)
Cash on hand and
Invest. &advs.,&c 5,556,686
1934
1935
Liabilities—
Inventories
in banks
(Company & Subs.)
1934
$
Assets—
sub.
24*388
1
1
co___
Capital stock.-.43,271,345 43,271,345
c
Surplus and undi¬
vided
profits...17,096,480 14,430,964
Total
67,868,460 63,408,0721
Total
shares, no par value (incl. 89,000 shares held by subsidiary under contract
to be exchanged for its class A stock) stated value $73,733,706, less in¬
tangibles deducted, $25,330,907; common stock reacquired and in treasury
(108.311 shares) at cost $5,131,454.
d Includes drafts payable.—V. 141,
p.
3861, 2736.
General
General
Machinery Corp.-
•To
Consolidate
with
Niles-
-
^See Niles-Bement-Pond*Co.rbelow.—Y/139,
General Motors
_
_
111
ire—^
1868."
p.
_
_____
Corp.—Stockholders Number 353,186—•
The total number of General Motors common and preferred stockholders
*or the first quarter of 1936 was 353,186 compared with 337,218 for the
fourth quarter of 1935 and with 350,663 for the first quarter of 1935.
There were 333,333 holders of common stock and the balance of 19,853
represents holders of preferred stock.
These figures compare with '317,500
stockholders and 19,718 preferred for the fourth quarter of 1935.
P.
Sloan,
that
A.
\
Jr.,
C.
President
Anderson
has
of
the
company,
announced
of
Gibson
Art
—Jan. 1 to March!
Mar.—
1935
1936
1935
$24,400
$165,809
$185,105
$21,400
'
Co.—Extra Dividend—
The directors have declared
an extra dividend of 10 cents per share in
of 40 cents per share on the com¬
value, both payable April 1 to holders of record March 20.
An extra dividend of 5 cents was paid on July 2 1934.
For detailed dividend
record see V. 141, p. 4015.
cars
(A. C.) Gilbert Co .—Accumulated Dividend—
The directors have declared
a dividend of 87 K cents per share on account
on the $3.50 cumulative preference stock, no par value,
payable April 1 to holders of record March 25.
A dividend of $1.75 was
of accumulations
Said on and Feb.last. Dividends July 2, April 2 and paid on 11934, prior to
pril 1 Feb. 25 15 1935, Oct. 1, of 87 H cents were March Oct. 1, July 1,
This last period figure
lO.days of January.
Up—•
Domestic retail deliveries of Buick motor cars during the first two months
of 1936 totaled 13,647 units, the best for this period since 1929 and nearly
double the sales of the corresponding period last year, W. F. Hufetader,
Buick General Sales Manager, stated.
Sales during January totaled 7,066 units against 3,870 in the like month
of 1935 while the February volume was 6,581 cars against 3,747 in February
year ago.
The total for the two months this year compares with 7,617
in the first two months of 1935, a gain of 79.1%.
A marked upturn in sales was noted during the last nine days of February
a
,
when almost
as many new Buicks were delivered to owners as during the
days of the month, Mr. Hufstader said.
Used car stocks were
improved with sales in February substantially exceeding those of the
preceding month.—V. 142, p. 1816.
first 20
General Outdoor Advertising Co.—New Directors—
Loveridge and King C. Thorn, employees of the company, have been
elected directors to fill vacancies.—V. 142, p. 1468.
______
Utilities, Inc. (& Subs.)—Earnings—
1935—Month—1934
""
_
Period End. Dec. 31—
Gross oper. revenues—
no
distributions
Gimbel
a
in February totaled 8,515 of which 3,809
delivered in the last nine days of the month.
General Public
no par
made
were
since
Jan.
2
1933, when the regular
Richard
Brothers, Inc.—Group Organizes—
Gimbel
16 sent a letter to preferred stockholders
preferred stockholders' protective committee.
and Henry E.
Gerstley. They have retained Cravath, de Gersdorff, Swaine & Wood as
counsel.
Mr. Gimbel also mailed proxies to be signed by stockholders
wishing the committee to represent them at the annual meeting in New
York on April 21.
"The present board of directors at the special meeting held on March 6
again blocked my efforts to secure immediate payment of dividends," Mr.
Gimbel wrote.—V. 142, p. 1468.
March
on
announcing the formation of
a
Mr. Gimbel will serve as Chairman, with Earl M. Young
Retail deliveries of Pontiac
Buick Deliveries
stock,
quarterly payment was made.—V. 142, p. 1121.
exceeds tho corresponding 10-day period of a year ago as well as the last
B. T.
Week
1936
Gross earnings
—V. 142, p. 1817.
on
Pontiac Retail Sales—
were
—First
Period—
been appointed Comptroller.
Mr.
Anderson
succeeds
E.
W.
Proctor, who has been granted
leave of absence in consideration of long and faithful service.
'
A similar payment was made on Dec.
quarterly payment of $1.50 had been made.
Accruals after the current
payment will amount to $7.50 per share.—V. 142, p. 1121.
wnich
Comptroller—
17
31,
Sept. 30, June 29 and March 31 last, as against $3 pershare paid on Dec. 31
1934 and $1.50 per share in each of the four preceding quarters, prior to
which no dividends had been paid since March 31 1932, when a regular
mon
'
^
„
Alfred
of
stock, par $100, payable March 31
dividend of $1.50 per share on account
addition to the regular quarterly dividend
^
March
a
the 6% cumul. pref.
a
Bement-Pond—
New
on
to holders of record March 20.
Georgia & Florida RR.—-Earnings—
quarterly dividend of 10 cents per share
on the common stock payable April 1 to holders of record March 20.
A
similar payment was made on Jan. 2, last, this latter being the first dis¬
tribution made on the common stock since Jan. 2 1932 when a regular
quarterly dividend of 25 cents per share was paid.—V. 142, p. 784.
common
General Tire & Rubber Co.—Accumulated Dividends—
The directors have declared
accumulations
Fireproofing Co.—10-Cent Dividend—
The directors have declared
S
participate through the reorganized company in the benefits of the collateral
it, in addition to their participation in the assets of
the company to be acquired by the reorganized company.
Debenture
holders and holders of allowed claims who do not deposit under the plan
will be entitled to receive in the receivership proceedings only their dis¬
tributive share of the proceeds realized upon the sale of the assets of the
company which do not include the collateral or the options.
He also
stated that since, in the opinion of the committee, the present value of the
collateral to be turned over to the reorganized company and of the options
on the Twentieth Century-Fox Film Corp. stock aggregates several million
dollars, the committee is convinced that holders of undeposited debentures
and claims will receive much less than those who deposit under the plan
and that holders of voting trust certificates who do not deposit under the
plan\will receive nothing from a sale of the assets of the company.
Mr. Loasby again emphasized that only those holders of debentures and
claims and voting trust certificates for stock of the company who actually
deposit the same with the depositary. City Bank Farmers Trust Co., 22
William St., New York, or with one or the sub-depositaries, will be entitled
to participate in the benefits of the plan.
The committee has not extended
the time for the making of deposits to any fixed date, but is continuing to
accept deposits for the time being.—V. 140, p. 460.
to be turned over to
...67,868,460 63,408,072
a After depreciation reserve of $19,676,469
in 1935 and $18,441,760 in
1934.
b After reserves for doubtful accounts and notes of $249,330 in
1935 and $256,406 in 1934.
c Capital stock represented
by 5,359,751
1985
Chronicle
$380,116
1935—12 Mos—1934
$4,570,792
$4,450,618
2,905,156
2,822,630
$363,857
237,654
Operating expenses
_
234,833
Net oper. income
Non-operating income.
$145,282
2,623
$126,203
_
$147,906
$126,553
(Adolf)
The
New
Gobel,
York
Inc.—Listing—
Stock Exchange has
authorized the listing of 665,000
shares of common stock
to
(par $1) upon official notice of issuance, pursuant
the plan of reorganization as follows:
'
,
430,989H shares to be issued to holders of the now outstanding common
stock (par $5), share for share, in exchange for the 430,989^
shares of such $5 par value common stock now outstanding/.
150,000
shares or such part thereof as may be required, to be issued
from time to time to holders of such 4^% convertible deben¬
tures, due May 1 1941 to be presently issued, upon conversion
of such
debentures into
common
stock
on
the terms set forth
in the plan.
84,010><j shares or such part thereof as may be required, to be issued
from time to time to holders of such of the authorized 4^%
Convertible debentures due May 1 1941 as' are not, by the
terms of the plan authorized for immediate issuance upon con¬
summation of the plan, but which debentures may be issued,
from time to time in the future in settlement of the claims of
creditors or be sold for cash, upon conversion of such debentures
into common stock on the terms set forth in the plan; or to be
issued from time to time on such terms and conditions and to
Exps.
$1,665,635
30,628
$1,627,988
18,251
$1,696,264
349
$1,646,239
9,361
34,570
L
1,694
44,200
55,470
430,657
35,660
439,005
72,849
G.
$2,191,029
1,911,878
Net sales....
177,057
Selling, shipping, administrative and general expenses
72,966
873,282
875,602
$102,095
Balance
999
Other income
Inc
on
be prescribed by the directors.
Period Beginning Nov. 3 1935 and Ending Jan. 251936
Cost of sales
taxes of Gen.
Util., Inc. (excl.
.oper.
divisions)
Chgs. of sub. cos
....
Fixed chgs. of G. P. U.,
&
Pub.
1
Divs.
such extent as may
Statement of Income for
Total.
P. U.,Inc.,
3,242
3,242
38,910
38,910
$27,883
$4,449
$297,943
$257,062
$5 pref. stock
$103,095
3,423
—
------
Deductions from income
W.-
Bal.
for
avail,
Net
com.
F ►*.
stock & surplus
—V. 141, p. 4166.
.
1
Depreciation
u,
^
TReaf
General
profit for period
on mortgages and funded debt
Inc.-
■Plan
Declared
following statement
committee
on
$64,367
— --
Pro Forma Consolidated Balance Sheet as at Jan. 25 1936
was
released for publication by the reorganization
[After giving effect to the plan of reorganization and adjustments!
March 19:
plan of reorganization was declared operative March 18 at a meeting
of the reorganization committee held at the office of Arthur W. Loasby
Chairman of the committee.
On Nov. 20 1935 the plan was approved
and placed under the continuing supervision and jurisdiction of the Chancery
Court of Delaware, which has had charge of the company and its assets
since the appointment of Hon. Daniel O. Hastings as receiver in February
1932.
Accordingly, the action taken by the committee is subject to
approval by that Court.
The committee also directed its counsel to
petition that Court for an order approving the committee's action and
directing the sale of all the company's assets.
Counsel for the committee
stated that it was expected that such petition would be filed promptly
and all other necessary steps taken to consummate the plan of reorganiza¬
tion at an early date.
»»>Mr. Loasby stated that the committee is gratified With the general
approval and support which the plan has received and that he regarded
the committee's action as a very substantial step toward bringing about
prompt consummation of the plan and a constructive solution of the
problems presented by the long-continued receivership of the company.
► < The total of debentures and claims deposited with the committee, and
claims of the Chase National Bank, is approximately 88% of all
allowed claims against the company to be adjusted under the plan.
Al¬
though this total is less than that stated in the plan as a condition of the
bank's agreement to participate therein, the bank waived that condition,
of the
concurred in the committee's action and confirmed its agreement to par¬
$550,769 Accounts payable—trade
$67,771
Others.43,424
313,102
Inventories—
30,000
379,826 1st mtge.—Lehmann plant—
Miscell. non-current receiv'les
17,474 43^% conv. debs., 1941
1,125.000
Investments
869,273 6K % 1st mtge. bonds of Geo.
Kern, Inc
247,400
Property, plants and equip't-. 2,228,726
Deferred charges
50,000
76,457 Reserves—income taxes
Claims and contingencies
76,277
Common stock—auth. ($1 Oar)
430,989
Earned surplus
496,591
Net profit (as above)—
64,367
Capital surplus
1,803,807
Cash in bank and on hand...-
Accounts and notes receivable.
an agreement to lend the new reorganized company $2,000,000 for
the purposes of the reorganization, and to turn over to it all collateral
held by the bank for obligations of the company and to grant options on
exceeding 158,313 shares of preferred stock and 79,157 shares of common
stock of Twentieth Century-Fox Film Corp.
.Mr. Loasby pointed out that such options are to be distributed directly
to'debenture holders and other creditors depositing under the plan and
that such debenture holders and creditors, as well as holders of voting trust
not
.
certificates for stocklof the company
whojdeposit under the plan, will also
—
.
-
Total...
—
$4,435,627
-
$4,435,627
Total
Correction—
The item referring to a transfer agent, published in our issue of March 7,
1642, under this company's heading should have appeared under the
heading Goebel Brewing Co.
page
admitted to the
$1,125,000 outstanding principal amount 43^% convertible debentures,
Admitted to List—The New York Curb Exchange has
list
series A, due May 1 1941 (interest dates,
Goebel
ticipate in the plan on the other terms and conditions stated therein.
The bank's agreement to participate in the plan includes, among other
things,
Liabilities—
Assets—
The
— —
Net profit for period
Operative—J
The
$99,671
4,442
1,490
29,370
-
Interest
Amortization bond discount and expense
j
M.-N.).—V. 142, p. 1817.
Brewing Co.—Transfer Agent—
The company has notified the New York Stock Exchange
that its stock
transfer office is located at No. 1 Buhl Building, 535/Griswqld St.,
and that stock certificates should be forwarded to that office for
rather
P.
than
to
the
general
Detroit,
transfer
office of the company in Detroit.—V.
1291.
„
(B.) Greening Wire Co., Ltd.—$3.50 Pref. Dividend
142,
*"• 1
•
a dividend of $3.50 per share on account
cumulative red. preferred stock, par $100,
The directors have declared
of accumulations
on
the
7%
payable April 1 to holders of .record March 14.
The dividends is payable in
1986
Financial
Chronicle
Canadian funds and in the case of non-residents
subject to a 5% tax.
Dividends 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. 1 1932 when a regular
quarterly distribution of like
1935
plants
p.
49,765,611
-
to other cos..
4,135,598
banks
682.
Inventory
Purch.
38,325,208
..
fund
Liabilities—
34,502,139
Prov.
In
The net profits for the
year 1935 continue to reflect the improvement'
in the company's business in each of the
last four years.
After
provision for depreciation, interest and Federal income tax—and
after
deducting profits of subsidiary companies applicable to that
part of their
capital stock not owned by this company—total net
15-yr. 6%
conv.gold debs
Gold
600,000
20,033,693
15,738,077
1,189,255
Cash.....—v..
8,711,406
6,550,478
1,260,212
1,151,924
856,031
457,000
6,284,246
57,536
2,778,000
332,600
2,150
_
_
Min. int. in subs
19,832
Sundry
accr.
Pension
Prepaid
accts.,
&o..—.........
17,891,500
19,798,800
Rubber
subsidiaries
accts. receiv..
Govt. securities-
29,430,800
1,436,906
Bond, lndebt. of
Other notes and
liab
469,141
601,867
1,178,593
600,000
1,193,979
600,000
reserve,
Difference In val.
of com. stockin treasury
Res.
for
504,785
unreal,
foreign exch'ge
profits
Res. for conting.
394,817
-
Res. for
552,630
700,000
miscell.^
834,482
items
development of rubber manufacturing
technique.
U.
812,772
6,112,689
47,642
_
Co., Inc
accts. receiv—
39,316,910
of
notes
Hood
$
—
Fed'l
Mtges. payable-
of
441,780
2,544,268 def2,122,364
Surplus
serious burden on the operations of this
company.
As an
indication of the rapid increase in
taxes which has taken place during the
last few years, it
might be mentioned that the total taxes paid
by this
company during each of the past four years have
amounted to $1,870,000
in 1932; $5,928,000 in
1933; $6,970,000 in 1934, and $7,230,000 in 1935.
Another evidence of the tax burden to
which this company is subject
is the fact that
during the year 1935 taxes of all kinds amounted to
approxi¬
mately 6% of net sales.
This tax bill was equivalent to about
$5 per share
°n all of the
outstanding preferred and common shares of the
company.
Beginning with the year 1936, tax charges will be still further
greatly
increased by the Federal Social
Security Act.
A recent
a
decision
S.
of
Total...
124,020,983 117,600,131
Total
124,020,983 117.600,131
a Real estate, buildings,
machinery and sundry equipment, after deduct¬
ing reserve of $43,133,488 for depreciation and obsolescence in 1935 and
$37,565,111 in 1934.
b 1,156,10f no. par shares.—V. 142, p. 1642.
Grand Union Co.
Years Ended—
(& Subs.)—Earnings—
Dec.
28
'35 Dec.
29
'34 Dec.
31
Sales
*33 Dec. 31
'3
$28,029,152 $28,561,558 $28,293,445 $30,365,932
20,937,315
21,134,704
21,007,842
22,263,940
Depreciation
306,842
304.976
275,452
333,166
Store
exp.
salaries
of
clerks, manager and
Cost of sales
the
Supreme Court has given relief from
processing taxes.
In the case
company, these were paid principally on cotton, and a
portion
tubes was allowed to be credited
against them.
However, with the elimination of the
processing tax, the full excise tax
again becomes effective.
of
for
Accts. payable.
Trade notes and
profits for the year
amounted to $3,429,781, as compared with
$2,534,679 in 1934.
The results would be more
satisfactory but for the chaotic marketing
conditions which existed
during a part of the year.
Profits in the industry
were seriously affected
by an unusual amount of price cutting.
The man¬
agement of this company has made every effort to
prevent such price wars.
It is to be hoped that
prices, as well as the competitive situations, will be
more rational
during 1936.
The physical condition of the various
plants of the company has been
fully maintained during the year.
Careful studies are always being
made,
however, of possible improvements in both plants and
equipment which
might add to the efficiency of operations.
This is felt to be vitally
import¬
ant because of the
rapid strides which are constantly being made in the
1934
$
income tax
hands of agent
for retirement
shown
are
1936
1935
i
39,316,910
42,904,945 Preferred stock. 29,430,800
Bills pay. to bk.
2,664,573
15,632,719 25-yr 1st M 6^s 17,156,500
15-yr. 6% conv.
gold debs
243,986
19,798,800
Depos. in closed
(B. F.) Goodrich Co.—Annual Report—J. D.
Tew, Presi¬
dent and David M. Goodrich,
Chairman, state in part:
Taxes
21
b Common stock
Inv. In and adv.
Great Western Power Co. of Calif.—To Dissolve—
Co., below.—V. 138,
$
Real estate and
a
Accruals after the payment of the April 1 dividend will
amount to $10.50
per share—V. 142, p. 624.
See Pacific Gas & Electric
1934
$
Assets—
amount
made.
was
March
Consolidated Balance Sheet Dec. 31
this
of the excise tax on tires
and
superintendent
and
other expenses
General
5,974,951
July 16 1935 to authorize
mortgage of $45,000,000, against which it was
proposed to issue at that
tune $28,000,000 of
41st mortgage bonds to be used in
a
615,107
768,916
$176,851
7,579
Misc. income, int., &c._
Purchases and expenses
x
6,052,309
757,846
$291,870
$342,736
2,081
$699,042
16,703
6,300,869
expenses,
Profit
refunding
$17,800,000 of outstanding 6H % first
mortgage bonds; to retire approxi¬
mately $3,100,000 funded debt of the Hood
Rubber Co., Inc., bearing
interest at from 5H% to
7%; and to fund current borrowings and provide
additional working capital.
Although over 75% of the preferred and common stocks
voted to approve
8
.an attack was made upon some of the stockholders' proxies.
An action is now
pending in the New York courts to pass upon the
validity
of such
6.072,161
633,192
incl.
Federal tax...--....
A special stockholders'
meeting was called for
applicable to oper. of
prior period
New develop, expense-
22,376
•;
Dr29,625
Drll3,558
——
*
Total income
proxies, but it is not possible to foresee
definitely when a decision
may be expected.
This is to be
regretted, as the past year has offered
substantial increase in the net sales of this
company
compared with those for 1934.
per
Development
x
Consolidated Income Account
for Calendar Years
1935
1934
1933
1932
-a$U8,669,014 $103,871718 $79,293,495 $74,501,804
Mfg., &c., expenses____108,795,140
95,921,302
72,439,053
72,609,326
XT
,
,
Net sales
_
$7,950,416
$6,854,442
$1,892,478
47,228
590,780
2,374,937
592,912
743,862
2,500,957
847,494
and face value of cost.
bonds and debs.
acq.
during year
Miscellaneous income
Prof,
on
Profit
on
exch. fluctua'ns
securities sold-
454,153
108,715
664,127
Accts. receivable-.
Liabilities—
$184,707
* Preferred
1,620,979
539,822
616,674
z
and
Difference between
and face value of
bonds acquired
$11,100,869
4,243,144
2,758,827
cost
59,542,075 $10,566,154
3,945,803
4,378,572
2,501,773
2,612,851
-
$5,240,929
4,799,444
3,065,006
to
~
the year
Loss in exchange.
Write-down from cost to
market prices of raw
64,020
45,319
45,467
28,157
Employees' depos.
Mtges. payable-...
3,076,987
Res. for unredeem.
prem. tickets...
customers
336,150
60,794
Prepaid expenses.
Employees' accts.
332,245
77,830
Res.
U. S. Treas. notes.
Investments
Good-will
1
of
materials
on
&
Minority interest.
Cap. & earn. surp.
_
Write-down of invest, in
457,000
$2,586,161
Total
S6,405,486 $6,586,202
Greif Bros.
Cooperage Corp. (& Subs.)—Earnings-
3 Mos. End. Jan. 31
1936
1935
1934
$262,652
43,351
on
in
gold notes.
book
_
48.935
$293,982
52,539
$123,197
45.058
113,739
4,958
117,243
10,445
71,517
14,564
"2",320
expense
Interest
$199,528
118,707
4,560
Depreciation
Selling, gen. & adminis.
""334
24,998
13,369
19,139
$93,714
1,096
$31,562
1,736
$75,388
2,242
def$27,081
4,433
values
Previous deficit
Excess of net worth
Balance
Interest earned
Elimination of
•
reserve on
25,196
xT,959
Net profit before Fed.
taxes..
Prov. for est'd Fed. taxes
$94,810
16,000
Net profit
,046,731
c$4,610,435
$58,493
6,000
$79,590
12,000
def$22,648
$52,493
701,678
$67,590
477,791
def$22,64S
353,746
$754,171'
$78,811
Balance, Oct. 31
51,481
81,096
995,107
$1,073,918
on
$545,381'
class
A common stock
Cr.39,834
Baiance, Jan
2,011,539
Discount
x
16,000
16,000
31
$1,057,918
gold notes purchased.
on
$738,170
$529,381
$331,098
16,000
$331,098
Consolidated Balance Sheet Jan. 31
,
$3,429,781
2,122,364
of
Hood Rubber Co.,Inc.
& subs, as of June 30
1935 over book value
of Goodrich investm't
in that company
Net adjust, of deprec. for
prior years
to
cover
693,121
Assets—
4,657,044
$2,272,514 df$6,582,140
6,929,558
663,337
recov.
secur.
1935
$304,433
153,693
Liabilities—
$404,901
142,633
Customers' notes &
accts. receivable
552,254
444.562
1,924,054
misc.
676,859
notes
accts.
receivable
receiv.,
filiated
a
adjust,
relat. to operat. of
b
315,919
Permanent
Good-will.
Deferred charges..
reserve-
51,475
47,732
$95,761
696,030
dl30,211
100,000
64,111
138,000
205,840
20,011
34,048
67,429
c
230,365
Cap. stk. of subs.
23,202
17,798
105,429
204,832
405,037
920,539
held by others
Common capital
11,275
10,691
2,491,113
Profit and loss
1,057,919
Unearned surplus.
178,917
2,401,113
738,170
178,917
_.
af-
cos
Timber property
1935
$133,439
445,000
in¬
terest, &c
155,665
424,689
1,003,371
surr. value of
life insurance-._
& net
Accrued taxes,
Insurance
Cash
Accts.
&c—
Notes payable
expenses,
Contingency res've
and
Misc. securities—.
Invest, in affil. cos.
504,785
1936
Accts. pay. for pur.
1,872,073
Officers, employ. &
difference
current year
Marketable
Inventory
55,207
prev .written down val.
of treas. com. stock--
1936
Cash.
$2,534,679
between actual cost &
not
Sundary deduct'ns (net)
closed
Surplus
Tax
1933
Manuf'g profit after de¬
ducting matls. used,
labor, mfg. expense &
Total surplus
Dividends paid
54,072
banks, &c.,
special losses (net)
Res.
6,348
996.439
x Represented
by 159,550 no par shares,
y After depreciation of $1.266,881 in 1935 and $1,065,989 in 1934.
x Represented by shares of $1
par.—V. 142, p. 785.
528,000
!
Hood Rubber Co.,Inc.
Prov. for loss on deposits
in
42,565
6,019
1,125,807
600,000
Net profit—
$3,483,853
Prof, applic. to sub. cos.
cap. stk. not owned by
B. F. Goodrich Co
10,876
942,312
1
$6,586,2021
$6,405,486
15,045
hand
Prov. for Federal taxes.
13.000
closed
stores & wareli'es
42,611
17,707
16,727
for rentals
exps.
6,084
marketable securities.
b861,107
91,321
65,786
12,000
26,673
Sundry income (net)
51,338
286,367
1,051,926
57,380 /
advanced
Total-.--
Dec. 29 '34
81,447
908,7291
2,862,356
agts.& employees
cos.
during
$0.43
Accrued expenses.
Inventories
Prems.
286,867
Accts. payable
from
rec.
Dec. L8 '35
of land
Total net income
Depreciation
Interest on bonds, notes,
bids payable, &c
—
stock..$3,988,750 $3,988,750
Common stock
Bankers' accept-..
659,073
Oper. advances to
Reduct.
953,652
Nil
previously added to good-will.
Dec. 28 '35 Dec. 29'34
$179,039
y Mach.,equip.,&c 1,438,079
Cash.
868,992
_
Operating profit
$9,873,874
Difference between cost
$133,834 sur$120,837
282,817
279,867
Nil
$602,187
481,350
Consolidated Balance Sheet
Assets—
_
Studies Plan to Clear Up Arrears
A committee of the board
has been making a careful
study of the whole
preferred stock situation with its arrears of
dividends.
There are still
many difficulties to be overcome in the
formulation of any final plan.
It
is hoped,
however, that—provided no further untoward conditions
arise —
it may be possible
during the next few months to submit to the stock¬
holders some recommendation in this
connection.
$194,028
286,367
expenses were
Real estate
a
as
stock—
share
common
$344,816
478,650
Nil
Balance, deficit
Shares
Earnings
$284,621
478,650
$54,876
286,867
Preferred dividends._.
attractive opportunities for the sale of
securities of this character which
could have resulted in substantial
benefits to the company.
For the purpose of
making more accurate comparisons between the results
of the annual
operations of the company in the
future, the policy of exclud¬
ing from reported net sales items for cash
discounts allowed, outbound
transportation, and excise taxes chargeable to
customers, was adopted at
the beginning of 1935.
It will be noted that net sales for
the year 1935,
figured on this basis, amounted to
$118,669,013.
Under the method of
reporting in use in prior years, net sales for the
year 1935 amounted to
$128,117,897, as compared with $103,871,717 in 1934.
This represents an
increase of 23.34%.
The Hood Rubber Co.,
Inc., became a subsidiary in June 1935.
All
of the footwear
activities of the company are now
carried on through Hood
Rubber Co., Inc., the sales of which
—from July 1 to Dec. 31 —are included
in the consolidated sales for
the year.
Disregarding such sales of the
Hood Rubber Co., Inc. for
the second six months of the
year, however,
there still remains
$184,430
239,306
1
1
62,173
r
stock
stock.
54,835
Deficit.
sur$2,544,268
$2,122,364
$4,657,044
$6,929,558
a
Discounts, transportation and excise tax deducted
(see text),
b In¬
cluding unrealized loss arising from conversion of net
current assets in
foreign countries at prevailing rates of change.
cLoss.
Total
a
$4,778,237 $4,618,633
Total
$4,778,237 $4,618,633
b After depreciation,
c Represented
stock (no par) and 54,000 shares of
d Accrued taxes only.—V. 142, p. 1818.
After allowance for
depletion,
by 64,000 shares class A
class B stock
(no par),
cum. common
Volume 142
Financial
Grand Valley Brewing
Co.—Earnings—
_
_
_
_
authorized, 23,021 shares outstanding,
b Represented by 32,560 shares of
75,000 shares of $7 cum. convertible preferred A stock, series 1
no par
authorized,
c Represented by shares of $5 par.
,
Earnings for the Year Ended Dec.'31 1935
Net income after all charges.
$71,883
...
Earnings per share on 175,000 common shares
—Y.
141, P. 3378.
$0.41
Consolidated Balance Sheet Dec. 31
[Including wholly-owned subsidiaries]
The
directors
28.
stock,
have
declared
no par
a
dividend
of
10
cents
Assets—
per
share on
the
Similar payments were made on Dec. 10, and July 15 1935. Dec. 28.
15 and June 15 1934, and on July 20 1933.
Dividends of 5 cents
share were paid on Dec. 23 1932 and on July 1 1932.—V. 141, p. 114.
Greyhound Corp.—Annual Report—
the two interests.
An additional block of preferred stock of
Western Greyhound Lines, Inc. was purchased in Jan.
1935.
It is hoped
that the latter company can be liquidated
during the current year.
Its
assets consist principally of stocks of affiliated bus
companies.
The purchases above described involved the
payment of $1,624,245 in
cash and the issuance of 38,420 shares of common stock of
Greyhound Corp.
As of Nov. 30 1933, directors set
up a reserve against investment s in
order to present a more accurate statement of
values under the conditions
that then existed.
The reserve was created out of transfers from
earned
between
surplus and capital surplus, and originally amounted to $6,935,646.
upon sale, liquidation and write-down or investments were
11,769
181,327
8,319
64,278
359,842
120,942
following net
Adv.
behalf
throughout New York Central territory.
now own
interests in
Greyhound companies:
Voting Stock Held By
Greyhound
Railroad—
Greyhound Company
Railroad
Corp.
Gt. Northern RR..Northland
Greyhound Lines
45%
N. Y. Central RR..Central
Greyhound Lines.
50
50
Pennsylvania RR..Pennsylvania Greyhound Lines
50
50
Rich.Fred.& P. RR.Richmond
49
Greyhound Lines
51
St.L.Southwest.Ry.Southwestern Greyhound Lines
16 2-3
*66 2-3
South'n Pacific Co./Southwestern
Greyhound Lines
16 2-3
/Pacific Greyhound Lines
39
61
as
many
'
*
Including stock held by Western Greyhound Lines, Inc.
Capitalization—At Dec. 31 1934 there were outstanding $2,517,000 of
collateral trust gold notes, due Jan. 1 1938.
These notes were re¬
deemed on July 1 1935 at 102
and int.
The retirement was financed in
part by a 3% secured bank loan in the amount of
$1,500,000 maturing
serially over three years, and the balance of the funds was
supplied from
the Corporation's
treasury.
During the year 9,539 shares of the company's preferred stock were
converted into 28,617 shares of common
stock, and 38,420 shares of common
stock were issued in
exchange for stocks of affiliated companies.
b/o
Special deposits.._
46,981
284,289
™
^
^
1935
Total income
Interest and amortization
Salaries
Prov. for management compensation.
Miscellaneous
expenses
Exps. incident to recapitalization
Charges to assoc'd. bus companies
Net income for year
Equity of Greyhound Corp. in undiv.
profits
from
oper.
of
affil.
Non-controlled companies
income
net
of
$1,659,960
$1,295,358
174,516
$3,614,139
130,850
77,887
112,000
150,588
$1,887,956
216,074
Crl6,800
Cr 51,913
$1,469,874
329,968
69,640
45,000
67,025
23,353
045,045
$3,159,613
$1,439,652
$979,932
124 727
103,269
88,880
120,000
75,264
10,190
1,226,007
287,845
829,345
885,210
303,713
312,658
Total
a
Income:
Dividends
Interest.
Total..
Interest and amortization
General expense..
$1 ,029,655
53,919
1,362,377
100,883
.
Condensed Balance Sheet Dec. 31
Notes
&
$3,210,362
$1,801,050
191,124
(Company only)
1935
Liabilities—
$
1934
$
3% sec. serial note
pay. to bank due
contracts
within 1 year
receivable
8,801
3,279
479,767
Contract receiv
30,219
105,023
ciated
asso¬
Accrued
taxes
6% coll. tr. sinking
fund gold notes.
20,540
20,342,583
17,473,496
Cr3,947,901
Res. for conting..
8,442
cos
Fixed assets
Organization
21,560
(non-current)
contract
recelv.
development
charges—Un¬
Preferred stock
amortized
Capital surplus
Del.
Common
note
56,771
expense
Total
22,315,157
14,313,1001
2,517,000
an
extra dividend of $2.50 per share in
dividend of $1.50 per share on the common
Non-residents of Canada are subject to a 5% tax.
was
elected
a
director on March 12.
He succeeds the
Preferred Stock—
The company has sent a notice to stockholders of a special meeting to be
asked to vote on new issue of
$3,621,800 preference stock ($100 par) convertible into common stock.
Authorization would empower the directors to refinance present preferred
stock should that later be decided upon.
Directors would fix the rights,
preferences and conversion privileges of new issue, the letter says.
To provide for conversion provision
of the new issue, stockholders
will also be asked to approve an increase of 100,000 shares to 600,000 shares
in the authorized common stock with a stated capital of $1,000,000.—
V. 142, p. 1643.
Hartford Gas Co.—Smaller Dividend—
a dividend of 50 cents per share on the com-,
$25, payable March 31 to holders of record March 18.
Dec. 31 1935; 50 cents on Sept. 30 1935;
and 50 cents per share paid previously
each three months.
In addition, extra dividends of 25 cents per share were
paid on June 30 and Dec. 30 1933 and 1932.:—V. 142, p. 1291.
The directors have declared
stock, par
mon
This compares with 75 cents paid on
75 cents per share on June 30 1935,
Haverhill Gas Light
Period End. Feb. 29—
Co.—Earnings—
1936—Month—1935
$52,184
$49,610
33,275
33,045
1,956
1,599
7,946
7,028
Operating revenues
Operation
Maintenance
Taxes
Net oper. revenues—
$7,936
$9,005
income—Net
Non-oper.
accruals
1930—12 Mos.—1935
$565,016
354,596
24,570
89,559
$571,677
364,323
22,644
82,939
$96,290
$101,770
124
18
$9,024
2,916
Balance
$7,936
2,916
49
$101,820
33,333
3,598
$64,888
305
638
$5,801
res.
$96,415
35,000
2,394
$4,381
$59,020
Interest charges
Net income
—V. 142, p. 1291.
Hazel-Atlas Glass Co. (&
Subs.)—Earnings—
Dec. 28 '35
Dec. 29 '34
Dec. 30 '33
Dec
manuf'g profit
$6,424,668
Depreciation and depl._
721,687
$5,360,519
736,516
$5,557,901
661,907
$4,789,598
644,631
$4,624,002
230,298
$4,895,994
259,678
$4,144,967
259,453
Total income
$5,885,214
$4,854,298
$5,155,672
$4,404,420
2,568,740
2,064,582
1,966,738
1,716,702
351,125
175,354
1,260
410,000
76,654
350,000
29.673
330,000
55,261
Years Ended—
Gross
.
stock
Earned surplus
Total
750,000
59,609
31 '32
Selling, general and ad¬
Contingent reserve
Interest
Federal taxes
Other
Net
470,000
99,577
charges
from sale of
profit
xCr546,476
$3,293,374
profit
2,172,045
$2,263,240
2,172,045
$2,701,020
2,136,645
$1,922,784
1,649,543
Surplus
$1,121,329
$91,195
$564,375
$273,241
Shs. of capital stk. out¬
434,409
434,409
434,474
standing (par $25)
434,409
$5.21
$6.22
$4.42
Earnings per share
$7.58
x The net profit from sale of securities is represented by net profit on
basis of actual cost, $289,623, andreserve for securities restored to income,
$256,853.
__
_
_
Comparative Consolidated Balance Sheet
Dec. 28 '35
Assets—
on
on
deposit
Dec. 28 •35 Dec.29 '34
Liabilities—
Accounts
1,665,061
*,500,000
Notes & accts.reo
1,955,869
d Inventory
4,810,622
Val. of life insur..
77,901
Long-tr. contracts,
&o
303,755
aProp., pi. <fc eqpt. 9,013,164
c
Dec. 29 '34
$
hand and
U.S. govt.&c., sees
b Mkt. securities
2,268,329
2,500,000
1,174,061
1,709,141
4,191,553
68,662
exps.,
&c_
$
$
payable,
payrolls,
Accrued taxes
credits..
182,000
Reserves
for
572,416
218,379
653,980
304,441
Deferred
con¬
tingencies.
2,275,000
2,275,000
Res. for unadj. tax
76,912
8,711,109
14
14
11,381
11,826
200,753
investm'ts
Prepaid exps., &c.
claims
246,000
Capital stock ($25
par)
....10,860,225 10,860,225
8,016,874
6,895,546
109,959
Surplus
59,788
383,814
a2,302,100 b3,256,000
2,989,735
2,574,550
10,781,868
4,220,000
4,525,269
1,661,439
22,538,521 20,821,566
no par, series
1J
32,560 shares,
22,538,521 20,821,566
1935 and
—V.
142, p. 1469.
(R.) Hoe & Co., Inc. (& Subs.)—Earnings—
4 Mos. Ended Jan. 31—
Net loss after
—V. 142, p.
/
•
depreciation, interest, &c
Holland Furnace Co.—Initial
$5
1936
$15,226
1935
$250,266
1643.
The directors have declared
22,315,157 14,313,100
Total
After deducting reserve for depletion and depreciation of $8,017 126
$9,055,123 in 1934.
b After reserve of $256,853.
c After
reserve of $135,000.
d After reserve of $166,680 in 1935 ($283,817 in 1934).
a
in
Represented by $7 cumulative dividend preferred stock,
(9,539 shares converted into common stock),
convertible
declared
Smith.—Y. 141, p. 4167.
Total
Deferred profit on
and
624.
3,783
payable to bank
Investm't reserve.
p.
3,266,000
2,574,550
4,220,000
2,214,887
held May 16 at which stockholders will be
Sundry
3% sec. serial note
advances to
2,302,100
22,980,380 16,706,569
Total.
Hamilton Watch Co.—To Issue New
Patents
500,000
11,062
11,700
Accounts payable-
Special deposits
have
George H. Reaney
late E. C.
$1,992,175
1934
18,473
1
New Director—
$2,557,773
309,368
256,230
$3,210,362
Net profit for year
555,459
directors
including Jan. 16 1933.
Cash
Net profit, before eliminating
minority interestPortion of net profit applic. to min. int.
acq .in'3 4
32,486
series
pref. stock
conv.
Conv. pref. A stk.,
series X
stock, par $50, payable in Canadian funds on April 15 to holders of record
March 31.
Similar distributions have been made each quarter since and
Net
10.937
$3,695,342
161,304
323.675
1,439,797
cum.
credits..
Guarantee Co. of North America—Extra Dividend—
The
addition to the usual quarterly
securities
1934
55,568
499,429
10,885
Net profit on sale of investments
purchased after
Nov. 301933.
_
17
22,980,380 16,706,569
Dividends
$3,129,459
Net prof, of subs., before divs., int. & amort'n..
Net profit of World's Fair Greyhound Lines
Interest receiv.
4,024,352
98,243
20,360
Long term obligations only.—Y. 142,
ministrative expense..
1935
Accts. rec. & accr.
88,905
69,788
7,972
Res. for contlng's.
Manufacturing profit. $5,702,980
182,234
[Including wholly owned subsidiaries]
Cash
571,377
39,865
59,609
386,374
Com. stk. ($5 par) 2,989,735
Capital surplus...10,720,667
Earned surplus
4,740,758
Consolidated Income Account Year Ended Dec. 31
$
*808,000
Res. for injuries &
Deferred
Other income
companies.
$
2,168,523
934,065
Greyhound
1935
947,526
Deferred charges..
Other assets
Retirement
Corp. & equity in
undivided
profits of all affiliated companies $4,673,465
$3,154,207
$1 ,596,303
Earnings per share of common stock..
$7.55
$5.68
$3.10
Note—The above table shows the equity of the
corporation in the undivided profits of both controlled and non-controlled
Assets—
obligations
damages
cost, less deprec.
cos.,
based on interests owned at end of
each year—Controlled companies..
Total
1934
$3,526,019
77,234
10,885
.
Dividends received
Interest received
Other income
2,517,000
1 year
at
Franchises, organ¬
ization, &c
Income Account for Calendar Years
(Company Only)
1933
term
130.898
assets,
19.667
......
of subs, due after
165,908
Losses
ferred to capital surplus.
Relations with Railroads—Since 1928 it has been the
policy of this com¬
pany to invite railroads to participate with it in the
ownership of bus lines,
with a view to
developing co-ordinated passenger transportation.
Inde¬
pendence of management is maintained as between the two modes of trans¬
portation, and each is operated in its own
interest, co-operating where
there is mutual
advantage to be gained.
Pursuant to this policy the
corporation in Sept. 1935 sold under contract
to New York Central RR. a one-half
interest in the class B voting stock of
Central Greyhound Lines, Inc.
This company is the result of a
reorganiza¬
tion of the former Eastern
Greyhound Lines, Inc. of Del. and operates
bus co
Eq. notes & long-
of
bus companies..
Fixed
479,472
264,593
pay.—affil.
6% coll. trust
7,843",941
sub. & affiliated
amounts:
1934 and $77,764 in 1935.
improvement in the financial condition of the affiliated
companies, it
appeared that the investment reserve was no longer
necessary, and the
balance in the reserve on that date,
amounting to $3,870,137, was trans¬
Accruals
175,229
29,340
479,767
advancesl8,605,252
Contract recelv...
432,359
a585,923
209,162
138,186
year
Accounts payable.
Adv.
int.,
Invest. &
In
$
tions, due within
receivable
exp.,
1934
$
Equip,
notes
&
long-term obliga¬
& contracts
Notes
charged against
$2,965,334 in 1933, $22,410 in
At Aug. 31 1935 there
having been a material,
in the
Six railroads
Accts. rec. after res
U. S. Govt, securs
taxes, Ins., &c__
Companies—During the year corporation ac¬
quired control of three bus companies in which it formerly had held minority
interests.
These are Pacific Greyhound
Corp., Atlantic Greyhound Lines,
Inc. and Teche Lines, Inc.
Company also increased its stockholdings in
Northland Greyhound Lines, Inc., Southwestern
Greyhound Lines, Inc.
and Dixie Greyhound Lines, Inc.
Great Northern Ry. and Greyhound
Corp. have each deposited 52,000 shares of the common stock of Northland
Greyhound Lines in a voting trust with a view to establishing a balance
reserve
1,364,623
51,046
Prepd.
O. E. Wickman, President, says in part:
Investments in Affiliated
this
1,559,933
Materials & suppl.
value, payable March 31 to holders of record March
Sept.
per
Liabilities—
$
S
Cash, demand dep.
1935
1934
1935
(C, M.) Hall Lamp Co.—10-Cent Dividend—
common
1987
Chronicle
an
Preferred Dividend—*
initial dividend of 34 cents per share on the
value, payable April 1 to holders
of record March 23.
The dividend covers the period March 6 (date of
issuance of stock) to March 31.—V. 142, p. 1818.
new
cum. conv.
preferred stock,
no par
1988
Financial
Hobart Mfg. Co.
1935
Selling &
2,187,677
$3,483,936
1,996,581
1,397,110
$865,327
183,416
$665,611
120,986
$200,034
102,958
$90,245
101,632
$1,048,743
162,672
expense.,
gen
$786,598
99,668
93,869
Cr75,378
Drl,848
$302,991
$191,877
221,907
CV201.376
.Dr8,883
93,606
yl89,929
Cr3,802
Profit from operations
Other income credits
Gross income.
....
Income tax
(est.).
charges
Exchange loss
Minority interest.
Other
1934
$5,520,082
2,666,794
164,592
4,783
Dr967
Net income
1932
1933
$3,457,333
1,926,922
1,330,377
$7,387,327
3,619,831
2,902,169
$715,729
$666,591
$273,577 bloss$87,855
x Before deducting portion of income of sub. applicable to min. interests,
y Adjustment of inventories consumed by foreign subsidiaries to conform
to revised basis of revaluation used at Dec. 31 1932 and net exchange loss
from conversion of foreign accounts to U. S. dollars,
b Before deducting
portion of loss of foreign subsidiaries applicable to minority shareholders
amounting to $3,802.
Condensed Consolidated Balance Sheet Dec. 31
1934
1935
Cash
Liabilities—
936,257
541,962
933,800
813,162
Other market
290,605
295,364
Notes payable
Notes, instalm't
contracts & accts
e
—
receivable
3,796,273
2,823,317
Inventories
3,609,616
2,351,502
Class B stock
subsidiary
adv.,
of
74,916
47,006
&c__
exp.,
4,640
950,392
3,941,890
5,677
5,254
Applic. to min. shs.
of subsidiary cos.
held
stk.
co.
2,438,000
1,562,000
4,640
Earned surplus
Trustee acct. & shs
42,400
950,392
4,159,040
cos..
Paid-in surplus
and salesmen for
employ.' st'k
purchase plan..
3,653
Treasury stock.__
c3,895
62,791
1,439,819
15,618
b Plant property..
Good-will
Patents
66,712
10,020,364
9,644,121
1935
1934
1933
1932
Dividends
$51,059
36,000
$53,726
45,000
$58,662
27,000
$95,592
90,000
H&ldnco
$15,059
$8,726
$31,662
$5,592
Earned per sh. on §66,000
shs. cap. stk. ($1 par).
$0.06
$0.06
$0.07
$0.11
the hard winter contributing to this situation by the
weather
Illinois Central RR.—Bids
Delayed—
The Reconstruction Finance Corporation failed to receive offers on $14,700,000 4% series Q equipment trust certificates on March 12 when bids
were opened on the certificates along with a large block of municipals.
Chairman Jones explained that investment houses had requested addi¬
tional time to submit bids to permit the delivery of legal papers subjecting
Seeks $7,449,667
RFC
Loan—
The company has pending with the Interstate Commerce Commission an
application for a new loan from the Reconstruction Finance Corporation of
$7,449,667, and the extension of outstanding loans, which with the proposed
new loan would total $25,200,000, until July 1 1941.
The new loan would be used to meet the maturity on July 1 1936, of
$8,000,000 15-year 6H % collateral trust bonds.
The difference in the new
and the maturiity could be met from current funds, the ICC was
Y
Answering a question by Finance Director Sweet as to how it was planed
to meet the maturity June 1 1937, of $12,500,000 three-year 6% notes, the
loan
Cash in banks
$183,691
receivable, less
48,859
7,439
reserve.
Crude oil
840
closed
bank,
less reserve
1,592
Accts. pay. and accrued exp__
Accrued taxes
$3,037
2,033
Dividend payable
Res. for Federal income taxes.
9,000
68,500
Reserve for depletion
Reserve for depreciation
514,702
765,162
Wyoming-Cali¬
286,150
Prepaid taxes and insurance.
The directors have declared an extra dividend of 25 cents per
1,319,726
.
1,292
Total
to
common
stock,
the regular
no
par
Independent (Subway) System of N./Y. City—Earnings
to
-
$1,034,923
698,605
$917,915
597,911
$5,519,416
3,887,793
$4,917,728
3,331,197
$336,605
753
$320,004
756
$1,631,623
3.501
$1,586,531
Non-operating income..
$337,358
$320,760
$1,635,125
$1,590,086
revenues
expenses
Income from oper
Net income
Calendar Years—
Local service
Telephone Co.—Earnings—
1935
1934
Toll service revenues
Miscellaneous
1933
„
revenues.....
$7,534,309
2,126,879
451,940
$7,527,180
2,316,429
432,189
$7,833,163
2,495,222
463,956
revenues
.$10,792,341 $10,275,798 $10,113,128
41,843
17,134
165,796
Total
.
of
distribution
.$10,750,498 $10,258,664
1,859,087
1,765,368
1.930,897
1,936,072
1,420,479
1,463,015
734,654
742,971
227,304
223,982
762,355
x850,999
1,340,927
1,452,526
Dr503,542
900,000
90,698
Total
Traffic expenses_
Commercial expenses
$1,849,590
$9,947,333
1,681,117
1,931,493
1,312,484
697,193
244,325
727,305
1,461,748
$1,982,962
85,515
~$L891,667
.
Depreciation expense
Taxes
.
_
Operating rents
General and miscellaneous expenses-
..$1,849,590
3.555
1292.
Total operating revenues
Current maintenance
stock¬
holders in prior years in ex¬
cess
of earned
surplus
at
Capital stock ($1 par)
Surplus.
Total—
1936—6 Mos.—1935
1936—Month—1935
Period End. Dec. 31—
Operating
Operating
$1,279,864
Less:Distributions
dates
share in
quarterly dividend of 75 cents per share on the
value, both payable April 1 to holders of record
March 20.
An extra dividend of 50 cents was paid on Dec. 31 1935, and
extra dividends of 25 cents were distributed in each of the two preceding
quarters, and on Jan. 2, July 2 and Dec. 31 1934.—V. 141, p. 3862.
/
addition
Uncollectible operating revenues...
fornia Petroleum Co...
Oil leases, wells and equipment
will borrow from the public or RFC.
142, p. 1644.
Indiana Bell
Liabilities—
Marketable securities
said:
—V. 142, p.
Balance Sheet Dec. 31 1935
Investment in
even
pent-up sales demand that is only waiting for favorable
142, p. 1644.
Independent Pneumatic Tool Co.—Extra Dividend—
Total
Holly Development Co.— Earnings—
Calendar Years—
against
a
be released".-—V.
to
funds and to the extent necessary
of $191,595 in 1935 and $278,477 in 1934.
Net profit after charges
and taxes
Claim
new cars,
creation of
—V.
1
b After reserve
for depreciation of $1,495,438 in 1935 and $1,381,923 in 1934.
c 170H
shares class A stock, at cost,
d Represented by 200,000 no par shares,
e
Represented 100,000 no par shares.—V. 141, p. 2738.
Accts.
sale of
we
80,822
9,644,1211
10,020,364
reserve
broken.
been
"The automotive industry is in for what may be its greatest spring selling
for all time," stated Mr. Tracy.
"The stage is set for a tremendous
season
"To the extent that earnings between now and maturity date justifies,
will pay the $12,500,000 either wholly or partially from the company's
68,229
1,393,542
15,618
V'V
1
Deferred charges..
After
have
records
carrier
Troy housing prop¬
erties, &c
a
volume.
when normally
informed.
for
Total..i.
a
a
the certificates.
$
Minority shares of
Due from employ,
covers
We have to go back to
produced such
170,669
10,916
145,961
743,735
2,438,000
1,562,000
Accounts payable.
payable .
still
large part of the best selling territories in the country.
1930 to find a year in which the first week of March
We have already achieved a sales momentum
at a season
we would be just beginning.
As a result, when
the spring season reaches its full height, we may find that all-time sales
snow
the equipment under Illinois Central F and G equipments, which were
recently retired, to the Q certificates.
When the Q certificates were
originally sold, a provision was included that, when the F and G certificates
were retired, the equipment subject to them should be placed under the
Q certificates.
When this technicality is cleared up, the RFC will re-offer
1934
>'
$
Accrued accounts.
accounts,
d Class A stock
sees,
in the United States for the
528,873
1935
$
$
U. S. govt, securs.
a
than for several years.
"Retail sales of Hudsons and Terraplanes
first week in March," stated Mr. Tracy, "totaled 1,738 cars which exceeds
the previous week by 17% and the same week of 1935 by 22%, although
„
Assets—
1936
21
predictions made in mid-winter, the spring selling season has arrived earlier
(& Subs.)—Earnings—
Calendar Years—
Net sales
Cost of goods sold
Match
Chronicle
.
.
-V. 142, p. 625.
Hudson & Manhattan RR.—Interest—
Interest of 1J^% will be paid on April 1 1936 on the 5% adjustment
income bonds, due 1957, on presentation of coupon No. 46.
In his remarks to stockholders for the year 1935, Walter F.
Brown,
Net operating income
Net non-operating income
$2,315,564
21,464
Income avail, for fixed charges
Interest deductions
$2,337 028
80,856
~$2^6M77 "$1,972,523
447,545
479,997
477,362
$1,889,483
1,650,000
$1,588,480
1,650,000
$1,495,161
2,640,000
-
Chairman, states in part:
"For the first six months of
1935, the aggregate surplus income available
for the payment of interest on the adjustment income bonds
amounted
to $665,167, and of this amount, $662,040, or $20
per $1,000 bond, was
paid on Oct. 1 1935.
For the full year ended Dec. 31 1935, after deducting
the payment of $662,040 made on Oct. 1, surplus income available for
interest on these bonds aggregated $519,495 and of this amount
$496,530,
or $15 per $1,000 bond, has been authorized to be
paid on April 1 1936,
making the total interest disbursed for the year 1935, 3H%.
Conse¬
quently, the unpaid and accumulated interest on these bonds, consisting
of
of
3^of 1% for the year 1934, plus \ \i% for the year 1935, is now a total
70
■
"The franchise under which that portion of the Sixth Avenue
Extension
of this company's uptown tunnel railroad, from 9th to 33d Streets in N.
Y.
City, was constructed, provides that the City shall have the right to pur¬
chase and take said portion for use as a part of a
municipal system of rapid
transit, at any time after the expiration of 25 years from the commence¬
ment of operation thereof, upon at least two
years' notice in writing, and
payment to the company of the value thereof as determined by
agreement
or by appraisal, with the proviso that such value shall
not exceed the actual
cost
in
of the construction of said tunnel and railroad, including
stations, real estate, &c., as the same exist at the time when said option
money
shall be exercised.
"Operation
expired
was
on
Dividends
on
....
common
stock..
....
$6L520
$1,144,839
Deficitsur$239,483
x
Due to the adoption of a revised method of distributing engineering
uch
costs, 1935 figure includes such costs in the amount of $58,123; in 1934
-
"
"
..
similar costs were distributed principally to
accounts
'■
■
^
-•
.
maintenance and construction
'
-
Comparative Balance Sheet Dec. 31
1935
ss cts
1935
§
Other
1,281,748
180,849
175,966
69,331
Working
funds...
Material & suppl's
Notes receivable..
Accts. receivable..
Prepayments
Common stock...33,000,000 33,000,000
Advs.
92,679
542,106
566,437
1,020,860
91,232
27,492
180,849
652,573
575,297
968,238
96,015
92,432
from
Amer.
5,734,393
7,214,366
1,715,169
1,588,765
billing & pay
Accts. pay. & oth.
252,648
237,211
liabilities..
593,824
565,127
1,417,591
1,281,802
36,280
6,006,143
1,554,472
Tel. & Tel. Co..
1,739,621
144,998
investments
Misc. phys. prop..
$
Liabilities—
Telephone plant.-46.801,416 46,746,750
Inv. in contr. cos.
187,093
187,093
Cash
1934
$
1934
$
1
Oth. def. debits—
the Sixth Avenue Extension into the 33d Street terminal
10 1910, and the 25-year period of operation
1935.
For some years past the City of New York
has planned a rapid transit line under Sixth Avenue as
part of its indepen¬
dent subway system, and, if possible, to avoid
recapture of this company's
station
Balance net income
Notes sold to trust
of pension
fund.
Cust. deps. & adv.
curr.
Acer. liab. not due
Deferred credits &
over
reserves..
41,537
commenced Nov.
Deprec'n reserve..
Nov.
Unapprop. surplus
6,417,318
1,764,431
misc.
10
Sixth Avenue Line for such purpose,
representatives of this company have
carried on studies and negotiations with the Board of
Transportation and
other City authorities to evolve a plan which would
permit joint occupancy
of the street by the two facilities.
These
negotiations were concluded
during the past year and various agreements providing for the execution
of the work made necessary by such joint
occupancy of Sixth Avenue have
been prepared and have been approved
by the City authorities.
"These agreements are now in process of execution
by all parties in in¬
terest, and it is expected that they will be delivered and the
necessary
work begun in the near future.
Under the principal agreement the com¬
pany s 33d
Street terminal station will be entirely reconstructed, and
during the period required for the work the company will maintain a tem¬
porary terminal in the blocks between 28th and 30th Streets.
Parts of
the company's property will be taken
by the City, for which the company
will be paid $300,000, and other parts of the
company's structures which
re to be taken by the
City will be replaced by new construction.
The
trustees under the company's several
mortgages have tentatively agreed
to the changes in the company's
physical assets involved.
Under the
modifying certificate the City has the right to recapture the Sixth Avenue
Extension as reconstructed, on five years' notice in
writing, and in the
event the City shall exercise suoh right the
company then has the option,
under certain conditions, of electing to have its railroad reconstructed in
Sixth Avenue at a lower plane."—V. 142, p. 1818.
Hudson Motor Car Co.—Sales Break Six-Year Record—■
Sales of Hudsons and Terraplanes for the first week in March broke all
records for the corresponding week since 1930.
This is the second sales
mark of six years standing that Hudson has shattered in the
past two weeks,
February sales were also ahead of any February since 1930.
W. R.
Tracy, Vice-President ih charge of sales, stated that in accordance with his
as
Total
Total
50,936,913 51,484,166
50,936,913 51,484,166
—V. 140. P. 3550.
Indiana Harbor Belt RR.-
-Earnings1935
1936
JMonth of January—•
Railway operating revenues
Railway operating expenses
Railway tax accruals
Uncollectible railway revenues
Equipment & joint facility rents
—
$770,773
526,946
49,878
$703,340
459,342
47,675
63" 681
36,632
Net railway operating income
Other income
$130,268
2,280
$159,791
2,304
Total income
Miscellaneous deductions
Fixed charges
$132,548
3,449
38,240
$162,095
3,022
38,806
,859
$120,267
...
-
Net income
-V. 142, p. 1292.
Inland Investors, Inc.—Dividend Increased—•
The directors have declared
a dividend of 20 cents per share on the com¬
stock, no par value, payable April 1 to holders of record March 20.
Previously tegular quarterly dividends of 15 cents per share were dis¬
tributed.
In addition, an extra dividend of 20 cents was paid on Dec. 31
mon
1935.—V. 141, p. 3862.
Inland Steel
Co.—Listing—
The New York Stock Exchange has authorized the listing
first mortgage 3^% bonds, series D, due Feb. 1 1961.—V.
of $35,000,000
142, p. 957.
Volume 142
Financial
International
Button-Hole
Sewing
Machine
Co.—
10-Cent Extra Dividend—•
Chronicle
of Dec.
as
issue will be
The directors have declared
an extra dividend of 10 cents
per share in
addition to the regular quarterly dividend of 20 cents
per share on the capi¬
April 1 to holders of record March 17.
as
follows: 20 cents on Dec. 27 1935;
10 cents on July 1 1935; 20 cents on Dec. 27 1934; 10 cents on
tal stock, par $10, both payable
Previous extra distributions are
July 2 1934;
20 cents
April 2 1934, and 10 cents per share
on
on
1933 —Y. 141, P. 4018.
International
Dec. 27 and April 1
International Salt Co. (&
Calendar Years—
1934
1933
$470,368
$490,709
$514,684
$1.28
$1.96
$2.04
$2.14
Earns, per sh. on 240,000
shs. cap. stk.
1932
$308,772
(no par)
Harvester
35% less than 1929, the highest previous
as
Subs.)—Earnings—
1935
—V. 141, p. 4018, 2280.
Results—The company's business in 1935 showed further
improvement.
The total sales for 1935 were $217,583,000, which is
57% more than 1934
divided
1935, will be eliminated and status and par value of that
rearranged.—V. 142, p. 301.
Net profit after all chgs.
and taxes
Co.—Annual Report—Sydney
G. McAllister, President, says in part:
but
1989
31
year.
The 1935 sales
were
follows:
In the United States: Tractors (including repair parts), $51,078,000;
farm implements (including repair
parts), $50,277,000; motor trucks (in¬
cluding repair parts), $48,291,000; steel, binder twine, &c., $19,082,000;
total United States, $168,728,000.
(b) In foreign countries, all products, $48,855,000.
The larger volume of business resulted from
increased farm income,
accumulated need for replacement of farm implements and
general improve¬
ment in business. together with the introduction of new
machines and models
and increasing demand for the International
motor truck line.
Net profits for 1935 were $19,618,000, or
6.2% of the total capital in¬
(a)
vested in the business.
This was the first year since 1930 that net
earnings
have been sufficient to cover preferred dividend
requirements.
Working Capital—Company was in a sound cash position at the close of
the year and prepared to meet the increased
working capital requirements
for 1936.
Of the net working capital, $179,441,000 is held in the United
States, $10,649,000 in Canada and $30,002,000 in other countries.
Pend¬
ing a general stabilization of foreign currencies, the company has continued
its policy of valuing foreign current assets at the
rates of exchange in effect
International
Nickel
Co.
of
Canada,
Ltd.—Annual
Report—•
The report for the year ended Dec. 31
1935 shows a net profit of $26,086,527 after all charges, including provision of $4,602,325 for taxes and
$6,278,493 for depreciation, depletion and other purposes.
The com¬
parable figure for 1929 was $22,235,997.
After disbursement of $1,933,899
for preferred dividends, there remained
$24,152,629, equal to $1.65 per
share on the common stock.
This compares with $1.13 per share in 1934
and 53 cents per share in 1933.
The earned surplus rose from
$44,094,494
$30,990,016
as
of the
close
of
1934
to
of Dec. 31 1935.
Cash increased from $18,789,023 at the
$30,473,311 at the close of 1935.
The annual report also gives the
figures for the fourth quarter in 1935.
These show a net profit of
$8,005,700 as compared with $7,742,584 in the
as
end of 1934 to
third quarter.
The year 1935 shows for the first time
complete
ownership of the Ontario
Refining Co., Ltd., at Copper Cliff, and this fact figures in the increase in
the net property account from
$139,191,559 to $147,211,112.
With the
redemption on Aug. 1 1935 of the outstanding balance of debenture stock
at
of Mond Nickel Co., Ltd., all funded debt was eliminated.
In commenting on the cash
position, Robert C. Stanley, President,
writes in the report: "Cash on hand of
$30,473,311 indicates a strong finan¬
cial position which is now more than ever
necessary to assure at all times
stantial
adequate production facilities and a continuation of aggressive
development to meet the exigencies of expanding business."
the close of 1932.
In view of the fact that
exchange restrictions, now
effective in eight countries, prevent the conversion into dollars of a sub¬
part of foreign earnings and the fact that world uncertainties,
political and economic, now cloud the company's foreign investments with
more than ordinary
risks, the directors have deemed it prudent to transfer
$4,000,000 out of the earnings on foreign business to a
contingent reserve
for the protection of such business.
For many years the company has centralized in London a
part of the
regular remittances from foreign subsidiaries as a general working fund for
the requirements of the foreign business in all countries.
During the past
year a part of this fund was converted into gold bullion.
The remainder
is carried in
sterling balances
as
heretofore.
The company has continued its practice of
building up a general inventory
reserve
during
of advancing material prices and production costs to
provide against corresponding inventory shrinkage to be
expected and here¬
tofore experienced during periods of
falling costs and prices.
The amount
provided out of 1935 earnings for this purpose is
$5,000,000, bringing the
total inventory reserve to $13,500,000.
Receivables—Collection conditions
generally improved during
1935.
However, collections were seriously affected In extensive territories where
there were crop failures due to rust,
drought or other cuases.
Charge-offs against the bad debt reserve for the year amounted to $10,003,000 and the addition to that reserve out of 1935
earnings amounted to
$10,662,000.
These amounts are larger than normal, due to the effect of
crop failures on collections of receivables of current and
prior years.
The
reserve
years
for losses
receivables
on
as
of Dec. 31 stood at
$15,704,000,
as com¬
pared with outstanding receivables of $100,498,000.
Capital Additions—Capital expenditures for 1935 were $8,662,000 as
compared with $4,338,000 for 1934.
These expenditures were for build¬
ings, machinery,
tooling,
equipment,
&c.,
for the increased production
of tractors, motor trucks and farm
implements; modernization of certain
steel mill units and additional branch warehouse and
service station facilities.
During the year the company contracted to purchase an office building in
Chicago, which transaction has since been consummated.
This building
will
be used for general office
requirements, beginning the latter part of
1937, when the lease on the present offices expires.
Depreciation has been provided out of income at regular rates and allow¬
has been made for the increased
greater production during 1935.
ance
to
General—During the
of
use
machinery and equipment due
1935 the company had in the United States
an
average of 45,700 employees as compared with 32,900 during 1934, an
increase of 39 %.
Employees at the manufacturing plants and raw material
year
properties in the United States have continued to work at the schedule
of hours
previously maintained under code regulations.
The trade outlook for 1936 in the United States and Canada is
regarded
by the management
as
favorable.
Consolidated Income Account for Calendar
1935
Operating income
1934
on loans
Ore & coal depletion
Res. for depreciation—
850,536
7,842,364
Special maint. reserve
Prov. for invent'y res've
Res. against for. losses
_»
5,000", 666
on
9,402
28,966
6,749,840
229,894
1932
z$523,566
15,442
28,269
3,816,707
163,713
6,250,287
$19,618,238
40,622,312
5,321,988
3,035,182
$3,948,636 z$l,886,257 z$7,582,879
44,937,716
45,065,979
54,695,736
Res've from prior years'
earnings for decline in
10,000,000
10,000,000
Total
$60,240,550 $48,886,352 $53,179,722 $57,112,857
Preferred dividends
5,705,516
5,717,304
5,718,965
5,727,895
Common divs.—Cash..
3,159,308
2,546,736
2,523,041
6,318,983
Rate...
($0.75)
($0.60)
($0.60)
($1.50)
Profit & loss surplus..$51,375,726
Shs. ofcom.stk. (nopar)
x
and
per
$40,622,312~$44,937,716
4,245.797
4,245,797
$45,065,979
4,245,797
Nil
4,245,773
$3.27
share
Nil
Nil
After deducting cost of goods sold,
selling, collection, administrative
operating
(net), including taxes, exchange adjustments and
provision for losses on receivables of $188,012,498, but
including interest
on receivables, time sales and
investments of $7,291,415, and miscellaneous
earnings (less $78,586 miscellaneous losses) of $448,774.
z
in the productive capacity
of the
Copper
Cliff smelter enlargement and town
improvements, $6,400,000; Creighton
mine shaft and surface plant,
$1,200,000; Frood mine, $200,000; construc¬
tion of a research laboratory at Copper
Cliff, $150,000, and electric furnaces
transfer equipment for the
copper refinery of Ontario Re¬
fining Co., Ltd., $800,000.
In addition, a piant is being built at Port
Colborne, Ont., for the production of monei metal hot water tanks and
and hot metal
heaters for the Canadian
market; and improvements are begin completed
rolling mills and research laboratory at Birmingham, England.
were achieved for
copper and the platinum metals as
well as for nickel, according to Mr.
Stanley.
He writes:
"The progressive improvement in
company's business, which started in
May 1932, continued throughout 1935.
Total sales of nickel were in excess
of those recorded during 1929, which
formerly was the peak year in the
history of the nicke* industry, and consumption was well diversified
geo¬
graphically and industrially.
New sales records were achieved, not alone
for nickel but for copper and the platinum metals as well.
"During the year operations at mines and plants were conducted without
interruption and output was increased in order to meet the
growing demand
for your company's products.
As a result of these activities, payrolls
increased in all plants and unemployment was reduced in the
Sudbury
in the
New sales records
district
as
well
in the town of Port
as
Colborne, where
your
Canadian nickel
refinery is located."
Sales
of nickel
in
all
forms,
including nickel in alloys, amounted to
129,850,207 pounds, an increase of 42% over 1934.
Sales of monel metal,
the nickel alloy made direct from Creighton
ore, totaled 13,411,624 pounds,
25% increase over the previous year.
Sales of pure rolled nickel, at
9,339,595 pounds, showed the same percentage increase, and the consump¬
428,605 pounds to 609,632 pounds, or 42%.
Copper sales were up 20% to a total of 233,000,000 pounds.
Silver
sales, at 3,160,222 ounces, compared with 1,006,808 ounces in 1934, and
sales of the platinum metals totaled
128,874 ounces, comparable with
124,424 ounces in the previous year.
Less gold was disposed of than in
1934, the figures being 69,944 ounces in 1935 and 74,375 ounces the
year
a
tion of inconel increased from
before.
As the result of the increased scale of operations and of the construc¬
tion work in progress in Canada and Great Britain, the total number of
employees at the year-end was 12,452, an increase of 36% over the figure
Dec. 31 1934.
The employees were distributed as follows:
Canada,
8,117; Great Britain, 2,990; United States, 1,293; other countries, 52.
Progress is also reported in the exploration of certain nickel ore deposits
in Finland under an agreement between the government of that
country
and The Mond Nickel Co., Ltd.
"During the summer of 1935," says the
report, "exploratory work was started on the Petsamo concession.
Perma¬
nent camps were established and a road was built from the State
highway
the most promising prospecting areas.
The concession was surveyed
conformity with the Finnish Ordinance Survey.
A geological recon¬
was made and diamond
drilling started.
"The results obtained justify further exploration and the
program of
work planned for the summer of 1936 embraces diamond
drilling, magnetic
and electrical and topographical surveying, road
building, power investi¬
gation, and a study of transportation problems."
In closing the report Mr. Stanley has this to
say about the immediate
to
future:
market value, &c., re¬
leased to income
Earnings
Creighton mine arid increase
refinery at
Clydach, Wales, were the principal items in this program.
Additions and betterments under way and authorized
for 1936 call for
the disbursement of more than $9,000,000.
The main features are:
naissance
ree'les
Net profit
Previous surplus
nickel
in
4,000,000
._
Prov. for losses
1933
58,024
43,483
6,745,581
310,608
3,500,000
shaft at the
for
Years
x$37,311,137 $20,856,619 $10,453,833
Interest
market
Capital expenditure for 1935 totaled $3,206,642 in the
company's mines
and plants in Canada, Great Britain and the United
States.
This com¬
pares with $2,395,257 spent in 1934.
Progress in the sinking of the new
expenses
Loss.
"International use of nickel for industrial purposes is
essentially depen¬
dent upon assured source of supply, prompt deliveries and
price schedules
advantageous to consumer and producer alike.
Furthermore, it is neces¬
at all times, while avoiding undue expansion, to maintain reserve
productive capacity and adequate stocks of metal.
In furtherance of this
policy, your plants in Canada and Great Britain are being enlarged with
due regard to balanced operations from mine to market.
"Sales and development activities, now world-wide in
scope, have been
augmented as new uses for your metals have been found.
The potential
field of application for nickel is extensive and in
large measure still un¬
explored.
7'The trend of consumption has been upward for nearly four
years and
more nickel is being used currently than ever before.
It is not unreasonable
to assume that, with a continuation of your
company's established methods,
this upward trend will continue as world trade
improves."
sary
Consolidated Balance Sheet Dec. 31
1935
Assets—
a
Real est.,
1934
1935
$
Preferred stock.
mines, &c
103,213,149 104,340,596
U.S.Treas.oblig. 10,393,809
15,130,094
Fed'l
6,540,577
3,561,875
13,123,640
98,243,686
Corp. bonds..
sec.
Inventories
12,640,268
92,268,359
b Notes & accts.
receivable, &c. 84,794,732
7,870,508
Investments
Cash
32,923,742
bullion
invoices,
70,182,738
8,812,062
23,807.293
&C
3,175,573
744,665
20,284,621
1,440,819
661,378
5,407,712
12,332,019
7,015,657
40,622,312
Total
income
Admin.
& head office expense
Provision for income & franchise taxes
Co.
(Canada),
$32,558,450 $23,808,610 $14,381,327
193,429
400,972
449,762
4,897,837
4.115,314
3,551,653
Retirement, insur. & other reserves._
1,380.656
804.843
717,327
year
.$26,086,527 $18,487,478 $ 9,662,583
30,990,016
22,767,570
14,688,559
350,325
Total surplus.
Amount transferred to capital surplus
Premium paid on deben. redemption.
Preferred dividends
Ltd.—Dividend
Plan Voted—
$08,666,707 $27,997,090 $16,958,167
1,505,932
1,384,870
1,072,096
4,602,325
2,803,610
1,504,743
Net operating income.
Common dividends
Paints
xl933
Interest paid and accrued
Provision for deprec. and depletion._
Total
365,206,916 339,268,798
a After depreciation reserves of
$89,277,375 in 1935 and $84,197,399 in
1934.
b After reserve for losses of $15,704,036 in 1935 and
$15,044,910
in 1934.
c Represented by 4,245,773 no par shares in 1935 and
4,245,797
in 1934.—V. 142, p. 1292.
International
1934
deduct'g
rnfg., selling exp., ord. repairs and
maintenance)
$38,164,101 $27,672,126 $16,707,647
Other income
502,606
324,964
250,520
Net profit
Earned surplus beginning of
Adjustment for taxes
546,811
365,206,916 339,268,7981
1935
Earns, of all properties (after
...
30,582,059
Pref. div. pay..
1,429,267
Com. div. pay..
1,273,564
Fire insur. res've
5,596,320
Special malnt'ce 12,431,004
Other reserves.. 11,015,657
Surplus
51,375,726
in
London, Eng.
charges..
Def'd
Total
.
$
81,672,400
81,672,400
169,830,920 169,831,880
payrolls.taxes.
7,161,538
Home Own. L'n
Marketable
Common stk.
Curr't
In termed.
Cred. Bk.debs
Gold
c
Consolidated Income Account for Calendar Years
1934
$
Liabilities—
pl't,
$57,076,544 $41,255,049 $24,701,469
1,000,000
114,525
1,933,899
10,933,627
Earned surplus end of year
44,094,494
per sh. on 14,584,025 no par
42,049
1,933.898
7,289,084
1,933,898
$30,990,016 $22,767,570
Earns,
All classes of stockholders
dividend
arrears
on
the
on
March 16 approved a modified plan
whereby
7H% preferred stock, amounting to $9
a
share
shares
x
common
Reclassified.
stock
$1.65
„
$1.13
$0.53
Financial
1990
Chronicle
1935
Property
Investments
—
Inventories
Accts.
bills
&
$
Accts.
Pref. div. pay..
Retire, sys. res.
below
or
cost)
1,674,522
2,246,713
on
hand &
in banks
Ins. prepaid, &c.
payable.
5,100,980 Taxes accrued..
6,031,417
securities
(at
1934
$
Exchange
res--
18,789,023
71,098
1935
1934
$248,413
$496,216
Assets—
331,126
3,945,048
6.192,479
483,475
5,360,753
740,155
14,163
32,271
Instalm'ts
tomers' contr'ts.
and
24,041
6,827
5,550
x
After
reserves
and $34,359,614 in
V.
142,
Total
Warrants
depletion of $39,749,057 in 1935
Represented by 14,584,025 no par shares.—
y
64,437
Telegraph Corp,—To Scale
Down Fixed
Charges—New Refunding Plans Announced—-To
Capital—
Restate
Sosthenes Behn, President, in letter to stockholders March 18, says:
In order to pay off bank indebtedness of certain telephone operating
subsidiary companies, of which all except $1,000,000 is guaranteed by
corporation, and to call and retire a portion of the corporation's 10-year
convertible 4H% debenture bonds due on Jan. 1 1939, it is proposed that
corporation will shortly authorize and offer for subscription by the stock¬
holders a new issue of convertible debentures in an amount adequate for the
above purposes.
We are accordingly proceeding with the preparation of a
registration statement for such an issue.
It is proposed that the issue will
be underwritten.
Its terms, however, including the coupon rate and the
conversion price, can naturally not be definitely fixed until just prior to the
effective date of its registration.
When the registration statement becomes
effective and underwriting arrangements are completed, stockholders will
receive transferable warrants evidencing their rights of subscription to the
new issue and a prospectus containing full and detailed information as to
Corp
subsidiary companies referred to above amount to
$23,360,000 and the 10-year convertible 4H % debentures due Jan. 1 1939,
are outstanding in an amount of $37,661,100 and are callable in blocks of
not less than $10,000,000 at 102 H.
Upon completion of the above proposed operation corporation and its
lied and subs...
This is advisable in order to insure at all times the necessary representation
proxy at
all stockholders' meetings.
Fixed assets at cost
1,239,090
&c.,
Patents,
1,319,439
at
1
nominal value..
Prepaid exps. and
—
82,288
95,576
deferred charges
Total....-
..$3,738,514 $4,287,179
Total.
-$3,738,514 $4,287,179
10,120 shares in 1934 and 8,996 shares in 1935 stock held in treasurv
at cost (1,125 shares in 1934 set aside under employment contract).—V. 142,
p. 788.
a
Mfg. Co.—Application Approved—
Iron Fireman
Stock Exchange has approved the application of the com¬
list 60,000 additional voting trust certificates for common stock.
—V. 142, p. 1472.
The Chicago
pany to
Island Creek Coal Co.—Coal
Month of-
Output—-
Water Supply
Jamaica
Co.—Earnings
1934
x$l ,704,350
expenses.
473,998
Operating revenues
Gen. and oper .
Maintenance..
1932
$1,642,627
537,051
34,626
10,950
144,814
$1,645,812
539.402
47,004
6,905
148,564
503,980
74,661
33,551
170,148
$881,803
Taxes, State and local..
City
emergency
gross
72,099
42,003
240,337
Uncollectible bills
revenue
1933
$1,653,600
1935
Calendar Years—
$843,383
21,986
taxes
7,379
$915,186
695
Dr 1,926
$903,936
...—
$881,803
$850,763
$913,955
$910,045
719
Operating income
Miscell. rent revenues..
Miscell.
int.
1932
285,245
274,145
1933
279,116
292,116
1934
296,427
302,235
Note—Above figures in net tons.—V. 142, p. 1123.
1935
308,920
315,007
1936
410,011
431,759
January.._
February..
At the special meeting stockholders will also be asked to approve a
restatement of the amount of capital represented by each share or stock of
corporation from $33 1-3 to $20, and the retirement of a total of 243,506
shares, of which 206,808 shares represent the balance of the stock held by
trustees for employees' stock purchase plans and 36,698 shares are held in
a
1
bank indebtedness other than certain indebtedness
manufacturing subsidiaries in connection with their current operations.
May 13 to approve a change in the
charter, as permitted by the statutes of the State or Maryland, to provide
that any action, including the making of future charter amendments, may
be adopted by a majority rather than a two-thirds vote of stockholders.
The stockholders will be asked on
by
7,557
1,758,000
941,000
1,986,345
1,986,346
473,378
617,387
Treasury stock.. Drl 09,854 Dr 119,543
Long-term debt
Capital stock
Earned surplus
al¬
to
nominal value..
of
in person or
con¬
purch.
Other investm'ts at
The indebtedness of
no
37,035
Investments in and
the terms of the issue.
subsidiaries will have
94,827
72,551
52,501
..
receiv'le,
advances
International Telephone &
140,649
stock of Petrolite
for depreciation and
1934.
i
Investment in cap.
1644.
p.
.
786,122
U. S. Treas. notes.
-.210,612,294 198,753,882
5,739
50,422
779,697
employees
2,016,380
60,841,225
30,990,016
on
ditional
'
rnmmmmm
contracts
officers
from
'•
75,000
expenses,
incl. Fed'l tax..
6,310
after reserves—
...210,612,294 198,753,8821
Total
Debs, due Oct. 15
276,750
874,563 Accrued
21,164
Instalments on cus¬
Due
other reserves
1,794,795
Capital surplus- 66,006,500
Earned surplus. 44,094,494
348,471
864,512
reserves
Inventories
$57,135
$7,877
1936
Other curr. assets.
1934
1935
accrued
Payable fur current
purchases, &c._
after
1936
21
Dec. 31
Debenture interest
/
mental qblig'ns
accts. rec.,
as at
Liabilities—
Marketable govern¬
Notes, contracts &
5,050,914
2,648,302
3,034,863
483,474
4,292,563
1,001,546
Ins., conting. &
30,473,311
127,117
r
Cash
$
27,627,825
60,766,770
British subs..
re¬
serves
Cash
Liabilities—
147,211,112 139,191,559 Preferred stock, 27,627,825
13,243,256 y Common stock 60.766,770
3,164,129
20,683,443 Deben. stock of
21,358,495
ceivable, less re¬
Govt,
1935
1934
$
Assets—
x
March
Comparative Consolidated Balance Sheet
Consolidated Balance Sheet Dec. 31
revenues._
723
5,386
the
treasury of the corporation.
This will leave the corporation with
6,399,002 outstanding shares of stock.
The 206,808 shares held by the trustees represent the balance of shares
acquired by such trustees in 1929 and prior years in connection with various
employees' stock purchase plans authorized by the stockholders. The rights
and obligations or officers and employees to purchase such shares have been
canceled in accordance with the terms of such plans.
The obligation of the
trustees to the corporation in respect of these shares, amounting to $9,986,178, was dependent upon the completion of these purchases.
As all
rights and obligations of the officers and employees in respect to these
shares have terminated, the directors deem it advisable in connection with
the restatement
of capital to re-acquire
these shares, formally canceling
the obligations of the trustees, and to retire these shares, as well as the shares
held in the treasury of the corporation.
If the
proposals for the restatement of capital and retirement of shares
are
approved, capital surplus will be increased by $86,543,293.
It is
proposed that of this amount there be transferred to general reserves avail¬
able for revaluation of assets and for contingencies a sum of approximately
$75,000,000, which will make the total amount of such general reserves in
excess of $100,000,000.
This will leave a capital surplus of over $32,000,000
as compared with approximately $23,000,000 as of Dec. 31 1935.
The directors believe that such increases in capital surplus and general
reserves are advisable in order to cover any charges that may be
necessary
in connection with the investments of the corporation, and to provide for
future contingencies.
In connection with the establishment of the addi¬
tional capital surplus and general reserves it is not proposed to make any
change in the amount, approximately $43,000,000, at which corporation
carries its investment in the stock of Postal Telegraph & Cable Corp. until
the pending reorganization proceedings have resulted in some definite plan
approved by the court which Will determine what action should be taken in
respect to the valuation of such investment.
The proposed restatement of capital and retirement of shares will not in
any manner affect the value of the stockholders' interests in the propertv
and business of the corporation.
The increases in capital surplus and general
reserves will make possible the resumption of dividends when in the
opinion
of the directors the earnings and other conditions justify such action.
Preliminary Income Account Years Ended Dec. 31 (Incl. Subs.), [But Excl.
Postal Telegraph & Cable Corp.]
1935
1934
Gross earnings (incl. gross profits on sales of mfg.
companies)
Operating
$52,892,482 $51,247,336
36,883,262
37,129,153
expenses..
Net income before interest
on
(rent expense)
...
Int. on long-term debt..
319,947
321,965
Amort, of at. disc. & exp
14,323
14,525
324,599
14,731
1,191
328,307
14,939
4,125
19,543
3,820
25,951
3,863
18,991
of State
bondholders.
Refund
debenture bonds. .$11,557,161
5,769,750
$5,787,411
$0.90
$3,670,110
$0.57
Telegraph & Cable Corp. and its subsidiary companies
petition under Section 77-B of the Act of Congress providing for
corporate reorganizations, and pending the result of such reorganization
proceedings the securities owned by corporation in Postal Telegraph &
Cable Corp., are being treated as investments, without, however,
adjusting
the value thereof stated on the books of the corporation.—V. 141,
p.
3862.
(Byron) Jackson Co.—Listing—
York
Stock
Exchange has authorized the listing of 356,476
(no par), which shares are issued and outstanding,
and 31,250 shares of common stock upon official notice of issuance in
common
6,166
income
charged to plant
and property
Retire, res., incl.
Crl,837
deprec.
102,000
Federal income taxes—
40,500
102,000
39,004
102,000
46,791
103,667
54,349
Net inc. trans, to sur.
$387,877
$351,437
$395,344
$384,737
$269,621 included from City of New York for fire protection, accrued
x
$45 per hydrant per annum.
Rate suspended by City of New York as
of Jan. 1 1934.
Payment offered at $18.50 per hydrant per annum, or
at
$110,844.
Offer rejected.
Balance Sheet Dec. 31
1935
$
Construction work
244
1,000
58,107
invest'ts.
Sinking fund
13,224
1,000
59,325
650
Misc. special funds
Cash
Mat'ls & suppliesAccts. receivable.
67,202
924,328
19,961
11,144
1,200
_
Int. & divs. rec
Prepayments
Special deposits
"8",243
1,200
debt
disct. & expense
Miscell.
130,080
75,604
703,531
88,914
Unamortized
x
Common stock..
7)4 % pref.stock..
In progress
Miscell.
272,139
51,559
14,800
suspense.
Re-acquired secure
290,506
9,806
14,800
1934
$
$
Liabilities—
13,202,568 13,163,242
Fixed assets
1935
1934
$
Assets—
$6 pref. stock
1st mtge. 30-year
1,715,941
1,000,000
1,715,941
1,000,000
1,000,000
1,000,000
5,859,000
49,840
5)4% gold bonds 5,803,300
Accounts payable.
68,774
Consumers' depos.
94,089
Taxes accrued
88,491
Advance billings..
163,640
Notes payable
450,000
Retirement reserve 1,699,198
Contrib.toextens.
88,829
Res. for conting..
93,561
Misc. unadj. cred.
14,590
Contributed
87,952
67,458
305,019
1,889,394'
22,436
83,333
surp
Segrega'n of earned
representing
hydrant rentals
sur.
to
Y.
N.
City
for
from
Jan.
period
'34
1
in
stock
conversion of debentures.
Consolidated Income Account Years Ended December 31
1935
litigation
Earned surplus...
Total..........14,713,167
14,471,2111
535,078
1,897,674
2,390,838
14,713,167 14,471,211
Total
Represented by 100,000 no-par shares.—Y. 142,
p.
1472.
sus¬
a
New
10.989
corporate
Interest
x
The
......
Misc. deduc. from gross
$9,439,860
5,769,750
tained losses, which amounted to $1,418,052 for the year ended Dec. 31
1935, and to $1,590,540 for the year 1934, which have not been consolidated
in the foregoing accounts, as the Postal Telegraph & Cable Corp. on June 14
shares of
to
to Dec. 31 '35—
on
Net income
Earns, per share on 6,399,002 shs. (no par) cap.stk.
1935 filed
tax
Miscell. int. deductions.
$16,009,220 $14,118,183
4,452,059
4,678,323
debentures bonds
The Postal
revenue-
billed
Net earnings
Interest and other deductions
Interest
Total
Non-oper. rev. deduc'ns
(E.) Kahn's Sons Co.—Dividend Plan Approved—
The stockholders on March 11 1936, approved a plan whereby accumu¬
lations amounting to $12.80 a share as of Jan. 1 1936, on the $3.20 class A
participating preference stock, were eliminated.
Under the plan class A
a cash dividend of $6.78 a share and in addition
to cash dividend will receive in exchange for each share class A stock ana
balance of accumulated dividends thereon, 2)4 shares of com. stock.—Y.
142, p. 1472.
stockholders will receive
Kansas City Power & Light Co.—Earnings—•
Period End. Jan. 31—
Gross earnings
Operating expenses.
Interest charges
Amortiz. of disc. & prem
1934
1933
1932
1,537,883
$1,955,346
1,219,797
$1,424,594
1,023,558
$1,118,804
929,094
Selling, gen'l & adminis.,
Sec., oper. expenses
575,721
440,543
396,108
$450,619
153,348
$295,005
183,721
135,293
9,115
184,173
63,850
486,525
Operating profit
Non-oper. income (net).
Depreciation
1936—12 Mos.—1935
$1,354,273 $15,779,273 $14,829,180
6,792,073
593,412
7,548,306
1,768,325
147,628
1,667,684
131,609
116,717
10,967
2,203,436
2,216,356
184,474
602,393
587,025
47,561
1936—Month—1935
$1,449,722
671,747
Gross sales less discounts,
returns & allowances. $2,564,224
Cost of goods sold
Fed. & State income tax.
Balance.
-V. 142, p.
$385,542
K'almazoo
$4,927 loss$296,815
189,845
244,255
Stove
$603,968
deb. discount
and expense, &c
$478,726
$194,772
loss$52,559
Prov. for Fed .income tax
120,825
27,000
149,535
11,800
$456,142
$317,390
159,328
167,046
$35,444 def$219,605
Offer Stock—To Declare 50%
offer stockholders
on a pro
unissued shares of capital stock at $30 a share.
The
exp.,
Co.—To
Stock Dividend—
The company plans to
Int.
$3,331,341
$3,643,182
$370,227
1820.
rata basis its
,
call a special meeting
stock to 500,000 shares
which a stock dividend of 50% will be distributed on
then to be outstanding.
It is planned to list the new
York Stock Exchange.
1
company also plans to
authorize an increase in capital
35,984
.
of stockholders to
from 200,000 after
tne 200,000 shares
stock on the New
Volume 142
Business
of
Financial
the
is understood to have shown considerable
improvement since first of the year.
January sales, it is said, were up
42%, February's up 21% and in the first week of March sales were up
66% over the corresponding periods of last year.—V. 140, p. 2539.
company
Kansas City Southern
WPeriod End. Feb. 29—
Railway oper. revenues.
Joint facil. rents, net dr.
Net ry. oper. income.
—V. 142, p. 1293.
$705,470
134,057
60,000
22,732
3,498
$1,912,467
637,215
150,000
80,348
14,734
$1,445,896
$205,118
Railway tax accruals
Equip, rents—Net debit
$47,825
$392,131
$64,222
250,151
130,000
45,075
10,853
(Spencer) Kellogg & Sons, Inc.—Earnings—
24 Weeks Ended Feb. 15—
1936
Net
profit after all charges & provs. for Fed. taxes.
per share on 500,000 shs. com. stock (no
par)
—V. 141. P. 3383.
1935
$584,143
$595,292
$1.17
$1.19
Earns,
......
Kentucky Utilities Co. (& Subs.)—Earnings-
Calendar Years-—
1935
1934
1933
1932
Operating revenues
$7,935,586
Oper. exp., incl. taxes..
4,650,213
$6,261,844
3,939,688
$6,011,514
3,530,677
$6,215,380
3,235,383
$3,285,373
50,759
$2,322,156
10,627
$2,480,837
44,465
$2,979,997
$3,336,133
2,174,349
$2,332,783
1,810,618
$2,525,302
1,838,843
$3,035,516
1,847,880
$1,161,783
699,528
$522,164
515,735
$686,459
834,796
$1,187,637
835,380
411,784
$6,429 def$148,337
102,946
102,946
def$59,527
102,946
$3.42
.
Gross income
....
Interest charges &c
.
.
.
Preferred
dividends
,
55,519
Common dividends.
Balance, surplus
com. out. (par $100)
Shs.
Earns, per share on com.
x No par shares.
$462,255
xl02,946
$3.18
Nil
Nil
«
1935
Pref. stk.
'
1935
-
Liabilities—
commts-
sions & expense.
and
145,176
1,915,287
2,009,172
funds...
969,020
400,739
18,945
779,282
$6.50
354,772
interest..
18,674
34,718
37,937
debt
391,516
242,002
938,612
Fed. income taxes.
Deferred liabilities
dividends
2,048,769
1,773,568
Misc.
curr.
pay..
277,658
226,418
251,920
114,016
liabil..
63,479
1,404,668
4,413,235
119,109
Accrued liabilities.
389,719
Reserves
Surplus....
Total.....
625,275
34,873,200 31,016,400
Funded debt
6% cum. pref. stk.
disct. & exp. in
process of amort. 2,413,200
Prepayments
605,665
Invests. & advs—
3,603,110
pref.
Accounts payable.
22,270
Special deposits
cum.
stock
14,425
Special deposit for
Unamortized
Common stock..
7,601,100
5,409,800
3,603,110
Lexington Util. Co.
Mat'l and supplies
bond
1934
$
6% pref. stock
7,601,100
7% Junior cumul.
pref. stock
5,409,800
x
accts.
receivable
Working
$
51,662,945 45,040,955
Cash
Notes
1934
§
Assets—
59,964,754 50,809,5981
Total
114,016
74,204
,
653,857
1,581,112
zi.84,738
y
59,964,754 50,809,598
Represented by 102,946 shares (no par) at $35 per share,
y Summary
account:
Capital surplus arising from re¬
common stock of
Kentucky Utilities Co. from $100
per share to $35 per share (102,946 shares), $6,691,490; deduct—Balance
(deficit) transferred from consolidated surplus account, $1,415,640; appre¬
ciation arising from intercompany transactions, &c., transferred from
prop¬
erty accounts, $5,078,859; balance, $196,990; appropriated as reserve for
contingencies, $196,990.
x Earned surplus.—V. 142, p. 463.
x
of consolidated capital-surplus
duction in book value of
Keystone Steel & Wire Co.—Dividend Doubled—
The directors have declared
a dividend of $1 per share on the common
value, payable April 15 to holders of record April 1.
This
15 1935; $1 per
paid on June 1, Mav 1 and
March 11 1935 and on Oct. 10, Aug. 25, July 24 and June 15
1934, this
latter being the first payment made
ince Oct. 15 1930 when 25 cents per
share was distributed.
stock,
no
par
compares with 50 cents paid on Jan. 15, last, and on Oct.
share paid on Aug. 1 1935 and 50 cents per share
The stockholders at a special meeting April 6 will vote on a
proposed
change in the authorized capital stock from $3,500,000 pref. stock and
210,000 shares common stock, of no par value, to 840,000 shares common
stock, of no par value, each present share of common stock to be exchanged
for four new shares.—Y. 142, p. 1473.
Kreuger & Toll Co.- -Review of Activities—Definite Plan
in View—
The protective committee for Kreuger & Toll secured debentures issued
March 16 a report of its activities since its organization four years
ago,
forecasting the early submission of a definitive plan which will virtually
on
terminate the committee's efforts.
Reviewing its four years of work which began with Kreuger's suicide in
1932, the committee points out that at the time it was organized
was not only doubt as to the specific security for the secured
deben¬
March
there
tures, but also doubt as to whether there would be any general assets in
the Kreuger & Toll Co. to augment what could be obtained in
respect of
the specific collateral.
The Swedish Government committee had, indeed,
reported early in 1932 that it was doubtful if there would be any assets at all
"
for creditors of Kreuger & Toll, except to the extent that
they were
specifically secured.
In its estimate of "present prospects of
recovery from the Kreuger & Toll
bankruptcies," the report states:
"In contrast with the little, if
anything, which was forecast by the
Swedish Government committee in 1932, the assets held by the Swedish
and American bankruptcies have a present value
which, on the basis of
current exchange rates, can be approximated at $20,000,000.
This is, of
course, exclusive of the value of the specific collateral for the secured
debentures.
Such figure should, however, not be taken as more than an
approximation as there are many non-liquid items still to be realized upon.
"It is impossible now to forecast how much of the value in the bank¬
ruptcy estates will go to the secured debentureholders.
This depends upon
the amount of their deficiency claim after giving proper value to their
specific collateral.
It also depends on what other claims are finally allowed
to rank with the deficiency claims of the secured debentureholders.
There
has, however, been marked success during the past 3 M years in the elimina¬
tion of claims which would have largely diluted the interest therein of the
secured debentureholders and other undisputed creditors.
"Present prospects are that, if a settlement of inter-company claims is
reached on the bases which have been tentatively formulated, the larger
part of the general assets will ultimately go to the secured debentureholders."
The report deals with perhaps the most complicated and unusual cor¬
porate financial debacle which had occurred in many years, if ever before.
The significance of what has been accomplished lies not only in the fact
that valuable assets have been recovered for the secured debentureholders
out of a situation regarded as a hopeless and almost inscrutable
tangle.
What is equally remarkable is that this recovery has been achieved with a
minimum of expense to the debentureholders and without the interminable
litigation normally inherent in so complicated and confused a situation.
Certain of the American houses of issue have provided, or agree to provide,
substantial amounts so as to relieve the debentureholders of that part of
the expense of the reorganization activities which is attributible to the
extraordinary task of unravelling and salvaging assets out of the complicated
and fraudulent situation which
was found to exist.
is believed that the debentureholders will find that their support of
the committee's efforts has enabled the committee to obtain results which
It
would be considered exceptional in a far less intricate situation than that
of Kreuger & Toll.
The methods adopted and the results achieved cannot
but be of interest to all those who follow protective committee activities.
The magnitude of the problem is indicated by the fact that the total
public flotation
of securities,
here
scattered
throughout
practically
every
"The debentures were supposed to be 'secured,' but of the supposed
collateral only a small fraction was in the hands of the American trustees.
The rest was held principally in Sweden by a 'depository' with which
Kreuger had had his chief banking relations.
Discovery of the forgery of
£21,000,000 of 'Italian bonds' was followed by other disclosures almost as
startling and grave doubts were raised as to whether any reliable assets
stood behind even the supposedly secured debentures.
"There was great concern lest the rights of the trustee to the collateral
might be subordinate to claims of others by reason of circumstances under
which the collateral had been acquired and the relationship of the depositary
to the Kreuger concerns.
It was obvious also that the confused state of the
records and the confusing character of the transactions would give rise to
conflicting claims from many quarters to the ownership of assets other
than those which might be specifically pledged for the secured debentures.
"The holders of these debentures had occasion to be much disturbed by
the report on May 21 1932 of the Committee of Investigation appointed by
the Swedish Government.
'We can state definitely that there will be little,
if anything, for distribution to unsecured creditors,' as it was plain that the
pledged collateral was most unlikely to satisfy more than a small part of the
indebtedness represented by the secured debentures.
"It was clear that there would be, first, a race to detect assets and, next,
a struggle to
get possession thereof and to establish title against the adverse
claims of others who might assert either ownership or the right to satisfy
their debts therefrom.
In such a race and such a struggle the secured
debentureholders of Kreuger & Toll would find as their principal com¬
petitors the Swedish Match Co., with a strong operating organization
throughout the world and enjoying Swedish Government official support
in its difficulties, and International Match Corp., also with an operating
organization for which centralized direction could be provided through an
American bankruptcy administration.
Kreuger & Toll Co., on the other
hand, was essentially a holding and financing company, domiciled in
Sweden, and effectively dominated by Kreuger personally during his
lifetime.
After his death, it was found to consist of little more than a set
of false books.
"Thus recovery
-
efforts
on
./
...
behalf of Kreuger & Toll secured debenture
arity with the company's affairs and without the aid of any going organiza¬
This was a serious disadvantage which had to be overcome to obtain
equal effectiveness with other competitors to the Kreuger assets.
The
problem of organization was more difficult because Kreuger & Toll's secured
debentureholders were widely scattered throughout both the United States
and Europe."
The summary points out that the achievement of the results indicated in
the protective committee's review of activities was made possible through a
policy of co-operation instead of purely legal procedure.
Adjustment of
conflicting claims to safeguard the interests of the debentureholders was
brought about through the united action made possible by constant collaborration between the protective committees, the Swedish liquidators, the
debenture trustee and the American trustee in bankruptcy.
Co-operation
rather than litigation, it is stated, has been the committee program.
"The first task the committee set itself," the summary continues, "was
establishment of an organization for the full protection of the interests of
the secured debentureholders.
It was essential to have appropriate agencies
for offense and defense, to reduce to possession and to enhance the value
of assets, and to endeavor to cut down the claims which would be made by
tion.
others to share in such values
as
could be obtained.
"It was early realized that the situation was too vast and complicated to
work out by legal processes.
Even to ascertain the facts would take much
time and money; to litigate the facts would take decades and substantially
the
exhaust
available
assets.
The
protective
decided at the outset that the problem
committee
consequently
should be attacked through the
and equitable adjustment among all the
interests concerned rather than through court proceedings.
"A first move toward co-operation in meeting this problem was the under¬
medium of amicable discussions
standing reached with the Independent Kreuger & Toll secured debenture
committee, headed by Bainbridge Colby and of which Samuel Untermyer
and Siegfried Hartman were counsel.
The situation required that there
should be a centralized representation of a substantial majority of the
secured debentureholders so that some agency would be in a position to
speak with authority upon the many discretionary matters which would
come
before the debenture trustee, the liquidators and the American
trustee
in
bankruptcy.
It was agreed that the two committees would
collaborate and avoid any rivalry in regard to deposits.
"As a result of their united representations, together
,
with the effective
organizations abroad and of the Swedish
liquidators, the Massachusetts Court then appointed Marine Midland Tr.
Co. of New York as successor debenture trustee to Lee Higginson Trust Co.
of Boston.
The Marine Midland Trust Co. has taken responsibilities in
collaboration of certain creditor
To Increase Common Stock—
+
were
The report further states in part:
holders had to be conducted entirely by persons without any past famili¬
Consolidated Balance Sheet Dec. 31
Fixed capital
companies amounted to some $250,000,000; that there were
approximately 160 companies involved in the Kreuger enterprise, the books
of many of which had been fraudulently maintained over
many years; that
inter-company claims amounted to hundreds of millions of dollars and that
1936—2 Mos—1935
$951,679
321,974
75,000
38,421
3,434
Net rev. from ry. opers.
1991
Kreuger
both assets and liabilities
country in the world.
Ry.—Earnings-
1936—Month—1935
Chronicle
andiabroad,
issued
by
the
various
dealing with these problems which are quite without precedent in the
administration of trusts and the fact that the value of the specific collateral
has
measurably sustained in the face of progressively increasing
unremitting vigilance of the trust com¬
acting in co-operation with the committees.
"Mr. Edward S. Greenbaum was elected American trustee in bankrputcy.
Also in furtherance of this co-operative policy, agreement was reached in
regard to designation of M. Jean Monnet, former Under-Secretary of the
League of Nations, as a foreign member of the Swedish Board of Liquidators.
"These constructive steps encouraged the deposit of debentures so that
a majority of the entire issue of secured debentures was shortly held by the
protective committee, and enabled it to speak with authority as represent¬
ing the interests of secured debentureholders.
Once the problems of organization had been dealt with and the committee
put in position to speak with authority as representing a majority of the
secured debentures, it concentrated intensively upon the task already begun
of studying the precise financial and legal status of 160 affiliated Kreuger
companies to ascertain which of the assets scattered throughout the world
might be claimed by Kreuger & Toll or its subsidiaries and to oppose the
been
difficulties is primarily due to the
pany
''
Eossible adverse claims to these assets as well as claims of debt which might 1
made against Kreuger & Toll.
e
"The Kreuger companies were incorporated throughout the world, some
of them purely fictitious and without genuine assets.
All, however, had to
be investigated.
The reports upon their financial affairs, constituting
transactions
57 volumes
involving
as
many
hundreds of millions of dollars, comprised
presented by Price, Water house & Co.
"Colossal claims against Kreuger & Toll threatened by the International
Match Co. and the Swedish Match Co. at this point complicated matters
very seriously.
It was obviously impracticable to deal with such an
unprecedented problem through purely legal processes.
"Consequently, negotiations were carried on with International Match
and Swedish Match resulting in a declaration of common policy of construc¬
tive negotiation and an international committee was formed to aid in the
reconciliation
of conflicting claims.
A comprehensive threes-company
reorganization was at first proposed.
This proved impracticable but in the
co-operative spirit engendered by this approach it was possible to reach a
basis of understanding of separate settlements of intercompany claims
between the three principal Kreuger companies, namely, Kreuger & Toll,
Swedish Match and International Match.
This substantially freed the
general assets obtained for Kreuger & Toll from being applied primarily to
satisfy the claims of other companies in the Kreuger group .1*
^
"While much work remains to be done and
a certain risk of breakdown
the intercompany relations of each of the three companies to the
seem
now ripe
for formal definitive settlement through the
appropriate legal agencies, which include court approvals.
"Many specific assets, title to which was in dispute, have received special
treatment.
The most important were the Boliden shares, Ohio Match
shares, and Diamond Match sharesr*"As a result of prolonged discussions
on these problems, litigation was avoided and, as
part of a general settle¬
ment, it is expected that a substantial part of the value of these assets will
still exists,
other two
inure to the secured debentureholders.
"The protective committee co-operated
with the debenture trustee in
seeking to arrive at an amicable arrangement for transfer from Sweden into
the actual possession of the trustee of the specific collateral for the secured
debentures held in Sweden and co-operated in seeking to preserve the value
of the pledged foreign obligations, all of which have been subject to greater
or lesser defaults.
"By June 1934, all of the legal and practical obstacles to transfer of the
overcome.
The debenture trustee
collateral to the United States had been
Financial
1992
by then had secured physical possession of the collateral and it seemed that
inter-company claims could be adjusted on a basis which would free the
collateral from adverse claims.
Demand was made upon the Marine
Midland Trust Co. to foreclose and foreclosure proceedings are pending in
the Supreme Court of the State of New York.
"In order to protect secured debentureholders against a sale at sacrifice
prices the committee believes that the debentureholders should create some
agency to bid for the collateral.
A plan for so doing has been elaborated
jointly by the committee and the Colby committee and it is expected that
this plan will shortly be submitted to debentureholders."
The protective committee is composed of Grayson M.-P. Murphy,
chairman; Frederic C. Dumaine, Eugene Regard and James R. Sheffield,
and has
its counsel Sullivan
as
&
of
Cromwell
New York
and
Paris.—
V. 142, p. 1293.
Laclede Gas
The holders of
Light Co.—New Notes Ready—
series
notified that in order
A
and series B
6% collateral trust notes are
comply with the requirements of the New York
to
Stock Exchange for listing, the company has prepared and now has ready
for delivery to the holders of collateral trust notes of the above issues, new
of series A and series B respectively.
These engraved
the same form as, and bear numbers corrfsponding to, the
outstanding and will be issued in exchange for and upon surrender
of like printed notes which are now held.
The exchange is being executed by the Boatmen's National Bank of
St. Louis, Mo., and the Central Hanover Bank & Trust Co. of New Aork,
N.Y.—V. 142, p. 1820.
engraved
notes
notes
in
are
notes now
Chronicle
March
21
1936
rata basis the remaining 750,000 shares of its capital stock at their
value of 10c. per share.
new company on Feb. 10 1936 received permission from the Com¬
missioner of Corporations for California authorizing it to issue 250,000
shares of its capital stock in exchange for the assets of the old company and
to sell and issue the remaining 750,000 shares to its stockholders at par
(10c. per share).
The directors of the old company have fixed the close of business on Feb .24
as the record date of its stockholders who shall be entitled to purchase
a
pro
par
The
shares of the new company.
As the old company has 1,000,000 shares outstanding, each of its stock¬
holders has the right for a period of 60 days after date hereof to purchase
% of one share of stock of new company for each one full share of the
stock of the old company owned by such stockholder.
The price may be paid on one of the following ways: (a) All cash with
subscription; (b) one-third cash with subscription, one-third cash in one
month, and one-third cash in two months after date of subscription; or
(c) one-third by six-months' promissory note bearing interest at rate of 6%
per annum with subscription; one-third cash in one month, and one-third
cash in two months after date of subscription.
Should all of the 750,000 shares not be subscribed on a pro rata basis
during the 60-day period, the unsubscribed shares may be subscribed for
by any stockholder during the 60-day period immediately following it.
The old company reports a loss of $38,495 for the year ended Dec. 31
after deducting interest, retirements, depletion and depreciation.—Y. 133,
p. 133.
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
Le Blond-Schacht Truck Co.—'To Vote
on
Merger-—
The directors have declared a dividend of $1.75 per share on account of
The stockholders of this company and the Ahrens-Fox Fire Engine Co.
will meet separately on March 30 to vote on a proposed merger of the com¬
accumulations on the
panies, according to a letter sent to stockholders on March 14.
The
managements, it was said, have been assured of the consent of more than
70% of stock.
The merger terms involve exchange of stock held for stock in the new
company, with Le Blond-Schacht issues exchanged on the basis of nine
shares of no-par non-cumulative preferred stock of the new concern for
each share of present preferred stock held.
Six thousand shares of Le
Sept. 30, June 29 and April 1, last, and on Dec. 31, Oct. 1 and June 30
1934.
Semi-annual payments of 3M% were made on Jan. 15 and July
15 1931.
After the March 31 payment, accruals on the preferred stock will amount
to $43.75 per share.—Y. 141, p. 3695.
Blond-Schact
will be exchanged share for share with the new com¬
stockholders in Ahrens-Fox will receive one share of
preferred for each two shares they hold.
The authorized preferred issue
of the new company, according to the announcement, will be 67,500 shares,
of which 67,015 will be outstanding.
Ahrens-Fox, a pioneer in its field, manufactured the first steam fire
engine in Cincinnati in 1853.
Operations in the proposed new firm would be carried on at the Le BlondSchact plant.—V. 134, p. 1038.
mon,
and
common
class
A
Lehigh Portland Cement Co.—Listing—
The
New
York
Stock
Exchange has authorized the listing of 121,467
shares of 4% cumulative convertible preferred stock (par $100) and 996,950
shares of common stock (par $25), upon official notice of issuance pursuant
to a "plan of recapitalization" as follows:
121,467 shares of 4% preferred
stock upon official notice of issuance to the holders of 7% preferred stock;
450,348 shares of common stock (par $25) in substitution, share for share,
for a like number of shares of its common stock, par $50 pe rshare; 60,733
shares of common stock (par $25) upon official notice of issuance to holders
of its 4% preferred stock, and 485,868 shares of common stock (par $25)
or such part thereof as may be required, upon official notice of issuance
from time to time in connection with the conversion of the 4% preferred
Plan
A similar distribution
(
share of
new 4% convertible preferred stock and one-half a share of
stock, par $25.
When the plan becomes effective, holders of the
4% convertible preferred stock are to receive $12.50 a share in cash in
further consideration of the modification of the rights of the existing 7%
cumulative preferred stock, by which dividend arrears of $13.12H as of
April 1 1936 are eliminated. The plan also calls for reduction in par value
of the common to $25 from $50.
common
There
outstanding $12,146,700 of preferred stock, par $100, redeem¬
able on 30 days' notice at $110 a share.
The new 4% preferred stock is to
be convertible on the basis of one share of preferred for four shares of
common and to be redeemable at $110 a share.
See also V. 142, p. 1473.
are
Lehn & Fink Products Co.-:—To Vote
Merger—
on
The stockholders at the annual and special meeting
April 8 will consider
agreement of merger between Lehn & Fink Products Co.; Lehn & Fink,
and Lysol, Inc.
nc.,
Income Account
for Calendar Years (Incl. Subs.)
1935
Profit after expenses
1934
1933
1932
$942,010
121,374
$789,327
46,118
$820,637
56,095
$1,394,557
50,285
March 19 with
on
victory
a
Gustav Tucksmith,
Matthew T. Sullivan, Walter S. Mack Jr., Edw. A.
Roy Jr., Wallace Groves and Walter W. Colpitts.—V. 142, p. 1645.
Loomis-Sayles Mutual Fund, Inc.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
the regular quarterly dividend of 50 cents per share on the
addition to
stock, both payable April 1 to holders of record March 12.
An
$5 per share was paid on Jan. 2 1936 and an extra dividend
was distributed on Jan. 2 1935.—V. 141, p. 4018.
common
extra dividend of
of 50 cents
Loomis-Sayles Second Fund, Inc.—15-Cent Extra Div.—
The directors have declared
an extra dividend of 15 cents per share in
quarterly dividend of 10 cents per share on the
stock, both payable April 1 to holders of record March 12.
Similar
addition to the regular
common
payments were made on Jan. 2, last.—V. 141, p. 4019.
(& Subs.)— •Earnings-
1935
Net prof, after oper.
Interest
exp.b$2,660,878
824,953
1,625
267,760
Depreciation.
Amortization.
Federal taxes.
Fed. cap. stock tax
Prov. for losses on deps.
in closed banks
Recoveries
from
1933
1934
1932
5,433.331 a$3,280,841
27,820
773,059
798,906
c$2,367,541
36,710
838,285
368,758
44,300
169,563
267,057
27,751
65,613
closed
banks & adj. applic. to
Cr5,338
operations of prior yrs.
provision for em¬
ployees' pension fund.
Prov. for replacement of
equipment
Sundry charges
Extra
86,748
49,570
18,461
$1,461,330
183,792
52,500
1,044,955
Net income
First pref. divs. 7%
Common dividends
Com. shs. out.
46,414
246,030
$1/324,388
1,045,200
1,047,773
$180,083
9,210,325
521,500
$2.35
$34,132
8,917,539
$383,679 def$283,009
8.811,144
8,419,274
$1,531,058
136,501
$396,111
47,513
Balance
Other income
$891,342
102,014
March 31
Dec. 21.
on
The op¬
position, led by Charles G. Guth, former President, offered no nominees.
Directors elected were Mr. Carkner, Arthur J. Patton, Hugh C. MacBride, Walter W. Masters, James M. McDonnell, William F. Heller,
5% pref. stock divs
$488,462
92,351
Depreciation
on
made
was
Loft, Inc.—Proxy Fight Ended—
The annual meeting of stockholders ended
Calendar Years—
Approved—
The stockholders on March 18 approved a plan of recapitalization whereby
each share of the present outstanding 7 % preferred stock will be exchanged
an
pref. stock, par $100, payable
Loose-Wiles Biscuit Co.
Recapitalization
one
cum.
for the management, led by James W. Carkner, President.
The management's slate of directors received 420,000 votes.
stock.
for
7%
to holders of record March 21.
(par $25)
Earns, per share on com.
245,056
$1,679,842
248,390
$1,322,982
251,025
'
—
—
-
-
—
1,354,966
522.481
522,606
526.000
$2.06
$2.74
$2.04
Includes net miscellaneous income of $246,686 in 1934 and $217,060 in
1933.
b Includes other income of $143,656^
c Incl.
other income of
a
$443,624
112,379
$835,445
138,404
$876,731
126,000
$1,444,843
209,520
50,577
56,555
9,053
x81,625
Federal taxes
$914,460.
Increase in equity values
of invest, in foreign &
affiliated
Consolidated Balance Sheet Dec. 31
1935
cos
Net profit
$412,870
500,000
1,234
Common dividends
Lysol, Inc., minor. int__
$747,618
700,000
$807,286
817,232
$1,244,376
910,774
886
912
931
Shares
com.
def$88,364
stock
$46,732
def$ 10,858
$332,671
out¬
standing (par $5)
per share
400,000
$1.03
400,000
$1.87
400,000
$2.01
408,966
$3.04
Profit from foreign
operations, exclusive of $18,917 profits earned by
foreign subsidiaries in countries subject to exchange restrictions and credited
to reserve for foreign exchange fluctuations.
x
Consolidated Balance Sheet Dec. 31
Assess—
a
1935
1934
Liabilities—
Capital assets..$1 572,232
$1,661,523
635,649
746,370
Cask
Accts,
receivable,
391,935
44,581
882,792
44,400
344,524
1 637,353
1,643,467
Sundry debtors
Inventories
Dom. of Can. bds.
b Investments
47,207
875,597
44,400
Trade marks, trade
$270,424
Fed. inc. tax pay—
Real estate mtge.
hYi % due
trade
marks
}•
8.085.000J
Patents in
Cash
1
47,737
mand
...
Reserves
of
112,379
5% pref. stock... 4,200,000
594,404
secure
receivable.
Inventories
2,372,931
3,748,458
Investments
401,677
Deposit in
284,087
117,321
177,715
308,439
276,749
Res. for processing
Due from employes
under com. stk.
tax in dispute..
386,968
& surp. of
minor,
Lysol,
Inc
Total...
17,243
2,000,000
2,180,858
16,416
2,000,000
2,269,222
758,232
Res. for replacem't
of equipment
794,522
Res. for employees'
pensions
246,030
246,030
253,380
Earned surplus.-. 9,210,325
8,917,539
Treasury
28,795,408 27,096,110
Total
28,795,408 27,096,110
Includes at par 26,803 shs. of treasury stock.—V. 142, p.
Petroleum
The board of directors has been reduced from 15 to 13 members.
R. C.
Harrison succeeded W. S. Gray, Jr., as a director, while Earle Baillie and
Everett Meyer did not stand for re-election.—V. 142, p. 1125.
Macassa
Mines, Ltd.—Earnings—
9 Months Ended Dec. 31—
Tons milled
1935
$844,018
405,047
41,457
to the stockholders of the old company.
At a special meeting of stockholders of the old company
held on Nov. 4
1935, and offer was received (and accepted) from the new company to issue
250,000 of its shares to the old company in exchange for its assets and
to^give to the stockholders of the old^company the right to purchase on
Net per share
$438,635
99,390
$339,245
$0.10
are
$832,610
356,842
37,133
$291,409
revenue.
50,034
$825,356
7,254
$397,513
106,104
Sundry
Corp., Ltd., Los Angeles—Offer to
being given an offer to purchase shares of stock of
the Lincoln Petroleum Co., a new corporation organized to acquire the
assets of the Lincoln Petroleum Corp., Ltd.
The new company is a California corporation and has an authorized
capital of 1,000,000 shares, par 10c. each.
Of these shares 250,000 have
been issued to the old company for its assets, subject to its liabilities; and,
the remaining 750,000 shares of the new company are now offered for sale
1934
52,127
$832,832
11,185
Stockholders, &c.—
The stockholders
1646.
(P.) Lorillard Co.—Directorate Reduced—
Reserve for taxes.
Lincoln
183.942
stock...Dr670,075
$5,224,330 $5,410,826
a Land,
buildings, machinery and equipment, &c., less res. for deprec.,
$890,863 in 1935 and $820,558 in 1934.
b Invest, in and advances to foreign
operating companies,
c Represented
by shares of $5 par value.—V.
141,p. 2893.
543,921
80,117
purchase planDeferred charges &
x
300,000
235,183
expenses.
1,394,650 Ad valorem, cap.
stk. & franchise
611,849
taxes
2,135,445
4,035,160 Prov. for Fed. and
State inc. taxes.
390,266
543,921
escrow.
496" 128
Accts. pay. (trade)
11,463
2,299,666
Total
250,000
393,426
stkhldrs. in cap.
c Capital stock
Earned surplus
$5,224,330 $5,410,826
Accts.
3,500,800
Accrued
process
$299,816
138,404
on de¬
$
7% pref. stock
&
accrued interest,
Interest
1
15,387
names, &c
Deferred charges..
1934
1934
$
Good-will
prepaid expenses
taxes, &c
less reserve
Total
1935
Accounts, payable,
1935
Liabilities—
Commonstock...*13,707,575 13,062,025
Marketable
Earnings
$
Prop., plant & eq. 10,573,999] 17,654,101
of amortization.
Surplus
1934
$
'
$0.12
-V. 141, p. 3231.
Ludlum Steel
Co.—Redemption Plan Voted—New Director
The stockholders of March 16
approved the various changes recommended
by the directors whereby the preferred stock will be called for redemption
at 110 a share and common holders will be
given proportionate rights to
subscribe to additional stock at $22 a share.
Frank S. Quick was elected a director to fill
death of Harold G. Hathaway.
a
vacancy
caused by the
Volume 142
Financial
Chronicle
The stockholders also approved the
contract offered to H. G. Batcheller
as general manager for five
years at the rate of
$48,000 a year and 600
shares of common stock
annually for his exclusive services. Mr. Batcheller
said the contract had been offered to
him last fall and that he declined to
further
1993
hearings before Henry W.
Goddard,
U. S. District Judge, an
amended plan of reorganization has
been prepared
by the company.
This
amended plan of reorganization is
dated as of Jan. 1 1936.
An order has
been entered in the
pending proceedings under 77-B of the
Bankruptcy Act
in the U. S. District Court
for the Southern District of New York
finding
this amended
plan to be fair, equitable and feasible and not
discriminatory
against any class of creditors.
Further hearing has been fixed to be held
accept until all the stockholders had been
informed and had been given an
opportunity to discuss the matter.
Mr. Batcheller said he will
give the
contract consideration and announce
his decision to the board
shortly.
—V. 142, p. 1646.
Mar. 3.
Mapes Consolidated Mfg. Co. (&
Subs.)—Earninqs—
Calendar Years-Gross profit on sales
1935
1934
1933
$425,791
95,417
Other income
Total income
Prov. for Fed., &c., tax.
$410,441
$334,246
45.963
Operating profit
$521,988
111,547
$330,374
3,872
Selling & general exps—.
$411,201
57,481
Prov. for loss on advs. to
affiliated company
Loss from sale of sec., &c.
Interest paid
Minority int. in
of subsidiaries
$472,619
14,081
$435,690
17,096
$486,700
68,132
to the effect that it will
file the necessary acceptances on behalf
of all
holders who have
deposited bonds with the Bank of New York & Trust Co.
and who shall not dissent from the
company's plan of reorganization dated
as of Jan. 1
1936, on or before Feb. 29.
All other parties have likewise
approved and adopted the company's
amended plan dated as of Jan. 1
1936, and join in recommending to the
holders of the bonds that the
plan be
$452,786
63,790
:?
2,236
7,044
15,028
accepted.
4,875
profits
Obligations and Capitalizalon of Company
1,847
2,506
8,208
$286,436
$351,214
$396,205
$372,679
388,139
25,156
394,109
28,874
625,529
722,850
$699,731
$774,196
$1,021,734
$1,095,529
126",500
379", 500
627",625
50,000
420,000
$394,109
126,500
$3.13
$625,529
120,000
$3.10
expenses.
Total surplus
Prov. for loss on invest¬
ments & advances
Common dividends
Add'l Fed. & State inc.
prior yrs., &c
3,468
Com.shs.outst.(no par).
Earnings per share
6,557
$569,763
126,500
$2.27
Balance, Dec. 31
$388,139
126,500
$2.78
1935
Cash
1934
$575,962
$581,404
4,825
4,200
9: 1
life insurance...
Miscell. invest
1
Accts. receivable-
99,961
on
dep.
210,163
-
1,418
Pats., licenses, &c.
48,760
Total
x
$1,561,451
After
deducting
$690,349 in
y
1934.
47,472
Capital stock—_
59,615
189,750
22,487
862,500
569,763
24,001
862,500
388,139
4,027
650,874
53,128
$1,575,3841
Total
$1,561,451 $1,575,384
for depreciation
Represented by 126,500
of
$760,489 in 1935 and
(no par) shares.—V. 141,
McCrory Stores Corp.— Urges Consummation of Plan—
The reorganization committee
stockholders of record March 2
(Stuart Hedden
states the committee.
Other members of the committee in addition to Mr.
Hedden
S. Armstrong, Bernhard Benson and A. J.
Fink.—V.
are
George
142, p. 1476.
1936
1935
1934
$11,605,621 $10,532,634 $11,549,832
—Y. 142, p. 1646.
1933
$8,598,303
Henry Krumb has been elected
a
director to fill the vacancy caused
by
Corliss.—V. 141,
p.
2591.
Maytag Co. (& Subs.)—Earninqs—
Calendar Years—
Net sales
1935
Mfg., sell. & gen. exp___
Prov.for est. Fed. taxes.
Int. paid (on prior years'
tax
1Q39
$5,143,063
259,072
$8,836,663
7,163,210
155,662
$5,402,135
4,665,893
5,104
assessment)
on
Other
Prov.
1933
$8,589,053
247,610
$16,751,465 $15,187,828
13,417,652
12,511,550
423,954
340,840
Total
Loss
securities sold—
on
11,364
37,322
100,858
50,000
11,018
251,811
4,993
252,894
14,535
261,432
261,721
267,786
$2,581,096
355,578
2,141,123
$1,960,836
y800,051
428,225
$1,204,503
88,898
$100,773
178,539
214,079
$84,395
1,617,922
$0.84
$732,561
1,617,922
future
...
rec
Depreciation
Net profits.
1st pref. dividends
Cum. pref. dividends—
Surplus
com. outst.
3,701
101,650
Cr3,481
19,415
deductions
for loss
abandonments
Loss on notes & accts.
Shs.
1934
$16,350,691 $14,716,706
x400,774
x471,l22
Other income
(no par)
Earns, per sh. on com..
$1,115,605 def$291,845
1,617,922
1,617,922
$0.46
Nil
Nil
x Includes reduction in reserve
for loss on non-current notes receivable
of $50,000 in 1935 and $150,000 in
1934.
y Includes $444,473 for dividends
in arrears.
Consolidated Balance Sheet Dec. 31
1935
Assets—
1934
$
1935
$
Land, bldgs. and
equipment
2,797,590
Cash
841,450
Certif. of deposit—
100,000
Marketable securs. 4,769,7/9
Notes & accts. rec.
456,857
Inventory
1,883,695
Liabilities—
x
120,140
Life insurance
Sinking
cum.
fund
y
2,646,763
919,011
100,000
4,418,462
354,616
1,651,125
113,020
1,322
1,322
56,193
65,952
245,825
272,991
for
supplies invest.
Sundry
accounts,
investments, &c.
Pats., trade marks
.
Deferred
1,403,195
1st pref. stock
5,926,300
Cum. pref. stock..
285,483
Accts
1
1
34,458
Assets..
17,899
penses, &c
Accounts
x After
deducting
$1,954,448 in 1934.
—V. 142, p. 303.
Merchants'
285,483
247,095
180,350
&c
65,574
Accts. payable due
to
officers
and
directors
par
pay.
reserve
Accrued expenses.
Prov. for estimated
...
value
as
the
debtor, subject to the approval of the court, may determine.
Securities to Be Received by Bondholders, Creditors and and Stockholders
For each $500 6% sinking fund gold bonds, 1958 of the
debtor, together
with the Dec. 1 1933 interest coupon
(subject to the payment on account
of said coupon provided for in the order of the U.S.
District Court, dated
May 23 1935) and all subsequent interest coupons, the bondholder will
receive, regardless of when such bonds were purchased and regardless of
what consideration was paid for such bonds, (1) $500 of the
debentures:
and (2) a voting trust certificate for 10 shares of class A
common stock of
the debtor.
The certificates for the common stock will be endorsed
upon
attached to the debentures.
For the $225,000 demand note of the debtor, Western Merchandise
Corp.
will receive 2,250 shares of preferred stock and
14,460 shares of class B
common stock.
•
Western Merchandise Corp. has agreed (subject to the consummation
of the two notes aggregating $57,500 will be extended for
10 years from
July 1 1936, and that the interest thereon will be reduced to 6% per annum,
payable semi-annually as heretofore.
Western Merchandise Corp. will
agree further, with respect to the mortgages, held by it as collateral
securing
the said $57,500 obligation, and with
respect also to certain other under¬
lying mortgages which it holds, that the dates of maturity of the mortgages
and of the bonds
or
notes secured
thereby will be extended (subject to the
right of the holder to prepay the principal amount thereof as now set forth
in the bonds or notes) and the terms of
payment thereof will be further
modified, by proper written agreement or agreements.
The existing subordination agreements by the trustees under the
indenture
relating to the above mortgages shall be made applicable to such mortgages
as
extended and modified; the existing assignments of the leases on
the
premises, shall be made subject to the right of the mortgagees under the
mortgages, as extended and modified, to have the rents under such leases
applied in accordance with the schedule; and the debtor and the particular
subsidiary shall agree to apply the rents and profits collected from the
above premises in accordance with the above schedule.
Interest on bonds and mortgages aggregating $130,000 and on
two notes
aggregating $57,500, shall be paid to or upon the order of Western Mer¬
chandise Corp. at or prior to the consummation of the
plan, through the
last semi-annual interest payment dates thereon
immediately preceding the
consummation of the plan, at the rate specified in the
obligations prior to
the proposed extension agreements relating thereto.
Common stockholders of the debtor will receive an
aggregate of 39,314
common stock.
This is approximately at the rate of one
new class B common stock for each 4.77
shares of the present
common stock.
In addition thereto, the
minority stockholders will receive
from the majority stockholder a number of shares of class
B common stock
equal to 3 % of the total issue of class A common stock and class B common
shares of class B
share of the
General creditors of the debtor will be
paid in full in cash.
As of June 30
1934, being the date of the filing of the debtor's petition in these
proceedings,
he
amount
due such
p.791.
general creditors did not exceed $5.000.—V.
Merck & Co.—Dividends—New
142.
Vice-President—
The directors have declared
regular quarterly dividends of 10 cents per
on the common stock and $1.50
per share on the 6% cum. preferred
par $100, both payable April 1 to holders of record
March 23.
In December 1935 the stockholders
approved a reduction in the dividend
rate of the preferred stock from 8 to
6%.
The current dividend is the
first declared on the preferred stock at the new
rate.
Henry W. Johnstone has been appointed a Vice-President of the com¬
pany in
3,789
42,629
100,000
122,759
36,599
100,000
63,063
424,028
2,304,374
charge of operations.—V.
141, p. 3867.
Middle West Utilities Co.—Removed
from List—•
The Chicago Stock Exchange has removed from
the list the
stock,
no par,
common
and the $6 convertible preferred stock series A, no
par, due
Chicago transfer agent.—V. 142, p. 1822.
to discontinuance of
Midland
304,907
1,017
2,369,385
2,007
The
RR.—Abandonment—•
Interstate Commerce Commission
on
March 9 issued
a
certificate
permitting (a) the
company to abandon, as to inter-State and foreign com¬
its entire line of railroad extending from Elkhurst to the interna¬
tional boundary between the United States and
Canada, 0.95 mile, all in
York County, Vt., and (b) the Canadian Pacific
Ry. to abandon operation
thereof.—V. 118, p. 202.
merce,
Total
11,307,310
10,561,163
Properties, Inc.—Amended Reor¬
ganization Plan—
After many hearings before and conferences "with Irwin
Kurtz, special
master appointed to take hearings of the
plan of reorganization, and after
stock
share
$2,215,180 allowance for depreciation in 1935 and
y Represented by 1,617,922 shares of no
par value.
National
stock
common
An additional 42,630 shares of class B
common stock will be authorized
for issuance in exchange for shares of class A common stock
as provided.
The common stock will be without
par value or of such
stock,
448,376
Federal taxes
common
Class B
5,926,300
payable
Capital surplus
11,307,310 10,561,1631
§
for pay rolls, com¬
General
Class A
1,225,762
ex¬
Earned surplus.
Total
1934
payable for
purchases,
Sundry accts,
and good-will
$
Common stock..
missions.
pref. stock
Small tools & maint
.
$2,131,500
255,780
2,250 shs.
42,630 shs.
53,774 shs.
of this plan and the provisions thereof without
change or modification
unless such change or modification shall be
approved by it) that the payment
Magma Copper Corp,—New Director—
the death of Charles A.
.
or
McKiesson & Robbins, Inc.—Sales—
Month of January—
reorganization, the debtor will have
outstanding:
as
Chairman) is urging
to send in their
proxies for the special
meeting to be held March 23.
"Consummation of the plan, which has been
approved by the stockholders
and all committees and confirmed
by the court, will be delayed unless the
necessary representation of convertible 6% cumulative
preferred stock,
common stock and class B common
stock at this meeting is
obtained,"
Net sales...
supplemental indentures made
by the debtor to the trustees all as modified pursuant to the provisions of
this plan.
The indenture dated as of Dec. 1 1928, and the
supplemental
indentures will be amended, the certificate of
incorporation and the by-laws
of the debtor will be amended, and its
capital structure will be modified
so that upon the
completion of the
Debentures due June 1 1958, principal amount
1935 interest indebtedness
Preferred stock (no par)
1774.
p.
tures and
as
capital
reserve
y
equal to the interest accrued on the bonds to Nov. 30 1935.
Deben¬
1935 interest indebtedness will be secured
by the indenture dated
of Dec. 1 1928, made by the debtor to
Chemical National Bank, New
York and Oliver G. Lucas, as trustees and
sum
41,497
interest,
Surplus..
charges
$9,882
Dividends payable
in
The debtor will issue, in
exchange for 6% sinking fund gold bonds, 1958,
debentures, due June 1 1958, which shall include an agreement to pay a
1934
in¬
stock
1,264
Plant & equlpm't
'
for
Minority
&c.,
17,045
622,511
x
1935
$12,156
47,072
come taxes
not
subj. to withd'l,
sundry advs., &c
Prepaid values &
deferred
Provision
70,169
191,122
Inventories
Cash
LiabilitiesAccounts payable.
Accrued expenses.
value
surr.
;
Capitalization Upon Completion of the Reorganization
Comparative Balance Sheet Dec. 31
Assets—
Cash....-.*.....
;
6% sinking fund gold bonds, 1958
1 $2,131,500
Demand note bearing interest at rate of
6% per annum
225,000
Obligations as guarantor or otherwise on the
following bonds of
subsidiary companies secured by underlying mortgages:
Chain Store Properties, Inc.
(N. J.), secured by mortgage on
property of that subsidiary located in Union
City, N. J
293,000
Chain Store Properties, Inc.
(N. Y.), secured by mortgage on
property of that subsidiary located in Floral
Park, N. Y__
53,000
Chain Store Properties, Inc.
(Minn.), secured by mortgage on
property of that subsidiary located at Winona, Minn
19,000
Two notes made by Chain Store
Properties, Inc. (N. Y.),
now held
by Western Merchandise Corp., which notes are
secured by mortgages on
properties of that subsidiary
57,500
Interest accrued and unpaid on all of the
foregoing items.
Miscellaneous unsecured indebtedness for
legal and accounting services
amounting to less than $5,000.
Debtor has outstanding 187,500 shares of common stock
(par $1).
1,288
__
Net profits..
taxes for
'
$528,479
92,789
-
Balance of earned surplus
at Jan. 1
Adj. of deprec.
$594,738
122,120
760
Confirmation of this plan requires
acceptance thereof by not less than
66 2-3 % of the holders of the
6% sinking fund gold bonds.
The majority
committee, of which Robert L. Rooke is
Chairman, has on deposit approxi¬
mately 78% of the bonds, and this committee has
amended its previously
existing plan so as to accord with the provisions of the
company's amended
plan dated as of Jan. 1 1936.
This committee has adopted a course of action
1932
Minneapolis-Honeywell Regulator Co .-^-Listing—
The
New
York
Stock
Exchange has authorized the listing of 621,963
stock (no par) upon official notice of issuance,
207,321 (old) shares of common stock (no par)
previously listed and now outstanding, pursuant to a three-for-one stock
split-up.—V. 142, p. 1647, 1295.
(new) shares of
in
substitution
common
for
the
1994
Financial
Milwaukee Gas Light Co.
Calendar Years—•
—jEarnings$5,809,124
2,483,120
477,600
134,266
908,228
$1,373,813
$1,709,240
$1,805,911
64,862
13,206
46,192
13,216
57,572
$986,206
5,680
Taxes
1Q39
$5,709,482
2,501,234
482,160
163,275
853,573
23,976
13,107
Retirement expense
Uncollectible bills
1933
$5,668,352
2,948,355
483,258
71,462
791,464
$1,023,290
.
1934
$5,636,969
3,235,506
485,736
53,145
839,292
.
revenue
$1,295,744
7,433
$1,649,832
4,816
$1,734,823
6,244
The
Merchandise jobbing and
contract work
(loss)-..
Miscell. rent expense
Operating income
Non-operating income
._
1936 2
13,516
Commerce
Interstate
Commission
21
Feb.
on
issued
certificate
a
permitting the coreceivers of the properties of the company to abandon
operation of the portion of a branch line of railroad extending from St.
Benedict to Algona, in Kossuth County, Iowa.—V. 142, p. 1647.
Missouri Pacific RR.—Abandonment—
The
Operating
March
Minneapolis & St. Louis RR.—Abandonment—
1935
Operating revenue
Operating expenses
Chronicle
Commerce Commission
Interstate
Feb.
on
24
issued
certificate
a
permitting the abandonment by the company and its trustee of a branch
line of railroad from Ozark Junction to Hartman Junction, about 12.27
miles, all in Franklin and Johnson Counties, Ark.—V. 142, p. 1648.
Montgomery Ward & Co., Inc. (& Subs.)—Earnings—
Years Ended Jan. 31—
1936
1935
1934
Net sales
Gross corporate inc
Interest on funded debt-
$991,887
600,030
2,854
34,393
2,676
$351,934
Miscellaneous interest__
$1,303,176
$1,654,648
600,030
3,745
$1,741,066
608,968
4,155
34,402
3,352
34,405
3,453
35,901
3,324
$662,400
$1,013,016
$1,088,718
•
600,030
2,992
Amortization of debt dis¬
count and expense
Miscell. deductions
Net income
Balance Sheet Dec. 31
1934
1935
Assets—
1935
1934
$
Liabilities—
$
$
$293,042,357 $249805,721 $187632,543
Fed.
taxes, &c
13,527,310
9,161,054
2,227,957
Shs. com. stock outstanding (no par).
4,565,004
4,517,240
4,467,240
Earnings per share
*
$2.65
$1.72
$0.18
—V. 142, p. 1823.
■
Net profit after deprec., amort.,
Montour
RR,—Earnings—
1936
$167,604
65,556
67,201
February—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Property & plant .26 ,705,070 26,722,117
Preferred stock
2, 000,000
2,000,000
Gross from railway.
Cash
Common stock
9, 000,000
9,000,000
Net from railway
Net after rents
,323,702
804,021
427
406
858,379
811,983
Notes receivable..
Accts. receivable.
-
Int. receivable
Funded debt
__14, 000,000 14,000,000
Accounts payable231,532
200,036
Consumers' depos.
93,536
93,630
60
Materials and sup¬
650,067
556,806
4,586
plies
Prepayments
Miscell. assets
Matur. int. unpaid
Wis. Unempl. com¬
5,603
4,000
4,001
1,100,598
Re-acquired secur.
500,000
Treasury securities
166,000
9,023
___
10,720
Dep.for exten.sub¬
500,000
ject to refund..
166,000
Accrued liabilities.
1,755
329,276
397,268
4,608,104
653,332
31,219,570 30,795,623
1935
1934
1933
1932
$6,050,052
$5,386,262
$3,760,821
2,949,856
1,798,660
898,612
456,356
1,517,635
1,176,186
943,186
383,412
and miscell. expenses.
x
Research expense
687,978
$4,563,403
849,696
371,567
$1,258,037
371,742
$2,647,364
235,593
$3,268,166
55,081
92,801
482,244
$2,882,957
81,641
168,850
411,259
$1,457,666
$3,939,751
yl ,541,368
$2,638,040
999,000
$2,221,207
867,811
$1,012,699
533,008
$2,398,383
Shs. com. stk. outstand999,123
Earnings per share
$3.85
$1,639,040
$1,353,396
432,000
$5.14
$479,691
427,197
$2.37
Operating income
$2,896,424
411,350
$4,974,753
Bond. & other int. & disci
320,053
Total income
Miscell. deductions
j
Provision for inc. taxes.
644,827
Portion applic. to minor.
int. in Amer. subs
Net earnings
Cash dividends paid
199,629
231,547
864,000
$3.20
'
x Depreciation and obsolescence provided during the year amounted to
$1,280,552.
y $1,445,007 paid on common stock of company and $96,360
paid on preferred stocks of subsidiary companies.
Balances, Dec. 31 1934:
Companies incl. in 1934 consol
Companies not incl. in 1934 consol.
Total
plus Acquired
Paid-in
from PredeSurplus
cessorCorp.
$1,152,293
$1,719,058
Earned
Surplus
$4,143,161
893,885
142,258
$1,294,551
$1,719,058
$5,037,046
3,939,751
Net income for the year
Excess of book value of net assets
al.
Co.
upon merger
Monsanto
into
value
stock given therefor
over
par
Chemical
capital
543,199
Excess of face value of 2H % notes
value of capital stock
given in conversion thereof
over
par value
1,665,616
1,351,559
647,635
176,925
1,150,697
1,103.304
1,040,080
185,270
157,701
193,745
10,000
616,768
162,359
100,000
income
(estimated)
Net profit
$1,438,270 def$782,851 def$777,259def$1880.835
Pref. divs. of J. W. Mur¬
7,918
Mfg. Corp
—V. 141,
15.512
15,592
I
15.752
$1,430,352 def$7W8 3b3 def$792,851def$lbyo,687
Surplus
Earn, per sh. on 930.271
shs. com.stk.tpar $10)
$1.54
Nil
Nil
Nil
p.369S.
Muskegon Motor Specialties Co.—Accumulated Div.—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 cum. class A stock, no par value, payable April 4
to holders of record March 30.
This compares with 25 cents paid on Aug. 10
and July 10 1935, and 50 cents on May 4 1935, this latter payment being
the first made since June 1 1932 when a regular quarterly dividend of 50
cents per
share was distributed.—V. 142, p. 1478.
National Automotive Fibers, Inc.—Admitted to
and
Listing
Registration—-
The New York Curb Exchange has admitted to listing and registration
the voting trust certificates representing class A common stock, series 1,
no
par.-—-V. 142,
p.
1648.
Hess, Inc.—Earnings—
1935
1936
Net profit after exps., int., &c., but before Fed. &
State inc. taxes & employees' stk. participation. _
x$91,778 loss$58,364
x Includes a non-recurring income credit of $45,531 which resulted from
the purchase of Kansas City property by the wholly owned subsidiary.
National Holding Co.—V. 142, p. 465.
National Bondholders
Corp.—Distribution—
on March 12 approved cash distributions aggregating $1,46 different series of the corporation's participation certificates,
it was announced by C. E. O'Neil, President.
This is the largest single distribution made since the corporation was
organized, payments on specific series ranging from 3% to 10%.
Total
cash distributed to date, including this latest payment, amounts to ap¬
proximately $6,500,000, applying to 76 of the 80 series of participation
The directors
on
involved.
The distributions just authorized are payable to more than 12,000 holders
March 21 1936, with the exception of the payment on Texas
of capital stock given
Series C
56,877
_.
and re¬
tirement of preferred stock of sub¬
sidiary companies
corporation certificates, which will be payable to holders of record
In the announcement the corporation stated that only holders
March 16.
of the corporation's participation certificates would participate and that
holders who have not yet exchanged their bonds or certificates of deposit
37,641
should do
so
immediately in order to receive their share of the distributions.
Statement
Total.
Deduct:
1,228,649
1932
of record
over
in settlement therefor
Net discount on purchase
$605,522
656,983
122,388
Fed'l
for
tax
certificates
par
Excess of value of investments
iQtq
$1,252,565
Special reserves._
500,000
of Swann
of
1934
$1,403,268
Six Months Ended Jan. 31—
Earned Sur-
et
1935
National Bellas
Statement of Consolidated Surplus Accounts Dec. 31 1935
acquired
215,113
72,122
106,566
$3,640,035
revenue
Prov.
102,059
111,361
70,121
Balance
Add:
237,041
54,088
76,150
114.803
Murray Corp. of America (& Subs.)- —Earning
Gross
ray
Int. earned and other inc
275,038
106,199
Stockholders at a meeting held March 10 voted to dissolve the company
Oil Co. in exchange for 184,613 shares of
Argo common stock.
Argo stock will be distributed to Mountain & Gulf stockholders on the
basis of 21 2-3 shares of the latter for one share Argo.
Argo now owns
more than 95% of Mountain & Gulf stock.—V. 141, p. 4019.
Interest
administrative
Deprec. & obsolescence.
37,066
52,406
and sell the assets to the Argo
Depreciation
$8,201,236
j
52,826
1295.
and taxes.----—-
Subs.)—Earnings—•
Consolidated Income Account for Calendar Years
General,
1933
$106,438
42,947
Sell., gen. & adm. exps.
Monsanto Chemical Co. (&
Gross profit
p.
Calendar Years—
Total
31,219,570 30,795,623
-V. 140, p. 2012.
142,
1934
$137,360
Mountain & Gulf Oil Co.—To Dissolve—
474,460
Surplus
Total
10,865
4 ,852,558
Reserves
—Y.
540
48,017
pensation
Miscellaneous.
1,131,368
Suspense accounts
540
344,963
138,708
136,064
1935
$142,743
55,235
56,669
1,597,884
$1,719,058
$8,976,797
of Distributions Authorized March 12 1936
Distri- Per Cent
Distri- Per Cent
button toDesig-
Cash dividends:
Common stock
Pref. stocks of sub. companies.
Surplus at May 7 1935 of companies
but ion toDesiff-
Num-
$1,445,007
$96,360
_
ber
....
C Series
——
ties, merger expenses, &c_
British
subsidiary
reorganization
expenses written off
Appreciation eliminated from prop¬
erty accounts of Swann sub. com¬
F Series
D Series
Guaranty Title F Series.
Instalment Mtge. A Series
67,334
5
5
AD Series
5
6
5
6
Investment
Num~
noted
ber
Principal
4
6
AE Series
2
6
AF
Series
2
6
10
AG Series
3
3
Federal Home A Series-B Series
1,105,360
Principal
4
Series—
merged into Monsanto Chemical
Co., transferred to reserve fjr re¬
location & revaluation of proper¬
$114,152
nated
6
AH Series
4
5
4
5
AI
4
5
4
7
1
3
Series—
Series
Mtge. Security B Series.
Securities
5
1
4
5
C Series
2
5
2
6
E Series
1
4
D Series
2
4
Mich.
1
E Series
2
4
Mich .-3 Series
1
5
4
9
C. T. A. Series
1
5
1
3
A Series
panies prior to merger
28,105
Total..
$209,592
Balances, Dec. 31 1935
B-Ung Series
2
B Series
$1,445,007
$3,388,292
$274,051
$1,201,721
$7,775,076
—
Investors Mtge. A Series.
C Series
Moline A Series
Consolidated Balance Sheet Dec. 31
1935
Assets—
1934
S
Cash
S
3 ,685,082
Marketable
1935
secur.
Liabilities—
Accounts payable-
1,592,527
First
Customers' notes &
accts.
Misc.
5 165,088
investments
from
mtge.
702,184
910,469
4,110,023
227,716
213,120
officers
on
pref.
shares....
Reserves
9,515,938
9,991,230
Capital stock
18,575
913,000
6,334,629
8,640,000
Min. Int. In Amer.
and employees
128,062
104,893
Land, bldgs., machin'y & equip. .22 983,840 15,646,474
Pats, and processes
Deferred charges__
1
2
143,192
198,633
subs
Chemicals, Ltd.
1,940,000
1,940,000
1,152,293
274,051
7,775,076
1,719,058
4,143,160
acq.
from predecessor
Earned surplus
x
35,839,665 26,904,7201
Total
Represented oy shares of $10 par value.—V. 142,
2
C Series
5
2
5
4
Nat. Reserve CB Series—
4
Alabama B Series
1
3
2
5
Mtge. Guarantee A Series
4
5
Southern Secur. C Series.
4
6
4
5
4
5
3
5
Union Mtge. F Series
G Series
4
6
AA
Series
AB
Series
Series
Authorized
by
...
——
CC Series
4
Texas Series C Corporation on March 7
5
3
H Series
5
1936, Payable to Holders of
Record March 16 1936
Series—
Texas Series C Corporation Certificates
—V.
2
6
142, p. 630.
ment has been
Stores Corp.—Subsidiary to
Sell
35,839,665 26,904,720
p.
1648.
signed whereby
as
of the close of business, March 7, E. E.
Atkinson Corp., a wholly owned subsidiary, will sell all of its merchandise
and customers' accounts receivable.
E. E. Atkinson Corp. is proceeding
forthwith to make payment to all creditors of the respective sums due them
in full and thereupon will pay the Reconstruction Finance Corporation the
sum
Total...
6
National Mtge. B Series.
The company has notified the New York Stock Exchange that an agree¬
3,388,292
Paid-in surplus.
surp.
6
3
Accounts—
cum. pf.
stk. of Monsanto
Earned
Ky.-2 Series
4
National Department
342,085
5H % red.
7
1
3
Mtge. Bond F Series
AC
5}4%
Funded debt
x
$
1,080,118
305,169
616,387
42,330
Acer. divs.
238,109
cos
Loans, dep., &c
Due
1,470,673
328,160
814,159
.
bonds
82,051
Investment in con¬
trolled
Accrued accounts
Est. income taxes.
receivable 2 ,794,106
Misc. accts. receiv.
Inventories
S
3,538,660
280,150
1934
3
1
-
C Series
Series
of
$150,000,
together
with
accrued
interest.
From
MLarch 9 on,
in the City
E. E. Atkinson Corp. will cease to conduct a department store
of Minneapolis, Minn.—V.|142, p. 1478.
Volume 142
Financial
National Electric Power Co.—Removed
Chronicle
The Chicago Stock Exchange has removed from the list the
7 % cumu¬
lative preferred stock, $100 par, and the class A common
stock, no par,
to discontinuance of Chicago transfer agent and
registrar.—V. 142,
(Including Spang, Chalfant & Co., Inc.)
1935
due
304.
p.
■
"
National Grocer's
-
■
V./.
Co., Ltd.—Accumulated Dividend—
The directors have declared a dividend of
$1.75 per share on account
of accumulations on the 7% cum. pref. stock,
par $100, payable April 1
to holders of record March 23.
A like payment was made on Jan.
2, last,
and on Oct. 1 and July 1 1935 and compares with $3.50
paid on May 1 1935,
$1.75 paid on April 1 and Jan. 21 1935 and Oct. 1 1934; $3.50 per share
paid on Sept. 1, $1.75 on July 2, May 1 and April 2, and $2.61 per share
Jan.1 1934.
on
After the payment of the April 1 dividend,
accumulations will amount to
$35 per share.—V. 141, p. 3869.
National Gypsum
1995
Consolidated Balance Sheet Dec. 31
from List—
Assets—
1934
Notes
a
&
receivable
6,386,260
5,748,296
employees...
208,064
221,862
17,654,361 16,646,417
Miscell. invest., &c 5,341,220
5,312,622
Deferred charges.
127,291
101,390
Patents & licenses.
30,056
44,923
Inventories
_
The New York Curb
stock,
of
now
nearing completion at the
plant of the Great Lakes Steel Corp. at Detroit.
During the latter part of
the year, the Steubenville plant of the Weirton
Steel Co. was completely
revamped and equipped for the production of Weidte tin
plate, thus provid¬
ing facilities additional to those already in use at Weirton for the
production
of this improved tin plate.
Imporved facilities for power production are
now being installed at the Weirton
plants.
The directors have recently authorized the
construction of four additional
open hearth furnaces at the Great Lakes Steel Corp.
plant to provide in¬
creased capacity for ingot production, and this work
is now under way.
Net additions to plant and
equipment account during the year amounted to
$14,930,162.
Working capital at Dec. 31
disbursement in
" ■
■-
1935
amounted to $38,367,090,
with the construction
connection
including
in
program
"
Provision for depreciation and depletion
amounting to $3,929,383
charged to operations in 1935, comparing with $3,653,743 so
was
charged in 1934.
1935
1934
1933
Profit from operations$19,237,936 $12,880,692
Depreciation & deplet'n.
3,929,384
3,653,743
Int. charges, bond dis¬
count, &c
2,256,767
1,970,071
Provision for Fed. taxes.
1,915,334
1,206,156
Total
$6,939,611
3,089,912
1,743,224
482,663
2,036,600
150,178
Net profit
Dividends paid
$11,136,452
3,233,740
$6,050,722
2,155,777
$2,812,407
1,347,360
$1,662,920
1,616,833
$7,902,712
$3,894,945
$1,465,046
$46,087
222,900
1,500,000
1,528,384
Notes payable
Accounts payable.
Acer, taxes, wages,
863J45
789,727
194,910
712,462
64,970
;
334,300
276,651
220,637
2,090,617
122,073
4,977,140
a
61,996,416 59,503,5351
After
j._
b After
3,935,841
61,996,416 59,503,535
$1,102,799 in 1935, and $1,118,$12,834,884 in 1935, and
for depreciation of
reserve
$11,509,975 in 1934.—V. 141.
New
Total....
for doubtful accounts of
reserve
712 in 1934.
p.
3233.
England Power Association—Financing Plans—
The company has filed
declaration under the Public Utility
a
Holding
Company Act of 1935 covering $28,000,000 of three-year
notes evidencing
bank loans to be made.
Proceeds from the loans together with other funds
are to be applied to
redemption June 1 1936 of $24,522,500 outstanding
5M% gold debentures at 102, and to payment of $3,000,000 of
3%
outstanding
demand notes.
•
/
.
The new notes are to be issued to banks
participating in the credit.
There will be no public
offering and the notes will not be registered under
Securities Act or Securities Exchange Act.
An aggregate of $140,000
(M of 1%) of the amount of the credit is to be
paid to the banks April 1 1936, it is stated, to be credited on the first
pay¬
ment of interest on the notes.
If the loans remain outstanding two months
or more, that amount will, be an
advance payment of interest rather than a
fee or commission.
No other fee or commission is to be
paid in connection
with the issue or sale of the notes, it is stated.
Frank I>. Comerford. Chairman of the Board of the
Association,
says;
"This is the first move in a rather long
program by which we hope eventu¬
ally to refund substantially all of the obligations of New
England Power
Association on a permanent long term basis. The
filing of this registration
statement in Washington does not indicate a definite
conclusion by the
management to go through with these banking arrangements and call our
5}4% debentures, but we are setting the machinery in motion that would
permit that to be done if it is decided between
to do it."—V. 142, p. 1824, 630.
New Idria
1932
$8,129,974
3,091,680
—
stock.
2,213,652
Minority interest.
112,417
Capital surplus
4,978,866
Earned surplus
4,702,408
Consolidated Income Account for Calendar Years
a
preferred
taxes
Report—
nection with the bonds retired has been
charged to earned surplus.
Addi¬
tional funds were procured by this issue to cover
partiallv the construction
principal part of which is the 96-inch con¬
funds for
Chalfant,
reserve, &c_
com¬
earnings over the
previous year is the result of the appreciably better rate of operations ex¬
perienced by the steel industry in the last fiscal period.
The 5% series bonds and the Weirton Coal Co.
mortgage were refunded
by an issue of $50,000,000—4% bonds maturing in 1965, and the item of
interest includes over-lapping expense incident to
refinancing for a period
of approximately 60 days.
The premium and redemption expense in con¬
progress.
12,994,000
Spang,
National-Superior,
Insur. and pension
to List—
E. T. Weir, Chairman, states in part:
vn Net earnings for the year amounted to
$11,136,451 or $5.16 per share
on the outstanding capital stock.
The improvement in
sheet mill
7,000,000
Dividends payable
of issuance.—Y. 142, p. 133.
program begun during 1935, the
tinuous hot and cold rolled strip
9,566,250
6,294,000
&c_...
Exchange will list 10,000 additional shares
no par, upon notice
National Steel Corp.—Annual
9,566,400
Chalfant
Reserve for Federal
..
mon
(par
bonds
Co.—Application Approved—
Machinery Co.—To Be Added
$
16,622,100 16,621,500
preferred stock. 12,994,000
accts.
Accts. rec., officers
&
stock
$25).
Spang,
?
$
Preferred stock
Com.
1934
'
Liabilities—
Land, buildings,
machinery, &c..25,320,703 24,724,518
Cash....
4,460,032
4,235,079
Market securities. 2,468,427
2,468,427
The Chicago Stock Exchange has approved the
application of the com¬
pany to list 20,800 additional shares of class A common
stock, $5 par.
—V. 141, p. 3698.
a<.;:
>
National Rubber
1935
$
b
now
and the first of April
Quicksilver Mines, Inc.—To Cancel
Stock—
<
Treasury
7;••
Stockholders voted to cancel 4,648 shares of
preferred stock now held
in the company's treasury.—V. 134, p. 2539.
New York Central RR.—Files Store-Door
Tariffs—
F. E. Williamson, President of the railroad, announced that the New
York Central System had filed tariffs providing for free store-door
pick-up
and delivery service on less carload freight, effective
April 1.
Surplus
Shs.
stock
com.
out¬
standing (no par)
per share
2,156,977
2,155,777
2,156,832
2,156,832
$5.16
$2.87
$1.38
$0.77
deducting cost of sales, administration, selling and
general
expenses, &c.
The profit also includes income from interest and dividends.
Note—Dividends paid by companies not
consolidated, but a majority of
Earnings
whose stock is owned
included in income at not
are
than the propor¬
such companies net
more
tionate earnings of the paying
companies.
On all
loss for the year 1935 not taken
up aggregated $17,605,1934 profit was
$39,-
960, 1933 loss
was
$9,977 and 1932 profit
was
$3,119.
Consolidated Balance Sheet Dec. 31
1935
-
Assets—
I
1934
$
1935
$
Property acct-111,480,922
21,847,840
2,450,000
Liabilities—
99,972,562
11,479,821
Cash
Market, secur..
1,500,000
Notes and accts.
7,253,340
Inventories
7,417,460
21,111,836
21,675,344
909,425
Other assets
903,571
Invest. In & adv.
toaffil.
12,813,984
Deferred charges
2,084,544
cos...
Total
13,241,433
809,434
180,515,399
156,436,1191
1934
$
y Capital stock.
Accts. payable..
Accrued exp. &
$
53,924,425
11,190,219
1,753,881
1,915,334
1,652,211
1,206,156
& funded debt
50,000,000
Reserves
3,447,242
Capital surplus. 44,169,357
Earned surplus. 14,114,941
y
[Including All Leased Lines]
1936
Railway operating revenues
Railway operating expenses
Railway tax accruals..
Uncollectible railway revenues
Equipment and joint facility rents
44,525,196
8,189,202
Federal taxes
Total
180,515,399
-
...
—V.
142,
156,436,119
New York
1936
$3,174,339
Net after rents
632,363
1,276,032
The company will sell its assets to the
city of Saint John for $3,250,000
purchase option. The company owns
gas utilities in Saint John, and an
light and power in competition with the
publicly-owned system of the city of Saint John.—V.
140, p. 4408.
Subs.)—Earnings—
Selling & general exp...
Net income from oper.
$8,467,228
4,397,662
$4,069,566
Other income
658,586
1934
$7,199,744
3,930,432
1933
$3,129,427
3,357,106
Federal taxes
Divs. of sub.
company..
Divs. on Spang, Chalfant
$4,728,152
1,832,418
1,146,985
276,651
20,058
1,012.318
220,637
26,748
loss$31,675 loss$616,277
1,656,507
1,858,253
1.103,308
1,151,565
Chalfant stock
192,252
Dr781,420
pf $670,620
3,935,840
262,039
Previous surplus
Adj. of depreciation
Res. for foreign exch
deducted
for
Dr780,023
Cr8,964
Crl0,830
$121,486
3,604,005
$2,815,960
6,467,973
$3,847,638
10,500,893
securities.
Total surplus
Miscell.
adjustments
$4,868,500
36,152
Divs.
declared on pref.
stk. of Spang, Chalfant
& Co., in excess of a
year's
$4,219,407
283,567
188,126
144,392
...
$1,708,812
252,529
$1,860,232
466,793
$2,327,025
1,549,432
$3,585
def$78,420
$372,582
$777,593
1934
$
$
1935
Liabilities—
Invest. In road &
88,006,089
914,901
Sinking fund—
4,000
916,086
4,000
property
Invest, in affll.
13,630
13,630
companies
invest'ts.
11,175,174
10,219,188
800,000
125,221
i,797,647
329,674
Profit & loss surplus..
$4,702,408
$3,604,005
$6,467,973
197,498
190.788
wages payable
604,006
Misc. accts. pay.
Int. mat'dunpd.
22,359
14,400
753.024
59,876
Divs. mat. umpd
int.
4,563
329,715
Audited accts. &
Deferred Ilat>il
car
188,144
29,794
210,268
29,923
Misc. accts. rec.
107,651
713,122
136,524
113,657
1,037,590
164,394
178
282
Net balances due
Other
curr.
Accr'd
Other
182,884
171,937
363,086
19,560
4,546
llab.
9,371
7,489
deprec..
4,814,342
331,411
7,788
8,003
4,773,545
unadj ust.
credits
198,832
5,720
337,593
80,532
6,383,174
Ins. & cas. res..
80,532
11,941
Add.toprop.thr.
inc.
& surplus
463,209
debits..
Total
$3,935,841
600,000
1,590,000
car ser¬
Unmatured
Unadj.
129,940
600,000
1,855,000
affiliated
Traffic &
9,660
610,000
Deferred assets.
requirements..
cos.
Non-nego. dt. to
& rents accr'd
22,220
bal. rec.
Mat'ls & suppl's
$
4,000
58,113,983
29,525,569
Long-term debt.
Time drafts and
conductors
1934
4,000
58,113,983
29,386,453
vice bal. pay-
800,000
302,492
Cash
and
$
Preferred stock.
Common stock.
L'ns & bills pay.
equipment
87,677,635
Impt. on leased
from agents &
$3,860,139
256,134
1932
$1,961,341
1.588,759
Oth. curr. assets
58,210
28,978
1933
$9,644,523 $10,571,876
6,978,679
7,522,187
957,032
1,189,455
Balance Sheet Dec. 31
serv.
Sundry adjust, during yr
Ry.— ■Earnings—
$9,389,831
7,088,040
1,049,713
$1,252,078
244.464
Int. & divs. rec.
649,700
_
4,368,971
1,160,386
344,592
$1,496,541
1.574,961
1935
Traffic
pref. stock of Spang,
Chalfant & Co
on
Net profit
special deps..
Loans & bills rec.
2O~665
divs,
5,473,666
1,957,025
1,124,921
$1,600,072
1.596,486
Deductions
Other
on
Discount
$1,360,560
Miscell. physical
preferred stock
applying to Spang,
Inc.
Net loss
40,122
5,469,235
1,777,766
1,002,890
1934
ry. property..
33,432
1933
$2,173,413
615,618
211,751
239,511
$3,269,312 loss$227,6781oss$1217 043
446,510
196,003
600,766
$3,715,822
1,797,582
1935
Total income
Assets—
Total income
Depreciation
Interest, taxes, &c
Inc.
$2,215,832
3,432,875
1934
$2,739,608
1,009,216
606,542
New York Ontario & Western
Calendar Years—
Other income
1932
—
Operating revenue
$8,590,513
Operating expenses, &c_
6,389,754
Equip, rents, &c. (net).
840,198
Net oper. income.
.
1935
$2,655,511
873,962
498,722
—V. 142, p. 1649.
a
and
(Including Spang, Chalfant & Co., Inc.)
Gross income
$677,662
From Jan. 1—
Net after rents.
1935
$4,270,703
16,125
4,932,240
Chicago & St. Louis RR. —Earnings.—
February—
Gross from railway
Net from railway
6,314,283
Consolidated Income Account
for Calendar Years
$4,344,174
141,623
4,745,792
1649.
p.
2,951,339
Gross from railway
Net from railway......
National Supply Co. of Del. (&
1,372,165
$2,474,958
1,795,745
Net deficit
39,299,333
and depletion of $52,816,704 in 1935 and
$49,394,400
Represented by 2,156,977 no par shares in 1935 and
2,155,777
142, p. 466.
and has given the Common Council
1,523,461
-
par shares in 1934.—V.
and operates the street railroad
electric utility which supplies
;
$543,241
Total income..—
Miscellaneous deductions
Fixed charges.....
Long term llab.
1935
$28,205,750 $25,498,902
21,798,406
19,514,730
2,224,952
2.137,049
$2,658,931
1.685,243
New Brunswick Power Co.—To Sell Assets—
no
—
Net railway operating income
Other income
4,718,257
depreciation
After
in 1934.
Earnings for Month of January
53,894,425
taxes
receivable
x
employed to perform the service.
After
a
x
Tariffs will also provide that where a shipper or receiver elects to
perform
the pick-up or delivery service with his own trucks an allowance of 5 cents
per hundredweight will be made therefor.
Local trucking firms will be
—
V.
142,
102,631,440 102.895.134
p.
1479.
Profit and loss..
Total
6,482,975
102,631,440 102,895,134
1996
Financial
New River Co.—$1.50
**
The directors have declared
accumulations
the
on
6%
a
cum.
Preferred Dividend—
General
dividend of $1.50 per share on account of
pref, stock, par $100, payable April
holders of record March 12.
Similar distributions were made
and March 1 1935, Nov. 5 and June 15
1934, and on Nov. 2
latter payment representing the dividend due
on
1
to
Nov. 1
1931. this
May 1 1924.—V. 141, p. 2442.
New York
Shipbuilding Corp.—Earnings—
Calendar Years—
1935
Net loss after all charges
incl. depreciation
$1,316,657
Interest, discount, &c__
$1,233,267
182,106
1932
pf$125,216pf$1,422,871
129,295
253,981
pf$254,512
199,589
$56,739
187,744
$1,676,853
214,879
122,539
business
12,050
59,389
19,857
1,431
Net loss
$1,415,374
$257,966
(incl.
sur.
11,244
$24,322pf$l ,328,191
Consol. surplus Dec. 31
5,962,634
b33,067
6,804,491
$4,580,327
70,000
$6,546,526
140,000
130,000
70,000
20,363
223,529
7,572,995
4,243,238
a468,487
duction of capital
11,605,299
Total
on
Loss
on
on
pref. stock
part, stock
on founders' stock.
Fed. & State tax prior yr_
Loss on sale of securities.
bldg. demolished
Prov. for loss
Premium
on
$7,548,673 $17,645,215
142,783
149,590
/ 131,820
70,900
4,805
162,187
95,700
shares
of
135,987
3,266,312
6,656,318
Consol. surp. Dec. 31
$5,962,634
$6,804,491
$7,572,995
of shares of capital allocated to preferred,
participat¬
over cost
ing and founders' capital stock acquired during year and retired or held
in treasury,
b Includes profit from sale of security rights of $32,899 and
unclaimed dividends deposits returned by
disbursing agent of $167.
Balance Sheet Dec. 31
1935
Assets—
1934
$
Plant & property
1935
S
Liabilities—
6,413,155
6,539,772
Goodwill & patents
1
Cash
2,343,225
Marketable securs.
663,450
1
a
man
Accts. receivable..
27,965
1,919,057
380,000
in
500,000
3,608,400
1,189,293
3,657,200
founders' stock.
500,000
121,232
Subsidiary cos
Deferred debits
Accts. payable
563,333
85,000
Accrued
payroll,
interest, &c
171,322
4,494,119
5,962,634
11,963,134
13,002,157
233,990
40,662
11,963,134 13,002,157
After
$
2.000,000
&
883,933
Inventories
Other assets
Total
Participating
2,000,000
Funded debt
480,679
5,000
310,450
31 ;282
b
1934
$
Preferred stock
Dividends payable
pro¬
cess
a
2,340,854
648,000
11,490
1,805,080
Contracts
Total
depreciation,
b Represented by 325,000 $1 par participating
175,000 $1 par founders' shares.—V. 141, p. 3546.
shares and
Noranda Mines,
Ltd.—Earnings-
Calendar Years—
1935
Metal recoveries
Miscellaneous income—
Total income
1934
1933
1932
$14,741,960 $12,887,333 $12,588,374 $11,752,628
318,909
516,121
323,725
357,473
$15,060,869 $13,403,454 $12,912,099 $12,110,102
Cost of metal products,
incl.
mining,
treat¬
ment and
delivery and
custom ore..
6,937,499
259,126
Municipal, corporate
sundry taxes
6,504,023
206,110
6,049,129
220,173
5,876,700
273,304
78,585
967,040
597,939
705,749
617,012
175,000
85,946
Admin. & gen. expenses.
required in the con¬
arrangement with J. & W. Selig-
Upon completion of the consolidation and sale of the new preferred stock,
new corporation will have
outstanding 30,000 shares of $4.50 convertible
preferred stock and not exceeding 496,850 shares of common stock.
The
50,000 shares of common stock of General Machinery Corp. now held by
the Niles-Bement-Pond Co. will be canceled in the consolidation.
The
new
preferred will be convertible into four shares of new common until March 31
1938; into three and one-half shares until March 31 1940; and into three
shares until March 31
Edward
to
A.
become
George A.
Deeds,
1942.
Chairman
Chairman
Rentschler,
of the
now
of the present Niles-Bement-Pond
Board
of
the
President of the
Co.,
consolidated
General
company and
Machinery Corp.,
will become the President of the consolidated
company.
of the board of directors will be Sydney Buckley,
Other members
Clayton R. Burt, A. A.
Byerlein, Robert M. Derby, Sandford G. Etherington, Alexander S. Keller,
William B. Mayo, Walter A. Rentschler, John J. Rowe, Charles K.
Sey¬
mour, George H. Warrington and Curtis T. Ziegler.—V. 140, p. 4075.
64,099
75,118
60.212
Reserve for contingencyOutside exploration writ¬
ten off.
—-
Reserved for
deprec. of
buildings, plant and
equipment, &c.
831,058
1,116,008
1,045,823
1,507,064
Balance, transferred to
surplus account
$5,901,613
Provision for dividends.
4,479,544
$4,915,275
4,479,544
$4,816,106
3,457,315
$3,600,809
2,844,914
$1,422,069
$435,731
$1,358,791
$755,895
2,239,772
2,239,772
2,239,772
$2.63
$2.19
2,239,772
$2.15
Balance, surplus
common
Niagara Hudson Power Corp.—Annual Report—Floyd
Carlisle, Chairman, and Alfred H. Schoellkopf, President,
state in part:
L.
Summary of Year's Activities
(1) Consolidated net income increased 8.3%—from $4,051,590 In 1934
$4,386,816 in 1935.
(2) The amount of electricity sold (in kilowatt hours) increased 10.6%
as compared with
1934.
Sales of manufactured and mixed gas (in cubic
feet) increased 6.8%.
to
The increase in residence electric sales was 7.9%; in farm sales,
12.1%;
commercial sales, 6.9%.
Sales of electric energy to industrial cus¬
tomers—constituting in the Niagara Hudson System a very important part
of total sales—were 7.2% above 1934.
(3) Revenues from sales of gas and electricity recorded a gratifying
increase over 1934.
However, this increase failed to keep pace with the
mounting volume of sales.
This was because a large portion of the in¬
was made at the lower rates available for
quantity use or at
reduced rates which were made effective at various times in 1935.
The simplified rate forms and the reduced prices in effect in the
operating
the
end
stock
outstanding (no par).
Earnings per share
$1.60
Balance Sheet Dec. 31
an
carried
intensive promotion of all uses of your companies' services is
being
on.
(4) A notable advance was made during the year in the progressive
simplification of the corporate structure of the System, and still further
changes in the interests of economy and convenience will be proposed.
If
conditions permit, advancement of these plans will be followed
by the re¬
funding of certain outstanding securities of subsidiary companies.
As opposed to these favorable
developments, here are some of the more
important problems affecting the Niagara Hudson System which have been
given consideration throughout the year:
(1) Taxes.
For the past year 14.6c. out of every dollar received from
gas and electric customers were set aside for tha payment of taxes.
Taxes
amounted to $11,033,308, a sum 2H times the consolidated net income for
1935, and equivalent to $1.26 on each share of the corporation's common
stock outstanding in the hands of the public.
(2) The Public Utility Holding Company Act of 1935.
The effect of
this Act upon your corporation and its subsidiary
companies cannot be
determined until a decision as to its constitutionality has been rendered
by
the Supreme Court of the United States.
(3) New uniform systems of accounts.
Prescribed by the Public Service
Commission and providing for material changes in accounting
principles,
these new classifications are now under review by the Court of
Appeals.
Officers believe that certain provisions of these accounts should be
changed
or revised because, in their
opinion, these provisions propose accounting
practices which are unsound and confiscatory.
Taxes-Taxes for the year 1935 amounted to $11,033,308, compared with
$10,834,870 for 1934, an increase of $198,437.
The following table shows
the various classifications of taxes for the years 1935 and 1934:
Taxes—
1935
Federal income
$2,045,439
Federal capital stock
;
300,035
Federal 3% excise tax on electric bills
887,759
State franchise
1,107,906
Land & improvement (including special franchise).
6,303,156
Miscellaneous.
389,010
Total..
&
Reserve for taxes
Shares
an
& Co.
companies' territory are designed to increase consumption.
Consequently,
it is expected that ultimately increased revenues will result.
Toward this
surp. from ap¬
& cap. surp.). $4,494,119
Excess
a
preferred for
creased sales
book value
(incl.
new
in
16,208
note
on
stocks acquired
Adjust of book value of
machinery & equip
Adjust, of land & bldgs.,
prec.
the basis of 1.05 shares of
from apprec.
of prop. & cap. surp.)_
Surplus credit
Capital surplus from re¬
Div.
Div.
Div.
on
solidation, will be sold privately under
is
employees
Exps. incident to former
electric
Machinery Corp.
1936
each share of old preferred.
To provide additional working capital for the new
company, there will be
issued an additional 7,866 shares of the new $4.50 convertible
preferred
stock.
These shares, plus any shares of the issue not
•
excutives &
Sundry deductions
March
the
1933
$145,207
88,468
83,390
Bond int., discount, &c.
compensation to ex-
Adj
1934
Chronicle
1934
$1,777,770
239,597
879,412
1,096,453
6,414,716
426,919
$11,033,308 $10,834,870
Financial Simplification—Further simplification of the System's
corporate
was accomplished during the year.
Four separate holding com¬
panies intervening between Niagara Hudson Power Corp. and certain
System operating companies were either dissolved or were merged into the
parent corporation.
One small operating company was dissolved after the
structure
sale of its properties to another subsidiary operating
company.
The
com¬
panies thus eliminated were: Power Corp. or New York and Oswego River
Power Corp., both merged into Niagara Hudson Power
Corp. on Nov. 25
1935; The Eastern Gas & Electric Securities Corp., placed in dissolution
Sept. 25 1935; The Power & Electric Securities Corp., dissolved Nov. 29
1935; Racquette River Power Co., dissolved Nov. 9 1935.
As an incident
in the elimination of these five
companies, two new corporate units were
organized: Northern Development Corp. and Oswego Corp.
The steps taken during the year to accomplish these results are outlined
in the following paragraphs.
In the case or transactions involving or re¬
sulting in the transfer of ownership of 10% or more of the voting stock of
any operating utility
company, the approval of the Public Service Com¬
mission of the State of New York
was
obtained.
(1)
77,248
131,621
Niagara Hudson Power Corp. advanced funds to Power Corp. of
provide for the redemption of all of its 20-year
53^ % debentures outstanding.
Niagara Hudson Power Corp. purchased
from Mohawk Hudson Power Corp. all of the
outstanding shares of the $7
preferred stock of Power & Electric Securities Corp., and purchased from
the holders thereof all of the outstanding shares of the $6
preferred stock
of Malone Light & Power Co., and the remainder of the shares of common
stock of Power Corp. of New York
outstanding in the hands of the public.
(2) All of the real estate, physical properties and water rights of Oswego
River Power Corp. and of Power Corp. of New
York, respectively, were
transferred to two newly-organized corporations, Oswego
Corp. and North¬
ern
Development Corp.
Niagara Hudson Power Corp. then merged
Oswego River Power Corp. and Power Corp. of New York, and as a result
of such mergers acquired all of the capital stock of The
Oswego Corp.,
Peoples Gas & Electric Co. of Oswego, Oswego Canal Co. and Northern
Development Corp., and all of the common stock of the Power & Electric
outstanding, &c. 5,698,861
Market securities. 3,090,963
6,078,831
4,055,514
(3) The Power & Electric Securities Corp. was dissolved; and Niagara
Hudson Power Corp. thereby became the direct owner of all of the issued
1935
$
Asstis—
1934
$
1935
Liabilities
S
Min. prop., plant,
x
bldg., equip.,&c.11,505,982 11,132,124
Invest, in hotels,
houses, &c
1,111,053
1,040,272
Accounts
Divs. unclaimed..
Debs, of Town of
Res. for taxes....
Noranda
Shs.
of
357,800
adv.
&
Noranda
365,200
262,105
3,478,124
Co., Ltd
Call loans
11,303,140 11,303,140
wages
payable, &c
444,294
1,405,968
1,125,000
Res. for deprec... 9,591,809
Other reserves
801,087
Surplus
9,328,764
385,380
275,394
717,000
151,028
615,262
155,512
to
Power
Cash
Capital stock
&
1934
148,965
8,744,778
591,814
7,667,224
Accts., bills & int.
receivable
Ref.
settlements
Securities Corp.
and outstanding common stock of Malone Light & Power Co. and all
of the
issued and outstanding common stock of Northern New York
Utilities. Inc.
Accts. & notes rec.
(not current)
Invest, other cos._
5,622,099
Advs. to other cos. 1,921,052
Prospect. &explor.
157,518
Material & supp..
369,826
Def. charges, &c._
198,464
Total
x
4,783
5,372,982
Niles-Bement-Pond
no par
Total
shares.—V. 141,
Co.—To
34,000,063 29,684,730
p.
Consolidate
3699.
with
General
Machinery Corp.—
Special meetings of stockholders of this company and General Machinery
Corp. have been called for April 21 and April 20, respectively, to approve
a plan for consolidation of the companies under the name of
Niles-BementCo.
The plan of consolidation, which has been approved by the directors of
both companies, provides that holders of common stock of Niles-BementPond Co. will receive for each share held, two shares of common stock of
the new company, and holders of common stock of the General Machinery
Corp. will receive new common stock on a share for share basis.
Shares of the new $4.50 convertible preferred stock of the consolidated
company
will be issued to present holders of the 7% preferred stock of
(except 25 shares).
(4) The Eastern Gas & Electric Securities Corp. was placed in dissolution
Sept. 25 1935, and its dissolution completed on Jan. 31 1936.i
As a
result of such dissolution Niagara Hudson Power Corp. became the direct
owner of all of the issued and outstanding shares of
capital stock of F^ilton
Light, Heat & Power Co.
(5) Appropriate action has been taken to effect the consolidation of nine
System operating companies and one other operating company into a
single
corporate entity.
The companies entering into the proposed consolidation
are the following:
on
76,539
321,862
183,198
34,000,063 29,684,730
Represented by 2,239,772
Pond
New York sufficient to
Antwerp Light & Power Co.
Fulton Fuel & Light Co.
Fulton Light, Heat & Power Co.
Malone Light & Power Co.
Northern New York Utilities, Inc.
Old Forge Electric Corp.
Peoples Gas & Electric Co. of Oswego
St. Lawrence County Utilities, Inc.
St. Lawrence Valley Power Corp.
Norwood Elec. Lt. & Power Co.
The stockholders of these 10 corporations have
approved the proposed
a proceeding is now pending before the Public Service
Commission for approval thereof.
The new consolidated company would
consolidation, and
be known
as Northern New York
Utilities, Inc., and would continue to
utility service in the territories now served by the constituent
companies.
The year's progress toward simplification of the
corporate structure of
the System brought to 20 the net reduction in the number of
corporate units
provide
Volume 142
Financial
accomplished during the five years ended Dec. 31 1935.
The number of
System companies remaining as of Dec. 31 1935, is 39.
Should the proposed
consolidation of operating companies be effected, the number of System
companies would be further reduced thereby to a total of 31.
Income Statement
(Parent Company)
Years Ended Dec. 31
Income—From subsidiary companies:
Dividends on
Dividends
'
Interest on bonds.
"
' 66 621
Interest on advances.
1 032 096
Other interest and dividends
__I~~
—
'562*794
$3,229,381
522,228
226,252
209,934
.
—
Taxes
*
—
Interest
-
Net income
Previous surplus
on sale of securities
"$3,596,410
$2,270,966
2,033,588
Total income
Expenses
$682,359
732,070
76,028
1,213,541
892,412
$395 264
1 172 605
stocks
on common
1934
1934
preferred stocks
"$2^352,447
697,705
237,553
308,703
Drl6,545
Dr391,869
43,274
29,735
$4,288,008
Profit
$2,033,588
....
Miscellaneous credits (net)
Balance, Dec. 31...
Balance Sheet Dec. 31 (Parent Company)
':V> V
1935
Assets—
$
1934
Inv.insubs. cos.131,442,747
Adv. to subs, cos 15,536,306
Investments in
Liabilities—
132,850,181
17,946,000
y
Com. stock
Taxes accrued..
the prop,
Interest accrued
Miscell. res'ves.
cos.,
which
of
.
are
Interconnected
with
those
liabilities
Cos
37,549,035
Other lnvest'ts.
2,958,990
Cash
910,272
Accts. recelv'le.
1,480,665
Int. & dlvs. rec.
199,452
Total...
4,500,000
1,442,086
86,964
36,705
552,163
5,000,000
22,243
35,850
40,978
Res. for conting.
of
Niagara Hud¬
son
$
135,545,802 138,944,632
of
stks.
1934
Notes payable to
banks
Accts. payable.
com.
I
$
other pub. util
x
Paid-in surplus.
Earned surplus.
37,549,035
1,568,785
1,390,859
474,121
45,075,639
2,033,588
6,511
315,679
190,077,467 191,627,0521
Investments in
43,625,737
4,288,008
Total
190,077,467 191,627,052
stocks of other public utility
companies, the
prqperties of which are inter-connected with those of Niagara Hudson Cos.
(Consolidated Gas Co. of N. Y., 201,500 shares, $20,275,518; Central
Hudson Gas & Electric Co., 445,738 shares,
$17,273,518); total, $37,549,035.
y Represented by 9,036,386 5-6 shares, $15 par, in 1935 and
9.262.975M shares, $15 par. in 1934.
x
common
Consolidated Income Account for Calendar Years (Including
Subsidiaries)
1935
1934
1933
1932
Operating revenues... ..$76,058,534 $73,567,445 $69,000,445 $71,806,482
Operating expenses
28,146,151
27,692,860
24,296,488
24,300,345
Retirement provision
8,908,299
7,012,866
5,049,571
4,128,950
Taxes
11,033,308
10,834,870
9,816,839
10,387,205
$27,970,775 $28,026,848 $29,837,547 $32,989,981
73,755
385,027
767,765
1,057,488
Non-oper. income (net).
business
1997
improvement, the outlook for whichihas^been^encouraging
so
far
^
Taxes—The total provision for taxes for 1935 amounted to $14,737,226,
compared with $13,556,572 for 1934.
In 1935 it was necessary to set
aside 13.77 cents out each dollar of operating revenue for
payment or taxes
as
levied by municipal, county, State and Federal governments.
This in¬
crease from 13.37 cents per dollar of revenue in 1934 reflects a
continuance
of the disproportionate additions to the numerous taxes which
have
so
burdened all business, and the utility industry
especially, in recent years.
The 1935 provision for taxes, while
substantially larger than for 1934,
still does not reflect the full amount which would have had
to be provided
had it not been for substantial
charges to surplus by certain subsidiaries for
losses on abandonment of
property, and for unamortized discount and
premium on bonds retired, &c.
The effect of these charges, deducted from
taxable income in accordance with
Treasury regulations, was to reduce the
total provision for income taxes for 1935 shown in the
consolidated income
statement by approximately $670,000.
On the basis of a computation made
in accordance with
Treasury regulations a taxable profit was developed on
the sale by North American Edison
Co., later referred to, of certain preferred
and common stock of Cleveland Electric
Illuminating Co.
The transac¬
tion resulted in an actual profit with
respect to the common stock so sold.
No credits to consolidated income or
surplus were made to reflect any of
the profit so developed, but the reserve for
taxes thereon,
amounting to
$350,000, was provided out of the profit actually realized from the sale
of
the common stock.
The Federal income tax
1935
$
•
Chronicle
$28,044,530 $28,411,876 $30,605,312 $34,047,469
on corporations has been
increased from 13%%
net income effective Jan. 1
1936, while
received from both subsidiaries and
npn-subsidiaries, which
heretofore have been non-taxable
income, will to the extent of 10% thereof
be included in income for the determination
of taxes.
In addition, the
Federal capital stock tax has been increased
by 40%, effective for the 12
months ending June 30 1936.
The 1936 provisions for taxes will
necessarily
be based on these
higher rates, again increasing the tax burden for this
year.
The increase will be even greater assuming that our subsidiaries
have no further extraordinary deductions such as
were represented
by the
charges to surplus in 1935.
A new tax imposed under the terms of the
Social Security Act became
effective Jan. 1 1936.
This, dependent on actual or prospective State
legislation, becomes a combination Federal and State tax and for
the first
year is expected to amount to slightly over
1% of wages and salaries.
On
the basis of the 1935 payroll of North
American Co. and subsidiaries the
cost for 1936 will be
approximately $300,000.
The Act provides for taxes
increasing annually to an ultimate charge by 1949 of at least
6% of total
payroll.
While we are heartily in favor of the objectives of
the Act, our
companies already have had in effect for long periods
voluntary plans for
employee welfare and pensions and, except to the extent that
these may be
abandoned, this is an additional levy and another serious barrier to
further
rate reductions which it has
consistently been our policy to make.
Effective Sept. 25 1935 the State of Wisconsin
inaugurated a tax
to
approximately 15% of taxable
dividends
2%%
on
all
dividends
of
paid
by Wisconsin corporations.
The Federal
already heavily taxed the net income of
levy applicable to that part
of the same net income paid to the
stockholder, resident or non-resident.
Taxing income as it is being passed on in dividends to the
stockholder pre¬
vents the company from
claiming the tax as an operating expense.
government
and that
corporations and this
State
new
had
tax is an additional
likewise is the effect of the Federal tax
The ordinary industrial company can
sumers
on
This
dividends paid to
corporations.
pass its taxesjon to con-
ultimately
in increased
prices for its product, regardless of the form
of the tax,
but this the utility cannot do.
Interest Charges—Interest on funded debt
decreased from
$15,591,024 in
1935.
The reduction reflects in
part the savings
interest resulting from the
refunding operation of Cleveland Electric
Illuminating Co., and in part the elimination of the
interest requirements
on bonds of companies included in
the consolidation,
purchased for invest¬
1934 to $15,084,231 in
in
ment and for
11,769,960
y
12,397,848
■
12,792,198
12,626,980
sinking funds.
Depreciation and Maintenance—Appropriations for
depreciation reserves
$13,654,024, equivalent to 12.76% of
operating revenuesffor
1935, as compared with $13,258,761, equivalent to
13.08% of opreating
revenues for 1934.
The appropriations for
amounted to
I 11,887,754
11,962,437
12,035,412
12,042,145
$4,386,816
$4,051,590
$5,777,702
$9,378,343
2,183,911
10,471,878
Divs. paid by Niagara
Hudson Power Corp..
Balance
Earns, per sh. on com—
expenses
$4,386,816
$0.50
$4,051,590
$0.46
$3,593,791def$1093,535
$0.66
$1.08
1935
'
$
1934
$
Plant and property
574,17^,021 571.824,908
Sinking funds and special deposits
318,378
267,579
Cap. stks. of oth. pub. util. cos. & sundry invest.. 42,593.575
42,726,755
Cash
7,502,811
7,403,139
37,250
3,904,903
2,227,674
9,336,668
541,112
Notes and accounts receivable..
Marketable securities
Materials and supplies...
Prepayments
Unamortized debt discount and expense
Other deferred charges
Total
9,210 694
7,136,292
37,250
3,512,398
2,144,407
10,063.190
5,480,491
648,040.532 652,403,966
-
Liabilities—
Funded debt of subsidiary companies
Preferred stocks of subsidiary companies
Minority interests in subsidiary companies
Long-term liabilities relating to Sacandaga
213,105,400 218,147,750
186,229,797 186,762,597
137,770
157,048
and
Stillwater reservoirs
5,917 238
5,801 185
Notespayable
Principal of ceitain bonds of Niagara Falls Power
4,500,000
936.000
Interest and taxes accrued
Preferred dividends accrued.
Consumers deposits
Miscellaneous accrued liabilities
Reserve for retirement of plant and property
Reserve for contingent liabilities
......
5,428,978
4,867,765
774,569
-
1,481,980
122,444
capital stock of capital
Transit Co. and North American Co.
owned directly
1.3% of such stock.
The accounts of Capital Transit Co.
and subsidiaries are not
consolidated
with the accounts of North American
Co. and subsidiaries.
The con¬
solidated balance of net income of
Capital Transit Co. and subsidiaries
ap¬
plicable to the aforementioned holdings showed a
decrease, largely as the
result of substantial wage
increases, and amounted to $194,067 for
1935, as
compared with $504,468 for 1934 (of which latter
amount a
dividend of
$123,012 was received during the year 1934).
The provisions for
deprecia¬
tion deducted by Capital Transit Co. in
arriving at the above balances are
considered by the officers of that
company to be inadequate, although
to a
lesser degree in 1935 than in 1934.
4,742,255
3,961,841
5,190,422
782,912
1,499,480
106,116
30,256,620
—
Total
648,040,532 652,403,966
x Represented
by 8,738,810 5-6 shares of $15 par value in 1935 and
8,738.559 5-6 shares of $15 par value in 1934.—V. 142, p. 1650.
The
1935
Report—J.
F.
the second in succession in which total revenues
showed an increase compared with the preceding year, and was the first
since 1930 in which the trend in revenues and percentage cost of doing
year
was
While operating costs increased in relation to
business was favorable.
operating revenues in 1933 and 1934, the increase in costs in 1935 was
relatively smaller than the increase in revenues, due principally to a larger
proportion of hydro-electric generation with consequently reduced operation
of coal-burning plants.
Electric operations where hydro-electric plants are
involved are affected by drought or generous water supply, resulting either
in unusual expense or in saving in fuel, due to circumstances beyond the
control of management.
Water conditions happened to be unfavorable in
1934 and particularly favorable in 1935.
The resulting savings in operating
costs in the latter year, coupled with economies of management, helped to
offset higher labor and material costs as well as a further substantial increase
in taxes, the latter being the main item of an uncontrollable character.
Consequently the year 1935, compared with 1934, showed an increase in net
operating revenues, most of which was carried down to the balance available
for dividends, resulting in an increase in that item for the year for the first
time since 1930.
The financial position of the company and its subsidiaries is strong, and
the electric operating companies are prepared with adequate facilities, low
rate schedules and sales promotion programs to participate fully in continued
Electric Operations
Output and Sales—North American Co.'s
operating subsidiaries,
electric business provides
nearly nine-tenths of consolidated net
36,241,298
2,684,739
Sundry reserves
3,732,301
2,038,067
Employ, subscr. for units of stock purch. fund—
472,571
x Capital stock
131,082,163 131,078,398
Cumulative dividends in arrears on preferred stocks
of Mohawk Hudson Power Corp
5,024,523
2,383,429
Paid-in surplus
33.812,973
33,870,841
Earned surplus
14,645,331
17,467,694
(The) North American Co.—Annual
Fogarty, President, says in part:
to
Operating Results of Subsidiaries Not Consolidated—On
Dec. 31 1935
73.5% of the common stock of North
American
Light & Power Go., the accounts of which are not
consolidated.
The results
of operations of that
company and subsidiaries showed
improvement during
the year 1935.
After increasing the provisions for
depreciation and taxes,
and after providing for all preferred dividends
of that
company and sub¬
sidiaries, whether paid or unpaid, the consolidated
income account
showed
a
deficiency of consolidated earnings applicable to such
common stock
owned by North American Co.
amounting to $862,185 for 1935 as
compared
with a similarly calculated
deficiency of $1,376,324 for 1934.
Washington Railway & Electric Co., a consolidated
subsidiary of North
American Co., on Dec. 31 1935 owned
50% of the
5,000,000
Co. called for redemption—
Principal and premium of certain bonds of Power
Corp. of New York called for redemption
Accounts payable
amounted
$6,294,540 for 1935.
This
amount, together with the depreciation
appropriations, represented a total
provision of $19,948,564 out of current
earnings, or 18.64% of
operating
revenues.
North American Co. owned
Consolidated Balance Sheet Dec. 31
Assets—
1935 were equal to
$1.59 per
share of common stock of North American
Co., compared with $1,54 for
1934.
Maintenance
whose
operating
revenues, had an electric output for 1935 of
5,403,495,029 kwh., establish¬
ing a new record for the System.
Compared with the output of the
same'
subsidiaries for previous
years, this represented increases
of 10.54% over
1934, 20.76% over 1933, and 6.36% over
1929, the previous peak year.
The first and second quarters of
1935 showed gains over the
corresponding
periods of 1934 of 7.00% and 5.58%,
respectively.
The output for the
third
and fourth quarters was in each
instance greater than for
any previous threemonths period in the
history of the company's present
subsidiaries, and
exceeded the totals for the last two
quarters of
1934 by 14.20% and 15
41 %
respectively.
The high level of business has
continued during the
early
part of this year.
The output for
January 1936 was second only to the
kilowatt hour record established
in Defcember
1935, when the half-billion
mark for a single month was
passed.
The output for
February 1936 was
higher than
for any previous
February.
Electric sales to residential
customers during 1935 were
than in 1934 and 56.41
11.94% greater
% greater than in 1929, each
shown a gain.
intervening year having
Sales to commercial
customers were
8.51% over 1934
15.17% over 1933 and .94% over
1929.
Sales to industrial
customers
16.70%
over
1934, 36.80%
over
were
1933, but remained
.90% under the peak
year 1929.
The total number of electric
customers at the end of
1935 was 1,132,283.
as compared with
1,101,505 at the end of 1934.
Of these, residential
tomers
numbered
cus¬
990,359, an increase during the
year 1935 of 30,716, or
3.20%, and an increase of 78,549, or
8.61%, since the low point reached in
the spring of 1933.
Rates and the Residential
Customer—Residential customers served
North American subsidiaries
by
have increased their
average use of electricity
from 580 kwh. in 1929
(the peak year of general
business) to 767 kwh. in
1934 and to 832 kwh. in
1935.
The average price
they paid per kilowatt
hour decreased from
4.94 cents in 1929 to
3.85 cents in 1934 and to 3.63
cents in 1935.
Compared with the United States as a
whole, their average
use in 1935 was
23% higher and the
average price per kilowatt hour
lower than the national
average.
27%
.
Plant Capacity and
Demand—Total electric
generating plant capacity of
North American subsidiaries
at the end of 1935 was
17938,139 kw., a net
increase, after deduction of a
minor retirement, of
79,375 kw.
This re¬
flected the completion of the
initial unit of 80,000 kw.
capacity in the steamelectric generating plant of
Milwaukee Electric
Railway & Light Co. at
Port Washington,
Wis., 29 miles north of Milwaukee, wnich was
placed in
operation on Dec. 1 1935.
The new
company's personnel and is
plant
an
was
designed
entirely by that
outstanding example of the simplified unit
arrangement toward which the
industry has been working in recent years.
There was an increase in the
aggregate of the maximum demands on the
lines of the four
groups of subsidiaries from 1,047,458 kw. in
1934 to 1,155,048 kw. in 1935.
The
56.35% in 1934
to
System's ratio of demand to capacity increased from
59.60% in 1935.
The excess generating
capacity is
<
1998
Financial
greater than the reserve required to assure reliable service and to provide
the necessary protection of steam-electric generating facilities for the
283,705 kw. of hydro-electric capacity.
Investments—Total investments shown
at Dec. 31 1935 amounted to
1934.
Investments in
on
8156,000,268,
Chronicle
[The consolidated income account for the year 1935
compared with 8157,305,480
1825
J
of subsidiaries
not
amounted to
American Co. and
representing the investment of North
in the stocks and bonds of Capital Transit Co. and North
Light & Power Co. and subsidiaries.
This included 51.3% of
the capital stock of Capital Transit Co. and 73.5% of the common stock
of North American Light & Power Co., and in addition 8,629 shares of
preferred stock and 87,563,000 of 5M% debentures of the latter company
acquired in part during the year 1935.
North American Co. on April 1 1935 advanced to North American
Light & Power Co. the sum of 82,000,000, on a one-year note bearing interest
at 5% per annum, to provide the funds required by that company to
pay a
like amount of its series of 5% notes which became due on that date.
Edison Securities Corp. owned at the beginning of the year 81,095,000 of
such notes which it surrendered for payment.
The final series of 82,000,000
of North American Light & Power Co. 5% notes matures on April 1 1936
and North American Co. has made arrangements for a further advance to
that company of funds for the retirement of such notes.
The North American Co
has advised * orth American Light & Power
Co. that, pending a determination as to the constitutionality of the Public
Utility Holding Company Act of 1935, it takes the position that an offering
of common stock by North American Light & Power Co. for the purpose
of providing the funds to retire these two series of notes, (under the terms
of agreement) could not be justified and, accordingly, that it was unwilling
to underwrite such an offering.
The North American Co. has agreed,
however, that in case it is decided, by judicial determination or otherwise,
that it is obligated to purchase common stock of North American Light &
Power Co. in place of the two notes of that company which it will then hold,
the interest paid by North American Light & Power Co. on the notes will
be returned to that company.
This interest is not taken into income of
North American Co. but is being set aside in a reserve.
Total.
Divs.
to 1935.
v..
In November 1935 Wisconsin Electric Power Co. called for
redemption on
Feb. 1 1936 all of its first mortgage 5% bonds, series A, of which
$8,018,000
outstanding, and sold $7,500,000 of first mortgage 4% bonds, series B,
year on Nov. 15 1941 to Nov. 15 1955, and
$2,500,000 of serial notes, due serially $500,000jeach year on Nov. 15 1936
to Nov. 15 1940, the notes of the respective maturities
bearing interest
ranging from 1M to 3>£ % per annum.
was
due serially $500,000 each
Funded Debt Maturities—Neither North American Co. nor
any of its
subsidiaries has any funded debt maturing in 1936 with the
exception of the
consolidated mortgage bonds of Potomac Electric Power
Co., of which
$3,922,000
were outstanding on Dec. 31 1935, the first series of
$500,000
of serial notes of Wisconsin Electric Power
Co., mentioned above, and $24,000
of equipment notes of another
subsidiary.
Public Utility Holding Company Act
On Aug. 24 the "Public Utility Act of 1935"
(Wheeler-Raybura Bill),
Title I of which is the "Public Utility
Holding Company Act," was passed
by Congress and on Aug. 26 was signed by President Roosevelt.
The bill
as
passed, contained no important changes in substance from the
bill
originally introduced on Feb. 6 1935.
We consider it
highly destructive
of the interests of the company and its
security holders.
Under its pro¬
visions holding companies were required to
register with the Securities and
Exchange Commission by Dec. 1 1935, although the so-called
"death sen¬
tence" does not become operative until Jan.
11938.
The Holding Company
Act provides for immediate Federal control and
practical elimination of
holding companies controlling more than one public
utility system whether
such companies have been subject to criticism or
not.
We were advised by counsel that the
Holding Company Act is unconstititional as a whole in relation to our
company.
Accordingly
North
American Co. did not register under tha act, but on
Nov. 26 1935, as stated
in letter to stockholders of that date, we filed
suit in
the
Supreme
Court of the District of Columbia asking that the
enforcement of the pro¬
visions of the act against North American Co. be
permanently enjoined
On Dec. 7 the Attorney-General of the United States
and counsel for the
SEC filed a motion to stay our suit until determination of
the constitution¬
ality of the act in a suit which the SEC had, also on Nov. 26,
brought in the
Federal District Court of New York against the Electric
Bond & Share Co
In oral arguments and briefs, counsel for North American
Co. pointed out
that our case involved constitutional questions which
would not be decided
in the case singled out by the Government to be carried to the
U. S Supreme
Court for a final test.
Nevertheless, on Jan. 6 1936 the Supreme Court of
the District of Columbia granted the Government's
motion to stay the suits
brought by the company in that Court.
On Jan. 15 we petitioned the
Circuit Court of Appeals of the District of Columbia for the
right to appeal
this decision and on Feb. 17 the petition was granted.
We have consistently favored sound and constructive
regulatory legisla¬
tion and have so stated many times.
We are convinced of the
primary and
imperative duty to the security holders, and it is the intention, to secure a
.
paid & unamortized discount &
expense on
bonds of
subsidiaries called for redemption—amounts written off
2,522,217
•
1,821,327
__
transportation property
Provisions by subs, for losses on investments, including de¬
privation of non-utility properties for prior years
Appropriation by sub. for sinking fund
Other charges
1,557,657
331,576
381,698
294,981
reserve
Balance, Dec. 31 1935
$113,628,313
Consolidated Balance Sheet Dec. 31
Assets
1935
Property and plant
Cash & securities
—$658,709,093
1,024,967
156,000.268
22,116,302
700.000
on
—
Accounts and notes receivable
Due from subs, not consolidated on curr. acct_.
Material and supplies...
,.
d Balances
of oper.
under restriction.
subs,
in
6,243,974
12,912,854
223,358
10,477,331
12,799,207
192,638
10,574,294
621,198
12,902,212
Short-term investments (at cost)
U. S. Government securities (at cost)
Deposits by subs, for payment of pref. stock
caUea for redemption, matured interest, &c._
c
2,883,019
3,277.350
689,147
1*.899,290
2,320,586
1,149,429
.
Cash..
Timedeposits
banks closed
or
...
Discount and expense on funded debt..
Comm.
& sell,
on
expense
pref. stocks,
&
organization expense, of subs
Prepaid accounts and other deferred charges
Total
.$891,303,162
Liabilities—
a$30,3l7,950
Common stock and scrip
a85,753,350
Preferred stocks of subsidiaries
143,026,467
Minority interests in capital & surplus of subs..
12,655,720
Funded debt of North American Co
Funded debt of subsidiaries
23,884.000
281.811,500
4,150,543
2,158,937
1,064,421
8,114,882
Pref. Stock & bonds of subs, called for redemp..
Accounts payable...
-
Taxes accrued
136,221,687
14,806,175
22,426,000
284,160,750
—
Dividends accrued.
-
deposits
Other current and accrued liabilities
Contributions by customers for construction
of property
Reserves: Deprec. & retirement of prop. & plant
Contingencies..
_•
Casualties and insurance
Sinkingfund
-
Undertermined liability for addit. taxes
Other reserves
Surplus...
3.545.890'
2,554,215
1,271,413
1,616,681
113,095,216
41,868,357
4,530,512
3,130,712
4,813,215
3,238,212
1,481,493
105,802,069
42,085,959
4,360,858
2,732,214
5,038,323
2,672,622
-
113,628,313
117,270,548
$891,303,162
_/
Total.---—
1,918,246
959,604
7,359,294
4,155,267
3,905,077
2,601.962
1,224,064
—
—
-
Interest accrued
•
1934
b$30,333,900
b86,029,910
4,713,066
Payroll accrued
1
$877,186,4^1
1935
;
6% cumul. pref. stocks
Consumers'
1934
$653,224,034
864,034
157,305,480
12,972,497
3,089,231
5,416,174
3,690,397
1,864,266
1,346,966
deposit with trustees
Investments (at cost or less)
.
■
1,819,795
8,575,447
_
Premiums paid on pref. stocks of subs, retired, & commission
& selling expense on original issue thereof
Loss on property abandoned by subs., principally
passenger
in the consolidated balance sheet of North American Co. and
subsidiaries.
To the extent that it may be necessary to offset the excess
of this latter figure over the asset value represented by the investments,
debentures, series
A, $3,570,000 of its 5M% debentures, series B, and $4,463,000 of its 5%
debentures, series C.
Of the total of $9,403,000 so purchased or called for
redemption, $4,883,000 had been acquired by Edison^Securities Corp. prior
$130,933,011
-
stock of North American Co.:
Common
Prems.
account
The terms of the indenture under which the debentures of
North American Edison Co. were issued provide that cashTrealized from
such sales must be applied to the pin-chase or redemption
hof outstanding
debentures at or below the price of par and accrued interest.
Accordingly,
that company in part purchased and in part called for redemption at
par
and accrued interest an aggregate of $1,370,000 of its 5%
on
Preferred
The asset value of the investments in securities of subsidiaries not con¬
solidated as shown by the balance sheets of the respective companies and
their subsidiaries at Dec. 31 1935 amounted to 837,991,700 as compared
with the value of 852,421,863 at which they are included in the investment
$9,404,984.
.
$117,270,548
13,431,472
230,990
Other credits
American
SFrom the sales above described, common stocks of Cleveland Electric
uminating Co. of preferred and North American Edison Co. realized
given in V. 142,
Dec. 31 1935
Balance, Dec. 31 1934.—
Balance of income, 1935
subsidiaries
provision made in the reserve for contingencies, to which reference is later
made, is more than adequate.
Stocks of other public utility companies consist of minority holdings in
Pacific Gas & Electric Co. (2,063,455 shares, representing 32.96% of the
outstanding common stock and 17.95% of the voting stock) and in Detroit
Edison Co.
(242,463 shares, representing 19.06% of the outstanding
capita] stock).
These investments are carried on the consolidated balance
sheet at 894,505,422.
The aggregate value of these holdings, based on
market quotations Dec. 31 1935, was 895,199,685 and their asset value
on that date was 892,022,547.
Holdings of capital stock of Newport Industries, Inc., were reduced by
sales in the open market, from 185,501 shares on Dec. 31 1934 to 60,701
shares on Dec. 31 1935, accounting largely for the decrease in other security
investments.
The remainder of these holdings was sold in January 1936.
In October 1935 Edison Securities Corp., a wholly-owned subsidiary of
North American Co., was liquidated and its net assets taken over by
North American Co.
The principal functions of this corporation had been
the acquisition of preferred stocks and bonds of subsidiaries and the buying
and selling of dividend stock and scrip for the convenience of stockholders
of North American Co.
With the discontinuance of the payment of stock
dividends by North American Co., the latter function of Edison Securities
Corp. ceased and it was dissolved because of growing tax burdenfc.
The
market or estimated fair values of the assets received by North American
Co. upon liquidation of the corporation were in excess of its investment
therein.
Included in such assets were 27,412 shares of common stock of
North American Co., being the remainder of stock acquired on balance by
the corporation as an incident to the purchase and sale of the dividend stock
and scrip referred to, and 319 shares of preferred stock of North American
Co.
The net carrying value of these shares was, by action of board of
directors, adjusted to par or stated values by a charge of 8807,142 to the
reserve for contingencies.
t- Current and
Working Assets—As of Dec. 31 1935, current and working
assets, including 828,976,672 of cash, time deposits, short-term investments
and United States government securities, aggregated 858,834,190 and ex¬
ceeded current and accrued liabilities by $30,901,236.
As of the end of
the previous year the excess of current and working assets over current and
accrued liabilities was $26,970,509.
>•
Funded Debt of Subsidiaries—In July 1935 Cleveland Electric Hluminating
Co. called for redemption the entire amount outstanding, i.e. 840,000,000
first mortgage bonds and its general mortgage bonds, each bearing interest
atJ5%, and issued, and sold through bankers $40,000,000 of new first
mortgage 3 % % bonds, due July 1 1965.
The reduction in interest to result
from this refinancing will amount to $500,000 per year.
was
4
Consolidated Statement of Surplus
consolidated
852,421,863,
■
~1
■
at Dec. 31
securities
1936
interests.
the consolidated balance sheet
as
March 21
final judiciary determination with respect to North American Co. of the
constitutionality of legislation that we believe to be destructive of their
$877,186,441
-
a Represented by: pref. stock, 606,359 shares
(after deducting 319 shares
in treasury); common stock, 8,575,335 shares (after
deducting 27,412 shares
in treasury).
b Represented by: pref. stock, 606,678 shares, common stock,
8,602,991 shares,
c After reserve for doubtful accounts and notes receiv¬
able of $1,033,293 in 1935 and $1,058,244 in 1934.
d After reserve for
contingent losses of $219,275 in 1935 and $220,468 in 1934.—V. 142, p. 1825.
North American Light & Power Co.—Annual
Report—
F. W. Doolittle, President, says in part:
Investments
in
securities of non-subsidiary natural
gas companies de¬
$7,899,825 to $6,745,710, the latter representing com¬
interest in the common stock of Northern Natural Gas Co.
The decrease of $1,154,115 resulted from Nebraska Natural Gas
Co. be¬
coming a subsidiary during 1935.
During 1935 Northern Natural Gas Co. sold $16,000,000 4H% bonds,
out of the proceeds of which the bank loans of that
company were paid.
This eliminated the contingent obligation of your
company with respect
creased in 1935 from
pany's 35%
to such bank loans.
The outstanding capital stocks of company were not
changed
although the authorized
7,625,000 shares.
year,
to
Preferred
during the
3,625,000
common stock was increased from
of
subsidiaries were increased from $62,272,025 to
$62,567,897.
The transactions in the preferred stock of Kansas Power
& Light Co. resulted in an increase of $800,000 par value of such
stock held
by the public.
This increase was partly offset by the redemption of $573,800 of 7% preferred stock of United Power & Light
Corp. (or Kan.), which
occurred in connection with the reorganization of Kansas Power &
Light Co.
On April 1 1935 $2,000,000 of 5% serial notes matured and were
paid
with funds advanced by North American Co., which advised
company that,
pending a determination of the constitutionality of the Public Utility
Holding Company Act of 1935,it was unwilling to underwrite an
offering of
common stock by company for purpose of
providing funds for retirement
of the serial notes.
This adVance from the North American Co. is
evidenced
by a 5% one-year note delivered on the condition that if it is decided by
judicial determination or otherwise that North American Co. is obligated
to purchase common stock of company, interest
paid on the note will be
returned.
It is expected that North American Co. will
provide funds on a
similar basis with which to pay the final series of $2,000,000 of serial notes
which matures on April 1 1936.
The 5H% debentures of company were
reduced during 1935 by $219,000 through operation of the
sinking fund.
The reorganization of company's subsidiary, Kansas Power &
Light Co.,
was the principal cause of the increase in the funded
debt of subsidiaries
from $158,603,200 at Dec. 31 1934 to $160,440,500 at Dec. 31
1935.
In
November 1935 Kansas Power & Light Co.
acquired all of the assets of Its
subsidiaries, United Power & Light Corp. (of Kan.) and McPherson Gas
Co. and the physical properties of two direct subsidiaries of
company,
Public Service Co. of Kansas and Peoples Ice & Fuel Cc.
The Kansas
Power & Light Co. retired all the funded debt
previously outstanding on its
properties and on the properties so acquired, together with the preferred
stock of United Power & Light Corp. (of Kan.), and issued and sold
$30,000,000, 1st mtge. bonds, 4)4% series due 1965, its sole present funded
stocks
Indebtedness.
Four active subsidiaries
were eliminated, as well as
eight series of bonds
one issue of preferred stock.
The $30,000,000 of new bonds were
approximately $4,000,000 greater in principal amount than the bonds out¬
standing at Dec. 31 1934 of the issues retired.
The Kansas Power & Light
Co. paid company approximately $2,500,000 for indebtedness
owing to it
and company also received the proceeds of the sale to Kansas Power &
Light Co. of the properties of Public Service Co. of Kansas and Peoples
Ice & Fuel Co.
The major part of the funds so received were
paid by com¬
pany to the trustee under the mortgage of Illinois Power &
Light Corp. for
$3,072,000 par value of preferred stock of Kansas Power & Light Co.
in accordance with contract as
previously stated.
Missouri Power & Light Co., also a subsidiary, sold $800,000 1st
mtge.
4
bonds to provide funds for property additions which will be made in
1936.
Other subsidiaries retired a total of
approximately $3,000,000 of
funded debt.
and
The corporate income of
company In 1935 consisted of (a) $990,000 of
dividends on common stocks of subsidiaries, Kansas Power & Light Co.
and Missouri Power &
Light Co.; (b) $117,681 of dividends on preferred
stocks of
subsidiaries; (c) $8,767 of interest
on
bonds of subsidiaries;
(d)
Financial
Volume 142
$513,760 of Interest accrued
was
on advances to subsidiaries, of which $189,071
not earned by such subsidiaries; (e) $568,400 of dividends on common
stock of Northern Natural
Gas Co., and (f) $35,385 of other dividends,
interest and miscellaneous income.
The total income from these sources
$2,233,994.
Corporate expenses of company, including taxes of $25,301, were $82,922.
The balance available for Interest charges was $2,151,072.
Interest on
debentures and serial notes amounted to $1,200,095, and interest on notes
was
payable and other interest charges, including amortization of discount and
expense, were $114,984.
There was charged to income account $990,000,
provide for deficits of subsidiaries from which no dividends were received,
to
and interest receivable accrued in excess of the amount thereof earned by
the respective subsidiaries.
Net income, before such charge, was $835,992.
deficit,
Net
after such
charge,
$154,007.
was
Consolidated Income Account
Years Ended Dec. 31
Chronicle
1999
of A convertible stock outstanding, or 68c. per share on the 198,891 shares of
B stock after allowing for $2 per share on the A stock.
Current assets as of Dec. 31 1935, after provision for doubtful accounts,
$1,127,768, including $483,788 cash. Current liabilities were $256,530,
resulting in net current assets of $871,238, a ratio of 4.4 to 1.
Late in 1935 the company acquired a manufacturing plant located at
2900 Glascock Street, Oakland, to which it moved from 417 Madison
Street, Oakland, in Jan. 1936.—V. 142, p. 467.
were
Ontario Steel Products Co., Ltd.—Bonds Called—
The company is calling for redemption on July
standing 30-year 6% bonds, due 1943.
On Jane 30
last fiscal year, the amount of bonds outstanding
indicated that funds for redemption of bonds will
private arrangement.—V. 141, p. 1604.
1
at 110 all Its oat1935 the close of the
$155,400.
It is.
be obtained through
was
'"
••■■I-/
' ■••••.i'V"
1935
1934
$42,221,897 $40,829,448
24,419,983
22,942,155
Operating revenues
Operating expenses, maintenance and taxes
Net operating revenues
Non-operating revenues
Gross
__$17,801,914 $17,887,292
v
690,448
43,750
—
-
divs.
accum.
but not declared
over
earnings
of such subsidiaries
$900,119
$145,726
clared—portion not earned
1,035,773
—_
$707,484
—
Consolidated Balance Sheet Dec. 31
1935
Assets—
1934
$
■.
Invest. & ad vs.-
Cash
Short-term
inv
4,094,733
2,357,209
Mat'ls & suppl's
Balance In closed
4,771
1* banks
Unamort.
debt
Hdlsct. & exps-
6,543,892
Divs.
Regulatory com¬
mission
audit
prepd.
228,157
158,529
Divs.
on
7,615,493
3,258,168
1,740,321
_-
4,768,800
2,836,523
1,882,114
curr.
133,492
and
def'd liabilities
Contrib. for
res.
Spec. prop,
res-
Other reserves.-
Surplus
Total
a
328,742,433 326,319,8151
336,588
737.974
440,012
14,362,022
13,733,262
1,065,016
14,496,897
295,714
14,324,338
15,104,407
1,083,146
con¬
struction
Retirement
Total
15.267,447
328,742,433 326,319,815
Represented by shares of $1 par.
b After reserve for uncollectible
$821,793 in 1935 and $969,534 In 1934.—V. 141, p. 3388.
accounts of
North American Rayon Corp.—Smaller Dividends—
The directors
on
March 17 declared
a
dividend of 12 H
cents per share
the class A and class B common stocks, payable April 1 to holders of
An initial dividend of 50 cents per share was distributed
on these issues on Jan. 1 last.—V. 141, p. 3870.
v
on
record March 21.
North Star Oil, Ltd.—Accumulated Dividend—
The directors have declared
dividend of 8 M cents per share on account
on the 7% cumulative preferred stock, par $5, payable
April 1 to holders of record March 16.
This dividend is payable in Can¬
adian funds and in the case of non-residents is subject to a 5% tax.
Divi¬
dends of 17 H cents per share were paid on Dec. 20 and on March 1 1935.
The last regular quarterly dividend paid on this issue was the 8% cent
nent
payment made on Oct. 2 19&3.—V. 141, p. 3700.
a
of accumulations
Oklahoma
Natural
Gas
Co.
■Stone
&
Webster
Group
Proposes to Acquire Control—
a
plan
of refinancing,"
"a group of investors has agreed to purchase, severally,
substantial amount or the stock of Gas Utilities Co., which owns 83%
•liquidating Gas Utilities Co., upon completion of which these investors will
own stock of Oklahoma Natural Gas Co., but in no instance will any of
them own or control as much as 10% of the voting control.
"In addition to the elimination of the holding company. Gas Utilities
Co., it is planned further to simplify the corporate structure by the transfer
to Oklahoma Natural Gas Co. of the assets of its present subsidiaries, Mid¬
western Oil & Gas Co., Southwestern Natural Gas Co., Muskogee Natural
Gas, Inc., Texokan Oil Corp., Oklahoma Natural Building Co. and Gas
Co."
The investors who have made the conditional purchase agreement in¬
clude Stone & Webster; the Niagara Share Corp.; Schoellkopf, HuttOn &
Pomeroy, Inc.; Blyth & Co., Inc.; Kidder, Peabody & Co.; Bosworth,
Chanute, Loughridge & Co.; Trail & Middendorf, Inc., and the Penn In¬
Oliver United Filters,
•
/
Inc.—Preliminary Earnings—
Operations for the calendar year 1935 netted a profit of $251,860 after all
charges and taxes. This is equivalent to $4.34 per share on the 57,950 shares
on
—
62,500
759
97
defl8
7,740
8,573
5,180
99,661
12,278
2,257
103,379
$9,594
$9,318
$99,564
$80,608
3,200
3,000
12,200
32,000
pref. stk.
-
142, p.
1130.
'
142, p.
on
Bond Issue—*
1825.
Otter Tail Power Co.
The directors have declared
cumulative
preferred stock,
(Minn.)—Preferred Dividend—
a
dividend of 72 cents per share
on
the $6
par value, and a dividend of 66 cents per
the $5.50 cumulative preferred stock, no par value, both
payable
April 1 to holders of record March 15.
Similar payments were made in each
share
no
on
of 1935.
Dividends of $2.16 and $1.98 per share respectively
paid on Jan. 2 1935.
On July 1 1934 dividends of $1.08 and 99 cents
quarter
were
per share respectively were distributed on the above issues.
Distributions
at the regular quarterly rates had been made on both issues up to and in¬
cluding April 2 1934.—V. 141, p. 4021.
The preferred stockholders of the Great Western Power Co. of California
and its subsidiary, California Electric Generating Co., are bing notified
that these companies have elected to wind up their affairs and dissolve. In
the liquidation and distribution of the assets of these companies the pref.
will in accordance with the articles of incorporation of the
respective companies be paid the par value of their holdings with accrued
dividends to March 31 1936.
For the purpose of preparing lists of stockholders entitled to
payment,
the stock books of these companies were closed on March 20 1936 and no
transfers were made after that date.
Checks for the amounts due will be
mailed to stockholders
on or
before March 31.
The dissolution of these companies is in line with the long established
policy of Pacific Gas & Electric Co. to merge with its own system, as
promptly as circumstances permit, the properties of subsidiaries originally
controlled through stock ownership, The distribution to their stockholders
of the assets of these companies has previously been authorized
by the
California Railroad Commission.
present time the Pacific company owns the entire outstanding
98.6% of the preferred stock of the Great Western Power
The great majority of former owners of Great Western
preferred stocks exchanged their holdings for preferred shares of the Pacific
company in conformity with exchange offers made by the latter about five
years ago. Only 2,192 shares of 7 % preferred and 258 shares of 6 % preferred,
with an aggregate par value of $245,000, still remain outstanding in the
At the
common
stock and
Co. of California.
hands of 137 holders.
The Great Western company
owns
the entire out¬
standing common stock of The California Electric Generating Co.
Of the
preferred stock of the latter, one share is held by the Pacific Gas & Electric
Co. and 24,999 shares, with a par value of $2,499,900, are outstanding in the
hands of about 850 investors.
Blyth & Co. Heads Underwriters' Syndicate—
In
amendment filed with
an
the
Securities
and
'
'
Exchange Commission
March
19 the company states that Blyth & Co., Inc., will underwrite
$14,000,000 of its $90,000,000 3%% bonds to be soldjpublicly shortly.
Other underwriters are: Brown Harriman & Co., Inc., Edward B. Smith
on
& Co. and First Boston
Corp., $8,000,000 each; Lazard Freres & Co., Inc.,
Bonbright & Co., Inc., H. M. Byllesby
and E. H. Rollins Sons, Inc., $4,000,000 each; Bankamerica
Co., Mitchum Tully & Co., Elworthy & Co., Wm. Cavalier & Co.. Brush
Slocumb & Co. and Scbwabacher & Co., $500,000 each; Dillon, Read &
Co. and Kuhn, Loeb & Co., $7,500,000 each, and Morgan Stanley & Co.,
Inc., $10,000,000.—V. 142, p. 1826.
& Co., Inc.,
Parke, Davis &
The
Co.—Co-Registrar—
Guaranty Trust Co. of New
lork
been appointed co-registrar
stock.—V. 142, p. 1481.
nas
for the company's 4,891,294 shares^of capital
Parker Rust-Proof Co.—Admitted to Unlisted
Trading—
The New York Curb Exchange has admitted to unlisted
trading privileges
the
new
common
stock, $2.50 par.—V. 142, p. 1826.
Peabody Coal Co.—To Cancel Treasury Stock—At
the
annual
shareholders'
meeting
to
be
held
March
25
will
approval
be asked for cancellation of 13,950 shares of 6%
preferred, 1,922
shares of class A common, and 967,323 shares of
no-par class B common
stock now held In treasury.
It is also proposed to
change the class B
stock from shares without par value to shares of $5
V. 140, p. 4411.
common
par
value.—
Phelps Dodge Corp.—Annual Report—
Louis S. Cates, President, says in part:
corporation (closed tthe year
Results—The
1935 with
consolidated
net
current assets of
$19,134,152, compared with $20,838,625 at the close of the
Cash and marketable securities amounted to $9,287,369
the year, compared with $9,633,014 at the end of 1934.
at the end of
Capital expenditures for improvements and additions to plant and equip¬
amounting to $889,468 were made during the year.
It is the opinion of the management that it is no
longer necessary to carry
reserve for contingencies, and
accordingly the credit balance of $778,454
ment
of the common stock of Oklahoma Natural Gas Co.. with the intention of
4076.
$261,781
previous year.
they continue,
vestment Co.—V. 140, p.
d
See also V.
Stone & Webster and Blodget state that in their opinion "a substantial
Producers
$261,770
55,857
1,508
Otis Steel Co.—To Vote
other details to be determined later.
■reduction in the present excessive interest and sinking fund provisions can
be accomplished to an extent that will improve greatly the position of the
a
$23,081
5,208
83
and Dean Witter & Co., $6,000,000;
A financial group headed by Stone & Webster, Inc., will acquire a con¬
trolling interest in the company and its subsidiaries if a refunding plan
proposed by Stone & Webster and Blodget, Inc., is approved by holders
•of securities of the company.
Control is now held through the Gas Utilities
Co., formed by the Central Hanover Bank & Trust Co. and other interests,
to acquire assets of the former American Natural Gas Corp. at auction on
Aug. 30 1932.
Among these assets were 99% of the common and second preferred stock
and $5,000,000 of bonds and unsecured notes of the former Oklahoma
Natural Gas Corp., later exchanged in reorganization for 443,008 shares
and $3,800,000 of notes of the present company.
The plan developed by Stone & Webster and Blodget, to be submitted
to directors of the Oklahoma Natural Gas Co., calls for refunding of all
present debt of the company and subsidiaries, except $250,000 of 4% notes.
Under the reorganization of the Oklahoma Natural Gas Corp. into the
new Oklahoma Natural Gas Co., the $7,647,000 of series A 6s and $13,730,<000 of series B 5% first mortgage bonds of the corporation were not dis¬
turbed.
They were assumed by the new company, together with certifi¬
cates of indebtedness and certain other obligations.
The new plan provides for $20,000,000 of new first mortgage bonds,
$11,000,000 of new convertible debentures and $2,220,000 of convertible
prior preference stock, with coupon rates, maturities, conversion rates and
present preferred and common stockholders."
"Conditioned on the consummation of such
$21,464
3,950
funded debt-
stockholders
pf. stk.
of subs
Sundry
$218,805
42,976
Pacific Gas & Electric Co.—To Dissolve Two Subsidiaries
declared
taxes
$225,167
36,603
The stockholders at the annual meeting March 27 will consider the crea¬
an authorized issue of $25,000,000 first mortgage
sinking fund bonds.
211,920 Accrued interest
Accrued
exps.
$19,716
3,365
tion of
not
204,157
exp., unamort.
Deferred charges
&
but
2,542
in operating expenses-
accum. on
subs,
accr
Balance
pref. stocks of
appraisal
$718,852
418,894
81,153
Fed. inc. taxes included
$
Am. Lt. & Pr.
Co
21,629,000
23,848.000
'
476,097 Funded debt of
subsidiaries --160,440,500 158,603,200
11.421,315
5,272,585 Pf. stk. of subs. 62,567,897
62,272,025
499,294 Min. int. In cap.
& sur. of subs.
1,364
3,329
3,700,055 6% cum. pf. stk. 18,555,021
18,555,021
2,294,174 a Common stock
3,621,199
3,621,164
a Com. stk.scrlp
1,950
1,985
11,893 Notes payable.2,000,000
Accts. payable-.
1,741,601
1,855~378
5,597,184 Consumers' deps
1,136,119
1,125,757
—
b^Notes & accts.
^receivable
Divs.
1934
$
$716,682
410,022
81,493
Amortization deductions
Other deductions
Fund, debt Nor.
296.607,139
6,025,913
8,934,503
8,251,831
K trustee
Liabilities—
$
Prop.accrs., rts.,
franch., &c-.292,166,894
Cash
held
by
35,899
6,632
interest
—V.
1935
$62,247
$18,922
Gross income
on
1936—12 Mos.—1935
$60,290
34,410
6,958
Operating income.-—
853,210
$135,654
-
Net deficit
1936—Month—1935
Other income
Other
Divs. on pref. stocks of subs, accum. but not de¬
1935
$4,282,967
lossl73,516
$4,507,706
52,948
Orange & Rockland Electric Co.—Earnings—
Period End. Jan. 31—
Operating revenues
Operating expenses
Depreciation
Interest
Net inc., excl. of deficiencies of certain subs, for
the 12 mos.' period arising from excess of pref.
1936
-
Profit after charges but before Federal inc. taxes-—V. 141, p. 2286.
income
$18,492,362 $17,931,043
Interest charges of subsidiaries
8,816,868
9,023,179
Dividends on pref. stocks of subsidiaries
1,176,305
1,173,096
Divs. on pref. stocks of subs, (accumulated but not
declared—portion earned)
1,995,468
1,810,920
Minority interests
Cr642
Cr3,525
4,205,164
Appropriations for retirement reserves
4,476,921
;Int. charges of No. Am. Lt. & Pow. Co. (incl.
amortization of bond discount and expense)
1,315,079
1,388,725
B and
Oppenheim, Collins & Co., Inc.—Earninqs—
6 Months Ended Jan. 31—
Net sales
a
in this reserve at Dec. 31 1935, has been returned to
surplus.
As a result of an inventory completed during the
year, the book values of
buildings, machinery and equipment of Nichols Copper Co. were adjusted,
in order to eliminate from the accounts
plant and equipment abandoned.
A charge of $644,596 has
beenjmade to surplus with respect to such aban¬
doned plant and to make necessary adjustments in the reserve for deprecia¬
tion.
Production and Sales—Production from the corporation's mines, together
with metals produced from purchased ores treated at the Dougals and Clarkdale smelters, for the year was as follows:
Copper (pounds)
Silver (ounces)
Gold (ounces)
^
-
976,875,836
4,554,140
107,435
Including sales made by Nichols Copper Co. for Its own account, the total
sales of copper by Phelps Dodge Corp. amounted to 351,996,687 pounds.
The policy of selling a portion or the company's copper production in foreign
markets
has been continued.
2000
Financial
Number of Stockholders—There
were
Chronicle
12,863 stockholders of Phelps Dodge
March 21
Corp^at the end of 1935, in comparison with 13,083 stockholders at the end
The
directors
common
Sale of National Electric Products
Corp.—A letter was sent to the stock¬
on Aug. 3 1935,
giving the details of the sale of National Electric
Products Corp.
This transaction has been made effective in the con¬
solidated accounts as of Jan. 1 1935 and the conslidated
income account
of Phelps Dodge Corp. for 1935 does not include
any income from National
Electric Products Corp.
have
declared
Vv:-...;.
Philadelphia Electric Co.—Collateral Changes—
The New York Stock Exchange has been notified
by the company that
the following securities are now
pledged under the first lien and refunding
mortgage securing that company's first lien and refunding mortgage gold
bonds, 4J^% series, due Nov. 1 1967:
$21,321,000 principal amount of the Philadelphia Electric Co., first mtge.
sinking fund gold bonds, 5%, due Oct. 1 1966.
v
23,000,000 principal amount of Delaware County Electric Co., first
;
The company further notified the
exchange that the capital stock of the
Delaware County Electric Co., pledged under the first lien and
refunding
mortgage at the time of listing the above-described first lien and
refunding
mortgage gold bonds on the New York Stock Exchange, was released from
pledge following the acquisition by the Philadelphia Electric Co. on Oct. 29
1929, of ah of the franchises and property of the Delaware County Electric
Co.
Earnings
Calendar Years—
1932
V
Operating
$6,025,043
654,631
$10,515,703
$6,679,674
1,895,768
1,103,729
993,345
697,813
988,522
867,825
State
Depreciation
270,066
closed down
Int. on bank loans
Losses & adj. in
404,230
227,202
hand.
Interest
on
funded and
unfunded debt
Amortiz. of debt disct. &
$29,957,314 $30,007,752 $30,113,816 $30,330,293
7,633,423
7,734,481
7,813.288
7,793,522
283,938
293,981
306,171
291,273
18,952,615
Balance
x
_,
$6,147,878
2,529,995
.
$3,224,915
2,671,461
loss$83,5691oss$3752252
yl,335,730
$694,049
.
Previous surplus.
.
Surplus adjust, (net)..
Total surplus
Depletion.
$3,617,883
34,074,386
55,955
47,491,369
50,487,501
;
Funds & special
deposits
U.
S.
Notes receivable
Department for depletion
taxes, less adjustment of de¬
pletion taken thereon in prior years, $7,848,269.
Write-down of Tomb¬
stone property to price at which it is under
option of sale and adjustment
of other mining claims sold in
prior years, $609,212.
Adjustment of
Phelps Dodge Copper Products Corp. buildings, machinery and
equipment
to amount shown by a
plant inventory taken during the year 1934, valued
on the basis of a detailed
appraisal made prior to acquisition by Phelps
Dodge Corp. plus subsequent additions at cost, and to adjust, prior
years'
depreciation, $1,373,783.
Total, $9,831,265, added to the reserve for con¬
tingencies to provide for the difference between net assets of National
Electric Products Corp. included in consolidated
balance sheet at Dec. 31
1934 and par value of
Phelps Dodge Corp. stock to be received in exchange
for these assets in
1935, such amount being in effect a reversal of a portion
of the paid-in surplus added in 1930 in
connection with the acquisition
of the
fabricating properties, $2,263,181.
Special distribution to stockholders.
7,840,114
3,614,022
Mat'ls & suppl's
Accrued
assets
Mining props., claims,
rights, licenses & lands
1934
$
1932
$
$
•
485,804
11,907,997
11,715,855
9.519,522
394,562
372,690
438.630
249,587
Cash.
Deferred assets
Receivable from officers.
U. S. Govt, securities
Total
9,730,715
y6,581,687
1,331,711
9,037,783
478,547
38,000
500,000
8,301,298
520,217
43,962
500,000
5,509,376
1,290,593
6,845,307
592,666
firm
Accounts receivable
Marketable securities
charges
5,315,761
and treatment tolls
incl.
322,841
8,597,718
602,259
1,254.041
-
6,246",836
5,026",499
Surplus (earned)
Total
100,279,661
52,986,011
1,970,552
1,880,840
35,073,514
34,074,386
2.199,474
1,273,092
47.491,369
1,766,898
50.487,501
3,528,736
-----
—185,108,146
z
98,702,828
52.017,464
2,038,698
,
184,212,642 345,224,448 343,773,714
Special distribution payable to stockholders Feb. 1 1934.
and notes receivable,
—V. 142, p. 966.
425,993,023 422,400,465
Total—.....425,993,023 422,400.465
Represented by 280,058 shares of no par value,
b Represented by
30,529,230 shares of no par value.—V. 142, p. 1827,
Amid turbulent scenes the annual
meeting of stockholders was held on
March 18.
Of the eight directors whose terms
expire, the voting trustees
re elected seven.
Dr Arthur A. Mitten, Chairman of the
Board, was dropped as a director
his place the trustees elected William L.
James, President of the
Co-operative Association.
and
in
The votes cast totaled 463,568
shares, of which 391.420 are held in the
voting trust, the balance representing proxies received by the
voting trustees
or
voted in person.
Mayor S. Davis Wilson protested the legality of the meeting and when the
meeting adjourned he said the employees' committee would meet to
decide
what steps to take.—V. 142, p. 1827.
The company has filed a registration
application under the 1933 Act,
covering 10,000 shares 5\i% cumulative preferred stock, 500,000 shares
of common stock and warrants to purchase an
aggregate of 15,000 shares
of common stock (included in the aforesaid
500,000 shares).
The company has agreed to sell 10.000 shares of the
preferred and 75,000
to
Lehman
Brothers.
The latter
also
has
purchase warrants and
shares
of
common.
shares of the
common
shares
agreed
to purchase an
aggregate of 15,000 additional
According to the registration statement, 400,000
are now
outstanding and as to the remaining 10,000
no commitment has yet been made.
The preferred shares will be offered
publicly at $100 and the common at
Crow
Gold
Mines,
Ltd.—Initial Dividend—
The directors have declared an initial dividend of 5 cents
per share
the common stock, payable March 31 to holders of record
March 16.
on
Pinchin, Johnson & Co., Ltd.—Final Dividend—
The company declared a final common dividend of
12H%. making 20%
paid in 1935, against 17H% in 1934.
Net profit for year ended Dec. 31 1935, was
£358,131 after expenses,
depreciation and other charges, against £317,083 in 1934.—V. 141, p. 1943.
i
258,260
Reserve for contingencies
Total
14,417,379
of Inv. in cap.
stk. of sub.cos
Includes accrued expenses,
a
'
Month of January—
7,100,000
Miscellaneous reserves..
Surplus
206,856
14,479,721
vals. over cost
1
Pittsburgh & Lake Erie RR.—Earnings—
xl,335,730
Reserve for depreciation
Reserve for fire insurance
and pensions
res.
reserves..
133,573,050 133.573.050
2,463,250
Dividends .payable
Notes payable not curr.
Reserve for depletion
33,395,406
11,925,739
1*0*
placem'ts
Excess of stated
Pickle
un¬
Liab. for returnable reels
in hands of customers.
734,622
liab.
49,443
1,553,409
5,334,078
10,474,644
85,929
393,363
$15.
500~666
deferred
credits to income
x
5,812,395
3,038,373
Receipts from metal sales
earned,
1,270,947
Other
to
Capital stock
126,781,000 133,573,050
Notes payable, current.
501,000
Accounts payable
26,854,017
25,654"008
Taxes accrued
H>8Q6W&1S
shares of the common
5,965,161
y5,576,099
185,108,146 184,212,642 345,224,448 343,773,714
—
Liabilities—
curr.
Def. credit accts.
52,884
1,501,013
5,334,758
12,371,842
142,157
533,843
35,544,922
11,754,317
payable-.
Accrued accts..
Phillips Packing Co., Inc.—Files Stock Issues—•
414,941
under
funded debt—
Divs.
Other
disct. & exp..
Other
deferred
1,930.804
products, finished and
contracts not delivered
7,202,257
Unamortized dt.
550,000
Funded debt—164,918,500 165,581,500
Real est. mtge..
2,000
Consumer's dep.
1,168,171
1,213,538
Matured int. on
.
producing,
treating &mfg.plants alll,231.222 111,000,984
221,599,767 221,528,999
Bldgs., mach. and equip.
at mines,
reduc.works,
refin. andmfg. plants.
35,375,429
36,735,213
92,162,615
92,158,685
Investm't in sundry cos.
3,854,266
3.139.601
3,149,543
3,232,004
Supplies, material and
prepaid expense
2,170,592
1.824.602
1,486,036
1,560,660
Adv. against ores & other
in process
Mdse. at retail mercan¬
259,149
6,938,212
73,569
12,000,000
550,000
Philadelphia Rapid Transit Co.—Mitten Ousted—
1933
metal
material held for treat.
& manufactured
Phila. El. Power
Co. preferred. 12,000,000
Susqueh'n Util.
a
,
Metals
67,688
200,196
•
Prepaid accounts
°
%
27,608,030
27.608,030
b Com. stock—137,816,005 137,816,005
Accts. payable..
accounts
Consolidated Balance Sheet Dec. 31
1935
$
12,636,833
10,587,569
632,779
7,127,537
3,638,246
512,470
Accts. receivable
Treasury
1934
$
Pref. stock...
Co. preferred.
13,821,749
8,452,093
Cash
purposes in connection with Federal income
Assets—
1935
Liabilities—
a
378,980,818 373,442,451
4,292,986
5.948 951
Excess cost
108,411
Reacquired sec.
1,725
8,090
surplus..$35,073,515 $34,074,386 $47,491,369 $50,487,501
Shs.cap.stk.out.(par $25) 5,071,240
5,342,922
5,342,922
5,342,922
Earns, per sh. bef. depl.
$1.21
$0.60
Nil
Nil
x
Readjustments of March 1 1913 book value of mining
properties to
by
$
value)
Investments
.
determined
1934
Fixed cap. (book
55,391,823
.$37,748,224 $48,044,823 $49,068,202 $51,639,571
2,674,709
1,875.991
1,576,832
1,152,070
deductions...
xl2,094,446
tile stores
Metals sold
$1,222,769
Condensed Balance Sheet Dec. 31
$
Assets—
$553,454def$1419,299def$3752,252
Profit & loss
for
18,628,614
$648,453
$633,386
Restated for comparative purposes.
1935
y
1,937,964
5,256,096
2,456.189
3,448,150
Net income
——$22,039,953 $21,979,290 $21,994,359 $22,245,499
Preferred dividends
2,393,290
2,393,290
2,393,291
2,394,116
Common dividends...— 18,952,614
18,952,614
244,599
292,216
.
as
1,926,521
4,969,603
2,359,513
3,572,381
Operating Income
$29,122,078 $29,164,573 $29,414,211 $29,749,668
Non-operating income-.
835,236
843,179
699,605
580,625
Gross income
_
Balance, surplus
valuations
2,153,606
5,173,876
2,297,955
4,339,325
400,670
on
(corporation).
Miscell.
xl932
416,830
exp.,rentals &oth.chgs
Mines
Net profit
Divs.
1933
connec.
with disposi'n of sees.
Exp. in connec. with re¬
opening of New Cor¬
Adj. of copper
Federal taxes
460,509
Exp. & taxes of property
nelia
2,475,949
5,279,357
4,042,949
4,259,156
-
Renewals & replacem'ts.
$2,008,682def$1598,865
678,881
5,812,912
Total income
Prov. for Fed! &
income taxes
1934
$63,794,108x$61,742,695 $60,113,889 $63,194,744
18,614,618
18,613,360
17,871,659
20,346,677
Operation.
Maintenance
$l,738,616def$2015,695
Other income
of System
1935
revenues
Taxes other than Federal
$9,660,406
855,297
■
■,
mortgage demand bonds.
metals, mfd. produc's,
coal&mdse., &c
$53,957,174 $36,334,666 $24,708,580 $21,996,616
Cost, expenses & taxes
44,296,768
30,309,622
22,969,964
24,012,311
Balance
1
an extra dividend of $1 per share in addition
regular quarterly dividend of 75 cents per share on the capital stock,
$50, both payable April 15 to holders of record March 31.
Special
dividends of $1 per share were paid on June 28 1935 and on Oct.
15 1929.—
V. 142, p. 966.
Consolidated Income Account for Calendar Years
1933
the
on
par
This
-
share
Pennsylvania Salt Mfg. Co.—$1 Extra Dividend—
purchase was financed in part with cash from Phelps Dodge
Corp.
treasury and in part through bank loans.
The latter amounted to $7,601,000 at Dec. 31 1935 but were reduced to
$7,100,000 in February 1936.
The
bank loans have serial maturities
extending to Feb. 15 1939, with no sub¬
stantial payments due until
August 1937.
The corporation has the right to
anticipate the payment of these loans in whole or in part.
Nichols Engineering
Research Corp—At Nov. 30 1935, Nichols Copper
Co. disposed of its control of Nichols
Engineering & Research Corp. to
C. "Walter Nichols, under an agreement which realeses
Nichols Copper Co.
from an obligation to subscribe to the
unissued preferred and common
stock of Nichols Engineering & Research
Corp.
1934
per
The directors have declared
been liquidated—amounted to
approximately $10,500,000; hence the net
cost of the properties acquired,
including investment in the local utilities
company and railroad, is approximately $10,300,000.
1935
cents
to the
purchase arrange¬
ments.
Since August, settlement has been made with all the
remaining
United Verde Copper Co. stockholders and the
company has been formally
dissolved.
The gross cost of the progerty and asstes of
United Verde
Copper Co. was approximately $20,800,000, including the estimated maxi¬
mum liabilities assumed.
The current assets acquired—most of which have
of.
15
quarter since and including Jan.
1933.—V. 141, p. 2747.
Purchase of United Verde Copper Co.
Property and Assets—The August
sale
dividend of
no par value, payable April 1 to holders of record March 15.
be the first payment made on the common
stock, since Jan. 1
1934 when a regular quarterly dividend of 25 cents per share was distributed.
Similar dividends had been paid each
letter to the stockholders stated that the
property and assets of United Yerde
Copper Co. were acquired on Feb. 18 1935 and that the
property had been
operated since that time as the United Verde Branch of
Phelps Dodge Corp.
The letter also explained the status at that time of the
from
a
stock,
This will
holders
Proceeds
1936
Peninsular Telephone Co.— To Resume Dividends—
y
Accounts
Includes patents.
1936
Miscellaneous deductions
Fixed charges
Net Income
♦
Credit balance.- -Y. 142, p.
1482.
170,180
156,072
$247,221
45,116
$292,337
50,859
47,932
$173,485
Total Income
$1,182,810
995,128
96,539
$208,563
26,780
8,298
Net railway
operating income
Other income
1935
$1,383,745
1,256,306
106,360
$191,259
17,304
Railway operating revenues
Railway operating expenses
Railway tax accruals
Uncollectible railway revenues
Equipment and joint facility rents *
$193,546
—
Financial
Volume 142
Pioneer Gold Mines of British
Month of
February—
x
tion.
Col., Ltd.—Earnings
1935
$240,000
Net after expenses
181,000
x Before depreciation, depletion and taxes.—Y.
142, p. 1132.
$230,200
166,200
Pittsburgh United Corp.- -EarningsCalendar Years—
1935
1934
1933
1932
$63,878
$87,418
$89,987
$81,383
Net loss a'ter taxes, in¬
terest, &c
—V. 141. p. 1779.
2001
The committee's
letter
1934
1936
$208,000
138,000
Gross
Chronicle
plan offered to security holders is summarized in the
follows:
as
"Approximately 50,450 shares of convertible preferred stock, par value
$50 per share, convertible into five shares of common stock, are to be
offered at $50 per share to stockholders. Each share of this new convertible
preferred is to be accompanied by three shares of common stock.
This
offering has been underwritten by Lehman Brothers, Wertheim & Co.
and Carl M. Loeb & Co., and assures company over $2,500,000 additional
working capital.
"The present bondholders are to receive new 15-year 5% debentures for
the face value of their debentures plus the amount of interest accrued to
Jan. 1 1936. Each new $1,000 debenture will be convertible, for one
year,
Pittsburgh & West Virginia Ry.—Equip. Trusts Offered
—A. G. Becker & Co., New York, are offering at prices to
yield 1 to 4% a new issue of $2,000,000 equipment trust,
series of 1936, 3M>% equipment trust certificates, maturing
$200,000 annually April 1 1937-1946.
The certificates, which are non-callable, are issued under the Philadelphia
plan and are being offered subject to the approval of the Interstate Com¬
Commission.
They are unconditionally guaranteed as to principal
and dividend by Pittsburgh & West Virginia Ry. and are secured by old
equipment now in use by the railway company under existing leases.
Certificates are to be dated April 1 1936.
Chase National Bank, New
York, trustee.
Principal and dividends payable without deduction for
present Penn. personal property tax.
merce
.RFC
Loan
Extended—
A'>;
The Interstate Commerce Commission
C:.
V;:'
:v=
March 13 found the company
on
not to be in need of financial
reorganization in the public interest at this
time and approved the extension of time of payment for a period ending not
later than May 28 1936, of loan by the RFC to the company in the amount
of $500,000 maturing March 22 1936.—V. 142, p. 1482.
Pond Creek Pocahontas Co.—Coal
Month of—
January
February—
Output—
1936
156,017
158,677
p. 1301.
■_
Note—Above figures in net tons.
Portland Gas & Coke
1935
1934
116,772
122 975
110 812
y
Co.—Earnings—
[American Power & Light Co. Subsidiaryj
Period End. Jan. 31—
Operating revenues
Operating expenses
Net
1936—Month—1935
$266,916
$265,404
209,857
208,016
from oper__
$57,059
Dr349
293
$56,710
44,655
Gross corp. income
Int. & other deducts
Balance
Property retirement
reserve
$789,768
Dr2,937
$871,518
Dr9,680
$57,636
44,723
$786,831
535.355
three shares of
new common stock and, in addition, negotiable
rights to*
buy for $12.50 one-fourth of a share of new convertible preferred stock
accompanied by three-fourths of a share of new common stock.
"The present common stockholders will receive, for each share
owned,
three-tenths of a share of new common stock and, in addition, negotiable
rights to buy for $2 one twenty-fifth of a share of new convertible preferred
stock accompanied
by three twenty-fifths of a share of new common stock."
Edmund Wright, 1450 Broadway, is Secretary of the committee.—V.
p. 1828.
142,
Properties Realization Corp.—Seventh Liquidating Div.
The company paid a liquidating dividend of 56-100th share common stock
of H. L. Green Co., Inc.; and a beneficial interest certificate
representing
undistributed reserved assets, for each voting trust certificates for common
stock held, on March 21 to holders of record March 20.
Previous
liquidat¬
ing distributions were as follows: 20 cents on Feb. 20 last; 15 cents on Dec.
21; $1.75 on Oct. 10, 65 cents on Aug. 12; 80 cents on Feb. 20 1935 and $1
per share on Jan. 10 1935.—Y. 142, p .1301.
Propper-McCallum
poned—
y$12,913
$251,476
250,000
$325,191
250,000
or
430,167
$428,691
$354,976
appropriations
unpaid
1
Deficit
Before
y
property
retirement
appropriations
reserve
and
dividends,
cumulative.—V. 142, p. 966.
are
Public Service Co. of Northern
Postal Telegraph Land Line
System—Earnings—•
1936
$1,833,318
1,745,617
7,500
40,000
$1,765,150
1,696,978
$40,201
Uncollectible operating revenues.!
Taxes assignable to operations...
1935
$11,505
Operating income...
Non-operating income.
Gross
15,000
41,667
2,536
351
$42,737
233,731
$11,856
225,428
$190,994
$213,572
income
Deductions
--'J.
Net deficit
—V.
142, p.
1482.
Potomac Electric Power
♦Net income
$406,449
$385,686
$838,029
$826,109
♦
After taxes, depreciation, interest, &c.
x After adjustments.—V. 142,
Public Service
Operating
Operating
re venues
...
expenses
Maintenance
—
Taxes
-
-
...
Provision for income taxes
...
Depreciation
Non-operating
$4,577,820
113,439
.......
.
.....
Interest during construction
$4,619,686
399,347
16,017
236,937
016,488
I
■
Net income for year
-
-
$3,983,873
395,043
2,280,000
$1,308,830
1934
$
Assets—
$
transferring that sum from the stated value of the no par common stock of
the corporation.
The special reserve is to take care of any actual losses
which the corporation may sustain in connection with stock of Public
Service Coordinated Transport owned by the corporation, and stockholders
are to be asked to approve the plan at their annual
meeting April 20 next.
Public Service Coordinated Transport is about to reduce the "stated
value" of its no par common stock for the purpose of creating a
special
reserve against which to charge items of street
railway property as these
are permanently retired from service.
As the corporation is the owner of all
the Transport stock, except directors' shares, it was deemed advisable that
the corporation adjust its capital accordingly.
No change in the status of
the preferred stocks of the corporation is involved.—V. 142,
p. 1828.
Sleeping
Total
Net
1934
$
$
Property & plant.63,774,326 60,569,942
Pref. stock, cum.:
Cash
6% series of 1925 2,000,000
5H % ser. of '27. 5,000,000
Com.stk($100 par) 6,000,000
&
securities
deposit with
on
trustees
Investments
Due from affil. cos.
Cash
U. S. Govt, securs.
Dep.
5,607,274
1,050",920
66,356
271,916
a93,706
5,230,952
1,491,030
11,835
292,818
26,300
for payment
of matured
int.,
&c.
Accounts
receiv'le
189,359
923,942
199,211
1,038,910
270,542
972,178
12,561
78,711
Mat'ls & supplies.
95,855
67,700
tomers
Balances in closed
banks
Disct.
on
&
exp.
on
securities
Prepaid accts
377,136
Taxes accrued
accrued..
329,209
Contribute by cus¬
89,831
228,795
789,803
11,444
Fuel
5,731,994
352,980
Consumers' deps..
Matured funded dt
Interest
1,080,681
14,359
15,542
845,244
224,203
2,000,000
5,000,000
6,000,000
10,368,500
4,672,890
388,990
1,017,317
199,212
16,389
715,119
50,528
10,280,200
Due to affil. cos
Sundry curr. liabs.
Other accts. & int.
receivable
Funded debt
Accounts payable.
62,208
for
con¬
struction of prop¬
erty
Deprec. reserve.-.11,393,593 10,464,444
Other reserves—.
453,368
414,200
Sinking fund res've 5,578,653
5,180,155
Surplus
.24,226,940 23,578,117
Commission & sell¬
ing
expense
101,300
235.002
Total
Net
a
$974,543
revenue-
$37,082
_
-
$28,313
$1,011,626
270,500
$279,247
189,947
Operating income
—V. 142, p. 1655.
$741,125
"
$89,299
Pure Oil Co.—Plan
Operative—
The board of directors
on March 9 declared the
plan submitted to the
preferred shareholders on Jan. 13 1936, covering the exchange of preferred
shares operative as of March 25 and extended the time for deposit of
pre¬
ferred shares to the close of business
on
that date.—V.
142, p. 1829.
Holders of "B" stock are being advised that the certificates of
deposit
which they will receive in exchange for their stock under the
company's
plan of recapitalization have been listed on the New York Stock Exchange.
In making that announcement, David Sarnoff, President, added that the
corporation had received from its counsel an opinion that stockholders
exchanging their "B" stock under the plan will not realize taxable gain or
deductible loss under the present Federal Revenue Act.
The corporation will issue the new first preferred stock,
bearing dividends
from April 1 1936, as soon as the recapitalization plan has been declared
operative.
A special meeting of stockholders to vote upon the plan has
been called for April 7, the date of the annual stockholders'
meeting.
The recapitalization plan provides for the redemption of all the outstand¬
ing 7% "A" preferred stock at the call price plus divs., and for the exchange
of its "B" preferred stock for a new $3 .50 convertible first
preferred stock
and common stock, at the rate of 1 1-5 shares of the new pref. stock and
one share of common stock for each share of the present "B" stock.—
V. 142, p. 1483.
Real Silk Hosiery Mills, Inc.—To Retire
Treasury Stock—
stockholders
at the annual meeting March 26 will consider the
cancellation of 26,956 shares of common stock heretofore
held in the treasury, and will also consider authorizing the directors to
enter into a bonus agreement with four executive officers of the company.
The
retirement
142,
and
p.
968.
73,574,895 70,395,070
Stockholders
The directors have declared an extra dividend of 25 cents per share in
addition to a regular quarterly dividend of like amount on the common
stock, no par value, both payable March 30 to holders of record March 20.
An extra dividend of 50 cents was paid on Dec. 26, last.—V. 141, p. 3549.
Committee
(Robert) Reis & Co.—RFC Loan to Subsidiary—
The stockholders at their annual meeting March 25 will be asked to con¬
the granting of a loan to The Ford Manufacturing Co.
by the Reconstruction Finance Corporation
be secured by a mortgage therefor.—V. 142,
letter March 19 to the company's bondholders and stockholders urged
immediate action to effect adoption of the committee's plan of reorganiza¬
in the amount of $200,000 to
$154,915
126.601
revenues
expenses
sent to and approve
a
$250,933
$180,199
143,116
revenue
The committee for the protection of the preferred stockholders, of which
John F. Gilchrist is Chairman and Iskander Hourwich special representative,
in
1935
$4,231,088
3,980,154
Reed Roller Bit Co.—Extra Dividend—
73,574,895 70,395,070
Total
Includes municipal securities.—V. 142, p. 1482.
Pressed
Steel
Car
Co.—Pref.
Urges Adoption of Its Plan—
1936
$5,035,330
4,060,787
revenues
expenses
Taxes accrued—
115,236
Total.....
Co.—Earnings—
operations—Total
Auxiliary operations—Total
—V.
on
preferred stocks.
Other def. charges
car
Radio Corp. of America—Plan—
1935
Liabilities—
Special Reserve—
Following action by the board of directors on March 1.7, President
Thomas N. McCarter has directed a letter to
every stockholder calling
attention to a proposal to provide a special reserve of
$38,000,000 by
Balance Sheet Dec. 31
1935
$3,444,274 $37,307,640 $39,370,517
2,210,050
23,267,609
24,943,499
,
$1,061,126
...
$3,127,526
1,971,782
Total net revenue
$4,006,167
395,041
2,550,000
Preferred dividends
Common dividends
Balance, surplus
To Provide
$4,488,864
130,822
$4,691,260
394,986
15,961
301,225
Cr27,080
revenues
Gross income
Interest on funded debt
Amortization of bond discount.
Other interest charges
Net inc. from oper___
Bal. for divs. & surplus.
Month of January—
1934
$13,154,881 $12,127,511
4,955,249
4,241,755
665,873
583,477
906,264
792,184
606,770
599,407
F" 1,442,905
1,421,825
Net operating revenues..
Corp. of New Jersey—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$10,113,133 $10,029,875 $119174,820 $120449,340
Oper. exps., maint., taxes
& deprec
6,985,607
6,585,601
81,267,180
81,078.823
Pullman
1935
1936—2 Mos.—x 1935
$6,922,170
$6,352,547
6,084,141
5,526,438
p. 1828.
Co.—Earnings—
Calendar Years—
Post¬
Illinois—Earnings—
1936—Month—xl935
$3,440,270
$3,117,507
Operating expenses—3,033,821
2,731,821
/
Month of January—
Inc.—Meeting
Period End. Feb. 29—
Gross earnings.
z Dividends accumulated and
unpaid to Jan. 31 1936, amounted to $1,021,917. Latest dividends, amounting to 87 cents a share on 7% pref. stock and
75 cents a share on 6% pref. stock were paid on Feb. 1 1934. Divs. on these
stocks
Co.,
Period End. Feb. 29—
Gross earnings
Divs. applic. to pref. stocks for period, whether
paid
Hosiery
quorum caused a postponement in the annual
a
meeting of the
stockholders, which was scheduled to have been held March 17.
The
meeting was accordingly fixed to be held on March 24.
The purpose of the meeting as given in the announcement to stockholders
is to elect a board of directors, and "to consider and take action
upon an
optmn contained in an agreement between the corporation and Clarke*
Tobin, providing for the employment of Mr. Tobin for the calendar years
1936 and 1937, in consideration of a cash salary, share of the
profits and an
option on common stock."—V. 142, p. 307.
$861,838
536,647
430,167
Other income (net)
z
1936—12 Mos.—1935
$3,193,453
$3,033,576
2,403,685
2,162,058
$57,343
y$12,055
revs,
$500 par value of such debentures and $500 of new convertible pre¬
ferred stock.
"The present preferred stockholders will receive, for each share owned,
Lack of
140,532
v. 142
into
(a wholly owned subsidiary)
p.
471.
2002
Financial
C7Remington Rand, Inc.—Listing—■
~
The New York Stock Exchange has authorized the listing of $20,000,000
20-year 4M% debentures, due March 1 1956, on official notice of issuance
in connection with the offer and plan of exchange and 21,047 7-25ths addi¬
tional shares of its prior preferred stock (par $25), and 300,000 additional
shares of its common stock (par $1) upon official notice of issuance.
Cost of sales
*
Selling and administrative expenses
Profit from operations
—
$3,005,032
—572,236
Profit before depreciation, interest and income taxes, &c..
Provision for depreciation of properties
Interest charges and amortization of discount on 5
[,577,267
578,260
754,705
—.
% debens__
Net loss of non-consolidated wholly-owned foreign subsidiaries
Dental
90,186
284,648
"Oar companv will show a profit for 1935 for the first time in five
years,"
E. I. Wayman, President, said, "and we believe it only fair to pass along
part of this to our employees.
Current business conditions are good with
and
us
promise to
$1,869,466
598,306
'
$2,467,772
Dividends
on 5% prior preferred stock
on $6 preferred stock (payable in 5% prior preferred
stock—7/25ths shares on April 1 1936)
109,621
Dividends
Root Petroleum
Accounts,
drafts and
receivable (net)
—
Inventories
(net)
Rental machines
-
Reserve for unred. coupons..
Reserve for comp. of contracts
for rents of unoccupied
leased premises
Investments in and advances
to other
Dividends
769,268
corporations
Other assets
9,284,228
855,987
1
Total.
-.
62,902
109,621
421,420
Other liabilities and reserves
1,772,070
% debentures
17,453,000
5% cum. prior pref stock
4,384,850
$6 cumul. preferred stock
4,384,850
Stock dividend on $6 pref..
526,182
Common stock
1,378,684
Capital and initial surplus
5,713,530
Earned surplus
1,831,969
Total
...----------.-.$41,058,761
Bonds
payable
Reserve for TJ. S. and foreign
income taxes..
1,017,443
Properties (net)
Deferred charges
Good-will, patents, &c
959,641
155,220
159,985
196,565
706,631
$41,058,761
Heavily Oversubscribed—
The company reports that
the offering to common stockholders of the
new 4M% debentures with common stock purchase warrants attached was
heavily oversubscribed,
v..
As of the close of business March 16 1936, subscriptions had been re¬
ceived from the company's common stockholders aggregating approxi¬
mately twice the $4,250,000 of available debentures. As a result, subscrip¬
tions will be necessarily cut, and allotments of the new debentures will be
announced within a few days when calculations by the Chase National
Bank have been completed.—V. 142, p. 1830.
Retail Stores
Corp.—Smaller Dividend—
The directors have declared
a dividend of 20 cents per share on the com¬
stock, par $15, payable March 28 to holders of record March 21.
This
compares with 50 cents paid on Jan. 2 last and 20 cents paid on March 23
1935, this latter payment being the initial distribution on the issue.—Y. 141,
mon
p.
•
3872.
'-^v;
.
Reynolds Metals Co. (& Subs.)- Earnings—
$12,527,201
1934
$11,445,098
$8,140,422
$8,094,147
10,320,835
8,980,873
5,890,965
6,194,176
424,938
405,798
418,883
452,854
$1,447,117
16,580
Calendar Years—
1935
Net sales
Cost of sales, selling, ad¬
ministration expenses.
Deprec.
and
1933
1932
amortiza¬
tion of patents
.
■
—i
M.
— mm
,
*
v
m<m.m
\
i
—
1935
$240,759
262,979
12,986
$251,966
276,935
19,193
5,927
4,000
$38,235
$27,508
-
$33,551
4,684
341
399
34,385
34,617
$62,234
$68,567
—
-
Credit.—Y. 142, p. 1484.
Safeway Stores, Inc.—New Directors—
The resignation of L. S.
Skaggs
as a
director and Vice-President and the
election of Drummond Wilde and Milton L. Selby
March 6, has been announced.—V. 142, p. 1656.
Res.
688,087
subs, not consolidated
$841,638
expenses
(payrolls,
commissions, &c.)
Accrued taxes, other than inc.
Accrued int. on 5y% % debs..
10,569,762
11,412,881
2,312,283
1936
—
$31,206
3,698
deficit-
Net deficit
Accrued
to foreign
advs.
&
$3,660,044
488,775
RR.—Earnings—
Net railway operating deficit
Other income
Total
1934
$225,199 loss$116.298
,
Month of January—
Railway operating revenues
Railway operating expenses
Railway tax accruals
Equipment and joint facility rents *
Fixed charges—
Accounts payable
notes
1935
profit after charges and taxes.—V. 141, p. 3392.
,
,
Miscellaneous deductions
/.
Liabilities—
Canadian Govt, bonds at cost
Co.—Earnings—
Years Ended Dec. 31—
$1,831,969
jA.sscts~~~m
Inv'ts in
526,182
1935
Consolidated Balance Sheet Dec. 31 1935
Cash in banks and on hand..
continue that way for the balance of the year."—
V. 142, p. 309.,
Rutland
Net profit for nine months
Earned surplus at March 31 1935
Earned surplus, Dec. 31
Manufacturing Co.—Wages Increased-—
Effective March 16 the company increased both hourly wages and salaries
5%.
Net
(including non-recurring expenses of $104,645)
Provision for U. S. and foreigd income taxes-.
^
1936
Grande and Pan American and be in accordance with Sinclair plan proposed
Ritter
$27,645,074
13,868,373
10,771,670
.
Miscellaneous income-.—
21
single creditor in the Richfield and Pan American receivership estates, and
places the company in a position to negotiate further a plan of reorganization
for the properties.
This would include a consolidation of Richfield, Rio
[Including domestic and wholly-owned foreign subsidiaries]
N et sales
March
Rio Grande Oil Co., a subsidiary of Consolidated Oil Corp. (Sinclair).
In
exchange. Cities Service has received a half interest in Rio Grande.
Consummation of this transaction, it is said, makes Rio Grande the largest
last December.—V. 142, p. 1655.
Earnings for Nine Months Ended Dec. 31 1935
"
Chronicle
as
directors, effective
Salt Creek Consolidated Oil Co.—To Dissolve—
Stockholders at a meeting held March 9 voted in favor of
immediate
dissolution of the company which will receive in
exchange for its properties
Co. stock.
See also V. 142. p. 969.
and assets 218,424 shares of Argo Oil
Sharon Steel Corp.—Securities
Sold—Speyer & Co. and
Hemphill, Noyes & Co., New York, on March 17 offered
$2,000,000 15-year 4}4% convertible debentures at 102 and
int. and 40,000 shares convertible $5
preferred stock (no par)
at $100 per share.
Both issues have been oversubscribed.
A prospectus dated March 17 affords the
following:
Purpose of Issue—Company intends to apply the proceeds (about $5,747,400) from the sale by it of the convertible debentures and convertible
$5 preferred stock to redeem on or about April 20 1936,
$5,328,000 of
series A bonds now outstanding, at 103 and int.
The total redemption
price of such bonds, exclusive of accrued int., is $5,487,840.
The balance
of the proceeds not required to pay such
redemption price is to be paid into
the treasury of the company to be used for other
corporate purposes.
History and Business—Company was incorp. under the name Sharon
Steel Hoop Co. on Oct. 8 1900 in Pennsylvania.
Name changed to Sharon
Steel Corp. on March 10 1936.
Company is engaged principally in the manufacture and sale of
strip
steel, including hot and cold rolled strip, galvanite, ternecoat and stainless
steel strip.
Its wholly-owned subsidiary, Youngs town Pressed Steel
Co.,
is engaged in the manufacture and sale of a wide
variety of drawn and
stamped steel and porcelain enameled steel products,
including washing
machine tubs, sinks, drain boards,
refrigerator, ironer and stove part
highway guardrail posts, porcelain enameled steel wall tile,
corrugated
steel piling, and a variety of automotive parts and
agricultural machinery
parts.
Sales (on a dollar basis) of Youngstown Pressed Steel Co.
during
the past three years were about 17% in 1933. about
18% in 1934, and about
17 % in 1935. of consolidated sales of the
company and Youngstown Pressed
Steel Co.
The Niles Rolling Mill Co., which
commenced operations in
July 1935 and 70% of whose common stock and 100% of whose
series B
preferred stock (being 75% of the preferred stock of all
series) is owned
the company, manufactures and sells hot
sheets.
The
by
rolled, cold rolled and galvanized
sells its products to a variety of
customers, including
of parts for automobiles,
barrels, steel drums and cans
equipment, furniture, refrigerators, stoves,
machinery, toys and
miscellaneous stampings.
The records of the company indicate that on
a
tonnage basis approximately 55% of its product was,
during the year 1935
sold directly or indirectly to the automotive
trade.
The records of its sub^
sidiary, Youngstown Pressed Steel Co. indicate that, on a dollar
basis
approximately 50% of its sales during 1935 consisted of
washing machine
and ironer parts, porcelain enameled and
non-enameled.
With the exception of the ingots
required by the company for rolling
stainless steel products and with certain other
minor exceptions, the com¬
pany produces its entire ingot supply in its own open-hearth
furnaces but
does not at present produce pig iron.
It also hot rolls its entire supply of
strip for cold rolling.
The major portion of Youngstown
Pressed Steel
Co. s strip requirements are furnished by the
company and the major portion
of its sheet requirements are now furnished
by Niles
company
manufacturers
$1,781,428
Operating profit
$2,058,428
31,746
23,497
$1,830,574
31,474
$ .,813,174
91,916
143,700
patent
101,527
$2,081,925
64,560
263,000
$1,862,047
64,184
222,947
$1,463,696
87,273
154,524
102,810
67,970
58,833
42,518
60,309
77,237
x252,782
.,446,636
762,041
$833,048
951,208
Other income
Total income
Interest
Federal tax
and
Experimental
expense
Bad
debt,
losses
on
rentals, adjustment of
minority interest, &c_
Loss on exch.of sec.(net)
Profit
on
78,263
—_
Cr33,423
$1,419,267
1,143,628
$1,642,461
862,642
$275,639
$779,819
960,322
$1.29
Net profits
Dividends
960,322
$1.71
Surplus
Shares of
^
Cr21,499
sale of secur
com.
$684,595 def$118,160
stock out¬
standing (no par)
Earnings per share
768,474
$1.88
768,474
$1.08
x Loss
on exchange of securities,
$276,945; less, settlement of patent
infringement damages (net), $24,163; balance, $252,782.
1934
$
$
Assets—
Cash
2,951,899
Notes & accts.
977,754
rec.
Inventories
Affil.
co.
accts.
4,699,103
notes
1,045,293
865,015
5,647,075
1935
Divs.
&
receivable 1,550,809
pf. stock.
110,808
66,204
Accrued accounts.
67,154
6,029,784
5,772,589
1935
(not current).108,566
bldgs.,
purch. of metal-
1,820,827
1,823,717
550,819
&c
Deferred assets.
—
417,938
307,515
for
x
16,364,6231
Common stock..
Total
4,584
236,328
7,901,733
1,000,000
2,349,119
1930
the
company
commenced
production of stainless strip.
The
by a company in which the
minority interest, but since 1933 the
company has itself
conducted the sales of the stainless strip which it
produces.
The manu¬
facture and sale of stainless strip constitutes at
present a comparatively
small but expanding portion of the business of the
company.
During the past five years Youngstown Pressed Steel Co. has
installed
additional enameling furnaces and other
equipment and has developed a
a
business in the manufacture and sale of
porcelain enameled sinks and
drain boards.
Sales of such products represent at the
present time ap¬
proximately 18% of the total sales of Youngstown Pressed Steel Co.
In January 1936, the company purchased
37,200 shares of the common
sales of this product were at first conducted
company
held
a
stock of Pittsburgh Steel Co.,
stock of that company.
being about 15% of the outstanding
common
138,875
400-ton blast furnace located at Lowellville, O., and a sheet
plant located
on about 17 acres of land at Campbell,
O., operation of which has been dis¬
continued.
The plant of its wholly owned
subsidiary, Youngstown Pressed
Steel Co., is located at Warren, O., and that of its
ship, in the vicinity of Struthers and Lowellville, O.
7,901,733
1,000,000
2,376,413
.19,174,652 16,364,623
Represented by 960,322 no par shares.—V. 141, p. 3084.
Transferred to Rio Grande Oil Co.—
According to Los Angeles press dispatches the first step in the longawaited Sinclair plan of reorganization for the properties of Richfield Oil
Co
of Calif, and Pan American Petroleum Co. has been consummated,
with the transfer of Cities Service Co.'s holdings in the two companies to
In 1929 company constructed at its
plant in Sharon a continuous hot
rolling mill, capable of rolling a maximum width of 12 inches.
In 1931, by
the installation of four high-finishing stands in this
mill, the maximum width
of the product was increased to 22 inches.
The mill has an estimated
annual capacity of 200,000 net tons of hot rolled
strip.
Company has not
operated its 14-inch mill, located at its plant in
Sharon, since 1932
Plants—The active plants of the
company include hot and cold rolled
finishing mills located at Sharon, Pa., and a semi-finishing plant (openhearth, blooming and slab mill, and a billet and bar mill) in Poland Town¬
Richfield Oil Co. of Calif.—First Step in Reorganization
Finished—Cities
Service Holdings in Company and Pan
American
Rolling Mill Co
General Development Since 1930—The
general development of the business
of the company and its subsidiaries for the
past five years is summarized
as follows:
2,880,000
367,616
dis-
Capital surplus
Earned surplus
19,174,652
1,980,000
mantl. of plant,
obsolesc.,
con¬
tingencies, &c_.
137,011
514% cum. pref.
stk. (par $100). 5,000,000
x
Total
807,700
336,774
263,000
51,600
Mortgage
Reserves
Develop, of prods.,
170,725
Notes for acquis .of
prop, (not curr.)
Notes payable for
Pats., trademarks,
&c.
51,600
365,244
150,469
68,750
estate mtge.
instalments due
Sundry receivables
mach. & equip..
$
Real
Deposits
plants,
on
565,080
161,327
Other assets
Property,
.
Fed. income tax..
1934
$
Liabilities—
Notes payable
Accounts payable
•
In
Consolidated Balance Sheet Dec. 31
1935
electrical
Mill Co., at Niles, O.
515 acres.
The total
Company also has
a
subsidiary, Niles Rolling
area
of the various plant sites is about
Capitalization
By amendment to its articles of incorporation, which became effective
March 3 1936, the company increased its authorized
capital stock by
70,000 shares of serial preferred stock (no par), issuable in series, and
500,000 shares of common stock (no par).
By resolution of directors
adopted on March 10 1936, the initial series of the serial preferred stock
consisting of 40,000 shares and being the convertible $5 preferred stock
offered by this prospectus, was created.
Accordingly the capital stock of
on
the company as at March 14 1936 is
as
Serial preferred stock (no par)
Convertible $5 preferred stock (no par)
Common stock (no par)
4M%
conv.
debentures, due 1951
follows:
Authorized x Outstanding
70,000 shs.
40,000 shs.
40,000 shs.
zl ,000,000 shs. y368,359 shs.
$2,000,000
Financial
Volume 142
xGiving effect to present financing,
y
Chronicle
convertible debentures
and the 40,000 shares of convertible $5 preferred
stock company intends to reserve 50,000 shares of common stock for con¬
version of the convertible debentures and 114,286 shares of common stock
for conversion of the convertible $5 preferred stock,
maximum number of shares issuable upon such
being in each case the
conversion.
zThe stated
capital at Dec. 31 1935, represented by 375,000 shares of issued common
stock, was $9,875,000.
At a special meeting of stockholders held Feb. 27
1936, a reduction in stated capital from $9,875,000 to $3,750,000 was
authorized, such reduction to be effected, without change in share structure
and without any change in assets by distribution to stockholders or other¬
wise, by the elimination of the deficit of the company, any surplus of the
aggregate assets over the aggregate liabilities (including stated capital)
remaining after such reduction in stated capital and elimination of deficit
to constitute
to file
a
paid-in surplus of the company.
Company proposed presently
statement of reduction of stated capital with the Department of
State of Pennsylvania, whereupon such reduction will become effective.
The stated capital of the company with
respect to the convertible $5
preferred stock with respect to any common stock issued upon conversion
thereof is to be an amount equal to the amount of the consideration to be
received by the company for such convertible $5
preferred stock.
The stated capital of the
company with respect to any common stock
issued upon conversion of convertible debentures is to be an amount
equal
to the principal amount of the convertible debentures thus converted.
Description
of
Convertible
Debentures
Assets—
$1,323,949 Accounts payable
161,075 Accrued liabilities
Notes and accounts receivable
1,632,488 Funded debt
Inventories2,650,931 Reserves
Deferred charges
214,892 Payments by officers and em¬
Investments and advances..
ployees under stock purch.
815,156
contracts
Property, plant & equipment
9,410,673
Marketable securities
-
...
Deficit
Total
legal tender for public and private debts.
Denoms. of $1,000, registerable
to principal.
Debentures are to be direct obligations of the company
are not secured by any lien.
Authorized $7,000,000, of which $2,000,000
are to be authorized for immediate
issue, and the balance for issue at any
time and from time to time as authorized
by the directors.
Principal of
and interest payable without deduction for Penn. taxes (other than estate,
succession, inheritance or income taxes) up to but not exceeding in the
aggregate 5 mills per annum on account of each dollar of the principal
as
but
thereof.
provide for
a
sinking fund payable
on
May 1 1937
and
on each May 1 thereafter while convertible
debentures are outstanding,
which shall amount to a minimum of 3 % of the largest principal amount of
the convertible debentures at any time
outstanding or 10% of consolidated
net earnings of the company and its 75% owned subsidiares for the
preceding
fiscal year, whichever shall be greater, and to a maximum of 7 % of the largest
principal amount of convertible debentures at any time outstanding.
Company shall be entitled to credit the principal amount of convertible
debentures theretofore converted into
common
stock and the cost to the
company (exclusive of accrued interest and not exceeding the then applicable
redemption price) of any convertible debentures purchased by the company
and delivered to the trustee for cancellation,
against any sinking fund
payment which the company may be required to make.
Moneys thus paid
to the trustee for the sinking fund are to be
applied by it to the purchase of
convertible debentures if obtainable at not exceeding the then applicable
redemption price therefor or if not so obtainable to the redemption of con¬
vertible debentures.
Debentures
be redeemable at the option of the company or for the
whole or in part by lot, at any time or from time to time,
days' prior notice, at the following rates: at 105 if red. on
or before March 1
1938, at 103 after March 1 1938 and on or before March
11941, at 102 if red. after March 1 1941 and on or before March 1 1946 and
at 101 if red. after March 1 1946 and
prior to maturity, together in eacn
sinking fund,
are to
as a
upon at least 60
with accrued int. to the date of redemption.
Conversion Rights—Debentures are to be convertible after May 1 1936
on or before May 1
1946, or, if called for previous redemption, on or
before the date fixed for redemption, into shares of common stock at
case
and
the^
following conversion prices for the common stock, the convertible debentures
being taken for this purpose at their principal amount: As to convertible
debentures deposited for conversion after May 1 1936 and on or before
May 1 1938, at a conversion price of $40 per share of common stock; if so
deposited after May 1 1938 and on or before May 1 1940, at a conversion
price of $43 per share of common stock; if so deposited after May 1 1940
and on or before May 1 1942, at a conversion
price of $46 per share of
common stock; if so deposited after
May 1 1942 and on or before May 1
1946, at a conversion price of $50 per share of common stock.
Debentures
are
to
be convertible at the principal office of the transfer agent for the
stock.
common
Serial Preferred Stock, including the Convertible $5 Preferred
The serial preferred stock, of which 70,000 shares are
Stocjt
authorized,
issuable
as
tions
is
shall be expressed from time to time
shares of
one or more
series, with such distinctive serial designa¬
by directors.
The resolution
of the directors, adopted March 10,
provides for the issue of a series of the
serial preferred stock designated "convertible
$5 preferred stock" and con¬
sisting initially of 40,000 shares.
The convertible $5 preferred stock, is entitled to cumulative
dividends,
at rate of $5 per share
per annum payable Q-J and accruing from March
as
19 1936.
It is the intention of the company to pay the first dividend on
such convertible $5 preferred stock on
July 1 1936.
Convertible $5 pre¬
ferred stock, and common stock are entitled to one vote per share.
Con¬
vertible $5 preferred stock, is entitled to $107.50
per
share if liquidation,
up or distribution takes place on or before March 1
1939 and thereafter $105 per share, plus divs. in each case.
Conversion Rights—Convertible $5 preferred stock is to be convertible
at any
time after May 1 1936 and on or before May 1 1951 (or as to con¬
$5 preferred stock called for previous redemption, at any time
on or
before the date fixed for redemption) at the following conversion
prices for the common stock, the convertible $5 preferred stock being
taken for this purpose at $100 per share:
As to convertible $5 preferred
stock deposited for conversion after May 1 1936 and on or before
May 1
1939 at a conversion price of $35 per share of common stock; if so de¬
posited after May 1 1939 and on or before May JL 1942, at a conversion
price of $40 per share of common stock; if so deposited after May 1 1942
and on or before May 1 1946, at a conversion
price of $45 per share of
common stock; if so deposited after
May 1 1946 and on or before May 1
1951, at a conversion price of $50 per share of common stock.
Redemption—The redemption price for the convertible $5 preferred stock
is $107.50 per share if such
redemption takes place on or before March 1
1939 and thereafter $105 per share, plus in each case accrued and
unpaid
dividends.
vertible
'Principal Underwriters—The names of the principal underwriters and
the respective principal amounts severally to be purchased by each, are as
follows:
Debens.
$600,000
600,000
Riter & Co., New York
400,000
Goldman, Sachs & Co., New York
200,000
150,000
50,000
Otis & Co., Cleveland
The First Cleveland Corp., Cleveland
Pref Stock
12,000 shs.
12,000 shs.
8,000 shs.
4,000 shs.
3,000 shs.
1,000 shs.
1933
Gross sales, less discounts
Manufacturing costs
Balance.
Provision for depreciation.
Selling, general & administrative exp.
Taxes, other than prop, and income.
Prov. for service contract fees, &c
Provision for doubtful accounts
1934
1935
$10,140,853 $11,245,754 $15,624,842
8,346,299
9,051,030
12,138,034
36,000
$2,194,725
987,812
797,189
23,803
12,500
50,651
$3,486,808
970,389
979,060
51,427
12,500
81,639
$55,009
18,015
$322,769
38,296
$73,024
293,040
$361,065
293,040
19,486
68,279
63,714
$1,455,710
293,040
18,191
21,472
698,023
27,574
Stock
Exchange has authorized the listing of 375,000
common stock (no par) in exchange share for share for outstanding
certificates of common stock of Sharon Steel Hoop Co.—V. 142, p. 1657.
Second
Southern Bankers
Securities
__
Total
Interest
on
bonds
Amortiz. of bond discount & expense.
Other interest
Profit from operations..
_._loss$307,781
Special charges (net)
180,239
Prov. for Fed. and State income taxes
Net profit
loss$488,019
18,838
loss$14,528
22,000
$1,123,007
41,853
72,000
loss$36,527
$1,009,153
Corp.—Sale of
■-yv/■"
''
See Carriers & General Corp. above.—V. 138, p.
'V*.'■
'
3105.
•
Seeman Brothers, Inc.—Extra Distribution—
The
directors have deelared
an extra dividend of 50 cents per shareTin
a regular
quarterly dividend of 62
cents per share on the
stock, no par value, both payable May 1 to holders of record
April 15.
Similar extras were paid on Feb. 1, last, and on May 1 and
Feb. 1 1935.
An extra of $1 was paid on May 1 1934.—V. 142, p. 798.
addition to
common
Shell Pipe Line Corp.—Debentures Called—
All of the outstanding 25-year 5% s. f. gold debentures due Nov. 1 1952
have been called for redemption on April 17 at 102)^ and interest.
Pay¬
ment will be made at the Chase National Bank, New York City, the Old
Colony Trust Co., Boston, or at the Continental Illinois National Bank &
Trust Co., Chicago,—V. 137, p. 3339.
Shell
Union
Oil
-Annual
Corp.-
Report—1935 Showing
Best Since 1929—
The corporation this week issued its annual report to stockholders, show¬
ing net profit for the year ended Dec. 31 1935 of $6,812,835 after depletion,
depreciation, intangible development expenditures (to the full 100%),
amortization, interest and income taxes.
The 1935 profit represents the
best showing made by the company since 1929 and compares with a net
loss of $949,111 for 1934.
(For comparative income account and balance
Sheet see V. 142, p. 1831.)
"During the year 1935 progress was made toward the stabilization of the
industry," according to the report to stockholders signed by J. C. van Eck,
chairman of the executive committee,
and R. G. A. van der Woude,
President.
"With the exception of California, a more effective curtailment
of crude oil production led to a comparatively even balance between supply
and comsumptive demand.
The situation was assisted by increased demand
for petroleum products both for domestic consumption and for export,
making possible a reduction of stocks."
Discussing the problem of taxation, they state:
"There is no sign of
abatement in the discriminatory taxation levied against the petroleum
industry.
Because this taxation is largely indirect, the public may not
realize the extent to which these huge charges are a direct tax on industry
generally.
Petroleum products are not luxury commodities but essentials
to practically all major industries and excessive taxation of these products
leads to unnecessarily high costs in these other industries."
Total production of crude oil by Shell Oil Co., Shell Petroleum Corp. and
Wolverine Petroleum Corp., the principal producing subsidiaries of Shell
Union Oil Corp., totaled 43,279,537 barrels net for the year 1935 com¬
pared with 35,307,953 barrels net for the preceding year.
Commenting on the companies' drilling activities, which continued on
a larger scale than during the previous year, the report pointed out that
additions were made to proven reserves, in California, that in Kansas a
prolific deep horizon was opened, and a new field discovered in the Turon
District of the
same
state.
The corporation's balance sheet shows a surplus on Dec. 31 1935 of
$3,419,589 after giving effect to the net profit for the year and restoring to
surplus a special reserve of $15,000,000 no longer needed.
The corporation discloses in its annual report that it has entered into an
agreement for the sale, subject to certain conditions, of its share-holding in
the Flintkote Co. at a price which, if the sale is consummated, will yield a
satisfactory profit on the original investment.
Bonds Called—
All of the outstanding 20-year 5% s. f. gold debentures due May 1
1947
have been called for redemption on April 17 at 102 and interest.
Payment
will be made at the Irving Trust Co., New York City, the Old Colony
Trust Co., Boston, or at the Continental Illinois National Bank & Trust
Co., Chicago.—V. 142.
p.
1831.
Simmons Co.—To Reduce Directorate—•
The stockholders at their annual meeting April 2 will be asked to approve
amendment to the by-laws with respect to a reduction in the number
an
of directors from
12 to
10.
Income Account
for Calendar Years
([Incl. Subs.)
-
1935
Net sales
Cost of sales, incl., sell.,
adm. & adv. exps
24,739,525
Int. & other deductions.
749,056
1,422,540
625,434
1,281,909
513,722
Reserve for
depreciation
Maint. of properties
Reserve
for
taxes
Advertising
Net profit-__
-
..
-
Pref. divs. of subs.
1934
1933
1932
$30,691,555 $26,186,926 $24,309,309 $18,817,864
—
22,262,704
644,634
1,496,633
607,708
1,316,209
737,210
19,521,073
674,800
1,600,644
599,131
1,256,795
530,848
$1,359,371 loss$878,174
17,491,020
772,772
1,915,285
419,118
548,083
510,100
$126,0181oss$2838513
75,340
45,634
68,348
70,390
Balance, deficit
sur$l,291,024
Shs.com.stk.out.(nopar)
1,133,236
$1.13
$948,564
1,133,236
sur$50,679
1,133,236
$2,884,147
1,133,236
Nil
$0.04
Nil
_
Earned per share
Consolidated Balance Sheet Dec. 31
1934
1935
Assets—
a
1935
Liabilities—
$
Cash
4,494,850
3,098,710
Notes and acc'ts
rec.,
of subsidiaries
trade, &c__ 4,146,297
5,238,543
Inventories
taxes,
3,080,241
5,351,360
rec.
231,355
200,000
Prov.
183,000
401,053
575,178
Fed. cap. stk. &
plant
miscell. taxes
Fixed assets
14,521,679 15,968,885
charges.
266,196
305,291
Deferred
140,000
(current)
137,452
307,088
& investm'ts
co.
Good-will
1
for
452,253
Federal
income tax
499,026
227,136
409,596
840,824
72,465
1,815,480
Accr'd int., wages,
1
taxes, &c
Res. for self-insur.
56,020
Fund.debt of subs. 1,370,380
Gold debs, of Sim¬
Co
Pref. stk. of subs.
b
Capital stock
Capital surplus
Earned surplus
Total
a
—
After
29,096,201 28,373,296
reserves
S
543,120
Simmons Co. debs.
121,547
&c
1934
541,033
__
Accts. pay., tradePro v. for State local
Ins., int.,
Misc. accts. & note
Sub.
$
Serial notes & bds.
mons
Balance.
Total other income..
$16,109,164
Listing of Common Stock (No Par)—
The New York
$1,391,792
63,918
$1,794,554
977,947
Total
shares of
Prepaid
Consolidated Income Statement for Calendar Years
65,878
a Stated capital
represented by an authorized issue of 500,000 common
shares without par value, of which 375,000 shares (including 1,400 shares
held in treasury and 5,241 shares in hands of trustees) are issued.
dissolution, winding
Speyer & Co., New York
Hemphill, Noyes & Co., New York
$16,109,164
$891,291
520,061
5,328,000'
520,345
a9,875,000
2,562,352
3,653,764
Capital.
Paid-in capital surplus
Assets—.
is
Trust agreement is to
Liabilities—
Cash
Dated March 1 1936; due March 1 1951.
Int. payable M. & S. at prin¬
cipal office of Chemical Bank & Trust Co., New York, trustee, in any coin
or currency of the United States of America which at the time of payment
amount
2003
Consolidated Balance Sheet Dec. 31
Upon theTissue'of $2,000,000 of
Total
6,999,000
1,054,857
5,666,180
8,498,097
2,834,581
29,096,201 28,373,296
of $270,134 in 1935 and $268,857 in 1934.
2,000,000 shares of
—V. 142, p. 798.
no par
7,184,000
1,066,372
5,666,180
8,498,097
1,875,568
b Authorized
value, 1,133,236 shares issued and outstanding.
Socony-Vacuum Oil Co., Inc.—Preliminary Statement—
John A. Brown, President, states:
In advance of the annual report, we estimate the approximate con¬
solidated net earnings, after taxes, of company for the year 1935 to be
2004
Financial
$22,500,000, after deducting
non-recurring charge of $2,900,000Trepre¬
senting premiums paid and unamortized discount on bonds retired during
the year.
Reported net earnings for 1934 were $24,121,297.
Funded and long-term debt on Dec. 31 1935
(including bank loans
used to retire bonds) was
$77,000,000, a reduction of $8,000,000 during
the year.
Cash and marketable securities on Dec. 31 1935 are estimated
at $70,000,000, an increase of
$11,400,000 during the year.—V. 142, p. 969.
a
Sonotone Corp.—Grants Option—
The
company has granted an option to Dean Babbitt, President, to
purchase all or any part of 30,000 shares of common stock at $2 a share
until Jan. 31 1939,
according to a notice sent to the New York Curb Ex¬
change.
p.1657.
The option is part of a three-year
employment contract.—V. 142,
v
Southern Bankers Securities
Corp.—To Sell Assets—
138, p. 3107.
Bleachery & Print Works, Inc.—Accumu¬
lated, Dividends—
>
1.
A similar payment
July 1 and March 2 1935.
Accruals after the April
—v. 141, p. 4025.
made
was
1
payment
on
stock, par $100, payable
2, last, and on Oct. 1,
Jan.
will
to
amount
Period End. Dec. 31—
Gross earnings
......
Taxes
Fixed charges
Depreciation
share,
per
1935—Month—1934
.
1935—12 Mos.—1934
$3,201,766 $37,877,876 $36,296,451
566,031
9,223,118
8,916,802
366,890
4,397,994
4,759,384
583,939
7,810,878
7,433,417
354,766
4,703,292
4,489,295
$3,431,326
..C-—1,594,562
395,919
625,195
401,093
Balance for surplus
—V.
142,
$414,556
$1,330,139 $11,742,593 $10,697,552
1832.
p.
Southern Canada Power Co., Ltd.-Earnings—
PeriodEnd.Feb.29—
1936—Month—1935
$174,126
$176,733
72,172
70,246
Gross earnings
Operating
expenses
Net earnings
—-V. 142, p. 1303.
$101,954
Southern Ryv
Gross earnings
$909,085
360,304
$548,781
$106,487
$913,497
357,390
$556,107
$2,376,585
Gross earnings...
-V. 142, p. 1833.
to Mar. 7
1935
$2,073,992 $21,679,800 $18,606,923
$2,347,164
Jan. 1 to Mar. 14
1936
TV-
1935
$2,026,543 $24,026,964 $20,633,466
Spang, Chalfant & Co., Inc. —Earnings—
Calendar Years—
1935
Gross prof, before deprec $3,810,878
1934
1933
1932
1,290,888
$3,422,530
1,141,285
$1,227,567
1,025,644
$1,051,607
1,039,609
Miscellaneous income..
$2,519,990
383,524
$2,281,245
213,974
$201,923
117,410
$11,998
218,882
Gross income
Gen. adm. & sell. exps_.
Interest
$2,903,514
918,533
841,175
$2,495,219
$319,333
846,218
$230,880
718,172
383,807
413,677
Depreciation
Gross profit
Federal income taxes.
830,571
685,352
158,482
155,612
Net profit
Preferred
$988,194
909,580
$820,812 loss$910,692 loss$900,969
129,940
197,928
$78,614
dividends
$690,872 def$910,692def$1098,897
Balance, surplus
Consolidated Balance Sheet Dec. 31
■v:,a
1935
1934
1935
Assets
7,599,772
1,912,715
37,610
1,454,803
2,459,127
Cash
2,436,922
Deferred charges..
45,919
Patents & licenses.
17,440
12,994,000 12,994,000
b Common stock.. 3,750,000
3,750,000
20-year 5%
gold
bonds
6,294,000
7,000,000
Accrued bond int.
157,350
175,000
48,450
2,293,716
2,459,127
2,366,531
30,590
30,460
Employ. &miscell.
notes & accts. rec
Inv. & oth. assets.
c
Marketable sec._
Accts. pay. and ac¬
crued liabilities.
a After
in 1934.
1,110,179
Dividends payable
Reserve for Federal
64,970
155,612
Reserves
...34,302,538 34,399,1771
722,336
194,910
taxes
158,482
165,739
9,368,648
226,753
9,419,735
Surplus
Total
$
6% pref. stock
7,071,109
1,603,969
Notes & accts. rec.
1934
$
Liabilities—
a'Land, buildings,
equip., &c
j18,338,229 18,495,223
Inventories
Total
34,302,538 34,399,177
for depreciation of $7,394,028 in 1935 and
$6,431,581
b Represented by 750,000 shares of no
par value but of the de¬
reserves
clared value of $5 per share,
085.—Y. 142, p. 1832.
c
Market value 1935, $752,477; 1934, $605,-
a
Condensed Income Statement for Calendar Years
$419,420
3,939
3,559
$425,945
160,239
$422,980
157,597
39,544
3,847
39,601
5,606
$403,695
140,278
39,044
1,251
$222,314
on
$220,174
$223,122
sec.)
Total
Oper. exps., incl. taxes other than inc.
Prov. for retire, of physical
properties
Doubtful acbts. written off & contrib.
Net income
Annual int. require,
a
to
meeting
on
March 10 approved
a
plan for settlement
of arrears on the first and second preferred stock and
retirement of 2,400
shares of first preferred stock at $65 a share.
The plan calls for the exchange of 1.25 shares of new $5.50
no-par cumula¬
tive first preferred stock and $5 in cash for each share of the old 7
% cumula¬
tive first preferred.
Arrears on the old first preferred stock amounted to
$29.75 a share on March 1; the last dividend payment was made on Dec. 1
1931.
The new first preferred stock is callable at $111.75 a share, as
on
mtge. debt to
.......
108,000
as
—---
shown for 1935
annual int. require,
on
mtge.
debt to be outstanding:
Before provision for retirements.,.
2.43
2.06
After provision for retirements
'
—
Before provision for income taxes and before deduction of items under
interest and debt discount and
expense and under miscellaneous income
deductions except contributions.
Capitalization to Be Outstanding After Proposed Financing
First mortgage bonds, series
A, 4%
$2,700,000
Cumulative preferred stock: series
Series B, 7%
Series C, 6%
A, 7%
48,000
189,400
477,000
412,700
1.
.
_
Common stock (8,254 shares no par valtie)
Sinking Fund—The Indenture under which the bonds are to oe issued will
provide for annual payments, beginning April I 1937, to a
sinking fund
for the benefit of the bonds of series
A, 4%, equal to %ths of 1% of the
greatest principal amount of bonds of such series
outstanding at any one
time during the six months'
period preceding such payments, to be used for
the retirement of the bonds of such series.
Bonds retired by the sinking
fund are to be retained
by the trustee and interest payment received thereon
are to be added to the
sinking fund.
Company & Business—Company is a corporation incorporated Feb. 10
1911, in Maine and having its principal executive offices at 810 Boonville
Springfield, Mo.
The general character of the business done is
supplying water for public
and private purposes in the
City of Springfield and portions of the Town¬
ships of Campbell and North Campbell, all in Greene
County, Mo.
Registrant has as its principal supply of water McDaniel
Lake, north of
the City of Springfield.
This lake is approximately 2}4 miles
long, covers
an area of about 255
acres, holds approximately 1,125,000,000 gallons,
and is fed by springs as well as the rain-fall on
the watershed.
The lake
created by a concrete dam erected
by registrant across
of the Little Sac River at McDaniel
Lake.
At McDaniel
the north branch
Lake, registrant
pumping station by means of which water is drawn from the lake
through a 24-inch supply line to its Fullbright Purification and
Pumping plant.
At its Fullbright
plant, also north of the City of Springfield registrant
has a storage reservoir
capacity 10,000,000 gallons with aerator installed,
a
concrete sedimentation
basin, capacity 470,000 gallons, six concrete
filters with a combined
capacity of 6,000,000 gallons per day, electrically
driven pumps with a rate
capacity of 11 ^ million gallons per day and a
standby steam plant.
has
a
and pumped
Also at its Fullbright
plant, registrant has a spring, partly supplied by
an underground
stream, which flows from an impounded storage of about
44,000,000 gallons located at Valley Mills
producing over 1,000,000 gallons
per day in the dry season, equipped with two low lift
pumps.
Also regis¬
trant has at its
Fullbright plant a deep well, 26 inches in diameter, 1,404
feet deep, equipped with an
electrically driven pump and producing approxi¬
mately 2,000,000 gallons per day.
Registrant also has as standby sources of supply two other
deep water
wells not far from the
Fullbright plant equipped with electrically driven
pumps, and an impounding reservoir on a
tributary of the Little Sac River
with a pumping plant
equipped with two pumps, one electrically driven and
the other driven either
by an electric motor or gasoline engine, known as
its Ritter plant.
Registrant on Dec. 31 1935, had approximately 223.61 miles of
supply,
transmission and distribution
mains, all of which, except less than 109
miles, was cast-iron pipe 6 inches or more in
diameter; 695 public fire
hydrants; 14,403 meters in service, and 57 flat rate consumers.
In the northerly section of the
City of Springfield registrant has a steel
standpipe 105 feet high with a capacity of about 750,000 gallons and in the
southerly section of the city an elevated steel tank of the same
capacity.
Funded Debt to Be Retired
Funds for the retirement of all of the bonds and notes
enumerated below,
now offered:
Amount
Applied to
Issues—
to Be Retired Retirement
1st mtge. 5s of Springfield Wat.
Co., due Aug. 1 *36
$304,000
$309,066
1st ref. mtge. gd. bds., ser. A,
6%, due May 1 1944
610,000
631,350
1st ref. mtge. gd. bds., ser.
B, 5%, due Nov. 1 '56
1,195,000
^yill be provided out of the proceeds of the bonds
191,000
1,235,829
191,000
$2,300,000
$2,367,246
6M% coupon notes due Jan. 1 1936
■
Tr
.
Underwriters—The
name
of each principal underwriter and the respective
amounts of the bonds underwritten
& Co..
by each are as follows: H. M. Payson
Portland, Me., $1,350,000 and W, C. Langley & Co., New York,
$1,350,000.—V. 142, p. 1658.
Standard Gas & Electric
Co.—Earnings—
Dividends from affiliates
Dividends from others
$6,224,616
Interest
on
on
notes and accounts of affiliates
on
bank balances.
301,538
165,000
441,051
1,117
long-term debt of affiliates.
Interest
Interest
,
Total income.
Expenses and
$7,133,323
248,637
taxes
against
call price of $115 on the old stock.
There will be 19,500 shares of the new
issue outstanding, dating from March 1
a
1936,
as
contrasted with
shares of the old stock.
18,000
The company will also issue 1.25 shares of the new no
par $5.50 cumula¬
tive second preferred stock for each share of the old
7% cumulative
con-
veitible second preferred stock.
Arrears on that issue amounted to $31.50
a share on March 1.
There will be 18,750 shares of the new second preferred
outstanding under the new plan, as against 15,000 shares of the old stock.
The new stock is callable at $105, compared with a call
price of $100 for the
old.
The last dividend paid on the old issue was $1.75, on
Sept. 1 1931.
The company also will exchange one new share of common
stock, par $1,
for each share of old no par common.
No dividends have been paid on
the 225,000 common shares since 1925, when the
company was
There.will be
no funded debt.—V.
142,
p.
reorganized.
Dated April 1 1936; due April 1 1956.
Interest payable A. & O. in each
year.
Red. all or in part, on any int. date, on 30 days' prior notice, at 105
to and incl. March 31 1941, at 104 thereafter to
and incl. March 31 1946,
at 103 thereafter to and incl. March 31
1951, and at 100 thereafter prior to
maturity, with accrued int. in each case.
Company agrees, upon appli¬
cation made at the time and in the manner and form
provided in the in¬
denture, to reimburse either
(a)
all
Conn,
taxes
(other
than
succession,
inheritance and income taxes) not exceeding 4 mills
per annum on each
dollar of taxable value of the bonds, or (b) Mass. income taxes not
exceeding
6% of interest on the bonds or (c) any Penn. personal property tax not
exceeding 5 mills per annum on each dollar of the principal amount of the
bonds imposed upon and paid by the holders of the bonds.
Coupon bonds
registerable only as to principal in denoms. of $1,000 and $500.
Portland
National Bank, Portland, Me. and St. Louis Union Trust
Co., St. Louis,
Mo., trustees.
(estimated at
$2,529,333, after deducting esti¬
mated expenses) will be applied to the payment, redemption or retirement,
of all outstanding funded debt of company and the balance of the
amoimf
Gross income.
Interest
Interest
on
$6,884,686
4,418,970
17,293
105,401
59,295
166,677
long-term debt
Federal income tax deficiencies
Interest on accumulated balances in insurance reserve
Federal and State tax on interest on
long-term debt
Amortization of debt discount and
on
expense
Net income
$2,117,048
Weekly Output—
Electric output for the week ended March 14
1936 totaled 90,716,125
kwh., an increase of 9.5% compared with the
corresponding week of last
year.—V. 142, p. 1834.
1303.
Springfield City (Mo.) Water Co. (Me.)—Bonds Offered
—H. M. Payson & Co, and W. C.
Langley & Co. are offer¬
ing at 99 and int. $2,700,000 1st mtge. bonds, series A 4%,
due April 1 1956.
A prospectus dated March 18 affords the
following:
Purpose—Net proceeds
$399,853
3,842
$422,005
revenue
outstanding,
Ratio of net income
1933
1934
1935
Operating
Misc. other inc. (incl. int.
Earnings for 12 Months Ended Dec. 31 1935
Spear & Co.—Plan.to Pay Arrearages Approved—
Stockholders at
7
was
-Earninqs—
—Second Week of Mar.
1936
1935
Period—
off or reduce other indebted-
ness.
Ave.,
1936—5 Mos.—1935
—First Week of March-——Jan. 1
1936
1935
§
1936
Period—
company to pay
1936
-
$14
Southern California Edison Co.,
Ltd.—Earnings—Expenses
by the
21
a
The directors have declared a dividend of
$1.75 per share on account of
accumulations on the 7% cumulative preferred
April
March
be
8ee Carriers & General
Corp. above.—Y.
Southern
Chronicle
is intended to be used
(Frederick) Stearns & Co.—Clears Up Pref. Accruals—
The
directors have declared
accumulations, and
a
dividend of $6 per share on account of
a regular quarterly dividend of $1.75
per share for the
current quarter, on the
7% cum. pref. stock, par $100, both payable March
31 to holders of record March 20.
The $6 accumulation dividend will
pay
up all accruals on the preferred stock.—Y. 142,
p. 1304.
Sterchi Bros. Stores,
Inc.—Listing Approved—•
The New York Curb
Exchange has approved the listing of 24,992 out¬
standing shares of 6% cumulative 1st preferred stock, 850 par, and
24,992
outstanding shares of 5% non-cumulative 2nd preferred
stock, $20 par.—V.
142, p. 1659.
(S.) Stroock & Co., Inc.—To Pay 25-Cent Dividend—■
The directors have declared
a dividend of 25 cents
per share on the com¬
stock, payable April 1 to holders of record March 21.
A dividend
of $1 per share was paid on Dec.
23, last, this latter being the first payment
to be made on the common stock sines
July 1 1931 when a quarterly divi¬
dend of 15 cents per share was distributed.
mon
Two Months Ended Feb. 29—
Profit
after
depreciation
and
1936
other
charges,
1935
but
before Federal taxes
—V. 142. p. 638.
$55,555
$44,662
Suburban Electric Securities Co.—Accumulated Div.—
The directors have declared a dividend of 50
cents per share on account
of accumulations on the $4 cum. 2d
pref.
stock,
no
par
value, payable
Volume 142
Financial
April 1 to holders of record March 24,
A similar payment
Jan. 2 last, and on Oct. 1 and July 1 1935.
Accruals after the payment of the
$54.83 1-3 per share.—V. 141, p. 1477.
Swiss Oil
The
current
dividend
made
on
amount
to
was
will
Corp., Inc.—5-Cent Extra Dividend—
a
an extra dividend of 5 cents
per share in
regular quarterly dividend of like amount on the capital stock,
10 to holders of record March 25.
Similar disburse¬
both payable April
ments were made
Dec. 24, last.—V.
on
141,
p. 4027.
(James) Talcott, Inc.—Initial Preferred Dividend—
The directors
on
an initial
quarterly dividend of 68 K
5H% participating preference stock, par $50,
payable April 1 to holders of
New
Directors,
record March 20.
director of the company.
was also elected a
director.
William Hurd Hillyer, in charge of the
company's publicity and market
research departments, was elected Assistant Vice
.-President.
Conrad Jaki
was elected Assistant Secretary.—V.
142, p. 1487.
a
Lewis
1936—Month—1935
Operating revenues
Operation
Maintenance..
$344,263
128,762
17,598
38,074
$366,373
138,146
22,234
Taxes
42,601
1936—12 Mos.—1935
$4,060,929
$3,879,526
1,627,831
1,501,396
247,028
223,221
460,297
453,752
Net oper. revenues...
$163,391
Non-oper. income—net.
662
$159,827
1,307
$1,725,771
34,186
$1,701,156
17,174
S^.OSS
$161,135
35,833
Balance
$1,759,957
$1,718,331
909
922
430,000
10,946
429,999
10,101
$127,310
Retirement accruals
$124,379
$1,319,010
$1,278,229
35,833
Interest...
Net income
holder of a share of the present
7A% preferred stock will receive in lieu
thereof and all rights to dividends with respect thereto four shares of the
new
7A% preferred stock and IA% shares of new 5% preferred stock,
on which new classes of
preferred stock to be cumulative from
dividends
July 1
1936.
Under the plan each share of
common stock will remain as one share of
stock, but in order to provide the capital for the carrying out of
the plan and to create additional surplus for other
corporate purposes, the
common
Tampa Electric Co.—Earnings—
Period End. Jan. 31—
to be cumulative from July 1 1936 and such
preferred stock of both
classes shall be non-voting and shall rank
pari passu and be equal in all
respects except as to rate of dividend and except that the 5% preferred stock
shall be redeemable at par and divs. while the
7A% pref. stock shall be
redeemable at $27.50 per share and divs.
If the
plan is adopted, each
&c.—
Joseph P. Day has been elected
Emanuel P.
% preferred stock (par $25 each);
50,000 shares of 5% preferred stock (par $25) and 500,000 shares of common
(no par), and that the shares of 7M% preferred stock now issued,
together with any and all rights with respect to dividends thereon, shall be
changed into and reclassified as shares of new 7H % preferred stock and new
5% preferred stock, on the basis of four shares of new 7 A % preferred stock
and m shares of new 5% preferred stock for each one share of old
73^ %
preferred stock.
Dividends on such new preferred stock of both classes
are
March 12 declared
cents per share on the new
2005
the preferred stock amounted to $939,195 at Dec. 31 1935 and will amount
at June 30 1936 to $1,043,550, being
equal to $37.50 per share.
The plan provides that the authorized capital stock be increased, changed
and reclassified into 150,000 shares of 7M
stock
directors have declared
addition to
Chronicle
—V. 142, p. 1835.
capital represented by the common stock (no par) will be reduced from
$1,503,651 to $303,651, that is, by $1,200,000 which will be transferred
surplus.
After such reduction, $1,043,550 of surplus will be used for the
capital of the new 5 % preferred stock to be issued to the preferred stock¬
holders under the plan and which will have an
aggregate par value of
$1,043,550.
Thus, if the plan is approved and carried out, the capital stock of the
company (including the stock held in the treasury) will be as follows:
7H% preferred stock (cum. from July 1 1936), authorized,
150,000 shares ($25 par); callable at $27.50 and entitled to par
and divs. in the event of liquidation, of which
111,312 shares
will be issued
$2,782,800
5% preferred stock (cum. from July 1 1936), authorized, 50,000
shares ($25 par); callable at par and entitled to
par and divs.
in event of liquidation, of which
41,742 shares will be issued.
1,043,550
Common stock authorized, 500,000 shares
(no par), of which
271,522 shares will be issued
303,651
It is contemplated that if the plan is
adopted, application will be made
to list the new 7A% preferred stock and new
5% preferred stock on the
New York Curb Exchange.— n. 142,
p. 1489.
to
_
Taylor-Wharton Iron & Steel Co.—Interest Deferred—
Holders of
the 7XA% income bonds have been
notified by George R.
Hanks, President, that interest on the bonds for the last
six months of 1935
not
was
earned
and
April 1.—V. 141,
p.
that directors have voted to defer the
payment due
449.
Texas Electric Service
Union Tank Car Co. (&
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. Jan. 31—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$599,716
$551,287
$6,811,745
$6,530,653
Operating expenses
302,815
267,459
3,573.262
3,223,271
Rent for leased property
5,000
6,369
71,345
76,429
Balance...
$1,319,170
xl56,222
$i ,354,644
225,528
$781,464
412,252
$501,597
554,229
$1,475,392
1,396,671
$1,580,172
1,385,154
$1,193,716
1,518,916
$1,055,826
1,818,370
sur$78,721
$1,413,686
4,965,543
6,379,227
$325,200
Crlll,562
6,592,866
7,355,415
$4,965,543
1,157,744
$1.36
income
Other income
1,126
14,679
$277,903
$3,168,264
1,712,704
$3,245,632
1,723,494
$1,455,560
354,167
$1,522,138
300,000
375,504
$725,715
$846,634
Profit & loss surplus..
appropriations and dividends,
paid on Jan. 2 1936.
After the
accumulated unpaid dividends at
(no par).
$5,044,263
1,167,693
Earns, per sh. on com..
$1.26
$292,124
142,754
'
142,686
^Balance
y$149.370
y$135,217
Property retirement reserve appropriations
Dividends applicable to pref. stock for
period,
whether paid or unpaid
Balance
property
Regular dividend
on
retirement
$3,230,953
were
was
no
Texas & Pacific
Payment in full covering
annuity prem. accrued
liab. under ann'ty plan
Balance, deficit
Adjustments
Shs.
x
out.
com.
Net
$1,688,844
215,503
1936—2 Mos.—1935
$4,014,968
$3,434,273
715,312
457.612
$65,052
def$95,621
$99,922 def$159,486
--
Assets—
Int.
$6,592,866
1,254.048
$0.84
1935
141, p. 3876.
Report—
The annual report for 1935 shows that for the fourth
consecutive year the
corporation has shown a substantial increase in earnings over the
preceding
the corporation in
February 1932
the Giannini management increased the net
profit from $1,900,000 earned
in 1931, to $20,319,276 for 1935.
This figure surpasses the
$18,537,000
earnings of 1930, and in turn is exceeded by only three years
ip the corpora¬
and its predecessor, Bancitaly Corporation's
history—namely, in
the years 1927, 1928 and 1929, when net
profits aggregated respectivelv
S
1934
$
$
Liabilities—
Mat'ls & supplies.
Deferred charges..
z
Stock
41,050
1,206,386
963,284
702,384
7,667
9,586
725.285
153,345
1
1
for
G'd-will, pats., &c.
Total
45,632
1,175,844
544,195
143,106
held
Capital stock
30,000,000 30,000,000
Accounts payable.
278,598
209,210
Accrued wages.
14,999
14,231
Tax reserve
345,326
321,694
Miscell. reserves..
600,097
633,358
Surplus.-..5,044,263
4,965,543
y
on
investment
Accounts receiv...
Other assets
The directors have declared a dividend of
7H cents per share on the
stock, par $1, payable March 31 to holders of record March
21.
This compares with 15 cents paid on Dec. 24
1935; 7M cents per share in
each of the three preceding quarters; 22H cents on
Dec. 24 1934; 10 cents
on Sept. 29 1934; 7
A cents on Juno 30 and March 31 1934, and 5 cents
per
share distributed in each of the four
preceding quarters.—V.
common
Following their return to control of
$0.99
1934
Prop..plant, tank
car equip., &c__25,678,267
28,113,084
Cash
760,044
828.284
Marketable securs 6,939,281
4,390,591
employees
Tintic Standard Mining Co.—Dividend Reduced—
1935
$
v
x
Accrued
Third Avenue Ry.—Interest on Adiustment Bonds—
Interest amounting to 1K % will be paid on
April 1 on the adjustment
mortgage 50-year 5% income gold bonds, due 1960, on
presentation of
coupon No. 39.—V. 142, p. 1488.
Transamerica Corp.—Annual
$6,379,228
1,200,000
After deducting loss on sale of investments of $664.
I
$1,977,232
372,633
income142, p. 1488.
$762,544
Consolidated Balance Sheet Dec. 31
1936— Month—1935
Gross earnings....
Net oper. income......
1,608,704
Previous surplus
Ry.—Earnings—•
Period End. Feb. 29—
Total income
Common dividends.
reserve
$6 pref. stock
payment of this dividend there
this date.—V. 142, p. 971.
year.
$884,666
323,926
59,144
444
z
—V.
289,165
$1,081,939
272,984
27,491
$277,459
$3,167,138
1932
1933
$1,591,331
130,613
106,074
375,678
Gross corp. income...
Before
1934
$1,608,335
223
Interest & other deduct's
y
and depreciation
Int. on certificates, &c_.
Taxes
Net
Subs.)—Earnings—
1935
exp.
$291,901
Other income (net)
z
Calendar Years—
Earns, after oper.
.—36,283,283 36,144,0371
Total.
.36,283,283 36,144,037
x After
depreciation,
y Represented
by
1,200,000
no-par
shares,
Represented by 32,307 no-par shades in 1935 and 42.256 no-par shares
in 1934.—V. 141, p. 1457.
z
United Gas Improvement
Week Ended—
Co.—Weekly Output—
Mar. 14 '36
Electric output of system (kwh.)
—V. 142, p. 1836.
Mar. 7 '36
81,027,791
United Light & Power Co.
81,548,918
Mar. 16 '35
73,734,647
(& Subs.)—Earnings—,
tion's
12 Months Ended Dec. 31—
Gross oper. earns, of subs. & controlled
$35,295,000, $70,629,000 and $67,316,000.
*
During the past four years the corporation has, in addition to its dividend
disbursements, paid off $21,000,000 of indebtedness owing to banks and
others, and has now reached the position where its indebtedness has
eliminating inter-company transfers)
General operating expenses
now
reached
been
the
position
where
its
indebtedness
liquidated, and the increased earnings
in their
stockholders' account and corporate expansion.
The increase in stockholders'
equity totaled
are
has
been
completely
entirety available for
$40,590,000,
or
the equivalent
of about $1.75 per share, before dividends for the
year.
This consisted of
net profit, appreciation in portfolio and recoveries.
Deposits of domestic banks controlled by corporation increased
$198,-
467,000 during the
year to a
new
high of $1,260,623,354.—V. 142,
Transcontinental & Western Air,
Calendar Years—
The
Commercial
Inc.—Earnings—
1935
Net profit after all charges and taxes
National
Bank
appointed transfer agent for the
—V. 141. p. 4177.
&
p. 1305.
1934
$19,404 loss$407,702
Trust
common
Co.
of New
stock, effective
on
York has
been
March 23 1936.
Truax-Traer Coal Co.— To Increase Stock—■
The stockholders will vote April 3 on
approving the issuance of 30,000
shares
($100 par) preferred stock and increasing the common stock from
500,000 to 1,000,000 shares.—V. 142, p. 1659.
Twentieth
Century-Fox Film Corp. (& Subs.)—Earns.
Years Ended Dec. 28—
1935
1934
°
Consolidated net income after all charges..
x$3,563,087
$1,273,069
x After
deducting $400,000 for Federal income tax.—V. 142, p. 1659.
Twin Coach Co.—Admitted to
Listing and Registration—
The New York Curb Exchange has admited to
listing and registration the
common
stock, $1 par.—V. 142,
p.
1836.
Co.—Recapitalization Plan—
The directors have approved a plan, dated March 4
1936, providing for
the*change and reclassification of the capital stock of the company.
Such
plan is being submitted to the stockholders at the annual meeting of the
company, to be held April 2 1936.
^»The company now has an authorized capital stock of 550,000 shares,
consisting of 50,000 shares of 7A% preferred stock (par $100), of which
27,828 shares are issued, and 500,000 shares of common stock (no par),
of
which
have not
271,522 shares are issued.
Dividends on the preferred stock
been paid since July 1 1931 and accumulated unpaid dividends on
1934
(after
$78,152,457 $73,866,939
36,577,653
33,996,227
Maintenance.
4,190,289
4,244,960
Provision for retirement
7,686,304
7,113,885
General taxes & estimated Federal income taxes..
8.940,579
8,277,730
Net earns, from oper. of subs. & controlled
cos..$20,757,630 $20,234,135
Non-oper. income of subs. & controlled cos..
x2,562,774
1,586,331
Total income of subs. & controlled
cos
Int., amort. & pref. divs. of subs. & controlled
Interast on bonds, notes, &c
$23,320,404 $21,820,466
cos.;
Amortization of bond disc. & pref. stock expense
Dividends on preferred stocks
Balance
Propor. of
earns,
attrib. to minority common stock
11,488,623
658,004
4,258,864
11,437,979
668,388
4,258,539
$6,914,912
1,702,616
$5,455,558
1,662,632
>,212,295
$3,792,926
Equity of U. L. & P. Co. in earns, of subs, and
controlled companies
Income of U. L. & P. Co. (excl. of income received
from subsidiaries)
Total income
Interest
$3,539,822
2,320,593
227,156
Balance
Holding company deductions:
7,458
$3,800,384
260,562
$4,959,401
Expenses of U. L. & P. Co
8,702
$5,220,998
261,596
...
2,316,709
236,392
funded debt.......
Amortization of bond discount and expense
on
Balance transferred to consolidated
surplus
J $2,411,651
$986,719
x Includes cash dividends of
$568,400 received from Northern Natural
Gas Co. during year 1935.—Y. 142,
p.
Ulen &
1935
cos.
United Aircraft
474.
Corp.—Stock Increase Voted—
At a special meeting of stockholders and a
subsequent meeting of the
directors, both held 6n March 6, it was determined to increase the au¬
thorized stock from 2,400,000 to 3,000,000 shares and to extend to stock¬
holders the right to subscribe, at $15 per share, for one new share of stock
for every five shares held of record at 3 p.m. on March 20 1936.
A registra¬
tion statement with respect to the shares thus to be offered has been filed
with the Securities and Exchange Commission and
subject to its becoming
effective.
Subscription warrants, exercisable
will be mailed to stockholders
on or
on
or
before April 13
about March 23 1936.
1936,
2006
Financial
Chronicle
March
Fr
The company on March 10 filed an amendment with the SEC stating
that its registration statement filed Feb. 25 covers not more than 40.664
shares of common stock.
According to the amendment, the company expects to offer 417,507 shares
on the basis of the stockholders list as or March 6.
Estimated net proceeds
after all expenses are given at $5,984,834.
Underwriters of the issue jfre: Brown Harriman & Co., Inc., G. M.-P.
Murphy & Co., Lazard Freres & Co., Inc., Blyth & Co., Inc., Hayden
Stone & Co., Charles D. Barney & Co., Cassatt & Co., Inc., Clark Dodge &
Co., Dominick & Dominick .Goldman Sachs & Co.,Hornblower & Weeks,
White Weld & Co., W. E. Hutton & Co., Brown Harriman & Co. Ltd.,
and Kuhn. Loeb & Co.—V. 142, p. 1489.
United Light & Rys. Co. (&
Subs.)—Earnings—
12 Months Ended Dec. 31—
Gross oper. earns, of subs. & controlled cos. (after
1935
Provision for retirement
General taxes & estimated
Total income of subs. & controlled companies
$20,516,568 $19,407,015
Int., amort. & pref. divs. of subs. & controlled cos.:
Interest on bonds, notes, &c
10,129,668
10,097,480
Amort, of bond dlsct. & pref. stock expense
615,016
625,438
Dividends on preferred stocks
3,028,120
3,028,120
...
_
Balance
Propor. of
earns,
attrib. to minority common
$6,743,763
stock
1,706,145
$5,655,976
1,666,707
Equity of U. L. & Rys. Co. in
controlled companies
L. & Rys. Co.
ceived from subsidiaries)
earns,
of subs, and
Deferred
$3,989,269
x573,757
10,379
>,611,375
174,318
Expenses of U. L. & Rys. Co.
$3,999,649
176,098
$5,437,057
$3,823,550
1,375,000
....
1,375,000
acct. of bond sltg.
on
42", 988
42,988
Other interest
37
Amortization of debenture discount & expense.
Balance transferred to consolidated surplus
Prior preferred stock dividends:
»
$4,019,068
$2,405,524
275,002
346,212
619,312
275,002
346,212
$2,778,541
$1,164,708
7 % prior preferred—first series
6.36% prior preferred—series of 1925
6% prior preferred—series of 1928--
Includes
cash
dividend of $426,300 received from
619,601
Northern Natural
Gas Co. during month of October 1935 and $142,100 received during Month
of December 1935—V. 142, p. 474.
454,944
50-year
,142
Co., Inc.—Earnings—
.349,900
348,450
360,837
•
383,179
of contlng. reserve & for
,7'■"
.
subscrfSionfff...8!!?
f204,467
d539,377
c4,258,815
bl0,229,330
15,606,695
5,172,379
16,357,789
5,650,486
18,759,887
5,468,375
18,792,363
5,647,563
3,669,457
258,804,996
47,464,046
5,249,240
4,349,851
257,359,656
32,721,408
4,110,810
55,320,917
790,193
54,625,723
752,129
4,307,191
252,331,033
41,577,387
3,055,064
685,645
49,404,586
3,418,446
258,354,253
22,274,279
4,057,671
834,447
46,139,334
1,247,842
79,133,926
2,865,942
67,686,634
Inv. outside real estate &
Depr. & insur. fund assets
Cont. adv., cash and rec.
due from banks & others
in process of reorgan. or
liquidat'n, less reserve.
Inventories.
—
---
Accounts receivable
Bills receivable..
Agents'balances
Sundry m'ktable securities
Cash working funds
other
and
special
Cash
2,815,859
\
5,602,241
56,324,252
60,224.116
1,822,401,742 2,084,112,287 2,102,896,880 2,158,732,222
Total assets.....
1935
Liabilities—
Preferred stock
on common
Stock of sub.
Earnings for Nine Months Ended Dec. 28 1935
stock..
by U. S. Steel
870,325,200
360,281,100
81,250,021
870,325,200
360,281,100
81,250.021
208,746
93,179,824
17,010,259
187,726
95,950,255
18,783.229
Corp
(par value)
5,663,012
5,815,133
93,551,890
el5,025,700
95,663,689
Install, dep. under employ.
stock subscription plan
16,017,541
71,525
303,811
2,737,151
1,509,654
31,803,353
22,306,349
23,362,803
20,988,457
Current accounts payable
and payrolls
'
taxes not due (incl.
34,302,151
30,229,545
25,436,398
22,463,346
presented coupons, &c.
1,552,715
1,683,099
Preferred stock dividend.
1,801,405
46,021,986
1,649,257
1,801,405
46,129,371
1,734,168
1,801,406
45,436,755
reserve
for Fed. taxes).
Accrued interest
and
un-
1,801,406
45,757,979
23,764,236
22,532,387
38,920,658
258,575,628
270,000,000
287,330.507
270,000,000
329,100,248
270,000,000
.....
Inc.—Extra
2,084,112,287 2,102,896,879 2,158,732,222
Trustees also held redeemed bonds (not included as liabilities in balance sheet)
$14,925,000; 1934, $13,349,000; 1933, $12,444,000, and
b 194,222 shares common stock,
c 153,011 shares common
in following amounts: 1935,
1932,
America,
28,234,969
252,516,714
Undiv. surp. of U. S. Stl.
$11,573,000.
stock,
of
S
360,281,100
81,250,021
81,250,021
1932
$
1933
$
870,325,200
held
cos. not
Bonds held by public
Sub. cos. pur. mon. oblig.
a
$25,266
Oilfund
1934
8
870,325,200
360,281,100
Total liabilities-.— ..1,822,401,742
Net profit before depreciation
—V. 142, p. 1836; V. 141, p. 4178.
e
d 18,565 shs. com. stock.
Issued at various dates from 1913 to 1925, inclusive, in connection with acquire¬
ment of the fee title to certain ore
Dividend—
and maturing over a
The directors
March 13 declared
extra dividend of 2 cents per
share
in addition to a regular quarterly dividend of like amount on the capital
stock.
The regular quarterly dividend is payable April 15 to holders of
record March 31 and the extra dividend will be paid on May 15 to holders
of record April 30.
An initial dividend of 2 cents was paid on Jan. 15 1936.
—V. 142, p. 1138.
on
an
$224,344.
Steel
States
f 6,170 shares common stock.
Note—That
part of the surplus of subsidiary companies representing profits on
sale of materials and products to other subsidiary companies and on hand in latter's
inventories is in the above balance sheet deducted from the amount of inventories,
included under current assets.— 142, p.
1837.
United States Pipe & Foundry Co.—To
The directors have declared a dividend of 30 cents per share on the capital
stock, par $10, payable March 30 to holders of record March 20.
This
compares with regular quarterly dividends of 40 cents per share previously
distributed.
In addition an extra dividend of 40 cents was paid on Dec. 30
1935, and an extra of 10 cents was paid on Dec. 31 1934.
The company
paid a stock dividend of 100% on Feb. 17 last.—V. 142, p. 973.
Ended Dec. 31
properties previously held under mining leases
period of 23 years. Guaranteed by U. S. Steel Corp., $14,260,-
700; not guaranteed, $765,000; non-interest-bearing, $14,801,356; interest-bearing,
United States Guarantee Co.—30-Cent Dividend—
United
396,616
,
Corp. and sub. cos....
Appr. for add'ns & constr.
Standard
414,598
non-call.
series 5% gold bonds..
as invest.
Securities held
and other reserve funds
1^34
1935
$43,076
—V. 141, p. 1785.
United
437,653
Contingent, miscellaneous
Corp.—Earnings—
Calendar Years—
Net loss after all charges
United Paperboard
2,476,599
69,085,570
funds
Insurance funds.
United Milk Crate
2,136,424
8,073,177
payment of matured &
called bonds unpras. &
the outstanding U. S.
Acer
Balance..
x
1,933,734
8,228,864
Cash held by trustees for
Prem.
deductions:
5H % debentures, due 1952
company
Interest
$
1,626,143,782 1,653,923,749 1,650,816,310
2,216,985
8,192,895
...
Common stock
Balance
1932
$
(excl. of income re¬
Total income.
Holding
1933
$
future
charges,
operations, &c_
Mining royalties
a Cash held by trustee on
bank deposits
$5,037,618
1934
Prop, owned and oper. by
the several companies.. 1,338,522,859
Time
Income of U.
Balance-sheet Dec. 31
$
other property owned..
Net earns, from oper. of subs. & controlled cos__$18,629,348 $17,870,379
Non-oper. income of subs. & controlled cos
1,887,219
1,536,636
1936
21
1935
Assets—
Steel
1934
$69,153,640 $65,878,098
32,232,704
30,104,535
3,731,600
3,803,040
6,581,875
6,188,521
Federal income taxes..
7,978,111
7,911,621
eliminating inter-company transfers)..
General operating expenses.
;
Maintenance
Consolidated
Corp.—34£/i Annual Report—Year
1935—The annual report, signed by
Myron
Taylor, Chairman, will be found at length on subsequent
pages
under "Reports and Documents", together with
tables of operations, balance sheet, &c.
C.
The stockholders will vote on
ized
common
April 20
on a
Increase Stock—
proposal to increase the author¬
stock from 600,000 shares to 800,000 shares.
$6,000,000 New Bank Loans to Retire Preferred Stock—
In his remarks to stockholders covering the year i935, N. F. S. Russell,
President
st3/tj©s*
At a meeting of directors held Jan. 23 1936, and pursuant to the terms
of the certificate of incorporation, the first preferred stock has been called
for redemption in whole on Feb. 29 1936.
This stock will be redeemed at
the rate of $21 per share, plus divs. accruing to date fixed for such redemp¬
tion; namely,
20c. per share.
Company has financed the redemption
of the
first preferred stock in
part by withdrawing $5,500,000 from its cash resources and for the balance
has arranged to borrow temporarily from banks such additional funds as
be found to be required up to a maximum total of $6,000,000. The bank
arranged on terms providing for maturities serially until
on $4,000,000 or of anticipating the payment of maturities at the
option of the company for any portion of this sum which it is found requisite
may
loans have been
Consolidated Income Account for Calendar Years
1935
Gross sales and earnings..
1934
1940
1932
1933
758,893,126
591,609,497
524,968,768
357,201,705
y621,239,265
488,113,891
443,181,808
319,738,746
Mfg.
and producing cost
and operating expenses.
Administration, selling &
gen. exp. (incl. approp.
under pension plan, but
Miscell. income
42,261,220
33,053,338
4,379,037
37,986,703
28,844,419
2,938,247
700,932,859
57,960,267
557,883,261
2,576,545
2,419,845
60,536,812
36,146,081
(net).....
Total net income
x
Bal.profit sub.cos. (net)
33,726,236
Dr927,721
34,215,082
27,033,374
3,069,545
35,017,687
20,573,643
2,223,011
507,499,810
377,553,088
17,468,958 def20,351,383
2,945,961
3,089,054
subsidiary companies..
Depreciation, depletion &
Cr4,532,761
4,946,330
5,150,693
5,298,851
44,121,259
43,125,117
39,321,603
13,450
U.
5,037,602
47,222,178
obsolescence
on
13,450
13,759
14,610
S. Steel Corp.
bonds
Propor. of overhead exps.
of iron ore prop, and
transports service not
applicable to inventory
Special
for
stock for the balance of the year.
Universal Products Co.—Smaller Dividend—
The
directors
common
24.
stock,
7,719,279
7,805,943
7,468,237
13,935,090
21,759,894
37,836,534
71,299,721
92,114
1,335,411
124,016
par
Vick
Chemical, Inc. (& Subs.)—Earnings—
Earnings for Three Months Ended Dec. 31 1935
'
511,132
1,146,708 def21,667,780 def36,501,123 def71,r<5,705
(2 % )7,205,622
(2)7,205,622
(2)7,205,622 (5^)20716163
....
..
_
Co.—To Resume Common Dividends—
a dividend of 5 cents per share on the common
$5, payable April 10 to holders of record March 31. This will be
the first payment made on the common stock since 1926.—V. 141, p. 452.
stock,
Net profit after taxes, depreciation, &c_
Earnings per shares on 700,280 shs. (par $5) capital stock
—V.
—.
6,058,914
28,873,402
43,706,745
91,891,868
These profits were earned by individual subsidiary companies on inter-company
sales made and service rendered (to) for other subsidiaries, but being locked up in
x
the inventory value of materials held by the
purchasing companies
at close of the
year, were not to those dates included as part of the reported earnings of the com¬
bined organization.
Such profits are embraced only in the year in which they are
converted into cash assets.
y Including
$60,000,000.
repairs
and
maintenance
expenses
amounting
to
approximately
m
$599,933
$0.85
142^ p. 803.
Waterloo Cedar Falls & Northern
Deficit.---,-
30 1935; 20
each of the three preceding quarters; 40 cents on Sept. 29
1934, and 20 cents per share on June 30 and March 31 i934, this latter being
the first payment made since Jan. 2 1933, when a dividend of 10 cents was
paid.—V. 141. p. 1457.
income received
incl. adjust¬
Preferred dividends.
declared a dividend of 25 cents per share on .the
value, payable March 31 to holders of record March
cents per share in
year,
Total net income.
have
no par
This compares with 40 cents paid on Dec. 31 and Sept.
Utah-Idaho Sugar
prof635,575
ment of various accts..
*
The report for 1935 shows net income of $1,169,071, after Federal taxes,
In 1934 net income was
depreciation, amortization and other charges,
$818,068—V. 142, p. 638.
The directors have declared
val. of ore production._
Net loss
special meeting to be held on April 20 1936 the stockholders will take
a recommendation of the directors for financing the payment of
on
practice of making a declaration of a full year's dividend at one time based
upon previous earnings. However, the board did declare a dividend due on
April 20 on the present common stock of 37.5c. per share payable to stock¬
holders of record March 31 1936, and will consider at some later date, sub¬
sequent to the annual meeting, the question of dividends on the common
20,414,919 defl7,262,329
Dr2,423,647
Int. on bonds & mtges. of
Int.
a
The possible character of the capital readjustment involved in the liquida¬
Commercial discounts
Total expenses
At
the foregoing bank loans.
tion of the bank indebtedness deterred the board from following its usual
excl. gen. exps. of trans¬
portation cos.)
Tax, incl. res. for Fed. tax
Balance
to borrow.
action
The
Ry.—Status—
protective committee for the first mortgage bondholders *(E.\V.
Kane, Chairman) in a letter to bondholders states in part:
%
Company has just closed the best year it has experienced since 1930.
Conditions continue favorable and Mr. Cheney, President and General
Manager, predicts encouraging business throughout 1936, "fully as good
or better," he states, "than it has been in 1935."
As a result of this gratifying exhibit, the company enjoys the highest
credit, and discounts its bills every month; moreover it has no indebtedness
except interest obligations on fixed charges.
Volume 142
There
is,
Financial
however, another side
to
the
replacement of
buses for street cars, the competition of freight trucks, necessary expendi¬
tures in the power house, increased cost of operation, and other
pressing
requirements, all suggest financial demands that menace our resources.
These conditions, combined with a
generally unsettled situation, tend to
discourage action looking to reorganization.
A suggestion that the committee recommend the
payment of a first mort¬
gage coupon is deferred for the same reasons.
It was felt that the situation
was
to
too uncertain to warrant the
pay
Further
outlay of $144,325—the amount required
six months' interest on all outstanding first mortgage
bonds.
patience is therefore advised.
Charles R.
ConsolidatedlBalance Sheet Dec. 31
1935
1935
1933
1934
1932
1934
$
x
Land,
S
mach'y, &c._
Inv.
in
1935
71,871,470
4,128,964
adv.
69,517,495
4,279,128
to
cos
Bal. due fr.
Notes
em¬
ployees
plan
closed
Deps.
Notes
142,385
pur.
in
payable,
500,000
current
under
stk.
$
38,286,100
20,115,050
25,250,000
3,263,360
6% pref. stock.. 38,286,200
y Common stock 20,115,050
Funded debt
15,145,000
Accts. payable.
2,983,540
associated and
other
1934
Liabilities—
bldgs.,
156,328
pay.,
not
current
49,246
500,000
761,310
14,000,000
Accr'd liabilities
banks
2,093,652
27,234,397
21,182^202
&c_
606,976
5i5,889
225,738
237,729
Res. for conting.
6,587,206
276,848
4,664,689
Capital surplus.
Surplus (earned)
1,404,270
9,461,062
9,602,573
Dr677,286
1,385,816
9,461,062
7,227,126
Dr734,509
8,067,541
Inventories
Res've for relin'g
and rebuilding
1,145,083
2,715,719
Advance pay. on
furnaces,
ore contracts.
Accts. and notes
receivable
Condensed Statement of Operations for Calendar Years
revenue
2007
Assets—
Miller of
Philadelphia has been elected as a member of the
protective committee, filling the vacancy caused by the death of Robert E.
Wilsey of Chicago.
Of the $5,773,000 first mortgage 5% bonds
outstanding $5,481,000—or
about 95%—have been deposited with the
protective committee, as well as
practically all of the common stock.
Grand total
Chronicle
situation—the
Inv. in mkt.
Cash
sec.
278,855
Total operating expense.
Taxes
$881,584
763,529
14,322
$678,682
636,273
16,437
$578,689
593,315
15,461
$564,316
609,341
28,632
Operating income
Non-operating income.
$103,732
3,397
$25,971
i
4,715
def$30,087
6,774
def$73.657
9,738
in
$107,129
$30,687
def$23,313
def$63,919
z
Treas. stock,_
1934) at cost.—V. 142, p. 1492.
.
Gross income
Deferred charges
Total
Vortex Cup
1934.
Woodward & Lathrop Co.—Extra & Larger
March 14 approved the proposed
with the Individual Drinking Cup Co., Inc., Easton, Pa., and the
concern was changed to Dixie-Vortex Co.
Hugh
Moore, head of the Individual company, will be Chairman of Dixie-Vortex,
and R. C. Fenner, President of Vortex, will be President of the new com¬
pany.
See also V. 142, p. 803.
\
merger
of the consolidated
Western
Second Week of
Period—
1936
Gross earnings
(est.)
1838.
—Jan.
March1935
$311,598
1 to March
14—
1935
1936
$333,098
$3,416,312
$3,126,963
Calendar Years—
Net
1935
Dec.
on
141,
28 1935, and 25 cents
4179.
p.
&
Towne
1934
1933
sheet,
1932
153,442
133,692
444,250
433,719
$0.30
438,219
$1.01
»
ing (no par)
Earnings per share
426,419
$1.02
428,619
$0.35
—y. 142, P. 1140.
Wheeling Steel Corp.—Annual Report—
The annual report for 1935 affords the following:
Production—The production of the major commodities of the corporation
are shown below, compared with the production for the years 1933 and 1934:
1935
(gross tons)
Coal—coking (net tons)
Coal—steam and heating (net tons).
Coke (net tons)
Pig iron (gross tons)
Ingots (gross tons)
;
1934
876,822
658,377
879,675
384,959
648,477
454,286
820,217
1934
1933
1,086,385
471,940
840,452
445,973
1935
Number of stockholders
1933
438,253
886,538
1,193,569
488,557
1,039,517
781,625
1,245,287
Stockholders—
4,332
4,271
4,253
Inventories—The following statement shows a comparison of inventories
for the past three years, divided into major classifications:
qi
i qq ^
i qq,i
$5,652,032
$6,011,203
3,812,522
3,040,341
8,318,134
4,074,332
4,413,461
13,094,571
Finished materials
3,409,400
3,211,387
6,088,421
--.$27,234,396 $21,182,201 $18,172,376
Long-Term Debt—During the year $1,068,000 mortgage bonds were either
purchased and held in the treasury.
or
of
advertising pages
Toward the end of the year the management negotiated for the issuance
a new first
mortgage upon substantially all of the corporation s fixed
Calendar Years
1934
1933
1932
$9,894,282
9,616,838
$7,627,720
7,380,719
56,216,121
6,729,535
$775,066
$277,444
231,040
260,849
$1,006,106
$538,293
100,000
428,440
478",403
449",983
$477,665
284,134
$59,890
284,134
$36,307 def$780,222
286,369
483,806
Deficit
sur$ 193,531
Profit and loss surplus.4,580,222
Shares capital stock out¬
$224,244
4,274,942
$250,062
4,433,154
$1,264,028
486,656
$0.12
486,656
$0.08
486,656
1935
Cost of sales, &c
Net profitInt. and divs.
_
foreign exchange
contingency
Depreciation
Net surplus
Dividends
(cash)
standing upar $25)
Earnings
$247,001 loss$513,4l4
and
rec.
Total net
earnings
Res. for
486,656
$0.98
per share
201,961
239,289
$486,290 loss$311,453
468~769
4,633,460
Nil
Consolidated Balance Sheet Dec. 31
1935
Assets—
1,484,641
3,720,767
Res.
Reserves
capital stock
Empl. loans for stk.
&
home
177,152
177,152
b Plant & equip't.
offered for sale
Capital stock
Capital surplus.-Earned surplus
purch.
property and for the sale thereunder of $35,000,000 first mortgage sinking
fund 4M% bonds, series A.
The new $35,000,000 series A bonds were
foreign
exch. conting—
co.'s
202,486
for taxes
& other accruals
for
561,535
71,033
382,765
71,033
258,317
Dividends payable
1,963,406
4,376,832
Receivables-.-in
payable.
1,064,546
2,185,298
at mkt. value
Mdse. inventoriesInvestm't
Accounts
1,725,324
securs.
$
$
Liabilities—
$
1,054,932
..
Marketable
1934
1935
»1934
§
Cash
c
Total..
of
the
$11,670,781
10,895,715
$5,463,167
Semi-finished materials
in
Consolidated Income Account for
Net sales
i noo
Raw materials..
Manufacturing supplies and stores—
redeemed
Manufacturing CoAnnual Report—
will be found
miscellaneous income
ore
Sept. 27 and June 27 1935.
The remarks of W. Gibson Carey, Jr., President, and Walter
C. Allen, Chairman of the Board, together with comparative
income statement and surplus accounts and a comparative
all
438,720
on
to-day's issue.
Shs. com. stock outstand-
Ti(>r
a
$13,342,847 $12,978,614 $12,711,275 $13,884,281
after
income
charges and taxes
Iron
55 cents
—V.
balance
Waldorf System, Inc.—Earnings—
Net sales
Dividend—
an extra dividend of 12
cents per share in
quarterly dividend of 37
cents per share on the common
stock, par $10, both payable March 31 to holders of record March 23.
Previously the company had distributed regular quarterly dividends of
30 cents per share.
In addition extra dividends were paid as follows:
addition to
Yale
Maryland RR.—Earnings—
-
—V. 142, p.
113,021,037 106,531,202
Total
The directors have declared
Co.—Merger Approved—
The stockholders of this company on
name
113,021,037 106,531,2021
reserves for depreciation of $49,637,969 in 1935 and $45,716,269
y Represented
by 402,301 no par shares,
z Includes
1,439
Preferred (2,391 in 1934) and 14,231 shares of common (14,534,in
,
—V. 141, p. 1952.
1,791,215
100,000
12,166,400 12,166,400
768,192
768,19^
3,812,030 3,506,749
,
Inv. in & ad vs. to
on
p.
that date
on
on
Jan.
15 1936 and
the basis of
a
unit
were satisfactorily sold to the public
price of $101.50 (see details on V. 142.
476).
as
[Giving effect to the redemption of old and issuance of
cash
proceeds
of
new
Capital
4,875,161
T4,128,964
Other assets.
191,631
69,517,495
.
Fixed assets.
Deferred charges..
stock
and
bonds]
$5,077,191
35,000,000
2,011,246
Reserves
issue,
capital
Investments and advances--
capital
surplus
67,862,311
8,276,002
Surplus
Less—stock in treasury—at
cost
Dr.677,285
1,444,483
Total
$117,549,465!
Total
239,819
7,555,320
580,293
584,638
1935
1934
Gross sales, less disc
re¬
turns and allowances.$66,262,939 $48,484,261
x Cost of
sales, &c
51,208,475
39,510,079
1933
1932
$44,396,429 $30,678,535
36,744,268
27,152,187
4,144,856
3,476,820
5,242,105
3,918,179
ministrative expenses.
4,949,301
90,771
3,624,596
97,380
$4,772,286
624,779
$1,334,024
698,458
$216,999 loss$3I61,332
547,804
565,015
$5,397,065
191,473
1,289,778
87,837
$2,032,483
83,095
1,356,730
$764,804 l's$2596,317
86,459
61,429
1,406,493
1,512,511
45,858
55,460
Total income
property retired
on bonds
Int. & disc,
Other interest
29,405
3,076,943
213,361
1
59,633
85,444
Prepaid insurance,
Total.
a
17,737,507 17,097,627
After
reserves
reserve
of
17,737,507 17,097,627
Total
for doubtful accounts of $200,000.
b After
depreciation
2754.
$7,737,234 in 1935 and $7,370,933 in 1934.—V. 141. p.
Yates-American Machine Co.—Removed from List—
Chicago Stock Exchange has removed from the list the participating
stock, due to discontinuance of Chicago transfer agent and
registrar.—V. 142, p. 1492.
'
The
preference
York Ice
Machinery Corp.—Orders—
The company
Depreciation & depletion
Selling, general and ad¬
Gross profit
Other income
1
has just received
an
order forTwhat will be
the largest air
conditioning system in China, according to J. R. Hertzler, manager
,
Prov. for doubtful accts.
and good-will
.—$117,549,465
Consolidated Income Account for Calendar Years
on
7,580,580
cos.
taxes, &c
Funded debt
new
available for
plant additions & working
Loss
subs. & oth.
of Dec. 31 1935
AssetsI
Liabilities
Current assets
$37,391,730 Current liabilities..
bond
219,352
Trade-marks, pats.
Condensed Pro-Forma Consolidated Balance Sheet
Net
(secured)
2,955,933
254,923
of the
It was awarded by the Chinese Govern¬
ment for several factories and office buildings of the new Sino-Italian
Aircraft Works at Nanching and involves 500 tons of refrigeration.
Orders for three large air conditioning systems totaling nearly $300,000
have also been received, S. E. Lauer, Vice-President in charge of sales,
announced.
These contracts call for air conditioning of the Rice Building
Air
Conditioning Department.
„osi°,n' Davison-Paxon Department Store in Atlanta, a
R. H.
Macy & Co., Inc. of New York, and
a
subsidiary#of
Nash-
Sears Roebuck store in
^he, which is to be entirely windowless like the newly opened Sears
in
Chicago.—V.
142.
p.
store
640.
CURRENT
NOTICES
*!?'{.
Broadway, New York, has proitvi^fp« JZuZL? the+P1Iable features of the Port of New York
called.
pareJachffi?
Author
•
Authority issues, enumerating those issues which have been
Profit from operations $3,827,977
Profit from sale of in¬
vestments
(net)
Total
100,000
$3,927,977
$563,250 loss$774,007 l's$4225,719
lossl2,102
269,523
82,192
$551,148 loss$504,484 l's$4143,527
Provision for Federal in¬
come taxes
(est.)
430,351
Am't carried to surplus $3,497,626
Preferred dividends
y762,602
40,000
$511,148 def$504,484df$4,143,527
Surplus
$2,735,024
$511,148 def$504,484 df$4,143,527
Shs. com. stock (no par)
I
388,070
387,767
387,635
Earnings per share
Nil
Nil
Nil
$3.11
x Includes maintenance and
repairs (approximately $4,950,000 in 1935),
taxes, labor, idle plant expense and other operating charges,
y At rate of
$2 per share.
/
Consolidated
Statement of Surplus—Year Year Ending Dec. 31 1935—
1934, $7,227,125: adjustments affecting periods prior to
1934, $520,909; total, $7,748,034; add—net p.-ofit for 1935, $3,497,626; total surplus, $11,245,661; Cash dividends on preferred stock
($2 per share), $762,602;unamortized discount and expense and call premium
Balance Dec. 31
Dec.
31
relative to series A 5M % bonds called for redemption Jan. 1 1936, $837,844;
difference between cost and face value of company'sown bonds purchased,
$42,641; balance Dec. 31 1935, $9,602,572.
office under*!hSfc\Douis, announce the opening of a Chicago
^ Salle^T, and the teleph^e^s Randofphe2428T'ie ^ ^ ^ 208 8
with^h^m^i^ffirS0^* aT10unces that °avid H. Callaway, formerly
stuan & c°-has bec°me
pare<f k^in^iSlS? atXiSk' Tfn<k' 3g Broad St., New York City, have premajor subdivisions
State of North Carolina and also .of its
pared*a^isTof odrMn?
57 w01iam St., New York City, has preNew Jersey municipal bonds yielding from 3.15%
tributk>n*a'curreni&iXr3«f B.roa(i^ay• New York, have prepared for disto3.80%.
State and municipal bonds yielding from .50%
Av7Awft0hldrl^«a^0Unce ^opening of an uptown office at 460 Park
to
4.30%.
V,
880 an(* Maurice Goodman as resident
,
f!Si &
partners.
7® Bine St., New 1% to 4.30%.
York, has issued an
offerinjrhst of tax free municipal bonds'yielding from
oirenng list
llstof State
and°Municipal 'bonds
tributioSTta
Stem'3.70%
fo?tiihV2lS^n hlg™:^, Y°rk>
^*
prepar6d fOT ^
2008
March
Chronicle
Financial
21
1936
%vpoxt$ imd gffamxjewts.
PUBLISHED
UNITED
STATES
AS
ADVERTISEMENTS
STEEL
CORPORATION
FISCAL YEAR ENDED DECEMBER 31, 1935
THIRTY-FOURTH ANNUAL REPORT FOR THE
Office of United States Steel Corporation,
51 Newark Street, Hoboken,
•
New Jersey,
March 10, 1936.
To the Stockholders:
The Board of Directors submits herewith a combined report of the operations and affairs of the United States Steel
Corporation and Subsidiary Companies for the fiscal year which ended December 31, 1935, together with a statement of the
condition of the finances and property at the close of that year, the same being based upon data prepared and furnished
by the Comptroller and other officials of the Corporation and certified by Price, Waterhouse & Co., Independent Auditors
elected by the stockholders, as set forth in their certificate on page 13 [Pamphlet Report],
CONSOLIDATED INCOME ACCOUNT FOE YEAR 1935
Earnings and income for the year after deducting all expenses, including ordinary repairs and maintenance (approximately $60,000,000),
also estimated state, local and Federal taxes and reserves for contingencies, but exclusive of charge for proportion of overhead expenses
and taxes shown below
Net Income in the year
;
.
$13,314,634.29
1935
Interest charges on outstanding bonds and mortgages:
Of Subsidiary Companies
......
Of U, S. Steel
Corporation..
............$4,946,329.74
.-.—.w.-.
.—.i................................
Net Income from Operations
expenses and taxes of the Lake Superior iron ore properties and Great Lakes
Proportion of overhead
in the value of the season's production of ore carried in Inventories, but which because of
shipped in 1935 is not
$60,536,811.87
47,222,177.58
-
_
.
Charges and allowances for Depletion, Depreciation and Obsolescence
so
13,450.00
.... ...... -
„
4,959,779.74
$8,354,854.55
transportation service normally included
curtailment in tonnage of ore mined and
applied, to wit:
Taxes and other overhead expenses.
....................................
....
Depreciation
..—.$7,307,726.52
411,552.20
.....
m
T
Balance
..........
......
v. —^
7,719,278.72
$635,575.83
-
...
Add, Net balance of sundry credits and charges, including net profits from disposal of sundry property assets and securities and adjustments
of various accounts
511,132.48
..................
Net Income available for Dividends..
Dividends for the year 1935 on U. S. Steel Corporation
Preferred Stock, 2 per cent
Deficit in year 1935 (provided from Undivided Surplus)
SURPLUS OF UNITED
STATES
...
Since
——$258,575,627.88
6,058,913.69
.....................
....
.....
...
hand in inventories (see note below)
$6,058,913.69
Profits earned by subsidiary companies on inter-company sales of products
Balance of Earned Undivided Surplus, December 31, 1935, exclusive of Profits earned
on
7,205,622.00
....——
April 1, 1901)
(
products
...................
...
...
STEEL CORPORATION AND SUBSIDIARY COMPANIES
Balance of Undivided Surplus, December 31,1934, exclusive of
on hand in inventories, per Annual Report for 1934
—
Less: Net Deficit in year 1935, per Income Account
$1,146,708.31
......
.....—............
...............
by subsidiary companies on inter-company sales of
$252,516,714.19
....
—
Surplus of Suosidiary Companies amounting to $24,473,384.22 and representing Profits on sales of materials and products to other subsidiary com¬
panies which were on hand in latters' inventories at December 31, 1935, is deducted from the amount of Inventories included under Current Assets in
Consolidated General Balance Sheet.
SURPLUS INVESTED
APPROPRIATED
Balance at December 31, 1934, per Annual Report
Less, transferred to Depreciation Reserves as explained on page
IN CAPITAL EXPENDITURES
13 [Pamphlet Report]............
....................
Balance transferred to and converted into
That part
a reserve
$270,000,000.00
88,720,028.04
"" '
I'.',;.:'
for amortization of tangible property investment as see page 13 [Pamphlet
■.
Report]—$181,279,971.96
of "Appropriated Surplus Invested in Capital Expenditures" transferred as above to Depreciation Reserves was made as a result of the
transfer and conversion of the balance of the account to a reserve for
on page 13 of this [Pamphlet] report.
detailed analysis of depreciable property referred to in the 1934 annual report: the
amortization, is further explained
DIVIDEND
DECLARATIONS FOR YEAR
PREFERRED
$1,801,405.50
1,801,405.50
1,801,405.50
1,801,405.50
No. 136—A per cent, paid May 29, 1935
No. 137—A per cent, paid August 30, 1935
No. 138—A per cent, paid November 29, 1935
No. 139—A per cent,
payable February 28, 1936
$7,205,622.00
Total Preferred
Cumulative dividend arrearages on Preferred Stock to
V No dividend declarations have been made
on
the date of the latest payment amount to 1634 %
$58,545,678.75.
Common Stock since that paid March 30, 1932.
OPERATIONS FOR THE
Demand for
or
YEAR 1935
products of the subsidiary companies during 1935 permitted operations of the properties on a scale in
substantially greater volume than in the previous year, such operations having been affected less noticeably by unseasonable
fluctuations in business activity.
This better sustained operating schedule reacted favorably in securing economies from
improved mill practice and greater working efficiency which, together with an increase in tonnage volume, contributed
largely in showing a profit for 1935 available for Preferred Stock dividends of $1,146,708, comparable to a deficit of $21,667,779
for the previous year.
Shipments of rolled and finished steel products to domestic and export markets totalled 7,347,549
tons in 1935, compared with 5,905,966 tons in 1934, an increase of almost 25 per cent.
This increase in the 1935 tonnage
was not, however, accompanied by any substantial increase in prices.
The production of rolled and finished steel products in 1935 reached a total of 7,474,213 tons, being at the rate of
38.8 per cent, of capacity.
This production compares with 6,004,585 tons in 1934, showing an increase over that year of
close to 25 per cent.
The 1935 tonnage volume was the1'best for any year since 1930 and exceeded the low depression level
that was reached in 1932 by over 100 per cent/ As already stated, the improvement in the aggregate tonnage produced
in 1935 was relatively well maintained over the greater part of the year, with a somewhat broadening tendency towards its
close.
In the first quarter operations averaged 37.5 per cent, of capacity of finished steel products; in the second quarter
36.3 per cent.; in the third quarter 37.7 per cent., and in the fourth quarter 43.8 per cent.
At no time during the year
did operations average below 33.5 per cent, of capacity for any month, which contrasts with 19.1 per cent for the lowest
month in the year before.
Observing the plan inaugurated in 1932, it was again found necessary in 1935 because of the relatively lowrequirements
for iron ore and the consequent subnormal operations of the iron ore mines in the Lake Superior district, together with the
resultant curtailed employment of the Great Lakes transportation facilities, to absorb directly in income account idle overhead
expenses thus incurred to the amount of $7,719,279, of which substantially the greater part represented taxes.
Prices realized for steel products shipped during 1935 compare favorably with those for 1934.
Based on the same tonnages
for the respective classes of products for both years, prices averaged approximately 1.7 per cent, greater in 1935 than were
received in 1934 in respect of domestic sales; and for export shipments approximately 2.0% greater than those obtained in
1934, the increase for both classes of shipments being 1.8 per cent, over the previous year.
Volume 142
Financial
Chronicle
2009
The business of the subsidiary manufacturing companies continued for the early part of 1935 to be conducted under
provisions of the Code of Fair Competition of the Iron and Steel Industry, to which references were made in previous
annual reports.
In accordance with the decision rendered by the Supreme Court on May 27, 1935, declaring the National
Industrial Recovery Act unconstitutional, the Iron and Steel and other codes were rescinded.
The subsidiary companies
concerned have, however, continued in their policy of retaining and promoting those
working and industrial relations which
tend to maintain such of the advantages as have resulted from code operation.
the
FINANCIAL POSITION
Notwithstanding expenditures for new construction, and the payment of maturing capital obligations of $2,111,798,
amounting in all to $35,238,548, and the continued payment of Preferred dividends at the rate of 2 per cent., which called
for an outlay of $7,205,622, the increase in net working assets
during the year was $13,257,291.
The following is a com¬
parison of the net working assets at the end of 1935 and 1934, viz.:
Dec.
31,1935
$456,852,996
69,459,623
Dec. 31,1934
$430,122,638
55,986,556
Increase
$26,730,358
13,473,067
$387,393,373
$374,136,082
$13,257,291
Gross Working Assets, inclusive of Insurance and
Depreciation Fund Assets, Advances on Contracts, etc
Current Liabilities
Networking Assets
I
PRODUCTION
A
comparison of the production of the principal departments in the
■■
;;
U,v
v"
1935 with the preceding
year
1935
Ores—Iron, Manganese and Zinc
Limestone, Dolomite, Fluorspar and Cement Rock
Coke
Pig Iron, Ferro and Spiegel
Steel Ingots and Castings
Rolled and Finished Steel Products for Sale
Cement
(Bbls.)
is given below:
Increase
Tons
Tons
Per Cent.
10,074.431
6,043,323
11,437,501
7,002,036
15,094,540
7,328,083
7,417,089
11,130,942
7,474,213
8,184,463
Coal
year
1934
1,363,070
958,713
3,370,357
28.7
1,945,738
36.2
1,904,284
2,470,633
1,469,628
923,863
28.5
24.5
Tons
11.724,183
5,382,345
5,512,805
8,660,309
6,004,585
7,260,600
13.5
15.9
34.5
12.7
The
production of rolled and finished steel products in the above summary shows an increase in 1935 of 1,469,628 tons
over that for 1934.
As measured by the average annual production during the five
years 1926-1930, the 1935 tonnage is
approximately 6,000,000 tons or 45 per cent, less than the average for those years.
CAPACITY
At
January 1, 1936, the available rated annual capacities of the subsidiary companies in the following lines of production
were:
Tons
Blast Furnaces (Pig Iron, Ferro, etc.)
Steel Ingots and Castings..
20,505,400
26,657,000
18,612,800
Finished Steel Products for Sale
SHIPMENTS
The
shipments of all classes of products for 1935 in comparison with shipments during the preceding
follows:
year were as
Increase or Decrease
Domestic Shipments
Rolled and Finished Steel Products
1935
Per Cent.
5.391.791
158,047
2.261,826
160,035
1,480,841 Inc.
117,759 Inc.
449,265 Inc.
27.5 Inc.
42,035 Inc.
26.3 Inc.
10,061,599
Cement
Tons
6,872.632
275,806
2,711,091
202,070
Pig Iron, Ingots, Ferro and Scrap.
Coal, Coke, Iron Ore and Limestone
Sundry Materials and By-Products
1934
7,971,699
7,825,363
2,089,900 Inc.
140,976 Inc.
26.2 Inc.
7,966,339
(Bbls.)
74.5 Inc.
19.9 Inc.
1.8 Inc.
Export Shipments
Rolled and Finished Steel Products
Pig Iron, Ferro and Scrap
Limestone
474,917
1,393
86,718
47,528
514,175
7,546
9,193
56,453
39,258
6,153
77,525
8,925
610,556
144,096
587,367
146,294
7,347,549
5,905,966
7.6 Dec.
23,189 Inc.
2,198 Dec.
Sundry Materials and By-Products
7
Dec.
Dec.
Inc.
Dec.
81.5 Dec.
843.3 Inc.
15.8 Dec.
*
Total tons all kinds of materials, except Cement
Cement
(Bbls.)
3.9 Inc.
1.5 Dec.
Aggregate tonnage of Rolled and Finished Steel Products shipped to both
24.4 Inc.
1,441,583 Inc.
j
VOLUME
OF BUSINESS
The total value of business transacted during 1935 by all companies amounted to $758,893,126.
The corresponding total
$591,609,497.
The above gross receipts include the total value of the commercial transactions of the
subsidiary companies, inclusive'of
inter-company sales and gross revenue of subsidiary transportation companies received from both outside shippers and from
subsidiary companies.
The final profit and loss results for the year as shown in this report do not include inter-company
profits on sales to and
revenue from inter-company transactions in
respect of products transferred between subsidiary companies and transportation
and other service rendered in connection with such transfers, to the extent that such
products remain on hand in inventories
during the preceding
year was
at the close of the year.
The
following comparative statement shows the
gross
sales and
The gross revenue and receipts of transportation and miscellaneous
and receipts from outside interests.
revenue in 1935 and 1934 on basis of f.o.b. mill values.
companies ass hown include both inter-company receipts
GROSS SALES by Manufacturing, Iron Ore, Limestone and Coal
companies of all classes of
products, including cement, structural work completed, marine equipment delivered and
other business not measured by the ton unit.
Increase
or
Inter-company sales between subsidiaries for conversion
and resale
$391,368,673
135,868,278
$113,786,633 Inc.
35,705,952 Inc.
$527,236,951
$149,492,585 Inc.
52,647,414
11,725,132
12 IIP 181 Inc.
$758,893,126
uses
$116,803,334 Inc.
3,016,701 Dec.
64,766,595
17,396,995
Export.
Total sales to customers outside of U. S. Steel organization.,
1934
$354,124,236
37,244,437
171,574.230
and resale)
1935
$676,729,536
uses
$470,927,570
34,227,736
$505,155,306
Domestic (excludes inter-company sales of materials for conversion
$591,609,497
$167,283,629 Inc.
Gross Earnings and Receipts of Transportation and Miscellaneous
Companies:
Transportation companies (rail and water)
Miscellaneous companies
Total value of business transacted
Decrease
5,671,863 Inc.
TAXES
The accruals for estimated Taxes for the year
1935
as
compared with corresponding amounts for 1934
are as
follows:
lUCTCCLSS
State and Local Taxes:
Other than for Lake Superior iron ore
properties and mining operations
For Lake Superior iron ore properties and mining operations
1935
Total Taxes.
As
stated in the 1934 annual report the amounts shown in the above table for taxes
approved by the District Court of Minnesota under a suit for reduction of tax valuations.
Court of Minnesota.
is
was
on
$1,212,147 Inc.
235,330 Dec.
$31,258,782
1,632,508
2,889,094
$976,817 Inc.
127,414 Inc.
1,516,178 Inc.
$38,400,793
Federal Capital Stock Tax.
Federal Income, Excise and Miscellaneous Taxes
$17,399,374
13,859,408
$32,235,599
1,759,922
4,405,272
Total State and Local Taxes
1934
$18,611,521
13,624,078
.
$35,780,384
$2,620,409 Inc.
or
Decrease
Lake Superior Iron Ore properties are based upon valuations
appealed by the State to the.Supreme
The tax suits have been
The above amounts do not include any allowances for taxes under the Federal Bituminous Coal
Conservation Act, the constitutionality of which is
under review by the United States Supreme Court.
Until decision is rendered, any liability which may be incurred to close of 1935 is amply covered
reserves carried by the Corporation and subsidiary companies.
y ^
now
by contingent
The table above shows the extent to which current taxes have affected the
taxes
Corporation and subsidiary companies.
New
already imposed by social security legislation and other enactments will result in substantial further immediate increases,
and these in turn will be augmented still more by the higher rates which become effective in future
years.
Based on the
going rate of operations the added taxes for these purposes alone will, it is estimated, amount to approximately $3,500,000
for the year 1936.
Financial
2010
BONDED
March
Chronicle
1936
MORTGAGE DEBT
AND
During the year the net reduction in bonded and mortgage debt$2,111,798.39
Of the foregoing the amount of
covers called bonds of U. S. Steel Corporation presented for redemption in 1935 and
trustees to redeem
And there
$1,500.00
paid from funds deposited with
same.
paid upon maturity or through sinking fund operations subsidiary companies' bonds, real estate mortgages
moneyobligations in theamount of.—————————————————————————————
were
_
Net decrease
during year
—$2,111,798.39
——
Total outstanding bonded and mortgage debt of United States Steel Corporation
shown in annual report as of that date
...
-----
...
2,110,298.39
and purchase
and subsidiaries at December 31, 1934,
95,6o3,6o8.o4
—-
---
-
Balance of bonded and mortgage debt outstanding as of December 31, 1935
——————
SUBSIDIARY COMPANIES STOCKS NOT HELD BY UNITED STATES
$93,551,890.4$
STEEL CORPORATION
The consolidated balance sheet at December 31, 1934, states the liability for these stocks at———————————
At December 31,1935, the amount was—-
5,663,011.93
$152,121.50
Decrease.
largely due to the acquisition in 1935 of the minority interest in the outstanding capital stock of one
of the subsidiary companies.
This decrease is
CAPITAL EXPENDITURES
The
expenditures made by the Corporation and the subsidiary companies during 1935 for additional property, plant
extensions and improvements, less credits for sales of property and salvage, and credit for net reduction in advanced charges
for stripping and development work at mines, amounted to $31,705,235.
At the close of 1935, unexpended balances on appropriations for extensions, additions and improvements to plants
and facilities aggregated $83,000,000.
There was written off from Property Investment Account during the year Depletion and Depreciation Reserves of the
net amount of $28,365,155.37 representing the value of natural resources exhausted and the balance of investment cost
of plants, facilities and equipment abandoned, dismantled or disposed of by sale, in addition to proceeds from sales and
salvage credited directly to the investment account.
The plants retired from service include Newburgh Steel works, Cleveland; Dover works at Canal Dover, Ohio; a sub¬
stantial portion of Central Furnaces at Cleveland, Ohio; steel works and blast furnaces at New Castle, Penna.; one blast
furnace and five open hearth furnaces at Duluth plant, Minnesota.
The Cherryvale zinc plant at Cherryvale, Kansas,
was sold, and at Gary, Indiana, facilities are being displaced through the installation of continuous strip mills and cold
reduction processes; also a considerable amount of worn out and obsolete railroad equipment used in the transportation of
coal and coke was scrapped.
EMPLOYES AND
PAY
ROLL
The number of
employes working and the average number of hours worked was fairly constant throughout the year,
the last quarter showing the largest index of time service for any of the quarters. The practice of spreading the available work
among the maximum number of employes was continued to an extent consistent with operating conditions.
March 31st
_
——_
—
—
June 30th
—
_
September 30th
—
.
December 31st
-
Total
of Employees
Working
189,267
196,938
196,333
196,515
Increase
_
The total pay
—-
—
—
4,935
Employe
143.7
33.1
73
145.3
33.2
35.3
73
147.2
33.9
73
131.0
30.1
70
3.8
3
Per
154.4
$41,073,275
per
Hour (cents)
73
145.6
$251,576,808
210,503,533
—
per
Week
34.0
Per Month
Fay Roll
$60,201,072
61,948,019
62,206,091
67,221,626
194,820
189,881
Year 1935.
Year 1934.
Average Earnings
Average Number of Hours
Worked per Employe
Actual Number
Quarter Ending
1 6.2
•
74
roll for each of the years 1935 and 1934 divided between operating and construction work was as follows:
Increase
<
1935
In operations and production
In construction work
Total
—
;
1934
Amount
$246,508,043
—
$207,564,103
$38,943,940
5,068,765
2,939,430
2,129,335
72.44
$251,576,808
$210,503,533
$41,073,275
19.51
_
———————
————
I
18.76
Percent.
Employe Representation.
The plan of employe representation continues to have the endorsement of the employes, as
evidenced by their more than ninety per cent, participation in the last election of representatives. Under this plan industrial
relations generally have improved, and have resulted in a better understanding on the part of both employer and employes
of the respective problems of each, with a more convincing realization that the interests of both are joint; that the ultimate
good of one goes hand in hand with that of the other.
Pensions.
During 1935 the pension rolls were increased by a net total of 243 employes, making a total at the end of the
year of 12,559 retired employes receiving pensions.
The following is a comparison of the essential results under the Pension
Plan for the years 1935 and 1934:
1935
Number of pensions granted during the year—
Number of pensions ceasing because of
Net increase in number of pensions for the year
Total number of pensions in force December 31st
—
921
835
243
86
12.559
.
12,316
...
__ _
Average age of employes retired on pension during the year
Their average length of service
Their average pension per month
Total amount of pensions paid in year
1934
1,061
818
_
deaths and cancellations during year
.
.
.
__
—
61.33 years
32.86 years
—62.24 years
_——32.60 years
$55.90
$7,901,748
$55.50
$7,762,429
Cognizance and study are being given to the potential effect on the Pension Plan of legislative enactments providing for
the'payment of public pensions or annuities under which employers are obligated to assume a substantial part of the cost.
Accident Prevention, Relief and Sanitation.
The policy adopted by the Corporation many years ago of surrounding
employes and their families with a happy and congenial environment by providing safe, healthful and comfortable working
and living conditions has had continued attention during the year. It is particularly gratifying to be able to report that as a
result of these endeavors there was a decrease of 13.75 per cent, in the rate of disabling accidents for the year 1935 as compared
with the previous year.
In comparison with the year 1912, when determination of the rate of disabling accidents was first established, and taking
into account a change made in 1934 in the plan of gathering statistics relating thereto, it has been calculated that the 1935
accident rate shows an improvement over that for 1912 of approximately 89 per cent.
A comparison of expenditures for accident prevention, accident relief and sanitation during the year 1935 wuth the
previous year follows:
1935
I
For accident prevention work, including installation of safety devices and appliances
'
For accident relief, including liability obligations under State compensation laws
ill
* "
*
For sanitary facilities, maintenance and improvement of healthful working conditions for employes in
directions elaborated upon in previous annual reports.
^
'
1934
$607,145
3,103,454
1,983,949
,
$513,444
2,804,726
1,807,105
Employe Group Life Insurance Plan.
At the annual meeting of. stockholders, April 1, 1935, the employe group life
insurance plan was unanimously approved and became effective July 1, 1935, supplanting and widening the group life insur¬
ance which had been obtained through employe associations and Goodfellowship Clubs.
Participation by employes is wholly voluntary and it is gratifying to report that more than 90 per cent, of the total
employes subscribed to its provisions initially, and that participation has steadily increased throughout the year.
>
As of December 31,1935, the total insurance subscribed for by upwards of 180,000 employes was in excess of $300,000,000,
and is carried by eight of the leading insurance companies writing this form of insurance.
Thp cost to the employe is 75 cents per month per $1,000 of insurance.
scribed for ranges from $1,000 to
$5,000, in multiples of $500, depending
on
The amount of insurance which may be sub¬
the normal annual earnings of the employes.
STOCKHOLDERS
The number of stockholders at December 31, 1935,
compared with December 31, 1934,
was as
Dec. 31,1935
Total number of registered stockholders.
Number holding both Preferred and Common
Number of registered holders of Preferred—
Number of registered holders of Common
,
Average number of shares held
231,901
15,575
62,796
184,680
53
follows:
Dec. 31, 1934
239,167
15,305
63,211
191,261
51
Volume 142
Financial
Chronicle
2011
GENERAL
During the past several years much study and consideration has been given to coordinate more
closely the activities
of the subsidiary companies.
In 1935 there were brought into a single operating organization, the former Carnegie Steel
Company and the Illinois Steel Company under the name of Carnegie-Illinois Steel
Corporation.
The two first-named
companies were, to a large extent, producers of the same character of products and to an extent served the same or
contiguous
territory.
In bringing their operations under one management, greater economy and
improved service to customers are
assured.
There were also effected
during the year mergers of a number of subsidiary corporate entities whose properties
were theretofore
operated by major subsidiaries under leases or agreements.
These respective changes were dictated by the
desire for greater simplification in the
corporate organization and with the confident belief that the results obtained will
inure to a more economical and effective control over
operations.
In addition, the Corporation and its subsidiaries
over the past several years of the
depression have been actively engaged
in surveys of plant locations,
manufacturing facilities, personnel, organization and administration. While studies of this
character have always been conducted as a routine business function
by the subsidiary companies' own engineering, technical,
executive and sales officers, special
emphasis has been placed on same during the past few years in view of the prolonged
business recession and the rapid
developments of steel manufacturing equipment and methods, and changes in consumer
demands for the various products manufactured
by the Corporation.
As an outgrowth of these rapidly changing develop¬
ments in the industry important facilities in various lines of
production have during recent years reached the obsolescent
stage, resulting in dismantlements and relocations of plants and facilities at numerous
points.
Accordingly an extensive
program of construction and rehabilitation to place the Corporation's facilities and
equipment at the highest possible level
of modern development was undertaken and is in
In pursuance of this plan, during recent years expenditures
progress.
have been made on capital account for modernization of
plants and facilities as shown by annual reports.
At the end of
1935 the unexpended balance
appropriated for the continuation of this program was $83,000,000.
In order to reassure itself with the results of these
investigations and plans, the Corporation engaged Ford, Bacon &
Davis, Inc., and a number of other specialists, to cooperate along broad lines with the staffs of the
Corporation and subsidiary
companies.
This work is being energetically pursued in order that the management and the stockholders
may be assured
that the Corporation will be in a position most
fully to realize its opportunities in the period of general business expansion
which is anticipated for the future.
The results of the year's operations, while not as
satisfactory in all respects as had been hoped for, are gratifying in
that they reflect recovery from the low
point to which earnings had dropped during recent years.
In the light of the
depressed conditions which prevailed during the four years prior to 1935, in which profits fell short of an amount sufficient
to cover full depreciation provisions and other
general charges, the improved results for 1935 should be found more encour¬
aging.
They demonstrate in no small way the effectiveness of intensive administration and economies
successfully instituted
through the united efforts of the entire staff in an endeavor to bring about profitable results.
4
The Board of Directors recognizes with sincere
appreciation the exacting nature of the responsibilities and efforts which
officers and employes have so
loyally and efficiently assumed and discharged during the year.
BY ORDER OF
THE
BOARD OF DIRECTORS
MYRON
C.
TAYLOR, Chairman.
CONSOLIDATED GENERAL BALANCE SHEET—DECEMBER 31, 1935
ASSETS
PROPERTY INVESTMENT ACCOUNTS:
PROPERTIES OWNED AND OPERATED BY THE SEVERAL
COMPANIES, PER TABLE ON PAGE 16 [Pamphlet ReportJ:
Balance of this account as of December
31, 1935, less Depletion, Depreciaton and Amortization Reserves
MINING ROYALTIES:
Mining Royalties
$1,338,522,858.96
unmined ore.......
..i,
..............................
CHARGES (Applying to future operations of the
properties):
Advanced Mining and other operating
expenses and charges
$2,052,386.72
Discount on subsidiary companies' bonds sold
(net)................................
164,598.83
on
DEFERRED
............
8,192,895.12
.......
2,216,985.55
INVESTMENTS:
,
Outside Real Estate and Investments in
sundry securities, including Real Estate Mortgages—less reserves
House and Land Sales Installment Contracts and
Mortgages under Employes' Homeowning and other Property
Sales Plans—less
reserves...................
.................
...................
$8,874,728.85
6,731,966.42
....
GENERAL AND RESERVE FUND ASSETS:
Cash resources held by Trustees account Bond
Sinking Funds
(Trustees also hold $14,295,000 of redeemed bonds not included as liabilities on balance
sheet)
Cash deposits held by Trustees for
payment of matured and called bonds unpresented, and for the outstanding U. S.
Steel 50-year non-callable series,
5% bonds, aggregating for all $286,500.00 par value (see contra)...
U. S. Steel Corporation Common Stock
(6,170 shares) including that held for account Employes' Stock Subscriptions
15,606,695.27
$454,943.82
349,900.00
—less reserves
°
204,466.84
Insurance and Depreciation Fund Assets:
Cash
U. S. Government Securities (Market value
$696,033.13)
$4,503,805.39
668,573.14
.
Advances
on Contracts and to Railroad Credit
Corporation, also Cash and Receivables due from banks and others
in process of reorganization or
liquidation or payment of which
may
be delayed, less
reserves
5,172,378.53
3,669,457.15
9,851,146.34
CURRENT ASSETS:
Inventories, less credit for amount of Inventory values representing Profits earned by
subsidiary companies on InterCompany sales of products on hand in Inventories December 31, 1935, less reserves
(see note opposite and table
on page 22
[Pamphlet Report]
$258,804,995.94
Accounts Receivable—less
■
reserves
Bills Receivable—less'reserves.
Sundry Marketable Securities, less reserves, including $54,597,995.90 U. S. Government Securities
(Total market
value $55,887,619.24)
Cash Working Funds
Time and other special Bank
Deposits
Cash (in hand and on deposit with
Banks, Bankers and Trust Companies subject to cheque)
...
47,464,046.37
5,249,240.12
.<
.
■".«
55,320,916.89
790,192.98
1,247,841.64
79,133,926.35
448,011,160.29
$1,822,401,741.53
LIABILITIES
CAPITAL
STOCKS:
UNITED STATES
STEEL
CORPORATION:
Common (Authorized 12,500,000 shares: issued
8,703,252 shares—Par Value $100)
Preferred (Authorized
4,000,000 shares; issued 3,602,811 shares—Par Value $100).
...
$870,325,200.00
360,281,100.00
$1,230,606,300.00
PREMIUMS ON COMMON STOCK—U. S. STEEL
CORPORATION..
SUBSIDIARY COMPANIES STOCKS NOT HELD BY UNITED
STATES
—
STEEL CORPORATION (Book value of
same)
AND DEBENTURE DEBT OUTSTANDING
(See page 23 [Pamphlet Report] for detailed statement):
BONDS FOR PAYMENT OF WHICH CASH IS SPECIALLY
HELD BY TRUSTEES:
Matured and Called Bonds unpresented for
payment
;
$17,500.00
U. S. Steel Corporation 50 Year
BONDED, MORTGAGE
5% Bonds, non-callable series
269,000.00
'
:
81,250,021.42
5,663,011.93
l
"
„
ALL
$286,500.00
OTHER
OUTSTANDING ISSUES OF SUBSIDIARY COMPANIES:
(Maturities in 1936 aggregate $1,879,416.65)
Guaranteed by U. S. Steel Corporation
Not Guaranteed by U. S. Steel
Corporation.
Real Estate Mortgages and Purchase
Money Obligations
50,075,000.00
42,517,000.00
673,390.45
...
SUBSIDIARY COMPANIES PURCHASE MONEY
OBLIGATIONS—Issued at various dates from 1913 to
1925, inclusive, in connection with acquirement of the fee title to certain ore properties
previously held under mining leases and maturing over a period
Hk..
of 23 years—Guaranteed by United States Steel Corporation $14,260,700.44; not guaranteed
r$765,000.00; non-interest bearing
$14,801,356.17: interest bearing $224,344.27.
(Maturities in 1936 aggregate $948,167.72)
T"NSTALLMENT DEPOSITS UNDER EMPLOYES STOCK SUBSCRIPTION
PLAN
CURRENT LIABILITIES:
Current Accounts Payable and Pay Rolls
(Includes $1,313,212.23 accrued for Personal
Injury Claims payable
after
93,551,890.45
k-
1936)
Accrued Taxes, not yet due, including reserves for Federal Income and
Capital Stock Taxes
Accrued Interest, Unpresented Coupons and Unclaimed Dividends
Preferred Stock Dividend No. 139, payable
February 28, 1936
_
_
"I
"
15,025,700.44
71,624.90
$31,803,352.60
34,302,150.69
\ 552,714.68
L801.405.50
69,459,623.47
TOTAL
CAPITAL AND
RESERVES AND
CURRENT
LIABILITIES.
$1,495,628,072.61
SURPLUS:
CONTINGENT, MISCELLANEOUS OPERATING AND OTHER RESERVES
INSURANCE RESERVES
UNDIVIDED EARNED SURPLUS OF UNITED STATES STEEL
___
CORPORATION AND SUBSIDIARY COMPANIES...
28,234,969.06
46,021,985.67
252,516,714.19
$1,822,401,741.63
That part of the Surplus of Subsidiary Companies
representing Profits on sales of materials and products to other
subsidiary companies and on hand
In latters' Inventories is, in this Balance Sheet, deducted from the
amount of Inventories included under Current Assets.
Cumulative Preferred Dividends Unpaid at December
31, 1935, amount to 16J£% or $58,545,678.75.
2012
Financial
Chronicle
March 21
1936
COLUMBIAN CARBON COMPANY
REPORT OF THE PRESIDENT FOR THE
Net profits for 1935, after all charges, amounted to $2,992,-
860,
or
five dollars and fifty-six cents
per
share,—an increase
of $881,493, or one dollar and sixty-three cents per
share,
1935
Because of the upward trend in earnings and the strong
cash
position of the Company, the directors felt warranted
in raising the annual dividend to four dollars per share and
supplementing it by
special dividend of forty cents
a
per
On December
1, 1935, the Company paid its fifty-sixth
Net sales of the
principal products
follows:
Amount
Carbon
Cent
618,720
68,373
43.19
25.98
15.51
9.47
5.27
.58
$11,748,644
...
Iron oxides and other pigments..
1,112,710
Natural gasoline
Oil.
—
Total
in with
daily
a
The Company has some sixty thousand
this
1934
over
was
twenty per cent.
wells this year.
Com¬
The following is the record for the past five
1932
1931——
—
—
—
8000
forty-one
per
cent over the last quarter of 1934.
Several
inventory
were
ACREAGE
was
from Palmer Carbon Company, the
West Virginia.
Louisiana
ON
DEC. 31,
1935
45,584
19,671
47,995
—
pigments.
Because of their
superior purity and strength the Company's Ferrite yellows
largely supplanted French ochre in the better class of
SO
151
1,480
1,049
1,321
60,230
5,872
1,480
1,559
1,321
60,230
5,872
187,612
230,088
71
510
New York
—
—
42.476
WELL
Prod'g Wells
RECORD
Drilled
12-31-34
148
West Virginia
Louisiana
Sold or
Prod'g Wells Wells
Abandoned
12-31-35 Drilling
174
2
28
5
249
138
21
5
9
145
5
26
Kentucky-.
Texas.^. _—.—i.
...
8
3
1
1
30
30
"633
13
51
595
In addition to the above the
Company
Total
State
Oklahoma
New Mexico
West Virginia.
Texas
1
14,620
2,185
3,507
335
401
324
70,974
225,942
—
38,827
_
—
press
Production statistics for the year are as follows:
Printing
Black
Ink
(pounds)
86,636,331
(pounds)
5,418,687
During the
1
Gasoline
(gallons)
20,824,979
Natural Gas
(cubic feet)
55,947,594,000
Oil
(bbls.)
92,608
was
the successful
completion by the Company
County in the vicinity of Charleston, West
number of deep test wells to the Oriskany
sand, resulting in substantial gas production.
The following
record of the wells:
Date
Well
of
Completion
Location
Copenhaver No. 1
Elk District
8-18-35
W. D. Lewis No. 14
Maiden District
8-29-35
Kanawha City No. 12
Burdett No. 1
Loudin District
Elk District
9-13-35
11-12-35
Copenhaver No. 2
Elk District
12-18-35
*Shale gas production; now
to be the
largest
gas
wells drilled in West Virginia in
was
Rock
year
the Company purchased for cash from
pressures vary
had
more
an
initial capacity
deep test wells
are
has under lease 23,000 acres
expected that all the
but enough
more
acreage
one
of 5,069,000 cubic feet.
now
drilling.
in this
will
year,
Oriskany wells,
area.
prove
Illinois, its carbon
one
hundered and sixty-eight burner
equipment, and has
annum.
The
pounds of black
The
County, Texas,
now
a
capacity of ten million pounds
included in the purchase.
was
Company
a
inventory of approximately six million
has
under
construction in
fifteen million pounds of "dustless" black per annum.
for
this
Corporation.
EXTENSION OF VOTING TRUST
The
voting trust expiring November
extended to November 1, 1940.
three per cent of the
1,
Holders of
1935 has been
more
1936 and for years
than ninety-
voting trust certificates have assented
becoming parties to the extension agreement
or
by
acceptance of the extended certificates.
PROSPECTS FOR 1936
.
The Company
For the first two months of 1936 sales of natural gas were
fifty
year
cent and total sales of all products fifteen per cent
per
ahead
of
the
corresponding months of 1935.
The current
thus begins auspiciously.
By order of the Board of Directors.
Respectfully
It is not to be
equally productive,
substantial source of revenue in
to come. Ample markets for the gas are
a
Gas
plant will be furnished by Shamrock Oil & Gas
submitted,
F.
F.
CURTZE,
drilling has been done to demonstrate that these
properties will constitute
Moore
carbon black factory designed to produce
ap¬
from 1300 to
Since the commencement of the present
comprising
many
encountered at depths
Company has completed two
accessory
either by
being deepened to the Oriskany.
proximating 4900 feet.
which
Initial Open
Flow Capacity
2,626,000
7,874,000
1,494,000
978,000*
8,125,000
Lewis and Copenhaver No. 2 wells are said
The Oriskany sand
pounds.
1
9
buildings with packing houses, Warehouses, dwellings and
per
The developments of the year are of outstanding interest.
D.
—
—
—
factory located at Borger, Texas. The factory consists
of five units
and other
Pigments
(pounds)
12,998,780
NEW GAS RESERVES
The W.
—
NEW CARBON BLACK FACTORIES
black
Iron Oxides
Carbon
a
—
—
_
.
Palmer Carbon Company, of Chicago,
■
Virginia, of
1
7
225
17,743
....
—
■
146
4,224
..
Wells Wells Drilling
Our Interest
Acreage
121,356
18,209
10,520
Kansas
Company's ink sub¬
problem of instantaneous drying in high speed rotary
Kanawha
undivided
offering to the general trade its "Flashdri"
now
The first
owns
follows:
as
inks, which have solved in actual commercial operation the
years.
or
Acquired
253
Arkansas
The Fred'k H. Levey Company, the
work.
4,792
422
New Mexico
Kentucky.
paints and enamels.
sidiary, is
46,164
60,564
47,995
4,370
40,893
Pennsylvania
Total
Leased
.\
Oklahoma
interests
somewhat reduced.
to the manufacture of iron oxide
Five
made for sale of gas to pipe
Owned
Despite purchase
The revival of the paint industry gave a decided impetus
of
contracts
Pennsylvania.
Carbon black production was increased.
of six million pounds
the
new
Kansas
1900
Upshur, Lewis and
lines.
Ohio.
PRODUCTION
a
with nine producing wells in
acres
Wetzel Counties, West Virginia.
State
last quarter, sales for that period being $977,459, an increase
is
immediate market for the
of cheap gas available for future use in the manu¬
$3,052,034
2,481,350
2,166,259
2,060,648
2,340,355
The improvement in gas sales was most marked in the
have
no
Gross Revenue
39,921,810,000
32,794,075.000
28,560,363,000
25,538,724,000
27,955,406,000
——_
——
under lease
acres
Ohio
Cubic Feet
1933
in
While there is
Kansas
years:
1934
of Ulysses, 'came
it is believed that the property will furnish a desirable
Texas
Natural gas sales reached the highest point in the
Year
by the
and contemplates drilling several additional
area,
Kentucky.
NATURAL GAS SALES
pany's history.
up
flow capacity of 11,500,000 cubic feet.
open
State
The increase in total sales
opening
field in western Kansas. The discovery
well drilled in Grant County, near the town
100.00
3,052,034
1,822,969
_
Printing ink
a new gas
Acquisitions of lesser importance include leases covering
Per
$5,073,836
Natural gas..
geo¬
facture of carbon black.
were as
Product
of
The other major development was the
Company of
reserve
ANALYSIS OF SALES
staff of the
tion.
gas,
consecutive quarterly cash dividend.
Much credit is due to the geological
physical work which resulted in locating this deep produc¬
in
share at the end of the year.
1935
Company for the skilful and painstaking geological and
1934.
over
DECEMBER 31,
ENDED
available.
EARNINGS AND DIVIDENDS
,
YEAR
President.
41 East
Forty Second Street, New York City.
March 15,
1936.
Volume 142
Financial
COLUMBIAN
CARBON
ASSETS
$2,121,978.16
Notes receivable
'
audited
as
cost or market—not
to quantities
.
Investments in Associated and Other
nies—At Cost..:
In
1,906,799.46
$6,872,132.27
Compa¬
counts
—-
4,589,182.99
LESLIE, BANKS & COMPANY,
ac¬
March 7, 1936.
$88,230.60
—
Deferred notes and accounts
receivable, less
$106,601.04
reserve
884,490.20
COLUMBIAN
68,720.00
36,278,392.47
Fixed Assets
Patents,
Accountants.
972,720.80
Treasury Stock—834 Shares—At Cost..
Copyrights,
Trade-Marks,
>*willt Etc
Deferred Charges
with accepted principles of
accounting consistently maintained by the
companies during the year under review, the consolidated financial position
COLUMBIAN CARBON COMPANY and subsidiaries at December
31, 1935, and the results of the operations for the year then ended.
/
of
Other Assets:
Employees' stock purchase and other
increase of approximately $160,000 as compared with 1934.
our opinion, based
Upon such examination, and subject to the fore¬
going comments, the accompanying consolidated balance sheet and related
consolidated income and surplus accounts fairly present, in accordance
an
1,286,402.76
1,217,068.73
II Inventories—Lower of
subsidiary not included in the consolidation
a
subsidiary) and other supporting evi¬
changed resulting in
339,883.16
Accounts receivable
r? Marketable securities—at
cost*
one
dence, except the Minutes, and obtained information and explanations from
officers and employees of the companies: we also made a
general review of
the accounting methods and of the
operating and income accounts for the
year, but we did not make a detailed audit of the transactions. With
respect
to the accounts of the London office of a
subsidiary, we reviewed financial
statements on file at the office of the parent
company.
The method of calculating depletion for 1935 was
CONSOLIDATED BALANCE SHEET DECEMBER
31, 1935
I
2013
(except those of
and those of the London office of
SUBSIDIARIES,
Current Assets:
Cash
Chronicle
sidiaries
COMPANY AND
CARBON
COMPANY AND
SUBSIDIARIES
Good1.00
CONSOLIDATED INCOME ACCOUNT
YEAR ENDED DECEMBER 31, 1935
227,086.16
$49,006,235.69
Current Liabilities:
Accounts payable and accrued accounts
Federal taxes—estimated.
Sales—Net
$1,102,905.88
Minority Interest in Subsidiary Companies:
Capital stock
$1,013,824.00
Surplus
101,562.59
■■
i—————■—'
on
Sales
Selling, Administrative and General Expense
$641,657.88
461,248.00
#
$11,748,644.69
5,030,308.21
Cost of Sales
H: .'1 vK
Gross Profit
LIABILITIES
Net Profit
Sales.........
on
$6,718,336.48
2,077,738.32
....
............
$4,640,598.16
....
Other Income:
1,115,386.59
Rentals, interest,
royalties, etc..
dividends,
discounts,
commissions,
346,720.38
......
■
Reserves:
For depreciation and depletion
$20,409,192.19
For valuation of investments in associated
ilu
and other companies.
Other Charges:
Cash discounts, interest, rentals, etc
300,000.00
20.709,192.19
$21,930,473.94
4,148,277.09
26,078,751.03
Capital Stock—No Par Value:
Authorized—2,000,000
Issued
shares
538,420 shares
—
$188,731.57
Federal taxes—estimated.
437,500.00
Proportion of net profit applicable to minority
interest.......
193,231.78
Earned Surplus
Net Profit Before Depreciation and Depletion
Contingent Liabilities Reported:
j
Notes receivable discounted, $206,883.97.
$49,006,235.69
CONSOLIDATED
EARNED SURPLUS ACCOUNT
ENDED DECEMBER 31, 1935
Surplus, January 1, 1935-—.-.
$3,633,270.48
Deduct:
';bz:
Surplus Adjustments—Net
We
have
made
COLUMBIAN
subsidiaries
as
an
examination
CARBON
York, N. Y.
of
the
consolidated
balance
sheet
or
tested
year then ended.
In connection therewith, we
accounting records of the parent company and sub¬
COMMERCIAL EPITOME
Friday Night, March 20 1936.
Coffee—On the 14th inst. futures closed 2 points
higher
for Santos contracts,
Rio contracts
with transactions totaling 2,250 bags.
closed unchanged with sales totaling 500 bags.
Rio de Janeiro futures
were
25 to 50 reis lower.
The Santos
A contract lost 425 to 500 reis from the 4th to the
Cost and freight and local actual business
at
standstill
a
futures
were
were
14th.
practically
Havre
with
only nominal prices quoted.
unchanged to l/i franc lower.
On the 16th inst. futures closed 1 to 6
points lower for
Santos contracts with sales of 28 lots.
Rio contracts closed
2
higher to 1 lower with sales of 16 lots,
total
of
11,000 bags for
Traders found
no
the spot markets
to trade
Rio de Janeiro futures
were
freight offers from Brazil
or
with
news
actively
or
one
75 to 100 reis
were
in the action of
or
the other.
higher.
Cost and
way
unchanged to 5 points lower
with Santos Bourbon 4s at from 8.35 to 8.55c.
also
were
easier
with
Manizales
fully 2 cents under the highs of
Local spots
ago.
very
inactive.
combined
a
both Rio and Santos contracts.
incentive in the
a
Mild coffees
Colombians at
little
more
10Y%q.
than
a
or
month
nominally unchanged with trading
Havre futures were unchanged to % franc
were
lower.
On the
17th inst. futures closed 2 to 4 points lower for
Santos contracts with total sales of 13,500 bags.
Rio
tracts closed 2 to 5 points lower with total sales of
con¬
6,250
bags.
to
The heaviness in the local markets
was
the easier Brazilian markets, the weaker
due
largely
exchange rate
and extreme dullness of the spot markets.
Rio de Janeiro
were 100 to 150 reis lower.
Cost and freight offers
from Brazil were unchanged to about 5 points lower with
futures
Santos
Bourbon 4s at from 8.30 to 8.50c.
Mild coffees
still easy in tone with resale coffees finding little or no
demand.
Havre futures were
francs lower.
were
!,512,327.20
2,992,860.09
of
(a Delaware corporation)
and
31, 1935, and of the consolidated income and
surplus accounts for the
examined
120,943.28
Net Profit for Year 1935
COMPANY
at December
$4,836.69
116,106.59
Abandoned Leaseholds
CERTIFICATE
To the Directors,
Columbian Carbon Company, New
$2,992,860.09
—
YEAR
*Quoted market value December 31, 1935—$1,325,834.45.
54,167.855.19
1,174,995.10
Depreciation and Depletion
Net Profit-
$6,505,187.29
2,356,910.20
...
L
Dividends Paid
.
Surplus, December 31, 1935.
L, 148,277.09
On the 18th inst. futures closed 6 to 9
points lower for
Santos contracts with sales totaling 8,500 bags.
Rio con¬
tracts closed 3 to 7 points lower with transactions
totaling
3,000
bags.
Five
Janeiro futures
offers
from
Santos
were
Brazil
notices
50 to 100 reis lower.
were
issued.
Rio. de
Cost and freight
unchanged generally with Santos
Bourbon 4s at from 8.35 to 8.55c.
easy with Colombian
for Brazilian grades
were
Mild coffees continued
Manizales at 10^c.
were
marked
off
Local spot prices
about
}^c.
Santos 4s went from 8 %c. to 9c.
M to H franc lower.
interest developed.
futures
were
but no
Havre
On the 19th inst. futures closed 5 to 10
points higher for
contracts with transactions of
20,250 bags.
Rio
Santos
contracts closed 2 to 5
points higher with sales of 5,750 bags.
were reported.
Rio de Janeiro
higher.
Colombian Manizales
after selling Wednesday at 10s.
%d., were reported at 10k£s.
Cost and freight offers from Brazil were little
changed, as
were local spot prices.
Havre futures were ^ to 1 14 francs
lower.
To-day futures closed 4 to 6 points up on Rio con¬
The issuance of four notices
futures
tracts
were
with
75 to
sales
175 reis
of
18
contracts,
while Santos contracts
closed 6 to 7 points up with sales of 78 contracts.
Rio de
Janeiro futures closed unchanged to 25 reis lower.
The open
market exchange rate was 20 reis weaker at 17.72.
Havre
futures, 2% to 4% francs higher in heavy trading
tion rumors.
Rio coffee prices closed as follows:
March
4.801 September
4.911 December
May
July—
May
July
infla¬
5.09
5.14
5.021
Santos coffee
March
on
prices closed
as
follows:
8.371 September
8.44 December-
>
8.54
—8.58
8.501
Cocoa—On the 14th inst. futures closed
unchanged to one
higher.
Sales were 40 lots, or 536 tons.
London
cash cocoa unchanged, and futures
point
unchanged to 13^d.
higher, with 50 tons of the latter dealt in.
Local closing:
March, 5.07; May, 5.15; July, 5.19; Sept., 5.25; Oct., 5.27;
Dec., 5.30.
Ou the 16th inst. futures closed 2 points lower.
Sales were 17 lots, or 228 tons.
Trading was extremely
dull, the bulk of the day's transactions being effected in the
last hour.
Wall Street commission houses and floor traders
2014
Financial
credited with most of the buying that did take place.
were
London
steady and virtually unchanged.
Local Closing:
March, 5.05; May, 5.13; July, 5.17; Sept., 5.23; Oct., 5.25;
Dec., 5.28.
On the 17th inst. futures closed 5 to 7 points
down.
There was very little support to the market and
prices yielded readily to pressure.
On the scale down some
stop loss orders were uncovered and this accelerated the
decline.
Another factor contributing to the pressure was
hedge selling against actual business.
Total sales were 216
lots, or 2,894 tons. The only buying worthy of note came
from Wall Street commission houses, but purchases from this
source were made on the scale down.
Local closing: March,
5.00; May| 5.07; July, 5.11; Sept., 5.16; Oct., 5.18; Dec.,
5.23.
On the 18th inst. futures closed unchanged to 1 point
higher.
Trading was very light, total sales registering 71
lots, or 951 tons.
The major portion of the business was in
the September option.
This was said to be against business
in the actual market.
One block of 20 lots was posted at
5.18c.
Closing: March, 5.00; May, 5.07; July, 5.12; Sept.,
5.17; Oct., 5.19; Dec., 5.23.
On the 19th inst. futures closed 3 to 5 points higher.
The
May-December spread, narrowed to 18 points compared with
38 points at this time last year.
Transactions totaled 75
lots cr 1,005 tons.
Closing: March, 5.04; May, 5.10; July,
5.16; Sept., 5.20; Oct., 5.23; Dec., 5.28.
To-day futures
closed unchanged to 1 point down with May selling at 5.10c.
Manufacturers bid last night's closing price for cocoa but
refused to go any higher.
Warehouse stocks are increasing.
An overnight gain of 3,600 bags was reported due to heavy
arrivals, which for the first time this year are running
ahead of the movement of a year ago.
Closing: May, 5.09;
July, 5.15; Sept., 5.20; Dec., 5.27.
1
was
Sugar—On the 14th inst. futures closed unchanged to
point lower, with transactions totaling only 2,300 tons.
In the market for
closed
that
late
raws
there
were no
sales, but it
was
dis¬
Friday Arbuckle had purchased 25,000
bags of Cubas, second half April shipment at 2.75 cents
c. & f. unchanged.
Refined withdrawals were reported to
be fairly good.
London raws were,offered at 4s. 9%d. or
,
about
.9134c. f. o .b. Cuba.
The offering price in the
United States for duty-paid sugars, 3.70c., was about 80
points above world parity when freight and the full 1.8734c.
duty are taken into account.
On the 16th inst. futures
closed unchanged to 3 points higher.
Trading has quieted
down considerably, reflecting the marked slowing up in the
market for raws, which has been so active the
past few weeks.
Duty-free sugars were not available at under 3.70c., but it
was believed Cubas were available at 2.75c. or 3.65c.
duty
paid.
The London market was quiet and steady with
futures unchanged to 34d- higher, while raws were offered
at 4s. 934d., or about .9134c. f. o. b. Cuba.
On the 17th
inst. futures closed unchanged to 1 point lower.
Total
sales were 2,900 tons.
In the market for raws there appeared
to be an absolute lack of interest on the
part of buyers.
Although most duty-free sugars were still held at 3.70c.,
some parcel lots of both Puerto Ricos and
Philippines were
offered at 5 points lower.
Cubas, although not openly
offered, the feeling prevailed that at 2.75c. c. & f., or 3.65c.
duty paid, some of this sugar would come out.
The London
market -was easier, with futures there 34 to
34d. lower, while
raws, afloat sold at 4s. 9d. or about .9034c. f. o. b. Cuba.
On the 18th inst. futures closed 1 to 5
points lower.
Sales
were 11,050 tons for the
day.
No sales of raws were re¬
ported, but it was disclosed that National Sugar Refining Co.
on
Tuesday had secured 1,000 tons of Philippines, MayJune shipment at 3.65c., off 5 points from the last sale in
that shipping position.
Offerings of Puerto Ricos and
Philippines were made at 3.60c., but most sellers were still
holding asking prices at 10 points higher or 3.70c.
London
futures were 34 to 34d- lower, while raws were offered at
4s. 9d.
On
about
or
the
Total sales
tute
had
.90^6.
19th inst.
f.
o.
14,650 tons.
were
b. Cuba.
futures closed
3
to
4
points higher.
News that the Cuban Insti¬
would recommend a decree providing for the
destruction of all sugar made in excess of authorized
quotas,
or
together with
private estimate of 1936 supplies, which was
bullishly construed—was the chief stimulus to trading in
this session.
A wave of buying shortly after the
opening
carried prices 5 to 6 points higher, which level came close
to the eight year
highs made Friday last. In the market for
raws an
improved tone was in evidence, with refiners and
operators reported buyers at 3.60c., while duty frees offered
on
Wednesday at that price had been marked up to 3.65c:,
some cases 3.70c.
London futures were 34d. lower
excepting the spot month, which was off Md. Raws were
reported sold at 4s. 9d., or about 9034r'. f.o.b. Cuba, while
refined was marked off 34d. per
hundredweight. To-day
futures closed unchanged to 2 points down.
Trading was
quiet with a firm undertone. No change in raws was re¬
ported and no sales were announced. There was a buying
interest at 3.60, but holders wanted 3.65 to 3.70 cents.
London futures were 34d. lower to 34d. higher, while raws
were quoted at 0.9034 cents f.o.b. Cuba.
Prices
were as
follows:
_
March
_
Lard—On
V
2.671 January
2.651 May
i
v
_
2.44
2.66
2.68 J
September
14th inst. futures closed 5 to 12 points
closing level represented a recovery from a
maximum decline in the early trading of 12 to 17 points.
lower.
March
1936
21
During the past week shorts appeared to reflect nervousness
over the political situation abroad and ran to cover on almost
every bulge in prices * :This has more or less affected the
technical position of the market and left it sensitive to the
slightest pressure.
Hog prices at Chicago on Saturday
declined 10c. because of the slightly heavier receipts than
expected.
The top price was $10.60 with the bulk of sales
ranging from $10 to $10.60.
Liverpool lard futures closed
irregular 6d. higher * on the spot position and 3d. to 6d.
lower on the deferred months. There were no export clear¬
ances of lard reported from the Port of New York.
On the
16th inst. futures closed 7 to 12 points lower.
This decline
was
due to scattered liquidation by commission houses.
What support there was came largely from packers who took
most of the offerings on the scale down.
Lard stocks at Chi¬
cago for the first half of March decreased 1,042,449 pounds.
This wap in line with trade expectations.
Total stocks now
are 34,228,471
pounds, against 57,941,026 pounds on the
same date last year.
The hog market continues firm, with
prices at Chicago closing 10c. higher than Friday's average:
The top price was $10.85, and the bulk of sales ranged from
$10.10 to $10.75.
Total receipts at the principal Western
markets were 78,400, against 50,500 for the same day last
year.
Liverpool lard futures closed very steady. No export
clearances of lard reported from the Port of New York over
the weekend.
On the 17th inst. futures closed 10 to 12 points
up.
As a result of strong Liverpool cables and the reported
decrease of over 1,000,000 pounds in Chicago lard stocks for
the first half of March, shorts started covering in a very
substantial way, and as a result there was a steady upward
trend to prices.
Later some pressure appeared, but in spite
of this selling the undertone remained firm up to the close and
registered prices at the highs of the day.
Liverpool futures
closed Is. to Is. 6d. higher on the nearby options and 6d.
higher on the distant September.
During the past week
prices there advanced about 5s, while American prices have
remained unchanged.
Export clearances of lard were fairly
heavy and totaled 390,150 pounds for the day, with destina¬
tions,
Liverpool,
London,
Marseilles and
Rotterdam.
Chicago hog prices finished unchanged to 10c. lower, the top
price registering $10.80, with the bulk of sales at from
$10 to $10.70.
Total receipts for the Western run were
58,700, against 58,400 for the same day a year ago.
On the
18th inst. futures closed 10 to 17 points higher.
Substantial
buying of the July option by speculative interests and a mod¬
erate amount of commission-house buying gave a further
boost to lard prices.
What selling developed came mostly
from trade interests, believed to be taking profits on the
bulge.
Hogs finished 10c. lower at Chicago on the heavier
receipts than expected.
Total receipts for the Western
run were 52,000, against 50,000 for the same day a year ago.
The top price was $10.70 and most of the sales ranged from
$9.90 to $10.60.
Liverpool lard futures continue firm and
closed 3d. to 6d. higher.
Export shipments of lard from
the Port of New York totaled 56,000 pounds, destined for
Manchester.
On the 19th inst. futures closed 10 to 17 points
higher.
The recent strength in lard has attracted considerable notice
and this is reflected in increased buying on the part of
Commission houses
the buying side. Liverpool lard
futures closed easier.
Spot price was unchanged, however,
while the deferred months were 6d. to 9d. lower. Hog prices
continue to hold at higher levels, as supplies are not ex¬
cessive.
Receipts at the principal Western markets were
packers and the speculative element.
were
also
conspicuous
on
fairly liberal and totaled 51,300, against 40,400 for the same
day last year. Closing prices at Chicago were 10c. higher,
the top price was $70.75, and the bulk of sales were made
at from $10 to $10.65.
To-day futures closed 15 points up
on March and
unchanged to 3 points up on the rest of the
list.
DAILY CLOSING PRICES OP LARD
FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thur*.
Fri.
10.65
10.75
10.77
10.65
10.87
10.90
10.55
10.62
10.52
10.75
10.45
10.42
10.60
10.77
10.30
10.62
10.55
10.42
10.90
10.90
__.____10.55
May
July
10.65
March-
September.
10.90
10.80
a
and in
July
Chronicle
the
This
Pork, steady; mess, $32.37 per barrel; family, $31.37,
nominal, per barrel; fat backs, $21.25 to $28.25 per barrel.
Beef quiet; mess, nominal; packer, nominal; family, $18.50 to
$19.50 per barrel, nominal; extra India mess, nominal. Cut
meats steady; pickled hams, picnics, loose, c.a.f., 4 to 6 lbs.,
1534c., 6 to 8 lbs. 1434c., 8 to 10 lbs., 1434c.; skinned, loose,
c.a.f., 14 to 16 lbs. 20J4c., 18 to 20 lbs., 2034c.; 22 to 24 lbs.,
1934c.; Bellies, clear, f.o.b., New York: 6 to 8 lbs., 2334c.,
8 to 10 lbs., 23c., 10 to 12 lbs., 2134c.
Bellies, clear, dry
salted, boxed N. Y.: 14 to 161bs., 1634c., 18 to 20 lbs., 1634c.
20 to 25 lbs., 1634c., 25 to 30 lbs., 1634c.
Butter, creamery,
firsts to higher than extra and premium marks, 3234 to 33c.
Cheese, State, whole milk, held, 1935, fancy, 21 to 22c.
Eggs: mixed colors, checks to special packs, 1734c. to 2134c.
Oils—The
Linseed oil market is unchanged,
with some
make sales on bids below 9c. per
pound.
Quotations: China wood, tanks, forward, 16.2;
drums, spot, 16.8c.; Coconut, Manila, tanks, April-June,
434c., Coast, 434c.; Corn, crude, tanks, West Mills, Sc.;
Olive, denatured, spot, Spanish, 74 to 75c.; Soy Bean: Tanks,
mills, 634c., C. L. drums, 8.6c., L. C. L., 9.4c.
Edible, 76
degrees, 1034c. Lard, prime, 1334c.; extra strained winter,
13c.
Cod, crude, Newfoundland, nominal; Norwegian Yel¬
low, 34c. Turpentine, 38c. to 4234c. Rosins: $4.40 to $6.75.
concerns
still willing to
Volume 142
Cottonseed
Financial
Oil sales,
Crude, S. E., 8%q.
Chronicle
including switches, 85 contracts.
Prices closed
as
kips and calfskins will be disposed of.
Closing: Mar., 11.70;'
June, 11.98; Sept., 12.34; Dec., 12.65.
On the 18th inst.
Transactions totaled
I,800,000 pounds.
No new developments were reported in 5
the domestic spot hide situation.
City packer hides were
quiet but packers were fairly firm in their position.
The;
follows:
March
9.50@ 9.70 July
9.66®
April
9.60 @
August
9.60 @
May..........—.— 9.63@ .i.. September....w... 9.55@
June——
9.60 @
October
—
2015
futures closed 11 to 15 points lower.
iii-i
9.28@_9.20
W Petroleum—The summary and tables of prices formerely
appearing here regarding petroleum will be found on an
stocks
,
Rubber—On the 14th in st. futures closed 13 to 17
points
higher.
Transactions totaled 960 tons.
The London and
Singapore markets closed quiet and steady with prices show¬
of
certificated
hides
in
warehouses
licensed
by the
Exchange remained unchanged at 870,781 hides.
Closing:
Mar., 11.57; June, 11.87; Sept., 12.20; Dec., 12.50.
On the 19th inst. futures closed 1 to 3
points higher.
earlier page in our department of 4'Business
Indications,"
in the article entitled "Petroleum and Its Products."
Transactions totaled 240,000 pounds.
markets 2,000 light native cow hides
ing little change^
In the domestic spot were reported sold at
11c., against the last sales at 10>£c.
In the Argentine spot;
market 5,000 frigorifico steers sold at
1434c., up 34cThe
stocks of certificated hides in warehouses licensed
by the
Exchange were unchanged at 870,781 hides.
Closing: Mar.,
This amount of United States rubber
imports from England
futures closed
According to the London Board of Trade
figures, the month of February total imports of rubber were
179,853 centals.
Total exports were 151,379 centals, of
which 55,432 centals were
shipped to the United States.
of about 2,770 short tons
trade estimates.
Local
during February confirms earlier
closing: March, 15.97; April, 16.00;
May, 16.04; June, 16.08; July, 16.13; Aug., 16.18; Sept.,
16.23; Oct., 16.26; Nov., 16.29; Dec., 16.32.
On
the
16th
inst.
futures
closed
Transactions totaled
tons
were
8
to
12
seems
to be more
or
less under the influence of
Akron, it being realized that important
developments could suddenly transpire that could have a
on
the rubber situation.
The London market
closed
quiet with prices unchanged to l-16d. higher. Singa¬
pore closed steady.
Local closing:
March, 15.89; April,
15.92; May, 15.96; June, 15.99; July, 16.02; Aug., 16.06;
Sept., 16.11; Oct., 16.14; Nov., 16.17; Dec., 16.21.
On the 17th inst. futures closed 4 to 7
points down.
Trad¬
ing was light in volume, transactions totaling only 740 tons.
During the day 190 tons were tendered for delivery against
March contracts.
Until the uncertainty regarding the Akron
strike situation is
satisfactorily cleared, a waiting attitude
will continue the
policy of most traders and this naturally is
hurting the rubber business in no small measure.
Quotations
in the outside market
were marked down another
J^c. with¬
attracting additional buying.
The London and Singa¬
pore markets closed quiet with prices little changed.
Local
closing:
March, 15.83; April, 15.86; May, 15.90; June,
15.92; July, 15.95; Aug., 16.00; Sept., 16.05; Oct., 16.09;
Nov., 16.13; Dec., 16.17.
out
On the 18th inst. futures closed 2 to 10
points lower.
Transactions totaled 1,020 tons.
Spot ribbed smoked sheets
declined to 15.81 from 15.87.
London and Singapore were
unchanged.
Rubber consumption in the United States
suffered a sharp drop in
February owing to the prolonged
strike in the Goodyear
plants at Akron, which started
around the middle of
February and remains still unsettled.
The decline in consumption amounted to
24.2%, bringing
February consumption of crude rubber down to 36,746 long
tons, as compared with a record January consumption of
48,506 tons and 43,187 tons during February 1935.
Local
closing: May, 15.85; July, 15.93; Sept., 16.01; Dec., 16.09.
On the 19th inst. futures closed 17 to 23
points up.
Trans¬
actions totaled
1,450 tons.
Spot ribbed smoked sheets
advanced to 16.00 from 15.81.
The London and Singapore
markets closed steady with
prices showing little change.
Closing:
March, 16.01; April, 16.03; May, 16.06; June,
16.10; July, 16.14; Aug., 16.16; Sept., 16.18; Oct., 16.21;
Nov.-, 16.25; Dec., 16.25.
To-day prices closed unchanged
to 5 points up.
The market derived its strength chiefly
from the buying in May and
July contracts, which was
attributed to dealers.
Both of those positions sold at new
high records for the year.
Private advices from Akron said
that the reopening of the
Goodyear plants the middle of
next week was expected there.
It also was predicted that
automobile plants in Detroit would soon
go on a five-day
week.
Closing:
March, 16.01; May, 16.08; July, 16.16;
Sept., 16.23; Dec., 16.31.
Hides—On the 14th inst. futures closed 6 to 7
points
higher.
Transactions were rather limited, totaling 520,000
pounds.
No additional trading was reported in the domestic
spot hide markets Saturday, and prices appeared to be pretty
firmly fixed at the present level.
The volume of business
done in the domestic
spot hide market last week was esti¬
mated considerably over 200,000 hides.
The stocks of certi¬
ficated
hides in warehouses licensed
mained unchanged at 870,781 hides.
by the Exchange re¬
Local closing: Mar.,11.67, June, 11.97, Sept., 12.32, Dec., 12.62.
On the 16th
inst. futures closed unchanged to 2 points lower.
Trans¬
actions totaled 240,000 pounds.
It was a comparatively
dull affair in both spots and futures.
No sales were re¬
ported in the domestic spot hide market.
New York City
calfskins were quiet, but fairly steady on a basis of $1.50 for
5s-7s.
Stocks
of
certificated
hides in
warehouses licensed
by the Exchange were unchanged at 870,781 hides.
Local
closing: Mar., 11.65, June, 11.95, Sept., 12.31; Dec., 12.62;
Mar., 12.92.
On the 17th inst. futures closed 3 to 5 points
advance.
Transactions totaled 560,000 pounds.
The stocks
of certificated hides in warehouses licensed by the
Exchange
amounted to 870,781 hides, or unchanged from the previous
day.
Little or nothing was done in the spot-hide market.
The Michigan sales of government drouth hides takes place
to-morrow, the 18th, and the trade is awaiting information
concerning tie prices.
It is expected that some 50,000 hides,
11.88;
Ocean
7
to
8
Freights—Demand
seemed centered chiefly in
The Canadian Atlantic reported a
slight
West Indies trade.
trade, which appeared to emphasize the dulness that prevails.
Charters included—Grain booked: Eight loads, New York to
Antwerp,
Scrap iron:
Prompt, Atlantic range to Genoa, about $5.
Trips:
Indies, prompt., 9c.; West Indies, round, 95c.; same, $1.10.
Sugar:
one or two ports, Santo
Domingo to Continent, 12s. lj^d. sugar, if Cuba
loading, one or two ports, 13s. 3d.; three ports, 13s.
4Ksd.; option, Mar¬
seilles discharge, Is. per ton
extra, March 15-31.
,
the strike situation at
drastic effect
June,
Sept., 12.22; Dec., 12.53.
To-day
points down.
Transactions totaled'
680,000 pounds.
Certificated stocks of hides in warehouses:
licensed by the Exchange decreased
by 1,960 hides to a
total of 868,821 in store.
Closing:
June, 11.80; Sept.',
12.15; Dec., 12.45.
points down.
only 970 tons.
During the day 110
tendered for delivery against March contracts.
The market
II.58;
9c.
West
Coal—The floods have stopped mining at
many points
and
disrupted local distribution
conditions
traffic
are
deplorable'
continues
to
as
a
tide water
in
Pennsylvania. Although
of the catastrophic,
markets and requirements
result
being met. The trans-Delaware and trans-Hudson
markets, the New York trade says, will suffer no shortages.'
Wage negotiations were resumed Thirsday.
Anthracie
producers will not announce summer reductions, if
any,
before the middle of April.
Floods made the half week carloading figures very difficult to compile.
The bituminous
are
traffic of western
Pennsylvania and of the Virginia, Mary¬
Virginia areas was severely tied
by washouts, submerged trackage and the like.
land and southern Western
up
Copper—Unusual dullness has prevailed in the copper
markets the past several days,
especially in the markets
abroad.
This extreme quiet in the red metal abroad is
attributed largely to the unsettled state of
political affairs,
which it is felt could develop into an extreme crisis
very
denly ahd have
on
profound effect
sud¬
all markets, especially
being no real incentive to stir things up
this side, traders are more or less
susceptible to the de¬
the metals.
a
on
There
pressing influences of the situation abroad.
Foreign prices
naturally easier, with the range 5 points lower at 9c.
pound, with as low as 8.95c. mentioned in the
are
to 9.05c. per
trade.
Domestic sales
so far this month now total
17,961
corresponding day in February they registered
65,404 tons, demand having been stimulated that month
by two producers advancing the price to 934c., which led
tons.
On the
many consumers to believe that the market in
general was
about to be advanced.
The Navy Department
opened bids
on 1,265 tons of
copper divided into seven lots for as many
points of delivery, the bids having been in line with the
accepted quotation of 934c. per pound for delivery to the
Connecticut Valley.
Tin—-The market
featureless affair.
Straits
tin.
,
the whole has been a very
quiet and
Prices are ruling around
on
Tin plate
operations
4834c. for spot
75% of capacity as
ago.
Tin purchasing by
are
against about 80 to 85% a year
many of whom are in the Pittsburg and sur¬
rounding districts—was much curtailed by the floods. The
Ford Motor Co. issued one of its
periodic inquiries for a
consumers,
carload of tin.
Tin afloat to the United States is
7,312 tons.
Tin arrivals this month to date have been: Atlantic
ports,
1,990 tons; Pacific ports, 115 tons.
The Commodity Ex¬
change warehouse stocks are unchanged at 472 tons.
Lead—The lead business had
quite a substantial falling
off the past week, which was not
entirely unexpected in view
of the unusual activity and substantial sales of
the
previous
three weeks.
However, producers are looking for increased
coming week as usual, the last week of the month
being the usual period for consumers to finish their bulk
purchasing for April delivery before books are opened for
May.
The price situation is reported very firm, and no
further changes are
anticipated.
sales the
Zinc—Business in this metal the
past several days has
light, as indicated by the volume of sales, which
registered 1,589 tons last week, including 50 tons of brass
been very
special zinc.
than current
However, shipments
were
again much better
sales, totaling 4,600 tons for combined prime
Western and brass special, with
4,300 tons of prime Western.
Unfilled orders of both grades at the end of the week were
51,649 tons, with unfilled orders for prime Western 50,059
tons, a decline of 2,756 tons for the week.
Steel—Operations this week were expected to reach 60%
capacity but floods have either crippled or forced suspen¬
sions of plants in
Pittsburgh, Johnstown, Wheeling and other
Ohio Valley flood centers.
Many large projects, however,
that were postponed because of the severe winter are ex¬
pected to get under way with the advent of good weather.
of
2016
Financial
Orders that have been coming in from the railroads
during
beginning to be reflected in
steel production in a very substantial way, especially in the
rail department, for soon the season for track laying will be
under way and heavy deliveries will be required by the
railroads of this particular form of steel.
Automobile
production is beginning to show marked activity and it is
expected that during the next few weeks this industry—one
of the largest consumers of steel—will be purchasing steel
on a large scale.
Another promising outlook is presented by
the canning industry.
Judging by the acreage to be planted
to peas, for instance, the pack should be 24,000,000 cases
as against the record pack of 24,600,000 cases in 1935.
An¬
other factor having a rather wholesome influence in the steel
trade is the reaffirmation of first quarter prices for the
second quarter.
It has implied stability and perhaps im¬
parted confidence. This effectively discourages any further
expectations of declining prices and as a consequence con¬
sumers
will be encouraged no longer to hold back with
prospective orders.
Steel operations of 60% of capacity
this week are presumably the highest since July 1933, though
a fair comparison is impossible since the American Iron and
Steel Institute only started compilation of weekly averages
in October 1933.
However, a production at 60% of capacity
now implies a greater tonnage output than at 60% in 1933
since the capacity of the steel industry is now greater than
the fall and winter months
are
at that time.
Pig Iron—Trade
active this week, in fact the
expected that the weekly sales
will approximate as high as 5,000 tons.
The bulk of these
purchases are being made to cover real needs. No open in¬
quiries have come to light since the A. P. Smith Company of
Bloomfield, N. J., bought 600 tons.
The better demand
from the railroads this year has stimulated the demand for
pig iron for the manufacture of railway castings. Importers
of fluorspar have raised prices to $20.50 per ton, duty paid,
following the rise of 50c. to $18 in the case of the domestic
product from the mines of Illinois and Kentucky. Pig iron
shipments are brisker in most districts, especially in the
Middlewest. The rapid rise in steel production is undoubtedly
having a very wholesome effect on iron producers and should
do much in encouraging consumers to go ahead with their
plans, which should be reflected in substantial purchases of
pig iron. Prices are holding steady with little haggling re¬
ported on the part of purchasers. Production of pig iron is
very likely on the increase, though final figures will not be
available for another two weeks.
briskest
so
was very
far this year.
It is
situation remains very little changed from
last week.
The spot market is exceedingly dull and prices
are nominal with a tendency to ease.
The real strength of
Wool—The
wool is said to be in the West where growers are maintaining
That manufacturers are not oversupplidd with wool is indicated rather clearly by foreign
apparel wools on arrival being shipped directly to the mills,
More than 2,000 bales of Australian merinos, a late arrival
here, were disptached immediately to a large Rhode Island
worsted manufacturer.
On the same steamship were addi¬
tional quantities amounting to 810 bales consigned to Boston
wool houses, a small quantity of the imports being scoured
wool.
Sustained strength in the foreign wool markets is a
factor having no little influence.
The closing of the season
in Sydney was featured by a heavy demand for wool at top
prices. At Melbourne there was an excellent and sustained
demand, while in New Zealand Japanese buying at advances
a
very
bullish attitude.
dominated the sales.
Holders of wool in Buenos Aires
are
reported to be in full control of the market, and refuse
to sell if they cannot get their price.
Interest in London
sales is at high pitch.
The strong position held by growers
is realized fully by the wool trade.
However, the price of
wool is less, a matter to be determined between growers and
dealers, as it is by the consuming element represented by
manufacturers and topmakers.
There are indications that
many growers are beginning to realize this fact and are show¬
ing a more reasonable attitude.
Fully 80% of the prospec¬
tive clip is still free.
What may happen during the next
few weeks is a matter of conjecture, but the chief influence
in determining the wool price would seem to lie in the hands
of wool
March
1936
21
April, 1.61; May, 1.60; June, 1.59; July, 1.5834; Aug., 1.56;
Sept., 1.55; Oct., 1.5434*
On the 18th inst. futures closed unchanged to 2c. lower.
Sales totaled 670 bales.
Spot market advanced 234c. to
$1.71.
During the day 60 bales were tendered for delivery
against March contracts.
Certificated stocks of raw silk in
warehouses licensed by the Exchange increased by 80 bales
to a total in storage at the close of business yesterday of 730
bales.
The Yokohama Bourse advanced 12 to 17 yen while
the price of Grade D in the outside market advanced 1234
yen to 74234 yen a bale.
Yen exchange was unchanged at
2934*
Local closing: March, 1.60; April, 1.60; May, 1.59;
June, 1.58; July, 1.57; Aug., 1.56; Sept., 1.5414; Oct., 1.5334*
On the 19th inst. futures closed 2 to 334c. higher.
Trans¬
actions totaled 1,160 bales.
Spot advanced He. to $1.7134Certificated stocks of raw silk in warehouses licensed by the
Exchange decreased by 20 bales to a total in storage at the
close of business
the 19th of 710 bales.
on
The Yokohama
Bourse advanced 2 to 5 points wlple the price of Grade
the outside market declined 234 yen to 740 yen a bale.
D in
Yen
exchange remained unchanged at 2934*
Local closing: Mar.,
1.63; April, 1.6234; May, 1.62; June, 1.61; July, 1.59; Aug.,
1.5834; Sept., 1.5734; Oct., 1.56.
To-day futures closed
5 to 634 points up.
Transactions totaled 213 contracts.
The New York spot market price of crack double extra
advanced 2c. to $1.7334*
The Yokohama Bourse closed 9
to 13 points higher.
The price of Grade D advanced 15 yen
to 755 yen a bale in the outside market.
Local closing:
March, 1.68; April, 1.68; May, 1.68; June, 1.6634; July
1.6534;
Aug.,
1.63;
Sept.,
1.6234;
Oct.,
1.62.
COTTON
Friday Nighty March 20 1936.
indicated by our tele¬
grams from the South to-night, is given below. For the week
ending this evening the total receipts have reached 47,370
bales, against 38,439 bales last week and 48,205 bales the
previous week, making the total receipts since Aug. 1 1935
6,126,304 bales, against 3,724,538 bales for the same period
of 1935-36, showing a decrease since Aug. 1 1935 of 2,401,766
The Movement of the Crop, as
bales.
Sat.
Receipts at—
Galveston
_
.
-
-
Mon.
Houston
Wed.
Tues.
1.400
653
4,978
3,892
2,063
1,907
5,544
Mobile
250
101
Pensaeola
142
Charleston
173
47
19,246
1,494
1,047
9
9
29
'-»*»•*■.
148
460
139
511
11
11
19
641
'■
—
45
93
:
:
-
—
•»
—
85
2
6
171
38
889
3,759
m'tm
—
—
205
889
1
Wilmington
_
415
2,440
268
'
'■
49
Lake Charles.
Norfolk
Baltimore
4,464
«,
106
;L''
-
Savannah
.
10,476
12,152
1,047
_____
Jacksonville
10,046
9,508
47,370
/
'
142
10
»
Totals this week.
The
~
«.
2,547
1,830
124
Total
1,096
1,844
1,202
689
415
Corpus Christi..
New Orleans
Fri.
Thurs.
1,867
2,334
751
1,124
--
4.879
8,964
10,214
following table shows the week's total receipts, the
Aug. 1 1935 and stocks to-night, compared with
total Since
last year:
Stock
1934-35
1935-36
Receipts to
This
Galveston
Since Aug
This
Week
Mar. 20
1 1935
Week
357",251
1,047
-
12",152
415
Beaumont
-
473,630
16,727
810,448
63,988
1,044
589,618
126",897
136",987
70,180
6,673
110,466
13,334
3,787
188,499
90,339
12,615
3,408
109,253
44",929
42",776
18,107
24,159
32,986
24,854
23,732
24,175
"4",411
21", III
4,628
2,705
5,000
44,389
1,623,284
264,709
38,099
1,570,784
1~,494
- -
New Orleans
-
——
Mobile.
Pensaeola
1,287
2,436
460
142,345
3,690
293,629
"511
204", 296
"590
11
55,701
20,874
34,130
""45
641
"889
...
20,431
Jacksonville
9
Savannah
18
438
Brunswick
459
Charleston
Lake
1935
605.365
5,582
491,052
46,005
30,334
485.366
926
119",246
-
Corpus Christi...
-
1936
866,113
25
62,665
6,232 1,014,927
140
271,660
4,539
910,718
12",813
10,476 1,452,782
Texas City- Houston
Gulfpor t
Since Aug
1 1934
Charles
19
Wilmington
Norfolk
1,114
136,922
55,688
15,646
47,738
N'port News, &c_
New York
----
Boston
Baltimore
1,750
23,247
Philadelphia
consumers.
Silk—On the
up.
Chronicle
16th
inst.
47,370 6,126,304
futures
Sales totaled 390 bales.
closed
to 23^c.
Certificated stocks of raw
^c.
30,138 3,724,538 2,133,579 2,315,051
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
silk in warehouses licensed by the Exchange increased by
a total in storage at the close of business Friday
of 740 bales.
The price of crack double extra in the New
we
York spot market advanced
hama Bourse advanced 7 to
Galveston
30 bales to
^c. to $1,683^.
The Yoko¬
11 points, while the price of
Grade D in the outside market advanced 173^ yen to 735
yen a bale.
Yen exchange was unchanged at 293^c.
Local
closing:
March, 1.61; April, 1.593^; May, 1.5834; June,
1.56; July, 1.5534; Aug., 1.53; Sept., 1.5134; Oct., 1.52.
On the 17th inst. futures closed lc. to 334c- up.
Trans¬
actions totaled 780 bales.
The market ruled firm during
most
of the session though trading was comparatively
moderate.
Certificated
stocks
of
raw
silk
in
remained unchanged at
$1.6834*. The Yokohama Bourse
declined 2 to 6 points while the price of Grade D in the out¬
side market declined 5 yen to 730 yen a bale.
unchanged
at
2934*
Local
closing:
Houston
New
Orleans-
Mobile
Savannah
10,476
12,152
19,246
1,494
1934-35
Wilmington
1932-33
1931-32
29,196
18,263
20,329
1,604
1,843
18,088
20,504
30,992
2,719
1,190
24,109
25,370
48,634
15,269
5,864
4,690
460
438
511
"""590
"l",69l
"""361
19
45
165
198
641
1,114
393
577
2,371
"2",619
2,813
47,370
30,138
76,297
Brunswick
Charleston.
1933-34
5,000
6,232
12,813
1,287
_
__
Norfolk
6,696
9,228
19,280
5,531
6,641
200
"
_
1930-31
'""417
528
758
634
5,941
"4",209
"5",670
"4",244
78,838
130,968
61,736
-
Newport News
All others
Total this wk_
warehouses
licensed by the Exchange decreased by 90 bales to a total
of 650 bales in storage at the close of business yesterday.
The price of crack double extra in the New York spot market
was
1935-36
Receipts at—
Yen exchange
March, 1.62;
Since Aug. 1__ 6,126,304 3,724,538 6,465,617 7,341,569 8,747,413 8,024,250
The exports
for the week ending this evening reach a total
Great Britain, 8,451
France, 12,622 to Germany, 7,148 to Italy, 45,022 to
Japan, 1,499 to China, and 16,543 to other destinations. In
the corresponding week last year total exports were 84,765
bales.
For the season to date aggregate exports have been
of 106,516 bales, of which 15,231 were to
to
}
Volume 142
Financial
Chronicle
4,707,191 bales, against 3,483,570 bales in the same period
of the previous season. Below are the
exports for the week:
the close on Thursday, Feb. 27, and the close on
Friday, March 13, the pool reduced its holdings of March
futures from
147,800 bales to 91,000 bales.
It thus sold
56,800 bales of March futures in this period of 15 days.
Its
total holdings of futures at the close on March 13 was
732,900 bales.
*
Week Ended
Mar.
20
•
Exported to—
,
1936
Exports from—
Great
Ger¬
Britain
Galveston
France
Italy
many
3,707
2,563
1,899
6*473
7",697
3,989
2,926
Houston
New Orleans
China
Japan
Other
Total
736
Lake Charles...
18,004
500
1,607
4,582
1.830
13,356
999
7,142
35,675
6,792
22,510
*902
2,039
500
1,169
Pensacola, &c.__
ism
*811
14
Los Angeles.
/ 22
*738
"166
1*474
Total—
Total 1934
12,208
2,428
3,113
15,231
8,451
12,622
7,148
45,022
1,499
16,543 106,516
2,042
10,276
16,318
20,948
3,029
29,452
8.622
15,380
9,169
23,404
Mar. 20 1936
Great
Britain
Exports from—
Galveston
Houston
France
_
Beaumont
Lake Charles..
Mobile
Jacksonville--Savannah
Charleston..
9,612 200,266 1049,776
13,116 257,071 1273,707
400 45,974 267,854
2,769
6,343
65,609
88,035
345,402
30.766
17,351
64,3*1
470
389,048
745
2,109
Other
14
150
85,140
183",777
6,984
2,782
18,846
3,042
30,963
50
2,361
36,094
2",268
16",024
3,040
134,566
4,393
8,800
7,201
148,371
41,019
494
<
28,163
6,694
175,197
2,102
688
1T30
10,620
100
2",738
2,715
1,656
7,148
6,038
7,936
2,102
Gulf port.. ....
1,266
6,546
735
1,880
"IlO
1,224
1,123
Boston.......
1,420
720
55
"14
Baltimore
Philadelphia
8,443
8,724 184,480 1060,401
39,151
13,102
2",500 23,138 236,385
761
1*820
"*990
.
New York...
Los Angeles
Total
128,384
Wilmington.
...
China
34,193
1,550
75,320
93,784
140,340
Pensacola, &c_
Japan
177,572
836
6,949
227,308 242,588
4,487
8,754
95,917 24,002
__
Italy
154,208
250
New Orleans
effect
many
141,493 133,186
220,240 128,625
55,101 53,921
-
Corpus Christ!
Ger-
Texas City
Norfolk.
.
116
"~45
"~~77
23,702
3,162
9,949
15,954
312
294
14
Francisco.
4*431
2,652
229
154,107
54,289
4,892
4,618
208,335
60,709
165
.
—
165
Seattle.......
Total..-.——- 1093,540605,719
1934-35.
667,621288,988 1251,902
34,352 765,069 4707,191
586,943 302,245 312,291360,653 1251,220 87,102 583,1163483,570
1067,365681,4851171,544540.561 1413,276 223 ,893 800,025 5898,149
Total 1933 34.
In addition to above exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
-
On
JMLuT•
ZU
Shipboard Not Cleared for—
ill
Great
Galveston
Orleans.
700
706
Coast¬
Foreign
wise
6,000
2,045
1,370
1,270
_
Other
many
France
3.700
5,764
Houston
Leaving
Ger¬
Britain
New
12,100
9,880
8,968
1,800
744
Stock
Total
24,300
19,139
11,608
Savannah
Charleston
3*191
Mobile
*750
3~,280
7*221
Norfolk
Other ports
Total 1936
Total 1935
Total 1934
—
12,655
4,871
9,340
Speculation
active,
with
in
price
3.426
5,444
contract
9,415
6,191
18,743
9,345
cotton
for
34,228
39,328
69,014
2,544
1,475
62,268 2,071,311
57.309 2,257,742
5.500 111,942 2,979,269
future
every
being under almost continuous
pressure from
this
but held up exceptionally well under it.
On the 14th inst. prices closed 3 to 8 points up with the
exception of March, which closed 2 points oft.
The failure
of the spot month to go along with the rest of the list was
due to continued pressure from Government sales,
reports
having it the pool released several thousand bales during
the
short
session.
The
firmest
months
of
the
list
were
May and July, these two positions being the outstanding
positions of the list at the close.
It was estimated that pool
holdings of March have been reduced to approximately
80,000 bales.
The pool had nine days remaining in which
to liquidate this cotton.
There was considerable price fixing
by the trade in the nearby positions.
Foreign buying of the
new
crop was in evidence.
There was also considerable
short covering with several thousand bales
reported to have
been bought in during the session.
Selling, aside from the
pool's liquidation of March appeared to come largely from
the South and commission houses.
Consumption of 516,649
bales of lint cotton reported by the Government for
February
was about in line with trade
expectations.
The average price
of middling at the ten designated Southern spot markets
was
11.35c., against 11.29c. Friday, and at eight tender
points 11.41c., against 11.36c.
On the 16th inst. prices closed 5 points off to 1 point
up.
In the early trading foreign selling of the new
crop was the
feature but these offerings were readily absorbed on the
scale
down.
Whenever
on all
markets.
The average price of
reflected in the ten designated spot markets
subsided the market re¬
covered quickly.
But as prices firmed, fresh selling develop¬
ed.
When the March option touched 11.36 in the final
pressure
dealings considerable liquidation of this contract developed,
thousand bales changing hands.
This selling was
believed to be for the Government pool.
The report of a
record breaking world cotton consumption issued by the
Cotton Exchange Service on Monday, was the subject of
middling as
Tuesday was
11.35c., compared with 11.36c. Monday.
On the 18th inst. prices closed 3
points higher to 8 points
lower.; A feature of the trading again was the persistent
price fixing in the nearby positions, which held these months
steady with March closing at 11.41c. for the only gain and
May at 10.94c., off only 1 point.
The pool advanced its
selling price of March to 11.40 and 11.41c., at which levels
pool brokers were estimated to have liquidated about 6,000
bales.
There was pressure against the new
crop months,
this coming mostly from Wall
Street, New Orleans and the
South.
There was very little support
given the market,
offerings being absorbed on the scale down by trade interests.
An item of interest
was
the report of the American Cotton
Crop Service to the effect that part of Texas was deficient
in subsoil moisture,
particularly in the western end.
Mail
advices from China state that
despite an increase of about
10% in acreage this season, the Chinese cotton crop will be
only about 2,200,000 bales, against 2,800,000 last year.
The
falling off is said to be due to unfavorable weather.
Conse¬
quently, China is expected to need about 200,000 bales of
foreign cotton this season.
The average price of middling
based
on the ten
designated spot markets Wednesday,
11.34c., compared with 11.35c. Tuesday.
was
On the 19th inst. prices closed 2
points off to 8 points up.
March was again the feature of the
trading, a substantial
portion of the day's business being transacted in this month.
Pool
581,065
471,913
473,758
188,499
44,929
129,766
32,986
148,395
delivery was fairly
irregular.
The feature of
selling of March by pool brokers, this
trend
the trading was the
source,
spot month at 11.38c. in the opening and closing minutes.
There was considerable price
fixing in the nearby positions,
which did much to steady these months.
The new crop
months Were heavy throughout the
day under pressure from
spot houses,
domestic and foreign hedging;
Japanese
interests were prominent sellers of the late
months, which
some
were
inclined to think represented hedging
against
foreign growths.
The political situation abroad is being
closely, as it is fully realized a severe crisis cpuld
develop suddenly, which would very likely have a profound
Exported to—
1935 to
1
Total
84,765
19,316 124,530
On the 17th inst. prices closed 2
points np to 7 points off.
session was a comparatively narrow and featureless
affair.
Pool brokers liquidated a few thousand bales of the
The
watched
From
San
838
IO", 734
"16
675
2,700
48,639
Total 1935
Auq.
1,825
22
"
— .
San Francisco.. J
27,117
1,169
68
Charleston
Norfolk.....
Gulfport—
2017
tween
brokers
commenced
liquidating
this
delivery
shortly
after the opening, and from 11.41c.
right down to 11.35c. the
pressure from this source seemed continuous.
It is esti¬
mated that about 15,000 bales of March cotton
were sold
brokers
by
who
usually act for
moderate
were
purchases
of
the
Producers'
new
Pool.
months
crop
with foreign connections,
especially of October.
the persistent selling of the March
by
There
traders
In spite of
option throughout most
day, this month registered only a 2-point loss.
Spot
houses reported a
slightly better inquiry from domestic
mills.
However, business continues of a hand-to-mouth char¬
acter, with very little prospect of an appreciable
change
from this slack demand.
Mills are finding only a limited
demand for goods, all for prompt
delivery, and are buying
of the
cotton
of
in the
same
fashion to fill these orders.
Of
a
total
30,372 bales of certificated stocks, it is estimated in the
trade
that
the
Producers'
Pool
about 22,000 bales.
the 10 designated spot
compared
with
11.34c.
owns
Average price of middling, based
market,
Thursday,
was
11.36c.
Wednesday.
on
To-day prices closed 1 point down on the March contract
points up on the rest of the list.
Trading to-day
and 2 to 4
was
with
active.
more
a
March
sold
off
from
11.42c.
good opening demand well supplied
act for
the
month
were
Producers' Pool.
to
11.37c.,
by brokers who
About 7,000 bales
of the spot
sold
in the early trading.
July also received
attention, with Liverpool interests selling
that month against purchases of the new
crop months.
Wall
a
good
Street
deal
and
of
the
Continent
were
preliminary ginning report,
on
the
buying side.
The
did not appear
issued to-day,
to affect the market.
The official quotation for middling
upland cotton in the
New York market each day for the past week has
been:
f*rMar. 14 to Mar. 20—
New York
1936
1935
1934
11.43c.
11.00c.
12.30c.
1928
Sat.
Mon.
Tues.
—11.36
Middling upland
11.4i
11.43
Wed.Thurs.
11.45
11.44
Fri.
11.43
Quotations for 32 Years
-19.80c:
1920
1927 —14.40c.
1926
19.10c.
1919
1918
1917
1916
1933
6.55c.
1925
1932
6.70c.
10.90c.
1924
28.90c.
1931
1923
30.55c.
1930
15.50c.
1922
1929—21.35c.
1921
18.40c.
11.65c.
25.80c.
1915
1914
1913
41.25c. 1912
10.55c.
28.40c. 1911
14.60c.
35.05c. 1910
15.05c.
19.30c. 1909—.. 9.65c.
12.00c. 1908
10.55c.
9.05c. 1907
11.10c.
13.05c. 1906—11.55c.
12.60c. 1905
8.25c.
Market and Sales at New York
several
considerable
comment
in
trade
circles.
Saturday.
Monday
Tuesday
Wednesday.
Thursday
Friday
The
Cotton
Ex¬
_.
Total week.
Futures
Market
Closed
—
change Service reports that between the close of trading on
Thursday, March 5, and the close on Friday, March 13,
the Producers' pool reduced its stock of cotton from about
407,000 running bales to 340,000 running bales.
It thus
sold in this peiiod of eight days about 67,000 bales.
Be¬
Spot Market
Closed
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
2 pts. dec..
5 pts. adv..
2 pts. adv..
2 pts. adv..
1 pt. dec
1 pt. dec
SALES
Spot
Steady
Steady
Steady
Steady
Steady
Steady
Contfct
Total
"366
*366
100
100
300
300
200
*300
200
300
300
900
47,612
25.800
1.200
73,412
Financial
2018
Futures—The
highest, lowest and
week have been
closing prices
follows:
New York for the past
Saturday
Monday
Tuesday
Mar. 14
Mar. 16
Mar. 17
at
Mar. 18
March 21
Thursday
Movement
25
\'.^0r7
9
31,691
Jonesboro—
15
351
Newport
193
Pine Bluff—
11.19)1
844
13
9,907
157,708
30,901
109,535
34,379
24,262
65,916
274,230
172,569
33,839
52,701
15,043
71,273
116,640
40,761
168,934
53,976
8,766
29,986
4
Montgomery.
49
Selma
Range— 10.87 10.94 10.90 10.96 10.91 10.96 10.93 10.98 10.91 10.98 10.96-11.01
Closing> 10.94
10.95 10.96 10.95
—
10.94
—
Forest
10.96 10.98 11.00
23
City—
Helena
June—
,108
Ark., Blythville
Hope
Range-
Closing. 10.78n
10.79»
10.75a
10.77n
10.77n
10.817)
July—
Range- 10.55 10.64 10.58 10.64 10.58 10.63 10.55 10.62 10.53 10.60 10.60-10.64
Closing. 10.62 10.64 10.62
10.56
10.59
10.59
10.62
Aug.—
Ga., Albany... D"7
Range..
10.54n
10.54»
.
10.48»
10.51n
10.54n
10.51n
7
44
Athens
Atlanta
3,711
Range..
Augusta
945
Closing. 10.44n
Columbus..
500
Macon
349
Rome
125
10.38»
10.41a
10.44u
10.41a
10.44»
Oct.—
Range.. 10.17 10.26 10.19 10.24 10.19 10.22 10.11 10.22 10.08 10.20 10.21-10.25
10.22-10.23
10.24 -r— 10.19
10.11 10.12 10.20 —
Closing. 10.25
10.18n
10.21n
10.19n
10.10a
Dec.—
Range.. 10.18 10.27 10.18 10.25 10.19 10.21 10.12 10.24 10.09 10.19 10.19-10.24
10.23
10.25
10.19 10.20 10.12 10.13 10.19
Closing. 10.25
(1937)
Range.
_
10.19 10.27 10.21 10.26 10.19 10.22 10.13 10.22 10.09 10.20 10.25-10.25
10.26
Closing. 10.26n
10.13
10.19
10.20
10.24n
—
Greenwood..
350
232
Natchez
Vicksburg
Yazoo City-
""25
Mo., St. Louis
N.C.,Gr'nsboro
5,161
76
10
1,103
42
4
870
2
74,275
585
15,910
3
55,461
14,237
17,336
62,274
438
113
2,439
131
60
760
4
103
40
808
8,282167,888
1,772136,421
700 26,400
644 42,524
552 25,379
23,124
1~245 24,753
47 26,160
3,090 34,527
275 18,808
155
3,098
288
7,567
1,443 12,612
539
800
35
25
36
1,605
2~,057
139
1
388
"531 24,356
57,394
126,989
21,286
132,340
24,514
3,558
21,517
28,281
3,687
37,402
200
15,791
50,176
18,874
3,264
688
4.610
7.284
16,129
2,452
"787
1,124
5,169
403
5",271
151,176
345
3,945
310
2,899
379,950
2,300
7,150122,771
133,721
7,012
5,816' 60,911
23,660 1,777,730 44,853625,270
83
159
54,048
2,143
48
83
18,402
2,427
S.C., Greenville
Tenn.,Memphis
Nominal.
Texas, Abilene.
prices at New York for week ending
Mar. 20 1936 and since trading began on each option:
Range of future
1,132
238,783
953 113,886
103 896
2,290
33,594 1 245,910
86
23,921
200
20,889
81
14,850
207
45,992
313
35,032
2
6,683
4,505 59,153
37,838 454,877
Austin......
Brenham
64
Option for—
Range Since Beginning of Option
Range fat Week
Mar. 14 11.42 Mar. 19 10.16 Mar. 18 1935 12.70 FeD.
Mar. 1936..
11.31
Apr. 1936—
May 1935—
15:87 Mar.'Ii Iloi
10.51
18 1935
Sept. 30 1935 11.34 Oct.
8 1935
26
10.33 Aug. 24 1935 12.07 May 17 1935
10.58 Sept. 30 1935 11.38 Oct.
8 1935
June 1936
9 1936 11.97 May 25 1935
July 1936— 10.53 Mar. 19 10.64 Mar. 14 10.21 Jan.
10.39 Jan.
9 1936 11.55 Nov. 25 1935
Aug. 1936
Mar.
10.42
Sept. 1936..
1936—
16708 Mar." 19 15726 Mar7i4
Sept.
9.80 Jan.
10.12 Mar.
Nov. 1936—
10.09 Mar, 19 10.27 Mar. 14
Dec.
1936..
Jan.
1937.. 10.09 Mar. 19 10.27 Mar. 14
3 1935 11.40 July
26 1935
9 1936 11.45 Dec.
3 1935
3 1936 10.19
8 1936
Jan.
9.76 Jan.
9 1936 10.69 Jan.
2 1936
Feb.
25 1936 10.42 Jan.
27 1936
9.94
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows:
Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
1936
Afar. 20—
Stock at Liverpool
1935
1933
1934
948,000
105,000
769,000
102,000
830,000 1,053,000
268,000
599,000
159,000
302,000
21,000
25,000
70,000
66,000
65,000
41,000
7,000
11,000
9,000
7,000
871,000
578,000
275,000
24,000
87,000
110,000
Stock at Venice and Mestre
Stock at Trieste
691,000
222,000
186,000
17,000
71,000
75,000
10,000
4,000
Total Continental stocks.
585,000
581,000 1,069,000 1,074,000
741,000
89,000
606,000
bales.
Stock at Manchester
85,000
Total Great Britain
Stock at Bremen
Stock at Havre
-—
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Total European stocks
__1,276,000 1,411,000 2,122,000
India cotton afloat for Europe—
153,000
239,000
227,000
American cotton afloat for Europe 257,000
190,000
291,000
Egypt. Brazil,&c., afl't for Europe
111,000
126,000
93,000
301,000
296,000
397,000
685,000
776,000 1,129,000
2,133,579 2,315,051 3,091,211
1,967,167 1,559,937 1,687,665
23,011
7,112
19,533
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports to-day
Total visible supply
53
9,606
11,080
1,402
:
621
5
11,219
126
9,357
50,100
681
33,668
10,522
4,984
24,400
79,069
341
""60
San Antonio.
Texarkana
.
11
.
Waco
220
Total, 56 town
48,457 4,697,737
6
5,271
1,651
14,002
1,945,000
7 a,000
241,000
51,000
515,000
734,000
4,384,062
1,903,091
19,409
as
follows:
bales.
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. ports stock..
303,000
455,000
254,000
480,000
58,000
53,000
65,000
58,000
176,000
214,000
165,000
136,000
112,000
95,000
989,000 1,005,000
257,000
241,000
190,000
291,000
2,133,579 2,315,051 3,091,211 4,384,062
1,967^167 1,559,937 1,687,665 1,903,091
23,011
7,112
19,533
19,409
...
Total American..
5,194,757 4,824,100 6,616,409 8,072,562
East Indian, Brazil, dec.—
Liverpool stock
Manchester stock
Bremen stock
Havre stock
.
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt.
Stock in Bombay, India
303,000
27,000
47,000
21,000
64,000
239,000
93,000
301,000
685,000
Total Eajst India, &c
487,000
36,000
54,000
23,000
59,000
153,000
468,000
47,000
314,000
37,000
above
totlas
show
decreased
the
that
during the week
Total American.
Total visible supply
80,000
227,000
126,000
111,000
296,000
397,000
776,000 1,129,000
69,000
79,000
51,000
515,000
734,000
6,974,757 6,834,100 9,075,409 9,871,562
6.46d.
5.13d.
6.34d.
6.30d.
12.10c.
6.50c.
11.43c.
11.30c.
9.25d.
7.98d.
9.71d.
8.55d.
4.87d.
4.56d.
5.39d
5.52d.
5.85d.
4.82d.
5.85d.
5.99d.
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good Sakel, Liverpool
Broach. fine, Liverpool.
Tinnevelly, good, Liverpool
Continental imports for past week have been 64,000 bales.
above figures for 1936 show a decrease from last
The
a
gain of 140,657 bales
1934, and
decrease of 2,100,652 bales from
1935, a
decrease of
over
a
Interior
Towns
the
movement—that
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
5
1,471
13
54
26,559
496
175
56,042
4,320
17,190
10,456
217
53,306r3,187,173
81,473'1559937
interior
the
stocks
have
week last year.
bales and are to-night
407,230 bales more than at the same period last year.
The
receipts at all the towns have been 4,849 bales less than
same
Overland Movement for the Week and Since Aug. 1-—
We give below a statement showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
for the week and since
1934-35—-—■
1935-36
Since
Mar. 20—
Shipped—
Week
Via St. Louis
5,169
Aug. 1
Since
Week
Aug. 1
5,271
160,672
79,594
4,588
—15,409
161,370
61,029
2,539
9,684
139,979
517,916
3,294
10,239
11.812
129,388
442,884
27,726
892,517
21,525
824,427
889
20,489
362
7,648
207,276
313
9,489
5,118
22,913
10,540
199,321
—10,740
235,413
5,431
232,774
Leaving total net overland *..—16,986
657,104
16,094
591,653
Via Mounds,
2.480
Via Rock Island........—.....
Via Louisville
80
Via Virginia points..
Via other routes, &c—
Total gross
.......
overland..
Inland, &c., from South
Total to be deducted
*
2,496
77
"225
Includ ng movement by ra 1 to Canada.
The foregoing shows the week's net
overland movement
has been 16,986 bales, against 16,094 bales for
the week last year, and that for the season to date the
this
year
aggregate net overland exhibits an increase over a year ago
of 65,451 bales.
In
—1935-36
—1934-35
■
Since
Since
Sight and Spinners'
Takings
Week
Aug. 1
Receipts at ports to Mar. 20
47,370
16,986
South'nconsumption to Mar. 20-.115,000
Week
Aug. 1
6,126,304
657,104
3,440,000
30,138
16,094
105,000
3,724,538
591,653
3,050,000
—179,356 10,223,408
*45,657
846,829
151,232
*28,035
7,366,191
410,203
Net overland to Mar. 20-
Total marketed
Interior stocks in
excess
Excess of Southern mill takingsM
over
612,611
consumption to Mar. 1
Came into sight during
Total in sight Mar. 20
*
16.081
123,197
133,699
week
11,682,848
881,720
20,697
7,792,475
25,752
751,584
Decrease.
Movement into sight in
Week—
previous
Bales
1934—Mar.
1933—Mar.
23—
1932—Mar.
25
years:
Since Aug. 1—
Bales
159,972 1933
153,075 1932
205,519 1931
24
10,888,209
11,730,876
13,971,758
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on
—
Week Ended
Mar. 20
Wed'day Thursday
Saturday
Monday
Tuesday
Galveston
11.30
11.31
11.31
11.34
New Orleans
11.40
11.31
11.43
11.42
11.40
11.42
11.50
Mobile
11.34
11.35
11.35
11.24
11.26
11.30
Savannah
Norfolk
11.44
11.46
11.45
11.44
11.47
11.50
11.65
11.65
11.25
11.65
11.65
11.65
11.65
11.20
11.20
11.22
11.25
11.65
11.64
11.67
11.70
11.30
11.35
11.30
11.30
11.35
11.35
11.38
11.19
11.30
11.35
11.21
11.20
11.19
11.22
11.25
110.94
10.95
10.95
10.94
10.92
10.95
10.94
10.95
10.95
10 94
10.92
10.95
Montgomery
11.24
Augusta
Memphis
2,896,805 bales from 1933.
the
771
16,478
45,657
North, spinn's'takings to Mar. 20
.$1,780,000 2,010,000 2,459,000 1,799,000
5,194,757 4,824,100 6,616,409 8,072,562
158,234 bales,
690
_
U. S. interior stock
U. S. exports to-day
week of
8,039
2,350
4,549
8,840
13,294
72
Includes the combined totals of 15 towns in Oklahoma.
The
—
Liverpool stock
150
221
96
94,11411967167
Deduct Shipments—
<
Overland to N. Y.f Boston, &c—Between interior towns
6,974,757 6,834,100 9,075,409 9,871.562
Of the above, totals of American and other descriptions are
4,032
78
Robs town
*
86
11,813
217
Dallas
Paris
At
36
383
4,304
37,690
161,540
6,192
644
15 towns*—
Range..
Closing.
Oct.
236
22
192
20,117
4.283
74
5,355
7,905
95 20,206
22,779
220 42,527
43,348
121,348
2,311 89,374
58 23,227
27,469
46,299
2,302 19,576
203 20,338
28,832
2 24,856
28,047 ;ji::
712 51,648
83,225
14,899
17,023
"806 32,333
75,855
307 12,177
24,690
329
5,868
4,604
14,020
1,450 41,515
68,007
3,969 89.576
92,775
3,632 115,127
24,350
1,000 14,111
777 21.577
12,563
21,863
18,928
Oklahoma—
Feb.—
a
302
Jackson
10.24n
Closing. 10.25n
658
Columbus...
Range-
2
Miss.Clarksdale
Nov.—
La., Shreveport
1
Mar.
Week
Season
Stocks
ments
Week
37,397
104' 11,324
428 65,880
443 61,857
l,057i 86,499
466! 18,374
324 14,119
107 16,916
Walnut Ridge
11.18n
11.17»
11.17n
1935
Ship¬
Receipts
8
Little Rock—
11.16n
May—
20
67,959
15,389
80,215
85,253
108,681
26,946
36,448
Ala., Birming'm
Eufaula
Range11.13n
22
Mar.
to
Mar.
Week
Season
Week
Stocks
ments
Range.. 11.31 11.35 11.32 11.36 11.35 11.38 11.38 11.41 11.33 11.42 11.37-11.42
11.41
11.38
11.36
11.39 11.40 11.38
Closing. 11.31 —
April—
Jan.
Movement
1936
Ship¬
Receipts
Mar (1936)
Closing
Sept.—
20
Mar.
to
v'£
Mar. 20
Towns
Closing
***
-f--
.
Friday
Mar. 19
1936
corresponding period of the previous year—is sef out in
detail below:
as
Wednesday
Chronicle
11.64
Houston
Little Rock
Dallas
Port Worth
11.30
11.35
Friday
11.37
11.70
11.40
Volume 142
Financial
New Orleans Contract Market—The
for
leading contracts in the New Orleans
week have been as follows:
closing quotations
cotton market for
the past
2019
Chronicle
next conference as the basis of comparing "key" sets for
the parties to the Internationa] Agreements on Universal
distribution among
Ootton Standards.
The conferees agreed that future meetings to approve copies of the
universal standards be held at three year intervals instead of biennially.
The next conference will convene on the second Monday in March 1939,
unless the date should be changed meanwhile by mutual agreement.
March
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that growers in all parts of the
April
cotton belt
May
not
Feb. (1936)
are
handicapped in their operations as they do
know what the government intends to do this season.
It is indicated by reports now coming in, that the new cotton
June
July
August
is two weeks late.
crop
September
Rain
October
Texas—Galveston
November
Austin
Jan.(1937)
Abilene
Tone—
Spot
Options
Brownsville
Corpus Christi
Steady
Steady
Report
Cotton Consumed and
on
on
issued its report
showing cotton consumed in the
hand, active cotton spindles and
_
Houston
Hand,
1
Palestine
&c., in February—Under date of March 14 1936 the Census
Bureau
1
Dallas
Del Rio
Census
San Antonio
Oklahoma—Oklahoma City.
_
Arkansas—Fort Smith
Little Rock
1
imports and exports of cotton for the month of February
1936 and 1935.
Cotton consumed amounted to 516,649
bales of lint and 53,565 bales of linters,
compared with
591,309 bales of lint and 55,974 bales of linters in January
1936 and 480,339 bales of lint and 62,513'bales of linters in
February 1935.
It will be seen that there is an increase in
February 1936 when compared with the previous year in
Louisiana—New Orleans
Shreveport
Mississippi—Meridian
2
the total lint and linters combined of 27,362 bales, or 5.0%.
The following is the statement:
Tampa
Georgia—Savannah
Atlanta
United States, cotton
on
FEBRUARY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED,
AND ACTIVE COTTON SPINDLES
Cotton In running bales, counting round as half
bales, except foreign, which Is In
500-pound bales]
Rainfall
2 days
Amarillo
December.
1
3
Vicksburg__.
3
Alabama—Mobile
Birmingham
2
2
Montgomery
2
Florida—Jacksonville
Miami
2
3
Pensacola
3
__1
1
2
Augusta
3
Macon
4
South
Carolina—Charleston.2
North Carolina—Asheville
3
Charlotte
2
0.35
dry
dry
dry
day
0.02
dry
dry
dry
day
0.10
dry
dry
dry
day
0.02
day
0.20
days
0.68
dry
days
1.05
days
0.53
days
0.31
days
0.70
days
1.22
days
0.l7
days
0.74
days
0.78
day
0.52
day
0.63
days
1.52
days
1.40
days
days
0.40
days
1.59
days
2.34
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
Raleigh
Cotton
During—
on
1
Seven
In Con¬
Months
..
suming
Storage
In
Public
Active
Ended
Establish¬
A at Com¬
During
Feb.
j
Feb. 29
ments
presses
February
(bales)
(bales)
(bales)
(Number>
1936 516,649 3,523,846 1,404,47£ 7,247,803
23,337,070
1935 480,339 3,164,986 1,161,07£ 8,354,790 24,916,758
1936 431,591 2,952,172 1,179,024 7,124,704
17,208,836
1935 382,235 2,524,365
927,764 8,148,636 17,433,950
1936
70,507
470,772
175,176
116,331
Cotton-growing States
New England States
1935
1936
76,760
14,551
1935
21,344
f 1936
5,566
All other States
Nashville
80
76
76
60
60
70
72
74
76
70
72
68
68
57
68
mean 62
70
72
64
mean 68
mean 66
mean 65
mean 68
mean 54
mean 56
mean 55
mean 65
mean 65
mean 57
mean
mean
mean
46
46
42
46
34
38
38
48
42
36
42
40
34
38
42
50
40
mean 62
mean
mean
58
53
mean 59
mean 61
mean
65
mean
53
48
mean
64
39
32
36
42
39
24
34
34
mean
38
36
34
mean
mean 54
32
mean
58
mean 54
mean 58
mean
6l
mean 55
mean
48
mean
54
mean 55
54
mean 52
50
5,464,138
6,796,126
664,096
686,682
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8
the dates
a. m. on
given:
Mar. 20 1936
Mar. 22 1935
Feet
New
Orleans
Above
zero
of gauge.
Memphis
Above
zero
of
Nashville
Above
Shreveport
Vicksburg
Above
Above
Feet
8.2
12.2
gauge-
23.2
35.1
zero
of gauge.
29.7
31.0
zero
of
of
gauge.
6.6
16.4
gauge.
27.7
36.2
zero
.
44,333
27,347
39,505
53,742
31,282
21,422
25.69S
10,424
18,401
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
22,448
tions.
18,899
17.49C
6,176
12,427
3,892
7,004
4,964
3.107
1936
1,920
13,439
7,601
1935
j
66
mean
178,807
6,768
1936
..
76
72
80
80
80
mean
50,276
808
5,402
8,637
4,050
1936
53,565
410,357
1935
62,513
397,144
231,32C
257,77
62,247
58,962
.
The
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Southern
Not Included Above—
Linters
90
74
74
72
82
87
78
82
mean 65
52
36
46
38
52
52
38
188,972
1935
Amer.-Egyptlan cotton—
68
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
100,902
139,217
1935
Other foreign ootton
3 days
4 days
3 days
78
78
90
86
88
92
90
90
86
501,404
Included Above—
Egyptian ootton
0 92 in.
0.69 in.
1.28 in.
2.26 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Spindles
(bales)
United States
2 days
Tennessee—Memphis
Chattanooga
Hand
Feb. £9
Cotton
•
Year
1.18 in.
Wilmington
Cotton Consumed
3 days
Thermometer
•
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
Ended
1935
Imports of Foreion Cotton (500-16. Bales)
Country of Production
February
7 Mos. Ended Feb. 29
|
1934
1933
1935
1935
1936
1935
6,910
—
Peru
4,878
36,285
Mexico
8
723
14,250
615
2,594
1,018
British India
5,192
"V,735
21,225
13,991
78
157
768
327
All other
Total.-..'.-.-—
17,837
——
1936
690
359
525
8,137
73,866
|
1934
1933
1,934,21512,203,417 188,356
84,550 150,873 2.382,257 1,911,1382,188,745 169,268
83.604 174,177
85,980 158,286
80,522 143,715
45,900
218
4,914
-
China..
1935
20.. 188,143 105.029 165,800 2,371,801 1,915,166 2,195,903 190,764
27.. 158,112
Egypt
1933
Dec.-
13.. 177,455:109,945 177,899 2,369,180
1936
1934
64,520
1935
1934
1936
1935
1934
1936
1935
1934
Jan.—
3..
10-.
99,705
98,804
17..
92,756
24.. 103,103
31..
86,523
62,371 101.0162,361.6051.883.0292,181,268
55,462 105,0702,337,209 1,851.0222,152,086
65,908 103,8312,311,287 1,825,4372,122.362
62,473 114,6112.285.3881,801,024 2,084,406
44,884 100.030 2,249,7361,767,312 2,027,706
78,953
74,506
84,262
23.455
93.539
75,888
66,834
77,204
50,871
40,323
28,060
74,103
76,655
11,172
43,330
17,101
26.023
27,759
22,351
8,480
31,149
24,345
24,391
Feb.
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Country to
hich Exported
February
1936
United Kingdom
France
81,299
7 Mos. Ended Feb. 29
1935
21,305
6,055
39,843
29,186
58,349
37,290
24,969
6,653
34,572
98,026
33,861
11,210
16,335
406,022
390,294
....
59,979
Italy
38,804
Germany
Spain
Belgium
68,335
Other
42,241
17,475
14,138
Europe
Japan
55,391
1,000
China
Canada
All other
Total
1936
999,810
558,002
252,040
552,500
151,297
133,957
411,544
1,114,938
1935
7-.
70,572
54,614
85,3112,196,2651,740,457 1,964,746
14..
63,630
56,534
64,035
40,895
31,693
45.509
84,9942,158.6581,708,0421,910,901
73,5602,124.6671,677,3561,861,686
70,903 2,103.5751,639,9501,815,174
21..
28-.
51,520
297,909
1,157,508
31,627
171,676
32,228
145,193
4,409,619
6..
48,205
38,439
47,370
13..
34,378
Conference
Approves Copies of Uni¬
Standards—Copies of the universal cotton
by European cotton associations and by the
United States Department of Agriculture
during the next
three years were approved at an international cotton standards
conference at Washington last week.
The conference ended
Cotton
March
use
14.
Conferees included representatives of the
nine principal cotton associations of Europe and of various
American organizations of producers, merchants, and manu¬
on
facturers.
of
the
Japan also
standards
had
effective
represented.
A general revision
promulgated in August 1935,
Description of the new grades will
was
been
Aug. 20 1936.
be available later, said an announcement issued
by the
United States Department of Agriculture, which continued:
The final act of the conference was to seal and to
deposit in the United
States Treasury the "First Reserve Set of 1936" which will be used at the
63,824 2,057.0371,603,9371,759,566
80,9652,012,824 1,587,972 1,720,902
76,2971,967,1671,559,9371.687,665
1,667
Nil
Nil
8,322
42,301
1,713
2,103
43,060
8,216
(1) That the total receipts
bales.
That, although the receipts at the outports the
the actual movement from
plantations
was
1,713 bales,
stock
at interior towns
having decreased 45,657 bales during the week.
(2)
past week were 47,370 bales,
3,254.832
85,668
World's Supply and
Cotton Takings,
Week and Season
Belgium, 384; France, 2,248; Germany,
8,231; Italy, 740; Canada, 665; Japan, 3,019; Poland and Danzig, 48.
standards for
24,287
30,138
The above statement shows:
Note—Linters exported, not Included above, were
22,812 bales during February
versal
28,622
from the plantations since Aug. 1 1935 are 6,943,871 bales;
in 1934-35 were 4,132,655 bales and in 1933-34 were 6,864,095
In 1936 and 16,161 bales in 1935: 150,652 bales for the seven months
ended Feb. 29
In 1936 and 112,088 bales In 1935.
The distribution for February 1936 follows:
United Kingdom, 3,427; Netherlands, 4,050;
International
1,007
8,103
Mar.
20-.
506,932
274,982
308,180
233,216
159,346
22,543
42,943
Takings of Cotton
1935-36
Week
Visible supply Mar. 13
7,132,991
Bombay receipts to Mar. 19-Other India ship'ts to Mar. 19
Alexandria receipts to Mar. 18
Other supply to Mar. 18 * &-.
Total
supply
1934-35
Week
Season
7,022,742
4,295",259
Visible supply since Aug. 1
American in sight to Mar. 20-
Season
133,699 11,682,848
95,000
1,715,000
4,000
582,000
15.000
1,474,600
10,000
344,000
6,879",719
123", 197
57,000
20'656
7,000
7,792,475
1,578,000
485,000
1,297,200
398,000
7,390,690 20.093,707
7,229,939 18,430.394
6.974,757
6,834,100
Deduct-
Visible supply Mar. 20
Total takings to Mar. 20 a
Of which American
Of which other
*
6,974,757
415,933 13,118,950
206,933 9,275,350
209,000 3,843,600
6,834,100
395,839 11,596,294
236,839 7,663,094
159,000 3,933,200
Embraces receipts in Europe from Brazil, Smyrna, West
Indies, Ac.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,440,000 bales in 1935-36 and 3,050,000 bales in 1934-35 —
takings not being available —and the aggregate amount taken by Northern
and foreign spinners, 9,678,950 bales in 1935-36 and 8,546,294 bales In
1934-35, of which 5.835,350 bales and 4,613,094 bales American.
5 Esti¬
mated.
.
Financial
2020
■
•
India Cotton Movement from All Ports—The
receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as
follows:
March 21
Chronicle
1936
■
Bales
ORLEANS—To Rotterdam—March 12—Idarwald, 1,320
March 14—Breedijk, 230—March 17—Nemaha, 100
1,650
To Havana—March 1, Sixaola, 110—March 7—Tivines, 130L
230
To Bremen—March 14—Hayen, 1,870
1,870
To Buena Ventura—March I—Sixaola, 100
100
To Hamburg—March 14—Hayen, 1,056
1,056
To Arica—March 7—Tivines, 400
400
To Gdynia—March 16—Tana, 800
800
To Havre—March 16—Louisiana, 206; Nemaha, 2,708—-—
2,914
To Gothenburg—March 16—Tana, 400
400
To Dunkirk—March 16—Louisiana, 950950
To Barcelona—March 14—Aldecoa, 1,862
1,862
To Bordeaux—March 16—Louisiana, 125
125
To Japan—March 13—Kongo Maru, 500
.
500
To Ghent—March 17—Nemaha, 1,3501,350
To Liverpool—March 14—West Queechee, 3,414—
3,414
To Manchester—March 14—West Queechee, 3,059
3,059
To Genoa—March 17—Nicolo Odero, 1,830
1,830
CHARLESTON—To Liverpool—March 14—Sundance, 1,500—
1,500
To Manchester—March 14—Sundance, 311—
311
r"~'
To Hamburg—March 14—Sundance, 14
14
NORFOLK—To Manchester—March 18—Lehigh, 22
22
LAKE CHARLES—To Bremen—March 13—West Harshaw, 1,169
1,182
SAN FRANCISCO—To Great Britain— (?), 675
675
To Germany—(?). 10—
10
To Japan—(?), 2,428-2,428
PENSACOLA, &c.—To Antwerp—March 17—Afoundria, 854
854
To Ghent—March 17—Afoundria, 48—
48
To Liverpool—March 18—Topa Topa, 629
629
To Manchester—March 18—Topa Topa, 440
440
To Bremen—March 17—Afoundria, 68
68
GULFPORT—To Antwerp—March 13—Afoundria, 100
100
> «*
To Bremen—March 13—Afoundria, 738
738
LOS ANGELES—To Liverpool—March 12—Moveria, 513-—March
14—Nebraska, 961
1,474
To
Japan—March
16—President Hoover,
4,400; Naskirs
Maru, 4,150; Tatsuta Maru, 2,184
10,734
NEW
—
1935-36
1934-35
1933-34
March 19
Since
Receipts—
Week
Bombay
—
Since
Week
Aug. 1
95,000 1,715,000
Since
Week
Aug. 1
52,000 ►-»
57,000 1,578,000
For the Week
Aug. 1
CO o oo
Since Aug. 1
Exports
From—
Great
Great
Conti-
Japan &
Britain
nent
China
| Contt- Jap'n&i
Britain
China [ Total
nent
Total
Bombay—
—J 30,000 59,000 89,000
1935-36.
1934-35.-
1,000
17.000
*
1933-34.-
37,000
56,000
39,000
266,000
221,000
13,000,
19,000
13,000
47,000,
234,000,
353,000
359,000
708,0001,030,000
781,0001,041,000
362,000
643.000
Otherlndia—
4,000
4,000
229,000
1,000
23"66o
24,000
126,000
163,000
1935-36-.
—.1
1934-35..
1,000
34,000
17.000
1933-34..
1,000
23,000
1935-36-.
1934-35-.
1933-34--
398,000|
582,000
485,000
561,000
619,000
580,000
632,000
708,0001,612,000
781,0001,526,000
362,0001,204,000
Total all—
59,000
19,000
13,000
93,000
37,000
37,000
285,000
165.000
210,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
38,000 bales. Exports from all India ports record an increase
of 56,000 bales during the week, and since Aug. 1 show an
increase of 86,000 bales.
increase
-
—
Feb. 28
1935-36
1934-35
1933-34
75,000
7,421,184
—
Since Aug. 1
—
100,000
6,486,211
Total imports
Of which American
Amount afloat
200,000
7,321,159
Exports {Bales)
Week
—
Since
Aug.
This
Week
1
Aug.
This
Week
1
5,000 105,202
161,301
6",666 114,197
&c
To Continent and India. 12,000 489,852
2,000 29.827
To America
Liverpool
To
Since
64,000
Aug.
1
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Manchester Market—Our report
received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady. Demand for both yarn and cloth is improv¬
ing. We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
Thursday
Friday
A fair
12:15
{
I
Good
business
Moderate
Inquiry.
doing.
demand
demand.
6.28d.
Moderate
demand.
Moderate
P.M.
Market
opened
Market,
6.27d.
6.28d.
6.30d.
6.34d.
6.28d.
Quiet but
-J
(.
Quiet, but Stdy., 1 p t.
Quiet but
Quiet but
to
2
steady, un¬ stdy., 1 pt. steady, un¬ adv
dec changed to dec to 1 pt changed to pts dec
2 pts. adv.
advance.
3 pts. dec.
Quiet, but
Very stdy..
f
•!
4
Quiet
Quiet, un¬ Steady, un¬ Steady, un¬ Steady, un
Steady,
O 4 to 5 pts.
stdy., 1 to changed to changed to changed to changed
1 pt. dec.
1 pt. adv.
2 pts. dec
1 pt. dec.
Advance
3 pts. dec.
Futures.
steady
1 pt. adv.
M
P
to 1 pt
2 to 3 pts.
advance
1934
1935
Prices of futures at
8)4 Lbs. Shirt- Cotton
ings. Common Middl'g
to Finest
*
Wednesday
Market,
Mid.Upl'ds
Twist
Tuesday
Monday
Saturday
Spot
20,000 761,828 27,000 877,556
Note—A cantar is 99 'bs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Mar. 18 were
75,000 cantars and the fjreign shipments 20.000 bales.
32s Cop
59,000
606,000
303,000
11,000
4,000
207.000
75,000
The tone of the
'
20,000 [795,177
Total exports
Mar. 20
66,000
639,000
321,000
20.000
1,000
200,000
71,000
Since
221,596
134.836
24",000 462,960
3,000 58,164
104,233
12',660 522,494
3,000 29,899
To Manchester,
Mar. 13
57,000
640,000
336,000
26,000
2.000
167,000
58,000
177,000
Of which American
This
106,516
——
Mar. 6
54,000
640,000
336.000
38,000
1,000
Forwarded
Total stocks
—
This week
—
Total——
Of which American
Receipts (cantars)
■
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Alexandria Receipts and Shipments
Alexandria, Egypt,
Mar. 18
—
814 Lbs. Shirt¬
32s Cop
are
given below:
MiddVg
Twist
Upl'ds
Liverpool for each day
Cotton
ings. Common
Upl'ds
to Finest
d.
Mon.
Sat.
Mar. 14
Mar. 20
Wed.
Tues.
Thurs.
Fri.
to
d.
d.
s.
d.
s.
d.
d.
d.
d.
s,
d.
s.
d.
Close Noon Close Noon Close Noon Close Noon Close Noon Cloise
Deo.—
13
10H@115*10 2
10K@11J*10 0
10Ji@H«10 0
20
27
6.50
@10 4
@10 2
@10 2
6.38
6.41
10K@11H
10«@11J4
10M@11H
d.
d.
New Contract
5.98
5.97
5.97
6.00
5.99
5.98
6.00
6.04
6 03
5.87
5.85
5.84
5.86
5.87
5.86
5.85
5.87
5.91
5.90
5.76
5.74
5.73
5.75
5.75
5.75
5.73
5.75
5.79
5.78
5.53
5.50
5.49
5.50
5.50
5.50
5.47
5.49
—
31
@96
7.23
January (1937)
9
4
@96
8.18
Mzrch
5.47
10H@UK
9 4
@96
7.15
May
9
4
@96
7.08
July
5.43
9
4
@96
7.07
October
9
2
@94
2
@94
2
@94
7.10
@94
@94
@92
7.10
@
6.30
-
5 45
-
5.44
5 45
5.45
5.45
-
5.45
-
5.43
-
5.54
•
-
-
-
5.52
5.46
7.09
@97
6.07
9 4
9 4
@96
@96
@96
6.13
6.17
9 2
9 2
@94
@94
6.07
IOK@IIK
10# @11**
9 2
92
@94
@94
iom@HH
10m@n*a
6.12
10&@ll$i
9 2
6.30
10
—
5.45
-
7.06
9
5
10K@11H
5.48
-
7.05
9
5.45
-
5.45
10M@1B4
ioh@iix
-
5.48
9
6.14
5.48
4
6.44
9 4
5.53
9
@10 0
97A@11H
@11X
97A@UX
5.77
October
19 35
9 6
10
24
d.
5.98
5.87
10
17
d.
d.
5.98
May
10Ji@llH
@1114
d.
March (1936)
7.20
July
10
d.
7.08
7.15
@96
Jan.—
3
d.
96
@96
December
30"
d.
@
4
'
19
d.
d.
94
9 4
9
5.44
mm
— _
mm
5.42
mm
...
5.40
5.35
5.32
5.44
--
....
--
5.44
mm
5.42
5.42
5.40
5.40
5.32
...
--
5.42
5.43
5.48
5.42
5.32
mm
--
-
-
mm
5.45
5.40
5.39
5.46
5.43
mm
5.31
mm
5.41
5.34
Feb.—
7
9Ji@llH
9^@11H
9^@11H
14
21
01 00
I
1
1
1
9k@11
Mar.—
6
9H@11
20
9
9^@11M
9H@11H
13
6.21
6.17
6.04
■.
9 2
9 1
1
@93
@94
@93
92
6 34
©11}*
9£C@11
9
0
8 7
9 1
6.59
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 106,516 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Shipping
Bales
GALVESTON—To Liverpool—March 13—Musician, 3,005
To Manchester—March 13—Musician, 702
To Ghent—March 16—City of Joliet, 971
3,005
702
971
50
To Antwerp—March 16—City of Joliet, 50
To Havre—March 16—City of Joliet, 2,381
2,381
To Dunkirk—March 16—City of Joliet, 182
To Rotterdam—March 15—City of Joliet, 345
182
345
To Puerto Columbia—March 2—Commercial Alabama, 107—
To Genoa—March 17—Sahale, 736-
107
736
To Barcelona—March 17-—Sahale, 134
To Sydney—March 18—Kongo Maru,
134
235
235
Japan—March
17—Havenstein,
14,283
March
18—
Kongo Maru, 3,986
18,269
HOUSTON—To Ghent—March 14—City of Joliet, 1,875
1,875
To Copenhagen—March 19—Ragnhilsholm, 191
191
To Havre—March 14—City of Joliet, 1,899—
1,899
To Oslo—March 19—Ragnhilsholm, 300
300
To Bremen—March 14—Bjonn, 2,690
March 18—Luebock,
254—-March 19—West Harshow, 1,663; Kelkheim, 2,355—
6,962
To Gothenburg—March 19—Ragnhilsholm, 425
425
To Rotterdam—March. 14—City of Joliet, 355.—March 19—
Kelkheim, 465-—
820
To Gdynia—March 14—Bjonn, 40—March 19—Ragnhilsholm,
2,097; West Harshow, 185
2,322
To Barcelona—March 18—Sahale, 716
716
To
Japan—March
13—Havenstein,
6,336
March
16—
Bordeaux Maru, 7,020
13,356
To China—March 13-Havenstein, 999
999
To Porto Colombia—March 4—Commercial Alabama, 493
493
To Hamburg—March 18—Luebock, 685
March 19—Kelki
l
helm, *50
735
To Naples—March 18—Luebock, 625-625
To Genoa—March 18—Maddaline Odero, 1,445; Sahale, 2,512
3,957
To
BREADSTUFFS
■
.
Friday Night, March 20 1936
Flour—The situation is still unchanged in the flour trade.
Consumers are still adhering to their hand-to-mouth
and
no
policy,
improvement is looked for in view of the discounts
at which new crop
wheat is quoted.
Wheat—On the 14th inst. prices closed % to 1 J^c. down.
The weakness of wheat was attributed to the more settled
state of affairs
abroad, with less likelihood of war.
Another
was the heavy
marketings by farmers.
place in the early trading,
the market failing to recover during the balance of the
session.
Offerings came mainly from operators committed
to the long side.
However, the news did not seem bearish
enough to prove an incentive for short selling on the part of
the speculative element.
There was no change of any con¬
bearish
influence
Most of the declines in futures took
sequence
in the winter wheat crop news.
tained for
a
closed % to
fair to good yield.
jip. lower.
Hope is still enter¬
On the 16th inst. prices
The session was
a
dull and heavy
affair, with prices yielding on the slightest pressure. - The
critical state of European political affairs and the compara¬
tive dullness of spot markets have more or less of a depressing
effect on trade sentiment; in short, there appears to be no
real incentive to take an active position in the market either
way.
There were reports of dust storms in the Southwest,
but they were given just passing interest by the trade.
On the 17th inst. prices closed unchanged to 3^o. decline.
It was a dull and featureless session, with price range ex¬
There was little in the day's developments
tremely narrow.
or news to encourage activity on either side of the market.
What unfavorable crop news there was could hardly be re¬
garded important enough to stir up any bullish sentiment.
Financial
Volume 142
Canadian interests again reported export sales of wheat as
light.
The market there remained steady despite the small
foreign business.
On the 18th inst. prices closed H to lc.
down.
As a result of poor spot demand for wheat and flour,
the absence of any appreciable support as prices continue
their downward trend, and the great uncertainties of the
political situation abroad—many traders committed to the
long side appeared to lose heart and liquidated their holdings.
This pressure gave the market a decidedly weak tone.
The
weather news as it concerns the new crop was not altogether
favorable, but it was hardly of a character to stimulate
bullish sentiment or drive in the speculative shorts.' Reports
were
to the effect that there is still
an
absence of moisture
the dry Southwest, and dust storms there
over
are
becoming
On the 19th inst. prices closed
This sudden
reversal in the trend of wheat was quite a surprise to
many in the trade, and was attributed largely to the better
news from the foreign and Canadian .grain
markets—also
the development of quite a demand for May wheat, this
demand coming from mills.
Sales of cash wheat by local
local
to
handlers
and
% to %c.
interior
mills
up.
estimated
were
at
approximately 80,000 bushels.
Although reports from the
dry sections of the Southwest winter wheat belt continued
to stress the need of
moisture, there
reports of any
were no
important damage.
To-day prices closed % to lc. down.
erpool wheat was also lower, and this played its part as an
adverse influence.
The improved political situation abroad
is believed to have had its bearish effect on prices at Liver¬
The opening interest in wheat was 99,511,000 bushels.
pool.
DAILY CLOSING PRICES
OP WHEAT IN
Mon.
Tues.
Sat.
No. 2 red
DAILY
114%
-
CLOSLtfG
OP
PRICES
Sat.
Season's
DAILY
NEW YORK
Wed.
Thurs.
115%
116%
Fri.
113%
FUTURES
Mon.
98%
89%
88
97%
88%
87%
Tues.
LN
CHICAGO
Wed. Thurs. Fri.
98%
89%
99
89%
87%
87%
99%
89%
88%
97%
88%
87%
When Made
|
Season's Low and When Made
Apr. 16 19341 September
78%
July
6 1935
July 31 1935 December
81
July
6 1935
Aug.
1 1935 i May
88%
Aug. 19 1935
High and
102%
97%
98%
December——
May
114%
WHEAT
May
July
September—_
September
114
CLOSING PRICES
OP
WHEAT
Sat.
July
•
IN WINNIPEG
Wed. Thurs. Fri.
Tues.
83%
83%
84%
84%
84%
85%
October
FUTURES
Mon
84%
85%
May...
84%
85%
85%
85
85%
85%
83%
85%
84%
84
14th inst. prices closed }to He. lower.
moderate degree of pressure and prices eased in
Corn—On the
There
was a
to the heaviness in this grain.
causes
A relatively liberal
sympathy with the weakness in wheat.
supply was looked for in the weekly
Spot dealers reported fair sales for shipment, but
offerings to terminals from the country continue light.
Some territories report an actual shortage of the grain as a
result of abnormally heavy feeding during the severely cold
The quality of marketed corn continues low.
On
spell.
the 16th inst. prices closed H to Ho. lower.
More liberal
marketings of corn from the country were reflected in easier
prices in both spots and futures.
There appears to be
nothing in the situation to encourage real activity on the part
of the trade.
On the 17th inst. prices closed Hc- up to
unchanged on the September option.
As in wheat, there was
very little to report on corn as concerns the trading in futures.
It was also a quiet and narrow affair.
It is reported that
choice grades of spot corn are becoming increasingly scarce,
To-day
under
persistent
Northwest.
unchanged.
May contract
This grain did not respond
to the improvement in wheat because of the poor demand
and lower
prices for spot corn in the carlot market.
There
nothing in the news of interest.
To-day prices closed
Vi to %c. down.
There was nothing of special interest in
was
the
news
with the
on
and this decline was largely in sympathy
wheat.
The open interest in corn was
corn,
decline
in
25,073,000 bushels.
DAILY
83%
DAILY CLOSIinG PRICES
OP
Sat.
May
July—
September
Season's
September
December
—
-
High and
84%
-
May
When
Jan.
Made
5 1935
65
June
6 1935
July
Oats—On the
82%
82%
FUTURES
Mon.
60%
60%
60%
60%
60%
60%
68%
.
82%
CORN
Tues.
60%
60%
8IS
IN
Wed.
60%
60%
601
Season's Low and
September
December
29 1935 May
67%
60%
56
83%
Fri.
82%
CHICAGO
Thurs.
Fri.
very
40%
-
26%
26%
27
-
Season's
39%
Fri.
39%
41%
40%
26%
26%
26%
25%
26%
26%
26%
27%
27%
27%
27
26%
25%
25%
26%
Season's Low and When Made
High'and When Made
44%
Jan.! 7 1935 September
31%
June 13 1935
35%
June
4 1935 December
33%
June 13 1935
37
Aug.
1 1935 May
29%
Aug. 17 1935
September
December
May
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat.
May
Mon.
32
32
_
Tues.
31%
31%
Wed.
31%
31%
Rye—On the 14th inst. prices closed
There
Fri.
Thurs.
32%
32%
32%
32%
31
31
H to He. lower.
moderate amount of pressure influenced by the
weakness of wheat and slack spot demand for flour and rye.
On the 16th inst. prices closed H to He- lower.
In the news
was a
the
there was nothing worthy of comment.
prices closed Ho. down to unchanged.
Trading was extremely light and without special feature.
On the 18th inst. prices closed H to H®- lower.
The down¬
ward trend of wheat and the other grains, together with
the absence of anything stimulating in the news that could
act as an incentive or encouragement to aggressively support
the market—contributed to the depressed state of this market
or
trading
On the
17th
for rye.
On the
be
inst.
19th
inst.
prices closed unchanged.
There
was
little activity in this grain; in fact, the session might
very
called
with scarcely any change in prices.
% to lc. lower.
The decline in this
largely in sympathy with the other grains.
stagnant,
To-day prices closed
grain was
DAILY
CLOSING
May
July
September
Season's
May
DAILY
OP RYE FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
PRICES
56%
55%
55%
.
—
High and
76
53%
52%
When
55%
55%
55%
55%
55%
55%
55%
55%
55%
Season's Low and
Made
56%
56%
56%
55%
54%
55
When Made
Jan.
51935
September
45
June 13 1935
June
3 1935
December
Aug.
1 1935 May
48%
46%
June 13 1935
Aug. 19 1935
CLOSING PRICES
RYE FUTURES IN WINNIPEG
Mon.
Tues.
Wtd.
Thurs. Fri.
OP
Sat.
May
July
-
-
45%
46%
44%
45%
45%
46%
45%
46%
45%
46%
44%
45%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
40
DAILY
40
40
40
40
40
CLOSING PRICES OP BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July
—
Closing quotations
were as
38%
39%
38%
39%
39
39%
38%
39%
39%
39%
38
38
follows:
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic.-113%
Manitoba No. 1. f.o.b. N.Y. 92%
Corn, New York—
No. 2 yellow, all rail
82%
Oats, New York—
No. 2 white
39
Rye, No. 2, f.o.b. bond N. Y— 65
Barley, New York—
47% lbs. malting
Chicago, cash
44-
FLOUR
8pring pats.,high protein $6.95< >7.15
Spring patents
6.55( >6.75
Clears, first spring.
5.80( >6.05
Soft winter straights
4.90( >5.15
Hard winter straights
6.60< >6.25
.
Rye flour patents
$4.25@4.40
Seminola.hbl., Nos. 1-3- 7.75@
Oats,
2.45
good
Corn flour
2.00
Barley goods—
Hard winter patents
6.20< >6.45
Coarse
Hard winter clears
5.15( >5.35
Fancy pearl,Nos.2,4&7 4.0004.75
2.85
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.imbs. hush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
Chlcago
Minneapolis-
194,000
Duluth
Milwaukee
..
59'
Toledo.
15,000
Detroit
Indlanapolis.
Mar. 25 1935
June
1 1935
Aug. 13 1935
39%
OATS FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs. Fri.-
OF
£
May
July—
September
59
When Made
Chicago May
on
■'
W
/
Sat.
60
60%
60%
14th inst. prices closed H to %<s. lower.
light, with prices easing in sympathy with the
weakness of wheat.
On the 16th inst. prices closed H to He.
lower, largely in sympathy with the heaviness in other grains.
Trading was light and without feature.
On the 17th inst.
prices closed H down to Hc- up.
There was a moderate
amount of pressure in the May delivery, which was reflected
in the decline of that option.
There was nothing in the
news to account for the firmness of the
September delivery,
which closed Ho. up.
On the 18th inst. prices closed
Trading
'
CLOSING PRICES
Receipts at-
DAILY CLOSING PRICES OP CORN IN NEW YORK
Sat. Mon.
Tues.
Wed.
Thurs.
No. 2 yellow
for heavy deliveries
DAILY CLOSING PRICES OP OATS IN NEW YORK
Sat. Mon. Tues.
Wed.
Thurs.
December
the
pressure
No. 2 white-..
September
Marketings from the country are still falling
off.
On the 18th insts. prices closed H to f$c. down.
This
decline was largely in sympathy with wheat and the relative
cheapness of oats. 'The action of the spot corn market
furnished nothing as an incentive to either buyers or sellers.
It's still a dull nariow affair with a dragging tendency to
prices.
On the 19th inst. prices closed %c. down to %e. up, with
moderate
prices
indicated preparations
oats contracts.
tabulation.
comfortable.
a
closed % to %c. off.
Oats were
from houses with connections
Sales of large quantities of oats into store here
prices.
increase in the visible
which should not make shorts in futures contracts feel too
There was
demand, but not enough to have any appreciable effect on
July
The extreme weak¬
of oats did much to drag all grains lower to-day.
Liv¬
ness
H to Ho. lower.
This relative weakness of oats was quite
surprise, and was attributed to the same causes that were
responsible for the weakness displayed in wheat, viz.: liquida¬
tion by tired longs and poor spot demand.
On the 19th inst. prices closed %c. down to unchanged on
the September delivery.
Further moderate liquidation of
May contracts as well as local selling were the contributing
a
general.
more
2021
Chronicle
.....
St. Louis
Peoria
Kansas City.
Omaha
119,000
32,000
12,000
St. Joseph...
Wichita
Sioux City...
Buffalo
Total wk.
Same
wk.
Same wk.
Since Aug.
1935
1934
1933
Total
372,000
349,000
356,-000
89,000
1,047,000
64,000
3,000
212,000
31,000
36,000
201,000
33,000
494,000
151,000
65,000
76,000
28,000
133,000
1,028,000
243,000
2,663,000
1,063,000
2,240,000
5,660,000
1,668,000
4,175,000
14LO66
106,000
969:665
764,000
567,000
396,000
409,000
93,000
5,000
23,000
916,000
638,000
474,000
123,000
55,000
101,000
20,000
144,000
380,000
120,000
80,000
152,000
126,000
4,000
26,000
233,000
94,000
13,000
9,000
15,000
88,000
5,000
57,000
9,000
4,000
8,000
174,000
2,600,000
556,000
780,000
516,000
952,000
54,000
676,000
2,000
38,000
65:666
67,000
12,000
77,000
552,000
342,000
2,459,000
77,000
1,089,000
709,000
12,069,000 261,133,000 112,532,000 103,262,00017,468,00067,628,000
11,726,000151,273,000 135,439,000 37,254,00010,038,00046,712,000
11,365,000161,169,000 145,618,000 52,601,000' 8,597,000 37,665,000
receipts of flour and grain at the seaboard ports for
Saturday, March 14 1936, follow:
the week ended
2022
Financial
Chronicle
March
21
1936
r~
Receipts at—
1."" ;
A
Flour
Planting Intentions
Wheat
Corn
*i bbls.lOOlbs. bush. 60 lbs.
bush. 56
New York
163,000
36,000
11,000
Philadelphia..
Baltimore
.
New Orleans *
143,000
6,000
5,000
19,000
19,000
4,000
1,000
17,000
Galveston
Oats
Rye
Barley
lbs. bush. 32 lbs. bushMlbs. bushASlbs.
2,000
12:666
;
<;
ture
15,000
1936
St. John West
187666
Boston
22,000
4,000
46T665
271,000
3,177,000
631,000
13,484,000
749,000
Wek 1935.—
215,000
Since Jan.1'35
2.610.000
813,000
6,985,000
803,000
3,866,000
__
The Crop Reporting Board of the
makes the following report on
"2:660
of
certain
430,000
"2:606
4,000
crops
upon
that would be harvested in
Total wk.
*36
Since Jan. 1'36
I
49,000
32,000
713,000
54,000
457,000
71,000
3,909,000
•
1.682,000
4,000
259,000
126,000
9,000
230,000
♦
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading, i
(
The exports from the several seaboard ports for the week
ended Saturday, March 14 1936, are shown in the annexed
Wheat
Corn
Flour
Oats
Rye
Bushels
Barrels
Bushels
Bushels
farmers may have taken it into consideration when reporting their plans.
The purpose of this report is to assist growers generally in making such
further changes in their acreage plans
as may appear desirable.
The
actually harvested in 1936 may turn out to be larger or smaller
than the indicated acreages here shown, by reason of weather conditions,
price changes, labor supply, financial conditions, the soil conservation
acreage
program,
and the effect of the intentions report itself
upon
farmers' actions.
ACREAGE
Bushels
New York
70,274
490,000
Baltimore
Harvested
34:666
"pOOO
Newport News
New Orleans
"3:660
hi*
Total week 1936..
4,000
Corn, all—
"YOOO
All spring
994,000
1,039,000
1935
97,274
3,000
8,000
22,000
55,615
~
"17:666
6:660
destination of these exports for the week and since
July 1 1935 is
—
wheat
as
1935
1936
% of 1935
Acres
Acres
Acres
Harvested
102,768,000 87,795,000
20,431,000
9,281,000
Durum wheat.-—--
1
1934
Acres
"2:666
18,000
40,000
below:
Other spring
wheat.
Oats
Barley.-..————
Flaxseed-
—
Rice-.
Flour
1936
1928-32
——
436:606
"
John West
Halifax.
Average
Crop
1,000
1,000
1,000
Indicated for Harvest
2,000
1,000
Norfolk
The
harvested acreages are similar to those which have prevailed
past.
The interpretations allow for usual difficulties at planting
time and usual abandonment of planted crops but do not allow for the
effects of the soil conservation program except in so far as some individual
the
Barley
Bushels
Exports from-—
Same week
1936 if the relations between the growers' in¬
tentions and
in
Neither the indicated acreage for harvest in 1936 nor the base
acreages
shown for comparison has yet been revised to the basis of the 1935 census.
statement:
St
United States Department of Agricul¬
the indicated acreage for harvest in
which
approximately 42,000 farmers in all
parts of the country made reports to the Department on or about March 1
regarding their acreage intentions for the 1936 season.
The reported acreage intentions have been adjusted to show the acreages
13,000
Halifax
Department of Agriculture issued on March 16 its
report on farmers' intentions to plant wheat, corn, oats,
tobacco, potatoes, &c., in 1936.
The report follows:
'
39:660
14,000
of March 1 1936—The United
as
States
Wheat
Grain sorghums,
Corn
all-—
990,000
8,291,000
39,887,000 30,172,000
12,739,000
7,095,000
2,757,000
969,000
924,000
781,000
92,727,000
98,775,000
18,826,000
22,440,000
2,644,000
3,312.000
125.3
16,182,000
19,128,000
118.2
39,714,000
39,785,000
100.2
12,858,000
13,017,000
101.2
2,071,000
784,000
2,359,000
876,000
10,290,000
113.9
6,855,000
7,569.000
3,243,000
Potatoes—
Exports for Week
4,805,000
15,626,000
3,312,000
729,000
778,000
1,458,000
Sweet potatoes & yams
10,470,000
3,271,000
106.5
119.2
111.7
98.3
3,160,000
746,000
Since
Week
Mar. 14
July 1
Mar. 14
1936
July
1 to—
1935
1936
N M
Barrels
United
Kingdom-
Continent.
_
.
.
.
.
10,020
30,194
21,000
33,000
-
Sp. & Cent. Amer.
West Indies
Brit. No. Am. Col.
Other countries.
3~,060
..
Total 1936
97,274
Total 1935
The
55,615
visible
granary
Barrels
1,767,467
371,180
221,000
411,000
7,000
116,785
2,894,432
2,659,477
Since
Week
Since
July 1
1935
.
96.6
Mar. 14
July 1
1936
1935
Bushels
Bushels
Bushels
430,000
553,000
8,000
36,239,000
28,324,000
452,000
1,000
"3:660
85:660
994,000
1,039,000
65,101,000
54,857,000
Bushels
10,000
"2:660
61,000
1,000
3,000
76,000
26,000
supply of grain, comprising the stocks in
seaboard ports
GRAIN STOCKS
Wheat
United States—
Bushels
Boston
New York
"
2,000
66,000
.
Oats
Rye
Barley
Bushels
Bushels
Bushels
4,000
149,000
400,000
117666
207666
5o"66o
"2:000
19,000
39,000
66,000
44,000
51,000
17,000
159,000
372"666
2,000
1,000
4,000
afloat
63,000
Philadelphia
—
Baltimore
New Orleans
«...
Galveston
-
Fort Worth.
Wichita.-.-**.
-----*
Hutchinson.
.......
St. Joseph
477,000
463,000
4,000
415,000
1,433,000
851,000
1,423,000
703,000
Kansas City—8,965,000
Omaha
3,475,000
761.7666
11,000
178,000
2.195.000
4.259.0001
70,000"
16,000
78,000
174,000
355,000
8,000
877,000
961,000
54,000
402,000
136,000
50,000
2,309,000
6,054,000
1,174,000
232.000
.......
Chicago
43,000
314,000
83,000
284,000
21,000
afloat...
Milwaukee
Minneapolis
-
10,832,666
Duluth
4,449,000
Detroit....—.—..—
150,000
5,570,000
1,630,000
Buffalo
••
113,000
1,000
1,000
1,313,000
1,220,000
1,000
5,517,000
257,000
_
Peoria
"
1557666
55,000
831,000
City...
St. Louis—.
Indianapolis-
5~8~66o
777,000
19,000
..... —
Sioux
Corn
Bushels
19,000
afloat
377,000
4,000
489,000
220,000
57,000 11,679,000
53,000
8,364,000
4,000
5,000
515,000
1,101,000
816,000
Total—Mar. 14 1936—
50,047,000
5,907,000 38,287,000
Total—Mar. 7 1936— 51,668,000
5,235,000 39,004,000
Total—Mar. 16 1935— 52,919,000 24,058,000 16,072,000
460,000
47,000
1,074,000
5,52l"600
2,
1,741,000
2,398,000
6,000
65,000
878,000
1,338,000
713,000
7,164,000 12,754,000
7,242,000 12,852,000
9,983,000 10,217,000
Note—Bonded grain not included above:
Oats—New York, 10,000 bushels;
Buffalo, 73,000; total, 83,000 bushels, against none in 1935.
Barley—Duluth,
21,000 bushels; total, 21,000 bushels, against 1,180,000 bushels in 1935. Wheat—
New York, 2,379,000 bushels; Boston, 329,000; Philadelphia, 396,000; Buffalo,
7,317,000; Buffalo afloat, 4,002,000; Duluth, 624,000; Erie, 45,000; Chicago afloat,
115,000; Chicago, 89,000; Albany, 4,715,000; total, 20,111,000 bushels, against
14,924,000 bushels in 1935.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Montreal...
Bushels
Bushels
Bushels
Bushels
8,238,000
Ft. William & Pt. Arthur
443,000
1,939,000
99,000
531,000
3,093,000
2,447,000
2,293,000
249,000
677,000
4,675,000
4,644,000
6,439,000
40,201,000
3,441,000
3,441,000
3,655,000
3,641,000
6,208,000
Other Canadian & other
water
points
59,477,000
...
.
.
Total—Mar. 14 1936.107,916,000
Total—Mar.
7 1936.108,484,000
Total—Mar. 16 1935.111,359,000
3,199,000
Summary—
American
50,047,000
—107,916,000
Canadian
5,907,000 38,287,000
4,675,000
7,164,000 12,754,000
3,441,000
3,655,000
Total—Mar. 14 1936.157,963,000
Total—Mar.
7
Total—Mar.
16
5,907,000 42,962,000 10,605,000 16,409,000
1936.160,152,000
5,235,000 43,648,000 10,683,000116,493,000
1935.164,278,000 24,058,000 22,511,000 13,182,000*16,425,000
The world's shipment of wheat and corn, as furnished
by
Broomhall to the New York Produce
Exchange, for the week
ended March 13 and since July 1 1935 and
July 2 1934,
shown in the
I
Wheat
Exports—
are
following:
Corn
■
Week
Mar. 13
Since
July 1
Since
Week
Since
Since
July 2
North Amer.
Australia
India
Oth. countr's
Total
Mar. 13
July 1
1935
1934
1936
1935
1934
Bushels
Black Sea
July 2
1936
Argentina.—
Bushels
Bushels
Bushels
Bushels
Bushels
3,140,000 120,857,000 118,418,000
240,000 35,066,000
4,529,000
1,171,000 162,251,000 132,985,000
3,472,000 79,227,000 80,094,000
256,000
328,000
960:606 27,113,000 30,072,000
3,000
31,000
37,000
238,000
6,087,000 14,696,000
5,658,000 220,359,000 147,984,000
8,983,000 324,970,000 366,426,000
6,137,000'261,142,000195,723,000
4,253.000
5,211,000
1,491,000
1,766,000
1,567,000
1,579,000
100.8
1,631,000
1,819,000
53,725,000 51,828.000
1,859,000
52,026,000
2,012,000
108.2
53,312,000
102.5
Tobacco...———.
Cowpeas.a.
—_
Peanuts, a—
a
._
Grown alone for
all
1,874,000
purposes.
1,843,000
95.9
97.4
88.7
Partly duplicated in hay acreage.
Comments Concerning Crop Report—The
Agricultural
Department at Washington, in giving out its report on cereal
stocks on March 16, also made the following comments:
A substantial increase in the acreage of crops is to be
expected this year
according to the March 1 plans of 42,000 farmers as reported to the United
States Department of Agriculture.
These plans indicate acreages of corn,
spring wheat, flaxseed, rice, peanuts, and some types of tobacco that
appear large in comparison with the acreages harvested
during the last
three years, but for these crops, as for most other
crops, the changes in
prospect are mostly back to what would have been considered normal
acreages three years ago.
Since most of the farmers reported their plans before the Soil
Con¬
servation Act was passed and before any of them knew how it
would
affect them individually, the acreages shown in their
reports were those
which they were preparing at that time to put in.
Separate allowance
will need to be made for such changes in plans as the administration of the
Act may cause.
In interpreting the reported plans the Crop Reporting
Board has made careful allowance for usual difficulties at
planting time,
for usual loss of crops from hail, flood, drought and other causes
and the
figures are published to help individual farmers in adjusting their cropping
programs after learning what farmers in other parts of the
country are
planning.
On the whole, the acreages which farmers are now
planning to grow are
about what would ordinarily be expected as a result of
present supply and
price conditions and prospective requirements for feeding livestock.
The
increase of 25% indicated for durum wheat and the increase of
18% indi¬
cated for other spring wheat reflect several years of low wheat
production,
below average prospects for winter wheat, low wheat stocks
and prices
that are high compared with prices of other
grains.
If present plans are
carried out, and there is only the usual abandonment of
spring wheat,
the total spring wheat acreage would be about
10% above the 1928-32
average, but judging from present prospects for winter wheat, this would
mean a total wheat
acreage only 1 or 2% above the average in those years.
The chances are that production on such
acreage would be above usual
domestic requirements but yields vary too
widely to permit definite pre¬
diction.
The
'
acreages
:
•
of other cash
reported show irregular changes in
during the last few years.
The
intended peanut acreage indicated at
8% over the large acreage grown
last year would be the largest since the World War
period.
Soybeans
which have been increasing steadily for some
years, show a prospective
decrease of 11% from the record acreage last
year, which would still leave
an acreage
substantially larger than in any other year.
Plans for other
leading cash crops are more conservative.
Comparing the acreages indi¬
cated for harvest in 1936 with the
acreages harvested during the 1928-32
period flaxseed shows a decrease of 14%, rice of 5%, potatoes about
3%,
and tobacco around 15%.
Sweet potatoes and dry edible beans each show
comparison
with
the
increases of about
areas
crops
harvested
2%.
Present plans, if not changed by the soil conservation
program, would
indicate about the usual acreage of feed grains for harvest next
fall.
There
would be about the same acreages of oats and
barley as the average during
five-year period 1928-32, and the indicated 4% decrease in the acreage
seems likely to
be offset by a nearly correspondingly increased
acreage of grain sorghum.
Production will depend largely on weather con¬
ditions but, with only moderate stocks of feed
grain now on the farms,
the most probable supply next fall would seem to be
somewhere around
the five-year average (1928-32).
This would mean a rather larger than
usual supply in proportion to livestock numbers.
The number of units
of grain consuming livestock and poultry on farms on Jan. 1 of this
year
was 10%
below the comparable five-year average and it is expected that
by next January the number will still be about 5% below the average.
The reports on hay suggest the
possibility of slightly less than the usual
supply per unit of livestock but this may be changed by the sbil con¬
servation program.
Considering the acreages of the major hay crops which
farmers were planning to cut and adding allowance for the
prospective
acreage of grain crops cut for hay and for such hay as is likely to be secured
from peanuts and other annual legumes, the total
appears to be about
2% above the acreage cut last year, but about 1% below the five-year,
1928-32, average.
The winter has been so cold that supplies remaining
on hand next
spring are not expected to be heavy.
The number of units
of hay-consuming livestock is about 7% below the
peak of two years ago
and may show a slight further decline during the
year but it is still nearly
2% above the five-year average.
While the tendency to increase acreage is rather
general, about twothirds of the total acreage expansion this year is expected to be in the
Great Plains States, where the continuation of the 1934
drought into the
spring of 1935 caused the loss of much of the winter wheat seeded for
harvest in 1935 and also prevented the seeding of the usual
acreage of spring
grain.
Soil moisture is still seriously'lacking in that portion of this area
which extends from central Kansas into southeastern
Wyoming and from
this line southward through west
Texas, and there is still considerable
uncertainty as to the acreage of crops that will finally be harvested in that
the
of
corn
area.
In the irrigated areas of the West prospects are more
promising as the
condition
of the snow cover on the mountains encourages the
present
expectation
238:660 34,665:666 33,006:606
——
Tame hay
2,000
3,000
principal points of accumulation at lake and
Saturday, March 14 were as follows:
at
1,760,000
2,635,000
1,602,000
1,795,000
4,624,000
109.8
Beans, dry edible..
762,000
1,271,000
1,399,000
Soybeans.a...
Week
and Since
moderate
of
the
formation
on
central
a
good
supply
of water.
In most
parts
of the
South
a
increase
of
extent
corn
in crops other than cotton is to be expected but the
increase in all crops cannot be calculated because no in¬
prospective
belt
States,
plantings of cotton
particularly Missouri,
was
collected.
In
some
the acreage of crops
was
Volume 142
Chronicle
Financial
reduced last year by wet weather at planting time. " Farmers in that area
now plan to put in about the usual
acreage but much less than the usual
area was plowed last fall and less than the usual amount of
field work has
been done this spring so further wet weather
might prevent them from
carrying out their plans.
In the
Northeast and in some limited areas
wheat
badly, with duststorms again reported.
Rains are needed in Texas and Oklahoma, although
progress and con¬
were mostly fair to good; duststorms continued in the
panhandle of
the latter State.
Dusty conditions were again' reported in eastern New
Mexico and southeastern Colorado, although in higher western elevations
of the latter State grains are still well covered by snow.
Winter wheat is
spotted in Montana, but good in Idaho; in the Pacific Northwest conditions
were rather favorable, with more
late-seedings of all wheat germinating, but
the winter damage is still indeterminate.
Improvement of winter grains
dition
elsewhere the recent tendency towards an increase in the number
of farms
in operation and an increase in the area of cultivation
appear to have been
checked by the improvement in industrial
conditions; and in some local
areas there begin to be signs that the
movement of workers back to the
factories may cause a slight decrease in the
acreage of intensive
crops
season.
;
,-v
.
Corn—The
area
of
this
.
continued in the Southeast and
harvested for all purposes in 1936 may be
expected to total about 98,775,000 acres, according to reports from farmers
corn
March 1.
This would be above the
92,727,000 acres harvested in 1935
but below the five-year (1928-32) average of
102,768,000 acres.
Changes
from last year vary considerably by States with increases
on
being indicated
1935 by about 5,800,000 acres,
or
nearly 11%.
:
_
THE DRY GOODS TRADE
.
5,000,000 acres or about 11%.
Other significant changes from the aver¬
increases of aoout 1,100,000 acres or 10% in the South Atlantic
States, about 500,000 acres or 2% in the South Central
States, and about
200,000 acres or 9% in the Western States.
age are
Wheat—A
1935
was
total
spring wheat acreage of 22,440,000 acres for harvest
by reports from farmers.
The acreage harvested in
18,826,000
and
acres
the
five-year average
431,000 acres.
In the principal
(1928-32)
was
20,-
■
spring wheat area, the indicated increase in acreage
over that of last year ranges from
6% in Minnesota to 25% in Montana.
A sharp increase is also in prospect in the Pacific
Northwest, where seedings
of winter wheat in the fall of 1935 were curtailed
by lack of moisture.
Tne indicated acreage of durum wheat for harvest in
1936 is 3,312,000
acres, an increase of 25% over the 2,644.000 acres harvested in
1935 but
still substantially below
the five-year (1928-32) average of
4,805,000
acres.
Prospective increases from last year's acreage
range from 15% in
Minnesota to 40% in Montana.
Acreage of spring wheat other thamdurum is indicated at
19,128,000
acres in
1936 compared with 16,182,000 acres in 1935 and the
five-year
(1928-32) average of 15,626,000 acres.
The spring wheat acreages for harvest indicated
by farmers reported
'
,
intentions
make allowance for about the usual loss of
seeded acreages.
In each of the preceding three years abandonment has been
unusually heavy.
The Board's December report stated that conditions
at that time indi¬
cated an abandonment of winter wheat
acreage of between 15 and 20%.
Present indications tend to substantiate that estimate and
suggest a total
wheat acreage of about 61,000,000 acres for harvest in
1936 as compared
with 49,826,000 acres harvested in 1935 and the
five-year average (1928-32)
of 59.835,000 acres.
Oats—The indicated acreage of oats for harvest in
1936 is 39,785,000
The 1935 harvested acreage was 39,714,000 acres
and the
acres.
five-year
(1928-32) average
was 39,887,000 acres.
A sharp increase in acreage over
that of last year is indicated in Missouri ana more
moderate increases in
Iowa and Kansas.
These increases are
largely offset by indicated decreases
in most of the other North Central States.
As compared with the fiveyear average, the indicated acreage of oats for harvest in 1936 shows
a
decrease of about 1,700.000 acres or
14% in the Eastern corn belt and an
increase of about 1,000,000 acres or
5% in the western corn belt.
Barley—The prospective acreage of barley to be harvested in 1936 is
13,017.000 acres.
This compares
with
12,858,000 acres harvested in
1935, 7,095,000 acres harvested in the drought year of
1934, and the
1928-32 average of 12,739,000 acres.
A marked increase in acreage over that
southern
of last year is indicated in the
part of the corn belt but this is
decreases in the northern portion of the belt.
'in California.
V
largely offset by prospective
A slight increase is indicated
Weather Report for fehe Week Ended March
18—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 18, follows:
During the past week moderate
unseasonably warm weather was the
The first part of the period had heavyattending a depression that moved north¬
the
over the Atlantic seaboard, and at its close
rainfall was again heavy
On the morning of March
12, widespread precipitation
reported from the northern half of the Mississippi River eastward to
Atlantic
Ocean.
There
was
more
or
less
snow
in
lines
In the Cotton Belt preparations for
seeding
some
eastern
sections where heavy rains
All
growing
crops
in the Southern States made
good advance.
In the northern half of the country but little field work was
possible,
principally because of wet soil and, in some places, continued snow cover.
There was heavy flood damage during the week in north Atlantic
sections,
while local floods
Missouri
bottom
streams were the
were
reported from the upper Mississippi Valley and the
lands
of
western
North
highest experienced in 50
The soil-moisture situation remains
Dakota.
/ In
Connecticut the
years.
practically unchanged.
Precipitation
Oklahoma, while
persistently dry area, extending from
southeastern Wyoming and western Nebraska southward to the Rio
Grande;
East of the Great Plains moisture is generally
ample; in fact dry weather
is needed in Arizona and Utah and over most of Texas and
no relief has been afforded to the
would be beneficial in many places.
Small Grains—Winter wheat made
considerable growth in the Ohio
Valley and condition is largely fair to good; winter-killing has been less
than first expected in this section, as well as in Missouri.
The
principal winter-wheat area in western Iowa is now under water in a severe
flood, but otherwise the crop is in good condition in that State. In Missouri
wheat made good progress and is showing improvement in the
southern
severe
Combed lawns were
small lots, but the total volume was re¬
remained
were
as
unchanged.
follows: 39-inch
Woolen
quiet.
scant
Goods—Trading in men's wear fabrics was
Buyers continued to ask concessions but met with
success
Whatever
as
mills
business
were
was
able
to
maintain their position.
transacted
was
predominantly in
stripes and plaids.
Little interest existed for oxford grays
and serges.
A revival in these numbers is, however, ex¬
pected with the opening of fall lines about the beginning of
while the seeding of spring grains made
good advance.
in
con¬
Closing prices in
80's, 73^c.; 39-inch
72-76's, 6Kc.; 39-inch 68-72's, 6c.; 383^-inch 64-60's, 5^c.;
38^-inch 60-48's, 4%c.
>
widespread moderate tem¬
abnormally warm weather, and, as a result, vegetation is
developing rapidly throughout the southern half of the United States.
Plowing and spring plantings of early truck and garden crops are in
progress
as far north as Virginia,
the southern Ohio Valley, and eastern
Kansas,
to good stands.
Prices
print cloths
to
come up
cloths
sometimes hard to obtain.
numerous
stricted.
This made the third week in succession with
has
were
sold in
Precipitation was substantial to heavy over a large eastern area
extending
westward nearly to the Mississippi
Valley.
The heaviest falls occurred
along the south Atlantic coast, in the middle Atlantic area, and New
England, where many stations reported weekly totals of more than two
inches.
Precipitation was relatively heavy also in the upper
Mississippi
Valley, while the amounts in some north Pacific districts exceeded three
inches.
Generally, between the Mississippi Valley and western-coast
sections precipitation was very
light, with a large southwestern area again
experiencing a rainless week.
advanced rapidly, except
interfered with field work.
gray
course yarn goods for
quick deliveries.
Prices held fairly
steady, with mills still having a sufficient backlog of con¬
tracts to make concessions
unnecessary.
Finished goods
also moved slowly, although fair
quantities were sold in
specialties and in certain print cloths woven to order.
Tax
problems have prevented many converters from bringing
out additional styles for their
spring lines.
Trading in fine
goods was fairly active, although confined to spot deliveries,
and mostly for fill-in purposes.
Carded piques and poplins
were in
growing demand and immediate deliveries in these
country, except very locally in the upper Mississippi
Valley and the far
West.
It was abnormally warm in the Northeastern
States, where the
temperature averages ranged from 6 degrees to as much as 12
degrees above
normal; also in the northern Great Plains where similar departures are
shown;
and in the far Southwest, where the
temperature averaged from 6 degrees
to 9 degrees above normal.
In most other sections the
averages were 3
degrees to 5 degrees warmer than normal.
/
Freezing weather extended only to western North
Carolina, the southern
Ohio Valley, southern Missouri, and northwestern Texas.
No zero tempera¬
tures were reported from first-order
stations, the lowest being 2 degrees
above zero at Moorhead, Minn,, on March 13.
In Gulf sections the
minima ranged from 45 degrees to about 50
degrees.
Early fruit trees,
especially peaches, are blooming as far north as southern North
Carolina,
and central Arkansas, but reports continue to
emphasize damage by the
severe winter to peach buds in
many central sections of the country.
Corn planting progressed in the more southern States and
considerable
Goods—Trading in
for
central-northern
districts near the close of the week, while
considerably colder weather had
overspread most of the East.
The weekly mean temperatures were above normal
in all sections of the
peratures
Cotton
tinued in the desultory fashion of the past few weeks,
largely
due to existing tax uncertainties.
A few orders were placed
in eastern sections.
was
New York, Friday Night, March 20 1936.
Although storms and floods in some sections of the country
seriously interfered with business, retail trade, as a whole,
continued to show appreciable
gains over last year. Sharp
increases were recorded in women's
spring apparel and
accessories.
In. the metropolitan area, department store
sales, while somewhat hampered by rainy weather during
part of the week, ran well ahead of last year, some stores
reporting gains from 10 to 15%, although the average in¬
crease was believed to be somewhat below that
figure. The
pre-Easter business in those sections of the country not
affected by floods is expected to be the heaviest in
years.
Markdowns on spring merchandise will not be as drastic this
year, owing to a tendency among retailers to extend the
spring promotional season beyond Easter.
Trading in the wholesale dry goods markets continued to
reflect the improvement in retail business. Urgent demand
for Easter merchandise by stores is said to be
causing diffi¬
culty in obtaining immediate delivery of goods. Outing flan¬
nels for fall are well sold ahead, with some mills booked
up
into October and November. A good demand also
prevailed
for certain types of clothing cottons, and immediate
ship¬
ment was hard to obtain on this
type of merchandise. Whole¬
salers on their part proceeded
cautiously with regard to
orders for later deliveries, partly due to lack of confidence
in the price structure.
Stocks, however, are running low,
causing some jobbers to buy a few weeks ahead in order to
avoid paying premiums on
spot merchandise.
A strike
among employees of several local dry goods houses is expected
to reach a crisis soon.
It is believed that employers might
resort to a general lockout in order to
bring the situation
to a head. Business in silk
goods broadened somewhat, with
prices showing a slightly steadier trend.
Good demand
existed for pure dye crepes, sheers and satins. In the
greige
goods division, sheers were moving in good volume. Trading
in rayon yarns, while
fairly active, was mostly limited to
popular pigment numbers, with shortages developing in
certain counts.
Shipments were holding up well, and the
total March volume was
expected to reach that for February.
Demand for acetate yarns was rather quiet, but a
fairly
active call prevailed for fine cupramonium counts.
Domestic
to
rule in all sections of the country.
rains in the more eastern States,
ward
eastern localities.
favorable.
As compared
with the five-year average, substantial decreases are
indicated in Illinois, Iowa, Missouri, South
Dakota, Nebraska and Kansas.
More moderate decreases are indicated in Ohio and
Indiana, while in¬
creases are in prospect in
Michigan, Wisconsin and Minnesota.
In the
East North Central States as a group, the
prospective 1936 acreage is
less than the five-year average by about 800,000
acres, or about 4%,
while in the West North Central States it is less than
average by about
in 1936 is indicates
some
Spring plowing and seeding are advancing wherever possible.
Spring
nearly all sown in the eastern half of Kansas, while about
one-third have been planted in Missouri; some seeding was done in the
Ohio Valley, but the soil is still too wet to work in
man^ parts.
Prepara¬
tions for seeding are beginning in the spring-wheat region, with some
localities expected to begin planting in about 10
days, if conditions remain
oats have been
all groups except in the North Atlantic and South
Atlantic States,
where comparatively small declines Will occur.
North Dakota will have
a smaller acreage but in all other North Central
States the indicated acreage
of corn for harvest will exceed acreages harvested in
1935.
In the corn
belt as a whole, the indicated acreage for 1936 exceeds
that harvested in
in
2023
In eastern Kansas there is sufficient moisture for present needs and
is in satisfactory condition; in the western
part moisture is needed
part.
next
much
'
month.
situation.
suits
Business
in
women's
wear
fabrics
made
a
better
and
showing, in unison with the improved retail
Better grade flannels in
many instances, for
coats,
brisk demand, with stripes and
Considerable busi¬
ness was also transacted in
Shetland coatings and in white
and pastel fabrics for summer wear.
Some advance show¬
ings of fall lines met with good response.
were
in
plaids outselling solid color materials.
Foreign Dry Goods—Trading in linens continued rather
Some orders were received for white dress
goods and
linens, but the volume was restricted.
Busi¬
ness in
burlap expanded moderately.
Transactions, how¬
ever, were limited to covering of nearby requirements.
The
Calcutta market displayed a waiting attitude in view of the
lack of new arrangements to
replace the present productiondull.
for sportswear
control agreement, which .will be terminated at the end of
this month.
Domestically lightweights were quoted at
3.95c., heavies at 5.40c.
Financial
2024
March 21
Chronicle
1936
of Medford, Ore., 4% sewage disposal bonds,Tthe!First
Boston Corp., New York, N.Y., $981 per $1,000.
r
86,000 School District No. 45 of Lexington County, S. C., 4% school
bonds, R. S. Dickson & Co., Charlotte, N. C., $1,012.81 per $1,000.
183,000 City of Rock Hill, S. C., 4% waterworks and sewer revenue bonds,
Herman P. Hamilton & Co., Chester, S. C., $1,017.60 per $1,000.
107,000 City of Aberdeen, S. Dak., 4% sewage disposal plant improvement
bonds, Channer Securities Co., Chicago, 111. and Associates,
$1,063 per $1,000.
74,000 Independent District of Redfield, Spink County, S. Dak., 4%
grade school construction and high school auditorium reconstruc¬
tion bonds, E. H. Rollins & Sons, Inc., Chicago, 111., and Asso¬
ciates, $1,045.49 per $1,000.
31,000 County of Bosque, Tex., 4% courthouse warrants, series of 1934,
Robert E. Levy & Co., Waco, Tex., $1,026.47 per $1,000.
150,000 Grayson County, Tex., 4% combined county Courthouse and jail
warrants, Garrett & Co., Inc., Dallas, Tex., $1,032.60 per $1,000.
91.500 The City of Tyler, Tex., 4% hospital bonds, Garrett & Co., Inc.,
Dallas, Tex., and Associate, $1,002.60 per $1,000.
400,000 Board of Regents of the University of Tex., 4% library notes,
W. N. Estes& Co., Inc., and Associate, Nashville, Tenn., $1,060.30
per $1,000.
34,000 City of Alexandria, Va., 4% 1933 street and sewer bonds, Phelps,
Fenn & Co., New York, N. Y., $1,153.80 per $1,000.
45,000 Town of Gretna, Va., 4% waterworks revenue and waterworks
revenue, series B bonds, Peoples Bank of Gretna, Va., $1,010 per
$1,000.
18,000 Town of Washington, County of Rappahannock, Va., 4% water¬
works bonds, Robert Garrett & Sons, Charlottesville, Va., $1,009.29
per $1,000.
500,000 City of Tacoma, Wash., 4% water bonds of 1934, B. J. Van Ingen &
Co., Inc., and Associate, New York, N. Y., $1,093.09 per $1,000.
70,000 School District No. 1, County of Park, Wyo., 4% school building
enlargement bonds, the Stock Growers National Bank, Cheyenne,
Wyo., $1,080.30 per $1,000.
78,000 City
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
RECONSTRUCTION
text
FINANCE CORPORATION
on
Sale of Municipal Bonds—We give herewith the
of the
official release from the above named Federal
Report
supplementing our earlier report in these columns on
the sale of the municipal bonds taken over from the Public
Works Administration holdings—V. 142, p. 1858:
agency ,
Fifty issues of bonds purchased by the Reconstruction Finance Corpora¬
Corporation at
tion from Public Works Administration and offered by the
public sale on March 12 1936, have been awarded to the highest bidders.
The face amount of the bonds was $5,845,000 and the sale price $6,105,-
204.88,
a
net premium of $260,204.88, representing an average
price of
104.45.
The bonds,
the successful bidders and the prices paid were:
$37,000 Town of Fairbanks, Fourth Judicial Division, Territory of Alaska,
4% public improvement bonds. Brown, Schlessman, Owen & Co.,
Denver, Colo., $983.73 per $1,000.
69,000 City of Juneau, Territory of Alaska, 4% 1934 bonds, the First
Boston Corp., New York, N. Y., $1,005.20 per $1,000.
705,000 City of Phoenix, Maricopa County, Ariz., 4% park bonds, J. & W.
Seligman & Co., New York, N. Y., and Associates, $1,045.50 per
$1,000.
122,000 The Trustees
of the
State Normal School, Greeley, Colo., 4%
Owen & Co.,
dormitory revenue bonds, Brown, Schlessman,
Denver, Colo., $1,016,341 per $1,000.
45,000 County of Hawaii, Territory of Hawaii, 4% public improvement
serial bonds, E. F. Hutton & Co., Albuquerque, N. M., $1,041
per $1,000.
21,500 School District No. 68 of Cook County, 111., 4% school bonds,
Paine, Webber & Co., Chicago, 111., $983.77 per $1,000.
38,000 Village of Homewood, Cook County, 111., 4% water revenue bonds,
Municipal Bond Corp., Chicago, 111., $998.11 per $1,000.
14,500 Community High School District No. 501, Counties of Mason,
Logan and Tazewell, 111., 4% school building bonds, Paine, Webber
& Co., Chicago, 111., $1,031.10 per $1,000.
79,000 City of Princeton, Gibson County, Ind., 4% sewage works revenue
bonds, Albert McGann Securities Co., Inc., South Bend, Ind.,
$1,026.21 per $1,000.
310,000 City of Iowa City, Iowa, 4% sewerage revenue bonds, Shaw,
McDermott & Sparks, Inc., Des Moines, Iowa, $1,012.11 per
$1,000.
72,000 City of Russellville, Ky., 4% sewer revenue bonds, Stein Bros. &
Boyce, Baltimore, Md., and Associates, $951 per $1,000.
58,000 Town of Williamsport, Md., 4% sewer bonds, series of 1934,
W. W. Lanahan & Co., Baltimore, Md., and Associate, $1,026.90
per $1,000.
176,000 City of Battle Creek, Mich., 4% sewer improvement revenue bonds,
C. W. McNear & Co., Chicago, 111., $1,038.85 per $1,000.
15,500 Village of Russell, Lyon County, Minn., 4% municipal water¬
works system bonds, Allison-Williams Co., Minneapolis, Minn.,
$1,031.50 per $1,000. •
60,000 City of Bolivar, Mo., 4% sewer bonds, Baum, Bernheimer Co.,
Kansas City, Mo.
$1,014.29 per $1,000.
50,000 Consolidated District No. 3 of Wright County, Mo., 4% school
district bonds, Callender, Burke & MacDonald, Kansas City,
Mo., $970.10 per $l,u00.
175,000 State Board of Education of the State o* Montana, 4% Eastern
Montana State normal school bonds, Brown, Schlessman, Owen &
Co., Denver, Colo., $1,021.71 per $1,000.
73,000 Town of Carlin, Nev., 4% water works and sewer bonds. Brown,
Schlessman, Owen & Co., Denver, Colo., $1,016.30 per $1,000.
315,000 County of Middlesex, N. J., 4% tuberculosis hospital bonds,
Halsey, Stuart & Co., Inc., New York, N. Y., $1,054.09 per $1,000.
59,000 Union Free School District No. 1 of the Town of Castile, County of
Wyoming, N. Y., 4% school building bonds, J. & W. Seligman &
Co., New York, N. Y., $1,082.99 per $1,000.
32,000 Village of Elba, Genesee County, N. Y., 4% water bonds, J. & W.
Seligman & Co., New York, N. Y., $1,072.79 per $1,000.
138,000 Central School District No. 1 of the Towns of Remsen, Trenton,
Steuben, Boonville and Forestport, Oneida County, N. Y., 4%
school building bonds, E. H. Rollins & Sons, Inc., New York,
N. Y., and Associate, $1,063.30 per $1,000.
73,000 The Village of Stillwater, Saratoga County, N. Y.,4% waterworks
bonds, Manufacturers and Traders Trust Co., New York, N. Y.,
$1,059.90 per $1,000.
235,000 Union Free School District No. 1 of the Town of Thompson,
v
Sullivan County, N. Y., 4% school building bonds, E. H. Rollins &
Sons, Inc., New York, N. Y., and Associate, $1,056.50 per $l,u00.
45,000 City of Tonawanda,
Erie County, N. Y., 4% storm sewer bonds
Bancamerica-Blair
Corp., New York, N. Y., and Associate,
$1,008.50 per $1,000.
200,000 The City of Yonkers, Westchester County, N. Y., 4% water bonds,
The Guardian Life Insurance Co. of America, New York, N. Y.,
$1,050.50 per $1,000.
270,000 City of Durham, N. C., 4% sewage disposal bonds, the First
Boston Corp., New York, N. Y., and Associate, $1,111.90 per
$1,000.
126,500 County of Vance, N. C., school improvement and school building
4% bonds, Graham, Parsons & Co., New York, N. Y., and
Associate, $1,051.90 per $1,000.
42,500 County of Wake, N. G., 4% school bonds, F. W. Craigie & Co.,
Richmond, Va., $1,026.16 per $1,000.
55,000 City of Valley City, Barnes County, N. Dak., 4% sewage disposal
plant bonds. Harold E. Wood & Co., Saint Paul, Minn., $1,051 per
$1,000.
18,000 City of Mansfield, Ohio, 4% East Sixth Street storm water sewer
bonds, the First Cleveland Corp., Cleveland, Ohio, $1,070.90 per
$1,000.
28,000 City of Alva, Woods County, Okla., 4% waterworks improvement
bonds of 1934, the Brown-Crummer Co., Wichita, Kan., $1,028.70
Ser $1,000.
oard of Education
of the City of Clinton, Okla., 4% building
bonds of 1934, the Brown-Crummer Co., Wichita, Kan., $1,021.70
per $1,000.
28,000 City of Idabel,
Oklahoma, 4% waterworks bonds of 1934, the
Idabel National Bank, Idabel, Okla., $1,000 per $1,000.
of Pawnee, Pawnee County, Okla., 4% municipal power
power plant bonds of 1934, the Brown-Crummer Co., Wichita,
Kan., $1,023.50 per $1,000.
33,000 City of Redmond, Deschutes County, Ore., 4% water bonds,
series of 1921 Dean Witter & Co., New York, N. Y., $1,015.20 per
46,000 City
$1,000.
News Items
Navigation District—•Senate Kills
Project—The Florida ship canal project, begun
last year by President Roosevelt when he allocated work relief
funds for this purpose, was defeated by the Senate on
March 17, according to press dispatches from Washington
on that date.
By a vote of 39 to 34, the Senate decided
against the inclusion of $12,000,000 in the War Department
Appropriation Bill for continuation of work on the canal.
It
is said that the vote on the project ended all chance of
obtaining money for that work by including it in the Rivers
and Harbors projects which the War Department bill would
finance.
It will now have to be continued either by the
Florida Ship Canal
Federal Canal
expenditure of relief funds, or an authorizing bill will
passed through Congress so that the money needed
may be included in a deficiency bill.
Work on the canal was started last September by an allo¬
cation of $5,000,000, to which was later added $400,000 from
the $4,800,000,000 work relief fund which Congress voted
further
have to be
the last
at
The canal
session.
was to
have been dug for
miles, at about $1,000,000 a mile, from Jacksonville on
East Coast, to the Gulf.
(This subject is treated at
greater length in our Department of 4'Current Events and
Discussions," in this issue.)
200
the
Georgia—Governor Talmadge Defeats Move to End "Dicta¬
torship"—Governor Eugene Talmadge rejected on March 18
the plea of 27 State Senators for an extra session of the
Legislature to enact an appropriations bill and end his
financial "dictatorship," as he faced an impasse in the
collection of about $1,300,000 in gasoline revenue due on
March 20, it is stated in Atlanta advices.
It was asserted
by the Governor that the "political ambitions" of some of
the legislators were responsible for the State's present complex
situation by preventing the 1935 Assembly from passing the
appropriations bill.
_
Massachusetts—State Control of Local Finance
The experience of Massachusetts forms the
of the 49th volume of the Harvard Economic
Analyzed—
subject matter
Studies, "State
by Royal S.
Control of Local Finance in Massachusetts,"
de Woestyne of Knox College.
Professor Van de
Woestyne has treated both historically and analytically the
measures which have
been adopted in Massachusetts for
Van
regulating and supervising the finance of the cities and towns
of the Commonwealth, and has appraised the results of those
measures.
He stresses particularly the problems of indebted¬
ness, methods of debt payment, accounting and auditing,
statistics, certification of town notes, the budget in cities,
and to a limited extent, taxation.
He also considers such
additional controls as are found in the finance commissions
of Boston, Fall River,
and Lowell.
Far from being a work of purely local interest, this volume Is of out¬
standing significance for economists, public administrators, and scientific
students or government finance.
Other States, during the depressed
economic conditions of the past few years, have been obliged to devote
increasing
financial
attention to
difficulties.
ways
The
of helping municipalities deal with
Massachusetts
program
was
by
no
formulated as a whole at one time but is rather the product of over
their
means
half
century of growth and experience.
At the same time, however, it has not
resulted in the curtailment of local self-government in any vital respect.
Michigan—State Loses Test on Tax on Utility Output—A
dispatch from Lansing to the Chicago "Tribune" of March 10
reported as follows on a Circuit Court decision regarding the
State's authority to impose a sales tax on municipal power
plant revenues:
/
Judge Leland W. Carr
of Ingham County Circuit Court to-day ruled
right to collect a sales
of municipally owned power or gas plants.
The Cities of Lansing and Wyandotte and the Village of Lowell brought
the test action after the Board had reversed an earlier ruling.
About 50
communities throughout the State are said to be affected.
that the State Board of Tax Administration has no
tax on the output
Volum• 142
Financial
Chronicle
2025
Judge Carr's opinion, which probably will be appealed to the Supreme
Court, held that language of the statute and conduct of the
Legislature
since the sales tax enactment in 1933 indicated that the
lawmakers had no
intention of applying the_3% retail
levyjio^bills of other_than privately
owned utilities.
Missouri—State"Supreme Court Holds Toll Bridge Bond Act
Invalid—The Missouri Supreme Court has held unconsti¬
tutional the Act which authorized the issuance of toll
bridge
bonds to be payable only from
bridge tolls and exempting
bridges constructed or purchased under the
provisions of the Act.
/
taxation
from
The Court held that the Act
to
was invalid because it
unlawfully attempts
delegate legislative powers to private individuals and that the attempted
exemption of the bridges and bonds violated provisions of the state
tax
constitution.
Tne decision
was
handed down in
a
test
case
posed hignway bridge
involving
a pro¬
across the Missouri River near Arrow Rock, Mo.
The Act provided that from three to seven
private individuals could form
board of highway bridge trustees by
filing an agreement with the secretary
of state.
Tne Act also attempted to designate such
group as a public agency
and to grant it the right of perpetual succession.
a
New Jersey—Legal Investment
Eligibility of Bridge Bonds
Questioned—A dispatch from the Trenton Bureau, appear¬
ing in the Newark "Evening News" of March 12, reported
as follows on a move under
way in the State to have the
statutes regulating legal investments for
savings banks and
trust funds codified as soon as possible:
Plans for
the codification
of the state laws relating to investments
for
trust funds and
by banks for the banks' accounts have been aided by the dis¬
of the eligibility of Delaware River Bridge Commission bonds
in¬
cluded in the lot to be offered for sale March 24 by the State
Sinking Fund.
New York banks refused to bid on the bonds en
cussion
bloc, holding the issues
not eligible for investment by national banks.
If the bonds are not
eligible it is news to national bank examiners of long experience.
This issue is a "legal" for all kinds of investments
by corporate and per¬
are
sonal
trustees
of every description in
New Jersey and Pennsylvania.
The
legal parity with the bonds of the Port of New York Author¬
issues of governmental agencies.
As far as skilled scrutin¬
eers of such issues are concerned, only one technical
objection may be made
to them by national bank examiners.
This technicality is that
they might
have no market, but if these bonds won't have a
general market there is
little chance for many other issues.
bonds
are on a
ity and
numerous
Law Authorizes Compact
difficulty in learning whether the Delaware River Bridge bonds are
one of the causes of the plan to codify similar laws.
The legality of
the issue is not mentioned in the general statute
regulating the investments
of state chartered banks or of trustees.
The authority is article 10 of
chapter
391, Laws of 1931, under which the joint commission operated in
building
the Camden-Philadelphia Bridge.
This law authorizes a compact between
New Jersey, Pennslyvania and Philadelphia and the
pledging of revenue for
the bonds, which also have a tax
exemption clause that makes them more
valuable.
The bonds to be sold bear 4 \i, have long maturities and will
sell
much above the price of 97 at which they were
issued, probably at prices to
yield less than 3 per cent.
The difficulty of determining whether many Issues are
legal arises from
the patching of the general state law and the
placing of special provisions in
amendments.
The deepest interest of general investors will be the
treat¬
ment the codifiers will give to the so-called
"guaranteed" mortgages and
participations.
Other special provisions as to "legality" are scattered in the
statutes and
stitutional
on March 16
by Justice Pierce H. Russell of the
Supreme Court, according to press dispatches from Troy on
that date.
Justice Russell is said to have declined,
however,
to issue an injunction
sought by the Associated Industries
of New York State to prevent enforcement of the Act.
He
is reported as
saying that he did not wish to interfere with
the organization set up to administer the law before
the
Court of Appeals had passed on it
Justice Rueesll said in his opinion that
levying upon one
employer for sums which would benefit employees of another
concern
was
an
unreasonable and
arbitrary transfer of
property in violation of "the due-process clause of the
Constitution," as interpreted by the Supreme Court of the
.
United States in the Railroad Retirement Board case.
(The said decision is covered in greater detail in our Depart¬
ment of "Current Events and
Discussions," on a
preceding
page
Unemployment
Insurance Bills Signed—Several amend¬
State's unemployment insurance act became
law on March 19 when
signed by Governor Lehman, it is
stated in an Associated Press dispatch from the
ments
relate to the issues of the Federal Housing
Administration, the South
Port Authority, the Port of New York
Authority, the Federal Land
Jersey
Bank,
Joint Stock Land Banks and HOLC.
The proposed code is in preparation by a committee of the
New Jersey
Bankers' Association.
The committee represents national and state banks
and will have the co-operation of Banking Commissioner
Withers.
New York State—Taxation
Department's Ruling Exempts
Estate Taxation—A ruling
given recently by the State Department of Taxation
which will let down the bars to permit all World War veterans
receiving a "bonus" to share in the exemption of property
Veterans' Bonus Funds from Real
was
from real estate taxation.
The ruling is construed to mean
that any man who buys a house in New York State and
uses
his bonus or pension money to pay for that house will not
have to pay taxes on that share of the value of his
property
covered
by money he received from the government.' This
exemption may amount up to $5,000 and it shall be tax free
for the lifetime of the veteran, or his
his father.
wife,
or
his mother,
or
The ruling of the State Department of Taxation was made
public through a letter to the Department Adjutant of the
American Legion.
We give herewith the text of that letter:
March 5 1936
Mr. Maurice Stember, Department Adiutant,
The American Legion, 305 Hall of Records, New
York, N. Y.
Dear Mr. Stember:
The State Tax Commission would inform you that In its
opinion moneys
on a World War veteran's
adjusted compensation
borrowed
certificate,
also
moneys obtained through the sale of bonds to be issued
June 15 1936, by the government in settlement of veterans'
on
or
and
about
adjusted com¬
pensation claims, which in the natural order of events would not
become
bonus money until the year 1945, because of the government's
anticipation
by nine years of the date of maturity of the certificates, are moneys within
the definition of bonus
moneys, as set forth in Section 4, subd. 5, of the
Tax Law of the State of New York and, therefore, such
moneys applied in
or toward the purchase of real
property entitle the property to exemption
from taxation for State, county and
general municipal purposes.
The
property, however, is subject to taxation at its full and actual value for
the construction and maintenance of
highways and for the support of schools.
Moneys, such as are referred to herein, if applied toward a reduction of a
mortgage upon real property, which mortgage was assumed by the grantee
at the time of purchase, or of a purchase
money mortgage given back as
payment in whole or in part, or toward the reduction of a mortgage
placed
the property by the purchaser for the purpose of securing
money to
be applied toward improving the
property, would entitle the property to
exemption to the amount of the moneys so applied.
Moneys expended in
general repairs and upkeep would not entitle the property to the
exemption
to the amount of moneys so expended.
The date of taxable status of real
property as it relates to the towns of the
upon
State, except towns in the counties of Nassau, Suffolk and Westchester, is
July 1.
The date of taxable status in these three counties is June 1.
The
date of taxable status in the several cities of the State is controlled
charters of such cities.
In all villages operating under the
law,
the date of taxable status is
a
by the
general village
fluctuating one—May 1 to Nov. 1,
depending upon the date of the completion of the assessment roll.
In
villages operating under special charters, the taxable status date is con¬
trolled by such charters.
All real property in this State is assessed for
taxation purposes as of its ownership and value on the date of taxable
status.
Property purchased as indicated, if acquired after the date of
taxable status, is not entitled to any exemption in such
year because of its
purchase with moneys as recited herein.
Very truly yours.
State
Tax Coqimission,
By Daniel R. Spratt,
Deptuy Tax Commissioner
"
New
York
State—Job Insurance Law Ruled Illegal—
Unemployment Insurance Act, passed by the 1935
Legislature and effective on Jan. 1 last, was declared uncon¬
The State
to
the
capital
that date.
on
The amendments, bringing the State law into
conformity with the Federal statute, will:
1.
The
legal is
of this issue.)
Eliminate employment in 1936 as
a
basis for eligibility for benefits in
1^38.
2.
Except for the provisions employees, receiving
more
year, instead of $2,500 as at present.
than
$2,600
a
3.
Classify private homes as separate establishments for the purpose of
determining whether an employer has four or more persons employed in
domestic service.
Port of
The
New York
Authority—Annual Report Issued—
above
named Authority, in its 15th annual formal
report, puts gross income for 1935 at $11,975,184, against
$11,138,150 for 1934, approximately the same as reported in
the
preliminary report issued late in January.
It is shown
$3,346,142, a gain of 17.2% over
$2,854,904 reported in 1934.
The net income was
allocated for the following purposes:
Reserve for Holland
Tunnel sinking fund, $1,500,000; statutory
reserve—George
Washington Bridge, $1,261,430; general reserve, $1,379,442,
and operating reserve, $794,729.
that net income totaled
the
Governor Signs Social Security Amendment Bill—An
Albany
dispatch to the New York "Herald Tribune" of March 19
reported as follows on the approval by the Chief Executive
of the Byrne bill, making the State Social
Security Act
conform to the Federal social
columns
recently—V. 142,
p.
aid law; as reported in these
1859:
:";.r
J*
On the eve of arguments before the Court of Appeals to-morrow in two
testing the constitutionality of the New York State unemployment
insurance law, Governor Herbert H. Lehman to-day signed the
Byrne bill
which amends the law in several important particulars and
brings it into
close conformity with the Federal Social Security law.
The bill, which was sponsored in the Legislature by Senator William T.
Byrne, Albany Democrat, amends the law so as to separate an employer's
cases
business
or
industrial
thereby making it
establishment
unnecessary
from
his
domestic establishment,
for him to insure his household employees
if they are less than four in number.
The law assesses a 3 % payroll levy on all employers of four or more
per¬
ms, payment beginning this year to the amount of 1 % of the total payroU,
increasing to 2% next
year, and 3% thereafter.
Unemployment benefits
begin in 1938.
The Byrne bill provides that a person must be employed at least 90
days
consecutively in 1937 to be eligible for the benefits, which last for 15 weeks,
beginning Jan. 1 1938.
Another amendment raises the exemption of nonmanual beneficiaries from those receiving $2,500 or more a year, as
provided
in the original law, to $2,600 or more a year, or $50 a week.
Another amendment provides that non-profit-making religious, charitable,
scientific, literary or educational institutions, which were exempted from
the payroll levy under the original law, will continue to be exempted, but
with the optional privilege of insuring their employees.
Governor
Signs
Four
Bills Retaining Emergency Taxes—
listening on March 18 to an exten¬
Governor Lehman was
signing four of the tax bills so far approved by both Houses,
according to Albany advices. In so doing the Governor as¬
While the Senators
were
sive defense of his original budget,
sured continuance of the emergency tax on stock and cor¬
porate certificate transfers; the temporary levy on franchises
of corporate businesses; the emergency estate tax, and the
emergency 1% levy on net incomes for
anotherfyear. He is
reported to have approved the bills without comment.
Deferment of Debt Service Assailed—A bitter disagreement
place on that date in the Senate over the deferment of
debt service items, totaling $11,160,010, all of which fall due
after April 1 1937.
The Governor has branded this reduction
took
unconstitutional and
a
threat to State credit.
municipal bond brokers are said to have been
hearing to predict dire results of such action.
A number of
on
hand at the
Assembly Votes 65-Year Limit on Old Age Pensions—The
Republican-controlled Assembly on March 18 unanimously
passed, and sent to the Democratic-controlled Senate, the
Wadsworth bill lowering the old-age pension limit from the
present 70 years to 65 years.
Although Assembly Irwin
Steingut, Democratic minority leader, pleaded for delay on
the ground that there should be an agreement on some form
of taxation to meet the extra expense, he and other Demo¬
cratic members voted for the bill, according to report.
2026
Financial
Slide
Chart
Prepared
on
Municipal
Bonds—In the
light of current governmental efforts to further increase
income and other taxes, John Nuveen & Co. of Chicago, one
of the oldest municipal bond houses in the country, have
prepared a copyrighted slide chart which demonstrates the
heights to which the income taxes have risen since the
inauguration of the income tax, particularly in relative
proportion to the yields from tax exempt and taxable bonds.
In
a
statement issued in connection with the distribution of
the slide
chart, John Nuveen & Co.
say:
"The slide chart shows, for example, that a man with taxable income of
$100,000 to $150,000 would have to have a taxable bond bearing 10.52%
in order to pay his income taxes and still provide the same return as a 4%
tax exempt municipal bond.
A man paying the maximum income tax rate
on an income of over $5,000,000 would have to obtain a 19.05% return on
a taxable bond in order to provide him with the
equivalent of a 4% return
on a non-taxable municipal bond.
John Nuveen & Co. also point out that under present tax law investors
of large means who are interested primarily in safety of principal can no
longer afford to hold anything but tax exempt securities.
They also warn
that any further increase in income taxes, such as are being widely proposed
in Washington, will make it unprofitable for much of the country's private
capital to participate in the financing industry.
Virgini a—New Law Regulates Payment of County Bonds—
passed recently by the General
Assembly, which provides that counties issuing new bonus
after the beginning of next year will be required to retire
Chronicle
a
year,
with interest, the final installment to become due and payable
not more than 30 years from the date of issue.
It is under¬
stood that this
new
At North Little Rock, the District will refund $1,045,500 of 5% bonds to
to 3>£% the first 15 years and 4^% thereafter to
maturity Jan. 1 1966.
The Blytheville School District has an issue of $227,000 divided as follows:
$50,000 at 6%, $91,000 at 5%, and $86,000 at 4%%.
The refunding
contemplates a reduction of % of 1% from the rate of each description.
Authority to refund is conditioned upon a certification by the State Banking
Department that the Equitable Securities Corp., Memphis, refunding
agent, is licensed to operate in Arkansas.
Authority to refund a $27,000 issue of 6% bonds at 5% was given the
Acorn District of Polk County conditioned upon adjustment of a dispute
with I. H. Nakdimen, Fort Smith, relative to the refunding agent's fee.
The Almyra District of Arkansas County will refund $20,000 of 5% bonds
at 4% the first five years and 5% thereafter to maturity.
The Manila
District of Mississippi County will refund its 5% issue of $30,000 at 4%
the first five years and 4 H % thereafter to maturity.
HIGHWAY
issuance of 4
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
Francis, Bro. & Co.
ESTABLISHED
1877
Inaestment Securities
TULSA
ST. LOUIS
BOND REFUNDING
CONSIDERED—A
proposal for
% bonds to call oustanding State of Arkansas highway and
toll bridge bonds bearinghigher coupon rates is said to be under considera¬
tion by
Governor J. M. Futrell and other members of the State Refunding
The opinion, however, apparently is that the State should not
new financing until its credit position has been strengthened
and also that it should be delayed until the tendered price of bonds has
Board.
undertake the
reached
par#
.••
- »'
A. Long, Manager of the bond department of the Mercantile-Com¬
Bank & Trust Co., St. Louis, suggested in a recent letter to Governor
Futrell that approximately $12,000,000 might be saved by issuance of new
bonds for purchase of outstanding obligations.
He cited the fiscal policy
of Detroit as a similar operation.
t
I.
merce
METO
BAYOU
DISTRICT
DRAINAGE
(P.
O.
Lonoke),
Ark.—
DETAILS ON RFC LOAN— It is stated by the Attorney for the District
that the loan of $237,500 for refinancing, authorized by the Reconstruction
Finance Corporation
into active
use
recently, as noted in these columns, cannot be put
until the necessary consents have been obtained from the
bondholders to the refinancing agreement.
CALIFORNIA
law will not apply to renewals or exten¬
sions of any county bonds issued prior to Jan. 1 1937, or to
refunding issues replacing bonds issued orior to that date.
It is stated by the sponsor of this Act that its purpose is to
make mandatory the retirement of future bonds on schedule
and to prevent repeated refundings which serve only to con¬
tinue indefinitely the bonded indebtedness as an obligation
necessitating the payment of interest over an extended period.
1936
cut the interest rate
A bill is said to have been
them at the minimum rate of l-25th of the total issue
March
CALIFORNIA, State of—COMMITTEE APPOINTED ON REVISION
OF STATE FINANCES—V. E. Breeden, Chairman of Governor Merriam's
committee, recently announced the appointment of a committee of 25 to
The selection of the com¬
tax
consider revision of the California fiscal system.
mittee grew out of Governor Merliam's financial conference in February.
State-wide in its personnel, the committee will investigate State expendi¬
tures and revenues,
and make a report to the Governor.
It is expected the
report will be used as a guide to revision of State finances. The problem of
balancing State and local budgets has become "singularly acute," Breeden
said, with the State Treasury "running in the red" in spite of "temporary
expedients" to balance outgo and income.
The committee:
Francis V. Keesling, San Francisco, chairman; J. L.
Beebe, Los Angeles, vice chairman; Frank N. Belgrano Jr., San Francisco;
Harry Buffem, Long Beach; E. A. Cottrell, Palo Alto; E. S. Dulin, Los
Angeles; Mrs. Paul Eliel, Berkeley; E. W. Elliott, Los Angeles; D. J. Feigenbaum, San Francisco; C. A. Griffith, Azusa; B. C. Hanna, Los Angeles;
W. I. L. Hollingsworth, Los Angeles; A. W. Houck, Los Angeles; Atholl
McBean, San Francisco.
H. S. Mackay, Los Angeles; Irving Martin,
Stockton: Robert Searls, San Francisco; A. T. Spencer, Gerber; Mrs. O. H.
Turner, Long Beach; Edward Vandeleur, San Francisco; R. B. von KleinSmid, Los Angeles; Ray Wiser, Gridley, and Mrs. F. P. Wray, Davis.
Mr. Breeden said the committee had been chosen "without regard to po¬
litical affiliation," and that the Governor had approved the personnel.
CALIFORNIA (State ot)—WARRANT SALE—Two banks, the Capitol
Bond Proposals and Negotiations
National Bank of Sacramento, and the Bank of America, San Francisco,
on March 16 purchased $900,000 in State relief warrants, it is announced by
State Controller Ray L. Riley.
The funds will be used by the State relief commission, which two weeks
ago
on
urged sale of $2,400,000 in relief warrants to save 75,000 Californians
relief from virtual starvation.
A total of
The banks
warrants will
Municipal Bonds
Corporation
Nashville
New York
Birmingham
Knoxville
Chattanooga
Memphis
in
bear interest at 4%.
the
The
official report given in these columns recently, that the Reconstruction
Finance Corporation had authorized a loan of $484,500 to this district for
refinancing purposes—v. 142, p. 1859—we are now informed that about
90% of the bondholders have agreed to accept $750 per bond with all un¬
paid coupons attached.
It is said that the district will supply the addi¬
tional funds to make this disbursement when the funds are available from
the RFC and the bonds are actually deposited.
DALY CITY SCHOOL
ALABAMA
FLORENCE,
were sold earlier
paid a premium of $1,033 in purchasing the warrants.
CORCORAN IRRIGATION DISTRICT (P. O. Corcoran), Calif.—
DETAILS ON RFC REFINANCING LOAN—In connection with the
EQUITABLE
Securities
$2,500,000 in State relief warrants
month.
ALABAMA
DISTRICT, Calif.—BONDS VOTED—At
an
on March 10 the residents of the district voted in favor of
the issuance of $85,000 gymnasium and school building bonds.
election held
Ala.—BOND
ELECTION—An election is said to be
scheduled for April 14 in order to vote on the proposed issuance of $300,000
in reminding bonds.
GADSDEN, Ala.—BOND ELECTION—The City Commission has voted
to call a special election for April 14 at which a proposal to issue $220,000
school building bonds will be voted upon.
EL
CENTRO,
are
in¬
V. 142, p. 1678—was called off.
HERMOSA
JEFFERSON COUNTY
Calif.—BOND ELECTION CANCELED—We
formed by the City Clerk that the election scheduled for March 17 to vote
on
the proposed issuance of $265,000 in municipal building
bonds—
BEACH,
Calif.—BOND ELECTION—The City Council
(P. O. Birmingham). Ale.—BOND SALE—
The six issues of refunding bonds aggregating $284,000, offered for sale on
March 19, at public auction—V. 142, p. 1878—were awarded to Ward,
Sterne & Co. of Birmingham, as 3s, at a price of 99.10, a basis of about
3.15%, on the bonds divided as follows:
has passed an ordinance authorizing submission of a bond issue proposal
at an election to be held on April 14.
The bond issue would amount to
$200,000 public road, series A bonds.
Due on April 1 as follows: $15,000,
1939 to 1946, and $16,000, 1947 to 1951, all incl.
5,000 road bonds.
Due on April 1 as follows: $2,000, 1939, and $3,000
IMPERIAL, Calif.—FEDERAL COURT APPROVES BOND REFUND
"Wall Street Journal" of March 11 carried the following
Federal Court decision concerning the bond
refunding plan of the City of Imperial, which is expected to have a bearing
in 1940.
10,000
7,000
7,000
55,000
Due $1*000 from April 1 1939 to 1948 incl.
road bonds.
Due $1,000 from April 1 1939 to 1945 incl.
road bonds.
■■■■■'•
Due $1,000 from April 1 1939 to 1945 incl.
road bonds.
Due $5,000 from April 1 1939 to
court house construction bonds.
1949 incl.
$66,000, and would be floated for the purpose of financing construction of
a municipal auditorium and improvements to the municipal pier.
ING PLAN—The
Los Angeles news report on a
on
similar plans of other municipalities:
a decree affecting indirectly some
"In
39 California municipalities and
bonds, Federal Judge Leon R.
refunding plan under the
Municipal Bankruptcy Act by which the City of Imperial will readjust its
approximately
$14,500,000
outstanding
Yankwich has handed down a decision approving a
General obligation bonds. The plan, originated by Gilbert Smith of Pasadena
!orp. at the request of certain bondholders whose securities were in default,
will permit reduction of interest payments
ARKANSAS
BONDS
Markets in all State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
ARKANSAS
State fk Municipal Bonds
from 6% to 2% for
a
period of
four years, gradually increasing thereafter to 6%, and extending maturity
dates of bonds outstanding to effect ultimate recovery by holders of the
full amount of
principal invested.
"The City of Imperial has outstanding $97,500 in face value of 6%
general obligation bonds from six original issues amounting to $241,800.
The bonds were to mature at the rate of approximately $10,000 annually
from 1928 to 1938.
Tax delinquencies for the fiscal years 1933-34 were
estimated at 42.9%.
"By the terms of the refunding plan, all outstanding bonds will be ex¬
changed for new bonds to be voted on April 14 1936. Interest will be paid
on the $97,500 face value of delinquent bonds at the rate of 6% in cash to
May 1 1935.
"When submitted to bondholders, owners of $85,000 of the total out¬
standing issue approved the refunding plan.
A compromise settlement
was made with holders of $3,000 of the delinquent issue whereby they have
received $2,227 in settlement of principal and interest due.
"An analysis of the effect of the decision on municipal refunding pre¬
pared by Edgerton, Riley & Walter, dealers in municipal and corporation
securities, points out that substantial benefits will accrue both to bond
holders and municipalities by appliaction of the plan to solve financial
difficulties."
LOS
WALTON, SULLIVAN & CO.
LITTLE
ST. LOUIS, MO.
ROCK, ARK.
ARKANSAS
ARKANSAS,
State
of—SCHOOL
DISTRICT BOND REFUNDING
OPERATIONS—Six refunding operations by Arkansas school districts for
the
of reducing interest rates will be undertaken with approval of
the Department of Education at Little Rock.
purpose
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—BOND
OFFERING—L. E. Lampton, County Clerk, will receive bids until 2 p.m.
March 23 for the purchase of $7,300 bonds of Ranchito School District,
which are to bear interest at no more than 5%.
Denom. $1,000, except
one
for $300.
Dated March 1 1936.
Due March 1 1941.
Certified
check for 3 %, required.
LOS
(P. O.
ANGELES COUNTY WATER WORKS DISTRICT NO. 21
Los Angeles), Calif.—BOND SALE—The $21,000 water plant
on March 2—V. 142, p. 1505—were awarded to
the Morrison Bond Co., Ltd. of Long Beach, as 6s, for a premium of $26,
equal to 100.123, a basis of about 5.99%.
Dated March 1 1936.
Due
$1,000 on March 1 from 1938 to 1958.
construction bonds offered
Financial
Volume 142
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los Angeles,
Calif.—RESULT OF BOND SALE—Of six issues of school district bonds)
aggregating $305,000, offered on March 15—V. 142, p. 1678—five blocks,
totaling $299,000, were disposed of as folllws:
$270,000 Beverly Hills City High School District bonds to Blyth & Co.
and Griffith-Wagenseller & Durst, of Los Angeles, as 2^fs, for
premium of $2,889, equal to 101.07, a basis of about 2.64%.
Dated Feb. 1 1936.
Denom. $1,000.
Due from Feb. 1 1938 to
1956 inclusive.
11,000 El Segundo High School District bonds to Dean Witter & Co.,
of San Francisco, as 4s, at a premium of $16, equal to 100.145, a
a basis of about 3.97%.
Dated Sept. 1 1935.
ept. l
Denom. $1,000.
Due $1,000 from Sept_. 1 1936 to 1946 inclusive.
ept
ds
10,000 Arcadia City School District bonds to Redfield Royce & Co.,
Redfield,
of Los Angeles, as 43^s, for a premium of $131, equ
ilium
Bles,
equal to 101.31,
a
basis of about 4.38%.
Denom. $1,000.
Dated Jan. 1 1935.
Due $1,000 from Jan.
1 1946 to 1955 inclusive.
1941 to 1956 inclusive.
There
were no
bids for the $6,000 Soledad School District bonds.
(P. O. Los
Angeles), Calif.—BOND OFFERING—Sealed bids will be received until
1:30 p. m. on April 10, by S. H. Finley, Secretary ot the Board of Directors,
for the purchase of an issue of $11,808,000 Colorado River water works
bonds.
Interest rate is not to exceed 5%, payable M. & N.
Denom.
$1,000.
Dated May 1 1936.
Due $328,000 annually from May 1 1951
to
1986, incl.
Principal and interest payable in lawful money at the
office of the District Treasurer, or at the National City Bank in New York,
or at the Continental Illinois National Bank & Trust Co. in Chicago.
The
bonds will be sold for cash only and at a price not less than par, plus accrued
interest to date of delivery.
Bids submitted must be for all of said bonds
no bids for less than all of said bonds will be considered.
The approving
opinions of Thomson, Wood & Hoffman of New York, and O'Melveny,
TuUer & Myers of Los Angeles, will be furnished to the purchasers.
A
to the district, must accompany the
certified check for $237,000,
bid.
These bonds are issued in pursuance of an Act of the Legislature
approved May 10 1927, and of all amendments thereof and supplements
thereto.
SAN ANSELMO, Calif.—BOND ELECTION—An election will be held
on
April 14 on the question of whether San Anselmo shall float
a
municipal
bond issue of $90,000 to pay up defaulted and delinquent street improve¬
ment bonds and buy up all future-payment bonds, thereby spreading the
charge over a 10-year payment plan.
SAN
FRANCISCO
(City
and
County
of),
Calif.—NOTES
SOLD—The $1,500,000 tax anticipation notes offered
on
NOT
March 16—Y. 142,
1860—were not sold, the offering being canceled because of a recent
decision rendered by the State Supreme Court in a case involving obligations
of the Berkeley School District.
The following brief explanation of the above question is taken from a
recent San Francisco news dispatch:
"Legal opinion on the sale of $1,500,000 tax notes which this city plans
to sell March 16 will not be given until a recent decision of the State Supreme
Court on the Berkley High School District has been clarified.
"The Supreme Court last month ruled that tax notes could be issued
under Section 3719 of the political code 'in the aggregate not to exceed 50%
of taxes remaining unpaid.'
"Taxes are collected semi-annually, and the question arises whether the
ruling limits tax note issuance during any six months' period to 50% of
the taxes due in that period or to 50% of the taxes due in the fiscal year."
p.
SANTA
BARBARA COUNTY WATER
WORKS DISTRICT NO. 1
(P. O. Santa Barbara), Calif.—BOND SALE—We
informed by
the County Clerk that the $6,000 coupon water system bonds offered for
sale without success on March 2. as reported here—V. 142, p. 1678—were
purchased on March 9 by Mr. Robert J. Batty, of Buellton, as 6s, paying
a premium of $1.00.
Dated Nov. 1 1935.
Due $600 from Nov. 1 1936
to 1945, incl.
Denom. $600.
Interest payable M. & N.
are now
*
SANTA
San
CLARA
Jose),
COUNTY
CONSERVATION
DISTRICT
(P.
O.
Calif.—BOND ELECTION AUTHORIZED—An election is
said to have been authorized recently by the Board of Directors, to have
the voters pass on the proposed issuance of $400,000 in conservation project
bonds.
(State of)—NOTES OUTSTANDING—On Feb. 29
of $9,500,000 short term notes outstanding.
The
on that date, according to the statement of Finance
ommissioner Edward F. Hall, was $13,877,711.83, or $2,172,030.80 higher
It is reported that the probable date of the election is April 21.
STOCKTON,
Calif— BOND OFFERING— On March 25 the City
Council will open bids on the purchase of an issue of $110,000 sewer and
sewage disposal plant bonds, which will bear interest at no more than 5%.
C
than
a
total
a
year ago.
MANCHESTER, Conn.—PLANS FISCAL YEAR CHANGE—A
reso¬
lution to change the start of the fiscal year and the date for the collection
of taxes from Aug. 15 to April 1 was phssed at a recent town meeting.
The change is designed to reduce borrowings on notes in anticipation of
tax collections.
Under the present system there is a spread of eight months
between the start of the year and the tax-payment date, which necessi¬
the borrowing of $200,000 or more to meet operating cost in that
period.
The move will have to be approved by the Legislature, according
to report.
tates
1934
SHELTON,
Conn.—BOND SALE—The $75,000 coupon (registerable
principal) relief bonds offered on March 19—V. 142, p. 1861—were
as 2s to the Bancamerica-Blair
Corp. of New York as 2s, at a price
of 100.763, a basis of about 1.84%.
Dated April 1 1936 and due April 1 as
follows: $8,000. 1937; $7,000, 1938; $8,000, 1939; $7,000, 1940; $8,000,
1941; $7,000, 1942; $8,000, 1943; $7,000, 1944; $8,000 in 1945 and $7,000 in
to
awarded
Other bids
were
as
follows:
Bidder
1935
R. F.
Rate Bid
Int. Rate
Coffin & Burr
"
2%
2%
2%
2%
Griggs Co
Rutter & Co
Putnam & Co..
Halsey, Stuart & Co., Inc
R. L. Day & Co.
100.46
100.425
100.40
100.39
2\i%
100.756
2H%
100.099
STAMFORD, Conn.—LOAN OFFERING—Joseph A. Boyle, Commis¬
sioner of Finance of the city, will receive sealed bids until noon on March 24,
for the purchase at discount of $500,000 tax anticipation notes.
Dated
March 24 1936.
Denom. $50,000, $25,00U, $10,000 and $5,000.
Due
March 24 1937.
The notes will be ready for delivery on or about Wednes¬
day, March 25 1936 at the First National Bank or Boston, 17 Court St.
office, Boston Mass., for Boston funds.
They will be authenthated as to
genuineness and validity by the First National Bank of Boston, under
advice of Storey, Thorndike, Palmer & Dodge of Boston, ar.d all legal
papers incident to this issue will be filed with said bank, where they maybe
inspected.
Year—
Tax Report Levy
Uncollected Mar. 1 *36.
$1,188,663.55
1,039,684.00
1935
$253,025.00
127,773.00
115,000.00
Reserve for uncollected taxes
Debt Statement
Net assessed valuation
1935
$109,706,614.00
2,812,000.00
318,924.00
-
Total bonded debt
Sinking funds
...
No water bonds.
STAMFORD,
Conn.—NOTE OFFERING—Joseph
P.
Zone,
Town
Treasurer,
will receive bids until noon March 25, for the purchase at
discount of $400,000 tax anticipation temporary loan notes.
Denoms. 2 for
$50,000, 8 for $25,000, 7 for $10,000 and 6 for $5,000.
Dated March 26
1936.
Payable Feb. 15 1937.
Notes will be ready for delivery on or about March 26 at the First
National Bank of Boston, 17 Court Street office. Boston, for Boston funds.
Notes will be authenticated as to genuineness and validity by the First
National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins,
and all legal papers incident to this issue will be filed with said bank, where
they may be inspected.
Financial Statement
as of March 1 1936
Levy
Uncollected to Date
$2,188,783.72
$364,310.16
2,179,434.06
«
247,939.28
Year—
-
1934
j933
2 157 374.57
.
Grand list 1935 (exclusive of tax exempt
196 528.44
property)
$145,373,779.00
4,802,000.00
453,279.00
Total bonded debt
Sinking funds
No water bonds.
Fiscal year begins Oct. 1.
FLORIDA
BONDS
PIERCE-BIESE CORPORATION
VALLEJO, Calif.—BOND OFFERING—The City Council has set March
27, at 11 a.m. as the time to receive bids on the purchase of $300,000 street
bonds.
had
general funded deficit
1946.
LOS ANGELES METROPOLITAN WATER DISTRICT
1
CONNECTICUT
the State
as
8,000 Bassett School District bonds to D. J. Lyman, of Whittier, as 4s,
for a $7 premium, equal to 100.0875, a basis of about 3.99%.
Denom. $500.
Dated March 1 1936.
Due $500 from March 1
2027
Chronicle
*
JACKSONVILLE
WOODLAKE PUBLIC UTILITY DISTRICT (P. O.
Woodlake),
Calif.—BOND ELECTION—The Board of Directors has called a special
Orlando
Tampa
Miami
election for April 15 at which a proposal to issue $32,000 water system
construction bonds will be submitted to the voters.
COLORADO
Florida
DENVER, Colo.—BOND REFUNDING CONTEMPLATED—The fol¬
lowing communication was just forwarded to us by our Denver corre¬
Municipals
spondent:
"William H.
are
McNichols, City Auditor, and other Denver city officials
studying the possibility of refunding around 6 M million dollars worth
of Denver special improvement bonds, it became known this week.
"The average interest rate on the bonds outstanding is
slightly
LEEDY, WHEELER & CO.
Jacksonville, Fla.
Orlando, Fla.
more
than
5%.
Investment bankers estimate that these could be refunded as
or 4s at a considerable saving to Denver taxpayers.
'Eastern bond houses have been inquiring as to the possibility of the
city refunding the bonds.
Some of the bonds are not due until from
Bell
33^s
Orlando
'
System
Teletype
Jacksonville
10
No.
96
1947 to 1950, although they are callable at any time the city may wish to
pay
them off.
FLORIDA
Coincident with the proposals to refund Denver bonds, it was disclosed
this week that the State of Colorado's bonded indebtedness now is
only
$4,500,000 as at March 1.
On the same date, State Auditor Bedford dis¬
closed that the State had cash on hand totaling $8,142,555.64."
FRUITA, Colo.—BOND SALE DETAILS—In connection with the
report given in these columns recently to the effect that $82,000 refunding
bonds had been purchased by a Denver bond house—V.
142, p. 1678—
we are informed by the Town Clerk that these bonds have not as
yet
been delivered.
They were sold through Bosworth, Chanute, Loughbridge & Co. of Denver.
Coupon bonds dated March 1 1936.
Due as
1949, and $6,000, 1950 to 1958, all inclusive.
Interest rate is 4%, payable M. & S.
follows:
$4,000,
1943
to
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5 (P.O.
Jacksonville), Fla.—BOND SALE—The $53,000 4%
offered
on
coupon
school bonds
March 16—Y. 142, p. 1324—were awarded to the Public Works
Administration at par and accrued interest.
There were no other bidders.
Dated Jan. 1 1936.
Due Jan. 1 as follows: $2,000, 1938 to 1953, and
$3,000, 1954 to 1960.
ESCAMBIA
COUNTY
SCHOOL DISTRICTS
(P.
O.
Pensacola),
Fla.—BONDS SOLD—The three issues of 4% semi-ann. school bonds,
aggregating $58,000, offered for sale on March 12—V. 142, p. 1679—were
purchased at par by the Public Works Administration.
The issues are
divided as follows:
$30,000 Century School District; $16,000 Myrtle
Grove School District, and $12,000 Walnut Hill School District bonds.
LOGAN COUNTY SCHOOL DISTRICTS (P. O.
Sterling), Colo.—
BOND CALL—The County Treasurer is said to be calling for payment on
April 1, on which date int. shall cease, at the office of Bosworth, Chanute,
Loughridge & Co. of Denver, 5% bonds numbered 1 to 28, of Consolidated
School District No. 99.
Dated April 1 1916.
Due on April 1 1956,
optional on April 1 1936.
It is said that the April 1 1936 coupons should
be detached from these bonds and presented for payment at the
County
is said to have been presented to the Circuit Court by the
city,
validation of the $785,000 in not to exceed 6% refunding bonds
been under discussion for some time, as noted in these columns
It is reported that April 7 has been set
by the court as the date
Treasurer's office.
the petition.
It is also stated that there are still outstanding bonds numbered 1, 2, 3,
5,6, 14, 15. 16, 30. 31, 32, 35, for $1,000 each, and Nos. 60, 64, 75 to 82 for
$100 each of the 6% issue of School District No. 54, dated Feb. 15 1921,
redeemable on Feb. 15 1936, on which interest ceased Feb. 15.
Bonds
should be presented to Sicllo, Simons, Day & Co. of Denver, for payment.
MONTROSE,
Colo.—BOND
will receive bids until
10
city hall refunding bonds.
payable semi-annually.
ORDWAY,
a.
OFFERING—Ada Moore, City Clerk,
April 1 for the purchase of $30,000 coupon
Denom. $1,000.
Dated June 1 1936.
Interest
m.
Colo.—BOND
SALE—An
issue
of
been sold to O. F. Benwell of Denver.
CONNECTICUT
$65,000
bonds
has
JACKSONVILLE, Fla.—BOND VALIDATION SOUGHT—A petition
seeking the
which have
previously.
for hearing
MIAMI, Fla.—JULY 1 BOND INTEREST REQUIREMENTS TO
MET—We quote in part as follows from an article
appearing in the
'Wall Street Journal' of March 18:
"Assurance that the City of Miami,
Fla., will pay its July 1 interest
BE
requirements in full
current
in
was given yesterday
by city officials to spike rumors
municipal circles that the city might be unable to meet these
payments.
"In a telephone
communication to the Florida correspondent of the
"Wall Street Journal," L. L. Lee, City Manager of Miami, said: 'The rumor
about Miami being unable to meet July 1 interest is not true. Arrangements
have been made to meet the payment in full.'
"William Tracy, chief accountant of the city in a report sent at the
request of this newspaper, says:definitely available when dueperformance.
'Based upon last year's July 1 1936
debt service requirements will be
"Rumors that Miami would be unable to meet its July 1 requirements
a decline in quotations for Miami
obligations recently, but prices
caused
improved
yesterday
when
municipal
houses
with
Florida
connections
received intimations that the city would be able to meet its needs.
The
bonds in the past three weeks or so have fluctuated between 71 and 77.
2028
Financial
They were quoted in the New York market yesterday at 74-74 ZA, about
point above Monday's close."
ST. PETERSBURG, Fla.—BELATED BOND SALE—We
are
Chronicle
a
on
Oct.
1 1960.
Jan. 1
•
UNION COUNTY (P. O. Lake Butler), Fla.—PROPOSED ROAD AND
BOND REFUNDING PLAN OUTLINED—In a letter
dated
Feb. 1st to holders of county-wide bonds, R. E. Crummer & Co., Inc., and
sewer
callable
at
SCOTTSBURG,
January.
Jan.
to
a
price of par plus
1
receive bids until 11
a. m. April 3, for the purchase at not less than par of
$50,000 school building bonds, to bear interest at no more than 4)4%.
Denom. $500.
Dated day of sale.
Interest payable Jan. 15 and July 15.
Principal and interest payable at the State Bank of West Terre-Haute.
Due $2,000 each six months from Jan. 15 1937 to Jan. 15 1949, inclusive.
'GEORGIA
IOWA
DARIEN, Ga.—BONDS SOLD—An $8,000 issue of 4% water system
D.) payable in Darien and in New York City.
approved by Tyson. & Tyson, of Darien.
ANAMOSA INDEPENDENT SCHOOL DISTRICT, la.—BONDS TO
BE OFFERED—The School Directors are planning to ask for bids in the near
future on the purchase of an issue of $55,000 bonds.
Legality
BOONE COUNTY (P. O. Boone), Iowa—BOND SALE—The $449,000
primary road refunding bonds offered on March 17—V. 142, p. 1862—were
IDAHO
awarded to the Iowa-Des Moines National Bank & Trust Co. of Des Moines/,
the Harris Trust & Savings Bank, of Chicago, and the White-Phillips Corp.
BANNOCK COUNTY (P.
O. Pocatello), Ida.—BOND SALE—A
$65,000 issue of tax anticipation bonds is reported to have been purchased
by the Continental National Bank & Trust Co. of Salt Lake City, at 2)4 %.
of Davenport, as 2s, for a premium of $4,151, equal to 100.294, a basis of
Wheelock & Cummins, Inc., of Des Moines, offered to pay a
premium of $4,150 for 2s.
Dated May 1 1936.
Due yearly as follows:
$65,000, 1937 to 1940; $50,000, 1941, 1942 and 1943; and $39,000 in 1944.
about 1.92%.
ILLINOIS
PARK
CHICAGO
DIST.,
Ill .—PROGRESS OF
REFUNDING
BREMER COUNTY (P. O. Waverly), Iowa—BONDS VOTED—At
on March 10—V. 142, p. 1507—the voters
approved the
issuance of the $75,000 in coutt. house bonds by a wide margin.
It is said
that no details regarding the sale of these bonds have been decided as yet.
the election held
PRO¬
GRAM SATISFACTORY— Definite progress in the $99,085,708 refunding
operation of the Chicago Park District is reported by Halsey, Stuart & Co.,
Inc., the refunding agent.
Full accord exists between them and the large
loop banks which in addition to having sold large amounts of the bonds
hold very substantial amounts in their trust accounts and their own port¬
folios.
With co-operation from these institutions, success of this refunding
operation, as in the case of the Sanitary District, appears assured, though
the refunding agent indicates that a task of large proportions lies ahead in
locating the remaining holders in order to obtain the additional deposits
necessary to the success of the plan in the limited time available, it was said.
Halsey, Stuart & Co., Inc., report that "no objections of consequence
have been offered to the Park proposal and that deposits have been comiug
in satisfactorily.
With deposits already in hand and in early prospect,
together with the large amount of holdings of the Chicago loop banks and the
bonds controlled by them approximately $60,000,000 of bonds may now be
counted as assenting to the general purposes of the proposal."
^ Prompt action, however, on the part of holders who have not yet deposited
their bonds is absolutely essential, Halsey, Stuart & Co., Inc., point out,
The proposal can be decalred effective
only through assent of approximately 85% of all bonds, and such assents
must be obtained at an
early date so as to make possible maximum
abatements of the 1935 tax levy also for the preparation of the huge issues
of new securities.
If the required percentage of deposits is not obtained in
the limited time available, the refunding cannot be carried through. Under
such circumstances the refunding agent points out that holders will be left
with defaulted issues and the cash payment of back interest provided under
the proposal will not be made.
It has been intimated, moreover, by those
familiar with the situation that if the proposal is abandoned this year, its
if the offer is to be made effective.
renewal is doubtful.
.
_
In connection with the pending refunding offer of Chicago Park District,
attention
is
directed
the
of Chicago
District
Sanitary
to
marked
improvement
in
the
of
credit
the
following the successful refunding of that
district's bonds as reflected in the recent offering of $41,000,469 Sanitary
District 4% series B refunding bonds.
The improvement has application
since the offer of Chicago Park District is in all essential respects similar to
that carried to successful completion by the Sanitary District.
,
COUNTY (P. O. Chicago), 111.— WARRANTS PUBLICLY
$2,000,000 corporate fund tax anticipation warrants
recently as 2s at par plus a premium of $3,980, to the
Illinois Co. of Chicago and associates were re-offered by the bankers at a
price of 100.67, to yield about 1.50% to Aug. 1 1937 and 2% thereafter.
Other members in the account were Keltey, Richardson & Co., Inc.; Lee
Higginson Corp.; F. S. Moseley & Co., and Bartlett, Knight & Co.
Other
bids for the issue included an offer by Welsh & Green of Chicago to pay
par for a block of $1,000,000 as l%s\ a tender of par and a premium of
$510 for 2s made by Stifel, Nicolaus & Co.; Hickey, Doyle & Co.; A. C.
Ailyn & Co., Inc., and John W. Clark & Co., and a bid by the Maurice
L. Rotchschild Investment Co. for $200,000 2)48 at par.
The county
negotiated the sale at the lowest net interest cost on record, the premium
obtained reducing the net rate on the loan to a figure of 1.8843%.
COOK
OFFERED—The
of 1936 awarded
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago),
111.—ACCOUNT MEMBERS—In connection with the report in these
columns recently of an award of $100,000 corporate fund tax anticipation
warrants of 1936 as 2s, at par plus a premium of $159, we learn that the
made by an account composed of the Illinois Co. of
Richardson & Co. and Bartlett, Knight & Co.
The
a price of 100.67, to yield 1.50% to
Aug. 1 1937 and 2% thereafter.
Stifel, Nicolaus & Co., Hickey, Doyle
& Co., A. C. Allyn & Co., Inc., and John W. Clark & Co. bid a premium
of $150 for 2s, while R. E. Herczel & Co. of Chicago offered a premium of
$33 for 2J4s.
accepted bid was
Chicago,
Kelley,
bankers re-offered the instruments at
COOK COUNTY (P.
The
O. Chicago), 111.—SYNDICATE MEMBERS—
$2,000,000 corporate fund tax anticipation notes awarded recently as
2s, at par plus a premium of $3,980 were sold to the Illinois Co. of Chicago
in joint account with Kelley, Richardson & Co., Lee Higginson Corp., F. S.
Moseley & Co., Bartlett, Knight & Co. and Rogers & Tracy, Inc., all of
The bonds are dated March 16 1936.
Denom. $1,000.
Principal
and interest payable at retirement at the County Treasurer's office.
The
warrants are issued against ad valorem taxes levied for corporate purposes
in 1936, all of which are specifically assigned and pledged for the payment
of both principal and interest.
Chicago.
EVANSTON,
passed
an
111.—BONDS AUTHORIZED—The City Council has
ordinance authorizing the issuance of $59,000 funding bonds.
GALVA, 111.—BOND SALE—Barcus, Kindred & Co. of Chicago have
purchased an issue of $23,500 3 % % water revenue bonds and have con¬
tracted to purchase an issue of $48,000 funding 3Ms.
bonds.
111.—BONDS AUTHORIZED—On
March
2
the
City
INDIANA
EVANSVILLE,
on
Ind.—BOND SALE—The $425,000 4% improvement
March 18—V. 142, p. 1679—were awarded to Marcus R.
premium of $32,355, equal to 107.613, a
The National City Bank of Evansville was second
offering a premium of $31,223.
Dated Feb. 1 1936.
Due
follows:
$28,000 from 1941 to 1950, and $29,000 from 1951 to 1955
Warrender of Indianapolis at a
basis of about 3.23%.
high bidder,
Jan, 1
as
CARROLL COUNTY
(P. O. Carroll), Iowa—BOND SALE—The
$761,000 primary road refunding bonds offered on March 16—V. 142, p.
1506—were awarded to the Harris Trust & Savings Bank, of Chicago, the
Iowa-Des Moines National Bank & Trust Co., of Des Moines, and the
White-Phillips Corp., of Davenport, as 2s, for a premium of $2,401, equal
to 100.315, a basis of about 1.93%.
L. C. Stork & Co. were second in the
bidding, offering a premium of $2,400 for 2s. Dated May 1 1936. Due as
follows: $100,000, 1937 to 1941; $90,000,1942 and 1943, and $81,000, 1944.
CLAYTON COUNTY (P.
O. Elkader), Iowa—BOND OFFERING
DETAILS—In connection with the notice which appeared in these columns
recently, to the effect that sealed and open bids will be received at 3 p. m.
on
March 25, by J. F. Maley, County Treasurer, for the
purchase of a
$493,000 issue of primary road refunding bonds—V. 142, p. 1680—it is
said
that
the rate of interest is to
be stated in
a
multiple of M of 1%.
Dated May 1 1936.
Due as follows: $65,000, 1937 to 1941; $60,000, 1942
1943, and $48,000 in 1944.
The approving opinion of Chapman &
Cutler of Chicago, will be furnished.
A certified check for 3% of the bonds
and
bid
for, payable to the said
CRAWFORD
County Treasurer, is required.
COUNTY
(P. O. Denison) Iowa—BOND SALE—The
$653,000 issue of primary road refunding bonds offered for sale on March 16
—V. 142, p. 1680—was awarded to Halsey, Stuart & Co. of
Chicago, as
2s, at a price of 100.5208, a basis of about 1.88%. Due from 1937 to 1944
incl. The second highest bid was submitted by the Harris Trust & Savings
Bank of Chicago.
DECATUR
COUNTY
(P.
O.
Leon), Iowa—BOND SALE—The
$51,000 primary road refunding bonds offered on March 19—V. 142, p.
1680—were awarded to Vieth, Duncan, Worley & Wood of Davenport
as l%s, for a premium of $221,
equal to 100.433, a basis of about 1.64%.
Dated May 1 1936.
Due $8,000 in 1937 and 1938, and $7,000 yearly from
1939 to 1943.
EMMETT COUNTY (P. O. Estherville), Iowa—BOND SALE—The
$360,000 primary road refunding bonds offered on March 20—V. 142, p.
1863—were awarded to the Iowa-Des Moines National Bank & Trust Co.
of
Des Moines, the Harris Trust & Savings Bank, of
Chicago, and the
White-Phillips Corp. of Davenport, as 2s, for a premium of $3,626, equal
to 101.007, a basis of about 1.73%.
The Central National Bank & Trust
Co. of Des Moines, was next higher bidder, offering a premium of
$3,625
for 2s.
Dated May 1 1936.
Due $45,000 yearly from 1937 to 1944.
FAYETTE COUNTY
(P. O. West Union), Iowa—BOND OFFERING
a. m. March 26,
refunding bonds.
Bidders are to name rate of interest, in a multiple of K %.
Dated May 1
1936.
Interest payable semi-annually.
Due $3,000 in 1937. 1938 and 1939.
Certificated check for 3% of amount of issue, payable to the County
Treasurer, required.
Approving opinion of Chapman & Outier, of Chicago,
will be furnished by the district.
Purchaser is to supply the blank bonds.
—F. G. Lee, County Treasurer, will receive bids until 10
for the purchase at not less than par of $9,000 primary road
FREMONT COUNTY (P. O.
Sidney), Iowa—BOND SALE—The
$38,000 issue of primary road refunding bonds offered for sale on March 17
142, p. 1680—was awarded to Vieth, Duncan, Worley & Wood of
Davenport and the Central National Bank of Des Moines jointly as 1 Hs,
paying a premium of $111, equal to 100.29, a basis of about 1.40%.
Due
$8,000 from 1937 to 1940 and $6,000 in 1941.
—V.
GRUNDY
SALE—The
COUNTY
D.
(P.
O.
Grundy
Center),
Iowa—WARRANT
$34,000
issue of secondary road fund anticipation warrants
March 12—V. 142, p. x680—was awarded to the Carleton
Beh Co. of Des Moines, as 1.50s, paying a premium of $100, equal to
offered for sale
100.264.
a net
on
interest cost of about 1.38% . Due on Dec. 31 1937 and 1938.
an offer of $99 premium at 1.50%, submitted
The next highest bid was
by Grundy County banks.
GRUNDY COUNTY (P. O. Grundy Center), Iowa—BOND SALE—
$486,000 issue of primary road refunding bonds offered for sale on
142, p. 1680—was awarded to Halsey. Stuart & Co. of New
The
March 12—V.
York,
as l)£s, paying a premium of $2,001, equal to 100.411, a basis of
Dated May 1 1936.
Due $65,000 from 1937 to 1943, and
$31,000 in 1944.
The following is an official list of the other bids all for 1%8 received:
about 1.65%.
Names of Other Bidders—
Premium
White Phillips Co-., Davenport
Iowa-Des Moines National Bank
Harris Trust & Savings Bank.
„
-
Vieth, Duncan, Worley & Wood
Northern Trust Co
W.D.HannaCo
HAMILTON COUNTY
WATERLOO,
Council authorized the issuance of $51,500 sewer bonds.
bonds offered
'
Central National Bank
RUSHVILLE, 111.—BONDS AUTHORIZED—The Board of Aldermen
has passed an ordinance authorizing the issuance of $65,000 sewerage
revenue
a
SUGAR CREEK SCHOOL TOWNSHIP (P. O. West Terre Hcute).
Ind.— BOA D OFFERING—aames L. Wefler, Township Trustee, will
bonds is said to have been purchased by Johnson, Lane, Space & Co. of
Savannah.
Dated Dec. 1 1935.
Due from Dec. 1 1937 to 1951.
Principal
and interest (J. &
Due Dec. 31 1939.
Ind.— PRICE PAID—Marcus R.
basis of about 3.81%, for the issue of $19,000 4%
,
.
intercepting
Warrender of In¬
premium of $300, equal to 101.57, a
school bonds sold last
Dated Jan. 1 1936 and due $500 semi-annually from July 1 1937
1956 incl.—V. 142, p. 1862.
dianapolis paid
plus
accrued interest, but without
deferred interest, upon any interest payment date on or before one year
prior to the maturity date of the respective bonds.
The approving legal opinion will be supplied by Chapman & Cutler.
Exchange of bonds will take place as soon as the holders of 75% of
the bonds involved have signified their intention of participating in the
proposed program.
Such exchange will take place at the First National
Bank, Chicago, 111.
;■
par,
of $305,000
at the Merchants National Bank of Terre Haute.
non-interest-bearing coupon for the
payable at the maturity of the
respective bonds.
be
authorizing the issuance
OTTER CREEK SCHOOL TOWNSHIP (P. O. North Terre Haute),
Ind.—BOND
OFFERING— Ralph
E.
Smith,
Township Trustee, will
7:30 p. m. March 25 for the purchase at not less than
par of $4,307.16 judgment funding bonds, which are to bear no more
than 5% interest.
Denom. $500, except one for $307.16.
Dated April 1
1936.
Principal and semi-annual interest (June 30 and Dec. 31) payable
amount of this deferred interest and will be
will
ordinance
an
construction bonds.
receive bids until
reduction from the date of the inception of the new rates to the date of the
return to the rates borne by the old bonds which the refunding bonds are
bonds
Ind.—BOND SALE—
MUNCIE, Ind.—BONDS A UTHORIZED—On March 2 the City Council
Co., fiscal agents for the county, outline a proposed plan
for the refunding of $684,000 road and bridge bonds, on which there was a
default of $110,410 interest and $46,000 principal as of Jan. 1
The refunding bonds, which will be exchanged for outstanding bonds, will
be dated July 1 1935, mature from July 1 1945 to 1965 and bear interest at
the rate of 4% for the first five years after July 1 1935, 5% for the next
five years and 6% thereafter until maturity.
The aggregate of the interest
All
County,
1952 incl.
adopted
John Nuveen &
a
Floyd
1936
JACKSON TOWNSHIP SCHOOL TOWNSHIP (P. O. Mount Ayr),
Ind.—BOND SALE—The $16,500 4)4% bonds offered on March 14—V.
142, p. 1325—were awarded to Marcus R. "Warrender of Indianapolis. Due
semi-annually on June 15 and Dec. 15 from 1937 to 1950 incl.
BRIDGE
exchanged for, will be evidenced by
TOWNSHIP,
The $10,800 coupon school building bonds offered on March 16—V. 142, p.
1506—were awarded as 3%s to the City Securities Corp. of Indianapolis.
Dated March 16 1936 and due $360 each six months from July 1 1937 to
informed
by the City Clerk that a $718,000 issue of improvement certificate refunding
bonds was sold in 1935 to various purchasers at par.
Dated Oct. 1 1935.
The bonds bear interest at 3% for the first three years, 4% for the next
2 years, 5% for the following 3 years, and 6% to final maturity, which
will be
March 21
GREENVILLE
(P.
O.
Webster City),
$2 000
2,000
2,000
1,925
1,925
1,475
1,475
la.—BOND SALE—
142,
The $406,000 primary road refunding bonds offered on March 18—V.
p. 1863—were awarded to the Harris Trust & Savings Bank, of Chicago,
the Iowa-Des Moines National Bank & Trust Co. of Des Moines, and the
White-Phillips Corp. of Davenport, as 2s, for a premium of $4,051, equal to
100.997, a basis of about 1.73%.
Halsey, Stuart & Co. of Chicago were
second, offering a premium of $4,050 for 2s.
Dated May 1 1936.
Due
$56,000. 1937; and $50,000 yearly from 1938 to 1944.
HANCOCK COUNTY (P. O. Garner), Iowa—BOND SALE—The
$243,000 primary road refunding bonds offered on March 18—V. 142, p.
1863—were awarded to Halsey. Stuart & Co. of Chicago as l)£s for a
premium of $751, equal to 100.309, a basis of about 1.68%.
Vieth,
Volume 142
Financial
Duncan, Worley & Wood of Davenport bid
Dated May 1 1936.
Due yearly as follows:
1939, and $30,000, 1940 to 1944.
IOWA,
sent
to us
a
$750 premium for lMs.
$31,000, 1937, 1938 and
State of—CORRECTION—The following communication was
on March 16 by the State
Highway Commission, reporting a
clerical error in the details of the primary road refunding bonds:
"Gentlemen—A typographical error has been discovered in the
proposal
form furnished for the use of bidders on our
primary road refunding bond
issues.
.
.
•
"The first paragraph of this proposal form states that the bonds are to be
May 1 1935, whereas the bonds are to be dated May 1 1936 as shown
elsewhere in the proceedings and public notices.
"All contracts will, of course, be entered into on the basis of the bonds
dated
being dated May 1 1936 and the official proposal form should be so revised.
—
"Very truly yours,
:
;
r
"Iowa State Highway Commission,
"By: C. Coykendall, Administration Engineer.''
KEOKUK
SCHOOL
voters of the district at
a
DISTRICT,
recent election
Iowa—BONDS
VOTED—The
approved the issuance of $15,000
school building improvement bonds.
KEYSTONE,
la.-—BOND
OFFERING
POSTPONED—The
sale
of
$16,000 sewer outlet and purifying plant bonds which was scheduled for
March 16—V. 142, p. 1863—has been postponed to March
23, at 7 p. m.
Bids will be received by George Harder, Town Clerk.
KOSSUTH COUNTY
(P. O. Algona), Iowa—BOND SALE—The
$329,000 primary road refunding bonds offered on March 19—V. 142, p.
Chronicle
2029
Davidson Co. of Wichita at
Denom. $500 and $1,000.
a
proposition to issue $150,000 office building and jail bonds.
GALVA, Kan.—BONDS SOLD—It is reported by the City Olerk that
$16,500 water works bonds have been sold to
MADISON COUNTY (P. O. Winterset), Iowa—BOND SALE— The
$180,000 issue of primary road refunding bonds offered for sale on March 13
—V. 142, p. 1506—was awarded to Vieth, Duncan, Worley & Wood, of
Davenport, and the Central National Bank & Trust Co. of Des Moines,
jointly, as l^s, paying a premium of $401, equal to 100.2227, a basis of
about 1.69%.
Due $25,000 yearly from 1937 to 1943, and $5,000 in 1944.
TOWNSHIP
MASON
SCHOOL DISTRICTS (P. O. Mason
City,
Iowa—BOND SALE—The $16,500 issue of school building
on March 7—V. 142, p. 1681—was
purchased by the
National Bank of Mason City, as 3s.
undisclosed purchaser.
pool construction bonds.
KANSAS
CITY, Kan.—BOND LITIGATION UP FOR HEARING—
are informed
by Howard Payne,- City Clerk, that a hearing will be held
April 6, on the proposed issuance of $300,000 in general improvement,
series B bonds, regarding the legality of such issuance.
He states that a
decision is expected shortly.
We
on
MARSHALL
COUNTY
block
A
(P.
O. Marysville),
Kan.—BOND SALE—
of $14,900 Works Progress Administration bonds was sold on
10 to the Small-Milburn Co. of Wichita at 100.89. The bonds will
bear interest at 2H% and will run for 10 years.
March
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND SALE— rhe
public work renef bonds offered on March 14—V.
142, p. 1864—was awarded to the Lathrop-Hawk-Herrick Co. of Wichita,
for a premium of $1,102.50, equal to 102.756.
Dated Feb. 15 1936.
Due
in from 1 to 10 years.
The Ranson-Davidson Co. of Wichita, offered a
premium of $1,087.
Issue of $40 000 2K%
KENTUCKY
COVINGTON,
Rapids), Iowa—BOND SALE DETAILS
$721,000 primary road refunding bonds
to Halsey, Stuart & Co. of New York, as l^s. at a price of 100,402, as
reported in these columns recently—V. 142. p. 1863—we are informed that
the bonds mature as follows:
$91,000, 1937, and $90,000, 1938 to 1944,
giving a basis of about 1.41%.
an
JUNCTION CITY, Kan.—BOND ELECTION—At the April 7 elections
the voters will be asked to approve a proposal to issue $30,000
swimming
yearly from 1938 to 1944.
LINN COUNTY (P. O. Cedar
1936.
EMPORIA, Kan.—BOND ELECTION— On April 7 the city will vote
on
1863—were awarded to the Iowa-Des Moines National Bank & Trust Co.,
of Des Moines, as l%s, for a premium of $776, equal to
100.236, a basis of
about 1.70%.
Dated May 1 1936.
Due $49,000 in 1937, and $40,000
—In connection with the sale of the
price of 101.289.
Dated March 1
Due serially for 10 years.
a
Ky.—BELATED BOND SALE—We
are
informed
by
the City Clerk that on Nov. 7 the city sold an issue of $445,000 3%%
water works revenue bonds to a syndicate composed of Middendorf & C6.
Charles A. Hinsch & Co., Inc.: Widmann, Holzman & Katz, all of Cincin¬
nati, and the Security Savings Bank, of Covington, at par.
Dated Nov. 1
1935.
Due as follows: $5,000.1937 to 1945, and $20,000,1946 to 1965 incl.
KENTUCKY, State of—ROAD WARRANTS CALLED—An Associated
Press dispatch from Frankfort on March 13 had the following to say:
"State Treasurer John E
Buckingham to-day called in for payment
outstanding interest-bearing warrants against the State Road Fund,
amounting to $1,156,392.76.
The warrants are numbered S-1635 to
S-1945.
Interest on the warrants will cease March 26.
"With the retirement of the warrants, the State Highway Depart¬
ment will begin its next biennial period April
1 with a "clean slate,"
according to Chairmen Ben Johnson."
R. F. D. No. 3)
LOUISVILLE, Ky.—BOND SALE—An issue of $100,000 2% % semi-ann.
bonds offered for sale
First
MILLS
COUNTY
(P. O. Glenwood), Iowa—BOND SALE—The
$190,000 primary road refunding bonds offered on March 17—V. 142, p.
1863—were awarded to Vieth, Duncan, Worley & Wood, of Davenport, as
2s, for a premium of $451, equal to 100.237, a basis of about 1.94%. The
Iowa-Des Moines National Bank & Trust Co., of Des Moines, was second
high bidder, offering a premium of $450 for 2s. Dated May 1 1936. Due
$25,000 yearly from 1937 to 1943, and $15,000 in 1944.
MONTGOMERY COUNTY (P. O. Red Oak), Iowa—BOND SALE—
The $270,000 issue of primary road refunding bonds offered for sale on
March 16—V. 142, p. 1863—was awarded to Vieth, Duncan, Worley &
Wood, of Davenport, as 2s, paying a premium of $1,251, equal to 100.463,
a basis of about 1.89%.
Dated May 1 1936.
Due from May 1 1937 to
1944.
;
.
\
v;.;" :;-
OSCEOLA, Iowa—BOND SALE—The $49,000
sion
bonds offered
March
and water exten¬
sewer
12— V.
142, p. 1S63—were awarded to the
White-Phillips Corp., of Davenport, as 2%s. for a premium of $570, equal
on
101.163.
to
PAGE COUNTY (P. O. Clarinda), Iowa—BOND SALE— The
$270,000 primary road refunding bonds offered on March 18—V. 142, p. 1863—awarded to Halsey, Stuart & Co., of Chicago, as IKs, for a premium
of $701, equal to 100.26, a basis of about 1.42%.
Dated May 1 1936.
Due $45,000 yearly from 1937 to 1942, incl.
were
POTTAWATTAMIE
COUNTY
(P.
O.
Council
Bluffs),
Iowa—
BOND SALE—The
$1,040,000 primary road refunding bonds offered on
12—V. 142, p. 1681—were awarded to the Iowa-Des Moines
National Bank & Trust Co., of Des Moines, the Harris Trust &
Savings
March
Bank, of Chicago, and the White-Phillips Corp., of Davenport, as IHs,
a premium of $701, equal to 100.067, a basis
of about 1.48%.
Dated
May 1 1936.
Due $130,000 yearly from 1937 to 1944, inclusive.
for
SIOUX CITY,
Iowa—BOND ISSUANCE NOT CONTEMPLATED—
connection with the report given in these columns in February, that
of $100,000 in emergency bonds had been authorized
by the
City Council—V. 142, p. 1326—it is stated by the City Clerk that the
said Council later decided to issue emergency warrants for the purpose
and take up the same out of the sinking fund, so that no bond issue is
In
the issuance
contemplated.
STORY
COUNTY
(P.
O.
Nevada),
Iowa—BOND SALE—The
$225,000 issue of primary road refunding bonds offered for sale on March 13
142, p. 1681—was awarded to Halsey, Stuart & Co. of New York, as
l^s, paying a premium of $1,651, equal to 100.73, a basis of about 1.56%.
Dated May 1 1936.
Due $33,000 in 1937, and $32,000 from 1938 to 1943,
—V.
inclusive.
The following were the unsuccessful bids for the above bonds:
Names of Other Bidders—
'
Int. Rate
Premium
Ames Trust & Savings Bank, Ames, Iowa; College
Savings Bank, Ames, Iowa; Fiedlity Savings Bank,
Marshalltown, Iowa
Vieth,
Duncan, Worley & Wood;
Central Nat.
White-Phillips Corp., Chicago, 111.; Iowa-Des Moines
National Bank & Trust Co.; Harris Trust Co
1%%
$1,650.00
1%%
Bank
1,500.00
1%%
UNION COUNTY (P. O.
Creston) Iowa—BOND SALE—The $418,000
refunding bonds offered for sale on March 16—V. 142,
1863—was awarded to Halsey, Stuart & Co. of Chicago, as 2s, paying a
premium of $2,601, equal to 100.62, a basis of about 1.86%. Due $50,000
from 1937 to 1944, and $18,000 in 1945. The second highest bidder was the
Harris Trust & Savings Bank, of Chicago.
issue of primary road
p.
COUNTY
(P.
O.
Fort
Dodge),
Iowa—BOND SALE—
The $1,238,000 issue of primary road refunding bonds offered for sale on
17—V. 142, p. 1680—was awarded to Halsey, Stuart & Co. of
March
Chicago
as 2s, paying a premium of $9,901, equal to 100.7997, a basis of
Dated May 1 1936.
Due as follows: $140,000 from 1937
1944, and $118,000 in 1945.
about 1.83%.
to
WINNEBAGO COUNTY (P. O. Forest City), Iowa—BOND SALE—
The $270,000 primary road refunding bonds offered on March 19—V. 142,
1863—were awarded to the Central National Bank & Trust Co., of Des
p.
Moines, and Vieth, Duncan, Worley & Wood of Davenport, as l^s, for a
premium of $1. Brown, Harriman & Co., Inc. of Chicago, and Jackley &
Co., of Des Moines, submitted a bid of par for l%s. Dated May 1 1936.
Due $35,000 yearly from 1937 to 1943; and $25,000 in 1944.
KANSAS
special election for April 7 for the purpose
of issuing $70,000 levee construction bonds.
a
of voting
on
the question
CHERRYVALE SCHOOL DISTRICT, Kan.—BOND ELECTION—A
proposition to issue $50,000 high and grade school building bonds will be
on April 7.
submitted to the voters
COWLEY COUNTY (P. O. Winfield), Kan.—BOND SALE—The
County Commissioners have sold $75,000 2%% Poor fund bonds to Ranson-
a
basis of about 2.62%.
Due in 1965.
LOUISIANA
LOUISIANA,
CREASE IN
State
of—BALANCE
YEAR— The
IN
TREASURY SHOWS
following information
was
furnished to
IN¬
us
by
C. G. Novotny & Co. of New York City.
We understand that this article
was taken from the New Orleans "Times-Picayune" of March 10:
An increase of
ury at
$3,060,341.39 in the balance in the Louisiana State Treas¬
the close of business Feb. 18 1936, as compared with the balance
Dec. 31 1935, was reported by State Treasurer Jess S. Cave in a bulletin
issued Monday.
on
TheBalance at the close of business Dec. 31 1935
the balance at the close of business Feb.
was
$4,410,397.58, and
18 1936, was $7,470,738.97* ac¬
cording to the Treasurer.
Treasurer Cave estimated that the balance in the
State Treasury June
30 next will be $4,832,385.58 as compared with $2,964,149.44 on June 30
1935.
This estimate, he said, is based on payment of all obligations due
and payable out of
June 30 1936.
the State Treasury during the current fiscal year ending
■
The cash
receipts ino the State Treasury from all sources from July 1
1935 through Dec. 31 1935 were reported at $30,570,550.32, and the cash
expenditures for the same period $29,124,302.18, leaving cash receipts in
excess of expenditures at $1,446,248.14.
Cash receipts from Jan. 1 1936 through June 30 1936 were estimated by
Mr. Cave in this bulletin at $29,567,839 and the cash expenditures for the
same period at $29,145,851, leaving additional cash receipts in excess of
expenditures during the fiscal year of $421,988.
"All institutions and departments of the State government," he said,
"have received their appropriations in full each month.
"The free public schools of the State have received far more than ever
before and for the first time in the history of the State, funds allocated for
the support of the free public schools have been paid monthly beginning
with July 1 1935."
All interest and principal maturities on the bonded indebtedness of the
State, he continued, have been paid promptly when due, "and funds are
available for servicing the outstanding bonded indebtedness promptly at
maturity dates."
From July 1 1935 through Dec. 31 1935, $1,388,000 of the State bonded
indebtedness was retired, and $1,894,000 is to be retired in the six months'
period ending June 30 1936, making a total of $3,282,000 retired during the
current fiscal year.
The State bonded indebtedness as of
Dec. 31 1935, totaled $145,615,480,
He closed his bulletin with the following recapitula¬
outstanding bonded indebtedness:
Mr. Cave reported.
tion of the
$18,331,220.00
4,589,260.00
83,676,000.00
State bond and interest tax fund
Confederate veteran pension fund
Gasoline tax and motor vehicle license
Chef Menteur
&
Hammond-New Orleans Highway Fund
No. 2
-
Louisiana State Penitentiary fund
Port of New Orleans
Total outstanding, Dec. 31 1935
LOUISIANA,
State
1,000,000.00
715,000.00
37,304,000.00
$145,615,480.00
of—BOND OFFERING— Sealed
bids will be
April 17, by A. P. Tugwell, Chairman of the
State Highway Commission, for the purchase of a $2,500,000 issue of
414% highway, series N bonds.
Denom. $1,000.
Dated March 1 1936.
Due on March 1 as follows:
$30,000,1940 and 1941; $40,000, 1942; $50,000,
1943; $60,000, 1944; $70,000, 1945; $80,000, 1946; $90,000, 1947; $100,000,
1948; $110,000, 1949; $120,000, 1950; $130,000, 1951: $140,000, 1952;
$150,000, 1953; $160,000, 1954; $158,000, 1955; $177,000, 1956; $185,000,
1957; $195,000, 1958; $207,000, 1959, and $218,000 in 1960.
This series
of bonds will be marked series N merely for purposes of identification.
The bonds will be awarded to the bidder offering to pay par, accrued
interest and the highest premium, and no bid for less than the entire issue
will be considered.
Prin. and int. (M. & S.) payable in lawful money at the
State's fiscal agency in New York City, or at the State Treasurer's office.
The bonds will be in coupon form with the privelege of registration as to
both principal and interest, and when coverted into fully registered bonds
they may be reconverted into coupon bonds.
These bonds shall be payable
primarily from the revenues derived from the State tax of four cents per
gallon on gasoline, benzine, naphtha and other motor fuels but in a contin¬
gency they can be paid from such other revenues of the Commission as
may be necessary to meet such principal and interest.
They are also full
faith and credit obligations of the State.
All bidders must agree to accept
delivery of the bonds in Baton Rouge, and pay the purchase price thereof
on or before April 30 1936, upon tender of the bonds by the State, together
with the opinion of Thomson, Wood & Hoffman of New York City, approv¬
ing the validity of the bonds. A certified check for $12,500, payable to the
State Highway Commission, must accompany the bid.
(These are the
bonds that were awarded on March 10, the sale of which was subsequently
canceled because of an error in maturity, as reported previously.—V. 142,
received until
p.
AUGUSTA, Kan.—BOND ELECTI ON—The City Council has voted to
call
equal to 102.166,
1,150.00
TAYLOR COUNTY (P. O.
Bedford), Iowa—BOND SALE—The
$495,000 primary road refunding bonds offered on March 18—V. 142, p.
1863—were awarded to Brown Harriman & Co. of Chicago, Jackley & Co.
of Des Moines, and the First of Michigan Corp. of
Detroit, jointly, as 2s,
for a premium of $4,001, equal to 100.808, a basis of about 1.83
%.
Halsey,
Stuart & Co. of Chicago were second, bidding a $4,000 premium for 2s.
Dated May 1 1936.
Due $55,000 yearly from 1937 to 1945 inclusive.
WEBSTER
grade crossing elimination Co. of Louisville, paying a purchasedof $2,166.66,
y Henning, Chambers & bonds is said to have been premium on March 17
11
a.m.
on
1864.)
State of—PWA ALLOTMENT FOR MISSISSIPPI
CANCELED—The following Associated Press dispatch
March 12:
"A $4,000,000 Public Works Administration allotment to Louisiana for
the Baton Rouge Bridge across the Mississippi River was canceled bySecretary Ickes to-day in a new attack on 'objectionable
laws enacted
at the dictation of the late Senator Huey P. Long.
"The PWA Administrator's action, which recalled a bitter fued between
the New Deal and Senator Long over expenditure of recovery funds, was
LOUISIANA,
RIVER
was
BRIDGE
sent out from Washington on
2030
taken
Financial
Chronicle
fcr "Although
an
Director to accept no additional applications,
allotment for New Orleans sewerage improvements
Highway
Municipal
was
a
short
time afterward, Administrator Ickes announced after
Senator Long's death that the PWA policy would remain
unchanged until
the laws were repealed."
193542
88,000
65,000
91,000
1936
'
$478,000
5,625
and
6,000
862,000
50,000
;
Total..
$2,139,625
HARRINGTON,
Mas*.—TEMPORARY
LOAN—Newton,
Abbe & Co. of Boston recently purchased an issue of $50,000 revenue notes
at 0.195% discount.
Due Dec. 21 1936.
Other bids were as follows:
Specialists in
Bidder—
'
Merchants National Bank
HAMPSHIRE-VERMONT
Discount
0.22%
0.22%
0.24%
0.29%
0.39%
-
Jackson & Curtis
Faxon, Gade & Co
First Boston Corp
.,
-
First National Bank
E. H. Rollins & Sons
HAMPDEN
-
COUNTY
(P.
O.
Springfield),
Mass.—NOTE SALE—
The $200,000 tax anticipation notes offered on March 18—V. 142, p. 1864—
awarded to the First National Bank of Boston and the Merchants
National Bank of Boston on a .18% discount basis.
Notes are dated
Incorporated
200
Playground
"Water
This issue
year
School
were
Devonshire
St.,
Boston,
Mass.
March 19 1936 and will mature Nov. 6 1936.
HAVERHILL, Mass.—NOTE SALE—An issue of $200,000 revenue
anticipation temporary loan notes offered on March 20 was awarded to
Faxon, Gade & Co. of Boston, the only bidders, on a .78% discount basis.
Dated March 20 1936 and payable March 18 1937.
MAINE
AUGUSTA. Me.—OTHER BIDS—The $65,000 refunding and school
improvement bonds awarded on March 13 to Halsey, Stuart & Co., Inc.
of New York as 2%s, at a price of 101.461, a basis of about
2.65%, were
as
IPSWICH, Mass.—NOTE SALE—The $150,000 temporary loan notes,
dated March 20 1936 and maturing Nov. 20 1936, which were offered on
were awarded to the Merchants National Bank of Boston on a
follows:
Bidder—
Int. Rate
Smith, White & Stanley
First Boston Corp
E. H. Rollins & Sons.
March 13.
Rate Bid
2%%
2%%
_.
.31% discount basis.
101.436
101.131
101.033
254 %
3%
3%
_
Augusta Savings Bank.
Webster, Kennedy & Co
LEOMINSTER, Mass.—BOND OFFERING—Charles D. Harnden, City
Treasurer, will receive bids until 11 a. m. March 31 for the purchase at
of the following coupon bonds:
101.50
100.649
not less than par
$60,000 water filtration plant and water mains loan bonds.
Due $3,000
yearly on April 1 from 1937 to 1956.
60,000 sewer loan bonds.
Due $3,000 yearly on April 1 from 1937 to
1956.
Bidders
are to name rate of interest, in a
multiple of M%.
Denom.
Dated April 1 1936.
Principal and semi-annual interest (Aprill
1) payable at the First National Bank of Boston, in Boston,
Bonds will be engraved under the supervision of and authenticated as to
genuineness by the First National Bank of Boston; their legality will be
approved by Ropes, Gray, Boyden & Perkins, whose opinion will be fur¬
nished the purchaser.
The original opinion and complete transcript of
proceedings covering all details required in the proper issuance of the bonds
will be filed with the First National Bank of
Boston, where they may
be inspected.
Bonds will be delivered to the purchaser on or about April 10
at the First National Bank of Boston, 17 Court Street
office, Boston.
$1,000.
and
Bank of Boston for Boston funds.
Financial Statement
Year
Tax Levy
Uncollected March 1 1936
$582,536.32
$6,149.37
597,437.28
2,964.62
594,170.00
3,192.79
590,819.88
4,491.55
1935 assessed valuation, $12,041,810.
Bonded debt, $586,000.
Popu¬
lation, 14,000.
Tax rate, 1935, $48 per $1,000.
Tax titles March 1 1936,
$123,439.38.
ANDOVER,
Financial Statement March 15 1936
MASSACHUSETTS
$150,000
notes, offered on
16—V. 142, p. 1864—were awarded to the Merchants National
Bank of Boston on a .17% discount basis.
Newton, Abbe & Co. of Boston
bid .179% discount.
Notes are dated March 16 1936 and will mature
Nov. 5 1936.
Bidder—•
Discount
Jackson & Curtis
Whiting, Weeks & Knowles__0.18%
Washburn &Co
0.185% First Boston Corp
Faxon, Gade &Co
0.19%
0.22%
0.27%
.
Mass.—LOAN OFFERING—Albert
Briggs, Town
March 23, for the purchase
on
CANTON,
Mass .—TEMPORARY LOAN—The Merchants National
Bank of Boston was awarded by
agreement an issue of $100,000 notes at
0.22% discount.
Due Dec. 1 1936.
The National Shawmut Bank of
Boston also bid 0.22%.
Other tenders were as follows:
Bidder—
Faxon, Gade & Co
;
0.225%.
0.26%
0.28%
_
First National Bank of Boston (plus $1)
CHICOPEE, Mass.—BOND SALE—The $22,000
bonds
offered on March 17—V. 142, p. 1864—were awarded to the Chicopee
FallsiSavings Bank, of Chicopee Falls, on a bid of 101.18 for 3s, a basis
of about 2.90%.
Dated March 1 1936.
Due $1,000 yearly on March 1
from 1937 to 1958, incl.
Newton, Abbe & Co. of Boston bid 100.29 for
3s, and Tyler, Buttrick & Co. of Boston 100.27 for 3s.
>
coupon
sewer
CHICOPEE, Mass.—MUNICIPAL PLANT SURPLUS HIGHER—
Sales by the municipal electric light department increased
5% in 1935 and
a net profit of $59,801 was added to
surplus account, giving a total surplus
of $1,054,803.
This is the total profit from 39 years' operation according
to the annual report of Roy P.
Benedict, Manager.
DANVERS, Mass.—NOTE SALE—On March 17
revenue
anticipation temporary loan notes was
Corp. of Boston on a .17% discount basis, plus
issue of $150,000
awarded to the First Boston
a
an
premium of $6.
Newton,
Notes
Abbe & Co. of Boston were second with a bid of
.187% discount.
will mature $50,000 Nov. 2 and
$100,000 Dec. 20 1936.
as
0.195%
0.21 %
0.22%.
Merchants National Bank of Boston bid
ture
Bidder—
Due
Discount
Newton, Abbe & Co
_
0.193%
0.19%
_
GLOUCESTER, Mass.—BOND OFFERING— J.
Treasurer, will receive bids until 11-
a. m.
Russell
Bohan, City
March 24 for the purchase at not
less than par of $50,000
coupon water bonds'. Bidders are to name rate of
interest, in a multiple of 34%. Denom. $1,000. Dated April 1 1936. Prin¬
cipal and semi-annual interest payable at the Merchants National Bank of
Boston, in Boston. Due yearly on April 1 as follows: $4,000, 1937 to 1941,
and $3,000, 1942 to 1951.
|«lBonds will be prepared under the supervision of and certified as to their
genuineness by the Merchants National Bank of Boston, and their legality
approved by Storey, Thorndike, Palmer & Dodge of Boston, whose opinion
will be furnished the purchaser.
Delivery will be made at the Merchants
National Bank of Boston for Boston funds. All legal papers incident to the
issue will be filed with the Merchants National Bank of Boston where
they
be inspected.
Financial Statement
Year
Levy
Uncollected March 1 1936
$1,371,870.63
$112.88
1,287,242.73
'
4,128.28
1,294,984.74
•
11,983.67
1,242,485.84
260,886.98
1935 assessed valuation, $40,243,540.
Population, 24,204.
Tax rate,
1935, $31.40.
Tax titles March 1 1936, $129,776.02. Loan outstanding
against tax titles, $66,499.01.
-
-
$100,000
Other bids
18
an
issue
of
$80,000
.17%. discount.
Notes will
follows:
Discount
—
Washburn & Co
Whiting, Weeks & Knowles
Newton, Abbe & Co
Faxon, Gade & Co_
METHUEN,
Bank
of Boston
notes at
ma¬
each of the dates Nov. 4 and Dec. 2 1936.
on
were as
0.175%
0.18%
0.193%
0.29%
,
Mass .—TEMPORARY LOAN—The
has purchased an issue of $65,000
0.32% discount.
Due Nov. 5 1936.
National
revenue
Other bids
Shawmut
anticipation
were
Bidder—
as
follows:
Discount
Newton, Abbe & Co
0.335%
0.38%
0.46%
0.49%
Merchants National Bank of Boston
First National Bank of Boston
Faxon, Gade & Co
MILTON, Mass.—TEMPORARY LOAN—The National Shawmut Bank
was awarded at 0.13% discount an issue of
$200,000 notes, ma¬
of Boston
turing Nov. 16 1936.
Other bids
were as
follows:
Bidder—
New England Trust Co
'
Discount
0.139%
0.15%
0.154%
0.169%
Merchants National Bank
First National Bank of Boston.:
Newton, Abbe & Co
r
NATICK,
Mass.—NOTE SALE— The
$100,000
notes
offered
on
March 16 were awarded to the First National Bank of Boston on a
.55%
discount basis.
Faxon, Gade & Co. of Boston, were the only other
bidders,
offering to take the notes
Jan.
15
on
.59% discount basis.
a
Notes
are
to mature
1937.
NORTHBRIDGE,
Mass.—BOND
SALE
POSTPONED—Flood
con¬
ditions having delayed the arrival of mails at the Whitinsville post
office,
was obliged to postpone the sale scheduled for March 19 of
$33,000
water distribution system bonds.
New bids on the issue will be received
the town
by H. H. Dudley, Town Treasurer, until
name
noon on March 23.
Bidder to
multiple of
of 1 %.
$7,000 from 1937 to 1939 incl., and
Principal and interest (M. & S. 15) payable
the rate of interest of not
Bonds mature March
1940 and
15
as
1941.
more
than 3 H %, in a
follows:
the
Second National Bank of Boston.
This institution will supervise
preparation of the bonds and certify as to their genuineness.
Legal
opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished
the
the successful bidder.
v
"
Financial Information March 12 1936
New England Trust Co. of
Boston has purchased an issue of $80,000 notes at
0.169% discount.
Dec. 1 1936.
Other bids were as follows:
-
March
MARBLEHEAD, Mass.—NOTE SALE—On March 17 an issue of $200,revenue anticipation temporary loan notes was awarded to the New
England Trust Co. of Boston and the First Boston Corp. of Boston, each
taking half of the issue, on a v.17% discount, plus $3 premium.
The
at
Discount
Merchants National Bank.
SALE—On
000
$6,000 in
follows:
Bidder—
New England Trust Co
Merchants National Bank of Boston
Merchants National Bank of Salem
DOVER, Mass.—TEMPORARY LOAN—The
Population (1930), 21,083.
Mass.—BOND
2.67%.
Newton, Abbe & Co., of Boston, were second high bidders, offer¬
ing a price of 101.26 for 3s.
Dated April 1 1936.
Due $4,000 yearly on
April 1 from 1937 to 1956, inclusive.
Discount
Second National Bank of Boston
LOWELL,
P.
Treasurer, will receive sealed bids until noon on
at discount of $300,000 revenue notes, dated March 23 1936 and due
Nov. 24 1936.
Other bids were
No sinking funds.
Bidder
BOSTON, Mass.—BORROWING CAPACITY—£ he current borrowing
capacity of the city within the debt limit is $6,202,298.12, the largest in
recent years, according to report.
Funded debt of the city and county is
placed at $165,402,166 of which $44,241,500 is within the debt limit.
BROOKLINE,
$23,661,295.00
1,270,225.70
526,000.00
Total bonded debt, not including present loans
Water debt included in total debt-
coupon school bonds was awarded to Halsey, Stuart & Co. of New
York,
at 2% % interest for a premium of $632, equal to
100.79, a basis of about
March
Other bids were as follows:
Bidder—
Discount
Oct.
Assessed valuation 1935, including motor vehicle excise
—
Mass.—NOTE SALE—The
Whiting, Weeks & Knowles, of Boston, bid .33%
discount.
SOUTH PORTLAND, Me.—NOTE
OFFERING—Harry A. Brinkerhoff, City Treasurer, will receive bids until 2p.m. March 24 for the pur¬
chase at discount of $150,000 revenue anticipation
temporary loan notes.
Denominations to suit purchaser.
Dated April 1 1936.
Payable Dec. 1
1936 at the Merchants National Bank of Boston, in Boston, or at the
Canal National Bank, in Portland, at holder's option.
The Merchants National Bank of Boston will
certify that the notes are
issued under the authority of an order of the City Council, the
legality of
which has been approved by Storey, Thorndike, Palmer & Dodge of Boston
and that the signatures thereon are genuine.
The legal papers incident to
the issue will be filed with the Merchants National Bank of Boston, where
they may be inspected. Delivery will be made at the Merchants National
193452
-
financial
GREAT
Sewerage
Stage Fort Park
Soldiers'
Memorial
$60,000
43,000
391,000
Municipal relief
Municipal Issues
also bid for
Hos-
adjustment
J
We Are
Tuberculosis
County
pital
Fire station
refused
MAINE—-NEW
21
Bonds Outstanding as of April 1 1936
the Louisiana PWA
may
March
the
ground that two State laws were 'restrictive' legislation
interfering with execution of the project.
"Earlier, Administrator Ickes had withdrawn PWA allotments for all
Louisiana projects on which construction was not under way and instructed
on
1935
Assessed valuation
1934
1933
-$8,630,121.00 $8,608,428.00 $8,785,372.00
Tax rate---
36.00
33.40
316,922.00
Tax levy
Uncollected taxes
33.40
293,819.00
12,759.00
302,306.00
23,505.00
74.00
Total bonded debt
Present issue (water)
$235,500
33,000
Less water debt
$268,500
33,000
(present issue).
Net debt
Tax titles
$235,500
held, $1,711.
No tax title loans.
Population, 1935, 10,577.
SOMERSET, Mass.—BOND OFFERING—Harold J. Regan, Town
Treasurer, will receive bids at the Second National Bank of Boston, Boston,
until noon March 24 for the purchase at not less than par of $110,000 coupon
high school loan bonds. Bidders are to name rate of interest, in a multiple
of 34%, but not to exceed 3)4%.
Denom. $1,000. Dated March 15 1936.
Principal and semi-annual interest (March 15 and Sept. 15) payable at the
Second National Bank of Boston, in Boston.
Due yearly on March 15 as
follows:
$8,000, 1937 to 1946; and $6,000, 1947 to 1951.
Bonds will be engraved under the supervision of and certified as to genuine¬
by the Second National Bank of Boston; their legality will be approved
by Ropes, Gray, Boyden & Perkins, whose opinion will be furnished the
purchaser. All legal papers incident to this issue will be filed with said bank
where they may be inspected.
I *Bonds will be delivered to the
purchaser at the Second National Bank of
Boston, Boston, on or about April 2.
ness
1683—has been canceled due to
1939 to 1953, inclusive.
Financial Information (March 1 1936)
1935
1934
Years—
Assessed valuation.
Taxrate
1933
$12,898,600 $12,878,690 $12,885,060
■
$21.50
$21.00
$21.00
280,687
273,812
277,278
26,364
12,087
1,817
....
—
—
-
WINCHENDON, Mass.— TEMPORARY LOAN—Bond & Goodwin of
discount.
Due
MINNEAPOLIS, Minn.—BOND SALE— The various issues of bonds
aggregating $2,540,000, offered for sale at two different hours on March 20,
as reported in these columns recently—Y.
142, p. 1683—were awarded to
a syndicate composed of Phelps, Fenn & Co.; Stone & Webster and Blodget,
Inc.; Dick & Merle-Smith; R. L. Day & Co.; Hannahs, Ballin & Lee,
all of New York; Braun, Bosworth & Co. of Toledo; Eli T. Watson & Co.
of New York; Tyler, Buttrick & Co. of Boston; Crouse & Co. of Detroit;
Shaw, Glover & Co. of Los Angeles, and the Milwaukee Co. of Milwaukee,
bidding as follows for the bonds:
$1,000,000 Minheapolis-St. Paul Sanitary District portion bonds as 2.60s
at a price of 100.15, a basis of about 2.58%.
Due from April 1
Discount
Bank of Boston
0.46%
0.49%
0.49%
Newton, Abbe & Co
Brown Harriman & Co
0.78%
Faxon, Gade & Co
National Shawmut BankMerchants National Bank of Boston
Denom.
KERHOVEN SCHOOL
DISTRICT
(P. O. Kjerhoven), Minn.—
BONDS SOLD—The State has purchased $3,500 3% semi-annual school
bonds, according to the District Clerk.
Boston were awarded an issue of $100,000 notes at 0.39%
Dec. 18 1936.
Other bids were as follows:
First National
report.
offering scheduled for 8 p. m. on March 24, of the $11,288.82
1M% permanent improvement bonds, as reported here recently—V. 142,
p. 1683—it is stated by Louise Thonet, City Treasurer, that the bonds are
dated March 25 1936 and mature on March 31 1936.
He states that no
bids are expected on these bonds.
v
$198,750
Bidder—
to
with the
5,656
-
_
,
FARIBAULT, Minn.—BOND OFFERING DETAILS—In connection
$493,750
110,000
Net debt
Population, 1935
:
Due $10,000 from May 1
.
$603,750
405000
Less water debt
technicality.
municipal unemployment relief bonds, according
$1,000.
Certified check for 2% required.
No tax title loans.
Present issue
a
BOND OFFERING—O. D. Jeronimus, City Clerk, will receive bids until
2 p.m. April 6 for the purchase of the above $150,000 not to exceed 6%
.
Tax levy
Uncollected taxes
Tax titles, held, $6,610.
Total bonded debt
2031
Chronicle
Financial
Volume 142
0.80%
0.80%
1939 to 1966 incl.
We
530,000 city's portion, sewage disposal system bonds as 2.60s at a price
of 100.15, a basis of about 2.58%.
Due from April 1 1939
Buy for Our Own Account
to 1966 incl.
MICHIGAN MUNICIPALS
170,000 public market bonds as 2.40s at a price of 100.60, a basis of
about 2.32%.
Due $10,000 from April 1 1937 to 1953 incl.
840,000 various purpose bonds as 2s at a price of 100.04, a basis of
about 1.99%.
Due in various amounts from 1937 to 1946. *
Cray, McFawn & Company
MINNESOTA, State of—INVESTMENT BOARD APPROVES LOANS
TO MUNICIPALITIES—The following report is taken from the St. Paul
"Pioneer-Press" of March 14:
"Loans totaling $323,100 to 11 school districts and municipalities in
DETROIT
A. T. T. Tel. DET347
Telephone CHTerry 6828
Minnesota were made by the State Investment board Friday.
"The Investment board also voted formal approval of $300,000 for the
Chisholm school district to permit it to go on a cash basis.
The loan was
MICHIGAN
granted informally two weeks ago.
"Sale of $225,000 of United States Treasury bonds to make a profit of
$25,000 because of the advantageous market was authorized by the
CARMEL AND EATON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 1 (P. O. Charlotte), Mich.—BOND SALE—Che $123,000
Investment
4% school bonds offered on March 18—V. 142, p. 1683—were awarded to
William R. Stuart & Co., Inc., and Barcus, Kindred & Co., both of Chicago,
at a premium of $7,011. equal to 105.70. a.basis of about 3.49%.
The
Ohanner Securities Co. of Chicago were second high bidders, offering a
board."
The $323,100 new loans include:
Stevens County, refunding outstanding
indebtedness, $60,000, and poor
CLARE CITY, GRANT TOWNSHIP AND VERNON TOWNSHIP
FRACTIONAL SCHOOL DISTRICT No. 2 (P. O. Clare), Mich.—
relief, $100,000.
Redwood County, for poor relief, $85,000.
Village of Starbuck, storm sew^r, $12,000.
Belgrade school district, Stevens County, school building addition,
$17,000.
Gaylord school district, Sibley County, for completion of school building,
BOND SALE —The $78,000 refunding bonds
$18,500.
Due Nov. 15 as follows: $4,000, 1937 to 1946;
1947 to. 1955; $6,000, 1956 to 1959, and $7,000 in 1960 and 1961
premium of $6,396.
offered
on
p. 1865—were awarded as 3Jis, at a price of par,
& Co. of Toledo.
Dated March 15 1936 and due
$5,0001
'
March 16—V. 142,
$5,000 from 1937 to 1948, incl., and $6,000 from 1949 to 1951, incl.
GRAND BLANC TOWNSHIP UNIT CONSOLIDATED AGRICULTURAL SCHOOL DISTRICT (P. O. Grand Blanc), Mich. —BOND
SALE—'The $34,000 refunding bonds offered on March
16 were awarded
Braun, Bosworth & Co. of Toledo as 3Ms. at par plus a premium of
$115.60, equal to 100.31, a basis of about 3.44%.
Dated April 1 1936
and due April 1 as follows:
$3,000, 1937 and 1938; $4,000, 1939; $3,000
from 1940 to 1947, incl.
to
ILE
GROSSE
Grosse lie),
TOWNSHIP
SCHOOL
DISTRICT
NO.
1
(P.
O.
Mich.—BOND OFFERING—M. S. Harlan, President of the
Board of Education, will receive bids until noon March 24, for the purchase
of $64,000 refunding bonds, to bear interest at no more than 4M % •
Dated
March 1
1936.
Interest payable semi-annually.
Due March 1 1960;
redeemable on any interest date.
Certified check for $2,000 required.
OAKLAND COUNTY (P. O. Pontiac),
Mich.—SUMMARY ISSUED
ON HIGHWAY IMPROVEMENT BOND REFUNDING PLAN—A
sum¬
of the refunding plan for highway improvement bonds issued by the
Board of County Road Commissioners of the above county was forwarded
recently by the bondholders' protective committee.
In a preliminary
statement to bondholders the committee advised that of March 6 1936
mary
approximately 66% of the bonds eligible for refunding under the plan were
on deposit.
The plan embraces all bonds issued by the Board of County
Road Commissioners of Oakland County
(Road Assessment Districts
Nos. 11 to 157, inclusive).
It is stated that the new bonds are to be dated
Nov. 1 1935. to mature Nov. 1 1958 and subject to redemption on any in¬
terest payment date at par and accrued interest.
They will bear interest
at the rate of 3% per annum up to and including Nov. 1 1939, 4% per
annum thereafter up to and including Nov. 1 1943, and 4M% Per annum
thereafter until paid.
They will be approved as to legality by Thomson,
Wood & Hoffman, New York, N. Y.
The Detroit Trust Co., Detroit,
Mich., Toledo Trust Co., Toledo, Ohio, and the Guaranty Trust Co. of
New York, New York, N. Y., are acting as depositaries.
The Secretary
of the committee is C. E. Huyette, 1859 National Bank Bldg., Detroit,
Mich.
PUTNAM TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Pinckney),
Mich.—BOND OFFERING—-Fred C. Reed, Secretary of the Board of
Education, will receive bids until 4 p. m. March 23, for the purchase of
$25,000 coupon or registered general obligation bonds, which will bear
interest at no more than 4%.
Dated Nov. i 1935. Interest payable May 1
and Nov. 1.
Due May 1 as follows:
$1,500, 1937 to 1941; $500, 1942 to
1947; $1,000, 1948 to 1960; and $1,500, 1961.
Principal and interest
payable at the office of the District Treasurer.
Shields & Smith, of Howell.
O.
Mason),
Mich.—BOND
SALE—The
•
MINNESOTA, State of—BOND OFFERING—Sealed bids will be re¬
ceived until noon on April 2, by Julius A. Schmahl, State Treasurer, for the
purchase of a $2,650,000 issue of coupon or registered trunk highway bonds.
Interest rate is not to exceed 3%, payable M. & N.
Denom. $1,000.
Dated May 1 1936.
Due on May 1 as follows: $500,000,1948 to 1951, and
$650,000 in 1952.
Principal and interest payable in lawful money in St.
Paul or New York.
The bonds will be sold to the purchaser who will pay
not less than the par value thereof at the lowest interest rate, expressed in
multiples of H or l-10tb of 1 %.
Bids must provide for one rate of interest
only.
The bonds are issued and sold in accordance with Article 16 of the
State Constitution, and Chapter 98, Spec. Sess. Laws, 1935-36.
Delivery
of the bonds will be made to the purchaser at such place as he may designate.
The purchaser will be required to take up and pay for said bonds immediately
Upon being notified.
The sale will be made subject to the approval of
Caldwell & Raymond of New York, and Arthur E. Nelson of St. Paul,
whose opinions will be furnished.
A certified check for $50,000 must ac¬
the bid.
(This report supplements the offering notice given here recently—V.
142, p. 1684.)
company
MONTEVIDEO, Minn.—BOND SALE—The $10,000 ssue of 3M%
bonds offered for sale on March 16—V. 142,
1865—was purchased by the Union State Bank of Montevideo, at a price
of 100.75, a basis of about 3.32%.
Dated March 1 1936.
Due from
March 1 1939 to 1942.
semi-ann. park improvement
p
OLIVIA
INDEPENDENT
SCHOOL
DISTRICT
NO.
79
(P.
O.
Olivia), Minn.—BOND OFFERING—B. A. Brown, Clerk of the Board of
Education, will receive bids until 8 p. m. March 30, for the purchase of
Denom. $1,000. Dated March 30
$132,000 3% coupon refunding bonds.
1936.
Interest payable March 30 and Sept. 30.
Due yearly on March 30
as follows:
$10,000, 1937; $7,000, 1938 to 1951; and $6,000, 1952 to 1955.
Certified check for 1% of amount of bonds bid for, payable to the District
Treasurer, required.
SIBLEY COUNTY SCHOOL
DISTRICT NO.
19
(P. O. Gaylord),
Minn.—BOND SALE DETAILS—It is reported by the District Clerk that
the $18,500 3% semi-annaul school bonds purchased by the State of Min¬
nesota, as noted here recently—V. 142, p. 1156—were sold at par, and
mature as follows: $1,000, July 1 1941 to 1948, and $1,500, 1949 to 1955,
inclusive.
Legality to be approved by
SPRINGFIELD SCHOOL DISTRICT NO. 64 (P. O. Springfield),
SALE DETAILS—We are now informed by the District
Minn.—BOND
VEVAY TOWNSHIP AND MASON CITY SCHOOL DISTRICT NO. 1
(P.
.
Village of Kent, Wilkin County, community hall, $3,000.
Village of Bel view, Redwood County, water works, $14,000.
Town of Ann Lake, Kanabec County, refunding, $7,500.
Carlton school district, refunding, $2,100.
Donnelly school district, Stevens County, $2,000.
to Stranahan, Harris
March 15 as follows:
$65,000
refunding
Clerk that the $25,000 school bonds purchased by the State
bonds
of Minnesota,
reported in these columns early in February—V. 142, p. 997—were sold
1941 to 1948.
as
offered on March 16—V. 142, p. 1865—were awarded to Stranahan,
Harris & Co. of Toledo, as 2s, for a premium of $94.25, equal to 100.145,
a
basis of about 1.96%.
Crouse & Co. of Detroit were second in the
as
3s at par, and mature from July 1
bidding, offering
a premium of $20 for 2s.
Dated April 1 1936.
Due on
as follows: $6,000, 1937; $8,000, 1938; $10,000, 1939; $14,000, 1940
1941, and $13,000. 1942.
April 1
and
Other bids were
as
Int. Rate
Martin,
Smith & Co., Detroit
Co., Detroit—
Harris Trust & Savings Bank, Chicago-Braun, Bosworth & Co., Toledo
Donovan, Gilbert & Co., Lansing.
Whatling, Lerchen & Hayes, Detroit----McDonald, Moore & Hayes, Detroit
Wright, Martin & Co., Detroit
Alison
&
MISSISSIPPI
follows:
Bidder—
—
— —
—
Northwestern
Minnesota, North and
—
—
2K-2M%
2M-2M%
2M%
2-2H%
2H%
3%
2M%
3%
Municipal Bonds
Premium
$1.00
1.00
383.00
11.00
195.00
127.50
65.00
EQUITABLE
Securities
New York
Birmingham
Chattanooga
Corporation
Nashville
Kno&ville
30.25
Memphis
MISSISSIPPI MUNICIPALS
Municipals
Bought—Sold*—Quoted
South Dakota, Montana,
Schorff L Jones
Oregon, Washington
INCORPORATED
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
A. T. T. TEL. N. O. 180
Teletype—Mpls287
MINNESOTA
DULUTH, Minn.—BOND SALE CANCELED—It is now reported that
the sale of the $150,000 municipal unemployment project bonds on March 2
to a group headed by Phelps, Fenn & Co. or New York, as 2.70s., at 100.63,
a basis of about 2.63%, noted in these columns at that time—V. 142, p.
TELEPHONE RAYMOND 1189
New Orleans
MISSISSIPPI
BLUE
on
MOUNTAIN, Miss.—BONDS VOTEE—At
a
special election held
issuance of
Feb. 28 residents of the town voted 86 to 47 in favor of the
$22,000 water works bonds.
2032
Financial
Chronicle
BRANDON CONSOLIDATED SCHOOL DISTRICT
(P. O. Brandon)
Miss.—BOND SALE DETAILS—In connection with the sale of the
$16,000
school bonds to the Rankin County Bank of
Brandon, reported here recently
-—V. 142, p. 1865—it is stated by the District
Secretary that the bonds
mature from 1936 to 1951, and were sold as
4s, at a price of 101.25, a basis
Financial
142, p. 333.
GULFPORT, Miss.—BONDS SOLD—It is stated by Ivan Ballenger,
City Clerk, that the Public Works Administration has agreed to
purchase
the $68,000 4% harbor improvement bonds
approved by the voters at the
election held
on
March 9.
PASS CHRISTIAN, Miss — BONDS
AUTHORIZED—& resolution is
said to have been passed recently
by the Mayor and the Board of Aldermen,
providing for the issuance of $22,500 in water works improvement bonds j
.
.
1933
1934
;i
,
1935
$580,647.84 $555,834.41 $543,625.86 $607,280.15
Uncollected Mar. 1 1936
245.37
105.92
94.58
49,708.56
Assessed vlauation, 1935, $19,080,440;
population, 14,495: tax rate, 1935,
$31.60; tax titles, March 1 1936, $11,747.11.
Bonds Outstanding as of March 1 1936
Bridge.
.... ............
Construction
Fire station
$39,500 School......
......$284,000
18,000 Street paving
8,000
8,000 Water....
10,000
64,000 This issue ................
50,000
28,000
Total— ............... .$667,500
128,000
30,000
............
Highway, sewer equipment.
Pavingimprovement
Public improvement
Refunding
...
CAMP
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Miss.—BONDS SOLD—A $7,500 issue of 5% semi-ann.
pin-chased recently by the Potts Camp Bank,
according to
These bonds were approved by the voters on
July 30 1935.
Camp),
school bonds
report.
Statement
1932
Tax levy
COPIAH COUNTY SUPERVISORS ROAD
DISTRICT NO. 1 (P. O.
Hazlehurst), Miss.—BOND SALE—-A $68,000 issue of 5)4% semi-ann.
road refunding bonds is said to have been
purchased by the Bank of Hazle¬
hurst.
Dated Feb. 1 1936.
These bonds were adjudged valid
by the
Chancellors' Court early in January, as noted at that
time.—V.
POTTS
1936
■■■■
0-3.83%.
Potts
March 21
All legal papers incident to the issue will be filed with
Merchants Nations
Bank of Boston where they may be inspected.
was
H. L.
SHELBY, Miss.—BONDS NOT SOLD—It is stated by R. L. Coker,
Town Clerk, that the two issues of
4)4% semi-annual water works bonds
aggregating $6,250, offered on March 3—V. 142, p. 1328—were not sold.
New
ALLEfl
Company
Jersey Municipal Bonds
TelephonesKKctor 2-7333
BONDS RE-OFFERED—Sealed bids will
again be received, until April 7,
for the purchase of the said bonds,
by the above Town Clerk.
The bonds
are divided as follows:
$5,000 revenue, and $1,250 general bonds.
)
imme
A. T. & T.
100
N. Y. 1-528
New York
Broadway
MISSOURI
BROOKJFIELD, Mo.—BONDS SOLD—It is reported by the City Clerk
that $13,000 city bonds have been
purchased by local investors.
LATHROP SCHOOL DISTRICT
(P. O. Lathrop), Mo.—BOND
SALE DETAILS—It is reported
by the Secretary of the Board of Education
that the $55,000 school bonds
purchased by the Commerce Trust Co. of
Kansas City, noted in these columns
recently—V. 142, p. 1684—are due
serially in 20
years
and
were
sold
as
3Ms.
MARSHALL, Mo.—BOND SALE—A $90,000 issue of light afid power
plant bonds is reported to have been purchased
recently by the Prescott,
Wright, Snider Co. of Kansas City, as 2Ms, paying a premium of
$45,
equal to 100.05.
MEXICO SCHOOL DISTRICT (P. O.
Mexico), Mo.—BOND SALE
DETAILS—In connection with the sale of the
$110,000 School bonds to
Stifel, Nicolaus & Co. of St. Louis, noted in these columns
recently—V.
142, p. 1684—the Secretary of the Board of Education states
that the
bonds were sold as 3s, and mature as follows:
$20,000, 1947 to 1951, and
$10,000 in 1952.
The bonds were sold for a
premium of $638, equal to
100.39, a basis of about 2.96%.
MONTANA
HILL COUNTY SCHOOL DISTRICT NO. 19
(P. O. Kremlin),
Mont.—BOND OFFERING—Sealed bids will be received until
2 p. m. on
April 7, by Odin
Sjordal, District Clerk, for the purchase of a $22,000
issue of school bonds.
Interest rate is not to exceed
6%, payable J. & J.
Dated Jan. 2 1936.
Amortization bonds will be the first choice and
serial
bonds will be the second choice of the School
Board.
The bonds, whether
amortization or serial in form, will be redeemable in
full on any interest
payment date from and after five years from the date of issue.
A certified
check for $500, payable to the
Clerk, must accompany the bid.
(This offering appeared incorrectly in these columns
recently under the
capiton of Kremlin School District No. 19—V. 142,
p. 1866.)
MOORE, Mont.—BONDS SOLD—It is stated by the Town Clerk that
$6,000 judgment funding bonds offered for sale without success
on
Jan. 24, as noted here—V.
142, p. 822—have been purchased by the State
Board of Land Commissioners.
the
PONDERA COUNTY (P. O.
Conrad), Mont.—BOND SALE— The
$100,000 refunding highway bonds offered on March 13—V.
142, p. 1509
—were awarded to the
Wells-Dickey Co. of Minneapolis, as 3s, for a
premium of $450, equal to 100.45.
The Montana State Land Board was
second, offering a $400 premium for 3s.
Dated April 1 1936.
STILLWATER COUNTY (P. O.
Columbus), Mont.—BOND OFFER¬
ING—Fred L. Fahrion, Clerk of the Board of
County Commissioners, will
m. April 8 for the purchase at not less than
par of
$80,000 refunding bonds, to bear interest at no more than
6%.
Dated
July 1 1936. Interest payable Jan. 1 and July 1. Certified check for
$2,000,
payable to the Clerk, required.
Amortization bonds will be the first choice and serial bonds
receive bids until 2 p.
the second
choice of said Board. If amortization bonds are
sold and issued, the entire
issue may be put into one
single bond or divided into several bonds as the
Board may determine upon at the time of
sale, both principal and interest
to be payable in semi-annual
instalments during a period of 10
years from
the date of issue.
If serial bonds are issued and sold
they will be in the amount of $1,000
each; the sum of $8,000 to become payable on
July 1 1937, and a like
amount
on
the same
day of each year thereafter, until all bonds
are
paid.
NEBRASKA
AXTELL, Neb.—BOND SALE DETAILS—It is reported by the Village
Clerk that the $14,500 water bonds
purchased by the First Trust Co. of
Lincoln, as noted here recently—V. 142, p. 1866—were sold as
3Ms at par,
and mature from March 1 1936 to 1951.
DOUGLAS COUNTY (P. O.
Omaha), Neb.—BOND ELECTION—
It was stated
recently by the Chairman of the Board of County Com¬
missioners that the Board would ask the
voters, at the primary election on
April 14, to pass on the issuance of $2,000,000 in bonds to
pay the indebted¬
ness of the
county.
IMPERIAL SCHOOL DISTRICT (P. O.
Imperial), Neb.—BONDS
SOLD—It is reported by the Secretary of the Board of
Regents that $16,500
3 M % semi-annual school bonds
approved by the voters last November
have been purchased by the First Trust Co. of Lincoln.
KEARNEY, Neb.—BOND
ELECTION—The city will hold an election
on April 7 to vote on several
proposed bond issues, as follows: $35,000 for
construction of a swimming pool and bath
house; $15,000 for construction
of a library addition, and
$100,000 for construction of a city hall.
NEBRASKA, State of—REPORT ON BONDS REGISTERED AND
RETIRED—New bonds registered during February totaled
$472,000, of
which $340,000 were
refunding issues and the remainder new issues, State
Auditor Ayres reports. Political subdivisions of the
State retired $341,000
of bonded indebtedness
during the
month, it is said.
REPORT ON COLLECTION OF PROPERTY TAXES—
State Tax Com¬
missioner reports that property taxes collected
by the State and all of its
subdivisions have declined from
$59,442,000 in 1929 and a high of $66,
028,000 in 1926, to $43,878,000 in 1935. The total assessed value is said
to be $3,167,000,000, of which farm lands
represent 56.18% as compared
with 56.28% in i929.
From a peak assessed valuation of $38.60 per acre
in 1929 it is said to have declined to
$2.40 per acre.
TRUMBULL, Neb.—BOND SALE CONTEMPLATED—It is stated by
the Village Clerk that $9,600 water works bonds will be
purchased by the
Reconstruction Finance Corporation.
NEW
PORTSMOUTH,
N.
are
to name rate
in
a
for
multiple of M%.
Denom. 40
$1,000 and 20 for $500.
Dated March 1 1936.
Prin. and semi-ann.
payable at the Merchants National Bank of Boston, in Boston.
Due $2,500 yearly on March 1 from 1937 to 1956, incl.
Bonds will be prepared under the supervision of and certified as to their
genuineness by Merchants National Bank of Boston, and their legality
interest
approved by Storey,
wil
be
furnished
Thorndike, Palmer & Dodge of Boston, whose opinion
purchaser.
Dedvery will be made at Merchants
the
National Bank of Boston for Boston funds.
-
Sold
-
Quoted
LOBDELL & CO.
48 Wall
St., New York
Hanover 2-1720
123 S. Broad St.,
Phila.
Kingsley 1030
A. T. & T.: NY 1-735
MUNICIPAL BONDS
New
Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
WILLIAM
57
A.
T.
&.
STREET, N| Y.
T.:
NEW
N. Y.
Telephone: John 4-6364
1-730
Newark Tel.:
JERSEY
Market 3-3124
MUNICIPALS
Colyer, Robinson $ Company
INCORPORATED
1180
Raymond Blvd., Newark
New Yor* Wire:
MArket 3-1718
A. T. & T. Teletype
REctor 2 2055
NWRK
NEW
24
JERSEY
CAMDEN COUNTY (P. O.
Camden), N. 3.—DEBT STATEMENT—
following data on the county's finances has been prepared by J. S.
Rippel & Co. of Newark which participated in the recent public
offering of
$2,500,000 4% general and refunding bonds at prices to
The
to
yield from 4.10%
4.15%, according to maturity.
The bonds are dated March 1 1936 and
serially on March 1 from 1949 to 1965, inclusive.
mature
Financial Statement
Assessed valuation 1935
Total bonded debt, as of Dec. 31
(Officially Reported)
$256,243,209
1935, incl. this issue after
giving effect to funding
Less sinking funds
14,916,319
....
$618,915
Net debt
14,297,404
Temporary bonds aggregating $1,236,000 which were due in 1934 and
bonds, aggregating $15,000 which were due in 1935 will be met from the
proceeds of this issue.
The indebtedness shown above does not include the
debt of other political subdivisions which have
power to levy taxes on
property within the county.
Tax Collections
Uncollected
Uncollected
Year—
Tax Levy
End of Each Year
Dec. 311935
$2,004,571
$603,250
$139,708
2,170,531
648,787
345,552
2,461,894
896,587
896,587
Population, U. S. census, 1930, 252,312.
EAST PATERSON, N. J.—NO BIDS
RECEIVED—'There were no bids
for the $350,000 not to exceed
4)4.% coupon or registered serial funding
bonds offered on March 13—V. 142,
p. 1685.
Dated Dec. 15 1935.
Due
Dec. 15 as follows:
$17,000, 1936 to 1940; $18,000, 1941 to 1950; and
$17,000, 1951 to 1955.
GARWOOD, N. J.—BONDS PUBLICLY OFFERED—J. S. Rippel &
are
making public offering of $135,000 4% serial and refund¬
ing bonds at prices to yield from 3.75% to
3.90%, according to maturity.
Dated Dec. 1 1935.
Denom. $1,000.
Coupon, registerable as to principal
and interest.
Principal and interest (J. & D.) payable at the First National
Bank, Garwood.
Bonds mature Dec. 1 as follows;
$7,000, 1940; $16,000
in 1941 and 1942: $11,000.
1943; $21,000, 1944; $11,000, 1945; $12,000,
1946; $13,000, 1947; $18,000 in 1948 and $10,000 in 1949.
Legality
approved by Hawkins, Delafield & Longfellow of New York
City.
Co. of Newark
Assessed
Financial Statement (As
Officially Reported)
1935
valuation
Bonded debt
$4,033,645
516,500
Floating debt
None
Percent to assessed valuation
12.80%.
Population 1930, 3,344.
The above statement does not include the
school debt of $185,558.54
nor the debt of
any other political subdivision having power to
levy taxes
on the
property within the borough.
These serial funding and
refunding bonds are issued under Chapters 60
and 233, Pamphlet Laws of 1934 of New
Jersey and are part of a refunding
Erogramobligations of and Boroughthe Garwood, N. J., which has and legally
inding of $470,000 the are, in
of opinion of Counsel, valid power and
obligated to levy ad valorem taxes on all the taxable
property within the
Borough for the payment of the bonds and interest thereon without limita¬
H.—BOND
of interest
1199334545
Bought
is
HAMPSHIRE
OFFERING—Charles R.
Kimball.
City Treasurer, will receive bids until 11 a. m., March 24 for the purchase
at not less than par of $50,000 coupon
sewer, street and equipment bonds.
Bidders
NEW JERSEY MUNICIPALS
tion of rate or amount.
Tax Collections
TTit
Year—
Total
Levy
Dec. 31 1935
$5,250.20
1932 and prior years
$188,268.71
175,636.70
198,895.49
Tax title liens outstanding Dec. 31 1935
KENILWORTH, N. J.—BONDS
sold
an
tration
SOLD
Percentage
3.998.97
20,880.58
61,636.39
-
TO
PWA—<The
2.12%
11.88%
30.98%
$93,862.20
borough
has
issue of $32,000 trunk sewer bonds to the Public Works Adminis¬
4s at par.
as
;
Financial
Volume 142
NEWARK, N. J.—REJECTS BOND ORDINANCES—Ordinances pro¬
viding for the issuance of $1,200,000 hospital and $1,117,000 school build¬
ing bonds
NEW
killed by the City Commission on March 11.
were
JERSEY
(State
of)—INTEREST
RATE
ON
DELAWARE
RIVER BONDS—The $1,200,000 Delaware River Joint Commission bonds
included in the total of $4,737,000 local municipals being offered for sale on
March 24 by the Highway iExtensi on Sinking Fund Commission will bear
4)4% interest and not 4)4 % as stated in our report of the offering in a
previous issue.
,
.
It is later announced that the $760,000 4)4% Paterson school and impt.
bonds, dated April 1 1931. to be included in the sale, will mature April 1
as follows:
$75,000, 1942; $95,000 from 1943 to 1947 incl.. and $105,000 in
1948 and 1949.
NEW MILFORD, N. J .—BOND OFFERING—Frank J. Kehoe, Borough
Clerk, will receive sealed bids until 8:30 p. m. on March 51, for the purchase
6% interest coupon or registered bonds, divided
v.-"'•■ v..•>
$50,000 sewer assessment bonds of 1936.
Due March 1 as follows:
$9,000
in 1938 and 1939 and $8,000 from 1940 to 1943, inclusive.
35,000 sewer bonds of 1936.
Due $1,000 on March 1 from 1937 to 1971,
2033
Chronicle
WEEHAWKEN TOWNSHIP, N. J.—BONDS
OFFERED FOR INVEST¬
MENT—Offering of $120,000 4)4% coupon, registerable as to principal
only or as to both principal and interest, public improvement refunding
bonds, issued under Chapter 233, P. LI of 1934, is being made by J. S.
Rippel & Co. of Newark. They are priced to yield, according to maturity,
from 3.25% to 3.50%.
Dated April 1 1935.
Denom. $1,000. Due $10,000
on April 1 from 1945 to 1957, incl.
Principal and interest (A. & O.) pay¬
able at the Hamilton National Bank, Weehawken.
Legal investment, in
the opinion of the bankers, for savings banks and trust funds in New
Jersey and New York.
Legal opinion of Reed, Hoyt & Washburn of New
YorkCity.
WEST
.
FORT
J.—TO RECEIVE PWA GRANT—The town
will receive a grant of $23,734 from the Public Works Administration toward
the cost of renovating a local school.
The total cost of the improvement is
estimated at $44,827, leaving $21,093 to be furnished by the town.
LEE, N.
of $85,000 not to exceed
as follows:
■
inclusive.
»
■
Each issue is dated March 1 1936.
Rate of interest to be expressed in a
multiple of )4 of 1%.
Principal and interest (M. & S.) payable at the
Peoples Trust Co. of Bergen County, Hackensack.
A certified check for
2% must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
NORTH ARLINGTON, N. J .—BOND OFFERING—Robert B. Gallo¬
way, Borough Clerk, will receive sealed bids until 8 p. m. on March 26 for
the
purchase of $60,000 6% coupon or registered water bonds.
Dated
Denom. $1,000.
Due Dec. 15 as follows: $1,000 in 1943, 0
1945, 1947 and 1948; $2,000, 1949 to 1953 incl.; $3,000, 1954 to 1962 incl.,
$4,000 in 1963 and $5,000 from 1964 to 1966 incl.
Prin. and int. (J. & D.)
payable at the Rutherford National Bank, Lyndhurst, Branch No. 1.
The
bonds cannot be sold at a price in excess of $61,000.
A certified check for
2% of the issue bid for, payable to the order of the Borough, must accom¬
pany each proposal.
The approving opinion of Reed, Hoyt & Washburn
Dec. 15 1932.
NEW
MEXICO
HOBBS SCHOOL DISTRICT, N. M.—BONDS VOTED—AX a recent
election a proposal to issue $72,000 school building bonds was approved :.•/
by a vote of 326 to 6.
LAS
storm
CRUCES, N. M.—BOND ELECTION—A proposal to issue $50,000
sewer
VEGAS
LAS
bonds
construction
elections to be held
on
will
be submitted
to
the voters at
the
April 7.
SCHOOL
DISTRICT,
Mex.—BOND SALE—'The
building bonds to
N.
district recently disposed of an issue of $145,000 school
a Salt Lake City firm.
MOUNTAIN AIR,
N.
Mex.—BONDS
SOLD
TO
PWA—The
Works Administration has purchased $22,000 water revenue bonds,
Public
accord¬
ing to the Village Clerk.
PORT ALES,
N. M .—BOND ELECTION—At the regular municipal elec¬
tion which will be held
on
April 7 the voters will pass on propositions to
issue $5,000 fire station bonds, $15,000 sewer system improvement
and $3,500 sewer main extension bonds.
bonds
of New York will be furnished the successful bidder.
(It
was
originally indicated that the sale would be held on March 17.)
NORTH BERGEN
Offerings
township has no intention of making immediate pay¬
ment of the summary judgment secured by four owners of the defaulted
municipal bonds, according to Mayor Paul F. Cullum, Director of Revenue
and Finance, and Corporation Counsel Nicholas S. Schloeder.
With in¬
terest, the judgment amounts to $1,661,582.
The judgment was handed down by Federal Judge Fake in Newark on
March 13.
In the opinion, the Court dismissed the answer and briefs
filed by the township and directed the entry of a summary judgment in
favor of the plaintiffs.
Corporation Counsel Schloeder, in commenting on the matter, stated
that the judgment is merely technical and does not mean that it has to be
paid immediately.
"The municipal officials know the town is in default
and do not question the judgment," continued Schloeder.
"However, if
the bondholders apply for a mandamus writ to force satisfaction of the
judgment, the township will fight the issuance of the writ."
Schloeder said that the township may appeal to the United States Circuit
Court of Appeals.
According to Mayor Cullum, the judgment will have no effect on the
township's budget for 1936.
He said that the debt service of the town¬
ship for the current year has been set up according to the refinancing plan
submitted by the Bondholders' Conciliation Committee.
Furthermore,
stated the Mayor, the debt service "provides as much money as the tax¬
payers can afford to pay."
In discussing the payment of the judgment obtained by the four bond¬
holders, Mayor Cullum said that other judgments have already been se¬
cured against the township and they haven't been paid.
Included in these
is the $400,000 judgment of the Oak Securities Co.
The four owners of the bonds, who were the plaintiffs in the suit against
the township, are Edwin H. Barker, of New Canaan, Conn.; Thomas E.
Harper of Brooklyn; Hugh D. Montgomery of Rye, N. Y., and Philip A.
Russell of Pelham Manor, N. Y.
PROTECTIVE
COMMITTEE
STILL
OPPOSED
TO
PROPOSED
RE¬
FUNDING PLAN—The above reported judgment was obtained by the
committee for bondholders of the township which voiced vigorous dissent
to the plan for refunding the indebtedness of North Bergen as promulgated
recently by the so-called Conciliation Committee. Its main objections to the
proposal, published in a formal statement to creditors, was based on the
conclusion,
arrived
at
after
a
complete study of ^,11 phases of the
situation and concurred in by eminent bond counsel, that compliance with
the plan would automatically impair the rights of creditors in respect to
the prosecution of claims against the township in the event of a subsequent
default.
The committee, as stated in the following announcement, is still
opposed to the plan, although an effort has been made to partially correct
the faults in the original proposal:
.
"It is apparent from the number of inquiries coming to the committee
that many depositors and other holders of bonds of the Township of North
Bergen are under the impression that the repeal of Section 2 of Chapter 292
of the Laws of 1935 by the Legislature of the State of New Jersey on Jan. 27,
removes all objections of this committee to the limitations upon the en¬
forceability of the proposed refunding bonds to be issued under the plan of
refunding proposed by the Conciliation Committee. The committee, there¬
fore, desires to make clear that the repeal of said Section 2 of Chapter
292, Laws of 1935, does not remove all of the objections to existing laws
mentioned in the committee's report of Jan. 21 1936, and accordingly the
committee is still unable to advise bondholders to accept refunding bonds
under the proposed plan of the Conciliation Committee.
"The committee requests all bondholders to join in Its efforts to fully
guarantee the rights of creditors and invites all bondholders who have not
yet deposited their bonds with committee to do so at once. Further infor¬
mation and forms of letters of transmittal can be obtained by addressing
the Secretary, W. D. Bradford, 115 Broadway, New York City."
.
PISCATAWAY TOWNSHIP, N. J .—ISSUES $200,000 NOTES—The
township has borrowed $200,000 on 4% notes from a New York banking
institution.
This is the first step in the refinancing program, formulated
by Norman S. Taber & Co., which provides for the subsequent exchange
of the notes for serial funding bonds to be issued under authority of Chapter
60, Laws of 1934, the so-called New Jersey "Cash Basis" Act.
RANCOCAS
—
Wanted
TOWNSHIP, N. J .—MAY APPEAL JUDGMENT
New York State Municipals
DECISION—The
VALLEY
REGIONAL
HIGH
SCHOOL
DISTRICT
(P. O. Mount Holly), N. J.—FINANCIAL STUDY ISSUED—In
con¬
nection witn the proposed sale by the district on March 24 of $307,000 not
to exceed 4% interest high school building bonds, particulars of which
County—City—Town—School District
Gordon Graves & Co.
MEMBERS NEW
1
WALL ST.,
a previous issue, we are in receipt of a report prepared by C. C.
Collings & Co. of Philadelphia, dealing at considerable length with the
of operations of the specific townships making up the regional
unit.
The regional district, the study points out, has only been in opera¬
tion since July 1 1935 and obtains its income from taxes paid by the follow¬
ing named
townships: Easthampton,
Hainesport, Lumberton, Mount
Holly and Westhampton.
The financial history of each of these, including
figures on assessed valuation, bonded debt, tax collections, population, is
clearly set forth by means of a series of tables.
The high school district
reports an assessed valuation for 1935 of $5,253,402 and the present issue
of $307,000 bonds will constitute the only item of indebtedness outstanding.
Population, according to the 1930 census, was 9,456 and is estimated for
1936 at 10,000.
The tax rate for the fiscal year 1935-1936 is 0.615 and of
the levy of $33,221.29 there was collected $20,929.38, or 63%, as of Feb. 25
1936.
RUTHERFORD, N. J.—PROPOSED BOND SALE—An issue of $21,500
YORK STOCK EXCHANGE
Whitehall 4-5770
.
NEW YORK
BAT AVI A,
N.
Y.—BONDS
OFFERED
FOR
INVESTMENT—The
Marine Trust Co. of Buffalo is offering for public investment,
priced to
Seld 1.80%, aMarch 1 1936 and due on coupon or registered home relief
new issue of $60,000 1.90% March 1 1946. Principal and
mds, dated
interest
(A. & O.) payableatthe Genesee Trust Co., Batavia, or at the Chase
Bank, New York City.
Legality approved by Clay, Dillon &
National
Vandewater of New York City.
The bonds are exempt from all Federal
and New York State income taxes and are legal investment for savings
banks and trust funds in New York State.
Financial Statement
Assessed valuation (1936)
Total bonded debt (including
$17,879,113.00
624,441.71
3.49%
this issue)
Percent of debt to assessed
17,375
Population (1930)
The above debt statement does not include the debt of any other sub¬
division having power to levy taxes upon any or
to the taxing power of the city.
Tax Data
all of the property subject
1934
1935
*
Total
7,538.73
7,533.30
98.31%
—
*
1933
-$446,053.06 $461,817.14 $459,081.62
levy
Uncollected at end of fiscal year
Uncollected as of Jan. 22 1936—-Percent collected
13,719.57
4,990.10
98.92%
15,769.92
5,071.99
98.89%
Includes city, county and State.
only overlapping indebtedness is that of the Union Free School
This district is somewhat
the city, its assessed valuation (1935) being $18,835,792.
Genesee County has no bonded indebtedness. The total maximum city and
overlapping debt is 6.79% of the assessed valuation of the city.
The city, the bankers report, has consistently followed a most conservar
tive financial policy as to capital expenditures, borrowing and budgetary
practice.
All unpaid taxes of any year are included in the budget for the
succeeding year, thus avoiding any necessity for funding of back taxes. The
result of this practice is that tax collections have been close to 100% for
The
District, which was $590,000 on June 30 1935.
larger
than
each year.
BERLIN & PETERSBURG CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Berlin), N. Y.—BOND SALE—The $120,000 coupon, fully registerable, school building bonds offered on March 18—V. 142, p. 1686—were
awarded to E. H. Rollins & Sons, of New York, on a bid of 100.375 for 3}£s,
a basis of about 3.47%.
Dated April 1 1936.
Due yearly on April 1 as
follows: $4,000, 1939 to 1944; $5,000, 1945 to 1948; $6,000, 1949 to 1952;
$7,000, 1953 to 1956, and $8,000, 1957 to 1959.
The Bancamerica-Blair
Corp. of New York, was second, offering $132 premium for 3)4s.
CORTLAND, N. Y.—BOND SALE—The $110,500 coupon or registered
bonds, described below, which were offered on March 17—V. 142, p. 1686—
were awarded to Halsey, Stuart & Co. of New York, on a bid of 100.136,
for 2.20s, a basis of about 2.18%:
$90,500 refunding bonds.
from 1938 to
Due March 15 as follows: $2,500, 1937; $4,000
1944 incl. and $5,000 from 1945 to 1956 incl.
The
maturities to be refunded come due in 1936.
20,000 emergency relief bonds issued to take up certificates of indebted¬
ness used to finance relief costs.
Due March 15 as follows: $3,000
from 1937 to 1940 incl. and $4,000 in 1941 and 1942.
Each issue is dated March 15 1936.
One bond for $500, others $1,000
each.
Prin. and int. (M. & S. 15) payable at the Chemical Bank & Trust
Co., New York City.
appeared in
record
N. Y.
Financial Statement Jan. 1 1936
Assessed valuation (1936):
Real estate, including special franchises
Bonded debt, excluding present issues
,
—-$14,650,964.00
1,053,400.00
Floating debt:
TERA certificates of indebtedness
91,000.00
•
($20,000 to be retired with proceeds of emergency relief
bonds)
Paving certificates of indebtedness
Demand notes
1
23,873.82
35,000.00
Total debt
$1,203,273.82
Deductions:
Water bonds, included above
177,000.00
Bonds, other than water bonds, due in 1936, to be paid
—
—
—
from tax levy
86,900.00
general improvement bonds will be sold about May 1 to the sinking fund.
Total deductions
TEANECK
TOWNSHIP
(P.
O.
Teaneck),
N. J.—BOND SALE—
The $44,000 coupon or registered library bonds offered on March 16—
V. 142, p. 1685—were awarded to Campbell, Phelps & Co. of New York as
4s, at par plus a premium of $149.16, equal to 100.339, a basis of about
3.94%. Dated Jan. 1 1936 and due Jan. 1 as follows: $3,000 from 1937 to
1940 incl. and $4,000 from 1941 to 1948 incl. Bidders were asked to submit
offers on either $16,000 or $44,000 worth of bonds. The successful tender
was the only one submitted for the larger amount.
Other bids at the sale
were
as
follows:
Int. Rate
Bidder—
Bogota National Bank
Ewlng&Co—
Public Works Administration (for $28,000
4%
bonds)
4)4%
4%
Premium
Par
$42.00
Par
$263,900.00
939,373.82
Net debt—
Tax Levies and Collections
Year—
Levy
Amount uncollected at end of fiscal yr.
Uncollected Feb. 29 1936
1933
1934
1935
$552,352.98 $552,386.83 $590,360.48
41,560.87
39,094.96
38,548.68
2,681.62
28,073.96
—
The uncollected taxes for 1934 represent the purchase price
of properties
which have not been redeemed.
The taxes are payable in two
instalments at the option of the property owners.
The first instalment may
be paid up to the last day of February without penalty.
The second instal¬
ment may be paid up to the last day of August without penalty.
which were bid in by the city on tax sale and
The tax sale for 1935 has not yet been held.
2034
Financial
The charter of the city is Chapter 160 of the Laws of New York of
and the Acts amendatory thereof.
1900,
The population of the city, according to the 1930 Federal
Census, is 15,041.
The bonded indebtedness of the city does not include the debt of
any
other subdivision having power to levy taxes upon any or all of the
property
subject to the taxing power of the city.
Other bids
Bidder—
were as
follows:
Chronicle
42,000 fire equipment bonds.
Due Feb. 1 as follows:
to 1944, incl. and $5,000 in 1945 and 1946.
Each issue is dated Feb. 1 1936.
Premium
2.25%
2.20-2.40%
2.30%
2.40%
2.40%
2.50%
2.50%
Bacon, Stevenson & Co
George B. Gibbons & Co., Inc
Roosevelt & Weigold
Cortland Trust Co
Goldman, Sachs & Co
$153.60
132.60
99.45
629.85
353.60
430.62
19.15
$12,240, payable to the order of the city, is required.
approving opinion of Reed, Hoyt & Washburn of New York will be
The
Financial Statement
Assessed valuation
Population, 95,652.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
The Chemical Bank & Trust Co. of New York, second
high bidder, offered
to take the notes on a
.30% interest basis, plus a premium of $14. Dated
March 25 1936. Due $300,000 on each of the dates
May 25 and Sept. 25
KIRCHOFER
1936..
FREE
SCHOOL
DISTRICT
NO.
9
(P.
Frankfort), N. Y.—BOND
SALE—The $10,000 4% school bonds offered
18—V. 142, p. 1867—were awarded to Halsey, Stuart & Co.
York, on a bid of 101.252.
Dated March 1 1936.
Due March 1
follows: $3,000, 1937; $3,400, 1938, and $3,600, 1939.
RALEIGH, N. C.
March
Bidder—
A. W. A1 bones, Frankfort
George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co
Bacon, Stevenson & Co
Rate Bid
_
100.75
100.701
100.526
100.47
Citizens First National Bank
Par
GENEVA, N. Y.—PUBLIC OFFERING OF BONDS—A new issue of
$25,000 2% series A refunding bonds, dated April 1 1936 and due serially
April 1 from 1937 to 1945 incl., is being offered for general investment
by the Marine rrust Co. of Buffalo.
The obligations are priced to yield,
according to maturity, from 0.50% to 2%.
The bonds are legal invest¬
ment for savings banks and trust funds in New York State and are
exempt
from all Federal and New York State income taxes.
Legality approved
by Clay, Dillon & Vandewater of New York City.
The city has a total
debt, including the present issue, of $692,000, the ratio to assessed valuation
being 3.55%.
on
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. O.
Long Beach), N. Y.—CERTIFICATE SALE— B. J. Van Ingen & Co.,
Inc., of New York have purchased an issue of $50,000 4% certificates of
indebtedness.
Dated March 15 1936.
Denom. $5,000.
Due March 15
1937.
Principal and interest (M. & S.) payable at the Marine Midland
Trust Co., New York City.
Legality to be approved by Clay, Dillon &
Vandewater of New York City.
LARCHMONT, N. Y.—BOND ISSUE DETAILS—The $19,000 coupon
reservoir bonds awarded to Rutter & Co. of New York as 2.70s, at a price of
100.20 are dated April 1 1936, of $1,000 denoms. and mature April 1 as
follows:
$4,000 from 1941 to 1944 incl. and $3,000 in 1945. Interest payable
A. & O.
LARCHMONT,
N. Y.—CERTIFICATE SALE—The $50,000 tax an¬
ticipation certificates of indebtedness offered on March 16—-V. 142, p.
1868—were awarded to Demorest & Co. of New York at 0.54% interest.
Due in four months.
The Marine Midland Trust Co. and the Central
Hanover Bank & Trust Co. of New York each bid a rate of
Trust Co. of Larchmont
0.60%; the
0.75%, and George B. Gibbons & Co.,
rate of 1.50%.
was next at
Ing. of New York, named
a
MAMARONECK
(P.
O.
N.
Y .—CERTIFICATES
Mamaroneck),
SOLD—The County Trust Co. of White Plains recently purchased $150,000
1K% certificates of indebtedness, due $75,000 each on July 1 and Sept. 4
1936.
NEW YORK,
N. Y.—ASKS LEGISLATURE FOR BOND ISSUE
AUTHORITY—The Board of Estimate on March 13 passed a resolution
asking the State Legislature to amend the city charter to permit the issu¬
ance
of $35,000,000 of 5-year serial bonds to refund $40,270,500
4%
revenue notes maturing Nov. 1 1936.
This method of meeting the maturity,
which was evolved by Comptroller Frank J. Taylor, is expected to net the
city a saving of $1,500,000 in interest charges over the life of the bonds,
inasmuch as it is generally accepted that the
financing can be accomplished
by the city at an average interest rate of 2%.
NEW
YORK, N. Y.—NOTE SALE REFLECTS IMPROVED
POSITION—Further
CREDIT
evidence
of
the
marked
improvement that has
rating of the city during the past two years was
March 17 of an issue of $6,000,000 special cor¬
porate stock notes, dated March 12 1936 and due Nov. 12 1936.
The
occurred in
the credit
obtained at
the sale
on
award was made to a group composed of the Chase National
Bank, Brown
Harriman & Co., Salomon Bros. & Hutzler and R. W.
Pressprich & Co.,
all of New
York, which bid an interest rate of 0.45%, plus a premium of
$420, making the net interest cost only 0.439%.
The bankers re-offered
the notes to yield 0.35%.
The rate of 0.45% was the lowest interest bid
the city has ever received on securities on anly of its
obligations, whether
long or short term, or for whatever purpose.
The nearest to either one of
these bids was a year ago this month, when the Chase National Bank was
awarded $3,400,000 three-month special corporate stock notes at their
bid of 0.80%.
The National City Bank, in account with Lazard Freres
& Co., F. S. Moseley & Co., Baker, Weeks &
Harden, Darby & Co. and
Dominick & Dominick bid a rate of 0.55%, plus $15, and Halsey, Stuart
& Co., Inc. of New York, coupled with
Ladenburg, Thalman & Co. and
Hemphill, Noyes & Co., named a rate of 0.75%, plus $130.
ONEIDA,
N.
Y.—BOND OFFERING—W.
C.
Hubbard,
City
Clerk,
will receive sealed bids until 4 p. m. on April 2 for the
purchase of $121,000
not to exceed 4% interest coupon or registered
hospital bonds.
Dated
Dec.
1 1935.
Denom. $1,000.
Due Dec. 1 as follows: $3,000, 1936 to
1948, incl.; $4,000, 1949 to 1951, incl., and $5,000 from 1952 to 1965, incl.
Principal and interest (J. & D.) payable at the Chase National Bank,
New York City.
Bidder to name one interest rate on the issue, expressed
in a multiple of M or l-10th of 1%.
A certified check for $2,500, payable
to the order of the city, must
accompany each proposal.
The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful
PORT
bidder.
OF
NEW
YORK
AUTHORITY, N. Y.—PLANS $20,000,000
BOND ISSUE—Announcement was made March 13 that the Commis¬
sioners of the Port of New York Authority have
adopted resolutions provid¬
ing that the Port Authority waives its right to redeem its 4% first series
general and refunding bonds prior to March 1 1941.
The outstanding
bonds of this series amounting to
approximately $45,400,000 are part of a
total authorized issue of $52,500,000 dated March 1
1935, and having a
nominal maturity March 1 1975.
At the time of issue, the redemption clause
provided the option of calling
in whole or in part at 105 prior to March 1
1940, and at 104 thereafter on
or before March 1 1944, and thereafter on a
graduated scale.
It also is undarstood that the board is
giving consideration to the refund¬
ing prior to June 1936, of the outstanding $20,000,000 series B 4% (George
Washington Bridge) bonds callable at par December 1936.
For this
the possibility has been suggested of the issuance of a 40-year
general and refunding bond bearing an interest coupon of 3 M %.
ARNOLD
&,
INCORPORATED
O.
of New
$155,967,867
12,775,795
10,848,688
Total bonded debt (incl. present offering)
Net bonded debt
on March 19—V.
142, p. 1867—were awarded to the National City
Bank of New York on a .30% interest basis,
plus a premium of $109.83.
as
expressed
furnished the successful bidder.
for sale
on
$4,000 from 1937
rates of interest to be
or
In multiples of H or l-10th of 1%.
Different rates may be named on the'
respective issues, but only one rate may be fixed on any one issue. Principal
and interest (F. & A.) payable at the Chase National Bank, New York.
ELMIRA, N, Y.—CERTIFICATE SALE—The $600,000 certificates of
indebtedness, registerable as to principal and interest, which were offered
UNION
Rate
1936
A certified check for
Int. Rate
Manufacturers & Traders Trust Co
Rutter & Co
FRANKFORT
March 21
A.
T.
TELETYPE
T.
RLGH
80
Direct Private Wire to Pask & Walbridge our New York Correspondent
194352768
NORTH
i
BESSEMER
CITY,
N.
CAROLINA
C.—BONDS
AUTHORIZED—'The
of
Board
Town Commissioners recently passed an ordinance authorizing the issuance
of $129,500 refunding bonds.
KINSTON GRADED SCHOOL DISTRICT
(P. O. Kinston), N. C.~
BOND SALE—The $27,000 issue of refunding bonds offered for sale on
March 17—V. 142, p. 1869—was awarded to tne Branch Banking & Trust
Co. of Wilson, as 5s, paying a premium of $15.11, equal to 100.055, a basis
of about 4.99%.
Dated Dec. 1 1935.
MOORESVILLE,
Due from Dec. 1
1936 to 1944.
N.
C.—BOND ELECTION—On April 14 the town
for the purpose of voting on the question of
issuing $25,000 municipal water and sanitary sewer system extension bonds.
will
hold
a
special election
NASH COUNTY (P. O. Nashville, N. C.—BOND SALE—The $54,000
of coupon school building bonds offered for sale on March 16 was
purchased by the County Sinking Fund, as 4s, paying a premium of $1,500,
equal to 102.777, a basis of about 3.40%.
Dated Jan. 1 1936.
Due on
issue
Jan.
1
as
in 1945.
follows:
$5,000, 1937 to 1940; $7,000, 1941 to 1944, and $6,000
No other bid
was
received for tne bonds.
ROCKY MOUNT,
N. C.—BOND SALE—The $30,000 issue of athletic
field bonds offered for sale on March 17—V
142, p. 1869—was purchased
by Kirchofer & Arnold, of Raleigh, as 3Ms, paying a premium of $57.20,
equal to 100.19, a basis of about 3.23%.
Dated April 1 1936.
Due
$1,000 from April 1 1937 to 1966 inclusive.
Financial Statement—Feb. 1 1936
Outstanding debt: Electric light and power bonds
$612,083.89
440,324.96
155,000.00
482,091.15
30,000.00
Water bonds
Gas bonds
General, including sewer bonds
Athletic field bonds now offered
Total debt.
$1,719,500.00
$20,862.85
Sinking fund: Cash_
City of Rocky Mount bonds
Rocky Mount graded school district bonds
Paid in building and loan stock
85.000.00
2,000.00
30,345.90
Total sinking fund
$139,208.75
12,836.75
Uncollected street assessments
Taxes:
1933-34
1934-35
Assessed valuation
$18,000,000.00
Rate per $100 valuation,..
.27
1935-36
$17,800,000.00 $18,250,000.00
.27
.27
48,696.56
44,536.85
Amount levied
47,484.94
Amount collected
44,445.59
Bond maturities including bonds now offered:
49,262.93
33,817.37
-
$99,000
1948
$57,000
1959
$11,000
74,000
1949
68,000
1960
4,000
198,500
1950
68,000
1961
4,000
64,000
1951
58,000
1962
4,000
1940-----67,000
1952
58,000
1963
4,000
102,000
1 953
258.000
1964
4,000
65,000
1954
46,000
1965
1,000
65,000
1955
38,000
1966
1,000
76,000
1956
23,000
—
55,000
1957
23,000
$1,719,500
56,000
1958
11,000
1947.
57,000
Sinking fund bonds: 1938 term bonds—$134,500; 1941 term bonds—
$40,000; 1953 term bonds—$200,000.
Population, 1930 U. S. census, 21,412; estimated present, 25,000.
-
STANLY COUNTY
IZED—The
Board
of
(P.
O.
Albermarle), N. C.—BONDS AUTHOR¬
County
Commissioners
has
passed
a
resolution
authorizing the issuance of $209,000 school building bonds.
NORTH
DAKOTA
CASS
COUNTY SCHOOL DISTRICT NO. S6 (P. O.
Gardner),
N. Dak.—BOND SALE—The $10,000 issue of school bonds offered for sale
on March 4—V. 142, p. 1331—was awarded to the
Clarges A. Fuller Co.
of Minneapolis, as 4s, paying a premium of
$260, equal to 102.60, a basis
of about 3.65%.
Due $1,000 from 1940 to 1949 incl.
GOLDEN GLEN SCHOOL DISTRICT (P.
O. Edgeley), N.
Dak.—
BOND ELECTION—In response to petitions presented
by the residents,
the School Board has called a special election for March
24 to vote on the
question of issuing $22,000 school
building bonds.
MARQUIS SCHOOL DISTRICT NO. 30, McKenzie County, N. Dak.
—CERTIFICATE
OFFERING—Mrs.
Owen Lee, District Clerk, will re¬
ceive bids at the office of the County Auditor, in
Schafer, until 2 p. m.
March 28 for the purchase of $2,000 certificates of
indebtedness, to bear
no more than 7% interest.
Denom. $500. Dated March 28 1936. Interest
payable semi-annually.
Due Sept. 28 1936.
amount bid required.
Sale will not be made
OHIO
Certified check
at less
for
2%
of
than par.
MUNICIPALS
purpose,
SCHENECTADY
OFFERING
informs
future
COUNTY
(P.
O.
CONTEMPLATED—County
Schenectady),
Treasurer
Y.—BOND
William A.
Dodge
that the county officials are planning to offer for sale in the
several issues of bonds, aggregating $865,000.
The offering
us
near
Porgress Administration road project bonds, $150,000 town
relief bonds and $150,000 county emergency relief bonds.
emergency
SCHENECTADY, N. Y.—BOND OFFERING—C. H. Greene, City
Comptroller, will receive sealed bids until 11 a. m. on March 24, for the
purchase of $612,000 not to exceed 4% interest coupon or registered bonds,
as
follows:
$325,000 general municipal bonds.
Due Feb. 1 as follows:
$32,000 from
1937 to 1941, incl. and $33,000 from 1942 to 1946, inclusive.
245,000 public improvement bonds. Due Feb. 1 as follows: $24,000 from
1937 to 1941, incl. and $25,000 from 1942 to 1946, inclusive. I
700
CANTON
CUYAHOGA
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
will
include $75,000 county home equipment and land purchase
bonds, $80,000
county garage bonds, $160,000 armory land site bonds, $250,000 Works
divided
MITCHELL, HERRICK & CO.
N.
OHIO
ADA VILLAGE SCHOOL DISTRICT
(P. O. Ada), Ohio—BOND
OFFERING—E. H. Dome, Clerk of the Board of Education, will receive
bids until noon April 1 for the
purchase at not less than par of $2,699.50
4% debt funding bonds.
Denom. $260, except one for $359.50.
Dated
April 1 1936.
Interest payable semi-annually.
Due $260 each six months
from April 1 1937 to April 1
1941, and $359.50 Oct. 11941.
Certified check
for $100, payable to the Board of
Education, required.
BUTLER COUNTY (P. O. Hamilton),
$67,000 poor relief bonds offered on March
Ohio—BOND SALE—The
142, p. 1687—were
17—V.
Volume 142
awarded to the
for
a
Financial
Oglesbv-Barnitz Bank & Trust Co. of Middletown
premium of $650.75, equal to 100.971,
a
as
basis of about 2.06%.
Chronicle
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the office of the Sinking Fund Trustees. Due $1,000 yearly on
Oct. 1 from 1938 to 1945 incl.
Certified check for $500, payable to the
Village
Treasurer, required.
Approving opinion fo Squire, Sanders &
Dempsey of Cleveland will be furnished by the village.
234s,
Dated
March 1 1936.
Due yearly on March 1 as follows:
$6,800. 1937; $7,200,
1938: $7,600, 1939; $8,100, 1940; $8,500, 1941; $9,000, 1942; $9,600, 1943
and
$10,200, 3944.
Other bids
were
."W-"*
as
."•••
follows:
Bidder—
Int. Bate
Prudden&Co-
Cool, Stiver & Co
Assel .Goetz & Moerlein-
Lahr, Doll & Isphording
Irving Co_-_
Paine, Webber & Co_First Cleveland
Van
Weil,
and
Roth
482.40
413.39
381.90
•
234%
234%
234%
Grau&Co
Provident Savings Bank & Trust Co
of
$297.39, equal to 101.38, a basis of about 4.31%.
Due Oct. 1 as fol¬
$1,550, 1940; $2,000, 1941 to 1944, incl.; $3,000 from 1945 to 1948,
Seasongood & Mayer of Cincinnati offered a premium of $129.35 for
534S.
■}. •
542.70
lows:
'
234%
2 34 %
283.00
274.70
46.90
CINCINNATI, Ohio—FINANCIAL STATUS PRAISED—'The city's
high financial standing was emphasized recently in a statement issued by
Philip K. Robinson, Milwaukee, Wis., Director of the Municipal Bond
incl.
'
OHIO, State of—AVERAGE YIELD FOR 30 CITY BONDS AGAIN
REDUCED—The movement towards higher prices for Ohio municipal bonds,
continuing during the week ended March 19, reduced the average yield
of bonds of 30 Ohio cities compiled by Wm. J. Mericke & Co., Inc., whose
New York office is located at One Wall Street, from 3.03 to 3.01.
Average yield for 15 largest Ohio cities fell from 3.02 to 3.00, during the
week and for 15 secondary cities from 3.04 to 3.02.
Mr. Robinson,
pleased to say that no municipality in the country ranks any
higher to-day, from a credit standpoint, than does Cincinnati.
It has
excellent management, a moderate debt, and ability to collect taxes well,
and has been able to balance its budgets.
In short, there is no reason why
Cincinnati should not continue to sustain dts high financial standing.
"I
am
PORTSMOUTH,
SALE OF $2,841,000 BONDS
TO
LIENS—City Council and sinking
Southern Railway
334 % bonds, due 1956, on May 1 and to sell publicly on April 9, at a coupon
rate of 234%, or less, $2,841,000 refunding bonds.
Balance of the funds
necessary for the redemption will come from surplus sinking fund accounts.
City officials are discussing the calling of an additional $15,000,000 bonds
which are redeemable during July and August if the April 9 sale brings a
SOUTHERN
RAILWAY
fund trustees have voted to call $4,595,000 Cincinnati
SANDUSKY,
note issue,
visiting Court of Appeals,
bonds, making them general obligations.
The special
GETS
cause
it has refused, without explanation, to cah the election, according
State Supreme Court has ordered the City Commission to hold a
The Commission has until April 4 to show
why it should not comply with the order.
SOUTHEASTERN
SCHOOL
DISTRICT
(P. O. Richmondale),
Ohio—BOND ELECTION—At the primary election to be held on May 12
assess¬
question are against real estate registered under the forrens system.
Under this system, which was set up under a special law effective July 1
proposition to issue $200,000 school building bonds will be submitted to
a
1914, real estate owners may have their titles declared incontestably valid
by the Court and registered in the County Recorder's office, and real estate
transactions may be completed by a simple entry on the Recorder's books
for a niminal fee without title search and title guarantee.
Any lien against Torrenized titles must be registered with the County
Recorder, except unpaid current general taxes.
The case before the Court involved some $500,000 worth of special assess¬
ments against
forrenized real estate where public officials had neglected
to file the special assessments as liens with the County Recorder and the
Court held, therefore, that such special assessments cannot be considered a
lien against property.
As a result, the special assessments, by the Court's decision, become
general obligations of the various municipalities.
The amount of special assessments involved is estimated at not to exceed
$3,000,000, or about 1-3 of 1% of the total bonded indebtedness of all the
taxing subdivisions in the County.
On the basis of individual titles, ap¬
proximately 10% of the 400,000 parcels of real estate in the County are
the voters.
'
SPRINGFIELD,
Ohio.—BONDS OFFERED
FOR
$83,000 234% refunding bonds dated March 1 1936 and
due semi-annually on March 1 and Sdpt. 1 from 1941 to 1949. incl.
The
maturities from 1941 to 1946 are offered on a yield basis of from 2% to
2.40%, and those from 1947 to 1949, incl., are priced at 100.50.
The
bankers paid a price of 100.07 for the issue.
Other bids were as follows:
Bidder—
Int. Rate
Van Lahr, Doll & Isphording, Inc, Cincinnati
234%
Provident Savings Bank & Trust Co., Cincinnati,
and Breed & Harrison, Inc., Cincinnati
Seasongood & Mayer, Cincinnati
McDonald-Coolidge & Co., Cleveland, and Otis &
Co., Cleveland
Braun, Bosworth & Co., Toledo
Ryan, Sutherland & Co., Toledo
First National Bank & Trust Co.; Lagonda National
Bank, and Springfield Savgs.
Society, all of
Springfield, Ohio
Mitchell, Herrick& Co., Cleveland.
Fox, Einhorn & Co., Inc., Cincinnati
Stranahan, Harris & Co., Toledo
____
County and village officials are reported to have announced their intention
of carrying the case to the Supreme Court of the State of Ohio.
Ohio is one of the five States with Torrrens laws, but the use of the
Torrens system is optional with owners of real estate and the fact that
only a relatively small percentage of such real estate owners have taken
advantage of the law, probably accounts for the municipal officials for-
.
Grau & Co.. Cincinnati
getting or being in ignorance of the necessity of filing special assessments as
against Torrenized titles.
Assessed
Total
County Commissioners, will
order
of the
County Treasurer,
each
The legal approving opinion of Squire, Sanders & Dempsey of
will be furnished the successful bidder.
must
accompany
proposal.
Cleveland
March
Ohio—-^OjVD
SALE—An issue of $22,500 4% sanitary
and sewage disposal plant bonds has
Teachers' Retirement System at par.
Dated
sewer
LIMA,
Ohio—BOND
SALE—The
been sold to the Ohio State
Feb. 1 1936.
$18,000
coupon
sewage
disposal
18—V. 142, p. 1688—were awarded to G.
Parr Ayers & Co. of Columbus as 3 34s, at par plus a premium of $47.51,
equal to 100.26, a basis of about 3.18%.
Dated March 15 1936 and due
$3,000 on Sept. 15 from 1937 to 1942 incl. Other bids were as follows:
works bonds offered
on
1,087.30
651.20
266.00
971.10
688.90
107.00
61.00
$77,814,800.00
5,090,815.08
30,000.00—
outstanding general indebtedness
Less sinking fund to apply
Net
780,500.00
$4,310,315.38
168,956.70
general debt-_
$4,141,358.68
The above financial statement
as
to bonded debt does not include over¬
lapping debt of other political subdivisions for which the property repre¬
sented by the assessed valuation is subject to a tax.
Tax
1
Collections
1933
General taxes levied
General taxes collected
Population,
1930 U.
1934
$682,985.50
602,192.51
88%
S. Census, 68,743.
__
1935
$638,505.45
585,457.08
91.6%
$705,655.25
>
706,849.54
100.17%
16—V.
The bank purchased the issue as 5s, at a price of par. Bliss, Bowman &
Co. of Tolqdo also bid for the issue, offering a premium of $26.35 for 534s.
JOHNSTOWN,
3%
3%
3%
334%
334%
:
Percentage collected
coupon sewerage system
142, p. 1513—were awarded to the First
Trust & Savings Bank of Dresden.
Dated Sept. 1 1935 and due Sept. 1 as
follows- $500 in 1938 and $1,000 from 1939 to 1953 incl.
on
321.00
Total
DRESDEN, Ohio—BOND SALE—The $15,500
bonds offered
234%
234%
234%
valuation
indebtedness
Floating debt
emergency poor relief bonds.
Due March 1 as follows: $106,000,
6%
the
979.40
915.85
„
receive sealed bids until 11 a. m. on April 10 for the purchase of $1,050,000
to
234 %
234%
Deductions pursuant to Sec. 2293-14, Ohio Law:
Water works bonds
;
$350,000.00
Special assessment bonds
400,500.00
O. Cleveland), Ohio—BOND OFFERING
Dated April 1 1936.
Denom. $1,000.
1937; $113,000, 1938; $119,000, 1939;
$126,000, 1940; $134,000,1941; $142,000,1942; $150,000 in 1943 and $160,000 in 1944.
Interest rates other than 6%, specified by the bidder, mustbe in multiples of 34 of 1%.
Prin. and int. (M. & S.) payable at the State
Treasurer's office.
The bonds will be issued in coupon form and, at owners'
option, may be registered as to principal only or converted into fully regis¬
tered instruments.
The bonds were authorized at an electiqn on Feb. 25,
are unlimited tax obligations and issued in anticipation of the public utilities
excise taxes levied by the State as provided in H. B. No. 501 of the 91st
General Assembly.
A certified check for 1 % of the bonds bid for, payable
Premium
$1,045.80
Financial Statement (As Officially Reported Feb. 1 1936)
ens
—George H. Stahler, Clerk of the Board of
INVESTMENT—
Charles A. Hinsch & Co., Inc., of Cincinnati are offering for public invest¬
ment an issue of
Torrenized.
CUYAHOGA COUNTY (P.
PLANT
referendum mentioned above.
ments in
The chief value of such titles seems to lie in the simplification of real
estate transactions and the nominal cost of transferring titles there under.
POWER
The
fhe
Court handed down an opinion which, if upheld in higher courts, transfers
from specific taxpayers to all taxpayers a substantial amount of special
assessment
COURT
t^raport. The bond issue was voted at the general election in Novem-
BONDS—Municipal officials in Cuyahoga County are said to have recently
rude jolt at the hand of the
Ohio—SUPREME
000 notes, in anticipation of a bond issue, for the proposed municipal light
and power plant. Although the Commission has passed ordinances for the
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—APPEALS COURT
DECISION CHANGES STATUS OF CERTAIN SPECIAL ASSESSMENT
a
weighted
8UESTION—Theto submit to popular vote the question of issuingforce the
State Supreme Court was asked March 12 to $1,400,ity Commission
favorable interest cost rate.
received
are
Ohio—BOND OFFERING—James
D.
Williams,
Director of Department of Finance and Audits, will receive bids until 3 P. m.
April 2, for the purchase at not less than par of $117,500 coupon special
assessment improvement refunding bonds, to bear no more than 6% int.
Dated May 1 1936.
Principal and semi-annaual interest (April 1 and Oct. 1)
payable at the office of the Director of the Department of Finance and
Audits.
Due $12,500 Oct. 1 1943; and $15,000 yearly on Oct. 1 from 1944
to 1950, incl.
Certified check for 1% of amount of bonds bid for, payable
to the Director of the Department of Finance and Audits, required.
Ohio—PLANS
CINCINNATI,
REFUND
Averages
according to outstanding debt of each city.
Research of the Northwestern Mutual Life Insurance Co.
said:
FALLS, Ohio—BOND SALE—The $21,550 assessment im¬
provement refunding bonds offered on March 9—V. 142, p. 1333—were
awarded to Cool, Stiver & Co. of Cleveland as 434s at par plus a premium
$7.00
625.33
&
Braun, Bosworth & Co_.
NEWTON
Premium
2%
234%
234%
2035
Dated Oct. 1 1936.
March
Int. Rate
Premium
National Bank of Lima—
3 34 %
Weil, Roth & Irving Co
Provident Savings Bank & Trust Co.
Johnson, Kase & Co
334%
334%
334%
334%
4%
$10.00
23.60
33.40
96.00
122.40
29.85
Bidder—
Grau&Co
Seasongood & Mayer
LONDON, Ohio—BOND SALE POSTPONED—'The sale scheduled for
Mkrch 14 of $30,000 not to exceed 6% interest sewage disposal plant bonds
was postponed—V. 142, p. 1513.
Dated Dec. 1 1935 and due $600 March 1
and Sept. 1 from 1937 to 1961, inclusive.
COUNTY (P. O. Youngstown), Ohio—BOND SALE
POSTPONED—LEGAL STATUS QUESTIONED—F. E. Lancaster, Clerk
SPRINGFIELD,
Ohio—NOTE SALE—The First National Bank &
Trust Co. of Springfield recently purchased an issue of $33,000 434 % notes
due July 1 1936.
TOLEDO,
Ohio—TAX RATE AT 1 &-YEAR LOW—The current tax
enjoyed by the city since 1920, according
figures made public recently by G. Burman Curry, Secretary of the
City Publicity and Efficiency Committee.
rate of $20 per $1,000 is the lowest
to
TOLEDO CITY
SCHOOL DISTRICT,
Ohio—BOND SALE—The
$600,000 school building bonds offered on March 20—V. 142, p. 1688—
awarded to a syndicate composed of Ryan, Sutherland & Co., Strana¬
han, Harris & Co., Braun, Bosworth & Co., -of Toledo, Weil, Roth & Irving
and the Provident Savings Bank & Trust Co., of Cincinnati, as 3J4s, for
a premium of $4,027, equal to 100.671, a basis of about 3.10%.
The First
Cleveland Corp. of Cleveland submitted the next high bid, offering $7,920
premium for 334s.
Dated April 1 1936.
Due $24,000 yearly on Oct. 1
from 1937 to 1961 incl.
were
TUSCARAWAS COUNTY (P.
O. New Philadelphia), Ohio—BOND
SALE—The $50,500 poor relief bonds offered on March 16—V. 142, p.
1513—were awarded to Cool, Stiver & Co., of Cleveland, as 234s, for a
premium of $454.49, equal to 100.10, a basis of about 2.23%.
Stranahan,
Harris & Co., of Toledo, were second in the bidding, offering a premium or
$320.68 for 234s.
Date March 16 1936.
Due yearly on March 1 as follows:
$5,100, 1937; $5,400, 1938; $5,700, 1939; $6,100,
$6,800, 1942; $7,300, 1943, and $7,700, 1944.
1940;
$6,400,
1941;
MAHONING
of the
us
as
Board of County Commissioners, under date of March
18 advises
follows:
"The
$225,000.00 Mahoning County refunding bond issue which
was
advertised for sale on March 27, has been temporarily postponed due to
the fact that the constitutionality of the law under which same was being
questioned.
Said bonds will be issued in the near future
under authority of Section 2293-5 of the General Code of Ohio.
You will
issued has been
be advised of the same later.
"The
above
action
was
taken
after
consulting
with
Messrs.
UHRICHSVILLE, Ohio—BONDS AUTHORIZED—The City Council
recently passed an ordinance authorizing the issuance of $26,000 refunding
bonds.
UHRICHSVILLE, Ohio—BOND OFFERING—W. R. Treadway, City
Auditor, will receive bids until
WARREN,
awarded to
refunding bond issue whi ch was being issued under the authority of Section
2293-45 and 46."
The issue was originally described as deficiency bonds, as noted in V.
142, p. 1869.
$636.36,
(P.
O.
Youngstown),
Ohio—BOND SALE
$90,000 tuberculosis hospital addition bonds offered on March 20
—V. 142, p. 1688—were awarded to the Provident Savings Bank & Trust
Co., of Cincinnati, as 234s, for a premium of $738, equal to 100.82, a
basis of about 2.65%.
Widmann, Holzman & Katz, of Cincinnati, were
second high bidders, offering a premium of $612 for 234s.
Dated April 1
1936.
Due $6,000 yearly on Dec. 1 from 1937 to 1951, incl.
—The
NEWTON
FALLS,
Ohio—BOND OFFERING—Ernest L.
Clabaugh,
Village Clerk, will receive bids until noon April 6 for the purchase at not less
5% coupon refunding bonds, Denom. to suit purchaser.
than par of $8,000
Denom. $1,000. Dated
1.
Due $1,000 yearly on
1 from 1938 to 1940; $2,000 from 1941 to 1946. Certified check for
$200, payable to the city, required.
Squire,
Sanders & Dempsey, Attorneys. Cleveland, O., and the Attorney-General
State of Ohio, who agreed that they did not care to approve the
COUNTY
April 7 for the purchase at not less than
Oct.
of the
MAHONING
noon
Sar of $15,000Interest coupon refunding bonds.
334% payable April 1 and Oct.
lay 1 1936.
Ohio—OTHER BIDS—The
Otis &
Co.
$69,000
refunding
bonds
as 234s, at par plus a premium of
basis of about 2.60%, were also bid for as
of Cleveland
equal to 100.92,
as
follows:
Bidder—•
Int. Rate
Second
National
Bank, Warren,
Ohio
Premium
234%
3%
Provident Savings Bank & Trust
Johnson, Kase & Co
$20.70
172.00
3%
110.40
Fox-Einhorn & Co
3%
Mitchell, Herrick & Co
Cool, Stiver & Co
Braun, Bosworth & Co
Bohmer, Reinhart & Co
McDonald-Collidge & Co
First Cleveland Corp
Assel, Goetz & Moerlein, Inc
Louis A. Koch, Warren, Ohio
3%
107.77
92.20
334%
334%
3 34%
334%
334 %
334 %
4%
574.99
288.00
140.00
93.00
558.00
105.00
600.00
-
2036
Financial
WAPAKONETA,
$44,000 coupon sewage
disposal works bonds offered recently—V. 142,
p. 1333—were awarded to
Stranahan, Harris & Co., Inc. of Toledo as 3s, at par plus a
premium of
$466.40, equal to 101.06, a basis of about 2.90%. Dated Dec.
1 1935 and
due Dec. 1 as follows:
$2,000 from 1937 to 1952, incl. and $3,000 from
1953
to 1956, inclusive.
WILLOUGHBY, Ohio—BOND OFFERING—Arvilla Miller, Village
Clerk, will receive sealed bids until noon on
April 6 for the purchase of
$24,300 43^% refunding bonds.
Dated Oct. 1 1935.
Denoms. to suit
purchaser.
Due Oct. 1 as follows $300, 1941;
$7,000 in 1944, 1946, 1948
and $3,000 in 1950.
The bonds to be refunded
Interest
on
matured Oct. 1 1935.
be payable in A. & O.
A certified check
for, payable to the order of the village, is
required.
the refundings will
for 5% of the bonds bid
WOOD COUNTY
(P. O. Bowling Green), Ohio—PROPOSED BOND
ISSUE—The Board of Commissioners has asked the
State Tax Commission
for permission to submit an issue of
$85,000 poor relief bonds to a vote at
the May primary election.
A $60,000 issue for the same
purpose was
defeated last November and since then relief
requirements have been met
by the State Emergency Board.
OKLAHOMA
First National Bank of Oklahoma
City and the R. J. Edwards Co. of Okla¬
homa City.
Of the bonds, $13,000 will bear 4% interest and
$1,000 3M%-
""GRACEMONT
SCHOOL DISTRICT (P. O.
Gracemont), Okla.—
SALE•—A $3,500 issue of 6% semi-ann.
school bonds is said to have
been purchased at par by the Piersol Bond
Co. of Oklahoma City. Due
$500 from 1940 to 1946, inclusive.
BOND
DISTRICT,
Okla.—BONDS
VOTED—The
residents of the District
recently voted in favor of the issuance of
auditorium and gymnasium bonds.
Treasurer, is said
on April
8, on which date interest shall
school district warrants
aggregating $100,000.
TAILS—Complete details of the bond offering taking place on March 30
142, p.
1870—are now available.
Virginia B. Beatty, District
Secretary, will receive bids until 10 a. m. March 30, for the purchase of the
bonds, which are described as follows:
•—V.
$41,000 debt funding and improvement bonds.
Due May 15, as follows:
$1,000, 1945 to 1953; $2,000, 1954, and $2,500, 1955 to 1966.
24,000 refunding bonds.
Due May 15 as follows:
$2,500, 1945 to 1953;
and $1,500, 1954.
Bonds
coupon in form, registerable as to principal only, in denomi¬
Interest payable May 15 and Nov. 15.
Bidders are
single rate of interest on each issue, taking choice of
2J^%,
2%%, 3%, 3M%, 3Yi%. 3^% and 4%.
Sale will not be made at less
than par.
Certified check for 2% of amount of bonds bid
for, payable to
the District Treasurer, required.
$25,000
Okla.—1 WARRANT
to
be calling for pay¬
various county and
cease,
OZARK CONSOLIDATED SCHOOL
DISTRICT NO. 6 (P. O. Altus,
Route 2), Okla.—BOND OFFERING—W.
S. Dickson, District
Clerk,
County Superintendent of Schools in
the Jackson County Courthouse, at
Altus, until 2p.m. March 25 for the
not less than par of $12,500 school
building bonds, to bear in¬
terest at rate named in the successful bid.
Due $1,000 yearly,
beginning
three years from date of issue,
except that the last instalment shall amount
to $500.
Certified check for 2% of amount bid
purchase at
required.
Okla.—BOND SALE
NOT
CONTEMPLATED—In
City Commissioners
authorizing the retirement of $35,000 in park bonds
which are scheduled to mature in 1941—V.
142, p. 1870—it is stated by the
City Clerk that it is not the intention of the City Commissioners to
reissue
the bonds but merely to pay them out of the
sinking fund.
connection with the recent report to the effect
that the
had passed a resolution
OREGON
BAKER
COUNTY SCHOOL DISTRICT NO. 16
(P. O. Baker), Ore.
—BOND SALE—A $3,000 issue of
4% semi-ann. building bonds was offered
on March 16 and was awarded to the
Bank of
Huntington, at
101.00, according to the District Clerk.
HEPPNER, Ore.—BOND OFFERING—E.
a
to
MULTNOMAH
COUNTY
(P.
R.
Certified check for $200 required.
O.
Portland),
Ore.— WARRANT
NOTICE—It is reported that warrants of all
classes, that
presented and endorsed "not paid for want of
funds," from July 1
to July 1 1935, will be paid on
presentation to the County Treasurer.
Interest ceased on March 5.
It is also said that warrants of all classes
that were presented and en¬
dorsed "not paid for want of funds," from June 2
to June 30 1935, will
be paid on presentation to the
County Treasurer.
Interest ceased on
Feb.18.
were
PORT OF PORTLAND (P. O.
Portland), Ore.—BOND OFFERING
DETAILS—In connection with the offering scheduled for
April 13, of the
$300,000 airport site bonds, notice of which was given in these
columns
recently—V. 142, p. 1870—it is now reported that the
principal and
interest is payable in lawful money at the office of
the Port, or at its fiscal
agency in New York City.
The approving opinion of Storey,
Thorndike,
Palmer & Dodge of Boston, will be furnished.
A certified check for
2%,
payable to the Port, must accompany the bid.
SALEM, Ore.—BOND ISSUANCE CONTEMPLATED—It
Statement of assessed valuation and indebtedness
AND
is reported
CLACKAMAS
SCHOOL DISTRICT NO. 9-JT.
JT.
AND
COUNTIES UNION HIGH
SCHOOL DISTRICT NO. 22-
(P. O. Sherwood), Ore.—BOND OFFERING—Sealed bids
will be
received until March 30, at 8p.m„ by
Floyd C. Soper, District Clerk, for
the purchase of a $30,000 issue of
3% semi-ann. school bonds.
Denom.
$500.
Dated April 1 1936.
Due on April 1 as follows:
1946, and $2,000, 1947 to 1955, all incl.
interest will be considered.
$1,500,
1939 to
No bid for less than par and accrued
Legal approval by Teal, Winfree, McCulloch,
Shuler & Kelley, of Portland.
This is a newly organized
High School District,
no
debt
on
outstanding.
WE MAINTAIN
ACTIVE MARKETS
City of Philadelphia
which
is
IN
Walnut Street
Floating debt after present sale
2
Offsetting assets:
1
Sinking fund-—,w---$5,000.00
Taxes outstanding, prior years-5,319.73
Taxes outstanding, current year
9,852.00
Other collectable assets, tuition
3,021.50
Net indebtedness (4.2% of assessed
BLAKELY SCHOOL
p.m.
March
26
Interest
CLAIRTON
On March
11
for
the
SCHOOL
DISTRICT,
Pa.—BONDS
GLASSPORT
SCHOOL
DISTRICT,
School Board has sold $15,000
of Glassport.
Pa.—BORROWS $15,000—The
6% certificates of indebtedness to the Bank
i
COOPERSBURG, Pa.—BOND
SALE—The Merchants National Bank
of Allentown purchased on Feb.
21 a total of $20,000
$10,800 funding and $9,200 refunding.
;
ERIE, Pa.—NOTE SALE—The city has awarded to Gertier & Co.,
Inc., of New York, on a 0.51% discount basis, an issue of
$150,000 tax
anticipation notes dated April 6 1936 and due on Aug. 6 1936.
It is stated
that the notes have been placed
privately by the bankers.
HARRISON
TOWNSHIP
(P.
O.
Natrona),
KANE SCHOOL DISTRICT, Pa.—BOND
OFFERING—Sealed bids
addressed to Frederick Kime, District
Secretary, will be received until
7:30 p. m. on March 30, for the purchase of
$64,000 3% school bonds of
$1,000 denoms. and due $4,000 each year from 1940 to
1955, incl.
MAHANOY CITY SCHOOL
An election is to be held
DISTRICT, Pa.—BOND ELECTION—
March 27 to vote
on
DISTRICT, Pa.—BONDS PUBLICLY
OFFERED—
Dougherty, Corkran & Co. were the successful bidders for a new issue of
$90,000 bonds on their bid of 101.03 for 3s.
The purchase was made from
the Reconstruction Finace Corporation.
The bonds are dated March 15
1936 and due March 15 1956, and callable 1946.
Reoffering is being made at
prices to yield 2.75% to the callable date and 3% thereafter.
Pittsburgh),
Pa.—INCREASES
TAX RATE—The tax rate for 1936 has been set at $8.3750
per $1,000 of
assessed valuation, an increase of one dollar over last year's rate.
against
a
on
March
3
Pa.—BONDS DEFEATED—At
the residents of the
district
an
voted 594 tp 420
proposal to issue $161,000 school building bonds.
on
$85,000 school bonds.
the question of issuing
.
PENN
TOWNSHIP
(P.
O.
■
R. F. D. 1. Verona), Pa.—BOND SALE—
The issue of $100,000 coupon bonds offered on March
9—V. 142, p. 1514—>
was awarded to Glover &
MacGregor, Inc. of
Pittsburgh as 2%s, at a price
2.64%.
Dated March 1 1936 and due March 1
$5,000 from 1939 to 1952, incl. and $10,000 from 1953 to
1955,
of 101.137, a basis of about
as
follows:
incl.
Other bids
were as
follows:
Bidder—
Int. Rate
E. H. Rollins & Sons
S. K. Cunningham & Co
Gertier & Co
Leach Bros., Inc
-
Bancamerica-Blair Corp
Rate Bid
2%%
2%%
R. W. Pressprich & Co__
100.581
100.477
101.73
3%
3%
3%
3%
3%
100.85
100.576
100.30
100.19
PHILADELPHIA, Pa .—URGES
FUNDING OF FLOATING DEBT—
Funding of the approximately $11,000,000 of floating indebtedness is urged
by the Bureau of Municipal Research. The legality of such a move is now
being tested in the courts, it is said. The city plans an issue of
$5,000,000
bonds and contends that it has the
right to use part of the proceeds for
funding purposes.
The temporary debt comprises $10,000,000 of man¬
damus and other outstanding claims and
$1,000,000 due on loans from the
city's general fund.
Folsom), Pa.—BONDS
offering
on
NOT SOLD—No
Feb. 5 of $42,000 not to exceed 4%
827.
COUNTY
(P.
O.
Pottsville), Pa .—NOTE SALE—
wjtffe sold on March 12 to Butcher
par
plus
a
premium of $30.
TOWNSHIP
(P. O. Broughton), Fa .-BOND SALE —
The $20,000 coupon road improvement bonds
offered recently were awarded
to S. K. Cunningham & Co. of
Pittsburgh as 3s, at par plus a premium of
$155.50, equal to 100.777, a basis of about 2.87%.
Dated March 1 1936
and due $2,000 on March 1 from
1938 to 1947 incl.
PENNSYLVANIA
election held
Pa.—BOND SALE—
The issue of $26,000 3H% bonds offered on March
13—V. 142, p. 1870—
awarded to E. H. Rollins & Sons of
Philadelphia at par plus a premium
of $1,118, equal to 104.30, a basis of about
2.06%.
Dated March 1 1936
and due March 1 as follows:
$10,000, 1939; $6,000, 1941; $5,000 in 1944
and 1945.
SNOWDEN
St., Philadelphia
DISTRICT,
3% bonds, including
CURWENSVILLE SCHOOL DISTRICT, Pa.—BOND SALE—The
$35,000
% coupon school bonds offered on March 16—V. 142, p. 1514—
were awarded to Leach
Bros., Inc. of Philadelphia.
Dated March 1 1936
and due March 1 as follows: $1,000 from 1937 to
1941 incl. and $2,000 from
1942 to 1956, incl.: redeemable at
par and interest on March 1 1946 or on
any interest date thereafter.
:
interest, at
Moncure Biddle & Co.
SCHOOL
AUTHORIZED—
the School Board voted to issue
$155,000 bonds.
Dated March 16 1936 and due Nov. 2 1936.
ARNOLD
an
(P. O. Lavelle), Pa.—
Welker, District Secretary, will receive bids
purchase of $90,000 4% bonds.
Dated
April 1 1936.
payable semi-annually.
Certified check for 2%
of amount of bonds bid for,
required.
3
SCHUYLKILL
O.
23,193.23
76,806.77
BUTLER TOWNSHIP SCHOOL DISTRICT
until
An issue of $400,000 tax anticipation notes
& Sherrerd of Philadelphia at
0.65%
PENNSYLVANIA
(P.
■
valuation)
DISTRICT, Pa.—BONDS- DEFEATED—At
RIDLEY TOWNSHIP (P. O.
COUNTY
None
election held on March 10 residents of the district voted
down a proposal to
issue $76,000 school building bonds.
bids were received at the
interest bonds—V. 142, p
Commonwealth of
ALLEGHENY
$2,602,270.00
1,821,589.00
6,792.50
100,000.00
POCONO TOWNSHIP SCHOOL DISTRICT (P. O.
Pocono), Pa.—
BOND SALE—Leach Bros. & Co., Inc., of
Philadelphia have purchased
$25,000 3% % bonds, of which $16,000 are for building purposes and
$9,000
for refunding.
A. T. & T. Teletype—Phila. 22
ALDAN SCHOOL
of
financing. The Mayor is un¬
alterably opposed to incurring any debt for the purpose ot
participating in
the Works Progress Administration
program.
The current effort of Council
to dispose of the obligations calls for the
passage of an ordinance authorizing
the issue based upon the provisions of an Act of
1935, pertaining to unem¬
ployment relief. It is believed that elimination from the ordinance of the
purpose of the loan may force the Mayor to act favorably in the
matter.
Bonds
Philadelphia
1520 Locust
of Jan. 15 1936:
PITTSBURGH, Pa.—$500,000 NOTES MAY AGAIN BE OFFERED
—The City Council contemplates another
attempt to effect the issuance of
$500,000 notes. Previous efforts have been unsuccessful due to the refusal
of Mayor William C. McNair to sanction the
YARN ALL & CO.
1528
as
on assessment
Singer, Deane <fe Scribner, Inc
ordinance is being prepared
providing for the sale of $1,150,000 in
water system bonds.
an
WASHINGTON
a
was
PAYMENT
that
name
Estimated value of assessable property (based
about 70% of real value)
Assessed valuation (1935)—-Real
property
Per capita assessment at $2.50
price of
Huston, City Recorder,
March 21, for the purchase of $7,000
5%
will receive bids until 7:30 p. m.
water bonds.
Dated March 1 1936.
are
nation of $500 each.
will receive bids at the office of the
PAWHUSKA,
1936
DISTRICT, Pa.—BOND OFFERING DE¬
BOND OFFERING—John E.
OKLAHOMA COUNTY (P. O. Oklahoma
City)
CALL—W. F. Vahlberg, County
ment
SCHOOL
,
SALE—On
building bonds to the
SCHOOL
March 21
BELLEFONTE
Bonded debt after present sale
GOODWELL
SCHOOL
DISTRICT,
Okla.—BOND
March 10 the district sold an issue of
$14,000 school
MAYSVILLE
Chronicle
Ohio—BOND SALE—The
STATE COLLEGE, Pa.—BONDS OFFERED FOR
INVESTMENT—
Dougherty, Corkran & Co. and Yarnell & Co. which were awarded a new
issue of $250,000 33^% water works bonds on
their bid of 109.27, as pre¬
viously noted in these columns, are re-offering the bonds at prices to *
yield
from 0.75% to 2.85%.
They mature serially from 1937 to 1965, inclusive.
Unsuccessful bids were as follows:
Bidder—•
Rate Bid
Singer, Deane & Scribner
Gertier & Co., Inc
First Boston Corp
-
'
Leach Bros., Inc
R. W. Pressprich & Co
Alexander T. Dickson
Edw. Lowber Stokes & Co., Inc
109.08"!
108.439
108.058
Peoples National Bank, State College
Brown Harriman & Co., Inc
:.
108.277
107.136
107.35
107.03
106.349
105.669
Financial
Volam* 142
2037
Chronicle
"Better than 75% ratified
CHARLESTON, S. C. Ref. 4s, July 1938
at
3.00% basis and interest
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
This low committee cost and the
the bondholders to deposit the bonds was
gratifying and caused this prompt response.
"As per the attached literature, they are now calling for the exchange
of the bonds and the First National Bank in St. Louis has been designated
as the exchange agent.
"All together this plan has been very successful and is an outstanding
example of low committee cost in handling this transaction."
agreement which a layman could read.
fact that they did not call on
COUNTY
FRANKLIN
A. T. T. Tel. Rich. Va. 83
3-9137
the agreement and therefore it was put Into
effect and the committee is now calling for the exchange of the refunding
bonds.
This was all done in eight months at a cost of only $2 a bond to the
bondholders.
Frederick Merritt, chairman, drew up the short form of
$100,000
(P. O. Winchester), Tenn—BOND OFFER¬
will sell at public
ING—It is stated that J. B. Templeton, County Judge,
on March 24, at 11 a. m., an issue of $100,000
4% coupon court
Due $5,000 from 1937
auction
house bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Prin. and int. (J. & J.) payable at the Chemical Bank &
Trust Co. in New York City.
No bid for less than par will be accepted.
to
The approving
Southern Municipal Bonds
McALISTER, SMITH & PATE, Inc.
NEW YORK
ST BROAD STREET
Telephone WHitehall 4-6765
GREENVILLE,
opinion of a recognized firm of bond attorneys will be
Estimated actual value
\
$2,750,000
1.933,037
490,149
;«
Assessed valuation 1935
Total bonded debt (March 10
CAROLINA
SOUTH
FLORENCE, S. C.—BOND ELECTION—It is reported that an elec¬
on April 14 in order to have the voters pass on the proposed
tion will be held
issuance of $300,000 in refunding bonds.
FURMAN
DISTRICT
SCHOOL
O.
Furman),
S.
C.—BOND
OFFERING—It is said that the Board of Trustees will offer for sale at the
issue of $8,000
semi-annually.
1937 to 1952, incl.
For full particulars address
C. Lester Thomas, attorneys for the trustees,
Court House, at Hampton, on March 31, at 11 a. m., an
bonds.
Interest rate is not to exceed 6%, payable
school
175,000
Net bonded debt
Population (1930 census), 4,613.
HOUSTON COUNTY (P. O. Erin),
Lewisburg), Tenn.— BONDS SOLD—
A $28,000 issue of 3% semi-ann. refunding bonds is reported to have been
purchased by local banks.
MARSHALL COUNTY (P. O.
Tenn.—BOND OFFERING—'Sealed bids will be
on March 31, by Mayor George T. Stephenson, for
of 5% coupon market house bonds.
Due
$1,000 from March 1 1937 to 1951, incl., optional on any interest paying
date after March 1 1941.
Interest payable M. & S.
PETERSBURG,
a. m.
the purchase of a $15,000 issue
Tenn.—BONDS SOLD
WARTRACE,
Administration is
bonds.
COUNTY
O.
(P.
S.
Spartanburg),
C.—BOND
TEXAS BONDS
of New York and McAlister, Smith &
Pate, of Greenville, as 334s, for a premium of $2,697, equal to 100.899, a
of about 3.13%.
A syndicate composed of A. M*. Law & Co. of
Spartanburg, Johnson, Lane, Space & Co. of Savannah, the G. H. Craw¬
ford Co. of Columbia, and the Robinson-Humphrey Co. of Atlanta, was
second in the bidding, offering a premium of $511.50 for 3 34s.
Dated April 1
1936.
Due on April 1 as follows:
$15,000, 1937 to 1941; $20,000, 1942 to
1946; and $25,000, 1947 to 1951.
basis
Bought
Sold
—
—
Quoted
H. C. BURT & COMPANY
Incorporated
bidders reoffered the above bonds on March 17 for general subscription at prices to
yield from 1.00% to 3.20%, according to maturity.
The following is an
INVESTMENT—The
FOR
works
":..Vi.r;-.
Co. and R. W. Pressprich & Co., both
OFFERED
TO PWA—The Public Works
reported to have purchased a $90,000 issue of water
■
SALE—The issue of $300,000 coupon refunding bonds offered on March 16
—V. 142, p. 1514—was awarded to a group comprising Edward B. Smith &
BONDS
Tenn.—BONDS SOLD—A $5,000
County Clerk.
issue of school bonds has been sold, according to the
Hugh O. Hanna,
Hampton, S. C.
SPARTANBURG
315,149
—
Due $500 annually from
and
$25,000
150,000
■
received until 11
(P.
1935)*
Deduct—Water bonds
Sale value of electric plant
CHARLESTON, S. C.—BONDS APPROVED—The City Council is said
to have approved recently the issuance of $3,350,000 in refunding bonds.
Dated April 1 1936.
Due from 1940 to 1964.
The new bonds will bear 4%
Interest from their date through Jan. 1 1939.
After that time the rate will
be 3%.
It was stated later that the above bonds mature on Jan. 1 as follows:
$50,000, 1940 to 1942; $150,000, 1943 to 1963, and $50,000 in 1964. Prin.
and int. payable at the City Treasurer's office.
had.
HUMBOLDT, Tenn —BOND SALE— The First National Bank of
Memphis has purchased and is now offering to investors at prices to yield
from 434% to 4.85%, an issue of $129,500 5% refunding bonds.
Dated
April 1 1936.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the Merchants State Bank, in Humboldt.
Due on April 1 as
follows:
$5,000, 1942 to 1945; $10,000, 1946 to 1952; $15,000, 1953;
$10,000, 1954 to 1958, and $4,500, 1959.
!■ ;
; ;, /
Financial Statement
CHARLESTON, S. C.
S. C.
1956, incl.
successful
Houston, Texas
Sterling Building
official list of the bids received:
Bid
Rate
Name of Bidder—
Edward B. Smith & Co., New York; R. W. Pressprich
& Co., New York, and McAlister, Smith & Pate,
Greenville, S. C. fx)
334%
A. M. Law & Co., Spartanburg; Johnson, Lane, Space
&
Savannah; G. H. Crawford Co., Columbia,
and the Robinson-Humphrey Co., Atlanta
334%
Frost, Reid & Co., Charleston; Eldredge & Co., New
York; Trust Co. of Georgia, and J. H. Hilsman & Co.,
Atlanta
334%
Citizens & Southern Bank, Spartanburg.
334 %
R. S. Dickson & Co., Charlotte; First of Michigan
Corp., Detroit; Dargan, Brannon & Co., SpartanDurg, and Lewis & Hall, Inc., Greensboro
334%
A. G. Becker & Co., New York, and First National
Bank of St. Paul, St. Paul
334%
x
$302,697.00
the $10,000 water improvement
Co.,
300,511.50
303,171.00
bonds
Administration.
300,630.00
DAKOTA
DISTRICT
(P. O. Pierre),
S. Dak.—BOND SALE DETAILS—In connection with the sale of the
$48,000 4% school bonds to the Pierre National Bank of Pierre, for a
premium of $505, equal to 101.05, reported in these columns recently—
V. 142, p. 1689—it is stated by the Clerk of the Board of Education that
SCHOOL
are
divided
as
on
$1,000, 1937
Dec. 1 as follows:
on
INVESTMENT—The successful bidders republic subscription at prices to yield from
2.60% on the 1942 maturity, to 3.40% for the 1956 to 1961 maturities,
and priced at 101.00 for the remaining maturities.
$1,000, 1937
improvement bonds.
GROESBECK INDEPENDENT SCHOOL DISTRICT (P. O.
States that $22,000 4% semi-annual sewer system revenue bonds will be
purchased by the Public Works Administration.
DETAILS—In
O.
Camden)
a.
m.
on
Clerk of the County Court, for the purchase of a $50,000 issue
bonds.
Denom. $1,000.
Dated Nov. 1 1935.
Due $2,000
with
20
years.
(A grant of $112,000
Administration.)
DYER
COUNTY
(P.
has
O.
been
approved
Dyersburg),
by
the
Public
Works
1936 to 1943 and $1,000, 1944
(P. O. Fort Worth), Tex.—BOND SALE—The
$270,000 issue of 434% semi-annual county road bonds offered for sale
March 12—V. 142, p. 1689—was awarded to a group composed of the
Mercantile-Commerce Bank & Trust Co. of St. Louis, tne Geo. V. Rotan
Co., and A. W. Snyder & Co., both of Houston, paying a premium of
$24,475, equal to 109.064, a basis of about 3.46%.
Dated Oct. 10 1930.
Due on Oct. 10 as follows: $20,000 in 1936 and 1937, and $10,000, 1938
on
to 1960 inclusive.
(This report supersedes the notice of sale which was given in these columns
recently—V. 142, p. 1872.)
UTAH
Public Works Administration.)
COLUMBIA, Tenn.—BONDS AUTHORIZED—An ordinance is said to
have been approved, authorizing the Mayor and the Board of Aldermen to
issue and sell $350,000 of not to exceed 6% light plant and system bonds.
Denominations to be not less than $100 nor more than $1,000.
Due in
(P. O. Sanger), Tex.—BOND SALE
sale of the $16,000 school bonds,
the
4s, and mature on Nov. las follows: $500,
1955 inclusive.
TARRANT COUNTY
Tenn.—BOND OFFERING
April 4, by Walter Cantrell,
of 4% school
from Nov. 1
1937 to 1961 incl. Interest payable M. & N. A certified check for 2% of the
bonds, payable to the County Trustee, must accompany the bid.
(A. loan of like amount for school construction has been approved by the
(P,
Sealed bids will be received until 11
connection
reported in these columns recently—V. 142, p. 1516—it is stated by the
District Clerk that the bonds were sold to the Public Works Administration
TENNESSEE
BUCKLE, Tenn.—BONDS SOLD TO PWA—A $37,000 issue of
the Public Works
COUNTY
Groes-
by the Public Works Administration.
as
works bonds is said to have been purchased by
Administration.
BENTON
for
beck), Tex.—BONDS SOLD TO PWA—It is stated by the Secretary of
$40,000 school bonds have been purchased
to
BELL
FOR
bonds
SANGER SCHOOL DISTRICT
said
water
OFFERED
the above
MULESHOE, Tex.—BONDS TO BE SOLD TO P WA—The City Secretary
Dec. 1 as follows:
1954.
CITY, S. Dak.—BOND ELECTION SCHEDULED—A reso¬
to have been passed recently by the City Commissioners
calling for an election on April 21 to vote on the issuance of $90,000 in
water
1966 incl.
offered
1954.
RAPID
is
works bonds
WORTH, Tex.—BOND SALE—The $340,000 issue of coupon
street improvement, series 56 bonds offered for sale on March 18—V. 142,
p. 1871—was definitely awarded on the 19th to a syndicate composed of
E. H. Rollins & Sons, of Chicago; Donald O'Neil & Co. of Dallas, and the
Provident Savings Bank & Trust Co. of Cincinnati, as 3J4s, at a price of
100.625, a basis of about 3.455%. Dated April 1 1936.
Due from 1942 to
FORT
the Board of Education that
follows:
$27,000 school building bonds.
Due
to 1945, and $2,000, 1946 to
21,000 school building bonds.
Due
to 1951, and $2,000, 1952 to
Net income basis of about 3.88%.
lution
Administration is
reported to have purchased the $42,000 4% semi-ann. water
approved by the voters at an election last October.
BONDS
general obigation bonds.
the bonds
is
CENTER. Tex.—BONDS SOLD—The Public Works
301,549.55
ONIDA, S. Dak.—BOND OFFERING—J. P. Williamson, City Treas¬
receive bids until 7:30 p. m. April 1 for the purchase of $9,100 4%
INDEPENDENT
paying a premium
Tex.—BONDS SOLD—A $39,000 issue of water works
reported to
have
been purchased by the Public Works
302,500.00
urer, will
PIERRE
bonds sold as 534s, as noted here in Febru¬
ary—V. 142, p. 1515—were purchased by a local investor,
of $229.16, equal to 102.29.
CELESTE,
Successful bid.
SOUTH
TEXAS
ARANSAS COUNTY NAVIGATION DISTRICT (P. O. Rockport),
Tex.—BOND SALE DETAILS—It is stated by the County Treasurer that
EMERY COUNTY
SCHOOL DISTRICT
(P. O. Parowan), Utah—
$20,000) issue of 334% coupon refunding
State Board of Loan Commissioners, as
noted here—V. 142, p. 1516—was later purchased by Edward L. Burton &
Co. of Salt Lake City, at a price of 100.25, a basis of about 3.43%.
Denom.
$5,000.
Dated Feb. 1 1936.
Due $5,000 from 1937 to 1942, incl. Interest
payable F. & A.
BOND SALE—The $30,000 (not
bonds purchased recently by the
Tenn.—BOND REFUNDING
EPHRAIM, Utah— BOND ELECTION—A special election is to be held
April 9 for the purpose of voting on the question of issuing $15,000 light
bonds.
AGREEMENT DECLARED OPERATIVE—In connection with the report
on
columns early in January, to the effect that the
the above county had reached the stage of near
completion, we are now in receipt of an announcement from the Bondowners' Committee stating that sufficient owners have ratified the agree¬
ment to have it declared operative.
We give herewith the text of a state¬
ment by Frederick Merritt, chairman of the said Committee, whose offices
are located at 175 W. Jackson Blvd., Chicago, 111., which accompanied the
system and waterworks improvement
which appeared in these
debt refinancing plan of
above mentioned announcement:
"This
plan was started the middle of May 1935 authorizing the com¬
mittee to act for the bondholders to secure a settlement of the county debt.
They entered into the agreement June 27 1935 and it was
county and submitted to the bondholders.
ratified by the
SALT
LAKE
CITY
SCHOOL
DISTRICT
(P.
O.
Salt
Lake City),
Utah—BOND REFUNDING CONTEMPLATED—The Board of Education
$2,040,000 of 5% general obligation
July 1 1939.
is reported to have decided to refund
bonds, scheduled to mature on
VERMONT
ESSEX JUNCTION, Vt —BOND SALE—The $19,000 coupon
refund¬
ing water bonds offered on March 13—V. 142, p. 1516—were awarded to
Ross & Co., Inc. of Rutland as 3s, at a price of 100.27, a basis of about
2038
2.96%.
incl.
Financial
Dated Nov. 1 1935 and due $1,00 0
Other bids
were as
on
Int. Rate
Rate Bid
3%
3%
3%
-3M%
SH%
3 34 %
334 %
100.164
100.03
Burlington Savings Bank
Arthur Perry & Go
Coffin
&
Burr
*
_
-
Principal and interest (A. & O.) payable in Boston.
The bonds are in
form of $1,000 each.
Legality to be approved by the AttorneyGeneral of Vermont.
The bonds are eligible, in the opinion of the bankers,
as
legal investments for savings banks and trust funds in New York,
BRAWLEY, CATHERS & CO.
25
ST.
CANADA
participate in the Joan council plan conceived at the series of Dominionconferences held some months ago.
Mr. Aberhart previously
to
Provincial
lower interest rates.
no
special time
$3,200,000 bond maturity due April!.
BRANFORD,
WASHINGTON
March
(These bonds were scheduled for sale on March 3 but no bids were re¬
ceived due to the fact that it is unlawful to sell revenue bonds without ap¬
proval by the voters, as noted in these columns recently—V. 142, p. 1872.)
EVERETT, Wash.—BONDS SOLD TENTATIVELY— The City Council
has tentatively decided to accept a joint offer made
by the First National
Bank and the Everett Trust & Savings Bank to refinance the
unpaid portion
of the city's $537,000 water bond issue
maturing June 1 at 2.25% interest.
This bid, according to Mayor A. C. Edwards, was lower
by approximately
$3,300 than either of the alternate bids made by Seattle investment houses.
NO.
342
(P. O. Tacoma), Wash.—BOND OFFERING—Paul Newman, County
Treasurer, will receive bids until 10:30 a. m. April 18 for the purchase of
$15,000 serial bonds, to bear interest at no more than 6%.
Denom.
$100 and multiples thereof.
Prin. and int. payable at the County Treas¬
urers' office, or at the State's fiscal
agency in New York.
Certified check
for 5% required.
SEATTLE,
Wash .—BONDS
AUTHORIZED—'The
City
Council
is
said to have voted recently to issue
$1,300,000 in not to exceed 6% per¬
manent bridge approach bonds.
It is also reported that the offering of
these bonds must await a test case to determine whether the
20
for
the
OFFERING—E.~ATD;Tnby, City
purchase of $226,501
Treas-
(to be opened at 7.30 p.m.) on
improvement bonds, divided.as
follows:
$71,501 4s due serially in 10 years
$50,000 3>4s due serially in 20 years.
$65,000 3
due serially in 10
40,000 3 Hs due serially in 10
Each issue is dated Dec. 31 1935.
Wash.— BOND OFFERING —Sealed bids will be received until
April 7 by H. MacMaster, City Clerk, for the purchase of a
$15,000 issue of water bonds.
Interest rate is not to exceed 4%, payable
semi-annually. " These bonds are said to be general obligations of the city.
A certified check for 5% must accompany the bid.
Ont.—BOND
will receive sealed bids until 5 p.m.
urer,
BLAINE, Wash.—BOND ELECTION—A special election will be held
In the city on March 28 for the purpose of voting on the
question of issuing
$15,000 boat haven improvement bonds..
In reiterating his opposition to the loan council pro¬
the Premier declared that the Province cannot agree to any plan
which means the surrender of financial autonomy.
At the same time, the
social credit leader insisted that the Dominionjuust^meet the Province's
gram,
is fixed for refunding the bonds.
PIERCE COUNTY CONSOLIDATED SCHOOL DISTRICT
6438
(Province of)—Repeats Opposition to Loan Council Plan—
Premier William Aberhart on March 17 again stated that he would refuse
VIRGINIA
It is said that
ELGIN
WEST, TORONTO
had announced his intention of seeking legislation which would permit the
forced refunding of the approximately $160,000,000 of outstanding debt at
VIRGINIA, State of—BOND REFUNDING BILL APPROVED—The
bill providing for the refunding of $11,686,892 in 3%
Century bonds was
approved recently by the State Legislature.
KING
ALBERTA
Massachusetts, Connecticut, Vermont and certain other States.
on
1936
Information and Markets
100.65
100.544
100.819
101
coupon
8 p. m.
21
Canadian Municipals
Par
VERMONT (State of)—$1,500,000 BONDS PLACED ON MARKET—
The National City Bank in association with Stone & Webster and
Blodget,
Inc., L. F. Rothschild & Co. and Paine, Webber & Co., all of New York,
is offering on the market, priced to yield from
0.40% to 1.75%, according
to maturity, a new issue of $1,500,000
1%% refunding bonds, dated
April 1 1936 and due $150,000 annually on April 1 from 1938 to 1947, incl.
'•■VCAMAS,
March
follows:
Bidder—
E. H. Rollins & Sons, Inc
Ballou, Adams & Whittemore
First Boston Corp
Vermont Securities, Inc
Chronicle
Nov. 1 from 1937 to 1955,
CANADA
(Dominion
BILLS—An
and
issue
due June
March 13 at
15
of
$20,000,000 ON TREASut7
16 1936
allotted to various institutional investors on
of)— BORROWS
$20,OO0,OOO Treasury bills, dated March
1936,
an average
MANITOBA
years.
years.
Denoms. to suit purchaser.
was
price of 0.999002%.
(Province
of)—FORECASTS $295,229 DEFICIT—Fore¬
casting a deficit of $295,229.68 for the fiscal year ending April 30 1937,
budget was submitted to the Manitoba Legislature recently by
Hon. E. A. McPherson, Provincial Treasurer.
Revenue for the year was
estimated by Mr.
McPherson at $13,802,319.36 and expenditures at
$14,097,549.04.
The public debt of the province now stands at $123,525,617.51, an increase of $2,352,649.72 from Jan. 31 1935 to Jan. 31 1936.
The Manitoba share of relief costs in 1935 was $2,571,273.76, said Mr.
the
McPherson.
was
Mr.
""he total cost of relief to the Province since October 1930
$13,879,454.73
Relief costs are not included in the budget estimates,
McPherson pointed out, although interest on relief borrowings was
included.
to
MONCTON, N. B.—PROPOSED BOND ISSUE—The city has applied
the provincial legislature for permission to issue $44,500
5% 20-year
;(:/y ■■
bonds.
ONTARIO
(Province
of)—CASH
TURITY—The issue of $12,683,000
AVAILABLE
bonds due
on
TO
MEET
MA¬
May 2 will be paid in
$10,500,000
already retired
cash and without recourse to borrowing. In connection with the
loan due on Aug. 30, it is reported that the province has
city has
authority to issue such bonds, since the constitutional debt limit has been
reached, in so far as normal expenditures are concerned.
revenues.
SPOKANE, Wash.—BONDS DEFEATED—It is stated by H. D.
Dearling, City Auditor, that at the election held on March 10—V. 142,
1336—the voters defeated the proposal to issue $2,000,000in not to exceed
6% sewage disposal plant and system bonds.
—The following summary of the more important
municipal defaults,
showing the name of the debtor, classification of default, whether in full,
on principal, or on interest payments, market
prices, and indicating the
extent of interest paid in 1935, is taken from a recent issue of the
"Financial
p.
STEVENS COUNTY (P. O. Colville), Wash.—WARRANTS CALLED
County Treasurer is said to have called for payment at his office on
March 6, various school district warrants.
—The
$3,500,000 of the debt and will be able to
YAKIMA COUNTY SCHOOL DISTRICT NO. 81 (P. O. Yakima).
Wash.—BOND OFFERING—C.
D.
Stephen,
County
Treasurer,
will
receive bids until 1 p. m. April 11, for the purchase of $25,000
high school
building bonds, to bear interest at no more than 6%.
Denom. $500.
Dated July 1 1936.
Interest payable semi-annually.
Certified check for
5% required.
.
WEST VIRGINIA
PARKERSBURG, W. Va.—BONDS SOLD—It is reported by Myrtle
L. Hoffman, City Clerk, that the $130,000 water works bonds authorized
by the City Council in February—V. 142, p. 1516—have been purchased
by Walter, Woody & Heimerdinger, of Cincinnati.
(A loan in this amount
has been approved by the Public Works
Administration.)
v
■/
-F-^F/F~F:Fr*,SF FFF
-
'
V
JOINT
Paid
DISTRICT NO.
1
(P. O. Benton),
M. Vail, District Clerk, will receive bids
until 1 p. m. March 20, for the purchase of
$6,000 4% high school addition
and improvement bonds.
Denom. $400.
Dated Jan. 4 1936.
Principal
and annual interest payable at the Benton State Bank of Benton.
Due
$400 yearly on Jan. 4 from 1937 to 1951, incl.
Certified check for $500
required.
Approving opinion of Chapman & Cutler, of Chicago, will be
furnished by the district.
CLARK
COUNTY
(P. O. Neillsville), Wis.— BOND ELECTION—
It is reported that at the spring election to be held on
April 7, the voters
will approve or defeat the issuance of
$400,000 in road bonds.
LA
CROSSE, Wis.—BOND ELECTION—The
issuance of from
at the election
on
voters
will pass on the
$50,000 to $75,000 swimming pool construction bonds,
April 7, it is reported.
OCONTO COUNTY (P. O. Oconto), Wis.—BOND ELECTION—3. M.
Cook, County Clerk, confirms the report given in these columns
recently,
that at the spring election on April 7, the voters will
pass on the proposed
issuance of $500,000 in highway bonds.
POLK COUNTY (P. O. Balsam
Lake), Wis.—BOND SALE—The issue
highway improvement bonds offered on March 16—V. 142,
1690—was awarded to Thrall West & Co. of Minneapolis, as 3s, for a
premium of $2,333, equal to 102.121, a basis of about
1.54%.
Due on
May 1 as follows: $60,000, 1937, and $50,000 in 1938.
of $110,000
p.
SHEBOYGAN,
Wis.—BOND ELECTION—It is said that the voters
$1,200,000 in power distribution plant
on April 7.
will pass on the proposed issuance of
bonds at the election
WISCONSIN, State of—COUNTY BOND ELECTIONS SCHEDULED
—County highway referendum bond issues amounting to $2,930,000 will be
voted on in the April 7 election by six Wisconsin
counties, the State High¬
way Commission announces.
The largest bond issue to be voted on will
be by Chippewa County, totaling $740,000.
Other counties and the
bonds to be voted
Clark, $400,000;
$350,000; Oconto, $500, and Price, $390.
on
are
Lincoln, $550,000; Marinette,
WYOMING
CAMPBELL COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
(P. O. Rozet), Wyo.—PRICE PAID—It is stated by the District Clerk
that the $5,000 5% semi-annual school bonds purchased
recently by Harry
B. Henderson of Cheyenne, as noted in these columns—V.
142, p. 1872—were sold for a premium of $150,
equal to 103.00, a basis of about
4.46%.
1938 to 1947,. incl.
CHEYENNE, Wyo.—BOND REFUNDING ARRANGED—The city
accepted a proposal made by the Stockgrowers National Bank of
Cheyenne to refund $675,000 of the city's water works extension bonds
at 334% interest.
has
.
EVANSTON SCHOOL DISTRICT fP. O. Evanston),
Wyo.—BONDS
VOTED—It is reported that at an election held on Feb. 28 the voters ap¬
proved the issuance of $55,000 in school construction bonds.
_
Midland
Mimico
New
Toronto
Niagara Falls
-
North York Twp.
Pembroke
Sandwich..
Sandwich East
h_.
3,109,234
Twp._.L__ 2,022,159
Sandwich West
Twp
Trenton...
Walkerville
2,446,314
5,597,988
3,410,058
742,252
907,353
2,623,332
1,012,853
.14,297,913
19,657,016
Full
Full
Principal
Full
Principal
_____
Weston
Windsor
York Twp
*
5,597,988
3,609,441
1,729,366
694,209
1,078,149
1,406,052
1,784,136
7,739,473
3,518,926
3,250,371
889,405
Bond Prices
Bid
Asked
38
40
53
57
58
48
53
58
62
,
Principal
PartialFull
Partial
49
52
57
56
68
62
53
23
13
13
48
70
48
60
64
59
52
56
53
in
1935
None
3%
Full
None
Full
aNone
None
None
60
None
73
Fun
66
3%
58
None
28
16
None
16
None
52
None
None
75
Full
None
__
65
Full
67
Full
3%
__
55
3%
60
3%
Excludes debentures hypothecated for loans and contingent liabilities
debentures guaranteed,
a Defaulted July 1 1935.
ONTARIO
(Province of)—PLANS BOND ISSUE— The Province will
the long-term money market.
Prime Minister Mitchell Hep¬
March 12 in his budget address to the Legislature:
"The
credit of this Province, improving as it has, and the financial
soon
burn
enter
stated
policy taking
shape and commending itself to the investing public," he said, "let me
that at the opportune time this government will again enter the money
market and will offer for sale such debentures as are
necessary for carrying
on the business of the
country, including the funding of any maturing
treasury bills or other obligations.
I believe the time is opportune to make
say
such
a
move."
For the fiscal year ended on March 31,
the Prime Minister reported
a
deficit of $13,496,609 and forecast a surplus of $597,985 for the
coming
fiscal year.
This will be accomplished, he said, by cutting relief costs
about $8,000,000 and through $6,000,000 more from income taxes.
The Province's gross debt increased in the ten months ended on Feb. 29
by $14,225,657. but Mr. Hepburn promised to reduce the gross debt by
nearly $1,000,000 in the ensuing year.
"Loose talk of general instability of municipal finances is
baseless," he
held, saying rural Ontario had a bonded debt of only $10 per capita.
RICHMOND DISTRICT, B. C —BOND SALE—McDermid, Miller &
McDermid of Vancouver recently purchased an issue of $15,000
5% bonds
price of 101.54, a basis of about 4.87%.
Due Sept. 30 1955.
Other
at a
bids
were as
follows:
Bidder—
A. E. Ames &
Rate Bid
Co
,.101.13
Odium, Brown Co
Wood, Gundy & Co
101.25
..100.57
SASKATCHEWAN
3
Due $500 from March 1
Outstanding
-
Leamington
on
Type of
Default
Full
Partial
Principal
Full
Principal
Full
Full
Full
Full
Principal
Partial
Full
Full
Full
-,$4,325,328
East York Twp..
Etobicoke Twp
Fort Erie
Thorold
SCHOOL
Wis.—BOND OFFERING—C.
Municipality—
East Windsor
Leaside
Int.
./>
■
-
Scarborough Twp
Sudbury
WISCONSIN
BENTON
the balance from current
Post" of Toronto:
V';':
*Debentures
TACOMA, Wash.—BONDS AUTHORIZED—The City Council is said
to have passed the ordinance that was introduced
recently, providing for
the issuance of $225,000 in bonds to
pay salaries—V. 142, p. 1690.
cover
:,5;•••:,F.-f
;
ONTARIO (Province of)—SUMMARY OF MUNICIPAL DEFAULTS
(Province of)—WOULD FUND DEFICITS—
Provision for the funding of about $4,600,000 in accumulated deficits since
the close of the fiscal year April 30 1932 is
provided in a bill now before
the provincial legislature.
SOREL> Que.—BOND SALE— An issue
sold recently to Credit Anglo-Francais,
101.61.
Due in 10 years.
of
Ldt.
$25,000
4)4% bonds
of Montreal at
a
was
price of
BOND OFFERING—A. O. Cartier, City
Clerk, will receive sealed bids
until 8 p.m. on March 28 for the purchase of
$25,000 4improvement
bonds.
Dated March 1 1936.
Due serially on March 1 from 1937 to
1966 inclusive.
.
TRURO, N. S.—PROPOSED BOND ISSUE—The council will apply to
the provincial legislature for authority to issue
$20,000 waterworks bonds.
WESTMOUNT,
Que.—REPORTS SURPLUS—The city finished the
surplus of $4,136 in contract with a deficit of $31,754
year 1935 with a cash
in the previous year.
,
@FedFRASER