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I^«<
COPYRIGHTED IH 1936 BY WILLIAM B. DANA COMPANY, NEW
VOL. 142. lttu'dW,tl^.VC0W_
YORK.
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 5 J79.
TRUST
BROOKLYN
THE
CHASE
NATIONAL
COMPANY
Chartered
NO. 3692
NEW YORK, MARCH 28 1936
Kidder, Peabody & Co.
1866
President
THE
CITY
THE
BOSTON
NEW YORK
George V. McLaughlin
OF
PHILADELPHIA
BANK
NEW
CHASE
ditionally
For
OF
YORK
is
tra¬
bankers' bank.
a
many
it
years
has
BROOKLYN
NEW YORK
served
'
large number
a
of banks and bankers
as
New York
WellsFarooBank
United States
UnionlrustCo.
SAN
OVER
depository.
reserve
Member Federal Deposit Insurance Corporation
Government
FRANCISCO
Securities
Member Federal Deposit Insurance Corporation
RESOURCES
correspondent
and
COMMERCIAL BANKERS SINCE 1852
United States
$200,1
Government
Securities
'The
Hallgarten fit Co.
FIRST BOSTON
CORPORATION
Established 1850
NEW YORK
BOSTON
CHICAGO
NEW YORK
PHILADELPHIA
AND OTHER
London
Chicago
Brown Harriman & Co.
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
SAN FRANCISCO
Boston
Philadelphia
Chicago
San Francisco
PRINCIPAL CITIES
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120
The
State and
New TbrkTru st
Municipal Bonds
Broadway
New York
Amsterdam
London
Company
CARL M. LOEB A CO.
61
BROADWAY
Capital Funds
NEW YORK
Berlin
Amsterdam
London
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
NEW YORK
EDWARD B. SMITH & CO.
New York
31 Nassau Street
PHILADELPHIA
Cleveland
New York
•
•
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
SECURITIES
State
European Representative's Office:
Railroad
-
-
Municipal
Public Utility
London
8
•
Easton
KING WILLIAM STREET
BONUS
LONDON, E. C. 4
Correspondent
R.W.Pressprich&Co.
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Member Federal Reserve
N.
Y.
System and
Clearing House Association
MEMBERS NEW YORK STOCK
New York
Chicago
EXCHANGE
Philadelphia
San Francisco
Financial
n
Chronicle
March
28
1936
BAKER, WEEKS
& HARDEN
A. G. Becker & Co.
J. & W. Seligman & Co.
Investment Securities
Members
Established
189S
New York Stock Exchange
No.
New York Curb Exchange
Philadelphia Stock Exchange
64
Wall
NEW
Investment Securities
YORK
Chicago Board of Trade
Commercial Paper
Street
52 WALL STREET, NEW YORK
London
Graybar Building, New York
Correspondents
Commercial Trust Bldg., Philadelphia
New York
Chicago
Buhl
6
And
Other Cities
Building, Detroit
SELIGMAN
BROTHERS
Lothbury, London, E. C. 2
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
NEWARK
New Jersey
I
State & Municipal Bonds
i.nmrf
«<MM»
Ill
Newark Bank & Insurance Stocks
A
SIS'
Z^usx*
TO etnr
tr \
J. S. R1PPEL & CO.
Newark, N. J.
18 Clinton St.
It insures the
ST.
LOUIS
advertising investment
Of interest to business
visers.
St. Louis Securities
St/x
You will
see
your
men
and their financial ad¬
classified telephone directory.
trade marks and the
many
turers can
investment.
009 OUVC St
sales.
Members St. Louis Stock Exchange
pennies insure dollars of advertising
They cut down substitution — increase
They make it
easy
for
you to
buy their products—and to reach for
and order what
and
Stocks
of
for
SAINT LOUIS
Missouri
names
local dealers who sell those brands. Thus manufac¬
Co.
&
Look in
find where
your
to
telephone
you want.
Southwestern
and
Bonds
Smith, Moore &Co.
BELL TELEPHONE
SYSTEM
St. Louis
St. Louis Stock
The First Boston
Corp
Exchange
Wire
DETROIT
MICHIGAN
MUNICIPALS
Gillette Rubber Company
and
CORPORATION
BONDS
National
Pressure Cooker
WATLING, LERCHEN & HAYES
Members
834
Buhl
{New York Stock Exchange
Company
VDetroit Stock Exchange
Bldg.,
Detroit
Common Stock
Dealer
LISTED
AND
Barney Johnson & Company
UNLISTED
SECURITIES
120 So. La Salle
Eau
Charles A. Parcel Is & Co.
Members of Detroit Stock
Claire, Wis.
Ashland, Wis.
St., Chicago
Sheboygan, Wis.
La Crosse, Wis.
Private wires with E. A. Pierce & Co.
Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
inquiries invited
t
onttmrrtfl
Vol. 142
MARCH 28 1936
No.3692
CONTENTS
Editorials
Financial Situation
pagb
.1—.
.....
Investigating the New Deal
A
2039
.2054
Coming Test of European Diplomacy
2055
Comment and Review
Difficulties Besetting the SEC-.
2057
Revised Stock
2059
Margin Rules
Open Market Regulations
2060
Annual Report of the Comptroller of the
Week
on
the
Currency
European Stock Exchanges
2044
Foreign Political and Economic Situation
Foreign Exchange
Rates and Comment
2061
.2045
2050 & 2095
Course of the Bond Market
2064
Indications of Business Activity
2064
Week
on
the New York Stock
Exchange
2043
Week
on
the New York Curb
Exchange
2098
News
Current Events and Discussions
Bank and Trust
2074
Company Items
2093
General Corporation and Investment News
Dry Goods Trade
State and
2142
-r-2192
.1—2193
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
2096
Dividends Declared
2098
Auction Sales
2141
New York Stock Exchange—Stock Quotations
2109
New York Stock Exchange—Bond Quotations..2108 & 2118
New York Curb
Exchange—Stock Quotations
New York Curb Exchange—Bond
Other
Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
2124
..2129
2130
2134
Over-the-Counter Securities—Stock & Bond Quotations.2137
Reports
Foreign Bank Statements
Course of Bank
2049
...
Clearings
2096
Federal Reserve Bank Statements..
2105
General Corporation and Investment News
2142
Commodities
The Commercial Markets and the
Crops
Cotton
Breadstuff s
Published Every Saturday Morning by the William B. Dana
..2183
....2185
2190
Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer: William D. Biggs, Business
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.
Manager.
Other offices:
X1T
Financial Chronicle
Allied Chemical &
March 28
1936
Dye Corporation
To the Stockholders:
Herewith are presented the consolidated balance sheet of the
Company at the close of business December 31,
1935, and the consolidated income account for the year.
.
Net income for the year was $21,701,275.
Gross retirements from property account amounted to
$2,471,947.
obsolescence were made and plant efficiency fully maintained.
An increase in volume of business was
'
'
*
Adequate accruals for depreciation and
,
.
experienced during the year and was shared by all subsidiaries.
The
improvement over the corresponding period of 1934 began in March and continued thereafter at a rate which
gradually accelerated throughout the balance of the year.
Our subsidiaries benefited from the partial recovery
of (the durable goods industries which are substantial consumers of basic
chemicals.
Exports were restricted by
import barriers erected by foreign governments in many of the principal markets of the world.
Expenditures for research continue to be large, but resulting benefits are reflected both in improvements
in current operations and in
development of new activities.
An initial unit of the first commercial
plant ever constructed for producing chlorine directly from salt without
simultaneously producing caustic soda is being completed at Hopewell, Va.
This process makes it possible to
supply chlorinei for which there is an increasing demand, on an economic basis without production of caustic
soda for which the demand is
increasing less rapidly.
I
In 1931, because of world-wide economic
readjustments then being experienced, a reserve of $40,000,000
was established for the
protection of the Company's investments and securities.
It has not been necessary to use
any part of this reserve.
U. S. Government Securities, Marketable Securities and Investments where
quoted,
^
had
an
aggregate market value
as of December 31, 1935, in excess of total cost
including cost of Investments not
However, pending further developments, final disposition of the reserve has been deferred.
Since the close of the year all of the preferred stock has been redeemed.
The amount required to redeem
the preferred stock in the hands of the
public, namely $41,760,000, was provided out of available funds without
having
a
quoted value.
to
recourse
borrowing
or
other refinancing.
'
•
In view of
;the strength of the Company's resources
Directors believe the Company is prepared to share
..
.
.?
and the efficiency evidenced by the organization, the
fully in the industrial expansion of the country.
Company's future with continued confidence.
look to the
Dated, March 19, 1936.
Respectfully submitted,
•
H.
,
The Directors
F.
ATHERTON, President
CONSOLIDATED GENERAL BALANCE SHEET—DECEMBER 31, 1935
ASSETS
Real
CURRENT
Estate, Plants, Equipment, Mines, etc.
at cost
$228,303,891.94
______
Wages Accrued
Dividends Payable
$3,319,260.47
206,882.64
4,289,417.75
;
$7,815,560.86
RESERVES—
Sundry Investments
at cost or less.
28,545,039.30
Cash
-$38,419,338.25
Obsolescence,
etc
$147,639,670.08
40,000,000.00
___
11,064,472.77
3,764,590.80
2,331,372.75
1,481,250.23
Insurance
U. S. Government Securities at
cost....
Depreciation,
Investments and Securities
General Contingencies
Taxes.
ASSETS—
Sundry
26,792,161.88
22,839,350.00
Marketable Securities at cost
Accounts
and
Notes
Receiv¬
able—less Reserve
11,154,666.32
Inventories at cost or market
whichever is lower
21,735,369.64
'
CHARGES—
Prepaid Taxes, Insurance, etc..
-
—
206,281,356*63
CAPITAL STOCK AND SURPLUS—
Preferred Stock, Par $100. per
120,940,886.09
DEFERRED
LIABILITIES—
Accounts Payable
INVESTMENTS—
CURRENT
LIABILITIES
I
PROPERTY ACCOUNT—
Share:
Issued 392,849 Shares.____ $39,284,900.00
Common Stock, without
par
value, basis $5. per Share:
Issued 2,401,288 Shares
12,006,440.00
Capital Surplus
61,752,335.00
Further Surplus
104,435,465.53
___
1,002,512.83
.
Total
OTHER ASSETS—
Patents,
Processes,
will, etc
Capital
Stock
and
Sur¬
plus
Trade
Marks,
Good¬
Deduct
$217,479,140.53
31,477,785.25
Treasury Stock
21,305,942.61
Total.
186,001,355.28
$400,098,272.77
Total
.$400,098,272.77
*
The Company's stock was permanently
registered on the New York Stock Exchange effective July 1,1935, under the Securities
Exchange
Act of 1934.
The above balance sheet is substantially in accordance with form
filed with the Securities and Exchange Commission.
Se¬
curities amounting to $70,593,320 included under Investments in Annual
Report for 1934 are carried herein as follows: Securities at cost of
$16,276,185 are included in Sundry Investments; Securities at cost of $22,839,350
consisting of 224,000 shares of common stock of the United
States Steel Corporation and 90,000 shares of
capital stock of the Air Reduction Company, Inc., listed on the New York Stock
Exchange
and having a market value on December 31, 1935 of
$26,074,000 are carried as Marketable Securities; Treasury Stock consisting of 187,189
shares of common stock at cost of $25,837,300, and
47,309 shares of preferred stock at cost of $5,640,485 has been deducted from Liabilities.
U. S. Government Securities had a market value at December
31, 1935 of $27,419,605.
Further Surplus consists of $43,528,720 earned
surplus accrued to the Company since its organization and $60,906,745 accrued to its
subsidiary companies prior to the Company's organization.
The preferred stock of the Company was redeemed on February 14, 1936.
CONSOLIDATED INCOME ACCOUNT
YEAR
Gross
ENDED
DECEMBER
31,
1935
Income
(other than dividends and interest) after provision for
depreciation, obsolescence,
renewals, all state, local and capital stock taxes
Other Income:
'V
repairs and
$22,336,434.37
,i
Dividends
$1,549,631.60
Interest
„
787,072.76
2>336,704.36
Gross Income before provision for Federal Income Taxes
Federal Income Taxes
_i__l____
__,
i
$24,673,138.73
2,971,863.66
Net Income..
$21,701,275.07
SURPLUS ACCOUNT
Surplus at December 31, 1934
Net Income year 1935
;
$160,189,899.46
$181,891,174.53
Preferred
____
$2,749,943.00
14,407,728.00
Common
Total dividends declared
Less:
Dividends
on
V
21.701,275.07
Dividends declared:
$17,157,671.00
1,454,297.00
Treasury stock, not included in Income
15,703,374.00
Surplus at December 31, 1935
Allied Chemical
&
$166,187,800.53
Dye Corporation,
New York, N. Y.
\
,
"v
We have made
an examination of the consolidated
general balance sheet of the Allied Chemical & Dye Corporation and its
subsidiary
December 31, 1935, and of the statements of consolidated income and
surplus for the year 1935.
In connection therewith,
we examined or tested
accounting records of the company and its subsidiary companies and other
supporting evidence 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.
In our opinion, based upon such
examination, the accompanying consolidated general balance sheet and related statements of income
and
surplus fairly present, in accordance with accepted principles of accounting
consistently maintained by the companies during the year under
review, the financial position at December 31, 1935, and the results of the
operations for the year.
companies
,,
^
March
as at
,D
18,
1936
WEST, FLINT & CO.
The Financial Situation
AS HAS been his wont in the past
Jl\
has
The roots of
ceded it.
the President
deeper.
waters, leaving Congress with some suggestions and
past and
run
certain
reach
They
ministrations.
departed
vacation
a
If
follow
matters
their
circumstances, there will
debate
Capitol Hill and
on
considerable showing
the
of
past
return
freshed to face
be
two
or
will
that
will
the
first
Avenue
odds
—
Chief
It
send
the
alihost daily
giving the public further
far
as
ful.
review of
as
on
present an opportune
time to pause
they
for
a
others
late
to
far
has
been
ing"
at
much
so
it
is
tasks
of
close
were
been
the
field
of
years
advisers
we
have
and nowhere
Congress.
retorted to his tormenters:
so
much
what they
not,
the
opposing political camps, that the public can
of
the
then
the conflict
By the close of
hostilities
we
mulated
an
had
by
accu¬
enormous
hoard
of
promises to
by foreign countries,
pay
a very
substantial portion of
which
in
had
been
exchange for
we
acquired
our
goods
ourselves became
appear
Early Post-War Blunders
are
The situation
treme, but
we
was
ments, for a year
came.
For
enormous
a
or
w„as,
prevail that the issues before the country
the issues that should be before it,
are
merely the policies of the so-called New Deal versus
Administrations that immediately
pre-
ernment
foreign
our
affairs and
reach
such
we
might
a
sound
gold which
soon
again began to
numerous war amendments to the
a<s
bank¬
the stupendous growth in gov¬
securities, which had been made eligible
at the Reserve banks at the outset when
saw
govern¬
two before the inevitable crash
however, not to be. We had acquired
ing laws (as well
tragedy for the impres¬
ex¬
madness unheedingly,
time in 1920 it seemed that
stores of
increase, and
The Source of Our Difficulties
our
making further advances to
even
footing. It
increasing tendency to
sight of the fundamentals.
obviously hazardous in the
continued
about current issues and an
determined, in
to finance
more
radically readjust
those of the
pro¬
entered
inflation.
a
hardly be blamed for a growing confusion of mind
or
we
Secretary of the Treasury,
"Physician, heal
maneuver¬
much incrimination and recrimination between
to-day.
grew,
involved.
much
to
to
sort
a
belong in the
steadily
and
words
before
so
It would be little short of
bank
The scale of these
war
the
thyself."
and
sion
the
of
suffered
past,
than in the halls of
by various combatants,
things
Our
portions after
mainstay of the New
economics
politics," by which is usually meant effective
make
of
effectively
reaching stupendous
thoughtful, well-trained realists in
effort
lose
banks.
operations
unim¬
ing for position
inflation.
that do not
"snip-
so
us
accumulate assets of
The witness above mentioned should have
portant personages and details, so
"astute
have
scarcity for
of
relatively
late
them
it, and
inflow
portfolios quickly began to
we,
of
incident
struggle long
consequent
to
Coolidge, some of them had a hand
of President Hoover's blunders, still
But of
the
as
There
policies.
headway
The vast
Deal.
stand and of
they re¬
national
public
so
Some
in many
the real needs of the
country
the
in
war
entered
we
gold, tempted
President
sober
public questions
now
gained
as
we
many occasions in recent
along with every other
thoughtful observer we suppose, could not
suppress a feeling akin to disgust with the
pronouncements
of self-styled economists.
Their influence has been anything but help¬
renders
questions,
public
otherwise
Nor w/ould the so-called Town-
when
years
their caution
permits, of their views
the
for
were
of
passed.
to that titanic
There have been
glimpses of themselves,
so
outbreak
demand for goods
witness.
made in Washington.
at least two decades the
for
ourselves
stimulation in the foreign
Congress have been, or should have been,
predominantly concerned with economics in
the broader sense, that is, with questions
that have to do with legislation directly and
mightily affecting the business community
which in the last analysis includes all of us.
Presidency
opposition to the present
and,
as
1914 had
clutters the statute books
now
have
Plan
Yet
that several candi¬
are
the
the first shock of
the
said to have
coupled with the circum¬
incumbent
of
If the facts
of the nation.
up
soon
possibly have accumulated the leg¬
islation that
from the
in
obvious
rare.
not
lay
to
for
the
This fact,
for
began
before
proposals
dates
We
trouble
intelligent and systematic study to economics
could
the
or
earlier post-war years.
shall have
we
Administration.
stance
that
been
has
resem¬
Deal, the New Era,
in¬
Townsend,
many years past
that the member of Congress who has given
we
"breathing spell" from
fresh
Townsend
Dr.
little
a
with
is indeed
a
of
may
rate,
that
assume
made
ever
identical
any
so-called
confrere
study of economics.
The
reply is said to have been a frank negative.
If by economics is meant a realistic expo¬
sition of the facts and principles that govern
in the practical work-a-day world, which is
the only sense in which the word
has any
useful meaning, the questioned might easily
have turned questioner.
In such a case the
reply, if equally as frank, must have been
Executive.
At
the
at
former
a
bear
of
policies that
blance to those of the New
intended to disclose whether the witness
was
had
is
with the
the
favoring
witness
quiry,
other end of
we suppose,
well-rounded group
a
would
According
to
current
Washington
dis¬
patches, one of the first questions asked the
test
President
Pennsylvania
not
Physician, Heal Thyself
again largely to have his
and,
the
years,
however,
is,
of
determine
at the
three
home,
go
come
the
day
a
sound national
incompetence.
Then
of those of the past.
any
After
re¬
and somewhat discredited
own
The crying need of the
merely for defeat of Mr.
Roosevelt and his adherents, but for the formulation
time,
repetition of the
a
Congress
a
to
eager
will
there
will
very
importance.
practical
experiences
way
having been ferreted
of the previous Administrations and in several re-
that
assuming
whether
from
spects far exceed both in degree and basic nature
immediate
by its
far
taken on new life, spread out further into the soil,
and brought forth fruits that equal any of the evils
heated
some
ensue
So
by the present Washington regime, they have
out
in
course
decades into the
two
through at least five Presidential Ad¬
definite results of
will be without
President
a
usual
present troubles go far
our
some
against White House domination, which,
of rebellion
however,
tired,
Southern
in
demands, but otherwise largely to. its own
devices.
these
for
no
one
fore¬
large increases in these obligations)
vited bank
expansion.
There
was
in¬
much discussion
(as there is now) about fundamental changes in the
2040
Financial
"rental value of
war-born
At any
in
were many
rate, it
was not
of
era
some
long before
we
ing
of
had entered
our
history, while
to
our
souls that what
naturally,
But
Europe
peded
well
as
known to
we
mere common
one
of the most
history.
ex¬
we
with post-war conflicts and im¬
torn
all sides by extreme nationalistic policies,
our
realities
to
eyes
of the
situation,
business
community to feverish activity, continue to
similar effect.
the
as
ill-fated
plentiful by
inflationary
our own
The sovereign remedy was
expansion, which according to the false proph¬
of that day would "prime the
pump" and again
ets
a
start the
The
and the
war era
itself
early post-war years, did not
positively, at
rate in commodity
any
life
approximately $11,
500,000,000, and held securities for their
in the amount of
account
own
a
created
there any
was
dustry,
or
much of it, was making these giant strides,
agricultural regions
our
While in¬
were
progressively deteri¬
orating with large numbers of bank failures
ring
candidate
to
As early
every year.
for
the
Presidency, felt himself obliged
pledge public aid to agriculture
and after election to office
tions which
ucts, so far
it
of millions.
secured by farm prod¬
From 1921 to 1929 inclusive there
the situation
early acts of the Hoover Administration
a
tariff law,
the restrictions
rise to
Of
no
on
end of
course
international
retaliatory
collapse
was
who
should
months
that
nothing
more
others
the
was
trade and
measures
inevitable.
known
current
case
as
uation
many •
better insisted
disturbances
for
were
soon
as
the
Washington
obliged to take the sit¬
seriously, they began to encourage "buyers'
other familiar devices to restore busi¬
activity and to insist that corporations refrain
curtailing operations, particularly plans for
construction
work,
as
well
a new
Party, assembled in
and
con¬
a
pointed out the weaknesses of
public policies of that day, and at
a
number of
those of
as
Senator
Glass, pointed the way to better things. The
budget which had already begun to show alarming
deficits
to be balanced
was
by reduction in expendi¬
tures, sound currency policies were to be strictly ad¬
hered
to, a number of badly needed changes in the
banking laws
marked
were
to be enacted, there
curtailment
of
the
to be
was
restrictions
a
placed
international trade, and in other respects in¬
upon
telligently planned changes in policy
fected.
The candidate selected
were
to be ef¬
by the party pledged
unqualified support of the platform, which although
it contained defects did much to hearten
observers.
It indeed seemed for
have the horse
hard
sense
a
thoughtful
time that
and the courage
we
might
to begin the
struggle back to sound conditions.
as
And Then the New Dea
But
came
public policies been largely founded
As
official
platform which effectively in
a
points, thanks to such guiding hands
abroad.
When it
would not have greatly mat¬
it then existed.
Nowhere in
noteworthy disposition to get to
In 1932 the Democratic
giving
this rather childish misconception of the situa¬
weeks" and
from
the
a
authorities found themselves
ness
of
bad break in security prices,
phrased it a "rich man's panic." Their
tered had not
tion
then
than
diagnosis of the
upon
have
one
funds.
again greatly adding to
1929, not only government officials but
others
as
were
The fundamental nature of
badly misconceived that
was so
enactment of
or
organiza¬
the amount of several hundreds
agricultural districts.
in
up
5,642 bank failures in the country, mainly in
some
the
large scale,
secured at all, and farm prod¬
was
ucts themselves in
on a
actually set
owned paper
soon
as
occur¬
1928 Mr. Hoover, then
as
en¬
govern¬
sound basis for rehabilitation and recovery.
the
not uniform.
was
brought into existence
trouble, and to work out
vention, drafted
Unequal Expansion
expansion
was
variety of institutions and other
number of instances
But the
inducement
an
banks, and to provide relief in various
with
the root of the
$13,670,000,000, and security prices
had reached fantastic levels.
govern¬
expansion. Further liberalization
Corporation
ment from the
ties markets.
By June 30 1930 the banks held loans
provide
from
pressure
terprises with funds obtained by the Federal
prices, but vented itself spectacularly in the securi¬
securities in the amount of
under
the national banking laws
was
effected to
"broaden the base of credit," and the Reconstruc¬
tion Finance
enormous
banks
of
to "bail out"
buy
industry and trade humming.
ment securities in order to
for member bank
quantities of
to
of
Reserve
Washington undertook large purchases of
localities
on
wheels
Federal
The inflation of that period, unlike that
goods.
show
such
hope¬
were,
Plan, and proceeded to supply foreigners
tactics with which
of the
they contrived
bank
with funds made
our
Change Policy
by the undeniable fact that
(with rather wide support
admitted) various schemes for making
policies, which during the boom had excited the
have
futile arrangements
Dawes
rude
it must be
Finding that
and to dispassionate observers clearly
lessly
when faced
even
Instead
permit interna¬
helped to develop what should have been recognized
as,
The
on our
hands, our
stubbornly refused to admit that major
surgical operations on public policies were indicated.
effectively abroad, and discovering that
closed
vanish.
brought this period to
had real and serious troubles
we
could not sell
was
on
would
soon
authorities
exports—to develop
as
large inflow of goods
a
wares
we
were
enacted in 1922
we
tariff laws
without
our
we
position, and for that matter
trade—imports
treme
affairs
Refusal to
laid the flattering unction
we
strongly suggested that
tional
of
state
close.
a
doing could not be
inflationary since commodity prices were remaining
relatively stationary. Despite the fact that our
creditor
1936
respects at least to surpass anything
in
sense,
28
though nothing had happened the infirmities
as
our
hand of actual events
inflationary character that
an
March
wages—all with the apparent idea that by proceed¬
Labor
strongly entrenched in many fields.
another
upon
credit. There
or
shortages in physical equipment.
had become
was
money,"
Chronicle
to maintain rates of
ended
even
before the
number
a
successful
of
candidate
campaign of that
year was
disquieting utterances by the
(as
it later
proved)
for the
Presidency had begun to raise serious doubts in
thoughtful minds, and while there was for
period
after
Mr.
Roosevelt's
brief
a
inauguration
some
ground for hope that unfortunate policies of the
past might be abandoned, it soon developed that the
same
underlying ideas of curing
spending
ary
tion.
Not
clear that
a
were
our
to govern the
ills by inflation¬
new
Administra¬
great deal of time elapsed before it
tjie
new
Washington regime
was
was
to mag¬
nify many-fold the efforts to spend and to inflate
our
it
way
out of
would
cater
our
difficulties, and that in addition
to
popular prejudices by enacting
punitive legislation, the demand for which had been
whetted
by inevitable abuses of the New Era policies.
Financial
Voium* 142
For the sake of the record it may
asserted that such abuses
and
again plainly be
in many cases
were
real
2041
Chronicle
far from $50,000,000,000, as compared with possibly
$13,250,000,000 at the middle of 1914 and $45,500,-.
These latter for the most part conducted
A very large percentreflects inflationary ab¬
sorption of long term assets by the banks. All of
the increase since 1932, which is enormous, reflects
themselves in accordance with standards of business
the increased holdings of public debt. It is obviously
ethics that
a very
indefensible, although of
bility for them must rest
as,
or
than,
more
period.
people as much
the transgressors of that
upon
ourselves
we
the responsi-
course
upon us as a
set, or which we ourselves
000,000 at the middle of 1929.
age of the increase since 1914
dangerous situation.
(3) We are subsidizing the farmers to the extent
implicitly if not expressly condoned, and their transgressions
of the sort that
were
inevitably, if
were
of not less than $750,000,000
and prob-
per annum,
regrettably, the product of policies and conditions
ably much
for
"credit" furnished at abnormally low rates and
which
as
we
people
a
statesmanlike method
that of
of
were
responsible..
The
dealing with them is not
enacting legislation which
may or may
not
prevent the evils complained of, but which is certain
to
hamper and obstruct legitimate business and in-
terfere in
unwarranted way
an
with the individual
than that if full account is taken of
more
unnaturally
easy
taxation and in other ways. We have organized a
relief army of millions whose morale is being destroyed rapidly and completely and whose support
we provide out of the national treasury, to say noth,
generally, but, apart from such reform legislation as
ing of similar action by
is
tal units.
really needed, to
not
permit,
tions that
Biit
see
to it that public policies do
at all events virtually create, condi-
or
regard of the platform
our
narrative.
which it
on
of
other
numerous
In total dis-
(4) Through the Reconstruction Finance Corpora-
elected to
tion and other agencies the Federal government is
was
now
enact statute after
both urban and rural, in the world.
trative
policies, which
tinued and further
of
previous regimes and
of
European
Let
us
events
pause
the
pursue
adminis-
hand have
one
con-
developed the underlying fallacies
strongly to constitute
a
the other tended
the largest holder of securities and mortgages,'
controls
a
large number of railroads,
innumerable credit agencies to compete with private
methods and practices,
to see briefly just where this course of
years
ago
has
now
taken
business,
as
(1) First, the fiscal situation.
reached
was
$1,190,000,000,
nearly $25,500,000,000 by June 30 1919. By
the middle of 1930 it had been reduced to
less
than
slightly
$16,200,000,000, although State, city and
local debts
sharply during the post-war years.
rose
By the middle of 1933, approximately four months
after the present
again risen to
Administration took office, it had
more
than $22,500,000,000.
the national debt stands at
000
including,
Federal
government, they show no indi-
of reduction.
fiscal year are
will
country have risen probably to
Public deficits continue. In the
of the national
cation
To-day
$35,000,000,-
it must, debt guaranteed by the
as
staggering total.
case
than
government, while the debts of other govern-
mental units in the
a
more
by
a
Expenditures for the coming
expected to top $9,000,000,000, which
substantial margin exceed all peacetime
are
still being financed
of
American
Through these
banks,
resorted to
a
system developed during the
ever
since
whenever
in need of additional funds.
and
was
(excluding the Re-
banks) hold something like $16,500,000,000 of
national
about
war
Treasury
One result is that the
commercial banks of the country
serve
the
debt
at
the
present time, compared with
$2,500,000,000 at the middle of 1918, about
$3,800,000,000
at
the middle ,of
1929,
$6,000,000,000
at
the middle
1932.
of
and
about
Just how
largely these banks are holders of State, city and
other bonds of
a
cotton
means
can
like nature cannot be stated with
no
agency.
the
entree into
a
well
It is the largest
wrorld
has
ever
man-
owner
known,
it does not fail to bring all the
to bear upon
the business
man to
do
It has launched itself into the busi-
of generating and distributing electric energy
for the avowed purpose of forcing down rates. It
ness
has committed the national government to
insurance scheme certain to cost
many
a
social
billions of
dollars in the future.
(5) By means of the Securities Act of 1933, the
Securities Exchange Act of 1934, the Holding Company Act, revisions in the national banking laws,
and various other statutes, to say nothing of the
National Industrial Recovery Act and the Agricultural Adjustment Act and some others that have
been declared unconstitutional, it has undertaken to
interfere with and control American business in a
degree and detail that had never before been dreamed
of in this country. It has recently placed an Act
upon the statute book that purports to take the place
of the Agricultural Adjustment Act, and which is
brazenly acclaimed by its proponents as an attempt
do in
a
somewhat different way just what the
Agricultural Adjustment Act
was
intended to do.
(6) The gold standard has been abolished and the
largely by the inflationary methods of placing them
in the
to make loans to borrowers whose
aged private lending
to
records.
(2) These huge deficits
as
what it dictates.
The national debt,
less than
well
standing would give them
influence it
The Present Situation
June 39 1914
a
sort of American equivalent
dictatorship
remedy the situation thus brought into existence.
on
ominously
large percentage of the banks of the country, and
variety of other types of enterprises. It has created
beginning twenty
which
It effectually
an
very
on
and to inquire precisely what needs to be done
us,
to
on
are
provided wholly from inflationary deficit
course
office, the present Administration has proceeded to
statute, and to
governmen-
The funds used for all such projects
financiering.
inevitably produce such evils.
must return to
we
on
terms, favoritism shown in income
gold content of the dollar reduced by something
more than 40 per cent, while the gold standard has
been
only partially, and largely theoretically, re-
stored.
Meanwhile
some
$2,809,000,000 in gold
confiscated, the larger part of which is
now
was
in
a
"stabilization fund" employed in "rigging" the foreign exchange markets and in pursuance of a puerile
policy of
have
no
enormous
earthly
purchases of silver for which
use.
we
The government bond market
is likewise under the thumb of the Treasury, which
has almost limitless funds at its disposal for the
purpose.
Another result of all this is that the total of the
is proving increasingly difficult for the Treasury to
hold the foreign value of the dollar down to the
deposits of commercial banks have now reached not
theoretical gold value officially bestowed upon it, a
P
As far
as
the exchanges
concerned, it
exactness, but unquestionably the figure is shock-
ingly large, larger now perhaps than ever before.
are
2042
Financial
fact that
speaks volumes for
our
Chronicle
It
exchange problems
March
is, of course, always idle to ask for better bread
of the future.
than
(7) The present Administration has arranged a
number of special tariff treaties whose
precise effect
invoke counsels of
it is difficult at this time to
gauge.
stitute,
or
that others which
in the future
likely to be,
are
moving restrictions
goods
the
on
That they
for the increase in tariff duties
by the reduction in the value of the dollar
international
this respect
is
trade
are
attitude
now
vindictive
a
regime, much inclined to
use
the
immense
authority that has been granted it, to say
nothing of the funds, to punish those who displease
It is to be
it.
plishing
doubted, however, whether it is
great deal
a
in
the
elimination
accom¬
of
ative is dulled and
are
doubtful.
secu¬
rities markets productive of practices of which the
government itself is complaining.
Other conditions
about which the government is not
about which
are
shall all be
we
meanwhile
complaining but
presently complaining
developing daily.
What
The nature of
There
for such
Is
that
a
a
need
It is most
man.
the fireworks
or
willing
to denounce
of
program
in their
greater than
ours
earnestly to be hoped
current
campaigns will fail
public from these fun¬
damental issues.
Federal Reserve Bank Statement
BANKING the March quarter-date again reflected
statistics this week transactions of
mainly
the United States
Treasury.
Heavy income tax pay¬
Treasury to build up its general
ments enabled the
account balance with the Federal Reserve banks
further
by a
$79,201,000 in the week to Wednesday night,
and
a
as
matter of
posits showed
$84,621,000.
over
an
member bank
course
reserve
de¬
approximately comparable drop of
The
excess
legal requirements
reserves
were
of member banks
down $80,000,000 in the
weekly period, and were estimated officially
$2,310,000,000 as of March 25. This happens to
precisely $1,000,000,000 under the record figure
$3,310,000,000 attained by excess reserves Dec.
at
be
of
11
1935, just before the Treasury decided to keep large
sums
in its general
account,
minimize
Needed
public life,
sound
a
never was
to divert the attention of the
Meanwhile its infla¬
creating conditions in the
in
some one
more
yet been vouch¬
as
can summon the courage
mal¬
practices in the business community, except possibly
by reducing the country to a state where all initi¬
tionary policies
place?
as
been in our peacetime
history.
(8) The Federal Administration is showing itself
necessary to
major policies of both the New Era and the New
existing in
ever
to be
it, who
bad as, if not worse than, it has
as
wheat, but it is not
perfection to demand much
Deal, and to formulate
would be
our
unfortunate
as
and the situation
ever were,
of
indirectly effected
preposterous to assert. Our policies and
they
the
re¬
flow
be made of
Is there not
to enter
That they nearly compensate
no one supposes.
toward
safed.
con¬
major factor in
a
international
can
explicit information than has
be consummated
may
1936
28
the
probably in order to
mounting criticism of the official
policy.
money
public policies needed in the cir¬
is, generally speaking, obvious—a balanc¬
ing of the budget by abolition of subsidies, reduction
$1,000,000,000
in relief and other
On
$1,146,565,000
March
25
the
Treasury
held
place.
cumstances
ment
from
wastes, withdrawal of the govern¬
competition
with
private
enterprise,
that the
ance
a
as
rapidly
as
practicable, ad¬
justment and stabilization of the currency, liquida¬
tion of the vast
security and other holdings of the
government
as
rapidly
feasible,
as
cessation
a
of
high figure, for the sake of such
large factitious reduction of excess reserves.
dropped to $7,665,840,000 on March 25 from
$7,667,338,000 on March 18, but other cash increased
and total
the
that
larger part of the
has
been
reduction in the vast army
Whence
There is
and
bu¬
drastic,
of government employees.
Cometh
obviously little
enormous
established
Our
Help?
to hope that
Administration will thus reverse itself,
although doubtless here and there it will attempt by
gestures to appease disgruntled voters. The question
is:
Where do those who would
on
these issues?
replace the present
It is unfortunately
impossible to tell at the present time.
complain of
of the
some
one
or
All of them
the other of the policies
present regime. Some of them have denounced
certain of the fallacies of the
while
proposing
other
aggregate
day in forthright terms,
undesirable
programs
of
slightly different nature. This is perhaps most strik¬
departments of our business life. None of them have
made
themselves
many
points. Doubtless they judge it
by either word
or
poor
deed
at
political
strategy to do so, at least at this time. Yet the public
can
not
be blamed for not
growing enthusiastic
so
long as it is left in the dark on such vital questions.
slightly to $3,732,333,000 from
Although
considerably,
increased
$6,539,128,000.
as
only
Member
the
source
of
deposits
already
to
indicated, the
$6,546,089,000 from
bank
reserve
deposits
dropped $84,621,000 to $5,059,147,000, but Treasury
deposits on general account increased $79,201,000 to
Foreign bank deposits fell $1,440,000
$64,576,000, while other deposits increased $13,821,000 to $275,801,000. With reserves and liabili¬
to
ties
both up
very
changed at 78.2%.
slightly, the ratio remained
There
were
un¬
only the usual in¬
consequential changes in other aspects of the bank¬
situation.
Discounts by the, System were
ing
$435,000 higher at $6,065,000, while industrial ad¬
vances
increased
ket bankers' bill
and
$180,000 to $30,501,000.
Open mar¬
holdings fell $5,000 to $4,674,000,
holdings of United States government securities
dropped $48,000 to $2,430,271,000.
Foreign Trade in February
ingly true of agriculture, but it is also true of other
clear
increased
$1,146,565,000.
or no reason
the present
regime stand
culation
moved up to
$8,034,345,000 from
Federal Reserve notes in actual cir¬
reserves
$8,028,435,000.
changed
of
holdings of the 12 Federal Reserve
banks
most unlimited powers
upon
reaucracy
is
Treasury will keep its general account bal¬
$3,730,979,000.
abolition
which
at the current
punitive expeditions against business in general, re¬
peal of laws that bestow or purport to bestow al¬
the Executive branch,
account,
than commonly was held there
more
Gold certificate
couragement of sound banking, liberation of interna¬
far and
general
The correlations of these changes are alto¬
gether too obvious, and it would be idle to suppose
abandonment of undue government interference with
as
its
before the December
quarter-date transactions took
legitimate business operations, reform in taxation,
restoration of sound
banking legislation and en¬
tional trade
in
FOREIGN trade oflowerUnited States in February
the in respect to exports, but
seasonally
was
imports, contrary to the usual trend and in spite of
the shorter month, were somewhat
higher than in
January.
Both imports and exports
were
well above
February 1935, and, when compared with the low
volume 142
Financial
point for February trade reached in 1933, show inin terms of dollars of
creases
130% and 80%, respec-
tively, although far below the peak of 1929.
The
value
of merchandise
amounted to
821,000,
191,000.
several
since
exported in February
unfavorable
an
balance
of
$10,-
This is the first unfavorable balance in
months, and the first to
February 1926.
occur
in February
January's exports of $197,-
950,000 and imports of $187,440,000 left
balance of
favorable
a
$10,510,000, while the trade figures for
2043
trend which affected
the general
the
$182,630,000, and that imported, $192,-
leaving
Chronicle
run
pronounced
more
occurred
periods
Italian
dollar bonds
fell
that announcement, and all parts of the
on
securities market
were
affected adversely for a time,
The European situation remained
cern
One of
unsettlement
preparing to nationalize key indus-
are
in that country.
sharply
little.
a
of
Tuesday, when it appeared that Italian
on
authorities
tries
few specialties decidedly, but
a
of stock issues only
all week, with
a
a
matter of
con-
sharp drop of the French franc
in the exchange markets yesterday highly indicative.
December and November showed favorable balances
But progress again was
made in general business
of
in the United States, and
on
$36,455,000
$99,923,000,
and
February 1935 there
In
respectively.
exported $162,999,000 of
was
merchandise, and imported, $152,491,000, leaving
balance
the side of
on
exports of $10,508,000.
a
The
in quiet demand.
York Stock Exchange
in
each
and
4,000,000-share
of 1936
weeks
nearly in balance, the
are
being only $319,000, which
of
excess
month in 1935
of
ments
an
export
period of 1935.
same
exports in February over the same
chiefly the result of larger ship-
was
tobacco, petroleum products, machinery
and automobiles.
The manufactured cotton exports
5% larger in terms of quantity, but, due to
were
lower
in
of exports
with
compares
$19,898,000 in the
The increase in
excess
prices, slightly smaller in value.
imports in February
tributed
commodity
wide
a
over
but
group,
over
ago
was
of products in
#range
dis-
every
large amount of the increase
a
is traceable to sugar, raw
unmanufactured wool.
value
The increase
a year
silk, hides and skins, and
In the
of
case
raw
silk, the
recessions
body, and Detroit Edison.
close
irregularity lower.
were
provided the chief
selling
was
were
In
spite of the larger quantity shipped in
year,
it had
a
value of only $26,647,338
compared with $27,074,000 in February 1935, due
as
to the
drop in the price; shipments in January
valued at
Gold
637,000,
ber
$35,664,857.
in
exports
*'-&&>■■■■
February,
the highest in
were
1933, when $34,046,000
with
of
metal
the
were
to
to
compare
$7,0(32,000 from $45,-
981,000 in January, $190,180,000 in December 1935,
and
larger amounts in November and October
even
1935.
In
Silver
imports also
February 1935, $122,817,000
were on a
was
imported,
greatly reduced scale,
totaling only $17,536,000 in comparison with $58,-
483,000 in January.
was
month,
In February 1935, $16,351,000
Exports
imported.
$253,000
January;
in
$1,661,000
a
KT
in
ago,
0
.
February,
\
tended
this
week
and
prices
irregularity, although the undertone
remained firm.
the
moderate
to
some
The
floods
country continued
in the eastern
to exert
part of
sobering effect,
a
stimulated by gains in
was
companies,
expectations
Movements
and
Thursday
on
specialties.
of
better
building.
toward slightly lower
were
levels, with exceptions fairly
vari-
numerous among
The market assumed
yesterday
sections
was
professional
a
were
and losses
The trend
toward lower levels, and almost all
affected.
were
The movement
large only in
a
was
gradual
few instances, but
industrial, rail and utility securities all tended to
Activity
recede.
was not
pronounced.
In the listed bond market United States government securities were in persistent request, and
almost all the direct long-term obligations attained
best figures since issuance.
The guaranteed bonds
of the Federal Farm Mortgage and Home Owners'
Loan Corporations also moved steadily higher. Bestdeflected
to
were
the
dull but steady, with
important
new
issues.
Bankers reported very good demand for the fresh
Speculative and semi-speculative domes-
much for the week
ACTIVITY in the securities markets of this city
i
stocks,
tic bonds varied from day to day, and did not change
,
..
all
in exceptional de-
good business by the automobile
interest
with
The New York Stock Market
showed
The general list
almost
were
steel operations,
flotations.
.
few specialties
grade corporation issues
exported.
was
a
compared
as
year
Wednesday, with the changes
lower than last
were even
totaling only $141,000
on
demand, while industrials moved lower.
time imports
same
absorbed readily when prices receded,
the rule
$23,-
month since Octo-
At the
down
The events in Italy
ous
shipments of but $338,000 in January 1936 and
$46,000 in February 1935.
on
character, with utility and rail stocks in modest
shipped, and
was
good start
were
'
amounting
any
a
for liquidation, but the
reason
of small proportions in
mand.
bales.
After
Tuesday, prices turned downward, and levels at the
404,455 bales
February this
such
Allied Chemical, J. I. Case, Checker Cab,
Chicago Yellow Cab, Clark Equipment, Cluett, Pea-
Once again
exported, but substantially lower
much better
gave
Large advances appeared in
as
bales, slightly higher than in February 1935, when
were
noted in most listed issues last
were
performances.
issues
pronounced, and
measured largely in small fractions,
were
Small gains
again
January, when the shipments totaled 560,516
few
a
the rule last Satur-
were
was never
Monday, but various specialties
Gains
than in
3,000,000 to
only
common
ago.
Small recessions in stocks
shipped in February aggregated 428,834
Cotton
whereas
were
day, but the liquidation
greater although the quantity was less.
was
days
were
the New
on
less than 2,000,000 shares
was
session,
every
figures of exports and imports for the two months
that basis equities
Trading in stocks
as
a
whole.
marked 3 to 6 points lower
Italian bonds
were
Tuesday in the foreign
department, owing to the action of the authorities
on
in that country, but small gains in subsequent
sions modified the losses.
dull.
Commodity
Other foreign issues
market
movements
ses-
were
closely
re-
particularly when it was noted last Monday that the
sembled
important steel industry was affected materially by
losses alternating from day to day, with net changes
unimportant. Foreign exchanges were persistently
the
raging waters.
But stocks of those industries
that will share in the extensive work of reconstruc-
soft,
tion
were
benefited, to
moved lower
the
on one
a
degree.
day and higher
were
both larger and
the recessions.
The net result
gains
As
in
the
equities
market,
gains
and
the political situation in Europe did not
a
rule, equities
inspire confidence.
on
the next, but
the level, yesterday, at which gold could profitably
more numerous than
was
as
those
a
quiet upward
French francs dipped almost to
be shipped from Paris to New York.
was
lower.
Sterling also
Financial
2044
Some of the
with
companies that took favorable action
respect to dividend declarations included the
William
Wrigley Jr. Co., which declared a special
dividend of 25c.
share
a
its
on
no
stock,
par common
payable May 1 next; three regular monthly divi¬
of like
dends
amount
also
were
declared, payable
Gimbel Bros, declared
May 1, June 1 and July 1.
dividend of |2 a share on account
the
on
of accumulations
preferred stock, payable April 15; the last
previous distribution
|1.75
a
share made
a
was
a
regular quarterly of
Feb. 1 1932.
on
The Bell Tele¬
phone Co. of Pa. increased the dividend on its com¬
ters to
On
$2
On
low levels.
stocks touched
low
new
Stock
the New
York
Call loans
levels.
Exchange
the New York
half-day session
Curb
remained
the
on
unchanged
Stock Exchange
Saturday last
on
the sales at
were
840,686
Thursday, 1,872,130 shares, and on Fri¬
on
On the New York Curb Ex¬
day, 1,553,202 shares.
change the sales last Saturday were 382,860 shares;
Monday, 503,900 shares;
on
shares;
The volume
on
was
Tuesday, 506,940
on
Wednesday, 446,605 shares;
on
680,420 shares, and
week
of
on
Thursday,
Pennsylvania
yesterday.
trading in the stock market this
favorable trade reports at
Central
Pacific at 133
at
scale, with the
home and
a
range
of
Despite
lessened ten¬
abroad, caution in trading prevailed and lent
group,
Refining at 31% against 31.
Yesterday moderate price recessions were
rule and many
closed
Friday
issues
were
last
lower at the close
week.
of
General
Electric
yesterday at 38 against 39*4 on Friday of
In the
copper
Anaconda Copper closed yesterday at 34%
against 35%
on
Friday of last week; Kennecott Cop¬
at 37% against 38%; American Smelting & Re¬
fining at 84% against 89%, and Phelps Dodge at
36% against 39.
Trade and industrial
a
reports naturally reflect, to
degree, the disastrous effects of the floods which
swTept Eastern States last week.
tion
estimated
was
last
Iron and Steel Institute at
current week
This
March
time,
at
a
week
ago.
with 46.1% at this time last year.
production
energy
21, based
was
53.7% of capacity for the
compared with 60.0%
as
compares
Steel-ingot produc¬
Monday by the American
for
week
the
ended
information available at this
on
reported by the Edison Electric Institute
1,860,000,000 kilowatt hours against 1,900,803,000
kilowatt
in
hours
the
preceding week and 1,724,-
753,000 kilowatt hours in the corresponding week
market.
last
Union
week; Shell Union Oil at 17% against 18%, and
Atlantic
of last year.
on
against 34%;
34%
the week to March 21 totaled
than
closed
against 132%; Southern Pacific at
encouragement to the present lethargic state of the
the
RR.
Topeka & Santa Fe at 73% against 75;
York
New
Electric
Friday, 501,990 shares.
diminished
a
on
prices for the general list mostly irregular.
sion
close
Atchison
Monday they were 1,678,550 shares; on
on
Tuesday, 1,903,140 shares; on Wednesday, 1,907,730
shares;
the
yesterday at 33 against 32% on Friday of last week;
per
shares;
The railroad
shares, in most instances, were slightly higher at
17%, and Northern Pacific at 30% against 29%.
Exchange 147
%%.
On
against 20%.
Goodrich at 19
F.
B.
yesterday at 64% against 69% on Friday of last
Stock
York
Exchange 68 stocks touched new high levels and 36
the
Goodyear Tire & Rubber closed
yesterday at 28% against 29 on Friday of last week;
United States Rubber at 28% against 25%, and
Among the oil stocks, Standard Oil of N. J. closed
new
York
In the rubber group,
high levels for the year and 68 stocks
new
touched
New
at 95%
Chrysler
64%;
against
65%
stocks
New
touched
at
at
against 95%, and Hupp Motors at 2% against 2%.
33% against 33; Southern Railway at 17 against
paid in previous
share for the current period.
a
the
Motors
March 28 1936
quar¬
stock from $1.50 a share
mon
Chronicle
Car loadings of
ciation of American Railroads
decrease of
of
40,370
As
week; Consolidated Edison Co. of N. Y. at 33%
50,054
cars
cars
revenue
566,808
freight for
the Asso¬
cars,
This is
reports.
a
from the preceding week, and
from the same week of 1935.
indicating the
course
of the commodity mar¬
against 34%; Columbia Gas & Elec. at 19% against
kets, the May option for wheat in Chicago closed
18%; Public Service of N. J. at 41 against 40%;
yesterday at 96c.
as
J. I.
day of last week.
May
Case
Threshing Machine at 145 against 133;
International Harvester at
Roebuck & Co. at
Ward
&
Co.
at
83% against 87%; Sears,
64% against 63%; Montgomery
40% against 40%; Wool worth at
49% against 50%, and American Tel. & Tel. at 162%
against 162%.
against 97%c. the close
corn
against 59%c. the close on Friday
as
of last week.
May oats at Chicago closed yesterday
at
25%c.
as
against 25%c. the close
The
Columbian
Friday of last week.
Cash
145% against 148; National
Friday of last week.
Products at
47% against 50; National Dairy
22% against 24%; National Biscuit at
35%; Continental Can at 81% against 81%; East¬
Kodak at 164
against 163; Standard Brands
against 11.43c. the close
as
against 16.06c. the close
Domestic
In London the
at
19
pence
15/16
per ounce
per
on
ounce
16% against 16%; Westinghouse Elec. & Mfg.
silver in New York closed
close
Industrial
Alcohol
at
47%
In
on
as
against 19 13/16
Friday of last week, and spot
112% against 114%; Lorillard at 22% against
States
on
closed yester¬
price of bar silver closed yesterday
pence
at
United
copper
day at 9%c., the same as on Friday of previous
at
22%;
on
The spot price for rubber
weeks.
33% against 33%; Texas Gulf Sulphur at 34 against
man
as
yesterday at 15.87c.
Register at 26% ex-div. against 27%; Inter¬
national Nickel at
Friday of
spot price for cotton here in New York closed
day at 199 against 193% on Friday of last week;
Pont de Nemours at
on
last week.
yesterday at 11.64c.
against 115%; E. I. du
Fri¬
day at 59%c.
Allied Chemical & Dye closed yester¬
Carbon at 111
on
at Chicago closed yester¬
yesterday at 44%c., the
Friday of last week.
the
matter
of
the
foreign
London closed
exchanges,
cable
against 50%; Canada Dry at 13% against 14%;
transfers
Schenley Distillers at 45% against 48, and National
against $4.96% the close on Friday of last week, and
Distillers at
cable transfers
The steel
31% against 32.
stocks closed lower this week.
States Steel closed
Friday
of
last
United
yesterday at 63% against 64
week;
Bethlehem
Steel
at
In
Auburn Auto closed yesterday at
against 49% on Friday of last week; General
Paris closed yesterday at
6.59c. as
on
against 56%; Republic Steel at 23 against 23%, and
49
on
yesterday at $4.94% as
against 6.62%c. the close on Friday of last week.
European Stock Markets
55%
Youngstown Sheet & Tube at 50% against 50%.
the motor group,
on
DEALINGS were quiet this week on most of the
exchanges in the principal European
stock
financial centers,
and prices did not vary greatly at
London, Paris and Berlin. The leading markets were
|
Volume 142
Financial
inactive
chiefly because investors and speculators
preferred to await the outcome of the delicate
still
diplomatic negotiations resulting from the German
occupation of the demilitarized Rhineland zone. So
far
the Italian
as
element
exchanges
private industries must
Monday, that large
into the hands of the
pass
Stocks and bonds fell sharply on the
government.
Rome and Milan
exchanges, Tuesday, and only mod-
recoveries
Vienna
a new
injected into the situation by Premier
was
Mussolini's announcement, last
erate
concerned,
are
noted
were
Wednesday.
on
The
exchange reflected good buying, however, and
prices there
heights.
reported to be reaching record
were
Trade reports from London indicate that
domestic business in Great Britain continues good,
German
reports
mildly favorable, but France
are
continues to feel the full effects of the
Sanctions
apparently
depression,
aggravating the Italian
are
situation.
,
The London Stock
Exchange was quiet, with the
fairly steady, in the initial trading session of
tone
the
week.
affairs
Further
were
developments in international
awaited with keen
held aloof in the meanwhile.
noted in British
interest, and traders
Small recessions
were
funds, but most industrial stocks
firm, while African gold mining issues im-
were
proved.
closed
The foreign securities traded at London dis-
irregularity.
characteristics
on
The market displayed
Tuesday.
no
new
British funds held to
previous levels, and most issues in the industrial
section remained firm.
Fresh inquiry appeared in
gold mining group, but international securities
the
lost
ground.
In further small dealings
day modest gains
recorded
were
and industrial stocks held their
on
Wednes-
in British funds,
ground.
Chronicle
2045
Prices
were marked higher on the Berlin Boerse
trading for the week started last Monday. The
week-end indication that Great Britain did not reas
gard the communication of the Locarno Powers
Berlin
as
to
ultimatum stimulated interest in all
an
classes of issues, and gains ranging from 1 to 4
points
were registered.
Little activity was noted on
Tuesday, and prices again turned downward in that
session.
Losses were mostly fractional, however,
and
of the previous advance thus
a part
was
re-
Rumors that the Reich government had
tained.
re-
jected the proposals of the Locarno countries
gave
the German market fresh impetus on Wednesday,
Gains of a point or more were frequent, with all
groups affected.
After a firm opening, Thursday,
prices drifted downward owing to rumors that a
prominent Austrian company was encountering
financial
difficulties.
Heavy industrial
stocks
showed small net gains at the close, but other groups
irregular.
were
sion
Changes
small in
were
a
quiet
ses-
the Boerse, yesterday,
on
Waves of liquidation swept
the Rome and
over
Milan exchanges, Tuesday, after the declaration by
Premier
Mussolini
that
nationalized entirely.
key
industries
be
must
Stocks of all prominent in-
dustrial
companies were affected severely, even
though it appeared that II Duce had in mind chiefly
the concerns engaged in making wqr munitions and
materials. Losses of 7 to 40 points were recorded in
major Italian stocks, and the values of many issues
lowered by 7 and 8%, while
were
noted of
a
12% decline in value.
making vital
more
Budgetary
mild
proposals in South Africa were regarded as favorable, which stimulated the buying of related gold
mining shares.
International issues were marked
nent
supplies naturally
war
than others.
recovery on
issues
instance
one
Stocks of
was
concerns
affected
were
The Italian markets staged
Wednesday.
ranged from
a
The gains in promi-
4 to
10
points in that
session.
'
t
slowly lower, both European and American securities
suffering from the aloofness of British investors.
The London market
Thursday.
stocks
all in
attracted further
ican
cheerful
more
quiet demand, and mining issues
inquiry.
section also
Some issues in the inter-
were
better, but Anglo-Amer-
trading favorites did not benefit much.
CIGNATURES
day, to
on
British funds, home rails and industrial
were
national
somewhat
was
Quiet
Naval Treaty
^:
were
new
attached at
definitely into
tive Jan. 1 1937, when the current Washington and
London understandings expire.
funds and
not much that is definite
industrial
There
was
stocks.
International
very
little activity
the Paris Bourse
on
The
campaign for
general elections got under way and added to the
uncertainty felt at Paris.
Rentes drifted slightly
lower, and most French equities also declined. Little
interest
No
change
was
clines
of
while
French
showed
taken
was
in
reported
modest
international
on
Tuesday, and
proportions
equities
uncertainty.
and
Bourse
bank
international
stocks suffered
national issues
rentes took
hensions
was
on
were
Rentes and
heavily, while industrial and
were
marked lower.
higher.
Some inter-
Fresh liquidation of
place Thursday, owing in part to
better demand for French
appre-
There
equities, however, and
was even more
national securities.
issues
Powers affected
Wednesday.
regarding the budgetary position.
buying interest
de-
rentes,
Rumors that Germany would
adversely
utility stocks also
new
in
appeared
reject all demands of the Locarno
the
securities,
pronounced in inter-
The Bourse reflected much
ap-
prehension regarding the franc yesterday.
Rentes
and French equities receded
sharply, while international issues
were
in excellent demand.
Essentially, the
can
be put on paper with
It leaves the signatories
free to engage in construction
desired
up
on
almost any scale
to the expiration of the treaty
1942, and provides chiefly for
ing information.
Britain is
on
Dec. 31
exchange of build-
an
In the final quarter of 1940' Great
initiate
to
tional conversations
on
a
further
naval
series
of
interna-
matters, and the dele-
gations at London expressed hope that
ress
new
makeshift to bridge a period in which
a
regard to naval matters.
in the initial session of the week.
the
issues
•
phase,
new
the United States and France adhere, will be effec-
document is
improved.
a
instrument, to which only Great Britain,
dealings yesterday resulted in small gains in British
also
London, Wednes-
naval treaty that brings the naval
a
armaments question
The
"?r.
more prog-
toward the ideal of naval limitation then will
be possible.
meantime,
Immensely satisfactory and reassuring,
indications that the British and
are
United States governments view the naval
problem
eye-to-eye and have
build each other.
no
intention of trying to out-
So close
the British and American
was
the accord between
delegations, it
seems,
Washington found it advisable to state that
alliance exists
An exchange
between Washington
and
no
that
naval
London,
of letters at London reaffirmed the
principle of parity between the two leading naval
Powers, and to all intents and purposes disposed of
the question of naval rivalry between the two great
English-speaking nations.
The conference
started
that
ended
on
early last December, in
a
Wednesday
was
not particularly
Financial
2046
five-Power confer¬
begin with, but Japan withdrew when the
It
hopeful atmosphere.
to
ence
of that country
demands
a
was
for parity with the fore¬
most naval countries were not
The Japa¬
granted.
denounced
had
previously
government
nese
the
Washington treaty, and thus assured the termina¬
of both the
tion
the latter
for
Washington and London accords,
hinge
the 1922 understanding.
upon
March
Chronicle
nated the conference.
He
countries
competition in naval armaments would be elimi¬
for
nated
further period of years if Japan
a
that Japan has disavowed any intention
moreover,
of
tative limitation was found
representatives of that country refused to
their
attach
signatures on the ground that such
action would be
inappropriate while sanctions are in
Since the Japanese were
effect.
comments introduced the
of
session
final
the
absent, the Italian
only note of discord at the
All the addresses
gathering.
the conference ended
made when
subdued in
were
tone, for it was obvious that not a great deal
been
it
are
invited to adhere to the treaty,
clear that Italian
seems
signatures will be
attached if and when the sanctions
tled.
problem is set¬
Notwithstanding the objections of Japan to
stipulations for less than parity with Great Britain
make
This
than the
outbuild the foremost naval
attempt to
no
Powers.
means
that
a
naval
race even
swifter
.which the world is engaged at pres¬
one on
probably will not develop, but it is well to bear
ent
the numbers
as
well
the types of vessels.
as
other naval Powers could not agree,
Davis remarked that it will
increase
excessive
no
remains at
such
carriers
to
capital ship maximum
limited to
are
inches.
is limited to 14
cruiser and
while
The
on.
35,000 tons, and the size of guns on any
vessel
new
Aircraft
22,000 tons with 6.1-inch guns,
destroyer categories are limited
8,000 tons with 5.1-inch guns.
No heavy cruisers
"pocket battleships" are to be built in the size
or
range
The treaty is liberally
of 17,500 to 8,000 tons.
sprinkled with "escape clauses," so that construc¬
tion
by non-signatories could be balanced by ad¬
ditions
the
on
Charles Corbin, the
cruisers.
construction depends^in good
part on what Great Britain and the United States
decide, it
at
may
be that the reaffirmation of parity
London
eventually will outweigh in im¬
portance the treaty itself.
by
An exchange of letters
Davis, chief American
Norman
French Ambassador
London, regretted the disappearance of the quan¬
titative limitations of the last 14 years,
found the
The Italian Ambassador, Dino Grandi, made
quate.
the
and he also
qualitative limitations altogether inade¬
occasion
the
of
most
by
bitterly
protesting
against the sanctions which most of the League of
Nations countries have
the
in
imposed
the
upon
aggressor
He made it clear
Ethiopia.
Italian refusal to
the
that
with
conflict
sign the accord is due
entirely to the sanctions, which have the "pernicious
effect
of
disrupting the political solidarity of the
confusion in
cal
Europe."
Locarno
Negotiations
delegate,
and
Anthony Eden, British Foreign Secretary, accom¬
Mr. Davis brought up the
plished that declaration.
DIPLOMATIC developments in Europe this week
clarify the difficulties occasioned by
failed to
the German denunciation of the Locarno
treaty and
intransigeant French reaction to the military
the
occupation of the Rhineland zone by Nazi troops.
played an
necessities undoubtedly
Electioneering
important role in the negotiations and statements
of the current
week, for the German people will vote
to-morrow
the
on
cellor Adolf
are
foreign policy adopted by Chan¬
Hitler, while French general elections
The British government,
to be held next month.
of
conscious
part of the adherents.
Since world naval
made
prevail only if there is
construction, and increasing the disorder and politi¬
signed, but some qualitative limita¬
now
carried
With
by other nations in smaller
Quantitative limitations are absent entirely from
are
he said.
regard to the building holiday on large cruisers, Mr.
It is understood that Ger¬
will sign with Great Britain a bilateral accord
the accord
Not a
single provision is contained in the accord to which
embodying most of the provisions of the new treaty.
tions
impossible, and he added
competition could be avoided only by reducing
great Powers, crushing the efforts at economic re¬
tremely busy just now.
many
States, regretted that further quanti¬
shipyards everywhere are ex¬
naval
that
mind
in
States, that country probably will
the United
and
that
to
accomplished.
Other nations
and
had
Mr. Davis, speaking
engaging in a naval race.
tions to offer to
the
and
It was remarked,
Italy could accede to the treaty.
for the United
but
representatives
represented, and declared that
Italian delegates
apparently had no especial objec¬
the terms of the treaty now signed,
1936
praised the broad-minded
and reasonable attitude of the naval
of all the
28
the House of
supporting majority in
enormous
an
Commons, continued to work for a real
pacification of Europe and an adjustment of the
Franco-German
In line with its modest
dispute.
policy, the London regime assured the German gov¬
ernment
tended
last
Saturday that no ultimatum was in¬
by the four-Power suggestion for a new de¬
militarized
12% miles deep on the German
zone
side of the French and
Belgian borders.
The Ger¬
government, in these circumstances, rejected
question of quantitative limitation
man
that British and American
the
suggestion and declared that new proposals will
be
forthcoming
be
and remarked
spokesmen appeared to
agreed that there shall be no competitive naval
building between the two countries, notwithstanding
the
of
lapse
quantitative
Captain
restrictions.
after
the
was
"We
principle of parity.
are
in full
agreement that there must be no competitive build¬
that neither
now
two countries
our
and
country should question the right of the
maintain
ish
parity in
any
spokesman added.
this and say
ments
we
category of ships," the Brit¬
"I
can
indeed go further than
that in estimating our naval require¬
have
never
United States navy
Viscount
other to
taken
the
strength
of
the
into account."
Monsell, head of the British naval dele¬
gation, began the round of speeches which termi¬
much talk of
a
but such statements
It
ing between
Reich.
Germans
that
American
of the
the
cated
contributions toward
nance
in
fairness, the British promptly indi¬
Eden, in his reply, confirmed the correctness of the
understanding with regard to the mainte¬
election
the
With admirable
is
are
should
make
substantial
"easing the situation."
rift in
can
There
Anglo-French relations,
be discounted.
significant that all the nations concerned
inclined to
move
cautiously and to attain
through negotiations the next stage in the unfolding
European developments.
last
week,
the
For
impression
a
brief period, late
prevailed
that
Great
Britain, France, Italy and Belgium, acting in uni¬
son,
had faced Chancellor Hitler with a fait accompli
comparable to his
nouncement
was
own
made
of March 7, when the an¬
that
German
marching into the Rhineland zone.
troops
were
The four Lo-
Volume 142
Powers
carno
mile
Financial
proposed German evacuation of
121/2-
a
strip, to be policed temporarily by neutral
troops, and
German promise not to fortify
a
part of the former
Reich it
concession to the
a
agreed to consider in
was
the Berlin
As
zone.
suggestions for
peace
any
a
later conference
accords, and it was
2047
Chronicle
something to allay the anxiety created by the Ger¬
Rhineland
man
whole
Captain Eden reviewed the
move.
situation
at
length
great
and assured the
House that the proposals made by the four
Powers late last
week
did
He also made
matum.
it
Locarno
constitute
not
ulti¬
an
clear, however, that the
agreed also that the fundamental structure of the
present British Cabinet is not prepared to go back
League of Nations might be re-examined with
on
to
changes enabling the Reich to rejoin.
view
a
Failure of
its
apparently calls for equal treatment of
these Locarno
proposals, it was indicated, would be
French and German
followed
virtual military alliance of the four
but he reminded the House that
by
remaining
a
Locarno
countries.
But
British
the
promptly took the sting out of this communication
by informing Joachim
German
tute
French
chosen to present
Ribbentrop, the special
ultimatum, but rather
an
a
series of suggestions
negotiations would be welcomed.
spokesmen expressed endless annoyance
the British
action, but since insistence
over
German
upon
Hv
Danubian
isters of
warfare,
or
revolution and chaos within the Reich,
which
there
be
no
,
,
steps
on
Hitler, appealing for approval of his
ballots which, characteristically, contain no
nounced
mier
two
ference.
He declared
would not
trol
or
inch from the
an
categorically in
yield
of the Rhineland to foreign
any
reply to be made
of the four Locarno Powers.
presented at London
was
a
virtual
on
as
Tuesday, and it
a
on
said, and further emphasis
government also
a
was
placed
But the German
European
to
peace,"
and
a
the
given that extensive proposals would
be made available next
League of Nations
reply,
Council decided early
on
Tuesday that further sessions would be useless, and
adjournment of the special London meeting was
Further
announced.
will
be held
in
League deliberations probably
Geneva, in the ordinary
presented
of the Dardanelles
011
of
Hungary arrived in the
March 20 for the protracted
con¬
Premier Benito Mussolini and Under-Sec¬
retary Fulvio Suvich represented Italy in the nego¬
tiations.
For
time it
a
believed in
was
Euro¬
some
pean
capitals that the gathering foreshadowed fur¬
ther
important developments in European affairs.
But the actual results appear to
a
consist mainly of
strengthening of the Rome protocols of March 17
1934.
No evidence
national
given of
was
any
change in inter¬
The leaning of the Austrian
alignments.
government toward Rome was reaffirmed, and the.
officials
Italian
apparently did not
the
encourage
pro-German sentiments of their Hungarian allies.
The
participants doubtless knew in advance that re¬
sults
strate
conference
the
of
makes it
would
be
which
meager,
possible that the real intent was to demon¬
that
relationships have not
political
been
changed by recent events in central Europe.
of
the
new
protocols,
made public
as
on
Tuesday, provide firstly that the three countries will
remain faithful
to
nomic and cultural
the
principles of political,
co-operation laid down two
eco¬
years
The three governments also agreed to organize
ago.
themselves into
a
group,
with the Foreign Ministers
of mutual interest.
Turkish declaration that
re¬
probably will be
difficulty, and
a
grave
one,
Wednesday, when Italian authori¬
clear that
on
matters
capital, they received another
ties made it
Schuschnigg of Austria and Pre¬
Goemboes
periodically hereafter for consultations
a
was
an¬
of
course
tions left the British
Another
accords
similar meeting.
a
to meet
shock, in the form of
undertaken.
after
Before the delega¬
League activities, it is believed.
militarization
conference
series of proto¬
a new
somewhat the
ago,
years
capital
Texts
Tuesday.
As if forewarned of the tenor of the German
the
dis¬
new
expressed the desire to "make
contribution
tvas
con¬
great nation," Chan¬
the need for "equal rights."
assurance
answer
that suggested in the note
crimination, intolerable for
great
the proposals
on
The German
of the four Powers would be "based
cellor Hitler
con¬
ample
were
rejection of almost all the proposals.
Any procedure such
upon
taken.
now
address that he
sovereignty, and these speeches
indications of the
tained
position
every
strengthen
Julius
at
will not retreat
Tuesday to
on
Chancellor Kurt
Italian
Berlin, Breslau and other German cities that he
a
by the Premiers and Foreign Min¬
Italy took the initiative in the current instance, and
place for negative marks, made it plain in speeches
r
in
area were
Italy, Austria and Hungary, and signatures
cols
Chancellor
H
POLITICAL and economic problems affecting the
discussed
attached
procedure.
Germany has
it by force and not reason."
at Rome attended
were
question of the wisdom of the British
if
even
Danubian Conference
acceptance of the proposals might have provoked
can
territory, Captain Eden said,
strong case, "we deprecate the fact that she has
emissary to London, that it did not consti¬
which further
on
von
a
British
signature of the Locarno ^accord.
sentiment
they would not
further
go
association is attested
the
by
a
on
The closeness of this
further agreement that
signatories in no case will start important nego¬
tiations
affecting Danubian questions without
consultations
liminary
These
provisions
were
with
the
other
pre¬
members.
interpreted, generally,
as
sig¬
nifying the co-ordination of Italian, Austrian and
along the path chosen by their Locarno co-signa¬
Hungarian policies affecting all major European
tories unless the sanctions
matters.
against Italy
by the League member States.
are
removed
This appears to en¬
danger the four-Power accord, for the British
said at Paris to be
binding until
an
were
unwilling to consider the plan
Italian acceptance is received.
Foreign Secretary Anthony Eden gave
an
An economic section
was
added, however,
which demonstrates that differences still exist.
the three members to
implement their economic rela¬
tionships with other Danubian States, but it
exten-
This
protocol stipulates that it would be advisable for
conceded
that
accords
covering
all
three
was
States
'
sive account of the British
ment before the House of
dismissed
as
fantastic
viewpoint in
a
long state¬
Commons, Thursday.
any
suggestion that Great
Britain "be tied to the chariot wheels of this
foreign country."
on
the
He
France must have
or
an open
that
mind
matter, he said, and Germany should realize
that there
is little
hope of entering
tions with any prospect
of
success
upon
negotia¬
unless Berlin does
would
thus
be
are
impracticable
and
bilateral
agreements
to be made with other countries.
It
seems
likely that the decision for each country to make its
own
economic
agreements. with nations outside the
group
reflects differences between Austria and Hun¬
gary.
The authorities at Vienna
better economic relations with
are
known to desire
Czechoslovakia, but
Hungary prefers to look elsewhere, and it is now
Financial
2048
plain
Borne
that
unable
was
to
adjust
dif-
the
ferences.
Chronicle
March es 1936
and economic circles outside Italy, that the latest
hastened
measures were
by the sanctions
French Elections
now
by the exigencies occasioned
in force against the aggressor
WHEN the French Parliamentcampaign for ses- *n No da.te was named by Premier
Italo-Ethiopian conflict,
Saturday, the concluded its the
sions
last
national election in that country
and
the
even
stirring international
Europe temporarily
be held
to
new
Chamber of Depu-
place April 26, with run-off elections
May 3 in Departments where a single
candidate
formed
problems of
relegated to second place.
were
Balloting for members of the
ties will take
immediately began,
failed
obtain
to
majority.
a
Best inare
opinion that the new Chamber, like the
of the
political observers in France generally
one
just ended, will have definite leanings toward the
Left.
But the
didates
large number of parties naming
suggests
coalitions
further
that
and it is a characteristic of coalition
necessary,
ernments that
they check extremes and find it
be
gov-
neces-
to compromise on fairly sensible methods of
sary
The Chamber of the last four years was
procedure.
decidedly
numerous
Cabinets
sentiment,
Leftist in
but each
of
the
clung tenaciously to the gold
standard and resisted all pressure
for further de-
That circumstance in itself
valuation of the franc.
is
can-
will
highly indicative, but it must be added that
a
grave
question exists regarding indefinite mainte-
nance
of the franc without devaluation.
Mussolini for
termination of the Italian Chamber of Deputies or
for convening of the Assembly of Corporations, but
^ *s assumed that these changes will be effected
rapidly, since the Chamber has been little more than
a rubber stamp in recent years in any event. Every
branch of Italian activity is to be "disciplined," according to II Duce, who promised a regime of "higher
social justice," founded un a collaboration of capital
' and workers. These and^ other declarations were
applauded with an enthusiasm that is always to be
expected from a hand-picked audience. Perhaps
morp indicative of the genuine sentiments of the
Italian people regarding the measures was a sharp
decline in securities on the Rome and Milan Stock
Exchanges, following the speech. Italian government bonds eased only a little, but stocks of the
fading Italian corporations fell 7 to 40 points on
the announcement. Dollar and sterling bonds of
Italian concerns were depressed in the London and
^
New York markets.
Premier Mussolini started his address with a
vehement denunciation of the sanctions which mem-
In its clos-
ber States of the League of Nations are applying
ing sessions, the Parliament gave the Sarraut Min-
against his country. Without naming the London
government, he referred unmistakably to Great
Britain in a declaration that the League had acted
a^ the behest of a single country. But sanctions
bad n0 e^ec^ on
determination of the Italian
government and people, he added. They indicated
merely that Italy would find it necessary to achieve
a muc^ greater degree of self-sufficiency, and in this
connection Signor Mussolini remarked that Italy
*s lacking only in a few essential materials, such as
copper, and is able to produce most requirements
through exploitation of all national resources, re¬
istry the
from
power
to increase to 21,000,000,000 francs
15,000,000,000 francs the limit of short-term
This action
Treasury borrowings.
reported,
position to meet
becoming
will be
In
reality, the budgetary prob-
difficult in France, and it
ever more
interesting to note whether the
who take their seats
cessful in
a
extraordinary requests from
any
the defense services.
lem is
taken, it is
was
that the government might be in
so
June
on
new
1, will be
Deputies,
more
sue-
coping with this matter than those in the
Chamber which
adjourned last Saturday.
The recurrent theme of the ad-
gardless of cost.
Italian Fascism
dress
the
was
necessity of preparing for the Euro-
NEW steps toward Fascist ideals were announced itably,war which the Duce is indefinite. When inevpean although II time stated would borne that
Monday by Premier Benito Mussolini, in
last
a
characteristically
speech
forceful
before
1,000
representatives of the 22 corporations of the Fascist
State.
After
is
war
repeated warnings that
a
European
imminent, the Italian dictator declared that
certain
key industries engaged in the manufacture
of
materials
war
with
this
were
to be nationalized.
declaration
Chamber of
Deputies
planted by
a
was
a
Coupled
that
statement
the
to be suppressed and sup-
was
National Assembly of Corporations,
occurrence
tries will be left to
this
was
much in
accord with
tendencies of recent years,
Italian
Fascist
and also in accord with
predictions made by the Italian dictator years
Dissolution of the Parliament
formal aim several years ago,
the trend tdward State
was
small
war.
tion
measure
It is
of
ownership
or
control of bank-
was
stimulated in
noteworthy that the current nationaliza-
industries
affects
are
chiefly
nificant
is
already
had extended
affected
industries, just
the
which
fact
were
The suspicion
the
that
Ethiopia.
the
Italian
as
ma-
No less sig-
But the great indus-
tries that work directly and indirectly for national
defense, and other industries that have developed
to the
point where they
are
"super-capitalistic,"
are
to be organized in large units which will assume a
"special character within the State's orbit."
The
Italian
minded his
in
some
government,
hearers, already
cases
Premier Mussolini
owns
re-
large blocks, and
majority control, of shares of the
industrial corporations affected by his edict.
perfectly logical," he said, "that these
"It is
groups
of
industries should cease, de jure, to have the character of private enterprises which they lost, de facto,
in 1930.
We
are
approaching
a
period when these
industries will have neither the time
nor
the possi-
bility to work for the general market, for they will
be working exclusively, or almost exclusively, for
the State's armed forces."
the Italian dictator
are
The changes promised by
not to be brought about pre-
government
cipitately,
aid
the
The Fascist Grand Council is to determine the time
it had aided the several
for the legislative changes, which are "tied to the
great material
"nationalized"
was
munitions
engaged in supplying
terials for the conflict with
ago.
a
by the difficulties of the Ethiopian
plants and others that
banks
as
and it is probable that
ing facilities and "key industries"
no
announced
ago.
private initiative, under the
discipline of the corporations.
representative of all phases of Italian industrial life.
All
materializes, he said, arts and crafts will
be aided by the State, and small and medium indus-
several
to
months
aroused, both in political
but
with
"implacable
determination."
victorious conclusion of the East African
and European political developments."
campaign
Volume 142
Financial
Chronicle
Italo-Ethiopian War
A
HOSTILITIES between Italy and Ethiopia
♦
military authorities doubtless
seem
engaged
the necessary consolidation of the extensive
upon
territory gained
for
are
month ago, and upon preparations
a
the
the
held was £193,123,088.
£2,126,000, however, and so
reserves declined
£2,098,000.
Public deposits rose
£1,109,000 and other deposits fell off £7,475,563.
year
ago
amount
Circulation expanded
again to have degenerated into an inactive
phase, with daily reports of Italian airplane bomb¬
ing expeditions the only incidents of note.
The
Italian
2049
Of the latter amount
accounts and
£7,231,155
change resulted in the
39.61%,
reserve
compared
as
with
long rainy season, during which military
operations will be all but impossible for the invad¬
and
Airplane squadrons flew over Ethiopian towns
day after day, this week, and rained bombs on the
fell
inhabitants.
items with several
years
ers.
the
It is
Italians
reported from Addis Ababa that
are
45.37% last
curities
using bombs containing
asphyxiating and corrosive fumes, even over civilian
areas.
Ethiopian defensive
tactics
chiefly those of guerilla attacks against the invad¬
ing Italians.
There is ample evidence that Italy
is
now
feeling keenly the effects of the sanctions
imposed by most League member States.
Every
official Italian pronouncement seems to be directed
against the sanctions, and every Italian move in
European diplomacy is directed toward removal of
the
punishment.
furnish
Taken
impressive proof that
the
sanctions
diplomatic endeavors
to find
French authorities stated late last week that
are
of
trying to bring about
hostilities
in
a
Africa
of
sanctions
against
The League of Nations Committee of Thir¬
Italy.
teen, charged with study of the Ethiopian
in London last
the
war, met
week, but apparently decided to leave
problem to private diplomatic negotiations.
The
use¬
1
rates of any
at
the
leading centers
are
shown in the table which follows:
francs,
Country
Effect
Austria
Date
vious
Established
July
July
10 1935
Country
Date
Hungary...
4
Aug. 28 1935
4>4
India
3
Nov. 29 1935
3H
6
May 15 1935
Aug. 15 1935
2H
Mar. 11 1935
Jan.
24 1935
4
July
18 1933
iH
Japan
Java......
Jugoslavia
Lithuania..
3H
Morocco
6
Norway
Chile
Colombia..
r
"a
Czechoslo¬
vakia
Ireland
Italy
30.90%
3H%
the
week
ended
March
the
total
gold
to
up
a
65,700,421,408
year
aggregated
ago
years
74,365,-
ago
Credit balances abroad, bills bought
register de¬
namely 1,000,000 francs, 3,000,000 francs
8,000,000 francs, respectively.
The - reserve
and
is
70.20%,
now
as
77.34% the previous
record
a
against 80.76% last
82,680,653,870 francs.
stood
before
at
at
commercial
A
81,490,356,930
discounted
bringing the
A comparison of the
various
FRANCE S
COMPARATIVE
STATEMENT
3
...
.
5
3.65
I*
6
June 30 1932
Gold holdings
Credit bals. abroad.
Sept.
9 1935
3H
4H
July
3 1933
4.83
2 1935
3H
6H
1 1935
2 1934
Mar. 22 1935
Francs
Francs
—1,000,000
Adv. against securs.
Note circulation..__
Feb.
Mar.20 1936
7,268,951
9,599,837
aFrench commercial
bills discounted..
5
Oct.
Portugal...
5
Deo. 13 1934
5X
Rumania..
South Africa
Dec.
6
3H
3,778,470,414 5,611,115,025
1,289,760,937
1,006,903,224 1,055,679,691
3,371,223,251
3,100,103,145 2,966,148,534
+ 606,000,000 82,680,653,870 81,490,356,930
80,821,056,275
+ 186,000,000 10,912,460,030 20,789,825,199 15,337,515,492
—3,000,000
—8,000,000
6
2H
74,365,395,446
13,780,886
+ 1,045,000,000 10,926,820,711
Credit.current accts.
Propor'n of gold
Poland....
Mar. 23 1934
Francs
+ 32,114,180 65,700,421,408 82,596,794,593
bBills bought abr'd.
June
Jan.
-
Changes
7
3H
Aug. 21 1935
2H
England
Estonia....
2
June 30 1932
6
Sept. 25 1934
4
Dec.
4 1934
5M
4H
France....
Germany
3K
Feb.
6 1936
4
Spain
5
4
Sept. 80 1932
5
Sweden
Greece
7
Oct.
13 1933
Holland..
234
234
2X
Feb.
25 1933
3 1936
Switzerland
7 1934
May 15 1933
July 10 1935
1 1933
2 1935
a
—0.56%
70.20%
Includes bills purchased in France,
3
May
on
hand to sight liab.
5K
Dec.
80.76%
77.34%
b Includes bills discounted abroad.
2
4
Bank of
Germany Statement
THE statement for trie gold and bullion, the
gain in third quarter of March
shows another
Foreign Money Rates
rent increase
now
%%
two years ago.
months'
were
as
Friday of last week, and 9-16% for threebills, as against 9-16% on Friday of last
Money
on
call in London
on
Friday
At Paris the open market rate remains at
in Switzerland at
was
J^%.
3J^% and
2}4%-
Bank of
cur¬
being 61,000 marks.
IN bills Friday market discount rates for9-16@
LONDON open 9-16@^g% against short
week.
aggregates 71,768,000 marks, in comparison with
in
foreign
a year ago and 244,991,000 marks
An increase also appears in reserve
of 62,000 marks, in
currency
other coin of
year.
The
reserve
marks,
3,853,429,000 marks.
at
high.
year
and
other
ratio is
bringing
a
the
Circulation
3,295,582,000 marks and the
now
2.01%,
and 8.0% the previous
Notes in circulation record
121,104,000
raised the total to
new
on
German banks of 310,000
marks, in investments of
THE statement for the week endedgold, which
March 25
shows
further gain of £28,601 in
£201,393,634, another
silver
52,474,000 marks, in notes
1,950,000 marks.
a
The Bank's gold
80,595,000 marks
compared with 2.58% last
England Statement
of
accounts of
for Week
4*
21 1935
on
the
French
increase
an
1,045,000,000 francs and creditor current
186,000,000 francs.
and
francs.
show
cir¬
year ago
francs
80,821,056,275
bills
year
Notes in circulation
year.
gain of 606,000,000 francs,
4
Oct.
on
20
creases,
May 23 1933
1 1936
.
2%
abroad and advances against securities
33^
Jan.
6
.
for
Bank's
395,446 francs.
May 28 1935
3
Danzig
Denmark..
Finland
54.05%
2%
Rate
4^
■
49.27%
82,596,794,593 francs and two
vious
Established
4
1 1935
45.37%
2%
Francs
Canada....
2
£
increase in gold holdings of
32,114,180
The
Pre¬
Effect
Mar 27
Data via...
Belgium...
Bulgaria
4
an
BANK OF
Rate in
Rate
3H
£
items for three years appears below:
Pre¬
Mar 27
£
bringing
francs.
DISCOUNT RATES OF FOREIGN CENTRAL
BANKS
Rate in
1932
£
.,
statement
shows
year
THEREdiscount no changes during the week in
have been
of the foreign centra]
rates
Mar. 30
1933
39.61%
2%
total up to
Discount Rates of Foreign Central Banks
Present
Mar. 29
1934
Bank of France Statement
•TVHE
culation
banks.
Mar. 28
1935
to liabilities
Bank rate.
ratio
the
Mar. 27
...
and
Secretary-General of the League, would take all
measures to
bring the parties together.
of comparisons:
COMPARATIVE STATEMENT
406,493,000 381,440,316 378,779,139 367,111,600 360,529,134
18,000,000 20,106,890 17,512,720 21,244,065 27,230,726
120,576,184 137,852,211 131,385,189 127,804,053 88,947,089
Bankers' accounts.
83,617,456 96,625,016 94,468,743 92,838,083 54,565,819
Other accounts...
36,958,728 41,227,195 36,916,446 34,965,970 34,381,270
Govt, securities
80,304,996 87,636,044 77.099.732 57,737,779 35,695,906
Other securities.....
21,674,112
16,934,204 16,677,260 28,981,233 62,812,256
Disct. & advances
4,962,781
5,552,118
5,634,269
11,770,312
11,725,366
Securities
_■
16,711,331 11,382,086 11,042,991 17,210,911 51,086,890
Reserve notes & coin 54,899,000
71,682,772 73.373.733 80,576,560 35,902,657
Coin and bullion
201,393,634 193,123,088 192,152,872 172,688,160 121,431,791
Proportion of reserve
vador de
ful
in the
different
Circulation
committee
merely announced, last Monday, that Sal¬
Madariaga, of Spain, and Joseph Avenol,
the
Public deposits
Other deposits
war.
simultaneous suspension
and
made
was
show
£
are
they
se¬
1936
are continuing, meanwhile,
suitable basis for settlement of the
a
ago
other securities
on
we
now
week
a
Mar. 25
together, these incidents
highly effective and most embarrassing to Italy,
Little
government
on
No change
Below
OF ENGLAND'S
be
to
appear
BANK
39.32%
£145,000 and those
rose
from bankers'
ratio, which is
Loans
year.
off £4,394,720.
2% discount rate.
now
was
£244,408 from other accounts.
contraction
total
a
year
down
year ago
of
to
stood
before at 3,293,-
Financial
2050
Bills of exchange and checks, ad¬
041,000 marks.
other
vances,
decreases,
and
assets
namely
liabilities register
other
marks,
145,827,000
a
Below
furnish
we
comparison of the
different items for three years:
T
HERE have
Mar. 23
1936 Mar. 23 1935 Mar. 23 1934
the
+61,000
Silver and other coin
oth. Ger. bks.
on
71,768,000
80,595,000
.
No change
21,643,000
20,264,000
+62,000
5,510,000 *■> 4,414,000
—145,827,000 3,650,306,000 3,304,349,000
187,534,000
257,072,000
+52,474,000
15,009,000
+310,000
3,093,000
57,098,000
—5,322,000
41,939,000
754,786,000
+ 1,956,000
660,691,000
603,583,000
613,321,000
—70,074,000
Bills of exch. and checks
Notes
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
Of which depos. abr'd..
Reserve in foreign curr.
Advances
Investments
Other assets
244,991,000
62,812,000
17,264,000
2,767,737,000
276,155,000
11,858,000
;•
79,137,000
678,931,000
521,654,000
—121,104,000 3,853,429,000 3,295,582,000 3,293,041,000
901,848,000
540,816,000
+ 100,746,000
672,896,000
188,754,000
141,079,000
—148,379,000
143,814,000
classes
various
banks.
of
the different
at
paper
RATES OF FEDERAL RESERVE
BANKS
—
Rate in
+
Federal Reserve Bank
V
Effect on
Philadelphia
Cleveland
2 1934
2
17 1935
2
2
Jan.
—
+
Louis.
Jan.
2
19 1935
2
-
-A
2X
3 1935
May
:
2
-
Chicago
St
2X
Feb.
11 1935
May
9 1935
Jan.
14 1935
IX
-
Atlanta..
Rate
Jan.
Feb.
}* +
New York
Previous
8 1934
2
....i——
Boston
I
Date
,
Established
Mar. 27
Richmond
Liabilities—
Notes in circulation
Other daily matur.oblig.
Other liabilities
the
changes this week in
no
Reserve banks:
DISCOUNT
Assets—
Gold and bullion
been
Banks
following is the schedule of rates now in effect
The
for
for Week
oia
rediscount rates of the Federal Reserve
REICHSBANK'S COMPARATIVE STATEMENT
Changes
banks....
Discount Rates of the Federal Reserve
148,379,000 marks,
respectively.
member
DAYS
WITHIN THIRTY
FOR DELIVERY
Eligible
1936
Eligible non-member banks
5,322,000
marks, 70,074,000 marks and
March 28
Chronicle
2X
2X
2X
2X
2X
Minneapolis
to note circui'n.
curr.
+0.07%
8.0%
2.58%
2.01%
2
May 14 1935
Kansas City..
2
May 10 1935
2
May
8 1935
+A 2X
2
Feb.
16 1934
2X
San Francisco
New York Money
•
Market
Course of
DEALINGS were dull this week in the New York
market, with all departments relapsing
money
into
inactivity after the large previous turnover in
connection with Treasury
of
financing and income tax
The Treasury sold on Monday an issue
payments.
$50,000,000 discount bills due in 273 days, and
awards
made at
were
an
average
discount of 0.118%.
Bankers' hill and commercial paper
rates were un¬
Call loans
changed, with hardly any business done.
the New York Stock
on
all
Exchange held at %% for
transactions, whether renewals or new loans,
while time loans
ties to six
offered at 1% for all
were
months, with few takers.
maturi¬
Sterling Exchange
STERLING exchange is exceptionally fractionally
firm,- although ruling
average steady and
on
week in terms of the
lower than last
February.
easier than at
are
movement of German
troops into the Rhine land on
In fact trading
March 7.
of
every
shows
of
of
differences
the
opinion between France and
advisability of continuing further
to the
as
The speech of Foreign
The market for
centered
upon
change,
week.
now
are
unusually
been
has
paper
Rates
Trading in prime
brisk this
quoted at 1% for all maturities.
commercial
transactions
no
The
week, particularly during the past two days.
demand has been
heavy and there has been
sponding increase in prime
for
extra
choice
months and
exchange market is currently
$4.94% and $4.96% for bankers' sight
bills, compared with
a range
$4.97% last week.
between
been
has
with
a
range
The
rate
The
of between $4.95% and
for cable transfers
range
$4.94% and $4.96%, compared
of between $4.96 and $4.97%
following tables give the
mean
from day to day,
Paris
on
week has
The range for sterling this
been between
market gold
less known.
names
difficulties encountered by the
the
French franc.
Rates are %%
paper.
running from four to six
names
1% for
a corre¬
The major in¬
of caution in the financial markets.
the foreign
reported this
having been
Thursday had the effect of intensifying the element
terest in
no
small scale
on a
pending concrete proposals from Hitler and solution
quotation all through the week
loans and renewals.
new
money
description in all
foreign financial markets continues
Secretary Eden before the House of Commons on
DEALINGExchange from day to day, % on the
in detail with call loan rates of 1%
Stock
time
The
any
change market has been extremely limited since the
negotiations with Germany.
for both
dollar.
time since
The turnover in the entire foreign ex¬
quotations
average
Britain
+
New York Money Rates
remained the ruling
A+
2X
Dallas
Propor. of gold & for'n
week
a
ago.
London check
the London
open
price, and the price paid for gold by the
United States:
Bankers'
Acceptances
VERY littlefor prime has been acceptances this
interest bankers' apparent in the
market
Prime bills have been
week.
has
been
Rates
light.
of the American
and
including
scarce
Quotations
Acceptance Council for bills
days
90
3-16%
are
bid
to
up
Wednesday, Mar. 25
74.993
Monday,
Mar. 23
74.945
Thursday,
Mar. 26
74.995
Tuesday, Mar. 24
74.945
Friday,
Mar. 27
75.04
LONDON OPEN
The
is
%% bid and 5-16% asked.
bill-buying rate of the New York Reserve Bank
%% for 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' holdings
of acceptances
decreased from $4,679,000 to
$4,674,000.
ket rates for
nominal in
dealers
own
are
acceptances
concerned,
rates.
The
are
as
Open
so
far
mar¬
as
the
they continue to fix their
nominal
for
rates
market
open
acceptances are as follows:
Wednesday, Mar. 25__140s.
140s. lid.
Thursday,
Mar. 26_.140s. 10Kd-
140s. 11 Kd.
Friday,
Mar. 27-_ 140s. 103^d.
Mar. 23
Tuesday, Mar. 24_.
180 Days
Asked
Bid
Prime eligible bills.
•
X
'At
90 Days
Bid
Prime eligible
bills.
.
'A
Asked
X
Bid
X
Asked
'A
60 Days
BY THE UNITED STATES
(FEDERAL RESERVE BANK)
Mar. 23
35.00
Wednesday, Mar. 25
Mar. 26
Thursday,
$35.00
Monday,
Tuesday,
Mar. 24
35.00
Friday,
Mar. 27
35.00
Saturday, Mar. 21
•
There is
situation.
but,
as
to the
no
$35.00
35.00
essential change in the foreign exchange
The
drift of funds to London continues
intimated above,
on a more
limited scale owing
widespread feeling of caution which dominates
of London
the financial centers.
The chief
in the past
to have been to operate so as
to
week
offset the
York.
—150 Days
FOR GOLD
PRICE PAID
prevent
SPOT DELIVERY
9Kd.
140s. lid.
Monday,
asked; for four months, %% bid and 3-16% asked;
for five and six months,
MARKET GOLD PRICE
Saturday, Mar. 21
%%
and
PARIS
74.916
and the demand
unchanged.
are
LONDON CHECK RATE ON
MEAN
Saturday, Mar. 21
a
seems
weakness in the
concern
French franc
and to
renewed flow of gold from Paris to New
It cannot be asserted
as
a
fact, but foreign
—120 Days—
Bid
X
Asked
'A
30 Days
Bid
Asked
Bid
Asked
'At
X
'A
X
exchange traders believe, that the American financial
authorities
are
co-operating with the Bank of France
and the British fund in this respect.
-V
Volume 142
Financial
Foreign capital is believed to have been entirely
withdrawn from France
months ago, so
some
that the
present selling from Paris represents withdrawal of
French capital.
For the present at least the funds
Chronicle
equalization fund substitutes for the gold points in
maintaining stability.
remain
break of
the flow of
markets.
there
foreign
The
credit to
Devaluation
in the
necessitate
proceeds of the recent sterling
Should
The British exchange
same
would
French transfer of the sterling
change in English policy, the franc
a
of this
Evidence
down.
move
mar-
steadiness.
artificial
was
afforded
Monday and Tuesday when the official control
on
was
of
by
or
foreign exchange
an
withdrawn either through the
be
completion of the
credits
con-
It is asserted that
way.
experiencing
support
relaxed and the franc
sterling.
promptly sagged in terms
A further decline occurred
London check rate
when the
on
75.3125, which compared with
Friday of last week of 74.92.
the Paris
The
on
Thursday,
Paris moved up to
closing quotation
a
on
The desirable rate from
viewpoint is 74.75-80.
London
exchanges
market
considers
on
that
because of
fact that the dollar is still
valuation.
Recent
until conditions favor
toward
stabilization.
lieves,
are
four-months' bills %%, and six-months' bills %% to
11.16%.
often
tions,"
that
it
con-
war
to
gold.
the
of
is
not
within
the
£123,000 and
a
£28,601 bringing the total gold
to
Even
a
fixed
Rhineland
steadiness.
gold holds steady in London it
itself is
the
and
in
now
a
period
agree must pre-
market
open
occupation
When
the
means
that
area,
a
has
week ended March 25,
Reserve Bank of New
March
6
149s. 4d. per fine
1935, the price of gold moved
fluctuations, averaging close to 141s.
no
per
follows:
was as
imports
$4looo
from
Exports
RussiagUa
1
None
•
important
fine
ounce,
.
$96 000 total
/
h
increase: *295,000
above
The
are
exports of the metal,
0f
or
metal but gold
account decreased
a
discount of
no
On Friday $1,415,600
There
were
exports'
no
held earmarked for foreign
during the week
quoted
was
%% to 3-16%.
Referring to day-to-day rates sterling exchange
Saturday last
dull
was
half-day session.
Bankers' sight
day in limited trading the pound
and
on
off slightly from Friday's close in
$4.95%
was
@$4.96; cable transfers, $4.96@$4.96%.
The range was
on
imports
$356,000.
Canadian exchange
at
were
change in gold held ear-
received from Canada.
the
week ended
for the
On Thursday there
Wednesday.
or
figures
On Monstill easier,
was
$4.95%@$4.95% for bankers' sight
$4.95%@$4.96% for cable transfers.
London had
On Tues-
firmer undertone,
day exchange
on
The range was
$4.96@$4.96% for bankers' sight and
a
day sterling
of
.v
gold movement at new york, mar. 19-mar. 25, inclusive
sterling
every corner
steadily downward and has since shown
Movements
Cunliffe
reported by the Federal
as
York,
$4.96%@$4.96% for cable transfers.
stable relationship to gold.
After reaching a record high of
on
compares;
by the
price of
comprising about forty
extending into almost
world, is enjoying
ounce
gold,
steady and when sterling is steady against
gold, the entire sterling
nations
or
by law. ' The real steadiness
the
disturbed this
of the bank
At the Port of New York the gold movement for the
a
sterling is reflected in the London
not
Gold holdings
reserves
with the minimum recommended
holding the fluctua-
stability, which experts
gold price.
Thursdays
all time high of £201,393,634, which
was
and there is strong evidence to
cede actual stabilization
an
the
In this it has been eminently
support the belief, that the world is
of de facto
Tuesday
on
on
Friday £255,000.
marked for foreign account.
of 1%.
range
on
£176,000,
has
policy of
sterling with respect to the franc,
London asserts,
of
Neville
Exchequer,
sterling rate at
successful in the past two years,
tions of
Wednesday
on
available and
was
Monday £95,200,
on
of the Bank of England increased during the week
international action
The fund devotes its energies
established trend.
£33,600,
£240,000,
prevention of undue fluctuations without combating
any
taken
so
open
largely for official French
be
On Saturday last there
account.
fears than to the
conditions, London be-
British fund to maintain the
ratio in terms of
believed to
offer in the London
on
taken for "unknown destina-
was
reported in the statement of the bank just prior to
The firmness of the
force
Chancellor
reiterated
All the gold
market this week
suspension of gold in September 1931.
still far from early realization.
Chamberlain,
up
foreign
obviously under its correct
Such
easy,
moved
have
Two- and three-months' bills are.9-16%,
offered to its appreciation
or
Street continue
maturities
normal
experience, however, has shown,
will be
Lombard
six-months'
1-16%.
according to the London market, that most determined resistance
natural level for
a
the
dollar is attributed less to the movement of foreign
funds to this side
search for
new
more
the Continent is still causing the
version of francs into dollars.
a
i Money rates in
although
conditions, though there is still ample evidence that
apprehension
the out-
or
committee of £150,000,000 and with £136,880,252
gradually settling down to
are
the franc
currencies.
under these circumstances the
now
of
European conflict might well be expected
a
to upset the equilibrium which is being attained and
Paris, which involves the sale of sterling
trol operates
is
in
halt
a
of the franc comes
purchase of francs.
ket
of
to the New York security
money
French support
from the transfer of the
and
signs
are
be asserted
may
steadiness of the major part of the world's foreign
exchanges.
as
Hence it
that the London market is responsible for the greater
reaching London from Paris and other centers will
there,
2051
i
@$4.96%;
was
steady.
cable
On Wednes-
Bankers' sight
transfers
was
$4.96%
$4.96%@$4.96%.
Thursday sterling eased off slightly.
The
On
range was
$4.95%@$4.96% for bankers' sight and $4.95%@
$4.96% for cable transfers.
On Friday sterling was
lower, the
sight
range was
and
Closing
quotations
demand and
$4.94%@$4.95% for bankers'
$4.94%@$4.95%
for
Friday
on
cable
were
$4.94% for cable transfers.
transfers,
$4.94%
for
Commerical
of
exchange rates between two gold
sight bills finished at $4.94%; sixty-day bills at
automatically limited by operation of the \ $4.93%, ninety-day bills at $4.93, documents for
gold points.
There is no such check between a gold
payment (60 days) at $4.93%, and seven-day grain
centers
are
and paper currency,
In such
a case
the
such
as
the franc and the pound,
operation of the British exchange
bills at $4.94.
at
$4.94%.
Cotton and grain for payment closed
'
'
'
yv
2052
r
Financial
:
Continental and Other Foreign
Exchange
as
January.
and
prevailed since about the middle of
Par of the
for cable
range
6.62%.
6.69%
been
has
been
6.63.
28
1936
At the beginning of the World War the Treasury
and the
Bank of France reached an agreement
whereby the Treasury might receive accommodation1
to 2,900,000,000 francs.
The limit
repeatedly
The
up
6.59
overstepped until the advances by the Bank of France
year was
to the government stood at 29,000,000,000 francs in
between
The high for the franc this
Jan. 31.
on
franc is
French
transfers
March
follow the road taken by the German mark in 1923.
FRENCH of last have been compared with quotadecidedly easier since
Friday francs week,
tions which have
Chronicle
In the last few days the franc has
held
was
By four successive enactments in 1925 Treas-
1919.
just above the lower gold export point
only through the active co-operation of the British
ury
control and the Bank of France.
The note circulation of the Bank of France in 1925
finally exceeded the legal limit, but Premier Herriot
that
the
American
aiding in this support.
taken to prevent
It is
thought, also,
financial authorities
Exactly what
have
been
measures are
decline in the franc below the lower
weakness
current
in
the
franc
is
due
only
accommodation from the Bank of France reached
authorized maximum of 39,500,000,000 francs,
unwilling to alarm the public and induced the
was
Bank of France deliberately to understate the volume
of
gold point is not disclosed.
The
an
money
in circulation.
The great indebtedness of the Treasury to the
partially to the disputes resulting from the German
Bank of France after 1925
movement of
troops into the Rhine land and to fears
administration of M. Poincare, when the franc
of
war.
impending
As
matter of fact, all markets
a
much less inclined to believe that
are
from the
military action.
the franc results from doubts
all markets and
These fears
izing the
of
Deputies
French
garded
as
The
a
a
hasty closing session of
law
This
is
is
re-
Treasury is forced to resort to the short-
borrowing because of the prohibitive cost of
market,
so
far
as
the
final analysis
Even the short-
private lenders
extremely reluctant to take
In
6,000,000,000
measure
warning of impending inflation of the
a
borrowing in the long-term market.
term
passed author-
was
Treasury to issue
Treasury bills.
new
franc.
term
currently aggravated by the fact
are
the Chamber of
to the
as
its current gold parity.
Saturday last in
on
francs
on
will result
widely entertained in
throughout France itself
stability of the franc
that
war
The serious weakness in
the
are
concerned,
maximum volume of
000 francs to
of
the
Treasury bills from 10,000,000,To make
was
sure
given
security.
Clement Moret,
then
Governor of the Bank of France, resigned rather than
consent to such
agreement which he declared, was
an
tantamount to direct advances
government.
For
France
been
have
some
Treasury bills
was
legal limit to shortmeans
of
set at 10,000,000,000 francs. The
bank is believed to be in
strong position to absorb
a
the entire new authorization of 6,000,000,000 francs
without severe risk. The, danger is that once such
a step has been taken, it presents an easy way, as
shown by past experience, for the French Chamber,
which is already displaying
tendency to turn from
a
sound financial policy, to meet its financial needs
without raising
through politically
new revenues
un-
popular taxes.
The flow of capital from France during the past
two
years
ment
has been
so
great that the present
not be deemed more than
can
movement of March 7, but
authorized
right to make advances to the banks with the
as
new
a
move-
steady dribble,
It is impossible to calculate the extent of the capital
15,000,000,000 francs.
Treasury bills
a
export since the unsettlement caused by the Rhine
market for the bills the Bank of France
a
Then
term borrowing by the French Treasury by
Treasury bills.
on more
the government raised the
year
parity of 3.92.
was
the basis of old dollar
on
Treasury notes must be
absorbed by the Bank of France.
Last
stabilized in June 1928
expunged under the
was
by the bank to the
time the private banks of
showing
decided
resistance
to
offerings of Treasury bills, making it possible that the
have
gone
a
certain amount must
to Belgium, Holland and Switzerland,
as
the exchanges of those countries reached the gold
point against the franc
a
few weeks
French
ago.
trade, both internal and external, is at last showing
appreciable improvement.
Nevertheless, the opinion
is widely held abroad that the franc must be devalued.
The Italian exchange control has again lowered the
peg
of the lira,
tions
range
so
that currently the nominal quota-
between 7.94% and 7.98.
third lowering of the lira
peg
the Italo-Ethiopian conflict.
This is the
since the beginning of
At the
time the
same
lira, according to Rome dispatches of March 21, has
government would have to place further issues directly
been arbitrarily greatly improved for the benefit of
or
tourist traffic.
indirectly with the Bank of France.
resistance of
the
French
banks, together with the
prohibitive cost of long-term
and the
gone,
pro-
flight of capital from France during the past
two years or more
French
the extreme
money,
lengths to which hoarding has
tracted
It is this
which made it necessary for the
Treasury to seek the recent credit arranged
in London.
The
obtain travelers' checks in lire at
a more
favorable
rate, which is believed to be between 16 and 17 lire
to the dollar for the coming tourist season, instead of
the rate current just before March 21 of 12.52 to
the dollar.
Until
now,
since December last lire
of
public financial policies and the
reflected in the low price of rentes.
suggestion that the French government
budget
The
may
have to
lean
heavily
the
foreign exchange market to take fright.
on
mere
the Bank of France is enough to
cause
It is
vividly recalled in foreign exchange circles that it
was
Italy in amounts greater than 2,000 lire.
the
new
decree favoring tourists
no
the amount of travelers' checks which
over
the Italian border.
must be
over
may
be carried
It is understood that checks
obtained in foreign countries.
Sums left
after the sojourn in Italy will be refunded in
foreign
currency
at the office whefe they
were
alizing the key industries of Italy had
no
foreign exchange.
part
into
which
French
finances
1926, when the franc
were
was
plunged in
threatening to
bought,
The recent decree of the Italian government nation-
just such advances by the Bank of France to the
1925 and
Under
limit is set to
government that helped to bring about the chaotic
state
pur-
chased in foreign countries could not be imported
into
distrust
failure of successive cabinets to balance the
are
In future tourists will be able to
program
may
This
step
is
only
of the Fascist corporate state.
effect
on
of the
The plan
yet be extended to such concerns as conduct a
Volume 142
national
Financial
business
within
Italy and in the Italian
Chronicle
alter its
2053
in this
course
from
Dispatches
respect.
colonies, but it is doubtful if the plan will become
Paris and Madrid
effective with respect to merely local industry.
has joined the countries having blocked currencies.
German
The
and
mark situation
increasingly
more
becomes
insidiously
The German export
grave.
March 24 showed that Spain
on
Remittances of Spanish bank notes to Spain after
April 17 will require
certificate signed by Spanish
a
pub-
surplus in February increased by 40,000,000 marks,
customs
but this
lished in the Spanish official gazette
on
March 17
and went into effect
on
March 24,
the
as
brings
increased
of barter
ies
of
and
cloture
of all
on
practically the result
are
are
materials.
signs of protest
in
exports
dumping and
raw
of wealth to the Reich
no new access
offset by
necessary
Despite the strict censorship
opposition, there
increasing
are
the part of the responsible elements
German industrial economy.
the
Bremen newspapers
For instance,
criticize exchange restrictions
retarding the transit trade of tlje city.
a
strengthen Chancellor Hitler against
disgruntled conservative elements,
a
For
month
a
or
banks
more
reporting criticism
were
expenditures and the
that the government
the
rather than to
popular endorsement of the treaty violation."
in official financial circles of the
ment
government's
opinion
report of the Reich's debt.
a
arma-
expressed
was
would be compelled to
publication of budgets and to make
hold
longer acceptable by foreign
mailed
now
the
the frontier.
across
only
no
Spanish banks to be
used for the payment of imports from Spain
They
may
or
to be
be negotiated
the "black bourses" in the European
on
cities, where they
were
quoted
on
Tuesday, March 24,
resume
trustworthy
The banks themselves
The compulsory repatriation of peseta notes is
most
instance
recent
is
the
Deutscher
ex-
pected to improve temporarily the Spanish balance
of payments, which is estimated to have been adverse
to the extent of 120,000,000 gold pesetas in 1935,
compared 100,000,000 and 80,000,000 pesetas in
as
the
preceding two
of the
explanation
In
years.
decree regulating exports of
from Spain,
currency
the Spanish Consul-General of New York states that
permissible exportation of
currency
to 5,000 pesetas
$685 at current
(about
has been reduced
of
rates
exchange).
Bankers' sight
constantly growing volume of Reich bills, of
a
which
or
at 2.07 francs, where it has been pegged for years,
dangerous, if obscure, domestic back-
to be to
obtain
after which date notes remaining in France became
recently pointed
The New
ground, and the intention of the Reichstag election
seems
the Continent
on
was
considered there that the international
was
dispute "had
as
decree
The
at 1.83 francs per peseta. This compares with the
official rate of exchange, which thus far continues
York "Times" Berlin correspondent
out that it
deliver-
house authorities.
Amsterdam finished
on
67.89, against 68.23
on
on
Friday at
Friday of last week; cable
Disconto, whose balance sheet shows investments in
transfers at 67.92, against 68.26; and commercial
public securities to be four times the amount held in
sight bills
1935.
closed at 32.593/2 for checks and at 32.6134 for cable
Experts in Germany hold that the only
reduce
to
the vast burden of armament debt is to
devalue the reichsmark
The
.
means
gold to the United States dollar:
on
Old Dollar
New Dollar
Parity
France (franc)
6.63
6.59
to
16.95
16.92
to
16.97%
Italy (lira)
7.94%
8.91
to
32.67
32.61% to 32.76%
40.20
68.06
67.91
The London check rate
York sight bills
on
Paris closed
to 68.26"
on
Friday of last week.
In New
the French center finished
on
Friday at 6.58, against 6.6134
and
against 22.15 and 22.16.
25.60; while checks
and cable transfers at
francs
Copenhagen
32.77.
Checks
on
Sweden closed
on
Norway finished at 24.85
24.86, against 24.93 and 24.94.
Spanish pesetas closed at 13.65 for bankers' sight
bills and at 13.66 for cable transfers, against
and 13.73.
V'
■
Friday at
on
Swiss
68.23.
7.99
19.30
75.04, against 74.92
32.75
6.62%
13.90
Belgium (belga)
against
against
at 25.50 and cable transfers at 25.51, against 25.59
and
Range
This Week
Parity:
3.92
Switzerland (franc)
Holland (guilder)
67.89,
checks finished at 22.08 and cable transfers at 22.09,
drastically.
following table shows the relation of the leading
currencies still
transfers,
at
on
13.72
"v-
'
•—
F^XCHANGE
"
steady
as
on
the South American countries is
for the most part these currencies
sight bills at 6.56, against 6.59%.
Antwerp
belgas closed at 16.91% for bankers'sight bills and at
16.92J4 for cable transfers, against 16.9434 and 16.95.
move in close sympathy with sterling or with the
dollar. Hence as fluctuations in dollar-sterling exchange are slight, the South American exchange controls have experienced no difficulty at this time.
There is nothing new of importance relating to the
Final
South American units.
cable
transfers
at
6.59,
on
Friday of last week;
against 6.62%; and
com-
mercial
quotations for Berlin marks
were
40.22 for
bankers' sight bills and 40.23 for cable transfers, in
comparison with 40.46 and 40.47.
at 7.95 for bankers'
sight bills and at 7.96 for cable
transfers, against 7.98 and 7.99.
closed at
4.13%, against 4.15%;
0.75, against 0.76;
on
Finland
on
Austrian schillings
18.75, against 18.84; exchange
Slovakia at
and
Italian lire closed
at
on
on
Czecho-
Bucharest at
Poland at 18.85, against 18.94;
2.19,
against
2.20.
Greek
exchange closed at 0.93% for bankers' sight bills and
at
0.94% for cable transfers, against 0.94% and
0.94%.
Argentine
paper pesos
closed
on
Friday, official
quotations, at 33.00 for bankers' sight bills, against
33.12
on
Friday of last week; cable transfers at 33.00,
against 3334• The unofficial or free market close
was 2734; against 27.55@27.65.
Brazilian milreis,
official rates, kre 8% for bankers' sight bills an4 8.48
for cable transfers, against 8% and 834- The
unofficial or free market close was 5.70, against 5.70.
Chilean exchange is nominally quoted on the new
basis at 5.19, against 5.19. Peru is nominal at
24.95, against 25.00.
♦—
—«—
EXCHANGE on the countries neutral duringThis III the exception the the Japanese countries,, with
the F^XCHANGE on of Far Eastern
follows closely the
of sterling.
displays
war
course
yen,
applies to Holland and Switzerland and especially to
the Scandinavian currencies.
hitherto
franc.
been
Recent
held in close
disturbances
The
Spanish peseta has
relation to the
in
French
Spain point to the
probability that the Madrid exchange control
may
trends long manifest.
are
All the units of the Far East
linked with the sterling either legally
temporary exchange control.
also regarded
as
or
through
The Japanese
yen
is
joined to sterling by the Bank of
Japan, which exercises the office of exchange control.
Financial
2054
However, at present the
of weakness since the
yen
has shown
an
undertone
political assassinations of the
"yourig officers" rebellion of Feb. 26.
Much
un¬
certainty prevails in business in Tokio due to rumors
that the Japanese government
by 250,000,000
revenues
of higher taxes
tion
monopolies.
intends to increase its
through imposi¬
yen a year
and expansion of government
It is reported that the
will be included and power wholesaling
Tokio
makers.
to the
as
nationalized,
also reported for limiting profits of
while; plans are
munitions
industry
sugar
Much
probable
Minstry.
It
servative
policies
Korekiyo
Takahashi
in
uncertainty prevails
of the
course
Finance
new
extremely likely that the con¬
appears
of
the
late
Minister
Finance
warnings
against too rapid credit expansion will be disregarded.
and
Closing quotations for
28.86, against 28.92
on
his
yen
repeated
checks yesterday were
Hong
Friday of last week.
Kong closed at 32%, against 32.85@32%; Shanghai
at
30%@30%, against 30@30%; Manila at 50%,
against
Singapore
50.30;
58.15,
at
58.30;
against
Chronicle
forget the orders issued from the White House,
soon
the
abject surrender of Congress, save
would not be correct to say
lation
thrust upon
was
House
Roosevelt
coterie
and
consideration.
without
and
Mr.
that the New Deal legis¬
the calendars of the Senate
Months
busily working out a legislative program,
of the most notable pieces of legislation
was
some
from which the
fruit of
country has suffered have been the
prolonged and ingenious study by lawyers,
economists, and professional students of political
The trouble is that most of this intellectual
science.
effort
directed to
was
launching the "socialistic ex¬
perimentation" which Colonel Knox properly con¬
demned, to subjecting agriculture, industry, business
and finance to control from
cumventing
stacles in the way
"experts"
Washington, and to cir¬
overriding clear constitutional ob¬
or
of the
schemes. The so-called
new
whose advice Mr. Roosevelt relied
upon
about,
and
seemed
good deal
a
of
par
exchange) in the principal European banks
as
of
steps in
together with comparisons
corresponding dates in the previous four
1936
Banks of—
1934
1935
as
of the
for
1932
201,393,634
526,603,371
2,575,200
90,117,000
42,575,000
58,057,000
95,425,000
48,109,000
23,897,000
6,554,000
6,602,000
England—
France
a._.
Germany
Spain
Italy
b
Netherlands
Nat. Belg..
Switzerland
Sweden
Denmark
Norway
„
_
___
193,123,088
660,774,356
2,959,900
90,761,000
62,979,000
67,718,000
71,032,000
67,201,000
16,186,000
7,395,000
6,852,000
121,431,791
614,652,184
40,624,050
89,971,000
70,975,000
72,972,000
71,745,000
65,435,000
11,440,000
8,032,000
6,559,000
172,688,160
644,987,492
10,925, 000
33,484,800
90,360,000
66,780,000
79,061,000
90,482, 000
76,823, 000
65,711, 000
77,322, 000
76,203,000
66,774, 000
14,635, 000
7,398, 000
6,574, 000
88,805,000
12,129,000
7,399,000
8,075,000
Total week- 1,100,908.205 1,246,981,344 1,203,720,035 1,279,972,452 1,173,837,035
Prey, week- 1,099,032,641 1,247,740,291 1,202,686,396 1,276,970.788 1,174,487,546
a
These
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
are
of statement,
abroad, the amount of which the present
£1,011,000
year is
right in calling, by implication,
thoroughgoing and intelligent examination of
a
the whole
192,152, 872
594,923, 163
revolutionary business by
and
address
an
a
in
this
city
of the
people and not their master, that economy and
a
balanced
budget
are
better than spendthrift finan¬
ciering, and that natural forces will bring
if
removed.
if
Knox, publisher of the Chicago "Daily News"
"mentioned"
candidate,
as
he expressed it, for
the
presidency
the
policy of forcing "must" legislation through "a
on
recovery
governmental impediments to their operation
Only in that way
are
learn how much,
can we
anything, of the New Deal is worth preserving, and
by what
means
the evils which it has wrought may
contributions to the
Tuesday Colonel
on
who believe,
does, that government should be the servant
The Federal courts have
In
men
he
as
best be remedied.
Investigating the New Deal
Frank
to
of the United States into
and be glorified.
run
Colonel Knox is
£
to have been only the first
regime of State socialism under which Executive
dictatorship could
years:
1933
now seen
deliberate and comprehensive plan
a
transform the government
a
Mar. 26 1936,
they were
of what at the moment
temporary and was defended on claims of
"emergency" is
bullion
before
the "brain trust"
inaugurated
was
and whose labors he enlisted knew what
THE following table indicates the amount of gold
(converted into pounds sterling at
few
on a
occasions, to the word of Executive command. Yet it
Bombay at 37.41, against 37.53; and Calcutta at
Banks
1936
political rubber stamp. The country will not
come a
37.41, against 37.53.
Gold Bullion in European
28
and upon Congress for allowing itself to be¬
gress,
or
March
the Republican ticket, criticized
already made significant
subject in the decisions of the
Supreme Court overthrowing the National Recovery
Administration
and
the
processing taxes imposed
by the original Agricultural Adjustment Act. A fur¬
ther
judicial contribution
which Colonel Knox
was
made
the day
on
on
spoke. On Tuesday Judge John
rubber-stamp Congress" by "a willful Chief Execu¬
P.
tive"
held the National Labor Relations Act unconstitu¬
who
"apparently confuses
activity,
mere
or
Barnes, of the Federal District Court at Chicago,
change, with progress." The New Deal, he declared,
tional in its
had
the Bendix
produced "confusion," but "if, during the next
four
years,
what is
we
eliminate this confusion, keep
can
good and throw
shall retain
the
what is bad, then
away
benefit of radical stimulation
perhaps be able to work out
some
The
currency
system, for example, "is not
done
at
once
present banking and
job to be
a
by trained minds working under the auspices
with
bankers, business
little
farm
the
hastily," but "a task that should be undertaken
of government
a
of
and
real and lasting
reform."
reform
we
every
men
available assistance from
and economists." "More than
fumbling," again, has been done with the
problem, but it "must have taught
while temporary
stop-gaps
temporary relief,
without
real
no
may
that,
be devised to provide
us
permanent solution will come
thorough,
deliberate
and
competent
A
heavy burden
rests upon
of
responsibility
the Administration for the
much of its program
undoubtedly
way
in which
has been jammed through Con¬
Products
the Bendix Aviation
upon
the application of
Corporation,
a
Corporation, for
subsidiary of
a
preliminary
injunction to restrain the Labor Relations Board
from
interfering
with
found that the Act
tion
affairs,
its
Judge
Barnes
practically deprived the
corpora¬
of contract in
of freedom
bargaining with its
employees, and that such freedom
right of which the plaintiff
due process
ment.
was
The
was
was a property
deprived without
of law, in violation of the Fifth Amend¬
claim of
the government that the Act
applicable because the corporation
in inter-State
commerce
was
was
characterized
familiar but fallacious argument
engaged
as
"the
which would, by
judicial interpretation and construction,... broaden
the definition of
commerce
to include manufactur¬
ing, mining, agriculture and, in fact, most of the
activities
study."
entirety. Ruling
of
modern
life.
The
which the defendants propose
relationship
to deal is
a
ship between the plaintiff and its production
ployees, who
are
with
relation¬
em¬
engaged in making for the plaintiff,
Financial
Volume 142
in its
plant in Indiana, finished automobile and air-
plane parts and accessories from
materials, that
raw
is, manufacturing. Manufacturing is not
does the fact that the
nor
afterward to be
There
are
used in inter-State
or
production
many
the country
and
shipped
make their
merce
commerce,
things manufactured
a
are
com-
part thereof."
.
things about the New Deal which
ought to know and which
a
competent
searching examination would reveal. One would
like to
know, for example, whether there is
of government
need
to be
able
no
doubt that
aid for housing.
real
has
new
financing been encouraged by the
requirements
tion?
Has the morale of the community
lication of information,
of it confidentially
some
furnished, about salaries
and
the
security trans-
actions of directors, or has confidence in the good
faith of government been shaken in proportion
public inquisitiveness has been gratified?
flowing
more
easily and healthily
now
that the
with small
or very
uncertainty which still holds
Colonel Knox pointed to
any
private capital is unable
or
gested study as
a
back?
recovery
wide field when he
preliminary to reform.
a
laws, political and labor graft, and excessively high
and belief in its virtues
it
Is
of the building trades
obvious
not
gov-
bility of government interference contribute to the
persons
natural, especially while the New Deal
based upon
as
Is credit
copsiderable shortage of suit-
a
incomes, actually exists, but is there
some
the
or
standing of corporations been enhanced by the pub-
unwilling to supply the lack if antiquated building
in
distribu-
ernment has increased its control, or does the possi-
conclusive evidence that
wages
onerous
regarding registration and
seems
houses, available for
moderate
any
There
Chronicle
that
were
financial
government
long-time loans at
aid,
low rates of inter-
very
est, and with tax exemption for
got rid of?
number of years,
a
was
It
sugwas
was young
widespread, that public
attention should have occupied itself chiefly with
the immediate financial benefits that
were
being dis-
bursed and the continuance of financial aid that
was
promised. The time has come to count the cost, not
puts a wellnigh impassable barrier across the road
only in the colossal
to recovery
of the country's most important
the huge deficit that has been accumulated, but also
by discouraging the investment of private
in the economic and social failures which have been
capital with the expectation of reasonable profit,
and by checking the activities of the
industry oper-
registered, the attacks upon the Constitution which
industries
to
ates
of
one
perpetuate
unemployment?
A
thorough-
that have been spent and
sums
have been stirred up, and the mercenary color which
has been given to politics.
From $50,000,000,€00 to
going inquiry should show how much of the Federal
$80,000,000,000 of idle capital, the directors of the
housing agitation is
National Association of Manufacturers declared
on
Wednesday, is ready for work "if the forces of
re-
a
camouflaged effort to estab-
lish government control over a
and how much
represents
only government aid
The
is
amended
obviously
so
of soil
ment
that
an
economic need which
supply.
covery are
unleashed."
Agricultural Act, recently passed,
those forces
held in check.
are
attempt to restore, under the guise
an
govern-
regulation which the Supreme Court set aside
demonstration of its
primary
purpose
========
A
r>
T
•
x
/
v
r
1
n •
i
A Coming Test of European Diplomacy
Now that the European
would
It would be well worth while to
to be needed.
It is time that the country
interested itself in learning in detail why and how
preservation, the former system of
no
seem
can
large-scale industry,
war
clouds
appear
to have
lightened, for the time being at least, the settlement
inquire, however, whether the "economy of abun-
of the acute controversy stirred
dance" in which
military occupation of the Rhineland has been rele-
a
large section of the population is
still unable to share is
the economy
embodies,
gram
its
or
larger aspects,
aid
of
likely
ever
to be attained by
of scarcity which the agricultural
pro-
whether American agriculture, in
be kept going only with the
can
Treasury subsidies.
It is
a
fair question
whether the
agricultural policy to which the Admin-
istration is
committed, far from helping the farmers
to
independence and prosperity, does not tend inevi-
tably to keep agriculture in the state of
industry dependent
nel
upon
a
depressed
government bounty.
Knox, in the address to which
we
Colo-
have referred,
that the task of settlement has been appreciably
eased.
The proposals made by the Locarno Powers
at London have been rejected by Germany,
counter-proposals
and
reducing
interest
charges
farm
on
are
it
was
promised for next Tuesday,
after the German election
on
Sunday,
no
hint has
been given of what they may be. Press reports from
Berlin have indicated no weakening of the popular
support for Chancellor Hitler, and 4kere is
every
to expect that the election will give him
overwhelming
closures
as
generally expected that they would be, and while
had
real service" in preventing fore-
men-
of immediate war, however, it cannot be said
ace
reason
a
by Germany's
gated to diplomacy. Save for the passing of the
expressed the opinion that the farm loan agencies
"performed
up
a
vote of confidence
as
as
he could desire,
Even after all allowance is made for the control
debts, but he also called attention to the fact that
which Hitler will exercise
"even at the worst
only about half the farms of this
extreme unlikelihood that any important number of
heavily mortgaged, while 25% of them
voters will have the temerity either to vote against
country
were
not
were
nomic
mortgaged at all."
benefit, it
may
What permanent
be asked,
can
eco-
result from
re-
stricting the production of farms which either have
no
mortgage indebtedness or else are mortgaged only
in
a
reasonable
An
the
him
with the stock
agencies which
vestments
in
concern
market, the banks, and
corporations generally would be timely.
securities been made safer
to withhold their votes, it is quite clear that
the German people
are
firmly behind the government
in its Rhineland policy, and that the proposal to
withdraw troops from the region has hardly the
inquiry into the effect of the Security Act and
operations of the Securities and Exchange Com-
themselves
the election, and the
least chance of being considered.
proportion to their value?
mission and other Federal
or
over
Have inand
more
Such being the case, the attitude of the other
par-
ties to the controversy calls for consideration. There
has been increasing evidence during the past week
of
a
sharp difference of opinion in England regard-
ing the
an
course
outburst of
that should be pursued.
Ever since
popular opposition forced the aban-
attractive, and speculation excursions less seductive
donment of the Hoare-Laval proposals for dealing
and
with the Italo-Ethiopian question, and Sir Samuel
perilous, than before the passage of the Act?
Is the
brokerage business any better for the multi-
tudinous
reports which brokers have to make, or
Hoare, then Foreign Secretary, resigned, the
pres-
tige of Prime Minister Baldwin has been dimmed.
Financial
2056
Whether the
movement, reported to be directed by
Austin and Neville Chamberlain and
Sir Samuel
supported by
Hoare, to displace him will succeed is a
matter of
speculation, but the fact that such a move¬
points to a certain
confidence in Mr. Baldwin which cannot help
The Cabinet,
too, is so far divided on the Rhineland issue as ma¬
terially to curb the action of Anthony Eden, the
present Foreign Secretary. There is reason for think¬
ing that Mr. Eden, if he had been sure of united sup¬
port from the Cabinet, would have carried himself
much more stiffly with Germany than he has, and
affecting the international situation.
perhaps have yielded to the demands of M.
Flandin,
Foreign Minister, for action strongly sug¬
French
gestive of force. It is clear that his hands have been
stayed, and while it may be doubted whether the
conciliatory tone which he has lately adopted
more
is
entirely in accord with his own wishes, his influ¬
during the past few days has seemed to be dis¬
ence
tinctly
and
restraint
moderation,
on
the other
hand, have been an irritation to M. Flandin and
his
political supporters. The French Chamber of Depu¬
ties has ended its
be held in
to
than
sessions, and a general election is
April.
The party situation is more
ordinarily confused.
Paris, as has often been
pointed out, is not France, and political, and espe¬
cially foreign, policies which appear to be strongly
favored in
counted
to receive unqualified support else¬
It is extremely doubtful if
considerable minority of the French people
a
want
upon
in the country.
where
even
government circles at Paris cannot be
war
with Germany or any
other Power, and
from Paris
good deal of allow¬
reports of war sentiment which emanate
always to be taken with a
are
security and more security, how¬
The need of
ance.
has been so persistently emphasized in French
ever,
political
discussion, and fear of German revenge
Versailles
treaty and the Locarno pact easily takes the form
of a grave German menace which no German offer
of security for Western Europe can wholly offset.
When, accordingly, Great Britain, without whose
sympathy and aid France could not go to war, holds
back and appears ready to temporize with Germany,
the charge of bad faith and desertion becomes a po¬
is
great, that the repudiation of the
so
litical factor of considerable
be
importance. There can
in
relations between
question that, as far as political accord
no
Europe is concerned, the political
the
two
countries are
at the
moment
heavily
It is
an
interesting illustration of the changing
of politics that Italian prestige has seemed to
as that of the British and French has declined.
ways
rise
On the
kind for Germany as long as sanctions stand
mili¬
intended to put pressure upon
Germany cannot be given effect. On Wednesday
Signor Dino Grandi, Italian Ambassador at London,
told the London naval
tual
conference that Italy would
sign the naval equality treaty
has drawn up
which the confer¬
because of the agreements for mu¬
assistance in the Mediterranean
Britain
Little Entente is
unlikely because of a dispute be¬
Hungary and Czechoslovakia over the rights
tween
Hungarian minority in the latter country, there
of
a
is
no reason
why Germany, which has no Hungarian
minority and has refused to apply sanctions against
the
may
not join if it is prepared to acquiesce in
independence of Austria. The wholesale nation¬
alization of the larger
announced
ment of the
Italian industries which was
Monday, and the consequent replace¬
on
present Chamber of Deputies by a Na¬
tional
Assembly of Corporations, merely puts into
effect
on
large scale the so-called corporative or¬
a
ganization of industry under State control which
was established in terms several years ago, but the
Coming as it
development of which has been slow.
does
has
this
at
an
important bearing upon Italy's preparations
for war,
since all the "key" industries of the coun¬
will
try
particular time, however, the change
be
now
directly controlled by
the
gov¬
ernment.
There remains the
The
tions.
question of the Leagup of Na¬
abrupt termination of the London meet-
ing of the League Council, and the departure of the
members and their staffs in advance of the arrival
of Chancellor Hitler's
to the Locarno
spokesman with Hitler's reply
proposals, suggest that the Council
action
glad to leave further
was
Rhineland to the
regarding
the
diplomatists. It can hardly avoid
concerning itself further with the matter, however,
if
respect for its authority is not to be
although
sacrificed,
whatever direction it looks there is
in
prospect of trouble. It must lift sanctions from Italy
or
run
the risk of
secure a
from
the
losing Italy as a member, it must
judicial ruling on the Rhineland occupation
the World
Court
or
see
both the Court and
League flouted by Germany, and it must side
either
France
or
Great Britain if those two
governments fail to agree. There is small likelihood
that
the
the latest
Ethiopian
effort which it has made to
question
settle
will be successful unless
signatories of the Lo¬
account, but he
anything to do with sanctions of
treaty in calling Germany to
tary accord which was
not
with Austria and
previous
agreement of March 1934. The terms of the agree¬
ment are general and elastic, but they provide for
consultation among the three Powers when their
political interests are affected, and go far toward
establishing a customs union. A significant feature
is the opportunity which is given for other Powers
to join. The Rome correspondent of the New York
"Times" points out that while the adherence of the
Hungary, supplementing and broadening a
Italy writes the terms, and the agreement between
against Italy, with the result that the proposed
ence
position has been further strengthened
The Italian
by the conclusion of an accord
Italy, Austria and Hungary foreshadows an early
has refused to have
any
political confusion in Europe/'
surface, at least, Premier Mussolini has been
willing to join with the other
carno
reconstruction, and increased
for economic
disorder and
with
strained.
1936
solidarity among the great Powers, crushed
efforts
Italy,
moderating one.
a
British
28
people deeply resent, and which have disrupted po¬
litical
ment is believed to be under way
loss of
March
Chronicle
had made with
ments, he declared in a
which Great
other Powers.
The agree¬
spirited speech, "are openly
designed to give military support to those very sanc¬
tions the iniquity and injustice of which the Italian
demand from
Hungary, if not from Austria, for ab¬
rogation of the restrictive provisions of the peace
treaties to which those countries were enforced par¬
ties.
Beyond these troublesome issues lies the ques¬
tion whether the
joint military operations against
Germany which were proposed at London do not vio¬
late
was,
the
Locarno treaty
quite
as
effectively as it
in the German view, violated by the Franco-
Soviet alliance.
Looking at the situation as it appears at the mo¬
ment of
ain
man
writing, it is to be expected that Great Brit¬
will exert itself to the utmost to
truculence and appease
this effort it will have some
which has every reason
modify Ger¬
French irritation. In
support from Belgium,
for keeping on good terms
Volume 142
with
Financial
Chronicle
Germany because of its exposed frontier, and
which cannot
even
fortifications
contemplate such costly border
France has constructed.
as
The
suc¬
of the British
cess
depend
and
efforts, on the other hand, will
largely on the outcome of the German
very
French
outcome
elections, and while in Germany the
already assured, in France it is en¬
seems
tirely uncertain.
There is
discernible
no
approach by which influence
be
can
of
avenue
brought to bear
Italy unless the League makes a complete sur¬
render, and a surrender to Italy would only hearten
upon
Germany.
Any further
pressure upon
Italy,
more¬
would widen the rift between Eastern
over,
Western
Europe—a
and
movement to which the aggres¬
sive tone which Soviet Russia has
assumed toward
Germany is already contributing. In short, unless
the League, with the
support of Great Britain and
France, is prepared to consider the German peace
proposals and re-examine the post-war political ar¬
rangements upon which the European structure
steadily rests, Europe will be faced with
in which
right will be defined in
history teaches
might
terms of
might. If
lesson, it is that the
inevitably the road to war.
opens
un¬
situation
a
any
rule
of
Thus
regulation
2057
find in the
we
over
of
case
other nations
",;"y
In the United
on
States,
the other hand, direct compulsion
on
corporate issuers by the government is out of the
ques¬
tion under
Federal
our
existing legal set-up and in the absence of
corporation legislation.
Therefore, the utilization
of indirect devices has been
resorted to.
method
has
brought
difficulties
be
can
of
on
chain
a
of
result of
legally chewed.
This type of legal
serious
which, it must be noted,
created and the
find
we
largely
its brain and
man-power toward
as
and
are
due-process clauses
becoming
attempts at circumventing
of
the
over
securities
present
business,
manifestations
many
and
the
of
Constitution,
of
Federal
regulation
primarily struck with
are
fundamental
assumption
that
The technic of the Act is
based
the
As
merce.
privilege
a
government has the right to
instruments of inter-State com¬
as
condition prerequisite to the
extension of the
of
exchange
corporate
trading
privileges
management
has
Securities
performance partially
inherent
latory body,
in
the
well
result
and
Exchange
from
Commission
administrative
establishment
of
difficul¬
far-flung
any
regu¬
dictable
as
"manage¬
ment."
But the
vital fundamental
stand
in
control.
SEC
the
the way of attempts
The
basic
regulation
which
utilized
were
Exchange
Act
to
control
their
by
the
Exchange
struction
visions
the
have
barriers
which
the
the
legal
of
the
was
has
in
artifices
Securities
constitutional
that
Act
shortcomings
barriers
desired.
three
cardinal
pur¬
trading practices, regulation of credit, and
corporate affairs
transactions
of
in
draftsman
sion of balance sheet and
income
tion, and
and
genesis
circumvent
certain
over
legal
to gain centralized financial
of the reform
Securities
poses—control of
and
inconsistencies
have
to the attainment
The
difficulties of the SEC result
constitutional
of
such
statements,
"insiders."
the
as
submis¬
the last-mentioned corporate
pro¬
regarded as all-important to the Act's
been
primary purpose to "protect the investor."
,
As
a
prelude to comprehension of the basic
legal problem
dealing with the acquisition of control over
corporate mat¬
ters, let us refer to the
contrastingly
regulation
panies
Act
existing
in
required
formation and
lays
other
nations.
disclosure
certain
of
simple
The
British
essential
responsibilities
method
Com¬
financial
upon
of
in¬
directors
directly and without respect to the
trading locus of the
securities of any given
corporation.
The English law makes
no
distinction whatever in the
protection it gives to in¬
vestors between issues
listed on an
exchange and those
not so listed.
In fact, the London
Stock Exchange is not
regulated in any manner
by charter or by statute.
In
Germany the National
the Commercial
tive of whether
Corporation Law,
Code, requires that
they
are listed on
all
an
as
prescribed
in
companies, irrespec¬
exchange
or
not, must
furnish certain vital
information initially and
periodically.
French requirements are
less detailed than are
those of Eng¬
land and
Germany, but under the national
publicity laws of
1907 and 1913, financial
the government if
a
information mu^t be submitted
to
security is to be traded anywhere. Simi¬
larly, Belgium, Holland
and Austria have
national corpora¬
tion laws which
operate in this direct and uniform
manner.
the
figures
covering
with
outside
the
number
only
those
not
the
its
the
a
Further light
issues
being
of
law
but
are
number
be
can
which
is
turns of
But
the
vast
the
these issues
indicated.
lists
The
over-the-counter
fee, has approximately 90,000 issues
listed
Semi-Annual
Stock
and
Bond
on
recent
the
issuers
defeating
Senate
1932
year
hearing.
From
it is found
that
Summaries.
escaping
introduced
a
fully
inclusive
law.
is
of
the number of
corporations
furnished by statistics
Landis at
which
are
whose
the
there
which
The
Bureau,
issues
securities
existing
determinable,
Quotation
current
lation
of
of
artifice, regula¬
companies
these
provisions
Commission.
exactly
securities for
in
number
corporate
unregistered
of
National
Commission,
the
the
pale
of
purposes
by
regu¬
Chairman
income tax
there
were
Of
those issues
the great
on
is
a
are
are
At
was
category of
the
time
of
predicated
and
not
registered with the SEC,
traded, if at all, off the
exchanges.
these unregistered issues
to
exchanges, which has
manner:
technic
which
majority
re¬
extant
11,815 corporations with assets
exceeding $1,000,000,
3,006 corporations with assets
exceeding $5,000,000.
But there
statute,
with
comply
found
con¬
reached
the
to the Act's
corpo¬
result of this indirect
a
as
privilege of exchange
privilege of exchange listing.
present 2,645 stock and
1,681 bond
At
to
imposed by
be conceived of
of the
desire the
since
the
form
voluntary submission
obtensibly
proxy solicita¬
Ever
controlling persons,
process may
in the
As
is
directly from
and
effect, the
for
has
respective-
compelled
the
offering of "bait"
inconsistency, illogic,
from the intangible and often
unpre¬
ramifications of attempts at national
as
proxies
tion
its
that is, to submit to the obli¬
the submission of
financial data and
as
of
In
to
been
Commission;
regulation
the Act.
the
on
Federal
regulate stock exchanges
registered
in
com¬
which
as
thus presented.
are
listing in return
ineffectiveness.
Shortcomings
ties
status
we
those in the
as
the
ever more
rate provisions.
By A. Wilfred May
appraising
Securi¬
our
nettlesome and
exasperating to it.
The, authors of the original Act
necessarily utilized cer¬
tain devices to
circumvent constitutional barriers such
gations, such
In
than
more
legal army devoting
a
limitations imposed by such
provisions
merce
and
self-
situation that instead
a
dealing with fundamental objectives
directly,
register with the
Many Difficulties Beset SEC—Federal Securities
Regulation Running Afoul of Administra¬
tive and Legal Obstacles
problems
thus largely
are
attempting to bite off
So
ties Commission functions
securities,
i
neces¬
for the protection of investors is gained
uniformly and
inclusively from corporate management by direct mandate.
sary
"
:
that whatever
corporate financial affairs is deemed
on
the
about in the
come
be
following
drafting of the Act, whose
the expectation
that previouslylisted corporations would
continue their
exchange registra¬
tions, a dilemma was introduced in
the
discovery that in
many cases an
exceptional arrangement with
respect to list¬
ing requirements had existed.
For on 16 of the 23
registered
national securities
exchanges a large proportion of issues
had
for many years been
traded without their
respective corpo¬
rate
officials
with
their
bore
no
having
assumed
responsibility for the
cial information which
to the
was
initiative in connection
any
admittance thereto.
Consequently
amount
initially
or
or
exchange authorities.
these issuers
uniformity of
finan¬
periodically supplied
In
practically all cases the indi¬
vidual exchange members
had accomplished
the issue's ad¬
mittance to trading
privileges.
tive issuers
stances
they
In
some
prompted the application
instances the respec¬
to
list; in other in¬
definitely objected thereto; but
usually they
merely passively assented to the
situation.
"Unlisted Issues on
termed
Exchanges"
Issues."
Technically
registered
Issues
or
These issues
accurate
terminology would
Exchanges."
Congress at
on
are
"Member-Listed
be
"Un¬
the
time
of the drafting of the Act
might have consistently forced
all issues without
exception either to register or to be
denied
exchange privileges.
wherein
those
But being loathe to create
issuers
which
had
been
a
situation
enjoying
member-
Financial Chronicle
2058
and whereas these securities would have been?.
under the Act,
.
refused to register
have
obligation might
without
listing
transferred from the exchanges to the over-the-counter mar¬
trading regulation was much more difficult, and
kets where
deprivation of exchange privileges was considered
whereas
pre-existing
injurious to the security-holders' interests, the
member-listed situation has been frozen in a two-year status
until
extending
quo
1
June
The
next.
exchanges
which
issues
those
member-listed
enjoyed
had
prior to March 1 1934.
^
•
privileges
Consequently, the officials of these member-listed issues'
corporations are exceptionally favored with exemption, from
Securities Exchange Act which impose
those sections of the
obligations on corporations whose issues may enjoy exchange
These obligations are contained in Section 12,
privileges.
exchanges, in as
companies clearly demonstrate that they do
exchange privileges, the bait of listing as a
regard to the issues which are now off the
much
not
these
as
about
care
SEC registration and control fails com¬
of gaining
means
pletely.
view
the
takes
Commission
The
fold
The difficulty lies in trying to influ¬
compulsion
through
issuers
the
Section 13, which requires periodic income
present technic, penalizes the impotent
Section 14, which regu¬
in
proxy-solicitation, and in Section 16, which supervises
lates
the
balance sheets;
of directors and large stockhold¬
security transactions
Thus
ers.
situation
issues
wherein
exists
are
of
the result
as
group
one
of corporations
exchange is subjected
an
on
anomalous
fait accompli, an
a
whose
all the burdens
to
imposed by the Act, while simultaneously another group of
corporations—frequently actually located on the
identical
exchange—as the direct result of its past listing policy hav¬
interest is thereby favored by
ing been less in the social
unless
merce
But
tered.
both
unjustly
nate
an
situation
inconsistent
wherein
the
souglit-for control over corporations with securities in the
public is simultaneously exercised in three dis¬
hands of the
extended
is conflictingly
This regulation
degrees.
different
tinctly
jected to all the provisions of
"member-listed"
issues
on
exchanges,
where
This group comprises
supervision is
exercised, except to the extent that certain rules and regula¬
SEC
which
in
trading
governing trading may be
While the number of issues in
interpreted as supervision.
markets
over-the-counter
the
the
in
transactions
burdensome
them,
In both these cases again v,
security-holder
brunt of the
would
unwarranted]^, bear
the above-cited
plans
objectionable because under
are
them, brokers, dealers or stockholders would have the futile
little
have
or
compel company officials over whom
control
no
the
for
chances
is
occurs
the objections con¬
bootleg trading make
only suggestion which has
The result is that the
clusive.
received official Commission endorsement is the
the Securities Exchange Act
of the
Securities Act
the
of 1933.
by utilizing
/
of corporate
scope
is
control
thus evident.
2, in reciting the purpose of the Act, states
that "transactions in securities as commonly conducted upon
securities
with
affected
necessary
national
public
which
interest
directors,
officers,
by
and
are
makes
provide for regulation and control of
to
transactions
a
markets
over-the-counter
and
exchanges
it
to
amount
$2,000,000
to
more
or
registrants
Act
Securities
require
to
holders, to require appropriate reports," we have noted that
actually only
are
a
very
In
reached.
so
formation
is
voluntarily
tion
other
acquired
registered
enjoying exchange
are
small proportion of issues outstanding
with
the
privileges.
those
the Commission permanently and
agree
SEC
the
for
And these
tion of
—both
listing obligations.
those
which
those
privileges
which
are
view of the Act's
are
traded
on
on
exchanges
that
over-the-counter—within
the
the
managers
of
of
this
procedure.
these corporations
It fears that the
would
have their issues lose tliei rexchange trading
that
exchanges;
but the Commission is unwilling to recom¬
many
a
prefer to
privileges and
wholesale and unwanted exodus from the exchanges
would result.
of
$2,000,000.
and the
Commissioner Douglas has recently estimated
number
of
reached in this
proposal
to
other
to be
it
of
reports
ultimately
be
Furthermore, this
to
seems
contain
no
compelling permanent obeisance to the
corporate provisions
Thus,
only 2,500.
call for periodic
of
might
which
corporations
manner
effective method
proxies
of the Act
and
the
which relate to the
securities
transactions
of
persons.
be concluded that attainment of the Com¬
may
mission's objectives for the enforcement of corporate regula¬
in the
tion lies
distant
future.
Another stumbling block to the Commission has arisen in
the
first
there
invocation of
now on
ing pursuant to the purposes expressed
is, it would force those issues either to register or to
mend
financing from
aggregate of whose outstanding issues amount to a minimum
pur¬
regulatory provisions is now the objective
abolish unregistered trading on
leave exchanges;
very
conjunction with attempts to regulate over-the-counter trad¬
Policy strictly consistent with the underlying technic of
Act would
that the process must be a
and
of the Commission.
the
imposition of such
free of the assump¬
To bring the unregistered issues
member-listed
and
issuers who may desire new
controlling
issuer-registra¬
with
periodically in the future.
This device elicits information only from those
gradual one.
privilege of
listing merely because prior to the passage of the
Act certain exchanges had let them
quite circumscribed
solicitation
same
issues
whose
formally with the
provision, it is evident that the scope of its effectiveness is
have
who
issuers
retained by other issuers without either
or
stated, in¬
words, as previously
only from
principle
has asked
Commission to file the prescribed financial information
.
principal security
a
present Congress to amend the Act's over-the-counter sec¬
tion
the
...
proposal to
Commission
The
a
limited
the
Besides,
register.
to
Aside from the question of legality of the
The
full
the
penalty.
200,000 issues.
Whereas Section
The
relatively
prescribing
by
or
margin requirements.
indeterminable, it is thought to range between 100,000 and
.
to
against unregistered securities by imposing an increased
on
amend
counter, where neither trading nor corporate
promulgated by the
relation
no
the stockholders'
as
temptations and opportunities for evasion of such laws and
Complete lack of control over issues traded over-the-
tions
have
well
would be but innocent victims in the situation.
they
1,370 stock and 564 bond issues.
(3)
assuredly
who
to
burden of penalty upon the
Thus, they as
task of attempting to
regulation over trading matters is exercised, but where the
corporate provisions are disregarded.
dealers,
This group com¬
prises 2,645 stock and 1,681 bond issues.
Over
for corporate failure
ineffectively;
and
consequently/sub¬
the Act.
likewise directs punitive pressure
objection liolds valid against suggestions to discrimi¬
All
tered with the Commission and which are
(2)
tax
follows:
as
Over those issues on exchanges which are fully regis¬
(1)
method
corporate policy.
same
then,
and
brokers
have regis-,
respective corporations shall
the
this
conform to the Act imposes the
group
have,
limitations on
securities in inter-State com¬
dealers handling
brokers and
prescribed as a prerequisite to the maintenance of exchange
We
Furthermore, the mechanism sug¬
exchange privileges.
gested in Section 15 of the Act is to place
exemption from all the Act's regulations which are regularly
privileges.
stockholder for non¬
officials, by depriving him of
conformity by his company
his
other individuals
on
For example, the Act, under its
of
in
is directed
they have the common flaw that pressure
as
at the wrong source.
ence
further in¬
the
these unregistered issues into
methods to force
direct
having divergent interests.
and
owner¬
sometimes diverge.
interests
their
that
and
Consequently, the Commission is loathe to adopt
the - submission of financial data at the time
listing;
corporate
that
identical, that the individual
security holder cannot either singly or collectively control
ship and management are not
which requires
statements
With
companies:
exchange privileges to these unregistered
management,
-
extension of
and it therefore has recommended the indefinite
were
granted permission to continue trading until that date in
March 28 1936
This risk the Commission is unwilling to take,
place,
large
number
of
in Section 15.
individual
In
dealers—
already approximately 5,500 brokers and dealers
are
registered
scrutiny
the
with
the
extremely
The difficulty of
Commission—renders
difficult,
if
not
administrative
altogether
impossible.
acquiring correct and adequate data regard¬
ing trading practices renders administrative activity out in
the field
impossible.
difficulty
of
commerce
element.
dealer's
must
be
use
In the second place, there is the legal
determining
of
an
the
presence
of
the
In compelling individual
inter-State
licensing, the
instrumentality of inter-State commerce
established.
The
law
does
not
touch
intra-State
Volume 142
Financial
transactions; therefore, it is evident that it
tremely
unwieldy proposition,
will
be
able through being intra-State.
the
difficulty
extremely difficult to make appropriate and valid
changes in the Securities Act of 1933; a variety of contrac¬
transac¬
tual
inter-State and those which may be untouch¬
are
has
taken
supervision
by the
Investment
of
self-government
own
associations, such
as
on an
the4
credit
the
laws.
inclusive scale is rendered
largely
three cornerstones
restriction, and here
situation.
In
of the Act consists
margin requirements have been much
those of brokers.
The long-awaited
lax
more
over
lending
where
margin situation
unregistered securities
on
is
not
on
lend
can
brokers cannot do
lending
on
The
so.
bonds
on
while lending by brokers
other
or
legal
to the initiation and pursuit of regulation which—it
recognized—may
be completely invalidated in the
the
utilities
cision
will
extent
of
also shed great light
upon
SEC
control,
enacted and that which is
General
Judge Coleman
in
up
Burns
Baltimore
Fur¬
restric¬
securities,
Regulation T.
valid.
the
Public
of
Whether this is true
Utility
power,
as
Act
should
be
evidenced both
as
which
has
been
pending such deter¬
the
utilities
SEC
stated
action
last
to
fall
Utility Holding Company Act is found
relatively wide and strong
the
the permanence and
that
being held
Counsel
the
both
that
if
on
companies, the imminent holding company de¬
other
mination.
com¬
In addition to its direct effect
unconstitutional, the Securities Act
non-equity
con¬
The Commission is in the position
Bank-
no
complications
of immediate preoccupa¬
except
such securities is controlled
by
on
of
source
remain.
regulations place
bankruptcy
great portion of its collective time and brain¬
a
paratively early future.
have
unregistered securities, while
new
the question
restricted
the loan is used to
carry registered securities.
thermore, banks
tions
the
is
on
credit extension
devoting
power
ap¬
by banks, has just been promulgated and is effective as of
May 1 next.
Owing to restrictions in the law, however,
certain anomalies in
forthcoming, they
v-X'
Holding Company Bill.
of
banks'
than
are
tion assuredly lies with administration of the
Public Utility
of
Regulation U, with its
of effecting consistent control
purpose
The
would
Consequently, it is believed that if
.v:
considering
dis¬
a
of the Act
scope
along these lines
measures
'
:
In
since the time of the initial
application of the Act, margin requirements have been
plicable only to brokers' accounts, and lending by banks
security collateral has remained unrestricted.
present
fronting the SEC, the chief
have had another inconsistent
we
the first place,
the
will be restricted to amendments to the
Federal
abortive by the far-flung over-the-counter
situation.
Another of
reform
any
Conference Committee.
But, in any
event, it is evident that the Commission's efforts to exert
trading regulation
departure from
have to be undertaken.
and
Bankers
dealers'
relationships would have to be controlled, and
tinct
One suggested way out of
line
the
2059
It will be
in¬
fractions of the law, to distinguish between those
tions which
Chronicle
ex¬
suspected
in uncovering
an
or
of
1933 is likewise
of control prescribed in
powers
upheld,
in its
then
the
Commission's
promulgated rules
in the further extension of its
scope, will be
broadened.
in¬
not, it is certain that if the
"
well
as
immeasurably
i
In its
policy toward the important and controversial sub¬
ject of the suggested segregation of broker and
dealer func¬
tions—which
left in abeyance at the time of
the passage
of the Act—the Commission is
again confronted with
legal
of
the
hundreds
dealers operating within the confines
of
afoul
of
the
Constitution's
a
inter-State
ness
a
of
means
commerce
(2)
is
rendered
dubious
by the
considered
(3)
"due
process"
many
difficulties.
\
regulation of
are
trading activities taking
rendered abortive by both
legal
and administrative difficulties.
and
functions
Commission, under
Abe
Attempts at
place off-the-exchanges
Congress also directed the Commission to
investigate the
and
in
illogical by many.
as
or
clause.
personnel
is
clause.
major part of their legitimate
long-term busi¬
livelihood
/
Corporate regulation under the Securities
Exchange
being practiced inconsistently, and with limitations
runs
dealers
may be stated that:
pro¬
visions has resulted
Act
of
conclusion, it
Efforts to accomplish centralized Federal
control by
of indirect circumvention of
the Constitution's
individual
single State
Moreover, the attempt to strip the hundreds
brokers of
(1)
was
Attempted control
snags.
In summary and
Fortas
exhaustive and
protective
the direction
of
the
Yale
of
committees.
The
a
vast amount of relevant
material.
however,
recommendations
can
whether
be
any
translated
(4)
of
into
the
It is
promulgated
early legislation.
Collateral loan
restriction
has
likewise
been
incon¬
sistent.
■/
Commissioner Douglas
Law
School, has conducted
far-flung investigations of these activities
and has amassed
questionable,
of
(5)
Legal difficulties have hindered the
efficiency in the
performance of
(6)
It
many other activities
of the
Commission.
seems assured
that the attainment of the
presently
objectives of Federal securities regulation in a
established
logical and consistent manner is at best
process whose consummation will
be
a slow
evolutionary
indefinitely deferred.
Stock
;
,
Margin Rules Revised by Board of Governors of Federal
Reserve System—
Provides Maximum Loan Value of
45% of Current Market Value for
Registered
Securities—Regulation Applies to Banks As Well As
Brokers-^Regulation U and
Revised Regulation
V
^'('v
Text of
Margin Rules for Banks
The Board of Governors of the
Federal Reserve System
on March 25 issued
Regulation U, pertaining to loans by
banks for the
purpose of carrying stocks registered on a
national securities
exchange, and at the same time announced
that Regulation
T, applying to loans by brokers, dealers and
members of national securities
exchanges, has been modified
so as to make
applicable to brokers and dealers the same
margin requirements that have been provided for
loans by
banks on equity securities.
The
will
regulations covering banks
become effective on
May 1, while those pertaining to
brokers will be effective
April 1. The Board explained that
banks were
being placed under regulations similar to those
for brokers and dealers because the
latter group of lenders
would be placed at a
disadvantage if the banks were un¬
restricted in their securities
transactions.
The Board has fixed the maximum
loan value
applying to
registered stocks at 45% of current market
value, and after
May 1 more than 14,000 banks will be required to
bring their
advances for stock purchases on
exchanges under this limit.
In its revision of
Regulation T the Board replaced the
present complex margin formula for
brokers, dealers and
members of stock
exchanges with a requirement of a maxi¬
mum loan value of
45% of current market value, the same
percentage as that applicable to banks.
The following is
the statement issued
by the Board of Governors in
making
public Regulation U:
Pursuant to the provisions of Section
7 of the Securities
the Board of Governors of the Federal
of 1934,
Exchange Act
Reserve System to-day
•;>
A:v";
issued Regulation U
relating to loans made by banks
1936, for the purpose of
purchasing
or
national securities exchange.
The regulation is not retroactive.
to
extend credit,
agricultural
purchasing
or
or
whether
industrial
on
It does not restrict the
right of
securities
purpose,
or
or
for
carrying of stocks registered
The regulation does not prevent
a
on or after
May 1
carrying stocks registered on a
otherwise, for
a
bank
any commercial,
other purpose except the
national securities
exchange.
any
on a
bank from
taking for
any loan coUateral
in addition to that
required by the regulation, nor does it
require a bank to
reduce any loan, to obtain additional
collateral
for any
outstanding loan, or
outstanding loan because of insufficient collateral.
time, Regulation T, which applies to
loans by brokers,
dealers and members of national
securities exchanges, has been
modified
so as to make
applicable to brokers and dealers the
same margin
require¬
ments that have been determined
for loans by banks on
equity securities.
to call any
At
the
same
The maximum loan
at
value applying to
registered stocks
45% of current market value which is the
under
Regulation T,
to
the present time.
has been fixed
percentage now applicable,
three-fourths of the
trading on the exchanges at
The text of Regulation U and of
the revision to Regulation
T is given further below.
A
Washington dispatch of March
25 to the New York "Herald
Tribune" commented on the
changes
as
follows:
Boom Not Considered
With
basis, it
the bulk
was
of trading of securities
was a
on exchanges now on
"margin" rules for banks was
runaway market, based on credit, but rather
said that issuance of
sioned by a fear of
a
a
"cash"
not occa¬
the
move
recognition that in the long run, not only
brokers, but banks, should
lending for stock trading under curtailment. The bank
regula¬
tions and revision of the
brokerage rules have been under consideration
by the Federal Reserve Board for nine months.
They represent the first
major action by the new personnel.
have their
The two
Loans by Banks
record of stocks so
(Not
a
part of the
regulation)
•.
.
the provisions of Section 7 of the
Exchange Act of 1934 and relates only to loans made on or after
*
Securities
It is not retroactive.
May 1 1936.
whether
on
industrial
securities
otherwise,
or
or
purpose,
for
bank to extend credit,
for any commercial,
transactions in connection with the
securities exchange.
The regulation does not prevent a bank from taking for any loan collateral
in addition to that required by the regulation, nor does it require a bank
to reduce any loan, to obtain additional collateral for any outstanding
loan, or to call any outstanding loan because of insufficient collateral.
Any inquiry relating to this regulation should be addressed to the Federal
carrying of stocks registered on a national
Reserve bank of the district in which the
any
For the purpose
this
stock for the purpose of purchasing or
faith for any collateral other
been made, a bank shall not at any time permit
substitutions of collateral that would cause the maximum loan
In
such maximum loan value has
case
is
No mistake made in good faith in connection with the making or
be a violation of this regulation.
Nothing in this regulation shall be construed as
(i)
taking such action as it shall deem necessary in
from
Every bank shall make such reports as the
(j)
the Federal Reserve System may
Terms used in this regulation have the
(k)
Board of Governors of
require to enable it to perform the functions
the Securities Exchange Act of 1934.
conferred upon it by
meanings assigned to them
Act of 1934 as
that the term "bank"
of Section 3(a) of the Securities Exchange
in such portions
printed in the appendix to this regulation, except
are
member of
does not include a bank which is a
and
national securities exchange.
a
commonly known as a stock,
voting trust certificate or other instrument representing such a security,
any warrant or right to subscribe to or purchase such a security.
The term "stock" includes any security
(1)
TO
SUPPLEMENT
REGULATION U
of Governors of the Federal Reserve System
Effective May 1, 1936
Issued by the Board
become less than the amount of the
loan value at least equal
stock, whether or not registered on a
of its current market value, as determined
45%
Loans to Brokers and
,
a
bank may make and thereafter maintain
without regard to the limitations
of the following descriptions:
(a) Any loan to a bank or to a foreign banking institution;
(b) Any loan to any person whose total indebtedness to the bank at the
date of and including such loan does not exceed $1,000;
(c) Any loan to a dealer, or to two or more dealers, to aid in the financing
of the distribution of securities to customers not through the medium of a
loan for the purpose specified above,
prescribed above, if the loan comes within any
national securities exchange;
(d) Any loan to a broker or dealer that is made in exceptional circum¬
good faith to meet his emergency needs;
(e) Any loan for the purpose of purchasing a stock from or through a
person who is not a member of a national securities exchange and is not
a broker or dealer who transacts a business in securities through the medium
stances in
such member, or for the purpose of carrying a stock so purchased;
(f) Any temporary advance to finance the purchase or sale of securities
for prompt delivery which is to be repaid in the ordinary course of business
upon completion of the transaction;
(g) Any loan against securities in transit, or surrendered for transfer,
which is payable in the ordinary course of business upon arrival of the
securities or upon completion of the transfer;
(h) Any loan which is to be repaid on the calendar day on which it
is made;
(i) Any loan made outside the 48 States of the United States and tne
of any
by any reason¬
Dealers.—Notwithstanding the foregoing, a stock,
if registered on a national
able method,
securities exchange, shall have a special maximum
determined by any reason¬
from whom the
good faith a signed statement to the effect (1) that he is
provisions of Regulation T (or that he does not extend or
loan value of 60% of
its current market value, as
in the
case
of a loan to a broker or dealer
bank accepts in
subject to the
maintain credit to or for customers except
in accordance therewith as if he
(2) that the securities hypothecated to secure
securities carried for the account of his customers other than
subject thereto), and
were
the loan
are
his partners.
SUPPLEMENT
TO REGULATION T
1936
Effective April 1
Maximum
of Registered
Values
Loan
Securities (Other than Exempted ;
Securities) for Purposes of
of 1934 and Section 3 of its
nors
Regulation T, as amended, the Board of Gover¬
of the Federal Reserve System
loan values of
purposes
Miscellaneous Provisions
Regulation T
of Section 7 of the Securities Exchange Act
Pursuant to the provisions
hereby prescribes the following maximum
registered securities (other than exempted securities)
for the
of Regulation T:
(1) General Rule.—Except as provided in
supplement, the maximum loan value of a
District of Columbia.
Section 3.
value
national securities exchange,
able method.
Exceptions to General Rule
Notwithstanding the foregoing
1 of Regulation U, the maximum loan
For the purpose of Section
of any
shall be
of the increase.
Section 2.
any
preventing a bank
good faith for its
protection.
own
the amount of the loan may be increased if there
provided additional collateral having maximum
to the amount
bank from
enable a borrower
participate in a reorganization.
to
permit withdrawals or substitutions that would
bank shall not
a
Nothing in this regulation shall be construed to prevent a
(g)
permitting withdrawals or substitutions of securities to
time to be less than the amount of the loan.
value of the collateral at such
loan,
particu¬
lar loan.
any
regulation.
increase the deficiency; but
making or maintenance of the
such securities as collateral in the
of this regulation, the entire
After any such loan has
withdrawals or
collateralled by securities which are
only in the capacity of custodian, depositary or trustee,
the bank in good faith has not relied upon
under similar circumstances, if
(h)
than stocks.
indebtedness of any borrower
to any bank incurred on or after May 1 1936 for the purpose of purchasing
or carrying stocks registered on
a national securities exchange shall be
considered a single loan; and all the collateral securing such indebtedness
shall be considered in determining whether or not the loan complies with
the bank in good
A loan need not be treated as
(f)
held by the bank
or
May 1 1936 no bank shall make any loan
indirectly by
following the
maintenance of a loan shall be deemed to
secured directly
carrying any
stock registered on a national securities exchange in an amount exceeding
the maximum loan value of the collateral, as prescribed from time to
time for stocks in the supplement to this regulation and as determined by
On and after
or
of a loan from another lender, or
between borrowers, without
the making of a loan, provided the
collateral for the loan is not changed.
loan is not increased and the
inquiry arises.
General Rule
Section 1.
loan.
A bank may accept the transfer
(.e)
permit the transfer of a loan
agricultural, or
other purpose except the purchasing or
any
service charges on the loan or of taxes on
requirements of this regulation as to
regulation does not restrict the right of a
The
of maturity of a loan need not be treated
loan is not increased except
loan if the amount of the
the making of a
by the addition of interest or
This regulation is issued pursuant to
specified in a publication
of the Federal Reserve System.
The renewal or extension
(d)
as
Explanatory Foreword
not a security is a "stock registered on a
bank may rely upon any reasonably current
a
registered that is published or
of the Board of Governors
Carrying Stocks
National Securities Exchange
for the Purpose of Purchasing or
Registered on a
exchange,"
national securities
REGULATION U
1936
28
In determining whether or
(c)
regulations, U and T (as changed) follow:
new
March
Chronicle
Financial
2060
paragraphs (2) and (3) of this
registered security (other than
exempted security) shall be 45% of the current market value of the
security.
*|
an
(a)
for the purpose specified
specified in Section 2, a bank may
In determining whether or not a loan is
in Section 1 or for any of the purposes
rely upon a statement with respect
thereto, accepted by the bank in good
th'e
borrower.
be treated as a loan for
exchange
unless the purpose of the loan is to enable the borrower to reduce or retire
indebtedness which was originally incurred to purchase such a stock, or,
faith, signed by an officer of the
(b)
bank or by
No loan, however it may be secured, need
the purpose of
if he be
a
"carrying"
broker
or
a
stock registered on a national securities
dealer, to carry such stocks for customers.
Govenors of Federal Reserve System
ber Banks From Such
ation When
(2) Extension of Credit to Other Members, Brokers, and Dealers.—The
loan value of a registered security (other than an exempted
security) in a special account with another member, broker, or dealer,
which special account complies with subsection (b) of Section 3 of Regula¬
tion T, as amended, shall be 60% of the current market value of the security.
(3) Extension of Credit to Distributors, Syndicates, &c.—The maximum
loan value of a registered security (other than an exempted security) in a
special account with a distributor, syndicate, &c., which special account
complies with subsection (c) of Section 3 of Regulation T, as amended,
shall be 80% of the current market value of the security.
maximum
Issue Open Market Regulations—Exempt Mem¬
Operations—Committee to Consider General Credit Situ¬
Making Transactions
The Board of Governors of the Federal
Reserve System
March 25 issued regulations exempting Federal Reserve
member banks from open market operations. These regula¬
on
tions, promulgated under Section 12A of the Federal Reserve
Act, were approved by the new Open Market Committee at
its recent organization meeting.
The rules will govern the
Committee's control over the buying and selling of Govern¬
obligations by the Federal Reserve banks.
Section 2
regulations defines such terms as "Government securi¬
ties," "obligations," and "system open market account."
Government principles are described in Section 3, which
states that "the time, character and volume of all purchases
and sales in the open market by Federal Reserve banks shall
be governed with a view to accommodating commerce and
business and with regard to their bearing upon the general
credit situation of the country."
tions other than the purchase or sale of Government
ties.
The text of the regulations follows:
Section 1
In
presciibing rules for the conauct of open market opera¬
tions, the Board said:
Each Federal Reserve
Bank shall
engage
in open market operations under
Section 14 of the Federal Reserve Act only
in accordance with this regulation
from time to time, and no Federa.
decline to engage in open market operations as
directed
by the committee.
Transactions for the system open
Bank shall
market account shall be executed by a
Each Federal Reserve
make available to the Federal Reserve Bank selected by the
Federal Reserve Bank
selected by the committee.
committee such funds as may
regulations also define the procedure to be followed by
engaging in open market opera¬
Federal Reserve Banks in
following regulations relating to the open market
The
Federal
Open
Committee expressly reserves the right to
Market
alter, amend, or repeal this regulation in
Section
(A)
transactions of the
Reserve banks.
Federal
whole or in part at any time.
2—Definitions
Securities—The term "Government Securities" shall
certificates of indebtedness, treasury bills, and other
Government
include bonds, notes,
obligations
as
to
of the
United
States,
including obligations fully guaranteed
principal and interest by the United States.
(B)
Obligations—The
"obligations"
term
acceptances, bills of exchange, cable transfers,
bentures,
Federal
and
other
Reserve
obligations,
banks
are
shall
include
all
bankers'
bonds, notes, warrants .de¬
including government securities, which
authorized
by law
to
purchase in the
open
market
account" applies to government securities and other obligations heretofore
or hereafter purchased in accordance with open market policies adopted by
(C)
the
System
committee
(D)
Open
and
Market
held
for
Account—The term "system open
the account
of the Federal
Reserve banks.
Committee—The term "committee" shall mean the Federal
Open
Market Committee.
(E)
Executive Committee—The term "executive
the Executive Committee of the
committee" shall mean
Federal Open Market Committee.
be necessary to conduct and effectuate such
transactions.
The
the Federal Open Market Committee prescribes
Reserve Act, as amended,
the
market.
and the directions issued by the committee
Reserve Bank shall
conferred upon it by Section 12A of the Federal
Pursuant to the authority
ment
of the
securi¬
Section 3—Government
Principles
By the terms of Section 12-A of the Federal Reserve
the time, character and volume
Act, as amended,
of all purchases and sales in the open mar-
Financial
Volume 142
Chronicle
2061
Transactions for the system open market account shall
ket by Federal Reserve banks shall be governed with a view to accommo¬
Federal Reserve ba' k selected by the Committee.
dating commerce and business and with regard to their bearing upon the
a
general credit situation of the country.
bank
shall
make available
Committee such funds
Section 4—Federal Open
Market Committee
other
and
having
transmit to the several
bearing
a
Federal
and
thereon,
consider,
Reserve banks regulations and directions
Sectionl4
Federal
with
Open Market
Account—The Committee
determine the principles which shall govern the
allocation among the several Federal Reserve banks of government securities
and other obligations held in the system open market account, with a view
an
calendar year, shall select from its own members an executive com¬
five members.
mittee consisting of
of any
rections
the system
To allocate the government securities and other obligations held in the system
2
market account among the several Federal Reserve banks in accordance with
principles determined by the Federal Open Market Committee;
informed of all
transactions executed under the direction of the Federal Open Market Committee,
open
the
3 To keep the members of the Federal Open Market Committee
and of all allocations and re-allocations of government securities and other obligations
held in the system open market accounts, and
4 To perform such other functions and duties
with open market
in connection
operations as may be assigned to it from time to time by the Federal Open Market
Committee.
to
or
hereafter purchased
or
by an in¬
require that such securities be trans¬
market account in accordance with such di¬
open
the Committee may
as
make.
Section 8—Other Open Market Operations
Subject to
each
directions
Federal Reserve
of the
bank
Committee
may
engage
and
the
following conditions,
in open-market operations other
than the purchase or sale of government securities:
All such transactions shall be reported daily to the secretary of the Committee
the day they take place.
on
the open-market policies adopted by the Federal Open Market Committee:
securities
by the Committee and in effect at
held
government securities now
ferred into
2
To direct the execution ot transactions in the open market in accordance with
1
the
right, in its discretion, to require the sale
dividual Federal Reserve bank
1
Functions—It shall be the duty of the executive committee:
(B)
shall purchase or sell government
the
reserves
_
Organization—The Committee at its first meeting after March 1 in
(A)
bank
market policy adopted
open
Section 5—Executive Committee
each
Reserve
Comittee
meeting the changing needs of the Federal Reserve banks.
to
selected by
be necessary to conduct and effectuate such
may
the time.
The
System
time to time shall
bank
except pursuant to authority granted by the Committee or in accordance
Reserve Act.
Participation in
(B)
from
No
and
adopt
with respect to the open market operations of such banks under
of the Federal
be executed by
Each Federal Reserve
Reserve
Section 7—Purchases and Sales of Government Securities
situation of the country
the general credit and
agriculture,
matters
Federal
transactions.
(A) Functions—The Committee shall consider the needs of commerce, in¬
dustry and
as
the
to
Only acceptances and bills of exchange which are of the kinds made eligible for
purchase under the provisions of Regulation B of the Board of Governors of the
Federal Reserve System may be purchased and the rates of discount shall be establish¬
ed in accordance with the provisions of Section 14-D of the Federal Reserve
Act:
provided, further,
chased in
of
the
foreign
that no obligations payable in foreign currency shall be pur¬
purchased except in accordance with directions
currency shall be
Committee.
'
3 Only bills, notes, revenue bonds and warrants of
States, counties, districts,
political subdivisions or municipalities which are of the kinds made eligible for pur¬
chase under the provisions of Regulation E of the Board of Governors of the Federal
Reserve System may be purchased.
4 No Federal Reserve bank shall engage in the
purchase or sale of cable transfers
own account
except in accordance with the directions of the Committee:
provided that Federal Reserve banks may purchase and sell cable transfers through
the Habana agency in accordance with the resolutions or
regulations of the Board of
for its
Section
Federal
Each
Section
under
6—Conduct of Open Market Operations
Reserve
14
of
this regulation and
the
bank
shall
engage
Reserve
Federal
in
Act
market
open
only
operations
accordance
in
time, and no Federal Reserve bank shall decline to engage in open market
operations
as
Governors of the Federal Reserve System governing the operations of such
agency.
with
Elsewhere in this issue
the directions issued by the Committee from time to
lations
issued
this
refei
we
week
by
to the
Board
Maigin
new
of
Governors
regu¬
of
the
Federal Reserve System.
directed by the Committee.
Annual Report of Comptroller of Currency J.
F. T. O'Connor—Sees Material ImprovBanking Situation—FDIC Held As Stabilizing Influence—Would Give
Permanency to Its Loaning Powers Incident to Mergers to Avert Loss to Corporation—Added Powers Sought by Comptroller—Would Amend Laws Restricting National Bank Dividends to Semi-Annual Periods—Seeks New Powers
Respecting Approval of Conversions of State Banks Irrespective of Capital of
in
ment
Latter
"Grant of the general power to the Comptroller of the
Currency to make such rules and regulations as are necessary
enable him
to
services
or
specified in the banking laws" is
one
of the
sug¬
as to new legislation made by Comptroller of the
Currency J. F. T. O'Connor, in his annual report for the
ended Oct. 31
six
1935, made public March 23.
legislative recommendations
In
atf
contained in the report
are
follows:
as
believed to
be
highly desirable that the provisions of the above
be made permanent and it is,
amendment be made eliminating the
effectively to perform the duties, functions,
gestions
year
It is
sub-section
5.
There
are
number of trust
a
therefore, recommended that
following words:
an
"Until July 11936."
companies in the District of Columbia
organized under special Act of Congress whose corporate existence appears
to have
will
been limited to
expire
their
early
as
1940.
as
existence
corporate
period of 50 years.
a
subsequently to provide
to
as
This period in
Originally, national banks
period
a
of 20
some cases
limited in
were
This
years.
was
amended
follows:
"To have succession from the date of the approval of this
Act, or from
the date of its organization if organized after such date of
approval until
such time
Suggestions for Legislation
In
the
Comptroller's report to Congress dated Jan. 3 1935,
recommendations
saw
fit to
enact
legislation
general
corrective and
as
made
were
into
is
law
now
with
through
to
respect
numerous
legislation which Congress
the Banking Act of 1935.
recommended,
there
are
as it be dissolved by the act of its shareholders
owning two-thirds
of its stock, or until its franchise becomes forfeited
by reason of violation
or until terminated by either a general or a
special Act of
of law
While
nevertheless
In
It
many
States,
State
to the
banks
are
permitted to issue preferred
not
considered in determining the amount of capital of the State bank in the
a
most cases
While
conversion.
in
Reconstruction Finance Corporation capital
These capital notes or debentures do not constitute
capital within the meaning of the national banking laws and cannot be
of
preferred stock could readily
be issued in
notes or debentures.
a
It is
suggested, therefore, that Section 5154 of the
Revised Statutes should be amended
authorized
to
approve
so
that the Comptroller of the Cur¬
conversions
which it is converted is adjusted to
soon
2.
of
a
as
irrespective
of amount
of
meet
present statutory requirement
the conversion shall have been approved.
inquiries to be made indicating
siderable confusion in the minds of bankers
such
as
to the
This and other technical difficulties make
Grant of the general power to the
perform the duties, functions,
Comptroller of the Currency to
or services
general regulatory powrer has
as
Federal
vested
in
the
Federal
Reserve
Such powers are also vested by law
Deposit Insurance Corporation
and in the Secretary of the
4.
been
specified in the banking laws.
respects their activities under the Federal Reserve Act by Section
(1) of the Federal Reserve Act.
in the
manner.
building and loan associations.
that
the
District
assessed
for
so
the
of Columbia
Credit
Unions
Act,
that credit unions organized under
actual
cost
of
making
examinations
Besides
the
as
proposal
(made
to
that
a
avert
respects their functions
Treasury.
Sub-section (n) (4) of Section 101 of the Banking Act of 1935 provides:
"Until July 1 1936, whenever in the judgment of the Board of Directors
such action will reduce the risk or avert a threatened loss to the [FDIC]
the
to
fourth
the
sug¬
Federal
Deposit Insurance Corporation, permanency be given to the
to facilitate
a
insured bank
an
consolidation, the report elsewhere describes
the
as "one of the greatest
stabilizing influences in
banking structure"; its comments on this point follow:
Federal Deposit Insurance Corporation
In the five national
banks which
closed during 1934 and 1935, deposits
insured
by the FDIC amounted to $3,250,556, or 59.98%.
The sta¬
bilizing influence of the FDIC and its contribution to the general welfare
of
banking
52,000,000
the
in
nation
depositors
approximately 98.5%
$5,000 protection.
33
insured
total
and
of them
be
in
are
over-emphasized.
14,218
banks,
and
the
is
Since the inauguration of Federal deposit insurance,
banks
have
estimated
failed, five of which
insured
promptly
estimated
Approximately
the deposits of
fully insured under the maximum of
national
were
deposit liability of the 33 banks at date of closing
poration
It
cannot
insured
are
deposits amounted
met its responsibility in
that
the
Corporation will
to
was
banks.
The
$10,865,183,
$7,013,667.
The Cor¬
the payment of depositors.
$4,430,247 from
recover
the
assets of these closed banks, or
The
63.16% of the total insured deposits.
capital structure of the Corporation is composed of a contribution
deposit liability of all banks which
assets of the bank to secure such loans."
fund.
in
loss
latter's powers to make loans on assets of
Corporation and will facilitate a merger or consolidation of an insured bank
insured bank, or will facilitate the sale of the assets of an
closed insured bank to and assumption of its liabilities by another
insured bank, the Corporation may, upon such terms and conditions as
it may determine, make loans secured in whole or in part by assets of an
open or closed insured bank, which loans may be in subordination to the
rights of depositors and other creditors, or the Corporation may purchase
any such assets or may guarantee any other insured bank against loss by
reason of its assuming the liabilities and purchasing the assets of an open
or
closed insured bank.
Any insured national bank or District bank,
or, with the approval of the Comptroller of the Currency, any receiver
thereof is authorized to contract for such sales or loans and to pledge any
with another
open or
above
threatened
meaning of some of the
make such rules and regulations as are necessary to enable him effectively
11
be
may
gestion)
con¬
it advisable to have Sections 5199 and 5204 of the Revised Statutes clarified.
Such
Act
similar
Columbia.
The question of the soundness of the provisions
raised to considerable extent.
Board
it relates to
as
recommended
a
general revision of the District of Columbia Code,
specified in Section 299 of Title 5 of the Code of Law for the District of
of the statute that dividends may be declared only semi-annually has been
to
far
is
a
the FDIC
The matter of the payment of dividends on shares of common stock
national bank has caused many
language of the statute.
3.
that the District of Columbia Code, with respect to
approved June 23 1932, be amended
position to permit the conversion, because part of
capital of the State bank, provided the capital of the national bank into
as
appear
companies, should be amended in
There should be
so
It
the necessary capital under the national banking laws is composed of capital
be
Congress,
receiver and finally wound
a
by such banks when converted into the national banking system,
this office is not in
rency
would
trust
6.
notes or debentures.
placed in the hands of
(Par. 2d of R. S. 5136.)
no
certain
clarifying amendments which should be enacted into law
stock and have issued
case
by him."
up
follows:
1.
until its affairs be
or
from
the
Federal
from the Federal
government
Reserve
ments from insured
of $150,000,000.
banks will
amount
to
The law requires the funds of the
in
States government securities.
calendar year 1935 amounted to
were
nearly
$140,000,000
assess¬
between $33,000,000 and $35,-
000,000.
United
and
banks; and it is estimated that annual
Corporation to be invested
Income from this source for the
$8,159,000, while administrative expenses
$2,587,000.
The present rate of assessment
In
my
opinion,
is
l-12th
of 1%
are members
annually on the total
of the permanent insurance
this assessment is sufficient.
A
careful table of
Financial
2062
statistics
presented to the Senate Committee
was
justify this assessment rate.
rency to
on
effective
Banking and Cur¬
The table covered
During that period
its
The
countries: Argentina,
Dominican Republic,
England, India, Japan, Manchuria, Mexico, Panama, Peru, Philippine
Islands, Puerto Rico, Straits Settlements, Uruguay, and Venezuela.
In
addition to these, the Comptroller's force examines four national banks
Belgium,
Corporation is financially sound,
and with
careful management
the depositors of this nation and will continue to
serve
be one of the greatest stabilizing influences in the banking structure.
"There has been
Brazil,
Chile,
China,
Colombia, Cuba,
in Alaska, one in Hawaii, and one in the Virgin Islands.
material improvement in the banking
a
l
Office are engaged in the examina¬
At the
present time there are 88 such branches in the following
depositors for insured deposits without exhausting
borrowing power.
will continue to
and will enable us to retain valuable
might otherwise be attracted to positions
tion of branches of American banks wherever they are established.
1%, plus the borrowing power, would have enabled the Corporation to
meet all of the demands of
confident that the operation of the plan
am
Examiners from the Comptroller's
assessment of 1-12th of
an
situation of the country as reflected in the periodic reports of
condition received in response to calls made on national
bank failures in the year
banks," says the Comptroller in his report.
"Although the earnings figures for all active banks in the
country are not available," the report states, "it is of
of national banks.
In pait
for insolvent national banks during the year.
of conservators, and 10 for the purpose
banks, and
of
$1,790,961,000,
29.48%; and the total assets of $27,430,730,000 represented
of
$2,619,340,000,
10.56%.
or
The book value of capital stock
1935 amounted to $1,776,591,000, which
0.23%, during the
or
353,353,000,
an
on
$3,211,844,000,
or
Nov.
1935
1
were
payable and rediscounts amounted
43.01%.
In
to
$5,007,000,
: V>r\: ./;<v
the two years and four
and
to Nov. 1
17
'j?!.
'■ ' :
were
increased
other
The
0.93%; and total deposits, 43.28%.
The total deposits of $24,033,236,000
1
1935
were
within $314,144,000, or 1.29%, of the total deposits reported at the peak
1928, when there were
Dec. 31
7,635 banks with deposits of $24,347,380,000.
A marked improvement in the entire banking situation in the country
is recognized also by a
comparison of the returns for all banks. State and
national, covering the two
1933 to June 30
from June 30
years
Loans and investments of $44,636,415,000 reported for
the latter date exceeded by
$4,317,934,000,
1935.
16,053 banks
on
10.71%, the amount re¬
or
ported for 14,624 licensed banks doing business on an unrestricted basis
previous.
years
increased
$9,091,149,000.
$255,456,000,
the
banks, and reserve with
balances due from
Cash,
agents increased $4,632,763,000, or 59.66%; and the total assets
reserve
or
17.72%.' Notwithstanding
or
$3,605,443,000 and exceeded by $705,902,000,
two
previously.
years
$51,586,123,000, which
the
over
was
held
amount
decreased about
reduction of
a
5.69%, in the aggregate of surplus, profits, and reserves,
capital stock, including capital notes and debentures,
was
reported
in
an
Total
deposits
or
in
June 30 1935
on
24.35%, the amount
June
of
1935 were
increase of $10,052,653,000, or 24.20%,
June of
1933.
Bills payable and rediscounts
88%.
Comparing the figures for all banks in the country
on
June 30 1935
of 4.48%; cash, balances due from banks, and reserve with reserve agents,
The decrease in surplus, profits, and
21.36%; and total assets, 7.54%.
of 1.48%
aggregate
Total
the
deposits
showed
a
slightly in
was
of capital
amount
stock,
June 30
on
of the increase of 1.31% in the
excess
capital notes,
1935
were
decrease of $126,710,000, or
and
outstanding.
debentures
$4,961,082,000,
or
10.64%,
over
Bills payable and rediscounts
reported the year previous.
67.38%.
Although the earnings figures for all active banks in the country are not
1935 national banks, after providing for losses and expenses, added to their
accounts
$76,265,000.
This
was
first
the
six-month
period since June 30 1931 that, the aggregate showed additions were made
the
to
had
profit account.
In the year
deficit of $139,780,000,
a
ended June 30 1933
June
ended
30
a
with
of
ended June 30 1932 national banks
8.91%, based
or
on
capital; for the year
deficit of $218,384,000, or 14.39%: and for the year
1934
a
deficit
of
$303,546,000,
or
However,
17.46%.
in the year ended June 30 1935 there was a profit of $71,372,000, or
examiners,
3.93%.
pension plan provided for national bank
quote the following from the report:
a
we
>
During the
the
Comptroller's
last report,
reference
made to
was
a
partially
retirement pensions for national bank examiners.
there
such
was
a
doubt
some
was
as
to
the
plan without specific legislative sanction.
submitted to
Congress which
Subsequently it appeared
Comptroller's authority, to inaugurate
saw
Accordingly, the matter
a
as
compared
as
reported by receivers were equivalent
The
following further reference to bank failures
in the report:
Bank Failures
In
the
the
12
national, with
The
1921 through
from
years
pointed out that during
was
banks,
State
deposits of $407,093,833, closed each
average
following record
1932,
v■1-v"
•;
Comptroller's report for 1934, it
and
appeal s
:
year.
of national
failures from 1912 up to and
an
bank
of 901
average
suspensions
constituting actual
including 1935 will be of interest:
Actual
Actual
Years
Failures for
Which
Reported
Deposits
Years
Which
Deposits
Ended
Receivers
for Actual
Ended
Receivers
Were
Failures
Oct. 31-
jot Actual
Failures
Oct. 31—
Appointed
.
Failures
Were
\
Reported
for
,
Appointed
•
1912
8
1913-
5
21
13
7
2
1
6
1921...-.
38
1922----.
32
1923
51
127
1924--...
this
between
1925—
$3,665,576
5,995,997
7,516,182
8,203,765
1,997,020
4.327,166
1,543,397
283,684
3,154,793
13,084,637
8,982,862
17,358,274
1926—
the number
2,430
$39,836,690
30,616,232
46,113,688
19,798,224
46.448,301
49,707.145
91
—
111
52
71
1930——
48.816.366
period
95
88
357
438
1
4
Total...
receivers
361,976,551
250,494,710
781,769.809
41,950
5,398.802
322
1,953
$1,757,131,821
appointed.
were
The
difference
of suspensions representing actual failures and
the
number of receivers appointed is accounted for by the fact that in some
it has been necessary to appoint receivers for the purpose of
completing unfinished liquidation of banks formerly in voluntary liquida¬
or enforcing stock assessments against shareholders of
banks, the
instances
tion
collection of which
such institutions.
was
instances
numerous
necessary
because of unsatisfied indebtedness of
Included in such group of non-actual failures are also
of appointment
of receivers
conservatorship where partial reorganizations
for
were
banks
formerly in
effected prior to such
receivers' appointments.
failures,
with
unlicensed
as
1932 to March 4 1933 there
deposits
of
$101,676,600.
Of
these
334
101 national bank
1,417
national
banks
of March 16 1933, at the close of the banking holiday,
deposits at suspension of $679,392,353
and
were
the
placed in receivership
receiverships, there
were
as
were
actual failures.
but
three
334
subsequently declared
additional
In
addition
national
to
bank
failures, with deposits at suspension of $700,856, from March 16 to Oct. 31
1933.
of
of
One national bank closed during the report year 1934 with deposits
$41,950, and four closed during the report year 1935 with total deposits
$5,398,802.
fit to provide, in Section 343 of the
retirement-annuity system
As most of the
now
$4,305,020
ended Sept. 30 1935 total costs incurred in the liqui¬
year
Receiverships Closed
Banking Act of 1935, authority for the Comptroller of the Currency to
establish
year was
capitalization of the 394 banks for which receivers were
to 7.67% of total collections from all sources, including offsets allowed.
Insolvent
perfected plan under consideration by the Comptroller's Office to provide
prior
an average
appointed during the previous year of $56,525,000.
with
Pension Plan for National Bank Examiners
In
The nine banks with deposits
estimated amount of $5,141,361, or
an
appointed during the past
total
From November
Regarding
;
The total capitalization of the 25 banks for which
19.42%.
were
the
During
available, it is of interest to note that in the six months ended June 30
undivided-profit
return
receivers
appointments
12
with those for June 30 1934, the loans and investments showed an increase
reserves
to receivers'
dation of insolvent national banks
reported on Nov.
of the national banking system namely
two with capital of $150,000 and deposits of $2,499,455
regular receiverships without prior reorganizations or payments to
lowing reorganization under conservators.
banks, including reserve with Federal Reserve
stock during that period increased 17.22%; surplus,
the
■,
depositors, while nine with capital of $2,750,020 were appointments fol¬
4,902 licensed national
90.97%; and the total assets increased 31.50%.
y"
of $26,471,838 for which receivers were appointed following reorganizations
;-v:
book value of capital
reserves,
through
stabilization
and
under conservators, paid depositors through reorganizations effected
profits, and
two
were
decrease of $3,779,000,
a
banks
national
it is found that of the 11 appointments for banks formerly in charge
of conservators,
Bills
1934.
of unlicensed
further analysis of the 25 receivers' appointments for the current
a
year,
1935 the loans and investments increased 19.32%; Cash
balances with
banks,
In
months from June 30 1933, the first call
following the banking holiday, when there
banks,'
Oct.
the completion of the program for reor¬
resulting from
FDIC of active banks.
Total deposits of the
on
situation
ganization
or
$24,033,236,000 and exceeded by
15.43%, the aggregate held
of banks previously placed in receivership,
clearly indicate the improvement and correction in the insolvent national
bank
and surplus, profits, and reserves were $1,-
year;
1935, when compared with data for the pre¬
year
and 28 restorations to solvency
Nov. 1
on
the
ceding year of 394 appointments of receivers for insolvent national banks,
increase of $4,078,000,
an
increase of $69,576,000, or 5.42%.
national banks
or
was
192546087 19327854These figures for
increase
an
banks placed in re¬
left but six insolvent banks for regular liquidation
restored to solvency for which receivers were appointed in previous years.
with Federal Reserve
reserve
increase
an
year
During the year ended Oct. 31 1935 11 receiverships were
by receivers.
increase during the year of $927,922,000, or 5.29%; the total of cash
$7,866,050,000,
Elimination of the 10
occurred
banks in which reorganizations
while in Charge of conservators from the total of 25
ceivership during the
national banks, on Nov. 1 1935, aggregated $18,484,935,000, representing
to
enforcing stock assessments
of such institutions.
indebtedness
stock assessment banks and nine
it is significant to note that the loans and investments of the 5,409 active
amounted
charge
of completing unfinished liquidation
against shareholders of banks, the collection of which was necessary because
of unsatisfied
included in the Comptroller's last annual report,
vault, balances with other
Of such total appointments,
of banks formerly in voluntary liquidation or
Comparing figures for the Nov. 1 1935 call with those for the Oct. 17
banks,
In addition to such four failures, receivers were ap¬
in addition to the four actual failures, 11 were for banks formerly in
Present Banking Situation
an
to national
i
pointed for 21 other banks, making a total of 25 appointments of receivers
undivided-profit accounts $76,265,000.
This
was the first six-month period since June 30 1931 that the
aggregate showed additions were made to the profit account."
The Comptrollei adds that "in the year ended June 30 1935
there was a profit of $71,372,000, or 3.93%.
Regarding
the showing of the banks under the various calls, the
Comptroller says: '
in
say as
■■■'*'
National Bank Failures
.
added to their
were
the report has the following to
under review.
.During the year ended Oct. 31 1935 there were but four actual failures
interest to note that in the six months ended June 30 1935,
national banks, after providing for losses and expenses,
1934 call, which
1936
out of the service.
from the standpoint of the number of bank failures, in the banking
years,
history of the country.
I
and experienced employees who
prior to the banking holiday in March 1933, and included the worst
years
March 1 1936.
on
wiU add to the efficiency of the office
period of 12
a
March 28
Chronicle
employees in the office
for
are
the
employees of his office.
under civil service, this will
be applied only to the national bank examining force.
The expense
of the system will require no apprppriations from Congress, and will be
paid for by monthly salary deductions from the employees plus the appli¬
During the
and
the
year
ended Oct. 31 1935 163 receiverships were terminated
affairs
to solvency.
thereof closed. Including 11 banks which were restored
This figure exceeds by 41 the largest total of receiverships
terminated in any one year in the previous
the 24-year period from Nov. 1
history of this Bureau.
During
1911 to Oct. 31 1935 1,062 national bank
portion of the assessments against banks and their affiliates.
receiverships have been liquidated and finally closed
The development of the system has required very careful planning and has
Further extracts from the report follow:
cation of
involved
a
a
considerable, amount of detail, both from
administrative standpoint.
an
actuarial and
We have been in consultation with
foremost firms of actuaries, the members of which have had
an
of the
great deal
restored to solvency .
National Bank Note Circulation
In view of the fact that Hon. Henry
that
Morgenthau Jr., Secretary of the
Treasury, called for payment all bonds and consols against which national
plans are so far under way that the system is expected to become
bank notes were permitted to circulate, and these notes are being retired
of experience in
our
a
one
or
establishing similar systems, and I
am
happy to
say
Volume 142
Financial
rapidly, it is interesting to glance at the national bank
Chronicle
2063
fin Thousands of
notes which have
Dollarsj
been outstanding each year tot the
past 10 years as follows:
Dec. 31 1926
Dec. 31
1927
Dec. 31
Dec. 31
1929
Dec. 31
$706,442,579
711.623,619
705,627,779
713,641,785
707,760,050
1928
1930—
-
Dec. 31
1931
$715,126,986
Dec. 31
1932
Dec. 31
1933
885,983,538
993,817,253
Dec. 31
1934
Deo. 31
1935
June 30
895,595,643
—
Obligations of—
Panama
and
2%
national bank circulation
bonds
eligible
1935 aggregated
security
as
June 30 of the year previous,
comprising $599,724,050 consols
of 1930,
$48,954,180 Panama Canal 2s of 1916-36, and $25,947,400 Panama
of
indicated
1918-38.
In
Treasury and
bearing interest at
addition
other
rate not
a
there
United
were
outstanding
States
bonds
exceeding 3%%
per
of
the date
on
Territorial
which, under
annum
The expiration of the three-year
privilege provided by the Act of July 22
1932, and the call for redemption of the consols and Panama Canal
2%
July 1 and Aug. 1 1935, respectively, discontinued the privilege
on
June 30 of the current year there
on
Treasurer of the United
bonds
States
as
deposit with the
were on
security for national
comprising
$200,741,250
/.
The circulation
of national
banks
o
by all classes of eligible bonds and lawful
money, amounted to
Of this amount $220,580,430 was seemed
by bonds and
the remainder, $548,515,215, by lawful
money held by the Treasurer to
provide for the redemption of the notes of banks retiring their circulation
V
liquidation.
r*
.
V
;
^
1
:
during the fiscal
figures compiled
of June 29
as
thirty-two national banks
powers, with
a
1935.
that
on
One thousand nine
date
had
represented
the par value of capital, and
by
35.57%
of
86.50% of the
banking assets of
the number,
83.14%
assets of all banks in the
national banking system.
Of the number authorized to exercise trust
powers under the provisions
of Section 11 (k) of the Federal Reserve
Act, 1,578 banks had active trust
departments and
aggregating
corporate
were
trusts
and
issues amounting to
represent
administering 129,711 individual
$9,251,291,947,
and
acting
as
in
trustees
administered;
increase
an
of
were
6.2%, in the number of
$734,740,203,
8.6%, in
or
an
note and bond issues
national banks had been named to act
as
trusts
the
under
bond
corporate
or
$7,637,917,488,
or
volume
trustees.
and (or) fully guaranteed
16,801,
note-Issue
or
11.5%,
indentures.
1935 with
increase during the nine-year period of
in the number of trusts
being administered;
903.04%, in the volume of individual
or
an
that
to the administration of the banks in the national
aggregating $26,479,000
were
reported
462.36%,
or
operations
banking system is
re
as
against $23,616,000,
12.1%,
over
1934, and
an
direct
trustees
555,148; 830 banks
agreements
for
were
acting
as
(The appendix includes also abstracts of reports of
30 1935.)
EARNINGS AND DIVIDENDS OF NATIONAL BANKS FOR THE
YEARS
ENDED
JUNE 30
1934 AND
1,264 bond and note issues aggregating $543,to act
as
individual trustees under 7,161
involving $322,327,057; 773 banks
were
named to act under
2,785 executorships involving $159,144,949; 572 banks were named as
administrator under 1,482 appointments
involving $22,418,725; 561 banks
were named under
3,104 guardianships Involving $8,243,123; 12 banks
were
were
were
named to act
named
to
named to act
assignee in 35 instances involving $781,157; 35 banks
as
act
in
as
186 receiverships involving $3,864,669; 131
committee of estates of lunatics in 457 cases
banks
involving
$4,960,751, while 403 banks
fiduciary
capacities,
were
other
named to act 5,900 times in miscellaneous
than
those
enumerated
above,
involving
$436,123,838.
Seventy-four banks
in 159
cases
were named to act as
registrar of stocks and bonds
involving $125,037,061, while 67 banks
transfer agent in 155 instances
were
named to act
note issues
were
as
involving $38,061,296.
National bank branches, numbering 229 on June 29
1935,
engaged in administering 12,607 trusts, with individual trust
gating $750,620,149. and
acting
as
were
actively
assets aggre¬
trustees for outstanding bond and
amounting to $339,370,414.
Investments of National Banks
The table following discloses a summary of the investments of
national
banks in United States government and other bonds and securities as
of
June 30 1933 and
1934, and June 29 1935, and
by reserve cities and
a detailed classification
States of bonds and securities other than United
States government held
on
June 29 1935
1935
Year Ended
Year Ended
June 30 1934
June 30 1935
(5,422 Batiks)
(5,431 Banks)
$401,989,000
10,081,000
1,326,722,000
$503,914,000
21,208,000
1,288,848,000
par value:
Class A preferred.
Class B preferred.
Common
Total.
$1,738,792,000 $1,813,970,000
854,057,000
831,846,000
SurplusTotal capital and surplus.
$2,592,849,000 $2,645,816,000
3,001,033,000
Gross earnings:
Interest and discount
on
Interest and dividends
3,086,418,000
$388,064,000
$346,995,000
291,901,000
1,551,000
17,936,000
323,491,000
1,409,000
19,438,000
14,111,000
...
loans
on
bonds, stocks, and other
Interest
on balances with other banks
Collection charges, commissions, fees, &c
Foreign department (except Interest on
foreign
loans, investments, and bank balances)
Trust department
Service charges on deposit accounts
Other earnings
63,030,000
8,324,000
26,479,000
22,685,000
54,313,000
$806,526,000
$803,134,000
$202,214,000
1,943,000
10,321,000
166,103,000
4,151,000
43,606,000
128,705,000
$209,217,000
1,875,000
8,009,000
155,632,000
612,000
41,992,000
135,866,000
$557,043,000
*553
$249,483,000
$249,931,000
$26,304,000
93,580,000
15,467,000
$32,341,000
156,645,000
9,246,000
$135,351,000
$198,232,000
$384,834,000
$448,163,000
Total.
Expenses:
Salaries and wages
Interest on deposits of other banks
Interest on other demand deposits
Interest on other time deposits
Interest and discount
on
borrowed money
Taxes
...
trustees
44 banks employed full-time trust solicitors,
were named
guaranteed,
and
earnings and dividends of national banks, grouped by size of banks according
Total.
Net earnings.
Recoveries, profits
on
On
203,000
securities, Ac.:
On loans
bonds, stocks, and other securities.
All other
An analysis of the new business
placed on the books of the national
banks between June 30 1934 and June
29 1935 developed that 245 banks
named
b Included
fully
districts,
to deposits,
geographically, and by Federal Reserve districts, for each of
the six-month periods ended Dec. 31 1934 and June
and 64 banks utilized the services of
part-time trust solicitors.
were
basis,
and (or)
reclamation
capital, surplus, earnings, and expenses, &c., of these associations
in reserve cities and States and Federal Reserve
districts in the year ended
Other expenses...
agreements not yet matured or operative,
supported by insurance policies with a face value
aggregating $681,142,424.
Three hundred and fifty-three of the banks
spent $202,792 during the
for trust advertising,
unrestricted
an
has
have been intrusted
under 1,048 insurance trust agreements
involving $47,346,096 in proceeds
from insurance policies, while 704 national banks had
been named trustee
under 17,689 insurance trust
year
$10,716,386
the
June 30 1935 follow.
which
vealed by the fact that during the fiscal
year ended June 30 1935. gross
1934. representing a gain of $2,863,000, or
operating on
obligations,
drainage, and
$9,348,553
A
is further
of 1926
120,459,
pace with the increased volume of trusts which
earnings
those
government
irrigation,
7,173,007
$7,371,631
securities
trust assets under administration,
increase of $18,224,000, or
220.8%, over 1926.
Two hundred and eighty-two national banks
$3,543,379
comparative statement of the earnings and dividends of national
banks for the years ended June 30 1934 and
1935, and statements showing
7.16%
increase of $8,328,963,270,
department
in
i.e.,
$3,344,901
e6,003,652
separately.
17.4%, belonged
and an increase of $9,141,591,710, or
371.07%, in the volume of note
and bond issues outstanding for which national banks
were acting as trustees.
That the growth in earnings from trust
kept
States
school,
Capital funds *_«.
by comparing the record in
J 116,655j
Earnings and Dividends of National Banks
82.6%, of the total assets under
The continued development of trust activities in national banks
or
banks;
United
65,167
39,012
50,941
'
instru¬
mentalities of one or more States,
d Includes claims and Judgments,
e Includes
Home Owners' Loan Corporation
4% bonds, guaranteed by the United States as
to interest only, the amount of which was not called for
were
Private
in
an
Licensed
Including
95,341
48,796
53,764
4,031,576
Total bonds and securities of all classes
a
35,150
25,925
80,656
Capital,
bonds; 29.28% in stocks; 7.96% in real estate mortgages;
in real estate, and 6.86% consisted of miscellaneous assets.
reflects
149,389
of
An analysis of the $8,341,958,034 of invested trust funds
belonging to
the private and court trusts under administration
revealed that 48.74%
,
32,314
85,226
being
to court trusts.
emphasized
25,744
increase of $120,683,289,
administration, while the remaining $1,613,374,459,
were
110,436
—
Total miscellaneous bonds and securities..
$3,340,055
United States government
obligations, direct
trust agreements; 60,549, or 41.3%, were trusts
being administered under
trust assets comprised
88,674
outstanding under which
the jurisdiction of the courts, and the
remaining
391,081
593,211
636,496
36,628
366,671
90,095
83,603
Other foreign securities
Segregation of the number of fiduciary accounts in national banks re¬
vealed that 69,162, or 47.2%, were those created under
private or living
trusteeships
1
J d653,600
16,801
for
individual trust assets under administration, and
1.05%, in the volume of
trusts with assets
administering
outstanding note and bond
Compared with 1934 these figures
$11,605,145,026.
net increase of 8,577, or
a
addition
529,090
519,584
38,937
533,260
-
and
authority to exercise trust
combined capital of $1,508,132,817 and
$22,543.477,718,, which
year
hundred
f
530,634
-
Obligations of foreign central governments.
Obligations of foreign privincial, State, and
municipal governments
with
National Banks in the Trust Field
13,118
the
Foreign securities:
c
The number of trusts and volume of trust assets
under administration
by national banks reflected continued growth
or
of
:
June 30 this year,
on
1,386,230
16,021
1,162,478
;
Banks and banking corporations
Other domestic corporations.
$14,-
,
outstanding
1,212,397
sub¬
Stock of other domestic corporations:
Real estate corporations
$769,095,645.
of
possessions
23,620
4,423
119,330
83,487
16,839
$184,312|
;;;;;;
-
Other domestic corporations
Stock of Federal Reserve bank.
bank circulation
of consols,
secured
account of associations in
5,431
b
}
-
totaling $233,933,870,
States bonds. ;
on
Insular
Public utilities
Real estate corporations
908,620 of Panama Canal 2s, and $18,284,000
Treasury and other United
and
to interest only
stock) of other domestic corporations:
Railroads.
of circulation to national banks after the latter date.
However,
as
Bonds, notes, and debentures (not including
were also eligible as security for national bank circulation
period of three years from the date of the enactment of the Act.
bonds
and
United States
$10,579,403,240
July 22 1932,
a
a5,422
;
=
States, counties, districts, political
divisions, and municipalities _c
the provisions of Section 29 of the Federal Home Loan Bank
Act, approved
for
*
Federal Intermediate Credit banks
Joint Stock Land banks
$674,625,630, the
on
2s
■
by U. S. government
Federal Land banks
for
same as
Canal
1935
a4,902
Home Owners' Loan Corporation guaranteed
outstanding
June 30
on
June 29
1934
473,641,812
National Bank Circulation
Consols
June 30
1933
Number ol banks
Total.
Total net earnings, recoveries, &o.._
♦
Represents aggregate book value of capital stock, surplus, undivided
profits,
contingencies, reserves for stock dividends on common stock, and
retirement fund for preferred stocks.
reserves for
Branches
On
Feb. 25
bill," there
pared with
1927, the date of the passage of the so-called "McFadden
were
a
in existence
in
the national system 372 branches
total of 1,393 branches in existence
on
as
com¬
Oct. 31 1935.
During the intervening period 1,822 branches have been added
to
the
system, of which 999
were de novo branches, 313 were
branches of State
banks which converted into national
associations, and 510 were branches
brought into the national system through consolidations of State with
national banks.
During this
same
of which 555 went out of the system
period 801 branches
were
relinquished,
through the liquidation of parent institu¬
tions and the remaining 246
through consolidations
sons.
The net result of these operations was a
or
because of other rea¬
gain for the national system
of 1,021 branches for the period under discussion.
In the year ended Oct. 31 1935 a net
gain of 129 branches
165 de
the
novo
branches being established, 152 of which
were
was
recorded
authorized under
Banking Act of 1933 to operate in places other than the city in which
the parent
bank
was
domiciled.
In
addition, six branches
were
brought
into
the system through conversion of a State bank.
There were no
branches brought into the system
through consolidations of State banks with
national
banks.
Forty-two branches were discontinued,
17
through
liquidation of the parent bank and 25 through action of the directors or
shareholders of the parent bank.
other Eastern
$3,600,000 Iowa Electric Light & Power
England
the
unprecedented floods in New
week's
With last
States now pretty well a matter of
and lower grade have
staged a moderate recovery this week.
Other bonds have
held at former high levels, with little fluctuation in price.
of this
feature
A
bonds
railroad
past,
of medium
prices at which United States government
railroad
shown a moderate price
has
market
bond
Baltimore & Ohio 4s, 1948, closed unchanged
improvement.
at
105; Central Pacific 4s, 1949, advanced
Pacific 4s, 2008, declined
tion
% to 108%; Union
The lower-grade sec¬
% to 108%.
comparatively dull, the favorable
been
has
bonds have sold,
of 2.35%.
yield of eight issues making a new low
the average
The
the new high
has been
week's market
effect of
apprehension
regarding flood damages and increasing expenses.
Illinois
Central 4%s, 1966, rose 1% to 74%; Baltimore & Ohio 4%s,
improved revenues being temporarily offset by
The
Losses were
confined to very small amounts,
however.
Cities Service 5s,
earlier in the week changed
obligations
to an
the close.
High-grade loans
easier, for the most part, while many speculative
movement toward
irregular
have been
Foods have been gen¬
1948, continued
their downward movement to a new low, closing at 93.
Metals have been firm, but steel issues exhibited a mixed
trend.
The bonds of cement companies have been much in
demand.
International Cement conv. 4s, 1945, advanced 3%
gained rather substantially.
issues
although Purity Bakeries 5s,
erally quiet,
points to 134, and Penn-Dixie
automobile
the
In
6s, 1941, advanced 4% to 97.
Automobile conv. 4%s,
Auburn
group,
gaining % point to 108.
3% points from their recent
1939, continued their recent advance,
Pure Oil 4%s, 1950 (w. w.), lost
American Ice 5s, 1953, were
high level, dropping to 127.
3-point rise to 77.
marked by a
A mixed trend has
vador
On
characterized the foreign bond market.
upward side substantial gains were made by El Sal¬
On the
Utility bonds have been inclined to be spotty, and a soft¬
firmness
quiet
industrial
1960, at 69% were up %; Lehigh Valley 4s, 2003, dropped
2% to 44%.
ening tendency has been noted in all classes.
1956, and
4s, 1955.
which characterized trading in the.^
Gas & Fuel Associates 4s,
Eastern
$75,000,000
The Course of the Bond Market
and
March 28 1936
Financial Chronicle
2064
Belgium 6s, Rumanian
8s,
the downward side
7s and Royal Dutch 4s.
outstanding declines were registered
by virtually all Italian bonds and the
various governmental
The remainder of
1950, declined % to 77%; Electric Power & Light 5s, 2030,
obligations of the Republic of Colombia.
dropped 2% to 84%; Standard Power & Light 6s, 1957, at
the list showed mainly
69%
New financing has been the most im¬
%.
off
were
portant development of the week, volume being the largest
The issues
in months.
poses,
Moody's computed bond
are
(Based on Individual Closing Prices)
17. S.
120
120 Domestic Corporate*
1936
Govt.
Domes¬
by Ratings
Corporate* by Groups
Daily
Bonds
tic
**
Corp.*
All
120 Domestic
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
Baa
A
RR
106.07
P.
120
Averages
tic
ft
30
Domes¬
Indus,
U
1936
Daily
Aa
and bond yield averages
MOODY'S BOND YIELD AVERAGESf
(Based on Average Yields)
Aaa
prices
given in the following tables:
MOODY'S BOND PRICESf
Averages
Among Euro¬
bonds stronger.
Austrian and Polish obligations showed slight losses.
peans,
offered, mainly for refunding pur¬
included $90,000,000 Pacific Gas & Electric 3%s, 1961,
fractional changes, with most Argen¬
Australian
Chile and
tine,
For
Aaa
Aa
■"
Baa
A
RR
P. U
Indus.
eigne.
3.84
5.85
Mar. 27— 109.66
110.05
121.17
117.43
108.75
95.63
108.03
116.42
Mar. 27-
4.17
3.61
3.79
4.24
5.03
4.39
4.28
109.73
110.23
121.17
117.63
108.75
[95.78
106.25
108.21
116.42
26-
4.16
3.61
3.78
4.24
5.02
4.38
4.27
3.84
X
108.75
95.78
106.07
108.21
116.62
25-
4.16
3.61
3.78
4.24
5.02
4.39
4.27
3.83
♦
106.251 108.21
116.62
24-
4.16
3.61
3.78
4.23
5.01
4.38
4.27
3.83
t
106.07 i
106.07
108.21
116.62
23-
4.16
3.61
3.78
4.23
5.03
4.39
4.27
3.83
i
108.21
116.82
21
4.16
3.60
3.78
4.23
5.04
4.39
4.27
3.82
X
20—
26—
25— 109.57
110.23
121.17
117.63
24— 109.56
110.23
121.17
117.63
108.94
95.93
♦
109.50
110.23
121.17
117.63
108.94
195.63
21— 109.48
110.23
121.38
117.63
109.94
[95.48
20— 109.51
110.23
121.38
108.94
95.48
106.07
108.39
116.62
4.16
3.60
3.77
4.23
5.04
4.39
4.26
3.83
5.80
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
3.84
5.86
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
5.90
23—
117.84
—
109.35
110.42
120.96
118.04
108.94
96.23
106.78
B08.39,
116.42
17-
4.15
3.62
3.76
4.23
4.99
4.35
4.26
3.84
5.93
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
5.95
5.95
17—
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
5.90
116.42
4.93
4.29
4.26
3.84
5.86
4.95
4.31
4.26
3.83
5.86
5.91
11— 109.31
110.79
120.96
117.84
109.31
97.16
107.85
108.39
11—
4.13
3.62
3.77
4.21
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
9—
.
5.94
109.30
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
4.26
3.85
7— 109.45
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
5.89
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
4.26
3.85
5.87
5.. 109.37
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
4.26
3.85
5.87
4.. 109.26
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
4.26
3.85
5.90
3— 109.11
110.61
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
4.26
3.85
2— 109.05
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
5.91
Feb. 29-
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
'
Weekly
107.67
108.39
115.81
5.94
108.94
97.16
117.43
109.12
98.09
21-
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
117.43
108.94
97.62
107.85
108.75
115.81
15-
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
117.02
108.39
96.70
106.60
108.57
115.61
8-
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
6.10
6.15
Feb. 29— 108.98
110.61
120.54
117.84
21- 108.95
110.79
120.96
15— 108.52
110.61
120.96
8- 108.22
110.23
120.96
108.57
Weekly
108.57 115.81
1— 107.96
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
1—
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
Jan. 31.. 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
Jan. 31..
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
24- 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24-
4 19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
17— 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17-
4.21
3.66
3.83
4.29
5.06
4.47
4.26
3.91
6.17
10- 108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
10-
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
3— 107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
3-
4.32
3.70
3 93
4.39
5.24
4.63
4.29
4.03
6.23
High 1936 109.73
110.98
121.38
118.04
109.49
98.09
108.57
108.75
116.82
Low 1936
4.12
3.60
3.76
4.20
4.87
4.25
4.24
3.82
5.80
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
6.31
105.72
91.67
101.31
107 67
112.11
Low 1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
4.80
3.82
4.26
4.83
6.40
6.37
6.13
4.36
6.97
4.76
3.71
4.21
4.78
6.35
5.28
4.69
4.32
6.39
4.13
4.52
5.11
6.22
4.90
5.46
4.63
7.39
1936 107.77
107.14
119.07
114.43
Hlgb 1935 109.20
106.96
119.69
114.43
Low
Low 1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
Hlgn 1935
1 Yr. Ago
Mar.27',35 108.10
99.84
119.07
109.31
99.52
78.44
91.96
100.98
107.31
Mar.27'35
96.08
110.79
103.82
94.43
79.91
97.62
89.45
101.97
1 Yr. Ago
2 Yrs.Ago
2 Yrs.Ago
Mar.27'34 103.56
a
Mar.27'34
5.00
computed from average yields on the basis of one "ideal" bond (4H% coupon, maturing in 31 years) and do not purport to show either the average
velor the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
eld averages, the latter being the truer picture of the bond market.
For Moody's index of bond prioes by months back to 1928, see the issue of Feb. 6 1932, page 907
*
Actual average price of 8 long-term Treasury issues,
t The latest complete list of bonds used In computing these indexes wv ouhliahed in the iseue of May 18 1935.
rre3291.
tt Average of 30 foreign bonds but adjusted to a oomparable basis with previous averages of 40 foreign bonds
t Dally averages discontinued, except Friday
*
These prices are
of each week.
THE
"
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, March 27 1936.
Business
the
and
ness
activity continued on its upward swing,
many.
especially textile and steel mills, it was expected busi¬
activity would be seriously affected.
Therefore, the
continued activity and advance in
to
to the
In view of the wide areas affected by
floods, the crippling and suspension of factories, mines
surprise of
dispel any qualms
or
most lines should do much
doubts concerning the strength and
In the steel
reports first
indicated, and within a short time it is expected that most
all the large steel plants will be operating in a normal way.
The extensive rebuilding programs in the areas damaged by
the floods are expected to play quite a part in accelerating
the upward movement of business.
The automotive industry
is again showing signs of a material pick-up, and as time
goes on the improvement is expected to broaden, especially
as the
bonus money begins to make itself felt.
The pro¬
vigor of the upward trend of general business.
industry,
flood damage was not
so
severe
as
duction
of
automobiles
and
trucks
during
April
are
ex¬
This would compare with
about 400,000 cars and trucks assembled in
March and
501,000 delivered to dealers last April.
Dealers are now
well stocked with the 1936 models, in view of the early
pected
start
to
460,000 units.
to reach
on
the
production
of this year's models.
According
observers, indications point to a sustained high level of
operations throughout the second quarter in contrast with
the sharp contraction that followed the high April output
year ago.
The electric output is estimated to have dropped
2.2% for the week as a result of the flood damage.
Latest
a
reports
on
bituminous coal production show a substantial
recorded high level of operations,
decline from the recently
with
a
account
further
of
recession anticipated
flood
obstruction
to
for the past week on
mine
and
steel
activities.
Heavy construction awards were higher, led by larger private
contracts.
A sharp rise
in residential building is expected
Heavy
for next month by building material manufacturers.
sales
of machine
parts for repairs and replacements made
Financial
Volume 142
by the floods
anticipated.
Larger purchases
anticipated, but at a later date.
Exports of cotton are showing a steady rise.
Shipments for
eight months ended March 31 are expected to exceed all of
last year's total.
Wholesale and retail business showed
necessary
of
equipment also
new
further increases
of the floods is
as
are
are
flood conditions
improved.
The crest of the Ohio's flood stretched
over.
the night of the 24th over 325 winding miles of the river
on
from
Ironton, Ohio, to Louisville.
Cincinnati
Some of the
Illinois
the 24th
on
back to
sands went
herculean
sections
task
its
on
streets
in
under water, but the damage was compara¬
were
tively small and caused little excitement.
a
The worst
caused
in
work
ahead to
feet.
No
much
Heavy rains in
fear for
Pittsburgh,
a
time.
2065
Chronicle
ings
were 3.3% higher than those for the like week of 1935,
1.7% below those for the corresponding week of 1934.
Loadings for the week ended March 7 showed a gain of
8.1% when compared with 1935 and a rise of 3.4% when
but
the comparison is made with the same week of 1934.
The first 15 major railroads to report for the week
March 21
1936
loaded
REVENUE
FREIGHT LOADED AND
Thou¬
others.
epidemics
New
The worst dust storm of the
Oklahoma
central
from
Panhandle
the
have
Loaded
blew
year
the
on
across
23rd
inst.
were
in
on
i
Received from,
Own Lines
Mar. 21 Mar. 14 Mar. 23 Afar. 21 Mar. 14 Mar. 23
1935
1936
1936
Atchison Topeka & Santa Fe Ry.
18,344
18,345
14,062
Chesapeake <fc Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St.Paui & Pac. Ry.
Chicago & North Western Ry
23,106
7,064
7,420
7,190
13,648
16,665
13,016
18,618
18,315
14,536
14,491
2,767
2,286
Internat'l Great Northern RR___
2,019
2,928
2,198
week-end rains added to flood peril as the Missouri River
level rose.
Near Omaha, Neb., the rise was 5.4 feet in two
Missouri-Kansas-Texas
4,240
4,342
4,043
days, and at Blair and Platsmouth it reached the highest
stage of the season.
Some 171 persons are reported to have
NewYork Chicago & St.Louis Ry.
rain
had
sas
and
Parts of Colorado, Texas and Kan¬
snows
of
blizzard
proportions.
Heavy
in the flood- and storm-swept areas of the East, and
died
damages are expected to reach
New York
over
half
billion dollars.
a
Missouri Pacific RR_
13,768
14,253
13,287
New York Central Lines
37,275
37,982
4,595
4,533
Pennsylvania RR
38,363
53,987
Pere Marquette Ry
Southern Pacific Lines
6,185
5,989
24,593
24,259
5,371
5,414
37,240
4,147
59,405
5,674
19,729
4,963
Wabash Ry
had
a taste of real
spring weather on the 23rd
the temperature ranged from 40 to 63 degrees.
The heavy winds of Sunday abated to a light breeze.
The
Total
inst., when
38 to 64;
Cincinnati, 54 to 64; Cleveland, 52 to 62; Detroit,
Charleston, 62 to 78; Milwaukee, 36 to 54; Dallas,
52 to 74; Savannah, 64 to 86; Kansas
City, 28 to 66; Spring¬
field, Mo., 30 to 72; Oklahoma City, 34 to 64; Salt Lake
City, 34 to 40; Seattle, 38 to 48; Montreal, 32 to 48, and
Winnipeg, 6 to 24.
34 to 56;
Number of Freight Cars in
in good
the
Association
with
21.
the
29
Good
of
This
American
was
number
Railroads
decrease
a
of
announced
TOTAL LOADINGS AND RECEIPTS
25,219
compared
which time
cars
of
such cars on Feb. 14, at
195,839 surplus freight cars.
Surplus coal cars on Feb. 29 totaled 22,492, a decrease of
2,794 cars below the previous period, while surplus box
cars totaled 103,832, a decrease of
19,588 cars compared with
there
were
Rock Island & Pacific
Credit Corporation on March 31 1936 will
twenty-fifth liquidating distribution to participat¬
ing carriers amounting to $735,881, or 1% of the contributed
was
President.
will be
announced
Of
this
on
March
amount,
Mr.
This
by
E.
G.
This
in
will
bring
the
total
amount
but
sponding week in
Loading of
of
17,966
in
since
in
above
1935,
freight
2.8%,
the
Index
of
1,289
39,859
and
below
cars
grain
the
the
week
the
Western
ended
same
Mar.
Sat.,
Mar.
Mon.,
Mar.
Tues.,
Mar.
Wed.,
Mar.
Thurs., Mar.
Fri.,
Mar.
20
21
23
24
25
26
27
170.7
-
170.2
-
170.4
170.7
--169.6
169.6
..169.6
Weeks Ago,
Month Ago,
Mar. 13.
Feb. 27
Year Ago,
1935 High-
Mar. 27
Oct. 7 & 9.
Mar. 18
Feb. 14....
Low—
1936 HighLow—
Jan.
4—
171.1
169.5
151.9
167.2
due
to
corresponding week
1934.
in
week
in
loading
below the
cars
week in
same
2,974
an
450
in
week
ended1
week
the
to
grain
43
above
cars
the
week in 1934.
same
loading for
products
decrease
a
decrease of
a
8,825
increase of 4,996
In the
of
841
the
below
cars
above the
cars
March
increase
an
same
totaled
14
district
9,183
and
year
1,056
of
cars
week in 1935 but 1,808
same
Western
preceding week this
5,618
same
week,
in
week
2,471
alone, loading
cars,
134
increase
an
cars
above
the
above the
cars,
7,164
to
an
cars
week
and 5,675
in
1935,
however,
a
districts
reported'
increases
in
cars,
decrease
516
cars
corresponding week in
increase of
was,
increase of
an
the
corresponding week
week, but
preceding
increase of 200
an
same
above
1934.
above
cars
cars,
above the
cars
loading amounted
It
cars,
above the
products loading totaled 30,965
cars
1935.
cars,
of
above the
cars
and
cars,
12,222
cars
1934.
loading amounted to 6,984
Coke
in
week in 1934.
same
1935.
above the
Ore
the
the
preceding week,
cars
4,952
grain
amounted
above the preceding week,
the
cars,
below the
1935.
Livestock
cars
cars
decrease of 23,568 cars below
a
increase
an
21,459
but
year,
a
increase of 6,204
an
1934.
but
alone,
totaled
a
915
of
above the
1935,
and
1934.
decrease
cars
1,596
of
above
cars
1,042
the
same
below the
below
cars
week
same
in.
week
1934.
All
revenue
the
freight,
compared
with
Allegheny and Pocahontas.
and
Pocahontas
week
in
Loading
years
also
reported
in
the
All
the
number
corresponding
of
increases
cars
week
districts except the
in
loaded
1935,
with
except
Eastern, Allegheny
compared
with
the
corresponding
compared
with
the
two
1934.
of
revenue
freight
in
1936
previous
follow:
1936
Four weeks in January
Five weeks in February
1935
2,353,111
2,183,081
6,344,942
7
634,828
Week of Mar. 14
616,862
2,169,146
2,927,453
587,190
597,431
6,739,919
6,281,220
Week of Mar.
175.3
148.4
171.8
decrease
a
was
largely
1,606
below the
cars
loading totaled 36,928
1935 and
14
preceding week this
and lead remained
Fri.,
cars,
above the
cars
cars,
week in
week,
districts
March
same
hogs and coffee.
Hides, sugar, silver, steel, copper
unchaged from a week ago.
The movement of the Index during the week, with com¬
parisons, is as follows:
the corre¬
below the corresponding week in 1935, and
cars
products
preceding
carriers'
corn,
14
week,
below the preceding week,
cars
below the
cars
Grain
above
clines for wheat and wool, and advances for cotton and silk,
There were also sight declines in the prices of cocoa, rubber,
March
of
preceding
24,307
loading amounted to 109,628
for
The average price of 15 basic commodities, as shown
by
Moody's Daily Index of Stapel Commodity Prices, continued
to fluctuate within the narrow
range which has prevailed this
year.
The Index figure on Friday was 169.6, as on the two
preceding days, and as compared with 170.7 a week ago.
The principal changes in individual quotations were de¬
week
the
above the corresponding week
cars
preceding week, 21,549
842
Moderately
1.7%, below
or
coal.
corresponding week in 1935, and 8,147
the
Forest
Declines
3.3%, above the corresponding
or
cars,
Loading of merchandise less than carload lot freight totaled 158,046
decrease
a
preceding
Moody's Daily Commodity
for the
preceding week,
27,122
and
follows:
freight loading totaled1 254,925
livestock
1933, to 42% of the fund, or $30,906,990.
Of this total amount,
$14,367,738 will have been returned in cash and $16,539,252 in credits.
61,048
10,687
below
of
movement
of
liquidation began,
65,559
railroads, in reviewing the
1934.
or
the
Miscellaneous
cars
decrease of
a
revenue
cars,
reduction
He added:
distributed
20,442
28,971
11,635
increase of 19,431 cars,
was an
1935,
of
1
:.
freight for the week ended March 14 totaled 616,862
revenue
$387,143
on
22,411
30,598
12,550
week ended March 14, reported as
Buckland,
said,
paid in cash and $348,738 will be credited
indebtedness to the Corporation.
June
25
Buckland
'
64,792
Tlie Association of American
make its
fund, it
FROM CONNECTIONS
22,585
29,619
Total
corresponding week in
The Railroad
5,300
X6.496
8,713
12,588
Ry
Illinois Central System..
St. Louis-San Francisco Ry
In
Corp. to Pay Liquidating Distribution
of $735,881 March 31
7,963
Weeks Ended—
Coal
Railroad Credit
35,871
9,151
35,806
9,927
36,651
5,803
x7,524
8,644
Mar. 21 1936 Mar. 14 1936 Mar. 23 1935
Feb. 14.
Reports also showed 26,064 surplus stock cars, a decrease
of 1,029 cars compared with Feb. 14, while
surplus refriger¬
ator cars totaled 8,510, a decrease of 688 for the same
period.
9,228
37,521
30,390
8,914
28,286
5,142
X7.414
(Number of Cars)
week
on
1,116
1,805
2,420
6.846
2,840
Orleans RR.
care.
Repair Declines
had 170,620
surplus freight
repair and immediately available for service,
cars
March
Feb.
on
9,321
.
interchanged between S. P. Co. Pacific Lines and Texas & New
cars
Loading of
Class I railroads
7,705
10,317
1,662
2,116
223,081 242,807 238,986 139,628 161,120 150,136
Excludes
x
flood
damage up-State was estimated at about $4,500,000.
To-day is was raining and cold here, with temperatures
ranging from 43 to 55 degrees.
The forecast was for rain
this afternoon, ending early to-night; fair and colder Satur¬
day.
Overnight at Boston it was 38 to 56; Baltimore, 46
to 56; Pittsburgh, 50 to 58; Portland,
Me., 36 to 52; Chicago,
RR
7,677
7,946
9,557
1,542
1,912
2,926
8,621
2,076
4,598
8,089
6,899
5,344
7,920
5,287
14,324
1935
1936
1936
17,701
18,394
21,398
Gulf Coast Lines
duster.
Connections
Weeks Ended—
Weeks Ended—
been
yet
Mexico, Texas and parts of southern Kansas
the path of the
CONNECTIONS
FROM
(Number of Cars)
A tornado swept through six south central Mis¬
towns, killing two persons and seriously injuring
souri
RECEIVED
cars
but there is still
reported.
many
ended
of revenue
freight on their own lines, compared with 242,807 cars in
the preceding week and 238,986 cars in the seven days ended
March 23 1935.
A comparative table follows:
get one of the richest business
severe
of 223,381
total
a
Total
In the
following tables
3,135,118
1934
2,920,192
614,120
627,549
1936 totaled 566,808 cars.
undertake to show also the load¬
ings for separate roads and systems for the week ended
March 14 1936. During this period a total of 90 roads showed
increases when compared with the same week last year.
The most important of these roads which showed increases
or
were
Revenue
Freight Car Loading Fall 50,054 Cars in Week
Loadings of
revenue
freight for the week ended March 21
This is a decline of 50,054 cars
6.6% from the preceding week, a drop of 40,370 cars or
6.7% from the total for the like week of 1935, and a decrease
of 43,228 cars or 7.1% from the total loadings for the corre¬
sponding week of 1934.
For the week ended March 14 load¬
we
the New York Central Lines, the Chesapeake & Ohio
RR., the Norfolk & Western RR., the Southern System; the
Illinois Central System, the Atchison Topeka & Santa Fe
System, and the Union Pacific System:
2066
Financial
Chronicle
March
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
Total Revenue
Railroads
Total Loads Received
Freight Loaded
1936
Eastern District—
Ann Arbor
1935
1934
1936
MARCH 14
Total Revenue
Railroads
from Connections
Total Loads Received
Freight Loaded
1936
1935
1936
from Connections
1934
1935
1936
1935
Group B (Concluded)—
496
612
482
1,368
Bangor & Aroostook
2,352
2,405
274
7,364
7,569
9,544
Chicago Indianapolis & Louisv.
1,459
1,307
2,014
7,883
1,238
218
Boston & Maine
10,045
1,841
!'
22
24
965
3,773
8,348
1,044
3,620
8,360
219
234
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna & WestDetroit & Mackinac
Detroit Toledo A Ironton..
Detroit & Toledo Shore Line...
Erie
2,846
Grand Trunk Western
68
1,838
1,554
Mobile & Ohio
88
97
2,115
268
1,924
295
3,517
13,465
3,218
2,289
3,641
13,397
7,340
1,650
1,120
6,817
2,678
205
217
34
41
37,521
10,694
35,491
•;
13,827
4,672
8,326
.
.
..
Pittsburgh A Lake Erie..
Pere Marquette
Pittsburgh A Shawmut.
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia...*
666
612
19
26
351
_
2,966
4,715
2,341
36,388
2,088
8,626
2,817
5,071
2,231
40,165
11,147
2,227
281
b New York Central Lines....
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
5,908
2,624
3,382
1,542
37,982
9,606
1,795
4,533
5,529
5,989
.
....
151
6,467
Maine Central
147
1,110
337
462
187
382
.
9,853
1,544
4,007
5,570
1,135
578
592
1,082
11,165
5,150
9,347
3,798
5,574
245
465
516
173
165
808
160
Nashville Chattanooga & St L.
Tennessee Central
137
177
315
281
2,000
3,303
1,685
2,766
1,793
3,126
1,701
2,407
1,361
2,158
429
322
367
624
595
Total.
55,419
51,619
53,477
30,668
25,910
Grand total Southern District
97,393
94,539
96,633
62,332
56,001
Northwestern District—
750
746
1,987
1,509
14,491
1,966
18,315
3,754
13,153
Great Western
Milw. St. P. & Pacific.
St. P. Minn. A Omaha
14,936
2,280
17,145
3,485
10,317
2,978
7,946
3,026
2,590
6,840
2,808
Duluth Mlssabe & Northern...
503
8,913
Duluth South Shore & Atlantic.
735
703
506
373
305
5,229
4,179
5,803
623
10,626
1,594
1,772
,9,927
3,943
4,817
5,517
1,598
1,050
7,256
1,312
445
1,509
18,827
18,647
Mississippi Central
6,429
190
10,705
4,515
1,552
353
1,330
19,101
17,725
Macon Dublin A Savannah..'..
6,929
162
Montour
Illinois Central System
Louisville & Nashville
6,548
6,173
53
942
805
340
1,666
20,344
18,511
27
1,237
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
M onongahela
2,338
810
Georgia
Georgia & Florida
Gulf Mobile A Northern
1,063
6,293
10,364
'
3,369
333
11,330
4,248
...
1,282
Elgin Joliet & Eastern
6,346
5,453
4,862
6,576
5,735
Ft. Dodge Des Moines & South*
Great Northern
309
245
265
164
124
9,161
9,358
8,600
2,657
2,679
497
640
498
574
517
1
6,212
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
& North Western
Green Bay & Western
1,956
17,041
3,256
478
9.607
80
215
561
222
309
215
94
84
509
590
575
1,275
1,006
1,090
Rutland
Minneapolis & St. Louis
1,771
5,414
3,495
4,936
8,644
8,388
Minn. St. Paul & S. S. M
5,055
3,393
5,094
3,668
1,415
4,577
3,103
Northern Pacific
8,573
8,325
1,749
4,120
8,361
1,832
Wabash
2,327
2,954
1,676
2,022
2,475
101
117
260
181
135,340
150,845
153,155
Spokane International
Spokane Portland & Seattle
128
135,788
1,651
1,268
1,273
1,040
899
74,100
69,028
69,719
45,320
40,031
621
464
503
771
616
28,107
2,152
28,891
2,301
30,013
1,999
14,679
1,495
13,597
1,659
320
256
271
4
6
18,394
2,716
17,678
2,794
18,487
2,384
5,344
2,325
4,690
2,046
1,081
5,611
1,402
5,171
1,337
6,671
15
16
296
209
198
54
35
10,193
9,897
9
59
68
13,429
1,767
10,303
3,253
14,838
1,116
10,508
3,173
6,727
76
14,324
1,665
10,936
7,677
86
833
929
849
1,973
2,013
8,005
2,292
1,152
2,286
6,910
825
Wheeling A Lake Erie
Total
1,320
1,114
901
3,352
t
148,649
Lake Superior & Ishpeming...*
Total.
: ••
Allegheny District—
Akron Canton A Youngstown.*
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
.J.*
Cambria A Indiana
Central RR. of New Jersey
Cornwall
Cumberland A Pennsylvania
Ligonler Valley
310
397
405
106
120
242
29
23
Long Island
774
793
842
2,524
961
1,135
57,622
10,739
7,633
1,110
59,014
15,279
7,021
1,221
36,651
2,322
1,296
34,854
15,978
1,918
Penn-Reading Seashore
Lines.
.
Pennsylvania System
Reading Co
Union
(Pittsburgh).
53,987
12,077
8,016
*
West Virginia Northern
31
15,429
1,914
36
97
Total
107
104
0
1
3,182
Western Maryland
3,242
3,416
5,822
6,860
117,488
120,349
128,236
90,837
89,147
Central Western District—
Atch. Top. & Santa Fe System
Alton
...
Bingham & Garfield .<i-,
Chicago
Chicago
Chicago
Chlcago
Burlington & Qulncy..
& Illinois Midland
Rock Island & Pactfic.
3.037
& Eastern Illinois....
Colorado A Southern
1.038
2,120
Denver & Rio Grande Western
Denver & Salt Lake
1,995
1,045
1,872
485
Nevada Northern
373
153
20
4
1,142
1,884
Fort Worth & Denver City
Illinois Terminal
1,080
1,977
870
1,911
1,018
1,267
1,168
973
1,730
998
128
85
747
709
662
324
232
97
North Western Pacific.
Peoria & Pekin Union
44
106
115
66
14,468
13,548
4,514
3,954
1,021
6,548
*
Southern Pacific (Pacific)
17,771
St. Joseph & Grand Island
Toledo Peoria A Western
Included
a
in U. P. S ystem
Virginian
20,111
19,659
2,020
3,594
1,391
3,676
3,969
1,172
46,974
48,202
7,729
3,737
1,259
881
791
13,942
495
259
340
12,514
11,465
11,948
1,186
7,316
290
486
193
6
5
1,318
980
1,172
1,603
1,398
92,999
85,070
84,469
47,465
41,703
183
147
182
160
134
158
Fort Smith & Western
7,920
3,590
...
Total..
23,476
46,880
Norfolk A Western
Norfolk A Portsmouth Belt Line
21,249
*
Burlington-Rock Island
21,398
20,355
1,537
*
Alton & Southern
Pocahontas District—
Chesapeake A Ohio
112
135
124
2,928
2,198
2,487
1,912
2,850
Union Pacific System
Utah
Western Pacific
Total
13,516
Southwestern
Southern District—
Group A—
Atlantic Coast Line..........
Clinchfield
9,995
Charleston A Western Carolina.
Durham A Southern
934
11,033
1,089
10,359
1,358
410
375
420
4,894
1,634
1,072
4,849
1,564
1,182
154
195
140
286
340
50
33
42
126
125
1,081
1,076
1,220
1,255
1,398
427
476
458
975
897
Gainesville Midland
Norfolk Southern
Piedmont A Northern
...
Richmond Fred. A Potomac...
Seaboard Air Line
339
300
343
3,484
8,263
8.745
20,167
19,459
8,428
20,252
13,289
3,218
3,836
12,054
154
139
136
713
628
41,974
Southern System
42,920
43,156
31,664
30,091
Winston-Salem Southbound
3,936
District—
Gulf Coast Lines
...
International-Great Northern..
Kansas Oklahoma & Gulf
279
267
211
.
1,662
2,116
3,221
212
1,178
2,108
188
119
159
885
909
1,710
1,805
Kansas City Southern
Louisiana & Arkansas
1,398
1,198
1,685
1,043
1,762
1,030
1,324
960
Louisiana Arkansas & Texas..*
109
108
228
449
319
Litchfield & Madison
381
369
424
874
742
Midland Valley
Missouri & Arkansas
536
547
188
253
450
*
132
102
97
274
Missouri-Kansas-Texas Lines._
4,342
14,253
3,987
4,166
13,342
2,840
0,228
Missouri Pacific
Natchez & Southern....,
Total
4,118
4,557
-
39
13,199
27
r.,
150
.
2,412
6,825
24
20
45
Quanah Acme & Pacific
119
93
81
98
120
St. Louis-San Francisco
7,207
7,439
2,066
5,658
4,141
1,677
4,056
2,417
3,010
Group B—
Alabama Tennessee A Northern
Atlanta Birmingham A Coast..
318
170
174
143
112
Texas & Pacific
4,113
3,484
2,073
2.256
3,357
719
719
761
858
879
2,307
20,475
14,892
Atl. A W. P.—W. RR. of Ala-
849
664
788
987
228
142
178
61
68
4,269
4,226
4,387
1,233
2,444
Terminal RR. Ass'nofSt. Louis*
Wichita Falls & Southern
6,528
1,898
5,484
3,845
2,242
2,483
Weatherford M. W. & N. W...
47
30
31
37
31
215
193
304
206
1,236
1,168
596
526
52,214
46,131
49,445
60,695
48,024
St. Louis Southwestern.......
Central of Georgia
Columbus A Greenville
Florida East Coast
335
1,121
l
Note—Figures for 1934 revised. * Previous figures.
a
Not available,
2,325
Texas & New Orleans
6,488
4,417
....
Total.
b Includes figures
for the Boston A Albany RR., the C. C. C. & St. Louis RR., and the Michigan
Central RR.
decreases
United States Department of Labor Reports
of
0.1% in Wholesale
Increase
Commodity Prices During
Week of March 21
of wholesale
commodity prices was reversed during
the week ending March 21,
according to an announcement
made March 26 by Commissioner Lubin of the Bureau of
Labor Statistics of the U. S. Department of Labor.
In his
announcement
week,
the Commissioner stated:
the level of
Notwithstanding the advace, the
increase of 0.6%.
Six of the 10 major
commodity groups remained unchanged at
increases.
the level of
The farm products and foods groups registered minor
Hides and leather products and fuel and
lighting materials were
The index for
but
raw
3.2%
materials—77.4—was 0.3% higher than in the previous
below
the
Feb.
22
index.
and 1.2% below
a year ago.
Fruits and vegetables
corn
copra,
lard, granulated sugar, and most vegetable oils.
meal,
peaches,
were up
bananas, canned tomatoes, lamb, mutton, fresh pork,
Semi-manufactured
articles
prunes,
ham,
mess
pork,
coffee,
The present wholesale food index—79.9—shows
Lower prices were
a
month ago and
a
raw
a
sugar
and vinegar.
decrease of 5.2%
decrease of 1.5% compared with
com¬
a year ago.
Falling prices of coal caused the index for the fuel and lighting materials
group to decline 0.6%.
The index for the group now stands at 76.7% of
the
1926 average.
Average prices of coke and petroleum products were
steady.
Hides and leather products continued their downward
0.2%.
slightly lower.
week,
The current farm products index—76.7—is 6% below
month ago
flour,
pared with
an
market, timothy
shown for cheese in the New York market, oatmeal, rye flour, macaroni,
general index is 1.9% below the corresponding week for last month. Com¬
pared with the corresponding week of last year, however, the current
level of wholesale prices shows
the Chicago
1.4%; meats, 0.7%; and dairy products, 0.6%.
Cereal products, on the
other hand, dropped 0.8%.
Higher prices were reported for butter, wheat
dried
the preceding week.
in
apples at Chicago, hops, alfalfa seed, clover seed, flax¬
Wholesale food prices advanced 0.3%.
The week's advance amounted to
0.1% and brought the all-commodity
index to 79.3% of the 1926
average.
a
milk
Individual farm product items, which increased during the
were cotton,
seed, and potatoes.
Following the decline of the three preceding weeks, the
trend
reported for fresh
were
seed and wool.
Lower prices for skins and leather
were
course
declining
again responsible for the
decrease.
Fractional declines for cotton goods and manila
declined 0.1% and finished products remained
unchanged during the week
interval.
increases in
The large group of all commodities other than farm products and
processed
foods declined 0.3% to 78.8.
All commodities other than farm products
(non-agricultural),
metals and metal products group, as a whole.
hemp counter-balanced
1926 average.
ftftiM
on
the other hand, advanced 0.1%.
These groups are
raw
silk and silk yarns with the result that the index for the
textile products group, as a whole, remained unchanged at 70.4%
of the
A minor decrease in prices of pig tin did not affect the index for the
of
It remained at 85.9.
0.3% and 0.9%, respectively, below the corresponding week of last month.
prices
From Commissioner Lubin's announcement the following
is also taken:
*
Average
plumbing and heating fixtures were stationary.
.
The farm products group index rose 0.4%
livestock and poultry.
higher prices
declined
were
18.7%;
Grains,
on
due to
2.7% increase in
the other hand, decreased 1%, although
reported for barley, No. 2 yellow
oranges,
a
7.9%; lemons, 7.2%; and
corn
and rye.
Onions
5.3%.
Smaller
eggs,
agricultural
implements,
iron
and
steel,
motor
vehicles,
and
Although the index for the building materials group showed no change,
minor increases were reported in prices of red cedar shingles and china wood
oils.
Decreases
were
reported for turpentine, rosin, and prepared roofing.
The index for the chemicals and drugs group was
of the 1926 average.
weakened.
Prices of chemicals
were
unchanged at 79.0%
firmer and mixed fertilizers
Volume 142
Financial
The index for the housefurnishing goods
group—82.6—was unchanged
from the level of the
preceding week.
furnishings
Average prices of both furniture and
were stable.
Wholesale prices of paper and pulp advanced 0.8% and cattle feed
0.4%.
rose
Pennsylvania neutral oil averaged 4.7% lower during the week and
Chronicle
The
2067
relative
stability of prices last week is indicated by the fact that
relatively slight advances were registered by two groups and small declines
by two, with seven of the component groups showing no change.
The most
important
advance,
composite index,
and
from 77.1 to 78.0.
The index of the Bureau of Labor Statistics includes 784 price series
weighted according to their relative importance in the country's markets
and is based on the average for the year 1926 as 100.
other
The following table shows index numbers for the main
groups of com¬
modities for the past five weeks and March 23 1935, March 24
1934, and
foods index
rise
10
the net
Mar,
Afar.'
Mar.
Feb.
Feb.
Afar.
Afar.
Afar.
21
14
7
29
22
23
24
25
1936
1936
1936
1936
1936
1935
1934
1933
79.3
79.2
79.7
79.9
80.8
78.8
73.5
60.5
76.7
76.4
77.7
78.4
81.6
77.6
61.4
43.6
Foods
79.9
79.7
81.4
82.2
84.3
81.1
Hides and leather products
Textile products
95.3
95.5
95.7
96.2
96.5
85.8
88.8
70.4
70.4
70.3
70.5
68.8
76.0
of
51.1
All commodities
Farm
products
67.3
55.4
Fuel and lighting materials
76.7
77.2
77.3
77.4
77.2
74.0
72.4
85.9
85.9
86.0
85.9
85.9
84.9
86.4
85.1
85.1
85.0
85.2
85.2
85.0
86.2
79.0
79.4
79.7
79.9
80.9
75.8
71.7
82.6
82.6
82.7
82.8
82.8
81.9
82.5
72.3
machinery
mixed
in
drop
in the
fertilizers
grades included
June.
index,
rising
The
which
mixed
were
only
showed
a
during the week,
declining and five advancing,
group
index.
registered
in the
the
in,
preceding week, however, the
group
the group
rise
group
index
The
slight
a
falling off
unchanged during the week
index
repre¬
decline,
in
with
The
price.
higher silk quotations
slight declines in cotton, denim and hemp.
Twenty-four price series included in the index advanced during the
as
offset very
week and 24
declines;
in
declined; in the preceding week there were 23 advance and 25
the second preceding week there were 16 advances and 30
declines.
"A.V:.;
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
70.2
79.0
the
1926-28=100
77.4
Building materials
14
small
a
of
for
lowest level reached since last
farm
product price trends
textiles index remained
63.6
Metals and metal products
the
included
being
price
the
68.8
70.4
Commodity Groups
in
Farm
result
the
three
responsible
with the index for this
With the exception of the
price series
senting
March 25 1933:
mainly
one
food prices,
still at the
was
occurred
slight advance.
with
the
in
was
crude rubber dropped 0.9%.
Chemicals and drugs.
Housefurnishing goods.
__
Mlscell. commodities
68.2
68.2
68.2
68.2
68.0
•68.8
69.2
59.3
All commodities other than
farm products and foods
78.8
79.0
79.0
79.1
79.0
77.3
78.6
79.8
80.1
80.2
80.6
79.0
76.1
77.4
Semi-manufact'd articles.
Finished products
28.6
Foods—
Change
77.2
77.9
78.6
80.0
X
X
74.5
74.6
74.7
74.8
74.7
X
X
81.2
81.2
81.6
81.5
82.3
X
X
1936
77.1
81.8
76.7
76.1
90.7
90.7
101.2
73.8
73.9
76.5
73.0
63.5
63.6
63.0
61.4
72.5
73.8
76 3
78.7
76.0
75.8
79.7
80.7
80.7
80.0
76.4
71.9
71.9
71.6
68.5
68.2
68.2
68.4
64.6
—
Farm products—
"Annalist"
Weekly
During
Index
Week
Fuels
Miscellaneous commodities
Textiles
7.7
of
..
Prices
6.7
Metals
82.5
5.8
Building materials
Chemicals and drugs
77.9
77.9
76.9
78.9
94.2
94.2
94.9
94.0
0.3
of
Irregularity again marked the commodity price trend,
Fertilizer materials
65.3
65.3
64.5
65.3
0.3
Grain prices were lower, except for oats,
reflecting weaker foreign markets
and slower demand in this country.
Butter declined % cent to 32 cents
pound, while cheese lost ground slightly.
Cocoa, coffee and bananas
rubber also
made gains.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
(Unadjusted for Seasonal Variation)
(1913=100)
Mar. 241936
Farm products
Food products
Mar. 17 1936
119.3
Afar. 26 1935
*119.5
117.7
82.5
83.0
71.4
71.9
71.9
76.1
102.7
102.7
101.6
76.9
76.7
77.8
75.9
18% in Wholesale Trade During February
by Federal Reserve Bank
Over Year Ago Reported
New York
of
"Total sales of the reporting wholesale firms in the Second
(New York) District during February, which included one
more business day than a
year ago, averaged 18% higher
than last year, the largest
percentage increase since April
1934," states the Federal Reserve Bank of New York.
Continuing, the Bank also has the following to say in its
"Monthly Review" of April 1:
The diamond
concerns
reported the most substantial gain in sales since
125.0
124.7
127.1
*108.9
X109.2
104.0
Fuels
173.1
173.1
161.0
Metals
July 1935, and the men's clothing, drug, and stationery
110.1
110.1
109.5
sales which
111.8
111.8
111.8
98.2
*98.2
85.7
85.6
79.4
125.3
125.3
123.0
73.9
73.7
73.2
Textile products
-
Building materials.,.
Chemicals
Miscellaneous
-
-
All commodities
on
old dollar basis..
Revised,
y
Based
on
81.6
103.0
All groups combined
Increase of
were
.55 cent to 47.70.
On the other hand, all the
higher, along with lard; potatoes and apples advanced, while
Farm machinery..
100.0
a
all lower, and tin dropped
Mixed fertilizer
0.3
an absence of net change, the "Annalist" Weekly
Index of Wholesale Commodity Prices being
unchanged for
the week of March 24, at 125.3 prevised).
Continuing, the
"Annalist" said:
x
73.9
1.3
Commodity
resulting in
Preliminary,
77.9
72.9
90.7
X
in
23
1935
Ctrnins
22.3
X
Noted
Wholesale
*
Ago
Mar.
Cotton
X
March 24
All commodities
Year
Ago
Feb. 22
73.4
Cottonseed oil
10.3
y
Month
14
1936
78.0
Fats and oils
16.4
cotton and
21 Mar.
1936
Not computed.
meats were
Week
Mar.
Group
Livestock
farm products
No
Precede
Week
64.3
All commodities other than
Raw materials
x
Latest
-
Total Index
66.1
79.9
Per Cent
Each Group
Bears to the
March
1934,
the
were
grocery
and
jewelry firms
the largest
well above last year for the second
advances
concerns
since
showed
consecutive month.
Hardware and paper firms showed moderate advances in sales following
January, but the shoe concerns reported a smaller volume of
98.7
recessions in
sales this year, and yardage sales of silk goods, reported
by the National
Federation of Textiles, continued below last year's level.
exchange quotations for France, Switzer¬
The amount of merchandise held by the drug, diamond, and jewelry firms
land and Holland; Belgium included prior to March 1935.
was
Sales of Chain Stores in New York Federal Reserve Dis¬
last year in the majority of reporting lines of wholesale trade.
larger this
year
than last, while stocks of the grocery and hardware
concerns were smaller.
trict
The rate of collections continued to be higher than
During February 8.4 Above February 1935
Percentage Change
February 1926
According to the April 1 "Monthly Review" of the Federal
Reserve Bank of New York, "total February sales of the re¬
porting chain store systems in the Second (New York) Dis¬
trict
8.4% higher than last year, a larger percentage
increase than in the previous two months, and even after
allowing for one more shopping day in February this year
than a year ago, the increase was larger than that
reported
for January."
The "Review" continues: v
compared
more
favorably with
a
year
ago
a year
ago,
There
Sales
Men's clothing
Cotton goods
following
an
increase in the previous month.
slight increase in the total number of units operated by all
reporting chains between February 1935 and February 1936, so that the
was
of Month
1935
+3.3
+48.3
+6.9
Groceries
Stock End
—15.1
83.9
87.7
48.1
48.4
36.7
37.7
58.3
55.4
—2.4*
Rayon and silk goods
1936
—5.4
Paper
+ 15.6
+6.8
+ 10.9
+2.4
Diamonds
+92.1
Jewelry
than in January, and the gain
recorded in daily average sales of the reporting shoe chains was the
largest
since November.
Candy chain sales, on the other hand, were lower than
February
Net
Shoes
sales of the grocery 10-cent, drug, and variety chain stores
average
Outstanding
Jan. 31 Collected in
Commodity
were
Daily
Per Cent of Accounts
Compared with
February 1935
+25.3
Drugs
Hardware
Stationery
+5.3
29*5
27.6
—0.8
31.3
66.7
51.9
52.4
27.7
-f~37~.il
35.2
52.5
22.6
4*15.41
a
percentage increase in sales per store of all chains combined
was somewhat
less than for total sales.
Number of
Stores
Grocery.
—1.2
Total
Sales per
Sales
Store
+9.4
+10.8
Ten cent
+0.9
+6.6
+5.2
+ 11.7
+ 19.4
+ 10.4
+6.2
+20.2
Shoe
—0.6
_
Variety
Ca^dy
+0.7
+18.1
56.7
Inc.,
not
York, in its "Monthly
of April 1, states that during
February "total
dollar sales of the reporting department stores in the Second
(New York) District were 11.6% higher than last year, but
allowing for one more shopping day this year than last,
daily rate of sales in February was not as
large as in January." The Bank says:
—18.7 '
+8.4
55.4
of Textiles,
Review"
+9.7
—4.0
+ 17.9
-
The Federal Reserve Bank of New
+5.7
Drug
-
February Sales of Department Stores 11.6% Above Last
Year According to New York Federal Reserve Bank
—Sales During First Half of March in
Metropolitan
Area of New York Also Higher
Percentage Change February 1936
Compared with February 1935
Type of Store
Weighted average.
♦Quantity figures reported by the National Federation
included in weighted average for total wholesale trade.
+8.1
after
Total
+0.3
-
the increase in the
Wholesale Commodity Prices Up Slightly
During Week
of
March
21,
According
to
Index
of
National
Fertilizer Association
21, according to the index compiled by the National
Fertilizer Association.
the preceding week.
month
ago
average
as
77.8, and
This index
rose
to 76.9 from 76.7 in
Two weeks ago the index
a
year
ago
75.9, based
on
was
76.9,
a
the 1926-28
100.
this year was
The highest point reached by the index
78.5, in the first week of January.
Under
4ate of March 23 Die Association further announced:
York, Northern Nerw Jersey, and Bridgeport stores showed
percentage gains in average daily sales than in the previous month,
while for the remaining localities comparisons were
The decline in the general level of wholesale prices which
had lasted for four weeks was checked in the week ended
March
The New
smaller
more
favorable than in
January.
The Hudson River Valley District stores recorded the largest ad¬
a year previous in the
daily rate of sales since June 1934, the
Westchester and Stamford stores showed the best sales increase since last
vance over
April, and the Rochester, Southern New York State, and Northern New
York State stores registered the largest gains in 5 to 7 months.
Total sales
of the leading apparel stores in this district
but
on an
tered in
average
were
19.6% higher than last
year,
daily basis the increase did not equal the advance regis¬
January.
Department store stocks of merchandise
continued
February
somewhat
below
last
was smaller than in the
year's
on
level,
hand, at retail valuation,
although
previous two months.
the
decrease
in
The rate of col-
Financial
2068
lections in both the department and apparel stores continued higher
than
1936
12 Months Ended Jan. 31
a
■•••' '-V
V'1-.'
year ago.
March
Chronicle
P. C.
1936
Percentage Change
February 1936
Outstanding Jan. 31
Compared with
Collected in
February 1935
February
.
.
-
.
of Month
1936
1935
—1.8
43.6
45.4
Buffalo
-14.3
+6.8
43.1
47.2
Rochester
-18.3
—4.5
44.2
4.6.2
Syracuse
-12.9
—9.2
36.4
40.7
Northern New Jersey
1-10.8
+5.0
40.1
41.1
v
-10.3
-
—0.3
34.0
38.9
-12.4
Bridgeport
Elsewhere
—3.2
27.1
32.1
+7.2
+ 10.4
+ 12.0
Northern New York State
Southern New York State
Hudson River Valley District
Purchased energy
(net)
93,223 ,308,000 85,209,881,000
3,027 ,129,000 2,999,319,000
1,928 ,574,000 2,013,721,000
94,321 ,863,000 86,195,479,000
....
Energy used In electric ry. & other depts—
Total energy for
+5.8
+ 15.5
+9.4
'.im «*«.->
Domestic Service (Residential
Aver.
ann.
39.1%
by waterpower.
Percent of energy generated
+ 9.8
+4.e
I 37.0%
678
634
+6.9
4.99c.
5.28c.
—5.5
$2.82
$2.79
+ 1.1
...
—0.9
41.5
38.4
40.4
compared
are
previous in the following table:
Stock
Net Sales
Hand
on
Percentage Change Percentage Change
Feb. 29 1936
February 1936
8,995,700
497,300
Waterpower
Internal combustion...
Compared with
Compared with
February 1935
Feb. 28 1935
49.3
Toys and sporting goods
+21.9
+7.9
17.6
500,900
33,519,700
33,251,200
(578,720)
3,720,269
507,058
65,764
(533,997)
(208,226)
20,487,399
3,745,109
503,310
71,923
25,373,683
24,807,741
Customers—
domestic)
with commercial-large)..
Farms In Eastern area (included with
Farms In Western area (included
(216,550)
21,080,592
Domestic service
Commercial: Small light and power
...—......
—
—6.8
20.1
Men's furnishings-^---..-—...—.i-.-.-^iToilet articles and drugs
—.......
Large light and power
..............
Other ultimate consumers,...
+6.9
Books and stationery
Number of
23,802,800
8,947,500
24,026,700
Total generating capacity In kilowatts
Musical instruments and radio
1935
1936
43.7
+9.2
February sales and stocks in the principal departments
year
7.4
Use)—
consumption per customer (kwh.)
Generating capacity (kw.)—Steam.
a
9.4
Basic Information as of Jan. 31
+ 11.6
+ 19.6
with those of
.2
t
Important Factors—
Average monthly bill per domestic customer.
%•
+0.9
distribution—
Energy lost in transmission, distribution, &c. 15,957 ,567,000 14,855,777,000
Kilowatt-hours sold to ultimate consumers.. 78,364 ,296,000 71,339,702,000
$1,930 ,116,300 $1,845,076,600
Total revenue from ultimate consumers.
Average revenue per kwh. (cents)
^
+25.1
All department stores
56,766,065,000 53,650,934,000
36,457,243,000 31,558,947,000
—
+6.4
Capital District
Westchester and Stamford
Apparel stores
Change
(Net)—
Total kilowatt-hours generated
Hand End
bll.3
.
Kilowatt-hours Generated
By water power
Stock on
Net
Sales
x
By fuel.
Locality
N ew York
1935
Per Cent of Accounts
Total ultimate consumers
-5.4
ti
x
-7.6
16.7
Luggage and other leather goods
Men's and boys' wear
+ 16.3
16.0
+ 15.9
reported by the U. S. Geological Survey, with deductions for certain
light and power enterprises.
plants
+ 17.2
Woolen goods
As
not considered electric
-2.4
—11.4
%
„
Furniture
--14.0
—0.6
Women's and misses' ready-to-wear
Home furnishings
--12.3
+ 19.1
10.5
-—2.0
+9.9
+9.1
Tt
+6.4
+5.8
+6.1
—-6.6
4.7
—0.6
-
Women's ready-to-wear accessories
Cotton goods.
-.
Linens and handkerchiefs.
Hosiery-
£
4.6
11.1
of Federal
Governors
Reserve
issued
System
+0.4
as
follows
monthly
its
—6.3
+6.1
of
System for February
Under date of March 25 the Board of Governors of the
Federal
+ 13.6
Silks and velvets
Miscellaneous
Reserve
+0.5
4.1
Silverware and Jewelry
Shoes
of Board
Indexes
Monthly
production, factory employment, &c.:
indexes of industrial
INDEXES
BUSINESS
(Index Numbers of Board of Governors,
1923-25=100)
a
In its review the Bank has the
in the
Metropolitan
following to say as to sales
of New York during the first half
of March:
siderably
were
Metropolitan
than the usual seasonal gain over the February rate, and
more
11% higher than in the corresponding period a year ago.
Because
New
of
England
flood
r
conditions
trarsfers of
power
affected
week
last
Middle Atlantic and Central
because of emergency
to
which
from
sections and
one company
another, the Edison Electric Institute has found it im¬
possible to issue its regular weekly electric
This statement is generally
statement.
output
power
released
on
Wednes¬
Feb.
1936
1936
1935
98
89
p97
96
91
p93
97
88
p95
95
91
2)109
103
96
p 105
99
92
2)52
2)24
p75
—
61
28
2)45
50
24
25
14
90
39
p21
2)64
73
Construction contracts, value b—
Total
Residential
All other...
84.0
Factory employment _c
Factory payrolls _c
Freight-car loadings
Department store sales, value
Production
estimated that the output
as was
available, the Institute
for the week ended March 21
was
1,860,000,000 kwh.,
increase of 7.8%
or an
was
over
the
corre¬
1,724,763,000 kwh.
r82.1
83.3
13
33
r81.4
7-83.0
69.1
72.2
72.3
70
70
65
65
63
61
79
75
2)65
63
61
Indexes by Groups and
Industries—
Manufactures:
83
86
80
87
83
84
2)101
105
100
2)107
110
rl06
84
92
81
82
92
79
Iron and steel
Textiles
91
111
103
94
108
111
2)113
117
110
2)115
109
112
49
Leather and shoes..
47
45
29
29
27
170
156
141
121
Cement
Ppt.rnlftiim
refining
,
.
169
148
155
148
...
,
Tobacco manufactures......
sponding week of 1935, when output
7-84.9
21
2)80
Automobiles
such information
on
Jan.
1935
Food products
day mornings.
Based
Feb.
1936
p95
Minerals
Delay Weekly Electric Power Output Statement
—Estimates Indicate Gain of 7.8% Over Year Ago
Feb.
General Indexes—
Industrial production, total
Manufactures
Floods
Jan.
1936
of New York appear to have shown con¬
area
Seasonal Adjustment
Feb.
During the first half of March total sales of the reporting department
stores in the
Without
Seasonal Variation
area
Adjusted for
133
135
Minerals:
Bituminous coal
80
p9 2
81
786
88
p97
totaled
1,900,803,000
the
over
output during the week ended March
kwh.
1,728,323,000
This
was
produced
kwh.
a
gain
14 1936
of
during
10.0%
the
week
ended March 16 1935.
2)93
70
67
p 99
75
72
2)143
148
142
2)140
142
129
77
84
73
82
89
79
Silver
82
65
83
70
Lead
Electiie
63
50
63
52
Anthracite
Petroleum, crude
Zinc
p Preliminary,
a
The following statistics covering 100% of the electric
light and power industry were released on March 20 by the
Edison
Electric
SOURCE AND
Revised.
Indexes of production, carloadings, and department store sales based on dally
averages,
January Sales of Electricity to Ultimate Consumers Up
12.5%—Revenues Gain 5.3% i
r
—
b Based on three-month moving average of F. W. Dodge data centered
at second month,
c
Indexes of factory employment
and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by F. R. Board of Governors.
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS
AND INDUSTRIES.
(1923-25=100)
a
Institute:
DISPOSAL
ENERGY AND
OF
SALES TO ULTIMATE
Payrolls
Employment
CONSUMERS
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation
Adjustment
Adjustment
Month of January
Group and Industry
P. C.
1936
Kilowatt-hours Generated
x
1935
Feb.
(Net)—
By fuel
5,515,500,000
3,104,345,000
By water power
4,700,752,000
3,024,139,000
+ 17.3
+2.7
Machinery
Transportation equipment.
Automobiles
Total kilowatt-hours generated
Additions to Supply—
Energy Purchased from other sources
8,619,845,000
7,724,891,000
+ 11.6
151,816,000
141,109,000
79,264,000
+ 7.6
73,420,000
Total
—7.4
225,236,000
Total
Total energy for distribution
220,373,000
+2.2
57,241,000
123,730,000
61,227,000
121,524,000
—6.5
180,971,000
Deductions from Supply—
Energy used in electric railway departments.
Energy used In electric & other departments
182,751,000
7,762,513,000
1,293,782,000
6,468,731,000
Energy lost in transmission, distribution, &c.
Kilowatt-hours sold to ultimate consumers..
7,278,279,000
+ 1.8
—1.0
+ 11.6
+ 7.1
Commercial: Small light and power (retail).
Large light and power (wholesale)
Municipal street lighting
Railroads—Street and interurban
...
Municipal and miscellaneous
Total sales to ultimate consumers
Jan.
Feb.
1936
1936
1935
77.6
70.6
76.0
75.8
70.7
65.3
64.4
94.6
83,1
92.6
92.5
82.0
79.3
78.3
64.1
80.7 7-89.6
94.7
98.4 100.6 7-103.1 100.9
98.2 rl04.4
59.0
87.3 7-99.7 110.3
48.0
59.1
56.7
53.6
58.2
55.9
88.4
90.4 7-80.6
89.4
89.4 r81.6
72.5
72.7 7-63.7
Lumber and products
55.0
54.8
50.8
53.5
52.9
49.4
41.4
41.1
54.0
55.8
52.4
51.0
50.8
49.6
38.5
38.0
34.8
94.4
95.0
96.6
96.1
95.1
98.4
81.1
7-79.1
84.5
91.9
93.0
95.6
93.4
94.0
97.2
79.9 7-80.0
84.5
94.7
Stone, clay and glass
consumers
A.
1,316,743,000
1,245,351,000
3,135,330,000
+ 11.4
222,089,000
431,009,000
+49.9
7,278,279,000
6,468,731,000
$170,101,000
+ 12.5
57.9
52.2
34.8
97.9
93.4
96.8
78.7
72.6
79.5
89.8
88.4
91.6
80.0 7-79.1
82.5
106.2
91.1
92.6
7-94.4
84.7
87.3 7-83.8
55.3
Tobacco products
52.2
57.3
55.7
56.0
57.7
98.2
96.7
98.0
96.8
96.4
97.5
Paper and printing
Chemicals & petroleum prods. 108.3 rl09.8 108.6 109.1 rl09.7 109.4
A. Chemicals group except
43.4
41.7
40.8
88.9
88.2
84.1
97.5
97.9
93.2
107.9 7-109.5 108.6 109.1 110.0 109.9
97.2
97.5
92.5
98.5 7-99.5
95.3
95.8
95.3
87.9
Wearing apparel
89.2
101.7 103.1
petroleum refining
Petroleum refining.-
110.1 rll0.8
r
108.7 108.7 7-108:7 107.3
+ 5.5
67,009,000
51,200,000
Fabrics
52.9
89.7
B.
1,466,499,000
1,402,781,000
3,566,771,000
234,266,000
446,101,000
100,413,000
61,448,000
...
Leather products
Food products
+ 12.5
Sales to Ultimate Consumers (kwh.)—
Domestic service
from ultimate
Feb.
1935
Railroad repair shops
B.
8,664,110,000
1,385,831,000
revenue
Feb.
1936
110.4 rll9.3 114.1 113.8 7-118.1 117.5
-
Textiles and products
Total
Jan.
1936
Non-ferrous metals
__
Net international Imports
Electrified steam
Feb.
1935
93.6
.
Feb.
1936
75.9
Iron and steel
Jan.
1936
Change
$179,140,500
82.3 7-83.4 7*84.8
81.9 7-82.0 7-84.2
69.1
7-70.2
71.9
84.0 7-84.9 7-82.1
Rubber products
83.3 7-83.0 7-81.4
72.3
72.2
69.1
+ 12.6
+ 13.8
+3.5
+ 20.0
+5.3
Total
a
Indexes
r
Revised.
of
adjustment
compiled by Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
are for
payroll period ending nearest middle of month.
January 1936 figures are
preliminary, subject to revision,
factory
employment and
payrolls
without seasonal
Volume 142
Financial
Life Insurance Sales in United States
During February
Down 14% from February 1935
The report for
in
February sales of ordinary life insurance
States, recently made public by the Life In¬
the United
Sales
surance
Research
Bureau, of Hartford, Conn., shows
a
percentage decrease when comparison is made with the
same period a year ago.
This is due to/the fact that an
unusually large amount of business was placed a year ago,
in
anticipation of general increases in premium rates, said
announcement issued March 20 by the
Bureau, which
an
Chronicle
2069
that prevailing last summer and autumn.
as
Freight
loadings increased
car
by a small seasonal amount in February. Loadings of coal were considerably
larger than in January, while shipments of miscellaneous freight declined,
and the Board's seasonally adjusted index of total
loadings remained at
January figure of 70% of the 1923-1925
in December and
an
the
compraed with 71%
average as
of 63% for 1935.
average
Commodity Prices
The general level of wholesale commodity prices declined somewhat
during the latter part of February and the first half of March, following a
six-month period of little
change.
The recent downward movement reflected
declines in prices of farm products and foods.
continued:
According to the
from
force
the
in
country,
last
month
same
of
figures,
months
February
For
year.
20% from the
12
0;
Bureau's
which
companies having more than 90%
the
Feb.
29
1936
the
sales
first
two months
same
ending
1936
two
in
received
reports
on
ordinary life insurance in
86%
were
months
1935
of
of
the
those
year
indicated.
was
down
were
based
are
of
7%
from
the
for
decrease
a
Sales
the
for
the year
New
is given
survey
only
in
on
State-by-State basis
a
and
shows
that
nine
States was better in February than last year.
Hampshire, Mississippi, Oklahoma, Idaho, Wyoming,
Mexico, Arizona and Oregon.
New
Maine,
are
the
at
Distribution of Merchandise in Canada
Stimulated by
Weather, According to Bank of Montreal
Warmer
In its summary of conditions in
Bank
Montreal
of
states
Canada, issued March 23,
that
the
"advent
of
warmer
weather has given a stimulus to the distribution of merchan¬
dise, and with better marketing opportunities rural purchas¬
ing has increased, being now better than a year ago.
Evi¬
dences of
ditions
and
ment
purposes."
The
bank continued,
The newsprint industry produced 221,569
increase
an
of
382,264 to
a
still
to
be
In
tions
ments
.
new
spring of
apprehensions
export
.
.
the
total
sug¬
difficulties
con¬
for
Japanese
voiced
of
movement
export
compared' with
weeks in
clearances of
wheat
91,698,167 bushels in
fresh
Loans
trade
opera¬
arrange¬
.
persists
opening
the
of
and
their
government
.
well
1935.
maintained, and in recent
running substantially above
From
amounted
Aug.
to
the parallel
1
to
up
120,726,045
March 6
bushels
period of 1935.
as
.
.
.
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve
System—
Little Change During February Shown in Indus¬
trial Production and Employment
In
its
ditions
of general business and financial
summary
in
the
United
States,
based
con¬
statistics
upon
for
February and the first three weeks of March, the Board
Governors
of
Federal
of the
Reserve System states that the
production and employment showed
little change in February, and the index of
production,
which makes allowance for seasonal changes, declined from
98 to 95% of the 1923-1925 average.
Distribution of com¬
"volume of industrial
modities
and
continued
about
at
in
States
as
in January.
facturing activity at tlis
factory output showed
a
Since usually there is
an
the Board's seasonally adjusted index of
season,
decline.
Output at mines increased.
substantial further decrease in automobile production in
rate of
There
was
more
than seasonal increase.
There
little change in
was
by about the seasonal amount, while activity at cotton textile mills, which
usually larger in February than in January, decreased, and at silk mills
was a larger than seasonal decline.
Output at meat packing establish¬
There
was a
substantial increase in the mining of both
anthracite and bituminous coal, while
output of crude petroleum declined
somewhat.
Factory employment increased by less than the usual seasonal
between the middle of
January and the middle of February.
little change in the number of workers at steel mills and
number
employed
at
in these industries in
automobile
February.
textile mills and showed
a
factories,
although
a
amount
There
usual
are
Employment declined at silk and
rayon
smaller than seasonal increase at shoe factories.
Increases in
employment were reported for railroad repair shops, for printing
publishing establishments, and for factories producing wearing apparel.
Factory payrolls, which are usually larger in the middle of February than a
and
month
earlier, showed
no
change.
The value of construction contracts awarded, as reported
by the F. W.
Dodge Corp., declined further in February.
Awards for residential
struction showed little change,
and there
awards for all other contracts, a
large part of which
was
a
for public projects.
Distribution
increase
an
dealers
and
and
in
other
banks increased at the turn of the month
ment securities in New York in
as
at about the
same
and
"other loans," which include
issued
Balances held for domestic
banks in the interior sold govern¬
During the week
anticipation of maturities.
ending March 18 balances declined, partly
out the
the result of banks through¬
as
country purchasing in the New York market government securities
March 16.
on
•
,
<:"I
■
♦
Reported New Business
I
Lumber Mills Heavier Than
at
Year Ago
"
■
''f- V.* v- y-X
'/■*■
The lumber
industry during the week ended March 14 1936
stood at 60% of the 1929 weekly Average of production and
65% of 1929 shipments. Reported new business was heavier
than in any previous week of 1936 or
last
April.
Production
last fall.
Shipments
preceding
week;
and
1935, except two weeks
were largest since
shipments
9% above those (revised)
were
business
new
10%
was
above,
tions
covering
the operations
mills.
March
ended
Reported
was 15%
14
of
new
of the
and
duction about the same, according to reports to the
Lumber Manufacturers Association from regional
pro¬
National
associa¬
important hardwood and
business during the week
above output; shipments were
During the preceding week shipments
production and orders were 5% above
S% above production.
0.2% below
All items in the current week were shown by
reporting softwood mills in excess of similar week of 1935,
output.
both
production
and shipments at these mills being 32%
year's week; new business, 37% above.
In the
year to date, new orders at reporting softwood mills are 20%
above similar period of last year; production is
35% above;
above last
shipments, 23% above.
The Association further reported:
During the week ended March 14 1936, 565 mills produced 208,874,000
feet; shipped 226,281,000 feet; booked orders of 240,994,000 feet.
Revised!
figures for the preceding week
were:
Mills, 587 ; production, 208,277,000
feet; shipments, 207,957,000 feet; orders, 219,539,000 feet.
All
but
regions
hardwoods
March
regions
All
but
all
orders
but
these
Northern
but
1935;
California
reported
14.
Northern
above last year's
redwood,
above
and
34
with
25
days' and 130
is
days'
Northern
week
All
hemlock
reported
ended
softwood
corresponding
week
of
shipments
forest
unfilled orders
production
average
days'
a
products
year
car
and
March 14 the equiva¬
on
stocks
of
132
days'
compared
ago.
loadings
for the week
ended
March
14
delayed.
Lumber
orders
softwood
mills
mills.
same
8%
or
Reports
or
and
the
week, and all reported production above.
of
on
above
orders
Northern
Identical softwood mills reported
lent
Report
hemlock
during
shipments above output.
reported
pine
Northern
production
reported
pine
2%
reported
totaled
for
above
from
as
hardwood
ended
week
feet,
Production
mills
give
Shipments
as
above
6ame
14
1936
by
501
the production
of
week were 217,327,000
200,759,000 feet.
was
business
new
reported
10% above production.
or
March
16%
or
reported for the
production.
82
above production.
8,954,000 feet,
the
232,631,000
Shipments
8,313,000
as
for the
Production
feet,
week
were
same
was
8,115,000 feet.
Unfilled Orders and Stocks
Reports
of
or
from
494 softwood mills
894,759,000 feet and
softwood
the
equivalent
061,000
date
a
gross
March
on
feet,
year
or
of
the
34
14
1936
give unfilled orders
stocks of 3,469,881,000 feet.
mills report unfilled orders as
days'
886,063,000 feet
production,
average
equivalent of
25
days'
average
The 466 identical
on
March 14
compared
with
production
ago.
on
1936,
3,402,similar
j
Identical Mill Reports
Last
week's
feet, and
a
212,796,000
feet and
production of
year
feet
ago
and'
it
was
469
identical
softwood
148,803,000 feet;
161,015,000
feet;
and
mills
was
196,586,000
were,
respectively,
received,
227,896,000
shipments
orders
165,984,000 feet.
950,000 Bags of Coffee Reported Tendered to Brazilian
National Coffee Department for Destruction
The Brazilian National Coffee
Department had been
tendered 950,000 bags of coffee to March
21, or roughly 25%
of the 4,000,000 of low-grade
surplus coffees they have ar¬
ranged to purchase and destroy, the New York Cofiee and
Sugar Exchange was informed by cable March 24.
Under
that date the
Exchange also said:
On Feb. 20, the National Coffee
Department published lists covering
classification
of
retained
announced for the various
were
investments.
others increased,
to
coffees
and
invited
interested
inside of 30 days whether or not they are
prepared to
Department store sales showed little change from January to February
and, after allowance for seasonal variation,
Of this increase $190,000,000 represented a
$80,000,000
Adjusted demand deposits of reporting member banks declined by $340,-
con¬
decrease in the value of
are
cities
was
decrease in the
increases
leading
in
banks
the 18th of the month were $525,000,000
on
substantial growth in so-called
a
there
ments also declined.
receipt of income taxes and of
member
a
the volume of lumber cut in February, although an
increase usually occurs in that month. At woolen mills
production increased
is
and
February, and the
In the first half of March production of steel expanded
seasonally
a
with
000,000 during the four weeks ending March 18.
operations at steel mills increased by less than the usual seasonal
amount.
and output of automobiles showed
was
manu¬
during
loans for commercial purposes.
volume
same
increase in
$650,000,000
that date amounted to $2,400,000,-
reporting
Security loans ooth to brokers
feet,
average output in basic industries was in about the
February
•
by
holdings of direct and guaranteed obligations of the United
government
the
Production and Employment
Daily
of
higher than four weeks earlier.
growth
the
January level."
The
following is from the Board's summary, issued March 26:
in
investments
were
competition
the
wheat is being
for the parallel
the
Among the textile manufacturers
at
.
by
on
Reserve banks in connection
softwood
effects
of
like
any
trying to adjust their
are
them
Japan.
vigorously
higher than in
■
decreased
cash payments for newly-issued government securities.
are
unemployment relief
.
many firms
created
export clearances of wheat have been
figures
of
from
rose
developments
formidable
of
month
production
Other
last year -and
inquiry into the textile industries.
the
corresponding
year
though
States and
the
were
of
1931.
conditions
about
nervousness
The
the
17.6%.
The problems
month
any
with the United
weeks the
the
over
of
industry,
.
manufacturing field
the
to
for this
.
than in
since the
the
months
increase of
part:
perplexing factor in the general economic situation, but the
index in February, after correction for seasonal influences,
higher
was
outlook
22.9%,
or
two
an
in
tons in the month of February,
a
employment
period
tons,
first
overcome.
be
tinue to
the
449,524 tons,
better
gest
41,264
in
while
1935,
con¬
reflected in the statements of leading
corporations,
revival of interest in securities for invest¬
as
moderate
a
banks
ending March 18 and
increasing business vitality," the bank said, "are
growing volume of foreign trade, improved industrial
a
member
This decrease reflected chiefly a transfer of funds to Treasury deposits
there
the
Bank Credit
of
reserves
increased rapidly in March and
Bureau
experience
These
000.
ending
Feb. 28 1935.
The
Excess
the four weeks
level
in 90 days.
grades
on
March 18.
parties
to
the
state
sell at the prices
Payments were to be made
The Exchange has not been informed whether this time limit
has been extended
or
what steps are being
taken to acquire the balance of
2070
Financial
the 4,000,000 bags.
The cable said, in addition, that 550,000 bags of the
total amount tendered had
not yet
been classified (graded).
Chronicle
There
Products—April Market Demand for
11% Above 1935—Texas Raises
Allowable to 1-147,461 Barrels—Drilling Area Ex¬
panded in Oklahoma City—Ickes Holds Conally
Act "Permanent"—Daily Average Crude Output
Crude
week.
Spurts
11% in estimated market demand for crude
oil during April was recommended by the United States
Bureau of Mines during the week.
The level for the coming
month was suggested at 2,797,000 barrels, an increase of
58,400 barrels over March and 270,000 barrels over the like
new
The
high levels.
Crude oil exports for April were esti¬
barrels, the same as in the
Texas Railroad
.
Commission ordered
levels.
an
increase of
Two increases in the allowable in the Texas side of the
were ordered
by the Texas Railroad Commission
additional wells
two
The third well
was
were completed
during the week.
brought in and the allowable was lifted
400 barrels daily to 1,200 barrels.
Immediately after came
news of another
producer, and the Commission lifted the
allowable another 400 barrels to 1,600 barrels daily for the
four producing wells in that area.
Extension of the oil-well drilling areas in Oklahoma City,
opposed by Governor Marland, was approved by a majority
in a special election held Tuesday.
Locations for 38 new
wells in the area north of the Capital already have been
planned, and estimates from producers indicated that there
will be 100
Three
new
wells in this
area
within
a
short time.
portions of the east side of the city, including a
large tract directly north of the capital, were opened up by
the vote.*
Four wells in the northeast section are budding up
a
daily potential of around 80,000 barrels, and operators
new
believe that extension of the drilling activities
Wilcox zone to its former position as major
will restore the
producing
area
in Oklahoma.
Governor Marland, who opposed the extension of the drill¬
area on the ground that the new wells would drain oil
ing
from
State
wells,
indicated that he might use National
Guardsmen to protect the State lands from lateral drainage.
The Oklahoma Corporation Commission held its monthly
market demand hearing during the week, and listened to the
recommendations of Oklahoma oil operators and the Conser¬
vation Staff, headed by Umpire Armstrong, recommend an
increase of 18,700 barrels in the April allowable over March
to
bring the State's quota into line with the recommendations
of the Bureau of Mines at 525,000 barrels daily.
The operators, in asking for higher allowables, pointed to
the vote opening up new areas.
Drilling zones have been
enlarged by a square mile of productive territory and pros¬
pects for 100 more oil wells inside of three months were cited
as
cliuching arguments for a higher allowable for the Wilcox
An increase of
5,000 barrels will be allocated to the Okla¬
homa City Wilcox zone, it was indicated.
Fitts Upper
Simpson will be lifted 4,000 barrels.
Seminole won an
increase of 2,000 barrels, Edmond, 1,500 barrels and South
Burbank and Lucien 1,000 barrels each.
Several pools won
February daily average crude oil production in California
dipped to 587,428 barrels from 680,097 in the previous month,
a
special report by the American Petroleum Institute in¬
dicated. Total stocks held by the major marketing units in
the State—with the exception of sales and service station
holdings were 136,527,474 barrels of all products, an increase
of 1,456,466 over January.
The report disclosed that there
were 43 wells completed, with initial
daily output of 13,561
barrels, against 71 wells, and initial daily, production of
34,687 barrels in the first month of the year.
Collapse of the crude oil price structure was forecast as
a certain result of
any running of "hot oil" by Secretary of
the Interior Ickes in Washington on Tuesday.
It is im¬
possible, however, to run "hot oil" in inter-state traffic now,
he added, because the effective enforcement of the Conally
manent
act,
stated
that
the
Conally Act
was
a
per¬
and will be enforced until it is amended
or
repealed.
•
All major oil-producing States, with the exception of
California, reported higher production of crude oil for the
week ended March 21 to lift the daily average for the nation
27,6000 barrels to 2,835,950 barrels, according to the Ameri¬
can Petroleum
Institute survey.
This compared with the
March recommendation of 2,738,900 barrels of the Bureau
of Mines, and actual production in the like 1935 week of
2,600,100 barrels. Oklahoma output was up 11,150 barrels,
Barrel at Wells
Darst Creek
1.42
$1.10
1.15
.97
....
1.23 Midland District. Mich
Kentucky..
1.23 Sunburst, Mont....
Mld'Cont., Okla., 40 and above
1.18 Huntington, Calif., 30 and over....
Winkler, Tex—
.85 Kettleman Hills, 39 and over...—.
Smackover, Ark., 24 and over—.. 75-.80 Petrolla, Canada...
Illinois
1.02
....
1.23
...
.95
1.43
1.10
SEEN
6%
...
..
(All gravities where A. P. I. degrees are not shown)
PRODUCTS—APRIL
REFINED
ABOVE
GASOLINE
1935 MONTH—BUREAU
ESTIMATE
AT
38,680,000
OF
DEMAND
MARKET
MINES PUTS
BARRELS—FLOOD
FACILITIES—NEUTRAL OILS
STORAGE
DAMAGES
REDUCED—GASO¬
LINE STOCKS INCREASE
An increase of 6% in estimated market demand in the
domestic field for motor fuel
during April
was
forecast by the
Bureau of Mines, which set the indicated level for next month
38,680,000 barrels, or a daily average of 1,289,000 barrels.
was pointed out that inasmuch as April demand last year
was abnormally high, actual estimated demand this
year is
around 9 % above last year's "average."
The Bureau stated
that confidential reports from gasoline exporters indicated a
likely total of 2,800,000 barrels, the same as forecast for
It
March.
A
checkup
flood damages in the flooded
during the
plants
of the
Colonial-Beacon Oil Co., Standard Oil Co. of New Jersey,
Standard Oil Co. of Pennsylvania and the Socony-Vacuum
on
areas
the water* receded disclosed that bulk storage
suffered most of the damage inflicted upon properties
as
Oil Co.
In
New
the
England
area
Hartford
hit by the floods,
suffered the worst
damage.
Tanks were torn from their
stands at the bulk storage plants there, and the warehouses
were flooded.
Steel oil drums were lost and motor vehicle
equipment suffered damages.
Smaller bulk plants at
Haverhill, Springfield, Utica and Syracuse were submerged.
Large storage plants and warehouses were flooded at WilkesBarre and Pittsburgh, foundations suffering from the rush of
the flood.
Seasonal reductions in kerosene and
heating oil prices fea¬
developments in,'the local market.
Standard Oil Co.
of New Jersey on Friday posted reductions of 3-8 cents a
gallon in tank-car prices of kerosene at Bayonne, N. J., and
34 cent at Baltimore, Philadelphia, Wilmington, Charlestown, S. C., and Norfolk. Socony-Vacuum posted a similar
cut at New York and Philadelphia.
The new schedules list
New York at 4% cents a gallon, with other points at 534
tured
cents.
Standard Oil Co. of New
Jersey also lowered prices of Nos.
heating oils and light industrial oils by 34 cent a gal¬
Baltimore, Norfolk and Charlestown. The
company cut No. 4, however, only 34 cent a gallon at Balti¬
more.
Pennsylvania neutral oils were cut 34 cent a gallon to
20 cents for 200 viscosity, and 16 cents for 150 viscosity.
Other refined prices held unchanged in the local market.
A
reduction of 2 cents a gallon in retail gasoline prices at Phila¬
delphia was posted on Friday.
Standard Oil Co. of CalL„
fornia increased domestic grade fuel oil 10 cents a barrel to
$1.17 a barrel and tank wagon prices to $1.22 at San Fran¬
cisco. Portland was raised to $1.50, and Seattle to $1.4734Stocks of finished gasoline held at refineries and bulk
terminals during the week ended March 21 showed a modest
gain, reflecting the curtailed consumption in the flooded
2 and 4
lon at New York,
total
The American Petroleum Institute report
at
placed the
barrels, up 503,000 barrels over the
Stocks of unfinished gasoline dipped 68,000
65,800,000
previous week.
barrels.
Representative price changes follow:
March 25—A reduction of H
a
cent a gallon was posted in Pennsylvania
gallon for 200 viscosity, and 16 cents for 150
viscosity.
March 27—Retail gasoline prices were cut 2 cents a
_
Ickes
per
$2.45 Eldorado. Ark., 40
1.25 Rusk., Tex., 40 and over
...
neutral oils to 20 cents
minor gains.
Mr.
-
Western
areas.
zone.
Act.
.
Corning, Pa
week
,
Rodessa field
as
Typical Crudes
at
37,000 barrels in the April allowable over March, lifting the
daily quota to 1,147,461 barrels.
East Texas production
was set at 444,000 barrels
daily, on the basis of 2.85% of
one hour's potential
production in that area.
Current pro¬
duction of "hot oil" in the East Texas is reported to have
sagged to around 25,000 barrels, off 2,000 barrels from
recent
'
Prices of
mended allowable pointed out that the increased quota for
April suggested by the Bureau of Mines was to meet sea¬
sonal gain in gasoline demand, which continues to advance
mated to reach about 3,900,000
current month.
X
Louisiana up 8,800 barrels, while California
decline of 700 barrels.
no crude oil price changes posted
during the
Bradford, Pa
Lima (Ohio Oil Co.)
1935 month when the Federal allowable was in existence.
The disptaches from Washington reporting the recom¬
into
a
were
Estimated
An increase of
1936
Texas up 7,850,
registered
Petroleum and Its
March 28
gallon in the Phila¬
delphia marketing area by major companies.
March 27—Standard Oil Co. of New Jersey cut tank-car kerosene
% cents
a
gallon at Bayonne, N. J. and
Seaboard.
Socony-Vacuum posted
also cut Nos. 2 and 4
New York,
a
prices
cent at ports along the Atlantic
Standard of New Jersey
similar cut.
heating oil and light industrial oils M cent
Baltimore, Norfolk and Charlestown.
a
gallon at
Baltimore prices were
lowered y% cent for these grades.
March
27—Standard
prices 10 cents
a
Oil
Co.
of California
advanced domestic fuel oil
barrel to $1.17, and also lifted tank wagon prices to $1.22
in San Francisco.
Portland and Seattle
were
lifted to $1.50 and $1.47
respectively.
Gasoline, Service Station Tax Included
z
New York
Cincinnati
z
Brooklyn
Minneapolis......$.184
$.175
Cleveland-.--..— .175
New Orleans
.23
Newark
Denver
Camden
Detroit
Philadelphia
Pittsburgh
.195
Boston..
Jacksonville...-.-. .20
San Francisco
Buffalo....
Houston
St. Louis
Chicago
Los Angeles
.......
.21
.16
.....
.19
17
-
...
.135
.177
.135
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas.$.03H-.03J£ |New Orleans.$.03J4-.04
(Bayonne) ......$.04% I Los Ang 1 s._ .0434-.05
'Tulsa....... .04J4-.04J*
Fuel Oil, F.O.B. Refinery or Terminal
New York
N. Y. (Bayonne)
Bunker C
Diesel 28-30 D
New Orleans C
$1.15-1.25
$.90
Phlla., bunker C
I California 27 plus D
$1.05
1.05
1.651
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
27 plus
$.04
I Chicago,
-.04^'
32-36
I Tulsa.
GO..$.0234-.02Hl
.$.02K-.02H
Volume 142
Financial
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
Standard Oil N. J._$.07**
Socony-Vacuum.... .07H
New York—
Chicago
Colonial Beacon..$.07 H
.07 %
lde Water OH Co..
Richfield Oil (Calif.)
Gulf..
Republic OH
$.06
Orleans.
-.06X
,06
-.06
.05H-.04 %
on
.06
-.06 H
Tulsa.......
.06
-.06 H
net tons
.07
Anthracite production in Pennsylvania
Crude Oil Production Gains
During Latest Week
Average
27,600
The American Petroleum Institute estimates that the
daily
average gross crude oil production for the week ended March
21 1936 was 2,835,950 barrels.
This was a
gain of 27,600
of the previous week.
The current
figure was also above the 2,738,900 barrels cal¬
culated by the United States Department of the Interior to
be the total of the restrictions imposed by the various oil
producing States during March.
Daily average production
barrels from the output
week's
weeks ended
the four
2,794,400 barrels.
details,
The daily
21
1936
is
estimated
at
as
1935
Imports of petroleum for domestic
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
average output
use
daily average of 115,714 barrels, compared with
ended
March
a
daily average of 141,000
daily for the four
21.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
a
1936
Bitum. coal
daily average of 44,571 barrels,
daily average of 27,857 barrels for the week ended March 14
Reports received from refining companies owning 89.6% of the 3,869.000
barrel estimated daily potential refining capacity of the United States
as a
whole
1936 d
1935
c
Tot. for per'd 7,500,000
DaUy aver..
Beehive coke:
ran
to stills, on a Bureau of Mines
2,815,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 73,157,000 barrels of finished and
unfinished gasoline and 95,378.000 barrels of gas and fuel oil.
850,000
26,000
29,000
4,333
4,833
Tot. for per'd
Daily
aver..
704,000
117,300
50,682,000
175,500
174,500
243,900
1,003,400
834,900
5,646,900
3.367
2,802
18,949
ESTIMATED
WEEKLY
PRODUCTION
are
based
COAL
BY
STATES
(IN
railroad carloadings and river ship¬
receipt of monthly tonnage reports from
on
ments, and are subject to revision on
district and State sources or of final annual returns from the
operators.)
Week Ended
State
March
Mar.
7 Feb.
29 Mar.
1936 p
9 Mar. 10 Mar.
1935
1934
r
r
9
Aver.
1929
1923
8
8
2
2
1
3
231
250
229
180
392
85
136
37
36
129
137
180
118
114
181
1
1
1
1
1,043
1,325
1,120
953
1,170
1,684
433
445
414
384
401
575
81
94
94
75
98
Kansas and Missouri
181
207
136
135
157
144
Kentucky—Eastern
783
825
704
700
935
560
145
215
184
231
302
215
Alabama
Arkansas and Oklahoma
Averaoe
Week Ended—
4 Weeks
Week
Ended
Ended
Mar. 21
Mar. 23
1936
1935
Dept. of
Cal¬
culations
Mar. 21
(March)
1936
506,300
142,000
Mar.
14
1936
Colorado
525,900
151,000
514,750
141,150
503,350
145,700
62,750
57,300
25,050
..
OF
THOUSANDS OF NET TONS)
(The current weekly estimates
Alaska
Actual Production
of M.
Kansas.
70,859,000
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal
shipped
by truck from authorized operations,
c Subject to revision,
c Revised.
1936 p
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
62,400
56,800
24,900
171,150
49,300
Panhandle Texas
West Texas
175,650
59,150
56,650
24,900
173,900
East Central Texas
49,800
441,050
50,600
439,800
73,300
229,050
73,350
227,750
North Texas—
59,979,000
24,200
4,033
141,700
during the week.
Oklahoma.
1929-30
Includes lignite, coal made into coke, local sales, and colliery fuel,
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 555,000 barrels daily
Int.
1934-35
8,702,000 8,829,000 355,632,000 346,047,000 502,475,000
1,214,000
1,180,000
1,707,000
740,000
123,300
basis,
B.
1935-36
Daily aver.. 1,250,000 1,450,000 1,472,000
a
industry
Mar. 16
Pa. anthra. b:
and 23,464 barrels daily for the four weeks ended March 21.
indicate that the
Coal Year to Date
Mar. 7
a:
Tot. for per'd
ended March 21 totaled 312,000 barrels, a
compared with
Week Ended
Mar. 14
and receipts in bond at principal.
barrels for the week ended March 14 and 131,821 barrels
weeks
Bureau's statement follows:
totaled
United States ports for the week ended March 21 totaled
810,000 barrels,
a
preceding week, and compares with 704,000 tons in
corresponding week of 1935.
During the coal year to March 14 1936 a total of 355,632,000 tons of bituminous coal and 59,979,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 346,047,000 tons of soft coal and 50,682,000 tons of
hard coal produced in the same period of 1935.
The
the
for the week
2,600,100 barrels.
Further
reported by the Institute, follow:
March 23
ended
March
during the week
ended March 14 is estimated at 740,000 net tons.
This is
a decrease of
110,000 tons, or 12.9%, from the output in
the
Barrels
for
incomplete returns from the carriers.
A total of 8,702,000
was produced in the preceding week and
8,829,000
tons in the week ended March 16 1935.
Not Including 2% city sales tax.
Daily
2071
7,500,000 net tons.
Because of delayed communications
from nearly all sections of the country, the estimate is based
Los Ang., ex.
Gulf ports...
.07 Yi.
07 H
Shell East....
z
New
Texas..
.07M
.07 H
Warner-Qulnland Co .07 X
Chronicle
...
West Central Texas
East Texas
514,550
153,050
Georgia and North Carolina
Illinois
Indiana
Iowa—
Western
8
42377
195
s
122
Maryland
Michigan
41
44
42
58
52
65,050
16
16
20
21
14
32
57,600
Montana
70
96
63
43
76
68
25,750
152,900
52,400
438,700
72,250
225,050
446,100
New Mexico
32
26
46
30
26
54
53
North and South Dakota
Ohio
71
100
33
31
s31
s34
524
530
482
549
410
740
Coastal Texas..
Total Texas.
1,104,000
1,113,950
1,106,100
1,100,550
1,042,000
65,050
136,500
57,150
135,600
61,300
135,050
23,050
95,050
151,400
201,550
192,750
196,350
118,100
31,900
105,100
44,300
29.700
29,750
107,150
34,400
29,700
98,600
35,050
105,050
34,800
35,800
North Louisiana..
Coastal Louisiana.
Total Louisiana.
Arkansas....—
Eastern
Michigan
Wyoming
i.
12,400
13,400
*f.
3,700
64,200
4,250
60,850
Total east of California.
2,200,100
2,270,050
Montana......
Colorado
60,250
181,950
Pennsylvania bituminous
.....——
New Mexico
1,990
2,200
2,261
2,097
2,772
3,249
Tennessee
93
124
113
107
112
118
Texas
15
15
15
14
23
Utah
Southwest Texas
48
70
57
36
101
68
235
253
220
216
263
230
Virginia.
Washington
42
31
26
51
74
1,915
1,593
1,595
1,892
1,172
584
a
46
1,710
690
621
657
689
717
115
West Virginia—Southern,
Northern _b
158
103
78
-132
136
1
1
1
s4
87
9,970
8,723
8,355
10,764
2,040
12,804
Wyoming..
61,950
59,250
30,800
107,800
36,900
33,000
10,300
4,950
47,050
2,241,750
2,227,750
2,098,500
35.800
36,100
13,500
4,150
34,900
13,000
4,100
Total bituminous coal
8,702
850
Grand total
1,590
1,388
1,217
10,447
1,176
9,552
Pennsylvania anthracite
a
'
*
Other Western States.c
and
19
11,560
10,111
9,572
11,623
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G.,
on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
Arizona, California, Idaho, Nevada, and Oregon,
p Preliminary,
r Re¬
s Alaska, Georgia, North Carolina, and South Dakota included In "Other
cludes
vised.
California.
538,800
565,900
566,600
566,650
501,600
2,738,900
2,835,950
2,808,350
2,794,400
2,600,100
...
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 ENDilD MARCH 21 1936
(Figures In thousands of barrels of 42 gaUons each)
Daily Refining
Capacity
Crude Runs
Stocks of Finished and
Stills
to
Unfinished Gasoline
Stocks
of
District
Finished
Poten¬
Total
P. C.
Daily
P. C.
Aver¬
Reporting
tial
Rate
Oper¬
At Re¬
age
ated
fineries
612
Appalachian.
Ind.,111.. Ky.
154
146
94.8
442
424
95.9
Missouri.,
453
384
84.8
Inland Texas
330
160
48.5
90
56.3
Texas Gulf..
680
658
96.8
607
92.2
La. Gulf
Okla.,
in
and
Terms, Nap'tha
dec.
Gas
Distil.
Fuel
Oil
471
77.0
7,458
10,224
1,091
The five countries participating in the International Tin
Agreement exported 10,200 tons of tin during February as
compared with 11,634 tons in January, it is shown in a
communique issued March 20 by the International Tin Com¬
mittee.
The February exports are below the monthly quota
permissible of 13,445 tons.
The communique of March 20,
issued by the New York office of the International Tin
Research and Development Council, follows:
6,010
94
64.4
935
292
88.7
263
68.5
monthly statistics
578
376
1,769
7,654
* Less than 1,000 tons.
Exports of Tin During February Under International
Tin Agreement Below January
The
East Coast—
612 100.0
Unfin'd
Western States."
as
to exports
are
as
follows:
Monthly
Export
2,759
983
2,804
4,882
1,621
2,230
726
94
199
7,267
1,406
275
2,018
325
160
2,500
1,409
6,490
2,267
71
120
389
Nigeria
817
580
699
89
693
Bolivia
3,487
2,035
Malaya
5,395
1,021
5,405
1,694
4,754
1,532
977
Kan.,
Permissible
169
163
96.4
121
74.2
No. La.-Ark-
80
72
90.0
43
59.7
203
Rocky
Mtn.
97
60
61.9
41
68.3
California.—
852
789
92.6
512
64.9
1,614
9,972
2~096
1,059
70,605
3,468
89.6
2,618
75.5
Exports
Exports
from
January
February
2,082
2,076
Jan. 1 1936
93,745
1,633
Netherlands East Indies
Slam
Reported
Estd.unrep'd
43,846
19,009
6,737
401
197
2,686
259
620
2,815
2,815
46,532
46,269
19,268
19,028
7,357
Production and
xEst.tot.U.S.
Mar.21 '36
3,869
3,869
Mar.14 '36
3,869
3.869
7,425
95,378
95,862
U.S. B. of M.
Mar.
t
2,725
1935
2,472
Bureau of Mines basis currently estimated,
Production
of
Coal
Continues
y40,220 y20,185
y
y5,885 y99,380
As of March 31 1935.
Decline
Mines stated that the Portland cement industry in February
1936, produced 3,454,000 barrels, shipped 3,156,000 barrels
from the mills, and had in stock at the end of the month
22,985,000 barrels.
During Latest
Week
The United States Bureau of Mines, in its weekly coal
report, stated that the total production of soft coal during
the week ended March 14 is estimated at approximately
Shipments of Portland Cement During
February Higher than Like Month a Year Ago
The monthly cement report of the United States Bureau of
Production and shipments of Portland
February 1936, showed increases of 13.1 and 6.9%,
respectively, as compared with February 1935.
Portland
cement stocks at mills were 5.0% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared with
cement in
Financial
2072
the estimated
capacity of 162 plants at the close of February
1935 and of 161 plants at the close
of February 1936.
March
Chronicle
United States
34,088 ■■■> 37,958
14,058
14,527
21,183
20,647
12,125
15,028
e3,736
3,802
4,435
8,452
16,600
16,800
Mexico.
RATIO
CAPACITY
PRODUCTION TO
OF
Germany
Italy
January
December
November
1936
February
1935
1935
1936
1935
Spain
b Other Europe
a
The month
16.4%
14.9%
28.4%
The 12 months ended...
32.2%
Australian
28.1%
the product
estimated.
Stocks at End
Production
District
1935
Shipments
1935
1936
of Month
1935
1936
1936
6,900
19,770
6,754
3,307
5,400
139,306
152,445
6,754
Tunis
e900
———
d Elsewhere
Total.
—
material only,
b Includes Belgium, Great Britain, Poland,
Czechoslovakia, and Yugoslavia; partly estimated,
c Includes
lead refined in Great Britain,
d Includes Argentina, Peru, Japan, and
28.6%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS,
IN
FEBRUARY 1935 AND
1936
(IN
THOUSANDS OF BARRELS)
18,527
Burma.
Austria,
25.6%
16.1%
29.0%
29.2%
Australia
c
domestic
From
France,
1936
Jan. 1936 Dec. 1935
Jaw.1936 Dec. 1935
a
Canada-.
28
of foreign ore smelted in.the United States;,partly estimated, e Partly
■.'+V+V+- +-v
'
'V.++ ■ v'-'
+ '■. '• .■ '• +
■
Quiet Trade in Coppery Lead, and Zinc During Last
Week—Fair Inquiry for Tin
"Metal and Mineral Markets" in its issue of March 26
quiet prevailed in nearly all divisions of the market for
during the last week. Producers of copper,
lead, and zinc appear to be comfortably situated and regard
the outlook as sufficiently encouraging to maintain prices on
a firm basis.
Tin was in fair demand.
Shipment of metals
to consumers have been holding up well and are expected to
increase as the spring movement gets under way.
Unsettlement in
foreign quotations attracted some attention on
March 25 and made buyers a little extra cautious.
The
moderate downward trend of the London market was brought
states
non-ferrous metals
432
444
535
Eastern Pa., N. J. and Md
355
3
0
72
82
61
147
226
163
118
151
81
99
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo., Iowa, Minn. & S. Dak.
W. Mo., Neb., Kan., Okla. & Ark
422
384
231
205
439
354
458
419
372
298
227
151
255
294
293
263
Texas
221
375
229
3,766
1,542
2,703
1,905
2,522
1,600
2,873
1,971
397
New York and Maine
Ohio, Western Pa. and W. Ya
Michigan
3,943
1,560
3,211
2,147
2,453
1,593
3,171
1,874
586
717
77
73
105
133
384
517
461
823
467
801
1,396
1,238
89
111
130
88
520
692
3,053
3,454
2,951
3,156
21,899
22,985
Colo., Mont., Utah, Wyo. & Ida.
California
...
Oregon and Washington
chiefly by the tense political situation on the Contin¬
news here was hardly a market factor, for no
extensive damage to plants was reported by either producers
or consumers of non-ferrous metals.
The publication further
about
Total
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1935 AND 1936 (IN THOUSANDS OF
BARRELS)
The flood
ent.
continued:
Stocks at End of
Month
Shipments
Production
Month
1936
1935
1935
1936
1935
Copper Unchanged Here
Buying in the domestic market might best be described as routine in
character, with sufficient business passing daily to give the market a firm
1936
tone
February
4,298
6,136
4,878
6,198
7,428
21,991
7,632
23,083
23,287
22,415
3,202
..A.—
May
June
July
August
September
October
3,630
2,846
3,889
3,053
1
1
March
April
21,785
21,899
21,289
21,219
8,222
8,725
8,021
7,235
7,173
January... *......
3,454
2,951
3,156
November
7,510
7,093
December
7,813
8,105
7,799
8,794
5,803
a22,686
22,985
4,514
76,471
derstood that producers have
these items.
The
foreign market reflected apprehension over the political situation now
Italy's action of placing industry under a more strict
developing in Europe.
a
was
during the week.
:"
Call for
Lead Slackens
After five weeks of above-average buying of
Increase
Noted
World
in
Tin
During
Consumption
January Over Year Ago—Production Also Gained
lished
by the Hague
in
tons
of
13,029 tons, compared with 9,769
was
previous January, and with
11,797 tons during 1935.
last
a
monthly average
The following is also from an announcement issued
by the New York office of the Council:
Comparing the 12-month period ended January 1936 with the previous 12
months, consumption of,, tin
20,203 tons,
—for
or
Russia,
45.1%, to 64,951 tons.
are
of America increased by
Other notable increases
are
recorded
13.5%;
12.6%; Holland, 22.3%, and Switzerland, 17.5%.
29.9%;
Sweden, 18.9%;
Decreases
in the United States
39.3%;
Italy,
Spain,
shown for France,
16.9%;
India,
Canada,
11.5%, and Belgium, 4.5%.
tries
tons
of
coun¬
This in¬
impression on sellers, most of whom are well sold up and
opened
A good part of last week's business
week.
consisted of lead for prompt shipment.
of the
The undertone
Quotations held at 4.60c., New York, the contract settling basis
American Smelting & Refining
Co., and at 4.45c., St. Louis.
V++/+
wasfirm.
Both production and apparent
+
v'+r./-'''
+
consumption of refined lead suffered dur¬
The statistics issued
during the last week showed that stocks increased moderately, which devel¬
opment had no influence on the market.
Producers contend that severe
weather conditions restricted operations in all branches of the lead industry
ing February in comparison with preceding months.
to
a
greater extent than other metals.
Domestic shipments of refined lead
during the first two months of this
period last
totaled 67,676 short tons, against 66,218 tons in the same
year
and 59,689 tons in the Jan.-Feb. period of 1934.
year,
Zinc Buying Slow
seemed fairly optimistic over the situation,
following table gives consumption statistics for the principal
in
no
additional business in volume as soon as the books are
»
producers
Though new business in zinc was inactive in the last week,
Comparative Statistics
The
on
lead, the market experienced
Sales for the week dropped to less than 1,500 tons.
for May delivery lead early next
World production in January
13,552 tons against 10,040 tons in January 1935.
March 23
was
quiet spell.
counting
Office, world consumption
Statistical
January 1936
the
a
activity made
According to the March issue of the "Bulletin" of the
International Tin Research and Development Council, pub¬
of tin in
12,678 metric tons
13,263 metric tons in January, 1935.
of copper, against
Revised
The price
development tending to create uncertainty.
new
During January of the current year Germany imported
for February, received
by the Bureau of Mines, from all manufacturing plants except one.
a
pound. No
generally un¬
been anxious to make cost adjustments on
special importance was attached to this move because it was
structure eased somewhat
Note—The statistics here given are compiled from reports
Sales for the week, including inter¬
Leading fabricators announced during the week that base prices for water
74,934
i-.'
Valley.
service tubing were advanced from one-half to one cent per
control
P Total
basis of 9.25c.,
business, amounted to about 8,650 tons, or very close to the rate
of recent weeks.
21,783
20,501
21,613
22,908
5,976
the
on
company
liveries
as
pointing to the good rate of de¬
The
totaled
Business booked in Prime Western amounted to a little more
tons, all at the 4.90c. level St. Louis, near-by positions.
The
proof that consumption is holding at a satisfactory level.
shipments of Prime Western zinc to consumers during the last week
2,240 pounds:
4.400 tons.
m
Ended Year
Year
Ended
January
1936
Percentage
Increase
January
1935
or
than 1,000
zinc concentrate market in
Joplin
was
unchanged.
Decrease
Tin Prices Easier
United States..
64,951
United Kingdom
21,607
Germany
10,602
France-
8,204
Union of Soviet Socialist Republics..
7,722
5,891
25,842
Italy
+45.1%
+2.8%
+9.2%
—11.5%
+29.9%
+39.3%
+7.8%
44,748
21,023
9,707
9,272
5,943
4,230
23,973
Compared with
three-quarters of
was
a
week
a
cent.
ago,
the spot market for Straits tin declined about
Earlier in the period under review the demand
fair, though most of the inquiry was for
however, the market
was
a
some
Other countries
Apparent world consumption
World consumption in
144,819
manufacture(approx.)
130,400
Change in consumers' stocks (approximate).
+4,300
—11.500
American
tinplate
industry used
pared with 24,450 tons in .1934.
3,350
there
tons,
was
The
a
and
United
babbitt
solder,
decline from
metal
States
in
pounds in 1934,
il,480
not taken
to
A
8,620
in
3,540
1935,
tons
In
tons.
at
of
the
Census
reports
the
of
pounds
compared
against
other
uses
production
with
These stocks
Stocks of
increased
of
21,389,527
are
equivalent to
tons during February
year
whereas
ended
in
the
continue
January 1936
previous
year
these
to
show
stocks
they had been
Tin production of the world on ore
of Metal Statistics.
with 14,374 tons in January, and 7,797 tons in February last
The daily rate of production for February of this year was
which compares with 464 tons in
444 tons,
January.
follows: March 19th, 47,250c.;
25th, 46.750c.
11% of the current annual
an
increasing tendency.
increased
11,500 tons.
The following table, which was recently released by the
of Metal Statistics, gives in short tons,
lead production of the world allocated
so
far
as
possible to
of
Flooded
Steel
Plants
is
Going
Forward Rapidly
In
by about 4,300 tons,
depleted by
American Bureau
basis during February amounted to
12,868 long tons, according to the American Bureau
This compares
The March 26 issue of "Iron Age" said that
operations in
steel plants damaged by last week's disastrous floods have
been
resumed
with
phenomenal
speed.
Blast furnace
largely be¬
A few openhearth plants in the seriously-affected Pittsburgh, Wheeling
and Johnstown districts were flooded, but only in isolated
instances will output be curtailed for longer than a few
activity
country of origin of the ore:
but,, in the end, some
The present plan' does not expire
1936
January World Lead Output Below Preceding Month
v
Operators in tin expect that certain producing
strong fight for higher quotas,
before the end of 1936.
Rehabilitation
stocks
Rumors of
control plan were
20th, 47,125c.; 21st, 47.125c.; 23d, 47.125c.; 24th, 47.000c.;
.
consumption.
that consumers'
a
agreement will be reached.
Chinese tin, 99%, was quoted nominally as
Tin
by 383
an
com¬
year.
22,963,751
tin
of
comparison of the statistics of actual and apparent consumption indi¬
cates
the
against
tin
and 20,069,376 pounds in 1933.
visible stocks
16,435 tons.
rate of
Bearing metals used
tons
World
World
tons of
seriously here.
countries will make
sort
17,400 tons in 1934 to 16,630 tons in 1935.
Bureau
1935
29,900
The rate of activity fell to about
difficulties abroad in connection with the renewal of the
Consuming Industries in United States
The
interruption in tin-plate operations.
60% of capacity, which compares with the recent high of 75%.
+21.8%
+7.7%
118,896
140,500
Yesterday,
The flood in the Pittsburgh area caused
June available at
46.25c.
May-June-July.
Spot Straits settled at 47.50c.,
quiet affair.
with
cause
days.
of
was
hampered
only slightly and then
interrupted transportation services.
The "Age" further said:
Volume 142
Production of steel ingots last week
a
seven-point decline
this
loss
capacity.
is
be
will
from
but
This is
point higher than
one
that
production
the rate
fortnight
a
will
week
next
the
top
Mar.
Mar.
output
Apr.
prior to the floods.
Steel
After
fell
Apr.
production at Pittsburgh this
scheduled rate
three
to
last
days
58%,
week
80%
of
and
of
is
week
46% and
only
week,
point
one
district
Apr.
Apr.
Apr.
output
May
district
Philadelphia
production has been reduced two points to
a
28%.
better than
Wheeling
higher.
with
compared
performance of
a
operations last
now
42%
at
is
40% by the closing of
open-hearth plant.
Ingot schedules
been
higher in the Chicago, Cleveland and Valley districts,
diversion of tonnage from the flooded territory.
only minor transferring of orders to unaffected mills
already
to
had.
delay
week
shipment
of
April
When
At
time
the
and
all
to
floods
efforts
their
on
books
until
the
first
the
clearly determined,
more
has
mills
already been accomplished to
July
Oct.
Oct.
Nov.
Nov.
5
40.0%
Nov.
Aug. 12
48.1%
48.8%
47.9%
45.8%
49.7%
48.3%
Nov.
Aug.
Aug. 19
48.9%
50.8%
49.7%
14
50.4%
21
51.8%
28
51.9% Feb. 10
5—...60.9% Feb. 17
11
52.6% Feb. 24
18
53.7% Mar. 2
9
25
55.4% Mar.
2
66.4% Mar, 16.
9
55.7% Mar 23.
16
54.6%
23
49.5%
7
Oct.
Dec.
Dec.
Dec.
Dec.
Dec. 30
52.9%
53.5%
55.8%
160.0%
.53.7%
46.7%
March 23 stated:
able to
were
again
were
continue
restored
to
an
uncomfortably low point.
construction
industry
the
East
Middle
normal.
rapidly
West
will
construction
steel
thus
far
in
the
could
were
the
damage.
;■
steel
country's
capacity
by
This
whole
cated
an
plants.
-?
while at
measure,
considerable equipment
removed
was
V
.;:v
facilities
other
at
This,
centers.
areas
however,
by increasing operations at Chicago,
emergency
In eastern Pennsylvania only one steel mill was
floods.
from
in
users
brought
delivered
478,947 tons, compared with only 332,971 tons in the corresponding 1935
period.
It is significant also that private projects have accounted for a
much larger percentage of this total than was the case last
year.
Fabri¬
is
-
50%.
points to
precautionary
a
as
highest,
production
other
Inquiries
deliveries
to
to
readily be done in
affected
flood
amounted
causedj;a general suspension, reducing
thp
for steelworks operation 7%
floods
to avert
Buffalo and
unquestionably
have
year
of
week
believe that barring further unfavorable developments, nearly
diverted!
was
and
one-third
Relatively little steel tonnage for shipment from mills in the flood
However, the require¬
increasing
are
and
in the Pittsburgh and
is expected
last
floods
average
where
in time
shipments by
KT'-'V
of steel production
where
of the iron and steel
summary
Many mills shut down mainly
others
forms of steel this week is being handled out of ware¬
from mills will again be under way long before
reach
throughout
of
July
Oct.
operating conditions will be attained at the majority of plants this
week.
a
large tonnages of structural steel, piling, reinforcing bars and pipe.
Awards
July
July
districts—where
national
normal
the
companies can be more accurately esti¬
being concentrated on the resumption
This
facilities
be
can
are
consumers.
many
the
of
rehabilitation
call for
tonnage
adjacent
located—and
shipments
stocks
warehouse
ments
the
transportation
Demand for
houses
July
Cleveland, in its
on
Steelmakers
of
practically all
as
June
Early resumption
later.
or
present
extent,
large
the
of
some
financial loss to steel
service
normal
of
of
effects
the
extent of the
mated.
markets,
as finishing units in the Cleveland, Buffalo and Valley
being pressed to complete first quarter contracts which they
In some instances, mills in the flooded areas will be forced
are
Sept. 30
39.0%
38.3%
24
37.7%
1
32.8%
8
35.3%
15—39.9%
22
42.2%
29—44.0%
39.6% Sept. 16
"Steel" of
reported,
territories
3
June
the
of
Generally speaking,
has
Sept. 23
17
are
because
not
small
a
1935—
10
May 13.—.43.4% Aug. 26
May 20
42.8% Sept. 2
May 27
42.3% Sept. 9
-
but
June
47.9%
..48.2%
11
47.1%
18
46.8%
25
46.1%
1
.44.4%
8
43.8%
15
44.0%
22.....44.6%
29
43.1%
6
42.2%
Mar.
and it
ago,,
high
June
4
Mar.
58% of
average
1935—
Feb. 25
half
than
more
2073
1935—
forced down to 54% of capacity,
was
scheduled output of 61%,
regained this week when operations will
indicated
now
Chronicle
Financial
outside
the response
territory
from
depending
producers
that
Pittsburgh
on
their
for
would
steel
be
early this week.
temporary
interruption
just
came
steelworks
as
operations
as
a
eastern
1199338248704205
structural
with
31,750 tons in
lower than
The
the
lettings this week
the
amount
previous week.
New
preceding period's 19,525
Panhandle Eastern Pipe Line
seamless
five
in
Zionsville,
years,
Ind.,
of sheet
Recently
bars for
Co.
on
bars,
adequate
test.
be
15,150
This
sheets
and
Consumers
strip
prices,
steel,
showing
are
3
tons are
largest pipe tonnage
235-mile
a
have
have
little
purchased
25,000
differentials
been given an
yet
interest
in
no
their
forward
important result of the quantity differential system will be
to
consumers
tendency
sales
is
effort
which
will
concentrate
already
on
apparent,
quality
enable
their
and
business
and
steel
service
to
consumers
in
with
sellers
order
take
one
to
or
are
of
the
steel
,
composite prices of pig iron and
$14.75
a
gross
ton,
holding at 2.084c.
a
respectively,
scrap
while
are
.
the
unchanged at $18.84 and
finished
steel
price
index
is
pound.
Mar. 24 1936. 2.084c. a Lb.
One week ago
One month ago
One year ago..
and
Western
half
awarded
to
These
500
2.084c.
Oct.
1
2.124c.
Apr. 24
1934
2.199c.
2.008c.
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
7
Jan.
2.018c.
furnaces
$1
a
so
Dec.
9
2
2.273c.
Oct.
29
finished
11
2.217c.
July
17
mained
2.402c.
Jan.
4
2.212c.
Nov.
on average of basio Iron at Valley
furnace and foundry Irons at Chicago
Philadelphia,
Buffalo,
Valley
Low
Jan.
7
$18.84
Jan.
7
Nov.
5
17.83
May 14
May
1
16.90
Jan.
2
16.90
Deo.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Deo.
Jan.
6
14.79
Jan.
7
15.90
Dec.
18.71
May 14
18.21
Dec.
Nov. 27
17.04
July
24
Jan.
4
17.64
Nov.
Plate
streamlined
will
Fe.
cars,
Great
inquire
this
than
more
Northern
week
has
for
825
will
be
required
Structural
steel
for
repairing
awards
last
bridges
week
and
amounted
1930.
far this month
are
first
iron
and
index
are steadily declining;
shipments from blast
35% heavier than in the comparable February
have
quarter.
been
A
booked
for
second
sharp increase in
quarter at prices
demand
for
has
scrap
this market in the East.
on
steel
price
was
composite
unchanged
advanced
$52,
at
while
?
ingot production
for
the
lc.
to
that
$33.05
for
;
the
scrap
re¬
•
,
week
ended
March
23
is
placed at about 50%% of capacity, according to the "Wall
Street
Journal"
of March 25.
The
with
following table gives
the
nearest
This compares with 58%
in
The decrease
ago.
comparison of the percentage of production
of previous years, together with the
a
corresponding week
approximate changes,
in points,
from the week
Industry
1936
1935..
1934
47
1933
14
steel,
1932
25
quotations at Pittsburgh, Philadelphia
1931
and Chicago.
1930
74
1929.
U.
94^
(Based
on
No.
1
1
heavy
melting
10.75 (,
High
$14.75
Feb.
$13.33
10
10.33
9.50
immediately preceding:
Steel
.
Independents
6.75
Jan.
Aug.
8
Jan.
7
Jan.
12
6.43
July
Jan.
6
8.50
Dec. 29
15.00
Feb.
18
11.25
Jan.
5
Dec.
9
29
14.08
Dec.
3
16.50
Dec. 31
13.08
July
2
15.25
Jan.
11
13.08
Nov. 22
Institute
on
March
23
an¬
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 53.7%
of the capacity for the current week, compared with
60.0%
week, 52.9% one month ago, and 46.1% one year ago.
decrease of 6.3 points, or 10.5%, from the
This represents a
estimate for the week of March 16.
43
—9
57
45
—1
47
—2
—1
42
50
—2
—
Weekly indicated rates
operations since Feb. 25 1935 follow:
1927
92
14
H
26
—
—
—6
25
M
7
66
+
90
Yi
8
—2
92^
55^
+ 1
—
57^
80
97
+
—l
1
14
X
X
J*
-
98^
+1
79
—m
+ 1
86^
3
8.50
Steel
85
_
—7Vi
—1%
Apr. 23
Sept. 25
11.33
17.58
57
1928
25
Dec.
12.25
Low
Mar. 13
13.42
13.00
steel
zones.
50X
46^
Steel Scrap
of steel
Chesapeake &
17
18.59
nounced that
last
of
16
19.71
The American Iron and
sheet
Dec. 15
18.21
1927
for
6
15.90
1936...
80
Santa
for
previous week and 56% two weeks
is due entirely to flood conditions.
18.84
...14.75
for
be
the
17.90
.....$14.75]
steel
to
Nickel
cars.
tonnage
steel
and
Birmingham.
$18.84
One month ago.........
One year ago
stainless
$14.46.
Steel
Based
High
One week ago......
Steelmakers
ton.
differentials
heavier.
are
1
Pig Iron
a Gross Ton
of
stimulating effect
Apr.
241936, $14.75
ore
above
"Steel's"
Dec.
Mar.
a
Some
average
time.
recent orders
on
understood!
Substantial orders
ton
a
2.317c.
1931
$1
and!
an
steel bar mills
whereas
as
prices
in
week on 11,000 tons of steel for building
rolling
The Edward G. Budd Cfg. Co., Philadelphia, has placed
are
since
period.
had'
2.286c.
1936
much
as
among
quarter.
result
last
tons
in the flood
job
1928
1935
second
will
differ¬
confidence
of
for
quantity
extended.
12,197 tons, compared with 27,762 tons in the preceding week.
Columbia
& Electric Co.'s award of 44,000 tons of seamless
pipe for a line from
Ind., to Detroit, to National Tube Co., is the largest pipe
1929
17.90
by
covering
releases
8
Jan.
1933...
One year ago
closed
differentials
for the first
Pig iron stocks at foundries
Mar. 10
2.130c.
Mar. 24 1936, $18.84 a Gross Ton
One week ago.............
$18.84
One month ago
18.84
feeling
a
been
be
cars.
large
line
Loud
Jan.
1935......
...
would
Gas
2.130c.
1927....
56,
Zionsville,
strips.
products make
85% of the United States output.
.
bids
shops.
500
which
of
highways
High
1936
took
than
on steel bars, beams, tank
plates,
wire, rails, black pipe, sheets and hot
2.124c.
accessories
adoption "of
time
from the recent low,
card
new
a
accessory
in its
more
rolled
2.109c.
England, 5 to
distributing 5,000 tons of accessories, and plans to repair 1,700
hopper cars this year, requiring about 7,000 tons of steel.
Norfolk &
A
Based
___2.084c.
__
the
will be less,
average
on
have
that
ton for them
a
recent
the
engendered
contracts
estimate
the
that
has
plan
few
issuing
stock
COMPOSITE PRICES
Finished Steel
New
is
freight
THE "IRON AGE"
before
indications
price
$2
and
Rail
Ohio
Sellers of iron ore, in quoting on the Ford' Motor Co.
inquiry for 490,000
have indicated that last year's prices .will be reaffirmed.
The "Iron
to 47;
5
rushing to complete deliveries by March 31
again
their
tons,
Buffalo,
generally strong situation prevails in the market for iron and steel,
by commitments from the automobile industry, whose output last week
advanced, 5,000 units to 95,000.
led
quantity
maximum
50%.
A
orders
larger
79;
were
issued
were
but
their
are
piling,
This
deductions.
Age"
quotations
open
figure
4 to
strip mills
producers
now
policy
concentrating
secure
advantage
a
mills.
two
near
Pittsburgh
unchanged.
and
advance of
are much more concerned with rounding out their present
prices which prevailed until recently.
However, little or
business is now being taken on these terms.
An
of
Cleveland,
consumers,
sheet
quantity
not
the
The
shaded
at
74;
others
on
requirements and
stocks
to
entials, there
line] from
that country.
with
43% to
way up from
As sheet
44,000 tons of 22-inch
tor
interests
its
on
toward 60%, highest since June 1934.
up
Pittsburgh averaged only 18%.
Wheeling was down 23 points to 55;
Pennsylvania, 1 to 38.
Chicago advanced 1% to 63*£ ; Youngstown,
compared
12,200
is the
required
quarter
was
and
has placed
Japanese
second
tons,
projects of
the production of tin plate in
announced
applying
will
and
Detroit.
to
to
tons.
pipe with the National Tube Co.
reported
tons
steel
reaching
were
Government-Owned Corporation Formed in Philippines
to
Control Transactions in Rice and Corn
Formation of
tion
to
a
government-owned rice and
corn
corpora¬
control
buying and selling of these grains in the
Philippine Islands was ordered March 16 by President
Manuel Quezon, it was stated in Associated Press advices,
March 16, from Manila.
The advices appearing in the
New York "Herald Tribune"
The new organization will be a
of March 17, continued:
subsidiary of the National Development
Co. and will be capitalized at $2,000,000.
Its purpose will be to stabilize prices aud prevent shortages such as now
threaten
starvation
in
some
sections became critical after
seasons.
island
provinces.
The
situation
in
some
typhoons destroyed crops for two successive
/•
2074
Chronicle
Financial
The Week with the Federal Reserve Banks
daily average volume of Federal Reserve bank credit
outstanding during the week ended March 25, as reported
by the Federal Reserve banks, was $2,504,000,000, an in¬
crease of $26,000,000 compared with the
preceding week and
of $46,000,000 compared with the corresponding week in
1935.
After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
March
25 total
unchanged from
Reserve
bank
week ago.
a
credit
amounted
of
$4,000,000
in
bank
member
Member bank
gold
monetary
balances
reserve
reserve
balances
stock
and
and
were
of
purchased
bills,
industrial advances and
curities.
United
The statement in full
Government
"'V,.
'
' V,
•/
Y,..•*.,.
\
(+)
or
Mar. 25 1936
Mar. 18 1936
$
Bills bought
advances
(not
district
government increased $26,000,000 in the New York
States
and
$13,000,000
$22,000,000 in
the
at
all reporting member
and
member banks.
Demand deposits—adjusted increased $14,000,000 in the
district, and declined in all but
crease at
all reporting member banks being $268,000,000.
declined $8,000,000.
districts,
the
balances
increase
domestic
of other
+ 1.000,000
+ 10,000,000
+26,000,000
2,485,000,000
amounting
banks
declined
to
all districts,
in
ended March 18 1936 follows:
—4,000,000
—85,000,000
+401,000,000
+ 774,000,000
+80,000,000
-
+332,000,000
+12,000,000
+107,000,000
•"'V.
-
Banks in
New York
Federal
Reserve
System for the New York City member
banks and also for the Chicago member banks, for the cur¬
rent 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
(except banks)
Accepts, and com'l
CITIES
>
1936
Assets—
1936
$
1935
$
1936
$
1936
$
7,566
946
604
64
54
"28
34
on
securities
to
758
769
151
150
Reserve with Fed. Reserve banks'Cash in vault
Balances with domestic banks
Demand
1,599
+ 309,000,000
+58,000,000
—268,000,000 +2,027,000,000
—8,000,000
+ 40,000,000
+272,000,000
—312,000,000
13,773,000,000
4,923,000,000
782,000,000
+793,000,000
+213,000,000
—5,000,000
—321,000,000
—8,000,000
+8,000,000
5,511,000,000
377,000,000
21,000,000
States
and
Great
Britain
Agree to Retain
Naval Parity—Accord Reached in Correspondence
Between Anthony Eden and Norman H. Davis-
27
"
—
Accepts. and com'l paper bought
158
160
220
16
15
Loans on real estate
136
135
130
15
15
45
49
48
5
5
8
1,141
1,138
1,164
259
254
245
3,476
3,466
3,230
1,130
1,162
750
Other loans.
—125,000,000
United
36
1,988
France, Britain and United States Sign New Naval
Treaty—Departure of United States Naval Dele¬
gates from England
•
Loans to banks.
+ 703,000,000
Borrowings
'
755
deposits—adjusted
Time deposits
United States govt, deposits
Inter-bank deposits:
others
(except banks)
+ 243,000,000
—535,000,000
—14,000,000
Liabilities—
172
64
+ 511,000,000
+43,000,000
4,097,000,000
* 362,000,000
2,294,000,000
Other securities
46
Outside New York City
+ 13,000,000
by
$
8,410
898
In New York City
guaranteed
United States government
Loans to brokers and dealers:
Loans
+269,000,000
1,257,000,000
3,265,000,000
-
fully
—128,000,000
—79,000,000
+ 27,000,000
—27,000,000
+ 113,000,000
+970,000,000
1935
$
8,400
1,958
—3,000,000
+ 1,000,000
+ 15,000,000
+ 25,000,000
—2,000,000
1,147,000,000
83,000,000
3,403,000,000
8,857,000,000
Foreign banks
Chicago
Mar.25 Mar. 18 Mar.27 Mar.25 Mar. 18 Mar.27
+21,000,000
346,000,000
+206,000,000
+ 19,000.000
—83,000,000
bought-
Domestic banks
New York City
Loans and investments—total--
paper
real estate
on
Obligations
(In Millions of Dollars)
•
$
+299,000,000 +1,855,000,000
979,000,000
200,000,000
Other loans
Chicago—Brokers' Loans
$
"
others
to
U. S. govt, direct obligations
Below is the statement of the Board of Governors of the
$
Mar. 20 1935
2,088,000,000
securities
on
Loans to banks
City and
'•
:
21,625,000,000
Outside New York City
Loans
Member
(—)
Decrease
or
1936
Loans to brokers and dealers:
Loans
601,000,000
Mar. 11
Mar. 18 1936
In New York City
3,667,000,000
(+)
Since
+33,000,000
+1,614,000,000
—1,000,000
—33,000,000
Non-member deposits and other Fed¬
Returns of
the decrease
banks.
week and the year
Treasury cash and deposits with Fed¬
eral Reserve accounts
Deposit
$272,000,000.
amounting to $185,000,000 in the New York district and $321,000,000 at
+4,000,000
5,837,000,000
5,059,000,000
-
Time deposits
United States government deposits increased in all
aggregate
Loans and investments—total
eral Reserve banks
San Francisco
of the remaining districts, the net de¬
one
principal assets and liabilities of the
reporting member banks, together with the changes for the
31,000,000
14,000,000
10,177,000,000
Treasury & National bank currency.-2,502,000,000
Member bank reserve balances
all reporting
A summary of the
Monetary gold stock
Money in circulation
declined
and
$43,000,000 at
Increase
Total Reserve bank credit--.
banks,
Holdings of "other securities" increased
New York district
all reporting member
2,430,000,000
Other Reserve bank credit
United
the
reporting member
Holdings of obligations fully guaranteed by
being $269,000,000.
—2,000,000,
including
525,000,000 commltm'ts—Mar. 25)
all
Holdings of United States government direct obligations declined $33,-
7 "•-'v
'
Mar. 27 1935
6,000,000
5,000,000
U. S. Government securities
'
"other loans" increased $11,000,000 in the
$6,000,000 in the Dallas district.
$
Bills discounted
Industrial
'
$1,000,000; loans to banks increased $15,000,000 in
district; and
000,000 in the New York district and $4,000,000 in the Richmond district,
se¬
Decrease \—)
S'tflCC
York
and increased in all other districts, the net increase at all
-v'.V.
7\-
Hold¬
reporting member banks.
for the week ended March 25,
Increase
'•'
((except banks) increased $15,000,000 in the
New York district, $6,000,000 in the Boston district and $25,000,000 at
increase
in
comparison with the preceding week and with the correspond¬
ing date last year, will be found on pages 2106 and 2107.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
March 25 1936, were as follows:
•
New
the
$85,000,000 in
,V 'V
securities to others
on
estate loans increased
banks
States
1
ings of acceptances and commercial paper bought declined $3,000,000: real
in holdings of discounted and
■..V,.
■■■'"•<'
City declined $2,000,000
New York district and $21,000,000 at all reporting member banks.
$4,000,000 in money in circulation.
were reported
.'V
..
brokers and dealers outside New York
and loans
mately $2,310,000,000 in excess of legal requirements.
Relatively small changes
$268,000,000 in demand deposits—adjusted
banks,
brokers and dealers in New York City declined $83,000,000,
Loans to
March 25 were estimated to be approxi¬
on
deposits, and decreases of $535,000,000 in reserve balances
Reserve
'
banks.
loans to
$2,485,000,000,
offset by an
decreases
1936
$321,000,000 in deposit balances standing to the credits of domestic
and
$12,000,000 in non-member
Reserve accounts
Federal
Federal
with
Increases of $80,000,000 in Treasury cash
and deposits with Federal Reserve banks and
deposits and other
to
28
holdings of United States government direct obligations and $272,000,000
in government
The
Gn
March
The United States and Great Britain
17
to retain
on March 25 agreed
principle of parity between their navies. This
the
announcement
U. 8. Govt, direct obligations.
Obligations fully guaranteed by
_
United States government
549
537
276
89
89
78
Other securities
1,178
1,157
1,071
265
264
220
Reserve with F. R. Bank
1,644
428
428
331
1,949
1,989
Cash in vault
51
49
50
36
35
35
Due from domestic banks
78
78
64
157
167
176
457
611
76
74
89
Other assets—net
463
.
Liabilities—
was made by publication of a letter addressed
by Norman H. Davis, Chairman of the American Delegation
to
the London naval conference, to Foreign Minister An¬
thony Eden, and of the latter's reply. The agreement was
published only a few hours before the signing of a new naval
treaty among the United States, Great Britain, France and
three
British
dominions.
Before
that
treaty
signed,
was
Ambassador Dino Grandi of Italy explained that his country
Demand deposits—adjusted
Time deposits
5,869
5,831
5,063
1,308
1,354
1,037
546
541
609
414
414
386
United States govt, deposits
Inter-bank deposits:
197
198
527
116
116
41
2,187
2,270
1,847
560
555
496
340
346
149
!■'4
3
3
14
18
erranean, which he said gave Italians a sense of great peril.
The texts of the letters from Mr. Davis and Mr.
Eden,
318
"287
"31
"28
"46
1,461
222
222
221
pledging the retention of the parity principle by the United
1,453
Domestic banks
Foreign banks
Borri wings
Other liabilities
326
Capital account
1,462
could not
join in the pact because of the sanctions applied
against Italy by the League of Nations. He denounced the
Franco-British naval mutual assistance accord in the Medit¬
'
States and Great Britain, are given below:
Letter
Complete Returns of the Member Banks of the Federal
Reserve System for the
Preceding Week
As explained above, the statements of the New York and
Chicago member banks
are
given out
on
Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
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
and
of Governors of the Federal Reserve
System respecting the
body of reporting member banks of
the Federal Reserve System for the week ended with the
returns
of
the
entire
close of business March 18:
The
condition
statement
of
weekly reporting
member
banks
in
101
Davis
March 24 1936.
My Dear Foreign
On
the
eve
ture from
gation
of
Secretary:
completion of work of the naval conference and
London
our
I desire to express on behalf
appreciation
for the many
our
depar¬
of the entire American dele¬
courtesies extended to
us
during
our
stay here.
I also want to
record
our
appreciation of the patient and untiring efforts
of the United
Kingdom delegation and their contribution to the success of
the conference in
reaching the various agreements which are
incorporated
in
the
treaty
There is
that
the
to
we
are
about to
as
expire at the end of this
recall,
had
course
naval
wealth
some
of
parity
and
sign.
thing further I would like to mention, in view of the fact
treaty does not provide for the continuance of quantitative
established by the Washington and London treaties which are
one
new
limitation
the
leading cities on March 18 shows increases for the week of $269,000,000 in
of Mr.
as
the
discussion
year.
with
Admiral Standley and I have,
the
United
Kingdom
as
delegation
you
will
during
the
conference with regard to maintaining the
principle of
between the fleets of the members of the British Common¬
United
States, which
was
fixed
by those treaties and which
Financial
Volume 142
now
as
become
have
well
As
the
that
we
well-established
a
governments
result
a
the
of
between ourselves
of
the members
countries.
there shall be
is
our
understanding
competitive naval building
no
of parity as between the fleets
Commonwealth and the United States shall
British
unchanged.
The Italians
NORMAN
Chairman
Delegation:
the efforts
letter to
your
about
naval agreement.
a
I
make
you
delegation to bring
that the friendly relations which
assure you
prevailed between the United States and the United Kingdom delegations
have been a source of pleasure to all of us and we are greatly indebted to
Admiral Standley and the other members of
yourself,
for
delegation
your
your
which
In
I
glad,
am
lies behind
We
and
countries
two
the other to maintain
I
the maintenance
to
indeed
can
requirements
of the
neither
day, the organization known
have
troops
should
country
parity.
principle of
building between
in estimating
our
naval
follows in
as
March 25 to the New York
is
There
naval
mention
no
but
treaty,
of
promptly after the treaty
that
ment
else.
in
itself
It registered
was
treaty
"Times":
exchange
letters,
of
which
the
made
were
signed, had the effect of underlining
was
Anglo-American
an
agreement
new
public
docu¬
a
than anything-,
more
only in the
qualitative limits laid down but in pre¬
new
serving the continuity of the treaty system after the Washington and London
treaties
expire
Britain
and
new
is
had
to
the
at
accept
this
of
For
year.
to
if
the
gold setting of Queen Anne's
place this
drawing
afternoon
room
one
frte
to
greater illusion of
a
gave
thing, there is
build
as
no
ships
many
and
something
at all,
none
in
the
new
it
white and
red,
treaty looked more
it
as
can
The fifteen-year holiday
afford.
Italy and Britain
are
on
building
clauses,
escape
or
treaty, leave plenty of
tions
notifying
"safeguarding clauses,"
room
the others.
The first
second provides that
signatory
to
goes
ou
by Reichsbank
12% Declared
1935—
in
under the loan stock law.
Incident to the declaration of the 8
% dividend to the stock¬
holders of the Reichsbank, Zimmermann & Forshay, Inc;,
New York, announced that they are prepared to cash the
coupons,
accompanied by
affidavids, which it has
proper
available.
Limitation Placed
of
these
are
clauses
is
Deposit Withdrawals from Banks
German officials in the Rhineland to-day ordered withdrawals of bank
deposits limited
called in the
provides that
as
residents of several towns sought to take out their funds
war.
The bank at Bergzabern, across the frontier from
withdrawals to 40 marks for each depositor.
subject
to
can
be suspended if any
immediate consultation
Wissembourg, limited
At Saarlautern the limit
was
30 marks.
Residents of Trier
Netherlands
or
were
reported seeking to deposit their money in the
France.
At Saarbruecken all bank depositors were
the treaty limitations
This
war.
on
Advices
(by The Associated Press) from Strasbourg,
France, March 16 to the New York "Times" of March 17,
had the following to say:
yearly exchange of building plans.
The
need for funds before withdrawals
were
required to
prove their urgent
allowed.
with
others.
The
third
"outside
The
if
they
as
for any power to slip out of the treaty limita¬
the
the
appeared in
war
for 1935 was issued
advices from Berlin,
that day) showing a net profit of 40,000,000 marks, from
which a 12% dividend was paid, the same amount disbursed
a year ago.
It is understood that 8% of the dividend was
distributed to stockholders, while the remaining 4% (to
quote a wireless account from Berlin March 21, to the New
York "Times") was withheld and invested in public securities
in fear of
an accident can be replaced forthwith by a similar vessel,
though such replacement has not been announced to the other powers
even
Earned
Marks
Dividend of
ship lost in
any
in
after
Italo-Ethiopian
+.
40,000,000
or
existing
any
except the British battle cruiser Hood.
The
the
to
in Rhineland
strength than the facts justified.
battleships of 34,000 tons each, larger than
new
States
quantitative limitation and' each country is now
capital ships ends this year, and France,
about to build
A reference
issue of March 21, page 1902.
in St. James's Palace.
Many of the delegates admitted to-night that the
For
formal protest with the signatories
treaty could have been signed this afternoon.
any
signing ceremony took
impressive and
United
replace the old treaties by
partially successful treaty instead of
a
doubtful whether
The
end
been determined
not
It is expected that Ethiopia will lodge a
the closest accord in history between British and American
naval policies, not
Ethiopian
being used not only against
gas was
on
London dispatch of
a
Anglo-American parity in the text of
to-day's
charged that
but also against the civil population hundreds of miles from the
The annual report of the Reichsbank
March 18 (according to United Press
EDEN.
agreement and the signing of the new naval
discussed in part
Ethiopian Youth protested the use of "this
right of
question the
ANTHONY
This
The leaflets
of hostilities.
zones
of your
into account.
were
as
most inhuman and most barbaric means of extermination of the
taken the strength of the United States Navy
never
foreign residents in Addis Ababa to¬
among
category of ships.
any
further than this and say that
go
we
that
parity in
preparation for a fresh advance on Central
,
printed fliers distributed
of the Geneva convention prohibiting the use of war gases.
the correctness
in full agreement that there must be no competitive
are
our
us.
furthermore, to be able to confirm
understanding with regard
campaign after ex¬
Its object is believed
-.
nation."
whole-hearted co-operation throughout the difficult period of negotia¬
tions
now
gas
Mount Aradam, rather than an attempt to
army corps on
Ethiopia.
of the United Kingdom
can
an
break the Ethiopian morale in
much appreciate the kind references
extensive
protection for extended military communications, necessitated by the
advance of
The First Lord and I very
in
to be
Davis,
American
said to have opened an
are
Ethiopian northern armies by complete surprise.
the
Foreign Office, March 25 1936.
the
of
March 21 sent two notes to the League
perimental efforts in the Takkaze River and Lake Ashaogi sectors, taking
DAVIS.
Reply of Mr. Eden
<
Norman
Hon.
on
protesting against alleged Italian atrocities in
Ethiopia, such as gas-bombings, and urging the continued
application of sanctions against Italy.
A dispatch from Addis Ababa to the New York
'Times"
of March 21 summarized these reports as follows:
Sincerely yours,
,
The
Minister at Paris
of Nations,
this subject it
on
and that the principle
the
of
the peoples as
principle acceptable to
respective
our
in agreement that
are
as
continue
of
conversations
2075
Chronicle
prescribes the procedure for lifting treaty restrictions if
builds ships exceeding them.
fourth
provides that the declared building
programs
can
In
Remittances of Spanish Banknotes
After April 17 Re¬
quired to be Certified by Spanish Customs—Consul
Explains Decree
by
other
words, it will be easy for a signatory power to wriggle out of
the treaty limitations if it lacks the'"good-will" that Mr. Davis mentioned
in hi3 speech
in New York
be varied
signatory believes his national security is "materially affected
change of circunistances" other than those already provided for.
any
any
any
power"
to-day.
Mr. Davis and the other delegates representing the United
States left England on March 26, embarking for the United
States on the steamer Washington at Southampton
following
spent in London to negotiate the new treaty.
London wireless message to the New York "Times"
The
Irving Trust Co., New York, announced on March 21
cablegram from the Banco
Hispano American, in Madrid, Spain, regarding a new decree
affecting Spanish banknotes:
that it had received the following
According to
a
decree appearing In the Official Gazette of March 17, all
remittances of Spanish banknotes received after
the
banks in
In part a
pending further instructions.
26
noting the departure of
the American delegates
said:
Mr.
was
well
aware
that
the
able to
treaty had
glaring faults but
accomplish in the face of
so
was
ciple
a
Until April 17, notes received must be
to sealing of the packages and verifying the numbers.
of
parity in the future, regardless of what other nations might do.
London there is a strange lack of interest in the
Anglo-American
the ground that it did nothing but reaffirm
on
principle.
Officials
professed that it
were
was
careful
not
to
of little practical
appear
a
fourteen-year-old
enthusiastic
about
it
and
importance.
of the certification to the
On March 24, Antonio
de la Cruz Martin, Consul General
Spain at New York, issued a statement in explanation of
of
the
Here in
agreement
ac¬
number list in triplicate, certified and witnessed by the
as
Foreign Exchange Control Board.
many
What pleased him most was yesterday's exchange of
pledging the United States and Great Britain to maintain the prin¬
certificate
country, and will therefore be held at the remitter's disposal,
Spanish Consul,
discouragements.
letters
our
companied by
The Consul should immediately forward a copy
Davis
pleased with what he had been
a
Exchange Control Committee to be credited in foreign accounts with
four months
March
April 17 without
signed by Spanish Custom House authorities will no longer be authorized by
new
decree.
Mr. Martin's statement follows in part:
In accordance with the provisions (of the decree), the exportation of cur¬
rency has been reduced to 5,000 pesetas,
which should be accompanied by a
certificate issued by the Collector of Customs, to be delivered, together with
the
bank
notes,
to
the foreign banks,
so
that when
received back in Spain they may be credited to
the bank notes
"foreign credits"
are
account.
Without said document Spanish banks will be unable to receive bank notes
French
Foreign Minister Continues Efforts to End
Italo-Ethiopian War—Italian Planes Bomb Jiiiga
for 3 Days—Ethiopians Charge Italians With Use
of Deadly Gases
Foreign Minister Pierre-Etienne Flandin of France con¬
bring about an end of the ItaloEthiopian war and at the same time to suspend League of
Nations sanctions against Italy. M. Flandin told the French
Chamber of Deputies on March 20 that he
hoped for an
early termination of hostilities.
The Italo-Ethiopian war
was
almost ignored this week by other
League members,
however, as greatest attention was paid to the problem of
tinued this week his efforts to
German re-militarization of the Rhineland.
Military operation in Ethiopia appear to have been sus¬
pended recently, with the exception of Italian air raids. The
town of Jijiga and surrounding villages were bombed on three
successive days, with several hundred casualties.
It was re¬
ported in Addis Ababa on March 21 that Italians are using
asphyxiating gases even in civilian areas.
The Ethiopian
thus sent from abroad.
Bank of China of
Shanghai Seeks Permission
Agency in New York
to
Open
The Bank of China of Shanghai, which deals in foreign
exchange and foreign bills and drafts, has applied to the New
York State Banking Department for permission to establish
an agency in New York
City. Announcement to this effect
was made on March 26
by Thomas E. Huser, New York
counsel for the bank, who said:
The Bank of China is the leading
commercial bank in the Republic of
China and will play an increasingly important part In the management of
the
on
new
currency system
recently created in the republic, and will also act
behalf of China in the maintenance of exchange stability.
In order effectively to co-operate with the Chinese government and the
Ministry of Finance in the performance of these functions and to aid in the
expansion of its commercial banking activities, it has become necessary for
the Bank of China to establish offices in the principal
world.
The bank already maintains offices In
financial centers of the
London and Osaka. Japan,
and has recently established another in Singapore
Straits Settlements.
Financial
2076
The
capital of the Bank of China
increased
was
a year
to $40,000,000, Chinese national currency, 50% being
ago
owned
by the government and 50% by the public. The in¬
more than $1,300,000,000 and deposits
in excess of $800,000,000, Chinese national currency.
It
maintains 201 branches throughout China.
The bank is the
successor to the old Imperial Bank of the Manchu dynasty.
stitution has assets of
San
Paulo
bonds of the City of Oslo, Norway,
statement has been filed with the
for which a registration
Securities and Exchange
Commission under the Securities Act of 1933, will, it is an¬
nounced, be offered to investors early next week, according
to information available in the New York financial district,
24.
March
underwriters
The
for
Loeb & Co.; Brown Harriman &
the group;
Kulin,
be
Co., Inc., who will manage
Edward B. Smith & Co.; Blyth & Co., Inc., and
The price at which the bonds will be
White, Weld & Co.
offered to the
,
.
The
filing of the registration statement with the SEC
covering the offering is noted elsewhere in our issue of
to-day.
Bulgaria Increases Interest Service on 7% Settlement
Loan
1926 and 73"£% Stabilization Loan
1928—
Covers Period April 1 to Dec. 31 1936
It
March 25 that Speyer &
Co. and
J. Henry Schroder Banking Corp., as American fiscal agents
for the Kingdom of Bulgaria 7% settlement loan, 1926, and
Kingdom of Bulgaria 7%% settlement loan, 1928, have re¬
ceived from the League Loans Committee (London), through
Eliot Wadsworth, the American member, the following an¬
made known
was
of the
April 1 1936 coupons of the dollar bonds of the above
presentation, on or after that date, at the office
loan upon
of
Speyer & Co.
on
against 15%
21%%
The
(b) Provide 11%
of
the
interest
current
in
effective Leva and,
Further discussions will take place
exchange
foreign
in
of
Bank
of
City
the
New
York,
before
April 1 1936 of the Republic of Cuba sugar stabilization
sinking fund 5.%% secured gold bonds due Dec. 1 1940, at
a price not exceeding their principal
amount and accrued
in
interest,
amount sufficient
an
exhaust
to
or
the
sum
of
$328,000 now held by the fiscal agents, as well as additional
funds, if any, then held by the agents.
Tenders will be
received up to April 1 at the offices of the bank, 11 Broad
Street, New York City,
No. 86 Aguiar
or
Cuba.
Street, Havana,
■'
■
v.."'
Agreement Reached by El Salvador with Protective
Group for Reduction of Interest on Three Bond
Issues
After extended negotiations, the Bondholders Protective
Committee for Republic of El Salvador bonds, of which F. J.
Lisman is
be paid
to
Committee March 25.
are:
customs
8% sinking fund gold bonds, series A, due July 1
1948; 6% sterling bonds, series B, due July 1 1957, and 7%
sinking fund gold bonds, series C, due July 1 1957.
announcement
of
March 25 the Protective
Com¬
of this
terms
agreement have
been approved in principle by the
Congress of Salvador.
The agreement is to
be put into final form and signed by the Minister of
by the Bondholders Committee
the loans.
,
:
■..
;
.
7
$91,000 of City of Rotterdam (Holland) External Loan
Sinking Fund 6% Gold Bonds, Due May 1 1964,
Redemption
on
behalf of about 95% of the Series "A"
8% bonds and about 92% of the Series "C" 7% bonds deposited in New
York, and also by
of
a
London, who have
issued in
are
Drawn for
The three bond issues
first lien
Finance, Dr. Kodrigo Samayoa, who will come to New York forthwith and
early in December.
the next maturing coupons of
on
agreement with the
an
three bond issues are to be scaled as to interest and sinking
fund, proportionate to their rank as first, second and third
liens on the custom house receipts, it was announced by the
The
before 67%% in Treasury
as
Chairman, has reached
Government of El Salvador in accordance with which the
(as
Announcements, it is stated, will be made in due course of
amounts
National
Chase
trustee, is inviting tenders for the sale to it on
bills.
the
Sugar
1 1940 Invited by
Due Dec.
mittee for the three bond issues said:
being transferred), and also
now
J. Henry Schroder Trust Co.
Stabilization 5^% Gold
Chase National
Bank—$328,000 Now Available
In its
Bulgaria will from April 1 to Dec. 31 1936—
Transfer
or
Cuban
of
Bonds
nouncement:
(a)
7%
public also will be made known the first of
week.
next
issue will
the
coffee realization loan, 1930, an¬
deposited with them
in United States currency the face amount
(Brazil)
sufficient to pay
Tenders
$6,500,000 of 19-year 4%% sinking fund external loan
1936
28
nounced March 24 that funds have been
$6,500,000 of 43^% External Loan Bonds of City of Oslo
(Norway) Expected to Be Offered in New York
Early Next Week
The
March
Chronicle
Interest
are
Representative of the Council of Foreign Bondholders
on
deposit about 95% of the Series "B" bonds, which
sterling.
the "A" bonds is to be scaled from 8% to 5% % but the bonds
on
to have the benefit, for the first four years,
of
a
cumulative sinking fund
of about 1 % % per annum and thereafter of about 2 M %.
Interest
the "B" bonds is to be scaled from
on
6% to 4%, with
a cumu¬
W Holders of
lative sinking fund during the first four years, of about H % Per annum and
loan
thereafter of about 0.8%.
City of Rotterdam (Holland) 40-year external
sinking fund 6% gold bonds, due May 1 1964, are being
notified, it was announced March 25, that there have been
drawn by lot for redemption, at 100% of their principal
amount, $91,000 of these bonds. The bonds will be redeemed
on May 1 1936 at the head office of The National City Bank
Interest
the "C" bonds is to be scaled from
on
7% to 3 % % with
a cumu¬
lative sinking fund during the first four years, of 1-3 of 1% and thereafter
of about
% of 1 %.
The outstanding "B" scrip is to be cancelled without any payment by the
Salvador Government.
of New York.
The outstanding scrip on
the "C" bonds (representing $120 per bond
on
the deposited "C" bonds) is to be retired during the next four years by an¬
State^Mortgage Bank of Yugoslavia to Pay April 1
1^ Coupons on 5% Funding Bonds Due 1956—Agreement
Expected Shortly on Secured 7% Bonds
Due 1957
it
of the State Mortgage Bank of Jugoslavia will,
announced, be paid in full by
agents, J. & W. Seligman & Co.
State
New York fiscal
the
Bank
Mortgage
due
1957, in circulation outside Jugoslavia, for the payment
dated Oct. 1 1935 to April 1 1937, inclu¬
sive.
The agreement, it is said, will be substantially similar
to that recently concluded between the Kingdom of Jugo¬
slavia and representatives of the holders of the external
Jugoslav bonds issued in France which provided for the
extension in modified form of the three-year debt adjust¬
October.
in
respect
which expired last
in the matter, issued this week,
such
to
An announcement
bonds
also had the following to say:
The
bank had
April
the
1936, but
1
external
holders
it now appears
of
the
that it will
7%
secured
be
an
before
bonds
impossible to complete
all
necessary
the
7% bonds will therefore be postponed until further notice, and holders
of the bonds
for
slavia
after
that
date.
Further
payments
requested by the bank not to present April 1 1936
are
the
and
holders
on
coupons
15%
1937,
agreement recently concluded between the Kingdom
the
of
holders
of
the
bonds
such
external
will
be
Jugoslav bonds
entitled
to
issued
for
receive
of Jugo¬
in
adopted by the
Governing
Committee
on
to require, under circumstances to be prescribed by that
Committee, that commission orders in listed bonds be sent
to the floor of the Exchange for execution."
The amend¬
ment has been sent to the members and Governing Members
of the Exchange for a vote by April 8.
It is a change in sub¬
division Fourth of Section 1 of Article X of the constitution.
As
amended, the sub-division reads:
Fourth—A
Committee
members and persons.
dealings, whether
on
Bonds, to consist of not less than five such
Such Committee shall have general power to regulate
upon
the Exchange or otherwise, in
bonds, notes and
therewith may require that transactions in said securities be executed upon
the
Exchange.
shall
It
may
adopt rules or regulations with respect thereto and
require the observance thereof when adopted.
It shall have and
exercise all the powers and duties of the Committee of Arrangements in so
far
as
the
certificates
same
of
affect dealings in
bonds, notes or other obligations
or
in
deposit therefor.
each
interest
of
at
amount
equal to 30%
applied
amortization
outside.
13
of the face value in cash and 55% in funding bonds bearing
the
interest
in
of
rate
5% and maturing Oct.
annual
22
these
14
1957.
of the aggregate face value of
instalments
bonds
(other
to
than
the
purchase
funding
In addition,
these
for
bonds)
coupons
an
will
extraordinary
in
circulation
Jugoslavia.
Funds
Deposited for Payment of April 1 Coupons on
7% Coffee Realization Loan 1930
State of San Paulo
Speyer
United
&
Co.
States
of
and
J.
Henry
America,
fiscal
Schroder
Banking
agents for
Visit of President Gay of New York Stock Exchange to
France,
maturing during the two-year period, Oct. 14 1935 through Oct.
coupon
be
until
was
March 25 which would "empower the Committee on Bonds
payment to the New York fiscal agents, J. & W. Seligman & Co.
Under
the
arrangements
Exchange
other obligations and in certificates of deposit therefor and in connection
hoped to be able to publish its announcement of such
with
agreement
New York Stock Exchange Acts to Require Commission
Orders in Bonds Be Executed on Floor
An amendment to the constitution of the New York Stock
has
of interest coupons
plan
market and its declining revenues, this agreement represents the maximum
(
also made known that
within the next two months it hopes to be able to enter
into agreement with the holders of its secured 7% bonds,
ment
Salvador states that
prevailing low prices and the uncertain outlook in the coffee
due April 1 1936 on the 5% funding bonds,
is
The
exceeding 15% of its par value.
In proposing this settlement the Government of El
in view of the
of its capacity to pay.
The coupons
due 1956,
nual purchase at not
the
Corp.,
State of
Philadelphia
A
meeting of the Philadelphia partners and employees of
New York and Philadelphia Stock Exchange firms and nonmember correspondents was held on the floor of the Phila¬
delphia Stock Exchange yesterday afternoon (March 27) in
connection with the visit of Charles R. Gay, President of the
New York Stock Exchange.
Mr. Gay was accompanied to
Philadelphia by Maurice L. Farrell, Chairman of the Com¬
mittee on Public Relations of the Exchange, who spoke
briefly at the afternoon meeting on the work of that com¬
mittee; Roger D. Mellick, a member of the Committee on
Odd-Lots and Specialists, who discussed the mechanics of
odd-lot trading; Charles M. Newcombe, a member of the
Financial
Volume 142
Bond Committee, who discussed bond trading, and J. Her¬
bert Ware, a specialist on the floor of the Exchange, who ex¬
plained the operations of the floor specialists.
More than
450
Philadelphia brokers and employees attended the
meeting.
A
'V.'V"
Mr. Gay and his associates were the guests of Howard
Butcher, Jr., President, and the Governors of the Phila¬
delphia Stock Exchange at an informal dinner at the Union
League Club last night. Earlier in the day Mr. Gay delivered
an address before the Philadelphia Bond Club.
on
National Securities
Exchange During
February Above January, SEC Reports
Trading
The
upward trend in the dollar value of sales and the
stock turnover on all registered exchanges continued in
February, reaching the highest figure in both instances since
the Securities and Exchange Commission began compiling
figures in October 1934, according to the monthly tabulation
of the Commission, issued yesterday (March 2*7).
An an¬
nouncement by the Commission bearing on its monthly
data, said:
'
dollar
The
value
of sales
in
February
1936,
registered
on
exchanges
amounted to $2,898,415,545, an increase of 0.6% over the value of sales in
Chronicle
which at the present time is obviously not in full accord
the
265,708,
2.6%
January 1936.
over
Bond sales
were
Total sales of stock in
120,963,085 shares,
bonds sold
The two
or
February (including rights and warrants) were
a
Total
par
value of
leading New York exchanges accounted for 95.5% of the value
of all sales on 23 registered
bond sales.
t
.
exchanges, 94.8% of stock sales, and 99.9% of
;
on
all exempt exchanges
(except the Honolulu Stock Exchange) was $1,184,177, a decrease of 12.3%
for
Foreign
Securities
The
20,
Certified
of
Financial
The period within which the certified financial statements
of certain issuers which
registered securities under the Secur¬
ities Exchange Act of 1934 must be filed has been extended to
conform with the requirements of the annual report forms,
the
Securities
and
Exchange
Commission
announced
March 25.
It said:
~
Under certain conditions
issuer
an
permitted originally to file fin¬
was
ancial statements without the certification of independent accountants, if
it
agreed that registration should expire unless certified.statements
filed within 90
1935.
days after the close of its fiscal
ending
year
on or
were
after Dec. 31
Since those agreements were made, rules regarding annual reports
have been adopted
allowing all registrants at least 120 days after the fiscal
for the filing of financial statements with annual reports.
year
The present action of the SEC, designated Rule JB9, provides that
90-day period within which
any
the registrant for
the
registrant agreed to file certified statements
is extended to coincide with the period of 120 days or
longer which is allowed
the filing of financial statements
part of its annual
as
report.
The
following is the text of the
new
JB9.
Rule
application
In
all
in
cases
which
an
Sections 12(b),
rule:
for
registration
(c), and (d) of the act contains
agreement that registration pursuant to such application should expire
the 90th day (or at the end of such longer period as the SEC might by
Dec. 31 1935, unless prior to such date
ending
year
of
an
on
order
after
or on
the registrant should have filed cer¬
tified financial statements for such year,
the time for filing such certified
registrant is required to file financial statements for such year in
a
periodic
report under Section 13, as such date is determined by applicable rules or by
Issuers
to
Register
FormA-2
Securities
that
and
it
Exchange
had
Commission
extended
from
March
Amended
by SEC to Permit Its Use by
Companies—Instructions for Use of
Changed Slightly
Consolidated
Extended by SEC to May 15 1936
March
Filing
the registrant's application for extension of time pursuant to such rules.
January.
Deadline
for
financial statements is hereby extended to the date or on prior to which the
|i The total dollar value of all sales in February
from
Time
small proportion of the brokers supporting it.
prescribe) after the close of the registrant's fiscal
decrease of 17.9%.
with officials of
-
Statements by Issuers Having Registered Securities
securities pursuant to
1.1% above January's figure.
$511,120,575,
was
Extends
SEC
valued at $395,-
decrease of 10.8%.
a
'
continue to operate with only a
Stock sales (including rights and warrants) had a value of $2,503,129,081,
increase of
market.
It is apparent even among the present members that the market cannot
January and an increase of 251.5% over the value of sales in February 1935.
an
2077
Form
announced,
1936
31
The
to
May 15 1936 the time in which foreign governments, politi¬
cal subdivisions thereof and certain foreign nationals may
effect registration of security issues under the Securities
Securities
and
Exchange Commission has amended
Form A-2, issued under the Securities Act of 1933, to permit
the use of the form by a company created by the consolida¬
tion of two
The Commission has been informed that a number of
foreign issuers are
presently preparing registration statements for their securities but that such
more corporations, if the combined historical
registrant and its principal predecessors satisfy
the requirement for the use of the form.
Heretofore the
record of the registrant since the consolidation supplied the
statements cannot be
test.
Exchange Act of 1934.
this
from
completed before March 31 1936.
and
country
necessity
the
issuers have encountered difficulties
ties
of
in
Due to their distance
using the mails,
certain
or
records of the
The announcement continued:
sucil
of
effecting registration of their securi¬
by that date.
In
The
well
as
announcement issued March 25 the SEC
an
amendment
requires
the registrant
as
that information
be given under several items of the form.
ancial statements of the predecessor companies are
necessary
Buffalo, N. Y. Stock Exchange Temporarily Suspends—
Had Received Permission from SEC to Withdraw
National
Securities
to secure financial information
registrant
on
Because
of the limited amount of trading, the Buffalo
Exchange (Buffalo, N. Y.) temporarily suspended
operations at the close of business March 25. The suspension
Stock
Form A-2 when
Fin¬
required to be filed where
comparable to that filed for
a
consolidation had occurred.
no
The SEC also announced that it has
as
Exchange
said:
regarding the predecessors
adopted several minor
amendments to the instruction book for Form A-2, clarifying
the instructions as to material contracts and patents, and
amplifying the provisions permitting a registrant in certain
to omit the names of foreign subsidiaries.
cases
followed
an announcement on March 24
by the Securities and
Exchange Commission that it had permitted the Exchange to
withdraw its registration as a national securities
exchange
with the privilege of applying before April 1 1937, to have its
registration reinstated upon compliance with certain con¬
ditions.
The
This action
Commission's
taken
was
which informed the
years
has been
maintain
The
announcement
the request
at
of the Buffalo
said:
Stock Exchange,
SEC that the volume of trading during the past few
limited that it does not feel justified in continuing to
so
exchange organization.
an
conditions
under
which
the
Exchange is granted the privilege of
applying for reinstatement of its registration
are
substantially
as
follows:
(1) that the Exchange, during the period of withdrawal of its registration
shall keep and preserve its assets and funds intact,
except that it may dis¬
burse out of its funds such
maintenance charges;
(2)
amounts
as
are
that the Exchange and its members, during the period of withdrawal
Issuer
by the Securities and Ex¬
change Commission to its Form E-l to provide that a com¬
pany filing on that foim to register under the Securities Act
of 1933 securities to be offered in exchange for securities of
another issuer may be governed by the requirements of
Form A-2 regarding the form of financial statements and the
filing of schedules, if the company might use Form A-2 for a
cash offering of its securities.
The SEC further announced
on
March
statements
balance sheets
instructions
of
as
a
emphasized by officials of the Exchange that the closing is in
no
to be construed
on
as "permanent."
It was admitted, however, that much
what happens in the future in regard to federal regulation of
securities dealt in over-the-counter markets.
Albert B.
Wright, President, asserted that the exchange has not closed its
doors definitely, but is marking time.
He added that the Exchange would
liquidate and that the surplus, which amounts to about $1,100
membership, would be impounded.
1929, memberships
were
returned to members.
This amount has since been
"
Lewis S. Castle, Executive
local market,
per
When the Exchange was organized in
sold for $10,000 each.
has accepted
Secretary and
Submitted
Investment
a
of the chief organizers of the
position in Detroit where he plans to
was
of
En¬
Insurance Provisions
its study
of investment trusts and in¬
companies which Congress directed it to make, the
Securities
and
Exchange
Commission
published,
on
March 20,
a questionnaire to be sent to the sponsors of in¬
plans with periodic, instalment or partial payment,
endowment, thrift, or insurance provisions.
The Commis¬
sion recently sent a questionnaire to incorporated and unin¬
vestment
fixed
corporated
previous
and
semi-fixed
questionnaire
was
investment
referred
in
to
trusts;
this
of
issue
our
1375.
As to the questionnaire promulgated
March 20, the Commission said:
'
29,
page
move
Replies to this questionnaire
Castle also emphasized that the shutdown of the market
tem¬
He said that if the SEC "adopts regulations governing over-thetending to encourage wider listing of stocks, the Exchange
again may make application for registration."
.
counter trade,
While action and further regulation by the SEC is the main factor, the
future of the Exchange hinges greatly on the support of Buffalo brokers,
are
required
on
or
before May 1 1936.
questionnaire covers substantially the period from Jan.
1935,
The
from the date of organization if the plan
or
Jan.
to
1
the
questionnaire
to
of
issuance,
agreements
the
1
The
1927 to Dec. 31
created subsequent
was
1927.
development
Needs Brokers' Support
or
SEC to Sponsors
Instalment Payment,
vestment
immediately.
porary.
of
by
with
Plans
dowment, Thrift,
Feb.
one
being acquired may be
are
date within six moths rather than 90 days, where the
In furtherance
depends
whose securities
to Form A-2 would afford six montos if the statement were
as
Questionnaire
reporting the suspension of operations by the Buffalo
Exchange, the Buffalo "Courier-Express" of March 26
was
Mr.
company
being filed on that form.
said:
not
of the
The amendment also permits a registrant in these circumstances to file
Stock
way
24:
A similar standard applies in determining whether or not the financial
presented in the manner prescribed by Form A-2.
(3) that trading shall not be resumed in any security presently registered
on the Exchange, unless the issuer of such
security has filed with the SEC
and with the Exchange such information, documents and
reports as are
required at the time when trading is to be resinned by the provisions of
Section 13 of the act and the rules and regulations prescribed thereunder; and
(4) that the Exchange and its members shall comply with such additional
conditions as the SEC may deem necessary and appropriate in the
public
interest and for the protection of investors.
It
Amends Form E-l in Relation to Offerings by
Companies in Exchange for Securities of Another
An amendment has been made
necessary to pay storage and
of its registration, shall not sell or transfer any Exchange
membership;
In
SEC
requires
these
sale and
relating
financial
to
plans;
information
their
distribution
such
structure,
relating
organization
of
and
to
the
history
financial
certificates.
Information
is
also
and
structure;
certificates, and the indentures
and
required
as
the nature, scope and extent of the activity of
2078
the
Financial
of
sponsors
trustees.
The
of
visions
these
these
public;
the
the
defaults
and
of
In
deductions
the
relationship
charges
the
with
by certificate
liabilities
and
with
the
of
and loan
of such
cost
respect
pro¬
certificates
to certificates,
holders.
In
addition,
and trust receipts and
are
13
Utility Holding Company Act from April 1
thereafter and
thereafter and
thereafter and
Public
Exchange Commission announced on
March 24 that its rules regarding service, sales, and construc¬
13 prohibits the performance of service, sales, and construction
contracts
by registered holding companies for public utility companies
mutual service companies in the same
vides
that
service, sales,
and
holding
construction
between
an
exemption, Section 13 would apply to
April 1.
The effect of the Com¬
transactions effected after
mission's action will be to postpone the effectiveness of the
section until May 1.
The text of the Utility Holding Com¬
Act
pany
given in
was
1344.
our
issue of Aug. 31 1935,
pages
1331-
--'v;
names
commissions
or
are
com¬
Walter S.
the under¬
the underwriters, and
of
to be furnished by amendment to the
registration statement.
'
,
Wyman, of Augusta, is President of the
company.
Filing byf Pacific Telephone & Telegraph Co. of Regis¬
tration Statement with SEC Covering $30,000,000
of Refunding Mortgage 334% Bondfc
or
subsidiary
price to the public, the
writing discounts
Filing of
company system, and pro¬
contracts
companies must be performed at cost subject to rules of the SEC.
In the absence of
The
Utility Holding
Company Act,i to be promulgated shortly, will include an
exemption applicable to all companies from all provisonis
of Section 13 through April 30.
The SEC stated:
Section
and thereafter
May 1
to
The Securities and
tion contracts under Section 13 of the Public
in part, at the option of
or
1 1939, 108%%;
1 1942, 107%%;
1 1945, 106%%;
including Feb. 1 1948, 105%%;
including Feb. 1 1951, 104%%;
including Feb. 1 1954, 103%%;
including Feb. 1 1957, 102%%;
including Feb. 1 1959, 101%%;
including Feb. 1 1961, 100%%;
without premium.
thereafter and
Commission
of
whole
If redeemed on or before Feb.
thereafter and
Effectiveness of Section
a
thereafter and Including Feb.
thereafter and
SEC; Postpones
'''
as
thereafter and including Feb.
of representatives of various plans and
'
■.
independent accountants.
redeemable,
after 30 days' notice at the following prices plus accrued interest:
pany
annual
requested.
years are
1936
:
bonds
The
28
4%%, due 1957, at 102%% and accrued
series E,
interest.
to
and
March
mortgage gold bonds,
dispositions
the formulation of this questionnaire the
with committees composed
the
to
sponsors
the insurance provisions
schedules covering the past nine
connection
with
and
withdrawals
trust assets
and supporting
conferred
and
covers
the components of
plans;
the
statements
plans,
questionnaire
Chronicle
registration statement (No. 2-2020, Form A-2)
a
March 26 by the Pacific Telephone & Telegraph
of San Francisco, Calif., under the Securities A.ct of
on
Co.
1933
covering $30,000,000 of refunding mortgage 334% bonds,
series B, due April 1 1966, was announced by the Securities
and Exchange Commission on March 26 (in Release No,
715). Continuing, the Commission stated:
According to the registration statement, the net proceeds from the sale
of the bonds
are
to be
applied
follows:
as
W $23,890,000 to the redemption on May
Registration Statement Filed with SEC by Flintkote
Co.
Covering 330,614 Shares of No Par Value
Common Stock—Does Not Constitute New Financ¬
ing
The
Flintkote
Co.
has
registered
securities
under
the
Securities Act of 1933
(on registration statement No. 2-2004,
Form A-2, filed March 19) in accordance with a previously
announced
selves
of
plan of the Royal Dutch interests to divest them¬
in
control
change Commission
the
the Securities and Ex¬
March 20 (in Release No.
company,
announced
706).
According to the prospectus, the Commission said,
registration does not constitute new financing by the
company, which will receive no proceeds from the trans¬
the
action.
The
plan contemplates the conversion of 330,614 shares of
class B
of
stock
common
majority of
the N.
and
class
A
the
shares,
the
(having by its terms
Board
of
Directors)
be
then
A
stock,
designated
no par
value
share,
less
stock
are
The
each
of
any
and the
1936
.
:-.,v
i*"t.
-
contract
a
Additional funds required for the redemption of the above bonds are to
be made available, it is stated, from current cash assets of the company
California Telephone Co., and from the proceeds of
and of the Southern
temporary borrowings by the Pacific Telephone & Telegraph Co. from its
parent, the American Telephone & .Telegraph Co.
Funds in addition to
current cash and the loan of $4,984,000 referred to above
required by the
Southern California Telephone Co. to redeem its bonds, will
the Pacific Telephone & Telegraph Co.
The series B
bonds
redeemable
are
as
of the company on any interest payment
Shell
a
no
would
value
par
and
the
par
a
Oil
value
amount
B
to
date after 60 days' notice at the
before April 1 1941, 106%;
including April 1 1946, 105%;
1 1951, 104%;
1 1956, 102%%;
Thereafter and including April 1 1962, 101%;
and thereafter, 100%.
stock.
common
stock.
The
stock then held by Shell Union and
group of
If redeemed on
The price to the public,
the
of 25c.
excess
a
share paid between Jan.
amounts
which
no
as
value
par
this
the
names
of the principal underwriters, and
underwriting discounts or commissions
ment to the
32 underwriters in accordance
These 330,614 shares of
or
Thereafter and including April
Thereafter and including April
668,046
N.
are to
be supplied by amend¬
registration statement.
R. Powley of San
Francisco is President of the company.
2
common
of Oslo,^ Norway, Files Under Securities Act—
Registration Statement Covers $6,500,000 of 434%
City
time.
they have underwritten under
External
Loan
Bonds
agreement are as follows:
Shell
Chas. D. Barney & Co., New York, N. Y
—
Ladenburg, Thalmann & Co., New York, N. Y
Shields & Co., New York, N. Y
White, Weld & Co., New York, N. Y
Atlas Corp., Jersey City, N. J
Bataafsche
Agreement
Name and Address—
Lehman Brothers, New York, N. Y
Hallgarten & Co., New York, N. Y
Agreement
17,776
13,459
8,973
8,973
8,973
21,838
16,541
11,027
11,027
11,027
11,027
8,973
6,730
Domlnick & Dominick, New York, N. Y
8,270
Cassatt & Co.. Inc., New York, N. Y_
Hemphill, Noyes & Co., New York, N. Y
The Lehman Corp., New York, N. Y
Laurence M. Marks & Co., New York, N. Y
The Reybarn Co., Inc., Jersey City, N. J
-
Speyer & Co., New York, N. Y
A. C. Allyn & Co., Inc., New York, N. Y
Bacon, Whipple & Co., Chicago, 111
Robert Benson & Co., Ltd., London, England
...
Birge, Wood & Trubee, Buffalo, N. Y
6,730
4,486
4,486
4,486
4,486
4,486
5,514
4,486
Balfour, Boardman & Co., Ltd., London, England
5.514
2,692
2,243
2,243
2,243
2,243
2,757
2,757
2,757
Halle & Stieglitz, New York, N. Y
The Parker Corp., Boston, Mass
A. M. Kidder & Co.,
8,270
5,514
5,514
5,514
5,51.4
2,757
2,757
2,757
1 2,757
2,757
2,757
2,757
2,757
2,757
2,757
2,757
2,243
2,243
New York, N. Y
W. W. Lanahan & Co., Baltimore, Md___
Loew & Co., New York, N. Y.
2,243
M. & T. Securities Corp., Buffalo, N. Y
National Bond & Share Corp., Jersey City, N. J
2,243
2,243
2,243
Niagara Share Corp., Buffalo, N. Y__
Randolph Securities Corp., Chicago, 111
2,243
L. F. Rothschild & Co., New York, N. Y__
I. M. Simon & Co., St. Louis, Mo
2,243
2,243
2,243
Toerge & Schiffer, New York, N. Y
The
price
registration
is
$55
a
statement
share,
2,757
2,757
2,243
Wertheim & Co., New York, N. Y
2,243
shows
that
the
proposed'
although final determination
of
2,757
;•>
maximum
this
The
price
offering
has
not
Securities
and
Exchange Commission announced
(in Release No. 709) that the City of Oslo (Nor¬
that day filed a registration statement (No. 2-2013)
March 23
way)
under the
Securities Act of
1933
covering $6,500,000 of 19-
4y2%
sinking fund external loan
April 1 1955. The Commission stated:
year
According to the registration
of
the
bonds
will
be
applied
statement
to
the net
refunding of
at
100%.
interest
on
The remainder of proceeds will
the bonds
to the date of
The
are
proceeds from the sale
$6,080,000 of
be applied
Central Maine Power Co. Files Registration Statement
with
SEC for
$9,000,000 of First and General
Mortgage 4% Bonds
A
registration statement (No. 2-2001, Form A-2) was filed
on March 19 by the Central Maine
Power Co., of Augusta,
Me., under the Securities Act of 1933 covering $9,000,000 of
general mortgage bonds, series H, 4%, due Feb. 1
1966, it was announced by the Securities and Exchange Com¬
on March 19 (in Release No. 705).
The Commission
mission
said:
According to the registration statement the net proceeds from the sale of
bonds,
the
together
redemption,
to
with
on
funds of the
other
June
1
1936,
of
company,
outstanding
are
first
to
be applied
and
general
30-year 6%
Nov. 1 1936,
the payment of
being registered during the period from April 1 1936
redemption of the bonds to be refunded.
principal underwriters and the amounts to be underwritten by each
follows:
as
"
.
Kuhn, Loeb & Co
$1,625,000 Blyth & Co., Inc
Brown, Harriman & Co., Inc._ 1,625,000 White, Weld & Co
Edward B. Smith & Co
1,625,000
The
are
price to the public and
the underwriting discounts
$1,137,000
488,000
commissions
or
be furnished by amendment to the registration statement.
to
That the bonds
are
expected to be offered early next week
is noted elsewhere in to-day's issue of the "Chronicle."
Filing of Registration Statement with SEC by Consoli¬
dated Gas Co. of New York for $35,000,000 of
334%
Debentures and $35,000,000 of 334% Debentures
Announcement
Commission
on
was
made
by the Securities and Exchange
March 21 of the filing the previous day of a
solidated Gas Co. of New York under the
first and
on
registration statement (No. 2-2007, Form A-2)
yet been made.
maturing
bonds
sinking fund gold bonds, due May 1 1955, to be redeemed
3,308
2,243
the
be loaned by
whole or in part at the option
a
Thereafter and
Corp.
similar number
of the class
then
being registered under the Securities Act
underwriters
Union
specified in the registration statement, at $45
dividends in
delivery date.
as
no
No. of Shares Underwritten
Under
Under
to
'•
kane.
class the right to elect a
Maatschappij into
which
common
Bataafsche would then be sold to
with the terms
a
the
in accordance with the provisions
outstanding class
would
as
held by
de Bataafsche Petroleum
V.
shares,
330,614 shares of
a
and accrued interest)
$4,984,000 as a loan to the Southern California Telephone Co., a sub¬
sidiary, to be applied to the redemption on May 1, 1936, of that company's
presently outstanding $6,011,000 of first and refunding mortgage 5%
sinking fund 30-year gold bonds at 105% and accrued interest.
Approximately $
toward the payment at maturity (May 15
1936) of presently outstanding $2,999,900 or first mortgage 5% sinking
fund 30-year gold bonds of the Home Telephone & Telegraph Co. of Spo¬
following prices plus accrued interest:
The
All
Commission continued:
1 1936 of the company's out¬
standing refunding mortgage 30-year 5% gold bonds, series A, at 107%%
by the Con¬
Securities Act of
1933 covering $35,000,000 of 10-year 334% debentures, due
April 1 1946, and $35,000,000 of 20-year 334% debentures,
due April 1 1956.
The Commission (in Release No. 707)
added:
It is
March
stated that the
23
1936
to
name
debentures will be issued
According to the
of the debentures
to the
the company
of
Consolidated
under
Edison
that
Co.
will be changed
of
New
York,
on
Inc.,
or
about
and
the
name.
registration statement, the net proceeds
from the sale,
together with other funds of the registrant will be applied
redemption of the following:
$20,000,000 principal amount of 25-year 5% gold debenture bonds, due July 15
1957, to be redeemed on July 15 1936 at 103% and accrued Interest.
50,000,000 principal amount of 20-year 5% % gold debenture bonds, due Feb. 1
1945, to be redeemed on or about May 15 1936 at 103% % and accrued
Interest.
Financial
Volume 142
The
redemption
provision,
principal underwriters,
to be furnished1
Frank W.
price to
the
and the
public,
the
the
of
names
the
underwriting discounts or commission are
by amendment to the registration statement.
Smith, of New York City, is President of the company.
2079
Chronicle
An
analysis of the SEC covering registration statements
became effective during January was given in our
issue of Feb. 29, page 1376.
which
Filing of Registration Statements under Securities Act
SEC
56 Registration Statements Covering
$212,088,937 Effective During February
Reports
The
The Securities and Exchange Commission announced on
March 25 the filing of 14 additional registration statements
monthly analysis by the Securities and Exchange
of statements registered under the Securities
1933, issued March 25, shows that in February 1936
$212,088,937 became fully effective, which compares with
for
$275,696,001 in January 1936 and $36,843,133 in February
The securities involved,
1935.
grouped
Commission
Act of
Commission
The
said that included in the amounts
for the first two months of 1936
securities which have
are
1987-2000, incl.) under the Securities Act of 1933.
(Nos.
The Commission said that the total involved is $68,995,986.80 (face value of $355,000 of securities in reorganization used
represents new issues.
according to the Commission, are
total) of which $68,640,986.80
No.
follows:
as
of Issues
been registered but are not intended to be presently offered
for sale, as follows:
11
Type
Total
■■
$4,839,016
9,322,579
$1,755,000
1,181,250
500,000
It
_
Reserved for exercise of options
Reserve for other subsequent issuance
In February
became fully
202,500
against
as
an average of $5,744,000 for 48 issues in January
$3,684,000 for 10 issues in February 1935.
The
1936 and
The
figures show that public utilities resumed the lead in total financing
lapse
a
of two months, and that the manufacturing industries
group
declined to second1 place.
issues
is also shown,
the
issues.
flotations
Almost
securities represented proposed
enterprises with only
slightly
than
more
in Release No.
No.
statement in January 1936 for about
one
in
December
1935
less
for
$36,-
than
aggregating about $95,700,000
the manufacturing companies,
were
Second in im¬
effectively registered.
were
accounting for 28.6% of the
month's effectives, and third, the financial andi investment companies,
which
registered 17.1% of the February total.
Sixty-six
secured
and
13% for
of the
cent
per
bonds
and
total
stock
registrations
February
debentures; about 15%
common
filed
somewhat
than
more
6%, represented certificates of participation1 and beneficial interest.
Eight
preferred
Btock
issues
intended
were
to
be
retired
I.
dividend-paying
ceeds
of
issues
issues
to
be
large operation
of
and
this type
employed, in whole
ferred
offered
through
effected,
last
April,
registered
30
with
when
United States Casualty Co.
stock.
Mo., has filed
value
J.
of
of
preferred and
common
stock
and
issues
$42,000,000
registrations)
gross
for cash for their
to be offered
was
connection with the sale of these securities, expenses of
to
be
costs
incurred;
in
3.8%
connection
registration.
for commission
with the
through offerings
$175,900,000
flotation
discount,
and
of
the
own
4.5%
and
(83.0%
of
account.
In
were
0.7%
expected
for other
issues, including expenses of
■,
Of the net cash proceeds, estimated at about $167,900,000
approximately
$109,800,000 (65.4%) is proposed to be used for the repayment of indebted¬
liabilities.
In
3.3%
addition,
$400,000
the
of
cash
for the payment of other
proceeds
is
intended! for
the
purchase of real estate, plant, equipment and other assets; 5.7% for
working, capital; 18.2% for purchase of securities by investment companies;
6.8% for retirement of preferred stock issues; 0.4% for organization and
development expenses; and 0.2% for miscellaneous purposes.
issue preferred
is President of the company.
Mass., has filed a
(2-1991, Form A-l) of Boston
proposed price of $5 a share.
Kenneth D. Van Alien, of
Filed March 16 1936.
San-Nap-PaklManufacturing Co., Inc. (2-1992, Form A-2) of New York
City, has filed
a
registration statement covering 35,000 shares of $8.50 par
preferred stock and 17,500 shares of $1
O. B. Ewart & Co., Inc., of New York City, is
value common stock.
the principal underwriter and Nat E.
of the corporation.
Heit, of New York City, is President
Filed March 16 1936.
of New York City,
United Endowment Foundation, Inc. (2-1993, FormC-1)
a
registration statement covering 204,082 Foundation Trust $1
The "sales price" of the trust shares as of
value shares, series A,
2 1936, was $4.90
a
registration statement coveting 10,000 shares of $100 par value 5M %
a
cumulative preferred stock, 500,000 shares of no par
and warrants to purchase an aggregate of
Of the
common
75,000 shares
outstanding;
be sold to Lehman Brothers, of New York City, the
are to
principal underwriter; 15,000
and the
value common stock,
15,000 shares of common stock.
stock being registered 400,000 shares are now
remaining 10,000
be reserved for exercise of the warrants,
are to
be held for issuance from time to time.
are to
The preferred stock and the warrants are also to be sold to Lehman
Albanus
Phillips,
of Cambridge,
Filed March 16 1936.
Bonded Commodity Corp. (2-1996, Form
A-l) of Boston, Mass., has filed a
registration statement covering 1,500,000 shares of $1 par value participating
preference stock and 55,000 shares of $1 par value common stock of which
40,000 shares
are to
be sold at $1
and the remaining 15,000 shares
a
share for the benefit of the corporation
are
owned by the principal Underwriter,
Stemmler & Co., of New York City.
The preferred stock is to be offered
at
$3
a
share but the offering price may be changed from time to
the Board of Directors of the corporation to confirm with changes
$20,000,000 4%% Debentures, due 1956; Public Service Co. of Oklahoma,
$16,000,000 1st Mtge. 4% Bonds, due. 1966 and $2,000,000 4% Serial
Debentures, due 1937-46; and Loew's Incorporated, $15,000,000 3%%
S. F. Debentures, due 1946.
E-l)
Fred A. Rogers is President of the
value.
corporation.
William Jacob Hildebrandl and Marion Seeba Hildebrandt (2 -1997, Form
of Jacksonville,
Fla.,
have filed
a
registration statement covering
$355,000 of first mortgage 6% serial real estate gold bonds presently out¬
standing.
It is proposed to extend the maturities of the bonds to May 1
1945, with interest at qe rate of 3% per annum from May 1 1935, to May
1 1938, and at the rate of 4% from May 1 1938, to May 1 1949, and to pay
the
Type
1933, 1934 and 1935 at the rate of 3% per annum.
Securities
Included
in
42
Registration
Effective During February
Sixty-six
new
the
per
securities
Statements
Fully
for
fixed
previous month and
interest
1936
bearing securities, against 85.0% in
5.1% in February 1935.
Preferred stocks totaled
14.8%, common stocks 12.8% and certificates of participation, beneficial
interests, etc., amounted to 6.5%. In February 1935, 88.2% of the securities
were certificates of
participation or beneficial interest; this was due to the
registration
of
89.5%
of
the
total
for
that
month
sum
of $26,625 to the bondholders' committee to be
applied to the pur¬
chase of all matured and unpaid interest coupons on the bonds for
the years
The $26,625 is to be
paid by Robert Kloeppel in consideration of his release from all liability.
cent of the amount of the February 1936 registrations of
was
time by
in the asset
Filed March 17
1936.
The following tabulation was also included in the Commis¬
sion's analysis:
New
Brothers.
Md., is President of the corporation.
Among the large issues for which registration statements became effective
during the month were: New York Edison Co., Inc., $55,000,000 1st Lien
and Ref. Mtge.
3%% Bonds, due 1965; Connecticut River Power Co.,
$20,300,000 1st Mtge. S. F. 3%% Bonds, due 1961; Remington Rand, Inc.,
of
March
Filed March 16 1936.
share.
Phillips Packing Co., Inc. (2-1994, Form A-2) of Cambridge, Md., has
filed
ness—$107,400,000 for repayment of debt before maturity, $2,000,000 for
repayment at maturity, and not quite
a
first
the
be raised through the sale
fixed-interest-bearing securities.
According to the registrants, approximately
Springfield,
1936.
14
to be offered at
and
to
of
registration statement covering 59,997 shares of $5 par value common stock
par
was
Hogg,
value 70-cent cumulative dividend
for the retirement of $121,500,000 of pre¬
$33,700,000
Wyman
The Temblor Oil Co.
has filed
of which
stock and 20,250 shares of $10 par value second
common
stock.
(2-1990, Form A-2) of Springfield,
registration statement covering 1,250 shares of $10 par
a
par
issues.
About $45,800,000 of these redemptions .was to be
by direct exchange with registered lower-dividend preferred issues
$75,700,000 by use of entire or partial cash proceeds of securities
sale,
1936.
14
Citizens Mortgage & Securities Co., Inc.
stock
for
Edson S. Lott, of New York City, is President of the company.
Filed March
effected
offered
(2-1988, Form A-2), of New York City, has
registration statement covering 500,000 shares of $2 par value com¬
a
pro¬
have been
issues
Filed March 14 1936.
Buchanan, of Scranton, is President of the company.
the
with the
redemption
Since
sale.
was
in part,
or
five
for
Samuel
Levy, of New York City, is the principal underwriter and Robert H,
Boston, is President of the company.
through
issuance of securities registered in February—three by direct exchange
lower
registration statement covering $500,000 of first mortgage 10-year
a
5% sinking fund bonds, to be offered at $950 for each $1,000 bond.
for
was
for preferred stock issues,
was
The remainder,
issues.
*
Filed March
the
of
Co. $13,500,000 of first mortgage bonds,
(Docket No. 2-1995, Form A-2, included in Release
Wyoming Valley Collieries Co. (2-1987, Form A-l) of Scranton, Pa., has
600,000; in February 1936, however, four statements for utility companies
portance
701.)
follows:
as
mon
only
$100 par value series A cumula¬
(Docket No. 2-1989, Form A-2, included
"Other"securities included in the total, the SEC said, are
dominant in 1935, registered
statements
which releases have been pub¬
704.)
filed
five
t355.000.00
—
by the Commission that the total in¬
The California Oregon Power
10% representing initial public offering of newly-organized companies.
Utilities, the largest single group to register in February, accounted
for 45.1% of the amount of all effectives.
This group, which was pre¬
and
...
The Atlantic Refining Co. 148,000 shares of
debentures almost
continued to constitute by far the bulk of
purposes
90% of the registered
by already established
$27,800,000,
announced
tive convertible preferred stock.
as a
substantial increase in preferred stock
A
although the flotation of bonds and
entirely for refunding
was
4% series, due 1966.
Commission continued:
after
;
lished (the releases were given in these columns of March 21,
pages 1906 and 1907):
of $3,787,000 per issue
or an average
20,500,001.80
Securities in reorganization
cludes the following issues for
1936, the SEC states in its analysis, 56 issues
effective,
Investment trusts
t Represents aggregate face amount.
January 1936
Reserved for conversion of Issues with convertible
features
_
2
1
February 1936
$48,140,985.00
Commercial and industrial..
*
by investment trusts.
Filed March 17 1936.
International Investors Fund System. Inc. (2-1998, Form
Pa., has filed
a
O-l) of Scranton,
registration statement covering $19,500,000 of weekly
payment plan participating certificates in International Investors Fund.
The certificates call for
$1,950.
a
a
weekly deposit of $2.50 for
a
According to the registration statement the
period of 15-years or
company
is to deduct
total of 15% or $292.50 for solicitation, supervision, auditing,
for the door-to-door collection service.
&c., and
The deduction will be made at the
rate of $65 the first year,
Per Cent of Total
No. of
Issues
Type of Security
No. of
Units
Gross
Amount
Common stock
__
Preferred stock
24
12
Feb.
Jan.
Feb.
1936
1936
1935
12.8
9.9
0.2
beneficial
interest,
14.8
1.1
6.5
$27,113,080
31,463,953
8
rants, Ac
Secured bonds.
7
Debentures
5
643,788
13,708,196
98,678,858
41,124,850
6.5
4.0
88.2
46.5
78.0
a
stock.
2.4
19.4
5.6
2.7
Short-term notes
filed
registration statement covering 50,000 shares of $5 par value common
The principal underwriters are Haskell,
President of the company.
Scott & Jennings, Inc.,
Ben Sopkin, of Chicago,
registration statement covering 250,000 shares of $1 par value common
$250,000 of 6% sinking fund notes to mature March 15 1946.
56
$212,088,937 100.0
100.0
100.0
is
Filed March 18 1936.
Morgan Industries, Inc. (2-200, Form A-l) of Philadelhpia, Pa., has filed
a
1.4
Filed March 17 1936.
(2-1999, Form A-2) of Chicago, HI., has
of Chicago, and Keane & Co., of Detroit.
war-
Total..
paid to the company, and 80% to the depositors.
Wentworth Manufacturing Co.
5,427,281
2,796,700
Certificates of participation,
|
r
$32.50 the second year, and $15 a year thereafter.
After accumulated net earnings, including a 4% dividend, are added to
each individual account, 20% of the excess earnings thereafter are to be
and the notes
are to
be offered in units consisting of
and
The stock
100 shares of common
2080
Financial
and $100 of notes,
at $135
unit.
a
President of the corporation.
In
In
New
Morgan J. Lewis, of Philadelphia,
Filed
March
18
does the act of
filing with the Commission give to
that the registration statement itself is correct.
The last previous list of registration statements
in the " Chronicle" of March 21, page 1905.
appeared
$384,146,874 Jan. 31—Gain
Foreign Trade
on
Bills Offset by Reduction in Domestic Warehouse
Credits
Improvement in the three divisions of foreign trade
financing in which bankers' acceptance credits are used,
features the Feb. 2-9 survey of the American Acceptance
Council released March 26.
These gains, however, says
Robert H. Bean, Executive Secretary of the Council, do
not offset a sharp reduction in the total volume of domestic
warehouse acceptances with the result that the total volume
of bills as of Feb. 29 was off $7,342,125 for the month of
February and $115,960,056 from the figures reported at the
end of February 1935.
The total volume of all bills on
Feb. 29 was $376,804,749, it is noted by Mr. Bean, who
a new offering of $50,000,000 or thereabouts,
273-day Treasury bills were invited on March 26 by
Wayne C. Taylor, Acting Secretary of the Treasury.
The
tenders will be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, March 30; bids will not be received at the Treasury
Department, Washington.
continues:
Bankers' acceptances used to finance imports increased in volume $5,770,813 oringing the total of this class of Dills to $113,706,075, the largest amount
A slight gain of $178,502
bills used to finance exports.
May 1935.
Acceptances from credits based
between foreign
The
domestic
459,708.
goods stored in
on
or
shipped
$8,000,000 since last September.
up
principal reduction in classified
in
reported in the volume of
countries advanced $1,799,986 bringing this total to the
highest figure since July 1935 and
was
was
This is the highest total for these bills since
warehouse
Domestic
credits,
shipment
exchange acceptances
bills
as
of the end
acceptances of which
acceptances
dropped
of last
went
month
off $14,-
$412,305 and
dollar
less by $219,413.
were
in our national
of
our
very
national
of similar securities
following to
However, the percentage of the total volume
for
average
more
than
is
acceptances
10 years prior to
1933 when
50% of imports and exports moved under bankers' acceptance credits.
is
to
financed
be
compared with 24.11%
of exports and 32.66%
of imports
by acceptances during the whole of 1935.
denominations
volume of bills held by accepting banks. The total of
April 1 in amount of $50,000,000. In
Acting Secretary had the
on
say:
of
$1,000,
$100,000,
$10,000,
$500,000,
$1,000,000
and
(maturity value).
No
tender
for
amount
an
less
than
tender must be in multiples of $1,000.
on
$1,000
will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e.g.,
99.125.
Fractions must not be used.
Tenders will be accepted without cash
and
trust
deposit from incorporated banks
companies and from responsible and recognized dealers in in¬
vestment
securities.
Tenders
from
others
must
be
accompanied by
a
deposit of 10% of the face amount of Treasury bills applied for. unless the
accompanied
are
corporated bank
by
an
express
guaranty of payment
1936, all tenders received at the Federal Reserve banks
up
to the closing
following morning.
as soon as
all tenders
branches thereof
possible thereafter, probably
or parts
on
the
of tenaers, and to allot less than
and his action in any such respect shall be final.
Those submitting tenders
will
be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
made at the Fedderal Reserve banks in cash
or
other immediately available
April 1 1936.
on
The
March 36
The Secretary of the Treasury expressly reserves the
any or
the amount applied for,
thereof.
or
on
hour will be opened and public announcement of the
acceptable prices will follow
right to reject
by an in¬
or trust company.
Immediately after the closing hour for receipt of tenders
Treasury bills will be exempt,
gain from the sale
taxation,
except
or
as to
principal and interest, and
any
other disposition thereof will also be exempt, from all
estate
(Attention
and inheritance taxes.
is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale
shall be allowed
tax
any
now or
as
a
deduction,
or
other disposition of the Treasury bills
otherwise
or
recognized, for
the purposes
hereafter imposed by the United Sttes or any of
its
pos¬
sessions.
Only slight changes took place during the month of February in the
to
discount basis to
They (the bills) will be issued in bearer form only, and in amounts or
funds
imports and exports financed by bankers'
much below the
about
This
foreign trade.
a
his announcement of March 26, the
The gain in import and export acceptances and to some extent foreigD
shipment acceptances at this time is indicative of the gradual improvement
on
the highest bidders. They will be dated April 1 1936 and will
mature on Dec. 30 1936, and on the maturity dare the face
amount will be payable without interest. There is a maturity
tenders
since April 1932.
1936
of
The bills to be offered will be sold
Decline of $7,342,125 in Outstanding Bankers' Accept¬
ances—Total at $376,804,749 on Feb. 29, Compares
with
28
Tenders to
security
any
its approval or indicate that the SEC has passed on the merits of the issue
or
March
Offering of $50,000,000, or Thereabouts, of 273-Day
Treasury Bills—To Be Dated April 1 1936
1936.
making available the above list, the SEC state(
no case
Chronicle
own
bills held amounted
$171,622,069 and of the bills of other banks $168,210,616,
a
total
of
Treasury
Department
Circular
No.
418.
as
amended,
and
this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
$339,832,685.
The following details are supplied by Mr. Bean:
TOTAL
OF
BANKERS'
DOLLAR
ACCEPTANCES
ENTIRE COUNTRY BY FEDERAL RESERVE
Federal Reserve District
Feb. 29 1936
1.
Feb. 28 1935
$30,870,968
$31,466,980
386,487,835
12,670,749
2,329,896
767,359
6,215,079
23,064,955
1,536,981
1,141,909
175,000
2,756,854
24,151,208
5
528,263
290,155,567
12,201,335
3,342,632
572,835
6
1,932,068
18,199,906
557,552
19,211,347
526,197
3
4
3,127,375
7
8
9
Receipts
Week
FOR
of
by
March
Mints and Assay Offices During
20—Imports Totaled $638,305
DISTRICTS
Jan. 31 1936
$30,936,999
283,939,427
12,178,157
2
Gold
OUTSTANDING
2,422,132
852,220
1,256,224
11
2,132,853
2,036,625
12
22,419,929
21,551,012
10
During the week of March 20 a total of $3,065,468.92
gold was received by the various mints and assay offices.
Of
this
amount,
the Treasury Department announced
March 23, $638,304.76 was imported gold, $414,770.65
secondary and $2,012,393.51 new domestic.
According to
the Treasury, the gold was received by the various mints
and assay offices during the week of March 20 as follows:
of
Imports
Philadelphia
$570,5bb".66
137,300.00
6,436.69
57,516.64
3,826.27
New York
45,522.87
13,415.04
38,158.46
17,907.99
$638,304.76
$414,770.65
San Francisco
Grand total
$384,146,874
$376,804,749
$492,764,805
Denver
New Orleans
Increase for month,
$7,342,125.
'
Decrease for year, $115,960,056.
Total for week ended March 201936.
Feb. 29 1936
Jan. 31 1936
Imports
$113,706,075
Exports
93,918,459
Domestic shipments
Domestic warehouse credits
8,931,815
72,187,019
Dollar exchange
Based on goods stored in or shipped
between foreign countries
2,386,161
$107,935,262
93,739,957
9,344,120
86,646,727
2,605,574
$91,881,184
123,179,899
8,532,673
157,445,800
2,625,208
85,675,220
83,875,234
109,100,041
CURRENT
MARKET
RATES
ON
PRIME
MARCH 23 1936
Dealers'
Days—
Buying
Rate
30
3-16
60
3-16
90
Dealers'
Selling Rate
3-16
X
X
X
Dealers'
Dealers'
Days—
Buying
120
Rate
Selling Rate
X
x ■
Vs
150
180
3-16
5-16
5-16
Bids of
$147,495,000 Received to Offering of $50,000,000
273-Day Treasury Bills Dated March 25—$60,085,000 Accepted at Average Rate of 0.118%
Receipts
Acting Secretary of the Treasury Wayne C. Taylor an¬
nounced on March 23 that at total of
$147,495,000 had been
tendered to the offering of
$50,000,000, or thereabouts, of
273-day Treasury bills dated March 25 1936, of which $50,was
The tenders
accepted.
were
received
at
904.39
Federal
Reserve banks and the branches thereof up to 2
Eastern Standard Time, March 23. Reference to the
offering was made in our issue of March 21, page 1909. As
to the accepted bids Acting
Secretary Taylor had the follow¬
ing to say on March 23:
about 0.092%
per annum, to
per annum, on a
99.906, equivalent to
bank discount basis.
the latter price was
accepted.
equivalent to
a
a rate
of
rate of about 0.124%
Only part of the amount bid for at
The average price of Treasury bills to be
issued is 99.911 and the average rate is about 0.118% per annum on a bank
discount
basis.
$1,909.22
50,800.00
1,119,336.57
640,259.08
105.17
199,983.47
$2,012,393.51
A
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,445,Week of March 20
from
Fine Ounces During
total of
1,445,904.39 fine ounces of silver, it was an¬
by the Treasury on March.23, was turned over
by the Treasury Department to the various mints and
assay offices during the week of March 20 in accordance
with the President's proclamation of Dec. 21 1933.
The
proclamation, which was given in our issue of Dec. 31 1933,
page 4441, authorized the Treasury to absorb at least 24,421,410 fine ounces of newly-mined silver annually.
Total
receipts since the issuance of the proclamation, and up to
March 20, were in amount of 73,181,228.14, according to
the Treasury, which made available the
following data on
nounced
March 23:
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
(Under Executive Proclamation
of Dec. 21 1933, as amended)
Week ended March 20 1936:
Fine Ounces
Philadelphia...
San Francisco
981,851.90
457,098.93
6,953.56
-
Denver
Total for week ended March 20 1936.
Total receipts through March 20 1936
1,445,904.39
73,181,228.14
the
p. m.,
The accepted bids ranged in price from 99.930,
of
Offices
of
085,000
New Domestic
Feb. 28 1935
ACCEPTANCES
BANKERS'
25.16
Seattle
CLASSIFIED ACCORDING TO NATURE OF CREDIT
Secondary
$162,466.29
The
receipts of newly-mined silver during the week of
were noted in these columns of March
21, page 1910.
March 13
$319,638
of
Hoarded
Gold
Received
During
Week
of
March 18—$9,868 Coin and $309,760 Certificates
Announcement
was
made
by the Treasury Department
March 23 of the receipt of $319,627.64 of gold coin and
certificates by the Federal Reserve banks and the Treasurer's
on
office during the week of March 18 under the order of
Dec. 28 1933, requiring all gold to be returned to the Treas-
Financial
Volume 142
The Treasury revealed that $9,867.64 of this amount
gold coin and $309,760 gold certificates.
Total receipts
since the order was issued, and up to March 18, it was
made known, amounted to $139,158,804.83.
The following
is from the Treasury's announcement of March 23:
nry.
2081
Chronicle
where
White
temporary
duration
offices
House
to-night
established
were
for
the
cruise.
the
of
was
BY
RECEIVED
GOLD
BANKS AND
RESERVE
FEDERAL
off
$306,160.00
$9,867.64
31,245,191.19
$105,226,170.00
267,756~00
$3,600.00
2,406,220.00
$267,756.00
$2,409,820.00
:
Total to March 18
...
Office in the amount of
reference
made in
v
Presidential
the
meet
yacht to-morrow at
rendezvous
a
near
*
the island.
on
/'vVv.
Mr. Roosevelt gave the account
of his first day at
in three brief bulle¬
sea
tins to Marvin H. Mclntyre, his assistant secretary, who came on here with
skeleton staff to establish temporary White House offices in the Miami
Biltmore Hotel.
.
'/Vvt;■
.
The first bulletin came from Captain Brown, who at 9:40 a.m., reported
the
to
receipts of hoarded gold was
the arrival of the Presidential party off Cat Island.
issue of March 21, page 1909.
our
will
Mathewtown,
$200,572.69 previously reported.
Previous
Coast Guard plane forced down
a
He stopped there on his way to Great Inagua Island, 300 miles further to
a
Note—Gold bars deposited with the New York Assay
aid of
coast.
the southeast, toward which he steamed to-night in one of two destroyers
which
Received by Treasurer's office:
Received previously
papers
V
porting the President as fishing in the shoal waters off Cat
Island, about fifty miles east of Miami, added in part:
104,920,010.00
$31,255,058.83
Week ended March 18
d
first order from the President early to-day,
planes received their
Florida
the
the President's yacht,
between the offices and
trips
Advices from Miami, Fla (March 24), to the "Times" re¬
Gold Certificates
Received by Federal Reserve banks:
- -
dispatch boats in carrying mail and official
when he directed them to go to the
Gold Coin
Total to March 18
daily
as
by radio and
skeleton staff, augmented by two naval sea¬
telegraph, were manned by a
on
to handle executive business
fully equipped
planes assigned to act
THE
TREASURER'S OFFICE
Week ended March 18---
offices,
These
(Under Secretary's Order of Dec. 28 1933)
Received previously
These
Then, at 2:30 p.
Mr. Roosevelt sent this dispatch to Mr. Mclntyre:
m.,
"Both ships spending day at anchor near Cat Island and fifty miles from
San
Silver Transferred to United States Under Nationaliza¬
tion Order During Week of March 20 Amounted to
9,233.05 Fine Ounces
Under the Executive Order of Aug. 9
the nationalization of silver, 9,238.05
1934, providing for
fine ounces of the
metal were transferred to the United States during the week
of March 20, the Treasury announced March 23.
Since the
issuance of the order (which was given in our issue of Aug. 11
1934, page 858) 112,689,504.07 fine ounces of the metal
transferred
been
have
The
United
the
to
Government.
States
Treasury Department issued the following tabulation
March 23:
on
Salvador, the landfall of Columbus.
Fished this morning, catching
enough for supper.
Proceeding to-night to Great Inagua Island.
Rendez¬
25),
(March
the
—
Great Inagua Island, situated
near
northeast tip of Cuba.
A dispatch sent
House
Seattle.-
about 350 miles east of Miami off the
...
White House offices
charge of the temporary
112,689,504.07
In the "Chronicle" of March 21, page
1910, reference was
during the previous week
the silver transferred
dispatch describing his day read
anchored
now
as
follows:
Poto¬
Mathewtown, Great Inagua Island.
near
morning and we have transferred to her from the Monaghan.
Bottom fishing this afternoon.
Mr. Delano made the catch of the day,
getting a fine specimen of blue bone porgy."
The transfer of the President from the destroyer to
He
9,238.05
Total for week ended March 20 1936
ended March 13.
are
met us this
here,
...
an
the yacht, accom¬
almost deserted part of the ocean, was accompanied by all the
traditional formality of the navy.
.
Total receipts thorugh March 20 1936
Presidential
by the President to Marvin H. Mclntyre, assistant White
in
secretary
plished in
-
correspondent
"Times"
After stepping to-day for the first time on the deck of the new
"We
—1,481.70
814.00
896.35
Presi¬
Monaghan, headed southeast.
yacht, the Potomac, President Roosevelt took a hand at "bottom fishing"
mac
6,046.00
New Orleans.
to
Miami
From
The President's
Fine Ounces
Philadelphia
made
well."
Charles W. Hurd, had the following to say in part:
(Under Executive Proclamation of Aug. 9 1934)
Denver
All
Potomac.
dent had left Cat Island in the
TO UNITED STATES
SILVER TRANSFERRED
San Francisco
with
to-morrow
In the last message, at 5:45 p. m., the Dickerson reported that the
credited Mr. Delano with the finest catch of the day.
Week ended March 20 1936:
New York---.---
there
vous
/
was
piped over the side of the destroyer and then piped again with a
boatswain's whistle when he went aboard the Potomac.
No salutes
fired, however, since these are reserved for use by larger
were
signalized when the President's flag
The change was officially
war
craft.
was
struck from
the mast of the Monaghan
and hoisted up that of the
Potomac.
According to advices from Miami (March 26) to the New
President Roosevelt Begins
Fishing Cruise
President Roosevelt left
Washington on March 22 for his previously arranged fish¬
ing cruise.
While he had originally planned to leave Wash¬
ington on March 19, the President deferred his trip because
of the disastrous floods in the East, and the need for govern¬
After
delay
a
of
An account of the Federal mobilization
ment relief action.
aid
to
sufferers
flood
the
several days,
President, in his original plans for his holiday, had intended
his trip South, but his
visit to the
sanitarium there will be
made upon his return from his cruise.
The Presidential
train left Washington in the early afternoon, March 22,
arriving at Winter Park, Fla., at 9 a. m. on the following
day.
He drove immediately to Rollins College, where the
honorary degree of Doctor of Literature was conferred upon
him by President Ilolt, as detailed in another item in this
issue of our paper, in which also the award of the Algernon
Sydney Sullivan medallion to Mrs. Roosevelt is noted.
Re¬
ferring to the President's movements following the cere¬
monies at Rollins College, the correspondent of the New
York "Times" had the following to say in advices from
to
at Warm
Springs, Ga.,
infantile paralysis
stop
Fort Lauderdale, Fla., March
After
the
automobiles
Orlando,
which
which places
There
reached
five-minute
.
more
than
40
:
which
Titusville,
to
miles
•
was
visited
Beach
with
and' Exchange
the
The first merely said that the
then talked with
There, during a
Kennedy,
former
was
Joseph
P.
Commission,
who drove
Chairman
from his Palm
over
smooth,
Inagua in trie Potomac early this morning for Caicos.
The
next
to
months.
which
at
He was
have been
The
sea.
cutter
stop
start
a
on
somewhere
Mr.
new
which
The final message which arrived late
of
the
Fort
Lauderdale,
the fishing
met there
detailed
cruise
President
Roosevelt,
demic Moorings
of
Defense
Roosevelt
had
at
planned
last
for
got
act
his
as
President
was
official
escort
make
his
son,
Capital
aboard
the
Monahan
Degree—Mrs. Roosevelt Awarded Medal
and
Planning
first
cruise,
awaited
him
accompanied
by
James
Roose¬
Commission
and!
the
President's
uncle.
In
the
meantime,
three
They
party boarded the Dale.
naval
aide; Colonel Edwin A.
Mclntyre,
'
As
remaining
soon
U.
as
together with
S.
all
N.,
had
were
members
of
Mr.
Roosevelt's
fishing
Captain Wilson Brown, White House
Watson,
military aide, and
Captain Ross T.
Winter
Park,
Fla.,
newspaper
aboard, the remainder of the President's party,
correspondents and others, proceeded
on
President of the
In acknowledging the honor, Presi¬
March 23, by the
college, Hamilton Holt.
in edu¬
dent Roosevelt directed his remarks toward changes
cational
referring to the sub¬
ideas in education for
and political policies, and in
by President Holt of new
old
practices Mr. Roosevelt declared that "the fact that in
some respects they break away from
some of the old aca¬
demic moorings should not startle us."
He went on to say:
education,
as
attainment
in
politics
ideals and
ideals.
of the
economics and social
and
all
we
change is
our
relationships,
we
method of approach to
Stagnation follows standing still.
Continued
growth is the onty evidence c* life.
Yet
growth and progress invariably and inevitably are opposed
bitterly,
falsely and blindly opposed.
The President's remarks,
on
to
Miami,
viewed
as a
defense of the New
Deal, contained the further observation by him that "what
taken
place at Rollins illustrates what I
speak of as
If you abolish lectures and
recitations and substitute the conference plan of study," he
new
approaches to old problems.
added, "you do not abandon the old ideals of culture."
made the further statement that "just as you
conclusions individually
of
•7 "It
.
.
.
and collectively, so do the
He
reach
masses
people individually and collectively approach govern¬
our
mental
White House physician.
gone
Washington for a brief holi¬
on
during his fortnight
who awaited him here, and Frederic A. Delano, Chair¬
Parks
Should Not Startle Us—In Seeming
Deal Contends That Methods of
March 22, a trip which had been postponed for sev¬
eral days because of the exigencies arising through the
devastating floods in the East, had the honorary degree of
Doctor of Literature conferred upon him at Rollins College,
day
has
went
College,
New
President Roosevelt, who left
the Potomac, a converted Coast Guard
to
Rollins
at
Breaking Away from Old Aca¬
Attaining Ideals only Is Changed—Receives Honorrary
many
by two destroyers, the Monahan and the Dale,
to
Presidential yacht,
the
Mr.
he
Address
in
That the
Declares
the
where
which
"The President aboard the
said:
Potomac arrived West Caicos Island."
In
shore.
off
Roosevelt
velt, his eldest
man
was
on
Sea
casualties."
no
hold fast to the old
away
The second, timed 2:30
Island.
almost a duplication.
"Left great
train.
Party Is Met at Dock
President, aboard the Potomac, along with
the two destroyers, were bound for Caicos
p. m. was
stitution
reached.
in his car and
privately
Palm
West
meet
to
distant,
greeted by crowds that lined the sidewalks.
luncheon
he
pause,
house
then through
in both of
and
Park
Winter
situated five miles
noon.
until
the Securities
Beach
23:
through
persons
drive of
a
had
Hagood
them
30,000
were
after
Roosevelt
Mr.
of
they
followed
soon
General
took
city of
a
to which the President and his party transferred the previous
day from the destroyers Monaghan and Dale, headed for
Caicos Island at 7 a. m.
Indicating that three brief messages
were received at the temporary White House, the advices
(March 26) to the "Herald Tribune" stated:
on
chapel services, Mr. and Mrs. Roosevelt and their party entered'
correspondent John
Guard cutter Potomac,
C. O'Brien) the reconditioned Coast
appeared in these columns last
week, pages 1910 and 1921, and a further reference to the
flood situation will be found elsewhere in this issue.
The
(from its staff
"Herald Tribune"
York
problems."
is
well
individual
to
citizen
.
■
remember,"
contributes
.
said the President,
most
greatly
"that the
to the good
of
2082
Financial
this Nlargest group only when he or she thinks
the
largest group.
in terms of
Only in this way
can democracy and a
permanently succeed."
republic form of government
serting that "first of all, your duty and mine
nation," the President added:
"If we perform
well
Jkjjh
is
t$rthe
ihar
duty
the
policy of the good neighbor will in the
long run assert itself so strongly, so victoriously, that it
will spread to other nations and other peoples throughout
.
.
.
Chronicle
of
us
March 28 1936
by
influenced
greatly
are
the oldest,
The family
association.
group
is
the most
group
the smallest and yet through all change and all time
important.
groups
with some of which almost all have some form of
association—the church,
the social circle, the lodge, the labor organization,
Yet
the
there
are
political
almost wholly made up
The
of groups.
of
one
this
of
fact
forward
Business and commerce are
neighboring farmers.
the
party*
;
the great problems
resulting
and
existence
group
thinking brings
group
of orderly government functioning.
the world."
Problem
Eleanor Roosevelt, wife of the President, was
Mrs. Anna
It
the
recipient from President Holt of the Algernon Sydney
Sullivan award from Rollins College, the medallion being
presented to Mrs. Roosevelt at the exercises at which the
degree was conferred upon her husband..
In conferring the
have
you
have
Delano
social
put
understood
unknown
for
not
human
and
whose voices
women
profit;
it
is
problems
spiritual
of
to
be
seem
never
pay
the
faith in what you
our
its
you
tribute.
is
th&re
two
are
is to
it is not
First,
free and
no
industrial order
self-governing people
millions
wherein
mines
farms,
and
factories
of
long remain content with
can
citizens
its
amply
are
out of
are
able
to
employment,
guarantee
to
equitable system of production and distribution which will lead
Second,
free
no
supine
aloofness
human
race
If
and
while
there.
has
you
Mr.
attained
vital
like
people
the
are
worth
of
political
law
for
is
under your
that
as
lead them
spirit
Washington led
the
in
leadership
have
you
into
does
As
earth.
on
yet to be written,
Rollins
College
admits you to
suggested
Of dollars."
as
confers
upon
F "Such
union
on
on
the
is
justice is
would
we
scale
a
play the
can
the
as
good
do,
will
spirit
national scale?
of
It
is
the
you
degree of
Doctor
of
Literature
and
personality
Mrs.
to
the
It
is
center
rather given
of
youth,
time
same
have
wife of
the
upon
Roosevelt,
American
laughter,
have
you
people,
development
far-reaching
and
good
breeding
and
affection,
and
yet
steadfastly followed the self-same path of public service as
of the Republic that you did before you shared with
efforts
well
to
for
as
first
understand
to what
as
the
the
citizen
woman
and
example
into
enter
America.
of
the
have set
you
life
It
of
is
the
to the young
for
world
these
about
devoted
you,
as
of the nation
women
good wife, mother and citizen should try to be and do, that I
now to award you the
Algernon Sydney Sullivan medallion.
a
have the honor
President Roosevelt's
address
in
accepting the honorary
degree follows:
President
I
Holt,
honored
am
in
national
understanding
to purely indi¬
opposed
as
domination is growing by leaps and bounds throughout
the logical development of
broader and better education,
logical development of the extension of what I sometimes call
neighbor is not just the
the
in
all your
city,
same
neighbors, to
regions which make
First
of
who lives next door to you.
man
family to his;
your
block;
same
the
and
the
The
it extends to all
it spreads to all
county
same
the people who
and,
State;
same
most
nation, it must and shall extend to
our
fellow-citizens in all the States and in all the
your
the nation.
up
all your
assert itself
and
and mine is to the nation.
duty
If
perform that
we
greater
or
the Western
this
of
becoming
alumnus
an
Rollins
of
College,
not
alone
so
Hemisphere
ideal
great
of
•:
President
working together to
are
and
peace
nations.
justice
the practical
prove
among
and
men
v:V
.•!,
.•
among
"■
.
Roosevelt
Appoints Committee of Three to
Government Agencies—Requests Aid of
Senate
Body Formed for Same Purpose Under
Chairmanship of Senator Byrd—Letter Says Many
Study
New Branches Will Be Eliminated
A
White
House
announcement
Curtailed
or
22
March
on
said
that
President Roosevelt had appointed a committee to study the
relation of the government's emergency agencies to the
executive
regular
Louis
organizations.
Brownlow of
mittee.
The
Washington
other
members
The
President
Chairman
as
Charles
are
that the committee will
Emergency
published
Garner
Council.
letter
a
serve as
At the
from
time
which
the
certain
Senate
of
aspects
has
the
It
of
stated
was
White
the
President
House
Vice-President
to
asking the Senate's co-operation
consider
com¬
Merriam
adjunct of the National
an
same
the
named
of the
E.
Chicago and Luther H. Gulick of New York.
committee
and Gentlemen:
run
victoriously, that it will spread t$ other peoples
throughout the world.
The ideal is there—developed to a
less extent among the masses of the people in every nation.
strongly,
so
nations
-
Ladies
thousands of dollars, but I am Inclined
me many
important of all for the future of
the
at
It is,
also
It is
people who live in the
live
praise¬
the President
became
of
local group
The good
made your home the radiating
ever
husband the highest office in the gift of the American people.
in fine, because when you became the First Lady of the Land you
your
would. It Is true, cost
objective includes the relationship of
•
because
^
V
policy of the good' neighbor.
because of the impress of your zestful and very
that has been.
as
tax
a
or
We of
Roosevelt, this medallion is given to you not only because
high leadership in the civic and' social life of every community in
human
cost me many thousands
V*
duty well—you and I—the policy of the good neighbor will in the long
Anna Eleanor
worthy
in the morning,
one
each of them in regard
former tax which had been declared
/
■
and it is the
.•
world
a
presentation of the iriedallion
President Holt spoke as follows:
nor
the opinion of
My friend of the morning replied:
v
nation.
the
often pledged
so
the
of your
I asked
tax to replace a
new
Development of National Understanding
The
vidual
organization
of
all its rights and privileges.
which you have served,
democracy and a repub¬
can
a fair tax, a tax equitable for the people of this country as a
whole and, therefore, I would favor it."
value
In
she thinks in
or
My friend of the afternoon said:
are
The
faith in the laws yet to be drafted, in State papers
a pledge of our faith in your statesmanship to be,
our
way
"I could not approve of that kind of tax; It would
our
You
realm
outcome
people
our
by
be abolished.
can
pledge of
a
Only in this
most
contributes
citizen
only when he
group
government permanently. succeed.
unconstitutional.
only through union that what Thomas Jefferson called "the greatest scourge
of mankind"
the sovereignty of the
reposes
Not long ago two nationally known men visited me,
not
occupied
now
international
And the
sovereign States into union
our
it
The outcome of political
justice.
V-.;
if
President,
neighbor to all mankind,
not
of
swiftly pushing the
certainly
position
eternal peace.
Mr.
in
content
country in the international realm.
our
working
of
outcome
home,
who holds the office
man
exalted
most
spokesman
thing
The
Remain
long
wars
begins at
political organization of the world.
law.
can
of
rumors
charity,
President, the
the constituted
most
and
of the largest
interest
to think that it is
peace-loving
wars
the
in
remember that the individual
to
the brink of another world catastrophe.
to
statesmanship,
end
is
people
our
planned and disciplined plenty.
a
well
is
of the largest group.
a
government the
In the Federal
groups
to the good of this largest
form
to
every
living soul sufficient food, clothing and shelter to satisfy all fundamental
needs.
Surely we have the brains and the will power to work out an
to
it
terms
State.
greater
the other in the afternoon.
foreign.
while
But
lic
still
States of America.
United
greatlj
burning issues
adjust
all—125,000,000 people in whom
of
group
small groups for com¬
must be co-ordinated for the greater
groups
all the people within the
before the American people—one is domestic;
now
In States larger
interests.
group
community local government must adjust
munity good.
be possible.
may
properly be said: to be in large part
conflicting
good of
yet to do that Rollins would
are
President,
Mr.
may
of
adjustment
problem
college.
any
their individual members as
of
many
politics, indeed,
the
of
millions
heard;
the
as
of
of
you
because
not
have risked the daring and ingenuity of the New Deal; it is
alone that Rollins College would honor you to-day,
transcending all others
one
because
not
is
these qualities
It is because of
now
In
it
though they be worthy of any honor in the gift of
even
an
President and friend,
my
above material
value
the
and
men
because you
Roosevelt,
for
science
of these
interests
the
harmonize
government to
often divergent and opposing in order to guarantee security
are
science
the
degree upon Mr. Roosevelt, President Holt said:
Franklin
good
The
problem of
which
groups
and
of Government to Harmonize Interests of Various Groups
the
is
through
already
special
a
established
to
problem.
A letter
House, which was
same
because of my deep interest in the work that is being carried on here, but
also because of the long-time personal
friendship between your President
from Mr. Roosevelt to the Speaker of the
and
similar character through which
myself.
It
is
because
of
the
varied
culture, the tireless industry and the inde¬
pendent thinking of Dr. Holt that his old friends were not at all surprised
when he substituted
new
ideas in education
for old practices.
also made public, asks the House to create a committee of
the House
a
co-operate
can
with the President and with the committee just established.
The letter from President Roosevelt to Vice-President
Garner read:
These
changes fearlessly inaugurated at Rollins are bearing fruit.
They
being watched by educators and laymen.
The fact that in some respects
they break away from some of the old academic moorings should not
March 20
1936.
are
startle
ships,
In
us.
education,
in
as
politics and economics
hold fast to the old ideals and all
we
approach to the attainment of the ideals.
Continued!
growth
Yet growth
falsely and
Pasteur
said
and
which
I
and
sopial relation¬
change is
method of
our
Stagnation follows standing still.
Last
opposed.
In
saw
the
other
when
the
latter
remarkable
a
night,
was
the
being
October
great
the
on
English
denounced
as
life
Louis
of
chemist,
a
Lister,
charlatan
and
impostor by leading doctors of the French Academy of Medicine:
"My
dear Pasteur, every great benefit to the human race in
every field of its
activity has been bitterly fought in every stage leading up to its final
began
a
careful
What
which
substitute
of
educated
for
old
place
An
man
what
Rollins
at
problems.
the conference
culture.
also
taken
to
If
might
abolish
plan of study,
amazing increase in
must
illustrates
you
know
to-day
be called
I
third
not
speak
of
as
new
and, recitations
and
do not abandon the old ideals
the very number
calls
a
you
what
lectures
only
for
dimension
of things which
more
facts
in education,
but
an
calls
the
tying
together of all the subjects and all the facts into the relationship of their
whole with modern life.
Just
reach
as
you
and,
conclusions
indeed,
agencies have been
new
will,
be
One
the
with
fitted
into
individually
and
the students
collectively,
so
do
the
in
any
masses
college
of
people individually and! collectively approach governmental problems.
created
be
recovery,
the
object of such
interested
and
the necessity of making
me as
the
during
dropped1
emergency,
greatly
or
govern¬
of
some
curtailed,
permanent
the
assure
this
line
as
such
a
study,
administrative
be
to
with
it
parts of them
organization.
my
existing
on
by
appoint
the
in
is,
the
carried
then determined
such
or
regular
branch,
may
were
organization
To
administrative machinery
proper
executive
carefully
the
into
permanent
of
the
while
a
me
way
become
this
sound
necessary
It
is my
of
which may
be based
to
study
as
on
to
December,
shortly
me
the
to
and I
in making
problem
name
so
such
of
a
that the
the report may be submitted
on
less
management of
committee, with instructions to make its report to me in time
recommendations
or
and
Conversations
considering
intention
more
also
organization.
November and
purpose
to fit the
adequately
committee which would' assist
primary
management.
during
may
do
for the
opinion,
regular
as
branch.
executive
study would be to determine the best
a
newly-created agencies
the
the faculty and
what appealed to
with
others, in order to meet the newly-realized needs of the nation, will have
to
the
has
approaches
conversations
eome
study of the organization of the executive branch of the
an
acceptance."
holding
ment.
Many
opposed bitterly,
are
film
I
informed persons concerning
evidence of life.
invariably and inevitably
progress
blindly
Pasteur
to
is the only
we
My dear Mr. Vice-President:
to
Seventy-fifth Congress.
The
Senate
already
our
certain
All
Senate, through its
aspects of this
has
same
established
a
special
committee
problem, and I write to
you
special committee, co-operate with
to
consider
to ask that the
me
and with the
•
Volume 142
Financial
'
-
'
-V.
,*
,
' '■
committee which I shall
tion
of
effort in the task
it may
be
fruitful
as
i *
*
*
■
!
•
'1
in making this study,
name
of research
'
•
v
'
■
'
'
'•
''
passage
of the
ference,
the
Sincerely
FRANKLIN D. ROOSEVELT.
Senate
the
named
special committee to
a
consider
aspects
of this
problem, and I respectfully suggest that the House of Representa¬
create a special committee of a similar character through which
of Representatives could co-operate with me and with the com¬
general
tives
has
also
House
that
mittee
of effort
study
shall
I
be made
may
in
name
the task
in
making this study in order that duplication
of research
fruitful
as
may
be avoided and to the end that this
possible.
as
Washington dispatch of
"Times" commented
in part,
March
action
22
to
the
New
virtually
assures
study
a
reorganization by the Administration along with the inquiry by the special
Senate committee initiated by Senator Byrd of Virginia, New Deal critic,
and
Brownlow,
Missouri.
He
and
papers
has
been
and
connected
Washington
was
public administrator,
with
Kentucky
correspondent
and
of
native
a
Tennessee
Nashville
the
of
is
of
Columbia
in
a
1915.
He
formerly City Manager of Peters¬
burg, Va., and of Knoxville, Tenn.; consultant of the New York Housing
Corporation,
House.
and director
has
He
been
the
of
lecturer
a
was
Chicago
Public
Administrative
political science
on
Chicago since 1931.
He is national President of the City Managers Asso¬
with
affiliated
E.
Merriam,
Chicago, is
several
politico-economic organizations.
Professor
native of Iowa.
a
Political
of
He
was
Science
Alderman
an
terms, and Republican candidate for Mayor in 1911.
and is
ican
member
a
Political
with
the
the Social
of
Planning
Science
Science Association,
Social
on
Research
Trends
Commission
Soil
Close
since
of Chester C.
Administrator,
before
to the Independent Offices
on
the request of
President Roosevelt in
enactment of the bonus
Act
of
to
1936
and
has
He
University
Chicago for two
Council and of the Amer¬
was
been
1933.
the
at
in
a
books in
many
line
member of the Hoover
a
member
of
the
on
National
Davis,
a
-V'''
questioning of Mr.
the
Senate
the
Appropriation Bill by
supplemental budget
a
payment authorization and
replace the
;
invalidated Agricultural
V:
-'f
Making"
■:
/
•
Davis by the House conferees, who refused to
committee until
more
revealed that the
Administration,
in
soil
"making," and for that
details
forthcoming from the
were
conservation
Mr.
reason,
plan
Davis
still
was
largely
he did not think
said,
"it would be possible to begin to make payments until September 1936."
said:
mightly funny that the only time they
month
a
does
or
not
anything
six weeks
to
seem
bill.
before the elections.
that
me
definite
more
conservation
than
they
have
more
any
had before they
they
many
acres
anything definite, except they
or
find' to
can
■
The
started
conservation
of the
compliance
Clifton
A.
the
or
soil
will be retired, how much paid
going to
are
September date to
the
on
part
Woodrum,
House committee, asked
farmer might
hearings
mind
with
pay
out
of
in the Department
AA A
commence
farmers
Democrat
payments for soil
made
was
Virginia,
of
an
lot of checks
a
Any Farmer May Apply
:
first mention
sentative
this money
in
program
just before electiqn.
It is apparent there is confusion
of Agriculture on all points-excepting that one."
■:\'a -;
pay
In looking over the
■.
"They do not know how
acre,
a
floor leader,
*'v
"It is
is
it
He has been President
has published
and
these organizations.
purposes of
Commission
testimony
the
Mr. Davis Sees Plan "in
Clearing
the University of
at
ciation and
Charles
tacked
was
at
Conservation
news¬
"Banner,"
syndicate writer and traveled abroad until he became Commissioner of the
District
report
Representative Bertrand H. Snell, of New York, Republican
journalist
a
sum
Senate
resulting from
approved by the Senate.
Louis
of
This
the
York
governmental
of
the conference
House
Washington
dispatch of that date to the New York "Herald Tribune," is
charged with the task of getting acceptance for farm and
bonus appropriations.
The dispatch, in part, also said:
meet
proposal
to
conference committee, which, it was noted in a
President Roosevelt,
of
in
Adjustment
Adjustment Act.
follows:
as
Presidential
The
this
on
ROOSEVELT.
D.
agreeing
indicated
was
the
yours,
FRANKLIN
A
plan
Agricultural
estimate
Very sincerely
by the Senate, the bill went to con¬
measure
Senate
March 17 and the House adopting it on March 18.
The Deparament of Agriculture revealed on March 16 that
the farm benefits will not be made until September.
This
yours,
The President's letter to the Speaker was identical, except
for the final paragraph, which read:
The
2083
be avoided and to the end that
may
possible.
as
Chronicle
■'
in order that duplica¬
when
Chairman
Repre¬
of
the
the AAA official to describe the formula by which
qualify.
Mr. Davis said:
"Every farmer, to begin with, who operates land, is eligible to make a
Every farmer, to begin with, is assumed to be eligible to make
.
declaration.
Dr.
Dr.
Oberlin
Long in Research
College to governmental research.
Commission
chief
the
of
the
on
Budget of
Council
of
the New York Bureau
several
similar
The
Feb.
Gulick
application.
Luther H. Gulick has devoted much of his life since
but
The
ator
in
the
Municipal Research, and
World
Court,
director of
War,
director
a
assistant
or
member of
;v:
-v
was
President
introduced
Roosevelt,
in
in
the
his
Senate
letters
to
Jan.
9
Messrs.
and
adopted
"In
soil
President
"It
the
fact
impossible
that they
to say just
discuss
to
governmental
;
was
of
named,
under the Chairmanship of Sen¬
referred to in our issue of March 7,
Creates
Committee
Industrial
Economics
of
Created
of Commerce
for
Industrial
on
in
Depart¬
'
Committee of Industrial Analysis is pro¬
Executive order issued by President
March 21 (made public March 26)—the task
under
Roosevelt
a
an
assigned to the Committee being to "complete the summary
of the results and accomplishments of the National
Recovery
Administration."
Under the Executive Order the Com¬
mittee is called upon to assemble and
analyze the statistical
information and government records of
experience of the
operations of the various trades and industries under the
National Industrial Recovery Act, to
study the effects of
the codes
"upon
make
trade,
industrial
"available
and
information
labor
conditions"
with
respect
to
industry, particularly hours, wages, child labor and other
labor conditions."
Secretary of Commerce Roper will be
Chairman of the Committee, which will also include Secre¬
tary of Agriculture Wallace and Secretary of Labor Perkins.
A White House statement an March 26
regarding the new
committee said.
President
has
directed
the Committee
of Industrial Analysis to
conslucion, and to make available to the public,
the operations of the NRA codes.
a
an
will be asked to prepare
tion of Title 1
land
used
in
many
covered
or
farmers
will
with grass
or
-finally establish
have conformed to the conditions of the
a more
I would
offer.
So the
that they could not
V""VV-'"'"
♦
-
say
President
Roosevelt Signs Bill Exempting RFC-Owned
Preferred Stock from State and Local Taxation
Almost
immediately after Congress had completed action
the bill to exempt preferred bank stock held by
the Reconstruction Finance Corporation from State and
local taxation, President Roosevelt signed the measure on
March 20.
The Senate earlier on March 20, as noted in our
issue of March 21, page 1912, had passed the measure, as
amended by the House on March 19.
In reporting the
signing of the bill by President Roosevelt, Associated Press
advices from Washington, March 20, said:
day
on
His action
taken only minutes after the Senate had concurred in a
was
House amendment and rushed the
measure
to the White House.
It barely
got under the deadline of levies due to be collected to-day in several States,
including about $27,000 in Maryland.
""The United
States
Supreme Court recently upheld the right
Maryland to tax RFC-owned preferred bank
stock and the bill just enacted is designed to overcome this
ruling.
The decision of the Supreme Court was referred to in
the "Chronicle" of Feb. 8, page 879.
Originally passed by
the Senate on Feb. 24 by a vote of 38 to 28, the bill was
defeated in the House on Feb. 25 by a vote of 172 to 164.
However, the House reversed this action on March 19 and
passed the measure by a vote of 218 to 114, with an amend¬
of the State of
ment to limit interest
on
RFC loans to closed bakns
to
3^%
provided the debtors of the institutions be charged not more
than
%•
The action of the Senate on March 20, in adopt¬
ing the bill as amended, was taken without a record vote.
analysis of
Members of the committee to be appointed from outside the Government
general and final survey of the administra¬
(the NRA title) of the national industrial recovery act
as a
whole.
Senate
Passes
Powers
of
Weakened
Measure
FDIC
to
Banks to
On March 26 the Senate
aid
how
quantity of
and increasing the quantity of land
crops
begin to be made probably until September.''
The creation of
To
is
task.
Roosevelt
ment
The
the
decreasing
in
last
began
Analysis To Make A Survey of Results Under the
NRA—Secretary Roper To Head Committee—Divi¬
bring to
cultivation,
is
com¬
he
committee
to
that
erosion-preventing uses
legumes with the intention of soil upbuilding.
that
and
farm
payments under this would not be—well,
Ryrd,
1566.
vided
intensive
depleting intensely cultivated
his
on
and
the
sion
general, he will have to establish the fact that he has either shifted
from
Garner
that
October, and
page
of
Defense
General
land
reorganization
during November and December determined to name a
said
mittee for
National
Massachusetts
graduation from
Secretary of the Joint
was
bodies.
Byrd resolution
24,
Byrns,
the
He
ing for
to
Continue
Advance
for
Loans
Two
on
Years
Assets
of
Facilitate Mergers
passed the joint resolution provid¬
Secretary of Commerce.
It is stated that the President
provided $100,000 from relief funds to finance the work.
two-year extension from July 1 1936 of the power
Deposit Insurance Corporation to make loans
and purchase assets of uneconomic insured banks so as to
bring about their consolidation with stronger institutions.
President
The Senate Banking and Currency Committee had favorbly reported the resolution to the Senate on March 24.
"Division
the
of
Committee,
Industrial
the
President
Economics"
has created a
in the office of the
Roosevelt Signs $2,889,751,905 Independent
Offices Appropriation Bill—Measure Provides
$440,000,000 for Farm Payments and $1,730,000,000 for
Bonus
President Roosevelt
on March 20 signed the
Independent
Offices Appropriation Bill, carrying $440,000,000 for financ¬
ing the new farm-aid program and $1,730,000,000 for pre¬
payment of the veterans' bonus.
of
$2,889,751,905.
-
The bill provides a total
Reference to the action of the House and
The measure, as noted in these columns of March 21,
page
1908, was introduced in the Senate on March 16 by Senator
Duncan U. Fletcher of Florida, who is Chairman of the
Banking and Currency Committee.
During hearings held
by the Committee on the bill, Leo T. Crowley, Chairman
FDIC, appeared in support of the legislation.
As to
Mr. Crowley's remarks, Washington advices, March 24, to
the New York "Herald Tribune" of March 25, said:
of the
Under the powers,
Senate in passing the bill
FDIC, in
tively,
loans to
was made
on Jan. 17 and Feb. 17, respec¬
in these columns Feb. 22, page 1216. After
a
of the Federal
a
an
as
explained by Leo T. Crowley, Chairman of the
statement to the Senate Committee, the Corporation may make
insured bank, provided: "First, the loan will reduce the
risk
or
Financial
2084
avert
threatened loss to the Corporation; and, second, the loan will
a
tate a merger or
bank,
facili¬
consolidation of the borrowing bank with another insured
bank.
Under
assets from an insured
like
conditions,
bank,
or
the
Corporation
purchase
may
guarantee one insured against loss by reason
of its assuming the liabilities and taking over the assets of another insured
bank.."
House originally thought sufficient.
The Senate has increased the totals for the four departments
of the
already used its powers in six
cases,
with the loans aggregating $7,289,492
and with $436,139 expended in the purchase of assets.
He said that six
other loans, aggregating $273,200, have been approved by the FDIC.
addition,
commitments
have
loans to about 100 banks.
be carried out
been
made
to
State
In
authorities involving
the
the Director
Budget by $19,420,354.30.
the first regular supply bill to be
In the Independent Offices Bill,
Crowley, in the statement, pointed out that the Corporation has
to $1,935,-
728,554.05, whereas the estimates of the Bureau of the Budget called for
only $1,916,308,199.75, making the Senate more generous than
,
Mr.
1936
28
probably be somewhat less than voted by the Senate, but greater than the
the sale of its assets and the assumption of its liabilities by another
or
insured
March
Chronicle
enacted,
but this was
necessity which arose after the House
$2,010,007,100 to the House provision,
Senate added
almost entirely accounted, for by the
and for the farm
invalidated by the
passed the bill of providing funds for the veterans' bonus
benefits to replace those paid out of processing taxes
Supreme Court.
It
Mr. Crowley said that the program could not
which was
only
$15,383,313.56 to the First Deficiency Bill,
also added
passed early in the session, and the conference committee chopped off
by July 1.
$292,899.90 of the Senate's added items.
If the
Senate
Approves $611,362,604 War Department Bill—
Greatest Appropriation Ever Voted in Peace Time
—Would Add 15,000 Men and 1,300 Officers to Army
The Senate
Feb.
on
1218.
The
a
14
a
was
Approval by the
vote of 53 to 12.
noted in
our
development which President
revealed
on
March 22 that President Roosevelt had
A letter from George H. Dern, Secretary of War, to Joseph W. Bryns,
Speaker of the House, disclosed to-day that the President and the Budget
Bureau have indorsed the program as incorporated in a bill offered in the
Senate last week by Senator Morris Sheppard (Dem.) of Texas.
proposal Air Corps reservists who serve
will be given
years
on
Under the
Opposed by Shippers and 1.CC
a vote of 215 to 41, the House on March 24 passed the
Pettengill bill to repeal the long-and-short haul clause
(fourth section)
of the Interstate Commerce Act.
On
By
by a vote of 155 to 30, to give
consideration, according to the
Washington bureau of the New York "Journal of Com¬
merce," whose advices, March 20, also said, in part:
March 20 the House agreed,
the
legislation
The
House
business
The
of
of
rule
by
which
view
in
its
is
large
this
at
House by
has
majority
indicate that the
of
Although
margins.
Giving evidence of
both sides of
550
reserve
officers,
praised and condemned the measure during the
opponents
1,388 regular and 300 reserve officers.
wise
present on duty get only one or two years of service after training as pilots.
Scretary Dern pointed out in his letter that the
government
under
rapid turnover retards tactical flying operations.
increase of
but the
reserves
of the Air Corps
projected future force of 1,800 Army planes.
was
would be sufficient
proposes
could only mean destruction of coast¬
passage
and
increased
mistake
about
freight
rates
on
"Make
this
no
the past
in
bill
In
between
traffic
short-haul
it," Representative Cox
If the policy of
was sound then
build
to
transportation
water
up
bad."
is
counter-attack,
a
told the
(Dem., Ga.)
House, "purpose of this bill is to kill off water carriers.
The
would provide for only 1,648 planes for the time being,
Secretary believes the personnel he
?
points.
Congress
Mr. Dern said the increase in the officer strength
necessary to man the
charged that its
shipping
interior
this
system is losing its pilots as soon as they reach the peak of efficiency and the
to-day.
said that the bill is to enable the railroads to com¬
pete on an equal basis with water and motor carriers for long-haul freight,
but the limitations made by available appropriations hold the Air Corps to
The small group of reserves at
Commerce Commission is
taking no part in the fight.
the Interstate
wide split in party ranks over the bill, members
a
the House
While its proponent®
1,650 regular and
that the fight
Opponents said, however,
equally large vote.
an
will
measure
opposed to the bill, Administration leaders are
on
five hours
by the House
bill to be called
be passed by the
the rule enabling the
vote given
time would
several hours devoted to its consideration
present the law authorizes
considered calls for
just begun, and predicted that if passed at all it will be only by the
narrowest
Pilots Quickly Lost
At
Canal.
Panama
being
week-end adjournment taken
the
of
the
bill
of
order
special
debate, during which vicious
claiming its passage will mean
hour's
an
opponents,
and
the
the
bill
controversial
the
only
to-day, final vote is not expected before Tuesday.
The
up
after
carriers
water
under
debate, and
late
make
to
time
launched
were
destruction
immediate
voted
this
at
attacks
active duty for at least three
bonus of $500 each when returning to civil life.
a
Pettengill Bill to Repeal Long-and-Short
Clause of Interstate Commerce Act—Repeal
Haul
measure,
approved a plan for strengthening the armyair power by
providing active duty for 1,350 Air Corps reserve officers,
thus virtually doubling the present effective officer personnel
for aviation.
A Washington dispatch of March 22 to the
New York "Herald Tribune" described this proposal as
follows:
y?
v^:
I
'''■"
House Passes
tion and similar items.
was
:
to avoid.
issue of Feb. 22, page
containing a total of $611,362,604,
represents the largest expenditure for the country's military
establishment ever proposed in time of peace.
The Senate
added $66,136,286 to the $545,226,318 voted by the House.
The measure plans the expenditure of $33,521,599 more for
the army for military purposes than was voted for the current
fiscal year.
Most of this money would be used to increase
the size of the army by 15,000 men and 1,300 officers, pro¬
viding for their pay, subsistence, transportation, hospitaliza¬
It
Senate
slightly exceeded,
Roosevelt has indicated he is most anxious
procedure is followed with the four regular bills the
same
passed, it is possible that the budget estimates will be
March 23 approved the War Department
on
Appropriation Bill by
House
has
nothing
more
than
petition
between the
Representative Harlon
Ohio)
(Dem.,
"It
said:
is
attempt to bring about fair play and equalize com¬
an
railroads
and
their competitors."
for the next three years.
We also quote from a Washington dispatch of March 23
to the New York "Times"
War
Department
Non-military
are
regarding Senate approval of the
for
navigation
flood
and
projects
The Senate added $58,132,000 in miscellaneous rivers and harbors projects
which the House had rejected.
By
a
of the
continue work
$12,000,000 appropriation sought
on
the Florida ship canal,
ex¬
which has been started by
an
Without
a
record
vote
the
on
Plane Profits
Senate also refused
Backed
by
of
of the bill by the House,
a
York
the New
to
Fourth
by
points,
and
labor, the bill would
organized
practice
been
largely
forbidden by
attacked
Virginia,
Fisheries.
allow the
This
part
years.
of shipping interest® and
Chairman
was
the Committee
of
on
H
Representatives of the intermediate points
on
law.
present
by the railroads for
echoed protests
Representative Bland: of
that reductions
friends predict its passage,
its
long hauls below the aggregate charges between
a
has
Section
Marine and
where
will be defeated.
the railroads
intermediate
the
led
■
reconsider its eimi-
24,
March
the Senate,
to
goes
Opposition to-day
Merchant
:
to
now
roads to reduce charges on
by Senator Fletcher to
allocation by President Roosevelt from work relief funds.
Bars Curb
bill
while opponents say it
the
roll-call vote of 36 to 35, the Senate declined to reconsider its
Washington,
from
"Times" said:
The
control
increased from $71,718,050 voted for the current year, to $226,662,985.
clusion
dispatch
V
measure:
expenditures
In its account of the passage
long hauls could only
to his aid with warnings
came
mean
cut-throat competition, with
nation from the bill of the House limitation of 10% profits for suppliers of
consequent return to railroad monopoly and eventual raising of all railroad
airplanes and ordnance.
freight charges.
to
Senator Frazier had attempted for several days
get the provision reinserted after the Appropriations Committee had
stricken it out.
Of the
to the
appropriations for rivers
and harbors which
bill, $50,000,000 would be spent
on
the
Senate added
projects to be selected out of
list recommended by army engineers to a total of $150,000,000.
of the projects which the engineers have
execution
are
Opponents of the bill also asserted that the lose in
could
classified
as
The bill
a
located in the vicinity of New York City.
The
of
Agricultural Department Appropriation
$40,000,000 to Amount Allocated by
House—$205,000,000 Measure Goes to Conference
The Senate on March 24 passed the annual Agricultural
Department Appropriation Bill, and sent the measure to
conference with the House, which approved it on Feb. 28,
as recorded in the "Chronicle" of March 7,
page 1567.
The
Senate, which passed the bill without a record vote, added
almost $40,000,000 to the amount approved by the House,
bringing the total to approximately $205,000,000,
The
Senate has thus increased regular supply measures for the
Agriculture, Interior, War and Treasury-Post Office Depart¬
ments by an aggregate of $153,733,980.05 over the sums
appropriated by the House.
The principal Senate increases
in the Agricultural Department Appropriation Bill were
$10,000,000 for soil conservation and flood prevention work,
$10,000,000 for the purchase of new timber lands for the
forest service, and $7,728,000 for the eradication of cattle
diseases.
Washington dispatch of March 24 to the New York
on
this
measure
as
follows:
struck
and the final amounts reached by conference committees will
long hauls
the ICC.
amendment
down
after
of the bill.
amendment
designed to limit
Most important of these was
to
as
provide for justification of the
new
one
change in the
a
rates by the roads instead
allowing them to set rates which would be effective until the ICC acted
hearings
the complaints of shippers.
on
According to Mr. Holmes and other opponents of the bill, it will liave
the
effect
of
forcing all
small
towns
and
shippers
hire
to
lawyers
and
experts to watch their inteests with regard to rates before the ICC.
Supporters of
author, cited
roads
petition
rates
on
They
The
by Representative Pettengill
was
so
of Indiana,
its
by air, road and water which the rail¬
intensive that
no
bus and truck
com¬
fear of increased short-haul
entertained.
pointed
Section
bill's
led
meet, and assured the House that
short hauls
need be
Fourth
the bill,
increased competition
forced to
are
that
out
the
competing
forms
of
transportation
had
no
regulations with which to contend.
backers
also
referred
to
unanimous
support
of
the
measure
by rail unions.
The efforts
members "on
mental
ever,
to
a
in
action
bill would not
record vote
designed to avoid placing any
spot" in connection with the bill, which represents a funda¬
change
their
prevent
pass
a
governmental
was
taken
policy
were
on
regulation
of
only after Senate leaders
railroads.
How¬
had predicted the
that body.
On March
2, when the House Rules Committee reported
out a rule on the measure under which five hours' general
debate, preceded by an hour on the rule itself, was allowed,
it
was
stated in Associated
Press accounts from
ton that the exhaustive committee
The other departmental appropriation measures have been returned for
concurrence
so
after
Bill—Adds
Senate action
also opposed by
was
House
by Representative Holmes of Massachusetts, which proposed:
Senate Passes
A
revenue on
to the roads by higher rates on intermediate trans¬
the drastic repealing effects
bill
"Times" discussed the
up
portation.
A number
justified for immediate
only be made
hearings
on
Washing¬
the bill, in¬
cluding testimony by Transportation Co-ordinator Joseph B.
Eastman, were described, by Chairman O'Connor, Democrat
Volume 142
of
New
Rules
Financial
York, as the most prolonged ever allowed by the
Committee.
The assertion that unless the section in question is re¬
tained irreparable damage will be done to the Atlantic sea¬
board,
well
as
made in
to the American Merchant Marine was
as
letter
addressed
by Walter H. Brusche, traffic
expert, to New York and New Jersey members of Congress,
made public on March 18.
We quote from the New York
"Herald Tribune" of March 19, which also said:
a
The letter
the
vigorously assailed the Pettengill bill, which proposes to repeal
clause of
long-and-short-haul
Mr.
tion
New
of
York
of
the
Legislative Committee
latter
organization to write to Representatives
them to vote against the measure.
in
Washington
the
of
and
urge
advocate
of the Fourth
repeal
Section
that they
so
"de¬
obtain
can
pressed" rail rates comparable to those applicable to the Atlantic seaboard
s'U'U
by water transportation.
"The competitive interior
and
area
loans.
Under
Housing Act, providing for the so-called
as
reported from the committee proposes to
the rail
Some $315,000,000 has been thus far insured under this title, creating a
government liability of
$60,000,000.
It is proposed by
the bill to reduce the amount of insurance from 20%
of the loan to 10%
of the loan.
ance
lines
trying, through
are
something
over
It is proposed to reduce the total amount available for insur¬
in the hands of the Administrator from
Inasmuch
as more
than
$200,000,000 to $100,000,000.
$60,000,000 has already been committed, this will
legislative fiat, to obtain the natural advantages of competitive areas which
have water transportation,'' Mr. Brusche said.
"Instead of sound and long-
leave only about $40,000,000 more available for the Administrator.
established
will make available about
principles that freight rates be based
theory is advanced that rates be adjusted
new
reaching
in
handicaps
certain
the country which
parts of
the
in
are
we
tition
afforded
are
water
well
as
is here contemplated it would
as
to offset geographical
a
especially
transportation,
the
to
as
merchant
marine
In destroying water compe¬
destroy not only the Transportation
Act of 1920 but also the spirit of the Panama Canal Act."
Pettengill
Representative
Traffic Club
of New
York
have
to
was
addressed
the
March 19 in defense of his
on
bill, but in his absence George C. Lucas, Vice-President of
the National Publishers
Association, spoke in support of the
bill, according to the "Times" of March 20, which, in part,
said:
:
v-:'"VX,\ ^;.. v;
Lucas explained
Mr.
have
spoken, and
that he spoke
advancing
in
he believed Mr.
as
his argument
in
Pettengill would
support of
the bill fre¬
quently tempered it by crediting his points to proponents of the
He
however, in the following statement:
"It is undoubtedly true that it would give the railroads what they claim
would
be
where
it
a
fair deal in permitting them to meet this water competition
actually exists and by this help to the railroads themselves the
shippers would be benefited.
"And it would tend
tory
of
tinued
the
the
increase
50-mile
Mr.
in
zone
Lucas
the
Panama
the
In
the
from
from
in
industries within
Canal
has
been
lost heavily in traffic to
in
operation, although the
the policy of
Congress
"to foster
The effect
disastrous to the
railroads, he said, resulting, in heavy
employment and expenditures to other industries.
last
seven
to
he said,
years,
1,000,000,
by the roads,
the railroads'
affecting
the
employees have dropped
nation all along the routes
and the operating revenues of Class I roads dropped
$6,280,000,000 in 1929 to $3,271,000,000 in 1934.
by the railroads
purchases
$2,000,000,000,
he
between
as
maximum
1923
and
would be $127,500,000
Lucas,
The contributions
gross
revenue as
lines
investment
and
motor
against
1.5c.
in taxes total
by the
water
8c.
totaled
lines,
out of every
ship lines, he
nearlv
said
addition to the President and Mr.
In
John H. Fahey,
added.
Peter
a
strong rail system for
adjunct to national defense in
Lucas
Act
continued.
would
help
case
The elimination
build
this
their
own
use
and
as
of damage to the Panama Canal, Mr.
of the Fourth
system,
he
said,
Section
and
other
of
the Commerce
provisions
which
would remain in the Act would protect
on
rail
freight.
competition
possible
shippers against unduly high rates
The interests of shippers also would benefit in that real
between
the
rail
and
and service thus improved,
water
groups
would
again
be
made
he predicted.
House Amends Bill Passed By Senate to Extend Until
April 1, 1937 Provisions of Title I of National
Housing Act Affecting Housing Renovation and
Modernization—Federal
on
at White House
Under
a
Housing Program Agreed
Conference
bill passed by the Senate on March 24 without
a
record vote, amendment is made to Title I of the National
Housing Act (providing for renovation and modernization
loans) so as to extend from April 1 1936 to April 1 1937 the
power of the Federal Housing Administrator to insure loans
for alterations and repairs on real property.
In amended
form the House passed the bill on March 26; in a dispatch
from Washington on that date to the New York "Times" it
was stated that the principal difference between the bill sent
to the Senate that night and one already passed by that
body, is that the House measure was drafted to allow flood
sufferers to borrow as much as $2,000 with which to build
new houses in which to live until they are able to finance
better homes.
It was also stated in the dispatch that the
maximum for a loan on improved commercial property was
continued at $50,000 instead of $25,000 suggested by the
Banking and Currency Committee. Under the National
Housing Act as passed by Congress and signed by President
Roosevelt on June 27 1934 (given in our issue of July 14,
1934, page 177) the time limit for the authorization of loans
McDonald, there were present
Home Owners Loan Corporation Chairman; Marriner S.
Grimm,
Treasury Housing
Co-ordinator (since resigned); Herbert
Gaston, special assistant to Secretary Morgenthau; J. M. Daiger, a Federal
A. Delano, Chairman of the Central Housing
Committee.
Federal financial aid for the slum clearance part of the program would
be held to
a
minimum, Mr. McDonald indicated.
From other sources it
learned that while the method of financing low-cost housing has not
been finally agreed upon,
Bonds
it will not consist of outright Federal grants.
mortgages will be issued to finance the undertakings, it is tinder-
or
stood.
.
A final legislative draft should
be ready "by the time the President gets
back from his Florida trip," Mr. McDonald remarked, and be introduced
in
Congress soon thereafter.
"The program will not
Mr. McDonald said.
...
involve the creation of any
new
Federal agencies,"
"It will be carried out through the various Govern¬
housing organizations now in existence."
ment
Tax
Program Ready for Open Hearings—House Ways
Means
Committee
Approves Plan to Tax Un¬
distributed Corporate Surpluses—Processing Taxes
Eliminated-—Banks
and
Insurances
Companies
Exempt
dollar of
With water
trucks
Shippers should desire
Division of the
Eccles, Governor of the Board of Governors of the Federal Reserve System;
Mr.
cutting into the freight once carried by the rail¬
roads, Mr. Lucas declared, the financial position of the rail group has been
weakened.
\'V
an
It would make it unnecessary
Early in the month it was stated in press accounts from
Washington that the general principles of a Federal housing
program, to include aid for the construction of low-cost
housing and for slum clearance, as well as machinery for the
acceleration of private building, had been agreed upon.
According to Washington advices March 16 to the New
York "Times," this (was revealed by Stewart McDonald,
Federal Housing Administrator, after a White House con¬
ference.
In part, the "Times" account added:
against $26,126,000,000 by the railroads.
as
of the railroads
It would facilitate the handling by the Adminis¬
be handled through the Procurement
Treasury.
and
by the intercoastal
The bill would
A general decrease
1934
said.
of
year.
acquired against borrowers.
for those claims to
The Maximum Investment
The
three minor amendments proposed.
or
one
trator of claims
was
...
in full vigor both rail and water transportation."
has been
1,600,000
served
population and
our
declared it
1920
two
not less than
evidenced by the con¬
as
pointed out that the railroads had
and preserve
decreases in
neglected,
proportion of
Transportation Act of
of this loss
further building up of the interior terri¬
been
along the coasts."
lines since
water
toward the
are
restrict the loans to owners of real property or tenants having leases for
Reserve official, and Frederic
.
which has
country
$400,000,000 of additional insurance, which is
than the total amount of insurance that has been written up to date.
more
measure.
it his personal endorsement,
gave
How¬
with the liability reduced from 20% to 10%, the remaining $40,000,000
ever,
There
earnestly trying to develop.
so
as
so
the cost of service,
irreparable damage will be done to several
of the Atlantic seaboard
case
which
on
markets.
"If this clause is not retained
renova¬
existing law the authority to make those loans will
expire April 1, and the bill
intended to
Pacific Coast markets to Mid-Western manufacturers and shippers,
up
The primary purpose of the bill is to extend for one year the operation
of Title I of the National
tion
extend that time until April 1 1937.
Brusche charged that the Pettengill bill is
In his letter Mr.
who
fixed as Jan. 1, 1936. In a bill amending the Housing
Act, the Home Owners' Loan Act and the Federal Home
Loan Bank Act, signed by President Roosevelt on May 28
1935, the limit of period for making insured modernization
loans was extended (in Section 28) from Jan. 1 1936 to
April 1 1936. Reference to the provisions of the Act signed
by the President on May 28 1935 was made in our issue of
June 8 1935, pages 3808-3811. Indicating the purpose of the
bill passed by the Senate on March 24, Senator Bulkley had
the following to say in the Senate discussion of the bill on
that date:
the Act.
Chairman
and
2085
was
Brusche, who is assistant traffic manager of the Merchants Associa¬
Shippers Conference of Greater New York, was recently authorized by the
open
Chronicle
The House Ways
and Means Committee
on
March 26
ap¬
tax program formulated by a subcommittee as a
basis for open hearings which are scheduled to begin next
Monday March 30. The report contains recommendations
for a new form of corporation tax, based on percentages of
net income held in reserves, designed to yield additional
revenue of $799,000,000 for the next fiscal year, with a per¬
proved
a
manent annual
yield eventually of $616,000,000. In his tax
President Roosevelt had called for legislation to
yield additional annual revenue of $792,000,000 for the first
3 years, and $620,000,000 permanently thereafter.
The
newly drafted proposals call for a 90% "windfall" tax on
"unjust enrichment occurring as a result of non-pajrment" of
old Agricultural Adjustment Administration processing taxes.
Although President Roosevelt had suggested the enactment
of new processing taxes, these are not provided in the report.
Following the completion of the draft of proposal taxation
the sub committee under the Chairmanship of Representa¬
tive Hill, the proposals were discussed in a radio address on
March 26 by Representative Doughton, Chairman of .the
House Ways and Means Committee. As to Mr. Doughton's
remarks, the Washington correspondent of the New York
message
"Journal of Commerce" said in part:
In
a
radio address to-night the proposed plan was lauded by Chairman
Doughton
as
designed to correct injustices in the present tax structure.
He pointed out that, since the original income tax law was passed in 1913,
the tax on personal
to pay
incomes has been based
and benefits received.
on
the sound principle of ability
On the other hand, he contended, the
cor¬
poration income tax system gives small recognition to that formula.
"There
come
are many
corporations which distribute practically all their in¬
in annual dividends and their stockholders
at the
present
time.1'
Doughton said.
are
being unduly penalized
"A larger proportion of their earn¬
ings is being taken for taxes than is just or reasonable.
"But there is
a
huge and unfair advantage in the present system to a
relatively small number of persons.
There are those whose incomes are in
the high brackets or would be, if they recei ved all their
corporation earnings
regularly.
"Under the present system, only a small proportion of
their corporation
earnings are paid to them in dividends, because it is to their interest not to
receive them and they are able to control the
dividend policies of the
cor-
2086
Financial
Chronicle
porations in which they have their money.
taxes which
Thus they escape the high sur¬
they would have to pay if their incomes were from other sources
than corporations.
"This is the
•
deletion of the present
one
more than $4,000,000,000 of
corporation earnings of the calendar year
1936 will be withheld by corporations from their
stockholders, a sum much
tion of future
earnings.
the shareholder be
years on which
Doughton declared that "any general increase in the
individual income tax rates at this time would be
premature
Representative Allen T. Treadway, Massachusetts, ranking
Republican
Ways and Means Committee, expressed the "hope that tax
cal
the year)
"politi¬
as
camouflage."
tributed
"The Democratic party," he asserted, "does not dare face its tax
problem
in manlike
fashion, but wants to continue the
out
worn
no
exemption from tax
on
a
corporation has paid taxes under the new plan.
The subcommittee
suggested treatmeut of such a case as follows: If the
accumulated earnings of a corporation at the close of the taxable year (com¬
puted without diminution
by reason of the distribution of earnings during
will be heard from the Atlantic to the Pacific without
He branded the subcommittee suggestions
in the case of the distribu¬
as
accumulated earnings at the close of the
year with which to distribute its
member of the
fear of intimidation."
just
taxable income in the form of dividends.
This might readily occur with cor¬
porations seeking to make up for
previous losses, and, in doing so, using up
its net income as it is earned
from month to month.
I
we
quote, which also said:
payers of the country
of shareholders,
It also recommended that
The report contained a special recommendation for relief for the corpora¬
tion which, while
having taxable net income for a given year, lacks sufficient
Mr.
According to the account from which
intercorporate dividends to
given to dividends declared out of earnings of future
greater than all the dividends that will be paid by corporations out of this
year's earnings."
■
unwise.''.
1936
HI**-.
distributed into the hands
that
and
28
The subcommittee proposed that dividends paid out of
earnings accumu¬
lated prior to enactment of the new act be taxed fully as dividends when
great big leak and the greatest single unfairness in our
How great it is may be seen from the fact that it is estimated
tax system.
exemption'of
partial
regular taxation.
f,
_■
March
taxed
as
undivided profits,
the tax shall be according to the
schedule:
(a) 22
expression 'soak
less than the net taxable income which either must be dis¬
are
or
following
% of the
of the net taxable income over the accumulated
excess
the rich.'
earnings and profits then in hand.
"Instead of doing that, this measure
indirectly soaks the poor in the worst
fashion of any suggested bill that has ever been before the
country."
(b) A tax upon the remainder of the taxable income
computed
to the full force of
the undistributed corporate profits tax.
From the
dispatch March 26 from Washington to the New
we take the
following:
Pale in Contract Cases
York "Times"
The subcommittee's report
was
largely
The subcommittee also
recommended that
to corporations
which
detailed explanation of pro¬
a
visions which it had agreed should
go into the new tax bill.
had announced them from
1936, not to pay out
Chairman Hill
rate would
day to day during the subcommittee's survey
It contained but few major features which had not
of the President's plan.
one
unrevealed provisions, the subcommittee
pro¬
posed that railroads should obtain
a
profits tax by permitting them to continue to file consolidated returns for
The carriers would not obtain any preferential in the rate of
tax, however,
as was recommended for banks
and insurance companies,
except these in
a
parent railway corporation were in receivership, the entire
affiliated group would be taxed at
a rate
recommended for other corporations
in like circumstances
(15% flat on the basis of total net income). A single
affiliate member in receivership would not receive such
preferential treat¬
ment..
;7:"
There
v.';V,-.
was
considerable question among committee members
railroads would pay more or less tax under the
pay
new
as
to whether
arrangement than they
to-day.
Administration Plan Changed
In its treatment of the undistributed
corporate profits tax, the subcom¬
mittee's report retained the substance but not the form
suggested by the
President and subsequently recommended in detail
The President had recommended that
part of income which
held
as
a
a
by Treasury officials.
graduated tax be levied on that
corporation did not distribute in dividends but with¬
undivided profits.
average about 331-3.
.
His proposal
.
was
that the graduated rates should
by in-
■
*.-*•>•
'O'..
In the report adopted by the committee
to-day as a basis for further
sideration of the subject, this proposal was
con¬
considerably altered.
In the first place, the basis of
the whole net income of
on
amount withheld from
centage of income
about
the tax
a
dividends, but at
withheld.
was
changed
so
that it would be
corporation and not exclusively
a rate to
on
the
be determined by the per¬
This system of rates was calculated to
bring
further alteration in the President's plan,
whereby corporations
a
would
so
be
induced
to
build up limited reserves
against future business
"cushion"
to
reverses.
themselves
/v Vv;
Two Classes of
Corporations
as it now stands,
companies would be divided into two classes, those with net incomes of
$10,000 or less and those with net incomes of more than $10,000.
They
above
or
one
group to another
accordingly
as
their net income went
profits, up
to
tax" the Washington
March 26 to the New York "Herald Tribune" said:
29.7%, based
on
Corporations in the second group would be taxed at rates ranging from
4% to 42 Yi % of their total net income, based on undistributed profits
rang¬
The subcommittee proposed in its report that
corporations of
mediate" net income class, say from $10,000 to
"Those who were supposedly liable for the tax and shifted its
burden to others, but who did not
pay the tax or who paid it and obtained
a refund" and
"dealers who included the amount of a Federal excise tax in
the price of goods sold
"inter¬
Senate
both classifications, thus giving
slight preferential in their total tax payments.
15%
on
separately with flat rate
all total net income without regard to distribution.
The subcommittee left to the full committee the
question as to whether
dividends paid by banks to shareholders should be treated under the
present
law, where they are subject only to surtaxes or be fully taxable as
proposed
in the new plan for dividends distributed
by other corporations.
Insurance Companies Exempt
The subcommittee also proposed that insurance companies,
mutual and stock companies, foreign and domestic, receive the
ment
as
subsequently reimbursed by
Group Favorably Reports Nomination of Lamar
Hardy as United States District
Southern District of New York
Attorney
for
The nomination of Lamar Hardy"as United States DistrictAttorney for the Southern District of New York was favor¬
ably reported to the Senate for conformation on March 23
by the Senate Judiciary Committee.
In approving the
nomination, the Judiciary Committee accepted the report of
a
special sub-committee which had conducted hearings on
the nomination.
Mr. Hardy was named for the
post by
President Roosevelt on Nov. 15.
In reporting the action of
the Judiciary Committee on March 23,
Washington advices,
that day, to the New York "Times" of March
24, said:
before
a
the
confirmation
special sub-committee
connection with the State Title &
cipal
reason
for opposing
George Gordon
was
expressed
by New York
New York City Bar Association.
The
two
weeks
ActinglDistrict-Attorney's
Mortgage Co.
ago
lawyers on^ behalf of the
was
advanced
as
former
the prin¬
his confirmation.
Battle,
Max
D.
Steuer
and
other
appeared in Mr. Hardy's favor, however, and Senators
land (of New
New] York lawyers
Wagnerrand Cope-
York), both declared themselves in his favor.
Regarding the report of the sub-committee of the Senate
Judiciary Committee, advices from Washington, March 23,
following to
use
The report recommended, as
already disclosed, that banks be exempted
from the undistributed profits taxes, and be treated
of
were
The subcommittee on March 25 had
rejected the proposed
temporary processing taxes and all other types of excise
levies.
A previous reference to the action of the subcom¬
mittee appeared in these columns March
21, page 1914.
the banks, except that
including
same
treat¬
foreign insurance companies, other than life
and other mutuals, be subject to a rate of 22
%
out regard to undistributed income.
%
on
24, had the
say:
The report absolved Mr. Hardy of all blame for the State
Title & Mort¬
combination of the rates applicable to
a
by them but who
their venders for the amount of the tax."
to the New York "Herald Tribune" of March
an
$20,000, be allowed to
a
It would be applicable to two classes of
persons:
70.3% of undivided profits.
ing from 10 to 57 H %.
them
advices
The scheme devised to set
up a "windfall tax," as contained in the House
subcommittee report is unusual.
below the $10,000 figure.
On the first class of corporations, the tax rate would
vary from 1 % of total
net income, levied on the basis of the first
10% held as undivided
surplusJSection 102), be repealed.
Regarding the "windfall
Strong opposition to
Under the proposal for applying the new
corporate tax
would shift from
accumulations of corporate
o
The basic principle, as enunciated by the
President, was to tax all corpor¬
ate net income alike, whether held as undivided
profits or received
levied
corporate taxes, the punitive
levy on personal holding companies
(Section 351 of the Revenue Act of
1934), and the special tax on improper
1
.
dividuals in dividends.
ing
slight concession in the undistributed
themselves and subsidiaries.
If
earnings in dividends. The preferential
apply only to that part of the income which was held as undivided
The subcommittee
suggested also that, in wiping the slate clean of exist¬
of these hitherto
receivership.
a flat 22 H% rate be applied
might be bound by contracts, made prior to Jan. 1
any part of its
under the contract.
already been published.
In
according
gage
Co.'s troubles.
with the concern in
that Mr.
Hardy
It pointed out that he had resigned from his position
1931, before the difficulty was known, and it
argued
was
never an
active executive.
The report also pooh-poohed the failure of the Bar Association to
Indorse
Mr. Hardy as of little meaning.
Walter
Brower,
a
.
special assistant
handling the guaranteed mortgage
.
Finally, the point
.
to
the
cases.
was
made that
Attorney-General, already is
The report
concluded:
"Your sub-committee does not feel that his affiliation with the State
Totle & Mortgage Co., as set out hereinbefore, is the subject of criticism
nor that such affiliation will weaken public confidence in
him as United
States Attorney for the Southern District of New York.
"Upon the contrary, all the evidence shows he is eminently qualified to
perform the high duties of that office and that he possesses the confidence
of the Bar and community in which he resides."
total net earnings with¬
...
As already suggested, the subcommittee recommended that
corporations
SEC Restrained by Federal Court of
delphia
in receivership be treated
separately and subject to a flat tax of 15% on an¬
nual net taxable income, rather than to the new rates on
profits.
ing Hearing
exception
was
recommended
also
for
foreign
corporations
under the subcommittee's proposal, would be taxed in the future at
come tax rate
which,
flat in¬
on
The United States Circuit Court of
of 22 H %.
on
entirety by the
of
officers, directors
it
was
new system.
It proposed
a
delayed repeal of the capital stock
profits levies, however, hoping to gather about $83,000,000 from
corporations for the calendar year 1936, in addition to the expected exac¬
excess
tions of the
year of
new
plan.
The
new
plan would be operative for the full taxable
1936 to incomes which must be reported
on or
before March 15 1937.
As to the Present Exemptions
t
The report also
recommended repeal of the present exemption of
cor¬
porate dividends to normal income levies in the hands of individuals, and
Appeals in Philadelphia
March 26 issued orders restraining the Securities and
The subcommittee agreed substantially to the President's recommenda¬
tion that existing corporate tax laws be repealed and
supplanted in their
and
Data and Other
Companies Pend¬
Validity of Securities Exchange Act
of 1934
_
a
Appeals in Phila¬
Disclosing Salary
"Confidential Information" of 3
undistributed
An
from
Exchange Commission from making public data
on
salaries
employees of the National Biscuit Co.,
the P. Lorillard Co. and Congoleum-Nairn, Inc. The
orders,
signed by Judge Joseph Buffington, also restrained the
Commission from disclosing other "confidential information"
in its possession pending a hearing on the
constitutionality
of the Securities Exchange Act of 1934.
In Philadelphia
advices, March 26, to the New York "Times" of March 27,
stated:
or
Volume 142
Financial
The"bench directed, further, that*the*clerk*of
the
court
impound the
records, of proceedings before the Commission in the three
contain the "confidential information."
These data
which
cases
will^net
be made
available to the public unless the court
gives permission.
V:
.
rulings made by the
com¬
mission in
January.
The SEC held that the "confidential information"
which the companies had submitted under
protest was of "public interest"
and would be disclosed in connection with efforts
of the commission to
supervise the capital stock structures of large corporations.
was no
argument nor
was
2087
tend to re-establish peace between Bolivia and
Paraguay.
Violation of the
was charged against the defendants.
Another count in the indictment, which has not been
upset, charges that
the defendants conspired to defraud the
government of its right to ad¬
embargo
minister export regulations.
SEC Claimed "Public Interest"
The restraining orders were issued late in the
day after the three corporartions had appealed to the Circuit Court
from
There
Chronicle
there any ceremony
connected with the
issuance of the restraining
orders, which Judge Buffington signed without
It
was charged that the
Curtiss-Wright Export Corporation, the CurtissAeroplane and Motor Company, the Barr Shipping Corporation, John S.
Allard,
Vice
President of the export corporation; Clarence W.
Wenster,
South American representative of
Curtiss-Wright; Samuel J. A below, ship¬
ping clerk and "Robert R. Barr, President of the
shipping corporation,
arms and munitions to Bolivia.
The Court decided that the
President, who voided his proclamation when
the Gran Chaco War ended, had received
improper authority to act on the
basis of his own opinion rather than
upon
comment.
The appeals were similar to many others filed in Circuit Courts elsewhere
in' the country.
They attacked the Securities
Exchange Act
-y
•
Schechter Case Is Cited
Judge Byers noted
Schechter
seized upon
ing of facts and the formulation
by competitors with disastrous results to certain of the
cor¬
Barnes
Federal
in
tutional—Issues
NLRB
In
Court
Labor
Preliminary
Action of
in
Chicago
Relations
Bendix
Act
Holds
Unconsti¬
Injunction
Against
in the Federal District Court of
Chicago. Judge Barnes is¬
sued a preliminary injunction restraining the National Labor
Relations Board from ordering an election among
employees
of the Bendix Products
Corp. of South Bend, III.
The de¬
cision, which is more sweeping than any court opinions pre¬
viously given on the measure, said that "the whole Act is un¬
constitutional and void."
be sustained under the
commerce
clause of the Con¬
He contended that the Act would, in effect,
deprive the em¬
ployer of the right to bargain at all with employees.
The Chicago "Journal of Commerce" of March 25 sum¬
marized the decision as follows:
The Labor Relations Board had ordered
an
election after
a
dispute be¬
tween two
groups of Bendix employes—Local No. 9 of the International
Auto Workers of America and the Bendix
Employes' Association.
Each
group
claimed 2,500 members.
The corporation,
subsidiary of the Bendix Aviation Corporation, had
petitioned for the injunction on the ground it is engaged in intrastate
a
commerce.
V
j
\■■
.
Ruling Thought Sweeping
Judge Barnes* view of the Act, it is believed, is the most sweeping of sev¬
eral court rulings throughout the
country.
Similar restraining orders have
issued in other jurisdictions
been
with industrial relations.
issued three
to halt interference by the labor
board
Federal Judge Woodward in Chicago a month
ago
preliminary injunctions against action under the Wagner Act.
"The National Labor Relations Act,"
Judge Barnes stated in his memo¬
randum, "if it be
so
construed
plaintiff's relation with
valid
its
legislation under the
amendment
as
as
to warrant interference with
to the states and the
control of
production employes cannot be sustained
commerce
over
with
his
at
all,
leaving injunction the only legal
"If A is
compelled to negotiate with B and must contract, but B is not
only free from compulsion but is expressly informed that be is at liberty to
any proposal of A, that which A does in pursuance of the
compulsion
cannot properly be called
bargaining.
A has lost his freedom of contract.
reject
These
are
property rights and the plaintiff is deprived thereof without due
of law in violation of the fifth amendment to the constitution.
Could Not Deal Freely
"II, instead of
substitute
a
proposal for
a
chance in 'conditions of employment,' we
a
proposal for change of 'pay, wages, or hours of employment,'
find the plaintiff forced into
compulsory unilateral arbitration and with¬
out due process of law deprived of
we
property—the right to deal freely with
each other and all of his employes.
"The combination of
majority rule and compulsory unilateral arbitration
the heart
of the Act.
Take them out and there is no life left.
Accord¬
ingly, it is Concluded that the whole Act is unconstitutional and void."
Employers even could be forced to bargain on closed shop agreements,
are
Judge Barnes commented: representatives of employes could
arbitrarily re¬
ject any suggestions of employers and employes could be forced to
join a
particular union or lose their jobs.
Federal
Court
in
on
New
"It is conceived," Judge
Byers wrote, "that it is the opinion of Congress
a given law will work."
The Federal grand
jury which handed up the indictment is
continuing its
investigation of activities which allegedly violated provisions of the Presi¬
dential embargo.
Other indictments are expected to be filed.
♦
Formation
was
rendered
on
a
demurrer
filed by
George Z. Medalie, counsel for the Curtiss-Wright
Export Corp., to an indictment charging the defendant and
others with violation of the President's
neutrality
tion.
Martin Conboy, assistant to the
said
on
proclama¬
Artotney General,
March 25 that he would recommend that an
appeal
be taken to the United States Circuit Court.
The New York "Times" of March 26 outlined the
as follows:
ington,
States Department of the
issued,
Interior, at Wash¬
March 14, an order in
that "effective April 1 1936 there is
stated
on
under the Office of the
which
it
was
hereby set up
Secretary of Petroleum Conservation
Division, under the immediate charge of a Director."
The
Division will assist the
Secretary of the Interior in adminis¬
tering the Connally oil control bill, enacted in
February
1935 for the purpose of
prohibiting "hot oil" shipments.
order of the Interior
Department said that the
The
Division,
under
the
Secretary's
direction, is authorized to "discuss
dealing with oil and gas, reconnfiend
brought to its attention, co-ordinate in¬
the work of any agency
action
on
any
case
formation, and, through appropriate channels,
act
as
the
contact agency with the Interstate Oil
Compact Commission,
present required data to the Congress, attend oil and
gas
conferences in which the Department is
interested, co-oper¬
ate with the oil producing States in the
study of physical
waste and the enactment of uniform oil and
gas conservation
laws,
and contact other departments of the government
whose work deals in any measure with oil and
gas."
The text of the Connally oil control bill was
given in the
"Chronicle" of March 30 1935, page 2105.
Report to
ruling
President
Government
Roosevelt
Urges Withdrawal of
Competition
With
Private
From
Industry
Declaring that "the expansion of Government function
into fields of private competitive enterprise" has been "a
disturbing element in the Nation's business," a report of the
Committee on Government Competition With Private
Enterprise, submitted to President Roosevelt, urges Govern¬
ment withdrawal from such competition,
except for National
defense, the Conservation of Natural Resources, or in cases
where private industry' "fails to render a service
necessary
for the general welfare." Announcement of the
Committee's
conclusions, according to
Washington dispatch March 26
made by George L.
Berry,
Co-ordinator of Industrial Co-operation. In its conclusions
(to quote further from the "Times" dispatch) the Committee
a
to the New York "Times"
was
contends that "the Government expenditures will be reduced
and revenue increased if the Government withdraws from
Competition with private enterprise." Finally the Com¬
FederaljGovernment pursue the
sound policy of using to the maximum the facilities of
private enterprise."
mittee recommends that "the
Horner
of
Securities
Illinois
Act
to
Signs
Permit
Bill
Sale
of
Gold Clause
Standard
On
March
Amending State
Bonds Carrying
Issued Prior to Suspension of Gold
by Federal Government
14
Governor
Horner
Adamowski Bill, which is designed to
of
Illinois
signed
the
the difficulties
in way of dealings in securities
containing the gold clause,
issued in the State prior to the suspension of the
overcome
gold standard
by the United States in 1933.
From the
of Commerce" of March 16
take the
the
new
we
Chicago "Journal
following regarding
legislation:
While still banning the sale of new issues
providing for payment in gold
the sale of bonds issued under indentures set
up prior to when the United
States abandoned the gold standard is permitted now
even
though the
indenture may call for payment in gold.
Intense confusion
of
Attorney
caused' in investment banking circles by the
ruling
General Kerner several nonths ago that under the amended
was
"blue sky" law prohibiting the
securities
The Congressional resolution, adopted on
May 28 1934, empowered the
President to proclaim an arms embargo if in his
opinion such an act would
Petroleum
Administering Connally Oil Control Bill rVTlie United
Gov.
York
The decision
of
Conservation
Division
in
United States Department of Interior to Assist in
Arms
Congress has no power to authorize the President to forbid
the shipment of arms and munitions to
belligerent Nations,
according to a ruling on March 25 by Federal Judge Mortimer
W. Byers of New York City, who declared that
President
Roosevelt's proclamation of May 28
1934, outlawing the
shipment of arms to Bolivia or Paraguay, then at war, was
unconstitutional.
'
■
alone to conclude whether
City Rules Presidential
Shipments to Belligerents Is
Void—Judge Byers Declares Congress Has No
Right
to
Delegate
Authority—Government
to
Appeal
Embargo
opinion concerning future possi¬
could have purchased arms from other countries.
purely local affairs reserved
remedy available, ruled the jurist who continued:
process
an
apparently done
people."
employes
of
Congress, itself, Judge Byers held,
might have discovered, after conducting a hearing, that the
Delligerents
The Wagner Act would, in effect, deprive the
employer of any right of
bargaining
clear line of demarcation between "the true find¬
'"'S
as
clause, and is in violation of the tenth
invasion of the control
an
was a
without giving a hearing to
any one.
Judge Barnes held that the Act
stitution, and he also ruled that it violates the Tenth
Amendment, "as an invasion of the control over purely local
affairs thereby reserved to the States and to the
people."
|»
there
He noted that the resolution
purported to empower the President to make
up the "legislative mind about the
law," and that this was
Products Corporation
The National Labor Relations Act was declared
entirely un¬
constitutional in a decision Mar. 24 by Judge John P. Barnes
cannot
case
bilities."
porations involved.
Wagner National
V:>:;
that in view of the Supreme Court decision in the
stitutional and charged that the disclosure of
salary lists, cost sheets, profit
data, contracts and other intimate details of private business would be
Judge
Congressional inquiry and
a
,
determination of facts.
uncon¬
as
con¬
spired to sell and ship
^ale of "gold" securities, dealings in those
illegal even if it were stamped on their face that payment
would be made in legal money, a practice
approved by the Securities and
was
Exchange Commission.
In addition to constricting trading this
severely handicapped financing
by companies that wished to refund under the terms of old
mortgage in¬
dentures.
Financial
2088
is
It
stated
carrying
that
bill just signed by Gov. Horner,
clause, becomes immediately effective.
the
an emergency
^
Chronide
March 28 1936
made.
is
ment
is the acreage
the farm in soil-depleting crops in 1935.
on
Special soil-depleting base acreages
(4)
tobacco, peanuts,
(5)
New York Senate Passes Bill
Providing For Creation of
flax seed, rice,
of payments
Two types
Mortgage Banks
a
Joseph providing for the establishment
of Mortgage banks in New York State was passed by the
State Senate at Albany on March 25 by a vote of 28 to 16.
Reference to the introduction of the bill appeared in these
columns Feb. 29, Page 1388. As explained at the time by
Senator Joseph the bill limits loans by the proposed banks
to improved and income-producing properties and provides
that as to non-specialties, loans may be made up to 66 2-3%
of the appraised value, but that as to specialties such as
hotels, theaters, factories, etc., loans shall be made only up
to 50% of the value and that not more than 20% of a mort¬
gage bank's assets shall be loaned on specialties.
Under the bill the new mortgage banks would be required
to have a minimum capital and surplus of $4,000,000 if its
principle place of business is to be in a city of more than
1,000,000 inhabitants (New York City) and $2,000,000 if its
principal office is in a city of over 500,000 but less than
1,000,000 inhabitants, and $1,000,000 in smaller communities.
and
soil-building
The bill of Senator
soil-building payment
(6) For
•<.:/
soil
improvement,
seriously
eroded
will be made
(7)
'
Payments
in five
Agriculture Wallace Announces Details
Plan—30,000,000 Additional Acres
Sought for Soil Improvement—Co-operating Farm¬
ers to Receive $10
per Acre for Soil Conserving and
up to $1 for Soil Building—$470,000,000 Available
for Payments
The
terms of the
1936
for
Farm
New
national
new
March
announced
were
soil conservation program
20
Secretary of Agri¬
by
which provides
payments to producers who meet conditions specified for
soil conservation and soil improvement in 1936, has been
designed to carry out the objectives of the Soil Conservation
and Domestic Allotment Act, the text of which appeared in
our issue of March 21, page 1890.
Secretary Wallace's an¬
nouncement followed shortly after President Roosevelt had
signed, on March 20, the independent offices supply bill,
which, among/ other things, carries an appropriation of
$440,000,000 to finance the 1936 program; the signing of
the offices supply bill is noted elsewhere in to-day's issue
culture
of
Henry A.
"Chronicle."
the
lace
his
In
(10)
new
represents a sincere effort both to conserve the soil in
program
farmers
The
new
effective
time
have
made
from
program
the old
as
point of
during the
the
view,
new
000,000
be
can
be
to
prove
even
from
vices
farmers
held
it
March 21) to contemplate paying
they asked in four regional conferences
weeks ago.
In these advices (Associated Press)
two
would
farmers,
have
grown
crops.
Equitable
weeks,
after
two-days'
a
of
payment
6c.
in a
controversy
pound
a
for
they
in soil-
year
The Agricultural Adjustment Administration will
of
subsidy
funds
the
among
5c.
pay
expended
said to be causing considerable concern in Farm Admin¬
was
istration circles.
and
acres
from
asserted
its
subsidies.
more
addresses
to farmers
to
Memphis
the
it should
before
the
to consider the
remember
that
would
at
be
expected
divert the
to
would not receive
and
crop,
made
were
farmer obtained the regional conference
a
South
principal cash
than
money
In
that
Charges
Chicago
that the
fair
a
would
South
most
share of
receive
be granted.
program
ministrator
largely
regional
announced
Mr.
Wallace
of
specific
a
and
group,
limited.
were
described by H. R. Tolley, Acting Ad¬
Agricultural Adjustment Act, as being
the
conferences
of
the
held
recommendations
recently
New York and Salt Lake City.
made in
was
1573.
page
follow
all
Mr.
the
each of the
said
some
that
the
Memphis,
of
program
any
one
develop the 1937
does
plans favored in
differences
Since there
will
Salient points of the new program
(1) A
devoted
about
to
issued
fertility
(2)
(3)
by
set
acres
exploitation
as
a
new
1986
of
to
carry
Adjustment
includes
resources,
an
crops
and
increase
from the
This is
an
establish
of
crop
1930
an
Ad¬
for
is
and States in
farm unless there has been posi¬
any
in additional
that farm."
soil-building
soil-
or
He pointed out that the AAA
programs
and that the
stopped
were
new
by
the Hoosac
plan necessarily has many
from anything undertaken
surpluses and protect farm income to a con¬
extent, Mr. Tolley said.
As a matter of policy,
the program does not encourage the shifting
of lands from import crops to soil-building or
soil-conserving
crops.
Following
1936
ferent
summaries
are
for
program
nouncement).
the
of
the
nation
Variations
features
main
(according to
Salt
the
the
an¬
being worked out for the dif¬
are
regions, it is stated, and in conformity
at
of
AAA
the
Lake
with recom¬
City conference efforts
are
being made to develop a range conservation program:
A
In
Bases
'
farm's
base
this
soil
^
crop
soil-depleting bases
definite
a
any
or
standard
improvement
to
individual
on
or
•.
land
of
amount
crops.
to be established
are
measure
V-'
,'C:
the
is
crops
the farm to that crop
on
program,
provide
for
acreage
ordinarily planted
the
farms
of
extent
in
1936,
farms, first
on
soil-conservation
and
second,
this
standard will be used to determine the amount to be
paid to the individual
farmer who co-operates.
The base will be arrived at
through
information
given by the farmer to his county committee.
The
soil-depleting base for
depleting
crops
that
on
farm
any
farm
in
modifications
will
will
be the total
modified to
1935,
out
include
soil-conserving and soil-building
acreage
take
in soil-
of
unusual
care
of
drought,
will
be
flood
made
other
or
in
instances
for
(a)
planted to
acreage
in 1935
crops
unusual
where
is materially out of
acreage
allowances
because of the AAA adjust¬
and (b) for unusual variations in plantings in 1935 because
ment programs,
conditions.
farm's
a
line with
Adjustments
soil-depleting
that
for similar
bases
in
also
soil-conBerving
or
farms
in
the
same
locality.
order
tion
of
to
depleting
of
all
provide county committees with
farm land
improving
guide showing the propor¬
a
that formerly has been devoted
in
crops
the
the AAA will
county,
to
soil-depleting and' soil-
establish
to all farm land in each county.
acreage
individual
bases
established
in
Special soil-depleting bases will
nuts,
rice
sugar,
follow
bases
and
for
the
As
county
is
the
ratio
of
rule, the
a
to
soil-
average
in the main
recommend
may
cannot
the
exceed
established
farms
for
modifications and in
and their
the
Agricultural
for
conform
to
this
tobacco,
pea¬
peanuts
cotton,
tobacco
cotton,
the bases previously established.
The
peanuts.
be
will
flaxseed.
individual
available facilities,
total
base
The county committees
take into account the
may
in the production of
individual
bases
established
acreage
Adjustment
doing
so
past use
of
and
for
The
program.
for
cotton
cotton
rule
same
cotton, tobacco
for
for
county
any
that
county
by
applicable
is
to
tobacco and peanuts.
The
basis
base
for
flax
facilities
of
payments
will
allotments
the bases
under
will
for
be
the
be
flax
made
established
by the county committees
production.
will
be
For
Act.
the
sugar,
approximately
Jones-Coetigan
previously established, with
the
same
on
the
rice
the
which
upon
as
for
base
The
base
acreage
will
follow
adjustments.
necessary
Payments
Payments
to
are
and
to
be
made
only
conserving farm
eo-operating farmers.
They
for
land.
are
a
positive
Two
performance by
types
of
payment
"soil-building payment"
farmers in
are
and
offered
a
"soil-
conserving payment."
of
attempt to halt
conservation
of
the
a
consumer
for each larm
on
in
for 1936 seedings of soil-building crops on
land, and for approved soil-building practices on crop land or pasture
1936.
The
rate
and
Farmers
up
calls for
which
payment will be made
mendations
needs.
the plan
crop
soil
fair and' workable method by which individual
program,
This
land
level
would enable the production of quantities of food
soil-depleting "base acreage"
which
130,000,000 ftres.
soil
In order to develop
can
the Agricultural
soil-conserving
ample to supply domestic
farmers
(as made known in
national policy in this country.
program
regions
among
and
program
Soil-Building Payments
for
soil-improving and
The
on
are:
is
100,000,000
wasteful
fiber
goal
The
he explained,
improving
ministration)
funds
principles set forth in the Act.
next year's plans
program,
pointed out.
announcement
nationally.
and
of
soil-building,
of burdensome
siderable
be worked out to meet regional needs more closely, he
can
locally
distribution
and
departing widely
Nevertheless, the diversion of 30,000,000 acres
of land from the soil-depleting surplus cash crops into soilbuilding legumes and grasses should work against return
not
of the confer¬
compose
regional and national needs.'
be more time to
and"
heretofore.
and
1739, and March 7,
features of
meetings and has sought to
line with
four
the
Reference to the conferences
recommendations
but has adopted
ences,
in
Tolley
of
Chicago,
in
issues of March 14, page
our
actual
after
There will be
approximately $470,-
any source,
soil-conservation
for
features
new
appealed
was
composite
a
farmer
conditions of the grant,
ratio.
was
good of the nation and not
available funds
plan
individual
the
to
has fulfilled the
program
the
on
Mills decision,
The
The 1936
in
production control
In
It was recalled that at
floor
the
the
conservation
within
excepted
States,
com¬
which
cotton
land which instead will be planted this
on
division
three
example,
asked
conserving
made
that he
to have charge of administra¬
are
situations.
for
had
room,
where
tenant
the United States.
up
tive action which results
These
Cotton
be
to
ment will be made
as
also said:
was
mittee
(we quote from Associated Press ad¬
Washington,
much
as
and
State committees, county and com¬
"In order to make certain that this program achieves its
primary aim of soil-conservation," Mr. Tolley said, "no pay¬
con¬
more
outlined by Secretary Wallace was said
as
instance
landlord
between
farmers.
of
result
to
as
and
no
is
with
administration
to
The program
making
"'••'U-
structive.
in almost
co-operation with State committees.
divided
Including all funds available from
(11)
of trees on
which payments
on
to preserve the economic gains
may
program
planting
or
practices
its proceeds.
is to be through
submitted
contracts
no
past three years.
destroyed by the Supreme Court, but from a long¬
one
pastures
performance has been certified to by his county committees.
immediate point of view may not be quite as
an
be
or
areas
Payment
evidence is
mendations
interests of producers and consumers and
that
Secretary Wal¬
announcement,
stated:
The
the
The program,
Wallace.
in
and the AAA.
major
accordance with
of
of
soil-improving
out
Five regional divisions of the AAA
(9)
such
Secretary of
crop
munity committees
liming
as
The
to
are
Administration
(8)
tion
such
be worked
each shares in the
soil-conserving
in
acre
one or more
lands.
will
each
for
soil-building crops.
Farmers also may qualify
well-recognized and1 approved practices
and
crops,
payments by adopting
of
to $1
up
a
for the country as a whole
acre
an
of payment, crops are classified as soil-depleting crops,
purposes
soil-conserving
for
of
for sugar.
cane
paid to co-operating farmers
to be
1936.
in
crops
to be established for cotton,
are
beets, and sugar
sugar
are
soil-conserving payment averaging $10
and
base
starting point in establishing this soil-depleting
The
establishment of
application
a
for pay-
in
to
of
this
payment
of
the
State
within
committee
each
State
subject
to
will
be
based
upon
recom¬
the
Secretary's approval.
given an opportunity to qualify for soil building payments
acre for each acre in soil-soncerving and
soil-building crops
will be
$1
per
1936.
An
exception is made in the interests of small producers, who may qualify
for payments up to $10 without regard to
acreage limitations.
Volume 142
Financial
Soil-Conserving Payments
This
will
payment
be
at
specified
a
ers
for
rate
the
from
soil-depleting to soil-conserving or soil-building
approved soil-building practices.
Maximum
limits
have
protect the interests of
The rates
rates
decreased
participate.
be
may
placed
If
increased
than
more
1936,
to
or
to
In
is
no
less
than
will
case
the
the
increased
least
the
total
equal
10%.
percentage
The
(a)
which
on
rates of
a
for
crops are met.
The minimum requirement
of soil-conserving and soil-building crops shall at
of the farm's soil-depleting base or (b) the
soil-conserving payment can be made.
20%
soil-conserving payments for all farms
are
for
Silcox
of the
Payment—Five cents for each pound of the normal yield per acre of cotton for
the farm.
Maximum Acreage with Respect to Which Payment Will Be
Made—35% of the cotton
than 25% of the aggregate of
base acreage for the individual farm, but not more
the individual bases for any county.
Representing
Soil-depleting Crop—Tobacco.
Payment—For each pound of the normal yield per acre of tobacco for the farm
(2)
Three and one-half cents for fire-cured
(3)
cents for each pound of the normal yield
the farm of peanuts harvested for nuts.
Maximum Acreage with Respect to Which Payment Will Be
Made—20% of
base acreage for the farm of peanuts harvested for nuts.
100
pounds of
much
land
sugar
per
produced
sugar
is devoted
flax,
the
to
Monday, when
on
to be named
within
crops
a
yield of flaxseed in the country
be
on
addition
the
diverted
under
20c.
the
bushel
per
planted, provided
acreage
general
the
on
program,
acreage
an
20% of the flax
acreage is planted to soil-building crops.
of rice land equal to not less than 20% of the base acreage
to approved soil improving crops or practices in 1936 to
payment.
Not less than 65% of the base must be planted
acreage
be
devoted
qualify for
the
land
to
a
to qualify.
crop
producer's
average
The payment will
domestic
consumption
production which
into
March
of
umns
threp classes.
21,
of
for each
rice,
100
that
or
this country in
in
divisions,
J.920.
number
Rawlins,
D.
session will be held.
of
part
the
proceedings by
a
are
supplemental arbitrator
It is hoped that the arbitration
can oe
completed
staff of elevator operators,
and doormen,
porters
said
to
fifty, walked out yesterday in the 31-story Century Apartments,
ment
Company to reinstate six
Service
was
who
men
active in the recent strike.
were
re-established with the aid of
an
emergency crew.
formed of the strike, Mr. Bambrick declared it
was
union
When in¬
Union
unauthorized.
a new crew
composed of
men.
National
Labor
Relations
Board
Orders
Election
In
An election among engineers
employed on vessels of the
International Mercantile Marine Company was ordered on
March 23
by the National Labor Relations Board
to
de¬
termine which of three
competing labor bodies shall repre¬
sent the engineers for codective
bargaining. Regarding the
dispute we quote the following from a Washington dispatch
(March 23) to the New York "Times:"
The three unions, each
claiming
a
majority of the licensed engineers
on
the
are:
Local No. 3 of the International Union of Operating
Engineers, affiliated
with the American Federation of Labor, the Marine
Engineers Beneficial
Association and the United Licensed Officers of the United States of Amer¬
ica.
■
The company operates
14 vessels from North River piers in New York
City, including ships of the American Merchant Line, the Panama Pacific
Line and the United
There
are
dispute.
States Lines.
120 licensed engineers among the three grades involved
Those eligible to vote
are
in the
engineers who have been in the
com¬
pany's employ since Nov. 7 1935.
past years.
A
noted in these col¬
as
Crops
both sides would
Both sides will have
25 Central Park West, in protest against the refusal of the Chanin
Manage¬
pounds of
classified into
soil-depleting *crops, soil-conserving
page
They
20c.
tlie United States has been
purposes,
five regional
be
quota
consumed
was
For administrative
divided
William
was
fortnight.
company's vessels,
to sugar crops.
as
will
payment
that
the
an open
by each side.
The regular
the base acreage, provided that half
on
soil-building
soil-building
-
the
1
.
the soil-building payment will be 12%c.
cane,
average
to
Board
ternational Mercantile Marine Co.
Payment—One and one-quarter
An
Advisory
Silcox
opportunity to study each other's data, after which there will be rebuttal.
dark air-cured, as the case may be.
or
acre for
must
Realty
Mr.
increase of $8 a month.
Mr. Silcox announced that presentation of material
by
begin
an
Four cents for Connecticut Valley types 51 and 52.
Three cents for Pennsylvania and New York types 41 and 53, Miami Valley
types 42, 43, and 44, or Wisconsin types 54 and 53, as the case may be.
Maximum Acreage with Respect to Which Payment Will Be Made—30% of the base
acreage for the farm of any of the foregoing kinds of tobacco.
Soil-depleting Crop—Peanuts harvested for nuts.
in
the
an
Dispute Between Competing Labor Organizations
Whose Engineers Are Employed on Vessels of In¬
(4)
least
at the Bar Association Building,
secretary of the board.
The union was represented by James J.
Bambrick, president of Local 32B; George Scalise, international vice presi¬
dent, and W. J. Lauck, economist for the union.
at the following rates per pound of specified kinds of tobacco, as follows:
(1) Five cents for flue-cured Burely or Maryland, as the case may be.
at
owners,
According to the settlement agreement,
officials made arrangements to replace the men with
beets and
as
The meeting was devoted to laying down procedure
the arbitration.
Soil-depleting Crop—Cotton.
For sugar
Preliminary
summarized
were
representatives of the union and the Realty Advisory
Mr. Silcox will be assisted in the
base acreage for the farm of all other soil-depleting crops except sugar beets, sugar
cane, flax, and rice.
y
\
For
met
will arbitrate the demand of the union for
follows:
as
the average productivity of all such crop land in the United States.
Maximum Acreage with Respect to Which Payment Will Be Made—15%
per
increase.
arbitration
to
executive
minimum requirements
Soil-depleting Crop—All soil-depleting crops except cotton, tobacco, peanuts,
sugar beets, sugar cane for sugar, flax and rice.
Payment—An average of $10 per acre, varying among States, counties, and indi¬
vidual farms as the productivity of the crop land used for these
crops varies from
as
$8-a-month
an
Board, representing nearly 2.500
acreage
either
to
leading
follows in the New York "Times" of March 26:
or
plantings of soil-conserving
i3 that
entitled
are
42 West 44th Street.
estimate,
be
rates
2089
negotiations
Mr.
estimates that 80% of farmers
No payment will be made on any farm unless
1936
in
crops
acreage
the soil-conserving payments
upon
participation
rata.
pro
shifting of
and for purposes of budget control.
of this payment are based upon
will
eligible
been
consumers
Chronicle
are
hearing
held by the Labor Board's New York Regional Director,
Elinore M. Herrick, on Feb. 13 upon request of Local No. 3.
At that time
was
this union claimed 85 out of the 120 engineers.
made
a
similar claim to
a
The United Licensed Officers
majority and the Beneficial Association asserted
that last August about 82% of the engineers were members of its
group.
At the hearing the company expressed willingness to
bargain with
any
crops and soil-building crops.
It is stated that the classifica¬
tions are virtually uniform for a group of crops but varia¬
tions from them have been made in particular instances for
organization which could show that it represented its employes.
The board
pointed out that in July, 1935, the I. M. M. refused to negotiate with the
the
and
regions.
Soil-building practices that will be approved
been finally determined.
I
have not
Beneficial Association because "it did rot represent the men at the time"
during July and August, 1935, the company refused to deal with the
Operating Engineers
on
similar grounds.
The Board ruled that there
was an
atmosphere of uncertainty and tension
due to these refusals and held it manifest that "should the unrest described
Plan
Tax
to
Corporation
Surpluses
Requires Deep
Study, H. H. Heimann of National Association of
Credit Men Contends—Points Out
above result in
strike it would most certainly impair the
a
efficiency, safety
and operation of vessels."
Industry Must
Have Minimum Reserve
Commenting
involves
the fact that "the
upon
taxes
new
taxes," and that
to
"the
replace
the
farm program
new
outlawed
Administration
has
Colonel Frank Knox Summarizes His Political Program
—Republican Presidential Aspirant Urges Lowered
Tariff
and
Stable
Currency—Says Question of
Continuance of Principles of Self-Government Is
Major Issue
processing
also
proposed a
plan to tax corporation surpluses," Henry H. Heimann, Ex¬
ecutive Manager of the National Association of Credit
Men,
his
in
monthly
members,
this
At
the
writing,
proposed
But
the
adequate
without
plan,
it
But
to
through
of
it
may
the
the
not
be
Association's
by
of
of
the
upon
if
it
a
soon
requested
the
after
a
as
it.
developing
Certainly
incurred
that
surplus.
for budget
budget
a
Then
not
some
that
and
policy
a
during
move
is
will
be
heartening.
merely
increase
by
in
the
taxes
$7,000,000,000 in
when
lead
tax
a
This
budget
year,
fiscal
contemplates
balanced
of
upon
raised.
losses
combination of
a
year
be available
Arbitration
industry
be
can
details
the
r
balance
government's
development of
as
of
of
comment
suggestion it might be that
It must be remembered
procurable
mounting deficits
a
budget around 1938.
to
the
one
years
As
legislation
better
government,
the
detailed
possibility
lean
be based
taxes but
be
will
surplus would
would
be
not
not
the
depression years.
from
more
the
schedule
to
should
expenditures?
where
for
to
knowledge
make
reserve.
attempt to balance the
lowered
come,
our
evident
would
taxes
well
carry
the
to
minimum
a
policy
reserve
imposition of
and
definite
more
reserves
seems
to
a
as
first five
It
sent
as
impossible to
is
question
minimum
the
review
general
industry must have
made
business
March 20, added:
on
lean
the
to?
program
years
It
would
of
this
size,
years
come
when the lean
be
balancing and the fiscal record
in
very
prosperous
periods
but
business recession sets in.
Colonel Frank Knox of Chicago, who has been mentioned
a candidate for the
Republican Presidential nomination,
delivered
on
March 24
address in New York
City in which
Speaking before the
Broadcasting radio
network, Colonel Knox advocated a departure from the
traditional Republican "high tariff" policy as a stimulus to
recovery.
He said that a scientifically lowered tariff would
greatly benefit both agriculture and industry. He declared
that his two principal political beliefs were that our fore¬
fathers were wise in establishing the American form of govern¬
ment and that laws must change as conditions change.
Colonel Knox criticized many of the policies of the Roose¬
velt Administration and asserted that one of the
major issues
in the coming campaign is whether
principles of self-govern¬
ment shall prevail.
He said that the country's currency
and banking system is in need of thorough revision, and he
advocated a marked reduction in government spending and
the establishment of a stable currency.
Extracts from
Colonel Knox's address are given below, as contained in the
he
outlined
Economic
his
an
political principles.
Club
and
over
National
a
New York "Times" of March 25:
Wages
of
New
York
City Building
Service Employees to Begin March 30—Union Seeks
$8-a-Month Increase, Following Recent Strike
Arbitration of wages of
New York City building service
employees will begin on Monday, March 30, before Ferdi¬
nand A. Silcox, Chief Forester of the United States Depart¬
ment of Agriculture, under the agreement which ended the
recent strike of building workers.
The conclusion of the
He
began with
an
expression of bis "eagerness to lead the fight" and
he concluded with the ooservation that "it would have been easier for me,
and probaoly more
entertaining for
you,
upon the New Deal—as I have in the
various
component
part
if I had made
past—experssing
a
slashing attack
my
and at another of'
he said also,
next four
as
years,
opinions of the
of the administration's alphabet."
While he spoke at one point of "cleaning up the mess in
Washington,"
'retiring th e government from socialistic experimentation,''
"a believer in progress and reform," that "if, during the
we can
keep what is good and throw away what is bad,
^
strike
was
1920-21.
described in the "Chronicle" of March 21, pages
The Building Service Employees International
Union and the Realty Advisory Board on Labor Relations
will each name an assistant to help Mr. Silcox with the
arbitration.
The question to be decided is whether the work¬
then
we
shall retain the benefit of radical stimulation and perhaps be able
to work out
some
real and
lasting reform."
Assails Monetary System
Offering
as
"an example of the technique of reform in which I believe,"
the present currency and banking system, which he characterized
as
"the
Financial
2090
outworn, complicated and inconsistent crazyquilt under
„
The President
which we lie un¬
easily to-day," Mr. Knox said:
"I
am
not
vain
so
to submit my single
as
It is
a
task that should be
by trained minds working under the auspices of gov¬
undertaken at
once
ernment with
every
available assistance from bankers, business men and
economists."
"I would apply the same principle
added, "to practically
every
of careful and deliberate study," he
problem of far-reaching importance."
By emphasis and by repitition at five different points in his address,
Mr.
Knox insisted that any solution
ployment,
of the cm-rent farm problem, unem¬
stabilization and international
curency
trade should be ap¬
He was equally opposed to haste and to post¬
proached "deliberately."
Major problems, he said, should be studied—and it should be
ponement.
done deliberately.
Meanwhile,
if temporary
of relief should be necessary, he
measures
"guard against allowing them to be confused with permenent re¬
would
form."
"reckless" government spending.
He would immediately cut down
recognize that recovery and
"The Republican party," he said, "should
will come, not as the result of master minds performing brilliant
Washington, but as the result of the efforts of 127,000,000 free
feats in
people practicing the homely virtues of work and economy."
1
In
"chief concern"
his
of the people,
servant
"the American
however, to draw
always easy,
As
an
than
Knox admitted "it is not
government."
example, he said the farm problem has been the subject "of more
little fumbling, in which I make no exception
a
be the
govenment should
the line between what are and what are
the proper functions of our
not
of
that
not their master," Mr.
of myself."
President Roosevelt left Washington on March 22 for a
fortnight's vacation trip fishing in the South Atlantic, as
noted elsewhere in this issue of the "Chronicle."
He had
postponed his holiday three times because of the flood
■'
If
a
way can
The Red Cross announced
must be
"I
that we
willing to import more goods from other countries."
on a
RFC's emergency lending power to industries and business
The RFC sent town engineers into the main
where it already has approximately
centers,
clearly understood—that the tariff should be reduced hastily.
saying where or in what particulars the tariff
totaling almost $50,000,000.
Harry L. Hopkins, WPA Administrator, told visiting officials from the
flood states that he would interpret
broadly the clause giving him power to
spend money on projects to improve public health and remove
life"
even on
89,581 Families in Need
Nor am I
Grayson, chairman of the American Red Cross, in
Rear Admiral Cary T.
should be revised."
Goodyear Tire & Rubber
Agreement Adopted—Pro¬
vides for Adjustment in Hours
the
Plants
Akron
at
of
Ends—Seven-Point
March
On
employees at the Akron, Ohio, plants of
Tire & Rubber Co. accepted a seven-point
21
Goodyear
agreement offered by the company, thus ending a five-week
strike
at
workers.
affecting between 14,000 and 15,000
The terms of the agreement were voted upon at a
the
plants
March
meeting,
mass
United
21,
of
some
3,000
Rubber Workers of America.
members
of the
In Associated
started
five weeks ago in protest
layoff of 63 men in the tire building department.
over
has
ended the strike which
prevented
The
All
any
A picket blockade
activity whatever at the three plants.
points of the agreement were:
employees enrolled as of Feb. 12 are to be returned to their Jobs without
discrimination.
The management
will meet and deal with its employees individually or through
duly chosen representatives for purposes of negotiation on all questions in which
there is mutual interest.
as
$1,479,462.
lowing main headings:
Rehabilitation of public property: Aid from WPA.
Rehabilitation of private property: Loans through
also
Srobably fromvictims.
the HOLC and Farm Credit Administration where existing
orrowers are
Flood prevention
work:
Given a marked impetus, which will show up in
large Congressional appropriations.
Effect of flood on
will happen.
general relief load:
Officials are still waiting to see what
They anticipate that the
Relief burden will be markedly in¬
creased in some localities, whereas it may be
Jfor
reduced in others through the
machinery,
materials,
building
etc., te replace property
damaged by floods.
From its Washington correspondent the "Herald Tribune"
reported on March 23 that a Congressional bloc moved on
that day to force a revival of an omnibus flood-control bill to
provide $300,000,000 on permanent works for curbing the
future rampages of rivers and to create a joint Congressional
committee to draft flood-relief legislation for this session.
Later advices (March 25) from Washington to the same
that most states in the
be
Lists of contemplated layoffs
the RFC and through
loan
private agencies under the Federal Housing Administration's insured
plan.
Aid from WPA in removing hazards to life and health.
Aid
factory without a vote in order to avoid layoffs.
paper
A
said:
completely
rewritten
omnibus
flood
control
measure,
$100,000,000 worth of dams, reservoirs and levees annually
three years, was
authorizing
for the next
presented to the Senate Commerce Committee dining the
day by Army engineers.
In view of the new clamor for the bill, and the fact
Union get something under it, it is all but certain to
approved Dy Congress.
will be made in duplicate by department foremen,
being retained by them and the other kept in the office of the Labor De¬
partment.
Both lists will be available for lDpsectton by representatives of the em¬
ployees affected.
one
v
Immediate relief for flood victims: Chiefly under the Red Cross.
representatives of employees affected of changes in wage
rates before they are posted or put into force.
The company will observe in the tire and tube division a 36-hour week and sixhour daily shifts.
Before any change is made in working hours either daily or weekly,
below 30 hours or above 36 hours per week, it will be arranged for by a vote of em¬
ployees in the departments affected.
In all other departments the hours shall not exceed 40 nor be less than 30 per week
unless arranged by vote of employees affected.
A week of 24 hours shall be worked temporarily in all departments in the entire
Notice will be given to
problem of giving aid falls under the fol¬
As viewed from Washington, the
demand
following to say:
settlement
announced
were
asked would be needed
of families under the care
Total contributions to-day
of the Red Cross in 13 states had risen to 89,581.
Press
21, it was stated that full opera¬
tion at the plants would hardly be under way for more than
a
week.
Regarding the settlement, the advices had the
advices from Akron, March
The
"hazards to
private property.
announcing that more than the $3,000,000 originally
Co.
580 authorized loans
•
for the relief of flood victims, said that the number
Strike
the industrial
larger scale as a Senate finance subcommittee took up a
saying," Mr. Knox added immediately, "and I want this
not
am
March 24 that the $3,000,000
The Reconstruction Finance Corporation prepared to enter
loan business
He still will
however, for his cotton and other export crops,
and, according to Mr. Knox, "this can lead only to the conclusion
on
extending Title I of the Federal Housing Act, allowing in¬
sured loans not only for the rehabilitation of dwellings, but
of business and industrial enterprises up to $50,000.
A
Washington dispatch of March 24 to the New York "Herald
Tribune" reporting this said in part:
flood
will find his domestic markets restored.
foreign market,
a
Abroad
be found to put the millions of unemployed back to work,
he said, the farmer
need
Markets
Needs
dis¬
'' ' "
sought for flood relief would be insufficient. As we note else¬
where in this issue the Senate on March 24, approved a bill
enterprise by $25,000,000.
Farmer
women's
mission.
bill to enlarge the
farmer the lord of his own farm."
every
food and clothing
Relief Corporation and from WPA
American Red Cross and
by local welfare agencies in the stricken areas.
WPA funds generally, he
said, would be spent in reestablishment of public improvements.
Up until to-day, the following States have reported heavy property
damage: Maine, Massachusetts, Vermont, New Hampshire, Connecticut,
New York, Pennsylvania, Maryland, West Virginia and Ohio.
The previous allotment was made three weeks ago in anticipation of flood
conditions which the heavy snows of last winter indicated would occur. Ex¬
tensive precautionary measures were taken, as a consequence, in many
states which are subject to high waters in the spring season.
Many dams,
levees, and emergency pumping stations already have been put into com¬
In advance
solution, however, he said none would be valid that failed to "leave
a
1936
28
projects, direct relief needs were being met by the
aster
Scores the "Master Minds"
progress
pointed out that, with the exception of
furnished by the Federal Surplus
opinion as to what changes should
accomplished.
be made or how they should be
March
Chronicle
copy
Continuous Vigilance
Previous reference to the strike was made in our issue of
Feb.
22,
page
1226.
Flood-Damaged Areas Begin Rehabilitation—President
Roosevelt Allocates $25,000,000 for Repair Work—
$18,411,633
Previously
Alloted—Omnibus
Flood
Control
Bill
Presented to
Cross Seeks More Than
Floods
SenateCommittee-—Red
$3,000,000 for Relief.
which
damaged cities and towns in 13 Eastern
States slowly receded this week, and inhabitants in the af¬
fected area began the work of rehabilitation.
Late in the
week practically all of the flood waters had subsided, although
the Ohio River was still far above its normal depth and several
cities along its banks were prepared to resist threatened in¬
undation.
It was estimated that the flood, described in the
"Chronicle" of March 21 (pages 1921-22) had caused hun¬
dreds
of millions
of dollars
and rendered
several hundred
thousand persons homeless.
On March 21 President Roose¬
Progress Administration $25,000,000 for repairs or replacement of publicly owned property or
utilities which have been destroyed or damaged by floods.
The White House announced that this sum, which is in ad¬
dition to an emergency allotment of $18,411,633 made on
Feb. 29, will be apportioned to the stricken States as needed.
velt allocated to the Works
The announcement added:
In making
thority to restore roads, streets, bridges, sewers, water and electric plants,
and other damaged public properties.
able will be used to fight the threat to
quarters where the waters have receded.
Wealth
Conservation of invested wealth
The funds previously made avail¬
health which has arisen in
many
requires continuous work
and
vigilance, "guided by good reseearch and directed by
definite policies determined with references to changes in
conditions affecting investments," according to a booklet
recently published by the Fiduciary Trust Co. of New York,
entitled "Conserving Your Wealth."
The best investment
one can make for a trust or other fund, the authors assert, is
good and continuous management.
The booklet discusses
the work of the company in acting as agent for managing
investments, acting under trusts and wills, and acting as
custodian of securities.
The invested wealth of
individuals, the booklet
says,
is
constantly under attack by the following three forces:
1.
Obsolescence of business enterprises and industries j
due to inventions
and other causes.
2.
Changes in the purchasing power of money.
3.
Taxes.
In
It is
analyzing investment policy, the booklet says in part:
a
fair statement that the usual approach of
of conserving their
individuals to the problem
wealth is whether this or that particular security is a
good investment to buy or to hold.
The idea is not yet
the allocation, the President has given the WPA blanket au¬
Required in Conserving Invested
Wealth, Says Fiduciary Trust Co. of New York—
Booklet Says Obsolescence, Taxes and Changes in
Purchasing Power of Money Threaten Individual
widely familiar, though its acceptance is increasing
due to recent experience, that
under certain economic conditions one policy
of investment, and under other
conditions
will be the more likely to conserve
a
different policy of investment,
wealth.
policy, it should first be clearly recog¬
To understand what is meant by
nized that investments fall into two main classes:
.
Volume 142
Financial
Investments in money—consisting mainly of bonds, debentures, notes
mortgages, representing promises to repay the lender's money to him
or
at
future
some
date.
Investments
in
property—consisting mainly of shares of stock repre¬
of real estate or commodities.
senting property,
or
Investment policy, in respect of trust
discretion is to
be
other funds where unrestricted
or
Chronicle
Thus
has
main
conditions change, should emphasis be placed?
as
The
policy is with the diversification, witbin each of the
classes, which is appropriate from time to time.
Section
5219
banks,
being
Middle
Western
taxation
instrumentalities
United States Revised
the
of
of
States,
there
banks—the
fact
Federal
government,
of the Congress," as limited in
Statutes.
This section has acted "not only as a bar to the oppressive
taxation of National
said.
banks, but of State banks as well," he
Mylander urged, therefore, that bankers include
public relations program "a plank that will bring
Mr.
to
the average
banks, dealing
Fleming of A. B. A. at Southern Conference
Memphis Urges Bankers to Consider Problems
of Developing Banking Service—Regards Them
Better Equipped Than Ever for Constructive Ser¬
vice— (L H. Mylander Sees Banks with
Large Capi¬
at
Account
( Value of
\ernment
and
heavier
far
not be taxed without the permission
in their
President
tal
to
may
home
r
Southern
the
deterrent
one
National
exercised, is concerned first with determining how the
other main concern of
two
of
many
only
that
investments of the funds whould be divided between these two main classes.
Upon which class,
in
far,
been
2091
Penalized
Shares—W.
Withdraw
Result
as
S.
Elliott
from
of
Taxation
Would
on
Gov-
Have
Emergency Operations—•
Credit and Farm Problems Among Discussions
Expressing confidence
in
the
of
fairness
proper
of
measure
ability to
finally,
great
truth
that
the
that
prosperity
taxes,
pay
with
all
experiment
of
of
bank,
a
the
are
and,
therefore, its
make; and,
together in the
insurance, continued
earnings it
banks
Federal
can
bound
now
deposit
Federal supervision of bank taxation, through an
unchanged
Section 5219, is imperative."
and unmodified
Dr. Walter F.
Gephart, Vice-President First National Bank
Louis, Mo., who on March 26 spoke on "Banking
Regulations with Special Reference to Rules and Regula¬
in
American
the
not
American the self-evident
they do only in intangible property, are
subjects for property taxation; that the true
as
St.
people when properly informed, Robert V. Fleming, President
tions
American
that too much attention has been given in the
past to rules
Bankers
Association, called
bankers to ex¬
plain to their customers and others the special conditions
under which banks must operate as compared with other
businesses, in his opening address, at Memphis, Tenn., on
March 26, at the Southern Conference on
Banking Service.
The meeting, which closed March 27, was held at the Hotel
Peabody, under the auspices of the Association, with the
co-operation of
Fleming said:
I think it
of
most
Memphis
bankers.
upon
In
his
address
Mr.
important that each banker explore fully the possibilities
for banking services as are presented in
form.
be
cannot
made
clearly
as
but
I
and
am
To
examination
discloses
that
think it is
I
our
to the customer
follow such
it
sure
better
a
If
bankable, then
possible
as
the service.
the
the
service
distinct
why
reasons
applied
for
duty to explain
render
cannot
we
policy requires time and effort
a
on our part,
by the great majority of the public
bankers and their customers will
will be appreciated
understanding
between
result.
major banking legislation, and that bankers
attention
turn
now
the
to
more
can
problems of how they can de¬
velop and extend the scope of banking service."
It is the
plan of the Association to use its facilities, he said, "to
bring about
thorough understanding of changes in banking
laws and regulations and to provide
opportunity for discus¬
sion of the question of better
public relations."
He went
on
a
to say:
Another
incident
tions.
to
the
institutions
chartered
government's
must
had
were
unable
banking
other
the
with
times of
assistance
do
to
so.
of
chartered
the
banking institu¬
the government of
emergency
of
of the problems
survey
people
Possibly many
where
functions
chartered
which
the
a
.V.'/,..
•>
hand,
a
nature which cannot be handled by the
under the fundamental principles of sound
are
institutions
;:"
On
the
to
come
performing
banking.
competition
recognize that in
to
government is
believe
I
it
is
duty to survey all of these
lending agencies of the government to ascertain the methods
being employed in this field and bring to our membership the results,so
that they may have the
opportunity of judging for themselves which of
our
emergency
activities
be
can
communities by
their
properly and soundly taken
over
in their respective
institutions.
own
I believe bankers are better
and
equipped than
constructive service to the people
ever
before to render adequate
of this nation.
The statement that the average American is
vitally inter¬
ested in bank taxation because the
solvency of his own bank
depend to
may
regulations
and
large degree
a
the way in which the
taxing power is exercised upon banks was made by Charles
H. Mylander, Vice-President of the
Huntington Natibiial
upon
Bank, Columbus, Ohio, in an address on "Bank Taxation."
To prove his point, Mr.'Mylander cited
earnings figures
which
showed
the United
that,
States
in the
as
a
ended June 30 1934, "for
National banks used $14.89
year
whole,
out of each
Gephart
above
was
same seven
Moreover, he said,
are
"the
majority of the States which
are still clinging to the
taxing banks upon the value of their shares
to be found within
As
gave
Reserve
the
boundaries of those
some
seven
districts."
Insurance Corporation, showing that in the year
1934, in the
I,186 State banks, not members of the Federal Reserve Sys¬
tem, which had deposits averaging less than $100,000, on
the average $34.20 of every
$100 of operating profits went
shares,
The
taxation
of banks
upon
the value of their
he held,
account."
"penalizes the bank with a large capital
Thus is works against "the State
policy which,
to
build
against the inevitable
must
not
Increased
be
enumerated by Dr.
were
First, adequate capitalization.
for past
reason
even
guard
carefully
With the change
in
economic conditions
liberality in chartering banks with such small
with
reasonably good management, the earnings are not
likely to be sufficient to support the institution.
Second, the problem of chartering new banks.
Unless something is done
by the State and the States in co-operation with the Federal government to
more
continue and
the
chartering
of
new
communities will from time to
banks,
time
bank
failures
suffer inevitable
will
loss.
Third, the
proper qualifications of those who are conducting or proposing
banking business.
The modern banker needs to be well and
widely informed and better trained to cope with the vastly different and
to conduct the
complex problems than those which confronted the earlier-day banker.
Fourth,
and
better
State
experience
and
standards
examinations
it ought
standards
to
be
bank
of
of
of
examinations.
banks
We
have
for
many
years,
to
agree
upon
possible
examinations
that
are
the
had
now
and
out
of
essential
to
necessary
National
this
long
principles
the
protect
depositor.
->
v'
Dr. Gephart urged also that there should be
and definite
fixing of the
more specific
of government regulatory
powers
boards in the law itself "and less wide administrative dis¬
cretion to issue rules and regulations of the most far-reach¬
ing and detailed character.
If, as the tendency of the times
indicate," he concluded, "we are to have more and
more regulation of
business, we shall have to have a better
personnel on these boards, greater freedom from political
influence, more certain tenure of office, and other features
that will attract the best type of men."
Speaking,
/ :
March 26, on "Government and Farm Credit:
Co-operation with Bankers," before a forum on
facilitating credit at the Southern Conference on Banking
Extent
on
of
Service, W. S. Elliott, Vice-President of the Bank of Canton,
Canton, Ga., asserted that co-operation between bankers
at
and
the
in the extension of credit is not only
absolutely necessary.
In the course of his
remarks he pointed to the fact that banks are
currently
furnishing to the government the greater part of the funds
government
reasonable
but
which it is using in many schemes and said "the record of
the depression will show that bankers have tried in
every
to co-operate with government in
way
fostering the agri¬
Now that "confidence,
large measure, has been restored," he said, "the govern¬
ment can safely withdraw from fields of
emergency opera¬
cultural interests of
in
country."
our
a
tion."
He added:
Bankers
culture.
are
ready and willing to extend every reasonable credit to agri¬
Farmers
who
have credit
than get a government loan.
Yet
there
long
from
will
as
the
be
It is
tremendous
possible.
payroll.
rating prefer to deal with banks rather
more
pressure
quickly closed, with
to
Large numbers of employees
The impulse for extension of
prevalent will
inspire
opposition
no
"red tape."
keep these organizations
to
their
active
will have to be dropped
social
service
work
now
discontinuance.
Mr.
Elliott
was
also
a
speaker
at
the
conference
on
March 27, at which time, in
asserting that competition for
deposits has cost American banking untold millions which
should not have been paid, he called
upon bankers to con¬
sider whether further reductions in the rate of interest
paid
on
time deposits should not be
into line with
to bring such rates
current conditions.
Carl
Hollis, President Merchants and Planters Bank, of
Warren, Ark., who spoke on "Soil Erosion and Farm Credit,"
declared
that
the farmer
creasing value of his land
offered
some
a
program
twice
a
as
no
the
longer depend
chief
source
for making farm land
items of which
sermon
can
year
of
more
on
the in¬
profit; he
productive,
Ask
the churches to preach a
on the sacredness of the soil; put on
were:
farmers in his territory who, by raising of live
stock, rota¬
tion of crops, filling in of
gullies,
storms
encouraged
capital
revenues—if
up
operation
the capital structure of the banks of the country
up
of
tinuing, Mr. Mylander said:
are
bank
Con¬
through the banking department, urges the building
funds, to meet growing deposit liabilities."
we
of
campaigns through the county agents and clubs and organ¬
izations of every kind, and drive the
principles home by
means of object lessons.
He cited the experience of several
capital
If
attention
more
made,
an example of how far taxation can
go, Mr. Mylander
figures from the annual report of the Federal Deposit
for taxes.
points
districts
that the greatest number of bank failures occurred in
those
hectic years from 1920 to 1933."
Federal
opinion
follows:
as
there is little
widely
of
covering minor
which should have
districts the percentage of earnings used for taxes
the average.
It was in
vast
the
little to fundamental principles of sound banking.
Some of the major subjects of regulation and
supervision
as
practically these
System," expressed
too
$100 of net operating earnings before taxes in
payment of taxes; but in seven of the 12 Federal Reserve
old method
Reserve
seems to
objective is to provide opportunity for
We
necessity
these
and
more
Mr. Fleming expressed the belief that "the
passage of the
Banking Act of 1935 settled for the present the question of
their
Federal
capital that,
making bankable such requests
unbankable
of
on
eventually
increased taxes
which
one
will
on
are
hand
mean
that
sure
and
to
then
better
come,
this
penalized
earnings
strengthening
the
on
and
capital do not destroy it.
other.
larger
/
tax
terracing hilly fields, and
draining top soil, have made the land they farm richer than
it was when they received it.
"There is no such thing as
wearing out our soil if we take care of it and feed it," con¬
cluded Mr. Hollis.
Financial
L 2092
Consumer credit
all
of
excess
Chronicle
Our
outstanding reached, in 1935, a total in
made by all banks in this
If
commercial loans
S. Woosley, Vice-President First
Bank, Louisville, Ky., who addressed a forum on
commercial banking at the Southern Conference on March 27.
Mr. Woosley said:
farm
National
Used
financing1
car
amounted
loaned
financing to
car
new
to
finance companies,
for
commercial loans.
Had banks
to
solve
to
Federal
$420,000,000.
is
to
these
which
the
exceeds
I
size
estimated
you
have
figure
a
When
the
"would have enabled
just
President State-Planters Bank & Trust
told the forum.
A
secondary
which
it
regardless of
give
yield.
these
should be kept in
commercial
prime
high-grade
when
discounts
and
reserve
acceptances,
and
bonds
in
purchased
not
in
than
more
the other
on
by
requested
are
readily convertible
paper
maturing
investment account,
The
Historically, bond prices
Mr. Wilkinson said.
yield
bond
interest
the
N.
C.,
and
support
public
who
safety
addressed
effort
through
met
relations
extended
an
over
The
tion
and
the
conference
institution
the
to
and
is
assure
being operated,
a
day.
adapt
for
Citizens
different
Certainly
themselves
Trust
Co.,
have reached
we
types of
the
small
credit than
volume
volume of long-term
large
different
type
necessity for
of
then
all
If
be
sound
a
that
sell
to
Ohio,
speaking
on
a
we
we
are
facing
have heretofore been
would
credit,
indicate
that which has
as
as
a
demand
accustomed
with
compared'
the existence
of
heretofore existed,
a
on
the
very
and the
un¬
recent
the world-wide economic depression and previous
of buildings, Philip A. Benson, President
March
made
26, said that
a
recurrence
of
some
J.
of
B.
Hutson
of
Jesse
and
the
W.
Agricultural
Tapp as
Adjustment
of
in
the
carrying out the provisions of
Soil
Conservation
(the text of the Act
and
Domestic
given in the "Chron¬
was
of the
Mr. Tapp will
work
Corporation.
and Mr.
Hutson
ment of
Tapp
were
by the AAA it
was
Agriculture for several
associated with Mr. Tolley in the Depart¬
years
in the 1920's.
Mr. Hutson specialized
in
Department work in agricultural economics and tobacco, and
to
1933
Europe for the Department studying the tobacco industry
outlets for American tobacco products.
He became chief
European
the
from 1930
in
was
Tobacco
Section
of
the
AAA
when
the
Section
organized
was
in
June 1933.
Subsequently the duties of the section were steadily enlarged until it
became a Division, with Mr. Hutson as Director, supervising operations of
for five
programs
Hutson
is
crops—tobacco,
Kentuckian
a
sugar,
rice,
peanuts and potatoes.
Mr.
by birth.
Following graduation from the University of Kentucky and work at the
causes
in
Domestic Allotment
to.
of the
in
and
Problems Involved in Mortgage Lending."
As an ex¬
ample of such co-operation he cited the Mortgage Informa¬
tion
Bureau
recently formed by the savings banks of
Brooklyn.
"This bureau,
among
other services for its
members, has recently surveyed and reported on every
apartment house in the borough," he said.
The survey
University of Wisconsin, Mr. Tapp
in
new
have
the
starting regional studies
become
part
of
the
basis
of
of
New England
the
AAA
soil
agriculture
conservation
which
now
program
in
Northeast.
Mr.
became
Tapp
associated
with
Mr.
Tolley in the early work of the
Adjustment
pointed
It
D.
Administration on marketing agreements.
Later he was ap¬
Director of the Division of Marketing Agreements and Licenses.
was
pointed out that William F. Callander and Alfred
Stedman
carry
Mrs.
on
will
continue
as
Assistant
Administrators
to
their present duties.
Greenway Reported Planning to Retire from House
of Representatives at End of Term
was
districts, and in it was shown the number of new
units in each district, the number rented and
the estimated rent before construction, and the
came into the Department of Agriculture
Subsequently he became Secretary of the New England Research
1920.
Council,
con¬
judging the market for buildings could
be avoided by co-operation.
Mr. Benson's topic was "Science
made by
mis¬
J. W. Tapp Appointed Assistant
by AAA—Will Aid in Administra¬
announcement issued March 25
an
Mr.
practiced to-day.
Savings Bank, Brooklyn, N. Y., speaking at the
mistakes
the experiences and
from
peoples.
stated:
and
He further stated:
point where
overproduction
ference
several
involving marketing agreements
and orders, activities under Section 32 of the Agricultural
Adjustment Act, as amended by the Soil Conservation Act,
surplus removal programs, and the Federal Surplus Com¬
have if
we now
and
14
to
charge
modities
conditions
new
Expressing the opinion that the twTo principal
derlying real estate and mortgage difficulties
Dime
for
them with ours—in
Peanuts and Potatoes, of which he was head.
have
'■
the
to
change in commercial banking
years were
compare
charge of liquidating
the production
control
programs
formerly handled by the Division of Tobacco, Sugar, Rice,
continuous
that
efforts
■
Toledo,
short-term
credit
of demand from
a
programs
East Central divisions of the AAA, organized to administer
the new farm-aid bill in these two regions.
He also is in
of
be that
learned
been tried here.
ever
agricultural
of March 21, page 1890).
In addition to his general
responsibility, Mr. Hutson is director of the Northeast and
Public confidence is
the community
fail.
Credit Fields for Banks."
It may
and
progressive
icle"
approval
they are tq continue to conduct a business heretofore
thought indispensable to the public, said A. G. Brown, Presi¬
"New
such
be
can
other
Administrator
7
Allotment Act
Policies must be right, the organiza¬
can
public must ultimately
must
Ohio
and
if you like—some of which
anything that has
had
Administrators
Sections
continuous
Public understanding,
prevailing in the modified economic system
dent
You
England,
old
prosperous
of Soil Conservation and
Assistant
In
Bankers
there.
over
Davis before his departure for Europe, which is noted else¬
where in our issue of to-day.
Mr. Hutson is to serve as
on
be functioning smoothly and harmoniously, management must
profitable
am
Act, and related Acts, was announced March 25 by Howard
R. Tolley, Acting Administrator.
The appointments, it is
stated, were recommended by Administrator Chester C.
need it, it's too late then to get it.
you
Unless the management
institution
the most
of
how they work, to
see
of
Appointment
either
to
as
comprehensive
a
program.
plan must begin from within.
must
capable.
I
Act
.
tion
expect to be neither an
I
while
Conservative
program.
one
have
countries
successes
Assistant
period of time, and acquired when not needed.
don't have it when
you
its
as
far-reaching than
more
Hutson
B.
should
hand,
intangible asset that must be assiduously acquired through
an
there, and just
over
years,
In part, he said:
things to be attained in
not
are
be
only
can
has
recognized
and
open
four
at present "at ceiling level,"
are
"Customer and Public Relations."
and
the next few years.
Administrators
He warned against letting pressure for
"an issue about whose
as
Winston-Salem,
need
situation is
would like to do
I
words, to learn what
J.
principal there can be some sensible doubt."
The one great need of our banking system to-day is public
confidence, understanding, and respect, according to William
II
Neal,
Vice-President Wachovia
Bank &
Trust Co.,
This
job
I would like to
its
or
customer
My job will be to
observer.
an
for American farmers to sell more of their goods in
are
country
these
of
paper—
the purchase of poor bonds, and defined a poor
cause
grade
as
just what the
takes
yield commensurate with conditions in the investment market.
a
salesman but
a
other
Co., Richmond, Va.,
is designed to make available to the bank funds with
loans
make
Hence the
bankers'
market,
as
He stated:
reserve
can
customers.
exports
the products of
pessimist, but simply to report what I learn. U
long
much
are
years.
purchased
brings
those
1926
and prices went down—well, you
up
call them agricultural adjustment programs,
or
for
the investment
account
inevitably
difficulties in its train, J. Harvie Wilkinson, Vice-
those
After
consisted of
they
1932
agricultural countries in the world, have farm programs—control programs,
,
Some
reserve
not
another
this
as
Denmark,
account should be entirely different from
secondary
exported each year the products
land.
of
acres
by
until
Supplies piled
in foreign countries.
conditions
we
know, most of the European countries have national agricultural programs,
faces
merchant
million
80
away
acres.
realistic way
a
is
to our own borders.
But the economic life
rest.
nor a
There
problems of diminishing profits in
"After all, bankers
the problems
which Ave face, he looks for new lines and customers."
Failure to realize that securities purchased for a bank's
merchants.
«re
in
up
optimist
business," Mr. Woosley continued.
our
the
going
am
Before 1926
European countries within
v
current
and
what the prospects
$6,500,000,000 of current
secured this business, it
69
dwindle
to
remember
loan companies
"•
the
between
began
1936
closely interwoven that American
so
linked with
definitely
is
forget that.
only 43 million
personal loans made by local
sums,
countries of the world is
prosperity
28
all know, are not limited
we
they would be much easier to solve.
must not
of
loans
Housing
estimated that personal
It
Add
credit unions, and other agencies, and
credit
consumer
us
amounted1
$301,000,000.
$2,000,000,000.
We
in 1935 amounted to $723,000,000.
consumers
problems,
were,
of the various
country, according to E.
Total
farm
they
March
Representative Isabella Greenway,[of Arizona,
announced
apartment
March 22, it
vacant,
Washington, that day, that she would retire from office at
the end of her present term. Mr. Greenway was reported as
saying that her decision was prompted by a desire to devote
more
time to "family activities." [She was elected to the
House in October, 1933, for the unexpired portion of the
term of Lewis Douglas, who resigned to become Director of
the Budget. She was again re-elected in 1934. Mrs. Green-
actual rent per room
being received in the finished building.
The value of this to the banks is that they may avoid loans
in those sections where renting is not good, he said.
Some of the other speakers at the conference were indi¬
cated in
our
an
announcement
regarding the program given in
issue of March 14, page 1747.
was
stated in Associated Press advices from
way's present term ends this fall.
Chester C. Davis, Farm Administrator, Sails for
To Make Study of Economic Conditions
Europe—
Bearing on
Agricultural Programs
Chester C.
tural
by
Davis, a\t1io as Administrator of the Agricul¬
Adjustment Act and related Acts, has been selected
President
United
which
Roosevelt to make a special study for the
States government of economic conditions in Europe
a
direct bearing upon agricultural programs
have
already undertaken
for
Europe
to in
on
on
being planned in this country, sailed
March 19. His proposed mission was referred
these columns
or
March
14,
page
1747.
In
a
radio talk
March 19, just before his departure, Mr. Davis discussed
his trip and its purpose, saying, in part:
Metropolitan Life Insurance Co. Promotes Many Offi¬
cials—F. H. Ecker Elevated to Newly-Created Office
of Chairman
of Board—Is Succeeded
as
President
by L. A. Lincoln
Frederick
Insurance
office
also
Ecker,
President of the Metropolitan Life
was elected to the newly-created
since 1929,
of
board
H.
Co.
Chairman of the Board of that
organization, and
Leroy A. Lincoln, formerly Vice-President and general coun¬
sel, was elected President at the regular meeting of the
insurance company's board of directors held March 24.
The
announced
following officers:
the election
and
appointment of the
Volume 142
Financial
Vice-Presidents—Frederic
W.
Ecker,
formerly
Senior
Actuary—Raymond V.
Second
Carpenter,
Vice-Presidents—Charles
ander
C.
Third
Vice-Presidents,
Campbell, Frederick J.
Ernest
H.
D.
Wilkes
and
Williams
Jr.,
and
Samuel
Harry D.
Milligan,
Wright,
Alex¬
formerly
•'
1
Treasurer—Harry C. Hagerty, formerly Assistant Treasurer,
Actuary—Horace R. Bassford, formerly Assistant Actuary.
General
Counsel—Harry Cole
Assistants
General
it
Frederic
Counsel—Joseph H.
by the Metropolitan
stated:
was
:
,
Mr.
Ecker,
formerly
Dunham,
Collins and Churchill Rodgers.
announcement issued Marcli 24
an
G.
Counsel.
Assistants General
In
Bates and
had
who
served
President for
as
seven
the
almost to
years
day, will continue to be the chief executive officer of the
He
company.
has been connected with the Metropolitan for more than a half century,
having celebrated his fiftieth anniversary in 1933.
He began'as an office
boy
under
Joseph
Fairchild
May 6 1883, when he
Mr.
>
still
Ecker's
in
his
rise
20's
15, at
was
then
President
salary of $4
a
of
was
made
head
of
the
the
company,
on
week.
a
rapid with the growth of the
was
he
Knapp,
bond
and while
company,
and
division,
highly developed ability as a real estate expert
following the depression of 3893.
He was appointed the first Comptroller
having
demonstrated
the Metropolitan
of
Treasurer
From
dency,
the
and
in 1905, and a year later, at the age of
financial
time
that
Mr.
until
Ecker
mortgage
a
chief
40, he became
officer.
his
accession
directly
was
to
wider
the
responsible
duties
the
financial
for
the
of
Presi¬
of
progress
company.
John
Rogers
in
the
to
liegeman
Vice-President
was
politan
died
1909.
when
When
Presidency and
in
1929,
and
President of
was
Mr.
Mr.
Mr.
Ecker
Ecker
March
on
died, in
of
that
and
director
a
Mr.
1919,
elected
was
26
the company
elected
was
Hegeman
Mr.
the
Metro¬
Mr.
Ecker
Fiske
elected
was
President.
Mr.
the
Lincoln,
practice
the
to
new
1
President,
been
has
1918, having terminated
the
accept
Metropolitan.
offer
of
of
New
native
A
He
practiced law
before
in
Buffalo,
him, he served
vention
of
that
year.
His
counsel
to
the
New
York
N.
as
Y.,
associated
successful
a
appointment
York,
graduated from Yale College in 1902 and
done
The
Academy of Political Science will hold its semi-annual
meeting (56th year) on April 2 at the Hotel Astor, in New
York City.
The meeting, which will be divided into a morn¬
ing and afternoon session, will be followed in the evening of
April 2 by the semi-annual dinner-meeting at which Russell
C. Leffingwell, partner of J. P. Morgan &
Co., New York,
will preside.
The topic, "Economic Recovery and Monetary
Stabilization" will be discussed at the dinner-meeting; the
speakers, in addition to Mr. Leffingwell, are
scheduled
George L. Harrison, President of the Federal Reserve Bank
York, and Leon Fraser, Vice-President of the Firsi,
National Bank of the City of New York and former President
of New
of the Bank for International Settlements.
The topics at the two sessions of the semi-annual
meeting
Aspects—Credit Control and the Re¬
covery Program" (morning session) and "International As-,
pects—Currency Management and Gold Standard" (after¬
noon
session).
Winthrop W. Aldrich, Chairman of the
Board of the Chase National
Bank, New York, will preside
at the forenoon
session, and Adolph C. Miller, former mem¬
ber of the Board of Governors of the Federal Reserve
System,
at the later gathering.
According to the program, the follow¬
ing will address the two sessions:
will
be
was
until
.
.
with
the
in
private
attorney
Mr,
.
Metro¬
career
general
as
Lincoln
admitted to the bar in
1915,
when,
as
his
of
Morning Session
Emanuel A. Goldenweiser, Director of Research and
Statistics, Board of
1904.
father
had
as
State
delegate led to his appointment
a
as
Insurance
resigned two years later to become
a
Department, which post he
member of the law firm of Rumsey &
Director, College Business
Administration, Lehigh University.
j
Harvey Rogers, Professor of Political Economy, Yale University.
George B. Roberts, Vice-President National City Bank, New York.
Discussion:
Benjamin Haggott Beckhart, Professor of Banking, Columbia
University.
';
Afternoon Session
was
delegate to the State Constitutional Con¬
a
work
"Domestic
Governors of the Federal Reserve System.
Neil Carothers, Professor of Economics and
James
politan since Jan.
legal
Semi-Annual Meeting of Academy of Political Science
to be Held in New York
April 2—G. L. Harrison and
Haley Fiske
of
Fiske succeeded
Vice-President.
year
2093
Leon Fraser to Address Semi-Annual Dinner
formerly Actuary.
Taylor
•
,
.
G.
James
Treasurer;
Craig, formerly Actuary; James E. Kavanagh,
Henry E. North, formerly Second Vice-Presidents.
Chronicle
Robert Warren of Case, Pomeroy &
Company.
John H. Williams, Professor of Economics, Harvard
Alvin H. Hansen, Professor of Economics,
University.
University of Minnesota.
Frank D. Graham, Professor of
Discussion:
Economics, University of Princeton.
James W. Angell, Professor of Economics, Columbia Uni¬
versity.
Morgan, insurance attorneys, of New York City.
In
and
1926
Mr.
made
was
elected
Lincoln
First
director
a
Vice-President,
in
was
appointed general counsel of the Metropolitan,
and general counsel in 1929.
He was
November
and
1929,
also continuing to
serve
on
Jan.
28
1930
he
was
elected
general counsel.
as
^
Mid-West Bankers from 14 States
to Meet in
Chicago
Banking Service to be
Held Under Auspices of ABA April 2 and 3
Next Week—Conference
on
Bankers from 14 mid-eontinent States
attend
to
ments
will be held in
the conference
making
arrange¬
an¬
The conference will be held under the
auspices of the Association,
part of
as a
a program
of nation¬
banking development initiated by Robert V. Fleming,
President of the organization.
in
are
banking service which
Chicago April 2 and 3, it is indicated by ad¬
nounced March 26.
wide
on
registrations the American Bankers Association
vance
Reference is made elsewhere
issue of
to-day to proceedings at
held the past week in Memphis, Tenn.
our
In
a
a
similar conference
communication
bearing on the conference to be held
Chicago, addressed to all banks in the con¬
territory, Mr. Fleming stated:
ference
It is my conviction that no more important
of
our
and
duty rests upon the executives
banking institutions to-day than that of counselling together on ways
means
and
for
for promoting sound improvements in the services of the banks
bringing about
services.
ABOUT
BANKS,
better
public
TRUST
COMPANIES,
&c.
A
special meeting of stockholders of the Yorkville National
Bank, New York, has been called for April 27 for the purpose
of ratifying an agreement
whereby the Marine Midland
Trust Co. of New York will
the deposit and other
and also to authorize
the voluntary liquidation of the Yorkville institution. If the
plan is agreed to, the Yorkville bank will be continued as a
assume
liabilities of the Yorkville National,
branch of the Marine Midland at the location
now
occupied
by the former.
•
At
meeting of the board of trustees of Bank of New York
R. A. Macleod,
formerly Assistant Comptroller, was appointed Assistant
Vice-President and James Carey, formerly Assistant Secre¬
tary, was appointed Assistant Comptroller.
a
& Trust Co., New York, held March 25,
Lawyers Trust Co., New York, in
response to the Federal
call, reports total resources of $45,514,524 as of
March 4, compared with $42,572,668 on Dec. 31 last and
$37,832,398 on the call date of March 4 last year.
Current
total deposits of $40,941,458 compares with $38,044,629 at
the year-end and $33,513,895 a year ago.
The aggregate
of cash items including cash on hand, deposited with other
Reserve
week in
next
ITEMS
Vice-President
understanding
regarding
banking
To render it possible for bankers in all sections to
get together for
this purpose we made arrangements for similar
meetings in various parts of
banks and
reserves
with the Federal Reserve Bank, is
ported at $15,401,941, against $11,549,190
vestments
in
U.
S.
Government
on
securities
Dec. 31.
delcined
re¬
In¬
from
which will be held
$10,046,773 at the year-end to $9,388,669, with a propor¬
tionate increase in other investments during the period from
$9,490,540 to $9,831,019.
Loans and discounts reported
as $10,207,464 were
$10,772,248 on Dec. 31.
During the
same
two-month period undivided profits advanced from
$1,017,876 10 $1,116,307.
"Emotional Causes and Economic Effects."
The conference
will be called to order the morning of April 2
by Howard W.
the Astoria Silk Works and also of the Cold
the country.
Among the outstanding features at the coming conference,
at the Stevens Hotel, will be an address at
the opening session by Mr. Fleming on "A Nationwide
Program of Banking Development," and at a dinner meeting
the evening of April 3, James M. Barker, Vice PresidentTreasurer, Sears Roebuck & Co., Chicago, will speak on
Fenton,
General
President
Chairman
Harris
Trust
the
of
Chicago committees,
& Savings Bank, Chicago, after
which Mr. Fleming will preside.
general sessions
are as
The other speakers at the
follows:
Harold Amberg, Vice-President First National Bank, Chicago.
Avery G. Clinger, President Ohio National Bank, Columbus, Ohio.
Felix M.
McWhirter, President Peoples State Bank, Indianapolis, Ind.
W. G. Rule, Vice-President Boatmen's National Bank, St. Louis, Mo.
Philip A. Benson, President Dime Savings Bank of Brooklyn, N. Y.
Harry A. Brinknian. Vice-President Harris Trust & Savings Bank, Chi¬
cago,
Walter H. Weber, who was for many years President of
Spring Textile
Corp., has joined the Textile Banking Co. in the New Busi¬
ness Department and will
operate from the main office in
New York City, it was announced this week by the
company.
Announcement was also made of the apointment of Edmund
H. Leland as representative in the New
England territory,
and of Charles W. Metcalf
as Southern
representative with
Mr. Leland resigned a few years
ago from the Presidency of the Merchants National Bank,
New Bedford, Mass.
Mr. Metcalf was associated for some
time with the Cotton Textile Institute.
offices in Charlotte, N. C.
111.
Robertson Griswold,
Vice-President Maryland Trust Co., Baltimore, Md.
Herman
Secretary
B.
Wells,
State of Indiana,
Charles
H.
Commission
for
Financial
Institutions,
Indianapolis.
Mylander, Vice-President The Huntington National Bank,
William L. DeBost, President of the Union Dime Savings
Bank, New York, announced March 23 that at the March
meeting of the Board of Trustees, G. C. Stevenson was
elected
Columbus, Ohio.
A. G. Brown. President Ohio Citizens Trust Co., Toledo, Ohio.
Id addition to these general sessions,
departmental forums
the following subjects:
constructive customer re¬
lations; facilitating farm credit.
The afternoon of April 3
forums will be held on advertising and publicity; commercial
banking; savings.
will be held the evening of April
bank protection and insurance;
.
2
on
a
trustee of the bank.
Mr. Stevenson is well-known
in financial and investment
circles, and is a member of the
firm of Bacon, Stevenson & Co., New York, members of the
New York Stock Exchange.
Concerning the affairs of the defunct Ozone Park National
Ozone Park, N. Y., the following appeared in the
Bank,
New York "Herald Tribune" of March 27:
Financial
2094
f Thomas P. Hanley, receiver of the Ozone Park
National Bank of Ozone
March
Chronicle
28
1936
$54,761,690 at the latest date,
and advances, less reserves totaled only
March 4 as compared with $155,898,322 at
165 at the end of December to
Park, closed since the banking holiday, filed
but loans, discounts
to recover from nine
$153,535,238
suit yesterday (March 26)
stockholders holding, all told, 40 out of the total of
2,000 shares, the $100 par value of their holgings.
Vice-Presidency
Co. of
Wallingford, Conn., to succeed the late John A. Martin, it is
learned from Wallingford advices, on March 17, appearing
in the New Haven "Register."
The directors have also
named former Judge Michael T. Downes and former Repre¬
sentative in the General Assembly, Edward T. Kavanaugh,
Vice-Presidents (the latter to succeed Mr. Loucks), and have
advanced Karl B. Reynolds, the present Trust Officer, to a
Vice-President.
The dispatch continued, in part:
Charles Loucks has been promoted from a
Presidency of the Wallingford Bank & Trust
to the
George H. Wilkinson, who has filled the office
bank
the
Luby
for
many
years,
was
of Secretary-Treasurer of
Miss Anna M.
re-elected to that post, and
elected Assistant Secretary.
was
...
of March 4, the Com Ex¬
In its statement of condition as
& Trust Co. of Philadelphia, Pa.,
shows deposits of $92,886,115 (as against deposits of $94,269,343 on Dec. 31 1935), and total assets of $109,605,455 (as
against $110,843,374 at the end of 1935).
The principal
items making up the resources are:
Cash and due from
banks, $28,957,116 (as compared with $31,192,008 on Dec. 31
1935) ; United
States government securities, $19,630,028
(against $20,033,703); bills discounted, $15,112,883 (against
$14,703,935);
demand loans,
$11,735,828 (against $11,791,046),
and
other
securities,
$10,229,196
(against
$9,860,962).
The institution is capitalized at $4,550,000,
with surplus and undivided profits of $8,718,798 and reserve
for taxes, interest, &c., of $1,409,936.
Paul Thompson is
Bank
National
change
President.
1
1
,
notes and capital
and $13,800,000,
respectively; surplus ana undivided profits rose to $3,188,314
from $3,054,986, while total deposits decreased from $303,176,420 to $302,226,529.
Harris Creech is President.
$124,223,784 (as compared with resources of $128,524,471
Dec. 31 1935), of which the chief items are:
Cash and
due from
banks, $53,200,037; United States government
of
on
securities,- $34,104,911; loans and discounts, $26,371,945, and
State, municipal and other securities, $9,289,061.
On the
debit side of the statement, total deposits are given as
$116,958,465 (against $121,480,511); undivided profits at
$711,323 (against $635,954), and reserve for interest, taxes
and contingencies, as $723,576
(against $716,612).
The
institution
the Farmers
Deposit National Bank of Pittsburgh, Pa., shows total assets
$108,288,364 (as compared with total resources of $103,017,457 on Dec. 311935), of which the following are the chief
items: Cash on hand, due from banks and U. S. Government
securities, $91,235,222 (as against $85,363,710) and other
bonds and securities and loans and discounts, $11,748,644
is
capitalized
$4,000,000,
at
surplus
with
of
$1,000,000.
Charles G. Dawes is Chairman of the Board,
and Philip R. Clarke, President.
Full payment
of depositors of the defunct South Ashland
111., plus 5.3% interest, was an¬
March 17 by H. E. Hallenbeck, the receiver.
National Bank of Chicago,
nounced
on
from the Chicago "Tribune" of March 18:
We quote, in part,
Checks
morning
Mr.
the
for
at
amount to
the
C.
final payment
of 25.3% will be ready for delivery this
office
receiver's
at
7919
South
Ashland Avenue.
These
approximately $22,000.
Hallenbeck
returned
to
the
said
checks
any
office of
the
not called for
bank
closed
on
June
within
10
days will be
Comptroller of the Currency in Washington,
Depositors previously have received
The
statement as of March 4,
City National Bank & Trust Co. of Chicago, 111., in
total resources
The
its condition statement as of March 4, reports
D.
•
In its condition
on
the end of the year.
The bank's capital
stock remained unchanged at $15,000,000
25
secured and
80% of their claims.
with
1932,
total
preferred claims,
liabilities
well
including $20,283
in
unsecured deposits
of
$115,528,
as
$6,355 in
which were offset by claims of the bank.
as
of
(as against $12,560,321).
On the liabilities side of the report,
deposits are shown at $92,564,681 (as compared with
$87,432,231 on Dec. 31) and undivided profits as $3,595,652
(against $3,396,420).
The institution, which was estab¬
lished in 1832, is capitalized at $6,000,000 with surplus of
like amount.
Arthur E. Braun is President.
total
According
Ohio,
ized
to
Associated
advices
Press
from
Marietta,
March 17, the Treasury Department has author¬
20% dividend to depositors of the closed First Na¬
Bank of Marietta.
The dividend, which is to be
on
a
tional
Milwaukee, Wis.,
total resources
of $201,961,772, as compared with resources of $199,399,947
as of Dec. 31 1935, of which the following are the principal
items:
Cash and due from banks, $63,487,206 (as against
The First Wisconsin National Bank of
in its March 4 statement of condition reports
$59,313,567); U. S. Government securities of $90,944,887
(against $89,382,512) and loans and discounts, $37,117,890
(against $38,633,856).
On the debit side of the statement,
deposits are given at $183,317,674 as of March 4, as com¬
pared with $179,982,056 on Dec. 31.
The institution is
capitalized at $15,000,000 (consisting of $10,000,000 pre¬
ferred and $5,000,000 common, stock) and has a surplus
fund of $2,500,000, and undivided profits of $623,929, an
increase in the case of the last named item from $582,177
Walter Kasten heads the instituion.
Dec. 31.
on
paid May 1, will bring to 65% the amount paid by the bank,
it
stated.
was
♦
.
,v
The Boatmen's National Bank of St.
Vice-President of the Cleveland
Trust Co.,
Ohio, tendered his resignation on
Mar. 23 to devote himself to other interests.
In outlining
Mr. Hobson's banking career, the Cleveland "Plain Dealer"
of Mar. 24 had the following to say:
H.
Frank
Hobson,
Cleveland,
a
Mr. Hobson entered the employ of the
and has
bank as a messenger boy in 1907
continuously in its service.
been since then
He passed through
most of the
operating departments of the institution in the early years of
his banking
career
and became vice president in 1920.
£His activities have been mostly in the field of commercial banking and
financial, industrial and commercial circles.
he is widely known in
In its condition statement as of March 4, the
Central Na¬
(formerly known as the
Central United National Bank of Cleveland), reports total
tional
Bank
assets
at
31
Cleveland,
Ohio
$145,494,445 (as compared with $146,987,308 on
1935), of which loans and discounts amounted to
$47,615,680) and cash in vault and
with banks to $23,000,455 (as compared with $23,396,849).
On the debit side of the statement, total deposits are shown
as $129,359,466, as compared with $131,385,066 at the close
of 1935. The institution's capital, which stands at $13,000,000
(consisting of $8,000,000 preferred and $5,000,000 comtnon,
stock), remains unchanged, but surplus, undivided profits
and reserves are up from $1,535,710 on Dec. 31 to $1,677,740.
$47,167,539
(against
in the Cleveland "Plain Dealer,"
March 10, printed
that payment of dividends
to
depositors of two Seneca County banks—the State Bank
at
Bettsville and the First National Bank at Kansas—was
authorized
on
that
day by the Common Pleas Court.
We
quote the dispatch:
Depositors of the State Bank at Bettsville will receive 35% and of the
20%.
The Bettsville dividend is the fourth
First National Bank at Kansas,
for
of
an
aggregate
As of March 4, The Cleveland Trust Co., Cleveland, Ohio,
total resources of $337,834,597, which compares with
had
$337,733,007 on Dec. 31 1935.
Cash on hand and in banks
aggregated $92,979,006 on March 4 as against $93,459,921
on Dec. 31./
The institution's holdings of U. S. Government
obligations (direct and fully guaranteed) rose from $53,433,-
of
St.
Louis, Mo., on March 16 voted three quarterly divi¬
$1.25 the share on its capital stock, payable April 1,
dends of
July 1 and Oct. 1, to record
on
the twentieth of each month
preceding, according to the St. Louis "Globe-Democrat"
March 17, which
This
raises
dividends
learned
the
of
added:
annual
rate
from
$4
to
$5 the share,
as
the quarterly
previously had been $1 since the middle of 1932.
the
St.
Louis
"Globe-Democrat" of
that announcement
was
March 16 it is
made the previous
day by
receiver of the closed Twelfth Street
National Bank of St. Louis, Mo. (which suspended Jan. 16
1933), that final dividend checks were ready for distribution
J.
Buckner
Fisher,
to
depositors and creditors.
The checks, Mr. Fisher said,
amounting to $37,581.87, will complete 100% settlement of
the bank's indebtedness, originally $1,114,888.
The paper
added, in part:
The
is
♦
Louis, St. Louis, Mo.,
shows total resources
The Board of the Mercantile Commerce Bank & Trust Co.
of
of 95%, and the Kansas dividend the third for a total
85%.
business March 4
Smith is President.
From
We learn from Tiffin, Ohio, advices, on
of
$52,524,346 (as compared with total assets of $52,608,460 at
the close of business Dec. 31 1935), of which the chief items
are:
Cash and due from banks, $15,323,495
(as against
$18,301,120 at the close of business Dec. 31); bonds and
stocks, $25,375,357 (as against $22,833,604), and loans and
discounts, $11,276,686 (as compared with $11,015,824).
On
the debit side of the statement, total deposits are shown as
$48,292,194 as against $48,472,768 at the end of 1935.
The
institution is capitalized at $3,868,693, consisting of $500,000
preferred stock, $2,000,000 common stock, $1,000,000 surplus,
and $368,693 undivided profits, the last-named comparing
with undivided profits of $309,476 on Dec. 31.
Tom K.
of
Dec.
of
close
the
a
may
dividend is
the
fourth since the bank closed.
possibility that later
an
interest dividend
on
Mr.
the
Fisher said there
deferred
payments
be made.
The Hibernia National Bank in New Orleans, New Or¬
leans, La., in its statement of March 4 1936, exhibits total
deposits of $39,992,000, which is a gain of $5,000,000 since
March 4th a year ago. Its cash and governments total $33,200,000, a gain of $8,800,000 during the 12 months. During
Financial
Volume 142
the same
period, after paying regular dividends on its capital
stock, its profits and reserves showed a gain of $137,000,
its
capital funds
now
exceeding $3,750,000.
♦
Deposits of the Whitney National Bank of New Orleans,
New Orleans, La., totaled $106,108,312 and total resources
$115,267,968 on March 4, according to the institution's
statement of condition
date.
721,181 and total
business Dec. 31
at the close of business on that
resources
with total deposits of $110,-
of $119,712,364 at the close of
1935, the date of the last previous state¬
Undivided
ment.
profits at the later date were $1,343,035
from $1,015,735
up
as
These figures compare
on
2095
Chronicle
The institution, which was established in
Sept. 29 1863, has a paid-up capital of £2,000,000; reserve fund of £2,200,000 and total resourcesApf
£35,178,979.
**<*4
The bank, which maintains numerous branches in Asia and
Africa, during the year under review, closed its branch jjat
Eldoret, Kenya Colony, and will shortly open a branch! at
Mwanza, Northern Tanganyika.
The report will be sub¬
mitted to the shareholders at their ordinary general meeting
to be held in London on Mar. 31.
Sir Charles C. McLeod is
and loss account.
Calcutta
on
Chairman of the Board of Directors, and W. Ross
General Manager.
Munro,
Dec. 31, while capital and surplus
remained unchanged at $2,800,000 and
$4,200,000, respec¬
Cash and due from banks dropped to $36,107,725
Mar. 4 from $36,972,319 on the earlier date, as did loans,
discounts and acceptances, to $29,584,496 from $32,745,128,
but holdings of United
States Government obligations
(direct and-or fully guaranteed) increased to $35,268,838,
from $34,176,846 at the year's end.
J. D. O'Keefe is
President of the institution, which was established in 1883.
tively.
CHANGES
NATIONAL
IN
NOTES
BANK
We give below tables which show all the
in National bank notes and in bonds and
monthly changes
legal tenders on
deposit therefor:
National Bank Circulation Afloat on—
Amount Bonds
on
Deposit to
Secure Circula¬
Legal
tion for National
Bank Notes
The First National Bank of Denver, Denver, Colo., in
its condition report at the close of business March 4, shows
total deposits of $55,724,018, as compared
at the close of business Dec. 31 1935, and
with $54,603,249
total resources of
$60,058,492, as against $58,890,356 at the earlier date.
Assets in the current report include U. S. bonds and U. S.
certificates of indebtedness, due from Federal Reserve bank,
and cash on hand and due from banks, $46,922,316, as com¬
pared with $45,239,929 on Dec. 31.
The bank's capital and
surplus, at $1,500,000 each, remain unchanged, but un¬
divided profits have increased from $849,948 on Dec. 31 to
$879,233 on March 4.
Gerald Hughes is Chairman of the
board of directors, and John Evans, President of the in¬
stitution.
Bonds
Tenders
$
$
$
b600,000
Dec. 31 1935
b600,000
Nov. 30 1935
Oct. 31 1935
bOOO.OOO
428,725,995
446,007,210
473,146,661
498,690.117
a428,125,995
bOOO.OOO
a445,407.210
a472,546,661
a498,090,117
a529,121,057
b600,000
b600,000
Sept. 30 1935
Aug. 31 1935
July 31 1935
*900:666
May 31 1935
Apr. 30 1935
Mar. 31 1935
Feb. 28 1935
529,721.057
573.028,022
618,911,862
749,739.485
a572,428,022
618.311,862
735,754,750
548,490,215
550.975,223
553,161,838
418,780,298
214,371,617
600,000
13,984,735
220.605,430
244,006.952
271,360,682
430,477,157
653.340,478
2,351.260
141,945,660
283,529,310
330,642,140
478,777,490
657,937,080
June 30 1935
769,095.645
794.982,176
824,522,520
849,257,455
867,712.095
$2,327,717 Federal Reserve bank notes outstanding March 2 1936, secured by
$2,380,123 on March 1 1935.
lawful money, against
a
*
4, the Citizens National Trust & Savings Bank of Los
Angeles, Los Angeles, Calif., shows total resources of $108,303,652, against total resources of $108,676,561 at the close
of business Dec. 31 and total deposits of $97,606,082, as
compared with $98,245,199 at the earlier date.
Principal
items making up the assets are: Laons and discounts, $47,562,690 (against $47,663,666), cash and due from banks,
$25,379,125
(against $28,480,168)
and United
States
obligations, direct or fully guaranteed, $17,925,869 (against
$15,393,731).
The bank's capital and surplus at $5,000,000
and
$3,025,000, respectively,
remain
unchanged,
but
undivided profits at $1,614,265 are up from $1,330,497 at
the close of 1935.
The institution, which was organized in
1890, is headed by George W. Walker, Chairman of the
Board, and Herbert D. Ivey, President.
$
Feb. 29 1936——
Jan. 31 1936
Includes proceeds for caUed bonds redeemed by Secretary of the Treasury*
b Secured by $600,000 U. S.
In its statement of condition at the close of business Mar.
Total
2% Consols 1930 deposited with U. S. Treasurer.
Includes $300,000 bonds which were on deposit although
been retired
circulating notes had
by deposit of that amount of lawful money.
The following shows the amount of
National bank notes
afloat and the amount of legal tender deposits Feb. 1 1936
and March 2 1936, and their increase or decrease during the
month of
February:
National Bank Notes—Total Afloat—
Amount afloat Feb 1 1936---
$446,007,210
17,281,216
—
Net decrease during February
-
Amount of bank notes afloat March 2 1936...
$428,725,995
—
Legal Tender Notes—
Amount deposited to redeem National bank notes Feb. 1
$445,407,210
17,281,215
Net amount of bank notes redeemed in February
Amount
a
on
a$428,125,995
deposit to redeem National bank notes Mar. 21936
Includes proceeds for called bonds
FOREIGN
redeemed by Secretary of the Treasury,
EXCHANGE RATES
Pursuant to the
Increase in deposits of the Wells Fargo Bank & Trust Co.
of
San
Francisco, Calif., as of March 4, as shown by the
bank's statement of condition, was in amount of $211,994,872,
or 12% above a year ago, not 2%, as inadvertently reported
in these columns
on
March
21,
page
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying Irate for
Act
of
cable transfers in the different countries of the world.
give below
a
1926.
FOREIGN
Bank
of
assets in the current statement are:
Cash
on
bonds, $70,948,295 (as against
$73,121,877 on Dec. 31 1935); loans and discounts, $19,523,944 (against $2,391,669), and municipal and other bonds,
$14,192,026 (as compared with $13,914,406).
The capital
structure
of the institution aggregates $8,044,109, consist¬
ing of $4,000,000 capital, $2,100,000 surplus, and $1,944,109.
«
statement of condition
as
at
4, the Seattle-First National
shows total
of
the close of
Bank,
Seattle,
business
Wash.,
$133,432,133
(as against $135,828,634 at the close of business Dec. 31 1935), of which the
principal items are: $92,391,794, representing cash and due
from banks, United States government bonds, and other
high grade bonds and securities (as compared with $92,404,798
Dec.
resources
31
1935), and $36,002,891 loans and discounts
(against $38,768,545). Deposits are shown at $120,466,933,
as compared with $123,522,471 at the close of last year, while
surplus and undivided profits stand at $2,899,828, as against
$2,668,663. The bank's capital at $8,000,000 remains un¬
changed.
The institution maintains 17 branches.
M. A.
on
TREASURY
MARCH 21
CERTIFIED
UNDER
FEDERAL
BY
ACT
TARIFF
1936 TO MARCH 27 1936,
OF
RESERVE
1922
INCLUSIVE
Arnold is President.
$
The 122nd report
ofthe National Bank of India, Ltd. (head
office London), covering the calendar year 1935, has just
been received.
It shows net profits as of Dec. 31, after pro¬
viding for all bad and doubtful debts, of £707,669, inclusive
of £250,010, the balance brought forward from the previous
year.
Out of this sum, the report tells us, an interim divi¬
dend of 18% per annum for the half year ended June 30 was
paid, calling for £180,000, and the directors now recommend
a further dividend at the same rate, less income tax; the ad¬
dition of £50,000 to officers' pension fund and the transfer of
£50,000 to contingencies account, leaving a balance of
£247,669 to be carried forward to the current year's profit
Country and Monetary
Noon Buying Rate for Cable Transfers in
Value in United States Money
New York
Unit
Mar. 21
Mar. 23
Mar. 24
Mar. 25
Mar. 26
$
$
$
$
$
Mar. 27
hand and due
from banks and United States
March
TO
Portland, Ore., as of March 4, shows deposits of
$99,847,172 (as compared with $102,841,623 on Dec. 31 1935)
and total resources of $108,086,480 (as against $110,904,709
at the end of 1935).
The principal items making up total
In its
RATES
EXCHANGE
BANKS
The statement of condition of the United States National
We
record for the week just passed:
Europe—
Austria, schilling-
.188133*
.187783*
.187983*
.187916*
.187833*
$
.187550*
.169446
.169284
.169250
.169573
.169326
.169611
Belgium, belga—
.013000* .012666* .012833*
.012833* .013000* .012875*
Bulgaria, lev
.041475
.041478
.041539
.041507
.041407
Czechoslo'kia, karuna .041535
.221476
.221387
.220962
.221541
Denmark, krone
.221358) .221261
L950583
England, pound sterl'g 4.959166 4.956583 L.962500 1.960750 L.958666
.021843
.021875
.021850
.021868
.021837
.021831
Finland, markka
.0661671 .066110
.066205
.066075
.066150
.065975
France, franc
—
Germany, reichsmark
Greece, drachma
Holland, guilderHungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.4041911
.403407)
.403738
.403678
.403292
.402438
.0094561
.009434!
.009437
.009421
.009409
.009425
.682169'
.681535*
.682292
.681900
.681164
.680035
.295350*
.395350*
.395625*
.294925*
.079725*
.079668*
.079620*
.079594*
.07944C*
.249150
.249000
.249312
.249276
.249195
.189175
.188825
.189125
.189100
.188950
.188625
.044990
.044992
.045032
.045037
.045015
.044955
.007300
.007325
.007362
.007375
.007368
.007316
.137121
.137003
.137150
.137057
.136935
.136692
.255662
.255515
.255800
.255796
.255687
.327185
.327464
.327310
.327046
.326525
.022966
franc
Yugoslavia, dinar
.295350*
.327392
Switzerland,
.295625*
.079750*
.022950
.022983
.022983
.022983
.022900 I
.248636
.255168
Asia—
China—
Chefoo (yuan) dol'r
Hankow(yuan). dol'r
Shanghal(yuan) dol.
Tientsin(yuan) dol'r
Hong Kong, dollar.
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.298333
.298333
.297916
.297916
.298750
.298333
.298333
.299166
.299583
.298750
.298333
.297916
.297916
.298750
.299062
.298333
.298750
.298333
.298333
.299166
.299583
.298750
.326093
.326250
.325468
.325468
.325156
.298750
.299166
.325781
.374200
.374020
.374360
.374385
.374450
.373760
.288675
.288330
.288800
.288780
.288700
.288510
.581562
.581250
.581625
.581937
.581562
.580000
Australasia—
1.950250*3 .943000*
3.953250*3.947375*3 .953375*3.951625*3
Australia, poundNew Zealand, pound- 3.983500*3.978000*3 .984250*3.982000*3
1.980625*3 .973375*
Africa—
South Africa, pound— 4.907291* 4.901458* 4.906250* 4.906875*4.903541* 4.895416*
North America—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
.996875
.996953
.997552
.997421
.996848
.995625
.999000
.999000
.999000
.999000
.999000
.999000
.277625
.277675
.277675
.277675
.277675
.277675
.993187
.994375
.994312
.995000
.994812
.994250
.330700*
.330300*
.330725*
.330575*
.330525*
.330025*
.085700*
.085700*
.085700*
.085700*
.085700*
.085600*
.050625*
.050950*
.050950*
.050950*
.050950*
.050950*
.803125*
.798750*
.798750*
.798750*
.798750*
.797500*
.568200*
.571500*
.571500*
.571500*
.571500*
.571600*
South America—
Argentina, peso
Brazil, milreis
Chile, peso—
Uruguay, peso
Colombia, peso
*
-
Nominal rates; firm rates not available.
2096
Financial
Chronicle
March
1936
28
The SS. Cathay which sailed from Bombay on the 7th inst. carries
to the value of about
The
Luitweiler, Kellogg & Co.
Members of
Transvaal
894,624 fine
and
ounces,
821,246 fine
compared with 924,081 fine
as
for Feb.
ounces
1936 amounted to
SILVER
After
DEALERS
&
showing
two months
a
Sterling Securities—Foreign Dollar Bonds
WALL
NEW
a
19 ll-16d.
successive rises of yd. and
STREET
sellers.
and
%d.
19%d. being reached
The firmness
by the political
There was,
a
Telephone John 4-3830
when quotations were fixed at 19%d. and
Although the chief demand
but
1-16d.
BOURSE
Quotations of representative stocks
as
received by cable each day
The present
v+U
Mar. 21 Mar. 23 Mar. 24 Mar. 25 Mar. 26 Mar. 27
Francs
Francs
Francs
Francs
Francs
Francs
Bank of France
8,000
8,100
8,000
7,800
prices attracted
7,800
964
953
952
954
434
431
432
428
Canadian Pacific...
201
197
198
194
198
18,400
18,400
18,400
18,800
18,900
970
970
954
959
960
Cle Generale d'EIectrlcltle..
1,320
...
1,310
1,310
968
registered from mid-day
....
" 1,320
1,300
of supply, but the higher
level would appear to be sufficiently high, but the
market
1,310
the
'
;
The following were the United
199
18,400
Cle Dlstr. d'EIectrlcltle
little speculative covering.
by speculators.
trend of political events.
7,800
432
a
source
is uncertain and; in common with other markets, may be affected by
Banque de Paris et Des Pays Bas
Banque de 1 "Union Parlslenne._
Canal de Suez
some resales
recovered to-day
from India, there was some American
was
Offerings from China have been the chief
of the past week
was
19yd.
commercial buying at the lower levels as well as
PARIS
Bombay rates, possibly
reaction yesterday, prices easing to 19 9-16d.
and 19 7-18d. for the respective deliveries,
Cable audress: Lultkel
9 by
March
from Europe which also served to deter
news
however,
on
due mainly to demand
was
Indian Bazaars following an advance in
influenced
YORK
.
further decline to 19 1-16d. for cash and 18 15-16d. for
delivery, the quotations of the 5th and 6th inst. prices made
sharp recovery,
from the
THE
for Jan. 1936
ounces
1935.
New York Stock Exchange
BROKERS
96
gold
£236,000 consigned to London.
gold output for the month of Feb.
Kingdom imports and exports of silver
the 2d inst. to mid-day on the 9th inst.
on
Imports
Exports
British West Africa
United States of America..£448,805
£2,460
15,981
Belgium
France
British India
224,390
7,500
6,568
Madras
340
Cle Generale Transatlantlque...
17
Citroen B
85
85
Comptolr Natlonale d'Escompte
Coty S A
914
909
110
110
110
110
110
Courrleres
226
226
224
222
224
Spain
2,880
2,167
Credit Commercial de France..
591
588
590
590
590
Sweden
1,725
19
19
.....
85
85
85
911
910
915
....
Credit Lyonnaise
1,690
1,680
1,670
Eaux Lyonnaise
1,630
1,620
1,620
1,640
1,620
474
472
469
720
3,128
Nysaland
Germany
Energle Electrlque du Nord
Energle Electrlque du Littoral..
722
1,660
722
608
606
617
614
Denmark
1,630
1,590
960
950
960
950
Other countries.
Lyon(PLM)
810
806
815
811
813
1,034
1,030
1,026
1,018
1,005
381
376
383
379
376
15
15
16
16
17
990
IN
....
Mar.
1,309
1,312
1,322
1,306
1,340
67.20
67.10
66.75
66.40
69.40
69.30
68.80
68.40
68.00
70.10
69.60
69.50
69.20
68.90
68.40
75.90
75.60
75.50
75.10
74.90
74.20
99.60
99.50
99.10
98.90
98.75
98.10
Royal Dutch
2,500
2,480
1,640
2,500
2,490
2,530
2,580
1,605
1,643
1,608
1,625
1,608
1,640
1,605
57
57
Saint Gobaln C <fe C._._
Schneider &
1,630
1,605
Cle
Soclete
Francaise Ford.
Societe
Generale
Soclete
Lyonnaise
56
Fonclere
66.00
73.90
57,
73.25
41
40
41
39
1,622
1,623
534
533
68
68
68
481
478
480
51
51
51
18 15-16d.
19 5-16d.
Mar.
9..
.19 ll-16d.
19%d.19%d.
Mar. 10
.19 9-16d.
Mar. 11
19%d.
19.385d.
—
Average.
18 15-16d.
....45 cents.!
Mar.
4...
Mar.
5
45 cents
Mar.
6
..45 cents
Mar.
7
45 cents
19 7-16d.
Mar.
9
45 cents
19%d.
19.240d.
Mar. 10-.
'
The highest rate of exchange on New
was
..
45 cents
York recorded during the period
$4.99% and the lowe t $4.96%d.
55
482
52
19 l-16d.
7
71
491
YORK
532
70
19 l-16d.
6
Mar.
1,595
534
NEW
39
1,622
534
4—
Mar.
from the 5th inst. to the 11th inst.
55
1,650
IN
(Per Ounce .999 Fine)
'
67.40
69.80
74.20
LONDON
-Bar Silver per Oz.Std.Cash
2 Mos.
Pechlney
74.60
£718,486
Quotations during the week:
373
Rentes, Perpetuel 3%
Rentes 4%, 1917
Rentes4%, 1918
Rentes 4 % %, 1932 A
Rentes 4^%, 1932 B...
Rentes 5%. 1920
74.60
..........
£21 909
980
75.00
1,450
1,900
2,799
Egypt
622
L'Alr Llqulde
Orleans Ry
Pathe Capital
18,302
728
Kuhlmann
Nord Ry
Protectorate
France
110
470
722
„
Other countries
1,600
482
19
54
Societe Marseillaise
Tubize Artificial Silk pref
Union d'EIectrlcltle
Wagon-Li ts
ENGLISH
The
as
FINANCIAL
MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been
follows the past week:
as
Sat.,
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks as received by
day of the past week
cable each
Mar.
Mar.
21
23
24
35
35
Cent of T*cct
35
36
112
112
142
143
i
Allgemelne Elektrizltaets-Gesellschaft
Berliper Handels-Gesellschaft
Berliner Kraft
(6%)
Licht (8%)
Commerz-und Privat-Bank A G
Dessauer Gas (7%).
u.
Mar.
Mar.
25
Mar.
Mar.
26
27
37
111
110
110
143
112
143
144
144
91
91
91
91
92
British
129
129
129
130
91
91
91
91
116
116
116
117
116
123
123
123
123
92
92
92
159
158
131
131
131
131
138
138
141
15
15
15
83
84
84
17
18
181
17
180
17
178
179
222
180
174
174
175
175
pared with
176
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
GOLD
the 4th inst.
as
days has been:
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
OF
BANK
CLEARINGS
Preliminary figures compiled by us
telegraphic advices from the chief cities of the
country indicate that foi the week ended to-day.
(Saturday,
March 28) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
1.9% above those for the corresponding week last year.
Our preliminary total stands at $5,633,257,202, against
$5,529,666,880 for the same week in 1935.
At this center
there is a gain for the week ended Friday of 0.3%.
Our
comparative summary for the week follows:
a year ago.
based upon
178"
March 11 1936:
on
116%
44%
COURSE
THE ENGLISH GOLD AND SILVER MARKETS
England gold
lie y
(in cents) in the United
Bank clearings this week will again show an increase com¬
We
The Bank of
ounce
S. Treasury
(newly mined)
16
179
222
180
173
Seimens & Halske (7%)
16
179
221
228
-
U.
85
179
-
same
U8H
us y
per
15
84
the
140
16
on
us y
133
136
16
Holiday
price of silver
159
84
Rhelnlsche Braunkohle (8%)
Salzdetfurth (7%%)
Mar. 27
BarN.Y.(for.)_ 44%
U. S. Treasury. 50.01
92
159
136
Norddeutscher Lloyd
Reichsbank (8%)
92
159
130
Mannesmann Roehren
92
159
Hamburg Electrlo Werke (8%)
Hapag
Fri.,
Mar. 26
4%
States
131
92
123
Thvrs.,
Mar. 25
The
92
128
Farbenindustrie IG (7%)
Gesfuerel (6%)
Wed.,
Mar. 24
1960-90
Deutsche Bank und Dlsoonto-Gesellschaft-. 92
Deutsche Erdoel (4%)
115
Deutsche Relchsbahn (German Rys) pf 7%. 123
Dreedner Bank
Tves.,
Mar. 23
Sliver, per oz.. 19 13-16d. 19 13-16d. 19 13-16d. 20 3-16d.
20d.
19 15-16d.
Gold, p.fineoz.140s. lid. 140s. lid. 140s.ll%d.l40s.9%d. 140s.10%d. 140s.10%d
85
Consols, 2y%
Holiday
85
.85%
85 y
British 3y %
War Loan... Holiday
106 y
106 y
106 y
my
ioey
37
.
Mon.,
Mar. 21
against notes amounted to £200,612,672
compared with £200,611,852 on the previous Wednesday
reserve
.
Purchases of bar gold announced by the Bank during the week amounted
to £512.
I
Clearings—Returns by Telegraph,
Week Ended March 28
Per
1936
1935
$2,823,148,967
224,003,822
266,000,000
160,117,000
67,321,766
72,100,000
106,920,000
83,696,330
80,291,831
$2,813,928,831
201,934,800
263,000,000
147,000,000
Cent
The political situation created
by the entry of German troops into the
Rhineland was not reflected by any wide fluctuations in exchanges; the
sterling price of gold has, therefore, shown very little movement, varying
only Id. during the week.
Affected by prevailing conditions, business
in the open market was quiet, only about £850,000 of bar gold
having
changed hands at the daily fixing.
Per Fine
Equivalent Value
1 of £
Sterling
Ounce
March
5
141s.
March
6
141s.
March
7
March
9—
Average
yd.
yd.
141s.
_
"
141s.
Imports
Africa
Tanganyika Territory
.£1,917,071
96,627
12,714
Australia
Canada
United States of America.
France
Switzerland
Madeira
Venezuela
Other countries
.
_
San Francisco
Pittsburgh
Detroit
12s. 0.56d.
12s. 0.56d.
Cleveland
New Orleans
Twelve cities, 5 days
Other cities, 5 days
12s. 0.57d.
$4,011,378,287
+ 1.1
+ 8.9
61,231,659
+9.9
64,500,000
89,338,000
76,967,542
78,311,179
45,951,249
37,167,358
26,513,000
59,128,107
40,021,464
28,629,000
Baltimore
+0.3
+ 10.9
+ 11.8
+ 19.7
+ 8.7
+ 2.5
+ 28.7
+ 7.7
+8.0
+ 2.7
683,002,715
+ 30.6*
$4,694,381,002
938,876,200
$4,428,714,613
1,100,952,267
+ 14.7
$5,633,257,202
Total all cities, 5 days
All cities, 1 day
$3,905,843,618
522,870,995
$5,529,666,880
+ 1.9
+ 6.0
Exports
British India
Netherlands
Kansas City
12s. 0.56d.
yd.
141s. 0.42d.
—
West
Boston..
12s. 0.60d.
12s. 0.60d.
141s.
...141s.
British South Africa
Philadelphia
12s. 0.52d.
Id.
The following were the United Kingdom imports and exports of
gold
registered from mid-day on the 2d inst. to mid-day on the 9th inst.:
British
Chicago
St. Louis
Quotations during the week:
March 10
March 11
New York..
692,866
33,611
50,015
39,438
471,823
3,728
43,815
14,363
18,108
15,613
£3,409,792
Union of South Africa.____
United States of America..
France
_
_
_
_
Netherlands
Switzerland
Finland
_
—
Other countries
£5,700
51,940
143,198
59,300
5,630
22,897
1,520
Total aP 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
has to be estimated.
In the elaborate detailed
statement, however, which
we
present further below, we are able to give final and complete
£290,185
results for the week
previous—the week ended March 21.
Volume 142
Financial
2097
Chronicle
For that week there is
an increase
ofj26.6%, the aggregate
clearings for the whole country being $7,273,589,788,
against $5,747,069,728 in the same week in 1935.
Outside
of this city there is an increase of 15.4%, the bank clearings
at this center having recorded a gain of 32.8%.
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 register
an expansion
of 32.7%, in the Boston Reserve District of
26.6% and in the Philadelphia Reserve District of 6.6%.
The Cleveland Reserve District has managed to enlarge its
totals by 6.7%, the Richmond Reserve District by 10.6%
and the Atlanta Reserve District by 6.9%.
In the Chicago
Reserve District there is an improvement of 19.9%, in the
St. Louis Reserve District of 14% and in the Minneapolis
Reserve District of 12.3%.
In the Kansas City and the
Dallas Reserve Districts there is a gain of 8.3% and in the
San Francisco Reserve District of 24%.
In the following we furnish a summary by Federal Reserve
Week Ended March 21
of
Clearings at—
Inc. or
1936
1935
1934
Dec.
$
Seventh Feder al Reserve D istrict—Chi cago
252,053
379,319 —33.6
Mich.—Aim Arbor
Detroit
1933
%
87,957,833
521,790
6,302,237
589,321
112,600
332,308
7,430,000
175,689
3,892,832
10,587,280
232,505
+ 11.1
2,083,044
+ 16.3
723,997
+29.1
788,796
+ 34.1
520,985
740,401
592,790
365,989
Total (18 cities)
districts:
1,192,582
653,864
12,001,000
760,337
3,727,802
15,754,699
827,902
6,653,496
2,842,111
307,333
232,051,732
619,812
2,686.602
Springfield
97,763,894
2,422,103
1,187,910
983,391
14,594,000
1,123,073
4,796,792
18,851,785
899,808
6,749,730
3,254,391
411,030
286,035,098
745,867
4,122,079
934,730
1,057,681
446,185,055
372,012,261
+ 19.9
311,710,768
204,323.846
67,000,000
22,492,834
13,622,482
51,600,000
19,544,491
9,352,666
Grand Rapids
.
Lansing
Ind—Ft. Wayne
Indianapolis
South Bend
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux City
111.—Bloom'gton.
Chicago
Decatur
Peoria
Rockford
72,998,300
1,423,882
896,457
463,466
9,773,000
685,339
—0.4
+ 50.4
+ 21.6
+ 47.7
+ 28.7
3,194,533
12,722,707
262,492
4,624,031
2,430,682
244,957
197,729,312
512,727
2,254,992
+ 19.7
+8.7
+ 1.4
+ 14.5
+ 33.7
+23.3
+ 20.3
+ 53.4
b
2,995,812
1,535,161
b
166,897,511
308,591
1.683.935
SUMMARY OF BANK CLEARINGS
Eighth Federa 1 Reserve Dis trict—St. Lo
Inc.or
Week Ended Mar. 211936
1938
1935
Dec.
1934
1933
Mo.—St. Louis..
89,000,000
31,997,566
16,835,321
Ky.—Louisville..
Federal
Reserve
Dists.
$
5
1st
Boston
2nd
New York..12
"
5,013,865,697
3rd
Philadelphia 9
••
349,037,549
4th
Cleveland..
5
"
228,221,241
5th
Richmond .6
"
115,600,225
6th
Atlanta
10
"
138,994,473
12 cities
S
+26.6
+32.7
+6.6
327,541,076
+6.7
213,810,878
104,525,376 +10.6
%
"
$
235,116,472
219,918,873
186,130,991
3,777,395,283
297,543,634
3,326,516,848
2,965,541,758
305,786,736
156,956,402
92,072,023
311,710,768
204,323,846
7th
Chicago ...18
"
446,185,055
St. Louis... 4
"
138,280,887
121,301,976
+14.0
103,368,316
80,497,157
9th
Minneapolis 7
"
93,139,397
82,947,148
+12.3
72,062,470
64,710,739
130,019,073
10th KansasCity 10
11th Dallas
5
"
131,987,614
121,898,619
+8.3
104,681,226
84,327,843
••
63,183,220
52,877,633
+ 8.3
43,083,726
41,559,599
12th San
"
185,113,941
163,707,001
257,550,796
Outside N. Y. City
Canada
207,623,933
+24.0
7,273,589,788
5,747,069,728
+26.6
5,052,368,531
4,284,595,936
2,374,033,757
110 cities
2,058,073,517 +15.4
1,808,359,910
1,403,746,364
+5.1
274,464,933
214,185,498
32 cities
+ 25.7
+ 10.5
b
b
b
b
448,000
411,000
+ 9.0
253,000
b
138,280,887
121,301,976
+ 14.0
103,368,316
292,248,227
307,216,580
Quincy
Total (4 cities).
80,497,157
45,750,546
8th
Fran..12
b
+ 11.0
68,939,410
104,052,052
+6.9
372,012,261 +19.9
Total
111.—Jacksonville
uis—
222,150,644
184,001,552
Tenn.—Memphis
80,200,000
25,454,151
15,236,825
We now add our detailed statement showing last week's
figure for each city separately for the four years:
Ninth Federal
Reserve Dis trict—Minn eapolis
Minn.—Duluth.
1,843,146
53,558,722
22,360,521
1,688,437
487,560
378,858
2,629,904
+23.1
Helena
2,269,003
60,740,053
24,581,585
1,866,217
620,336
568,907
2,493,296
—5.2
1,889,671
46,237,189
19,994,272
1,436,234
346,528
296,297
1,862,279
Total (7 cities).
93,139,397
82,947,148
+ 12.3
72,062,470
64,710,739
1,472,040
19,944,187
2,216,341
1,423,181
55,453,627
2,798,467
+ 20.4
70,742
68,346
2,284,408
28,961,067
1,309,026
1,893,822
66,513,169
2,831,860
331,917
416,869
+ 8.3
104,681,226
84,327,843
697,327
33,568,625
5,149,226
1,762,000
673,012
31,503,353
5,385,372
1,631,000
Minneapolis
St. Paul
N.
...
D.—Fargo._L
S. D.—Aberdeen-
Mont.—Billings
_
+ 13.4
+9.9
+ 10.5
+ 27.2
+ 50.2
1,834,564
43,836,665
14,775,586
1,513,332
492,632
228,806
2,029,154
^
Week Ended, March 21
Inc.
1935
$
First Federal
Reserve Dist rict
Me.—Bangor
Portland
River
Lowell
Boston
.
Springfield....
Worcester
+0.3
1,544,210
261,206,161
646,084
373,014
676,179
2,041,124
1,404,202
1,203,875
+ 28.3
206,716,845
+26.4
R. I.—Providence
Total (12 cities)
297,543,634
+ 15.1
—18.0
1,497,900
9,668,313
2,791,415
879,300
—0.9
587,523
2,488,381
3,189,608
13,230,400
N.H.—Manches'r
—0.8
376,374
11,851,717
New Haven...
651,007
+ 14.3
—6.3
+22.6
+ 59.9
8,276,100
358,698 + 145.1
235,116,472
Feder at Reserve D istrict—New
1933
_%
500,041
flConn.—Hartford.
Second
—0.1
33,912,094
1,966,883
3,021,635
85,901,867
3,094,559
594,882
587,755
131,987,614
121,898,619
.
Wichita
Mo.—Kan. City
501,635
Mass.—Boston..
.
+47.7
96,361
2,301,897
28,475,705
1,885,360
2,601,391
82,658,172
2,829,432
484,119
488,208
2,696,476
Kan.—Topeka
1934
+ 26.6
St. Joseph
Colo.—Col. Spgs
397,365
1,411,383
193,869,895
618,402
258,843
456,744
2,546,339
1,052,281
8,580,183
3,356,993
7,018,000
352,445
302,141
429,349
161,789,891
597,178
190,105
388,716
2,340,513
692,577
9,384,735
2,995,153
6,767,700
252,933
Pueblo
Total (10 cities)
Eleventh Fede ral
Tex.—Austin
Worth
Galveston
Wichita Falls..
La,.—Shreveport.
219,918,873
Reserve
+ 17.1
+ 19.1
+ 4.3
+ 16.2
+ 3.9
+9.4
+ 22.9
42,124
b
465,327
512,549
District—Da lias—
—12.2
a950,433
3,421,933
1,285,123
42,219,949
5,582,502
1,628,000
a885,832
2,162,059
+ 58.3
1,906,548
b
2,366,862
63,183,220
52,877,633
+ 8.3
43,083,726
41,559,599
1,128,551
50,012,580
5,751,156
2,869,000
Dallas
Ft.
City
77,974
96,320
Lincoln
or
Dec.
as
115,143
Omaha
1936
Fall
Reserve Dis trict—Kans
Hastings
Clearings at—
New Bedford.
Tenth Federal
Neb.—Fremont..
+ 18.5
+ 3.0
+ 76.2
b
+ 7.3
,
186,130,991
Total (5 cities)
York
.
N. Y.—Albany..
10,959,067
4,472,124 + 145.1
5,650,989
943,893
Bingham ton
+ 17.4
879,221
748,772
623,567
633,063
Buffalo
+ 29.3
34,900,000
27,000,000
24,241,656
007,953
Elmira
+ 10.8
528,366
476,676
437,651
531,012
Jamestown
+0.8
475,934
472,042
410,985
278,891
New York
+ 32.8 3,244,008,621 2,880 ,849,572
4,899,556,031 3,688,996,211
Rochester.
+27.8
5 064,218
6,926,523
5,419,222
6,836,191
Syracuse
+22.6
2 799,505
4,007,003
3,267,241
2,790,825
Conn.—Stamford
+40.7
2 757,037
3,300,995
2,345,768
2,331,709
N. J.—Montclair
266,679
+50.0
*400,000
254,987
342,621
Newark
+ 5.2
12 881,551
17,011,643
16,169,536
13,980,061
Northern N. J.
+ 25.8
24 452,442
27,761,012
34,920,914
24,949,606
Total (12 cities) 5,013,865,697 3,777,395,283
Third Federal
Bethlehem
Chester
354,716
a
294,008
+ 20.6
—7.7
248,195
b
315,865
790,661
318,000,000
1,012,023
1,957,821
814,702
—14.1
1,000,996
+ 21.9
N. J.—Trenton..
291,658
1,273,093
336,000,000
1,260,609
2,987,309
699,882
1,219,782
4,950,500
3,355,000
+47.6
231,331
750,614
297,000,000
904,013
1,994,215
1,203,773
789,689
2,605,000
Total (9 cities).
349,037,549
327,541,076
+ 6.6
305,786,736
Lancaster
Philadelphia..
Reading
Scranton..
Wllkes-Barre..
York
Fourth
+ 61.0
+ 5.7
Cincinnati
b
Cleveland
54,564,480
75,105,720
Columbus
10,297,800
Mansfield
1,408,685
Youngs town...
Pa.—Pittsburgh.
b
45,547,861
63,461,481
9,130,200
1,325,520
b
86,844,556
b
94,345,816
Yakima
704,856
Ore.—Portland.
Utah—S. L. City
Calif.—Long B'h.
Pasadena
Sacramento
San
Francisco
.
San Jose
+ 24.6
+ 52.6
b
+ 19.8
+ 18.3
+ 12.8
+6.3
b
—8.0
Stockton
Grand
total
39,410,093
54,845,613
7,552,200
1,175,322
b
81,018,324
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Wash'g'n.
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—J'ksonville.
Ala.—Birming'm.
►
Mobile
Miss.—Jackson
228,221,241
213,810,878
Reserve Dist rict
184,001,552
133,381
+ 62.2
134,681
2,201,000
32,024,700
909,798
53,307,004
15,949,493
+ 17.0
+ 13.8
+ 25.6
1,908,000
27,183,738
767,761
49,117,287
12,960,556
115,600,225
104,525,376
+ 10.6
92,072,023
+0.4
+ 11.8
b
2,928,491
13,655,291
48,400,000
1,030,349
659,929
222,150,644
b
38,484,559
38,281,052
6,578,300
1,073,989
b
72,538,502
156,956,402
215,212
1,968,000
21,938,127
539,141
35,474,094
8,804,836
68,939,410
+ 17.3
2,226,400
10,923,448
3,876,423
9,620,212
+ 5.4
39,100,000
—0.3
1,063,485
18,500,000
990,862
742,109
+5.3
570,023
357,159
+9.6
13,198,000
1,562,734
17,097,251
+ 1.9
12,436,064
9,998,780
1,149,216
b
30,991,284
Total (10 cities)
138,994,473
130,019,073
+ 23.0
b
933,877
767,798
b
b
+ 12.1
+4.8
23,498,825
+6.9
104,052,052
101,930
+ 24.1
2,793,006
5,032,618
117,011,038
+31.5
1,967,364
1,138,408
1,345,429
+ 18.8
+20.7
+ 24.8
+ 6.7
+ 24.7
Clearings at—
Inc. or
1936
76,578
1935
Dec.
Canada—
106,485,333
85,710,078
42,035,491
17,561,549
13,800,766
3,528,156
2,068,054
3,900,763
6,363,511
1,699,038
1,601,129
2,608,522
3,478,109
4,053,026
281,855
398,738
1,195,120
113,910,343
76,317,668
32,148,933
13,762,392
19,965,833
3,224,764
1,808,972
3,268,528
4,332,491
1,434,372
1,189,829
2,169,006
3,797,469
3,524,307
239.119
1,180,422
+ 1.2
Moose Jaw
572,994
+ 65.7
Brantford
767,169
525,670
482,208
345,822
680,309
Montreal
Winnipeg.
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Victoria
Edmonton.
_
Regina
Brandon
Lethbrldge
Saskatoon
Fort William
New Westminster
250,214
569,297
484,062
Peterborough
Sherbrooke
Kitchener.
Windsor
1934
1933
%
.....
Prince Albert
928,734
2,904,563
301,180
367,635
493,359
480,422
222,744
486,927
452,087
947,274
2,844,827
294,035
—6.5
+ 12.3
108,475,900
81,061,760
+30.8
29,271,362
+ 27.2
15,083,514
4,614,186
3,472,409
—30.9
+ 9.4
+ 14.3
+ 19.3
+46.9
+ 18.5
+ 34.6
+ 20.3
—8.4
1,949,343
3,623,473
4.092.503
1.454.504
1,391,717
2,411,760
—2.0
3,173,851
3,383,945
246,260
380,296
1,049,266
511,796
707,710
604,974
458,021
I195,413
595,473
489,407
953,400
+2.1
2,066,949
+ 15.0
+ 17.9
+ 8.5
+ 12.8
+ 6.5
+ 0.4
+ 12.3
+ 16.9
+ 7.1
Kingston
Chatham
Sarnia
Sudbury
+ 2.4
234,543
618,899
418,731
428,613
478,518
716,490
Moncton
529,199
408.120
+ 17.0
357,817
390,529
+ 19.8
672,673
+ 6.5
603,227
467,170
432,565
440,240
567,996
307,216,580
292,248,227
+5.1
274,464,933
+ 2.6
+ 22.5
63,075,007
55,613,818
51,751,069
10,136,415
3,247,314
2,644,850
1,615,301
2,833,270
4,638,568
1,070,812
1,031,589
1,989,640
2,769,482
2,918,063
235,262
250,453
1,063,740
407,550
671,750
418,164
332,579
148,595
409,343
426,033
632,873
1,693,428
250,510
547,252
396,167
326,604
301,321
338,676
b
Total (32 cities)
163,707,001
+ 18.3
3,335,607
Week Ended March 19
1,229,064
15,359,000
La.—New Orl'ns.
106,359
185,113,941
27,394,270
12,434,691
22,714,617
7,330,000
430,181
31,494,028
9,261,020
2,794,185
+ 15.4 1,808,359,910 1,403,746.364
Medicine Hat
+ 16.3
+ 24.0
+30.0
Outside New York 2,374,033,757 2,058,073,517
1,643,900
Reserve Dist rict—Atlant
3,406,356
16,013,696
51,000,000
1,026,843
781,383
16,827,000
17,427,705
1,413,847
207,623,933
+28.9
2,575,827
4,113,257
100,989,768
1,439,454
903,796
1,067,808
22,054,705
3,022,000
257,806
16,447,981
9,891,936
3,014,652
2,846,264
3,648,022
99,387,766
1,130,122
882,035
1,123,712
+ 15.5
+26.6 5,052,368,531 4,284,595,936
London
216,308
2,576,000
32,150,167
1,034,980
59,590,916
20,031,854
257,550,796
SCO—
+32.7
222,559
475,226
-Richm ond—
94,857
29,562,509
Vlcksburg
+ 6.7
32,413,496
14,768,204
4,141,085
3,674.183
6,073,800
145,991,000
2,100,071
1,419,289
1,733,945
Franci
7,273,589,788 5,747,069,728
Calgary
Total (5 cities).
26,381,233
8,248,000
542,269
(110
cities)
Toronto
b
35,007,867
9,523,000
215,000,000
594,408
2,077,363
Feder al Reserve D istrict—Clev eland
Ohio—Canton...
;
Total (12 cities)
308,101
b
b
*350,000
Spokane
Santa Barbara-
+32.7 3,326,516,848 2,965,541,758
Reserve Dist rict—Philad elphia
Pa.—Altoona
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
45,750,546
*
Estimated,
a
Not included in total,
b No clearings
available.
214,185,498
Financial
2098
THE
New
York
however,
were
Market has been fairly
generally small and without
were
registered in this
were
small
of
amount
in
speculative attention,
VOLUNTARY LIQUIDATION
Amount
signifi¬
Mar. 16—The First National Bank of Alto, Tex
Preferred stock
gains
some
Specialties also attracted
usually in minor fractions.
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The changes,
special
light demand and
group.
The
the
on
active this week
tendency toward higher levels.
The oil issues
cance.
were
Curb
moderate
a
Tuesday, trading
on
Comparatively few
two-hour session
on
Effective
a
but the advances
1.
No. 1231A.
were
during
apparent
f
some
buying, but the
•"
■■
■.
-'■■
■
:■
we
grouped in two separate tables.
In the
bring together all the dividends announced the
move¬
we
show
have not
Then
we
follow with
second table in which
a
the
dividends'previously announced, but which
yet been paid.
The dividends announced this week
are:
Per
Share
Name of Company
Adams-Millis Corp
Preferred (quar.)
25c
Alaska
Low
firm and
(quarterly)
a
few of the
more
The volume of sales continued to drift downward
more
preferred (semi-annually)
Canadian Bronze Co., Ltd.,
Preferred (quar.)
There
were
a
Commonwealth Edison (quar.)...
Connecticut Fire Insurance Co., Hartford
Consolidated
few
through the list that showed modest gains,
largely in the minority. As compared with
Friday of last week, prices were lower, Aluminum Co. of
America closing last night at 140 against 147 on Friday a
week ago, Creole Petroleum at 28% against 30 LL Duke
Power at 71 against 73, Ford of Canada A at 2434 against
2534, Gulf Oil of Pennsylvania at 9434 against 95Hudson
Bay Mining & Smelting at 25% against 2634, and Humble
Oil (new) at 72 against 73%.
AT
THE
NEW
YORK
Stocks
Week Ended
of
Shares)
Bonds (Par Value)
Saturday...
382,860
603,900
606,940
446,605
680,420
501,990
Domestic
Foreign
Government
Corporate
Tuesday
Wednesday.
Thursday..
Friday
Total.
Sales ax
$1,759,000
2,253,000
3,252,000
2,448,000
2,864,000
2,608,000
$122,000
34,000
148,000
75,000
61,000
114,000
3,022,715 $15,184,000
Monday
$544,000
Week Ended Mar. 27
Total
$19,000
31,000
60,000
70,000
69,000
45,000
$1,900,000
2,318,000
3,460,000
2,593,000
2,994,000
2,767,000
$294,000 $16,032,000
Jan. 1 to Mar. 27
New York Curb
1936
Exchange
1935
1936
1935
*
General Investors Trust
Stocks—No. of shares.
3,022,715
570,828
53,772,087
9,724,399
$15,184,000
$19,333,000
554,000
230,000
$284,995,000
5,678,000
3,179,000
$293,852,000
Bonds
Domestic
Foreign government.
Foreign corporate
_
Total.
294,000
243,000
$293,663,000
5,637,000
3,390,000
$16,032,000
$19,806,000
$302,690,000
Apr.
Mar. 23
Mar. 31
15
Mar. 20
Mar.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
May
Apr.
May
Mar. 20
37Hc
51H
51H
87 He
75c
51H
51H
12Hc
25c
25c
M
51H
$1X
June
25c
June
5c
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
51H
62 He
3%
50c
Mar.~2i
Mar. 21
Apr.
10
Mar. 31
Mar. 31
Mar. 20
Mar. 20
Mar. 20
Mar. 26
Mar. 26
Mar. 25
Apr. 20
Mar. 14
Mar. 16
Apr.
15
Mar.
2
Apr.
May
May
Apr.
15
15
20
15
Mar. 24
Apr.
4
Apr. 20
Apr. 20
Apr. 15
Mar. 20
50c
Mar.
Mar. 21
50c
June
June 20
50c
Sept.
Sept. 19
50c
Dec.
Dec.
53
Apr.
Mar. 23
25c
Mar.
Mar. 24
25c
Apr.
July
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
May
May
May
Apr.
May
"•J?8
51
51
_
25c
15c
51H
51H
51H
30c
25c
51H
50c
75c
30c
25c
25c
5iH
HI
75c
7i52
Gold Dust (quar.)
Goodman Mfg. Co
30c
(quar.)
Gross (L. N.) Co. 7% pref. (quar.)
Gulf Power Co.. $6 pref. (quar.)
Hartford Steam Boiler Inspec. & Ins. Co.
(qu.)_
Hatfield-Campbell Creek Coal Co.—
Participating preferred (quar.)
Haverhill Gas Light (quar.)
Hawaiian Agricultural Co. (monthly)
Mar. 31
Apr. 15
Apr. 20
Apr. 20
1
Apr.
Apr. 10
General Mills, Inc., common (quar.)
Gimbel Bros., preferred (resumed)
Preferred
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
1%%
Goodyear Tire & Rubber (Calif.) 7% pref
Gotham Silk Hosiery preferred
Mar. 25
Apr. 15
May
Apr.
May
Mar.
_H
_
Apr. 25
Apr.
1
$2
$1
_
Mar. 25
55c
75c
25c
"
Mar. 24
Mar. 26
Mar. 31
I_~
(Del.) (quar.)
6H% preferred (quar.)
Federal Mogul Corp
Fibreboard Products, Inc., 6% pref.
(quar.)
Fiberloid Corp. (reduced) (quar.)
7% preferred (quar.)
Firestone Tire & Rubber (quar.)
Food Machinery Corp
4H% conv. preferred (quar.)
Fran:
tnklin Process (quar.)
FrickCo., Inc., 6% pref. (quar.)
Froedtert Grain & Malt, pref. (quar.)
Fyr-Fyter Co. class A (quar.)__
Gardner-Denver Co., common (quar.)
Preferred (quar.)
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 23
25c
Fairmont Creamery Co.
Mar. 31
Apr.
50c
Electric Household Utilities
Fafnir Bearing Co. (quar.)
Apr. 25
Apr.
May
Apr.
Apr.
51H
(quar.)II""
10
10
Mar. 26
40c
51H
25c
1
Mar. 21
Apr.
Apr.
$1H
55
Cigar 6H% Pref. (quar.)___
Preferred B (quar.)
I
Egry Register Co. A (quar.)
Elder Mfg. Co. (quar.)
Class A (quar.)
First preferred (quar.)
Electric Bond & Share Co., $6 pref.
$5 preferred (quar.)
EXCHANGE
Foreign
$1
_
Economical-Cunningham Drug Stores (quar.)
(Number
Mar. 27 1936
CURB
__
7% preferred (quar.)
Consolidated Paper
(quar.)
-.I. I
Consolidated Royalty Oil (quar.)
Continental Gas & Electric, prior
pref. (quar.) 11
Cudahy Packing Co., common (quar.)
6% preferred (s.-a.)
7% preferred (s.-a.)
Curtiss-Wright Export Corp. 6% pref. (quar.) 11
Denver Union Stockyards
(quarterly).
Dentist's Supply Co. of New York
(quar.)IIIII
Quarterly
Quarterly
IIIIIIII"
Quarterly
Discount Corp. (N. Y.) (quar.)IIIIIIII
Dominguez Oil Fields Co
Eagle Lock Co. (quar.)
HIII
Eastern Gas & Fuel Assoc., prior pref. (auar.)"~
6% preferred (quar.).............
were
TRANSACTIONS
$1
75c
_
Mar. 31
Mar.
25c
87 He
6% preferred (quarterly)
Cleveland Railway (quarterly)
Certificates of deposit
(quarterly)
I
Cleveland Union Stockyards (quar.)
Cluett, Peabody & Co., Inc., com. (quar.)
Columbia Baking Co., $1 cum.
pref. (quar.)...
Columbus RR., Power & Light
6% pref.(qu.)_.
stocks scattered
but these
1?50c
$1
51X
Citizens Wholesale Supply,
7% pref. (quar.).__
Electric Bond & Share showed
the side of the decline.
37Hc
25c
25c
common
Stamped certificates (quar.)
6% preferred
I
7% preferred
j
Chain Store Products Corp., pref.
(quar.)
Champion International Co. (quarterly)
7% preferred (quarterly)
heavy trading and broke into new high ground at 2534MacWilliams Dredging added 734 points to its gain of the
previous day and closed at 86 and Aluminum Ltd. moved up
3 points to 70.
The transfers were approximately 680,620
against 456,355 on the preceding day.
Curb market prices were fairly steady as trading
opened
on Friday, but the trend turned downward as the
day pro¬
gressed and a number of the more active of the speculative
on
J1ii
$1H
Central Power,
gains ranging up to 2 or more points. Mining
and metals, oil shares and public utilities were also
fairly
steady, and while the turnover in these groups was somewhat
larger than on the preceding day, the changes were generally
shares closed
Mar. 24
25c
Canadian Insurance Shares A
I
Carolina Clinchfield & Ohio
(quar.)...
active of the market favorites closed the
channel.
Mar.
30c
37 He
Preferred (quarterly)
Cameron Machine Co., 8% pref. (quar.)
Canada Iron Foundries Ltd., 6% non-cumulative
session with net
narrow
Apr. 20a
Apr.
6
Apr, 13
Apr. 13
50c
_
nesday, but prices were generally firm and a number of
active issues regained a goodly part of the preceding day's
losses.
Pittsburgh Plate Glass was one of the most active
stocks and broke into new high ground at 12634 with a net
gain of 334 points. Other noteworthy advances were Ameri¬
can Light & Traction,
2% points to 2434; Derby Oil & Re¬
fining pref., 334 points to 29; Mead Johnson, 2 points to
105 and General Tire & Rubber, 134 points to 8334Industrial specialties led the upturn on Thursday and
several of the
Apr.
May
Apr.
May
Apr.
May
May
50c
Arlington Mills
American Superpower Corp., 1st pref.
(quar.)..
Associated Telep. Co., Calif., $1 H pref. (quar.).
Atlantic City Sewerage (quar.)
Atlas Thrift Plan Corp.,
7% pref. (quar.)
Austin Nichols, prior A
Baxter Laundries Corp., preferred
Beatty Bros., Ltd., 6% 1st pref. (quar.)
Bell Telephone of Pennsylvania
(quarterly)
Bourbon Stockyards Co.
(quarterly)
Bridgeport Hydraulic Co. (quarterly)
British Columbia Telep., 6% 1st pref.
(quar.)..
6% preferred (quarterly)
Burkart (F.) Mfg. (quarterly)
Wed¬
on
h$ 3
15c
Preferred (quar.)
American Maize Products (quar.)
Preferred (quar.)
active issues showed
May
20c
American Ice. Co., preferred
American Light & Traction (quar.)
Among the stocks closing on the side of
the advance were Bunker Hill Sullivan, 534 points to
8434;
Crane Co., 534 points to 130; General Tire & Rubber, 634
points to 82; Masonite, 234 points to 97; Selby Shoe, 5^4
points to 40 and Mac Williams Dredging, 3 M points to 76.
Price movements were generally within a narrow
range
on Tuesday.
There were occasional strong spots but the
most of the changes were toward lower levels.
Outstanding
among the recessions were Babcock & Wilcox, 4 points to
90; Square D, B stock, 2 points to 83; Aluminum Co. of
America, 4 points to 141; Fisk Rubber pref., 134 points to
5834; Hartford Electric Light, 2% points to 6934 and Stan¬
dard Oil Co. of Ohio, 134 points to 30.
Apr. 17
Apr. 17
15c
$1H
Gold Mining
American Factors Ltd. (monthly)
American Home Products (monthly)
small advances.
Holders
15c
Juneau
Alliance Investment Corp. 6% A preferred
American Credit Indemnity Co. of New York..
priced oil stocks attracted moderate buying on Mon¬
day, and while prices in the general list were fairly firm, the
transfers
were
down
to
approximately 504,000 shares.
Scattered through the list were some modest gains,
par¬
ticularly among the specialties and the mining stocks. Public
When
Payable of Record
May
May
Apr.
Apr.
May
$^c
Administered Fund Second
Alabama Fuel & Iron
Extra
were
x
Certificate
-
are
current week.
traded in.
DAILY
Dividends
first
generally in minor fractions.
were
a
a
■■■'•-
.
DIVIDENDS
the
were
largely among the preferred stocks and averaged
point advance.
Some of the less active shares
also showed small gains, but these were not especially note¬
worthy.
The best advances of the day were recorded by
Mead Johnson, S}4 points to 973^; Square D, B stock, 2
points to 85; Cities Service pref., 1^ points to 55 and Empire
Gas 6% pref., 63^ points to 583^.
The transactions for the
day were approximately 383,000 shares with 335 issues
within
Liquidating agent, H. C. Custard,
Absorbed by Continental State Bank of
1936.
BRANCH AUTHORIZED
Mar. 17—The First National Bank of Binghamton, New York.
Location of branch, 181 Clinton St., Binghamton, N. Y.
were
utilities
14
Cleburne, Tex.
Some recent strong spots
Saturday, and while the oil shares
Public utilities also attracted
around
25,000
25,000
Feb.
the Tuesday dip.
changes
fairly firm, the advances
ments
550,000
—
Common stock
dropped back during the fore part of the week but again
moved upward following
1936
28
BANKS
NATIONAL
EXCHANGE
CURB
Except for the sinking spell
with
March
Chronicle
11
Mar. 24
June
15
June 15
Apr.
Apr.
6
6
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Apr.
6
Apr.
6
Apr. 10
Apr. 23
Mar. 21
Mar. 21
Apr.
Apr.
1
15
Mar. 20
Mar. 20
Apr.
3
Mar. 31
Mar. 31
Mar. 19
Mar. 18
Apr. 15
Mar. 31
Apr. 10
Apr. 20
Mar. 31
Apr.
Apr.
Apr.
10
10
10
50c
Mar.
Mar. 31
7i50c
Apr.
May
May
Apr.
Apr.
Apr.
Mar. 25
30c
Apr.
Apr.
1 Mar. 24
1 Mar. 27
20c
Mar. 31 Mar. 24
51
51H
%\%
51H
40c
15c
Apr.
Apr.
13
13
Mar. 25
Mar. 20
Mar. 23
Volume 142
Financial
Per
Name of Company
Share
Hercules Powder preferred
(quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
,—
Holland Furnace Co. 7% preferred
Mar. 31
Mar. 19
Torrington Water Co. (quar.)
Mar. 20
Trust Fund Shares
registered and bearer
$
Tuckett Tobacco preferred
(quar.)
United Gas Public Service Co. $6
pref. (quar.)..
United Light & Rys. 7% preferred
(monthly) —
7 % preferred
May
1 Mar. 21
1 Apr. 15
June
1
July
May
1 June 15
June
1
July
May
1 June 15
June
1
July
1 June
(resumed)--
Mar. 14
Mar. 14
Mar. 20
Apr. 13
Apr. 13
Apr. 20a
Apr. 20a
Mar. 23
Mar. 21
Mar. 31
Apr.
10
1
Apr.
Mar. 24
Mar. 24
June
June 24
Sept.
Sept. 24
Dec.
(quar.)._|
Lexington Telep., 6)4% preferred
(quar.).
Lincoln Telep. & Teleg.
(quar.)
Lincoln Telep.
Securities, A (quar.)
(resumed)
6% preferred (quar.)
Class B
Link Belt (quar.)
Preferred (quar.)
Apr.
Apr.
Juno
July
May
May
Apr.
Liquid Carbonic Corp. (quar.)
Ludlum Steel Corp. $6)4
preferred
Magnin (I.) & Co. (quar.)
Manning, Maxwell & Moore, Inc
Massachusetts Investors Trust
(quar.)
.
(quar.)
quar.)__
Montreal Light, Heat & Power
(quar.)
Montreal Telephone Co.
(quar.)
National Can Co., Inc.,
common
(quar.)
(quar.)
Canada (qu.)__
or
(quar.)
—
(quar.)
Niagara Fire Insurance, N. Y.
(quar.)
Norfolk
Mar. 31
May 15
June
15
Apr.
27
Mar. 31
Mar. 26
June
(quar.)__
Old Dominion Fire Insurance
Co.
Old Joe Distillers, preferred
(Ya.) (quar.)
(quar.)
(quar.)
Apr. 30
May 15
Apr.
Apr.
Apr.
Mar. 31
Mar.
Mar. 23
Mar.
Mar.
$1H
25c
25c
10c
75c
(quar.)
J
60c
Pacific Southwest Realty
Co., 5)4% pref. (qu.)
$134
Pan American
Airways
25c
Peninsular Telep. Co.
7% pref. (quar.)
$U
7% preferred (qu&r.)-$1
7% preferred
$1
(quar.)
7% preferred (quar.)
$13
Philadelphia Electric, pref. (quar.)
$lk
Pittsfield Coal Gas Cos.
(quar.)
50c
Polygraphic Co. of America (quar.)
5c
8% preferred (quar.)
25c
Portland Gas
Light Co. $6 pref. (quar.)
$1*4
Public Service of Texas,
7% pref. (quar.)
Pure Oil Co., 5)4% cum.
preferred
mm
6% cumulative preferred
h$ 19.125
8% cumulative preferred
h$25H
Reading Co. (quar.)
50c
Reliable Fire Insurance Co.
90c
(Ohio)
Rhode Island Elec. Protective Co. (quar.)
$1H
(quar.)
Roos Bros. Inc.
$6)4 % preferred vquar.)
$1H
(qu.)—
Nov.
5
Feb.
5
May
Apr.
9
Mar.
Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
Mar.
50c
Mar. 23
Mar. 26
Feb.
Apr.
Apr.
May
Apr.
MS
Mar. 31
Mar. 31
Mar. 23
Nov.
50c
Scranton Lace Co
Mar. 31
Apr. 20
May
5
Aug.
5
50c
(quar.)
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
May
May
Aug.
May
Apr.
Apr.
Mar.
Mar. 26
Mar. 26
Mar. 24
Mar. 20
Mar. 21
Mar. 16
Mar. 21
Apr. 20
Mar. 21
Mar. 31
1
Apr.
Apr.
Apr.
Apr.
7
7
7
16
Mar. 26
Mar. 19
Apr.
Apr.
15
4
Mar. 20
Mar. 31
Mar.
Mar.
Mar. 20
Mar. 20
Apr.
May
Apr.
Apr.
25c
Mar.
Mar. 25
5c
75c
$1.13
Stamper No. 1 Trust series A
Series
--
$lk
Suburban Electric Securities
Second preferred
Mar. 25
Apr. 20
$1)4
$1)4
$1H
Apr.
Apr.
May
Apr.
Apr.
May
Apr.
15c
May
lc
6% 1st pref
Supervised Shares, Inc. (quar.)
Syracuse Lighting Co., Inc., 6% pref. (quar.)._
Taunton Gas Light Co. (quar.)
Telautograph Corp. common (quar.)
—
--—
h50c
1.6c
6
17
Mar.
$10.14 Mar.
$2.53 Mar.
Mar.
$2.53
Standard National Corp. pref.
(quar.)
Standard Silver-Lead Mining---------
Apr.
Mar. 30
May
Apr.
Apr.
Apr.
Apr.
Apr.
$10.12 Mar.
Series A A
---
Mar. 21
87M
$lk
37)4c
$1H
$1H
1
1
May 15
Apr. 15
May 15
Apr. 15
May
15
15
1 Apr.
3a
May
1 July
Aug.
3a
Apr. 15 Apr.
3
Apr. 15 Apr.
3
1 Mar. 20
Apr.
May 1 Apr. 17
1 Apr. 15
May
1 Mar. 25
Apr.
Apr. 24 Apr. 10
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 27
Apr.
Quarterly
United States
Smelting, Refg. & Mining
Preferred (quar.)
Upson Co., 7% preferred (quar.)
Virginian Ry. preferred (quar.)
Warren Foundry & Pipe
Water bury Farrell
Foundry & Machine
Wayne Screw Products (initial)
Western Power Corp. 7% cum.
pref. (quar.)
—
Weston
—
Apr.
1 Mar. 20
May
Wilson & Co
1
6% preferred (quar.)
Wisconsin Electric Power 6%
pref. (quar.)
Wisconsin Gas & Electric
6% pref. C
Wisconsin Telephone 7% pref.
(quar.)
Wrigley (Wm.) Jr. (monthly)
Special
Monthly
Monthly
Apr. 24
1 May 15
1 Apr. 15
May
1 Mar. 24
Apr.
Apr. 15 Mar. 31
Apr. 30 Apr. 20
1 Apr. 20
May
1 Apr. 20
May
June
1 May 20
July •1 June 20
June
—
we
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends
Mar. 31
Mar. 27
Mar. 31
Apr.
3
Mar. 23
Feb.
Feb.
Feb.
29
Feb.
29
29
29
Mar. 27
Mar. 31
Apr.
15
Mar. 24
Mar. 28
Apr. 20
Mar. 15
Apr.
15
an
nounced this week, these
being given in the preceding table.
Per
Name of Company
Share
Abbott Laboratories
(quar.),
Preferred
(quarterly)
-
6)4% 1st preferred
—
(quarterly)
Extra
Adams Royalty Co.
(quarterly)
Addressograph-Multigraph (quar.)
Aetna Casualty & Surety
(quar.)
Aetna Fire Insurance (quar
)
Aetna Life Insurance
(quar.).-:
Affiliated Fund, Inc
Affiliated Products
(monthly)
Agnew-Surpass Shoe Stores, preferred (quar.).
Agricultural Insurance Co. (N. Y.) (quar.)
Co., Inc. (quar.)
Ainsworth Mfg. (special)
Alabama Power Co., $7 pref.
(quar.)
$6 preferred
$6 preferred (quar.
Alabama & Vicksburg Ry. Co.
-
Air Reduction
(quar.^,
Allied Laboratories
(quar.).
15c
15c
Quarterly
$3H convertible preferred
(quar.).
$3 )4 convertible preferred (quar.).
Allied Products, class A
(quarterly).
87 He
87 He
43 kc
Allied Stores Corp., preferred
Alpha Portland Cement
Aluminum Co. of America, preferred
Preferred (quarterly)
Aluminum Goods Mfg. Co.
(quar.)
Aluminum Industries
(quar.) I
$lk
25c
h50c
37Hc
15c
-
10c
50c
50c
50c
50c
_
Aluminum Manufacturing, Inc.
(quarterly)
Quarterly.
Quarterly.
Quarterly.
7% preferred (quarterly).
7% preferred (quarterly!
7% preferred (quarterly)
7% preferred (quarterly)
Amalgamated Leather Cos., preferred
American Agricultural Chemical Co
American Asphalt Roofing, preferred (quar.)
American Baking Co., 7% pref.
(semi-ann.)
American Chicle (quar.)
Extra.,
—
—
Apr. 15
Mar. 31
Mar. 31
Mar. 16
Mar. 16
1 Mar. 20
10 Mar. 23
1 Mar.
7
1 Mar. 16
1 Mar.
7
15 Mar. 31
1 Mar. 16
1 Mar. 16
1 Mar. 20
15 Mar. 31
10 Mar. 31
1 Mar. 14
1 Mar. 14
1
Apr. 15
Mar. 9
1 Mar. 28
1 June 27
1 Mar. 28
1
1 June 27
1 Mar. 12
1 Mar. 20
25 Apr.
1
1 Mar. 14
1 Mar. 14
1 Mar. 21
15 Mar. 31
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Mar. 31
Mar. 31
1
Apr.
Mar. 31
(quar.)
American Cyan a mid Co.. A & B com
American Discount Co. of Ga., common
(quar.)
American District
Telegraph of N. J. (quar.)..
Preferred (quarterly)
American Enka Corp
American Envelope Co., 7%
pref. A (quar.)
7% preferred (quar.).
7% preferred (quar.).
American Express (quar.)
American Fork & Hoe Co.,
6% pref. (quar.)..
American Gas & Electric Co., com.
Dec.
American General Insurance Co
American Hard Rubber, pref.
(quar.)
American Hardware Corp.
(quarterly)
American Hawaiian
Steamship (quar.)
American Hide & Leather, 6%
pref. (quar.)—
American Home Products Corp
American Insurance of Newark
(semi-ann.)
American Investment Co. of 111.,
43 He
10c
h$ lk
(quarterly)
American News N. Y. Corp.(bi.-mo.)
American Power & Light Co. $6 pref.
(quar.)..,
$5 preferred (quar.)
American Products, partic. pref., omitted.
...
Mar. 18a
Mar. 14
1 Nov. 25
Mar. 31 Mar. 20
8% pref. (quA
7% preferred (quar.)
American Machine & Metals (initial)
American Mfg. Co., preferred
Mar. 27
Mar. 27
1 Mar. 20
Apr.
Apr. 15 Apr.
4
1 Mar. 10
Apr.
1 Apr.
8
May
(quar.)
Preferred (quarterly)
*
1 Mar. 20
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Apr.
Mar. 31 Mar. 12
1 Mar. 20
Apr.
1 Mar, 14
Apr.
1 Mar. 20
Apr.
Apr. 15 Mar. 14
Apr. 15 Mar. 14
1 Mar. 16a
Apr.
June
1 May 25
Sept. 1 Aug. 25
.......
American Cigar, preferred (quar.)
American Crystal Sugar, 6% pref.
(quar.)
1
1
1
1
1
Dec. 31 Dec. 15
1 Mar. 19
Apr.
Mar. 31 Mar. 16
Apr. 15
1 June 15
July
1 Mar. 16
Apr.
1 Mar. lla
Apr.
1 Mar. lla
Apr.
1 Mar. 23
Apr.
7% preferred (quarterly)
American Bank Note.....
Preferred (quarterly)
American Beverage Co., 7% preferred
(quar.)-American Brake Shoe & Foundry
(quar.)
Preferred (quarterly)
American Can Co., pref. (quar.)
American Capital, preferred
American Chain, preferred
Prior preferred
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
July
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept. 15
_
Preferred
Holders
1 Mar. 18
1 Mar. 18
Mar. 31 Mar. 21
Acme Glove Works Ltd.,
6)4% pref
Acme Steel
When
Payable of Record
Apr.
Apr.
Extra
Abraham & Straus.
—
Mar. 20
Mar. 21
20c
—
21
1
Mar. 30 Mar. 20
—
...
Apr.
%IH
$lk
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
(Geo.), Ltd. (quar.)
Wieboldt Stores, Inc.
(quar.)
6% preferred (quar.)
Wilson-Jones (interim)
1 Mar. 21
21 Apr.
15 Apr.
Apr.
(monthly)
United States Guarantee Co.
(N. Y.) (quar.)
United Verde Extension
Mining CoJ(quar.)
1 Mar. 21
1 Mar. 21
15 Apr.
1
31 Mar. 20
Mar. 30
Apr. 15 Mar ."31
.
...
23 l-3c Mar.
--
(resumed)
7% cumulative preferred
Security Storage (quar.)
Sharp & Dohme preferred A (quar.)
Sheaffer (W. A.) Pen
(semi-ann.)
Sloan & Zook Producing Co.
(quar.)
7% preferred (quar.)
Southern California Edison
Co., Ltd. (quar.)
Southern New England
Telephone (quar.)
South Franklin Process
7% pref.
Southland Royalty Co. common (quar.)
(quar.)
Spicer Mfg. preferred (quar.)
Springfield Fire & Marine Insurance
—
$6)4 preferred (quar.)
Below
Mar." 31
Mar. 19
Apr.
Apr.
Extra
16
Mar. 31
Apr.
May
5)4% pref.
6% preferred
7% preferred
North & Judd Mfg.
(quar.)
Northern States Power
(Del.) 7% pref. (quar.).
6% preferred (quar.)
Northwestern National
Casualty Corp__
Northwestern National Insurance
(quar.)
Ohio Leather (quar.)___„
7% preferred
(quar.)
8% preferred (quar.)
Ohio Telephone Service
Co., 7% pref. (qu.)-__.
Ohio Wax Paper
Sayers & Scoville Co. 6% pref.
(quar.)
Mar. 31
Feb.
Mar.
(quar.)
(quar.)
San Diego Consol. Gas & Elec.
Co. pref.
Mar. 31
Mar. 31
Apr.
Mar. 31
Apr.
May
Apr. 17
May
Apr. 17
Mar. 25
Apr.
Mar. 30
Apr.
Mar. 19
Apr.
Mar. 28
Apr.
Apr. 30 Apr. 15
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 31
Apr.
Mar. 31
Apr.
Mar. 27
Apr.
May
Apr. 15
Mar. 14
Apr.
June
May 21
May
Apr.
4
May
Apr. 20
(quar.)
Orchard Farm Pie Co.
preferred A
Pacific Lighting Corp.
Mar. 31
Mar. 31
Apr.
Michigan Seamless Tube
Consol. Oil (increased)
Mar. 25
Mar.
Lighting Cos. (quar.)__
8% preferred (quar.)
6% preferred (quar.)
Melville Shoe (quar.)
2nd preferred
(quar.)
Merchants National
Realty, A & B pref. (quar.).
Middlesex Products
Corp. (quar.)
Midvale Co., capital stock
Milwaukee EI. Ry. & Lt. Co.
6% pref.
Mississippi Power Co. $7 pref.
15
9
Mar.
Massachusetts
& Western Ry.
adj. pref.
North American Edison Co.
pref.
North Indiana Public Service
23
Mar. 24
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
—
(semi-ann.)—J
preferred
National Power & Light Co.
$6 pref.
New Jersey Zinc
(quar.)
New York Telephone
Dec.
Mar.
1
Co. 6% pref.
Mar. 30
Mar.
(quar.)
Inc., 7% pref. (quar.)
Series BB
Mar. 14
Mar.
(quar.)
(quar.)
(quar.)
St. Croix Paper
(quar.)
St. Joseph Stockyards Co.
Apr. 24
Mar.
-
(quar.)
Mar. 31
Mar. 20
Apr.
Apr.
7H%fpref. (s.-an.)
(quar.)
7% pref. (quar.)..
Knott (A. J.) Tool &
Mfg.,
Knott Corp.
National Distillers Products
National Life Assurance Co.
Apr. 20
Apr. 20
May
May
May
May
May
Apr.
May
Jamaica Water
Supply
Johnson Service Co.
7% preferred (quar.)
Seaboard Commercial A
Mar. 18
Toburn Gold Mines
Tom Moore Distillers
(quar.)
Extra
21
Mar.
Preferred (quar.)
International Utilities Corp. $7
prior pref. (qu.)
$3 J4 prior pref. series 1931
(quar.)
Interstate Dept. Stores preferred
(quar.)
Investment Fund, O (quar.)
National Oats Co.
Feb.
Apr.
Apr.
Extra
M. J. M. & M.
Extra
Holders
Apr.
Apr.
Apr.
May
Apr.
Apr.
Mar.
Mar.
Inter-Island Steamship &
Navigation
International Printing Ink
(quar.)
$6 preferred (quar.)
Time, Inc. (quar.)
When
Payable of Record
May
4
Apr. 25
Apr. 25
Mar.
Indianapolis Bond & Share Corp
Industrial Credit Corp. of N. E.
(quar.)
Leader Filling Stations,
8%
Share
May
May
May
Apr.
May
May
Apr.
Apr.
May
Indiana Pipe Line Co
Lawyers Title Insur.
Per
Name of Company
Mar.
—
Class A preferred
Holders
Payable of Record
Apr.
75c
Hooker Electrochemical
6% pref. (quar.) —
Humboldt (M. & B.), 8% pref. A
(quar.) —
Hussman-Ligonier Co. conv. pref. (quar.)
Conv. preferred (quar.)
Hutchinson Sugar Plantation Co.
(monthly)
Illuminating Shares Co. "A" stock
Laclede Steel
Lane Bryant,
2099
Apr.
$1H
Honolulu Gas Co. (monthly)
Honolulu Plantation Co. (monthly)
Kroohler Mfg. Co.
7% pref.
Class A preferred
(quar.)
Class A preferred
(quar.)
Class A preferred
When
Chronicle
$1K
30c
37 He
31Hc
1
Apr.
1
Apr.
1
Apr.
Mar. 30
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
Mar. 31
Mar.|17
Mar. 14
Mar. 14
Mar. 20
Mar. 10a
Mar. 10
Mar. 20
Mar. 20
Mar. 12
Mar.
Mar. 31 Mar.
May 15 May
1 Mar.
Apr.
9
9
1 Mar.
9
Apr.
8Hc 'Apr.
5
9
l'Mar. 20
"
Financial
2100
Per
Name of
Share
Company
American
ir*
When
June
6
Sept.
Dec.
5
Mar. 14
British Columbia Power, class A (quar.)
Apr.
Broad Street Investing Co., Inc.
Mar.
1
Mar. 10
Apr.
|
Mar. 19
Mar.
Mar. 14
May
Apr. 15
May
1
Apr. 10
Apr. 10
May
Apr.
Apr.
Apr.
Apr.
Mar. 12
Mar. 12
Mar.
|
American Thermos Bottle
Preferred
(quar.)
American Tobacco, preferred (quar.)
Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
|
Mar. 16
Mar.
5
Mar.
5
Mar. 14
Mar. 31
Mar. 20
Mar. 10
American Water Works & Electric Co.—
1st $6 preferred (quar.)
Amoskeag Co., common
Preferred (semi-annual)
Anaconda Copper Mining Co.
Anchor Cap Corp., common (quar.)
$6)4 convertible preferred (quar.)
Angostura-Wuppermann Corp. (quar.)
Apex Electric Mfg., prior pref. (quar.)
Mar. 16
June 20
June 20
Mar. 14
Mar. 20
Mar. 20
—
Mar. 20
Mar. 20
Arkansas Power & Light, $7 pref. (quar.)
$6 preferred
Armour & Co.
Mar. 10
(Del.) 7% pref. (quar.)
Mar. 10
Mar. 10
Mar. 23
-
Arrow-Hart & Hegeman Electric (quar.)
Preferred
Mar. 23
(quarterly)
Mar.
20
30
Mar
Arundel Corp. (quarterly)
Art Metal Construction Co., Inc
Associated Breweries of Can., com. (quar.)
14
Mar.
7% preferred (quarterly)
Mar. 14
Associated Electrical
Industries—
American dep. roc. for ord. reg
xw 8%
(quar.)
Preferred (quar )
Mar. 21
Mar. 21
...
-
California Ink (quar.)
75c
30c
1H%\
45c
Canadian Fairbanks Morse, pref.
Mar. 31
Mar. 20
Tune 20
Ouarterly
Automobile Insurance (quar.)
Avon Mills, common A & B (quar.)
Mar.
Preferred
Mar. 16
Babcock & Wilcox
Mar. 20
Mar. 17
,
Backstay Welt (quarterly)
Badger Paint & Hardware Stores, Inc
Participating preferred (quarterly)
Balaban & Katz, preferred
Preferred (quarterly)
Baldwin Co., 6% cum. pref. (quar.)
Baldwin-Duckworth
Chain
Mar. 25
Mar. 25
Mar. 25
Mar. 25
1
Apr.
(quar.).
Bancohio Corp.
Bankers Trust Co
Feb.
29
Mar. 21
Mar. 10
$1)4
$1H
5%
$3)4
37)4c
—
Mar. 10
Mar. 12
Mar. 20
Mar. 17a
50c
17.2497c
Mar. 20
Feb.
29
15.6687c
:
Bank Stock Trust Shares, C-l registered
C-2 registered.
Feb.
29
Belding-Corticelli, Ltd. (quarterly)
Preferred (quarterly)
Belding-Heminway (quar.)
Ouarterly
Bell Telep. Co. of Canada (quar.)
Bell Telep. Co. of Penna.. pref. (quar.)..
Belt RR. & Stockyards Co. (quarterly)
25c
,
—
Preferred (quarterly)
Bensonhurst National Bank (Brooklyn, N. Y.)Initial
B.-G. Foods, Inc., 7% preferred
Preferred
Mar.
75c
Mar. 20
50c
25c
62 Mc
(quarterly)..
Bird & Son, Inc. (quar.)
25c
Birmingham Electric, $6 preferred
$7 preferred
20
75c
h$ 1 %
Bickford's, Inc. (quar.)
15 Mar. 23
15 Mar. 20
SIM
SIM
SIM
SIM
Mar.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Feb.
20
Mar.
20
Mar. 20
Mar. 25
Mar. 12
Mar. 12
Black & Decker
h$7
Mar.
Mar. 16
8% preferred (quarterly)
Bliss & Laughlin, initial (quarterly)
Bloch Bros. Tobacco (quar.)
Quarterly
Quarterly
$6 preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
50c
Mar.
Mar. 16
25c
37 Mc
37Mc
37Mc
SIM
SIM
SIM
SIM
Bohn Aluminum & Brass
Bon Ami Co., class A (quarterly)
-75c
$1
Class B (quar.)
Nov. 11
Mar. 25
June
June 25
Mar. 31
Mar. 31
Mar. 20
Mar. 29
Mar. 16
Mar. 20
Mar. 18
1 Mar. 16
20
20
20
13
13
24
23
20
20
12
17
17
1
16
16
Mar. 26
&875*c
h75c
_.
Preferred (semi-annual)
1
1
1
May 15
Aug. 16
Apr.
Apr.
Apr.
Mar. 17
Mar. 17
Mar. 17
Mar. 14
Mar. 14
Mar. 20
Mar. 10
Mar.
lO
Mar. 10
May
Aug
Nov. 16 Nov.
5
5
5
1 May 18
Mar. 14
$1*4
#15*
Jllne
Apr.
]
$1*1
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 20
1 Mar. 17
Apr.
Apr.
July
1 Mar.
1 Mar.
1 June
$134
45c
75c
70c
$354
Chesapeake & Potomac Telep. Co.—
7% preferred (quar.)
Redemption' payment
Chesebrough Mfg. Co. <
(quar.).
Apr.
Apr.
6
6
8
15 Mar. 31
15
Mar. 31
Mar. 31
Mar.
Apr.
Mar. 20
Mar. 31
Extra.
Chicago Daily News. Inc., $7 pref. (quar.)
Chicago Flexible Shaft (quar.)
Mar. 21
Mar.
Mar. 31
Dec.
Dec. 24
Apr.
Apr.
Mar. 13
Apr.
Mar. 21
Apr.
Extra
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 Advertising Products (quar.)
Cincinnati Gas & Electric, 5% pref. A
Mar. 14
Cincinnati Inter-Terminal RR—
Sept.
Sept. 25
15
Mar. 14
Apr.
—
Mar. 31 Mar. 20
Mar.
Apr.
Mar. 20
Mar. 31
Mar.
Apr.
Apr.
Mar. 20
Mar.
Feb.
Apr.
Apr.
Mar. 10
Mar. 31
Mar. 31
2
Mar. 13
1 July
Aug.
Quarterly
$4H preferred (quar.)..
Cincinnati Postal Terminal & Realty—
634 % preferred (quarterly)
Cincinnati Sandusky & Cleveland RR. Co—
6% preferred (semi-ann.)
Cincinnati Suburban Bell Telep. (quar.)
Cincinnati Union Stockyards (quar.)
9
Apr.
20
Cine. Newport & Cov. Light & Traction Co.-
Cincinnati Union Terminal Co.—
50c
S2
$1M
25c
10c
87 Mc
r50c
SIM
Mar. 20
Mar.
29
20
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr"
1
Mar. 23
Mar. 20
Mar. 16
Mar. 13
10c
Mar.
50c
Mar.
Mar. 19
Mar.
Mar.
20
Apr.
(quar.)
lOd.
25*%
Mar. 16
Apr.
Apr.
Apr.
(s.-a.)
——
Marl 14
1 Mar. 14
15 Mar. 20
Apr.
7i75c
Century Ribbon Mills, preferred (quarterly)
Champion Paper & Fibre, 6% preferred (quar.).
Chatham Mfg. Co., preferred (quarterly)
6% preferred (quarterly)
Chemical Bank & Trust Co. (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Mar. 13
(quar.).
British-American Tobacco Co., Ltd.—
Second interim div. ord. stock
20
Mar. 31
Mar. 14
Apr.
Apr.
Apr.
10c
10c
Mar. 10
—
British American Assurance Co.
Mar. 17
Mar
Mar, 20
Apr.
Apr.
uarterly
Quarterly
Mar. 13
5c
Mar.
Mar. 14
1
1
1
1
1
I
15
Apr.
Apr.
10c
Apr.
$1
Brandtjen & Kluge, Inc., 7% pred. (quar.)
Brantford Cordage, pref. (quar.)_
Brazilian Traction, Light & Power pref. (quar.)
Bridgeport Brass Co. common (quar.).—
Bridgeport Gas Light
Bridgeport Machine preferred
Brillo Mfg. Co.. Inc., common (quar.)
—
(quar.)
Apr.
Apr.
Apr.
SIM
Extra
5% preference (s.-a.)
Nov.
Mar. 31
Mar. 21
1
1 June
1 Sept
Jan 2*37 Dec.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr. 15 Apr.
July
1 June
..
50c
—
British American Oil Co.
Mar.
May 11
Aug. 11
Mar. 31
Mar. 12
Apr
Extra
75c
Borg-Warner (quar.)
Freferred (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)
Class A
lO
Mar.
May
Aug.
14
Mar. 21
Mar. 21
June 30 June
Centrifugal Pipe Corp.
3
3
Mar.
Oct.
—
Mar. 14
Mar. 14
Mar. 14
Mar. 14
July
7%
$1
30 Apr.
31 July
Mar. 10
Mar. 30 Mar. 20
Case (J. I.) 7% preferred
Celanese Corp. of Amer., 7% cumul. 1st prefi..
7 % cumulative prior preferred
Mar. 12
25c
1
1
15
1
1
Apr.
Apr.
-
Mar. 12
Mar. 16
25
15
1
1
1
Apr. 15
Apr
30
Apr
1
Ap *
1
Apr
1
Mar. al
—
50c
Extra.
Mar. 14
15
Mar. 31
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light Co., 6% pref. (quar.)_-.
15 Mar. 31
1 Mar. 15
5 May
2
Mar. 10
Mar. 31 Mar. 17
—
7% preferred (quarterly)
Central Illinois Public Service, $6 preferred
6% preferred
Central Maine Power, $6 preferred (quar.)
7% preferred (quarterly) ,
6% preferred (quarterly).
$1)4
S1H
SIM
pref. (quar.)
Bayuk Cigar, 1st preferred (quar.)
Beatrice Creamery, pref. (quar.)
Beech Creek RR. (quarterly)
Beech-Nut Packing Co. (quar.)
Mar. 14
Mar. 25
1 May 25
1 Mar. 23
Mar. 31 Mar. 17
-
50c
75c
Battle Creek Gas Co. 6%
Apr. 15
Mar. 14
Apr. 15
Mar. 31
Apr.
A r.
Mar. 20
5c
...
1
1
1
1
1
Mar. 31
Apr.
...
Common (quar.)
7% cumul. prior preferred
cumul. 1st preferred
Centlivre Brewing Corp., A (quar.)
Central Aguire Associates (quar.)
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
Boxes
(quar.)
Apr.
Mar. 31 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
preferred (quarterly)
Cannon Mills (quar.)
Capital Administration Co., $3 pref. A (quar.)—
Capital City Products Co., common (quar.)
Carnation Co., 7% pref. (quar.)
Preferred B
25
20
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr. 10
Apr. 10
15c
.
————
29
Feb.
Bank of New York & Trust (quar.)
Bank of the Manhattan Co. (quar.)
Barnsdall Corp. (quarterly)
Extra..---.---.
10
Mar. 22
(quarterly).
Bangor & Aroostook RR. (qi
(quarterly).
Preferred (quarterly)
Bangor Hydro-Electric
6% preferred (quarterly)
7% preferred (quarterly)
Bank of Yorktown
Mar. 31
J
2
Apr.
-
7% preferred (quar.)
7% preferred (quar.)7 % preferred (quar )
Carolina Power & Light, $7 preferred
$6 preferred
Carolina Telephone <fc Telegraph Co. (quar.)
Carriers & General Corp. (quar.).
Carthage Mills preferred A (quar.)
1
14
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr. 15
Oanfield Oil,
Mar. 16
(quar.).
(quar.)__.
16
31
18
18
Apr.
Apr.
Apr.
8%
Wire bound
Canadian
Mar. 16
B
Cos..
Apr.
Apr.
June
preferred (quar.)
Canadian Westinghouse Co. (quar.)
Mar. 15
r_
Axton-Fisher Tobacco, common A (quar.)
Common
7
oil
Apr.
Apr.
June
Pr0f6rr6(i
Canadian
Apr.
Apr.
Canadian Industries, common
Automatic Voting Machine (quar.)
1 Mar.
10 Mar.
1 Mar.
1 Mar.
15 [Apr.
16 Apr
1 Mar.
1 Mar.
15 Mar.
1 Mar.
May
(quar.)
Canadian General Electric (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Foreign Investment Corp. (quar.)
8% preferred (quar.)
Mar. 25
—
29
1 Mar. 20
15 Mar. 31
Mar. 31 Mar. 17 a
Canadian
(quarterly)
Autoline Oil, preferred
Mar. 31 Feb.
Apr,
Apr.
Mar. 31 Mar. 17a
Canadian Cottons (quar.)
Preferred (quarterly)
Mar. 20
(quar.)
75c
$1 *4
75c
California-Oregon Power Co., 7% pref. (quar.).
6% preferred (quarterly)
Campbell Wyant & Cannon Foundry, extra
Cambria Iron Co. (semi-annual)
Canada Bread preferred A
Canada Northern Power Corp. (quar.)
7% cumulative preferred (quar.)
Canada Packers, Ltd. (quarterly)
Canada Permanent Mtge., Ont. (quar.)..
Canadian Canners, Ltd., 1st pref. (quar.)
Canadian Celanese, Ltd., common—
7 % cumulative participating preferred-.
7% cumulative partic. pref. (quar.)
Mar. 21
Teleg. Co. (quar.)
Atlantic Steel (quar.)
Atlas Acceptance Corp., 5% pref.
Atlas Tack (resumed)—
5634c
-
Mar. 20
Mar. 21
—
75c
Extra
Mar. 17
Atlanta Gas Light Co., 6% cum. pref. (auar.)
Atlantic City Fire Insurance Co. (quar.)
Atlantic & Ohio
Mar. 19
25c
SI U
Associated Investment
$134
7% preferred (quar.)
7
Mar. 14
Armour & Co. (111.) $6 prior prer. (quar.)
Old 7 % preferred
20c
—
Extra
Mar. 14
i
40c
(quar.)
Brooklyn Borough Gas Co—
6% participating preferred (quar.)
6% participating preferred (extra)
Brooklyn-Manhattan Transit Corp. (quar.)
Pref. (quar.)...
Brooklyn & Queens Transit Corp., pref. (quar.)
Brooklyn Union Gas
Bruck Silk Mills (quarterly)
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 <fc Eastern Power—
1st preferred (quar.)
2nd preferred (quar.)
$5 preferred (quarterly)
6.4% preferred (quar.)
Bunte Bros, (resumed)
5% preferred, initial (quar.)
Burco, Inc., preferred (quarterly)
;
Burger Brewing Co., 8% preferred (quar.)
Burroughs Adding Machine Co
Burt (F. N.) Co. (quar.)
7% preferred (quar.)
Calamba Sugar Estates (quar.)
Mar.
--
$134
6% preferred (quarterly)
Mar. 20
-
Appalachian Electric Power Co., $7 pfd. (qu.)
lOd
British-Amer. Tobacco Co., Ltd.. (interim)
British Columbia Electric Power & Gas Co—
June
5
Holders
Payable of Record
of Company
Dec.
.
— -
Name
Apr.
Apr.
|
1936
28
When
Holders
Payable of Record
Sept.
Paper Goods 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Rolling Mill Co. (quar.)
6% preferred (quar.)
American Safety Razor (quar.)
American Screw (quar.)
American Service Co., pref
American Ship Building (quar.)
American Smelting & Refining
1st preferred (quar.)
2d preferred (quar.).
American Snuff (quar.)
Preferred (quar.)
American Steel Foundries, preferred
American Stores (quar.)
American Sugar Refining Co. (quar.).
Preferred (quar.)
American Telep. & Teleg. Co. (quar.)
Prior preferred
March
Chronicle
Mar. 24
Mar. 16
Mar. 16a
Mar. 31 Mar. 24
Mar. 31 Mar. 24
1st guaranteed preferred
(s.-a.)
—
5%
5%
5%
5%
preferred
preferred
preferred
preferred
(quar.)
(quar.)
(quar.)
(quar.)
Citizens Water Co. (Wash., Pa.) 7% pref__
City Auto Stamping (quar.)
City Ice & Fuel (quarterly)
City Investing Co., pref. capital stock (quar.)..
Claude Neon Electrical Products (quar.)
Cleveland Cincinnati Chicago & St. Louis .RR
Co., 5% preferred (quarterly)
Cleveland Electric Illuminating, pref
Common (quarterly)
Apr.
Apr.
15 Mar. 31
15 Mar. 31
$1H
Apr.
15 Apr.
4
$15*
$1.13
May
Apr.
Apr.
15
40c
Apr.
-
Mar. 18
Mar. 31 Mar. 21
July
Oct.
1 Mar. 20
1 June 20
1 Sept. 19
Jan 1'37
Apr.
Apr.
Dec.
19
1 Mar. 20
Mar. 24
Mar. 3
$154
$15*
50c
Mar. 14
Apr.
Apr.
Mar. 27
Mar. 20
Apr. 30 Apr. 20
Mar. 23
Apr.
Apr.
1 Mar. 23
Volume 142
Financial
Per
Name of Company
Share
Clayton & Lambert Mfg. (resumed)
Cleveland Graphite Bronze Co
Special
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Climax Molybdenum (quar.)
Clinton Trust Co. (quar.)
Clorox Chemical (quar.)
Extra
5c
25c
25c
Mar. 20
Mar. 12
redit
Co., com. (quar.)
5H % conv. preferred (quar.)
Commercial Discount (L. A.), 8% pref. (quar.).
7% preferred (quarterly)
Commercial Investment Trust com (quar.)
Commercial National Bank & Trust (quar.)
Quarterly
Commonwealth Investment Co., Dela. (quar.)._
Commonwealth & Southern preferred
Commonwealth Telep. (Madison, Wis.)—
6% preferred (quarterly)
Commonwealth Utilities, 7% pref. A (quar.)..
6% preferred B (quarterly)
6H% preferred C (quarterly)
;
Confederation Life Association (quar.)
Quarterly
Quarterly
Quarterly
Connecticut Gas & Coke Securities Co., $3 pre¬
ferred (quarterly)
Mar. 20
Mar. 21
50c
Apr.
Apr.
Apr.
Apr.
Apr.
SiH
Apr.
Mar.
SIH
$1H
62 He
#2.40
25c
Mar. 14
Mar. 12
Mar. 16
Mar. 31
5
Mar. 20
Apr.
Apr.
Mar. 20
31c
Mar.
Mar. 10
25c
Apr.
Aug.
June
62 He
Mar.
Mar. 11
$l*s
Mar.
Apr.
Apr.
75c
Apr.
$2. Apr.
#2
4C
75c
SIH
SIH
SIH
June 24
Apr.
Apr.
Apr.
Mar. 14
6
Mar.
Mar. 14
Mar. 14
si
Dec.
75c
50c
50c
Mar. 14
June
50c
May 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr
Apr.
Apr.
Apr.
July
July
July
July
May
sih
90c
$2H
SIH
»V.al
SIH
60c
55c
SIH
SIH
$1.65
SIH
Mar. 16
5
Apr.
Mar. 14
Mar. 16
Mar. 31
Mar. 10
Mar. 27
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
June
15
June 15
June 15
June 15
Apr. 15
May 15
1 June
55c
July
May
June
55c
July
50c
Mar. 31 Mar. 14
SI
20c
50c
preferred
SIH
Continental Oil
6H% preferred (quar.)
Copperweld Steel (quar.)
Quarterly
Quarterly
Corcoran Brown Lamp Co
7% preferred (quar.)
Cosmos Imperial Mills, 7% preferred
Courier Post Co., 7% preferred (quar.)
Courier-Post (Phila.), pref. (quar.)
Cream of Wheat (quarterly)
Creamery Package Mfg. (quar.)
Credit Utility Banking Corp. (quarterly)
Crown Cork International Corp., cl. A (quar.)..
Crown Williamette Paper $7, 1st pref..
Crucible Steel of Amer., pref
Cram & Forster (quarterly)
1 June
15
I Mar. 16a
1 Mar. 20
Apr.
Mar. 30 Mar. 16
20c
20c
Nov.
Nov. 15
30c
Apr.
Apr.
Mar. 18
Mar. 18
Apr.
Apr.
Apr.
1 Mar. 21
1 Mar. 21
10 Apr.
1
Mar. 25
Mar. 12a
h$l
Apr.
Apr.
Apr.
Apr.
Apr.
/i$l
Mar.
SIH
SIH
SiH
87 He
1
50c
30c
18Hc
25c
20c
1 Feb.
29
1 Mar. 16
Mar. 13
Mar. 16
5c
Preferred (quarterly)
Curtis Publishing, pref
...
Apr.
Apr.
Apr.
Apr.
$2
Extra
June
h$ 1H
Feb.
Extra
Davenport Hosiery
Preferred (quarterly)
Dayton & Michigan KR. (semi-annual)
8% preferred (quar.)
Dayton Power & Light Co., 6% pref. (monthly)
Deisel-Wemmer Gilbert (quar.)
-
Extra
Mar. 25
Mar.
Mar. 20
25c
Danahy Faxon Stores. Inc. (quar.)
Apr.
Apr.
25c
Dakota Central Telep. Co*, 6H % pref. (quar.).
Mar.
Mar
25c
SIH
Apr.
Apr.
Mar. 23
Mar. 23
87 He
Apr.
Mar. 16
Mar. 16
SIH
50c
12Hc
12Hc
43 He
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Dejay Stores class A (quar.)
Delaware RR. Co
(s.-a.)
jl
De Long Hook & Eye (quar.)
75c
Special
SI
Dentists' Supply Co. of N. Y. 7% pref. (quar.)..
SIH
7% preferred (quar.)
SIH
7% preferred (quar.)
SIH
7% preferred (quar.)
SIH
Deposited Insurance Shares, series A
e2H%
Des Moines Gas Co., 8% pref. (quar.)
87 He
7% preferred (quarterly)
Detroit Consol
Theatres, Inc
lHc
Detroit Edison Co. (quarterly)
Devoe & Raynolds, A & B (quar.)
2nd nreferred (quar.)
May
Apr.
Apr.
Apr
Apr.
Apr.
Apr.
Diamond Match Co., interim
Extra
June
....
...
Diamond State
Doctor Pepper
20
Mar. 20
Mar. 20
Mar. 30
Mar. 16
June 15
Mar. 20
Mar. 20
Mar.
June
Sept.
Dec.
June
Mar. 16
Mar. 14
16
Mar. 31
Mar. 20
Mar. 20
common
(quar.)
—
Telep., preferred (quar.)
Apr.
Apr.
Mar. 20
Mar. 20
June
Co. (quar.)
Quarterly
Quarterly
May 15
May 15
May 15
$7 preferred (quar.)
Dome Mines, Ltd. (quar.)
Dominion Coal Co. 6% preferred (semi-ann.)..
Dominion Glass (quar.)
(quarterly)
Dennis on Mfg. Co., debenture stock
Dominion Rubber, preferred (quar.)
Dominion Textile, Ltd.
Preferred (quar.)
(quar.)
Dow
Drug (quarterly)
Preferred (quarterly)
—
Mar.
Apr.
Apr.
1 Mar. 20
31 Mar. 20
31 Mar. 20
1 Mar. 14
1 Mar. 14
8M:
5
15 May
1
15 Apr.
1 Apr.
10
31 Mar. 21
1
Electric Auto-Lite
1 Mar. 18
Preferred (quar.)
Electric Controller & Mfg. (quar.)
Electric Storage Battery Co. (quar.)
1 Mar. 20
Preferred (quar.)...
Elizabeth & Trenton RR. Co.
Semi-annual
1 Mar. 18
30 Man*.
9
30 Mar. 9
1 Mar. 20
(semi-ann.)
1 Sept.
.
5% preferred (semi-annual)
5% preferred (semi-annual)
1 Sept. 20
15 Mar. 31
El Paso Electric Co. (Del.), 7%
pref. A (quar.).
6% preferred B (quarterly)
15 Mar. 31
El Paso Electric Co.. Texas,
6% pref. (quar.)..
Emerson Drug, preferred (quar.).
15 Mar. 31
1 Mar. 14
Empire & Bay State Teleg., 4% gtd. (quar.)
4% guaranteed (quar.)
4% guaranteed (quar
'.)
Empire Power Corp. participating stock
1 May 21
1 Aug
21
I Nov. 21
1 Mar. 16
$6 cumulative preferred
I Mar. 16
Empire Safe Deposit Co. (quarterly)
Empire Trust Co. (quar.)
Emporium Capwell (s.-a.)
30 Mar. 21a
1 Mar. 20
6 Mar. 21
Semi-annual
5 Sept. 26
1 Mar. 18
Endicott-Johnson (quar.)
Preferred (quar.)
Equity Corp., S3 conv. preferred
Erie & Pittsburgh RR. Co., 7% gtd.
(quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
1 Mar. 18
6 Mar. 20
10 May 29
10 Aug. 31
Nov. 30
"
May 29
Aug. 31
Guaranteed betterment (quar.)
Eureka Vacuum Cleaner (quar.)
Nov. 30
Mar. 13
Mar. 14
European & North American Ry. (s.-a.)
Semi-annually
Sept. 14
Evans Products (quar.)
Fairbanks (E. & T.) & Co., pref.
(semi-ann.)__
Famise Corp. (Del.), class A (quarterly)
Fansteel Metallurgical Corp., #5 pref.
(quar.)..
$5 preferred
$5 preferred
(quarterly)
(quarterly)
(quarterly)..
Fanny Farmer Candy Shops (quar.)
$5 preferred
Farmers &
Traders Life Insurance (quar.)
Faultless Rubber (quar.)
Mar. 18
25c
Apr.
S3H
6Hc
SIH
SIH
SIH
SIH
12Hc
S2H
Mar. 14
June 15
Sept. 15
Dec.
Mar. 11
50c
Federated Department Stores
Feitman & Curme Shoe Stores Co., preferred
Ferro Enamel, preferred (quar.)
Mar. 16
Mar. 24
Mar. 14
Mar. 21
Mar.
87Hc
13Hc
Mar. 31
Mar. 13
(quar.)
Fllene's
(Wm.) Sons
Preferred (quar.)
Finance Co. of America, A & B (quar.)
7% preferred (quarterly)
7% preferred A (quarterly)
Finance Co. of Penna.
30c
(quar.)
Apr.
Apr.
15c
Stores
$25
$25
62 He
(quar.)
7% 1st preferred (quar.)
First State Pawners Society. Chicago
(quar.)
Fishman (M. H.), pref. A&B
Sl°4
SIH
SIH
6
6
Apr.*
6
Mar. 14
Mar. 20
Mar. 20
Mar. 16
June
15
Mar. 14
Mar. 14
Mar. 21
Mar.
Mar. 31
20c
Apr.
Apr.
Apr.
Apr.
Apr
15c
Mar.
25c
(quar.)
Fisk Rubber preferred (quar.)
Florsheim Shoe, class A (quar.)
Apr.
Mar. 16
$1H
Apr
25c
(quarterly)
12Hc
-a
)
Fuller Brush Co. 7% pref.
(quar.)
7% preferred (quar.)
7% preferred (quar.)
Fulton Trust (N. Y.) (quarterly)
Fundamental Investments, Inc
Gair (Robert) Co., S3 preferred
(initial)
Gallan Mercantile
Laundry
Gannett Co., Inc., $6 pref. (quar.)
Garlock Packing Co., common
(quar.)
Wxtra
■
General American Investors. $6 nref.
(quar.)
General Baking Co., common
(quar.)
Preferred (quar.)
General Cigar, preferred
(quarterly),.
General Electric Co
Fireproofing (quar.)
Preferred (quarterly)
General Machinery Corp.,
7% pref. (quar.)
General Mills, Inc., 6% cum. pref.
(quar.)
Printing Ink
Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
20c
_
Quarterly
General
Apr.
8He
S2H
First Bank Stock Corp. (s.-a.)
Formica Insulation Co
Fostoria Pressed Steel (quar.)__
Fox (Peter) Brewing Co
Franklin Teleg. Co., 2H% gtd stk
(s
Freeport Texas, preferred (quarterly)
Freiman (A J ) Ltd., 6% pref
(quar )
Fruehauf Trailer Co., pref (quar.)
Mar. 19
Mar.
SIH
12 He
43 He
First Cleveland Corp., preferred A&B
First National Bank (N. Y.) (quar.)
Class B
2
Mar. 20
Fifth Ave. Bank (N. Y.)
National
15
Mar. 16
37Hc
;
Fifth Ave. Bus Securities
1
Mar. 20
10c
25c
Fedders Mfg. (quar.)
Federal Motor Truck
First
20
1 Mar. 20
..
-
Mar. 16
Mar. 16
Mar 14
Mar. 24
SIH
SI H
Oct.
Sept. 25
S2H
Apr.
Apr.
Mar. 23
SIH
87 He
SI H
20c
75c
15c
SIH
15
Apr.
15
Mar
14
Mar. 20
Mar. 25
June 24
Mar. 10
Mar.
Mar. 16
Mar. 14
Apr.
Apr.
Mar. 16
25c
Mar.
12Hc
Mar.
Mar. 21
Mar. 21
Apr.
M!ay
Apr.
SI H
15c
$2
SIH
25c
10c
SIH
SIH
SIH
sin
h50c
50c
SIH
Apr.
General Telep. Corp., S3 Conv. pref.
(quar.)
General Tire & Rubber Co.. 6% pref.
(quar.)..
General Water, Gas & Electric, S3 pref.
(quar.).
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gilbert (A. C.), preferred (quar.).
Mar. 12
May
May
Apr
Apr.
Apr
July
SIH
Preferred (quarterly)
General Stockyards.
Mar. 31
5
1 Mar. 20
Mar. 16
Mar. 16
May 15 May
4
Apr.
May 21
5
1
Mar. 15
20
Mar.
1 Mar.
SIH
SIH
SIH
Mar. 20
Mar. 14
■>
1 Mar. 16
15 Dec. 31
Preferred ) quarterly)
General Public Utilities, Inc., $5
pf. (quarO
$6 preferred (quarterly)
General Ry. Signal
Mar. 31
31 Mar. 21
1 Mar. 20
<a».
Economy Grocery Stores (resumed)
Edison Elec. Illuminating Co. of
Boston, (quar.)
General
Mar. 21
Mar. 21
15 Mar. 14
31 Mar. 20
31 Mar. 21
_
Dec.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
10
21
1 Mar. 21
1 Mar.
General Motors Corp., $5 preferred
(quar.)....
General Paint, class A
Sept.
-— —
Doehler Die Casting, 7% pref. (quar.)
1 Mar. 14
25 Apr.
1 Apr.
Preferred (quarterly)
East Missouri Power Co., 7% cumul. pref.
(s.-a.)
Easy Washing Machine, cl. A & B (quar.).
Class A&B (extra)
Eaton Mfg. Co. (quar.)
'
Mar. 14
Mar
June
Preferred
(extra)
Diamond Shoe Corp.,
Apr.
29
1 Mar. 20
Extra
June 20
6
6
1 Mar. 14
1 Mar. 14
...
15
Apr. 15
May 15
Apr.
l|Mar. 14
Apr. 30 Apr.
6
l'Mar. 16
Apr.
Mar. 14
Apr.
Mar. 14
Apr.
May
May 15
Aug.
Aug. 15
25c
Continental .steel Corp., preferred (quarterly)..
Continental Telep. Co., 7% partic. pref. (quar.)
Apr.
1
(quar.).
_.
Mar. 14
Mar. 14
preferred
29
1 Mar. 28
20 Apr. 10
1 Mar. 21
Duplan Silk, preferred (quar.)
Du Pont de Nemours (E. I.) & Co.—•
Debenture (quar.)
Duquesne Brewing Co. (quarterly)
Class A preferred (quarterly)
Duquesne Light Co., 5% 1st nref. (quar.)
Eagle Fire Insurance (resumed)..
Eagle Picher Lead, pref. (quar.).
Early & Daniel
Preferred (quar.)
Eastern Gas & Fuel Assoc., prior pref.
(quar.)..
6% preferred (quar.)
Eastern Magnesia Talc Co.. Inc.
(quarterly)
Eastern Steam Ship Lines, pref. (quar.)...
Eastern Steel Products preferred
(quar.)..
Eastern Township Telep. Co.
(quarterly).
Eastman Kodak (quarterly)
Mar. 14
Mar. 11
55c
Continental-Diamond Fibre Co
7%
Dec. 25
h25c
6.6% preferred (quarterly).
7% preferred (quarterly).
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly),
6.6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
Continental Assurance Co., Chicago (quar.)
Continenta JBaking Corp., pref. (quar.)
Continental Bank & Trust (quar.)
14
Apr.
Sept. 25
25c
Gin, 6%
July
May
Apr.
Mar. 29
$1H
....
Mar. 25
June 25
20c
...
5a
Sept.
$1H
6% preferred (quar.)
6.6% preferred (quar.)..
7% preferred (quar.)
6% preferred (monthly)
6.6% preferred (monthly)
$5 preferred (quar.)
6% preferred (quarterly)
Mar.
June
75c
Consumers Gas of Toronto t.quar.)
Consumers Power Co., $5 pref. (quar.).......
1
1
$i
Connecticut Light & Power (quarterly)
Consolidated Bakeries of Canada
Consolidated Oil
Apr.
Apr.
si
10c
._
23
June
Mar.
20c
5% preferred (quar.)...
18.
Mar. 11
20c
Connecticut General Life Insurance
Connecticut Investment Management
Consolidated Car Heating Co. (quar.)
Consolidated Film Industries, pref
Consolidated Gas (N
Y.), preferred (quar.)
Consolidated Gas Light & Power Co. of Bait
v.iar.
17Hc
...
Preferred
Mar. 20
e2H%
Semi-annual
Continental
Duke Power (quarterly)
Preferred (quarterly)
Duncan Mills Co., 7% preferred (quar.).
Apr.
Apr.
Apr.
Apr.
50c
1 Feb.
Sept.
Mar. 14
50c
1 Mar. 31
Driver-Harris (quarterly)
Nov. 10
Holders
When
Payable of Record
Draper Corp. (quar.)
Corp., 6% preferred
May
9
Aug. 10
Dec.
sih
2H%
Share
Dravo
Mar.
12 He
*r
IH
Dover & Rockaway RR. (semi-ann.).
Mar. 25
June
50c
•
Per
Name of Company
Mar. 25
87 He
87 He
20c
*
v
Mar. 31
Apr.
Apr.
Apr.
2101
Holders
Payable of Record
87
Cluett, Peabody & Co., Inc., pref. (quar.)
Coats (J. & P.) Ltd. (interim)
Coca-Cola (quar.)
Coca-Cola Bottling Corp., Del., cl. A (quar.)__
Coca-Cola International Corp. (quar.)
Cohen (Dan.)
Coleman Lamp & Stove
Colgate-Palmolive-Peet. preferred (quarterly)..
Colonial Ice Co., cumul. pref. ser. B (quar.)
Cumul. $7 preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Pictures Co., com. tquar.)
Commercial
When
Chronicle
25c
50c
75c
SIH
75c
Mar.
20
18
Mar. 21
Apr.
June
Mav
22
Mar. 13
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 20
Mar. 21
Apr.
Mar. 10a
May
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 18
Mar. 18
Mar. 20
May
Apr.
15
Apr.
Apr.
Mar.
lO
Mar. 10
May
Apr.
6
Mar. 16
_
Apr.
15
llMar. 25a
Mar. 31 Mar. 20
llMar. 14
SIH
Apr.
Apr.
Apr.
1 Mar. 14
87Hc
Apr.
1 Mar. 25
SIH
1 Mar. 14
Financial
2102
Per
Share
Nairn of Company
Gibson Art Co. (quar.)
Extra
40c
10c
Gillette Safety Razor (quarterly)
Convertible preferred (quarterly)
Glens Falls Insurance Co. (quarterly)
Glidden Co. (quar.)
Preferred (quarterly)
Globe Wernecke Co., pref. (quar.)
Preferred (quarterly)
_
_
Preferred (quarterly)
Preferred (quarterly)
Godchaux Sugars, Inc., preferred (quar.)
Preferred
Goebel Brewing (quarterly)
Extra
Goldblatt Bros, (quar.)
Gold 8c Stock Telegraph (quar.)
25c
•as
50c
50c
_
6% preferred (quarterly)
Mar. 18
Mar. 13
10c
30c
$1%
$1H
Great Western Sugar (quarterly)
60c
Preferred
(quarterly)..
(Daniel) Co., 6% preferred (quarterly)..
(H. LJ Co., Inc
SIX
Greenwich Water & Gas System, 6% pref. (qu.)
Greif Bros. Cooperage Corp., class A (quar.)
75c
50c
$lp
25c
Gulf Oil Corp. (resumed)
Gulf States Steel, 7% 1st preferred
—
Hackensack Water Co., 7% pref. A (quar.)
Hall (O. M.) Lamp
Haloid Co., preferred
Hamilton Cotton Co., $2 convertible preferred..
Hamilton United Theaters, 7% preferred
...
-
—
Hammermill Paper Co., 6% pref. (qu.)
H.) Knitting Mills, 7% pf. (quar.)..
Hanover Fire Insurance (quarterly)
Harbauer Co. (quarterly)
Harbison-Walker Refractories Co.. pref.
Mar. 14
May
Apr. 24
Apr. 24
May
Apr. 15 Mar. 31
_
Mar. 28 Mar. 18
Mar. 21
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 14
Apr.
Mar. 14
Apr.
Mar. 16
Apr.
Apr. 10
Mar. 3
Apr.
Mar. 30
Mar. 14a
Mar. 22
Mar. 10
Mar.
6
Mar. 14
Mar. 16
Mar. 21
Mar J 28
Mar. 20
25c
fc$3H
43 He
10c
h$ 1
!i g
37 He
60c
$1
25c
10c
43Hc
$U
SIX
10c
10c
10c
$15*
12Hc
mix
......
34c
lc
$1
25c
SIX
62 He
37 He
75c
87 He
87 He
75c
Howe Sound
Humble Oil & Refining (quar.)
25c
Huyler's of Del., Inc., 7% stpd. & unstpd. (qu.)
Hygrade Sylvania Corp. (quar.)
Preferred (quarterly
Ideal Cement (quarterly)
Extra
$8 preferred (quarterly)
$2 convertible preferred (quarterly)
Illinois Bell Telephone (quarterly)
Illinois Commercial Telep. Co. (Madison, Wis.)
$6 preferred
Illinois Northern Utilities, 6%ipref. (quar.)
7% junior preferred (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Quarterly
Imperial Tobacco of Can., ord. (quar.)
Ordinary (final)
Preferred (semi-ann.)
Independent Pneumatic Tool (quarterly)-
_
Industrial Rayon Corp
Incorporated Investors (semi-annually)
Indianapolis Power & Light, 6% pref. (quar.)—
6H% preferred (quar.)
Indianapolis Water Co.. 5% series A preferredInland Investors
(quar.)
Steamship (quarterly)
(quar.)
Extra
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Mar.
Apr .
3
3
Mar. 3
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Mar. 10
4
Mar. 14
Mar. 10
Mar. 20
Apr. 24 Apr. 14
May 29 May 19
June 26 June 16
Apr.
1 Mar. 25
Apr.
1 Mar. 14
Apr.
1 Mar. 21
Apr.
1 Mar. 23
Apr. 15 Mar. 31
Apr.
1 Mar. 23
Apr.
1 Mar. 12
Apr.
1 Mar. 21
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Mar. 31 Mar. 20
Mar. 31 Mar. 23
Apr.
1 Mar. 2
121i
Apr.
Arp.
Apr.
Apr.
Apr.
Apr.
50c
Apr.
$2
6
Mar. 16
Mar. 20
Mar. 14
Mar. 28
Mar. 20
50c
50c
Apr.
2
1
Apr.
$1H
Mar. 16
Feb. 29
Mar. 16
Mar. 20
Mar. 18
Mar. 24
Mar. 3
$1
25c
Ideal Financing Assoc., class A (quar.)
3
Apr.
(D. O.) & Co., preferred (quar.)..
Heyden Chemical Co. 7% pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Monthly
Hickok Oil Corp., 7% preferred (quar.)
Hinde & Dauch Paper of Canada (quarterly)
Holland Furnace, preferred
New $5 preferred
Holly Development Co. (quarterly)
Holmes (D. H.) Co. (quarterly)
Holophane Co., Inc., common
Horn 8c Hardart Baking Co. (N. J.) (quar.)
Houdaille Hers hey, class A (quar.).
Class B (quar.)
Household Finance, A & B (quar.)
Participating preferred (quar.)
Houston Natural Gas, 7% preferred (quar.)
ar.
h 50c
$1.
Preferred (quarterly)
Helme (Geo. W.) Co., common (quar.)...
Preferred
(quar.)
Apr.
six
(qu.)..
Hercules Motors (quarterly)
Heller (W. E.) & Co. (quarterly)
Apr
Mar. 3
Mar. 3
25c
Extra
1 Mar. 16
1 Mar. 10
l Mar. 10
1
1
1
1
Mar. 15
Mar. 15
Mar. 14
Mar. 14
1 Mar. 14
May
May
Apr.
July
1 Apr.
1 Apr.
15
15
Mar. 31
June 30
Oct.
Sept. 30
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.
1 Mar. 23
Apr. 30 Mar. 20
Apr.
1 Mar. 5
Apr.
1 Mar.
Apr.
1 Mar.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Apr. 10 Mar.
Apr. 15 Mar.
5
12a
20
14
17
(quarterly)
Interstate Hosiery Mills (quar.)
Inter-State Royalty Corp. (quar.)
Apr.
Apr.
Apr.
1
1
1
1
1
Apr.
1
Mar. 31
Mar. 14
Mar. 16a
Mar. 14
May 15 May
1
Apr.
1 Mar. 14
Apr.
1 Mar. 16
Apr.
1 Mar. 20
Intertype Corp., 1st preferred
Investors Corp. (R. I.), 1st pref. (quar.)
Investors Royalty Co
Iowa Power & Light Co., 7% pref. (quar.)
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 14
►
6% preferred (quar.)
Iron Fireman Mfg. (quar.)
Apr.
Sept.
1 Mar. 14
1 May
7
1 Aug.
6
Quarterly
Irving Air Chute (quar.)
Irving Trust, New York (quarterly)
Island Creek Coal Co., common (quar.)
Preferred (quar.)
Jamaica Public Service (quar.)
7% preferred (quarterly)
Jefferson Electric Co. (quar.)
Dec.
1 Nov.
5
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar. 31 Mar.
Mar. 31 Mar.
Apr. 15 Anr.
Apr. 15 Mar.
16
8% non-cumulative preferred
Extra
Jewel Tea Co., Inc., common (quar.)..
Johns-Manville Corp., com. (quar.)
7% cumul. pref. (quar.)
June
—
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
_
16
26
26
24
24
15
15
1
23
1 Mar. 16
Mar. 10
Mar. 10
Mar. 25
July
1
1
Sept. 30 Sept. 20
Dec. 31 Dec. 21
Apr. 14
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 21
Mar. 14
Mar. 14
Mar. 16
Mar. 16
Mar. 20
Mar. 20
Mar, 15
Mar. 10
Mar. 17
Mar. 24
Mar. 23
Apr.
Apr.
—
5
Mar.
6
Mar. 31 Mar.
Mar. 26
Apr.
Apr.
Mar. 14
1
Apr.
Apr.
Apr.
Mar. 12
Mar. 12
Apr.
Mar. 31 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr. 30 Apr.
9
Apr.
1 Mar. 20
Apr.
1 Mar. 20
June 20
July
1
Apr.
1 Mar. 24
...
(monthly)
Apr.
1 Mar. 12
Mar. 31 Mar. 12
Mar. 31 Mar. 12
(quarterly)
Apr.
Mar. 20
May
Kroger Grocery 8c Baking, 6% preferred (quar.)
7 % preferred (quar A
Lackawanna RR. of N. J., 4% guaranteed (qu.)
Lake Erie Power & Light, 7% pref, (quar.)
6% 2d preferred (quar.)
Lambert Co., common (quar.)
Landers, Frary & Clark (quarterly)
Quarterly
Apr. 20
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
July
......
5
Mar. 25
Mar. 25
Mar. 17
Quarterly...
Oct.
Quarterly
Janl'37
May 15 May
Aug. 15 Aug.
Landis Machine Co. (quar.)—
June
(quarterly)
Preferred
Dec.
Apr.
Apr.
Lawyers County Trust (N. Y ) (quar.).
(F. & R.) Co. (quarterly)
Leath & Co., preferred (new) (qu.)
Lehman Corp. (quarterly).
Lerner Stores, new (quarterly)
—
Lexington Telephone Co., 6H% pref. (quar.)___
Liggett 8c Myers Tobacco Co., peferred (quar.).
Lincoln National Life Insurance (quar.)—
Mar.
Lazarus
Apr.
Apr.
Apr.
Apr.
Apr.
May
Aug.
_
Quarterly.
15 Dec.
1 Mar. 21
1 Mar. 21
31 Mar. 20
1 Mar. 15
4 Mar. 20
15 Apr.
1
15 Mar. 31
1 Mar. 10
1 Apr. 25
1 July
25
Nov.
2 Oct. 27
1 Mar. 14
Apr.
Mar. 31 Mar. 31
.
Link Belt, preferred (quarterly)
Lockhart Power Co., 7% pref. (semi-ann.)
Lock-Joint Pipe Co. 8% preferred (quar.)
Apr.
July
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.)
Loomis-Sayles Mutual Fund, Inc
Extra
1
1
1 Oct.
1
Jan2 '37 Dec. 31
Mar. 31 Mar. 13
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
___________
Extra
Loose-Wiles Biscuit, hew 5% pref. (quar.)
Lord & Taylor (quarterly)
Lorillard (P.) (quarterly)
Preferred (quarterly)
Loudon
1 Mar. 16
1 Mar. 16
Mar. 12
Mar. 12
Mar. 12
Mar. 12
Mar. 18
Mar. 17
Mar. 13
Mar. 13
Mar. 16
Mar. 31 Mar. 14
Apr.
1 Mar. 20a
Apr.
1 Mar. 21
July
1 June 20
(quar.)
Oct.
1 Sept. 21
Jan.2'37 Dec. 21
Preferred (quar.)
Preferred (quar.)
Mabbett G. & Sons Co., 1st and 2nd pref. (qu.).
MacAndrews & Forbes Co., com. (quar.)
Preferred (quarterly)
Apr.
1 Mar. 20
Apr. 15 Mar. 31
Mar. 31
Mar. 31 Mar. 14
Apr. 15 Mar. 27
Apr. 15
Mack Trucks, Inc
Magma Copper Co
Magnin (I.) 8c 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 8c Telegraph (quar.)
7% preferred (quarterly)
May 15 May
Aug. 15 Aug.
Nov. 15
May
Apr.
1
1
Nov.
1 Apr.
1
15
1 Mar. 20
Mar. 31 Mar. 16
Apr.
1 Mar. 14
1 Mar. 16
Apr.
Apr. 10 Mar. 20
1 Mar. 13
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 21
Apr.
May
5 Apr. 25
Mar. 31 Mar. 4
Marlin-Rockwelt (quarterly)
Massachusetts Bonding 8c Insurance Co. (quar )
Mathieson Alkali Works (quar.)
Preferred (quarterly)
1 Apr.
1 July
Oct.
Second fund
Preferred
15 June
Sept. 15 Sept.
(quarterly)
Preferred (quarterly)
Lane Co. (The), Inc. (quarA
Quarterly
1
Nov. 16 Nov.
Quarterly
Preferred
Ludlum Steel Co., preferred (quarterly)
Lunkenheimer Co., preferred (quar.)...
_
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Koppers Gas & Coke, 6% pref. (quar.)
Kresge (S. S.)
1
Preferred
Holders
When
1
1 Mar. 20
Apr.
Mar. 31 Mar. 21
June 30 June 20
Kentucky Utilities, pref. (quar.)
Keystone Public Service Co., $2.80 pref. (qu.)__
Keystone Steel & Wire
Kimberly-Clark Corp.
6% preferred (quar.)
—
King Royalty, 8% preferred (quarterly)
Kings County Lighting Co., 7% pref., ser. B _.
6% preferred series O (quar.)
i9 /0 FlClCilCU BOI1OT D
VlJUd
5% preferred series A-/ (quar.)
^
Kirkland Lake Gold Mining
Klein (Emil D.) (quar.)
Extra...
Extra.
Koloa Sugar Co.
1936
Payable of Record
Apr.
July
Keith-Albee-Orpheum, pref. (reserved)
Sugar Co. (monthly)—
Kelley Island Lime & Transport (quar.)_
Kelvinator Corp. (quar.)
Kennecott Copper
28
Apr.
Apr.
Apr.
Apr.
July 15
Kekaka
Mar. 14
Apr.
Apr.
______
Jersey Central Power & Light Co.7% preferred (quarterly)
6% preferred (quarterly)
5 H % preferred (quarterly)
Joliet & Chicago RK. Co
Julian & Rokenge (semi-ann.)
Johnson Publishing. 8% preferred-.
8% preferred-.-Kahn (E.) Sons, 1st pref. (quar.)—.
Kalamazoo Vegetable Parchment Co—
Quarterly
Quarterly
Quarterly
Kansas City Power 8c Light, pref* B (quar.)—
Kansas Electric Power, 6% preferred (quar.)—
7% preferred (quarterly)
Kansas Gas & Electric, 7% pref. (quar.)
—
$6 preferred (quarterly).
Kansas Power Co., (Chicago) $7 pref. (quar.) —
$6 preferred (quarterly)
Kansas Utilities Co., pref. (quar.)
Katz Drug, preferred (quarterly)
—
Kaufman Dept. Stores, cum. pref. (quar.)
Packing (quar.)
Lone Star Gas Corp., 6% pref. (quar.)
May
(quarterly)
International Ocean Tel eg. (quar.)
International Power, Ltd., 7% preferred
Share
Name of Company
Mar. 31 Mar. 21
17
21
20
Mar. 31 Mar.
2
International Business Co. (quar.)
International Harvester (quar.)....
International Nickel of Canada
International Shoe
5
May
40c
Haverty Furnace Cos., Inc., $1% pref.(quar.)..
Hawaiian Sugar Co
Hazel-Atlas Glass Co. (quar.)
...
Mar.
Apr.
Apr.
Apr.
Hartford Fire Insurance (quarterly)
International Salt Co
Dec. 20
$100
3%
GuarantyTrustCo.ofN. Y., (quar.)
Preferred
Sept. 20
Mar. 17
Mar. 17
Mar. 10
Mar. 10
Mar. 10
Mar. 31
SI X
Greyhound Corp., preferred A (quar.)
Group No. 1 Oil (quarterly)
Interlake
Mar. 18
Mar. 20
June 20
Mar. 3
Apr.
35c
-
International Button Hole Machine
Mar. 14
Mar. 18
25c
_
5c
Extra
1
Mar. 3
62c
Great Lakes Power, $7 preferred (quar.)
Heath
Apr.
15c
5c
37Hc
Great Lakes Steamship
Great Western Electro Chemical, preferred
Great Western Power Co. of Calif., 7 % pref. (qu.)
Hanes (P.
Mar. 12
Mar. 14
Mar. 20
5c
Extra
Green
Green
Mar. 20
Mar. 20
Apr.
Apr.
Mar. 3
May
Apr.
Apr.
Apr.
62 He
50c
six
h$17
Per
Holders
Payable of Record
Apr.
July
Oct.
Janl '3
Apr.
Apr.
Mar. 3
Mar. 3
Apr.
Apr.
Apr.
Apr.
Apr.
50c
50c
Goodyear Tire 8c Rubber $7 preferred
Goodyear Tire & Rubber of Canada (quar.)
5% preferred (quarterly)
Grand Rapids Varnish
Granite City Steel Co. (quar.)
Grant (W. T.) Co., (quarterly)
Great Lakes Engineering Works (quar.)
When
March
Chronicle
—.
Maui Agricultural Co
Mar. 31 Mar. 4
Apr.
1 Mar. 20
McCall Corp. (quarterly)
May
McOlatchy 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.)
Nov. 30 Nov. 30
Apr. 15 Mar. 31
1 Apr. 15
May 30 May 30
Aug. 31 Aug. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Extra...
McQuay-Norris Manufacturing (quarterly)
Mead Johnson & Co., common (quarterly)
Extra..
Meadville Connecticut Lake & Linesville RR—
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..
Merchants 8c Miners' Transportation Co.—
Common (quarterly)
Merck & Co. (quarterly)—
Preferred (quarterly)..
—..
—
50c
SIX
$1H
SIX
Six
75c
25c
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr. 15
Mar. 20
Mar. 17
Mar. 17
Mar. 20
Mar. 12
Mar. 12
Mar. 14
Mar. 20
Mar. 14
Mar. 14
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Mar. 31 Mar. 11
Apr.
1 Mar. 23
Apr.
1 Mar. 23
Financial
Volume 142
Per
Name of
Share
Company
Ohio Brass
Mar. 31 Mar. 24
Meyer-Blanke Co. (quar.)
7% preferred (quarterly)
Miami Dept. Store, 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.)__
Apr. 16 Apr.
4
Apr.
2 Mar. 20
Apr. 10 Mar. 31
Apr.
1 Mar. 21
Mar. 21
Apr.
Mar. 21
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 12
Apr.
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Apr.
1 Mar. 14
_
Extra
Minnesota Power & Light, $6 pref. (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
Mississippi River Power, preferred (quar.)
Mississippi Valley Public Service—
6% preferred B (quarterly)
Missouri Edison Co., $7 cumul. pref. (quar.)_
Mitchell (J. S.) & Co., 7% pref. (quarO
Mock Judson Voehringer 7% preferred (quar.)
Monarch Knitting Co., 7% preferredMonarch Machine Tool (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Extra
Mar. 20
Mar. 20
1
1
1
1
1
Mar. 16
Mar. 16
Mar. 14
Mar. 26
Mar. 26
Monongahela West Penn Public Service—
43 He
;
Monroe Chemical, preferred (quar.)....
87
Uc
(semi-annual)-,
Montgomery Ward, class A (quar.)
Montgomery Ward (resumed)
Montreal Tramways (quar.)
Monumental Radio Co. (Bait., Md.) (quar.)
Moore Corp., Ltd. (quarterly)
Preferred A & B (quarterly)
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly-.Quarterly-
3
Apr. 25 Apr.
Mar. 20
1
1
1 Oct.
1
Jn. 2 *37 Jn.2'37
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Apr. 15 Apr.
1
Apr.
1 Mar. 24
June
1 May 27
Sept. 1 Aug. 27
_
Quarterly
Quarterly
1 Apr.
.1 July
Oct.
-
------
-
Dec.
1 Nov. 26
Mar. 31 Mar. 20
June 30 June 20
Apr.
2 Mar. 21
(initial)
Murphy (G. O.) new 5% preferred (quar.)
Muskegon Motor Specialties, pref. A
Mutual Chemical Co. of Amer., 6% pref. (qu.)6% preferred (quarterly)
6% preferred (quarterly)
6% preferred (quarterly
Myers (F. E.) & Bro. (quar.)
Nashua Gummed & Coated Paper Co.—
7% preferred (quarterly)
Nassau & Suffolk Lighting. 7% pref
National Battery Co., preferred (quarterly)
National Biscuit Co. (quar.)
National Breweries (quarterly)
Preferred (quarterly)National Candy, (quarterly)
1st and 2nd preferred (quar.)
National Cash Register (quar.)
National Casket Co. (semi-ann.)
Preferred (quarterly)
National Dairy Products (quar.)
Preferred A & B (quarterly)
National Enameling & Stamping Co
National Fire Insurance, Hartford (qu.)
28 Dec.
17
Mar. 31 Mar. 16
Apr.
1 Mar. 25
Apr.
1 Mar. 16
1 Mar. 17
Apr.
Apr. 15 Mar. 13
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Apr.
Apr.
15 Mar. 30
May
15 Apr. 30
Mar. 31 Mar. 17
1 Mar.
4
Apr.
-
1 Mar.
Mar. 31 Mar.
Apr.
Apr.
4
3d
1 Mar. 19
Apr. 15 Mar. 31
1 Mar. 14
Apr.
-
National Gypsum, 7% 1st pref. (quar.)
Apr.
1 Mar. 14
May
5% 2nd preferred (quarterly)
1
Mar. 31 Mar. 13
National Lead (quarterly).
------
-
-
Apr. 17
National Oil Products
Mar. 31 Mar.
2
$7 preferred (quar.)_
National Securities, B, Chicago (quar.)
National Standard (quar.)
Apr.
Apr.
Apr.
Apr.
1 Mar.
2
...
-
-
Extra
National Sugar Refining Co. of N. J
National Tea Co., common (quar.)
Nehi Corp.,
15c
-
Nation-Wide Securities Co., vot. shs
N a to mas Co. (quarterly)
IMc
20c
-
S5j£, 1st preferred
Nevada-Calif.
Electric, preferred-
W2tl
-
Newark & Bloomfield RR. (s.-a.)__
S1H
Newberry (J. J.) (quar.)
New England Fire Insurance (quarterly)
40c
12c
New England Power Assoc., 6% preferred—
$2 preferred
New England Power Co.,
$1
331-3c
preferred (quar.)
New England Telep. & Teleg. Co
New Hampshire Fire Insurance Co.
%IH
$1H
40c
(quar.)
New Jersey Power & Light, $6 pref. (quar.)
$1
SI
preferred (quarterly)
New Jersey Water 7% pref. (quar.)
New London Northern RR. Co. (quar.).
New River Co., preferred
Newport Electric, preferred (quarterly)
$5
New York Lackawanna & West.
%n
$2
ii
7% preferred (quarterly)
York Steam, $6 pref. (quar.)
$7 preferred A (quarterly)
New York Sun, Inc., 8% 1st pref.
(quar.)
New York Telephone Co., 6H% prer. (quar.)
$1H
New
4%
—
New York Transit Co
New York Trust Co.. cap. stock
-
Preferred
-
*111
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 16
1 Mar. 14
1 Mar. 30
1 Mar. 20
1 Mar. 16
1 Mar. 16
1 Mar. 16
1 Mar. 16
1 Mar. 10
1 Mar. 16
1 Mar. 12
1 Mar. 16
1 Mar. 16
1 Mar. 14
1 Mar. 14
1 Mar. 31
1 Mar. 21a
1 Mar. 13
May
50c
50c
25c
75c
h$2
Apr.
15 Apr
Aug. 15 July
Nov. 14 Oct.
30
31
31
1 Mar. 20
Apr.
1
Apr. 15 Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
Apr. 20 Mar. 31
h$ 1.83 1-3 Apr. 20 Mar. 31
1 Mar. 21
12^c Apr.
5H% preferred
North American Rayon Corp., cl. A & B (qu.)__
Prior preferred (quarterly)
North Canada Mining Corp
Northern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
4% guaranteed (quarterly)
North Ontario Power Co
6% preferred (quarterly)
North Star Oil, preferred
North West Bell Telep. Co. (quar.)
Northwestern Bell Telep., 6H% pref. (quar.)—
Norwich Pharmacal Co., com. (quar.)
Norwich & Worcester RR., preferred (quar.)
Novadel-Agene Corp., common (quarterly)
Nunn-Bush Shoe
First preferred (quarterly)
Second preferred (quarterly)
-
—
Ontario Loan & Debenture Co.
Ontario Mfg. (quarterly)
2c
Apr.
1 Mar. 21
May
1 Apr.
$1
$1
$1
75c
June
Sept.
1 May 19
1 Aug. 22
Dec.
1 Nov. 21
75c
S1H
hS%l
S1K
35c
$2
Apr.
Apr.
SIM
$1H
1 Mar. 16
Mar. 31 Mar. 27
Apr. 15 Mar. 20
Mar. 20a
Apr.
50c
25c
11
Apr. 25 Mar. 31
Apr. 25 Mar. 31
Apr.
(quar.)
25c
7% preferred (quarterly)
Orange & Rockland Electric—
7% preferred (quarterly)
6% preferred (quarterly)
SIM
-1
Mar. 14
1 Mar. 20
1 Mar. 14
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Apr.
May
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 20 Apr.
1 Mar.
Apr.
Mar.
Apr
5%,preferred (quarterly)
-
Ottawa Electric Ry. Co
Ottawa Light, Heat & Power (quarterly)
Preferred (quarterly)
16
13
10
16
31 Mar. 20
1 Mar. 20
15 Mar. 27
15 Mar. 27
1 Mar. 14
1 Mar. 14
-
1 Mar. 14
Ottawa Traction Co. (quarterly)
Paauhau Sugar Plantation (monthly)
1 Mar. 14
5 Mar. 31
Pacific American Fisheries, Inc
Pacific Finance Corp. of Calif. (Del.) (quar.)
15 Apr.
1 Apr.
1 Apr.
1
Apr. 15
1 Mar. 16
15 Mar. 31
1 Mar. 16
15 Mar. 31
31 Mar. 20
1 Mar. 2d
1 Mar. 14
1 Mar. 28
-
40c
—
15
15
15 Mar. 31a
1 Mar. 14
-
-
1
1 Mar. 14
8% preferred A (quar.)
6M% preferred C (quar.)
7% preferred D (quar.)
Pacific Gas & Electric (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.).
Parke Davis & Co
Parker Pen (quar.)
14
16
20
1 Mar. 25
1 Mar. 25
1 Mar. 25
-
Otis Elevator (quarterly)
Preferred (quarterly)
Mar. 31 Mai4. 20
1 May 15
Quarterly
.
Pathe Film Corp., $7 cumul. pref. (quar.)
on
15 May
5
1 Apr. 21
1 Feb. 15
1 Mar. 14
(quar.)
com.
1 Aug. 15
1 Mar. 23
Lives & Granting Annuities
Apr.
Quarterly
Penn Central Light & Power, $2.80 pref. (quar.)
$5 preferred (quar.)
Penney (J. C.) Co., common
Apr.
Apr.
Mar.
(quar.)
Pennsylvania Gas & Electric, $7 preferred
7% preferred (quar.)
Pennsylvania Glass Sand, pref---Preferred (quarterly)
Pennsylvania Power Co., 6 % pref. (qu.)
6.60% preferred (monthly)--6.60% preferred (monthly)
6.60% preferred (monthly)
Penn. Power & Light, $5 pref. (quar.)
$6 preferred (quarterly)
$7 preferred (quarterly)
Pennsylvania Salt Mfg. Co. (quar.).-
Apr.
Apr.
Apr.
Apr.
(qu.)
-
June
—
Pennsylvania Water & Power Co. (quar.)
-
Mar. 31 Mar. 20
25
-
Petersburg RR. (s.-a.)
Co.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
2 Mar.
Apr. 25 Apr.
Apr.
1 Mar.
Apr.
1 Mar.
May
1 Apr.
Apr.
1 Mar.
Apr. 15 Mar.
Apr. 10 Mar.
Apr. 11 Mar.
July 10 June
Oct. 10 Sept.
-
-
------—
(quarterly)
Pfeiffer Brewing (quar.)
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.)
Pi eferred (quarterly)
Preferred (quarterly)—
-
—-
Preferred (quarterly)
Phoenix Insurance (quar.)
Phoenix Securities, pref. (quar.)
11
11
21
20
1
2
2
1
10
27
31
31
30
30
Jan.10'37 Dec. 31
1 Mar. 14
Apr.
Apr.
Apr.
Apr.
-
Pie Bakeries, Inc
7% preferred (quarterly)
2nd preferred (quarterly)
Pickle Crow Gold Mines
Pinchin, Johnson & Co., final
1
May 20
1 Mar. 20
1 Apr. 20
June
1 May 20
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 28
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 9
Apr.
1 Mar. 20
Apr.
1 Mar. 18
-
Extra
Preferred (quarterly)
Peoples Drug Stores (quar.)
Peoria Water Works 7% pref. (quar.)
Perfect Circle (quarterly)
Perfection Stove (quarterly).
1 Mar. 18
1 Mar. 10
1 Mar. 10
31 Mar. 20
1 Mar. 20
1 Mar. 20
1 Mar. 13
1 Mar. 13
Apr.
May
Pennsylvania Warehousing & Safe Deposit Co-
Pfaudler
1 Mar.16
-
(quarterly)
1 Mar. 16
2
1 Mar.
1 Mar. 13
50c
Omnibus Corp., $8 preferred (quar.)
Onomea Sugar Co. (monthly)
Pet Milk (quarterly)
Preferred (quarterly)------
Apr. 15 Mar. 20
Apr. 15 Mar. 27
Apr.
37$
(quar.)
Old Colony Trust Associates
Apr. 15 Mar. 31
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 20
Apr.
1 Mar. 14
Apr.
41 2-3c
50c
$2
15c
$2
20c
SIM
;
1 Mar. 31
1 Mar. 16
Mar. 31 Mar. 10
1 Mar. 14
Apr.
1 Feb. 28
Apr.
1 Feb. 28
Apr.
1 Mar. 20
Apr.
1 Mar. 16
Apr.
1 Mar. 12
Apr.
50c
North American Investment Corp. 6% pref
Apr.
Apr.
Apr,
May
Apr.
Apr.
Apr.
Apr.
Apr.
5%
11H
(quar.)
Niagara Share Corp. of Md., pref. A (quar.)
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
Class A (quar J
Noblitt-Sparks Industries (quarterly)
Noma Electric Corp., common
North American Co., common (quar.)
Apr.
Apr.
Apr.
Apr.
si
$i
Ry., 5% gtd
New York Power & Light, $6 prer. (quar.)
5% preferred (monthly)
Penna Co. for Ins.
Dec.
-
—-
Ohio Finance 6% preferred (quar.)
Ohio Public Service Co., 7% pref. (monthly)
6% preferred (monthly)
Ohio Service Holding Corp., $5 preferred
Old Colony Insurance Co. (Boston)
Apr. 25 Mar. 31
75c
15c
20c
SI H
SI.65
SIM
$1.80
SIM
58 l-3c
$6.66 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Sept. 28 Sept. 17
-
National Fuel Gas Co
Co., $5 preferred (quar.)
S6 preferred (quarterly)
i
Ohio Edison
June 27 June 18
-
-
(quarterly)
Penman's, Ltd. (quar.)
Preferred (quar.)
Patterson-Sargent (quar.)
Peninsular Telephone Co.,
Apr.
4 Mar. 30
Mar. 28 Mar. 19
-
(quarterly)
1 Mar. 10
1 Mar. 10
Apr.
Apr.
Apr.
July
Preferred (quarterly)
Morris (Philip) & Co., Inc., cap. stock
Morrison Cafeterias Consol., Inc., 7% pf. (qu.)
Morris Plan Insurance Society (quar.)
Preferred B
Apr.
1 Mar. 14
Apr.
1 Mar. 14
May 10 Apr. 30
Apr.
1 Mar. 19
Apr. 15 Mar. 20
Mar. 31
Morris Finance Co., class A (quar.)_
Ciass B (quarterly)
Motors Products, new stock
New stock (quarterly)
$2
1 Feb. 28
1 Feb. 28
1 Feb. 28
1 Mar. 16
Apr.
Apr. 15 Apr. 11
Apr. 15 Apr.
7
1 Mar. 2d
Apr.
25c
Nova Scotia Light & Power Co. ordinary (quar.)
Oahu Ry. & Land Co. (monthly)
Oahu Sugar Co. (monthly)
Preferred
Holders
When
Payable of Record
SI H
SI M
1 Mar. 25
1 Feb. 29
1 Mar. 16
Ogilvie Flour Mills (quarterly)
!7 prior pref. & $7 pref. (quar.) —
(quarterly)
Share
Name of Company
Apr.
Apr.
Apr.
6 prior pref. & $6 pref. (quar.)
5 prior pref. & $5 pref. (quar.)
Metropolitan Coal, 7% pref, (quar.)
Preferred
Per
Holders
When
Payable of Record
Apr.
Apr.
Apr.
Merchants Nat. Realty Corp., 6% pref. A & B_
Mercury Oils, Ltd
Mesta Machine Co., common (quar.)__
Metropolitan Edison Co.—
Montgomery <& Erie RR.
2103
Chronicle
Apr.
1
1
1
1
Mar. 27
Mar. 20
Mar. 20
Mar. 20
Mar. 31 Mar. 16
-
xw
Pioneer Gold Mines of British Columbia
Pioneer Mill, Ltd. (monthly)
Pittsburgh Bessemer & Lake Erie, (s.-a.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Plate Glass (quarterly)
Special (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)-.
SIM
7% preferred (quarterly)
$1M
7% preferred (quarterly)
$1M
Plume & Atwood Mfg. Co. (quar.)
50c
Plymouth Fund, class A (special)
lc
Ponce Electric, 7% preferred (quar.)
$1M
Pond Creek Pocahontas Co. (quar.)
50c
Porto Rico Power, preferred (quarterly)
SIM
Powdrell & Alexander, preferred (quarterly)
SIM
Power Corp. of Canada—
6% cumulative preferred (quar.)
rlM %
6% non-cumulative preferred (quar.)
rlM%
Pratt & Lambert (quarterly)
25c
Premier Gold Mining (quar.)
3c
-----
-
—
-
Extra
lc
Pressed Metals of America (quar.)
Extra
25c
12Mc
Procter & Gamble, 8% preferred (quar.)
Providence Gas
(quarterly)
Providence Washington Insurance (quar.)
Mar. 31 Mar. 14
Providence & Worcester RR. (quarterly)
Mar. 31 Mar. 14
Mar. 31 Mar. 14
Provincial Paper Co., Ltd., 7% pref. (quar.)
Prudential Investors, $6 pref. (quar.)
$2
20c
-
25c
S2M
SIM
SIM
Apr. 10 Mar. 20
Apr.
1 Mar. 2
Mar. 21
Apr.
Mar. 14
Apr.
Mar. 10
Apr.
June 10
July
Oct.
Sept. 10
Jan2'37 Dec.
Apr.
July
Oct.
10
7 Mar. 10
7 June 10
6 Sept.10
Jan5'37 Dec.
10
Apr.
Apr.
1 Mar. 10
1 Mar. 10
June
9 May
1 Aug.
1 Nov.
1 Mar.
1 Mar.
1 Mar.
1 Mar.
1 Mar.
1 Mar.
Sept.
Dec.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20
20
20
25
15
13
26
14
16
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 16
Apr. 15 Mar. 12
Apr. 15 Mar. 12
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr. 15 Mar. 25
Apr.
1
Mar. 14
Mar. 28 Mar. 13
Apr.
3 Mar. 11
Apr.
1 Mar. 15
Apr. 15 Mar. 31
4
2104
Financial
Per
Wnen
Share
Publication Corp. 7% original preferred (quar.)Public National Bank & Trust (quar.)
$1H
Mar. 20
37 He
Mar. 20
37Hc
June 20
Extra
Apr.
Apr.
Apr.
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
Apr. 30
1
May
May
Apr.
Apr.
May
(quar.)
Reading Co. second preferred
(quar.)
Machine, (quar.)
Folding Machine (quar.)
Reed Roller Bit (quarterly)
Reece Button Hole
Reliable
Apr.
Stores, first preferred
Remington Rand, new 5% pref. (quar.)
86 preferred (semi-ann.)
Reno Gold Mines, Ltd. (quar.)
Republic Steel Corp., conv. pref. ser. A (quar.)_
Retail Stores Corp. commonReynolds Metals Co., 5H% cum. conv. pref
Reynolds Spring (quarterly)
Reynolds (R.J.) Tobacco Co. (quarterly).
_
Apr.
Extra
(quar.)
,v
(quar.)_
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)
2
_
Mar. 17
15
20
20
10
10
20
12
Mar. 20
Mar. 14
June
15
Mar. 20
Mar. 20
Mar. 20
Mar. 20
Mar. 13
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 25
_
(quar.)
7H% debentureB (quarterly),
7% debenture C (quarterly)
debenture D (quarterly)
6% preferred
Schenley Distillers, 5^% pref. (quar.)
Schwartz (Bernard) Cigar (resumed)
Preferred (quarterly)
Scott Paper Co.. com. (quar.)
Scovill Manufacturing (quarter y)
Scranton Electric Co., $6 pref.
Mar. 18
Mar. 12
Mar. 31 Mar. 16
Mar. 14
Apr.
Mar.
7
Apr.
Mar. 14
Apr.
Mar. 14
Apr.
Apr. 15 Mar. 30
1 Apr. 15
May
1 Apr. 15
May
1 Mar. 14
Apr.
1 Mar. 14
Apr.
Mar. 20
Apr.
July
1 June 20
Oct.
1 Sept. 19
(quar.)
Seaboard Finance preferred (quar.)
Seaboard Finance Corp., 82 cumul. pref.
(qu.)
Second Twin Bell Syndicate (monthly)
common
(quar.)
Selected Industries, $5H preferred
(quar.)
$5H preferred
Servel, Inc., 7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)_
Silver King Coalition Mines (quarterly)
Singer Mfg. (quarterly)
Jan 2'37 Dec.
19
Apr.
1 Mar. 16
Mar. 31 Mar. 10
Extra
Mar. 31 Mar. 10
Slattery (E. T.) Co. 7% pref. (quar.)
S-M-A-Corp. (quarterly)
Smith (L. C.) & Corona Typwriter,
pref.
Smith (S. Morgan) Co. (quar.)
Quarterly.-.
Quarterly
Sonotone Corp. (initial)
60c. cum. conv. pref. (quar.)
Sound view Pulp Co
815*
12Hc
UH
81
81
81
(quar.)
..
"
]
II
Preferred (quarterly)
Southwestern Bell Telep. Co., 7% pref.
(quar-.)Southwestern Gas & Electric, 7% pref.
(quar.).
Southwestern Light & Power, 86 pref..
Southwestern Portland Cement
(quar.).
(quar.)
South West Penna. Pipe Line.
Spang, Chalfant & Co., Inc., pref. (quar.)
Spencer Kellogg & Sons (quar.).
Spencer TraskFund (quarterly).
Spiegel May Stern. 6H% preferred (quar.)
Springfield Gas & Electric pref. A (quar.).
Square D Co., class B (resumed)
Class B (extra)
Preferred A (quar.)
Standard Brands, Inc., common
87 cumulative preferred (quar.)
Standard Cap & Seal (quarterly)
Standard Fuel Co., 6H% preferred (quar.)
1
1
Nov.
Nov.
1
Apr.
1
Mar. 16
June
May 15
10c
Extra
com.
Mar. 18
75c
Southern Indiana Gas & Electric Co—
Sugar Co.,
Mar. 20
May
Aug.
15c
(quar.)
7% pf. (qu.)
Southern & Atlantic Telephone Co.,
gta. (s.-a.)
Southern California Edison Co., Ltd.—
Original preferred (quarterly)
5H% preferred, series C (quarterly),
Southern Canada Power Co., Ltd.—
6% cumul. pref. (quar.)
Southern Counties Gas 6% preferred"
("quar.) I I ]
South Porto Rico
1 Mar. 21
Apr.
Apr.
5c
South Amer. Gold & Platinum Co
South Carolina Power Co.. 86 preferred
Southern Acid & Sulphur Co., Inc.,
7% preferred (quarterly)
6% preferred (quarterly)
6.6% preferred (quarterly)
Southern Pipe Line Co.. preferred
(quar.)
Southern Ry. (Mobile & Ohio stock
trust)
South Penn Oil (quar.)
Apr.
Apr.
Apr.
May
Aug.
81H
Mar. 30 Mar. 18
1 Mar. 16
1 Mar. 10
Apr.
Apr.
Apr.
Mar. 30 Mar. 18
Mar. 31 Mar. 20
Mar. 31 Mar, 20
43 5*c
43 5*c
«1 6A
1 Mar. 16
Apr.
Mar. 31
Extra
„
_
1 Mar. 16
Mar. 31 Mar. 16
Mar. 31 Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 12
Mar. 12
Mar. 20
May
Apr.
Apr.
5% preferred (quarterly)
6% preferred (quarterly)--.
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
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 Corp. (quarterly)
—
Texas Electric Servcie, pref. (quar.)
Tex-O-Kan Flour Mills (quar.).
Texon Oil & Land (quar.)
Textile Banking Co. (quarterly)
Thatcher Mfg
Convertible pref. (quar.)
Thompson Products, new 5% pref. (quar.)
Tidewater Assoc. Oil. 6% preferred (quar.)
Apr.
Apr.
May.
Apr.
27
Feb.
27
Apr.
4
Mar. 14
Mar. 10
Mar.
1
6
1 Mar.
1 Mar. 18
Apr.
2 Mar. 14
June
15
Apr.
1 Mar. 14
May 15 Apr. 30
Apr.
1 Mar. 23
Apr.
1 Mar. 12
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr. 15 Apr.
1
Apr.
1 Mar. 20
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 14
Apr.
1 Mar. 11
June
15 June
preferred
May
Twentieth Century-Fox Film Corp., pref. (qu.)_
Twin Disc Clutch (quarterly)
1
Mar. 14
Apr.
Apr.
(quar.).
Tubize Chatillon Corp., 7% pref. (quar.)
Mar. 10
1 Apr.
10
Mar. 31 Mar. 14
1 Mar. 20
1 Mar. 14
Apr.
Apr.
Electric, 7% prior lien
Mar. 31
-
Preferred (quarterly)
—
Union Carbide & Carbon Corp
Union Elec. Lt. & Pow. (111.), 6% pref. (quar.)„
Union Elec. Lt. & Pow. (Mo.), 7% pref. (quar.).
Mar. 12
Mar. 31 Mar. 12
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
...
RR—
Preferred
Union
15
Apr. 15
May 15
Mar. 31 Mar. 21
Troy & Greenbush RR. Assn. (s.-a.)...
Trumbull Cliffs Furnace Co.. 6%
pref.
Pacific
June
Mar. 31 Mar. 24
(quarterly)
6% preferred (quar.)
Apr. 15
May 15
Mar. 31 Mar. 10
Tri-Continental Corp., 86 cum. pref
Trico Products Corp. (quar.)
Underwood-Elliott-Fisher
June 15
June 15
July
Apr.
Apr.
—
Torrington Co. (quarterly)
;
Traders Finance Corp. 7% pref. B (quar.)
6% preferred A (quar.)
Union
15
Mar. 14
Mar. 14
June
6% preferred (monthly)
5% preferred (monthly)
Twin State Gas &
15
June
Mar. 14
Mar. 14
July
May
Toledo Light & Power Co., pref. (quar.)
Toronto Elevator, 7% conv. pref. (quar.)
7%
June
Mar. 14
June
Mining
Travelers Insurance
Mar. 14
July
July
July
July
May
6
Mar. 14
Mar. 14
Mar. 14
Mar.
2
Mar.
2
Apr.
Mar. 31 Mar. 21
(semi-ann.)
Stockyards of Omaha, Ltd..
Twist Drill
Preferred (quar.)
Union
Mar. 31
Mar. 20
Mar. 31 Mar. 20
United Biscuit Co. of Amer., pref. (quar.)
United Carbon (quar.)
May
Apr.
Apr.
United Corp., $3 cum. preference (quar.)
United Dyewood Corp., pref. (quar.).—
Apr.
Apr.
Mar. 1«
United Fruit Co., capital stock
United Gas & Electric Corp., 7% pref. (quar.)_
United Gas Improvement (quar.)
Apr.
Apr.
15 Mar. 19
(quar.)
United Gold Equities of Canada, std. shs
United Investors Realty Corp. (quar.)
United Light & Ry. Co. (Del.)—
6% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly).
United Loan Industrial Bank (Brooklyn)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
-
United New Jersey RR. & Canal (quar.)
United Profit Sharing, preferred (semi-annual)-
Securities, Ltd. (quarterly)
Machinery Corp., common
United Shoe
—
—
—
Preferred (quar.)
United States Gypsum
Preferred (quar.)
(quar.)
United States Industrial Alcohol (quar.)
United States Pipe & Foundry
Mar. 13a
Apr. 15 Apr.
6
Apr. 10 Mar. 12
Extra
United
15
Mar. 16
Mar. 16
29
Mar. 31 Feb
Mar. 31 Feb
29
Preferred
—
United States Playing Card (quar.)
Extra
United States Toobacco Co., common
Preferred (quarterly)
United States Trust Co. (quar.)
Universal Leaf Tobacco (quarterly)-.
50c
Preferred (quarterly)
Products (reduced)
82
7i81
Feb.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Upressit Metal 8% preferred
Utah Copper
Utah-Idaho Sugar (resumed)
v
Class A preferred (quarterly)
7% preferred (quarterly)
Utah Power & Light, 87 preferred$6 preferred
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Vichek Tool (resumed)
7% preferred (quarterly)
Vicksburg, Shreveport & Pacific (s.-a.)
Preferred (semi-ann.)
Victor-Monaghan Co., 7% preferred (quar.)
Virginia Public Service, 7% pref. (quar.)
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar. 20
Tennessee Electric Power Co.—
Mar. 16
15
Mar. 14
Apr. 10
Mar. 21
Apr.
Apr.
Apr.
.
25c
1 Apr.
Mar. 10
May
Universal
Mar. 17
Mar. 31 Mar. 14
Mar. 30 Mar. 14
Feb.
Mar. 10
Mar.
Mar. 14
Mar. 16a
22
Mar. 31
Mar. 31
-
United States Elec. Lt. & Pow. Shares, Inc
United States Foil, A & B (quar.)
1 Mar. 12
2
Mar. 31
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Pref. (quar.)
Tamblyn (G.) Ltd.. 7% preferred (quarterly)—
Taylor-Colquitt Co., common (quar.)
Taylor Milling (quar.)
Teck-Hughes Gold Mines
Telephone Investment Corp
Mar. 20
Apr.
Mar. 21
Mar.
Apr. 10 Mar. 25
Apr. 10 Mar. 25
Mar. 20
Mar. 31
Mar. 21
Mar. 31
1 H%
1 Mar. 23
1 Mar. 23
1 Mar. 23
1 Mar. 21
Mar. 30 Mar. 14
Apr.
Mar. 20
Apr.
Apr.
Apr.
Mar. 14
4
Apr. 15 Apr.
Apr.
1 Mar. 14
Extra
37Mc
34 He
81X
7
1 Apr.
7
1 Apr.
1 Mar. 16
Mar. 31
Swift & Co. (quar.)
Swiss Oil Corp. (quarterly)
Preferred
United Standard Oilfund of America (quar.)
Extra.
15*%
1H%
1.65%
2%
May
May
Apr.
Mar. 31 Mar. 16
Apr.
1 Mar. 17
-
Tintic Standard
Mar. 18
Holders
When
Payable of Record
Mar. 31 Mar. 14
2
May 15 May
Mar. 30 Mar. 18
'
-
1936
28
Apr. 15 Mar. 31
Apr.
1 Mar. 17
Toledo Edison Co., 7% pref. (monthly)
Mar. 20
Apr.
Apr. 15 Apr.
1
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 13
Apr.
Mar. 13
Apr.
Apr.
Mar.fl3
Mar. 13
Apr.
Mar. 13
Apr.
Mar. 16
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
.
Standard Oil Co. of Ohio, 5% cum. pref
Standard Wholesale Phosphate & Acid
Stanley Works (quar.)
6% preferred (quarterly)
Starrett (L. S.)
Preferred (quar.)
Stearns (Fred.) preferred (quar.).
Preferred (special)
Steel Co. of Canada (quarterly)
Preferred (quarterly)
Stein (A.) & Co., preferred (quar.)
Sterchi Bros. Stores, 6% cum. pref. (quar.)
Stix Baer & Fuller Co. 7% pref. (quar.)
Strawbridge & Clothier Co., 7% pref-Stroock (S.) & Co
Sunshine Mining (quar.)
Superheater Co. (quarterly)
Superior Water, Light & Power, 7% pref. (quar.)
Sutherland Paper (quar.)
Mar. 14
Mar. 31 Mar. 16
Mar. 31 Mar. 16a
(quarterly)
Preferred (quarterly)
Savannah Electric & Power, 8% deb. A
Share
Name of Company
Mar. 18
Mar. 31 Mar. 16a
St. Paul Union Stockyards (quar.)
San Carlos Milling Co^ (monthly)
Preferred
2
Mar. 13
Mar. 31 Mar. 14
15 June
5
*
Inc.,
Mar. 20
June
Safety Car Heating & Lighting
Safeway Stores (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
St. Joseph Ry., Lt., Ht. & Pr. Co. 5% pf.
(qu.)
St. Louis National Stockyards (quar.)
St. Louis Rocky Mountain & Pacific Co
Seeman Bros.,
Extra
15
Mar. 31 Mar. 16
—
Sangamo Electric
15
Mar. 30 Mar. 16
Ruberoid Co., common (quar.)
Preferred
1
Mar. 18
Apr.
Mar. 18
Apr.
Apr. 15 Mar. 31
Mar. 15
Apr.
Mar. 23
Apr.
(quarterly)-Rich's, Inc., 6H% pref. (quar.)
Riverside Silk Mills, class A
Rochester & Genesee Valley RR. (s.-a.)
Rochester Telep. Corp. (quar.)
6% preferred (quar.)
Root Petroleum, 81.20 conv. pref.
(quar.)
Ross Gear & Tool (quarterly)
Rossia Insurance of America (s.-a.)
Ruud Mfg. (quarterly)
Sabin Robbins Paper, preferred
2
15
Mar. 28 Mar. 21
Common B (quarterly)
Rex Hide, Inc.
2
Mar. 20
July 15 July
May
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Reliance Mfg., Illinois (quar.)
Preferred (quar.)
Rice-Stix Dry Goods Co., 1st & 2d pref.
2
2
Mar. 31 Mar. 20
Mar. 31 Mar. 20
—__
Richman Bros,
2
Mar. 16
Apr.
Apr. 15 Apr.
1
Apr. 15 Apr.
1
May 29 May
1
Mar. 11
Apr.
Mar. 20
Apr.
Mar. 19
Apr.
Mar. 17
Apr.
Reece
Extra
Apr.
Apr.
Apr.
Apr.
Mar. 31 Mar.
Mar. 31 Mar.
Preferred (quar.)
Radio Corp. of America, A preferred
Rath Packing (resumed)
1 Mar. 14
1 Mar. 14
1 Mar. 14
Mar. 31 Mar.
Mar. 31 Mar.
«_
Per
Payao.e of Record
Public Service Co. of Colorado—
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J. common (quar.)
8% preferred (quar.).
7% preferred (quar.
$5 preferred (quar.)
6% cum. pref. (monthly)
6% preferred (montnly)
Public Service of Northern Illinois,
7% preferred (quar.)
6% preferred (quar.)
Public Service Co. (Okla.) 7% prior lien.
6% prior lien
Public Service Electric & Gas, 7% pref. (qu.)
85 preferred (quarterly)
Queens Borough Gas & Electric, 6% pref
Quaker Oats (quar.)
March
Holders
Name of Company
Quarterly
Chronicle
-
50c
5c
15c
17 He
58 l-3c
1
Mar. 16
Mar. 16
Mar. 16
Mar. 20
Mar. 20
10 Mar. 20
30 Mar. 31
15 Mar. 26
Mar. 17
Mar. 17
15 Mar. 31
May 15 Apr. 30
Mar. 15
Apr.
Mar. 16
Apr.
Mar. 16
Apr.
Mar. 16
Apr.
Mar. 16
Apr.
Mar. 16
Apr.
Apr. 20 Mar. 31
Mar. 21
Apr.
Mar. 21
Apr.
Mar. 16
Apr.
Mar. 16
Apr.
Mar. 20
Apr.
Apr. 20
May
Mar. 20
Apr.
Mar. 31 Mar. 24
■ Mar. 16
Apr.
Mar. 31 Mar. 16
10 Mar. 31
Apr.
Mar.
31 Mar. 20
Mar. 31 Mar. 20
Mar.
2
Apr.
50c
—
Apr.
Mar.
815*
815*
$15*
June
10 June
10c
$15*
—
81k
8151
Sept. 10 Sept.
Dec.
10 Dec.
2
1
1
1
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Apr.
Apr.
Apr.
Apr.
Mar.
9
Mar.
9
Mar. 10
Financial
Volume 142
Share
of Company
Extra
Walgreen Co., preferred (quar.)
Ward Baking Corp., 7% preferred
Warren RR. Co. (semi-ann.)
(Ont.)
—
(semi-ann.)
preferred (quar.)—
Western Massachusetts Cos. (quarterly)
Western N. Y. Securities Corp..
Western Tablet & Stationery. 7% pref. (quar.)—
Apr.
_
—
—
Mar. 16
Mar. 24
May 15
Aug. 15
Extra
Yale & Towne Mfg. Co
Mar. 14
Mar. 14
Mar. 24
Mar. 14
Young (L. A.) Spring & Wire (quarterly)
Young (J. S.) quarterly)
Preferred (quarterly)
Youngstown Sheet & Tube, preferred
Mar. 20
UH
$1H
25c
31H
SI %
30c
50c
S1H
1
1
Mar. 31 Mar. 17
10c
mm
mm mm
Mar. 30 Mar. 23
1 Mar
20
Apr
10c
Apr.
Apr.
Apr.
15c
75c
$IH
$1H
b37Hc
1 Mar. 10
Apr.
Apr.
Apr.
Apr.
5c
—-
mm
Mar. 30 Mar. 23
Mar. 30 Mar. 23
UK
37 He
12Hc
25c
...
Mar. 20
Mar. 20
a
1
1 Mar. 10
1 Mar. 20
Mar. 19
1 Mar. 20
1 Mar. 20
1 Mar. 21
Transfer books not closed for this dividend.
Mar. 16
c
The following corrections have been made:
Mar. 20
Mar. 20
d A reg. quar.
1 Mar. 16
1 Mar. 16
Apr.
Apr.
Apr. 30 Mar.
July
1 June
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
May
1
mercial
div. on the conv. pref. stock, opt. series of 1929, of Com¬
Trust Corp. has been declared payable in common
Investment
conv.
pref. stock, opt. series of 1929, so held, or, at the opt. of the holder,
$1.50 for each share of conv. pref. stock, opt. series
in cash at the rate of
31
15
19
16
of 1929, so held.
16
mulated dividends,
Mar. 30
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
e
Payable in stock.
*
„•
f Payable In common stock,
g Payable in scrip,
j Payable in preferred stock.
Mar." 17
$1H
1
—
SI
Extra
h On account of accu¬
Advance-Rumely, liquidating stock div. of H sh. of Allis-Chalmers
on each share of Advance-Rumely capital stock held.
m
Mar. 14
Mar. 14
Mar. 16
Mar. 18
n
Lincoln Printing pref. div. of 1-5 sh. of
Commercial
stock of the
the rate 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.
corp. at
r
Mar. 12
Mar. 20
Mar. 20
Mar.
5a
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.
reduction of
Payable in special preferred stock.
t
5a
Mar.
a
Mar. 15
u
Payable in U. S. funds,
x
Less tax.
1
Per
weekly statement issued by the
Clearing House is given in full below:
MEMBERS
OF
NEW
THE
YORK
Mar. 20
*Surplus
*
/
HOUSE
Net Demand
100 shares.
Deposits,
Average
Profits
York
the condition of the Federal Reserve
Bank of New York at the close of business March 25 1936,
in comparison with the previous week and the corresponding
The following shoWs
date last year:
>
Time
Deposits,
Average
and
Undivided
Capita
Members
Less depositary expenses.
New
City
New York
CLEARING
to
A deduction has been made for expenses.
Condition of the Federal Reserve Bank of
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MARCH 21 1936
Cleariag House
y
Mar. 20
Weekly Return of the New York City
Clearing House
The
pref. stock for each share held
A quar. div. on the conv. pref. stk. opt. ser. of 1929, of
Investment Trust Corp. has been declared payable in common
0
Mar. 20
%
-
3
3
Apr.
Mar. 14
75c
pref
Westvaco Chlorine Products, pref. (quar.)
SIM
10c
West Virginia Pulp & Paper Co
Mar.
25c
Weyenberg Shoe Mfg. (resumed)
50c Apr.
Wheeling Steel, preferred
35c
White Rock Mineral Springs (quar.)
Apr.
1st and 2d preferred (quar.)
SIM
Apr.
White Villa Grocers, $4Ji conv. preference (qu.) S1.06M Apr.
Conv. preference (opt. ser. 1929) (quar.)
Apr.
Apr.
6% pref. (quar.)
Whittaker Paper Co
Apr.
SIM
Apr.
7% preferred (quarterly)
OF
1
Nov.
Nov.
Mar. 20
Apr.
Apr.
West Texas Utilities Co., $6 cumul.
STATEMENT
1
Aug.
]
1
stock
6% preferred (quar.)
7% preferred (quar.)
West Point Mfg. (quarterly)
•
Aug.
50c
Woodley Petroleum (quarterly)--Woodward & Lothrop, Inc., 7% pref. (quar.)—
Common (quar.)
Common (extra)
Wrigley (Wm.) Jr. Co. (monthly)
Wright-Hargroaves Mines, Ltd. (quar.)
—
Co.
Power
1
1 Mar. 20
stock of the corp. at the rate of 5-208 of 1 share of com. stock per sharejof
6H% preferred (quarterly)
6% preferred (quarterly)
Westinghouse Air Brake Co
West Jersey & Seashore RR. (s.-a.)
West Kootenay Power & Light, pref. (quar.)
Westmoreland, Inc. (quar.)
Weston Electrical Instrument Corp., class A—
Weston (Geo.) Ltd., 7% preferred
West Penn Electric, class A (quar.)—Penn
May
Sxtra
4
Western United Gas & Electric—
West
-—
Mar. 20
Mar. 14
Aug.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
-
Western Commonwealth Corp. class A
Western Grocers, Ltd. (quar.)
Preferred (quarterly)
Western Maryland Dairy,
May 15
May 15
(quarterly)
May
—
Western Assurance Co.
50c
Preferred (quarterly)
Apr.
(quarterly)
Weinberger Drug Stores (quar.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Weason Oil & Snowdrift Co., Inc.
Extra
Winstead Hosiery Co.
Extra
June
Waukesha Motor Co
Weeden & Co.
$IH
$1H
50c
Mar. 20
Mar. 20
50c
Grocery, class A (quar.)
Apr.
Mar.
Washington Mills Co. (quarterly)
Washington Ry. & Electric, 5% pref. (semi-ann.)
5% preferred (quar.)
1 Mar. 14
1 Mar. 161
1 Mar. 20 I
$1H
Oct.
10
Apr.
Apr.
Apr.
Apr.
May
*1H
Winn & Lovett
June
Preferred (quar.)
Waldorf System, Inc.. common-.,
Apr. 10
July 10
Mar. 13
Payable of Record
Whitman (Wm.) Co.. 7% pref. (quar.)-Will & Baumer Candle Co., Inc.. pref. (quar.).
Mar. 13
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Vulcan Detinning, preferred (quarterly)
Preferred (quar.)
Apr.
Apr.
Apr.
July
Oct.
37 He
62 He
Vortex Oup (quarterly)
Class A (quarterly).
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Name
2105
Chronicle
Mar. 25
1936 Mar.
$
Assets-
IS 1936 Mar. 27 1935
$
$
Gold certificates on hand and due from
Bank of N. Y. & Tr. Co.
20,000,000
National City Bank
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
25,775,000
Chemical Bk.&Tr. Co-
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. &Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. & Tr. Co
Chase National Bank—.
Fifth Avenue Bank
Bankers Trust Co.
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co—..
Com'l Nat. Bk. &Tr.Co.
Public N. B. & Tr. CoTotals
♦
612,480.000
As per official reports:
panies,
10,758,100
140,141,000
25,431,700
353,165,000
40,644,300 al,330,804,000
49,888,300
461,777,000
177,398,400 51,286,863,000
11,548,900
464,260,000
62,597,400
718,019,000
16,325,100
238,046,000
90,572,200
492,204,000;
544,783,000
58,959,800
3,791,200
44,358,000
71,897,300 cl,824,095,000
3,443,700
47,458,000
68,386,000
d762,376,000
5,416,100
16,477,000
8,069,300
81,551,000
303,244,000
21,727,300|
7,762,100
70,563,000
79,040,000
28,330,600
6,000.000
Bank of Manhattan Co..
1935.
Dec. 31
2
742,947,800
9,259,224,000
5,621,000
32,179,000
154,895,000
14,330,000
38,009,000
83,083,000
14,951,000
21,582,000
3,600,000
422,000
2,220,000
47,716,000
~4~1,375"6O6
402,000
2,501,000
20,433.000
1,730,000
41,652,000
National, Dec. 31 1935; State, Deo. 31 1935; trust
18 1936.
S. Treasury.x
—
Redemption fund—F. R. notes
Other cash t
3,029,746,000 3,009,932,000 2,172,726,000
1,655,000
1,078,000
806,000
96,690,000
76,580,000
90,994,000
3,128,091,000 3,192,004,000 2,250,112,000
Total reserves.
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed
2,469,000
2,124,000
1,987,000
2,163,000
4,593,000
4,150,000
4,414,000
1,739,000
7,670,000
1,743.000
7,617,000
2,031,000
1,847,000
69,023,000
486,069,000
179,291,000
69,023,000
486,069,000
179,291,000
136,433.000
447,515,000
734,383,000
734,383,000
739,318,000
748,385,000
747,893,000
~"~258~666
""'253:666
4,462,000
125,818,000
5,308,000
149,386,000
10,823,000
25,491,000
Other bills discounted
Total bills discounted.
Bills bought in open
market.
Industrial advances
2,026,000
2,388,000
U. S. Government securities:
Bonds
—
Treasury
Treasury
526,701,000
notes
bills
——
Total U. 8. Government securities..
155,370,000
com¬
Other securities
As of Jan.
Includes deposits In foreign branches as follows:
U.
(a) $230,211,000; (5) $77,763,000;
Foreign loans on gold.—
——
-
(c) $74,420,000; (d) $28,064,000.
Total bills and securities.
The
returns
are
York
New
not
of
a
number of banks
members
following
are
"Times" publishes regularly each week
of the New
and trust companies which
York Clearing House.
The
the figures for the week ended March 20:
Gold held abroad—
~~
Due from foreign banks
F. R. notes of other banks.
Uncollected items...
10,823,000
26,221,000
Bank premises
All other assets
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF
BUSINESS FOR
THE
WEEK
ENDED
FRIDAY, MARCH 20
1936
747,610,000
278,000
3,465,000
109,813,000
11,658,000
29,068,000
4,044,058,000 4,131.158,000 3,152.004,000
Total assets.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
v
Loans,
Disc,
and
Other Cash,
Res. Dep.,
Dep. Other
Including
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
Investments Bank
Manhattan—
$
Grace National
Sterling National
Trade Bank of N. Y_
Notes
s
$
26,548,800
19,008,000
4,700,247
101,400
452,000
224,955
3,392,100
4,805,000
1,190,480
2,817,800
2,025,000
130,723
29.229,500
23,366,000
5,335,683
3,985,000
89,000
682,000
488,000
4,725,000
Brooklyn—
People's National—
TRUST COMPANIES—AVERAGE FIGURES
F. R. notes In actual circulation
786,896,000
654,338,000
787,579,000
Deposits—Member bank reserve aeo't. 2,300,689,000 2,346,420,000 1,891,700,000
U. S. Treasurer—General account477,371,000
205,422,000
502,034,000
22,732,000
Foreign bank.—
9,469,000
24,172,000
Other deposits
209,705,000
153,116,000
204,242,000
Total deposits
3,010,497,000 3,076,868,000 2,259,707,000
124,677,000
115,749,000
145,027,000
50,919,000
59,575,000
50,925,000
50,825,000
49,964,000
50,825,000
7,744,000
1,492,000
7,744,000
8,849,000
7,501,000
8,849,000
3,651,000
3,678,000
3.341,000
-
Deferred
availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)—
Reserve for contingencies
.
All other liabilities.Res. Dep.
and
Cash
Invest.
$
Manhattan—
$
Dep. Other
N. Y. and
Banks and
Gross
Elsewhere
Loans,
Disc,
Trust Cos.
Deposits
%
United States
55,510,400 *9,347,200
145,036
8,352,525
10,821,562 *1,143,9721
19,469,500 *2,888,000
29,396,800 *12,073,100
69,399,643 11,861,380
8,312,100
748,047
2,111,244
948,100
2,496,500
17,772,685
Brooklyn—•
Brooklyn
Kings County
87,439,000
31,156,360
2,716,000
2,375,942
37,397,000
12,334,465
Empire..—
Federation
Fiduciary
Fulton
Lawyers
—
$
'
3,205,700
2.111,020
927300
$
65,701,600
9,542,094
11,424,211
20,159,000
41,533,600
69,734,301
Total liabllit es
Ratio
4,044,058,000 4,131,158,000 3,152,004,000
total reserves
of
to
deposit and
F. R. note liabilities combined—
82.4%
82.6%
77.2%
Contingent liability on bills purchased
for foreign correspondents—
Commitments
vances
to
make
Industrial
23,000
ad¬
9,812,000
—
t "Other cash" does not Include Federal Reserve notes
Reserve
bank
9,859,000
or a
bank's
6,208,000
own
Federal
notes.
.
240,000 120,637,000
40,472,390
*
Includes amount with Federal Reserve as follows: Empire, $7,682,700; Fidu¬
ciary, $852,619; Fulton, $2,664,600; Lawyers, $11,409,500.
x
These
are
certificates given by the U.
S. Treasury for the gold taken over
1934 devalued from 100
from the Reserve hanks when the dollar was on Jan. 31
cents to 59.06
jerence,
cents, these certificates being worth less to the extent of the dif-
the difference itself having been appropriated as profit by the Treasury
under the provisions
of the Gold Reserve Act of 1934.
2106
Financial
Chronicle
March 28 m6
Weekly Return of tfie 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
for the
System
whole in comparison with the figures for the
as a
week last year.
The second table shows the
Reserve note statement (third table
Reserve
returns
resources
appear
in
Wednesday.
on
Thursday afternoon, Mar. 26,
The first table presents the results
preceding weeks and with those of the corresponding
and liabilities separately for each of the twelve banks.
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
Agents and the Federal Reserve banks.
for the latest week
seven
on
our
The comments of the Board of Governors of the Federal Reserve System upon
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAR. 25
Mar. 25 1936 Mar. 18 1936 Mar. 11 1936
ASSETS
Gold ctfs.
on
$
hand & due from U.S.Treas.x 7,665,840,000
Redemption fund (F. R. notes)......
Other cash
Total
Bills
.................
reserves..
the
department of "Current Events and Discussions
14,873,000
353,632,000
$
$
Mar. 4 1936
Feb.
26
$
193fi Feb.
19
1936 Feb.
12
1936 Feb.
5
1936 Mar. 27 1935
S
$
$
1936
$
7,667,338,000 7,667,830,000 7,669,328,000 7.670,230,000 7,670.230.000 7.661,223,000 7.664,237,000 5,567,025,000
15,253,000
15,019,000
14,902,000
14,708,000
16,259,000
14,402,000
15,367,000
15,920,000
344,928,000
346,078,000
338.513,000
253,500,000
348,259,000
341,978,000
839,200,000
337.337,000
8,034,345,000 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 5,835,233,000
discounted:
Secured by U. S. Govt, obligations
direct and (or) fully guaranteed
t2,308,000
t2,612,000
2,996,000
2.716,000
4,099,000
2,833,000
3,780,000
2,807,000
5,142,000
2,876,000
6,789,000
2,829,000
4,415,000
2,773,000
6,065,000
5,630,000
4,920.000
5,712,000
6,932,000
6,587.000
8,018,000
9,618,000
7,678,000
4,674,000
'30,501,000
4,679,000
30,321,000
4,676,000
4,673,000
4,673,000
30.195,000
31,454,000
4,673,000
31,773,000
4,674,000
31,801,000
4,671,000
31,965,000
20,785,000
Other bills discounted
3,338,000
2,727,000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities—Bonds.....
Treasury notes...
Treasury bills
2,857,000
v
Total U. 8. Government securities-. 2.430,271,000 2,430,319,000 2,430,287.000
2,430,839,000
\
on
181,000
•.
held abroad
Due from
.
.....
181,000
181,000
181,000
181,000
2,471,692,000 2,471,130.000 2,470,259.000 2,472,859,000 2,473,804.000 2,473.549,000 2,474,915.000 2,476,727,000 2,464,074,000
~"*
~~~
650*666
—
premises
All other assets
....
assets....
644*000
647*000
"""*6*4*9*666
648*000
"""646,000
"""6*50*666
17,670,000
636,336,000
47,864,000
35,549,000
18,334,000
509,419,000
47,865,000
42,006.000
""""64*9",66c
19,311,000
foreign banks
.....
Total
2,430,245,000 2,430,240.000 2,430.241,000 2,430,292,000 2,430,305,000
181,000
.fV;"
......
Federal Reserve notes of other banks
Uncollected items
Bank
181,000
181,000
gold
>>'
Total bills and securities
Gold
5,306,000
215,726,000
265,711,000
265,756,000
216,069,000
215,685,000
391,942,000
215,690,000
215,681,000
215,721,000
1,554,893,000 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 1,494,703,000
619,913,000
609,667,000
609,667,000
612,011,000
592,011,000
543,660,000
592,011,000
587,752,000
589.653,000
Other securities
Foreign loans
31,868,000
3,263,000
18,999,000
523,547,000
47,863,000
41,076,000
17,693,000
547.021,000
47,813,000
39,717,000
18,552,000
559.987,000
47,799,000
39,016.000
17,653,000
564,697,000
47,799,000
39,382,000
19,054,000
470,583,000
47,798,000
39,605,000
527,356,000
47,865,000
35,973,000
~"~702"666
15,973,000
446.072,000
49,524,000
42,173,000
11,137,192,000 11,237.628,000 11.116,541,000 11.127.736.000 11,159,588,000 U. 167,126,000 11,159,572,000 U,074,113,000 8.853,751,000
LIABILITIES
F. R. notes In actual circulation.....
3,732,333,000 3,730,979,000 3,731.634,000 3,735,066,000 3.677,076,000 3.664,670.000 3,656,138,000 3,640,094.000 3,130,572,000
Deposits—Member banks'
5,059,147,000 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 4,285,129,000
391,113.000
1,146,565,000 1,067,364,000
379,299,000
472,821,000
440,247,000
393,138,000
433,118.000
481,816,000
64,391,000
64,576,000
66,016,000
49,275,000
66,998,000
20,053.000
51,865,000
67,998,000
52,747,000
272,512,000
275.801,000
261,980,000
272,189,000
275,378,000
256,648.000
220,746,000
296,053,000
269,757,000
reserve account
U. S. Treasurer1—General account
Foreign
banks
Other deposits
Total
deposits
6,546,089,000 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 4.919,066,000
j.
Deferred availability Items..
Capital paid in
...
...
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total
liabilities......
514,646,000
130,724,000
145,501,000
26,513,000
34,105,000
7,281,000
622,988,000
130,741,000
145,501,000
26,513,000
34,100,000
7.678,000
507,067,000
130,638,000
145,501,000
26.513,000
34,107,000
521,660.000
26,992,000
20.204,000
130.656,000
145.501,000
26,519,000
34,123.000
.
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
458,986,000
146,921,000
144,893,000
14,366,000
30,802,000
8,145,000
11,137,192,000 11,237,628,000 11,116,541,000 U, 127.736.000 11.159.588,000 U. 167.126.000 11,159,572,000 il.074,113,000 8,853.751,000
of total reserves to deposits
F. R. note liabilities combined
Ratio
and
78.2%
.....
78.4%
78.2%
78.3%
Contingent liability on bills purchased for
foreign correspondents.......
78.0%
78.2%
77.9%
78.1%
Commitments to make Industrial advances
72.5%
98,000
.....
25,421.000
25,537,000
25,709,000
25.537,000
25,866,000
26.893.000
26,562,000
26,621,000
15,732,000
Maturity Distribution of Bills and
Short-term
Securities—
1-15 days bills discounted........
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted....
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought in open market
31-60 days bills bought in open market...
61-90 days bills bought in open market
$
$
$
402,000
4,099,000
252,000
4,263,000
129,000
253,000
915,000
546,000
485,000
633,000
120,000
55,000
6,065,000
364,000
750,000
1,410,000
2,150.000
$
Total bills bought in open market.....
61-90 days industrial advances
Over 90 days Industrial advances
Total Industrial advances
3
4,793,000
1,204.000
4,580,000
769,000
541,000
121.000
84,000
5,630,000
4,920,000
5,712,000
1,781,000
1,630,000
840,000
2,071,000
354,000
869,000
1.382.000
706,000
1,760,000
635,000
1.572,000
4,674,000
4,679,000
4,676,000
1,676,000
161,000
486,000
27,699,000
1,764,000
149,000
452,000
482,000
27,474,000
1,562,000
455,000
352,000
405,000
27,421,000
30,501,000
30.321,000
30,195,000
428,000
479,000
S
$
$
7,413.000
132,000
1.483,000
451,000
139,000
5,533,000
787,000
360,000
91,000
5,831.000
137,000
1,595,000
347,000
108,000
6,932,000
6,687,000
8,018,000
9.618.000
7,678,000
1.452,000
2,004.000
714,000
503,000
1,190,000
703,000
415,000
742,000
782.000
459,000
1,947,000
833,000
651,000
848,000
208,000
4,042,000
529,000
2,826,000
2.622,000
527,000
4,673,000
4.673.000
4,673,000
4,674,000
4,671,000
5,306,000
1.537,000
609,000
340,000
407,000
28,561.000
1,833,000
250,000
626,000
459,000
28,605.000
1.840,000
245,000
28.626.000
1,618,000
579,000
718,000
369,000
28,681,000
508,000
652,000
1,118,000
435.000
28,713,000
1,692.000
401,000
704,000
378,000
18,006,000
31,454,000
31,773,000
31,868.000
31.801.000
31.965.000
20,785,000
Over 90 days bills bought in open market.
1-15 days industrial advances
16-30 days industrial advances
31-60 days Industrial advances
3
4,225.000
761,000
512,000
113,000
101,000
286,000
469,000
93,000
635,000
244,000
170,000
1,639,000
92,000
501,000
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities..
31-60 days U. S. Government securities..
43,850,000
7,164,000
22,674,000
45,730,000
33,630,000
31,025,000
36,013,000
28,250,000
39,295,000
7,164,000
19,200,000
9,200,000
22,674,000
45,730,000
39,295,000
85,630,000
43,850.000
37,078,000
116,410,000
48,816,000
46,816,000
128,062,000
175.526.000
90.969,000
170.017,000
72,129,000
90,571,000
61-90 days U. 8. Government securities..
47,506,000
87,663,000
93,133,000
49,806,000
48,816.000
46,816,000
181,122,000
188,821,000
270,013,000
Over 90 days U. 8. Government securities 2,267,428,000 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 2,004,393,000
Total U. 8. Government securities..... 2,430,271,000 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 2,430,305,000
1-15 days other securities
16-30 days other securities
61-60 days other securities
61-90 days other securities
Over 90 days other securities....
Total other securities
"
"
181,000
1*81*666
"""liTjooo
""""181*666
""~"l~81~666
""""181", 000
~"~i~8~l",666
*1*81", 000
181,000
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....
4,009,450,000 4,004,698,000 4,008,275.000 3,997.381,000 J.966,457.000 3,954,159,000 3.949,707,000 3,961,896,000 3,408,581,000
277,117,000
273,719,000
276,741,000
262,315,000
289,381.000
289,489,000
293,569,000
321.802,000
278,009,000
3,732,333,000 3,730,979,000 3,731,534,000 3,735,066,000 J.677,076.000 3.664,670.000 3,656,138,000 3,640,094,000 3,130,572,000
Collateral Held by A tent as Security for
Notes Issuea to Bank—
Gold ctfs.
on
hand & due from U.S. Treas.
By eligible paper
U. 8. Government securities
Total
•
collateral
3,996,843,000 3,966,843,000 3,931,843,000 3,915,343,000 1,885,843,000 3.884,843,000 3,881,843,000 3,888.343,000 3,287,679,000
4,190,000
3,681,000
3,211.000
3,999,000
5,224,000
7,832,000
4,914,000
6,243,000
5,842,000
59,000,000
88,000,000
123,000,000
131,000,000
127,000,000
1*5.000.000
203,100,000
118,000,000
118,000,000
1,060,033,000 1,058,524,000 1,058,054,000 1,050,342.000 1.018,067,000
"Other cash" does not lnolude Federal Reserve notes,
4.007,757,000|4,006,086,000
4,021,175,000 3,496,621,000
t Revised figure.
These are certificates given by the U. S. Treasury lor the gold taken over from the
Reserve banks when the dollar was devalued from 100 cents to 69.06 cents on
Jan. 81 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 Gold Reserve Act of 1934.
x
Volume 142
Financial
2107
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. 25 1M6
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Phila.
RESOURCES
9
9
I
%
Qold certificates
on
Cleveland Richmond
Atlanta
Chicago
I
%
$
f
St.
9
9
Dallas
San Fran.
9
Louis Minneap. Kan. City
%
9
hand and due
from U. S. Treasury
7,665,840,0 583,567,0 3,029,746,0 422,767,0 559,431,0 280,635,0 208,522,0 1,390,183,0 207,892,0 164,193,0 197,576,0 162,540,0 458,788,0
Redemption fund—F. R. notes896,0
540,0
555,0
555,0
2,461,0
2,251,0
1,123,0
1,168,0
1,655,0
705,0
14,873,0
2,587,0
377,0
Other cash ♦
5,152,0 14,984,0
353,632,0 39,930,0
96,690,0 42,126,0 33,383,0 16,255,0
11,498,0
47,486,0 17,048,0
8,009,0 21,071,0
Total
Bills
8,034,345,0 626,084,0 3,128,091,0 465,448,0 593,710,0 297,430,0 222,271,0 1,438,374,0 226,063,0 172,579,0 219,815,0 168,247,0 476,233.0
reserves
discounted:
Seo. by U. 8. Govt, obligations,
direct & (or) fully guaranteed
Other bills discounted
2,469,0
2,124,0
362,0
95,0
32,0
52,0
32,0
6,065,0
175,0
4,593,0
414,0
127,0
40,0
12,0
4,674,0
30,501,0
349,0
2,911,0
1,739,0
7,670,0
472,0
440,0
164,0
5,451,0
1,556,0
190,0
3,844,0
28,965,0
174,338,0
122,861,0
13,492,0
81,704,0
28,004,0
3,338,0
143,0
2,727,0
25,0
15,0
130,0
24,0
8,0
15,0
83,0
50,0
125,0
20,0
179,0
41,0
37,0
98,0
175,0
199,0
154,0
579,0
2,192,0
87,0
552,0
61,0
133,0
133,0
327,0
1,109,0
29,0
4l"0
'""12,6
'
Total bills discounted
._
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes....
Treasury bills
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
265,711,0 17,957,0
1,554,893,0 103,893,0
609,667,0 35,828,0
.
Total U. S. Govt, securities. 2,430,271,0 157,678,0
Other securities
181,0
Total bills and securities
Bank
All
premises
other
resources
Total resources.
650,0
19,311,0
66,320,0
22,870,0
26,638,0
1,470,0
1,178,0
14,515,0
45,555,0
13,013,0
77,206,0
15,531,0
26,625,0
1,707,0
18,247,0 21,918,0
49,636,0 131,921,0
17,117,0 45,492,0
326,164,0 123,200,0
75,601,0 116,844,0
181,0
85,000,0 199,331,0
748,385,0 183,457,0 220,148,0 120,790,0 101,246,0
328,976,0 123,876,0
77,230,0 118,511,0
87,039,0 200,921,0
52,450,0
3,113,0
29,0
1,159,0
47,079,0
2,919,0
1,015,0
59,0
63,0
258,0
50,0
331,0
527,356,0
47,865,0
35,973,0
11,019,0
734,383,0 177,120,0 218,025,0 116,716,0 100,209,0
2,471,692,0 161,113,0
Due from foreign banks
Fed. Res. notes of other banks...
Uncollected Items
861,0
12,834,0
77,244,0
4,462,0
637,0
1,819,0
125,818,0
44,838,0
4,926,0
3,570,0
59,128,0
6,525,0
1,446,0
10,823,0
26,221,0
202,0
23,0
2,119,0
18,391,0
2,284,0
1,311,0
78,0
2,837,0
71,193,0
4,828,0
340,0
4,0
1,717,0
22,716,0
2,452,0
183,0
3,0
960,0
13,093,0
1,531,0
415,0
19,0
1,295,0
29,061,0
3,360,0
303,0
45,0
1,522,0
24,228,0
3,580,0
212,0
19,0
453,0
19,361,0
1,524,0
755,0
11137192,0 843,343,0 4,044,058,0 702,939,0 882,835,0 470.421,0 347,645,0 1,846,626,0 377,011,0 265,811,0 372,364,0 277,398,0 706,741,0
1
LIABILITIES
F. R. notes In actual circulation.
3,732,333,0 339,579,0
786.896,0 278,433,0 363,010,0 173,546,0 159,440,0
859,942,0 161,285,0 111,699,0 143,480,0
74,504,0 280,519,0
Deposits:
Member bank
reserve account.
5,059,147,0 293,913,0 2,300,689,0 289,657,0 325,919,0 195,239,0 115,918,0
477,371,0 53,753,0 100,093,0 35,502,0 33,931,0
22,732,0
6,063,0
2,899,0
6,128,0
2,306,0
275,801,0
6,030,0
3,403,0
2,974,0
209,705,0
2,790,0
5,729,0
713,343,0 141,692,0
146,028,0 28,503,0
7,644,0
1,977,0
3,160,0
8,575,0
6,546,089,0 431,769,0 3,010,497,0 352,328,0 435,478,0 236,614,0 157,884,0
870,175,0 180,747,0 132,166,0 190.519,0 170,984,0 376,928,0
U. S. Treasurer—Gen'l aco't.. 1,146,565,0 126,950,0
Foreign bank
64,576,0
4,876,0
Other
deposits
Total
.
deposits
Deferred availability Items
Capital paid In
...
Surplus (Section
Surplus (Section
7)
13-B)
Reserve for contingencies
....
All other liabilities
Total liabilities
514,646,0
130,724,0
145,501,0
26,513,0
34,105,0
7,281,0
48,213,0
9,390,0
9,902,0
2,874,0
1,413,0
124,677,0
50,919,0
50,825,0
7,744,0
8,849,0
3,651,0
203,0
45,644,0
4,594,0
5,186,0
3,448,0
1,261,0
128,0
52,985,0
12,550,0
14,371,0
1,007,0
3,111,0
38,856,0
12,324,0
13,406,0
4,231,0
3,000,0
361,0
323,0
17,070,0
4,236,0
5,616,0
72,837,0
12,032,0
21,350,0
1,391,0
7,573,0
1,326,0
754,0
2,508,0
137,0
24,875,0
3,767,0
4,655,0
546,0
892,0
244,0
99,604,0 161,487,0 121,987,0 299,699,0
26,886,0 26,080,0 38,267,0 53,201,0
4,547,0
1,911,0
1,911,0
1,582,0
8,819,0 19,481,0
1,041,0
4,094,0
12,972,0
3,016,0
3,149,0
1,003,0
1,477,0
329,0
28,622,0
3,948,0
3,613,0
1,142,0
844,0
196,0
26,278,0
10,149,0
9,645,0
1,121,0
1,849,0
252,0
21,617,0
3,799,0
3,783,0
1,252,0
1,328,0
131,0
11137192,0 843,343,0 4,044,058,0 702,939,0 882,835,0 470.421,0 347,645,0 1,846,626,0 377.011,0 265,811,0 372,364,0 277,398,0 706.741,0
Ratio of total res. to dep. A F. R.
note liabilities combined
78.2
81.2
82.4
73.8
74.4
72.5
70.0
83.1
66.1
70.8
65.8
68.5
72.4
25,421.0
3,279,0
9,812,0
354,0
1,606,0
2,325,0
385,0
86,0
1,868,0
105,0
663,0
584,0
4,354,0
Commitments to make Industrial
advances.
•
"Other Cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers
(00) Omitted
Federal Reserve Agent at—
Federal Reserve notes:
Issued to F. R.Bk.by
Total
Boston
New York
Cleveland Richmond
PhUa.
9
$
9
F.R.Agt. 4,009,450,0 $56,619,0
Atlanta
Chicago
%
$
%
%
9
9
9
Dallas
San Fran.
9
St. touis Minneap. Kan. City
9
17,040,0
891,935,0 291,728,0 377,537,0 182,402,0 178,977,0
105,039,0 13,295,0
14,527,0
8,856,0
19,537,0
894,620,0 169,350,0 115,290,0 151,726,0
34,678,0
8,065,0
3,591,0
8,246,0
80,882,0 318,384,0
6,378.0 37,865,0
3,732,333,0 339,579,0
786,896,0 278.433.0 363,010,0 173,546,0 159,440.0
859,942,0 161,285,0 111,699,0 143,480,0
74,504,0 280,519,0
Treasury.... 3,996,843,0 366,617,0
4,190,0
149,0
59,000,0
905,706,0 292,000,0 378,440,0 186,000,0 155,685,0
2,962,0
381,0
95,0
25,0
900,000,0 150,632,0 116,000,0 141,000,0
156,0
27,0
82,0
20,000,0
12,000,0
81,500,0 323,263,0
183,0
130,0
27~,666"6
4,060,033,0 366,766,0
908,668,0 292,381,0 378,535,0 186,025,0 182,685,0
900,000,0 170,659,0 116,082,0 153,156,0
81,683,0 323,393,0
Held.by Fed'l Reserve Bank..
In actual circulation
Collateral held by Agent
as
277,117,0
se¬
curity for notes Issued to bks.
Gold certificates on hand and
due from U. 8.
Eligible
paper
U. S. Government securities..
Total collateral
......
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
resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System uvon the
figures for the latest week appears in our department of "Current Events and Disscussions,
immediately preceding whicn we also give the figures of New York and Chicago reporting member banks for a week later.
items of the
The statement beginning with Nov. 6 1935
covers
also been revised further
in "Other loans."
reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
The Item "Demand deposits—adjusted" represents the total amount of demand deposits
standing to the credit of Individuals, partnerships, corporations,
associations. States, counties, municipalities, Ac., minus the amount of cash items reported as on hand or In process of collection. The method of computing the Item "Net
demand deposits," furthermore, has been changed In two
respects In accordance with provisions of the Banking Act of 1935: First, It Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to
banks, as was required under the old law. These changes make the figures of "Net demand deposits" not
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 domestlo 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 whloh have been deducted from demand
deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
CITIES. BY DISTRICTS, ON MAR. 18 1936 (In Millions o«
Dollars)
-♦
Federal Reserve District—
Total
Boston
New York
Phila.
Cleveland Richmond
Atlanta
Chicago
St.Louis
Minneap. Kan. City
Dallas
San Fran.
ASSETS
Loans
and
Investments—total
Loans to brokers and dealers:
In New York City
9,281
1,164
securities to others
979
8
956
66
20
13
152
213
2,940
3
5
39
69
10
25
515
621
356
5
1
2
449
2,155
3
2
18
41
615
2
1
~
*
(except
banks)
on
571
1,761
2,088
on
Acceptances and com'l paper boughtLoans
1,197
200
Outside New York City
Loans
21,625
real estate.
Loans to banks..
907
148
47
208
61
30
44
346
45
165
21
3
7
5
30
10
7
25
2
26
1,147
85
251
66
188
21
21
66
39
6
16
21
367
83
3
49
3
4
1
9
7
4
1
2
168
Other loans
3,403
294
1,279
169
197
105
135
395
106
122
122
121
358
U. S. Govt, direct obligations
397
3,704
326
827
252
188
1,674
237
134
237
170
711
Obligations fully guar, by U. 8. Govt.
8,857
1.257
16
565
102
66
38
37
144
52
14
42
44
137
Other
3,265
172
1,339
299
250
76
76
373
104
42
120
47
367
4,097
241
2,067
362
116
62
14
31
16
10
58
11
5
11
10
18
2,294
1,317
123
166
170
223
161
169
362
130
103
294
175
218
80
527
86
110
37
40
106
24
18
25
28
236
942
securities
Reserve with Federal Reserve Bank-
Cash I
n
vault
Balance with domestlo banks
Other assets—net
195
267
144
66
581
96
71
107
181
81
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Foreign banks
13,773
4,923
782
5,511
377
1
6,306
750
967
370
288
2,007
365
249
436
332
301
.
941
270
696
193
170
765
173
120
145
118
17
231
57
55
41
43
152
9
8
19
33
231
2,334
305
327
206
207
750
241
115
361
178
256
8
347
761
1,031
,
117
3
1
1
5
21
1
19
liabilities
795
26
332
20
14
31
7
32
10
4
2
5
312
Capital account
3,513
231
1,593
224
332
88
84
336
83
56
89
77
320
Borrowings
Other
*
March 11 figures repeated In the case of most Pittsburgh banks.
11
1
1
2108
Financial
®fo>
Figures after decimal point represent
PUBLISHED
DANA
B.
Int.
Int.
Rate
Maturity
Bid
Asked
June
15 1936...
1
H%
100.26
100.28
15 1939...
1H%
1X%
IH%
1H%
1H%
101.10
101.12
Deo.
15 1936...
101.27
101.29
Apr.
15 1936...
101.9
101.11
June
15 1938
101.15
101.16
Feb.
15 1937...
Apr.
15 1937.--
Mar. 15 1939...
United
States
Stock
Government
Securities
on
the
New
Exchange—Below
we furnish a daily record
Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Mar.
15 1941...
June
15 1940..
Sept. 15 1936.-.
of the transactions in
15 1940.
Deo.
Sent. 15 1938.
117.14
7'
Low.
*
—-
Close
117.16
117.16
117.23
117.16
117.16
117.18
117.16
103.25
104.18
102.9
102.11
100.3
-----
105.16
105.18
102.26
102.28
103.9
103.7
3%
3%
3X%
105.17
101.16
101.18
3
Sept. 15 1937...
105.15
104.21
104.23
104.25
..
11936...
H%
for discount at purchase.
are
Bid
117.23
117.22
1 1936
Apr.
Atktd
AsUd
Bid
8
Apr.
Aug. 12 1936
0.20%
1936
0.20%
0.20%
Aug. 19 1936
0.20%
1
25
1
32
23
High
107.21
107.24
107.25
107.24
107.28
107.23
Apr.
16 1936
0.20%
Aug. 26 1936
Low.
107.19
107.19
107.22
107.20
107.23
107.20
Apr. 22 1936
0.20%
Close
107.20
107.24
107.24
107.23
107.28
107.23
Apr
29 1936
0.20%
Total sales in $1,000 units...
0.20%
0.20%
Total salet in $1,000 units...
3
27
70
28
19
19
May
1936
0.20%
High
112.15
112.15
112.17
112.19
112.22
112.23
May
13 1936
0.20%
May 20 1936
May 27 1936
0.20%
Sept. 2 1936
Sept. 9 1936
Sept. 16 1936
Sept. 23 1936
Sept. 30 1936
0.20%
Oot.
7 1936
0.20%
0.20%
Oct.
14 1938.
0.20%
June 10 1936
0.20%
Oct.
21
1938
0 20%
June 17
1936
28 1936
0.20%
1936
0.20%
0.20%
Oct.
June 24
Nov.
4 1936
0.20%
3J*8,
1943-45
-
Low.
112.14
112.14
112.14
112.16
112.18
112.21
Close
112.14
112.14
112.17
112.19
112.22
112.21
Total sales in $1,000 units—
3
16
28
127
U
40
High
110.26
4s. 1944-54
111
----
111.2
LOW.
110.26
110.26
111
.;'U
33
Total sales in $1,000 units...
108.4
108.3
■ Low.
108.4
108.3
108.6
Close
108.4
108.3
2
-m!
— —
.V'
1
—
---
108.7
51
"
—
—
102
[High
...
104.6
104.5
104.11
Low.
104.3
104.1
104.3
104.2
104.6
104.3
104.3
104.3
104.4
104.11
1936
0.20%
0.20%
0 20%
0.20%
18,1936
0.20%
Nov. 251936
0.20%
July 22 1936
July 29 1936
5 1936
Aug
10 1936
Nov.
Dec.
2 1936.
0.20%
0.20%
16 1936
Nov.
0.20%
0.20%
....
Dec.
9 1936
0.20%
Dec.
16 1936
0.20%
23 1936.
0 20%
0.20%
104.7
Close
3s. 1951-55
1936
8
July
108.10
—
—
1
...
0.20%
0.20%
Dec
108.5
2
1936
3
July
July
108.8
'
108.6
2
110.30
108.10
■'mm
6
June
108.7
303
108.6
Total sales in $1,020 units...
110.30
111.2
;
2
•;-:i High
77'
3^8. 1943-47
110.30
110.30
110.26
Close
35is. 1946-56
0.20%
104.7
104.4
104:5
104.9
Total sales in $1,000 units...
14
134
84
44
24
35
High
104.16
104.18
104.18
104.18
104.26
104.24
Low.
104.15
104.14
104.17
104.15
104.22
104.21
Close
104.15
104.18
104.18
104.18
104.26
104.22
38, 1946-48
26
Total sales in $1,000 units...
34
101
177
70
108.20
108.20
108.18
108.18
108.20
108.20
108.18
108.18
108.19
----
108.20
108.20
108.18
108.18
108.19
1
18
Low.
Close
-
Total sales in $1,000 units...
5
109
108.31
108.31
108.30
108.31
-----
Low.
—
7
109
fHigh
3HB. 1941-43
2
—
— —
109
Ended
Number of
Shares
Saturday
Monday
109
Tuesday
Close
108.31
Total sales in $1,000 units...
2
4
10
fHlgh
105.15
105.14
105.16
105.15
105.23
105.520
Low.
105.14
105.13
105.14
105.14
105.15
105.20
105.23
Railroad
Stocks,
Week
Mar. 27 1936
109
-
'
and
United
For'n Bonds
■
Close
105.15
108.31
109
— — —
—
-
840,686
1,678,550
1,903,140
1,907,730
1,872,130
1,553,202
$4,222,000
8,245,000
9,649,000
6,769,000
7,694,000
8,250,000
1,166,000
1,364,000
934,000
1,136,000
1,207,000
9,755,438
$44,829,000
$6,311,000
$504,000
105.13
105.16
10
105.15
Total sales in $1,000 units...
3
10
27
75
22
rHigh
105.14
105.14
105.15
105.15
105.18
105.14
105.12
105.14
105.12
105.15
105.14
105.14
105.15
105.15
Sales
$5,834,000
10,165,000
12,527,000
9,680,000
10,680,000
11,499,000
$9,245,000
$60,385,000
105.13
Close
-
Friday
Bond
$1,108,000
754,000
1,514,000
1,977,000
1,850,000
2,042,000
105.16
Low.
Wednesday
Thursday
Total
States
Bonds
State,
Mis cell. Municipal &
Bonds
105.20
3^8. 1946-49
Exchange,
Daily, Weekly and Yearly
108.19
----
Transactions at the New York Stock
148
---«
High
3%B, 1940-43
3Hs. 1949-52
•
Total sales in $1,000 units—
1
57
High
108.31
108.31
Low.
108.31
Close
108.31
3Jis. 1941
Total sales in $1,000 units
31
105.18
652
30
Sales at
109.1
108.30
108.29
108.31
108.30
108.29
109.1
108.31
Jan. 1 to Mar. 27
1938
1935
1936
1935
108.30
108.31
Exchange
108.31
108.31
Week Ended Mar. 27
New York Stock
18
108.29
1
1
11
5
231
12
107.12
107.13
107.16
107.14
107.16
107.14
Low.
107.12
107.10
107.12
107.11
107.16
107.12
Close
•
Total
105.16
325
109.1
[High
3^8, 1944-46
107.12
107.13
107.15
107.14
107.16
107.14
Total sales in $1,000 units...
102
38
340
21
High
101.26
101.23
101.26
101.25
102
101.21
101.19
101.22
101.22
101.26
101.21
101.23
101.30
9,755,438
2,740,194
176,458,305
49,416,474
$9,245,000
6,311,000
44,829,000
$12,444,000
7,248,000
36,327,000
$93,966,000
98,268,000
917,333,000
$255,314,000
102,756,000
497,447,000
$60,385,000
$56,019,000
$1,109,567,000
$855,517,000
Bonds
Government
State and foreign
Railroad and industrial
101.26
Close
Stocks—No. of shares.
101.31
Low.
101.29
27AB, 1955-60
_•
101.25
20
10
101.24
*
Total
Stocks and Bond Averages—Below are the
Total sales in $1,000 units...
402
111
168
113
High
102.26
102.25
102.28
102.26
103.1
103.1
averages
Low.
102.24
102.23
102.25
102.25
102.28
102.28
Close
102.24
New York Stock
102.25
102.27
102.26
103.1
102.29
2MB, 1945-47
Total sales in $1,000 units
282
224
72
13
165
83
101.23
101.27
101.26
101.31
101.30
101.21
101.21
101.22
101.22
101.26
101.26
101.21
101.23
101.25
101.26
101.30
338
238
Total sales in $1,000 units
Federal Farm Mortgage
High
3>is, 1944-64
'
V
-
-
-
-
125
104.9
the
----
Thirty
Twenty Twenty
Indus¬
Rail¬
Utili¬
trials
roads
ties
Total
Ten
Stocks
Ten
First
Second
Ten
Grade
Grade
Utili¬
Forty
trials
Rails
Rails
ties
Bonds
Seventy Indus¬
Total
59
Mar. 27.
155.52
47.17
31.81
56.11
105.73
110.73
85.25
106.11
101.96
103.6
102.31
Mar.26.
157.73
47.85
32.33
56.93
105.81
110.78
85.45
106.29
102.08
102.24
102.29
102.28
Mar.25.
157.88
47.56
32.38
56.90
105.89
110.70
85.45
106.28
103.6
102.31
Mar. 24.
156.56
47.53
32.08
56.52
106.05
110.78
85.70
106.41
102.24
68
53
Mar. 23.
157.62
47.53
32.24
56.79
106.19
110.80
85.48
106.43
102.23
103.15
Mar.21.
156.45
47.10
31.76
56.28
106.24
110.89
85.41
106.43
102.24
102.17
Close
7
; •
Total sales in $1,000 units...
Federal Farm Mortgage
High
102.20
102.17
102.24
33
9
3
'
Date
Ten
102.24
26
102.19
102.20
:-7.
Bonds
it
104.9
104.10
7
102.20
Low.
■
on
compiled by Dow, Jones & Co.;
.
104.11
104.10
.
104.2
Total sales in $1,000 units...
High
49
104.10
104.2
104.2
Close
3s, 1944-49
as
Stocks
i
■
127
'
Low.
Federal Farm Mortgage
Exchange
101.28
85
daily closing
of representative stocks and bonds listed
95
101.25
Low.
Close
■
101
High
2^s, 1948-51
77
Asked
104.16
117.22
117.16
103.23
104.23
117.24
117.14
117.14
High
Mar. 15 1938.
Aug.
quoted
Daily Record of U. S. Bond Prices Mar. 21 Mar. 23 Mar. 24 Mar. 25 Afar. 26 Mar.27
4tfs. 1947-52
--
101.11
102.1
2X%
2X%
2H%
2K%
3%
United States Treasury Bills—Friday, March 27
Rates
Treasury
101.5
101.9
101.31
2H%
15 1939
June
101.3
1 1938...
1X%
IX %
2H%
..
Mar. 15 1940...
Quotations after decimal point represent one or more 32ds
of a point.
:if vfe
*
—
.
Feb.
Bid
Rate
Maturity
Deo.
York
32ds of
more
:
WEEKLY
COMPANY, Publishers,
William Street, Corner Spruce, New York.
.
or
one
point.
a
WILLIAM
Match 28 1936
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, March 27
rtj,
,
Chronicle
'
—
—
103.11
103.10
103". 10
103.18
Low.
103.10
103.10
103.10
103.18
103.15
Close
-.7 77-': ■■
Total sales in $1,000 units...
103.10
103.10
103.10
103.18
103.15
12
21
8
9
102.08
38. 1942-47
K';K. 17.
Federal Farm
Mortgage
2^8, 1942-47
rHlgb
Low-
■
Close
Total sales in $1,000 units...
FOOTNOTES
2
102.2
102
102.3
102~.2~
102.10
102.9
102
101.30
102.3
102.2
102.10
102.9
102.2
102.10
102
102
102.3
*
FOR NEW YORK STOCK
PAGES
Bid and asked prices: no sales on this day.
X Companies reported In receivership.
a Deferred delivery
102.9
45
45
5
4
5
102.17
102.16
102.18
102.18
102.30
102.25
r
Cash sale.
Low.
102.14
102.12
102.14
102.14
102.24
102.20
x
Ex-dlvidend.
Close
3s, series A, 1944-52
26
High
Home Owners' Loan
102.17
102.16
102.18
102.18
102.29
102.25
y
Ex-rights.
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 no par share.
Total sales in $1,000 units...
»
7
14
43
256
198
503
»2
High
101.13
101.13
101.15
101.17
101.28
101.24
as
Low.
101.11
101.9
101.12
101.11
101.22
101.20
5*
Close
101.13
101.13
101.15
101.17
101.28
101.24
35
Total sales in $1,000 units...
29
54
147
65
199
458
36
High
101.14
101.13
101.15
101.17
101.28
101.23
Low.
101.12
101.11
101.14
101.17
101.24
101.19
37
Close
101.14
101.13
101.15
101.17
101.28
103.23
38
2
14
10
1
47
51
39
Home Owners' Loan
25*s, series B, 1939-49..-
Home Owners' Loan
2^8, 1942-44
Total sales in $1,000 units
Note—The
bonds.
above table includes
only
Transactions in registered bonds
2
1
Treasury 3s, 1951-55
sales
of
coupon
42
were:
63
Treasury 2%s, 1955-60
101.23 to 101.25
104.4
New stock.
7
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 Dec. 31 1934.
Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
Listed April 4 1934; replaced no par stock share for share.
Adjusted for 25% stock dividend paid June 1 1934.
Listed under this name Aug, 9 1934 replacing no par stock.
American Beet Sugar Co.
Former name,
—Phelps, Fenn & Co.tl 39 Broadway, N. Y. City, have issued
State and municipal bonds yielding from 0.80% to
4.00%.
a
Listed Sept. 13 1934; replaced no par stock share for share.
Listed June 1 1934; replaced Soconoy-Vacuum Corp. $25 stock share for share.
69
list of
Listed April 4 1934; replaced no par stock share for share.
6«
NOTICES
From last
67
to 104.4
From low through first classification, loan
66
CURRENT
44
63
.
60% stock dividend paid Dec. 10 1935.
100% stock dividend payable Feb. 1 1936 to stock of record Dec. 20 1935.
Adjusted price for stock dividend.
so
3'
—Lazard Freres & Co.,
Inc., 120 Broadway, N. Y. City, has issued
financial study of the City of
a
Cincinnati, Ohio.
an
1 1933 were
New York Stock
« Cincinnati Stock
22
New York Curb
« Cleveland Stock
" Richmond Stock
3
115 Broadway, New York City, have issued their
'
2
analysis of D. Emil Klein Co., Inc.
—Bristol & Willett,
The National Securities Exchanges on which low prices sinoe July
made (designated by superior figures in tables) are as follows:
—Great Northern Investing Co., 30 Broad St., N. Y. City, have
pre¬
pared
75% of current.
classification and above, loan of 55% of current.
New York Produce
New York Real Estate
14 Colorado Springs Stock
15 Denver Stock
24 St. Louis Stock
4
Pittsburgh Stock
" Salt Lake
City Stock
Baltimore Stock
16
Detroit Stock
26
San Francisco Stock
Boston Stock
"
Los Angeles Stock
27
San Francisco Curb
7
Buffalo Stock
'■
Los Angeles Curb
2»
San Francisco Mining
«
California Stock
3»
Minneapolls-St. Paul
"Seattle Stock
*
Chicago Stock
2«
New Orleans Stock
3»
Spokane Stock
Chicago Board of Trade
21 Philadelphia Stock
3«
Washington (D.C.) Stock
«
current list of
baby bonds.
—Strauss Bros.,
on
3
•
■
15 Broadway, N. Y.
City, have prepared
a
circular
Western Dairies, Inc.
—Jerome B.
Sullivan
St., N. Y. City.
announces
the removal of his offices to 30 Broad
Chicago Curb
2109
Volume 142
Report of Stock Sales—New York Stock Exchange
WEEKLY
DAILY.
AND
YEARLY
Occupying Altogether Nine Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range,
unless they are the only transactions of the day. No account Is taken of such sales
In computing the rauge for the year.
!
HIGH
AND
LOW
SALE
PRICES—PER
Sales
NOT PER CENT
SHARE,
Saturday
Mar. 23
Mar. 24
Mar. 25
Mar. 26
Mar. 27
$ per share
$ per share
$ per share
$ per share
Shares
*44
46
*44
46
*44
46
10,000
114
*112
111)2 11U2 *112
*69
70)2
7012
70)2
70l2
114
113
113
*112
113
30,000
71
69
69
68
46
72
1214
♦70i2
12i8
*44
46
46
46
68'2
.
500
Abraham
& Straus
778
*25i2
314
734
26
26
*25i2
26
Address Multigr Corp___
Advance Rumely
10
2218 Jan 21
28
No par
No par
zl)8 Jan 14
73g Jan 2
2H2 Jan
Affiliated Products Inc
Air Reduction Inc
No par
434
514
91
15
*4'4
4l2
2434
25i2
23
*22
*22
*35
39
2514
22i2
37l2
*3312
34
*
194
2512
83S
7114
4634
2578
412
42
114i2 115
55
5512
81S
*2212
*22
37)2
*36
8'2
87g
203i2
16",000
Allied Chemical & Dye
283s
2684
27&s
38,300
Allied Mills Co Inc
83g
S34
8U
8)2
8's
83g
24,100
Allied Stores Corp
1,100
9,900
2678
4i2
2738
275s
4i2
28l2
412
4178
26i2
27)2
25'2
26'2
4U
38i2
45g
25's
*414
2578
434
11412 115
55l2
108)2 into
56
5684
49
5178
1303s 13012
130)4 13012
121
1217S
165
35's
*67
4514
*122
9434
*33
10
10l2
IOI4
283s
2934
*2214
23»4
29's
22)2
L*923s
9412
*9234
2i2
2&s
2&s
*1318
8I4
3778
1312
838
377s
13)2
1514
15l2
155s
32
32
3234
1512
16
*15i2
83g
37&s
7i2
165
I2I84 123l2
*163
♦163
165
165
165
45)2
45i2
45'2
45)2
45
4,500
American Chain
No par
31
Jan
127
*122
*122
93
34
93
92
*33
9434
34
*33
127
92
3314
*122
92
*33
126
92
3314
122
92
*33
122
92
10'2
1078
1078
1034
1034
~i:266
2834
2912
283s
287g
275s
28's
11,500
225g
22
29
223s
28's
22'4
22
22's
20i2
21i2
5,000
92
92
*92
92)2
92
92
*92
94
3
278
14
13l2
834
37&S
1578
83s
37
1534
33
3234
17i2
17
9212
238
14
9
37)2
1534
33'2
1714
*13's
33g
1378
85s
914
3's
12,200
Preferred
12,300
2nd preferred
18's
327S
3412
35
36
32)2
3434
16i2
167S
17
17
16U
16)2
1,200
75s
778
20,400
40
3)2
I8I4
11)2
19
1278
40
17's
40i4
2438
37
60
5878
5034
5134
24
23i2
160
161
60)2
52 I2
2418
161
9l2 104,900
1838
43'2
40'2
3t2
33s
19
884
5414
*
5414
137
205s
22
I6OI4 162
90
90
114
3012
30)2
53l2
5478
130
*129l2 137
2U4
23'8
I6OI4 16U2
90
6
22
*100
28i2
612
2914
90
42i2
41
41
1,600
*40i8
40l2
40
40's
3i2
20
8's
4
20
No par
No par
2214
22's
6)2
23
100)2
102
100
5414
130
90i2
28i4
684
31
22
23
100
100
113s
1H2
IH4
1D2
11
113s
9,800
31
30'4
31
29)4
31
2,900
American
84
84
83
83)2
82
83
2458
25
25
25)2
24
2484
3,900
125s
127g
1238
1234
12's
1238
5834
5112
2312
*155
5934
52i4
24l8
165
59
51
23i8
*155
60
52)4
24
165
*4134
12's
56
47io
2258
*155
*112
30)2
5234
*130
24U
114
26)4
162)4 164
90l2
*112
114
3D2 31)2
3114
5278
5338
53i2
13418
134i8 *130
9084
25
25i2
164
16478
90l4
92)2
91
93M
112
3114
5H2
130
1278 134,600
58l2
6,800
50i2
13,200
2314
71,900
70
33,400
100
1,400
440
24,500
800
1,000
1,400
30
9,200
6,900
500
28)2
2238
2284
22's
23
21 &s
225g
35,400
400
103s
10&8
10's
1058
10's
1034
1012
1078
10
10l2
9,200
62
643s
63i2
64i8
63
65i2
64
65
63
64i4
8,300
138
U4
138
II4
2,700
7
*7
6)4
*62l2
35
3558
35's
*37
2358
*108
43
2378
11012
4118
*23i4
678
7i2
6)4
6's
*54
69
3578
14
13
4138
*13
4138
*121
*121
1073s 10738
578
*8H2
*115
6
8212
120
*5912
60)2
1078
IH4
108
578
81
41's
108
3458
41'2
23l2
8OI0
*115
6258
12
For footnotes see page
6034
12
2108
78s
6i4
68i2
353S
4H2
24
714
534
*61
40
40
233g
2378
*13
*41
41
8012
117
62
12)4
108
534
80
115
6II4
1178
108
10912
1312
41
120's 120's
10734 10734
578
534
80i2
80U
115
6
36
14
41l2
♦120's 121
714
68
3458
41ig
IO8I4 IO8I4
534
6
6
81
6
110i2 *109
13
13i2
♦120's
*115)2 120
60'2
1134
42l8
73g
*61l2
23U
23l2
10914 10914 *109
13
42
3534
4218
110i2 H0i2
*13
6'8
3478
4118
23i2
*4U2
714
68
*100
6
80i2
125
II4
7i8
5i2
*61
3414
*38
2258
7i8
700
5i2
3,700
68
357g
40
56:066
400
4,100
109i2 109i2
60
3934
*100
62'4
61&S
62)2
61
1214
1134
1134
III4
Mar 27
1,200
30,400
2738 Jan
127
7
Feb 24
2
I8I4 Mar
838Mar
46
4H2Mar
412
3734
11 3S
36i4 Feb 28
95i2 Feb 27
297s Jan 14
9
9
2734
32
32
7514
12
1812
Feb 13
3
414
4)2
33U
12*8
12U
1278 Jan 28
15
115s Jan
Common class B
25
Preferred
100
No par
Preferred
100
Am Water Wks & Elec
No par
1st preferred
No par
American Woolen
No par
100
Preferred..
t Am Writing Paper
Preferred-
1
No par
Feb
1278
63
6
32)4
1312
72
130)2
z24
36I4
H2
9*8
10)8
49l2
83g
41l2
25i8
159
3238
3658 Feb 20
2014 Mar 13
157
Jan
7
203s Jan
2538 Jan
Jan
10784 Jan 4
2984 Mar 17
5H2Mar 27
129
Jan
6
2058Mar2l
2
15584 Jan
87
Mar 13
34
Mar 20
Mar 13
Jan 3
9's Jan 2
60
Mar 13
lis Jan 6
684 Mar 19
45g Jan 3
66
116i2Mar
9534
27
Mar
5
2
31
Jan
6
15
20
91i2Mar 20
15234 Mar 11
28l2
315s
71
121
144
57
10158
11714
Mar 23
Feb
412
43
4
6458
125
10's
3338 Feb 19
2178
26U
63
106
73)2 Jan 22
12
115
Feb 28
52
Jan 29
32l2
4512
76
143
•
88
36
32l2
6058 Mar
3
102
14178 Jan 29
11
6
Feb
6
10
Feb
104)4
7434
107
1291s
141
2i8
IOI4
9
3812
7)8
8
2i2
7
2
7i8
2234
48
100)2Mar 23
11)2 Feb 1
7034 Feb 1
2
2778
160)2
72io
6478
Jan 10
24U Jan
18)2
9878
105
Mar 17
8i2 Jan
35
43
70l2
140i2
63)2
Feb 14
102)2 Feb
50i8
124
25U
113
9878
2638 Jan 28
178
150
Mar 18
335s
107i2
104
5i2
24i4
20i2
9284
123s
5
934
5
2
Jan
Feb 19
10)2
134l2
1534
4
Mar
88i2 Mar 13
136
2034
273g Jan
163
143
25
3
2
3578 Mar 20
133
1)2
6
7
100
178
ids
83g
6
No par
14U
60i2Mar 19
52i2Mar 24
57i2 Mar
100
38l8
478
X291&
14i4
4l2
40
13i2Mar 26
2384 Jan
100
2434
178
7
55s Jan 14
Jan 14
151s
678
3
28
Feb 20
1333g Jan
Preferred—
8)4
28
24
17
38i4
7i2 Feb 20
43
25
100
12
378
3
Jan 27
914
42
42i2Mar 13
100
__No par
1014
814
3
6
914
14
3
z35)2 Jan
No par
Preferred
1134
37s
Feb 17
1838Mar 26
108
Preferred
37«
2
934 Mar 26
9
American Snuff..
9234
34
104
tAm Type Founders
72
234
136i2 Jan
478
35)2
58
214
5
Jan 10
48
478
35i2
*8
214
9414
1034
6834
25g
1134
57«
734 Mar
2
3
3
...25
44
Jan
2
73i2Mar
31
49
28
Jan 20
363gMar
2
7
31
Anaconda Copper Mining
50
Anaconda Wire & Cable.-No par
8
8
30
35
Jan
8
46
16's
15i2 Jan
10434 Jan
2
3
7
111
Jan 30
37
17*s
109
15
Feb 17
Amer Zinc
Lead & Smelt
Anchor Cap
1
No par
No par
10
No par
7% preferred
___100
Armour & Co (Del) pref
100
Armour of Illinois new
80
1,100
125
100
61
6,200
Armstrong Cork Co
3,500
Arnold Constable Corp
'1H2
2
9)4
3534
19ls
84
100
Archer Daniels Midl'd
57g
3
51g
234
100
Amer Steel Foundries
43
22)2
6l2
72
2034
338 Feb 24
2nd preferred 6% cum
800
107
5i2
Mar
6
2
23s
1458 Feb 17
Preferred
300
107
*79i2
95
6684 Jan
Amer Smelting &
14
90
2478 Mar
Co
Refg--.No par
Amer Shipbuilding
40
120's
Jan
3258 Mar
2
2
7
3
$6.50 conv preferred
Andes Copper Mining
120
2
Jan
893s Jan 21
Preferred
2334
*13
Jan
3
17i2Mar 12
lO^s Jan
2
2534 Feb 5
73)4 Jan
2
2838 Mar 27
No par
No par
Amer Telep & Teleg
American Tobacco
100
37
25
Mill
American Seating v t c
Am Sumatra Tobacco
2,200
1078
6I4
69
American
16,800
*97
7
38i2 Jan 22
684 Jan
Safety Rar,or_-No par
American Rolling
19,100
65i4
138
7
100
Amer Sugar Refining
200
1034
6U
*62i4
Preferred
6,000
930
138
Am Rad & Stand San'y__ No par
American Stores
4,200
II4
No par
No par
__No par
150
6I8
H4
$6 preferred
$5 preferred
1,000
28's
H4
Amer Power & Light
3112
53
6i8
100
100
6% conv preferred
Amer News, N Y Corp._No par
112l4
28i8
*97
7
2
2
No par
6'2
2834
102
89i2 Jan
li2 Jan
984 Jan
Amer Metal Co Ltd
28i2
*97
9
IOI4 Jan 18
lisg Jan
2
300
91
3414
Jan 31
No par
45
9U2 9214
149
14834 14834 *148
6's
100
Preferred
2434
91
30
2
6,300
6)2
29
6
Locomotive
16218 164i2
2412
20
24
200
130
96
3
1384 Feb 13
No par
7,000
165
100
33)4
34
Amer Mach & Fdry Co
Amer Mach & Metals
6334
13s
138
1
No par
65
2
37U Jan 28
American Ice
34l2
115
2
Amer Home Products
129's
38
Jan 20
1,600
3378
14
Jan
7,300
168
Mar 17
13
50
15134
120
8
26
6% conv pref
149*8
4
10
1
110
6
No par
3058
80
10
1214 Jan
$6 preferred
42l2
129
25l2
_.No par
Amer Hide & Leather
70
119
10
43
Amer Hawaiian S S Co
,
3
161* Jan
7
1312
25l2
2
2
2,200
3334
125
•
4l2
88
Feb 21
2984 Jan
414
128
21
__No par
20&S
600
43
19i2
2
No par
20'4
4
41l2
IDs
3412
Feb 28
Jan
Amer & For'n Power
6% non-cum pref.
Amer Internat Corp
92
923g
9212 93
*148
149
1487g 149
678
30l4
6)2
301o
2314
25
16134 16212
90
91
91
91's
92
149
14978 14978 *148
27
114
3,800
734
42'4
....
113
100
No par
No par
20
80
5734
4738
66
Jan
European See's
48)2
43)2
8)2 Jan
6% 1st pref
40
27
6
34
27
2234
2)8
95i2Mar
(Alleghany Co) 25
10
20
10
3778
14
47i2Mar
114'4 Jan 14
2
Amer Encaustic Tiling
Amer
3
Jan
Corp
9
7514
12
26
29
11
15
24
7314 Feb 19
88
American Crystal Sugar
934
49l2
17'2
41'2
*84
,
300
17
40
85i2
52,200
1534
814
31)2
85i2
2478
1278
278
1378
39
7h
338
50
2l2
*13's
328g Jan 22
No par
Amer Colortype Co
Am Comm'l Alcohol
14
37
41
3)2
I8I4
314
100
American Chicle.*
14
914
39U
8
4134
734
2&s
7% preferred
Am Coal of N J
33U
10)2
29
2938
2884
2914
2838
287g
287g
2958
2834
2934
*105
110
106
*106l2 110
*10612 114i2 *106'2 114i2 *105
23
23l2
23)2
2312
2314
2314
2312 2312
233.J
2378
29
29
30
29
29
3078
28)4 28'4
29
*28)2
29i2
88
89
83)2 8558
85)2 87
86)2 8778
87's
88)2
88'8
89i2
*145
148
*148
147
149
150
150
14934
*15012 152
150)2 150
10534 10534 *10534 106)2 105l2 10534
*10612 10812
10734 108
106i2 108
61i2
6II0
6H2
6U2
6038
6088
60)2 61
60's
6OI4
6058
GO's
*140
*140
*133
140
140
*138'2
*13812
2884
30
29'2
30
293s
30'4
2934
2978
2934
3034
30's
3034
30)2
54i8
800
1012
231o
113
100
10's
IOI4
2912
2314
2458
13
127
49
lll2
41
Jan 21
4534
27U
3i8
*49
103s
2
132i2 Jan 25
134i2 Jan 2
166i2 Jan 14
Feb 14
62
28&s 29
kl08
108
'
163
100
t
11112 llll2
30'4
30)4
100
No par
34
34i2 3434
34l2
345g
35
3458
3514
35
*121
129
12914
12914 *121
12914 *120i2 12914 *121
*40)2 45
*4012
42)o
*40'4
42
4114
42
*40i2
4958
1258
13)2
1234
1314
125g
1314
IU4
12's
1234
12i8
23's
2814
Preferred
American Car & Fdy
Preferred
34l2
2358
25
1,100
*120
49
200
American Can
3is
5078 Mar
12534 Jan 9
11584 Feb 24
5,400
3112
*160
*163
100
173"
22l2
2)8
21)4
72
3
42)2 Jan 18
Jan
64i2
45'2
1134
2334
118t2 11914
16412
6,500
Preferred
8
65
3434
31
493g
330
No par
,
3378
11)2
161
128U 128'4
Am Brake Shoe & Fdy
Jan
42i2 Feb 18
10
50
643g
31
23i8
3,000
48
52
No par
Preferred.
66*2
1U2
31
i 4812
50
125"
558 Jan 29
6
65
1U2
3034
*160
7,200
70
48*2
Jan
67
18'4
1138
57i2
3,900
50
107)2
5)2
Mar 11
47i2 Jan
l25i2Mar
6314 Feb
5178 Mar
2
75
67
40
58
5412
3778 Jan
50
No par
32
28i2Mar 24
2
9
66I4
457g
18
1234
4914 4934 X48l2 4934
1303s 13038 /12914 130
121
12212
11934 121
5314
49
*67i2
7% preferred
Amerada Corp
Amer Agrlc Chem (Del)
American Bank Note
48
66I4
4514
40
127s
71
20)2 Jan
358 Jan
1
2
914 Mar 5
7414 Feb 27
69
18
1234
5H2
5,000
7
143S
33U
134
6&s
21
82
Feb 14
Mar 26
283S Mar 26
36
4014
24i4
50
*69
10638 HI
*38i2
Amalgam Leather Co
103
34i2
18
*84
71
40
300
1»4
65g
1314
205
3538
40
25
5134
71
3,400
2
8
34)2
41
84
51
38i2
nu2 11334
54l2
5514
12,900
:
23s
2
7
36
41
84
109i2 109)2
5514
5534
4i2
23s
33s
14*8
14i8
84
4578 Feb 5
39U Feb 11
Jan 31
4
187
«4
3034 Feb 18
29i2 Feb 18
29i2 Feb 18
353s Jan 21
No par
Alpha Portland Cement--No par
74
z20ig
186
170
Mar 25
Jan
69
Allls-Chalmers Mfg
112
458 Jan 31
Feb
634 Jan
1314
1)2
23)2Mar 12
3514
41
2458
38
195
2
2
2
2
2
6
3534
734
4H8
33s
165
414
38
5% pref
2
2038
83S
173
23s
74
1314
98
No par
100
*71
34
412
6l2
10438
84
74
17i8 Jan 23
538 Jan 27
157
No par
199
70'4
*37
12i2 Jan
27i2 Jan
30)2 Jan
No par
273s
20314 205
47
4914
573s
106
warr
2H% prior conv pref__JVo par
Allegheny Steel Co
No par
Alleghany & West Ry 6% gtd.100
2758
103
70
4l2
123s Jan
1214 Jan
80is
Mar 25
91
Mar 25
234 Jan
26l4
195
46
42
195
100
No par
100
300
71)2
*39
tAllegheny Corp
Pref A without
600
1,700
33i2
4714
49
33s
*
Albany & Susque RR Co
1)8
47g
584 Mar 20
2
Mar 25
3)8 Jan
No par
100
47
4912
33g
105
A P W Paper Co.
Jan
2
8
Mar
194
2
4U
Jan 11
9
1458 Mar 17
100
71
48lS
738
*
106
22
40
33)2
2
91
Pref A with $40 warr
7178
48
714
3414
Appliance..No par
Alabama & Vlcksburg RR Co 100
Alaska Juneau Gold Min
10
Air Way Elec
Pref A with $30 warr
4734
48
34
22
*37
37'2
168i2 Jan
100
235g
4634
71
*33
26
37'2
33'2
.
4,400
25
72
71
95
*23l2
2434
*21
47i2
71
*93
24'2
71
5634
4914
*12212 127
257g
14,900
334
46'2
71
45
25
*23
10
196
72
4834
69
3)2
100
484
4714
71
123l2
*194
37g
8,000
72
49
*16334 165
35
3512
*4i2
20
15
468s
*6712
*130l2 131
1434
196
4?s
95
*91
34
*
106
434
5)g
3912
.
3378
3434
3,200
10,300
187)2 188
47g
35g
24i2
2334
195l2 19934
26lg
2734
87g
*194
334
2434
25
*
106
19312 199)2
2514
27)s
195
3)2
2434
734
15
*414
2,600
1,100
3)2
734
95
1478
23
37i2
337s
3412
\
*91
4'2
3i2
778
191
5
91
1434
900
3i2
191
18934
478
5
15lg
4i2
15
15l4
4)2
*4
189
95
*90
15
2534
45
2438
26)2
338
3i2
784
734
187l4 190
26i2
3i2
2434
*23i4
22'2
3712
34's
*67
8
2638
312
734
24i2
2512
25i2
121
6
25)2 Mar 27
24i2
49
Feb 28
No par
195
*37
100l2
3714
Adams Millis
378
412
28
Adams Express
3,900
3&S
7114
4U
8434
1412
9,700
26
37g
4612
243s
65
1238
25i2
35s
8i8
100i2 Jan 10
3534 Feb 14
12
2738
334
106
1378 Feb 21
2
12)2
26
35s
25U
2
123s
2784
33g
77g
117s
1078 Jan
1003s Jan
1214
2712
734
7434
100
12
338
52l2
116
No par
1214
2734
*90
193
51
263s
15h
434
*
110
21
27's
257g
*90
*2214
32
89
12's
18614 18614
514
512
*4
30
1
Feb
32)2
784
$ per share
7434 Feb 10
Marl6
123s
186'2 18684
514
538
15i8
68
High
Low
$ per sh
49?8 Jan 25
118
llli2 Mar 18
25
12's
778
29
Loto
$ per share
4438 Mar 10
No par
100
Preferred
Acme Steel Co
Preferred
2678
338
Range for
Year 1935
Highest
$ per share
Par
27
3378
2678
3i2
♦32l2
100-share Lots
1936
Week
$ per share
♦44
1933 to
Feb.
Range Since Jan. 1
Lowest
Mar. 21
8 per share
♦110i2 11H2
July I
:
•
,
On Basis of
YORK STOCK
EXCHANGE
the
Friday
Thursday
Wednesday
Tuesday
Monday
■
STOCKS
NEW
for
$6 conv pref
Preferred
5
No par
100
No par
5
1158 Jan
3934 Mar 27
50
Mar 27
122
120
10514 Jan
434 Jan
66I4 Jan
109
3
2
2
Jan 14
4714 Feb 24
7i2 Jan 9
Feb 15
2684 Mar
Jan
7*8
1078
64
Jan 28
15
Mar
4
117
2
97
314
46)4
3II4
Jan 28
6258 Mar 23
3i8
36
106
110)2 Jan 20
73s Jan 25
125
9612
3*8
2178
7
Jan 13
84
1078
80
5
5512
85
13
2538
27S
314
4
125s
52
12214
109
6is
703S
110
5034
9&s
New York Stock Record—Continued—Page 2
2110
HIGH
-
LOW
AND
SALE PRICES—PER
Monday
Tuesday
Mar. 21
Mar .23
SHARE,
$ per share
Wednesday
Mar .24
$ per share
$ per share
■i
Mar
NOT PER
.
Thursday
CENT
Sales
25
Mar
$ per share
.
Friday
Mar
26
.
27
♦1035ft 105
48
74U
75
100
100l2
*281ft 2834
1334 1334
*16
30*4
*66
173ft
311ft
68
*124
*25
49
*8
*40l2
26i4
49i2
83ft
41
7iS
5i2
46
4,500
50
3,800
300
100
-
48
73ft
55ft
46
4612
4634
197ft
27i2
47i2
19i2
47i2
48
46i2
30
12,600
800
19i2
19
26U
2634
*68
68
69
69
6912
69
69
69
69
69
68
....
-
18
55»4
5512
18
18
18
♦183ft 20
1934
»110i2 11212 *11114
*9014
*9014 94
233s 2312
23i2
60
5984 601ft
*97
97
97i2
39i2
*395ft 40
28i4 28i2
28i2
*81
8U
*2l2
157ft
6O84
603ft
47i2
97g
44
81*4
8i4
234
813ft
8
*2i2
1H2
12
17l2
*100
13l2
*90
40
28i4
8II4
8i2
*2i2
234
15i2
165ft
60l2
6012
47i2
48i2
61ift
6II4
481ft
10
4712
10
934
44
*44
5H2
5H2
58
115ft
121ft
1H2
123ft
13
18
*100
131ft
1334
98
*90
18,300
1,200
80
28,600
29,900
10
600
19,800
1,900
10
5,300
100
-
20
400
3,300
45
*44
10
135ft
*90
12
12
1714
17
17
26
26
26I4
117ft
1712
123ft
17l2
27i2
27
26i2
•
-
23,900
1
291ft
2934
2834
29i2
8i2
18i2
295ft
85ft
185ft
241ft
6I4
9
83ft
1734
9
24
6
1
lis
*22
2212
*66i8
237ft
24
23i2
3314
13ft
87ft
3314
33
35
35*4
35
1434
1514
1434
2214
671ft
69
13ft
87ft
H4
87g
94
15
10i8 Jan 15
4
3812 Mar 24
46i2 Jan 24
275ft
4&8 Jan 15
784 Mar 18
234
414 Jan
6?8 Feb 24
1*2
Preferred
Baltimore & Ohio
100
Preferred..
Bamberger (L) & Co pre!
100
Bangor & Aroostook
50
Preferred
conv
preferred,.
100
Barnsdall Corp
Bayuk Cigars Inc
5
No par
1st preferred
Beatrice Creamery
1
353ft
153ft
131ft
13
41
*1514
17
15U
15U
*4918
*_
__
50
99
*98"
1001ft
83ft
8U
133
13714
*134
703ft
285jj
29
135
721ft
287ft
291ft
49l2
*
107
Feb
par
Belgian Nat Rys part pref
Bendix Aviation
5
Beneficial Indus Loan
Best & Co
.No par
Bloomingdale Brothers.. .No
par
Preferred
8I4
1001ft
87ft
14412
1393ft 14312
135
135
135
717ft
28l2
29l2
70
*65
*333ft
*47lft
7U
34
727ft
291ft
303ft
34
*100
551ft
17
714
107l2
561ft
173ft
99
1001ft 10012
8U
8i2
68
3414
*47l8 483ft
714
784
*9812 107i2
55
557ft
175ft
19
135
5
2072 jan
5
52
Bon Ami class A
9,600
Borden Co (The)
15
Borg-Warner
10
64
9
9
500
Boston <fc Maine
100
JBotany Cons Mills class A...50
Bridgeport Brass Co
Briggs Manufacturing.. .No par
*8U
*2
234
270
25ft
21,700
11,300
6212
625ft
625ft
481ft
481ft
48
48%
1,500
1,400
95ft
101ft
10
8,800
5H2
*53
1134
13
175ft
103
95ft
5H2
507ft
113ft
9,000
125ft
18U
1,000
127ft
5,500
171ft
13k
105
173ft
11,100
400
320
104i2 105
133ft
971ft
4
400
513ft
59l2
11
12
13
600
12,200
*54
59i2
*94
125ft
*90
4
334
131ft
96
12
12U
1134
37ft
117ft
18
20
20
21
27
28
26l2
2634
2834
27l2
7&ft
8ift
734
68
33l2
341ft
50
*47ift
77ft
7i2
107i2
5414
I8I4
5534
19U
9212
55ft
25,900
''mi' mmmmrnm
14,100
11,700
Class B
398s Jan
Corp
100
Briggs & Stratton
277ft
8
Preferred
5
par
.No par
.No par
Bklyn Manh Transit
$6 preferred series A.. .No par
Brooklyn Union Gas
No par
Brown Shoe Co.
Bruns-Balke-Collender.
Bucyrus-Erie Co
.No par
.No par
_
Preferred
7% preferred
I8I4
16l2
175ft
22i2
2134
55ft
2234
57ft
57ft
G) Mfg
7% preferred
.No par
2234
21
221g
677ft
67
560
67
4,200
230
23l2
23l2
23l2
3,100
3434
H4
341ft
3434
1U
13ft
87ft
91ft
85ft
87ft
36
373ft
36i4
14
143ft
5734
35U
135ft
3,700
4,700
19,600
13,600
14i4
10,400
*56
127ft
*40
1534
*49ig
*
812
1425ft
*135i2 137l2
5734
20
127ft
37,500
4034
1,400
157ft
*15l2
I6I4
700
49
120
49
50
99
8
1234
*40
lOOU lOOU
8
*56
1314
4034
83ft
*
99
*98i4 100i2
8i2
8ift
14034 147
145
148i4
139
139
130
3,500
140
138
12,600
220
Rights
Budd Wheel
No par
.
.No par
...
.......
Burroughs Add Mach
.No par
{Bush Term
.No par
Debenture
Bush Term B1 gu pref ctfs
Butte Copper & Zinc
.No par
.No par
Capital Adminis cl A
1
Preferred A
10
Carolina Clinch & Ohio Ry__100
Stpd
Carriers & General Corp.
1
Case (J I) Co
Preferred certificates
74i2
15,400
2834
17,600
8,600
100
Celanese Corp of Am
JCelotex Co
*56ift
100
Caterpillar Tractor
283ft
*734
*98l2 10712
53
3314
*48
7l2
33i4
19
1,800
50
75ft
100
1,500
*98'2 10712
543ft
515ft
54
19
181ft
93i2
92i2
10212 10234
5412
56i2
547ft
175ft
183ft
90
No par
.No par
,
No par
5% preferred
Central Aguirre Asso
.No par
Central RR of New Jersey
100
Century Ribbon Mills.. .No
par
Preferred..
90
Cerro de Pasco Copper.
37,100
380
Certain-Teed Products.
7% preferred
560
Champ'n Pap & Fib Co 6 % dI 100
42
42
48i2
485ft
541ft
54i2
545ft
56U
56l2
5,800
67
6734
67
67
66
67
67
67
65
571ft
*214
414
577ft
575ft
57
43ft
.No par
.
Chesapeake Corp
Chesapeake & Ohio
414
17ft
57l2
234
438
58
*2i4
414
565ft
*2i4
57U
27ft
4U
17ft
6ift
581ft
234
66l2
5734
2,400
573ft
27ft
.No par
_
Checker Cab
68
*184
17ft
2
6
6
*7
10
*7
10
*7
10
*7
30
30
2912
2912
2ift
29i2
2912
297ft
2ift
414
334
2ift
4l2
37ft
103ft
43ft
334
2i8
4ift
334
*9i2
I684
*5214
23ft
534
5lft
2234
2i8
2
414
414
43ft
4
334
4
10l2
16*4
10
10
163ft
171ft
54
54
54
23ft
534
514
2484
*23g
*5i2
514
2534
25ft
534
514
26
6ift
*9i2
165ft
5434
23ft
5i2
5ift
26
For footnotes see page 2108.
6I4
171ft
5434
212
512
5lft
277ft
2
17
63ft
1134
297ft
21ft
45ft
334
103ft
17l2
54i2
55
618
2
10
23ft
*514
5lft
27
2l2
6
51ft
27l2
.
*214
23g
438
438
134
6
*7
*29
17ft
102i2 10212
*214
4U
23ft
43ft
134
134
6
6
63ft
1134
*7
29i2
6
79
27i8 Mar 26
2438 Mar 5
934
5934 Mar
19
215ft
658ft
....
1714
112
1484
6
20U Feb 19
215s Feb 11
16
6
65
Feb 28
28
100
800
Chicago Great Western
100
1,700
214
2ift
438
29l2
2i4
4i2
4,100
45ft
37ft
37ft
4
3,200
103ft
37ft
1012
10
10
700
17
175ft
16
17
4,000
2l2
514
*5ift
265ft
55
600
4,900
*5234
54i2
500
2l2
23ft
2i2
1,400
5U
5U
5i4
500
5i2
*434
2534
514
700
265ft
4,000
27
Preferred
6'ft
3334
98
Mar 27
68
45
Jan 15
38
30U Feb
h
6'4
1012
25
48i2Mar 11
12U Mar 5
61i2Mar 5
50i2Mar 25
102U Mar 25
138
24i2
231ft
303ft
1*8
55
51ft
43
7112
41
53
633ft
33ft
4lft
Sift
6234
ins
87ft
173ft
6
47
15
Mar
6
3
Mar
5
16
5*8 Mar
5
3U
23
U
Mar 27
5
2
212
4
7
7
90
4ift
14
1
1ft
21ft
3»ft
8I4
ift
ift
13U
3314 Feb 13
1012
9
Mar 23
«4
1
Jan
19
Mar 24
Jan
Jan
2478 Mar 23
4'ft
Uft
10
Jan
553ft
42
463ft
100
2
65s Mar 20
35s Jan 30
Jan
473ft
38
113i2 Feb 24
197S Jan
2212
597g
100
14
7
Jan
90'
3612
2
334 Feb
33s Feb
237a
114,
43
56i2 Jan 31
655s Jan 15
3118 Feb
m
14
8
Mar
mm
17
2534
69 U
312
84 Mar
2558 jan
mm
271ft
273ft
8i2
Mar
38
mm
70i2
87ft
28ft
171ft
33s Feb 14
14
'
21
1878 Feb 13
647s Mar 6
625s Mar 27
21
....
'
1434
95ft
165ft
10314
2814
61ft
395ft
281ft
334
J2
8i2
14U Feb 14
20is Feb 14
IH2 Jan 10
22>4 Jan 7
52
18
4
lli2 Jan 30
MarlO
214 Jan 20
His Mar 13
5712
12112
1112
334
6
8312 Mar
13
223ft
....
mm mm
90
33ft
Sift
3ft
Uft
*8
100
100
9?ft
9712
3
143ft
143ft
241ft
2»ft
11*
28
3ig
101ft
221ft
3ift
1»4
2514 Feb 13
_
Mar 23
1314 Feb 19
54
Jan
Chicago Mail Order Co
100
5
J Chic Milw St P & Pac__ .No par
Preferred
113ft
118ft
205ft
74
32
32
66
13
10
9
26
2
165ft
14
3012
ift
2i2
421ft
Us
6
712
Sift
8'8
333ft
175ft
24
Jan 10
100
Preferred..
Chicago Pneumat Tool.. .No
212
44
50
4312 Jan 11
I8I2 Feb 24
85ft
22U
4U
30
4584 jan
49i2 Mar 23
26
87
Jan
90
60
91
Jan
13
Jan
2
16
Feb 19
Jan 21
1007g Feb 21
984 Feb 19
70
148i4 Mar 27
35
140
7«4 Jan
92Jan
567ft
35ft
161ft
71U Feb 18
35U Mar 13
55
55
1884
22U
29
57
34
34
6ift
62l2
123g
75
96l4
10912
23»4
25ft
105ft
385ft
35s
653ft
153ft
88U
Jan
7
253s Jan
6
47
Jan 21
7i8 Mar 20
Mar 12
4784 Jan 21
138s Jan 6
80i2 Feb 4
101
Mar 13
59
51
2
Jan
Jan
Jan
7
107
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Jan
20
12
27i2Mar 13
I84 Jan 2
Jan
2
318 Jan
7*4 Jan
2
2
512
7
665s
1914
9512
IO414
56i2
74i2
314
614
25s
8i8
li2 Jan
Feb 21
9*4 Jan 17
61
H2 Jan
27s Jan
17i«
24
26
"4"^
36
371ft
371s
Jan 13
Jan 15
Feb 5
Feb 7
1
1
58
h
15ft
158
Jan 31
1
1
31*8 Jan 6
27g Feb 11
57g Feb 11
47s Feb 21
12i8 Feb 21
20i2 Jan 2
0
78
884
1ft
84
13ft
35ft
Feb
6
3
Feb
8
84
4is Jan
35ft jan
1934 jan
8
Jan 11
15ft
77s Jan 10
H4
91ft
.No par
7
~4~3ft
2912
Feb 19
4
56
Mar 13
23
1261ft
60
353ft
21U
623ft
7
26
15ft Jan
100
81ft
11 lift
58
5U2 Jan
...
95
7
15
var
6% preferred
88
3H2 Feb 19
Mar 27
par
Chicago Yellow Cab
85
14
48
74i2Mar 26
3214 Jan 6
Jan
JChicago Rock Isl & Paclfio-.lOO
7% preferred
.No
43ft
3212
82U
561ft
1334
40U
5484 Jan 16
2612 Mar 13
1914 Jan 6
116
16
Conv preferred
85ft
63ft
453ft
83i2
36i2
19i2
161ft
3
Chicago & North Western
3
1078 Jan 20
*3712 Mar 17
4
JChlc Ind & Loulsv pref
2ift
26>2 Jan 29
63t8 Mar 7
117i2
24l2
34
5634
Feb 28
12
443ft
4
1484
79
21
Mar 24
Jan
lllft
215ft
«
12014 Mar 26
113
100i2
117ft
151ft
Mar 23
87S Jan 29
87S Jan 2
22U Jan
.No par
25
JChlc & East 111 Ry Co..
6% preferred
4i2
*54
....100
800
...
1134
30
18,000
Mar 13
57i2Mar 25
102
21,100
57
93i2
10134 10212
.
Mar
88
100
..
Cannon Mills
68
4l2
178
3312
95
7
Canada Southern
Canadian Pacific
72l2
8
2
4
64
201ft
1081ft
72
4
6
28
34
Jan
Feb
1
6634
115
14
54
I6I4 Mar
Jan
91
*214
4i2
17ft
*55ft
55
1434
33
30
4H2
•
834
15l2
88
57ft
27
par
5
103
102
57ft
32
108i2 Mar 25
36i2Mar 25
.No
Campbell W & C Fdy
Canada Dry Ginger Ale.
2734
49
4
7
2i2
814
16>2
2*8
116
10784
375s Jan
178 Feb
984 Mar
373ft Mar
16ii Jan
5734 Mar
90
92
80
14
Mar 11
2
74l2
34
Jan
Jan
1
18
2514
11012
49l2
3712
II414 Jan 15
6
295ft
49
412
33i2
4014
9734
Jan
40
361ft
IO6I4
314
Jan
103
102
2914
9H2
2'4
3
5s Jan
90
9U2
28
6
2834
*47ift 49
77ft
77ft
*98i2 10712
Jan 17
Mar
51ft
65ft
2534 Mar 17
103
103
86
33
7334
67
4
Jan
41
918 Jan
63
7I3
17
23'2 Mar 23
28U
*63
7
50
14
512
35l2
234
U2
712
91ft
10034
California Packing
.No par
Callahan Zinc-Lead
1
Calumet <fc Hecla Cons Cop
25
287ft
34
5334
187ft
*92i2
No par
Byron Jackson Co..
66i2
3384
No par
Preferred
7414
64
100
5
JButterick Co
ByersCo (AM)
291ft
2934
*63
5H2 Jan
85
Bullard Co
.No par
Burns Bros class A..... .No par
Class B.
No par
18,700
30,900
3
9
1538 Mar 27
100
Budd (E
2,900
7,700
784 Jan
li2 Jan
16
Bulova Watch..
15,400
2,300
Jan 21
48
Bristol-Myers Co
Brooklyn & Queens Tr_. .No
5,900
H4
1534
491ft
293ft
*63
18U
*21
13
73i2
2812
*98
2714
41
8
3
2
25&j Jan
5,200
16
140
74
Jan 24
9378 Feb
82
1912
45l2
15
23
99
Jan
28
6II4
99
3014
90
40
153ft
*9814 IOOI4
295ft
1514 Jan
19i2 Feb
IO984 Jan 24
100
4812
4
19
20
1838 Feb 19
743s Feb 14
41
Jan
3912
341ft
73
Feb 27
23
80
3412
13ft
93ft
3714
1412
5734
291ft
1678 Mar 13
112
7i2
7'2
9'ft
6684 Jan 11
5978 Feb 19
1335s Mar 4
52i2Mar 13
27U
2214
677ft
23l2
285ft
Jan
823ft
233ft
677ft
241ft
*
Jan 18
493s Jan
120U Jan
285ft
59l2
57ft
15i2
491ft
50
*
140
*65
51
16
20
3934
2884
1234
13i8 Jan
85i2 Jan
21&8 Jan 20
48
Bethlehem Steel Corp... .No par
100
7% preferred
Beth Steel Corp (Del).. .No par
28
21
19
?■
28
115
90i2 Jan 28
Feb 28
85
Bohn Aluminum & Br
*23ft
277ft
*40
Jan
35
20
Belding Heminway Co.. .No
54i2 Feb
24i4 Feb
34i4 Feb
11058 Feb
49l2 Feb
11712 Feb
2034 Mar
9434 Mar
26
Jan
50
4,200
121ft
*56
13
4034
*49ift
59l2
99
*99"
3634
1514
5734
5734
1234
4034
1512
1314
41
13ft
87ft
Jan
Mar 17
Beech Creek RR Co
11,700
33i2
lift
884
363ft
14i4
33U
Jan
Jan 10
Jan
Beech-Nut Packing Co..
98
2212
*66i2
237ft
2414
33U
1U
834
353ft
14l2
9ift
41
68
23l2
33U
1U
*40
23
Jan
13U
8214
14>8
63i2
*8i2
23
67
4178 Jan
28
85ft
175ft
2212
6812
243ft
Jan 22
18
58i2
18
55ft
109
111
Preferred
2
3784 Jan 14
I6I4 Jan
2214 Jan
114
Barker Brothers
6M%
Jan
rl 12
Aviation Corp of Del (The) new 3
Baldwin Loco Works... .No par
2234
140
921ft
37U
1712
197ft
6 :;v
2012
Prior A__
98
16
17i2
Feb 13
44
60
3
6
\
Austin Nichols
5634
623ft
6212
23
3
6
4
22
157ft
19
5l2
19l2
6
30iS Feb 14
54'4 Mar 5
59
*9014
6U2
2334
6ift
lis
2384
*58
*58
13
187ft
247ft
6I4
118
23i2
3534
5314
18i4 Jan 6
4018 Jan 6
784 Mar 13
Atlas Tack Corp
Auburn Automobile
97l2
41ft
283ft
75ft
100
2984
3534
665ft
1912
10634
_
29i2
8I4
18i2
233ft
6ift
109
48
18
Blaw-Knox Co.
10
807ft
26
3584 Feb 21
73
183ft
36
Feb 24
34
97ft
90
7i2
44
26
23
10
5
16i8 Feb
18i2 Feb
334
70
75
7,700
50
7U
Feb 18
5% preferred
7% preferred
100
Bigelow-Sanf Carpet Ino.iVo par
1,800
3'ft
6334
6
125i2 Mar 23
100
2,100
4,600
14i2 Jan 27
27
24
Jan 17
Preferred
233ft
133ft
97l2
37ft
117ft
17l2
2714
414
104
82U
I8I4
131ft
2
High
$ per share
20l2
3234
3934
103
*94
2
25
9712
13
125ft
177ft
Jan
90»4 Jan
58U
123ft
103
59
Preferred
Blumenthal & Co pref
Boeing Airplane Co
227ft
5H2
5734
57l2
117ft
98
4
-
9,900
700
45
*51
57l2
1234
98
94
44
44i2
43i2 437ft
50
50l2
5014
4834
4934
10214 10214 *10234 104
*1025ft 104
51
W
77,000
42
497ft
1212
127ft
18
1834
10234 103
131ft
135ft
187ft
103
■
163ft
*61
100
Atch Topeka & Santa Fe
2
1,100
18
Jan 11
48
62i2
62l2
483ft
105ft
*47l2
1218
43ft
1214
414
2i2
157ft
607ft
62
*55
13
43ft
117ft
1714
43ft
8U2
*814
481ft
105ft
51
58
1734
42
Feb 21
43
2
2,300
II8I2 118i2
42
Feb 17
98
25
100
6% 1st preferred
7% 2d preferred
Associated Oil
27*8 Jan
1,210
5534
106
100
22i8 Feb
105U Mar
1784 Mar
109i2Mar
103i2 Mar
51i8 Feb
80i2Mar
Low
Low
$ per sh
'
*90U
23i2
6OI4
9712
39i2
28i2
82i2
914
2i2
3912
28I4
4914
501ft
101l2 102
5H2
60
1712
231ft
5912
45
47
48l4 49
IOII4 IOII4
42
94
*97
10
6134
18
11934 12014
41
*90i4
234
16
62
177ft
55
571ft
3
Jan 20
13*2 Jan 29
Atlantic Refining
Atlas Powder
5,700
18
181ft
183ft
18l2
I8I4
1734
*
19i2
1912 *183ft
195ft
195ft
183ft
*111
113
113
IIH4 IIH4 *111
165ft
6212
8i4
181ft
41
287ft
8134
8l2
61
103
18
56
119l2 120
40
287ft
163ft
4812
*10114101l2
5H2
40
8134
57
5614
18
183ft
11934 11934
397ft 41
I8I4
183ft
I8I4
20
*183ft
1912
11384 *11114 113
94
*9014 94
237ft
2234 2334
60
60
6OI4
*97
97
97l2
61
475ft
*55
573ft
56i2
I8I4 18i2
119i2 11934
39i2 39i2
119U 11934
39U 3934
18
567ft
8i« Jan
95
1
Jan 22
900
,
551S
.No par
Associated Dry Goods..
Mar 13
4,900
-
$ per share
12
600
69
-
Artloom Corp
Preferred
Highest
$ per share
27
26,800
*11114 11234 *11114 11212 *11114 1125ft *11114 112l2 11234 11234 *11114 11234
22
23
22
*2334 24
233ft 2334
22U
2234
2212
2314
22i2
*108
*108
*108ift
*108
108l2 108l2 *108
*35
*35
36i2
36l2
*35i2
38
36i2
3612
36l2 *36l2 38
*3612
*87i2 88i2 *87l2 88i2 *87l2 88
88i2 8812
88I2
88i2
*8534 8734
15
15
1434
1514
15
151ft
1512
151ft
15U
151ft
15U
153ft
*875ft
*873ft
*875ft
*875ft
*87i2
*87l2
245ft 25
245ft 2434
2514
2434 255ft
26i2
263ft
271ft
2534
2634
22i2 23
2234 231ft
2214 225ft
2214 22i2
2212
2214
2234
221ft
5112 525ft
*5012 5U2
5212
5212 *52i2 5312
52i2 5212
517ft 5234
«...
Lowest
Par
At G & W I SS Lines... .No par
Preferred
100
270
20
Range for
Year 1935
IQ^A
Atlantic Coast Line RR. ....100
24,800
28
1933 to
Feb. 29
XfcjoO
100
100
4534
44l2
20
19i2 201ft
20l2
19l2
193ft
29
29
28
281ft
27i2 28i2
275ft
1109,6 H09,6 1109,6 1109,6 1109,6 1109,6 1109,6 1109,6 110'932 110'932 U0'932 110'932
45
45
45
45
45
45
4514 4514
45
45
45
45
*11234 H6I4 *11284 1145ft *11234 1145ft *11234 1145ft *114ift 11412 114i2 11412
19
20
19
2014 20i2
19
19
2OI4 203ft
185ft
I8I4
18i2
93
93
94
93
93
*9H2 93
93
94
93l2 9312
93i2
171ft
17i2
17U
17i2
171ft
17i2
1714
1734
17U
175ft
167ft
173ft
19l8
26
Range Since Jan. 1
On Basis of IQQ-share Lots
01
10,200
42
46«4
v^xvrv
Shares
19
19
19
1834
18i2
1914
18i2
1912
105
105U 10514 *103
*96U 105
105
105
16
16
16
16i2
16
I6I4
153ft
1534
109
109
*103i2 109 I2 *109
10912 109i2 109i2 *10312 110
103l2 103i2 *10H2 110
*99
*101
*10U2 106
103i2
103l2
*46
48
*46
48
*46
48
46
*46
48
461ft
75
7414
7414
7534
74
7334 747ft
74l2
7578
731ft
IOOI4 IOOI4
1003ft 1003ft *10Hft 1021ft
1021ft 1021ft
1021ft 10214
29
28i4 2834
2812 29i2
29
28i2
303ft
28l2
297ft
14
*14i4 1514
14
*13
*13
14
14l4
1414
1312
*
*16
16
16
1714
*1512
17i2 *1534 I784
155ft
1734
31
32
32
33
327ft
3134 323ft
323ft
3U2 331ft
*66
68
67
6734 6734
67
64
64
65
6512
125
125
125
12512 12434 12514
*12334 125
*12334 125
*24
26
24
24
24
2434 25
24i8 241ft
24i4
49
50
49
52
49
523ft
5034
51i2
49U
49l2
8
8
8
8I4
8i4
8
8ift
8
8I4
*734
401ft 401ft
38l2 39
38l2 39
40i4
40U
*385ft 40i4
7lS
73ft
7
71ft
73ft
714
73ft
7i2
718
73ft
55ft
53ft
5
5ij
534
5i2
5%
5lft
Si2
484
109
i
EXCHANGE
Week
$ per share
$ per share
STOCKS
j-nxli vv
the
19
1834
1914
191ft
*10514 116
*10514 116
163ft
163ft
1612
163ft
*106
1936
28
July I
for
Saturday
March
277ft Mar 24
35ft
1414
78
1918
h
84
1*8
35ft
458
20
34
15ft
1U
914
2~l"
6Hft
53U
21ft
New York Stock Record—Continued—Page 3
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
Sales
NOT PER CENT
STOCKS
NEW YORK
for
Saturday
Mar
27%
95
Monday
21
$ per share
10%
*32%
28
10%
34%
95%
Mar
Tuesday
23
Mar
$ per share
*27%
10%
*32%
95%
27%
26%
10
10%
34%
10
27%
10%
*26%
*9%
34%
35
*33
95%
96%
95
97%
9678
27%
10%
3478
98%
17
17%
79%
17%
79%
17%
*7934
*41
60
80
80
*41
60
6%
42%
Shares
6%
44
17
17
79%
80
*411
6%
6%
46
42
*156% 350
*41
60
I
6%
'46%
*156% 350
*95
*95
''■■■'mm
26%
978
3,500
*33
3478
20
94%
17%
97%
18%
96,700
4,600
79%
80
*41
*6%
6%
6%
^ 6%
6-%
43%
41%
43
42%
44%
*156% 350
*156% 350
*156% 350
*95
*95 i
....
*95
240
102% 102%
47%
48%
110% 110%
103
35%
35%
*34
*33
35%
*34
116% 116%
*35% 36%
116% 116%
111
114%
112
•46
*46
20%
4%
21
24%
25
32
32
102% 102%
47% 48
110% 110%
20% 21%
4%
4%
25% 26%
*32
34%
33
33%
*34
36
36
*33
4%
47%
36
45%
47%
111%
24%
4%
26% 29%
*31
32%
21%
4%
18%
18%
99%
18%
99% 100
89
89
104% *103% 104% *103% 104%
47
47%
45% 46%
47%
4634
*111
111
111% *111
11134 111
23
22
24
20% 2134
24%
6
5%
6%
63g
6%
6%
30
31
30%
3234
29% 31%
32
35
*32%
36
35%
45%
19%
35
100
90
90
90
8,000
300
31
32%
1,730
32%
*34
3434
35%
112
113%
111
35%
44%
35
35
*32%
35%
44%
19%
35%
270
31
32
35%
113%
7,800
4,800
11,700
90
32
36
♦44% 46
20
19%
99% 100
90%
90%
45%
19%
100
100
*103
111
36%
47%
19%
99%
*87%
50%
103
70
1,700
34
*45%
19
20%
100 4 100
100
91
91
90%
120
160
35%
112
35%
1,500
2,300
400
46
19% 219,600
3,500
101%
270
91
50
50%
50
503g 50%
50%
5034
50%
50%
50%
50%
♦112
114
*112
114
*112% 113% ♦110% 113% 113
113%
63
62%
62% 63
63%
62% 62%
63%
63% 64%
63%
114
•112% 114
114
*114
*114 J 115
115
♦112% 114
*112% 114
♦103
103
103% 1103% 103% 1103
103 J 103
*102% 103
102% 102%
21% 21%
21
21% 22
21% 22
2034
21% 21%
21%
21%
3
3%
3
3%
3:-;:
3%
3%
3%
3%
3%
3% ft 3
66
67
65
66% 66%
67% 68%
66% 66%
66% [65% 66
7,700
114
*112
62
.
9%
9%
38%
14
14
24
24%
9%
38%
♦23%
13%
23%
10%
10%
10
10
♦22%
10%
*75
78
*75
78
85
85
*83%
6%
85
85
38
24
♦23
*75
78
*82%
♦82%
6%
85
*18%
34%
85
6%
18%
34%
106
[106
5%
14%
*105
5%
15
'mmmm
7
9%
934
39%
*9%
10
40
41%
40
40%
24%
24
24%
23
24
13
13%
24%
10%
I13
14
23%
84% 84%
*82% 85
6%
6%
18%
18%
34% 34%
*105% 107
5%
5%
14%
14%
23%
17%
2%
*70
7%
1
1
23%
23
17%
2%
17%
2%
81
21
21%
41%
3%
21%
41
21%
42%
41%
) 3%
35
71%
*166
35%
64
64
3%
35%
64
71%
....
6%
35%
16%
50
*46%
*104
6%
35%
71%
2%
12%
12%
2%
12%
12%
96
96
40% 40%
*19% 20
100% 100%
7%
17%
7%
18%
17%
2%
36
64%
72%
16%
50%
46%
78
10
84
84
220
85
85
85
6%
18%
34%
*6
6%
18%
6%
*18%
33%
5%
14%
*105
23%
I17
23%
18%
|
1
22%
41
m
6%
35%
17%
50%
46%
mmm
m
9%
71%
"
9%
9%
37
37
38
112
*109
*109
110
*109
110
2
2%
2
13
13%
12%
13
13
11%
97%
12%
12%
96%
2
98
98%
40
40
40%
20
20
1934
19%
100% 100% *100% 101%
40
f 7%
I 21%
40%
3%
36%
35% 36%
*6334 64
63%
71%
72% 73%
166
166
*16534
6%
6%
6%
35% 35%
35%
17%
19% i 19%
50%
50%
50%
*46% 46%
46%
104% 104% *105 1
37
*2
*11%
12
98
2%
13
12%
98
*39%
40%
19%
20%
100% 100%
1634
1,860
28%
10%
1,140
2,000
10%
*83
3434
5%
14%
•
5
14%
22%
41
21%
40%
6
6,600
1734
3334
105
5
14%
1,700
30,600
3,200
1,700
53,800
,100
35%
20%
51%
46%
m
m
71%
5%
72%
W
35%
19%
49%
46%
50%
46%
400
"mm
9%
3634
3634
P-»2
*12
20
mm
>9%
2%
100
19
6%
934
2
12,300
rnmm
3734
109
2
6,500
1,000
►
100
1,000
13%
90
1134
12
|11%
11%
8,600
97
98
i 96
96
*11%
13%
40% 139%
39%
*40%
21 i
21%
2134
20%
10034 ;ioi
*10038:i0034
1,500
700
12,800
800
7%
17%
18%
7%
1834
7%
18%
18%
*80
J 84
80
80
*80
84%
84
84
*80
84
*80
84
50
62
62
*52
64
*52
62
*52
62
*52
62
*52
62
50
58%
*8%
59
82%
29%
83%
29%
23%
42
18%
18%
58%
*8%
59
85
87
85
8634
86
29%
29%
29%
29
24%
42%
29%
23%
43%
18%
18%
19
22%
44%
18%
7%
9
59
9
23
24
4334
18%
44%
8
8
142
145
9
9
24
7%
*3%
59%
*8%
44%
142%
7%
*141
7%
8
7%
*145
9
*3%
19%
146%
9
*3S4
59
8%
145
*334
8
* 7%
17%
7%
18%
58
60
5938
9%
59%
86%
29%
23%
4484
83%
87
82
29
29
29%
22%
42%
18%
19
7%
145
9
*9
9%
2234
2234
45%
43%
19%
18%
7%
8%
145% 147
*384
9
*10
18
*10
54
54
56
56
54%
54%
56%
54%
54%
54%
116% 116% *116% 11634 *116% 11634 *116% 11634
37% 38
37%
37%
37%
37%
37%
37%
♦116% 116%
37% 38
40
40
26%
27
45%
9%
45%
71%
72%
*31%
33%
*16%
1 ♦%
17
*1%
»»7
9%
1%
2%
7
18
*39%
26%
44%
40%
*39%
40%
26%
27%
45
45
9%
71%
834
69%
8%
71%
33
33
\
*16%
*%
*1%
7
16%
1%
2%
7%
16
16
*15%
*15%
*113%
*114%
1147% 148% 145% 148
\131% 131% 132% 133
112
112
*110% 113
.....
*18
8%
162
*165
21
8%
162
mm
mm
....
*18
8%
162
*163
21
8%
162
mm
*10
18
*10
mm
35
35%
35%
7%
7%
7%
40%
40% 41%
111%
[111% 111% *111
14
14%
14%
15%
>7%
7%
6%
6%
14%
15%
14%
15%
66%
67%
66% ,67%
62
63%
62% 63%
*
165
34
7%
40%
40
For footnotes see page
734
35%
784
41
111% 111%
15
1534
634
6%
1434
15%
67% 6834
63
2108.
64
8
146%
*334
*10
18
55
16
Connecticut Ry & Lighting.. 100
Preferred
100
Consolidated Cigar......No par
Preferred...
100
...100
Prior pref ex-warrants
Consol Film Indus
100
1
Preferred
No par
bf N Y.No
par
Jan
Mar 24
13
100
Continental
5
Insurance
Continental
Motors
2.50
1
Continental Oil of Del
5
Corn Exch Bank Trust Co
Corn Products Refining
Preferred
20
25
100
Coty Inc
No par
Jan 15
85
Mar 24
85
Mar 25
Feb 13
Jan
Mar 27
Jan
Jan
4% Jan
11% Jan
Jan
6%
34
19%
10%
1%
67%
73%
Jan
18
Jan
Jan
Jan 30
Jan
Jan
Jan
3
Jan 30
60
*68% Jan
162
Crown Cork & Seal
No par
15% Mar 16
43% Jan 7
Cuba Co
45% Jan 14
102
No par
100
35
100
103
Preferred
(The)
No par
Cuba RR 6% pref..
Cuban-American
100
Sugar
10
Preferred
1.100
Cudahy Packing
....50
Curtis Pub Co (The)
Preferred
No par
No par
Jan 27
7% Jan 17
6
20
,
37%
20%
64%
47%
105
3
115
Jan
23
Jan
Jan
Jan
102
Feb 25
9
Mar
Mar 13
27
40
74%
3%
14
14
6
30
47%
Mat
%
3
2%
14%
35%
13%
38%
Mar
Feb
4
10% Jan
6
9
90
62
Marl6
Cutler-Hammer
1
5
6%
40%
37
15
89%
2
2
9% Mar 11
21% Mar 9
Mar
Jan 15
23%
43%
3%
4
80
A
11%
18%
Feb 18
Cushman's Sons 7% pref
100
8% preferred
..No par
Class
4%
35%
32
44% Jan 14
23% Jan 8
104
60
7
2% Feb
18% Feb
14% Mar
1% Jan
6%
63%
38%
18%
99%
%
15
41%
14814
3%
Jan 10
Mar 26
Jan 15
Jan 7
62%
7
133
6
Jan 30
%
46%
1
28%
%
12%
40%
55%
Mar 25
10% Mar
41
4%
%
37
5
Jan 25
11
4
Curtiss-Wright
Mar 27
%
22
44%
Feb 11
738Mar
2%
2%
%
19%
4%
Mar 20
166
3
35
100%
78% Feb 20
3
Jan 14
5% Feb
72%
1%
6%
100%
1%
6%
38% Feb 11
69
Jan 14
Mar 13
72%
3%
14%
15%
I57g
4
24% Mar
7
69
*71
46
6
5%
45%
1%
7%
7% Feb 13
20% Feb 13
38% Feb 17
108% Mar 11
6% Feb 10
15% Mar 6
105% Mar 11
11% Feb 5
1% Jan 16
26% Mar 9
19% Mar 3
2% Feb 21
77% Jan 11
87% Jan 13
40% Mar 25
2% Jan
33% Mar 13
No par
t c
62
78
Jan 27
No par
Crucible Steel of America
24
5%
30%
45%
Jan 10
Jan
Crosley Radio Corp
preferred
No par
Crown W'mette Pap 1st pfNo par
14%
24
20
72%
73%
5%
17%
30%
Cream of Wheat ctfs
$2.70
9
67
1"1
..20
27
7%
14%
5
33% Jan 3
13% Jan 22
102
...
16%
23% Mar 25
9% Jan
$5 preferred
No par
Consol Laundries Corp...No par
Consol Oil Corp
No par
20
17%
3%
6%
Jan 21
73
73
70% Jan 27
61
61
22
Feb 13
26
Mar
6
Jan 20
52
Jan 20
Jan 4
Jan 6
23% Feb 20
9% Feb 7
11
153
Feb 17
55
65
3
2
2
9
mmmmmm
18
rnmmmmm
2,000
9
37
35
35
18%
%
2%
17%
*%
1734
1,900
5,100
1%
200
2
100
7%
6%
6%
16
mm mm
14534 149%
135
115%
21
*8
8%
163% 16434
165
35
35%
34%
34%
35%
7%
8%
784
8%
8%
39
41%
40%
40%
41%
*111
11234 *111
11234
112% *111
15
14%
14%
1434
14%
15%
7
7
*6%
6%
6%
634
14%
16%
1534
15%
15%
14%
67
66
68
69%
67%
6734
62
61
64
64
64%
63%
34%
734
35% Mar 16
No par
16%
%
29%
%
Feb 17
12% Feb 27
44% Jan
2534 Mar
6
No par
Prior preferred
82
Mar 13
8®4 Jan
1534
6% Feb 17
2% Jan
36'4
15%
4%
12884
69%
40
.No par
20% Feb 10
60
56%
110%
97%
97
Delaware Lack & Western
9
165
...
3
103% Mai 19
24% Feb 21
Jan 10
39%
110
22%
84%
2,300
6,900
11,900
2,100
1,600
67%
........
Conde Nast Pub Inc.
115% Mar
110% Jan
97
11%
110
»
7
9
*163
64% Mar 27
52% Feb
Feb
71%
*165
114% Mar 13
Jan
31
31
9
*18
Jan
3%
35%
31
2
69%
8%
Jan
65
48%
3%
35%
Mar 26
44
No par
Congoleum-Nairn Inc
Congress Cigar
47
Jan
71%
21
$6 preferred series
40
27
70
164%
91
6%
67
20
44%
115% *114
Jan
90% Jan
80®4 Jan
6%
45
«»11%
Preferred
40
*132
44% Mar 26
110
No par
v
4
10
pf ser of 1935No par
Commercial Solvents....No par
Commonw'lth & Sou
No par
Crown Zellerbach
Mar
87
2,800
*115
36
118% Mar 19
*45% Jan 22
51% Jan 23
203s Feb 17
10138 Mar 27
Jan
100
conv
Preferred.
7
No par
preferred
Comm'l Invest Trust
Consol Edison Co
10%
7
7
4334
-
...100
5
10%
6
4434
9%
-
5% preferred
Commercial Credit
5
36% Feb 20
37% Mar 11
Mar 25
14
%
6%
%
Jan
44%
*8%
«...
100
9
69%
5
62
27
135
Columbia Gas & Electric.No par
9
69%
Jan 15
2484 Mar 24
9% Feb 19
49
Jab 11
Jan
35
15%
101
66
43% Jan
8% Feb
40
151%
16
94
5 J4%
9
Jan
No par
26%
mm
100
v t c_.No par
Columbia Plct Corp v t c-No par
$2.75 conv pref
No par
Columbian Carbon
72%
53%
45%
Deere & Co
*39%
mm
100
Preferred series A
"21%
2,300
55%
*15%
110
Feb 26
Feb 17
Jan 16
1,000
10,100
2,400
27
16
90
127%
97%
57%
20%
55% Jan 16
9
116% 116%
37
37%
*39% 40
26%
26%
4334
43%
2
20
59
83%
29%
22%
44%
19%
8%
14634
40%
...
165
9
7% 203,400
58,200
17%
*39%
26%
3334 34%
34% 36
3534
18
1634
17%
17%
18%
*%
1%
*%
1%
%
*2
*1%
2%
*1%
2%
7
7%
7%
7%
7%
16
*15%
*15%
*15% 16
*115
*115
*114%
147% 14934
146% 150
148%
132% 132% 131% 132% *13134
*112% 115% *113
115% *114
21
21
*18
*18
22%
83g
8%
8%
8%
8%
161
163
161% 162
161%
35
ft
18
27%
45%
9%
72%
*
,
*10
7%
17%
4% 1st preferred
4% 2d preferred
Cont'l Diamond Fibre
35
[109
100
6,800
9%
110
Preferred
22
9,300
2,500
3,200
4,300
*102
{Colorado Fuel & Iron...No par
Continental Can Inc..
350
48
20
112
Colorado & Southern.......100
~
'
80
31
107% Jan
8% Jan
3% Mar 16
24% Mar 20
21% Jan
19% Jan
100
7,900
28,300
60
Feb 20
106% Feb 28
51% Feb 3
..No par
81%
63
Jan 13
50
70% Feb
102% Mar 16
42
Mar 13
Continental Bak class A ..No par
Class B
No par
3,600
3% r28,200
84
Jan
17% Mar 13
7,900
9,000
40%
Feb 26
par
No par
Preferred
89
27%
Feb 20
100
Colonial Beacon Oil
80"
107%
27%
Mar
53
Jan 31
preferred
6%
27%
71
110% Feb 14
Jan 15
Collins & Aikman
37
3%
12%
50
84
Colgate-Palmolive-Peet ..No
35
140
Feb 10
90
12
69%
3%
6%
Feb 20
46
93%
24%
100
12
82
124
1734
400
Feb 10
90
107% Jan
4034 Feb 26
26
35
738 Mar
188
9
9
31
63%
46% Mar 24
15612 Jan
100
Class A
Container Corp of America
2%
434 Jan
2334 Jan 21
$ per share
25
30
3%
9
26%
Mar 14
45
Mar 14
No par
.No par
t
Coca-Cola Co (The)
5,900
72
45
3%
Mar 25
101% Mar
19% Feb 14
86% Feb 19
85% Jan 21
15% Jan
72% Jan
par
22%
36%
*165
Preferred
No
Preferred new
No par
Consol RR of Cuba pref
100
{Consolidated Textlle.—.No par
63
6%
Cluett Peabody & Co
800
63%
74%
Preferred
100
Clev Elec Ilium Co pref. .No par
Clev Graphite Bronze Co (The) 1
7,500
37
mmmm
100
%
3%
36
334
No par
784
'mmmm
*3734
*109
40
'mmmm
6
ri734
*33%
105
105
3%
37
15%
128%
11
14%
105% 105% *105
8
734
*734
1
%
%
2234
22%
23%
18%
16%
17%
2%
2%
2%
72
*70%
70%
81
81%
8034
~8%
22
73%
9%
5
mm
*7%
%
40%
3%
mm
*102
33%
*105
5%
14%
2%
64
50
18
83i-
36%
*46%
9%
*75
84
2%
3%
6%
*35%
16%
35%
78
84
42
72
6%
*75
22%
3%
35%
63%
*166
6%
£ 35%
#16%
§
75
85
171%
182
71%
82%
21%
*166
16%
50
50%
46% ?*46%
*104%
9%
9%
36%
36%
111
*109
23%
41%
<
16
2834
1
81%
3%
14
7%
*70
....
9%
*35%
mmmm
2%
82
72%
600
25
•
17%
72
82
1,500
17,400
42
24%
•11
13%
105% 107
23%
2%
*70
81
2,400
75
7%
%
23%
17%
40%
78,600
.*84%
15
*105
7%
1
10
|*9%
i*22
5
.
Equipment
$4.25
11
5%
14%
10%
24
35
100
Conv preferred
25
107
*5
24
11% Jan 24
Jan
No par
100
Preferred
800
27,400
15
Jan
5
200
10%
35
34%
107
10
# 40% ] 42%
200
6,700
123%
6%
18%
18
♦105
7%
%
9%
Chrysler Corp
City Ice & Fuel
6%
30% Jan
25% Feb 19
High
Low
7
50
Spec guar 4% betterm't stk_50
5,800
$ persh
25
Cleveland & Pittsburgh
mm
$ per share
25
C C C & St Louis
2,400
Low
Highest
$ per share
No par
Chile Copper Co
Clark
'
•» m
10
Childs Co
28,500
...
108
108% *107
*105% 108
*105% 108
*107% 108
*107% 108
44
44 ^
43
43
44%
43% 44
*43% 43%
44%
44%
*84
*84
*82%
*82% 86% *82% 86%
50
50
*47% 50
*47%
*47%
50
*47% 50~
*47%
50
60
60
64
60% 64%
65%
60%
62
63% 64
63%
63%
♦126
127
127
*127
128
127
127
*125% 128
127% 127%
90
90
90%
90%
90
90%
90% 90%
90%
90%
90%
90%
57
57
*56% 57
57
*56% 57
*56%
57%
*56%
57% *56%
18
18% 18%
18% 18% |18%
18%
18%
18% 18%
18%
19
44%
*82%
*47%
Chlckasha Cotton Oil
"1,300
*107
Range for
Year 1935
Lowest
Par
City Investing Co
City Stores
60
6%
42%
mm
700
*26%
9%
to
29
Feb.
Lots
1936
Week
$ per share
17%
80
60
17%
*93
per[share
1933
Range Since Jan. 1
On Basis of 100-share
STOCK
EXCHANGE
Mar. 27
Mar. 26
$
27%
60
*156% 350
Mar .25
$ per share
*33%
81
*6%
24
$ per share
the
Friday
34%
96%
17%
79%
41
Wednesday
27%
10%
17
*41
2111
July 1
100
13,900
3,400
1,600
32,400
1,700
......
mmmmmm
15,300
700
10
20
2.800
3,300
20
Inc
5
Diesel-Wemmer-Gilbert Corp. 10
Delaware & Hudson
Denv & Rio Gr West
100
pref
50
100
Detroit Edison
100
Detroit & Mackinac Ry Co,. 100
3
10
9
21%
57%
119%
40%
17
Jan
42
Jan 10
Diamond
No par
37
Participating preferred
25
Corp-Seagrams LtdNo par
38
preferred
Match
100
Distill
Dome Mines Ltd
No par
Dominion Stores Ltd
No par
6
2
100
non-cum
6
Jan
No par
5%
Mar
934 Mar
65
7
Devoe & Raynolds A
1st preferred
11584 Feb
4
Mar 27
Jan
8
25% Mar 13
41% Jan 2
884 Jan 3
42
Mar 23
i«
Feb 20
Jan
16
6
22%
19
18%
23%
11
1%
1%
Jan 31
Feb 26
Jan 11
Jan 26
Mar
9%
5%
10%
10%
4%
23%
20
89%
1%
5%
35%
114%
21
26%
27%
8%
33
25
6
34% Jan 2
52% Jan 24
34%
34%
6%
Douglas Aircraft Co Ino._No par
50% Jan
6
11% Jan 23
7584 Jan 30
634
11%
17%
Dresser
29
6
37
Mat 26
8%
13%
18% Mar 26
3%
6%
1% Jan 15
%
%
3
U
V
(SR) Mfg
conv A.No par
Convertible class B
Duluth S S & Atlantic
No par
100
Preferred
100
Dunhill International
Duplan Silk
......
1
Eitingon Schild
Elec Auto-Lite
....
6
Feb 17
Jan 31
Feb
133
112
Mar 23
18
Mar 11
100
No par
No par
(The)
..5
Preferred
100
114
Feb
7% Jan
156% Jan
158
28%
7%
36%
110%
6% Jan
94,200
8,100
5,500
Electric Power & Light...No par
$7 preferred
No par
6% Jan
No par
8
7
2
2
Jan 6
Mar 13
Jan 21
Jan 23
Elec & Mus Ind Am shares
...3
7
Jan 27
Electric Boat
preferred
Jan 15
129
14% Jan
22,000
2,800
$6
6
100
cum preferred...
Eaton Mfg Co
1% Jan
138
Durham Hosiery Mills pref..100
Eastern Rolling Mills
5
Eastman Kodak (N J)
No par
13,200
5% Jan 10
78 Mar 11
100
..No par
6% non-voting deb
Duquesne Light 1st pref
6%
Jan
8% Mar 9
18% Jan 17
115% Jan 31
161% Mar 26
Preferred
100
DuPont de Nemours (EI) &Co. 20
2,200
19,000
30
No par
Davega Stores Corp
13% Jan
32% Jan
29% Jan
6
Mar 23
2
1234
1234
92
2»
59%
104%
85
115% Feb 14
25
2
12
Jan 13
9% Feb 11
3%
3
65%
167% Mar
166
Mar 13
120
114
Feb
69% Mar 26
64% Mar 26
116
104
115
12
2%
146%
27%
8
334
110%
172%
141
160
16%
3
1%
19
132
3%
19%
75
««
1
8%
103
10
6
17% Feb 4
7% Feb 21
16% Mar 17
17%
86%
126%
3%
11%
36% Mar 19
9% Jan 30
44% Feb 19
32
107
3%
5%
1%
1%
3
3
2%
2%
30%
8%
3834
113%
1434
8%
7%
34%
3134
1
N<jw York Stock Record—Continued--Page a
2112
HIGH
AND
Mar
.
LOW
SALE
Mnrtnmi
21
PRICES—PER
SHARE,
Tuesday
Wp/tfiasflnn
rr
Oii/I frpo
Mar. 24
Mar. 23
1936
28
July 1
NOT PER CENT
Sales
STOCKS
\TPWlVAPTT
IN Jcj Wf x vJJttxV
for
snturnnu
March
Mar. 25
rVhoiT<!tlnn
jl
h/lcif
TpTiflna
/
bliss
Mar. 27
Mar
$ per share
26
.
Range Since Jan. lLtfw
QTAPTT
D 1
isrt
Week
Shares
r
fiuiouuy
itlp
lu/tiy
uiMw
vj
i.uu-s«ure
1933 to
Feb. 29
uuis
TTlXriFT A MOT?.
JuAvxiAi^ VJTXJ
Hi-nge for
xtstrtm
rear
Lowest
Highest
$ per share
S per share
Low
,
51
$ ver share
50
1
1
50
$ ver share
50
10
1012
10
1012
*5712
5912
57
58
*57
6334
1
%
*214
212
214
238
67
*64i2 67
*64i2 66i2
*125% 126i8 *12512 126i8 *125i2 126%
9%
:
5658
9%
56%
*63
65
63
65
63
66
66
66
66
*63
6%
14%
21%
14*8
2158
15
15
*6
638
14%
22
14%
22i2
*1484
16i2
*
*
72
1514
1478
1434
"l434
1478
"l434
1478
"l478
3578
3738
35i8
7i8
358
14U
14i4
4334
45
1514
4534
3514
7%
3%
1434
45%
36i2
734
3'4
3512
7%
3%
7l4
314
7%
13i2
4334
*140
150
*140
7%
3%
*140
148
37is
3734
3758
39i8
*20%
22l2
22
2212
*92i2
*45i2
94
*92
51
50
*7278
78
lli8
11
*434
22
4434
4434
25
25
9%
125% 125%
10%
3,600
58%
700
*60
*58%
*62%
6334
1,800
*62
6334
71
6
45
*142
18i8
46l4
500
68%
6
*
1,700
4,900
2134
15
15
*_'___
72
800
72
13
15%
46%
46
14%
4434
46
*92
93
*92
93
92
92%
50
*43
50
*4158
49
43
43
75
*7278
10%
76
*7278
76i2
70
70
1058
514
35s
1118
514
378
*6934
1034
478
76%
lli8
5%
11
10%
478
10%
5%
3,400
338
334
3%
3%
2,900
22i2
2214
2234
2134 2234
44
45
44
4334
43
43l2 4334
43%
26
26
*2314
*2314
26
26
*23U
*23%
ii3i2 *11114 112
*11114 11378 *11114 11378
111% 111%
31
31%
3158
3058
31i8
30i2
31%
30%
3078
103i2
10338 10338
10338 10338
103i2 103i2 *103% 103%
41
41i2
405s
41i8
42
4H2
41%
42%
42%
26
26
26
28
*26
*2518
27
*26
28
934
9%
958
914
9
938
938
9%
9%
443s
4314 44
44
42i2 42i2
43%
4358 437(5
35
33
33i2
34
33
3312 34
34
3314
114
*112
11634 *112
116l2 *114
116% *114
116%
514
338
2178
44
9%
9%
45
4438
33
33
33
111
111
112
514
338
.
334
22
2234
2234
5
44i2
3434
3434
34%
70
70
32
3178
3238
*130
150
34i2
70
31
*130
34%
150
34i2
*70
73
32
3214
*131
3414
*70
135
3134
*131
71
69
69
71
70
70
70
71
*68
44
43
43i2
4312
44
5%
1514
*1078
1514
15
11
1034
5%
51g
14
15
14i4
*14i8
1034
1078
1058
*10034 103
*10034
57
58i4
56i2
56i4
3338
3278
33%
32i4
13
13
13i8
13U
1078
*10034 103i2 *10034 103
55i2
31
56
3218
13
13
*144
150
10
*934
1278
1338
29l2
5634
3238
1278
*144
934
150
*144
149
*144
10i8
10
10
1334
1378
1338
13%
30
30
30
*91
9234
*57
57% *56i4
5714
143% *140
14318 *140
*978
13i2
30%
30%
30i4
1418
30'2
93
93
*91
93
93
93
5714
57%
3878
35%
2%
143% *140
39
39%
35i2
35l8
25s
39%
3878
35l2
35
*29
t
32
258
1*29
32
234
*3212
*34i2
49
*3212
3958
3534
234
49
258
*29
32
3834
35i8
258
*29
49
106
106
*514
4U2
*11714
3
*34
41
*49
*10612
5%
*49
52
M---
*106l2
.
5
514
43
4314
5i8
42i2
*11734
3%
3i8
3714 *35i8
41
42i4
314
3
37%
4134
*35
56
4214
538
43
*11734
....
*4912
*106i2
,
.
3i8
37
478
44
41
41
56
*52
56
*50
17l4
1738
17U
17%
1734
87
87
87
8734
1714
*875s
*52
9%
*52
40i4
88
1714
87i2
*8U2
97S
8434
9l2
*8212
934
8334
80
85
79
50
50%
4934
50i8
4934
503s
49
1075s
108
109U 10914
7
634
9
20i2
*117
,
1934
9i8
2058
120
20i8
9
20%
*1012
11
*85
87
*85i2
2834
*93
98
29%
93%
334
334
3i8
3i2
458
4%
*19
1978
*30i2
32l2
32l2
*2914
*30i2
19i2
31%
19i2
37i2
38
2i2
35i8
2%
35%
*138
*52
26%
*75
65%
278
75"
Food Machinery Corp new
10
Foster-Wheeler
.No par
Preferred
*36
50
46%
*47
44U
7,300
5,000
149
10
"2",700
13
8,000
29%
Gen Amer Trans Corp
General Asphalt
5
51
*
«•
5%
.
«.
5%
45
2%
*28
51
*49i2
*106i2
5
44
*11734
314
35i2
4138
*36
57
45%
32
10
*32%
*34%
*52
49%
100
75"
6134
3,100
61%
20
119% 119%
67
65%
273,100
119% 119%
1,600
27
273(5
1,800
734
7%
4,500
51
100
*49%
*106%
478
45
-
75"
3%
4058
10
-
100
.No par
—
^
—
3%
*11734
-
-
3
56
3%
14,600
36%
300
41
41
*52
41%
278
35%
37
56
7,500
—
mi'm
~
87%
8734
2,400
978
79i2
4912
934
13,100
78
78
78
78
2,100
4934
50
48
49%
9,600
108
958
934
1073(5 10734
658
7
938
95(5
20%
20
9%
108
6%
*110
9%
1958
108
340
195(5
20%
19
96i8
98%
30
28i2
29%
95
96i2
97
95%
28%
95%
19
3378
3338
3214
1938
3714
25g
35U
27g
*31
39
*34
39
18
*1658
1714
*1612
47
*46l4
*40U
4478
49
44i2
47
*40
*110
44%
113
*110
4
~19%
28,700
955s
1,700
29%
96%
55,800
37(5
43,000
10
Gen Outdoor Adv A
.No par
Common..
*31l4
20
19%
20
2,100
33%
33%
31
32%
1,800
*29%
31%
3378
300
31%
3,400
31
3134
19
19%
3658
3758
2%
258
34
3434
*52
234
1834
3534
2%
3384
19
General Printing Ink
37
2%
34%
10%
105
Jan 17
108
Mar 14
61%
.No par
.No par
*52
100
Gen Realty & Utilities..
S6 preferred
General Refractories
1
.No par
4
4
6% Feb
50
Feb
1%
15%
6
4
26%
76%
6634
*71
2%
25%
64%
234
36
36
*31
17l2
*16i2
17
16
50
*47
51
47
42
42
*40
113
113
25%
85
11
'
18
18
6134
597(5
72%
116
zl20%
59%
26%
10
17%
"93%
1%
15%
130
14,700
234
1,200
37%
10
16
600
47
200
4378
200
10
*1858
18%
17%
17%
800
116
116
116
*31%
36
*116
32%
36
118
*103U 105
105
*10314 105
105
*10314 105
41
4138
40i2 41l2
40i2
40l2
4138
40% 41%
*124l2 140
*12412 140
*124i2 140
*124i2 140
*12412 140
*124% 140
1314
1312
1478
13U
153s
I6I4
1534
16%
15U
1534
1534
1434
105
105
*106i4 108i2 *10638 108
107
*10638 108
107
107% 109
8
8
8
8%
7&s
8i8
734
8I4
7%
8%
7%
778
200
40
90
50
9,300
190
11,300
2
378 Jan 21
43
33% Feb
43
120
'
21
6%
42%
109
4%
41%
Feb 2i
3
16% Mar 13
18% Jan 16
86
90
Gimbel Brothers
No par
Preferred
100
Glidden Co (The)
.No par
Prior preferred
100
.1
-
.
L
No par
.No par
Gold & Stock Tel'ph Co.
100
Goodrich Co (B F)
.No par
Preferred
Jan 30
69
Jan
Jan
116
19%
93
6
11% Mar 12
2%
2%
6
86% Mar
2
7
Feb 10
13% Jan 21
7% Feb 28
10% Feb 17
6
1%
834
14%
8
US
u
par
Jan
2
9
Jan
6
77
Jan
6
2% Jan
2
Graham-Paige Motors..
1
638 Jan 15
2%
14%
No par
30% Jan 29
28% Jan 16
18%
2284
18%
2234
25
26
No par
.No par
100
100
Co 100
3
16
Jan
2
33% Mar 25
33% Mar 9
20% Feb 19
32%
J&n
6
44
Feb 21
2% Mar 27
3
Mar 16
31
Jan
7
136
Jan
6
50% Mar
9
39
119
21
50
24
25%
28%
18
34
95
28% Mar
2
Jan 23
62
Mar 18
80% Jan 27
100
100
No par
Preferred..
105
30
Jan
25
35
Jan
2
10
6
Jan
9
.No par
14
Jan
2
Preferred
preferred
Jan 24
25
100
5
46%
%
1
7%
19
4
4
347(5
140
74%
234
43%
11%
34%
1934 Mar
4
55
Mar
3
6
6
48
Mar
6
12
12
118
Mar
6
25%
48
32% Mar 25
36% Jan 16
9% Mar 27
2138 Feb 4
1978
21%
3034
26
30
35
9
3%
4
3%
6%
33%
108
8
14%
63
112
105% Mar 18
100%
100%
105
3
41% Mar 24
12
16
Feb 14
82
9934
Jan 11
30% Jan
120
1
4
»
7
Mar 19
3% Feb
39
26%
103% Mar 13
110
Hanna (M A) Co $5 pf__ .No par
Harbison-Walk Refrac.. .No par
6
9% Jan
30% Jan
28% Jan
7
2
2
7
16
35%
»
21
9
5
26% Jan
-
99
Feb
par
7
-
33%
38%
25
Mar
Greyhound Corp (The)..
Guantanamo Sugar
.No
1% Jan
9%
-
9%
9%
9
55
95
Preferred
734
5
2934
35%
140% Mar 16
Jan 24
Hayes Body Corp
4%
3478
Jan
10%
13%
23% Jan 15
Mar 26
Hat Corp of America cl A
4
92
85
1%
18% Mar 13
75
7 % preferred class A
1%
2%
30% Mar 13
24
Hall Printing
Hamilton Watch Co
70
20
2
Jan
1
Water
53%
2%
Mar 27
100
Hackensack
2678
20
4% Feb 19
11% Mar 20
Greene Cananea Copper
Preferred
'7
14%
82
1534
No par
y
Gulf Mobile & Northern
105
40
.No par
Part paid rets
Gulf States Steel
120
7%
5%
2%
14%
-.1
22
104
26%
1534
31% Feb 14
99% Feb 17
12% Mar 11
94% Jan 18
434
....
77
7%
21% Jan 21
1'8
12
Jan
3
Jan 20
119
124%
Feb
20
8
16% Mar 25
104% Feb 17
115
Jan
9
Mar
5
1%
9
7
434 Jan
;
lit
96%
Fe b 10
par
10478
14%
111%
2078 Feb 14
.98 % Mar 20
87
7534
49%
80%
6
100
.
18
23%
114% Jan 27
213a jan
115% Jan
834
13%
12
6
78
.No par
—
Preferred
7%
Jan 14
55%
100
Jan
51
12
70%
378 Jan 2
8% Mar 13
18% Feb 20
11534 Jan
6
3%
39%
33%
45%
45% Mar 13
107
8%
14
7
34
1434
1634
Jan 24
Feb 28
6% Jan
60% Feb
'
109
14
%
10
Feb 21
42
Preferred-
18,400
Jan
35% Mar 25
80
80
118% Mar 14
Gillette Safety Razor... .No par
Conv preferred
"4,300
65%
*112
113
2%
Jan 10
Gen Steel Castings pref. .No par
Preferred
75
15,100
3% Jan
39% Jan
1%
15%
1534
3
.No par
$6 preferred
64%
145%
4078
3778
%
8
*107%
Mar 21
Green Bay & Western RI
Green (H L) Co Inc
*138
~
75
934
2108.
3
84
50
Rights w i
Great Western Sugar... .No par
9%
For footnotes see page
8%
6
3
22
Feb 17
98,800
8,600
9%
116
5
2
100%
22%
3
68% Mar 26
38
Grant (W T)
Gt Nor Iron Ore Prop
Great Northern pref
40
116
51
6
10%
32
7%
32
.No par
3,500
16,000
834
116
70% Jan
684
34
Mar
Conv pref series
Granite City Steel
33%
*36
105
5%
8% Mar
3
9
4058
%
6
33
Jan 27
18% Jan
5% Jan
334
18
105
5
Feb
5
Grand Union Co tr ctfs..
834
1778
116'2 116i2
Mar
30
4-% Feb
48
146
76
127%
20%
16
28
Mar
Granby Con M Sm & Prstpd.100
32%
105
97
«
6
120% Jan
2,600
*31%
119
Jan 10
Jan
120
4,900
36
*116
143
118
100
434
32i2
*103
Jan 21
59% Mar 17
117% Jan 13
537g Jan 6
3%
32%
878
46%
6
3
36
18
24%
58% Jan 14
6
434
32l2
858
19
Feb 13
Feb
3%
.40
18
1
14
95
Feb
4%
*36
85s
18%
2
3%
*32U
18%
Vi 4
3
458
19i4
32%
8i2
4
50
Goebel Brewing Co
Gold Dust Corp v t c
$6 conv preferred .
40
1814
;
33»4 Fen 10
50
Gobel (Adolf)
17,400
*32i4
8l2
6%
2
47% Mar 21
11,200
*36
1834
2
3
Preferred..
xl3%
2
5
General Motors Corp
$5 preferred.
1
2
Jan
115
107(5
5%
3
50,600
32%
83s
6%
13%
100%
48%
22%
5
Jan
938
3%
*138
38i2
113
334
65i4
*234
1134
55
47%
5%
11% Jan 11
15% Feb 11
19
658
20
*110
20%
98%
67
66
6
32%
1134
7%
70
30%
125
100
Jan
14
7
5%
8434
6
14% Jan
19% Jan
Preferred
......
88%
75
67i4
234
34% Feb
150
39
Gen Railway Signal
8712
25i2
65
3
6
No par
Gen Public Service
8",000
85
*72
Feb
$8 pref class A
.No par
Gen Ital Edison Elec Corp
General Mills
1,100
17%
26l4
26
7614
140
7
5%
64%
2534
12% Feb 19
103% Mar 20
63
434
78
7g
36%
MarlO
78 Jan
Conv pref series A
2,100
88
75"
2634
2
2
54% Feb 21
7% preferred
5
17
*52
2638
75U
2
70% Jan
45
17%
*138
*52
47% Jan
17
$7 pref class A
55
17
3%
4I2
3478
3
7%
49
*39
17i2
3i8
4%
35i2
6
Jan
15
434
;
:
!
10%
'
458
35
17%
112%
12%
Gen'l Gas & Elec A
4%
*138
4
Feb 20
6%
39%
111
1934
1
30%
60%
2%
30%
17%
112%
Feb
5878
30
20|
132
25%
10278
978
"*16%
15,100
234
29
8%
44%
39
1
25(5
2l2
5%
8
4178 Feb 17
29
2«
45%
114
2%
Feb
36
32
19
2
77% Feb
35% Feb
36% Jan 21
4%
3658
238
38
33% Feb 18
4
258
Jan
10% Jan 13
97
Class A
40
12%
Feb 17
General Foods
3i2
2l2
127
84%
44%
67%
47% Mar 5
38% Feb 17
General Electric
35%
13%
106%
13%
44
48% Jan 11
29% Jan 9
1134Mar 2
13,900
3514
'
33% Feb 11
6
104% Feb
50,400
334
3734
z85
35%
3%
37
Jan 18
35
358
3734
112
140% *140
143%
39%
387(5
3778
3U
19i8
25
140
378
32
25
16
14318
3914
35i2
234
338
33
6
5% Jan
Gotham Silk Hose
32i8
1958
16%
28%
16
56%
3858
4%
3%
7(5
16%
20%
75
General Cable
preferred
General Cigar Inc.
2
.7(5
53% Feb 29
6% Jan 23
18% Jan 27
Jan 29
3% Jan
Mar 14
cum
8%
1
Feb 28
35
9
2,100
334
25
47% Jan 17
5
370
1912
7
Marl6
Jan 23
1,500
*31i2
31i2
28% Jan
Jan
4,000
3212
2
Jan 20
Feb 18
11
1884
33i8
3338
64
12
90
19i8
33% Jan
*85
2%
2%
22
10%
33
7
141
90
1834
Jan
$8 preferred
General Bronze
11%
33
111
Jan 21
General Baking
90
19%
33%
27
12
.No par
.No par
Preferred
40
4078
Gamewell Co (The)
Gen Amer Investors
'
1058
*18i4
40
Fuller (G A) prior pref.. .No par
$6 2d pref
89
95
25% Mar 21
4% Jan 6
37% Feb 7
Gabriel Co (The) cl A... .No par
1078
65% :,67%
*110
13
1,140
3,700
4,200
9
Jan
100% Feb 26
40% Mar 23
125
86
79
113
10
1058
2%
32i2
17l2
Free port Texas Co
85
23g
3134
278
.1
w
7% pf._100
11
32i2
1934
*33
w
Fkln Simon & Co Inc
85is
2678
278
Fourth Nat Invest
2
16
.No par
1058
76
655s
.....
85
3212
31%
19i2
37i8
*52
No par
11
2658
173s
32l4
.
93
2914
100
.No par
Florsheim Shoe class A__ .No par
.
87
85
*17
*47
9314
*97
10
Preferred series A
First National Stores.
Goodyear Tire & Rubb._ .No
1st preferred
No
27
38
*40
32
30%
9818
30i4
94i2
95
500
*117
9714
2918
54
56%
7
96
50
57
95g
2012
1978
6
57
9i8
2012
Mar
12% Mar 4
578 Mar 6
4% Feb 1
25%Mar 6
49% Feb 14
5734
634
195s
101
400
1978
*117
Mar 16
90
7i8
9
1978
20%
*138
*31
*110
3%
314
*438
1914
958
70
90
914
20i2
678
9i8
20%
*117
1038
107
10838 109
678
7%
1958
9534
2938
93%
10%
*96
938
72
100
92
*11734
3i8
35i2
40
92
49
51
48
40
30
*3212
*32i2
49
*32i2
55
55
55
*34i2 55 '
*34%
*3412
55
*34i2
*43
*50
*39
47%
57%
*39
5618
4918
49%
61
62
6078
62
6078
6038
61l2
62
6U2
6158
*118l8 120
*118i8 120
*118i8 120
*11914 120
*11918 120
6334
6438
6378
6434
65l2
64%
6458 67l4
6634
68%
*11912 11978
11978 11978
11978 11978
119i2 11934
119U 119%
*28
*28
29
30
28
29
29
29%
28i2
28%
8
*7%
734
7l2
7%
734
8%
734
8
8
50
33
6
1,400
320
21%
7
t Follansbee Bros
5,000
5%
Feb
934
1234
28%
47i8
50
13
*144
13%
149
10
1338
*30l4
*140
13
*144
10
978
1312
5714
13i8
149
5i2
125
«.«•••
4
Mar
3,500
1,800
115
39%
92
2
120
17
15
97
Jan
5,200
4
3
Jan
x24 78
300
12
3%
%
Mar 27
Firestone Tire & Rubber
600
115
2
6
2
2
43
4
"""150
44%
41% 44%
534
5%
5%
14
14
14%
1478
11
11%
10%
107(5
10212 *10034 102i2 *10034 102%
56l2
56i2
56%
55%
56%
32
32
3212
32%
31%
512
1478
1034
151% Feb 25
41% Mar 25
2478 Mar 5
84
Preferred.
43
5U
5
122% Jan 7
31% Feb 24
19% Feb 25
34% Jan
Jan
4,800
7034
3%
478
110
32
42
5l8
7
18% Mar 25
49% Feb 19
50
14
19%
13%
8534
1478
100
Preferred.
135
7034
15
%
2% Jan 10
11% Jan 6
2
200
43
5
3
534 Mar 25
3
20% Jan 27
70
7034
638
4% Jan
42
34%
41
15% Mar 4
4078 Jan 8
8% Mar 19
Filene's (Wm) Sons Co.. .No par
6
100
preferred
70
31%
69
Jan
Fidel Phen Fire Ins N Y...2.50
34
*131
Jan 10
7
55%
7%
40%
8%
12
90
6,400
4%
7%
4%
68
31% Feb 25
8%
.1%
634
69%
10%
3,100
70
32
12
3,700
34%
135
Mar 21
2
70
3H2
66
2% Jan
20% Jan
34U
*131
4
Federal Water Serv A.. .No par
Federated Dept Stores.. .No par
73
135
15
Jan
9
4,000
55
11
7% Jan
4% Jan
10
50
14%
15%
Mar 23
3
134
14
65
Jan 15
7(5
178
66
1%
6
Federal Motor Truck... .No par
Federal Screw Works
.No par
5,900
3414
32
100
Preferred
Foundation Co
6912
—
Federal Min <fc Smelt Co
300
22
-.
Federal Light & Trac—
40
200
26
40i2
*25
3i2
III4
5i2
100
.
preferred
5234
12534
10%
Jan 15
5
..5
Fajardo Sug Co of Porto Rico.20
94
112
6%
3l",000
conv
4
5834
%
%
12% Feb 17
Feb 15
Fairbanks Co.
6%
Jan
39
share
58% Mar 27
19
Fairbanks Morse & Co.. .No par
6,900
131
27% Feb 21
5.300
146i8 *142l2 148
*142% 148
39
4H2
40l8
41%
41%
24
2312
2314
22%
23%
45
Jan
6
Exchange Buffet Corp.. .No par
Preferred-
7
16% Jan 21
Evans Products Co
32,750
11,560
Feb
11% Jan
..100
Eureka Vacuum Cleaner
10,000
2,400
ver
7%
8%
50
"4" 300
334
13%
69
7% Feb 2i
17% Feb 21
.
14%
35%
$
%
11% Jan 21
.
34%
378
3378
%
6
55
100
Second preferred....
Erie & Pittsburgh
~14%
7%
4%
5
48
First preferred
147g
7
7
378 Feb
.No par
36%
7%
4%
738
21
55% Jan
1% Feb
.No par
....100
Erie
_
$ per sh
.No par
$5H preferred
$6 preferred
Equitable Office Bldg
3538
*47
3978
22i2
$5 conv preferred
"l478
50
23
,
Engineers Public Serv
3,000
15%
.
6
14%
21%
14%
2212
2178
15%
6
1458
14
% Jan 2
1% Jan 4
50
62% Jan 31
100 *125% Mar 17
.No par
7% Jan 3
.No par
45% Jan 14
,
50
Preferred.
80
10
57%
94
*44
'
100
4U8
*24
4212
26
978
66
39%
22i2
*9212
*111% H3i2 *11114
31
31i4
3034
*103i8 103i2 *103i8
*41i2
25%
1434
4534
66
11
514
22
:
18
66
75
3i2
338
434
146
6% part preferred
Endicott-Johnson Corp.
4878 Mar 18
t Elk Horn Coal Corp....No par
10%
1514
36l4
7%
534
Battery... _No par
800
400
58%
72
1414
35
Elec Storage
1
2%
12512 125l2
6
*
72
1,900
1
2%
*6038
1412
2H2
15%
'
15
49%
1
2l2
*56
6
22
21i2
49
1
2i2
5812
6334
14i4
21i2
1434
*
72
*64
6i8
1434
50
Par
69
6334
70
6
618
50
-
2l2
*65
;
$ ver share
4938
50%
%
%
*238
2%
*64i2 66i2
125% 125%
978
978
1
*2%
$ ver share
51
1
51i2
lyoo
High
Low
$ per share
1 OQK
t Q^A
iyoo
5%
1
14%
113%
14%
45
30%
121
1%
6%
.
*i-
-
s
New YorK StocK Record—Continued—Page 5
Volume 142
2113
juiy 1
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW YORK
for
71/T siti ft nit
XVX UTIUAXy
nit
&ULWT (Xtiy
Mar
21
Mar
$ per share
128
*120
128
128
*98
*126
32
«
—
3134
103
-
*127
128
*127
130
3134
102
102
133
133
*77
7734
10%
3334
IOI4
103s
1038
34%
3434
33
*42t2
29%
*72
ni8
53%
*4i2
*12
1734
2l2
22l2
*38
6434
*16
*110
490
"
*435
43
11%
11%
54
54
4%
13U
1238
I8I4
41
2%
2334
*38
39%
6434
16
16
*6
63g
130
131
303g
132
131
*135
11134
1214
12%
*684
147S
678
*6ig
*5lg
3284
45g
1478
678
512
3234
4.%
1358
14
1434
6%
*5%
3384
4%
13%
538
514
38%
179
14%
5%
41
38'%
*179
17%
2%
23%
1834
17
6%
*6%
30%
~
133
*634
15%
15%
6
6
*4%
33%
4%
13%
5%
39%
4%
14
578
4034
179
180%
*5%
5%
*4%
34
33
4%
4%
14
13%
5%
3984
5%
38%
181%
180
49%
86%
48
14%
*4%
31%
4%
5%
19,600
20,400
5%
Jan
2
3
15
Jan 25
90
131
4
10% Mar 20
35% Mar 26
109% Feb 28
544
Feb
Mar
6%
19%
"
11
'
mm+m
495
338
7
42
30%
2%
43
6%
49
1%
20
<
1%
43
31%
73
7
60%
2%
5%
6%
I384
%
6%
%
9%
21
2%
6%
6
19% Mar 6
3% Feb 19
28% Feb 19
3034
2334
34
200
a
4
8134
118
5%
5%
5% Jan 23
17% Feb
73%
104
171.75
8
44% Feb 20
9%
6
100
33
Jan 22
45
Feb 19
15
15
100
58
Jan
6
70
Feb 18
40
40
17%
3%
22%
38%
59%
100
12
Jan
4
18% Feb 24
4% Jan 2
28% Jan 31
31% Mar 24
4%
2%
23%
5%
36%
1
Jan
2
6% pref series A
.
.
A
Indian Refining
Industrial Rayon
.No par
117
Ingersoll Rand
Jan
2
8%
147
Jan 29
4%
2%
«13%
45
Feb 14
Insuranshares Ctfs Inc..
t Interboro Rapid Tran
98% Jan 17
6%
1
v t
Jan
6
6% Mar 23
14% Mar 20
3% Jan 7
c.100
Internat Rys of Cent Amer__100
Certificates
Jan
9
100
19% Jan
3
9
Intercont'l Rubber..... .No par
Interlake Iron
.No par
2% Jan
2
Preferred
Internat Agrlcul
11
.No par
Prior preferred
60%
105
100
.No par
Jan 20
3% Jan
7
26
2%
2%
7% Jan 18
18% Jan 11
2
4
5%
8%
2
2
8% Feb 14
6% Feb 14
38
7,200
100
33
MarlO
41
1,900
Int Business Machines.. .No par
Internat Carriers Ltd
.1
173
Feb 21
185
30,800
16,700
International Cement... .No par
Internat Harvester
121
108
8%
7%
23%
4%
1%
1%
5
9%
20%
1%
1%
4%
2%
13%
4
-
1%
Mar 23
Mar
46%
6%
36% Feb 14
5% Feb 14
16% Mar 4
5% Mar 11
15
130
109
114% Feb 20
13% Mar 9
179
3784
179
4,200
4%
13%
13
180
480
80
36%
71
122
44
5
74% Feb 15
12% Jan 15
57% Feb 19
19% Jan 22
Inspiration Cons Copper .....20
10
5%
32
7
Jan 13
Feb
33
4
10
Inland Steel
210
6
6
5%
Jan
11
40
44% Feb 19
65% Jan 14
6% Jan 7
48% Jan 21
100
5,800
1,000
6,400
1434
Mar 14
41
.No par
Preferred
634
33%
43g
13%
5%
39%
—
4,500
12%
634
Feb 17
10% Jan
..
Leased lines
12
2
495
Preferred
RR Sec ctfs series
112
111
15%
6%
Hudson & Manhattan._
150
700
Jan
108
Household Finance partic pf__50
Houston Oil of Tex v t c new__25
Howe Sound Co..
5
120
11,200
2,000
104%
26% Jan 21
100
6%
6%
6%
30%
30%
30%
134% *132% 134%
105% Feb 17
133% Mar 17
80
19% Jan 13
6
6%
119
9
.5
Class B
65%
*135
14%
Hollander & Sons (A)
$per sh
2
115% Jan 16
30% Jan 2
Holly Sugar Corp
100
7% pref
Homestake Mining
100
Houdaille-Hershey cl A. .No par
38
65%
Jan 30
Mar
35% Jan
75% Feb 27
15%
38
*15
112% 113%
12%
12%
*684
6%
6%
2%
Jan 23
128
.No par
33,000 Hudson Motor Car
12,600 Hupp Motor Car Corp
10,700 Illinois Central
24%
*135
113% 113%
12%
12%
300
17%
2%
23%
40
31%
132% 134
67g
179
*38
.
2%
24%
16
5%
34%
39%
180
18%
2%
434
65%
678
16%
4%
1334
5%
4%
12%
16
12%
34
800
13%
65%
5%
5%
12%
*12%
16
6%
6%
34
434
4%
*135
15%
53%
4%
13%
65%
634
15%
52
17,300
3,200
1,300
*4%
*12%
16
12%
11
11%
53%
4%
53
~
10%
11
84
100
Conv preferred
14,000
11%
53%
.No par
Holland Furnace
"""400
73
65
113% 114
490
Mar 27
Hershey Chocolate
500
Jan
30
$7 cum preferred
4234
7234
*38
*135
113% 1137s
12%
12%
634
634
162
29%
7234
74%
6%
30%
141
142%
28%
7234
53
3178
132%
127
*42%
42%
29%
I684
6%
63g
30%
490
2834
1734
94
120
300
v
10%
42%
2%
23%
Jan 27
163% Mar 24
2,000
2,100
11,200
35
29%
10%
65
141
*109%
65
65
10
*450
133
156% Jan 27
Hercules Powder
77%
3934
*460
2
124% Mar 27
;
80
34%
High
120
.•
300
117%
10%
34%
*109% 112
Low
Low
Hazel-Atlas Glass Co..
-
.No par
■
*38
$ per share
Helm (GW)
Preferred
♦
Hercules Motors
102%
*75%
Highest
$ per share
Par
300
•
2,600
*115
40%
10%
353S
23%
39%
*16
30%
77%
117
40%
*73
24%
39%
*38
6434
16l2
77%
116
*99
Lowest
•
200
30
*133
43%
2%
2%
490~"
133
Range for
Year 1935
IQ^fi
J.90D
$ per share
85
120
70
30
30%
102%
*42%
2834
18%
23
6434
*135
38
175g
2U
6
*177
1834
1778
*435
13%
2234
212
23
3014
5%
13
1238
10
5334
478
*72%
4%
41%
10%
34%
33%
43%
29%
74%
11%
5334
458
54
434
490"
11
74%
1138
7734
7734
40
*110
43%
2S34
2938
*98
102%
116% 11634
10%
3434
*450
43%
*72
74i2
6
110
490
30%
1933 to
Feb. 29
On Basis of 100-share Lot
Week
*152
133
*98
*110
43%
2834
2912
30%
130
41
30%
Range Since Jan. 1
STOCK
A Mm?
JCjAUiiAiN VjrXli
Shares
$ per share
*125% 129
124% 124%
127
127
1hi>
Iflo
TlUUy
Mar. 27
*125% 129
*133
10%
34l2
*430
40
102
*77
77%
*116% 120
4038
41%
4014
Mar. 26
$ per share
128
3034
*133
r
163% 163% *152
31
30%
40
*110
126% 127
*127
163% 163%
-»
*114% 120
% per share
TFfA ft nit
X flVTodUy
Mar. 25
$ per share
102
120
W oQTlCSdfXy
24
Mar
128
*163
13314 133%
7714
7714
*114
23
$ per share
*125% 130
*163
*30%
tfPttoo/l nit
x uesuay
10
26
3
5
4284
6
125%
3%
3%
49% Mar 24
18%
23%
22%
149%
190%
8
'
46
87
*157
4
*6ig
46%
463s
87%
159
129%
612
3%
25s
128
88%
159
4%
6%
6
49
4984
128
6
6
63s
6%
6
6%
3%
3%
3%
3%
3%
2%
234
2%
234
2%
31%
42%
2%
32
3278
42
32
33%
41%
110
32%
4334
31%
43
43%
110
6%
*109
110
*109
*26%
27
*26%
27
*51
52
*51
52
*51
*1814
*5914
1978
HI84
19%
51%
1934
59%
*18%
5934
6034
60
6O84
1638
1634
1638
17
167g
12l2
12%
8778
12%
1284
16%
12%
88
88
88
19%
2034
2834
29%
*87
18%
18%
29%
2878
*123
*123
19%
29%
26%
*51%
30%
26
60
16%
88
153
_82~
83
*120
23%
34l2
36
19
19%
2914
30%
2484
*22
24i2
*90
95
25%
2278
2434
*
153
"82%
120
2234
*90%
*
2378
35%
19%
30%
*90%
2534
2234
24%
153
8234
120
25%
37%
19%
30%
87%
19%
2378
29
*40i4
23i4
*8ig
41
23%
157g
16
20
20t2
117
117%
9
11%
11%
2i2
2%
12
12
96
9734
13l2
6OI4
60%
9%
*28
*99
100
*164
13%
9%
2834
100%
100%
165
213g
21%
31
31
*4133
41%
3878
12%
2,700
19%
20
*27%
48
120
28
69
■
"81%
*
153
82%
_
24%
2~5%
38%
19%
29%
3834
36 84
19%
29%
19%
30%
29
19%
10
20
24%
36%
19%
29%
35%
19%
26%
2534
27%
26
22%
22%
24
25
24%
*90%
95
*91
95
24
24%
23
91
90%
90%
90
90
38%
37%
38
37%
90
377g
91%
91%
*90%
91%
90%
38%
90%
26%
26
26%
26
25%
8,600
26%
a26
35
*5
35
22%
22%
103% 103%
*5%
6%
22%
22%
22%
104% 104% *103% 104%
*5%
*5%
6%
6%
*78
110
*80
67%
68
.68
*63
*5
6%
110
*77
*65
68
6%
*63
80
110
110
72
26
5%
*80
Jewel Tea Inc
.No par
Preferred
Kansas City Southern
pref.. 100
cl A.l
1
Kelviuator Corp.
Kendall Co part
.No par
No par
Kinney Co
7,900
60
......
Kresge (S S) Co
40%
40%
*37%
40
*37%
40
23
23%
97
97%
1378
*13%
61%
60%
934
9%
2834 2884
99%
99%
100% 101
21%
122
15%
16%
23
22
21
21%
123
124
124%
22%
22%
9
*8%
15%
15%
19%
2034
123% 124
11%
11%
21%
123
123
11%
11%
11%
1134
11%
2%
2%
2%
234
11%
11%
11%
11%
97%
13%
98
2%
*11%
*97%
13%
*13
60%
9%
61
97%
97%
13%
13%
60%
9%
61%
934
*28
•
934
29%
100% 100%
*28
28%
*99% 101
101
101
102
200
102
59%
9%
28%
100
12%
2%
12
98
13%
2%
11%
2%
11%
96%
97%
*13
60%
934
13%
59%
9%
28%
57%
9%
28%
101
102
103%
165
165
*160% 165
*160% 164
*160% 164
2178
*21%
21%
21%
2IS4
21%
2184
*21%
32
32
32
32
31%
3034
31%
31%
28
20
4,500
100
8,600
15,600
600
6,300
•
2,600
1,000
2,400
164
21%
32
41%
39
48
36%
87
700
300
900
l,7t)0
1,600
1,100
19,400
700
12,600
46,600
400
100
6,900
60
Mar 16
Jan 31
5
13%
1534
106%
8%
50
Lehigh Portland Cement
50
.
.No par
Preferred.
Lehman Corp (The)..
Jan 21
Jan
2
9
2
23g Jan
100
.
2
2
Jan
Jan
11% Mar 27
..No
Preferred
100
No par
Preferred
Loose-Wiles Biscuit
.No par
25
5% preferred
Lorillard (P) Co
10
3
27%
8
19
56%
22%
Jan 31
12
12
32%
27%
7
19%
19%
46
19%
21%
28%
4%
5%
23
Mar 24
9
124% Mar 26
73
13
Jan
5
9
8%
10%
8984
17%
6
5
5
Feb
6
1%
1%
16% Feb
6
4
5%
14% Mar
4
6
11% Jan 6
31% Jan 29
58%
67%
10%
2
10%
21
21%
6%
2%
15%
21
*22
*6612
2878
*140
15%
22%
6784
29
145
14%
1434
1434
15
1434
1434
22%,
22%
22
22%
22
22
68%
2834
68%
6778
68%
68
70%
*140
28%
29%
141
145
29%
141
29
28%
*138
144
*1434
22%
71%
27%
*135
15
1434
1434
180
22%
22%
22%
1,800
73
72%
27%
73%
27%
4,400
Louisville Gas & El A... .No par
Louisville & Nashville..
100
8,800
Ludlum Steel
29%
145
136
136
200
Preferred
...
Conv preferred..
41
*40
*40
*130
32l2
4514
32%
4534
11
11
*3712
38
32%
4538
*11
37%
40
41
...
-
-
*130
40
..
-
-
*40
-
41
-
-
--
*40
40%
*130
33%
33%
33
34%
34
46
45%
46%
45%
34%
46%
11%
11%
37%
12
11%
12
38
z38%
12
*11
38
*37
3734
For footnotes Bee page
2108.
*40
*130
45%
33%
457S
*130
38%
32%
45%
*11%
38
40%
-
-
100
Mac Andrews & Forbes,.
6% preferred
-
71%
94%
120
73%
9334
122
165
Feb 28
123
6
14%
15%
39% Feb 21
13%
13%
167%
2334
27%
50% Feb 19
11%
17%
43
9
8
16%
19%
24%
23% Feb
108% Jan 15
3% Feb 11
8% Mar 24
45
Jan 17
110% Mar 23
26% Jan 27
151
Jan 30
151%
31%
37%
55%
102
1
1
IO8S4
1
66
2%
4%
41%
1%
33
33
107%
10734
14%
98%
112
26%
ll497g
%
1%
18%
124
4%
15
17% Jan 13
23% Jan 28
6%
10%
10%
23%
74% Jan 31
34
34
6434
164% Feb 28
39
Jan
4
4
Jan
4
127% Jan 9
27% Jan 30
3434
9,606
Mack Trucks Inc
6,000
Macy (R H) Co Inc
45
1,000
Madison Sq Gard v t c__ .No par
2,600
Magma Copper
8% Jan
34% Jan
10
29%
Jan 16
115
2
2
45%
11%
38%
.No par
17%
49%
10%
3
% Jan
10
11%
3%
1534
9534
57% Jan
24% Jan
129
100
107
20% Feb 20
Rights
*130
14%
116% Jan 15
J Louisiana Oil
*1478
80
9% Mar 6
16% Mar 17
54% Jan
Jan
6%
80
47% Jan 31
26% Feb 6
41% Jan
Mar 13
113
Jan
46% Mar 25
22
2734
33%
6
40% Mar 13
109% Jan 30
1934
103%
28
3
2
2
6%
41
77% Jan
14% Feb
142
7% preferred
10%
99%
63% Mar
2% Jan
3% Jan
2%
2
100% Mar
Mar 13
21
10
23
12
42
2
104% Feb 28
Loft Inc
Long Bell Lumber A
2%
30%
2
36% Feb 26
/
9%
96
1334
---«
12
2
39
Liquid Carbonic
Loew's Inc.
9
10%
84
13%
7%
4
Mar
6
Mar 16
3%
22
30
3
6% Mar
81
Jan
27% Mar 13
90%
31%
28%
18%
6
1%
6%
55
25% Jan 2
110% Feb 10
Jan
97% Mar 13
162% Feb 7
20
Jan 3
25% Jan 2
.No par
««
8
Jan
97
Lima Locomotive Works .No par
Link Belt Co
Jan
12
Series B
Lily Tulip Cup Corp
97% Feb 25
47%
8% Mar 16
34
2%
Feb 19
94
par
5
.
Lib bey Owens Ford Glass. Wo par
20%
15
26% Mar 20
7% Jan 8
3
7%
1534
5%
2
43
Mar 20
7% Jan
Lee Rubber & Tire
7% preferred
Lehigh Valley RR
Lehigh Valley Coal
Mar 20
130
130
12
Mar 24
91% MarlO
28% Jan 2
39
99%
126%
93
3%
6%
91% Feb 11
7
37
38%
117%
120%
14%
97%
Jan
16
36
120%
50
Jan 21
21% Mar 3
33% Feb 25
24%
16%
115%
334
6%
45
90% Feb 21
120
6%
24%
110
49
26
5
Feb 21
25% Mar 20
22
.No par
Llbby, McNeill & Libby.Wo par
Life Savers Corp
5
Liggett & Myers Tobacco
25
800
31%
100
5% preferred
Lambert Co (The)
3,200
4,100
21%
4%
20%
85
126% Feb 24
Feb 28
23% Mar 13
22% Jan 3
37% Feb 20
Lane Bryant
Lehn & Fink Prod Co
100
164
No par
1,000
7,800
101% 102
100
Kress (S H) & Co
Jan
66
Laclede Gas Lt Co St Louis. .100
16
77% Feb
129
39
74% Feb 26
Kroger Groc & Bak.... .No par
40
16%
90
Jan 18
2
Jan 27
4% Jan
100
10,400
15%
8%
70%
25% Mar 25
103% Mar 16
.No iar
Preferred
71
*37%
2%
16%
2
22% Mar 20
100
7% preferred
Kresge Dept Stores
28%
9
14
2
18% Jan 7
4% Mar 23
No par
10
24%
40
78
5%
35
No par
Preferred
70
23%
56%
5%
Jan
89
.No par
Kimberly-Clark.
190
24
*8%
Jan 11
28% Jan
Keystone Steel & Wire Co No par
*25
2234
40
110
19% Feb 17
20% Mar 24
87
pf ser A .No par
Kennecott Copper
26%
*37%
28
Jan 30
67
22% Mar 12
20% Mar 12
1434 Jan 2
conv
Class B
1,400
110
8%
36%
49%
16
19% Jan
......5
Kelsey Hayes Wheel
2,800
5%
23%
42%
16
29% Feb 19
123
Feb 24
78% Jan 15
100
Preferred
24%
40
25
38
5
13
24
8%
1534
20
53% Feb 21
23% Jan 30
2
118
.
26%
23
29% Feb 27
115
Jones & Laugh Steel pref ..._100
Kansas City P & L pf ser BNo par
26%
934
65
4
58% Jan 18
94% Jan 3
121% Feb 5
100
24
23%
9
Feb 10
27% Feb
.No par
Johns-Man ville
28%
4234
Mar 26
Jan
26%
*8%
4%
21%
98%
5
3%
2%
44
115% Feb
1
23%
23
4%
132
111
88%
29
978
*8%
16
1578
22
2078
117% 122
1134
11%
2%
2%
12
11%
%
Jan
.
6%
%
82
Preferred
434
47%
%
1%
65%
1%
Mar 18
4
101
36%
154
1%
3% Feb 10
36% Feb 8
100
2
21
34%
135
1%
1%
1453
22%
123%
1%
%
14% Mar
2378
23%
Feb 21
15
...
8
54% Feb 19
129% Mar 2
7% Feb 8
12% Feb 17
*26S4
2334
8
110
Mar 24
5% Jan
par
30
23%
*26
2
7
500
5%
35%
22%
Jan
80
89%
*5%
Mar 13
9
89%
35%
13
17
25,90
26%
-
Keith-Albee-Orpheum
91
5%
r
Intestate Dept Stores.. .No
Preferred
56
100
....
27% Jan
3734
35%
Feb 3
2534 Mar 27
47% Jan 2
,18% Mar 16
100
7% preferred
/
108
International Salt
Inter Telep & Teleg
6
9
37%) Jan 30
par
100
International Silver
6
Kaufmann Dept Stores $12. .50
37
*5%
Corp.. .No
Preferred
6
23% Jan
Preferred
Int Printing Ink
Jan
^2% Jan
[1% Jan
Class C
Kayser (J) &Co
15,300
11,600
47,300
23%
*90%
'4
Inter Pap & Pow cl A... .No par
Class B
1,700
95
35%
5%
538
4%
5%
35%
35% 36%
35%
22%
2234
22%
22%
10378 10378 *103% 104%
*76
25%
*91
6
4,300
24
24
23%
22%
19,900
27%
22%
*91
125% Feb
883S Mar 24
159
Jnlifit Ar nhlfi RR fln7% irt.d .100
"""640
82
29
38%
19%
5,600
_
23%
100
Island Creek Coal
153
"81%
*120%
6
Preferred
Intertype Corp
400
114%
111% 113
124% 124% *123
125%
*
44% Jan
25
Int Mercantile Marine.. .No par
Int Nickel of Canada
1,000
—■...
69
69%
.No par
56% Jan
100
Int Hydro-El Sys cl A..
3,300
*121%
42
42%
4234
42S4
42%
41%
4134
41%
41%
39
39
39%
38S4
38% 38%
3834
39%
38%
47
48
47
47%
47% 4778
4734
4684
47%
47%
10634 IO684 ♦106% 106%
107
107
1067s 10678
10634 10634
106% 106%
3
3
3
3%
3%
3
3%
3%
3%
3%
3%
3%
634
7%
734
834
734
8%
684
7%
7%
6%
7%
6%
42
42
42
43
42
42
43
42
*4H4
*41%
*42%
42%
*107i2 112
11034 11034 *10978 112
*110% 112
*110% 112
*110% 112%
23
22%
2258
22% 2278
2234
22%
22%
22%
22%
22%
22%
*148
149
148
148
148
149
*146
148
148
148
*14314 149
*38
460
88
26
26
6834
12%
2278
37
2334.
65,900
26%
*35
*63
1634
113
30%
95
59
16
22%
90
*25%
25%
59
*83
148% Jan
3% Jan
4% Jan
2
8
23
2
2
Preferred
35% Jan
International Shoe
"700
19
26
90
6%
69%
500
51%
19
*91
*S8i2
*2534
5%
110
19%
2884
*27%
19%
3884
*5%
88
30
90
*75
17%
1234
*120%
25
26
2534
*51
23%
90
22%
22%
*103i2 10378
8234
31%
95
38%
5%
153
39
50
*121%
~82~
25%
13,900
3,800
1234
29%
*120%
243.1
3678
43
110
29%
27
91
26%
8234
*82%
*120
3S38
38%
*
42
110
51%
19%
6034
18%
19%
19%
*29
*121%
1,600
2,000
3,800
44
3234
26
*51
13
*87
47%
110
4234
*109
73
70
*69
70
*68
71
70
*67%
113
11478
11312 114
113% 114%
112% 114
*12212 126% *122% 12578 *122% 12578 *123
125%
♦
200
17
1234
3,200
24,700
60%
*5934
16%
6
5%
48%
26%
51%
19%
*19
13
*123
:
3234
42%
110
49%
300
35,200
128% 128% *126
128%
5%
*5%
5%
6%
3%
3%
3%
3%
2%
2%
234
2%
6%
3%
48%
46%
8334
6
48%
*125% 129% *127% 128%
3%
48%
87
8434
85%
*157% 160% *158
160%
5
4%
434
5%
6%
49%
48%
2%
42
18l2
287S
434
6%
*10712 no
27
*26%
*86
159
4%
6%
4934
493S
48%
83%
159
4
4%
6
4934
*128
86
159
4
6%
49
88
159
87%
*157
4%
49341
48%
48%]
Jan 30
35
Feb 19
1
42
Jan 21
7%
50
Jan 16
1234
90%
21
37%
113
130% Mar 16
36% Feb 19
49% Mar 4
87%
18%
18%
30%
?o%
6
2%
Feb 17
12%
5%
18%
2
12% Mar
6
42
26%
135
%
%
%
40
130
3084
57%
11%
3784
New York Stock Record—Continued—Page 6
2114
HIGH AND
LOW
SALE PRICES—PER
Sales
SHARE, NOT PER CENT
STOCKS
frv*
Mar
Monday
Mar
21
Tuesday
Mar
23
Wednesday
24
Mar
28
1936
July 1
NEW
JOT
Saturday
March
Thursday
25
Mar
Friday
Mar. 27
26
the
YORK
Range Since Jan. 1
STOCK
1933
On Basis of 100-share Lots
Week
to
Feb.
EXCHANGE
29
Range for
Year
1935
1936
Lowest
Highest
Low
High
Low
$ per share
$ per share
$ per share
3
3
*12%
13%
13%
14%
9
9
9%
9%
*41
44
42
42
17%
*2%
3
*234
13%
15
10
*234
*13%
9%
44
44
*41
46
1734
20%
19
18%
20%
19
21
21
21
21
5%
6
10
21
934
2%
*7%
29%
3%
10
21
578
10
234
*6%
29%
*3%
47%
1678
*9%
3278
*159
2%
9
29%
3%
47%
17%
46
1634
*9%
32%
10
33
160
47%
18%
*159
48%
18%
534
934
2%
*50
9%
2%
*42
19%
21
18%
*20%
5%
9%
2%
734
8%
700
46
19
18%
20%
9%
2%
*7%
100
540
46
5%
10
3
20%
19%
21%
558
9%
5%
5%
934
2%
>
9%
2%
7%
20
4,500
1,400
9,000
6,900
1,170
5%
9%
2%
t Manatl Sugar
No par
t Manhattan Ry 7% guar.--100
Mod 5% guar
100
Manhattan Shirt
25
Maracaibo Oil Explor
Marine Midland Corp (Del)
Market Street Ry
8%
29%
100
28
27
27
750
*3
47%
*45%
17
17%
17
10
10
10%
33%
32%
3234
10%
32%
3%
45%
173S
10%
3234
Prior preferred--2d preferred
4634
3%
45%
16%
190
1734
334
47%
17%
10%
3234
160
47%
1934
*28
160
4734
*159
*50
19%
48
48%
20%
52
..v
-
52
*19
53
*50
7%
160
159
48%
*52%
*50
32%
160
46%
19%
19%
53
10
159
734
600
10,000
1,800
6,000
159
100
Marlin-Rockwell
No par
No par
No par
Matheison Alkali Works._No par
Preferred
100
30
47
3,700
May Department Stores
19
19
2,300
Maytag Co
No par
53
800
Preferred
No par
1,200
10,700
3,300
Preferred ex-warrants.-No par
Prior preferred.—
No par
McCall Corp
No par
t McCrory Stores class A .No
5,600
2,700
100
-
McGraw-Hill Pub Co
No par
Mclntyre Porcupine Mines
5
McKeesport Tin Plate
No par
-
$6 pref series A—
1,200
Melville Shoe
2,900
No par
No par
Mengel Co (The)—
7% preferred
-
•
125
124
126
92
92
92
*180"
185
180
180
*109
109% *109
120
*
11%
74
*78
*184
*3%
*3%
26
1
2
4
4%
26
77g
8%
21%
2I84
3%
*3
6
3%
6
24%
*9834
40%
*50%
*69%
1%
25%
35
20%
534
25
99
100
4034
40%
*50%
52
70%
*69%
1%
1%
35%
20%
34%
20%
16
*15%
1584
7834
79
26
26
20%
20%
*47
19%
*25
15
*14%
34
*161
27%
24
15%
*15%
*77%
26%
20%
*48%
19%
1534
4834
19%
25%
15
14%
34%
161%
27%
24%
92
92
j
*180 | 183
109% *109
109%
1134
12%
1134
12%
74% 75%
74%
76%
1
*%
%
%
2
1%
1%
*134
*3%
3%
3%
3%
4%
*3%
4%
*334
26
26
25% 25%
8
7%
8%
8%
21% 2234
22%
23%
11%
71
124 1126
384
126
127
*92
94
8
8
22%
23%
3%
6%
*3
25%
25%
10034 100%
41
39%
50%
50%
69%
69%
1%
1%
3434
35%
20%
20%
6%
25%
26
6%
10034
41%
52
70%
1%
35%
2034
15%
15%
27
20%
4834
20%
48%
19%
8%
734
22%
3%
2334
70%
*69%
1%
1%
3534
20%
1%
34
20%
1534
16%
77
*26%
20%
48%
19%
25%
14%
16
27%
20%
48%
20%
25%
34%
20%
*15%
1534
78
27
20%
*47
69%
1%
34
27%
20%
28
19%
47
109
109
109
109
109
109
*109
111
*109
110
109
109
*32
34
304
*161
*161
2
1
13%
13%
13%
3134
32%
31%
33
33
33
*32
*285
12
11%
12
*164%
140
13%
31%
32
33%
302
*282
*164%
140
11%
500
15,600
210
3,200
14
1,100
25,700
34%
160%
500
141
12
11,400
21,500
480
111
10
14%
3134
24,100
32%
9,200
'<•«•••
_
*1%
2
69
%
68%
69
68
69
68
6834
1%
%
68%
%
70%
*134
*34
69%
36%
37
36%
36%
37
36
37%
36%
3734
36
37
9834
98
36%
98%
98
99
98
99%
99
98
9%
11%
9%
*11%
1134
934
1134
934
1134
99%
934
97
9%
11%
11%
934
11%
11%
37
*35
37
36
37%
*36
36
36
51
*50
51
50
50
*48
*97
97S
9%
12
12
*35
37
*50
51
*35
,
*50
11034 11034
*10
12%
1178
12%
36% 37%
34%
3434
11034 11034
*10
11034 11034
15
14%
11%
12%
37
3634
14%
11%(
12%
37
3534
35
36
29
29%
57
57
30
29
56%
5%
14%
58%
57%
29%
59%
5%
5%
534
*127
1%
*90
*13
11%
35%
35
36%
34%
2934
30
27
55%
56
56%
*5%
14%
6
*132
160
*132
160
*132
4
5
5%
*4%
14%
14%
68%
67
5
*83% 87
*83%
*10034 104% *10034
2%
*1%
*1%
233
*107%
a23184
*107%
26%
27
55
55
2634
54%
10%
102
10%
*100
*6
10%
*
~29%
54
54
1%
1%
99
*90
99
4
4%
10%
6%
5
4%
4%
10%
5%
10%
5%
I84
*90
14
14%
1»4
1%
98
*90
101
9%
101
*101
9
*5
*4%
*
30%
54
7%
98
98
~2934
31
29%
30%
54
57
*5434
384
57
*28%
15%
45%
30%
1534
47%
99%
3%
32%
f6
*27%
32%
1534
48%
28%
4
28%
15%
15%
47%
48
For footnotes see page 2108.
102
334
Preferred
1%
4,400
7.50
1
7%
cum pref
100
Nat Cash Register
No par
Nat Dairy Prod
No par
105%
23
3
108
Jan
6
I8I2 Jan 23
3958 Mar 25
103>8
914
37*4
12is
Mar 27
Jan 9
834
16i4Mar 11
1578Mar 11
112*4 Mar
24
67%
3%
3734
'4
46
3
9
7
105
12*4 Jan 2
97ia Jan 10
19
65
Jan 25
9
6
6*4 Jan 3
I8I4 Mar 13
21% Jan 9
110
4
D8I2 Jan 3
11*4 Feb 14
Jan
31 ia Jan
40»s Jan
7
Jan 31
28%
Jan
55U Jan 31
73s Jan 6
*4
1%
3i2
49*8 Jan 24
Feb 17
1514 Mar 26
Mar
88
N Y Air Brake
New York Central
22
9%
7
6%
1%
New York Dock
100
Preferred-
100
N Y & Harlem.
10% preferred
t N Y Investors Ino
Jan
Jan
Jan
Jan
Jan
31
3
4%
23
»
55
2134
41%
60
65%
%
3184
1%
33%
15%
%
7%
6%
9%
84
Jan
62
10
7%
9%
9%
62
13%
9434
40%
66
16%
1534
8134
26%
21%
47%
3%
13%
30
11
11
19%
14
14
27%
14%
14%
36%
158%
23%
22%
113%
217s Feb 19
283s Feb 11
17i2 Feb 19
3
5%
22%
129%
32ia Feb
153
162 U
Jan
Jan
110i2Mar 25
10U Feb 4
97g Jan
Jan 24
30
Feb 11
27*4 Jan
17*4 Jan
36% Jan
5
Jan
13i2 Mar 13
Jan
8*8
514
2ia
*2*8
12*8
2514 Mar
11234Mar
12
2
2
Jan 7
Jan 17
Jan 2
634
22%
141%
13%
12%
80
108
a:106
2106
"16 "
10
6
Mar 19
108
23%
21
122
206
162%
140%
14%
121%
4%
4%
3
Feb 11
%
%
li2 Feb 11
75
Jan
2
33
38i2Mar 19
100% Mar 19
9
lHs
13U
3878
59%
Mar
Jan
51
9
36
28%
3%
28%
4
5
3
15
113% Jan 15
15% Feb 10
80
3%
7%
21%
43%
109
6
4%
3%
4%
4
Feb 21
11%
12%
18%
12%
Feb
Mar
1%
%
8334
20%
77%
11%
13%
4134
61%
118%
11%
10%
36%
2984
Feb 21
Mar 6
6
6
19
9%
9%
39
4
2
2
Mar
Jan 20
5
Mar
4
5% Feb
6
14i2 Feb 7
7i2 Feb 24
5% Feb 24
5i2 Feb 24
15% Mar 13
73% Feb 6
;
4
112
112
Feb 28
214 Feb
6%
16%
4
101
17% Feb 17
98
%
%
40%
33
Jan 17
Jan 24
34%
32%
145
150
87«4
9934
125
Jan
4%
5
Jan 20
Jan
434
1478 Feb 17
135
2
11%
3
Feb 28
34i8 Feb
6
Jan
6
2
15i4Mar 11
333s Mar 6
13*4
42%
40i2
35i2
6314
6%
32% Jan
Mar 13
100
1%
10»4
6%
16%
,
"
Jan
4
7% preferred
1
24
9%
Jan 10
1
4%
17«4
5534
71
1
No par
1%
17ia Jan 21
125
Preferred stamped
4
15%
90
N Y Shipbldg Corp part stk
%
2%
1
34%
133g Jan 31
50
100
68
%
%
10%
2%
5%
1%
1034
60ia Jan
*4 Jan
119
100
2111%
37s
7%
1%
2%
5%
1
No par
Conv preferred
105
10%
23s Jan
50
100
116%
31
1
Mar 17
100
150
15
Mar
...100
85
58
%
78 Jan 8
% Jan 10
8414 Mar 13
19% Jan 2
74i8 Jan 6
9% Jan 2
lli8 Mar 14
34i2 Feb 29
4934 Mar 17
Preferred series A
85
68
1% Jan
234 Mar 27
2*4 Jan
17is Jan
5ia Jan
14is Jan
4% pf—100
N Y Chic & St Louis Co
60%
20%
3
*s Jan
44
24%
2%
9%
8%
44
143
——-.No par
No par
22
834
2%
168
100
20*4
22
9
Jan 14
107>a Jan
6% Jan
8714 Jan 17
934 Feb 19
No par
No par
97%
65%
8%
60*4
33%
42%
684
20%
247g
3
10% Mar
305
—..No par
97%
41
17
Feb 28
200
164*4 Mar 4
137*4 Jan 21
Preferred
15%
"14%
50
Jan
378
20%
89U
35*4
19*4
45%
131
10*4
40
8%
2034
s
50
Mar
142
57%
7%
3384
90%
578
38%
3
68*4 Mar 17
37i2Mar 24
4014 Mar
7%
6%
17%
Feb 21
100
National Tea Co.
54
Ti"
97%
3%
'*
10412 Feb 6
73i2Mar 26
10% Mar 6
100
Natomas Co
20
5%
28
6
Mar 24
2
25
5734
33
Feb 28
204
25
156
35%
3%
65
111
100
33%
136
21% Feb 28
973s Jan
No par
Preferred B
National Pow & Lt
11
4
114%
%
78%
2%
139
%
96
114%
1%
99
2%
8%
5%
5%
2%
2%
16%
6%
334
2%
16%
%
%
%
6%
6%
%
65
Feb 19
51
51
87
No par
83
Mar 17
96
Feb 17
69
69
No par
100
3
107
Jan 31
79
79
92%
102%
2%
86
80
10
2
400
t Norfolk Southern
232
800
Norfolk & Western
100
210
Jan
2
235
Mar
6
138
158
218
Adjus 4% pref
100
106
Jan
4
108
Feb
3
77
99
108
30'4 Jan 8
55*4 Feb 14
1034 Mar 19
9
9
28
9
99
3134
"30%
30%
56
*51%
3%
2734
56
3%
Feb 28
14%
634
103
107% 10734
26% 2734
55% 55%
9%
9%
*102
102%
*
2334
100
Stamping
210
99
20
634
2%
23%
5
2H2 Jan
21U Jan 21
IO8I2 Jan
107i2 Jan
10% Mar 4
28iz Jan 16
28*4 Jan 2
7% pref class A
100
7% pref class B
100
t Nat Department Stores.No par
io~, 200
*97%
30%
*5434
3%
12
5
35%
1478
143s
111%
22*8 Jan 9
135s Jan 21
123s Jan 7
Acme
2334
3%
45%
1
%
5
Mar
53i2 Jan
10
2%
334
3
28
Nashville Chatt & St Louis..100
National
10
National Aviation Corp.-No par
National Biscuit
—.10
67
*638
2
36ia Feb 19
160
3
9%
1%
%
22
173s Jan 21
67
5
%
8
No par
14
5
12
19
18
19
18
3214 Jan
Feb 24
29
Nash Motors Co
*4%
*4%
13%
102
3i8 Mar
10i2Mar
30i4 Mar
4i2 Mar
5034 Mar
J 918 Mar
Jan
N Y Ontario & Western
N Y Railways pref
102
5%
55
103
43
1,500
1,000
2,200
1%
5
32%
84%
21
10%
5%
232
1
8
No par
10%
5%
84%
19%
1
27
No par
1034
103
30
10
634Mar 17
1034 Jan 14
9
Myers F & E Bros..—
10%
_
13%
10
3
13is Feb
t 'N Y H & Hartford
434
29
1034
Mar 17
23
4
Munsingwear Inc
Murray Corp of Amer
2,9O5
4%
14
23i4 Feb
2%
12%
66%
Jan
Jan 20
4%
6%
57U Jan 10
%
Mar
74
4%
6
10
3
%
50
N Y Lackawanna & Western. 100
"
4
3
110
No par
4%
5
5
5
5%
4%
5
*4%
*4%
434
5%
*4%
14
14%
15%
14%
14%
14%
67
67
65
65
65
*65%
68%
87
87
*84
87
87
87
*83%
104
*10034 104
*10034 104
*10034 104
2
2
2%
2
1%
1%
1%
23134
234% 234% 23334 234
232% 232%
*107%
*107%
107% 10734
28
27%
27%
27%
27%
2738
28%
5434
*54% 54%
55%
54% 55%
*54%
10
10
10%
10%
10%
10%
9%
102
980
------
160
98
Mullins Mfg Co class A
Class B
4%
5
384
4684
1%
98
1034
6%
5%
6
*3%
46%
1%
*90
4%
10%
384
15%
14
14%
99%
30
*132
134
1434
1
3
15is Jan
Neisner Bros
930
7
7
2834 Jan 21
5
Newberry Co (J J)
No par
7% preferred
100
t New Orleans Texas & Mex. 100
Newport Industries
1
50
378 Feb
17i2 Feb
10i2 Jan
% per share
2
Jan
Motor Wheel
Nat Rys of Mex 1st
7,000
1,500
45,600
4,100
2,600
5%
14%
160
1%
*90
15
50
$ per sh
Feb 13
45
103
Mother Lode Coalition.--No par
Motor Products Corp
No par
2d preferred
National Steel Corp
National Supply of Del
80
2934
55%
5%
1434
55%
5%
No par
100
35%
2934
-No par
500
37
3434
2934
54%
5%
Mont Ward <fe Co Inc
Preferred A
2,000
1,600
12%
37
Conv preferred100
Mohawk Carpet Mills
20
Monsanto Chem Co.---...—10
No par
"
46% Mar 26
1634 Jan 4
49i2 Jan 17
100
National Lead-..-
8,600
3,100
17
12%
37
160
*132
184
99
5
45
17
12
37
160
*4%
13%
334
*27%
15%
*13
12%
*126% 130
6%
29%
15
37
100
600
50
*47% 4934
111% 111% *11034 111%
12
Preferred series A
t Missouri Pacific
Nat Enam &
12,700
934
37
100
—.No par
No par
900
1
130
6%
♦53
15
11%
37%
2
*127
10%
*5%
110% 110%
9%
1%
130
10%
10%
%
134% *127
10%
6%
*100
1%
*34
134% *127
4%
233
5%
5%
14%
1%
14
14%
134% *127
4%
*66
9%
36%
34%
2934
*132
%
Mission Corp
Mo-Kan-Texas RR
100
No par
22,500
70%
1%
*1%
%
%
7% preferred
4% leased line ctfs..
Nat Distil Prod
"40
1134
1537s Jan 17
100
300
141
11%
100
400
302
*1%
*34
68%
•
2,000
20,400
2634
2234 23%
108% 109
32%
*11%
700
210
2:2$
13%
293
295% 295% 293
*164%
*164%
*137% 141
140% 141
*135% 141
*135% 141
11%
11%
11%
11%
1334
3234
No par
Morris & Essex
2,900
15%
*109
6% pf._100
Minn Moline Pow Impl_.No par
Preferred
No par
330
19%
160
—100
-
Morrel (J) & Co.
5,500
9,500
5,800
25
1434
1334
3334
109
111
19
-No par
Minn-Honeywell Regu
6% pref series A
200
47
109
*296
6,600
28
25
8% cum 1st pref
Milw Elec Ry & Lt
-.10
Minn St Paul <fc S3 Marie.—100
2~900
20%
49
Mid-Continent Petrol
Midland Steel Prod
t Minneapolis & St Louis
200
15%
1534
78%
15
*76%
-
200
20%
147S
16
100
Merch & Mln Transp Co-No par
Mesta Machine Co
6
Miami Copper
5
900
35
19%
16%
78%
*109
13%
31%
*31%
59,400
5,300
69%
1%
109
13%
14%
32%
32%
*3134 33%
296% 296%
20
3%
6%
1%
35%
20%
111
14%
32%
200
23
70%
109
14
50
50
*109
32
1,130
8%
50
20
19%
19% 20%
25
25
25%
25% 26%
15
15
15% ,1434
15%
1434 •15%
*14
14%
14%
14%
14%
*14%
14%
14%
33% 34%
35
33%
35%
35%
34%
34%
*161
161% *160
161% *160
161% *160% 161%
27
27%
26%
27%
26%
27%
27%
26%
24
24%
23%
24%
23%
23%
2334
23%
*25
128%
94%
19,800
1,500
6
2,400
26%
2634
3,200
100% 101
2,200
40% 41% 190,600
3%
70%
*50
16
2034
8%
22%
*3%
52
100% 10034
39%
41%
76%
4834
127
*
6%
6%
27
26%
10034 101%
41S4
4034
*49%
51%
27
16
1534
77%
27%
6%
15%
77%
27%
*15%
78%
12734
92%
23,500
5,300
*181" 188
180% 180% *181" 188
109% 109%
109% 109% *109
109%
12
12
11
12
H84
11%
74
74
72
73
74%
74%
1
*%
%
%
%
%
2
2
*134
*1%
1%
1%
*3
3
334
*2%
234
234
4%
*3%
438
*3%
438
*3%
24
*24% 2534
23% 24%
24%
334
6%
334
125
*
120
2
Jan
121s Jan 16
-
270
Feb 29
12% Jan 16
—
4,200
4,000
6
lli8 Jan 22
par
5
11,100 McKesson <fc Robblns
$3 conv pref.
1,800
No par
33,700 McLellan Stores
1
300
6% conv pref.——
100
13,600 Mead Corp
No par
100
41i2 Jan
——No par
Class B
Conv preferred
"""600
10
3
Jan
8
52%
"""170
7
18*4 Jan 10
2is Jan 6
Martin-Parry Corp
46%
10934 10984 *108% 10934 109% 109% *108% 109% *108% 109% 1087S 109%
31
31% 31%
3134
31%
31%
31
31%
31%
3134
3134
31%
15%
15%
15%
15%
16
15%
15%
1534
16%
15%
15%
1534
*1434
15%
15%
15%
15%
15%
15%
1534
15%
15%
15%
15%
*108% 117
*108% 117
*108% 117
*108% 117
*108% 117
*108% 117
21
*20*4 21%
*20
21
21%
*20% 21%
*20
21
20
20%
42
42
4134 42
41% 42
39%
40%
40
39%
40%
3954
105
105
106
105% 105%
107%
105
104% 106
105%
103% 104
10% 10%
10% 10%
10%
1034
10%
10%
10%
10%
10%
10%
*44
44% 44%
44%
4334 44%
43% 43%
4334
44%
43% 43%
14
13*4
1334
15
13%
1334
14%
14%
14%
15%
14%
14%
106
103
*103
103
105
*103% 106
105
*104
*104% 105
106
17
17
19
18
1678
18
183s
18
17
18%
17%
17%
102
102
*99% 102
101
100% 101
101
*101
103
102% 103
71
69*4
6934
72
72
70%
71S4
73%
73%
73% *72
73%
9%
9%
9%
9%
934
9%
934
9%
9%
9%
9%
9%
*64
66
67% 67%
*64% 66%
65
64%
64%
*64% 67
65%
37
37
37
37
38
37
37
37% 37% *37
*36% 38
48
4684 4734
47% 48%
4834
48
4784 48%
47%
47% 47%
9
834
834
9
834
9
9%
9
834
9
8%
834
20% 20%
20% 20%
20% 20%
21
22
20%
2034
21%
2034
37% 38%
38% 38%
3734 3834
3734 38%
38%
3734
37%
36%
9% Feb 26
lis Jan 7
Marshall Field & Co
19%
53%
*50
Mar 19
17i2Mar 19
1758 Feb 26
2% Jan 3
100
100
48
*50
42
100
——100
2
2
8I2 Jan 31
5
Preferred
28
3%
1
$ per share
1% Jan
7% Jan
-100
-
*3%
30
$ per share
100
Preferred
Mandel Bros
3%
47%
*3
33%
52
*42
*13
9%
*934
3234
10
19
9%
jPar
14%
9%
*234
13
13
6
234
3
*234
9%
Shares
17
17%
52
3
8 per share
*46%
2934
3%
46%
160
*47%
53
*2%
8%
29%
9
$ per share
14
*9
6
*1784
*52
3
$ per share
3%
80
N Y Steam $6 pref
$7 1st preferred
34,100 North American Co
1,500
Preferred..
51,400 North Amer Aviation
700
200
20
3,900
28
28
2734
60
15%
1534
1434
15%
23,600
45%
46%
45
46
8.500
No par
50
1
No Amer Edison pref
No par
No German Lloyd Amer shs
Northern Central
—.50
19,700 Northern Pacific
60
100
Northwestern
Telegraph
100
50
Norwalk Tire & Rubber ..No par
Preferred
50
Ohio Oil Co
No par
Oliver Farm Ea.uip new.-No par
Jan
1*4 Jan
2
25% Mar 13
52*4 Feb 6
6*8 Jan 6
98
Jan
2
414 Jan 17
99
Jan 30
24% Jan 2
51i4 Jan 16
2
23
Jan
6
Jan 16
13i2 Jan
24>8 Jan
6
6
278 Jan 14
102
Mar 26
12i2 Feb 21
101
Mar
3
%
31
2
39
57
7%
71
13%
57
33
4i2 Mar
30
6
Jar. 22
17% Jan 15
48% Mar 23
35%
2
3634 Feb 20
Mar 24
34
1%
20
8%
16%
3%
86%
13%
35%
1%
220
9%
16%
55
7%
102
10%
99
25%
253%
2%
32%
14%
27%
New York Stock Record—Continued—Page 7
Volume 142
2115
Juty 1
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
STOCKS
Sales
NOT PER CENT
NEW YORK
for
Saturday
Mar
21
$ per share
23i2
*112
Monday
Mar. 23
Mar. 24
Mar. 25
$ per share
$ per share
2S3g
2378
113
*152
132i4
187g
*113
155
2978
93i2
*49
49
.
.
-
-
*113
15484 15534
1738
1734
1678
17i2
*75g
8
8
14
14
14
7i2
36i4
*5034
52
1778
17ig
363g
36
52
52
5U2
1712
175g
175g
*126i4 127
1158
*12
*258
25g
*29
317g
87
87
88l2
in2
117g
12
14
19
284
33i2
88i2
978
75i8
1034
88i2
10
95g
76
1034
107g
75is
IOI4
25
25
25
4l2
45i8
4534
10i8
*24i2
4i2
4512
7
8
8
25
458
434
4514
4514
7
7i8
95s
838
914
93g
1478
14i2
1434
234
234
212
234
10
65
65l4
65
72
71l2
7212
5
5
*478
8
93s
4612
8i2
45
5
43
*423s
*4
42
6
6I4
*31
35
85
85
30i2
1038
25
434
4512
85g
10
714
7i2
14
1412
*14ig
15i4
*8
8i2
*8
36
36l4
5134
1714
5U2
8I4
36i4
5158
173g
1734
73g
36ig
38
42
*4134
2d preferred
36
36l4
12,200
2,100
240
1,700
434
4514
9
938
7234
10l8
2514
4l2
4458
85g
93«
27g
91,
IU4
*12
93g
15
95s
73
72
73
10i8
10
IOI4
2534
*2414
45g
453g
9
43g
44
85g
67
6714
68
7434
74
75
143g
25g
6712
7434
458
5
3334
397g
111
4214
434
83g
4134
3314
39i2
434
912
43
3378
4214
*6612
7334
45g
83g
4134
*4
4218
6
*2934
42
*4
100
39ig
38
18i8
38i2
37
387«
3712
38
37i2
38i4
377g
*47
49
47ig
47ig
4714
4714
475g
475g
48
48
*48
48i4
500
*86
86i2
8514
86
*87
93
*86
90
200
*72
73
7214
*1284
13i2
86i2
4534
453g
*8'4
*80
45
93g
*814
*80
....
14
*1312
2
13l2
2
2Jg
3378
3378
3312
75
*60
9l2
*5U2
95s
40
*36i8
*176l2
175"
*
*85
"_838
834
7514
*178
76l2
2i2
19
*1334
65g
6i2
912
*36i2
*176l2
73
45
9i2
*814
*75ig
1334
135g
2ig
33l2
"9"
76
*17g
*1334
6l2
1714
83g
1712
834
3
3
97g
97g
4
4
934
37g
5434
*5U2
60
9l2
91,
20
6i2
6i4
*36i2
*176i2
155
834
38
77i2
914
77i2
*17g
2i2
*15
20
77
*17g
*1384
27g
*2I4
15l2
15
153g
15
1512
25
2384
*24
17
*22l2
17i8
257g
1734
2434
1734
171?
17
83i4
38
"834 "9"
29i4
*81
7712
2i2
19
13
13
100
85
10
52,600
4714
*7i2
80ig
834
8018
13
13ig
1,200
2
*3312
55
912
*3612
*176I2
48i2
......
10
8212
*75i2
30
1712
914
834
9
85g
8h
8i2
8i2
3
3i8
27g
3
3
3
10lg
37g
2778
10's
334
103g
27
28
46
46U
*118
119l2
40
4034
*2712
4584
119
10
934
4
37g
384
26i2
2714
46
2814
465g
47
119l2 *11714 120
10
334
41
4U2
4U2
4U8
10414 10414
104ig 104i8
10414 10414
IO4I4
*nu211534 *112I2 114i2 *11284 11412 *113
130
130
*120
132
*120
13U2 *120
*14818 154
*148ig 152
1481S 148lg *142
*113
*113
♦1123a
*113l8
4214 43
4184
4278
4178
4334
4258
24
2414
237g
243g
2412
2378
23i2
131
131
131
13U2
13058 131
13114
*11484.116
*11434 11512
115l2 115l2 11514
*11434 117
*11484 115l2 *115
115l2
115l2
*
*
131
130i2 130i2
13012
13012
*13012 131
13012 13012 *130"
131i4
1484
*14i2
14i2
1434
1458
1478
1458
13
13
13
133g
13i8
135g
13l2
553g
553s
55ig
553g
5514
5514
5514
98
9714
9884
98i2 100
997g
98i2
98
98
97i2 9712
*9812 10012 *98i4
8
8I4
8*6
734
8ig
784
734
*30
30
3U4
30i8
3012
3084
3084
*4212 44
*4U2 4378
*42i2 44
4234
*42
*43
43I4
*4278
4314
*427g
4314
39
*387a 39i2 *385g 39i2 *385S 39
....
...»
....
29
*214
15ig
*23ig
1634
8I4
*25g
110
32
370
3
£
1584
7
23l2
95i2
*9212
*1378
3012
90
235g
714
91
23i2
*107
7
24ig
2334
95l2
*9414
9312
92l2
*10838
4812
53i8
*61
*1178
*31
*36i2
41
104
100
.
.
.
3
13184 132l2
116l2 117
100
13212 13314
11712 117i2
11612 116l2
61,700
1,560
800
200
6
6
1534 Mar 26
Pond Creek Pocahontas.-No par
2434 Mar 24
26i2Mar
12
1984
984
33s
12i4
53s
5% pref (ser of Feb 1 '29). 100
Pub Ser Corp of N J.
No par
No par
100
.100
100
Pub Ser El & Gas pf $5...No par
Pullman Inc
No par
Pure Oil (The)..
8%
conv
No par
2i2
183g
*212
*17l2
*2i2
234
177g
2I84
20ig
2U4
91
92
2384
24
91
2334
112
110
7lg
243g
96
92l2
110
7ig
2334
97
25g
92
14
14
1414
29
29
*1312
29
11134 *102
75g
2438
96*4
923g
14l4
29
1778
20I2
92i2
23l4
*110
7i2
400
10
*258
234
18i2
2Uo
2038
9384
*17ig
205s
93ig
935g
237g
2334
2378
9234
2334
2U2
113
8I4
*110
8
117
8I4
*108
7io
200
11,100
20i2
9234
2334
4,000
6,500
117
10
8
144,900
24
233g
24
225g
2312
*95
97
95i2
9512
93
95
1,350
93l2
*13i2
93i2
93i2
*13i2
9312
93
1,200
14is
92l2
*13l2
14
200
*29
30
*29
30
600
23i2
29i2
14I4
2912
112
*102
11I34 *102
III84 *110
IIIS4
295g
2914
2978
3012
3014
30l4
28i2 2912
29l2
112
*109
112
*10834 112
*10884 112
*1085S 112
*109i8 112
49
49
48
*45
47
4914
4914
49I4
4734
4812
47l2
53
53
5314
5234
53l2
5314
537g
5234
53U
53i2 5334
*61
65
*61
64
64
6312
6312
*6238
*623g
6312 63i2
14
*10
14
14
14
135g
*1U2
*12i8
*12i8
1234
1234
32
30
30
32
32
32
32
3234
31l2
*3184 32l2
371,
*36i2
3712
3712 *3638
37i2
*3612
373g
*36&8
*3634
37i2
For footnotes see page 2108.
300
284
17ig
34,400
......
10,500
.
.
....
1,100
10,300
10
200
Real Silk Hosiery
Preferred
100
Reis (Robt) & Co
No par
10
1st preferred
100
Remington-Rand
_.
$6 preferred
25
Prior preferred
25
Rensselaer & Sar'ga RR Co..100
Reo Motor Car.
5
Republic Steel Corp
6 % conv prior pref ser A
Revere Copper & Brass
Preferred
Reynolds Metals Co
_.
]5s
58
5I4
33i8
»
6978
623g
73
73
130
13612 Jan 27
84
85is
Mar 21
14818 Mar 24
156
112
203s
113U Jan 17
Jan
7
165s Jan
Jan
Feb
128
Mar
131
129t2Mar 11
143s Feb
Feb 27
48i2Mar
2478 Mar
13314 Mar
117i2Mar
116i2 Mar
3678 Jan
3
99
8378
29i2
3
20
27
578
27
65
83s
178s Jan 6
1414 Jan 17
5618 Mar 9
100
98
834
1784
4
4
133s
22
Mar 23
97i2Mar 21
50
Mar 23
5
Jan
2
287s Jan
35i2 Jan
6
33
3
39
Jan
7
Jan
4
40
978 Jan
70
88
2<s Jan
1512 Jan
22
_
110
Feb 20
Jan
95
13U Jan
7
113
13
35
75
Jan 23
Feb
5
9
117
Jan 13
50
Mar 20
_
_
585s Feb 28
Jan
2
3
655s Feb 10
13i8 Jan 3
19i2 Feb
2
35
32
3
3812 Feb 17
Jan
78i2
512
3
1034 Jan
60
78i2
10
Jan 10
Feb 17
z5D8 Mar 17
9
♦«
34
Mar
214
2858
*«
120
27
9
19
16i2 Feb 17
2
113
69
98i2
36
27i2 Mar 17
Jan
7
2Hs
2
Jan 13
28i2Mar 12
1
8
2Us
98i2
Feb 20
Jan 27
3iS
69
6
2434 Jan 23
110
38
20 i8
1
Jan 14
2384 Jan 15
94
33
53s
514
334 Jan 14
197s Jan
85i2 Jan
225g Mar 12
3014
43is
4318
3is
20i8
Feb 17
36
27
Jan 13
1684 Jan 30
Jan
~~6~
I6l2
2978
28
Feb 19
3514
"T14
1U8
2978
488s Feb 24
4314 Mar 27
37
133s
6212
92
"T14
914 Feb 19
89
_
495s
3312
13178 Mar 26
11«4 Feb 10
64>2 Feb 3
8312 Jan 2
100
1,400 Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
99
29i2
578
107
Feb 19
10
100
Mar 26
99
Rhine Westphalia Elec & Pow.
2038
49
27
8I4 Mar 25
2634 Feb 19
100
423g
115
106it Jan 13
11978 Feb 15
2
No par
101
I03i2 Feb 21
114l2Mar 26
Jan
5
*4
43s
58
6i2
48'4 Jan 15
47s Jan 2
I8I4 Jan 21
10
1&8
u
438
Mar 21
86
5H% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B...10
Class A
122i2 Feb 26
~~6~i8
6
2
100
No par
6% conv preferred
Class A.
40
107
15i2
15
11884 Mar 17
10278 Jan
85
85
Jan
1
6i2
10
Jan 16
49
115
6% pref rets
«
Feb 19
36
678
1
6i2
Mar 4
Jan 11
Feb 6
Jan 16
44 5g Mar 13
100
*80i4
19
2
3
314 Jan
23i2 Jan
100
preferred
6% preferred
*15
15
H4
24i2
4
Jan
1
IOI4
Us
2412
678
334 Feb
No par
5~l2
2218
6is
35i2 Mar
Plymouth Oil Co
"
8
Jan
86i2Mar
$5 preferred..
24,500
1
2614
172
684 Mar 23
21
Jan
6% preferred
7% preferred
8% preferred
200
113U 113U
41
415g
2334
2212
1514
Jan 17
15g Jan
1178 Jan
800
150
11314 11314
42
4278
2418
2314
*80i4
234
17ig
3
58i8 Jan
200
100
14U4
I2O84
4i8
1
7
26
9
Mar 25
113s Jan 31
114 Jan
934 jan
104
Mar
85i2Mar
4i8 Jan
114l2 114l2
7
21
100
Poor & Co class B
50
6558
Jan
Porto-Rlc-Am Tob cl A..No par
7,676
50
Feb
40i2 Feb
Jan
Class B.
No par
1,500
1,900 t Postal Tel & Cable 7% pref 100
3,600 t Pressed Stee. Car
No par
Preferred
100
1,900
No par
9,500 Procter & Gamble
4134
Feb 21
155
184 Feb 24
163s Jan
3,500
934
31
Pittsburgh & West Virginia. .100
No par
5
58
35
Pittston Co (The)
Preferred
234
58
.
12
838 Mar 21
25
6% preferred
3
50
6
zl79
Feb
Mar 25
2,300
*142
3034
4314
4314
155
3
284
61
36i2 Jan 21
176
49
Pittsburgh United
Jan
3
150
8
4
9i2Mar 21
100
100
100
Pitts Steel 7% cum pref
15
...
50
814
*140
130l2
13114
15ig
133g
5514
9934
100
2i2 Feb
3714 Jan
li2 Jan
5i2
44
978 Jan 10
3312 Mar 23
173g
151
11834
.
200
132
115l2 *116
25
80
3012
III84 *102
29
29
2878
*102
No par
80
212
*18i8
2118
112
Jan 15
85
*80
235g
Feb 21
17
*80
85
90
84
85
*80
*105
Jan 31
39
1538
27g
934
.
39,300
25
*120
116
Pierce Petroleum....
Pitts Term Coal Corp
6,S00
7414 Feb 19
Jan
Pittsburgh Screw & Bolt. No par
......
3i2
1*4
3514
1*4
8
15,400
18i2
63s
82i2
158
ll4
3
1678 Mar 13
35g Jan 13
Mar 13
1234
38l2
72
5
Corp pref
Preferred
600
Mar 13
21
100
Preferred
Pitts Ft Wayne & Chic pref. .100
Common
100
133
132
12
Feb 17
11
23
100
Phoenix Hosiery
Pirelli Co of Italy Amer shares..
Pittsburgh Coal of Pa
100
*123
4312
24i«
93
2
II84
2U2
38i4
49i2 Jan 11
1334
900
21,
11
39i8 Mar 21
53i2
200
76i2
66
Feb
19i8Mar
Jan
13
13i2
758
914
758
11
55
132
114
16
255s Jan
4512 Jan
81i8 Jan
16i2
12
Mar 26
15
*15i8
1834
114i2 11412
18
133s jan
Feb 19
49
15
1534
2I84
104
4134
104ig
14i2
U4
38i8 Jan
83s Feb
No par
15
*15i8
2H2
10414
115i2
413g
88
17«4
2i8
914
2
1018
5i2
131
131
130
130l2 131
8% pref rets plan B
110
1317g 1317g *132i4
8% pref rets plan A..145g
15lg
8,600 Purity Bakeries
No par
14i2
145g
13
13ls
170,400 Radio Corp of Amer
123g
No par
1278
Preferred
50
5514
5514
5514
5514
2,700
Preferred B
No par
9934
'987g
27,600
96i2 9834
300
Preferred B rets—....No par
9934
*96i4
98i2
*98i4
8
784
7i2
77g
19,700 t Radio-Kelth-Orph
No par
2,000 Raybestos Manhattan...No par
.3034 3084
30i4
3078
43
43
600 Reading
50
4238 4314
*43
200
1st preferred
4314
50
4314
4314
2d preferred
200
38i2
3812
50
*37i2 39
.
*284
*1814
413g
1734
48
Pillsbury Flour Mills
46
40i8
49i2 Feb 17
7i2 Feb 19
3534 Feb 19
Mar
500
37g
3i2
334
27i2 277g
27i2 28i4
4634
46i2
4678
465S
4684
*11714 120
*11714 120
*11714 120
27i8
405s jan
1083s
15i2 Feb
10,300
38
30
10i2
80
88
100
214
9l2
3
1212 Jan
10
No par
7% preferred
Phillips Petroleum
Pierce Oil
57U
214
78>4 Jan 29
Phillip Morris & Co Ltd
34i4
"878 "918
75i2
*17g
*1334
"
11412 Jan-9
Phillips Jones Corp
693s
*82
30
3ig
Mar 27
Feb 19
Mar
212 Jan
82l2
25
43
678 Jan 28
314 jan
8i8 Jan
293s
1534
17U
t Philadelphia Rap Tran Co. .50
7% preferred
50
83
234
18
1714
Phila & Read C & I
6I4
*214
153g
10
Feb 21
640
No par
34
64l2
39
4,600
2,200
530
34
Jan
934
•
10
No par
478
814
814
■;
10t2 Mar 24
12i2
234
70l4
2i2
65s
284
25
50
"""s;
48i4 Mar 24
934
63g
6l2
No par
Phelps-Dodge Corp
Philadelphia Co 6% pref
$6 preferred-
10
*36i2
9i2
*1761,
.
5
2U
*2
478
Jan
Jan
12i2
155
2914
*2i2
25g
13i2
2i4
5434
9l2
212
*1334
83
834
....
34
912
*17g
3134
*2i2
1478
*23
2
6I4
*8U4
293g
*295s
82i2
912
1312
2i8
78
76i2
684
49
*33l2
40
"914
19
48ig
*8ig
*80is
1234
.....
13l2
1312
2is
175
2i2
85
34i8
10
*36i2
912
85
75
*9l2
76
71
*1284
48
45l2
*884
*80
71
1312
8612
*85
*33l2
*1761, 1781?
234
1484
3
214
*51
40
•
70X2
*12i4
34
175"
*
29i4
1714
83s
14
2
912
83
25
9l2
....
3378
75
83
*23
1312
8612
455g
*85
....
2914
*23g
14i8
71
69i2
*123g
1312
8612
455g
18i4
Petroleum Corp of Am
Pfeiffer Brewing Co
11
1914
7234 Feb 27
1634
914
3
2
23i2Mar 23
3,100
9,800
14,900
*82
Mar 27
Jan 13
1714
1812
*1212
458
4i2
2884
3U4
30
h
612
7Hs
21
445g
3512
178
234
Jan
17
IOI4
13i2
234
26
14
1034
12
6i2
Jan
110
14212
3i2
Feb 21
79
16
17
21,
73
56
17
934
1234
684
278 Mar 17
64*2 Jan
17
234
7U4
5
258
8I4
Mar 25
100
17
10
2
1078 Mar 27
17U Jan 24
73s Jan
100
21
123
11H2
11
100
173g
1234
9
4i8 Jan
No par
12
6812
9914
21
Mar
514 Jan 23
4714 Mar 10
Mar 27
No par
23l2
25g
27
17i2 Jan 13
414 Jan
44
53s
70
12
27
10
8
Mar 13
Preferred
56
1784
67
69
Prior preferred
315g
19
8
No par
Pet Milk
13l8
19
9U
Jan
40
10
123s
129
37s
67
Jan
400
1
Feb
4
2,700
*12
12
29
80
27g
1
1234 Jan
100
24
312
8734 Feb
100
70l4
13
MarlO
100
69
10
10
Pere Marquette
80
88
9712 Feb 13
Peoria & Eastern
*23
18
Jan
Mar
Mar 13
People s G L & C (Chic)
71
3638
3i2
9
100
23
1
Jan 15
12H Jan
1>8 Jan
64i2 Mar 13
Preferred..
14
35s Jan 15
34
Jan
900
23
I8I4
205g Jan
13g Jan
18i2
78U
918
70i4
1.000
70i2
18i2
Mar 24
Feb 10
Feb 19
6
71
16i2
14
2
30
42
81
2934
18
13
13is Jan 18
No par
11,200 Peoples Drug Stores
71
1234
284
1
43
81
10
1
4034
110i2 11034 *11012 112
*23
234
10
900 Penn Coal & Coke Corp
10
—No par
87g 135,500 Penn-Dixie Cement
Preferred series A
100
8,200
50
3338 24,800 Pennsylvania
24
*8512
1
100
4U,
71
18is
No par
4U2
327g
85
17
5
100
11512
80
5
1
Feb 21
Petr & Trans
8% conv preferred
3,500 Penick & Ford
7,400 Penney (J C)
70
1438
Feb 27
147
107g 131,000
25g
*23
11
130
Jan
114l2
60
6
Jan
3
Pathe Film Corp
No par
6,800 Patlno Mines & Enterpr_.No par
3
2,200 Peerless Motor Car
1038
14ig
234
19
15U Feb 19
6 7g
55
27
3734 Feb 17
5678 Feb 4
Mar 14
8
No par
175s
92
38
934 Feb 10
Jan
No Par
414
2234
712
Feb 11
Jan
No par
145s
17
118
No par
IOI4
234
Jan
140
74,100 Parmelee Trans porta'n
9
3
115s
265s
125
97
164i2Mar 4
1778 Mar 25
984 Feb 11
100
Pac Western Oil Corp
lli8
106
28
8
100
6% preferred.
1,600 Park-Tilford Inc..:
13,300 Park Utah CM
2,400 Parke Davis & Co
2514
434
4434
*81
25g
...No par
Pacific Telep & Teleg
1,700 Paraffine Co Ino
15,000 Paramount Pictures Inc
First preferred
2,400
Second preferred
11,800
70i2
23i2
13
Pacific Mills
No Par
1134 109,400 Packard Motor Car
1414
25g
97g
145g
6
10
Corp
8512
30
9«s
49
100
85
25g
Pacific Ltg
734
No par
8678
2534
42
12i2
2
Jan 4
Jan 3
Jan 11
10
Panhandle Prod & Ref.. No par
IOI4
43i8
3314
385s
93s
....No par
Pacific Gas & Electric
25
3*2
9i2
414
3084
Pacific Coast
Pan-Amer
73
4l2
4514
85g
1212
25j,
2
Jan 20
100
*5
88
Jan
14
1st preferred
70
*85i2
128
5
Pacific Amer Fisheries Inc
570
30
18i8
25
Feb
100
Owens-Illinois Glass Co
800
6
1778
53
130
2284
18
7
2034
107
434
IDs
2084 Mar 2
95i8 Feb 19
Jan
1412
70ig
I8I4
Jan 15
500
2,000
1512 Jan 20
312
75
92
Mar 17
47
734
......
3l2
484
3234 Feb 24
133
87
2,000
517g
17
1712
12714 127i2
*14618 14912
15
15ig
2
Jan
100
17,000
5U2
24i2 Jan 21
123
$ per share
70
Mar 25
No par
Preferred
.
23
18i8
........No par
Prior preferred
Outlet Co—
173..
70i8
3812
Otis Steel
21,
10ig
45l2
1738
100
15514
23
*17
No par
Preferred
1714
734
1312
734
3012
*80i4 8U2
*82
Otis Elevator..
14
High
Low
% per sh
24i4 Feb 21
115i2 Feb 24
2
32l4
86'g
2934
29l2
2
Jan
2i2
9i2
42l2
*5
6
30i2
93g
7212
10i8
24l2
111
Jan
8
3U2
7234
*45g
*11034 111
107
17
65
34i8
393g
20
7
1834 Jan
100
No par
..
33
87l2
934
93g
5
700
Preferred A
3214
8614
1458
25g
1012
48i4
.
10,900
Omnibus Corp (The) vtc. No par
*1112
27g
27g
32l4
117g
Highest
$ per share
Oppenhelm Coll & Co
15
234
3012
86l2
73
934
.
150
Par
IDs
66
45l2
3312
155
200
11,900
6,500
Range for
Year 1935
Low
Lowest
$ per share
Week
Shares
31,300
to
29
Feb.
1936
12
1478
25s
5
10
48ig
333g
32l4
3278
327g
37
38
37i8
37l2
*110i2 111
*110i2 111
74
93g
1414
25g
65i2
72i4
65
71
934
74
434
1434
443s
1734
*13
25g
3U2
8812
Mar. 27
$ per share
*113
156"
173g
1U2
14
25g
31
76
934
155
177g
73g
127
127
*127
130
12714 I27I4
*147
155
*146ig 155
*146l8 155
*146ig 14912
*1578
1534
16ig
1578
15l2
1558
155g
1512
20
*2l2
*30
*113
_
156"
51 ig
*8
36i4
12
*14
155
14i2
8i2
3658
5U2
1U2
*113
14
363g
18
.
26
2314
2258 2314
2258 241g
115
J14l2 114l2 *110
11458
14
13
13
1314
125g
1358
30
30
2978
2912 2934
ar29i2
*132
133
13238 1323g a;132
13234
19
19
18
1834
1834
18i2
92
91
91
92
8918
9U2
*4812 49l2
4912
*4812 4912 *48i2
1738
85g
127
.
Mar
$ per share
1933
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
EXCHANGE
the
Friday
225g
175g
734
8l2
*146i8 155
16
*1578
.
Thursday
*112
1714
7ig
7l2
1734
*126
.
15434 I55i2
8
*13
23l2
11478
1378
30i2
133
1914
9312
4912
133g
49
49l2
....
2258
*112
127g
2934
30i4
132ig 13214
19
1938
93l2 93l2
30
*132i8 133
187g
19ig
93i2 9312
*113
2378
113
1178
IIS4
*49
Wednesday
$ per share
116
1134
2978
Tuesday
MarlO
«
95s
101
47
6
3934
55U
1034
5i8
20
1712
101
1214
43i8
55U
11
514
2178
New York Stock
2116
March
Record—Continued—Page 8
28
1936
/'
July 1
HIGH AND LOW
SALE PRICES—PER
T11 fix drni
Mar. 23
Mar. 24
Mar. 25
$ per share
$ per share
$ per share
101
8
*27g
5%
*10%
12
3«4
1784
72
Us
*278
28%
2884
3
3
3
584
534
5%
*11
12
12
22%
313s
30%
110
*99^4 100
1%
3%
4H4
40i2
285s
101%
*15
22%
3034
30%
*109% 110%
*11
112% 112% 113
14
14
14%
*14%
47%
4784
45%
47%
99%
99%
99% 99%
378
384
334
334
1784
17%
17% *16
*72% 75
72% 7234
1
1%
1%
1%
3
278
278
27S
39
3934
4084
3978
2212
31%
110%
111
111%
14
14%
4634 47%
3078
368
8
*15
*15
*110
72
8
278
5%
*10%
5i8
*17
*95
8
28
3
5434
*5334
101
*7%
28
28
545s
545s
54i8
102
*7%
STOCKS
Ranoe Since Jan. 1
1933 to
Range for
On Basis of 100-share Lots
Feb. 29
Year 1935
EXCHANGE
Fridn.it
# LUtiA'U
*
Mar. 21
54
WhnreA/tn
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wi>dn/>j>dn>i
$ ■per share
*98
Sales
for
MnnAmi
Knit ITAnn
110
.
5378
*95
*7%
28%
234
5%
*1084
*15
30
110
5378
101%
8
29%
234
5%
12
23
30%
110
112% 112%
14
14
4534
99%
3%
17%
46%
99%
334
17%
74
74
1%
234
39%
1%
234
40%,
Mar
26
$ per share
54%
54%
Mar
27
$ per share
55%
Week
56
1,500
100
100
100
8
8
*7%
8
200
28%
3%
27%
28
13,000
2,000
5,700
2S4
57S
5%
3
5%
3
5%
12
*10%
12
23
*10%
*15%
*15
23
3034
31%
30%
31%
110
110
*109% 110
*111
112% *111
112%
1384
13%
1334
13%
45% 4684
45%
45%
99% 99%
99%
99%
3%
3%
334
3%
18
*16
*16%
17%
75
*72% 75
*72%
1%
1%
1%
1%
3
3
3
*284
40
4084
38% 40
Lowest
Par
Shares
*95
28
*95
1 OQ A
iVOU
Royal Dutch Co (N Y shares)
98
t St Louis-San Francisco
1st preferred
t St Louis Southwestern
No par
1,500
8,000
100
100
Schulte Retail Stores
160
1,100
9,800
200
70
27,100
900
11,100
2
2
2
2
.
77S Jan 2
18
Jan 24
30
Mar 25
__100
Safeway Stores
Jan
per
57
2
Jan 10
23% Jan
1% Jan
2% Jan
100
100
6% preferred
7% preferred
Savage Arms Corp
Schenley Distillers Corp
5)4% preferred
390
8
100
Preferred
8" 900
f
48% Jan
Ruberoid Co (The) cap stk No par
Rutland RR 7% pre!
100
St Joseph Lead
10
Low
Highest
% per share
Feb
3
117% Feb
10% Feb
2934 Feb
3% Mar
6% Mar
12% Feb
22% Feb
35% Jan
19
19
28
4
Jan
2
2
1
3% Jan
8
15% Jan
63% Jan
78 Jan
6
6
4% Feb
20% Feb
7
No par
—100
Preferred
2
Seagrave Corp
Sears, Roebuck & Co
59% Jan 21
14
3
12
23%
31%
104%
109
6
22
1%
M
1%
8
7
Mar 25
l%Feb
4% Feb
2% Jan 6
33% Jan 20
7%
90%
4%
17%
97%
7
t Seaboard Air Line
1
80
Feb 29
10134Mar
Seaboard Oil Co of Del—No par
2
1
114%Mar 11
16% Jan 13
74
%
7%
Jan 20
1
10
25%
10%
%
12
12% Jan
48%
102
10%
31%
111
No par
3
8
113
97% Feb
Scott Paper Co new
82
3
6
2
52
29%
25
4
100
Preferred
28%
2
11
Jan
45% Mar 27
S per share
% per eh
109
No par
5
100
High
Low
share
8
247g
%
%
7
7
%
%
19
43% Mar 12
20%
46
113%
114%
13%
56%
4%
20%
1%
3
367g
*
6
*6
6I4
64i8
4I4
6378
4%
67
6%
21%
145s
28%
2IS4
1434
2078
1434
2178
28
28
28
4%
68
4%
68
*68
*5%
6%
*5%
64%
64
64
28
68
2078
143s
28%
*5%
6%
65%
438
6458
4%
675s
21%
145s
66%
4%
15
65»4
4%
*67%
21%
1434
28
27
*4%
*68
15
21
47
4734
48
48
1434
277s
7%
*4734
3278
*315s
3278
3158
31%
*32
45
*42
45
I8I4
18
18%
17%
116
116% *114
125s
12%
12% 1278
283s 29%
28%
295s
5
5
5
5%
29
295s
2934
29%
119% 119% 117% 119%
7
7
47
47
*32
*42
*18
*116
5
125s
30
29%
*119
*41
45
116
2818
5
778
7%
*41
1778
118
12l2
2734
8
7%
12058
.
63
65
65
17%
116
12%
28%
5
29%
68
21%
784
48%
3278
45
1784
116
12%
3034
5%
2978
6%
26i8
32i2
17
1718
17
*27
273s
27%
*42
46
9
106
834
32%
*45
4534
97s
265s
3334
17%
28%
9%
9%
6678
*105
68
2678
34%
17%
28
70
*68%
107
85s
*103s
107
31%
14%
14%
75%
60
61
25%
26
14%
14%
IIO84 IIO84 *11034
*110%
6
6
57g
5%
534
32
33
32%
31%
32%
*158%
158% 160
*158%
27
2678
26%
2834 27%
35
33% 34%
33%
3378
18
17%
17%
17%
16%
27
28
27% 29
26%
45
45
*42
*42
4484
10
*9%
984
9%
9%
70
69
*66%
66%
*66%
107
107
107
85s
10%
87s
107s
8%
1084
884
11%
3334
*33%
2034
20%
22%
23%
50%
50%
64% 66%
100% 100%
165s
16%
*123% 12378
33%
197g
215s
33%
20%
33%
20
23
23
33%
20%
23%
52%
6578
11
30
5%
*72
87s
1078
884
11
6%
32%
♦1583s
265s
33%
17%
27%
---
46
9
67
*105
*45
9
67
534
3278
-
31
.
107
107
8%
11
480
4,500
3,300
74,000
100
"
6%
32%
*158%
265g
265s
3284
3278
32i8
29%
11,900
85,800
4,300
11,500
77
2484
158
12%
700
62%
26%
14%
*24%
1478
578
2978
12%
5
15,000
76
76
64%
25%
14%
32
5%
31%
177g
60%
25%
75
158
'
5
45
114
450
6284
24%
"
30%
17%
1,700
75
*110%
12%
31%
12%
*41
0114
40
67
66%
24%
1478
-
1784
116
23,000
1,300
32
124
74
-
45
17%
7%
48%
67
63%
24%
14%
~
*41
*114
7
*47%
*30%
123
75
15
7%
48%
3278
7%
48%
*32
1,800
68
6784
..
27%
41,500
14,400
124
67
6
27
240
68
22%
1578
27%
67
74%
*11034
15
900
120
75
1518
*67%
21%
15%
400
43,300
65
67
*11034
22%
5%
66%
4%
119
64l2
24l2
1478
2412
*4
65
63
75
'
68
5%
64%
119
63%
63i4
6%
67%
4%
"5%
16,100
32%
3,300
260
27"
17%
8,700
32,400
11,400
27%
7,500
34%
1
2078
24
52%
64
64
*9812 10018
165s
16l4
*123l4 12412
*51
64%
*98
100
1378
1484
32
33
33
33
12%
8%
13%
32%
35
3512
3534
36
36
3
*278
*112% 113
112
12i2
8
778
3
3
112
112
46%
3878
456s
383s
2612
68%
*2818
7H2
*278
*93s
*4634
2O84
4558
383s
15% Jan
11% Jan
No par
No par
Sharpe & Dohme
No par
Conv preferred ser A...No par
Sheaffer (W A) Pen Co—No par
Shell Transport & Trading—£2
Shell Union Oil
Conv
No par
->100
preferred
Skelly Oil Co
65
100
100
3
46
45%
38%
39
28
1278
8%
14%
32%
36%
12%
8%
1334
33%
36
So cony
100
Sugar
8%
*32%
34
19%
*22%
20%
12,700
28
100
12%
1234
8%
8%
26
26
66%
1434
1334
1278
36%
3
.
112
*88
37%
38
12,700
18,900
*2434
66%
25%
25
25
300
6778
64%
67
64,800
29
29%
29
29
700
71
71%
70
71
3%
9%
50%
*3
3%
3,500
1,900
*9%
9%
800
*4634
50%
21%
21%
2178
68
29%
*29
67%
2984
70%
71
71%
3%
*9%
*4634
3
6
*12l2
26i4
125s
26i4
3%
3%
9%
50%
9%
97g
50%
20»4
1878
*46S4
20%
18
3%
978
50%
21%
1834
13%
1278
13%
13%
13%
1278
13%
42,700
88
88
88
85%
85%
500
12178 *120
1217s *120
1217s *120
1217s
40
39
39
39% 3978
39%
39%
57g
6%
578
5%
6%
578
6%
57g
1,500
*4634
21
1234
13%
20%
1734
1234
88
1
88
89
19%
6
6%
233s
3212
23%
32%
2
2
2
2
*9
9%
8%
*8l8
918
375s
'9%
38i4
353s
35
*85
20%
18%
19
17%
9,700
18% 101,100
125s
26%
*7
9%
*8%
9%
37%
35
32%
*1%
12%
1,800
26%
26%
26%
700
*7%
834
8%
100
23%
2278
32%
2234
3134
23
32%
31%
2
2
*1%
2
31%
*1%
834
8%
8%
8%
9%
8
8%
878
9
*7
2278
9%
9%
8%
8%
884
8%
9
9%
9
38%
35%
12%
35
9
8%
9%
9%
37%
38%
3534
11%
26%
2
9%
8%
9%
13
33
8%
23
9%
8%
12%
26%
12%
26%
8%
23%
*26
35,300
1284
26%
834
23%
32%
12%
12%
.
3778
3478
1178
38%
35%
12%
38%
39%
34%
12%
12%
35%
*35%
35%
13%
*8
37%
3378
12%
7,200
3,600
2
400
1,700
600
6,500
38%
39,400
13,800
25,700
35
12
12%
125s
12%
13%
12%
13
13
13
1234
1278
12%
1278
12%
12%
1278
12%
34
*3114
34i2
34% 34%
34%
34%
34%
35%
35%
35%
37
3514
35%
35% 36
*35%
36%
35% 36
*35% 37
59
61
61
61
59
61
*60
61
*60
*6014
5978
*60%
13
13
13%
133s
12%
*12%
*12i2
12%
1234 *12%
*12%
1284
108%
*10312 II384 *103% 1097s *103% 1097s *103
108% *103
10978 *103
11
11
11
11
*1078
11%
10%
1084
11%
10%
10%
10%
8
8
8
8
8
8
8
8
*75s
878
*7%
8%
*2714
27%
27% 27%
27%
27% 27% *27% 28
27%
27% 27%
*11
*11
*10
*10
11%
115s
115s
11%
*10%
11%
11%
11%
31
30
30
29
30%
3084
30%
30%
3034
2934
29%
*3014
9
127ft
25%
3
8% Feb
50% Feb
4
34
2
3
25
7%
Mar 13
19
5%
5%
6
Mar
27
45%
25
5%
63%
8%
6
6
31% Mar 26
124
Mar 26
42
60
70
Feb 19
12
13
2
77
Mar 26
Jan 18
72
Jan 3J
4
Mar
7
Jan
28% Jan
17
4
Feb
112% Feb 14
7% Feb 29
3434Mar 3
160
Feb 20
28%
387g
20%
327g
«»
112
1%
20
132
3
10%
27
12%
12%
25%
16%
21%
32%
Jan
3
49
Jan
Jan
3
4
11% Feb
6
5
78
6
30%
42
20
59%
100
No par
Stand Comm Tobacco
109% Feb 6
934 Mar 6
11% Mar 26
27g
81
31
36%
18%
15%
i
48
-
84
'
44
Jan 22
63
Mar 13
99
Mar 12
72% Feb
103% Jan
18
2
18
1207* Jan 10
129
12%
120
2%
3
2
2%
9%
11%
4%
1%
1%
4%
par
25
Jan
2
par
27
Jan
3
6
6
2
45
397g Feb 17
No par
par
2
Feb 26
3% Jan 17
100
112
Mar 13
113% Jan 24
47% Feb 8
397g Jan
32% Jan
No par
25
10
Standard Oil of Kansas
25
Standard Oil of New Jersey..-25
Starrett Co (The) L S
No par
28
Sterling Products Inc
65
No par
5
23
407ft
33%
6
19
20
32
35%
52%
32%
Feb
Mar 19
6
19
28
45%
8
2%
28
4
28%
2
6
14% Mar
72
Jan
2
91
Mar 12
100
118
Jan
2
122
Feb 29
Superheater Co (The)
Superior Oil..
27
40% Mar 18
6% Mar 12
*11
1
-
Superior Steel
3
Swift Internat Ltd
3
4
No par
Telautograph Corp
57s Jan
8
5
5
25
Tennessee Corp
(The)
Sulphur
33
Texas Pacific Coal & Oil
2
2
No par
No par
34
Feb 25
44
Jan
59
Mar 25
62
10
100
Preferred
Third Avenue
100
Third Nat Investors
1
100
Thompson (J T)
25
6,000 Thompson Products Ino..No par
9
98% Jan 15
8% Jan 18
1
Thermoid Co
Jan
.
3%
27%
8%
24%
Jan
Jan
25
15
22%
33%
1%
6%
3%
16%
2234
2%
110
6
13%
8
8
.
32%
%
1%
6%
4
16%
28%
3%
8%
14
13%
38%
50
5
4
6%
Feb 28
45
61%
14% Mar
12% Mar 6
9% Feb 18
29% Feb 13
12% Feb 14
2
7
3
2
Jan
Jan
177g
3%
%
Jan 15
No par
$3.60 conv pref
The Fair...
5%
3%
19%
6
32% Mar
;
121
12%
9
6
Jan
i
77
5
11
7% Jan
2%
2%
!
9
I
'
1%
6%
97g
'
8%
30%
36%
9%
12%
28%
44%
61
12%
100
10%
2
2
5
13
16
29
47g
10
6
:
187ft
15%
10%
1%
«
10% Jan
4
10
50
1%
10% Mar 11
39% Mar 26
38% Feb 3
15% Feb 29
14% Mar 6
41% Feb 11
6
68
4%
•
1
30%
3%
6
Jan
28
10
*11
357g Jan 30
2% Feb 11
11% Feb 19
9% Jan 8
Mai 27
Jan
2%
2%
60%
115%
2%
42
9% Feb 14
25
7% Jan 22
287g Jan 6
No par
6%
2%
4
14% Feb 19
29% Mar 6
3
31% Mat 27
1% Jan 3
No par
Class A
Jan
6% Jan
22% Jan
50
-No par
t Symington Co
2
6
23
..10
25
Swift & Co
Jan
4%
19% Feb 17
Jan 11
10% Jan
100
Sutherland Paper Co
Sweets Co of Amer (The)
36
96
No par
1
No par
t Studebaker Corp (The)
Sun Oil
12%
58%
1%
3%
.
1
No par
Stone & Webster.-
27%
33%
10
17% Jan
14% Jan
9% Jan
6
,
116
23
33% Feb
71% Mar
4% Jan
12% Jan
53% Jan
22% Mar
7
|
26%
287g
2%
5
70
6
9% Mar 14
49
Mar
7
50
78
111
:
130
30
Mar 18
Jan
78
94%
26%
105%
19%
40% Feb
2
Mai 27
2% Mar 19
Sterling Securities cl A...No par
Convertible preferred
Stewart-Warner
6
51% Jan
10
Preferred
3
1
12%
1%
1%
7%
Feb 24
15% Jan
33%
437g
101%
12%
122%
'
4
9
Feb 24
7%
8%
6
24% Mar 20
5334 Mar 20
pref
Indiana
!
8%
8%
65
prior pref
of
3%
12%
3%
82
13% Mar 17
97g Feb 17
17% Jan 30
36% Jan 27
Standard Oil
3%
1%
30%
6% Jan
9% Jan
Standard Oil of Calif
'
8%
70%
107
Jan 15
10% Jan
No
No
Stand Investing Corp...-No
Standard Oil Export pref
5
36'4 Jan 25
1
$6 cum prior
15
237g Jan 29
t Standford Gas & El Co.No par
Preferred
7
15
Feb 20
Feb
5%
7
16% Jan 20
13% Jan 2
No par
Preferred
5%
28%
152
32% Feb 26
82
Spencer Kellogg & Sons..No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
Conv preferred A
-No par
No par
Spiegel-May Stern Co
6)4% preferred
.100
Standard Brands
:
15%
17
19
21
20
Feb
Feb
Feb
Feb
1
600
107%
9%
76
2
20
100
4,200
2,100
30
112
Texas & Pacific Ry Co..
Thatcher Mfg
-
70%
15%
10%
Mar 26
Texas Pacific Land Trust
200
65%
68%
34
4
Jan 15
19%
201ft
18%
20%
116%
24
77|
64%
101%
7%
678 Jan
16%
46%
Jan 21
Mar 18
Jan 7
39
111
15%
3%
19
2
2
5%
60
34%
15
2
6
600
800
6%
5
Jan 16
Mar
8,400
300
4%
23% Jan
137S Jan
No par
Texas Corp
Texas Gulf
6
4%
100
Spear & Co..
cum
2
19% Feb 20
120
3%
40%
29%
20%
3%
30
4
Jan
100
Preferred
$7
45
2
4
2
5% Mar 10
26% Jan 2
..100
Southern Railway
Preferred
39
38%
23l4
32%
9
89
3%
*9%
12178 *120
38%
125s
26%
8%
23%
32%
*7
1,000
45t4
70
39l2
6%
6,200
44%
66%
12178 *120
3912
3%
*3%
*11178 112%
45%
3878
29
89
112
1,900
4,000
45%
3734
7134
'
4,700
15,100
11,200
32%
35%
29
*4684
2078
183s
90
14%
32
37%
3%
68
50%
2084
183s
13%
51,200
8%
33
71
938
400
12%
14
29
3
5,000
100
36%
67
95s
160
66%
32%
7112
3
12%
77s
800
33,000
2,900
52
16%
16%
16%
16%
124% 124% *1237s 124%
8%
14%
33%
36%
*98
2234
3,500
4
22% Feb 18
14% Jan 2
Mobile & Ohio stk tr ctfs.-lOO
11
3
3
150
Spalding (A G) & Bros..-No par
1st preferred
100
Spang Chalfant & Co Ino pref 100
Sparks Wlthlngton
No par
200
Mar
6% Jan 15
25
Southern Pacific Co
17
32
2
100
Southern Calif Edison
7%
657s Jan
..No par
Preferred
70
40
7%
2
110
4%
6
Jan
58
47g
697g
1%
3%
19% Jan
South Amer Gold & Platinum.. 1
So Porto Rico
Jan 16
14% Jan 25
31% Mar 26
58
No par
Vacuum Oil Co Inc
15
Solvay Am Invt Tr pref
30
6
112
100
No par
7% preferred.
Smith (A O) Corp
Snider Packing Corp
73
31
1%
22% Mar 26
1578 Feb 11
Jan
5
27g
2%
30
7
3
3
19% Jan
25
140
21
1234
3
3
3%
112% *11178 112
46%
45% 45%
39%
38% 387S
*26
100
11
100
100
33%
65%
38% Jan
15% Jan
110% Jan
Jan 17
67% Mar 26
4% Feb 5
30% Mar 13
100
Preferred
Sloss-Sheff Steel & Iron
1,800
*106% 110
51
43% Jan
10
9%
8%
10%
23%
20% Jan
4% Jan
Silver King Coalition Mines...5
Simmons Co
No par
Simms Petroleum
7
9
2
Mar 21
67
1
Shattuck (F G)
Sharon Steel Corp
66%
44
878
11%
*51% .52%
67
6578
30
17
*120
1234
83S
1434
*26
26%
685s
*51%
17%
16%
16%
1634
123% 124% *12378 124%
12%
8%
14%
12i8
.
52%
6534
32%
20%
23%
37g Jan
1
Preferred
Servel Inc
Preferred..
33%
33%
208s
23i2
*51%
3% Jan
No par
No par
Second Natl Investors
5%
13%
87ft
26%
"
8
7i2
37
3534
1834
183s
104i2 104i2
*53i2 60
1584
155s
8
8
8%
36%
38
18.
1378
14
2I84
22
18%
10434 10484
*53% 60
16
155s
68% 693s
1378
1334
21
2178
1334
1334
*13%
10
10%
10
18%
1334
10%
69
.69
107
*105
*538
684
96s
*105
95s
2812
3634
28%
37
*10
10%
*73
75
7
90l4
7%
90%
*131
133
46
46
83%
84
107
5%
95s
28%
36%
105s
*70%
7%
18%
104% 104%
*52% 60
15% 16%
*53
60
66,700
18%
3,000
19,900
104% 104%
500
*53
60
16%
15%
16
15%
6978
6934
70
68%
15%
6978
13%
1334
13%
1334
13%
13%
21
2234
24
22%
13%
13%
*13%
10%
10%
23%
13%
10%
10%
10%
105
*102% 105
5%
534
5%
*9%
9%
934
2834
28%
28%
36
3634
36%
10%
106
37
3678
778
133
*131
10%
75
7%
91%
634
*131
36%
1034
75
75%
105
5%
*9%
28%
5%
.934
3678
10%
105s
13%
29
5%
934
28%
29
60
s778
35%
1778
15%
*105
978
1,1
*50%
7%
35%
69
90
,
8%
36
1378
2134
13%
21%
13%
10%
5%
46%
84%
734
36
18%
18%
18%
104% 104% *104% 104%
6934
91
46
8%
37
18
1334
90
.83%
36
69
133
*45%
For tootnotes see page
a'
8%
3784
37%
8
84
*73%
634
89%
*131
1034
74%
7
10%
73%
684
90
90
133
*131
46
4578
47
84%
83
8378
4534
83%
102
No par
Timken Roller Bearing
25%
13%
700
10%
17,200
102
800
Tri-Continental Corp
6% preferred
1,200
Truax Traer Coal.
Truscon Steel
3,100
2,400
74
72
73
6%
70
10,100
90
91
3,300
133
133
10
46%
45%
46
2,400
84%
81%
83%
8,100
3
8% Mar 23
39% Feb 25
19% Feb 4
106% Mar 3
Jan 20
60
12% Jan 6
65% Jan 21
No par
....No par
20th Cent Fox FUm Corp No par
Preferred
No par
Twin City Rapid
Preferred
Ulen & Co
93
Trans.-No par
100
2
Jan
6
47g Jan
No par
10
Jan 21
147g Jan
Jan
Jan
86
7
2
6
Jan
Feb
19
18
25
1%
17
27
27
18
26%
3
4%
28%
13%
72%
21
15%
4%
4
178
5%
178
'
14
7%
2
51
69
1%
3%
2
24%
12% Jan 31
%
Mar
157ft
104%
27
13
83
"
48
41
2
5
28
47g
Feb 29
Mar
7%
84
107g Feb 18
32% Mar 2
Jan 21
Jan 22
1%
17
7%
43%
47ft
7%
107% Mar 11
9
4% Jan
No par
12
6
7%
22%
31%
9%
65%
Mar 11
17% Feb
72% Feb
14% Feb
25% Mar
16% Jan
127g Mar 13
7% Jan 3
5%
10%
62
6
Transue & Williams St'l—No par
9%
36%
Jan 31
14% Jan
100% Jan
12
5%
11
No par
47g Jan 21
29
Transamerica Corp
No par
Transcon & Western Air Ino
5
9%
6%
10
Timken Detroit Axle
6,800
11,300
28,500
28
133
100
Preferred
14,100
27%
35%
10%
7
--No par
Tidewater Assoc Oil
Tide Water OH
1,200
3,200
90%
Thompson-Starrett Co..-No par
$3.50 cum pref
No par
6
8% Jan 20
3%
3%
16
8%
97%
67ft
8%
13
2478
24%
2%
33%
12%
4%
18
73
1
1%
53%
5%
87%
3
99
Jan 13
22%
100
131% Feb 18
133
Jan 17
95
125
Union Bag & Pap Corp..-No par
Union Carbide & Carb—-No par
45% Mar 27
52% Feb 19
29
29
60%
71% Jan
87
Feb 20
34
44
75%
Under Elliott Fisher Co—No par
Preferred
Jan
3
133
2108.
~T,
—1
,
•.
1
"■
:—
A
New York Stock
Volume 142
HIGH
AND
LOW
Record—Conciuied—Page 9
SALE PRICES—PER
SHARE,
Sales
NOT PER CENT
STOCKS
NEW YORK
jor
Saturday
Monday
Tuesday
Mar
Mar
Mar
21
23
Wednesday
24
Mar
2117
July 1
the
Mar. 26
25
.
Friday
Mar. 27
$ per share
$ per share
Range Since Jan. 1
STOCK
Shares
1933 to
Range for
Feb.
On Basis of 100-share Lots
Week
Thursday
Year 1935
EXCHANGE
29
1936
Lowest
Highest
$ per share
$ per share
Low
High
Low
$ per share
26
$ per share
26
26l4
$ per share
2678
*132
134
95
95
2834
2878
28%
2834
2714
2734
27
261*
2712
21*
193g
13314 134
238
....
1914
19
1934
*25
28
*2438
*115
25l2
2412
2478
*115
•
9514
285S
74
74
*28
20
95
96
*9118
1938
9534
534
721*
28i2
7%
45
1478
4584
15ig
20
20
534
534
558
7234
1658
73i2
1634
73i2
163s
*111
112
*111
9434
7514
111
11134
9%
95g
634
65g
634
7734
6034
*15312 155i2
2U4
201*
*92
747g ■i" 74i4
1634
16i2
1012
*70
15
534
634
167g
111
181*
2314
19%
2%
18%
24%
75
75
*60i8
7134
*281*
714
44U
14%
21%
*93%
51*
74%
163g
*110
10
6034
6O84
*914
65g
7734
*70
*60
4534
534
*9i8
25%
2%
24%
25
72
15
26»4
2%
*115
2812
73g
4514
1434
734
2834
257g
61
-
-
25%
26
i
95%
29%
26%
8,100
Union Oil California
133%
1,500
Union Pacific
100
Preferred
100
95
95
28%
2434
26
2%
1%
18%
19%
24%
25%
24%
25%
*115
*115
10
72%
73
73"
73
73"
287g
28%
28%
400
7%
734
28%
7%
28%
7%
7%
74,600
45%
5,900
45
45
1,500
1434
14%
1434
44%
14%
22
22%
24%
22%
24%
947g
95
96
9584
9534
534
584
534
3,000
4,900
20,600
5%
451*
5%
14%
75
74
74%
73%
16%
1634
16%
15,800
19,000
163a
111
*108
111
*108
110%
*9
10%
300
714
67,400
7934
400
eo%
400
97g
9%
9%
7%
7%
7%
7934
7934
*72
*59%
78
180
,
74%
1634
978
76
1,600
28%
1,400
25%
55,400
2% 126,300
28,400
19%
700
24%
25%
1,800
_
634
!
634
25%
^
6%
200
60
60
154
155
*153
156
*153
156
155
155
110
88
89
90
90
87
90
88
88
200
2234
1»4
18%
20%
18%
1834
18%
19
9,800
36
3634
36
37
36
37
35%
36
7,700
334
1534
301*
4
3%
17
17
*15%
3%
16%
*3%
1612
16
16%
720
30l2
30%
31%
31%
30
31%
2,300
17
17
17
17i8
*90
*90
98
*92
981*
98i2
99
100
100
99
9914
100
*16U2 166
*16212 166
*1631* 166
12
*1134
1134
1134
1134
1134
50%
5034
4984
50ig
4814
50i2
83s
83g
834
8i2
8l2
81*
16
16
I684
1618
16i2
167g
*82i2 86
*821* 851*
♦821* 86
11
III4 11%
1134
1U*
1134
16%
3084
1634
1634
17%
16%
1634
3,000
*88
2*8
1834
353s
*334
16
3U4
*165S
25%
72l2
89
153
91
15414
89
3
3
1834
8714
214
1834
2234
2014
36
36
3634
214
4
1612
3138
26i4
73%
90i2
•
4
*334
16
161*
30i2
I684
3U8
314
334
60%
60%
27g
4
*93
98%
2
97
*93%
99
98
161% 163% *161%
*11%
*1114 11%
491*
47%
48%
87g
16%
*82%
1U4
8%
17%
834
16%
*83
86
2
2%
2%
99,000
4
98
*93
96
98%
*95
300
98
-
11
47%
8%
16%
8234
8%
16%
84%
63i4
45
74
6334
45
6,600
400
6,500
90
27,300
91
*73
74
10,300
300
6312
4414
4414
4434
44i8
*44
44%
44
*80
*80
*5434
44%
44%
*54%
*54%
7%
42%
7~7g
71*
45
4712
4634
*13278 133
11034 11034
6i->
*41*
26 ~
*2U4
121
121
121
75,700
2,500
300
10
16,400
2,700
20
334
*31*
8i2
*5i4
81*
73g
1312
1314
32i2
3214
*113i2 117
298s
*29is
*183s
2914
1834
15
*14
14i2
63
55
*5934
125s
63
1278
*531*
55
1834
234
*5984
12i2
*53
234
1234
2i4
*21
23
2i8
834
23i2
*26
265s
26
25i2
2634
*2538
2534
251*
25%
984
120% 120% *119% 121
3l2
73g
9
87g
*80
~
3%
8%
7%
4184
41
4134
4OI4
41
8434
81
81
81
81
97
2%
~2%
2%
98
97
97
97
102
102
102
102
92
9%
921*
9212
*120% 121
121
121
*11514
116
.AWI.
7%
13,200
43%
12,100
2,200
110
110%
*3%
*21%
160
6%
25
300
10
934
*17
3%
3%
*2%
39%
8038
*96
18
11434 115
10
97g
1778
*1612
258
*934
8
8%
9%
8
*5%
*13%
8%
28%
*18%
*13
11%
*53%
22%
25
2434
100
500
2%
61
400
12%
50,900
55
200
Jan
85
Jan
100
Corp
5
20
16U2Mar 25
8% Jan
Feb
Mar
39
814 Mar 13
133g Jan
71
Jan
85
Jan 21
8%
97
97
101
101
220
5,900
81
400
97
50
400
150
220
70
10
4,100
19
934
*17
200
7%
7%
4,700
88%
87
88%
86%
88%
84%
4234
43%
43%
43%
4I84
87%
43%
13,000
431*
*11314 115
114
116l2
11434
14,000
*135
136
137
135
135
*28%
29
29
29
*371*
381*
24i2
*3758
381*
24%
7%
11314 116
13634 13634
28
28%
*3758 3814
2412
*24
*51
75
*60
241*
«*
•
->
75
80
83
85
90
90"~
33i2
34
3378
3378
3414
3412
1101% 1031* *1005s 103
*10058 103
25
25
255g
25i8
2534
25%
15
5
2214
334
9
15
514
2234
1
378
1514
5
*215g
384
914
9
8312
83
1514
5%
22
63%
92ig
76%
38i4
18i8
66
*38
4034
36%
38
24%
2334
24%
*61
*85
34%
101
25%
15%,
47g
*21%
4%
*60
90
~
34%
102
26%
15%
5%
22
*85
34%
103
25%
15%
4%
-
23%
103
15%
4%
15%
5
94
76l4
76
38%
*39%
18%
21%
21%
82%
30
130
341*
1,700
105
*103
25
1,300
90
3334
26%
*
2534
500
23,500
412
60
34U
110
3iS
7
4
3
3
Feb 10
677* Mar
132
6
Mar 20
14334 Jan 21
163% Mar 20
6i2Mar 2
23s Jan 18
8134
12458
Mar
Feb
5
41* Jan
32
Jan
133
109
Mar 24
114
5
Jan
8
241* jan 31
50
49
49%
32%
33%
32
3284
9,300
7334
70%
72%
2,090
64
*61%
63
1,500
16,100
63%
63%
94
90
94
87
87%
340
76
75%
76
75%
75%
1,200
4034
39%
39%
39%
900
«
-
6
60
8
7
2
2
15
15
83""
11784
No par
100
No par
Walker (H)Gooder&W LtdNo par
Preferred
No par
2% Jan
9>8
Jan
Jan.
31i8 Mar 13
116U Jan 29
5i2 Jan 3
28
Mar 13
18
Jan 20
No par
1078 Jan
23s Jan
100
4
47% Jan
No par
Preferred
Warner Bro3 Pictures
5
5
.No par
4i2
1038
734
1578
3484
118
10
1141*
1
Feb
134
134
314
534
Mar
1
1
438
Feb 11
Jan
Jan 16
378
15i8
»
Feb 28
19
Feb 25
18
2
Jan 24
145s
5778
278
934
2558
Jan
Jan
Wells Fargo & Co
Wesson Oil & Snowdrift-.No par
Conv preferred
No par
West Penn Elec class A ..No par
Preferred
100
6% preferred
100
West Penn Power pref:
24
Feb 19
214
12
Feb
Feb 29
58
2l2
77«
Mar 23
Mar 24
13i2
»
11* Jan 2
35i2 Feb 19
78
Feb 25
91»4 Jan
7
96
Jan
2
87
Feb 20
1161* Jan
100
Western Maryland
100
Preferred
87* Jan
2>s Jan
514 Jan
7278 Jan
100
Western Union Telegraph
100
Westingh'se Air Brake...No par
Westinghouse El & Mfg
50
1st preferred
50
Weston Elec Instrum't.-.No par
No par
Westvaco Chlorine Prod-No
6
16«4 Jan
100
Western Pacific
par
Wheeling & Lake Erie Ry Co .100
3434
941*
1231*
26i2
36i4
23
34
Jan
Jan
6
7
Mar 27
Jan 14
Jan
2
10
49
36
121
Feb 21
Mar 23
88l2
7884
5i2
Feb
Jan
18
18
21
25
0
111*
17
Mar
6
7
2
125s
114
241* Jan 10
11
Jan 14
Jan
3
87
Jan 15
Mar 27
4
1
478 Mar 25
3i8
58
51
20
20
12
3512
7334
Jan 23
4734
1138
20% Mar 26
258
Preferred B.
100
47
Jan
4
66
Mar 23
par
6258 Jan
6
106
Mar 11
par
753s Mar 27
79
Feb 10
341* Jan
834 Jan
45
5H preferred
Zenith Radio Corp
Zonite Products Corp
par
par
100
No par
1
105
lli8
Jan
6
Jan 28
7i2 Feb 20
1
37«
58
1134
2512
Mar 23
6
443s Jan 21
41»4 Jan 6
6
35
663s Feb 5
35i2Mar 23
75
831* Jan
678
1258
U4
1134
25l2
2
2
3
46i2
678
6
558 Jan 13
Jan
1414
34
109U Feb 19
28U Mar 4
2
Young Spring & Wire
No
Youngstown Sheet & T..No
1634
Mar 24
Jan
100
10
29
I2I4
Mar 87
57
Preferred
90
15
60
231* Jan
Yellow Truck & Coach cl B..10
325*
23s
37i8 Jan
100
25
18
71*
5
281* Jan 10
100
Yale & Towne Mfg Co
2058
I584
77
3
Preferred A...
Wright Aeronautical
No
Wrigley (Wm) Jr (Del). .No
512
I n8
2778
22
1227g Feb 10
I40i2 Jan 31
3334 Jan 25
39
95
2058
7
Feb 13
3
36
7%
Us
238
7
48% Mar
3978
1041*
90
171* Jan
234 Jan
Worthington P&W
34
3978
Jan 24
2
2
78
34
95
4
Jan
100
99i2 Mar 10
10234 ®n 24
Jan
183* Feb 3
143g Jan 28
43s Jan 10
$6 preferred
Woolworth (F W) Co
72
Jan 14
98
8I4
1
30l2
Jan
100
White Rk Min Spr ctf
No par
White Sewing Machine.-No
pqr
Conv preferred
No par
4
15
978 Feb
50
50
7%
2058
2518
49
95
jan 13
31
...
214
14i2
*8
21*
7
4
100
Preferred
5
1%
28i2
85
234 Jan 13
46i* Jan
8238 Feb
12i8 Feb 21
2034 Feb 2 4
No par
preferred
II4
3
116
111»4 Jan
100
2d preferred
21
4i8
26l4
114
60
100
6% preferred
1%
2012
12i8
1%
Jan 24
2812 Feb 19
2934 Jan 2
11% Feb 6
2334 Jan
80
5
35s Jan 24
Jan
1
Mar
34i2 Feb 21
70
934 Jan
7
Mar 23
100
800
49%
721*
Jan
93s Feb
301* Feb
~6~3%
5
7234
212
17i2
85
10914
No par
73
178
10
5714
Mar 23
95
Wilson & Co Inc
83
63
36
No par
White Motor
34
68
Feb 19
135
5
non-cum
838 Mar 16
4884 Mar 19
Jan 23
414 Jan
6%
91
Mar 11
Wilcox Oil & Gas
•»
6
105
100
Wheeling Steel Corp
J2
19U
IU4
.li4
60
100
Ward Baking class A
Class B
1
78
68
Preferred B
Waldorf System
t Walworth Co
27l2
7358
119i8
14984
12
2
46
9134
6278
1914
IU4
384
5414
23i8
27i4 Feb 19
36% Mar 3
114
24i2
21
Jan 18
50
111*
91*
17i8
53U
5112
27i2
6714
961* Jan 24
9i2
73
9t8
Mar 26
17
Preferred A
,
16U
53
86
..100
Walgreen Co
10i8
505s
3i8
7%
45
Jan
75
165
5
35i8
3U
32
135
16,000
M
13
87
121
34,700
900
.
2108.
t Wabash
143
15
96
Mar 11
100
9
83
42
412
6514
4012
100 *1141* Jan 16
100
7058 Feb
Preferred
1,400
115
For footnotes see page
Virginia Ry Co pref
Vulcan Detinning
2,400
18 J8
19
185g
19%
1834
19%
20%
1934 148,600
115
118
118
119
11312 115
11912 121%
120% 121%
1,140
48
48
483g
48i2
47
4818
48%
48% 48% *48
48%
1,800
50
52
53
501*
52l2
51%
5I84
51% 52
4934
51%
8,100
112
*1085s 112
*1085g 112
*108% 112
*108% 112
*108% 112
18
1812
1838
1914
18
18%
9.700
18%
18%
18%
18%
17%
7%
77g
8
734
734
834
8%
8%
71*
77g
8%
17,000
183g
__
15%
83%
*39
Virginia-Carolina Chem__jVo par
6% preferred
100
7% preferred
100
Virginia El & Pow $6 pf.-No par
Virginia Iron Coal & Coke..-100
5% preferred..
100
4%
21%
434
34
50%
5
*8
5
Mar 12
Jan 10
100 *11014 Feb
Class A
60
*85
90
3434
170
1,100
24
60
-
49%
33%
7238
*63%
91%
341*
7478
76U
38%
50i4
3314
94
*37%
82%
72
66
38%
834
75
65
*37%
9%
35%
*7578
38%
8,500
27%
4%
50i2
*92
26%
9
7U2
76i4
135% 135%
28%
27%
135
28%
4%
33
94
136
28%
*37%
*237g
9%
4934
65
114% 116%
136
4%
72
65
115%
112
9
9ig
501*
3314
*92
113
*82
41*
50
*76
7%
83
83
497g
7%
900
234
234
21%
4'%
83
*83
7%
234
5
7% 1st pref
Vick Chemical Inc.
Webster Eisenlohr
43
2%
No par
2,400
714
8634
734
234
100
Waukesha Motor Co
437g
*2%
7%
No par
Preferred
Jan
Jan
Jan
Jan
Jan 16
24
88I4
234
Vadsco Sales
3%
U*
371*
20%
28*4
No par
92%
120% 121
10%
1
a:136%Mar 27
160»4 Feb
No par
91%
18
100
No par
*115
116
100
No par
Preferred
Utilities Pow & Lt A
Convertible pref
Warren Fdy & Pipe
101
9634
120% 120%
Preferred
4,600
40%
101
93%
68i* Jan
463s Jan 21
1151* jan
1,900
2
2
841 a Feb 25
50
100
U S Tobacco
Jan
50
U S Steel Corp
Preferred
40
"2%
.100
;
11
1838 Jan 28
100
No par
Prior preferred vtc
2l8
1938
225s
312
203s
393s
4
978 Jan 27
73
78
938
11
5
IU4
7i2
51
73l2
133U *159%
1434
%
110
78
29
12
Feb 17
99
8712
2l8
3i2
78
4U
110i2 Feb 15
I69I4 Feb 18
14i4 Feb 21
533s Mar 12
No par
v t c.
15
197* Jan 23
393s Jan 2
No par
Warren Bros
43
71*
91
20
Us Jan
45* Jan
167g Jan
861*
I8I4
No par
U S Industrial Alcohol
U S Leather v t c
37
Jan 23
5
No par
Preferred
50
4218
4912
Jan
Jan
No par
86
4814
2
15
28% Mar 12
1312 Jan 20
U S Gypsum
Class A
2U* Jan
No par
4134
*109
100
No par
Jan
314
60%
9U
46
IO8I4
Mar 16
3% Mar 24
2234 Mar 23
3838 Mar 5
1% Jan
15
$3.85 conv pref
t Warner Quinlan
2,100
30,600
2,500
*80
*78%
9%
200
2,900
8%
22%
25%
24%
8%
41%
18
47,800
18%
234
18*8
No par
Preferred
U S Freight....
U S & Foreign Secur
6 J^% preferred
8%
2834
8%
80%
10
600
1,100
2%
80%
17%
1334
2%
40%
116
-
15
*2%
5934
40%
*92%
mm
117
80%
97
1,400
7%
32%
*32
*115
9%
-
"700
3%
"2%
*11434 115
*17
3%
180
■■ml»
234
73g
115
20
92
Vicks Shreve & Pac Ry Co pf.100
Common
100
25g
75»
86»8
3318
7U*
PJpe & Foundry
U S Distrib Corp
Van Raalte Co Inc
70
1,200
133
2
102
102
102%
921*
9U*
*90% 93%
*120
121
*1203g 121
116
914
U S
3,000
4434
133
*80
101
92
9
*80
~
*811*
*2is
*3%
8i2
"~2%
334
100
Vanadium Corp of Am
*119% 121
8%
8%
*5%
7%
*5%
13i2
1334
13%
13%
1384
32i8
32I2
32%
32%
32%
32%
*115
117
*11312 117
*113% 117
9
91*
834
9%
87g
9%
29
29
29
293»
29%
28%
*183g
181*
18%
18% *18%
18%
*14
14
14
*13
15
14i2
278
27g
234
234
2%
2%
*61
63
*61
*61
63
62%
12
127g
1214
12%
1134
12%
55
55
531*
541*
*53%
*53%
23g
2l4
2%
2%
2%
2%
9ig
984
9%
9%
884
9%
24
2558
22%
22%
*22% 24
27
273g
26%
26%
26%
2634
25
25
2534
25%
25%
2534
9
9
*80
31*
81*
*5l4
131*
*2i8
4U2
9
Preferred
5,500
*80
86
7% "7%
7% "7%
44
45%
4434
44%
132% 13278 *132% 133
109
11012 *109
110% *109 q 110
61*
*41*
6%
*3%
*3%
6%
25
*22
25
25
*2U4
*22%
8
734
46>4
*80
*543f,
♦I8I4
3%
15914 Jan 24
Jan
79
9l2
15
46
69U Jan 10
Mar 23
50
47
858
514
2234
Mar 17
153
Preferred
1st preferred
U S Smelting Ref «fc Min
Preferred
8%
514
60
100
Universal Pictures 1st pref.—100
t Universal Pipe & Rad...... 1
77%
8%
29i8
15
1
8
Feb
75
83
*2 Do
80
79
135
*51
2i8
7634
81
*2334
82%
77%
*130
73s
Feb 10
1278 Feb 7
758 Mar 26
76
81
25s
914
7634
135
9%
Jan 25
49l2
74
79
1778
70
412
65
4
7458
*130
958
Jan 13
533 Jan
171*
H2
2034
834
234
8
7314
79
*17
113
Jan
814
6i8
303s Mar 26
135
*9514
Preferred class A
...No par
Universal Leaf Tobacco.-No par
7
109
7
46
H2
2034
Feb
163* Jan
79
9
100
3038
20U
2014
51s
3
198s Jan
10
*130
9
No par
No par
79
No par
78
*80
Preferred.
t United Paperboard
24
1111*
90i2
261*
111
3
No par
135
81*
No par
7
19
104U
684 Feb 19
4i* Jan 3
661* jan 2
16i» Mar 13
U S Rubber
78
838
No par
"4T2
50
U S Realty & jmpt.
*130
214
United Gas Improve
"V14
5
Mar
U
78
V4
No par
79i2
20U
978
16i2 Feb 4
2414 Mar 26
101
29% 114,800
135
278
Jan
Jan 15
1034
78
*234
15
93
United Electric Coal
United Fruit...
United Stores class A
9
10
1334
8i8
47«4 Feb 17
28%
*130
*14
__5
100
1484
82i2
6278
Feb 19
30%
78
3214
United Drug Inc
United Dyewood Corp...
Preferred
79
2918 Mar 11
914 Feb 17
11%
135
13l2
32l4
No par
6
1U2
82i2
Jan 11
29%
*130
*11438 117
6i2 Feb 19
4234 Mar 13
12% Jan 21
No par
117
11%
*12014 121
73g
1312
Jan 21
22% Jan
United Corp...
Preferred
7% preferred
1,000
68
Unlted-CarrFastenerCorpNo Par
U S Hoff Mach
15,800
83
P 78
*514
No par
;
Jan 18
11%
121
*8
United Carbon.
171* Jan 22
24U Mar 18
113
29%
132 <8 133
334
8I4
100
•20% Mar 19
2834 Mar 6
281* Jan 6
Jan
$ per share
2w Mar 23
27%
132i2
*10914 11034
*434
61*
*2U2 2612
*3l2
Preferred
2
13
Jan
28
*65
8%
United Air Lines Transp vtc.J
United American Bosch--No par
United Biscuit
.
No par
281* Feb 7
138i4 Mar 6
9734 Feb 26
315s Feb 7
3238 Feb 18
90i8
263g
*65
48i2
__
7
7
2
22% Jan 2
2434 Mar 27
1% Mar 27
23is Jan
1081a Jan
263g
*80
778
4634
5
Rights
$ per sh
26
*80
132
No par
United Aircraft Corp
50
11%
48%
8%
16%
.->25
Union Tank Car
600
162% 162%
1134
49%
-
1,700
91
88
92
89%
89l2
91%
88%
89%
*73
74
74
73
73
7314
73%
73%
63
65i8
6434
64%
6314
64%
63%
65%
64%
130
130
12914 130
12914 1297S
129% 130
129% 130
128% 12934
138
138
*13634 140
*13634 138
136% 136%
*13634 140
*13634 140
*162i4 163*2 *162i4 163i2 *162i4 16312 *162% 163% 163% 163% *162% 164
6
578
6
6
534
6ig
534
534
6%
5%
534
5%
2
2
2
178
1%
1%
1%
134
134
1%
1%
1%
*37
*35
40
*35
4278
40
*39
40
39
39
*35
42%
23
2212 225ft
23
22% 23lg
233g
22%
22%
2214
22%
22%
*3U2 3234
33
*3134
32l2
34%
34%
321* 33
33%
3284
33%
♦113
113% 113% *113% 11334 *113% 11384
11334 *11314 11334 *11314 11334
*70
Par
133
2634
133
*92%
*28%
25
74
714
26%
*132
95%
2834
115
2434
287g
71*
45%
2684
953g
26
*2438
115
«•«.
29
214
I8I4
25
74
285S
267g
2
25l2
26i4
133i2 134
95i2
251*
'
*28i4
7i4
4558
1478
1912
2634
13438 135
95
95
$ per share
25
12U2 Mar 26
49% Mar 5
54U Feb 19
116
Feb 19
1938 Mar 18
938 Jan
4
1734
2%
3112
18
10i8
125s
«
13
30
38i2
1%
U4
25s
2*8
97S
3314
120
63s
Complete
Bond
RICHARD
Brokerage Service
WHITNEY & CO.
Members New York
Stock
Members New
Curb
York
15 BROAD STREET,
Exchange
Exchange
NEW YORK
Telephone BOwling-Green 9-4600
A. T. & T. Teletype
TWX, N. Y. 1-1793
2118New York Stock Exchange- Bond Record, Friday, Weekly and Yearly
On Jan. 11909 the Exchange method of moting bonds was changed and prices are now "and interest"
except
Mar-281936
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
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.
Week's
July 1
Range or
Friday's
Bid & Asked
1933 to
Range
BONDS
Feb. 29
Since
N. Y. STOCK EXCHANGE
1936
Jan. 1
Week Ended March 27
»
BONDS
"
N. Y. STOCK EXCHANGE
Week Ended March 27
>tia.
U. S. Government
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
4*8—.Oct
3*s_..Oct
4s
Low
High
No.
15 1947-1952 A
117.24
107.28
166
D 112.14
112.23
225
15 1946-1956 M
S 110.26
Low
82
O 107.19
15 1944-1954 J
Dec
O 117.14
15 1943-1945 A
Low
High
117.24
115.3
105.24107.28
111
112.24
111.2
340
109
111.2
3*s_..June 15 1943-1947 J D 108.3
3s
Sept 15 1951-1955 M S 104.1
108.10
158
106.17108.10
104.11
335
102.20104.11
3s.
D 104.14
10.426
556
102.29104.16
3*s__ .June 15 1940-1943 J D 108.18
3*s_._Mar 15 1941-1943 M S 108.30
108.20
33
107.19109
109
26
108
3*s—Mar
June 15 1946-1948 J
109.8
J
D 105.13
105.23
167
103.24105.23
3 *8... Dec
15 1949-1952 J
D 105.12
105.18 1084
103.19105.18
3*s.—
109.1
261
108.5
3*s...Apr
11941 F A 108.29
15 1944-1946 A O 107.10
107.16
531
105.12107.16
2 *s_. .Mar
15 1955-1960 M
102
3*8—.Juijle 15 1946-1949
Aug
2*s.._Sept 15 1945-1947
2*s—Sept 15 1948-1951
S 10M9
102
M S 102.23
103.1
739
100.31103.1
101.31
932
101.7
s
Mar
100
M S 101.21
Federal Farm Mortgage Corp—
3*s
Mar 15 1944-1964 M S 104.2
3s
May 15 1944-1949 M N 102.17
3s
Jan
15 1942-1947 J
J 103.10
2*s___
1090
109.11
1 1942-1947 M
S 101.30
104.11
103.6
92
101.31
102.20104.11
166
100.26103.6
103.18
52
130
100.15102,10
102.30 1021
952
10.128
100.17102.30
125
99.17101.28
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N 102.12
2*s series B__Aug
1 1939-1949 F A 101.9
2*s series G
1942-1944
101.11
State & City—See note below.
10.128
99.16101.28
Akershus (Dept) ext 5s__
A
O
1963 M N
19*
*19
9
19 M
4
15
3
6M
6M
6M
6M
12
6M
8
6*
6M
f 7s series B
1945
J
s
f 7s series C
1945
J
s
f 7s series D
1945
J
f 7s 1st series....1957
f 7s 2d series. 1957
O
8*
9
O
o
8M
8M
9
f 7s 3d serles.1957
♦External
s
sec s
♦External
sec s
Antwerp (City) external 5s
1958
D
Argentine Govt Pub Wks 6s... 1960
Argentine 6s of June 1925
1959
s
f 6s of Oct 1925
External
s
f 6s series A
External 6s series B
Extl
2
a96
8*
a96*
17
11
74M
100 *
O
Extl
98
9*
9M
9M
9M
s
♦External
64
Tie
♦External
♦External
J
17M
18M
99 M
♦External
J
14M
15 *
20 M
99*
9M
9M
9M
9M
♦Artioquia (Dept) coll 7s A—1945
48
44
99 *
99*
100
40
44
O
100
43
44 *
1957 M S
99 M
100 M
42
44
100*
25
44 M
99 *
100 M
41
100
97
44 M
44 *
100
18
44 M
99 M
100
22
45
58
D
.1959
1958 J
D
f 6s of May 1926
1960 M N
External s f 6s (State Ry).__1960 M S
Extl 68 Sanitary Works
1961 F A
Extl 6s pub wks May 1927...1961 M N
s
Public Works extl 5 *s.
Australia 30-year 5s.
External 5s of 1927
External g 4*s of 1928
98*
105M
105M
106
20
41M
77 M
1957 M S
106
37
78
1956 MN
100*
100*
76
73M
Austrian
1957 J
36
(Govt) sf 7s..
♦Bavaria (Free State) 6*s
Belgium 25-yr extl 6*s
External
s
f 6s...
Bergen (Norway) ext
(Germany)
J
1945 F A
1949 M S
s
f 5s
104 *
1955 J
D
113*
108 M
*102 M
24*
24*
1956 M N
1960 M S
s f
♦Bogota (City) extl s f 8s
1945 A O
♦Bolivia (Republic of) extl 8s.. 1947 MN
♦External secured 7s
J
1958 J
♦External sinking fund 7s... 1969 M S
♦Brazil (U S of) external 8s
1941 J D
♦External s f 6*s of 1926... 1957
♦External s f 6 Mb of 1927—.1957
♦7s (Central Ry)
1952
♦5 Bremen (State of) extl 7s
1935
Brisbane (City) s f 5s
1957
Sinking fund gold 5s
20-year s f 6s
Budapest (City of)—
f 6s ser C-3
99 *
97
2
42 M
26 *
12
88 M
31
86 M
36
92*
28
107 M
105 M
115*
108*
33
91
26" —j
22
62*
9*
9*
35*
O
27
A
O
26 M
J
D
32 M
45
112
21M
18
27M
18 M
21*
21M
M S
29
30
6
29
26 M
M
99
6
68
05
3
68 M
75
95
90
20
17 M
99
A
99
1950 J
D
102 M
31
98 M
100*
102 M
1
32*
99*
100*
98*
25
29*
30*
32*
29*
40*
36
93
5
36*
1
65M
34
25*
61
62
16
60*
62
51
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 *s May coup off 1968 M N
♦Caldas Dept of (Colombia) 7 *s '46 J
J
Canada (Dom of) 30-yr 4s
1960 A O
14M
16
25
....1952 M N
2 Ms
Aug 15 1945 F
♦Carlsbad (City) s f 8s
1954
♦Cauca Val (Dept) Colom 7*s_1946
♦Cent Agrlc Bank (Ger) 7s....1950
♦Farm Loan s f 6s._July 15 1960
A
15
10 *
107*
113
98 M
*32
71
80
65*
57 M
55 M
57 M
57 M
59
62
12
13
9
9
8M
42
86 M
24
99 M
96 M
*13*
Copenhagen (City) 5s
1952 J
25-year gold 4*s_.
—1953 M
♦Cordoba (City) extl s f 7s.... 1957 F
♦7s stamped
1957
♦External sink fund 7s
1937 M
A
D
N
A
N
No.
11*
4
5
52
5
22
11*
42*
High
15
52
24
25
5
22
23*
27*
21*
21*
22*
68
18
20
23
31
17*
20
25*
25*
19
19*
19*
8
13*
17
19*
12
17*
16
97
19*
99*
77
96*
83
17*
92*
88*
20
20
99*
94*
13*
60*
55*
12
54
"l7
45*
45*
70
57
60
12
29*
45*
25*
73
80*
17*
35
50
23
34*
19
18*
*50
12
37
;
16
13
16*
13
10*
105* 109
111M 115
96 M
99
43
45
7*
9*
2
30*
17
29 M
26
29 M
11
27*
20*
27
34*
29
33
24
27 M
28*
37
14M
14*
14M
14 M
7
7
14
16
90
5
13*
22
56
14*
8
14 M
77
6M
6M
6M
6M
14
14M
14*
13*
29
6
14
38
7*
13M
13*
62
12*
12*
12*
13
17
9M
7M
7M
11
33
28 M
30
15 1960
28 M
15 1938
♦Chile (Rep)—Extl sf 7s
1942 M N
♦External sinking fund 6s
1960 A O
♦Ext sinking fund 6s
Feb 1961 F A
J
♦Ry ref ext s f 6s
Jan 1961 J
♦Ext sinking fund 6s...Sept 1961 M S
♦External sinking fund 6s... 1962 M S
♦External sinking fund 6S...1963 M N
♦Chile Mtge Bank 6*s
..1957 J D
♦Sink fund 6*s of 1926
1961 J D
O
1962 M N
14*
14*
14M
14*
14M
14*
12*
12 M
12M
12*
M
17
For footnotes see page 2123.
NOTE—Sales of State and City securities occur very
50*
*64
77*
79*
32*
33*
50
Cuba
(Republic) 5s of 1904
External 5s of 1914
External loan 4*s
Ber
A
1944 M
S
Low
33
1949 F
F
J
J
J
D
1949
Sinking fund 5*s—Jan 15 1953
♦Public wks 5*s...June 30 1945
Denmark 20-year extl 6s
External gold 5*s
A
rarely
on
13*
14
13*
12
68*
83*
61*
103
A
100
100
A
*95
99*
100*
50*
"16
61
241
11*
3
19*
8*
77*
1959 M N
100
46*
11
O
104*
1952 A O *102*
1951
6
102*
1942 J
J
..1955 F
A
External g 4*s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s
1932
O
97
63*
65*
70
{♦Stamped extd to Sept 11935—. M S
Dominican Rep Cust Ad 5*8—1942 M S
1st ser 5*s of 1926..
1940 A O
2d series sink fund 5*s
1940 A O
♦Dresden (City) external 7s...1945 M N
40
5
105
77
105
*53
79*
99* 103
99* 100*
92
100
37*
10
100*
100*
104*
100*
93*
96
100*
54*
13*
105*
105*
106*
102*
105*
105*
101
101*
98*
32
75
97*
78
61
44*
44*
5
39
44
11
40
67
70
36
03
68
36
63
69*
70
*65
99
48*
67
67*
68*
T20
♦El Salvador (Republic) 8s A.. 1948
♦Certificates of deposit
Estonia (Republic of) 7s
1967
Finland (Republic) ext 6s
1945
External sink fund 6*s—1956
♦Frankfort (City of) s f 6*8—1953
French Republic 7*s stamped. 1941
7*s unstamped
....1941
External 7s stamped
1949
J
26*
26*
2
25*
26*
30*
64*
64*
70*
94*
1
36
30
61*
41*
64*
70*
96*
105*
102*
24*
23
J
63
J
94*
M S
105*
MS
102
J
M N
J
D
172
j"
1
1
105* 108*
70*
102
D
27
22*
126
172
170*
127*
174*
165* 172*
179"
103
031
♦7s
unstamped
...1949
German Prov & Communal Bks
♦(Cons Agrlc Loan) 6*s
1958 J
70
5
*174*
♦5*s of 1930 stamped
1965 J D
♦5*s unstamped
...1965
♦German Rep extl 7s stamped..1949 AO
93
20
....
D zl78*
33*
48*
2
176
*105
7s unstamped
1949
German Govt International—
Graz
24*
o31
25
21*
21*
30*
30*
35
37
11
23*
27
27*
26
26
21
34*
35*
32
177
183
182*
174* 177*
25*
25*
33*
30
34
32
45*
29*
29
39*
(Municipality of)<—
♦8s unmatured coupons on.. 1954 M N
105
105
Gr Brit & Ire (U K of) 5*s
106*
106*
1937 F A
t4% fund loan £ opt 1960—1990 MN all5* 0115*
♦Greek Government 8 f ser 7s.. 1964 M N
*34*
♦7s part paid.
♦Sink fund secured 6s
♦6s part paid
1964
...1968 F
A
1968
Haiti (Republic) s f 6s ser A...1952 A O
♦Hamburg (State) 6s.
1946 A O
♦Heidelberg (German) extl 7*s '50 J J
Helsingfors (City) ext 6*s
1960 A O
Hungarian Cons Municipal Loan—
J
♦7*s unmatured coup on
1945
♦7s unmatured coupon on... 1946
30*
28*
*25*
30*
5
87
19
22
"~3
1
28*
28*
96
97
12
67
25
20
20*
93*
23*
15
24
107
66*
23
23
23
30
23
24*
25*
23
25
25*
24*
32*
25*
26
38
44
23
42
44
115
115
..I960 M N
1951 J D
Italian Cred Consortium 7s A.. 1937 M S
External sec s I 7s ser B
1947 M S
Italian Public Utility extl 7s... 195C J
J
Japanese Govt 30-yr s f 6*s—1954 F A
Extl slnkiDg fund 5*8..
1965 M N
Jugoslavia State Mtge Bank—
97
26*
24*
106
*23
f 5s
106
25
J
s
27*
16*
30*
99
105* 108
114* 118*
28*
34
25*
31*
26
29*
23* 28*
23*
♦Hungarian Land M Inst 7*s-1961 M N
♦Sinking fund 7*s ser B
1961 M N
Hungary (Kingdom of)—
♦7*s February coupon on
1944 F A
Italy (Kingdom of) extl 7s
49
105*
95*
*15
27"
*23
69*
74*
25
5
1
179
31*
92
50*
68
98
*85
"l3
44
104* 110
113* 115
60*
75
83* 97
53
•
67*
51* 64*
66*
58*
67*
63
40
40*
94
61
77
93
80
95*
81*
53
67*
80
89*
100
♦7s with all unmat coup... 1957 A
O
30
30
23
25
30*
F
A
30
30
29*
30
31*
12*
ir
15*
15*
15*
15*
15*
15*
13*
13*
13*
13*
♦Leipzig (Germany) s f 7s
1947
Lower Austria (Province of)—
♦7*s June 11936 coupon
1950
♦Medellin (Colombia) 6*s....1954
♦Mexican Irrlg assenting 4 *s_ .1943
♦Mexico (US) extl 5s of 1899 £.1945
♦Assenting 5s of 1899.......1945
♦Assenting 58 large
♦Assenting 5s small.
♦4s of 1904
9*
9
J
MN
Q
Q
50
104*
J
J
J
25
6*1
♦5*
6*
3
♦10*
10*
10*
7*
4
10*
♦6*
100* 101
7*
10*
6*
7*
4*
5*
9*
10*
12*
12*
"4"
"19
10*
9*
"5"
5*
4*
4*
......
1954 J
D
"5
D
1954 J
3
7
7
6*
6*
20
62*
118
39
50
7*
7*
7*
9*
9
62*
18*
18*
2
13
18*
18*
6
13*
15*
14*
19*
19*
D
50
53
54
27*
♦External s f 6s series A
1959 M N
New So Wales (State) extl 5s.. 1957 F A
External s f 5s.........Apr 1958 A O
47
47
2
25
9
73*
73*
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
♦{Treas 6s of '13 assent (large) '33
♦{Small
Milan (City, Italy) extl 6*8—1952
Mlnas Geraes (State of, Brazil)—
♦6 *s Sept coupon off—
-.1958
♦6*s Sept coupon off.......1959
....
♦Montevideo (City of) 7s
the New York Stock Exchange,
*5*
5*
J
J
A
O
M
58
S
M S
-J952 J
101*
101*
6*
"0*
101*
101*
jn such securities being almost
Bid and asked quotations however by active dealers In these securities will be found on a subsequent page under the general head of
5
60
1951 M N
♦7s May 11936 coupon on...1951
Low
High
11*
*54
i"j
Range
50
49*
....
Asked
64*
6
10 M
33
1961 A
64*
15*
10*
20
38*
99*
100*
92* 98*
70
79
95
55
108 *
113 *
99
99*
99*
101* 104
4
40
63
1961 F
.....
30
31
♦6*s stamped...
1951 F A
Refunding s f 4*-4*s—1976 F A
Readjust 4*-4*s
.1977 M S
Bulgaria (Kingdom of)—
f 6s
1947 F
Costa Rica (Republic of)—
♦7s Nov 1 1932 coupon on
Jan. 1
&
Irish Free State extl
S
1958 F
3
f 6s
7M
27 M
22 M
27*
27*
28*
75 M
s
32
16*
75M
s
28
105M 110
101M 109*
109
118*
105 M 109*
100M 101*
23 M
28*
23* 27*
13
21*
8M
A
♦Guar
97
7
135
♦Guar
92*
5M
64 *
A Apr
104* 106
98* 100*
4
62 M
ser
97M
94 M
104 M 106
33
9M
S
♦Farm Loan 6s
101*
100*
100*
100*
100*
100*
100*
100*
100*
100*
99*
7M
6
29*
25*
27 M
f 6s__Oct
97 *
10
4
7M
31*
♦Colombia Mtge Bank 6*s... 1947 A O
♦Sinking fund 7s of 1926
1946 M N
♦7s stamped
1937
Cordoba (Prov) Argentina 7s.. 1942
Since
1936
Bid
1933 to
10
11
78
s
97 *
10
40
78
♦Farm Loan
8M
7M
7M
8*
8M
95 M
97 M
97M
97 M
97 M
97 M
97 M
8
S
10-year
8
10*
10*
10*
10*
13
7M
♦Buenos Aires (Prov) extl 6s._.1961 M
♦6s stamped
1951 M
6s
7*
15*
98
f 6*s
100
12
20 M
O
s
21*
11
i960 A
♦External
21
25M
16*
A
♦6s July 1 1935 coupon on
1962 J D
Buenos Aires (City) 6*s B-2..1955 J
J
External s f 6s ser C-2
.1960 A O
s
107
J
6*s
1950 A O
♦External sinking fund 6s...1958 J D
External
96 *
28
.1956 J
External 30-year s f 7s
Stabilization loan 7s
♦Berlin
1962 F*A
J
1955 J
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6 *s_ 1950 M S
Colombia (Republic of)—
O
♦6s Apr 11935 coup on..Oct 1961
♦6s July 1 1935 coup on.Jan 1961
J
♦Sinking fund 7s of 1927
July 1
Feb. 29
Low
Foreign Govt. & Mun. (Con.)
♦Chilean Cons Munlc 7s
♦Cundinamarca 6*s
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B—
Foreign Govt. & MunicipalsAgricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on_1947 F
♦Sink fund 6s Apr coup on...1948 A
Nft,
Week's
Range or
Friday's
101.20103.18
102.10
S*C9
the
33
2
4
3*
3*
5*
4*
6*
6*
44* 63
43
48*
100* 103
101
103
entirely over the counter
"Over-the-Counter Securities."
New York Bond
Volume 142
Record-Continued-Page
Week's
<U
N. Y. STOCK EXCHANGE
Week Ended March 27
■££
sa,
Range or
Feb. 29
Since
1936
Jan. 1
2
2119
July 1
1933 to
Friday's
BONDS
Bid.
&
Asked
Week's
Range
BONDS
N. Y.
Range or
Inter st Period
STOCK EXCHANGE
Week Ended March 27
July 1
1933 to
Range
Bonds Sold
Feb. 29
Since
1936
Jan. 1
High
No.
Low
1095*
57
Friday's
Bid
Asked
<fc
I
Foreign Govt. &Munic. (<Concl.)
Norway 20-year extl 6s
1943 F
20-year external 6s
1944 F
30-year external 6s
1962 A
40-year s f 6 Ha
1965 J
External sink fund 6s
Low
1065*
13
107
28
1005*
25
87 H
83 H
101H
64
78 H
102 H
102 H
100
O
D
S
J
D
F
Oslo (City) 30-year s f 6s..
Panama (Rep) extl 5 Ha
♦
Extl s f 5s ser A
24
82
M N
1953 J
D
1963 M N
♦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
Poland (Rep of) gold 6s
.1940
s
♦7Hs July coupon off
Prague (Greater City) 7H8
73
102
104
104H
105
12
89
104
106
76 H
84
84
74H
2
31
67
90 H
58
81
76
Ark & Mem Bridge & Ter 5s... 1964 M S
*100H
Armour & Co (111) 1st 4 Ha
1939 J D
1045*
1st M s f 4s ser B
97
(Del)
1955 F A
5
12H
16 H
1955 J
D
107
1075*
15
117
4 5*
1960 J
D *1035*
1948 J
D
1075*
1125*
76
88 H
5
87 5*
9
63H
91
19H
195*
3
18
18H
3
100 H
25
2
11
21
25
O
23H
1105*
112
7
A
110
1105*
4
96
16
22
15
77H
22 H
195*
995* 101H
23 H
29H
H
28 H
22 H
94
23
109
112
109
835*
32 H
Conv g 4s Issue of 1910
Conv deb 4Hs
Rocky Mtn Dlv 1st 4s_.
Trans-Con Short L 1st 4s
16H
88 H
12 H
12
6
30
12
111
29 H
38
-
Atl Coast Line 1st cons 4s
July. 1952 M S
General unified 4 Ha A
1964 J D
LAN coll gold 4s
Oct
1952 MN
10-yr coll tr 5s......May 1 1945 M N
Atl A Dan 1st g 4s
J
1948 J
20
20 V
2
15
21
Atl Gulf A WISS col tr
A
15H
165*
13
11H
14
19H
16
25 H
26
17
52
12 H
14
17H
205*
195*
14
12 5*
145*
4
65 H
76
12 H
40 H
21
19%
27
28H
25
1959
25
41
1
65 H
112
22 H
22 H
27
25
23
23
1
13H
18 H
18
18H
3
11H
14 H
28H
8
15H
22 H
22
9^
12
16 H
295*
23 H
♦External 8s July coupon off. 1950 J
♦External 7s Sept ooupon off. 1956 M S
♦External 6s July coupon off. 1968 J
J
-.1940 A
19H
16H
O
90
Arg Rep) 7s..1942 M S
F
(Germany) 7s 1945
81H
89 H
995*
89 H
96 H
50 H
52
26
27
40 H
J
42 5*
44 H
14
23
33 H
99H
57 H
47H
J
J
675*
1055*
68 H
26
61
70
J
1055*
16
101
105H 106 H
1115*
1045*
55
100
100
1
75
105 H
3
1055*
845*
1115*
955*
82 5*
256
94 H
236
♦7s Feb coupon off
M N
s f 5 Ha
Taiwan Elec Pow 8 f
5Hs
1950 J
Conv 4Hs
1960 F
1996 M
1943 J
♦
A
A
J
M N
F
A
1135* 116H
74 H
103 H
109
114H
27
101H
109 H
118
106
24
94 H
35
32 H
28 H
32H
17
195*
17
23 H
23 H
29J*
305*
815*
29H
27
1951
J
J
Beech Creek ext 1st g
3H8
Bell Telep of Pa 5s series B
1st A ref 5s series C
J
D
101H
73
1005*
1951 A
O
1948 J
1960 A
O
1265*
1005*
120
J
73
1
60
3
1005*
88
89 H
2
1005*
120H
1275*
66
129 H
29
5
275*
28 %
32 %
27
3
24 H
24 H
25%
30
29
*101H
29
265*
29
A
O
*24
295*
75
A
O
28
28 H
33
515*
J
1055*
475*
96
100 5*
77
76 H
10 5*
101H
77 5*
72
5
75
16
58
92
•
3
110
mmm,
275*
91
1065*
24 H
28
99 H
104 5*
90
1095* 1095*
~
«
105*
101H
2
8H
12
635*
46
3
46
48
39
475*
18
259
595*
85H
93
60 H
805*
156
25
~795*
93H
80
94
A
O
56
75
765*
F
A
24
26
15
185*
23
825*
A
O
21H
22
21
55*
21H
89 %
31H
26 H
21
22H
13
6
21
26 H
M
S
18
18
J
J
J
J
9H
26 H
46
845*
48
82 H
77
115*
100
33
45H
815*
*42
755*
59
*~6
S
33
1065*
70
53 5*
76 H
S
M
M N
935*
100 H 103 H
83
74H
100K
121
125
J
J
985*
119
A
D *109
75
103
D
J
68 H
100 H 101H
101H 101 H
1035*
F
162 H 166
26 H
51
♦Certificates of deposit.
101H
61H
3
93 H
1
F
A
675*
69
14
81H
835*
10
50
37 H
50
53 H
615*
92 H
66 H
945*
71H
MN
89
J
J
94
1
525*
575*
69
815*
63
49 H
375*
52 H
41
D
39 H
75
95
A
1145*
115
37
72 H
109
115
M N
61
93 H
J
121H
34
103 H
11
1055*
Brooklyn City RR 1st 5s
1941
J
46 5*
475*
49
S
99H
9
5
96 H
4
50 H
A
64
65
O
70H
71
A
D
102 5*
91H
865*
40 H
74
106 5*
72 H
4
72 H
62
102 5*
93 H
69
87H
69
1
38
53
525*
""85
15
62
1942 M
110K
1105*
5
93
S
A
American Ice
D
—1953 J
S
S
Amer I G Chem conv 5Hs
1949 M N
Am Internat Corp conv
J
5Hs—1949 J
Am Rolling Mill conv deb
4Ha. 1945 M S
Am Telep & Teleg coll tr 5s... 1946 J
D
35-year s f deb 5s
J
1960 J
20-year Blnklng fund 5Hs.—1943 M N
75
15
100H
101
133
136 H
96 H
96 H
102
745*
745*
1145*
105H
92 H
554
109 5*
2
50
5
80
185
78
18
105
76 H
65
73
121H
119
105 5*
388
102 H
30
101H
107H
108 5*
112
1125*
113H
114H
112H
62
100 5*
F
105H
J
A
1275*
102 H
86 5*
98
1
4
93
20
100H
8
104
36
14
*87
89
39
J
A
O
M
Cal Pack
conv
deb 5s
1940 J
A
Canada Sou
cons gu
5s A
1962 A
Canadian Nat guar 4 Ha
J
83 H
79
H
25
J
J
78 H
665*
65
67
985*
N *1065*
J
104H
O
155*
O
1095*
1045*
635*
M N
104
70
26
J
1005*
108H 110H
99 H 101H
118H 136 H
91H
96H
99H
1065*
.105
16H
16
1
191
....
50
155*
_
23
10H
16
31
22
54
1025*
14
85
26
1H
117
117
7
111H
112
27
915*
965*
79
Guar, gold
1155*
1165*
6
O
12
A
1175*
1175*
1185*
1970 F
Guaranteed gold 5s
J
A
112H 117H
1015* 1055*
119
1345*
107 H 110H
112
1135*
118
5
965*
115H
1135*
116
7
1145*
23
1135*
1255*
113H
126H
935*
945*
915*
915*
142
104 H
47
1
June 15
J
D
F
4Ha
A
M S
Canadian Northern deb 6Ha..
105
108
105H 1075*
103H 106
85
1195* 122
124 H 127 5*
104
105H
108
109 H
105H 1065*
103
*20
O
18
1005*
1085*
108J* 1105*
*24
A
88
106
885*
A
O
7
96 H
91
1085*
1045*
765*
♦Certificates of deposit.
90
102
J *103
A
M S
60
H
F
M N
1981
95 H
81
66
5
106
Buff Gen El 4Hs series B
97 H
48 H
62
116
108H
103
11
104
108 H
D
68 H
5
81H
104
104 H
H
78
32
102 5*
78 5*
94
J
76
87
8
100 5*
51H
115
M N
73
101
13
*70
100
1065*
104
105H
1st lien A ref 5s series B
1055*
55
41
O
106
120H
1275*
110
53
475*
1998 AO
50
1035*
81H
4H
65
109
103 H
44 H
83
D
2
995*
1065*
1065*
106
Debenture gold 5s
49
98H 102
97
1005*
80 H
D *110
D *106
J
J
98 J*
•
M N
61
100 H
100 H
100 H
J
J
135*
D
k
101H 120
13
J
♦Deb sinking fund 6 Ha—..
90
44
66H
25H
117
....
J
42
M N
♦Alplne-Montan Steel 7s
.1955 M
Am Beet Sugar 6s ext to Feb 1 1940 F
Am & Foreign Pow deb 5s
2030 M
deb 5s
94 H
6
1135*
108 H
113
90
80 H
F
M N
Allied Stores Corp deb
4Ha—1950 A O
Allls-Chalmers Mfg conv deb 4s 1945 MN
s f
9
J
M
J
1950
g
74
'
1950 A
4s
4s
74 H
615*
52 H
335*
325*
*33H
1949 J
gu
38 H
29
*163H
1944 F
5s stamped
Allegh <fc West 1st
Alleg Val gen guar
99 H 105
88
98
61
248
28 H
28
A
1946 AO
Ha
100H 105
745*
30
492
32 5*
13
1948
Coll & conv 5s
♦Coll & conv 5s
1033*
965*
H
1135*
1085*
28
70
1943 J
1943 J
JAlleghany Corp coll tr 5s
108H 113H
84 H 100H
765*
82
J
1947 J D
1952 A O
♦6s with warr assented
Alb & Susq 1st guar 3
59
59
114
103
J *101
4s stamped...
215*
20 5*
90 H
102 H 106 H
75
92
72
J
68
1948 M
♦Albany Perfor Wrap Pap 6s_. 1948
94 H
52 H
J
15H
INDUSTRIAL
ser B
54
32
301
J
..1951 J
"v
1st cons 4s
89
113
100H 1042*
104 % 107 H
80
S
Aroostook 1st 5s
35 5*
69H
A
Ref A gen M 5s ser F
148
96H 100H
82 H
88 H
82
75
F
1958}
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 5s
S
935*
795*
69 H
D
.1961 J
Adams Express coll tr
g 4s
Coll trust 4s of 1907
J
57
M N
1952,
COMPANIES
♦5tAbltlbl Pow & Paper 1st 5S.1953
101
67
33
♦External s f 6s
..1964 M N
Venetian Prov Mtge Bank
78—1952 A O
Vienna (City of)—
AND
90 H
1025*
J
38
26 H
101
RAILROAD
D
M N
B
25H
25H
Trondhjem (City) 1st 5 Hs—1957
♦Uruguay (Republic) extl 8s ..1946
♦External s f 6s
1960
Yokohama (City) extl 6s
1103*
O
19
2
*70
Warsaw (City) external 7s
D
O
A
39
J
1971
on
J
1075*
1045*
1055*
104H
81H
905*
~69
10
Tokyo City 5s loan of 1912
1952 M S
External s f 5Ha guar
...1961 A O
♦Tolima (Dept of) extl 7s
1947 M N
♦6s Nov coupon
J
M N
14
M N
1946 F
1955 F
Sydney (City)
J
J
1995 J
rqf 4s...1941
(Kingdom)
♦8s Nov 1 1935
coupon on. .1962
♦7s Nov 1 1935
coupon on._1962
Silesia (Prov of) extl 7s
1958
♦Sile8ian Landowners Assn 6s. .1947
Solssons (City of) extl 6s
1936
StyTla (Province of)—
J
105*
28 H
34
*28
86
995*
3
295*
D
.1946 J
10
103 H 105H
1055* 110
57
23
28
*28
109 H
118
86 H
--
87
5s—I—1959
Con ref 4s
111H 112H118H
995*
--
89
z20H
17H
28 H
-.1951 M N
D
1945 J
1205*
1055* 1075*
110H 113H
87
12 H
12 5*
*67
67H
111H
71H
Southwest Dlv 1st 3H-5s
angor A
79
89
-
61H
Ref A gen 6s series C
P L E A W Va Sys
195*
25
1936 J
-
81
A
23
-
81
Tol A Cin Dlv 1st ref 4s A...
J
Ref A gen 5s series D
2000 M
M N
-
855*
conv deb 45*8
1939
Austin A N W 1st gu g 5s
1941
{Baldwin Loco Works 1st 5s...1940
Bait A Ohio 1st g 4s*
July. .1948
Refund A gen 5s series A
1995
28 5*
27
•
99
122H
M N
San Paulo (State
of)—
5*8s July coupon off
15
54H
92 H
135
78
106H
113H
108 H
102 H 106 H
109
114
84
Auburn Auto
25H
16H
2
105
1937 J
Atlantic Refining deb 5s
O
845*
98
1948 J
1946 A
19 5*
111H
J *106
J *111H
1958 J
Cal-Ariz 1st & ref 4Hs A—..1962 M S
111H
Atl Knox & Nor 1st g 5s
D *118
1946 J
Atl A Charl A L 1st 4 Ha A
J *106H
1944 J
1st 30-year 5s series B
J
109
1944 J
13 H
14
J
1965|
2d 4s
♦7s August
coupon off..
105
146
O
♦Saarbruecken (City) 6a
1953
Sao Paulo
(City of Brazil)—
♦8s May coupon off
1952
♦Extl 6 Ha May
coupon off—1957
106 H 109
2
80 H
J
104 H
75
74 5*
15
1115*
24 H
75 H
111
107
1125*
48 %
305*
84 H
71H
96
100H
103 H 105 H
94 H
98 H
106 H
110H 115H
104 H 113H
103
107
■
49
104%
75
20
131
D
75
1968 J D
1966 M N
115
1955 J
102
295*
106 H
1995 M N
56
24 H
106
Conv gold 4s of 1909
Conv 4s of 1905
63
100 H
78 H
905*
Stamped 4s
5
J
75
275
19
15
D
27
44
17 H
107H
90
2
j*
15H
O
J
35*
12H
A
13
100
99 H
24
7.
13H
135*
775*
75H
1075*
985*
8H
13
O
41
232
18
D
O
42
20 H
104
High
110
107H 1185*
18
3
12
19
A
24
Armstrong Cork deb 4s
J
1950 J
Atch Top & S Fe—Gen
g 4s..—1995 A O
Adjustment gold 4s
1995 Nov
97
985*
1035*
Anglo-Chilean Nitrate 7s....1945 M N
{♦ Ann Arbor 1st g 4s
1995 Q J
80
24
Low
435*
41H
104 H
275*
77 5*
41H
O
117
110
42
58
113H
112H
HOH
J
♦7s June
♦Gen
24 H
27
16
D
coupon off
....1967
19H
1952 A O
60H
Rotterdam (City) extl 6s
1964 M N *110
Roumanla (Kingdom of
Monopolies)
ref guar 6 Ha—
♦Saxon State Mtge Inst 7a
♦Sinking fund g 6Ha.
Serbs Croats & Slovenes
86 H
82 H
59 H
30
Rome (City) extl 6 Ha
♦Stamped
♦Saxon Pub Wks
79 H
75
18
103
755*
J
♦
27
102 H
109H
107H
....
1946 A
.1953 F
♦6 Ha Aug
coupon off
Rio Grande do Sul
(State of)
♦88 April coupon off
♦6s June coupon off
♦7s May coupon off
♦Secured s f 7s
♦Santa Fe (Prov
22%
18
1950 M S
Rio de Janeiro
(City of)—
♦8s April coupon off
64
14H
f 7s.. 1941 A
1947 F
7s A
22
S
1952 M N
♦Prussia (Free State) extl 6
Ha. 1951 M S
♦External sf6s
..1952 A O
♦Rhine-Main-Danube
{♦ Am Writing Paper 1st g 6s. .1947 J
♦
Certificates of deposit
Anaconda Cop Min s f deb 4 Ha 1950 A
S
1966
♦8s June coupon off
s
825*
1005* 1035*
104 H
102 5* 1025*
M
1961
External sink fund g 8s
Porto Alegre (City of)—
1
17
Amer Water Works & Electric—
Deb g 6s series A
1975 M N
10-year 5s conv coll trust
1944 M S
100 H
80 H
.
Low
1003,6 105 H
76
3
High
106
107 H
105H 107 H
M
1947 A
1950 J
f 7s
Queensland (State) extl
25-year external 6s
24
72
♦Stamped
;
Pernambuco (State of)—
Stabilization loan
100^6
1005*
1015*
102 H
A
19551
Low
88
106 H
1953 M S
1958, M N
Oriental Devel guar 6s
Extl deb 6 Ha
Low
106 H
A
1963 M
Municipal Bank extl s f 5s—1970
♦Nuremburg (City) extl 6s
1952
No
High
A
96 H
15
103
104 H
104 H
84 5*
65H
30 H
21H
29
H
80 H
90
68 H
485*
58 H
67
92 H 1015*
1065* 107 H
104
105 H
95*
165*
111H 117 H"
1085* 112H
1135* 116H
115
118H
115H 118H
1125* 117
1105* 1145*
110H 114
122 H 126 H
22
Debenture 5s
...1965 F
{♦Am Type Founders 6s ctfs._.1940
A
J
112
A
112
O
955*
98 5*
J
J
106
103
113H 115
J
J
65
105
112
M S
120
100
92H
1035*
112
J
J
29
20
1145*
H4H
J
D
107
108
107
735*
1025* 105
113H 115
105H 108
J
Convertible debenture 4Hs—1939 J
1*35*
J
1035*
104
141
645*
1005* 1045*
119H
1145*
90 H
101H
Coll trust gold 5s..
8
For footnotes see page 2123.
BOND
BROKERS
Railroad, Public Utility and Industrial Bonds
Vilas & Hickey
New York Stock Exchange
49 WALL STREET
—
Tal.phont HAnov.r 2-7900
Private
Wires to
Members
—
New York Curb Exchange
....
—
A.
T.
&
T. T.ietyp.
NEW YORK
NY 1-911
Chicago, Indianapolis and St. Louis
105H
525*
i
66
945*
87 H
94 H
March 28
New York Bond Record—Continued-Page 3
2120
Week'8
BONDS
s
Week Ended March 27
cBennett ''Bros. &
e/Wembers
j
Johnson
J
J
Wall Street
Series A 4*8 guar
Series C 3*s guar
135 So. La Salle St.
Private Wire
Randolph 7711
Connections
4s
Cleve A Pgh gen gu 4*s ser B.1942
Series B 3*s guar
1942 A
Chicago, III.
WHiiehall 4-3939
*105*
99*
J *100*
W W Val Dlv 1st g 48
1940 J
Cleve-Cllffs Iron 1st mtge 4 *s. 1950 M N
106*
J
Cleve Elec Ilium 1st M 3*s...l905
109*
%AlLROAD ''BONDS
120
A
1990 M N *100*
1940 M S *103*
St L Dlv 1st coll tr g 4s
g
Bid
High
bonds
N. Y.
STOCK EXCHANGE
si
Week Ended March 27
Bid
A
109
Low
{♦Car Cent 1st
1949 j
j
1938 j
4s
guar g
Caro Clinch A O 1st 5s
d
High
*94
"91"
1st A cons g 08 ser A__Dec 15 1952 J
D
Carriers & Gen Corp deb 5s w w 1950 m n
109*
Cart A Ad 1st gu g 4s
1981 J
D
88
♦Cent Branch U P 1st g 4s
Cent Dlst Tel 1st 30-yr 5s
1948 j
1943 J
d
*32
{♦Central of Ga lstg 5s...Novl945
F
D *105*
A
65*
1945 m n
♦Consol gold 6s
♦Ref A gen 5 *s series B
♦Ref & gen 6s series C
32
89*
Low
High
49 *
54*
107* 108*
108* 110
68
73
90
34*
24
29
36*
106
103*
105* 108*
66
6
39
62
66
33
29
13
26*
36*
26*
17*
23*
29
J
*20
30*
19
23
24
22*
15
15
23
24
1946 J
J
*24
Cent Hud G & E 1st & ref 3 *s. 1965 m s *106
Cent 111 Elec A Gas 1st 5s
1951 F A
101H
1961 J
—1987 J
1989 J
Cent Pac 1st ref gu g 4s
1949 F
Through Short L 1st gu 4s._.1954 A
1960 F
J
63 *
J
101H
J
93
A
108H
O *105
A
96
CeDt RR A Bkg of Ga coll 5s. -.1937 ivi n
Central Steel 1st g s f 8s
1941 m n
Certain-teed Prod 5*s A
1948 ivi s
Champion Pap A Fibre deb 4*sl950
Chesap Corp conv 5s
...1947
1939
...1992
1993
1995
5s
General gold 4*s
Ref & Impt 4*s
Ref A lmpt 4 *s ser B
96
ivi n
D
116*
m
5
17
3
11
66
20
16
20
104*
48
43
23
39*
105* 107*
99* 103*
77*
43*
90
98
24
78
87
57
65*
93*
103* 109*
63*
102
106*
89
99*
102*
93*
108*
106*
31
97*
87*
125*
115
98
16*
7,
19
30
107
102*
6*
55
49
"6
100
36
42
100*
67
103*
88
121* 126*
95* 100
ivi n
111*
m
s
36
91*
O
122*
112 H
123*
A
112*
27
83*
102* 106
115* 137
110* 120*
111* 112*
118* 124*
110* 113*
J
J
112*
j *108 *
112*
40
84
111
Craig Valley 1st 5s..May...l940
Potts Creek Branch 1st 4s
R A A Dlv 1st con g 4s
125 H
H
105*
128 H
...1944 J
coll 5s
*80
16*
105*
131*
117*
112*
5
320
52
8
94
101*
104
96
1946
j *106
J *113
90*
108* 111
85
1989
113*
2d consol gold 4s
J *110
1989
Warm Spring V 1st g 5s..._1941 M S *110
Chic & Alton RR ref g 5a
1949 A o
51*
Chic Burl A Q—111 Dlv
j
106 *
3*s.„ 1949 J
Illinois Division 4s
j
110
1949 J
87
112* 111"
108* 109*
99
110
33*
110
41
...1958 M
S
1977 f
A
H2H
113
15
77
55*
104* 107*
108* 113
107* 113*
106* 113*
1971 f
A
116
116*
21
84*
112
I {Chicago & East 111 1st 6s
1934 A O
{♦C & E HI Ry (new Co) gen 5s.1951 M N
♦Certificates of deposit
94
General 4s
1st & ref 4*s ser B
1st & ref 5s ser A
112
17 H
53*
107
111*
112*
94
18*
55
6
50
81
5
40
84
92*
84*
53
5*
82
10
116*
96
23
17
4
6*
14
1982 mn
117*
118
5
82*
116
Ch G L & Coke 1st gu g 5s
j
1937 J
{♦Chicago Great West 1st 4s... 1959 M s
104*
105
11
97
104* 105*
26*
39*
49
28*
29
48*
28* 46*
28
15*
Chicago & Erie 1st gold 5s
{♦Chic Ind & Loulsv ref 6s
.
1947 J
16
34
*41
j
47
47
j
46*
46*
7
27*
52
28
39
ChicLSAEast lst4*s
1969 j
♦Chic M A St P gen 4s ser A...1980 J
♦Gen e 3*s ser B May 1
1989
♦Gen 4*s series C..May 1..1989
♦Gen 4 *s series E._May 1..1989
♦Gen 4*s series F-.May 1..1989
J
25*
25*
101
d
{♦Chic Milw St P A Pac 5s A
1975
♦Conv adj 5s
Jan. 1.2000
{♦Chic A No West gen g 3*s„ 1987
♦General 4s
...1987
J
111*
J
J
"58*
mn
Stpd 4s non-p Fed inc tax 1987 m n
♦Gen 4*s stpd Fed lnc tax.. 1987 mn
♦Gen 6s stpd Fed lnc tax
1987 m n
1936 ivi n
1
57*
113
29
32*
32*
46*
65*
43
58*
60*
67
36
47*
68
26
36*
68
61*
12
36*
47*
49*
24*
431
9*
19*
25
258
2*
43*
50*
9*
48*
49*
56
69*
"30
30*
1
30*
7*
38*
41*
41*
33
44
35
44
67*
56*
38*
55
*45
38
50
7*
52
54
28*
65
99
54*
13
12*
20
25*
25*
13*
14*
203
7*
11*
17
1952
.I960
o
m's
m"
15*
18
,16*
n
9*
June 15 1951 j
d
108
June 15 1951 j
Memphis Dlv 1st g 4s
1951
Chic T H A So East 1st 5s
1960
Inc gu 5s
Dec 1 1960
Chic Un Sta'n 1st gu 4*s A... 1963
D
111
Conn Ry A L 1st A ref
d
*92
J
d
guar 4*s
1951
♦Consolidated Hydro-Elec Works
of Upper
29
m
S
J
j
91
79*
1st 5s series B
1963 J
j
105*
105*
1944 J
d
107
..1944 j
J
1st mtge 4s series D
j
1963 J
Chic A West Indiana con 4s...1952 j
J
1st ref 5 Ha series A
1962 m s
15
105*
17
82
107*
63*
107
107*
82
107*
103
J
1947 j
1952 ivi n
101*
Cin G A E 1st M 4s A
1968 a
104
O
O
106*
83
*41
Cin H A D 2d gold 4Hs
C I St L A C 1st g 4s
J
1937 j
Aug 2 1936 Q F
Cin Leb A Nor 1st con gu 4s
1942 mn *105*
Cin Union Term 1st 4Hs A
J *108
2020 j
1st mtge 6s series B
J
2020 j
108*
1957 m n
111*
Clearfield Bit Coal 1st 4s
1940 j
J
Series B (small)
Clearfield A Mah 1st gu 4s
Cleve Cin Chi A St L gen 4s
1940 j
J
J
D
103
1993 j
D
Ref A lmpt 0s ser C
Ref A impt 5s ser D
Ref A lmpt 4Hs ser E
1941 j
J
*103*
1963 J
1977 j
j
98
24
30*
39
46
35
60
87*
88*
97*
104*
102*
2123.
*85
116
89*
105* 108*
105* 108
105* 109
105* 108*
108* 112
99* 105*
106* 108
106
108
73
86*
100* 103
35
108*
39
103* 106
102* 103
101* 102
52*
95
108
111
111* 113
83
83
"78*
103*
116
3
2
99
90*
65
92*
73
104*
"33
156
D
25
16
20
31*
39
76
10
31*
39
38*
47
10
102*
108*
104*
103
58*
53*
D
D
1971 J
J
60
*53*
103*
105*
85*
60
50
102*
7
96* 104*
111* 116*
103* 105
89
101 *
78*
94*
98
31*
38*
102* 102*
106*
107
6
103
104* 107*
15
68
103
105
13
49*
101
103*
3
69*
96
100*
18
102*
19
109
109
103* 106
106*
105
6
75
104
103*
4
65
102
60*
29
15
55*
56
18
60
1
13*
13*
49*
49*
40*
15
58
103*
105*
"~5
2
235
87
22
102
106*
67
1
101*
106
106
89*
93*
1
88
1
101
93
103*
65*
61
75*
70*
103* 104*
105* 106*
78*
90*
98
102*
105* 100*
103* 105*
104* 110
38
13*
38*
20*
ser
105*
1 06
37*
24
18
20*
17*
20*
304
5*
13
20*
31
163
31*
6
11*
2*
23
*4*
63
66
*67
109
C '62
109"
1961
114*
110*
♦Detroit A Mac 1st Hen g 4s...1995
♦
1st 4s assented...
1995
♦Second gold 4s
...1995 J
*45
107
20
59
*32*
D
115*
116
104
104
Dul A Iron Range 1st 5s
Dul Sou Shore A Atl g 5s
105*
105*
1937 A
O
J
1937 -
10
1
87
2
102
20
20
21
20
20*
37
no""
"3
107*
6
East Ry Minn Nor Dlv 1st 4s. .1948 A O *109
East T Va A Ga Dlv 1st 6s..-.1956 M N
109*
g
5s
5s stamped
*111*
O
104*
1965
5
105
J
Ref A impt 5s of 1927—
Ref A impt 58 of 1930
Erie A Jersey 1st 8 f 6s
Genessee River 1st
s
f 6s
A
85*
*106*
O
1953
4s series D
1951
1953
1st Hen
f 5s
♦Certificates of deposit
105*
18
99
24
1953 A O
1967 M N
*83
88
107
108
128* 131
28*
27*
110
33
33
112
50*
60*
105* 107
99* 105*
89*
77*
105* 106*
74*
89*
75
89*
74
88
77*
79*
184
40*
70
86
77
O
78*
276
46*
69*
02
85*
118*
116* 119
117
1955 J
J
118*
118*
1
1957 J
J
117*
118
5
90*
92*
6
42*
42*
7
60
98
103
75
99
101*
1954
52*
102
1942
*100*
101
86
112*
95
59"
103
101
102
"33
102*
102*
3
100
100
5
67*
71
6
59
59*
46*
50*
104* 104*
69
97* 102
101* 104
95
100*
71
00*
2
25
52*
57
40
48
50*
66*
11*
308
6*
8
11*
9
—
54*
66*
9*
1974
54*
62
8
10*
329
5*
7
10*
4*
8
11
3
4
2
3*
1952
M N
*9 *
{{♦Proof of claim filed by owner
M N
*5
6
*5 *
6
Y'j
*104*
♦Certificates of deposit
1941
1961 J D 105
J
Framerican Ind Dev 20-yr 7 *s 1942 J
108*
M N
57
{♦Francisco Sug 1st s f 7*s—1942
87
Galv Hous A Hend 1st 5*s A. .1938 A O
Gas A El of Berg Co cons g 6s.. 1949
*120*
*58*
♦{Gelsenklrchen Mining 6s
1934
Gen Amer Investors deb 5s A—1952
102*
105
Gen Cable 1st s f 5* A
1947 J
-
(Germany) 7s Jan 15 1945
1940
♦20-year s f deb 6s
1948
Gen Pub Serv deb 5*8
1939
♦Sinking fund deb 6*s
69
52
87
{ {♦Proof of claim filed by owner. .
(Amended) 1st cons 2-4s
1982
♦Gen Elec
20*
104* 104*
103* 110*
100* 102*
105* 106
90
30
stamped
Fonda Johns A Glov 4*8
72*
23*
101* 105
90
87""
1st Hen 6s stamped
30-year deb 6s series B
♦1st A ref 5s Series A
62*
12*
100*
104*
87
1942
1942
1954
Flat deb s f g 7s
1946
{♦Fla Cent A Penln -5s
1943
{♦Florida East Coast 1st 4*s.. 1959
s
105
105* 107
>81*
86
Federal Light A Tr 1st 5s_—.1942
5s International series
89
O
N Y A Erie RR ext 1st 4s„. 1947 M N *110*
1938 M S *101 '
3d mtge 4*s
Ernesto Breda 7s
99
30
85*
1975 A
79
31*
28*
111*
104
35"
20
107*
30"
*106*
4s 4s prior.. 1996
lien g 4s
1996
6*
"89*
*105*
*106*
1940
1940
cons g
Series B
conv
IVI N
1965 A
Erie A Pitts g gu 3*s ser B
Series C 3*s
Gen
1941
116
15*
15*
112* 116
90
62
♦{East Cuba Sugl5-yr sf 7*8.1937 M S
♦Ctfs of deposit
113
108* 110*
108* 110*
50
50*
"35"
>
J
-
7
71
108* 110
"84"
*25
1995
4*
"II*
*25
Detroit Term A Tunnel 4*3.. 1961 MN
J
Donner Steel 1st ref 7s
1942 J
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s.
85*
90*
109
110
6*
93
115*
108*
..1965
♦2d 4s assented
105* 108*
100* 108*
90
1952
Gen A ref 5s series E
Gen A ref M 4s ser F
85
29*
♦Assented (subj to plan)
♦Ref A impt 5s ser B
Apr '78
{♦Des M A Ft Dodge 4s ctfs._.1935
{♦Des Plalnes Val 1st gu 4*s__1947
Detroit Edison gen A ref 5s
Gen A ref 4*s series D
106
Ft W A Den C lstg5*s
109* 110*
32
31*
Fort St U D Co 1st g 4*s
100
112
30*
30
97*
98*
108*
24
....
35*
J
1936 J
...1936 J
82
199
General 5s serial B
83*
102
*75*
1943 j
1993 j
j
84
104*
Copper Co deb 5s
{♦Choc Okla A Gulf cons 5s
1943 a
61
109*
31
23*
34*
21
1
106*
20*
35
102
95
20
17*
83*
10*
100
16
1
20*
15
9
93
5
25
299
15*
11
105*
15
25*
37
16*
16
104
104*
35
10*
108
109*
8
10*
106
107
108
17
93*
103* 106
88
108
15
95*
30
99
Stamped as to Penna tax
1951 M N
J
{♦Den A R G 1st cons g 4s
1936 J
J
{♦Consol gold 4*s
1936 J
{♦Den A R G West gen 5s—Augl955 F A
16*
18*
16*
94
29
68
8
10
14
29
108*
17*
74
106* 107*
2
29
108
16
83*
107* 108*
96*
105*
10*
25*
13*
88*
J
1969 J
J
1st mortgage 4 *s
...1969 J
Den Gas A El 1st A ref sf 5s.. .1951 M N
39
6
92
34*
J
Cumb T A T 1st A gen 5s
1937 J
Dayton PowALt 1st A ref 3*s 1960 A O
Del A Hudson 1st A ref 4s
1943 M N
Gold 5*s
1937 M N
1st corsol gen
59
111* 111*
111
112*
25
1952
Penn coll trust gold 4s
Conv 4s series A
63*
110
95*
35
*25*
Crown Willamette Paper 0s ...1951 J
J
Crown Zellerbach deb 5s w W..1940 M S
D
Cuba Nor Ry 1st 5*s
1942
80
91*
80*
105*
32
106*
104*
104*
105
104*
102
101*
Copenhagen Telep 5s Feb 15... 1954 F A al00* al00*
Crown Cork A Seal s f 4s
105*
105*
..1950 M N
46*
43*
20*
19*
22*
20*
11*
3
112
94
112"'
25
Consumers Power 3*s—May 11965 M N
1st mtge 3*s
...May 1 1965 M N
Container Corp 1st 6s
1946 J D
15-year deb 5s with warr
1943 J D
73
108
80*
104
99* 104
98* 104*
104
1956
Del Power A Light 1st 4*s
1st A ref 4*s
59*
99
69*
25*
{♦Cons Coal of Md 1st A ref 5s 1950
♦Certificates of deposit
Consumers Gas of Chic gu 5s.. 1936 J
Cuba RR 1st 5s g
1st ref 7*s series A
1st Hen A ref 6s ser B
74*
98* 103
104
1955
♦Debenture 4s
58
65*
48*
107*
1955
36
103*
Chile
,
100* 100*
95
101*
107*
1957
♦Debenture 4s
100
105* 109*
105* 110
103*
non-conv deb 4s..l954
32*
32*
109*
1962 m s
Debenture 5s
♦Debenture 4s
42*
105*
1st A ref 5Hs series C
Chllds Co deb 5s
Wuertemberg 7s...1956
Consol Gas (N Y) deb 5*8
1946
Debenture 4*8
1951
106
91
*108*
*105*
1
"92*
129
112
104*
1943
1951
Stamped
3
*86*
J
Guaranteed g 5s
Guaranteed 4s
For footnotes see page
1949
40
7*
104*
Comm'l Invest Tr deb 5*s
Conn A Passum Rlv 1st 4s
73*
105
60*
*111
37*
4*
28
*110
Erie RR 1st
75
103*
1955
{♦Consol Ry
38
43
1948
39*
108
10
103
125
27
13
20
1934 a
"19
65
75
El Paso A S W 1st 5s
40
37*
74*
102
104
Elglr Jollet A East 1st
35
73*
38*
37*
17*
Jan 16 1961
111* 111*
92*
104
73
61*
23*
J
O
66
23*
A
A
107*
24
f
71
66
102*
M N
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
4*s
74
111
103*
M N
*28*
27*
23*
1949 m n
19
105*
73*
143
*130*
23
>
1
26*
15*
48*
59*
63
J
23
1st guar 5s series 0
Deberture 5s
74
101*
J
d
♦Certificates of deposit
♦Conv g 4*s
A
1995
D
♦Certificates of deposit
{♦Secured 4*s series A
J
A
1939
D
{♦Refunding gold 4s
1938
f 5s.. 1943
s
♦El Pow Corp (Germany) 6*8.1950 M S
♦1st sinking fund 6*3
1953 A O
55
May 1 2037 J
{♦Chic R I A P Ry gen 4s.—1988 j
♦Certificates of deposit..
10
92* 101*
111* 111*
May 1 2037 j
.May 1 2037 j
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
•—
Gold 3 Ha
111*
99
42*
47*
21*
20*
♦Conv 4*a series A
Ch St L A N O 5s
70
"53*
m n
1987 m n
4*
8
101*
49*
50*
o
{♦Secured g 6*s
♦1st ref g 5s
4*
*42 *
49
A
♦4*a stamped
14
60*
23*
7*
J
f
a
15*
54
J
J
....
61
J
J
57
'
49
18*
15
j
1947 J
♦1st A gen 5s series A
...1966 ivi N
♦1st A gen 6s series B.May..l966 J
j
Chic Ird A Sou 50-year 4s
J
1956 j
.
340
1947 J
♦Refunding g 5s ser B
♦Refunding 4s series C.
♦1st A ref 4 Ha stpd
♦1st A ref 4 Ha ser C
36*
21*
118
.1945
{{♦Col Indus 1st A coll 5s gu—1934
Colo A South 4*s ser A
1980
Columbia G A E deb 5s
May 1952
Debenture 5s
Apr 15 1952
28
*15
con g
10
95*
16*
*22 H
J
Ches A Ohio 1st
110
Low
19
"5
16H
♦Chatt Dlv pur money g 4s.
♦Mac A Nor Dlv 1st g 6s
♦Mid Ga A Atl Dlv pur m 5s. 1947 J
conv
No.
O
d
10-year
108
{♦Colon Oil conv deb 6s
{♦Colo Fuel A Ir Co gen
O
.1951 J
1946 J
Guaranteed g 5s
106*
101*
Jan. 1
1959 A
{♦Cent New Engl 1st gu 4s
Central N J gen g 5s
General 4s.
110
Coal River Ry 1st gu 4s
1959 A
♦Mobile D1V 1st g 5s
109*
105*
Since
88
<
O
o
1936
95
107 *
100*
90
109*
Feb. 29
Asked
101*
101* 107
108* 110*
*106
101*
D *106*
"94*
108*
105
109*
Range
High
106*
93* 100*
96
104*
2
*106*
1933 to
Range or
Friday's
S3
105
101*
111*
J
o
Low
223
72
O
1973
1977
58
85
106*
109*
A
1st sf 5s series B guar
1st s f 4*s series C
Low
60
102*
1977
July 1
Since
Jan. 1
88*
Gen A ref mtg 4*s ser B
1981
Cleve Short Line 1st gu 4*s..l961
Cleve Unlor Term gu 5*8
1972
Week's
No
"l4
100
*105
111*
Range
1930
Asked
*111*
O
to
Feb.29
1948 M N *104
1950 A F *106*
Series D 3*s guar
Gen 4*s ser A
•2\£. Y. 1-761 -<• Hell System Teletype •>- Cgo. 543
O
J
..-..1942
July 1
'1933
Friday's
Low
1939 J
Cairo Dlv 1st gold 4s
<^ew York Curb exchange
Y.
sft.
Cin Wabash A M Dlv 1st 4s. 1991 J
Spr A Col Dlv 1st
^ew York,
I
Clev Cin Chic A St L {Concluded)
r°rk Stock €*chans*
i
,
Range or
N. Y. STOCK EXCHANGE
1936
165"
-
108*
61
87
65""
104*
94*
105"
105*
1
94*
106
108*
50
15
5
72
103*
35*
73*
35*
75*
"52"
46
33*
32
29
32
32*
31
30
103*
a32*
103*
30*
76
61
90*
60"~
101* 104*
101
105*
105*
a32*
6*
8
*32
J
J
M N
J
J
6*
83
30*
103
34
32*
32
104
New York Bond
Volume 142
Week's
bonds
N. Y. STOCK EXCHANGE
Week Ended March 27
j
♦Good Hope Steel A Ir sec 7s.. 1945 A
Goodrich (B F) Co 1st
6*s._. 1947 J
Conv deb 6s
..1945 j D
Goodyear Tire A Rub 1st 5s...1957 m N
Gotham Silk Hosiery deb 6s...1936 J d
{{♦Gould Coupler lstsf 6s
90*
103
100*
71
D
104
59
83*
82*
100
1
18
56
100
100
100
85
90
93 M
5
68*
2
56
J
100*
1
....
101*
101*
194
112
66
64
1973 j
107
108
15
57
1976 J
101
102*
69
.1977 J
100*
102
181
53*
53*
..1946 J
111*
112*
751
99*
101*
701
105*
106*
68*
1946 J
*50
Feb
*106*
O < 97*
Gulf Mob A Nor 1st
5*s B...1950 A
1st mtge 5s series C
1950 A
Gulf & 811st ref & ter
5s_Feb 1952 j
Stamped
5Hs.."Il942
3
'mmm
---
105*
4
35*
85
106*
28
33*
*103*
m
88*
"90 "
83*
J
78
a
107*
28*
F
a O *102
J
J
101
J
37*
j
*104
j
*108
~
Inland Steel 1st 4
Ma ser A
1978 A
{Interboro Rap Tran 1st 5s...1966 J
100
10
mm
mmmm
5
M N
♦Adjustment 6s
ser A
86
84*
102
80
12
107*
28*
2
----
ser
♦1st 5s series B
♦1st g 6s series C
Ref
s
31
28*
89*
13
92*
33*
mmmm'
72
7
116
43
3
30
22
77
102*
15
141*
42*
527
67
108
79
286
96
98*
....
fmmrnmm
99* 101*
21*
39*
105* 106*
1029,6 xo3*
89 *
94*
87*
93*
54*
65*
53*
60*
56*
86*
19*
20*
57*
57*
90
87*
86*
50
52;
108
94*
94*
97*
99
102*
115* 141*
38
47*
10*
14*
36
46*
115*
25
39
12
23
14
23
36
53
57
260
28*
45
59
72*
92*
75*
87
37
95
33
47
65*
92*
75*
98*
82
M N
95
A
87*
82*
95*
87
1948 a
o
D
♦Karstadt (Rudolph) 1st 6s... 1943 mn
♦Ctfs w w stmp (par
$645).. 1943
♦Ctfs w w stmp (par
$925).. 1943
Kentucky A Ind Term 4Ms.-.1961 j
Stamped
..1961 j
Plain
1961 j
Kings County El L A P 6s
1937 A
Purchase money 6s
..1997 A
Kings County Elev 1st g 4s...1949 F
Kings Co Lighting 1st 5s
1954 J
First and ref 6Ms
1954 J
Kinney (G R) A Co 7M % notes 1936 J
Kresge Foundation coll tr 4s-.1945 J
{♦Kreuger A Toll cl A 5s ctfs.. 1959 ivi
Laclede Gas Light ref A ext 5s. 1939 A
Coll A ref 6 Ms series C
Coll A ref 5Ms series D_.
Coll tr 6s series A
1953 f
i960 f
45
48
45
18
45*
4
178
105*
55
105*
*56
38
*32
30
94*
103*
85
*97*
103*
*104
106*
*152
107*
*114*
*120*
100
99*
95
29*
28
96
51*
52
84*
70*
1*
84*
102
40*
37*
57*
53*
67
88*
109*
104* 106
38*
39
95*
23
44
35
68
mm
rn m
mmmm
5
106
mmmm
12
106*
157
107*
-»«•
«*
-
"3
80
92*
96*
102* 104*
107
114*
73
89
80
98
98
93
102
103
106
103*
103*
106*
118
155
160
66
1964
f 5s
1974
6% gold notes!
1938
Leh Val Harbor Term
gu 5s...1954
1st A ref
8
(Pa)
100
34
79*
4
23
2003
...
Liggett A Myers Tobacco 7s... 1944
J951
Little Miami gen 4s
series A™ 1962
Loew's Inc deb s f 6s
1941
1952
-
1950 a O
1938 j
1949 M
p m deb 5s
r
58,:.
1951
Louisiana A Ark 1st 5s ser
A...1969 J
Louisville Gas A El
(Ky) 5s...1952 m
Louis A Jeff
Bdge Co gu 6 4s.—1945 ivi
Louisville A Nashville 5s
1937 ivi:
_
1st refund
5Ms series
1st A ref 5s series B
12
46
71*
71*
74*
80*
80*
87
75
77
77
66
75*
47*
177
30*
82*
81*
33*
♦2d 4s
s f
8
103
81M
108
6
76
34
38
105*
105*
103*
51
102716 104*
45*
60*
104* 106
104* 105*
101
103*
101*
102*
53
132*
2
mmmrn
10
93
128
104*
'm
mmm
m
113*
107 M 108*
104* 107
100
74
....
54 M
92
56 *
80
44 M
17
44
1
•
46 M
53
107*
104*
107*
103*
106*
105
81
86
109*
106
111*
110*
107*
107*
88
88
96*
99
115
117*
102* 104*
23
41*
22
41*
71*
63*
25
35
63
36
35
60
27
49
34
49
mmrn —
"80 "
72*
44
1
16
....
9
7M
82
68
50*
94* 100
49*
74
83
51
61
33
36
72*
36*
99*
82*
102*
99*
84*
102*
1
50
15
41
9
60
100
103
103*
57*
105
98
47
102
105
64
21
41M
109*
100*
110
11
67
101
5
74
13*
14
6
98
79*
F
*3*
46* 64
110*
100* 102
13
18*
3*
3*
29*
29*
93 *
102* 103
92
92*
104* 108*
98* 106
95
67*
102
104*
108
9
1*
J
*103*
.1951 M s
..1952 ivi N
J
1979 J
*80
"83"
108*
108*
105*
92*
28
5
59
102
103
45
57
102*
103*
35
56
*87~"
91*
82*
43*
79*
7*
4*
3*
40*
35*
105
1940 a
92
*
95
*79
40
*76
1934 m n
s
1962
f
4s lnt gu_1938
j
7*
1st cons 5s
1938
j
1st cons 5s gu as to lnt
1st A ref 6s series A
1938
j
1946
j
32
25-year 5 Ms
1949
S
1978
j
26*
87*
91
1941 m n
*86
13
_
84 M
70
102
58
64
26
30 M
49*
60 M
....
70
79
55
4
6
23
53
1
9
1*
6
2*
32*
4
26 *
19 *
29
31
46*
42*
31
38
52
32
1
16
30
12
15
26
51M
23*
18*
81*
93
83
83
83
49*
44*
m
mm
4
mmrnm
42*
85*
75*
66*
6
12
36
87*
78*
67*
267
50 M
76
222
43
31M
27*
70
187
28 M
55
158
11*
31
34
144
20
59*
49*
52*
30*
27*
30
5
19
27
12*
1975
11977
14
128
34
273
30*
5*
30
1978 m n
32
14
19M
18M
31
34
156
19*
29*
♦Certificates of deposit
32
38
10*
27*
27
♦Certificates of deposit
1981 FA
78*
70
55
36
33*
16*
35*
33*
35*
35*
30
30
35*
33*
173
18*
3*
.19 M
30
14
19*
31
34
198
19M
27*
30
30
1
18*
27
106
89*
69
32
34
9*
30*
27*
7*
27*
31
9
39
28
30
o
88
5
*
44"
50
.
95
70*
60*
35*
30
♦Certificates of deposit
105
62 M
68
J
92
83 M
4*
D
1949 ivi
100
29M
a
1977 M s
♦Certificates of deposit.......
95
108* 112*
67
80
1943 j
1947 a
122
113
111* 111*
65
69
1959 j
84
35*
36*
4*
3*
37*
35*
43*
♦1st A ref 5s series I
29
117*
103*
*37*
1939
♦1st A ref 5s series F
118
MX
35
J
♦1st A ref 5s series G
98*
38 M
61
D
♦General 4s
mrnJrn
99
35*
101*
99* 102*
133*
131
86
98 M
82
96*
*
1961 j
1st ref 5Ms series B
1st Chicago Term s f 4s
34
14
*111*
..1971 j
{{♦MilwANor
lstext4Ms(1880) 1934 j
g
rnmm'm
88
1
98
108
75 M
2
mmm
95*
Mead Corp 1st 6s with
warr...1945 M
Meridionale Elec 1st 7s A
1957 A O
Metrop Ed 1st 4 Ms ser D
1968 ivi s
con
110
108*
A.April...1940 Q
M St P A SS M
15
104*
98*
87*
92 M
85*
88 M
1st 3Ms__.1941
1st ext 4Ms
1
112*
*38
Jack Lans A
Sag 3 Ms
1st gold 3 Ms
mmmm
122
*100
♦Mex Internat 1st 4s
asstd
133* 137
121* 125*
60*
m
80 *
j"
♦Mlag Mill Mach 1st s f 7s
1956 j
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
40
102*
81
M
Metrop WatSew AD5MS... 1950
{{♦Met West Side El
(Chic) 4s.l938
118*
124*
71
5s...11953
Co ctfs of partic In
A I Namm A Son
1st 6s
Marlon Steam Shovel s f 6s
Market St Ry 7s ser
115
117
34
Manila RR (South
Lines) 4s... 1939
1st ext 4s.'
1959
t^anG B A N W
Mfrs Tr
106
89*
6
24
o
58*
64*
70*
103*
109
117
96*
97
37 M
104*
110*
108*
106*
103*
r
100
89 M
136
*104*
*112
34
80
101*
72*
38
mmmmm
*108*
2013
Manila Elec RR A Lt
33
104
35
'
by owner.
McKesson A Robbins deb 5
Ms. 1950
{{♦Manati Sugar 1st s f 7Ms.. 1942
♦Certificates of deposit
♦Manhat Ry (N Y) cons
g 4s..1990 a
♦Certificates of deposit
70
53
60*
106
87*
Mob A Montg 1st
g 4 Ms
1945 m
South Ry Joint Monon
4s... 1952 J
Atl Knoxv A Cin
Dlv 4s
1955
♦Lower Austria Hydro El 6
Ms. 1944
{♦{McCrory Stores deb 5MS...1941
Proof of claim filed
102*
72
98
79
*105
100
46*
73
22
*107*
Paducah A Mem Dlv
4s""l946 f
St Louis Dlv 2d
gold 3s
1980 ivi
77*
67
32
7
110*
107*
2003 a
..1941 a
1949 M N
112
31M
7
99*
96*
96*
108*
104*
1980 a
107
1
63*
92
a
♦1st A ref g 5s series H
27* 35
101* 102*
63
64*
62*
61*
112*
..2003 a
4Ms series C__
57
97
101*
132*
121*
1940 j
A..."2003
Gold 5s
103 M
52 M
33
101*
1944 A
F
Unified gold 4s
2
.
64
102
......1949 ivi
120
10*
105*
76*
105*
*105*
1937 m :
Guar ref gold 4s
119
90
80
55
-
105*
108
34
59
♦Certificates of deposit
♦Conv gold 5 Ms
36
77 M
102*
105*
*118*
135*
123*
*106*
1027,6
103* 108*
112* 114*
85
4*
11
94*
General
1st A ref
156
44*
49*
Lorillard (P) Co deb 7s
79
25*
102*
99*
cons 5s
2003
Leh Val Term
Ry 1st gu g 5s." 1941
Lex A East 1st
50-yr 5s gu
1965
20-year
15
100* 103
99* 105*
21
27*
98
104*
98
104*
104* 105*
61*
100*
mmmm
105*
96
High
102
2
1940
.
Low
77
61
68*
2003
Lombard Elec 7s ser A
Long Dock Co 3Ms ext to
Long Island gen gold 4s
Unified gold 4s
Low
7
cons g
5s
Since
Jan. 1
98
gu g 4 Ms
4s
Range
1936
63
Secured
^£,VaIValY 1st
N
Lehigh
6
1933 to
Feb. 29
68*
Mo Kan A Tex 1st
gold 4s
1990
Mo-K-T RR pr lien 5s ser A... 1962
40-year 4s series B
..1962
Prior Hen 4 Ms series D
1978
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st A ref 5s ser A
1965
33
29
m m.
1954
f 5s
39
13
25*
103*
f 5s...
s
s
No.
mmrn
76*
97*
s
{♦Mo-Ill RR 1st 5s series A
23
mmt-km
1945
f 5s. 1944
1st A ref
42
10
104
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref
High
102*
102
{♦Minn A St Louis 5s ctfs
♦1st A refunding gold 4s
♦Ref A ext 50-yr 5s ser A
107
37*
B"onds Sold
Asked
*
3*
96*
105*
111* 113*
74*
85
42
A
102*
*103*
104*
24*
102*
100*
100* 101
*
66*
1937
..1941
Con ext 4Ms
..1939
{♦Mil Spar A N W 1st gu 4s...1947 M
{♦Milw A State Line 1st 3Ms—1941 j
12
107*
72 M
91*
79
100
13*
38
102*
73*
73*
*74
75
82
70
Bid
3Ms-..Il997
Milw El Ry A Lt 1st 5s B
1st mtge 5s
96
89
32
101*
*77
36
mmmrnm
107*
33*
72
121
58*
*115
1942 F
52
....
88*
108*
-.1942 F
page 2123.
3
g
Ref A impt 4 Ms series
C
Mid of N J 1st ext 5s
86*
«■
July!
or
Friday's
♦Lautaro Nitrate Co Ltd
6s... 1954
Lehigh C A Nav 8 f 4 M8 A
1954
Cons sink fund 4
Ms ser C... 1954
Lehigh A New Eng RR 4s A...1965
86*
87*
82
n
....
93*
mmmmm
79*
88*
42
40
45
81*
37
182
257
112*
108
80
49*
43*
90
85*
J
♦Ctfs with warr (par
$925).. 1943
Keith (B F)
Corp 1st 6s
1946 M
Kendall Co 5 Ms
1948 M
Kentucky Central gold 4s
1987 J
1
111*
83*
a
Kansas City Term 1st 4s
1960 j
Kansas Gas A Electric
4Ms...1980 j
11
31*
45*
96*
100*
deposit.;":.
mtge 4M8—1961
Kan'City Sou 1st gold 3s
1950
Ref A Impt 5s
Apr 1950
4
4*
106
100*
H 2*
21
82*
87*
95*
87*
84*
*
James Frank A Clear
1st 4s...1959 j D
92
Kan A M 1st
gu g 4s
..1990 a
*104*
{♦K C Ft S A M Ry ref
g 4s
1936 A
47
♦Certificates of
A
43*
K C Pow A Lt
1st
f
114
13
*
w.1948
w
Without warrants
87*
m N
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
see
71*
88
67*
106* 108*
40
1st lien A ref 6
Ms
..1947 f
lnt Telep A
Teleg deb g 4Ms—1952
Conv deb 4Ms
1939
Debenture 5s
1955
For footnotes
52*
49*
101*
97
12*
Rys Cent Amer 1st 5s B..1972
1st coll trust
6% g notes
1941
Coll tr 6s series B
87
38
1941 A
lnt
B
91*
100* 101
38*
..1955 ivi
ser
82
62*
A
B..1947 j
f 6s series A
investors Eq deb 5s
61
1955 J
..1956 J
1944 a
A..July 1952
Internat Hydro El deb 6s
lnt Merc Marine s f
6s
Internat Paper 5s ser A A
65*
26
101*
38*
104*
130*
40
I
70*
73*
75
102
1952 j
42*
67
mm
94
*102,032 103*
93*
94*
93
93*
59
57*
56
55*
93
91*
92
94*
1951 M N
93*
95*
4s__1945 M n
68*
85*
90
100*
100* 102*
64*
84*
103* 104*
87
91*
91*
98
72* 85
75
90*
60
♦Certificates of deposit..
{♦10-year 6s...
..1932 A O
♦Certificates of deposit
{♦10-year conv 7% Dotes
1932 M S
♦Certificates of deposit...
1
{♦Int-Grt Nor 1st 6s
52*
70*
82
•
mm
91*
86
15
mmm mm
97*
84*
86*
90*
89
81*
69*
30
'
*
J
125
80
56*
56
1
97
*91*
57
60
mm'mm
79*
97*
100*
75*
*91
*100*
50
85*
*83
F
m+mm
mi
80*
87
*75 M
78
.
m
m.
107*
105* 112
102* 102*
101* 102*
87* 89
78
66
■
84
3M8...1951 j
i
tmm.rn.im-m.
*89
1951
104
76*
*103*
1951
38* 48*
119* 122*
80*
89*
32*
39*
83
'mm mmm
89
105
105*
100* 103
101*
63*
25*
102*
68
m tp
104
35
3
87
106*
64*
Range
Low
Lake Erie A West
1st g 5s
2d gold 5s.
Lake Sh A Mich So
General cons 4 Ms
64*
mm
105
61
28
mm mm
89
10
43*
122*
*106
j
37
37*
122
44*
12*
54*
90*
102*
42
1953 M n
Interlake Iron 1st 5s B
lnt Agric
Corp 5s stamped 1942
lnternat Cement conv deb
30
mm mm.
—
83*
122*
1952 a
31
116
91
'
-
101*
1955 M n
49*
36
33*
mrnrnm
'
85
1952 J
39
„
1st A ref
102* 104*
107* 109*
95*
37*
26*
42
58*
■
mm
1951 M
Western Lines 1st g 4s
1951
111 Cent and Chic St L
A N O—
Joint 1st ref 6s series A
1963
1st A ref 4Ms series
C
..1963
Illinois Steel deb 4 Ms
1940
♦Ilseder Steel Corp
mtge 6s ...1948
Ind Bloom A West
1st ext 4s. .1940
Ind 111 A Iowa 1st
g 4s
..1950
{♦Ind A Louisville 1st gu 4s...1956
Ind Union Ry
gen 5s ser A
1965
Gen A ref 5s series B
1965
50
rnmmrn
■
1951 a
1951
72
35*
83
Loulsv Dlv A Term g
3Ms.. 1953
g
69
1
122
Refunding 5s
.".1955 M n
97*
16-year secured 6 Ms g
1936 J
100*
40-year 4Mb
Aug 1 1966 F
73
Cairo Bridge gold 4s
1950
*103*
Litchfield Dlv 1st gold 3s...1951
Springfield Dlv 1st
49*
1
104
♦Adjustment Income Ss.Feb 1957 A
Illinois Bell Telep 3*s ser
B..1970 A
Illinois Central 1st gold
4s.... 1951 j
1st gold 3 Ms
i95i J
Extended 1st gold
g 3s
98*
94*
77*
25
'
Hud & Manhat 1st 5s
ser A...1957 F
Gold 3Ms
81*
77*
m+.mm
*56*
Houston Oil sink fund
6*s A.. 1940 M N
Hudson Coal 1st s f 5s ser
A...1962 j D
Hudson Co Gas 1st g 5s
i.1949 M n
Omaha Dlv 1st gold 3s
St Louis Dlv A Term
90
-
*18
14*
55
109
■■■
101*
mmmm
50
*26
1937 J
7*
49*
104
35*
115
6
1
121
105
105
70
•
11
109
1937 J
3
88*
26
72
*42*
♦Hoe
Refunding 4s
Purchased lines 3 *s
Collateral trust gold 4s
V
103
j
(R) A Co 1st mtge
1944 a O
♦Holland-Amer Line 6s (flat)..1947 m N
{♦Housatonic Ry cons g 6s
1937 M n
3*s
6
....
m.
72
1952 J
$Hansas S3 L 6s (Oct 1 '33
coup) '39 A
♦6s (Apr *36 coupon
on)
1939
♦Harpen Mining 6s
..1949 j
Hocking Val 1st cons g 4*s...l999 J
1st gold 38
sterling
Collateral trust gold 4s
m.
70
Week's
'
bonds
N. Y. STOCK EXCHANGE
Week Ended March 27
112*
105* 107*
26
97*
*77*
Hackensack Water 1st 4s
H A T C 1st g 58 lnt
guar
Houston Belt & Term 1st 5s
—
rnmmmmm
92*
77*
91*
J
Gulf States Steel deb
m
103*
96*
96*
111*
99*
r
425
....
12*
11*
1940 M n
90
99
85*
91
101* 102*
107* 112*
107* 116
71*
68*
112
112*
113*
20
1952 j
Units (equal amts of G &
H).1946 J
Feb
YORK
90*
90*
NEW
Telephone Whitehall 4-2900
108* 110
102* 103*
91*
102*
*9Cr
f
♦Green Bay & West deb ctfs A
63 Wall St.
88
!
19
Members New York Stock Exchange
102*
10^
d
D. H. SlLBERBERG & Co.
105*
103* 106
8
'mm'mm
FOR BANKS AND DEALERS
32*
35*
107* 108*
63
1961 J
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
32
32*
89*
1st & ref 4 ^s series A
Gen mtge. 4s ser G
Gen mtge 4s ser H
20*
91
General 5*s series B
General 5s series C
General 4*8 series D
General 4*s series E
30
16*
92*
89*
J
A.. 1936 J
ser
19
20
9
....
j *110
M s
30*
32
*97
J
98
19
18
-
108*
105*
105*
100*
74*
104
A
7
....
BROKERS IN BONDS
High
89
2*
2*
35
*33*
108*
Low
54
236
30*
104*
1940 f
Great Northern gen 7s
Low
60
29*
29*
16*
Gouv A Oswegatchle 1st 5s.... 1942 j
Gr R A I ext 1st gu
g 4*s
1941
Grand Trunk Ry of Can
g 6s..1936
Grays Point Term 1st gu 5s... 1947
Gt Cons El Pow
(Japan) 7s... 1944
1st A gen s f 6)48
1950
Jan. 1
Ho.
High
27*
27*
16*
*25
2121
Since
1936
89*
{{♦Gen Theatres Equip deb 6s. 1940 a O
♦Certificates of deposit
{♦Ga A Ala Ry 1st cons 6s
1945 J
{{♦Ga Caro A Nor 1st ext 6s.. 1934 J
4
Range
Feb. 29
Asked
A
Low
Gen Steel Cast 6*s with
warr.1949 J
1933 to
Is
Friday's
Bid
Record—Continued—Page
July 1
Range or
12*
"
Week's
8^
Range
BONDS
Since
N. Y. STOCK EXCHANGE
1936
Jan. 1
Week Ended March 27
A
High
Love
July.. 1938 MN
91
*
{♦Mobile A Ohio gen gold 4s...l938
♦Montgomery Dlv 1st g 5s..1947
♦Ref & lmpt 4%s
1977
M S
1938
M S
♦Sec 5% notes
Mohawk & Malone 1st gu g
"21""
12
Gen A ref
s
94
18
65
11
87
J
104 %
104%
17
79%
96
85%
105% 109
104% 105%
103% 104%
J
106 %
8
77
106% 107%
80 M
105
1955
J
f 4%s
s
*103%
2000
Constr M 5s series A
1955
Constr M4^8 series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%..1941
Namm (A I) & Son—See Mfrs Tr—
Morris A Essex 1st gu 3%s
102
70
102%
11
50%
2
65
97% 103
80%
102% 104%
66%
88
86
87
72%
63%
85%
82%
88
83
Ref mtge
88
70%
104M
93%
J
M N
98 M
90
M N
M N
112%
105%
104M
82
104
94 M
70
90
94%
98 M
77
90
98%
92%
65%
91M
112%
84
95
109% 112%
89%
IVI N *109M
108% 109%
Nash Chatt & St L 4s ser A
1978
91M
91M
7
78
Nash Flo A S 1st gu g 5s
1937
1951
103 M
103 M
2
91
103
Nassau Elec gu g 4s stpd-
72%
40
Nat Acme 1st
1942
71M
103 M
103 M
Nat Dairy Prod deb 5%s
1948
Nat Distillers Prod deb 4%s—1945 M N
Nat Ry of Mex pr lien
92%
103%
war
72%
103%
1
65%
102
165
74%
103% 104%
29
4M
♦Guar 4s Apr *14 coupon
♦Assent cash war ret No 5
4M
103
99
105
4M
4%
1
4%
3%
4%
6%
1%
24
4%
1%
1%
3
4M
J
J
ret No 4 on
3%
6%
1977
on..
Nat RR Mex pr lien 4%s
1926
♦Assent cash war ret No 4 on..
5M
5M
4M
2
4
4%
6%
4%
4M
4%
1951
♦1st consol 4s
♦4s Apr 1914 coupon off.. .1951
♦Assent cash war ret No 4 on..
Nat Steel 1st coll
105
57%
1957
4 %s
♦Jan 1914 coupon on
♦Assent cash
104M
103 M
103 M
50%
s
f 4s
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 5s.
*4 %
*60
D
1948 J
♦New England RR guar 5s
♦Consol guar 4s
1945
1945
New England Tel A Tel 5s A—.1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s... 1986
N J Pow & Light 1st 4%s
1960
J
106 M
66
121
1954
__
4M
105 M
1965 J D
IVI N
121
""*2
79
16
75 M
J
2%
45
47%
43%
J
64 M
67 M
43
J
D
122 M
123%
8
104%
IVI N
120%
121
12
106 M
""26
99%
82%
68%
1983
J
82 %
85%
22
48%
NO A NE 1st ref&lmpt 4%s A. 1952
J
*61M
63 M
1952
O
95 %
1955
D
94%
91%
96%
96 M
New Orl Great Nor 5s A
{New Orl Pub Serv 1st 5s A
First A ref 5s series B
A *101M
A
O
106
107
77%
66%
101%
J
F
6%
3%
105
4
58
120% 121
58
83%
45%
77%
121% 124
119% 122
100
101%
105% 107%
75
88%
35
52
74
"49
38
88%
96%
91
38
89
97
92 M
45
58%
80%
92%
.1935
O
29
29M
8
12%
1954
o
35 M
5
14
♦1st 5s series C
1956
A
36 M
38
24%
32%
33%
33
♦1st 6s series B
1956
1954
A
33 M
30
37%
O
37
New Orleans Term 1st gu
{{♦N O Tex A Mex
J
4s... 1953
n-c lnc 5s.
♦1st 4%s series D
♦1st 5%s series A
*36
J
*107M
114M
1944 MN
98 M
1998 F A
O
83 M
2013
N A C Bdge gen guar 4%s
N Y Cent RR conv 6s
1945
Consol 4s series A
Ref & lmpt 4%s series A
Ref A lmpt 6s series C
33% ""3
38
115
89
43%
74%
90
91%
294
46%
80%
95%
100 M
101%
32
73%
98
105M
J
J
106 M
84
85
95M
96
103 M
93%
95
1978
Oct 1 1938
Ref 4 %s series C
s
81M
83M
3-year 6s
A
94
A
o
88M
A *106
N Y Connect 1st gu 4%s A
1st guar 58 series B__.
1953
1953
N Y Dock 1st gold 4s
1951
Serial 6% notes
1938
N Y Edison 1st A ref 6%s A...1941
Io9~
64
O
Refunding 5%s series A
98%
120
233
o
Mich Cent coll gold 3%s
"232
119"
99
2013
1998
1998
1937
1974
N Y Chic A St L 1st g 4s
38%
32%
92
112M
O
Ref A lmpt 4%s ser A
Lake Shore coll gold 3%s
14%
14%
17
38%
85%
90
O
2013
N Y Cent A Hud River M 3 %s_ 1997
Debenture 4s
...1942
14%
38%
95
103%
91
100
67
43
74%
90
64
90
98
16
65
11
15
77
51
43%
264
36%
28
106%
91
92%
107
99
*106M
A
69
69 M
25
41%
67 M
68%
30
30
107%
103 M
o
1944
o
1951
o
10S%
103%
106%
14
A
1st lien & ref 5s series C
101%
111
O
1st lien A ref 5s series B
100
96%
86%
101% 104%
82
97%
87%
70%
94%
88%
105% 109
108% 108%
66%
77%
58
75
108%
102%
1
107% 109%
103% 105%
102%
31
104%
104
107
N Y & Erie—See Erie RR.
D
124%
A
N Y Gas El Lt H A Pow g 5s... 1948
Purchase money gold 4s
.1949
124
115
115%
95
100
61
IVI N
N Y Greenwood L gu g 5s
N Y & Harlem gold 3%s
1946
2000
N Y Lack A West 4s
99%
1973 IVI N
ser
A
1973
4%s series B
104%
99%
105
5%s_1942
N Y L E & W Dock A lmpt 5s. 1943
N Y & Long Branch gen 4s
1941
{♦N Y & N Eng (Bost Term) 4sl939
102
103
75%
100% 101
87
95%
104% 105
105% 105%
100%
100% 100%
{♦N Y N H & H
IVI
M S *105M
O
104
83%
92%
89%
J ♦104M
A
92% 100
105
IVI N *102 M
N Y L E A W Coal A RR
113% 115%
100%
IVI N *104
IVI N
122% 125%
*101M
94% 100%
108
S
*31M
35%
25
29%
39
♦Non-conv debenture 3%s_.1947 IVI S
♦Non-conv debenture 3%s__1954 A O
*30 M
35
22
30
37
30 M
31
24
21%
29%
38%
34
34
2
22%
29%
37%
33
34%
31%
6
20
30
37%
n-c
1947
deb 4s
J
1955
♦Non-conv debenture 4s.__.1956 IVI N
J
♦Conv debenture 3%s
1956
♦Non-conv debenture 4s
J
35%
O
43 M
19
♦Conv debenture 6s
1948
♦Collateral trust 6s
1940 A
♦Debenture 4s
1957 M N
D
♦1st A ref 4%s ser of 1927...1967
♦Harlem R & Pt Ches 1st 4s. 1954 Wl N
June 1992 M S
NYO&W ref g 4s
General 4s
1955 J
{♦N Y Providence & Boston 4s.1942
A
D
Jan 1965 Apr
'
♦lnc 6s assented.....
Prior lien 6s series A.
1965
1965
34M
99 M
49
43 M
36%
45%
20
35%
100
50%
44%
14
j""j
90%
104%
43 M
43%
20%
28%
37%
41
25
32%
21
34%
43
51%
32
16%
26%
47
12%
23%
54
80
89
53
39%
42%
31
35%
121
17
O *103
N Y A Putnam 1st con gu 4s...1993 A O
N Y Queens El Lt & Pow 3%s_1965 M N
{♦N Y Rys Corp lnc 6s
30 M
31
40%
100
56%
49%
15
66%
105%
44%
44%
59
105%
97
4
58
10%
56
*103M
"82%
93%
104% 106%
31%
31%
47
47
99% 103%
99% 104
107% 108%
1965
102
102""
90
N Y & Rlchm Gas 1st 6s A
1951 MN
107M
N Y Steam 6s series A
108%
110%
96
1947 IVI N *110
IVI N
106%
98
108%
111
106%
90
106
107%
107
106
107
81
91%
40%
77
41
Prior lien 6s assented
1st mortgage 5s
..1951
1956 M N
1st mortgage 5s
N Y Susq A West 1st ref 5s
2d gold 4^s
1937 J
1937
..1940
1943
J
F
A
F
A
106 M
78
*70
89
2
45%
81
93
88%
8
76
84
96
16 M
17%
54
10
15
22%
O
106M
106%
4
90
Niagara Share (Mo) deb 5%s._1950 IVI N
101%
102
34
48
♦Norddeutsche Lloyd 20-yr s f 6s '47 M N
90 M
52 M
95
5)
38
N Y Telep 1st A gen s
14%s—1939
110M
D
88M
87
1946 J
1946
N Y Trap Rock 1st 6s
6s stamped
{♦N Y Westch A B 1st ser 14%s.'46 j
Nlag Lock A O Pow 1st 5s A... 1955 A
New 4-6%
1947
M N
1950 A
Nord Ry ext sink sunf 6 Ms
O
141
F
A
17
{{♦Norfolk South 1st A ref 5s..1961
North Amer Co deb 6s
1961
No Am Edison deb 5s ser A
Deb 5s series C
A
Aug 15 1963
..Nov 151969 M N
For footnotes see page
F
2123.
105%
106% 108
96% 102%
95
88%
48%
57%
138
155
.
*103%
113%
1946 J
1946 J
Ore-Wash RR A Nav 4s
1961 J
Oslo Gas A El Wks extl 5s
1963 M
Otis Steel 1st mtge 6s ser A...1941 M
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El gen & ref 5s A. 1942 J
Pac RR of Mo 1st ext g 4s.—.1938
♦2d extended gold 5s
1938
*•
...
100
-
68%
-
-
-
...
1
"89""
4
78
99
94%
*105
J
D
51%
*46%
♦Certificates of deposit
Paramount Broadway Corp—
57
1955 F
89%
132%
1968 M
36
{♦Park-Lexington 6 %8 ctfs
1953 J
62
Parmelee Trans deb 6s
1944 A
122
Pat A Passaic G A E cons 5s
1949 M
70
♦Paulista Ry 1st ref s f 7s
1942 M
*102%
Penn Co gu 3%s coll tr A
1937 M
106
Guar 3%s coll trust ser B...1941 F
*102%
Guar 3%s trust ctfs C
1942 J
*102%
Guar 3 %8 trust ctfs D
1944 J
106
Guar 4s ser E trust ctfs
1952 IVI N
103%
28-year 4s
.1963 F A
1955 J
92
109
112
118
121%
119
121%
77%
105
108„
65%
101% 103X
103%
101
100
""l4
99%
17
....
22
66
20
4
25
82
98%
136
103%
107%
100%
106%
2
.....
80
84
....
103%
15
103%
107%
107%
4%s..l955 J
{{♦Pan-Am Pet Co(Cal)conv 6s '40 J
t
6
119%
119%
107%
103%
102%
63%
1952 M N
m
11
106%
100%
*100%
1937 J
113% 115
83%
•
*
103
39%
112% 113%
112
113%
101% 101%
103%
102
111% 114%
90
87
106%
*102%
102%
Ref mtge 5s series A
Paducah A Ills 1st s f g
33%
105%
.
....
114%
119
F
J
99% 102
19%
7
114"" "26
D
J *U8%
Pacific Tel A Tel 1st 5s
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
m
107
106% 107%
108% 109
9
27
*103""
103%
f g 3s loan ctfs
105
112%
113
108
104% 106
10
—
107%
99% 108
100
108
93
....
1964 J
1st A ref 4s series G
73
89
113%
111
Ore Short Line 1st cons g 5s
Guar stpd cons 5s
65
104% 112%
74% 85%
93
103%
111%
107
6
.....
112
Ontario Transmission 1st 5s
4s...1946 J
70%
23
35
.
61
100
102
33
1945 IVI N *111%
g
-
-
68%
64
....
-
109
J
S *108%
1943 F
s
-
107%
.
60
.
106%
108%
N
J *105%
N 101%
13
104%
73
55
103
104%
106% 108%
99% 101%
93
101
103% 104%
107% 110%
93
•
.....
51%
49%
"l
57%
91%
25%
50
61%
25
48%
59%
19
54%
66
60
96
84%
104%
134
4
36
1
8
66
14
1
68%
102
122
70
1
.....
45%
.....
....
106
5
104
117
98
70
102% 102%
104% 106
83%
81%
2
.....
60
81%
104
94
....
106
86% 97%
131% 151%
33%
42
49%
71
119% 122
84%
100
31
104
102% 106W
101% 104%
*108%
J
106%
107%
84
75%
111%
113%
113%
119%
111%
111%
113%
113%
120%
112%
1
98%
90% 99
107%
108% 108%
106
107%
110% 112%
5
94%
111% 114
2
96%
111% 113%
12
98%
118% 121
42
80%
109
20
87%
59
81
141
66
115% 120%
1055I6 106%
99% 104%
105% 111%
Penn-Dlxle Cement 1st 6s A.—1941 MS
Pa Ohio A Det 1st A ref 4
%s A. 1977 A O
4%s series B
.?.... 1981 J
Pennsylvania P A L 1st 4%s._1981 A O
Pennsylvania RR cons g 4s
1943 M N
Consol gold 4s
...1948 M N
4s sterl stpd dollar May
Consol sinking fund 4%s
1nn
106
}06
lstg 4 %s series C
1980 M
Phlla Bait A Wash 1st g 4s
General 5s series B
S
1943 M N
96
26
80
28
50
1
24
51
18
48%
111%
2
1
J
D
115%
115%
115%
5s series A
1967 J
D
Phlla Elec Co 1st A ref
4%s_..1967 M N
1st A ref 4s
1971 F
*
104%
114%
106
105
cons guar
..1964
4%s
1st M 4%s series B
1958
1st M 4%s series C
1960
Pitts Y A Ash 1st 4s ser A....1948
1st gen 5s series B
1962
A
s
4%s without warrants
Purity Bakeries s f deb 5s
113
61%
100
115%
115%
103% 106
110
105
109
104
108%
54
30%
249
24
24
32%
26
27%
24
20%
26
34
3
102%
69%
106% 109
100
111% 112%
111
113%
106%
107
85
*71
113%
....
.....
....
*118%
N
118%
D
118%
O
118%
108%
99
100%
70
70
111
112%
97%
*103%
A
89%
111
111
98
109
109
96%
96%
"2
96%
45
86%
108% 108%
115% 119
118
118%
115% 121
9
119%
118%
119%
85%
116
120
75
107
110
"
...
119
—
24
109%
99
94
.....
"73"
92%
A
82
86
32
51%
75
A
83
85%
36
47
74
91%
91%
*108
J
85%
.....
""26
.
*113%
*107%
94%
97
.
.
.
.
....
.
....
.
...
73
6
96
71
.
66
95
*94
*107%
63
92%
.
..
*119
F
.....
"ll2
....
77%
79%
37%
106%
78
78%
5
34%
36%
212
28%
25%
J
88
89
8
38%
IVI N
IVI
*9%
*89%
104%
126%
A
1950 J
1950
1948
102%
91%
17%
.....
...
.
...
11
79
.
98%
71
61%
J
6S..1942 J
f 4%s w w
87
43%
F
1st 4%a series D
1977 J
Port Arthur Can A Dk 6s A... 1953 F
1st mtge 6s series B
1953 F
{♦Postal Teleg A Cable coll 5s. 1953
{{♦Pressed Steel Car conv g 5s. 1933
{♦Providence Sec guar deb 4s..l957
{♦Providence Term 1st 4s
1956
Pub Serv El A G 1st A ref 4s__1971
124
89%
D *110
1974 J
1st gen 5s series C
98
113
43%
Pitts Va A Char 1st 4s guar... 1943 M N *107
♦Pitts A W Va 1st 4%s ser A.. 1958 J
D
83%
Pure Oil Co
34
A *110
1977 J
89
120
31
F
IVI
17
98% 104
89
95%
111
100%
M N *108
General M 5s series A......1970 J
Gen mtge 5s ser B
1975 A
conv
4
1945 M N *110
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
92
9
249
♦112
1940 A O
* ~
1942 A O *113%
III 1942 M N ♦113%
1949
1953
1957
1960
1963
76
108% 111%
54
_
Series E 3%s guar gold
Series F 4s guar gold
115% 117%
106% 111%
28%
Phillipplne Ry 1st s f 4s
1937 J
Pillsbury Flour Mills 20-yr 6s.. 1943 A O
Pirelli Co (Italy) conv 7s
1952 Nl N
F
105% 111%
95%
21
105%
114
98%
46
142
105%
106%
104
49%
Phlla A Reading C A I ref 6s__1973 J
Conv deb 6s
1949 IVI
Series J
83%
104
1977 J
1981 J
Series C 4%s guar...
Series D 4s guar
4
6
121%
Pitts C C A St L 4%s A
Series B 4%s guar..
100
....
97%
96%
121%
sec
75%
91%
33
111
A
General g 4%s series C
General 4%s series D
78
101%
....
1974 F
Phlla Co
55
10
107%
1.1948 M N
1960 F A
General 4%s series A
1965 J D
118
119
General 5s series B
1968 J D
1055,6 IO51332
Secured gold 5s
1964 M N
101%
102%
Debenture g 4%s
1970 A O
108%
109%
General 4%s series D
1981 A O
108%
109%
Gen mtge 4 %s ser E
1984 J
J
Peop Gas L A C 1st cons 6s... 1943 A O *117%
110%
111%
Refunding gold 5s
1947 M S
87
89
Peoria A Eastern 1st cons 4s..1940 A O
12%
12%
♦Income 4s
...April 1990 Apr
110
110
Peoria A Pekin Un 1st 5%s...l974 F A
103
104
Pere Marquette 1st ser A 5s...1956 J
J
94%
95%
1st 4s series B
1956 J
J
97
80%
107% 108
82
64%
34%
41%
80
90%
14% 21%
79
79
105%
27
88%
103% 109%
130%
103%
95%
343
95%
54
102%
110% 131%
102% 103%
95
78%
91% 103
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A
com
stk(65% pd)
35
*104
J
91%
115
119
107
107
96
104M
105%
61%
103 M
A
1957 IVI
Deb 5 Ms series B
141
103%
56
107%
106%
104%
103 M
104%
56
106
Rensselaer A Saratoga 6s gu
103 M
54
106%
Repub I A S 5s
1940 A
158
72
"72%
13
15
100%
107%
107%
1043'32
48
73
36
79
158 •
82%
1941 M N
105
106%
103%
102%
103%
101%
72
{♦Debenture gold 6s
1941 J
100
Reading Co Jersey Cent coll 4s. 1951 A
Gen A ref 4%s series A
106%
1997 J
Gen A ref 4%s series B
105%
1997 J
Rem Rand deb 5%s with warr.1947 IVI N
104%
*104%
5%s without warrants
.1947
IVI
107
Deb 4%s with warrants
1956... s
17%
16
♦Certificates of deposit...
{{♦Norfolk A South lstg 63—1941 MN
N&WRy 1st cons g 4s
1996 O A
Pocah C & C Joint 4s
1941 J D
F
36%
52%
110% 111%
32
105
Porto Rlcan Am Tob
72
107
105%
83
101
15
105
45
46
64
ill"
82
106%
*108
Port Gen Elec 1st 4%s ser C—1960 M
J
1st 5s 1935 extended to 1950
100
64
*101M
M N
86
110%
105%
89%
31%
72%
102%
IVI N
102
Ontario Power N F 1st 5s
Oregon RR A Nav com
50%
106
54
37
General gold 5s
Terminal 1st gold 6s
General gold 5s
76
104
no%
104%
Geb 4%a series C
81%
"91%
Ohio River RR 1st g 5s
♦1st M
34%
""53
101%
A
M
J
M
J
M
Q
A
1947 F
1936 J
1937 A
B
1st A ref 7s series B
86
f 6s
ser
70
110%
83%
82
1951
1964
Northwestern Teleg 4%s ext..1944
Norweg Hydro-El Nit 5%s
1957
Og A L Cham 1st gu g 4s
1948
Ohio Connecting Ry 1st 4s
1943
Ohio Indiana & West 5s..Apr 11938
Ohio Public Service 7%s A
1946
4%s
Ref mtge 5s
65%
35%
1941 A
1st A ref 6s ser B
112% 115
35
*68%
109%
J
121%
120
88
*60
Q
Q
J
J
J
J
A
High
Low
98
1941 A
Nor States Pow 5s ser A
70%
87%
A
.
s
1997
Jan....2047
Ref & lmpt 4 %s series A
2047
Reg A lmpt 6s series B
2047
Ref & lmpt 5s series C
...2047
Ref & lmpt 5s series D
..2047
Nor Ry of Calif guar g 5s
1938
Gen lien ry & Id g 3s
Low
1
115
*67%
♦Apr 1934 coupons
North Pacific prior lien 4s
Jan. 1
No.
High
*102 %
115
S
S
Since
1936
Asked
A
Range
1933 to
Feb. 29
Friday's
Bid
Low
1974 IVI
Gen & ref 4%s series A
1974 IVI
{♦North Ohio 1st guar g 5s—1945
♦Ex Apr'33-Oct'33-Apr'34 cpns..
♦Stmpd as to sale Oct 1933 &
North Cent gen A ref 5s A
88 M
*86
*
1955 A
1939 J
f 5s series D
Morris A Co 1st
15%
105
1941 J
1955 A
1955 A
C
14%
9%
108
Montecatlnl Min & Agric deb 7s '37
f 5s series B
25~"
9
5
9
93 M
80 M
s
"14%
4%
1
107 M
105
J
Gen A ref s f 4%s series
30
S
J
Gen A ref s f 5s series A
92
82
IVI N
M
106%
101%
Montreal Tram 1st A ref 5s
12
is
NO,
High
Low
69%
13M
J
Deb 5s series A
Low
16
21
*11%
1937
1937
1943
1962
1st guar gold 5s
No
97 M
A
F
4a. 1991
Montana Power 1st 5s A
92
M S
Monongahela Ry 1st M 4s ser A.'60
Mont Cent 1st gu 6s
Asked
•g
Range or
1933 to
Feb. 29
Bid
Week Ended March 27
♦Mo Pac 3d 7s ext at 4%
July 1
\
Range or
EXCHANGE
1936
July 1
Week's
Friday's
BONDS
N. Y. STOCK
Gen & ref
March 28
New York Bond Record—Continued—Page 5
2122
16
60
60
119M
119%
32
5
4
16%
22%
15%
21%
14%
61
61
~
s
f_._
~
...
104»is
'.....
4
17
-
...
109%
2
99%
104% 113%
79%
107
368
10415,6
63
96% 100%
106% 108%
105% 107%
104
113%
80
110
105'5,6 106%
New York Bond
Volume 142
Week's
Range or
N. Y. STOCK EXCHANGE
Week Ended March 27
July 1
1933 to
Friday's
BONDS
Bid
na.
Low
Republic Steel Corp 4 %s ser A. 1950 M S
Gen mtge 4%s series b
1961 f a
M s.1956 J
♦Rhelnelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water series 6s
1953 J
♦Rhelne-Westphalla El Pr 7s__1950 M
♦Direct mtge 6s
1952 M
♦Cons mtge 6s of 1928
1953 F
♦Cons M 6s of 1930 with warr *55 A
{{♦Richfield OH of Calif 6s
1944 M
♦Certificates of deposit
M
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
J
32%
33
O
31%
32%
N
40
N
39%
D
O
J
J
J
1955 J
1950 J
40%
45
82%
60%
70
48
24%
86
108%
89%
7%
90%
32%
18%
19%
158
a29%
34%
36%
92
64%
*82%
92%
70
74%
*74%
45%
75%
22%E
75
86
12
S
19
20%
17%
18
40
M N
Novl989 J
J
90
91
19|
14%
13%
76%
St Paul & Duluth 1st con
g 4s_.1968 J
{♦St Paul E Gr Trk 1st 4Ms...1947 J
1940 J
S A*& Ar Pass 1st
gu g 4s
1943
San Antonio Pub Serv 1st
6s... 1952
Santa Fe Pres & Phen 1st
5s...1942
Schulco Co guar 6 Ms
1946
55%
0%
83
33%
39%
28%
150
23%
45
45%
J
11
17l
106
104
106
106
85
121
J
106%
103%
J
J
J
J
M
J
21%
121
96
92%
5
86
97%
96%
108%
J
15
110
70
108
62
Guar
s f 6^8 series B
Stamped...
A O
1946
34
60%
Stamped
62%
62%
26%
62"
28
*60
29
V.
61%
Scioto V & N E 1st gu 4s
1989 M N *117%
{{♦Seaboard Air Line 1st g 4a. .1950 A O *19
♦Certificates of deposit
{♦Gold 48 stamped
1950 A
*16
♦Certlfs of deposit stamped
A
...Oct 1949 F
1959 A
16
4%
6%
6%
9%
8%
♦17%
♦Certificates of deposit
♦1st A'cons 68 series A
1945 M S
♦Certificates of deposit{♦Atl & Blrm 1st g 4s
1933 M S
{♦Seaboard A11 Fla 6s A ctfs... 1935 A O
♦Series B certificates
Sharon Steel Hoop s f
5%s
Shell Pipe Line s f deb 5s
Shell Union OH s f deb 5s
Shlnyetsu El Pow 1st 6%8
♦{Siemens & Halske s f 7s
f 6 Ma
Slerra'A San Fran Power 6s
♦Silesia Elec Corp s f 6
Ma
SUeslan-Am Corp coll tr 7s
1935 F
A
1947 IVI N
1952 J
D
1935 J
J
J
U
104%
A
O
6
6
38
124
8%
50
4%
3%
4%
3%
17
"21
8%
2%
4%
1
2%
4
9
19
5
103%
14
102%
21
102532
5
86%
13
58
1
39
77
96
IVI
s
88%
88%
IVI N
88%
87%
M N
36
86%
25%
18
88
25
97
57
105
46
33
97%
100%
99
89
20
2
103%
60%
75
90
96%
98%
104% 106%
101% 102%
114% 114%
106% 108
102% 106
90
115
46
97%
89%
89%
209
55
138
44
80%
87%
76%
133
43
77
93
91%
91%
102
67%
106%
23%
4
102
13
69
54
107%
23%
.•
3
71%
73
29
104%
6
88
98%
89%
97% 102%
57%
76%
104% 107%
14%
34
105%
26""
109%
5
183
105%
106""
"j
95%
96%
31
121
S
D
4%s___1939
121
103%
104
98
110%
*118%
1944
Gen refund s f g 4s
..1953
Texarkana & Ft S gu 5%s A...1950
Texas Corp conv deb 5s
1944
Tex & N O con gold 5s
1943
Texas & Pac 1st gold 5s
..2000
4
4
99%
136
110%
1
12
39
98%
101%
43%
101%
60
64%
99
98
110
"34
71
100
101%
107
103%
104%
99
64%
93%
102%
102%
3
64
124
124
1
82
54
55
109%
1977
102
1980
S
J
102%
101%
101%
1979
102
60
53%
102
26
54
108
108%
17
67
69%
97
38.
366
68%
O
37%
40%
J
102%
93%
102%
1
94%
11
S
18%
85%
70%
19%
28%
81% 112
100% 100%
105% 107%
98
74%
94
98
104
97
104%
104%
105% 109%
57%
71%
22% 43
100% 103%
97
93%
96
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J
Tol & Ohio Cent ref & Imp
Tol W V & Ohio 4s
ser
D
J
D
3%s 1960
Tol StL& W 1st 4s
1950 A
C
O
79%
103%
100%
1942 M S *108%
81
47
104
56
97%
101
10
60
....
57%
103
79
86%
99% 104%
96% 101
102% 104%
90
57%
49
48
98% 104%
84% 96%
67%
67%
100% 100%
81
70
92%
60
89
93%
12%
30%
28%
38
*92%
s
34
34%
*
A
33%
30
5
35%
105%
O
78
O
106%
91%
95%
38%
64
91%
97
59
110
Western Union coll trust 5s
Funding & real est g 4%s
79
103%
110
61%
1
100
8
78
25
23
107
107%
28
28%
93%
87%
111"
"2
30-year 5s
..I960
♦Westphalia Un El Power 6s...1953
West Shore 1st 4s guar
..2361
97
110
35%
44
42%
106
106%
108
67%
103
92
71%
101% 103%
103% 106%
70
72
104
9
27
28
95
66
85
96
81
92
5
I63"
104
105
107%
111
102« 32 102%
15
42%
28%
28%
73
4%
3%
27%
*55
106%
106%
J
101%
102
113
62
33
"4
86
44
98
J *110
83
18%
17%
*10%
19%
17%
'"7
7%
7%
4%
10
11
9
35%
83
99%
D
107%
60
101%
D
9
4
1943
100% 101%
90
99%
22%
21%
31
45
67
31%
106% 107%
99% 102
107% 110
15% 25%
15% 25%
9
9
15%
14%
66
1978
105%
106%
1970
Cash Sales transacted during
103% 104%
106
43
1938 J
_
109
26
130
& term 1st 4s 1936 IVI N
110
96% 101%
100
1942 J
♦Certificates of deposit
108
106
107%
102%
101%
J
124
"85%
27%
♦Certificates of deposit
112
122%
105% 106%
34
99
7s A. 1935 MN
109%
102%
106%
92%
Registered
2361 J
J
87%
Wheeling & L E Ry 4s ser D...1966 M S
*104%
RR 1st consol 4s
.....1949 M S
110%
Wheeling Steel Corp 4%s ser B.1953 A O
*1013°32
1st mtge s f 4%s series A
1966 F A
100%
J
107%
14
J
1940 M N
100
119
66
J
D
82
77
94%
105%
109%
110%
121%
90%
2
154
S
A
Wilson & Co 1st M 4s series A._ 1955
Winston-Salem S B 1st 4s
1960 J
{♦Wis Cer 150-yr 1st gen 4s
1949
41%
41%
106%
101%
105%
1936 F
Wilk & East 1st gu g 5s
Will & S F 1st gold 5s
30
28
103%
1950 IVI N
1951
96%
98%
46%
61%
60%
35%
106
15-year 6%s
71
98
76
105%
32
63%
106%
28
63%
the]current week
104% 106%
104
106%
and not lnotuded In the yearly
range.
No sales.
r
Cash sale only transaction
during current week,
transaction
during
current week.
at
week,
current
n
a
Deferred delivery sale only
Under-the-rule sale only
{ Negotiability Impaired by maturity,
transaction
during
t Accrued Interest payable
exchange rate of 34.8665.
{ 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.
z
Deferred
♦ Bonds BelUng flat.
DeUvery Sales transacted during the current week and
In the yearly range.
French Rep< 7s stmpj
San Paulo
1949, Mar. 27
(State) 7s, Mar. 27
at 25
at 176 %s
%.
,
84
79
36%
35%
106%
25-year gold 5s
31
108%
86
101
109
35%
34%
29%
70
71
3
108
J
70
101%
100
1938 J
105
4
107%
1946
106%
120%
J
J
29
29
94
J
S
11
11%
10%
98%
103%
O
O
32%
35%
32%
36%
30
.
1952
1946 M
36%
28
29
24
112
1961
1943 A
.
21
5
31
30
11%
86
108%
77
40
20
105%
108%
101%
1937
3
„
82%
201
39%
61%
60%
80%
1977
A
"54
80
D *122%
E_. 1963 IVI S
120
...1956 J D
105%
♦5s assented
51
33
57
West N Y & Pa 1st
g 5s
Gen gold 4s
"51
30
33%
12
10%
32%
*
Western Maryland 1st 4s.
1st & ref 5 %s series A
"86
34
31%
72
11
35%
*
1955 A
453
34
Westchester Ltg 5s stpd gtd.__1950 J
e
110% 111%
84%
50
_.
102
110% 111
116
118%
105% 111%
87% 102%
102% 105
99% 102%
117% 124%
55
89
2
56
S
♦Deposit receipts
120
121%
103% 105
11
38
1980 AO
♦Wor & Conn East 1st 4 %s
Youngstown Sheet & Tube 5s.
1st mtge s f 6s ser B
105
21
95
Warren RR 1st ref
A
gu g 3%s...2000 F
80%
Washington Cent 1st gold 4s.
1948 Q IVI
99%
Wash Term 1st
gu 3%s
..1945 F A *108%
1st 40-year guar 4s
1945 F A *108
Wash Water Power s f
5s
J *111
1939 J
♦Sup <fc Dul dlv
104
45
1939 M S
Co deb 6s.. 1939 IVI S
♦Warner Bros Co deb 6s
1941 IVI s
96%
"25"
70
100% 100%
75%
83
1978 AO
debentures
conv
65
91
*~1
74%
{♦Warnei^Quinland
♦Ctfs for col & ref
50
*80
85
78
105%
5
*70
68%
85
56
11
19%
106% 108
3
*101%
1976 F
ser
1%
3
100%
104%
90%
89
A
107% 108
107% 107%
3%
6%
1941 A
35%
35%
64
33
99%
101%
72%
1939 J
77
63%
O
1941
43
60
97
67
103%
79%
2
55%
20%
66
101%
84
18
95%
108
65
93%
*80%
{♦Wickwire Spencer St't 1st 7s_ 1935
♦Ctf dep Chase Nat Bank.
98%
4%
4%
18%
107%
S
1939 IVI N
White Sew Mach deb 6s.
88%
17
1954
68
86%
*4%
1939 F
92% 101%
98%
32%
129
110%
102%
53
97
"29%
85
102%
74
61%
42%
13
50%
99
110%
28
100%
99% 106%
33%
33%
34
61
1962 IVI N
232
*
95
60%
33%
31
98%
72
4%
J
D
J
1958 A
200
100
29
WA
32
175
41%
33%
98%
98%
1962 IVI N
96
103%
23
126
1936 IVI N *100%
J
2003 J
104%
104%
104%
101%
63%
J *100
J
80%
J
J
J
1949 IVI
5s
9
76%
106% 112
106% 106%
30
95%
109%
108%
*106%
42
27
*108%
N *107%
Warner Bros Pict deb 6s
92%
99
26
31
A
..1957 M
(Hiram) G& Wdeb 4%s 1945
Walworth Co 1st M 4s
1955 A
ser
85%
29%
112%
25
35%
103% 106
100% 102%
69
1955 F
of deposit
{♦Western Pac 1st 5s
111
87
gu gs
West Penn Power 1st
5s
1st sec 5s series G
1st mtge 4s ser H
,
56
108
102
Walker
6s
'""7
33%
60
....
♦Certificates
118
101%
59
128
J
♦Adj lnc 5s tax-ex N Y__Jan 1960 A
Third Ave RR 1st g 5s
1937 J
Toho Elec Power 1st 7s A
1955 M
102% 104
102% 104%
102*32 103%
84%
88%
69%
59%
42%
51%
111% 112%
28% 31%
106
82%
O
M N
1960 J
4
13%
11%
24%
7%
6%
J
89%
J
M
I*
9%
113
99
76%
105%
I 53
97%
15%
: 18
♦Ref & gen 5s series D
19%
8%
10%
s
78%
A
1947 J
86
11
28%
105%
S
35
78%
20
112
105
D
3%
6%
6%
7%
J
J
2
6%
9%
J
IVI
Tenn Cent 1st 6s A or B
1947 A
Tenn Coal Iron & RR gen 5S..1951 J
Tenn Cop & Chem deb 6s B...1944 M
1964
21
107%
♦Studebaker Corp conv deb 68.1945 J
Sunbury & Lewlston 1st 4s
1936 J
Swift & Co 1st M 3%s
1950 IVI
Tex Pac-Mo Pac Ter 5 Ma A
Third Ave Ry 1st ref 4s
16
107
{♦Spokane Internat 1st g 5s
Staten Island Ry 1st
4%s
1943 J
{{♦Stevens Hotels 6s series A..1945 J
Gen & ref 5s series B
Gen & ref 5s series C
Gen & ref 5s series D
10%
51
108%
9
7
♦Ref & gen
20%
21
J
J
1938 M
gold 5s
19
16%
16%
*101%
*115%
1964 J
1955 J
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g
28%
86%
96%
A
1941
1938 M
Mobile & Ohio coll tr 4s
6%
10%
28
>
140
♦Certificates of deposit4%s series C
♦Certificates of deposit.
66
10
46%
111
A
1946
J
A
A
A
1996 J
1951 J
S'west Bell Tel 3%s ser B
77
1951 M S
1949 F A
Skelly OH deb 4s
1951
Socony-Vacuum 011 3%s
1950
Sou & Nor Ala cons
gu g 5s
1936
Gen cons guar 50-year 5s
1963
South Bell Tel & Tel 1st s f
5S..1941
Southern Colo Power 6s A
.1947
So Pac coll 4s (Cent Pac
coll)..1949
1st 4%s (Oregon
Lines) A...1977
Gold 4Mb
1968
Gold 4 Ma
1969
Gold 4 Ha
..1981
San Fran Term 1st 4s..
1950
So Pac of Cal 1st con
gu g 5s
1937
So Pac Coast 1st gu
g 4s
1937
So Pac RR 1st ref
guar 4s
1955
1st 4s stamped
1955
Southern Ry 1st cons g 5s
1994
Devel & gen 4s series
A..
1956
Devel & gen 6s
1956
Devel & gen 6%s
.1956
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
East Tenn reor Hen
g 5s
4%
103%
102%
102*32
86%
66
17%
16%
4%
1948 F A
.1952 M N
58%
56%
4
104
114%
107% 111%
103% 108%
-110% 118
102% 104%
106% 109%
98,, 103%
91%
♦Ref & gen 5s series B
114% 117%
V-
110%
s *110
J
33
Toledo & Chic Dlv
g 4s
..1941 IVI
{♦Wabash Ry ref & gen
5%s A. 1975 IVI
♦Certificates of deposit
66
24%
*16
--
...
90
58
81
68%
3%s
108% 112
60%
62%
80%
14
91
1st lien g term 4s
Det & Chic Ext
1st 5s
Des Moines Dlv 1st
g 4s
Omaha Dlv 1st
g
99%
110%
95
S *112
J
89
55
94
30
21
122
123
64%
tWabash RR 1st gold
5s
♦2d gold 5s
•35
114%
109
105%
87%
98%
106%
107%
A
27
105
107%
103% 104%
104% 106%
117% 121
109%
99%
91
O
Virginia Ry 1st 5s series A
1st mtge
4%s series B
31
20%
17%
Southwest 1st
1st cons 5s
15
130
103
1959
Virginia Midland
gen 5s
Va &
105
119
100%
90
104%
105%
17%
117%
117%
111%
105%
121
5s. 1941
conv
Tr? U"°,n Coal & Coke 1st g
41%
100% 102%
101% 102%
21
108
s
1955 MN
84
30
O
42
19
1944 IVI
♦{Vera Cruz & P 1st
gu 4%s...1934
♦{July coupon off
♦Vertientes Sugar 7s ctfs..
1942
Virginia El & Pow 4s ser A
59
94%
99%
10%
1953 IVI
Vandalla cons g 4s series A
Cons s f 4s series B
70%
21
D
J
1972
50
*20
A
1943 J
1937 J
tPacific ext gu 4s
(large)
St Paul Un Dep 5s
guar
40
*103%
J
F
4%s_. 1941
22
J *102
J *102
D
1937
St Paul Minn & Man 5s
Mont ext 1st gold 4s
70
51%
36%
J
1937
91
15
68
J
Debenture 5s
Vanadium Corp of Am
23%
27%
24%
22%
20%
17%
9%
9%
7%
7%
123
26
15%
14%
51
Guaranteed 5s
81
78
181
1990
43
69%
121%
105%
United S S Co
15-year 6s
1937 IVI N *100%
♦Un Steel
Works Corp 6%s A..1951
D
29%
D
.!£?c: 8 f 6%s series C
1951
31
♦Sink fund deb
6%s ser A...1947
9Q
J
Un Steel
Works (Burbach) 7s. .1951
O
*99%
{♦Universal Pipe & Rad deb 6s. 1936
D
36%
♦Unterelbe Power & Light 6s. .1953
O
♦28%
Utah Lt & Trac
1st & ref 5s
o
1944
98%
Utah Power &
Light 1st 5s
1944
A
97%
Utll Power &
Light 5 %s
D
1947
68%
104% 109%
103% 105%
92
87%
80
87%
9%
8%
D
117%
117%
113%
108%
104%
110%
103%
...June 2008 IVI
35
67%
45%
43%
*18
High
101%
120%
117%
90%
101%
84%
82%
112%
11
95
106
J
Low
82
87%
O
s
Low
105%
106%
A
J
...1968 J
127%
98%
101%
94%
J
1947 J
United Drug Co.
(Del.) 5s
61%
25
1989
1st lien & ref 5s
5
Range
101%
105 I
1967 J
Gold 4s
No.
87
S
St L 1st g 4s
1934 J
Rubber 1st & ref 5s ser A..1947 J
37
High
105%
95
O
..June 2008 IVI
UN J RR & Can
gen 4s
71
24
A
1933 to
Asked
*89
^United Rys
U S
38%
.115
20%
N
1947 IVI N
United Biscuit of Am
deb 5s...1950 A
43
30
5
1st lien & ref 4s
Gold 4%s
35
67%
conv
deb____.
Union Pac RR 1st &
Id gr 4s.
158
32%
33%
52
46
84%
23%
12-year 4s
21%
114
45%
....
22
1978 M
49
34
83%
70
84
33%
13
Jan. 1
95%
101%
_
37
47%
104% 107%
41%
52%
90
94%
90
79%
54
37%
112% 112%
107% 109
22
109
105
69
34
33%
33%
38
19%
99
46
J
unifying 5s. .1952
cons
20
23%
20%
♦Gen & ret g 5s ser A
St Paul City Cable cons
5s
1st
52
48
Since
1936
N
Trumbull Steel 1st s f 6s.
1940 M
♦Tyrol Hydro-Elec Pow
7%s—1955 IVI
♦Guar sec s f 7s
1952 F
Uljigawa Elec Power s f 7s
1945 IVI
Union Elec Lt & Pr
(Mo) 5s. .1957 A
Un EL&P
(111) lstg5%s A
.1954 J
{♦{Union Elev Ry (Chic) 5s...1945 A
Union Oil of Calif 6s series
A
1942 F
34
31%
31%
Feb. 29
<fc
Low
28%
,32%
/81%
31%
41%
41%
107%
18%
stamped
s
19
19%
1950 J
♦Con M 4 Mb series A
♦Ctfs of deposit
♦Debenture
31%
31%
33%
82%
of deposit..
{♦Refunding 4s
32 M
15
20
*90%
J
O
3
33%
*
29%
26
Range or
Friday's
Toronto Ham & Buff 1st
g 4s. .1946 J D
105%
Trenton G & El 1st
g 5s
1949 IVI S ♦120%
Trl-Cont Corp 5s conv deb A-.1953 J
J
127%
Truax-Traer Coal conv 6%s...l943 M N
102% 105
25
33
J *104
A
*33%
1948 J
♦Certificates of deposit
♦Prior lien 5s series B..
♦Adjustment 5s
76
1977 M S *113%
{♦St L Peor & N W 1st gu 5s
St L Rocky Mt & P 5s
stpd
{♦St L-Sau Fran pr Hen 4s A
gu
107% 109%
66
of deposit
{♦St Paul & K C Sh L
106%
102%
26%
29
St Louis Iron Mt & Southern—
♦§Rlv & G Dlv 1st g 4s
1933 M N
♦2s g 4s lnc bond ctfs
♦1st terminal &
97% 100%
30
A
1996 A
{♦St L S W 1st 4s bond ctfs
High
112% 126
99%
30
'
1
July 1
Bid
Low
102%
27%
1962 M a
2d gold 6s
♦Certificates
Low
136
103%
{{♦R I Ark & Louis 1st 4%s
1934 M 8
Royal Dutch 4s with warrants. 1945 A O 152
♦Ruhr Chemical s f 6s
1948 A O
C29%
Rut-Canadan 1st gu g 4s
1949 J
J
33
Rutland RR 1st con 4%s
1941 J
J
35
St Joe & Grand Island 1st
4s
1947 J
J *108%
St Jos Ry Lt Ht & Pr 1st 5s
1937 M N
104%
St Lawr & Adr 1st
g 5s
1996 J
J
*80
♦Certificates
N. Y. STOCK EXCHANGE
Week Ended March 27
124
N
♦Rio Grande June 1st gu 5s
1939 J
{♦Rio Grande West 1st gold 4s. 1939 J
♦1st con & coll trust 4s A
__1949 A
Jan. 1
No
26
N
1955 F
Roch G & E 4%s series D
Gen mtge 5s series E__.
103%
29%
J
1952 J
Since
1936
98%
108%
108
J
Feb.29
High
2123
Week's
117%
115%
97<!*
Purch money 1st M conv 5 Mb '64 M N
Revere Cop & Br 1st mtge 4
6
BONDS
Asked
&
Record—Concluded—Page
Range
not included
2124
New York Curb Exchange—Weekly and Yearly
Record
Marc*28 1936
selling outside of
NOTICE-—Cash and deferred delivery sales are disregarded In the week's range,unless they are the only transactions of the week, and when
the regular weekly range are shown in a footnote In the week In which they ocour.
;
j
In the following: extensive list we furnish a complete
;
No account Is taken of such sales in computing the range for the year.
i
•
'
-
"
•
_
record of the transactions
on
the New York Curb Exchange for
the week beginning on Saturday last (Mar. 211936) and ending the present Friday (Mar. 27 1936). It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
which any dealings occurred during the week covered:
July
July
1
Week's Range
Sales
1933 to
for
Feb. 29
Jan. 1 1936
Week
1936
Shares
Low
Par Low
Acme Wire
v t c com—..20
Adams Mlllls 7% 1st pf 100
Aero Supply Mfg ol A
*
Class B_.—.—.....*
High
45
325
110% 111
50
44
5
3%
m
2,600
Alnsworth Mfg Corp——10
Air Investors com
*
56
Conv preferred
4%
58
90
MOO
4%
115
_*
Warrants...
_
Alabama Gt Southern.-.50
44
Ala
Power $7 pref
$6 preferred.
,_*
—*
45
69
70
150
62 %
65
30*
125
70
26
*
Allegheny Steel 7% pref 100
Allied Internatl Invest
♦
Alliance Investment com.*
*16
—
Allied Products cl A com 25
Aluminum Co common.
*
—
6% preference
Aluminum Goods
.100
Mfg..»
Aluminum Ind com..——*
Aluminum Ltd com
*
6% preferred
—100
American Beverage com.l
American Book Co
22
22 %
500
139
146 %
*16
3%
32
•
2,650
117 % 118
16 %
450
16 &
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
200
"1% ""Ik
___
Jan
2%
11%
44%
2%
27%
"i«
37%
67%
5
100
Mar
Jan
18%
4%
15%
62%
4%
Jan
Mar
Mar
Feb
Mar
Class A com
Am
Buckeye Pipe Line—...50
"44"
"45""
Buff Ntag A East Pr pref
76
Feb
25
25%
106% 106%
61
59%
79
84%
Jan
115
Jan
Burco Ino com
Jan
1
Feb
4%
Feb
21
Jan
87
Jan
162
Mar
Jan
120
Feb
Feb
25%
Feb
dep rets A ord shs. £1
1%
87
Jan
101
Mar
Am dep rets B ord shs £1
Amer dep rets pref shs £1
%
37
3%
900
1
8%
IX
2%
75
8X
100
1
1H
500
%
9%
Mar
Jan
4%
77%
Jan
Jan
4%
•i«
27
Jan
Jan
9
Feb
2
Feb
46
86%
Jan
86%
91%
23%
X
12%
8%
73%
44%
5%
31%
29%
Mar
48%
115
Feb
118
98
36
116
Jan
124%
Mar
4X
7
Feb
Jan
4%
22%
1
200
275
3%
39%
110% 112%
10%
m
750
57%
2,400
7
350
30
7%
80%
88
38%
5
39
25
88
300
4
26
27
700
Amer L & Tr com......26
21%
25
13,800
29
29
Amer Mfg Co com
..100
Amer Maracaibo Co.....1
22%
1%
24%
•1%
500
675
Amer Meter Co....
*
Amer Pneumatic Service.*
33
34%
2%
2%
10%
7%
16
200
11
Jan
27%
Mar
Jan
25
Mar
Feb
Jan
Mar
Feb
Jan
29
Feb
Jan
Feb
Jan
Jan
Jan
4%
99%
63%
Jan
Feb
4%
200
3
Jan
4%
Feb
4%
11%
%
2%
13
14%
108%
2%
2%
6%
7%
7%
6%
9%
8%
500
»
30
88%
10
10%
11
3%
57%
18 %
13
Jan
Jan
Jan
18%
2%
6
Feb
Mar
1%
4%
14%
108%
Feb
11%
3,200
11,000
40,500
7,900
%
%
%
104%
%
3%
3%
1%
7%
Jan
Jan
20
90
25%
800
1%
88%
9%
Mar
Jan
600
10%
Jan
Jan
Jan
Jan
1%
8%
'<6
1%
1%
9%
%
3,900
8,800 •
1,900
8,600
%
1
Jan
%
1
Jan
1%
*64
6%
'sz
%
%
1%
%
Jan
Jan
Feb
Assoc Laundries of Amer.
29
31
650
8%
2
2
300
1
%
26%
1%
13
25%
Jan
2
10%
Mar
...
Associates Investment Co
Associated Rayon com...
Assoc Telep 31.50 pref
Atlantic Coast Fisheries
Atlantic Coast Line Co..50
Atlas Corp common
'
A—II."
11%
11%
"2l300
13%
14
181300
7%
35
500
3,000
1%
9%
700
2%
9%
10%
10%
2,800
1,600
51%
52%
50
90
94
8%'
Automatic Products..__
10
,
Automatic-Voting MachI
Jan
Jan
7%
7%
9%
""1%
Feb
Feb
Mar
Mar
Mar
Jan
11%
FftH
Baldwin Locomotive warr
Baumann (L) ACo7% pfdlOO
Bellanca Aircraft com
1
1%
1%
Convertible
Bickfords Ino com......
32.50 conv pref
II
"2JOO
17%
38
100
4
4
12
Black A Decker
Mfg Co-
25
26%
Bliss (E W) & Co com..
Blue Ridge Corp com
20%
3%
47%
22%
9%
22
$3 opt conv pref
Blumenthal (S) & Co..
Bohack (H C) Co com...
Botany Consol Mills
Bourjols Inc
n*
16%
'
.
pref
7% 1st preferred
400
38
3%
12
.
350
1%
104%
"109%
100
1%
50
1%
300
4%
3%
Bell Tel of Canada..
.100
Bell Tel of Pa
6%% pf.100
Benson A Hedges com.
43%
18%
4
2,500
2,200
3,900
48%
200
28%
2
75
*
.25
Bower Roller
Bearing.
Brazilian Tr Lt & Pow
—5
Bridgeport Machine...
Preferred
100
Brill Corp olass B
Class A
'»
7% preferred—..... 100
Brillo Mfg Co com....
Class A..
♦
15%
25%
11%
16%
97
4%
15%
26%
Jan
Jan
12%
17%
Feb
11
Jan
11
Mar
12%
Join
55%
Jan
Jan
7
Jan
43
Jan
97
Jan
9%
50
1%
6%
Jan
Jan
Mar
Feb
Feb
Jan
Mar
Mar
36%
7%
200
23
24%
500
300
23*
5%
22%
12%
14%
30%
500
24%
24%
28
28%
2129
116%
Jan
116
Jan
Jan
16%
Jan
37
Mar
55
Jan
Jan
102
Jan
Mar
74
Feb
42%
Feb
Jan
Jan
Jan
Jan
69
Mar
8
"lllOO
2%
2%
115
2%
800
2%
11,600
100
%
3%
1,400
200
18
'
18%
9
200
"32"
53%
%
5%
51
Jan
"moo
4%
24
5%
1,300
94,100
4,700
%
34%
%
,316
5%
55%
%
6%
%
600
5
16,600
"1% "l'.SOO
50%
14
9i«
21%
1%
%
%
5%
650
51%
15
2,800
Corp.. 100
'""Ik "*2% "moo
9
Colon OH Corp com...
*
Colt's Patent Fire Arms.25
2%
55%
10%
3%
59
Jan
22
124%
5% preferred—100
105%
4%
41%
4
Jan
34
Mar
Jan
Jan
59
Mar
7%
59%
6%
Jan
Jan
Mar
1
Feb
112
Feb
54
58
Mar
Jan
56%
Mar
Jan
18
Feb
Jan
Jan
3%
1%
Jan
Feb
48
Feb
12%
3%
52%
16%
Jan
Feb
Feb
%
Jan
Mar
6
Feb
3%
Jan
Feb
12
Mar
Jan
Jan
4
Mar
15
1%
51%
73
Jan
93
Jan
114
Feb
%
42%
30%
36
Mar
45
97
Jan
112
%
12,500
.4,900
5%
Como Mine?
3,700
42,200
38
70
1,300
36
%
S16
Community PAL 36 pref »
Community Water Serv..*
25%
2%
29
2%
_i
%
1%
Compo Shoe Machinery. _1
Consolidated Aircraft....1
Consol Copper Mines——5
13%
20%
Consol G E L
86
13,400
1,000
2,200
28,600
14%
21%
P Bait com*
8% preferred—
100
Consol Royalty OH—... 10
Cont G A E 7% prior pf 100
Continental OH of Mex.
Continental Securities
•
3*
*i«
13
Jan
5%
Jan
Jan
Jan
%
Jan
Preferred
29
275"
4,000
13,500
1,300
Jan
Mar
11%
Jan
16
Feb
15%
5%
103
Jan
23%
6%
90%
Feb
84
Jan
113
Jan
116
Mar
115
226
Jan
290
Mar
4
Jan
90
Jan
45%
600
5%
12%
140
105
*"95% "95%
1%
2%
100
%
2
2%
8%
8
7%
%
6%
9%
34
12
900
49%
Jan
6%
105
3%
3%
14%
2
Feb
Jan
Jan
Jan
9%
Mar
Mar
Mar
Jan
8
1,900
1
5%
Jan
8
74
100
10
4
38,100
Jan
17
Feb
12%
Mar
15
5
%
25%
Feb
Mar
32
120%
Jan
19%
9%
%
6%
1%
11%
4%
Jan
84%
Jan
Jan
16
4,700
Jan
Crown Cork Internatl A—
-
25%
28%
12%
1%
Crown Drug Co com
Preferred.——....
25c
preferred
-
%
-
5,900
250
30%
13%
1%
9
5%
9,400
3,300
9,700
3%
%
'
...
—
2%
%
5%
"2%
17,100
14%
4%
3,100
'"8% ""8%
200
1%
42%
100
15%
8,800
69%
»,«
14%
4%
600
4%
23
2
Cuban Tobacco com vtc—
Cuneo Press Com
6%%
-
27
130
42%
.100
'"""%
Feb
77%
4%
Feb
Jan
8
129
Mar
1%
6%
65
%
%
Am dep rets ord
reg—£1
Cramp Shp A Engine ..100
Feb
19
49%
8%
Jan
15%
Jan
Feb
Jan
6%
4%
•
Mar
98
2
3
800
55,400
Mar
Jan
88
29
50
1%
6%
Mar
Jan
Jan
Jan
Mar
1
74
24%
22%
Mar
Jan
5
620
40
280
7
....
Mar
1%
%
80*
3%
1%
Feb
6
900
5%
87%
7%
....100
Mar
91
5
45%
Copper Range Co.....
Cord Corp.....—..
Corroon A Reynolds—
Common...........
$6 preferred A......
%
8
,
"16% ~I§% "MOO
Cooper Bessemer com..
33 preferred A
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Courtauld's Ltd
Feb
Feb
32
600
102% 105
Warrants
Feb
Feb
Feb
Mar
38
Columbia Gas & Elec—
Cosden Oil com.....
Feb
Feb
Mar
Jan
3
3%
3
Jan
6%
24%
Jan
11
6
.....
Rosenberger.....•
Jan
Mar
3
.
31
38
45
15%
Jan
Jan
Feb
115
59
Jan
Feb
Feb
425
"34"
Feb
44
7
»
Feb
64
105
150
116%
3%
3%
31%
Jan
Jan
6%
.
17%
Jan
69
11
500
15%
59
15
63
15%
53
300
Mar
Mar
Feb
Feb
Jan
Mar
92
40
Crown Cent Petroleum-
32%
30%
107%
107%
12%
56%
17%
Cusl Mexican Mining—50c
For footnotes see page
6%
16%
52
Crowley Milner A Co....
Jan
75
36 preferred
....._♦
City Auto Stamping.....*
City & Suburban Homes 10
Feb
Feb
Jan
81
175
41%
42%
Crocker Wheeler Elec....
7%
26%
16%
20%
"/
16%
7%
Croft Brewing Co
Jan
Jan
42
70
Feb
29
12%
Jan
Jan
150
Feb
Jan
Jan
Mar
Feb
9%
57
4%
8%
53%
8%
27%
1%
3
9%
41
3%
50
Creole Petroleum
Mar
113% 115
4%
Mar
97
%
Feb
55
I
97
10
90
45
Preferred BB
Mar
700
Feb
10
"11% "14% *61800
Preferred B—
Crane Co com.........25
Preferred
100
1,200
Feb
82
Cities Serv P A L $7 pref.*
Mar
5%
38%
7%
30%
......*
Jan
British Amer Tobacco-
dep rets ord bearer fl
| Am dep rets ord reg—£1
Preferred...
29%
15%
18%
Registered
Am
Childs Co pref
100
Chief Consol Mining Co..1
Cities Service com.......*
Jan
Jan
98
4%
3,700
10%
22%
Jan
19%
5%
18%
17%
Feb
13%
10
5
Jan
3
5%
24%
13%
%
Mar
Feb
18%
26
23
Jan
Feb
86
1%
25
5%
7%
9%
Feb
21
27
1.000
5%
22%
17%
Centrifugal Pipe
*
Chapman Valve Mfg
25
Charts Corporation
10
Chesebrough Mfg......25
Chicago Flexible Shaft Co f
Chicago Rivet & Mach...*
18
«
Mar
4%
13%
300
21%
20
6
Mar
22
33
4%
4
20%
Consol Retail Stores.....c
Feb
25%
Feb
Jan
Feb
Jan
1%
Jan
80
4%
Mar
16%
6
25
5% preferred A
100
Consolidated Min A Smelt
Feb
27
Jan
Feb
Jan
12%
11%
2%
Mar
Jan
33
Feb
Feb
39
53
1%
»,«
5%
Feb
Mar
Mar
33
Conv preferred
100
Conv pref op ser '29.100
3
2%
5
Mar
Jan
Jan
Mar
Mar
Mar
2%
2
Jan
Jan
Feb
10%
2%
15%
22
1%
450
Commonwealth Edison 100
Commonwealth A Southern
121
Jan
Feb
3
32
Jan
46
Feb
Feb
Jan
Jan
Mar
%
Mar
2
43%
Columbia Oil & Gas vtc—»
Columbia Pictures new.
*
4%
14%
19%
3.600
1%
1%
18%
31%
Jan
4%
5l200
100
1*
Feb
2%
3%
5%
4%
1%
4,900
600
Conv
70
10%
8%
2%
15%
9%
8%
27
50
4,000
6,200
3,100
Jan
Jan
Jan
24
Feb
121
%
Feb
5ia
100
3%
Jan
4
1%
5%
24%
100
warr
Cohn A
148
Jan
Jan
6% pref without
7% preferred..
Club Alum Utensil Co...*
103
1,900
4
.3%
Cent A South West Utll.l
Cent States Elec com..._1
Feb
Feb
Feb
Feb
Jan
Mar
Cent Hud G A E v t c—._*
Cent Maine Pow 7% pf 100
Cent P & L 7% pref...100
Feb
4%
100
r
$7 div preferred
.*
1st preferred
.—.._*
%
%
%
32%
Feb
144
Feb
Corp of America
7% 1st partic pref...100
7% prior preferred—100
Celluloid Corp com.....16
500
♦
Brit Amer Oil coup....
Feb
%
4
2%
_
1H
55%
2%
5
*
Borne-Scymser Co
Jan
38
100
com.
4%
1%
1
1,300
22%
9%
23
5
»16
*16
3%
2«15%
3,900
*
14%
Jan
70
$6 preferred......
Carrier Corporation
Clinchfield Coal
55
Jan
Class B
......*
Carnation Co com.—....*
Carolina P & L $7 pref—*
Feb
Jan
3%
11%
13%
85%
21%
13%
3%
44%
16%
Jan
Mar
Jan
Jan
*
Feb
13
50
Convertible class A
2%
3%
12%
Axton-Flsher TobaccoClass A common—...10
Babcock A Wilcox Co——*
Jan
*16
1%
2%
%
6
Claude Neon Lights Inc..1
Cleve Elec Ilium com
*
Cleveland Tractor com.
•
Jan
3% Jan
7%
Jan
10% Mar
9% Mar
Jan
Jan
96
26%
16%
88%
16%
51
54%
3%
3%
Jan
4
34
18
54
Corp"!Ill
Feb
Feb
Jan
Jan
108
.....
Jan
2%
>
Atlas Plywood
Mar
82
300
33 preference
Warrants
43%
39%
4%
300
common
Mar
%
5%
c
41%
7%
2
V t
Jan
100
1%
35 preferred
Option warrants.
Feb
500
44
Mar
40
3%
Celanese
Feb
1%
'16
2
Marconi..—.1
Feb
12
46
Canadian
9%
8%
—....*
*
Castle (A M) & Co..
10
Catalln Corp of Amer— ..1
114
Mar
B non-voting
Feb
Feb
47%
5%
II
IIIII
43%
Feb
90%
I*
Class A
5
Mar
Feb
46
.
Common..
Jan
24%
Feb
Jan
Jan
a
Mar
85
Carman A Co—
90%
Angostura Wupperman—1
Apex Elec Mfg Co com..*
Appalachian El Pow pref *
£1
Jan
Mar
36%
40%
Canadian Indus Alcohol A*
Capital City Products!
*
Carib Syndicate
...25c
23%
%
18",800
Jan
2
Sugar Estate..20
Jan
30%
24%
1%
39%
2%
14
61
Jan
Jan
Canadian Car A Fdy Ltd—
Preferred
25
Feb
Jan
81%
19%
17%
25%
18
«
Jan
9
Calamba
Mar
Jan
108
5%
.....
""2%
3%
37%
3%
%
13,700
1,200
Jan
Jan
15%
1%
16%
4X
41%
Amer deposit rets
Assoc Gas A Elec—
19
11,800
8,600
21X
34%
Common class A
*
Preferred
io
Arkansas P & L 37 pref—*
Art Metal Works com...5
Associated Elec Industries
1%
Am
200
41
Jan
51%
1%
33%
%
2%
7%
%
Cables A Wireless Ltd—
99 %
3%
48
4,400
99
Amer Hard Rubber com. 50
Amer Laundry Mach—.20
Arcturus Radio Tube... 1
Arkansas Nat Gas com...*
2%
Mar
16%
600
10%
Jan
50
25%
26
250
2%
9%
1%
Mar
9%
Jan
Feb
200
Mar
38%
41%
31%
pref.—15
Burma Corp Am dep rets—
Butler Brothers
—.10
Cable Elec Prod v t 0——*
24%
107
1,300
%
Mar
Mar
Jan
20
'16
Mar
10%
16%
103
66
%
Warrants
31
39%
14%
100
$3 convertible pref—.*
Jan
Jan
Mar
Jan
Mar
Jan
6%
15%
26
Jan
16%
34%
Feb
28
5%
._*
Mar
,
Amsterdam TradingAmerican shares
Anchor Post Fence
25
3%
Mar
Mar
Jan
28
5
1,200
35 1st preferred
*
Bulova Watch $3% pref—*
Bunker Hill A Sullivan—10
13%
6
2%
1%
""150
Feb
Feb
Feb
Feb
%
2%
High
Low
2%
9%
17%
16%
il",600
Amer Thread Co
»
75
37%
preferred——......*
Preferred.......
600
5,200
Jan
Amer Cynamid class A—10
Amer Potash A Chemical.*
Am Superpower
Corp com*
1st
30%
10%
Jan
1*
3,600
25
•
45
7%
6% preferred
100
1,600
17
6%
32 preferred
1
32.50 preferred—......1
10
34
300
....l
Amer Fork A Hoe Co com*
Amer Foreign Pow warr.
Amer Gas A Elec com...*
Preferred
*
American General Corp 10c
Class A preferred—.—*
Brown Forman Distillery. 1
Bruck Silk Mills Ltd
*
10
32%
29%
8%
1,400
300
.....10
6% pref....100
Brown Fence A Wire B...*
13
46 X
Class B n-v.
Brown Co
71
45%
Amer DIst Tel N J com..*
7% conv preferred...100
Amer Equities Co com...1
2
12
.......25
Class B_.
Low
dep rets ord reg—10s
Feb
Cities Pow & Lt—
Class A
Am
67
100
.....10c
Shares
High
British Ce'anese Ltd—
1%
48%
82%
American Capital—•
Common class B
10c
$3 preferred..—....—*
15.50 prior pref
..*
Jan. 1 1936
1936
35
15
8
Range Since
Feb. 29
Par Low
46%
113%
109
54
1933 to
for
Week
High
Feb
25
""406
57
Low
15
3*
Agfa Ansco Corp com—1
Sales
of Prices
stocks
(Continued)
6%
43%
66% *110
l
Week's Range
Range Since
of Prices
stocks
compiled entirely
or bond, in
stock
Feb
Jan
Jan
Mar
2%
29%
130
1%
7
2%
15%
5%
23
Jan
25
4%
87%
Jan
Feb
11%
42%
106
Mar
%
Mar
108
1%
Feb
Volume 142
New York Curb
July
Week's Rangt
Sales
1933 tr
Range Since
for
Feb.29
Jan. 1 1930
1930
of Prices
Low
r
High
*
10
5
►
13%
13%
25
Shares
25
10% ;
14%
Low
*9
Mai
8
12
Jan
600
2%
8%
12%
23%
Mar
100
19%
Mar
De Havlll Aircraft Ltd—
Week's Range
11
Jan
Mar
14%
14%
Mar
25
Feb
Mar
;
Par Low
Gulf Oil Corp of Penna._25
93%
Gulf States Utll $0
60
5
11%
3%
140
01%
14%
33
9%
Mar
14%
3%
Mar
8%
Jan
1%
Jan
25%
Mar
33
Mar
8%
Mar
10
Jan
5%
Mar
7%
12%
Feb
20
w-
1,800
11
Mar
70
%
925
0%
11
19%
Feb
50
1%
900
9%
6
50
11,400
2,900
3%
29
1%
11
1,100
11
Jan
Distillers Co Ltd—
24%
24%
200
32
34%
1,500
17%
$5.50 preferred
Hall Lamp Co
)
22
22
25
118%
69%
34%
28
4%
12
10
-
—-
Mar
73
275
8%
13%
8%
9,000
8
82%
71%
3,750
37
Eastern States Corp
7%
Jan
8%
08%
Jan
72%
%
Mar
2%
Jan
6%
14%
17%
u"
1%
3%
10%
11%
2%
48
Feb
55
18
21%
Feb
23
13%
Mar
Jan
Harvard Brewing Co..
Hazeltlne Corp
Hecla Mining Co
Helena Rubensteln
Feb
Holt
Jan
Hormel (Geo A) A Co
Horn A Hardart
25
Holllnger Consol G M...5
Holophane Co com
.__.*
59%
41%
100
79
47
6%
ei
85
Jan
Jan
83
Mar
Feb
,
.
24%
24%
Feb
14%
Mar
6%
Imperial Tobacco of Great
Britain and Ireland. ..£1
Mar
7%
Jan
13%
Mar
18
Jan
23%
Mar
30
Jan
42
Mar
2%
Jan
4%
Mar
15%
Feb
25%
Mar
60
Jan
79
Mar
21%
8%
6%
13%
Fanny Farmer Candy....1
Jan
87
Mar
Jan
12
Mar
9%
Jan
18%
Jan
51%
Mar
Jan
8%
Mar
5%
91%
Jan
9%
Feb
Jan
98
Jan
10
Jan
29%
Feb
16
Jan
19
Feb
Intl Metal Indus A
Jan
37
Feb
1
Feb
International Petroleum..
Registered
Jan
57%
Feb
Jan
65%
Feb
47
Jan
67%
Feb
4
is
44
43%
8%
21
Jan
23%
Feb
2%
15
%
Jan
%
<«
6,100
8%
6%
1,100
1%
1
*
3,100
%
100
%
%
(Phlla).lO
77%
«'
600
82
200
««
20%
7% 1st preferred....100
110
7
7%
...»
19%
7
Feb
3%
Jan
0%
0%
5
1,500
1%
3%
Jan
2%
1,900
%
1%
Jan
3%
14%
74%
Jan
1,450
4%
13%
13%
27
2%
18%
650
14%
11
13%
13%
"i~66o
...1
1%
pref class B
*
Warrants
Gen Outdoor Adv 6% pflOO
1%
S32
75%
316
75%
74
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock..*
General Telephone com_20
Jan
16%
Feb
17
Jan
Italian Superpower A
Warrants
Jan
75
1%
31%
Jan
40
Mar
Feb
20
Feb
%
Jan
%
Feb
Mar
Feb
1%
1%
89
Feb
Feb
Feb
Jan
50%
Mar
00
Feb
8%
Jan
24%
Jan
9%
28%
Feb
27%
Jan
32
Feb
Feb
3
Jan
Jan
30
Jan
16
Jan
19
Mar
4%
Feb
1
0,200
5
37%
8,100
4,100
~2~ 400
%
700
1%
13
1%
Common
V t
c
v t c
.*
preferred A
Kansas G A E
Kingsbury
*
KIrkland Lake G M Ltd.l
Klein (Emil)
___♦
Klelnert Rubber
10
41%
'is
2%
Jan
49
Mar
%
Feb
Class A
73
Jan
85
Jan
20
67
Jan
81%
Feb
Lefcourt Realty
Preferred
1
Jan
Jan
Lehigh Coal A Nav
Jan
2%
18%
Mar
Leonard
Mar
Lerner Stores
6%
.1
com
......*
•
12%
14%
2%
34%
15%
800
36
15%
16
Jan
52%
73
Feb
93
95
Mar
Jan
35
4,200
2%
12%
47
Lion Oil Development
»
83
Feb
90%
Feb
Lit Brothers com
*
71
Jan
73
Jan
.....*
22
45
10
14%
2%
2%
200
»
1,200
1,800
•
%
4%
100
10
Jan
Feb
24
45
Feb
18%
Feb
Jan
3%
Feb
Jan
...1
1
Oil
Develop
25
*
preferred
100
Lockheed Air Corp..
1
Lone Star Gas Corp.....*
Long Island
39%
17%
Mar
Common
Jan
Mar
7% preferred
Jan
*16
Feb
2%
Jan
4%
Feb
100
1%
11%
22
Jan
25%
Feb
1,000
10%
16%
Mar
Jan
14
1,300
4%
10
Jan
21%
14%
Feb
Lucky Tiger Comb G M 10
28
2,900
8
20%
Jan
32%
Jan
Lynch Corp common—
380
115
110%
Mar
425
120
124
8
400
9%
3%
1,100
1,900
1%
800
19%
8%
Feb
130%
Jan
128
Jan
Preferred class B
...
*
100
.100
Loudon Packing
*
Louisiana Land A Explor.)
Louisiana LP&L Co—
$0 preferred
"53% "53%
7%
%
Feb
Jan
4%
Feb
Jan
43%
Feb
1%
Mar
6%
Mar
%
Mar
1%
111%
1%
Jan
Jan
112
Mar
Jan
3%
' Jan
7%
74
4%
J«*n
5%
9n
Jan
%
2%
Jan
Jan
9%
%
18%
T066
Jan
24
Jan
11%
100
5
8
900
1
3%
Mar
%
Mar
1
107
•u
100 **54
98
Jan
10
11%
Jan
14
Jan
74%
3".66O
4%
59%
32%
51
2,800
%
5%
Jan
100
25
*«
2%
19%
8%
1%
43%
110
10%
3
2%
19%
9%
Mar
6
Jan
Mar
Feb
Mar
Feb
Feb
Mar
Jan
78
Mar
Jan
70
12%
20%
69%
Jan
8%
Mar
Mar
5%
12%
Jan
500
1
7
2%
19%
6%
Mar
200
3,800
10,900
2,200
5%
■is
1%
45%
110
14%
4%
100
40
14%
8%
13%
9%
14
2,200
6,000
'»
90c
4%
Jan
%
Jan
Feb
l
1
1,300
Mar
37%
107%
3
6,000
15
4%
84%
72%
7%
14%
Mar
75
Jan
15%
Jan
18%
18%
7%
9%
Feb
Jan
Mangel Stores Corp.—..*
6%% pref w w
100
50
5%
Jan
31%
Mar
10%
3%
Feb
Mar
%
Jan
1%
Feb
American dep receipts. £1
Margay Oil Corp
...*
Marlon Steam Shovel—..*
Maryland Casualty
1
Feb
Mar
Mar
14%
Mar
Mar
4%
Mar
Jan
20%
Feb
Feb
18%
10%
Feb
Jan
Jan
14%
Mar
/
5%
Jan
2
170
38
4%
72%
Jan
Jan
88
Mar
50
32
64
Jan
76
Mar
Feb
30,900
2%
48%
300
2
2%
Mar
2%
Mar
1,300
15
34%
Jan
55%
9%
Feb
600
•
2%
1%
6
52%
500
90
1
7%
9%
95
5%
12
50
24%
6%
7
2
46%
110
3,700
21%
21%
Jan
5
Marconi Internat Marine—
Jan
Mar
Jan
Jan
11%
72%
7%
15%
Mapes Consol Mfg
25%
7%
4%
25
86
95
2%
47
Massey-Harris common—*
103
6
Masonlte Corp common—*
Mass Utll Assoc v t c
1
2129.
6
*
2%
3
1%
30
Ltg—
%
3%
Great Atl A Pac Tea—
7%
.2%
Feb
Mar
Mfg Co—
Greenfield Tap A Die
*
Grocery Sts Prod com __25c
8%
6% %
%
110% 116
125% 126
29%
30%
50
1,200
Loblaw Groceterias cl A..*
Class B
...._.*
5%
Feb
75
4%
100
47
1
Mar
98
%
%
1,800
34%
56%
200
91
Jan
11,900
*
60
102
Jan
Langendorf United Bak—
50
Jan
76
6,000
5%
Lane Bryant 7% pref-.100
6%
17
1%
4%
103%
12%
19%
Feb
Jan
Jan
26%
1H
Jan
88
%
12%
18%
1
Jan
15
%
500
■is
2%
83%
15%
716
1
31%
Jan
400
.
%
1
1%
Jan
70%
1,100
£1
60
22%
Jl
4
39
10%
Lakey Foundry A Mach-.l
50
16%
13%
25%
3%
"23%
Koppers Gas A Coke Co—
6% preferred100
Jan
Mar
Jan
42
*""140
10%
5%
Lackawanna RR of NJ
Lake Shore Mines Ltd
250
33%
60%
100
21%
Jan
98%
Jan
%
26
%
'is
1
Knott Corp common
Koister Brandes Ltd
Feb
84%
%
32
60
Kings County Lighting
7% preferred B—
100
5% preferred D
100
Kirby Petroleum
_'l
49
97%
316
4%
22%
"2%
100
%
Jan
84%
Jan
Jan
'is
Feb
2%
%
3%
1
Breweries
Jan
*
Jan
83%
13
.*
Feb
Feb
Feb
2%
316
27%
20%
7% pref.100
3
700
Jan
Jan
Feb
14%
Jan
400
37
Kreuger Brewing
1,950
Jan
3,700
Jonas A Naumburg
2 50
Jones A Laughlin Steel. 100
Kansas City Pub Service—
Kress (S. H.) A Co pref.100
4,500
Feb
Jan
2%
Jan
24%
1%
%
92%
Feb
51%
87%
*
1
91
Feb
50%
7%
64
Jan
%
1,100
100
4%
100
Mar
Jan
1%
»i«
2%
.100
20%
18%
%
04
%
6,300
77
Jan
16%
79
2%
23%
70
100
Jan
16
13 convertible pref
*
General Tire A Rubber. .25
13%
1%
Jan
Jan
Jan
4%
15
%
2%
100
1
5%
"l% "~2%
*
5%% preferred..
6% preferred
7% preferred..—
130
1%
38
7%
14%
5%
39%
38%
Jan
3%
Jersey Central Pow A Ltr-
Jan
28%
*32
14%
Feb
T.900
18%
12%
1,000
Mar
"20% "28%
%
3
9%
5%
11%
3%
83%
7
9%
2,300
3%
5%
7%
2%
15%
10,000
12%
4%
30%
260
600
conv
Jan
Feb
28%
2,000
2,200
34
Jan
1%
Interstate Power $7 pref.*
Iron Cap Copper com
10
5%
17
32
13
Rights
Irving Air Chute
30
30
Feb
1,500
Iron Fireman Mfg v t c.10
Mar
4%
8%
14%
Jan
84
29%
30%
Jan
Jan
2Q%
29
Jan
60
300
-Jl
73%JMar
Interestste Hos Mills...
Jan
Jan
4,000
Jan
Feb
34%
1,200
Feb
20
112%
1
100
%
23%
10%
7%
Feb
.....
*
page
97
1
%
Jan
Jan
Feb
*
see
Jan
400
5%
'is
Jan
9
28
19%
17%
Feb
70
6,200
^25
19%
footnotes
1%
14%
73%
1
Feb
117
4,400
£1
1%
Jan
8%
..*
For
92%
5
.....
21
Mar
25%
Am dep rets ord reg
Guardian Investors
Class A
Jan
6%
8%
24%
18%
3%
Jan
Feb
67%
37%
28
-
60
%
4%
52
General Alloys Co
Gen Electric Co Ltd—
*
Mar
4%
Class B
35%
3%
8%
48%
18%
3%
25
18
100
Warrants
325
51%
15
stock
Feb
6% preferred
Internatl Safety Razor B_*
Internat'l
Utility—
Feb
6,400
58%
47%
Ford Motor of France—
American dep rets
100
com
39%
9%
Feb
48
International Products
Feb
3%
44
Jan
77%
31
First National Stores—
Flsk Rubber Corp
1
$6 preferred
100
Flintkote Co cl A
*
Florida P A L 57 pref
*
Ford Motor Co Ltd—
%
5
2%
2%
2%
2%
1%
19%
7%
15%
%
900
900
1
*»€
2
22%
38
Non vot
Jan
10
23
Pref $3.50 series......50
Feb
0,900
2,700
36%
7% 1st preferred....100
37
10
%
62
8
200
Gt Northern Paper
23%
3%
110
Internat Holding A In v.
Internat Hydro-Elec—
02
8
200
Grand Rapids Varnish...*
Gray Telep Pay Station..*
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
Jan
Jan
14%
14%
*
1
Jan
13
Feb
900
4%
4%
Class B
V t c common
42
Jan
28
V t c agreement extended
400
Industrial Finance—
43
2
14
13 preferred
8,700
*
30%
2
0
300
18
7%
17
*
Feb
39
28
Gorham
A
6%
1
Metallurgical...*
Godchaux Sugars class A.*
Class B
...»
Goldfield Consol Mines. 10
Gorbam Inc class A com.*
class
7%
50
Fedders M fg Co com ._...*
Ferro Enamel Corp com..*
.2
Non-voting
Internat Mining Corp
Warrants..
------
Falrchild Aviation--.....1
Falstaff Brewing
1
*
Indiana Pipe Line
10
Indiana Service
0% preflOO
Ind'polls P A L 0%% pflOO
Indian Ter Ilium Oil—
9%
30
1%
Mar
Jan
50
%
preferred
...100
Ex-cell O Air A Tool
3
9%
43%
10,200
7%
Jan
Jan
9%
22%
New warrants
*
Feb
9%
24%
3
%
Feb
Jan
European Electric Corp—
51S
55
53%
Jan
42
2%
42
Jan
Feb
10
34%
Mar
1
2,800
Jan
Feb
13%
6%
150
22%
19%
40
53%
20%
£1
%
1,700
22%
18%
Jan
Jan
Jan
20
1
1,450
7%
35
30%
38%
52%
10%
34
550
57
Jan
17
10
11%
9%
Feb
Amer deoosit rets
2%
%
50
67
2%
Feb
200
%
100
63
<
Feb
13%
3%
150
52%
Feb
9%
Industries
...
Empire Power Part Stk-.*
Preferred
200
2%
40%
Jan
13%
1,000
58
Glen Alden Coal.
Globe Underwriters
Chem
Mar
23
6
2,000
58%
60
com
Imperial
12%
55
45
Illuminating Shares cl A..*
,1%
33
*6
Imperial Oil (Can) coup..*
Registered
*
950
17%
44
50
70%
Imperial Tob of Canada.6
15%
1,300
34
2,900
2,800
4%
30%
Jan
Jan
Jan
2%
«
------
Empire District El 6%.1C
Empire Gas A Fuel Co—
6% preferred
1C
6%% preferred
1C
45
20%
2%
28%
Jan
51%
8%
17%
100
4%
30%
42%
200
Jan
%
w
22%
62%
43
74%
34
*
8
35
107%
Jan
26%
2%
2%
Elgin Nat Watch Co._.l
Illinois P A L $6 pref..
0% preferred
300
33%
7H
22%
Jan
Jan
1,100
Electrographlc Corp com.l
Jan
Feb
Feb
4,100
6%
18
105
1%
8%
95%
100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
10
1%
23
25
0%
95
33
10
30%
200
7% pref stamped
17%
Jan
Feb
9%
23%
23%
Shareholding..
4,300
1%
1%
3
Feb
42%
2%
3%
3,200
8%
Jan
Mar
86%
11%
11
74%
*
Jan
%
3%
2,200
25% 301,600
76
85
Mar
15%
83%
7%
22%
250
31%
Jan
Jan
4
600
1
11%
6%
10
10
31
72
Jan
Jan
1%
3
'fUOO
1%
10%
15%
4
8%
100
8%
20%
Jan
Jan
'2~400
15
8%
25%
1
37
3,700
20
3%
22%
$5 preferred
Gilbert (A C)
Jan
5
42
*
"14%
*
Jan
Mar
200
*
80
Jan
800
2%
50
7% preferred....
100
Hud Bay Min A Smelt...*
Feb
—Mar
4
(Henry) A Co cl A..*
Humble OH A Ref
30
100
12%
Jan
2%
Huylers of Delaware Inc—
Common
1
7%
53
«
39
Mar
700
3,100
*
Feb
124%
73%
12 X
15%
50
...10
06
200
11%
Georgia Power $0 pref
5%
2%
2%
2,300
12 %
14 %
.__*
Heyden Chemical
Mar
Jan
5
1
25
Jan
7
400
40%
A
6,400
%
1%
2
39
1%
20
0% preferred
Jan
3
Mar
1%
Feb
2%
------
$6
84%
7%
48%
Mar
37%
2
$6 conv pref B.__
Gen Investment com
Jan
50
4
2
50
39
Gen Fireproofing com
Gen Gas A Elec—
76
1,409
no
3%
1,075
66%
37
ConV preferred
Jan
40%
'«
IX
5%
Jan
%
5,800
9%
77
1
Fort Worth Stk Yds Co..*
Froedtert Grain A Malt—
91
09 X
7%
Mar
%
33
900
14%
Common
Am dep rets ord
reg..£l
Ford Motor of Can cl A..*
Class B
•
98
Jan
1%
Jan
%
100
1%
East Gas A Fuel Assoc—
Film Inspection Mach
Fire Association
Jan
82%
09 %
35%
Jan
106
6,400
1%
Flat Amer dep rcets..
Fidello Brewery
High
72
40
Am dep rets pref
8 sh
Hartford Electric Llght.25
Hartman Tobacco Co
.*
25%
Jan
33
9%
48
-—
-
4
71
Faneteel
Low
43
7%
Jan
22
52
100
34%
2%
Option warrants..
Evans Wallower Lead
Low
5,000
6%
Mar
95%
65%
1,600 »30%
69%
7%
Common
Shares
90 %
._*
...
115
Option warrants
Jan. 1 1936
1930
*
Jan
23%
3
2%
Electric
Range Since
Feb. 29
pref
Hires (C E) Co cl A
com
High
1933 to
for
of Prices
Handley Page Ltd—
4
)
10 oreferred
Elec Power Assoc
Sales
Week
STOCKS
High
4
4,500
1,200
2125
(Continued)
Low
14%
>
com.
2
July
Week
STOCKS
(Continued)
Darby Petroleum
Exchange—Continued—Page
1
22%
7
3%
4
93% 100%
2%
3
0%
7%
2,200
500
1,700
3,000
2,500
10,000
4
1%
1
8%
Jan
8%
Feb
Jan
15%
Mar
Jan
95
Mar
Mar
Jan
Jan
Jan
60
Feb
27%
Feb
9
Jan
9%
Jan
14
Mar
22%
Mar
7
Jan
3%
Jan
Jan
8%
5%
Jan
100%
Mar
Jan
4
Feb
Jan
7%
Jan
1
62%
1%
3
5%
Jan
I
New York Curb Exchange—Continued—Page 3
2126
1933 to
for
Feb. 29
Low
of Prices
(Continued)
High
Par Low
Mayflower Associates
May Hosiery Mills—
*
58
■
Low
575*
*
Mead Johnson & Co
*
725*
*
com
Messabl Iron Co
865*
10,200
975* 1055*
7
7?*
Memphis Nat Gas com__5
Memphis P & L 7% pref—*
7% preferred
100
Merchants & Mfg cl A
1
Participating preferred.*
Merrltt Chapman A Scott*
654% A preferred...100
Michigan Gas & Oil
Michigan Sugar Co
300
9
5*
■
"%
200
55*
'l6
465*
%
%
1,600
35*
45*
1,000
%
101
101
35*
*
28~600
55
50
2%
1%
25
15*
Mar
Mar
9,700
5,300
Mar
Mar
Mar
Jan
Jan
305*
Feb
90
Feb
Mar
Jan
85*
315*
85*
Jan
55
S16
101
%
25*
Jan
Jan
Jan
Jan
Feb
Feb
Jan
t c..__
*
Class B
v
t c
*
Midland Royalty Corp—
45*
15*
45*
,/•<:
2,700
2,700
*
115*
245*
245*
500
Mid vale Co.
*
485*
51
400
*
Mining Corp of Can
..*
Minnesota Mining A Mfg *
115*
«.
"§3"
-
m
Mock Judson Voehringer.*
Moh A Hud Pow 1st pref.*
-
1,625
19
*
*
Mar
Perfect Circle Co
"""260
100
25*
Feb
Jan
13
Jan
255*
Jan
52
105*
105*
10,600
9
280
9
Mar
Jan
885*
305*
1465* 149
Jan
22
65*
895*
605*
Feb
Jan
1
Mountain Producers.
Mueller Brass Co com
1
125*
425*
46
v t c
515*
10
Jan
Mar
135*
Feb
800
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie.50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co
Potrero Sugar com..
5
152
34
24
15*
25*
35*
215*
35*
75*
15*
25*
35*
500
65*
S16
15*
155*
275*
2,800
9
*
Jan
Jan
Feb
31
""loo
Feb
155*
Mar
23
Jan
285*
Mar
85*
Jan
65*
19
Feb
Feb
45*
145*
755*
45*
Feb
Jan
Jan
Mar
128
15*
Feb
Feb
Mar
5
Mar
112
Mar
75*
Mar
85*
35*
Jan
5%
Mar
185*
17
Jan
Jan
1045*
1145*
Jan
130
87
Jan
61
Feb
Feb
705*
Mar
117
135*
Jan
Jan
18
90
m
1135*
Mar
29%
Feb
35
Jan
41.
1155*
90%
Jan
Mar
93 5*1 Mar
4
70
Jan
Feb
Mar
Mar
1105*
103
1065*
37
21
Mar
Jan
110
6
20
V Feb
>
1165*
Jan
Feb
Mar
36
Jan
%
600
10
16%
3%
36
800
50
6%
"l5%
"""400
2%
3%
1,800
%
1
Feb
135*
Jan
Jan
50
Jan
Jan
Feb
Mar
Jan
185*
35*
125*
Jan
105*
Jan
38
Feb
Jan
Feb
Jan
145*
775*
Mar
6,900
8%
25*
95*
mm
2,100
2%
75*
12%
72%
128%
2%
"2",200
11
Feb
40
Jan
95*
75*
16%
«
7
Mar
45*
7,600
39
45
6%
37%
9%
Mar
Jan
87
29
ii%
69%
122
'
75*
2
51
69
3,100
305*
985*
300
1%
820
6
4,800
%
32
1,300
7%
15%
32%
2%
15%
35%
350
2%
1,500
14,300
6%
15%
%
22%
22%
450
9%
%
S16
3,100
1,800
5%
%
35*
Jan
Jan
35*
235*
1285*
65*
345*
Jan
Jan
lit*
Jan
325*
15*
195*
Mar
Jan
245*
»i6
5*
Jan
5*
Jan
Feb
Mar
10%
10%
400
95*
985*
Jan
Jan
100
101
150
40
42
170
21
21
4%
59
10
Jan
Feb
Jan
25*
95*
105a
%
185*
37
Jan
%
8
Feb
Jan
Mar
2
105*
;.v,
Jan
1%
95*
104
Mar
Feb
Feb
Feb
Feb
Mar
115*
Feb
1025*
Mar
53
Feb
275*
Feb
9%
605*
Feb
..60
9
675*
Feb
60
Feb
6% prior lien pref...100
7% prior lien pref
100
54
92
Jan
97
Feb
98
Jan
110
Feb
Common
81
$5 preferred
$3 preferred.
*
*
Pyle-National Co
....5
Pyrene Manufacturing.. 10
Quaker Oats com
__*
6% preferred
100
Quebec Power Co.......*
24%
28%
"7% "7%
130
133%
143
143
40
*
com
13
3%
3
6%
67
8%
%
18%
8%
68 %
8%
,316
19%
1%
2%
5%
6
104
Jan
115*
205*
121
Jan
Jan
Mar
Jan
65*
Feb
Mar
755*
Feb
6% preferred
ser
25
1,000
5,800
1,200
7
85*
$1.20
conv
5
1
pref
20
Rossla International
Royallte Oil
100
1,600
2,900
5,000
31,000
700
1
5*
S16
66
*
600
65
4
13%
19%
1%
4%
400
%
18%
22%
51,300
2,600
3,400
%
1%
60
63
18
19
108
5
1,000
16,300
Feb
Rustless Iron A Steel
*
Jan
5*
Feb
Ryan Consol Petrol
*
Mar
25*
75*
Jan
135*
44J*
Mar
115*
75*
15*
5*
325*
25*
35*
Jan
5*
35*
Feb
Jan
Jan
35*
75*
Feb
Jan
Mar
Safety Car Heat A LightlOO
8t Anthony Gold Mines.. 1
St Regis Paper com
5
7% preferred..
100
Salt Creek Producers
10
38
Mar
35
Feb
*
65*
495*
Feb
Schlff Co
Feb
Schulte Real Estate com.
46
Jan
Scoville
.._*
com
.
*
Jon
87
985*
Jan
716
985*
Manufacturing.25
Scranton-Spring Brook
Water Co $6 pref
*
Securities Corp General..*
Jan
Seeman Bros Inc
76
Feb
79
Jan
Segal Lock A Hardware..*
815*
875*
Feb
Selberllng Rubber com...*
Selby Shoe Co
*
1085*
95*
Mar
5*
15*
Me
35*
35*
Me
Jan
65*
Jan
Jan
85*
Jan
Jan
Mar
255*
41
Engineering..*
Novadel-Agene Corp
*
38
235*
Northwest
25
75*
43
Ohio Brass Co cl B com..-*
Ohio Edison $6 pref.....
x31
Ohio Oil 6% pref..
455*
103
Jan
45*
65*
7
Jan
2154
Jan
38
Mar
3
15**
Jan
255*
Mar
3554
Jan
30
Jan
8,200
4,600
1,100
1085* 1085*
600
315*
SI
»
1454
10
110
102
'
com
155*
25*
155*
Outboard Motors B com..*
Class A conv pref......*
Overseas Securities......*
Pacific Eastern Corp
1
7
155*
80
no
Feb
10
71
1015*
135*
15*
Jan
106
600
200
<
7
700
5
1,900
1,500
27
300
23
325
23
315*
28
Pacific Ltg $6 pref..
100
3
16
45*
305*
28
1065* 1065*
footnote* see pane
2129
65*
5*
5*
15*
15*
185*
165*
665*
70
-----
75*
"75*
35
20
8154
900
110
102
48
1085*
1095*
1125*
455*
.100
""560
-■
Feb
145*
Mar
25
Feb
36
3
V Jan
45*
Jan
3
Jan
85*
Mar
Jan
395*
85*
Jan
Jan
70
85*
1
Feb
Mar
Mar
Feb
*16
125*
45*
Jan
Jan
Feb
15*
Jan
Mar
9
Jan
Jan
15*
Jan
45*
Jan
Feb
2
Jan
205*
11
25*
65*
Feb
Jan
Jan
45*
145*
*16
35
Jan
1055*
4%
185*
225*
15*
Mar
395*
Jan
Jan
Mar
Feb
Feb
Mar
Mar
Mar
Feb
Jan
69?*
Mar
8
Jan
19
Mar
35*
15*
Jan
Jan
385*
65*
Feb
35*
Mar
Feb
Jan
300
108
75*
345*
%
Jan
5*
4
%
600
5*
Northern N Y Utilities
100
8
23%
8%
2%
%
400
5
15*
3
100
Feb
1055*
%
2%
2,100
.*
Royai Typewriter.
85*
18
«
50
Nor Ind Pub Ser 6% pfdlOG
*4
...*
25*
5*
5*
9
5,300
7,500
•
D..100
Roosevelt Field, Inc
Root Petroleum Co
25*
200
15*
Feb
Rochester Gas A Elec Corp
205*
55*
Jan
Jan
'|6
1
21
5
Feb
Jan
Jan
17
3%
10%
H
%
39%
4%
ht
1%
1%
%
6%
25
Feb
20
375*
No Amer Utility Securities*
Nor Cent Texas Oil Co...6
185*
215*
25*
145*
300
9
110
40
225
143
Jan
Mar
2,500
9
Jan
105
Jan
8,300
1,400
1375*
5*
3%
1
»
10
Richfield Oil pref
Richmond Rad com
Mar
45*
Jan
Mar
%
5%
Reynolds Investing
Rice Stix Dry Goods
Jan
1554
39
Jan
9
Jan
141
111
1,720
Jan
Jan
130
270 •106
Feb
Jan
65*
910
2%
Reybarn Co Inc
Jan
Feb
Jan
43
35*
1%
1,900
%
5
Jan
38
Mar
41
145*
Jan
30
v t c...50c
Red Bank Oil Co....
*
Reed Roller Bit Co......*
Savoy Oil..........
;
l
56 preferred
_*
North American Match..*
345*
Jan
5*
30
$3 convertible preferred*
Raytheon Mfg
52
116H
45*
75*
Jan
14
%
14%
Jan
95*
*
22
45*
11%
Jan
3
25*
5
1,400
"""166
•
36
12
43
25*
65*
67
1%
♦
Common
31 %
965*
2,500
2,100
1,300
5,700
Jan
1%
Class B
Jan
113
125*
Mar
Raymond Concrete Pile—
Reeves (Daniel) com ....*
Reiter-Foster OH
...*
45*
7
505*
20
17%
17
%
%
Reliable Stores
535*
22,000
2,500
Jan
4
59
*
Jan
125
716
65*
35*
7%
675
53 %
Class A.....
Feb
200
95*
1035*
%
Pub Util Secur $7 pref....*
Puget Sound P A L—
Mar
35*
5
Jan
Pub Service of Okla—
65*
25*
Jan
Jan
Jan
Jan
925*
Feb
103
Mar
375*
145*
545*
Jan
200
66
12
1
Jan
Jan
Feb
5
175*
100
Jan
Jan
8
65*
16
Vs
Common...
laEE
37
1035*
Mar
695*
•
Mar
Nor Amer Lt A Pr—
i*H»
Mar
Rainbow Luminous Prod—
16
Jan
1205*
95*
6
Ollstocks Ltd
33%
Feb
8
Feb
Jan
110
115*
...
Niles-Bement-Pond. .._..*
7% 1st preferred
Feb
90
Ry A Light Secur com....*
Ry A Util Invest cl A....1
Mar
Jan
15
Jan
Niagara Share—
7% preferred
50
Russeks Fifth Ave
16
Nor European Oil com
Nor Pennsy RR
150
100
100
Mar
Mar
600
985* 100
66
35*
112
245*
59
-
Feb
Feb
745*
10
6
2
105*
%
107
16
155*
34
"moo
Jan
Jan
95*
965*
255*
17%
119 5*
9
Feb
114
Jan
Mar
25*
5*
15*
50
N Y Wat Serv 6% pfd_.100
Niagara Hud Pow—
Jan
Mar
11
128
"""200
5
Jan
105*
25*
475*
11
Jan
5*
5*
1115*
45*
1105*
125*
74
1,100
1
Feb
105*
1
"l~,600
»
Feb
25*
175*
315*
315*
6
Jan
75
_
107
Jan
•is
45*
-
Jan
Feb
"92k
"96k "94"
25*
5*
15*
900
6
45*
Jan
Jan
55*
""9l"
Mar
5*
35
35*
15*
Feb
3%
13
35*
Jan
Mar
~~50k "505*
Noma Electric
300
64
62%
37% 37%
115% 115%
Jan
60
74%
72%
42%
41%
52%
Public Serv Nor 111 com..*
85*
85*
%
..*
Nlplssing Mines
90 %
28
Feb
6
25
90
25
35
75
6% 1st preferred
7% 1st preferred
Feb
865*
*
common
»
Feb
45*
89
Jan
20%
___
"n
Jan
Jan
Jan
»
Class B
$6 preferred
Pub Serv of Indlana$7 pref*
$3 preferred
»
Jan
N Y & Honduras RosariolO
Class A oot warr
Class B opt warrants
Prudential Investors.
Mar
Jan
Feb
1%
*
775*
55*
N Y Merchandise
Common
Providence Gas
,65*
N Y Auction Co com
N Y Transit
Jan
2
2
"~ir
1
N Y Steam Corp com
*
N Y Telep 65*% pref.. 100
Prod
cers Royalty..
1
Propper McCallum Hos'y *
Prosperity Co class B
*
25*
~~
__
*
$6 preferred
*
Feb
"is
15*
5*
5
N Y Shipbuilding Corp—
Founders shares
Jan
2
129
100
N Y Pr A Lt 7% pref...100
Jan
Jan
80
85*
65*
5*
"""500
15*
15*
100
Mining Corp.10
Mar
45*
25*
49?*
135*
21
100
New England T & T Co 100
New Process com
Mar
47
Jan
Feb
5*
115*
300
Nestle-Le Mur Co cl A...*
25
155*
Mar
<!•
1,000
.
New Haven Clock Co
Feb
2
1,500
1,400
Nehl Corp com.
*
Nelsner Bros 7% pref..100
Nelson (Herman) Corp...5
New Mex & Ariz Land
5954
245*
32
13
7% pf.100
New Jersey Zinc
Mar
Premier Gold Mining....1
Pressed Metals of Amer..*
"195*" Jan "23"" Jan
5*
15*
500
85*
"l25* "l2k
1
*
New Bradford Oil
Pratt A Lambert Co..
Feb
13
85*
%
100
25%
National Sugar Refining..*
Nat Tea Co 5^% pf....10
7% preferred
Corp of Can com..*
Feb
355*
435*
%
1,800
1,600
5*
15*
155*
65*
Conv part preferred...*
National Steel Car Ltd...*
Nev Calif Elec com
Power
Jan
Jan
15*
15*
5
Jan
Mar
30
Powdrell A Alexander...
115*
425*
-
115*
2,000
1,300
84
83
Nat Service conumon.....1
*
Feb
Feb
Mar
245*
66%
2%
16,600
1,200
280
*
265*
35
National Refining com. .26
Nat Rubber Mach
*
Neptune Meter class A
150
Meter
46
10
Nat Mfg A Stores com...*
National P & L $6 pref...*
Nebraska Power
Jan
65*
75*
Pitney-Bowes Postage
1415*
29
215*
35*
*
Nebel (Oscar) Co com
5
Jan
Pub Serv of Colo—
1
12.50
Feb
5*
285*
Warrants
Transit
"16
85*
600
National Investors com._l
Nat Union Radio Corp
Jan
21~600
*
com
Mar
485*
485*
*
$5.50 preferred
Jan
355*
•
__
._.*
$2 conv pref
385*
Jan
""25* "25*
—
National Candy Co com..*
National Container Corp—
National Fuel Gas
Feb
Jan
%
15*
-
Nat Bond & Share Corp..*
Newmont
9
2,300
National Baking Co com.l
4%
18 %
Pitts Bessemer A Le RR.50
Jan
Jan
Feb
35*
25
5
-----
130
10%
Feb
70
Feb
265*
105*
45*
300
108 % 109
130
Pioneer Gold Mines Ltd..]
2154
93
28
100
4,800
1,700
155*
Nat Auto Fibre A
^
17
5
95*
5*
3%
100
20
100
4%
*
Jan
142
515*
665*
24%
4%
100
com
Jan
315*
3,400
1425* 1425*
325*
305*
Piedmont A Nor Ry
Jan
35
T.500
75*
7
716
.....
1
Pines Winterfront Co
Mar
High
Mar
Jan
25%
12%
"""166
34
6
6
185*
$3 conv pref ser A
10
Pie Bakeries Inc com.....*
Pierce Governor
90
""5*
Common..
Feb
114
Low
42%
455*
Phoenix Securities—
Jan
12
46
1
Jan
Mar
265*
165*
75
Murphy (G C) com
*
Nachman-Sprinfilled Corp*
Natl Bellas Hess com
Feb
154
335*
915*
100
*
Phlla Elec Co $5 pref
*
Phlla El Pow 8% pref...25
155*
25*
_
"365* "38
10
Mountain Sts Tel A Tel 100
Feb
Mar
31%
%
3%
Philadelphia Co com
415*
56
..100
Mountain A Gulf Oil
National
*
81
9
125
Jan
109
60
895*
*
Moody's Invest Service. _*
Moore Corp Ltd com
*
Nat Leather
100
Pepperell Mfg Co
Jan
6
■
Montreal Lt Ht A Pow
Common
pref
$6 preferred
Penn Salt Mfg Co......50
Pa Water & Power Co
*
Feb
Jan
15*
»l«
7%
88%
65
-
"20k "21
2d preferred
....*
Molybdenum Corp.
1
Montgomery Ward A
*
-
335*
Minn Pow A Lt 7% pf 100
Miss River Pow 6 % pfd 100
Preferred A
100
Preferred..
Pa Pr & Lt $7
Feb
105*
33 %
*
Feb
10
Range Since
Jan. 1 1936
4
*
Pa Gas A Elec class A
Mar
19
"*5",000
1
5*
445*
45*
185*
26%
65*
26
1
"is
4
200
$2 conv pref
Midland Steel Prod
1,400
28,900
.*
Class B
Peninsular Telep com
Pennroad Corp v t c
3
%
%
605*
5%
5
Plymouth
*
Pender D Grocery A.....*
Pet Milk Co 7% pref—100
v
55%
Patchogue
Penn Mex Fuel Co
Middle States Petrol—
Class A
500
1
Mar
Feb
102
44 %
50
Mar
45*
45*
15*
65*
Jan
Mar
15*
15*
"is
55*
1%
IS
.10
Low
Parker Rust-Proof new 2.50
Feb
12
35*
40
60
_
~~~6~% "65*
"~6% "85*
865*
1055*
85*
825*
205*
895*
65*
85*
■
""
Shares
High
42 %
1
Jan
Jan
1936
1936
*
10
Feb
47
315*
■<
*
Preferred
"29k "1,000
Jan
Pacific Tin spec stk_.
Pan Amer Airways..
Pantepec Oil of Venez
Paramount Motor...
Parker Pen Co.
85*
45
""27"
Feb. 29
Par Low
Feb
59
125*
445*
15*
3,000
605*
795*
55*
825*
15*
9
900
*
Metrop Edison $6 pref...*
Mexico-Ohio Oil.
»
"5~200
"10% "11k
*
1933 to
for
Week
High
Feb
Feb
42
22
$4 pref w w
McCord Rad & Mfg B
McWilliams Dredging
Sales
of Prices
STOCKS
(Continued)
38
200
595*
Range Since
Jan. 1 1936
28
1
Week's Range
1936
Shares
Range
July
1
Sales
Week
Week's
Mercantile Stores
July
■
"If
rji
b STOCKS
March
Jan
1015*
1045*
Jan
11
Jan
Jan
Jan
6
Jan
45*
295*
265*
1045*
Jan
78
75*
Jan
Jan
155*
35*
175*
85*
65*
315*
285*
Jan
107
Jan
83
Mar
75*
Feb
Feb
*
Common
1
$5.50 prior stock
25
Allotment certificates...
Selfrldge Prov Stores—
Amer dep rec
£1
Sentry Safety Control.
1
Feb
Seton Leather
.
com
.
.
..*
Jan
Shattuck Denn Mining... 5
Mar
Shawlnigan Wat A Pow..*
Feb
Shenandoah Corp com
1
$3 conv pref...
25
Sherwin-Williams com..25
Mar
Mar
Jan
Feb
5% cum preferred
100
Sherwin-Williams of Can.*
Feb
Singer Mfg Co.
Jan
Feb
Feb
Mar
83
3%
300
8,000
11,500
4%
69
1
72%
8%
5%
360
8%
3%
%
17%
2,000
12,075
13
29
%
36%
37
49
49
3%
3%
37%
5%
Feb
Jan
Jan
Feb
Jan
10
Feb
Jan
55*
Mar
345*
Feb
7i6
325*
Jan
Jan
15*
Feb
415*
27
42
Jan
65
%
25*
Feb
Mar
Jan
65*
Mar
465*
Feb
Jan
%
15*
Jan
2
Jan
45*
45*
Mar
Feb
150
15%
305*
Jan
2,100
%
25*
Jan
600
7,100
2,300
%
42
34
300
4
3%
Feb
7i6
65*
735*
Feb
900
45
40
92
Jan
17
50
4%
63
Jan
Mar
15*
285*
%
200
'516
*16
35*
7
5
100
29
44
72
35
516
5%
85
316
H
»
1
40
Mar
Selected Industries Inc—
Feb
Jan
4%
2%
100
3%
3%
86%
88%
88 %
%
10%
5%
21%
%
11%
6%
21%
87
2%
81
Jan
90
Mar
375*
78
Jan
95
Mar
%
3%
25*
*16
75*
45*
195*
Jan
700
25*
15*
125*
65*
235*
3
2,100
1%
14%
H
16,200
400
600
50%
1,350
112% 112%
12
100
1455*
30
50%
Feb
38
50
250
1H
142
45*
»
325*
14%
119
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Feb
2
Jan
45*
Jan
475*
1185*
110?*
185*
3335*
Jan
Jan
625*
1445*
1135*
205*
Mar
Mar
Jan
Jan
$65
Mar
Mar
Jan
Feb
New York Curb
Volume 142
July
Week's Range
Sales
1933 to
Feb. 29
Par Low
Sonotone Corp
High
Shares
Low
31%
2%
200
30,100
37
37
40
27%
26%
27%
26%
1
5% original preferred.25
6% preferred B
25
5%% pref series C_...25
Southern Colo Pow cl A.25
Southern N E Telep_..100
5
Southern Pipe Line
..10
Southern Union Gas
*
Southland Royalty Co
5
preferred
39
3
%
4%
1
Jan
15%
34%
6%
32%
500
Jan
58
%
%
87%
33%
3%
1%
1%
%
3
Jan
40
100
15%
16
46%
19%
13
150
14
1,100
31%
29
102
2,200
102
3%
150
3%
3%
3%
35
700
716
10
5%
Mar
Feb
23%
14%
32%
104%
4%
4%
Jan
Jan
Jan
%
41
Jan
%
%
2%
%
300
Jan
Jan
Jan
*16
2,800
17
Mar
2%
Feb
Mar
Feb
Jan
Feb
Feb
•
Jan
Jan
%
Feb
Jan
17
Feb
Jan
Feb
575
7%
18
Jan
1
Jan
4%
%
5%
2%
18
Feb
23
Jan
1%
Jan
Jan
15%
Feb
3%
22%
Feb
"
*
2
Sullivan Machinery
*
20
8un
*
Sunray Oil
Sunshine Mining Co... 10c
2%
21
3%
3%
20%
18%
18,700
1,300
"60r
100
6%
JaD
9%
Feb
Jan
5%
Mar
Jan
4%
24%
6%
65%
Jan
Mar
1%
32%
""260
6
Jan
Jan
2%
18%
5%
Feb
35,700
52
1
4%
Jan
Jan
89
"7% "7% "I'ioo
Tampa Electric Co com..*
Tasty east Inc class A
1
36
300
36%
%
21%
3%
28%
4%
Tenn El Pow 7% 1st
pf.100
16,400
9,600
4%
3,100
%
6%
200
45
Tenn Products
Corp com.*
Texas Gulf Producing....*
5%
Feb
4%
7%
3%
Jan
Jan
2%
17%
%
%
Technicolor Inc common.*
Teck-Hughes Mines
1
4%
29%
5%
35%
Mar
70
*16
2%
9,900
8%
39%
4%
32%
5%
Jan
%
4%
Jan
1%
7%
Jan
Jan
Woodley
Mar
Mar
1.%
2%
8%
6
Jan
9%
Feb
50
20
57
Jan
68%
Mar
65
50
37%
65
Jan
66
Jan
100
%
2%
Mar
4
Jan
1st A ref 5s
dep rets ord reg..£l
18%
1st A ref 5s
20
19%
5%
32%
Mar
21%
Feb
4%
1st A ref 5s
5%
48%
Ja*
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
2%
40%
"n% "13%
1%
9%
35%
7
7%
103
Jan
107
Mar
%
%
Jan
1%
Feb
1%
%
3%
1%
Jan
5%
Jan
Am Pow A Lt deb 6S..2016
Amer Radiator 4%s..l947
3%
Triplex Safety Glass Co—
Am dep rets for ord reg..
80c dlv pref new
*
Twin Coach Co
*
United Aircraft Transport
Warrants
United Chemicals com...*
$3 cum A part pref
*
United Corp warrants
United Dry Docks com..*
United Elastic Corp
United Gas Corp com
14
2%
8%
33%
12%
14%
16%
2%
1
*
$6 conv 1st pref
*
United Milk Products...*
$3 preferred
*
United Molasses Co—
£1
Unltea Profit-Sharing
*
Preferred
..10
United Shoe Mach com..25
Preferred
..25
U S Dairy Prod class A...*
Class B
....»
100
U S Foil Co class B
1
U S Int'l Securities
»
1st pref with warr
*
*
10
U S Radiator Corp com..*
7% preferred
100
U S Rubber Reclaiming..*
U S 8tores Corp com.....*
United Stores v to
*
United Verde Exten—50c
United Wall Paper
*
Universal Consol Oil
500
13%
14
"2
13%
2%
14,300
300
800
38
300
2%
2%
1%
1%
1,700
"6% "7%
15
%
16,200
44^500
46
8%
9
51
54
8,500
13%
13%
%
1
900
3%
3
125
20
5%
1%
5%
2%
%
600
1%
700
"87% '88%
""925
22%
Jan
11%
Mar
13
Jan
40%
1%
40%
1%
Mar
Mar
Mar
Mar
4%
Feb
Jan
Feb
8%
Jan
30%
12%
Jan
Jan
Feb
Feb
Mar
14%
7%
35%
1%
%
9%
Jan
Mar
Feb
7%
22
Mar
Mar
Jan
Jan
2%
2%
Jan
Mar
Mar
10%
4
Jan
9%
Mar
81%
%
86%
3%
5%
29%
6%
Jan
104%
Mar
Jan
2%
Mar
Jan
91%
43
5%
1%
Mar
%
%
5%
%
79
81
600
39%
J16
14%
1%
2%
33%
5%
32
2%
%
2%
33%
6
34%
5
300
2,700
50
'»
300
5
250
Feb
sue
9%
24
24
54%
80%
Mar
107%
105%
103%
3%
13%
Mar
6,000
36,000
267,000
105
105
Feb
Mar
"l'ooo '"69"
96
17,000
94
Feb
96
84
1%
7%
1,000
107% 108%
64
38%
97%
106
Jan
Feb
Jan
Jan
Jan
92%
Jan
102%
103%
Jan
62
41
100
Feb
104
104
15,000
Feb
64
105
Jan
99
107%
113%
Feb
105%
105% 105%
Debenture 6s
2024
Arkansas Pr A Lt 5s.. 1950
Associated Elec 4%s__1953
Associated Gas A El Co—
Conv deb 5%s
1938
116% 116%
3,000
100% 101% 135,000
50
98
82,000
2u%
56%
Jan
41
44
11,000
12
35%
Jan
6,000
28%
27%
Mar
31%
32
29%
1968
30%
30%
31% 142,000
33% 108,000
33
21,000
1977
36
37%
Debenture
5s
1950
Plywood 5%8--1943
1st M 5s series A... 1955
1st M 5s series B...1957
6s
series
C
1960
Mar
14
Mar
47
Feb
Jan
6%
1%
Jan
Jan
Jan
Mar
Feb
Boston Consol Gas 58.1947
Broad River Pow 5s
1954
Buffalo Gen
Elec 5s.. 1939
Gen A ref 5s
Carolina Pr A Lt 5s... 1956
Cedar Rapids M A P 5s *53
Cent Ariz Lt A Pr 5s 1960
1%
Feb
»16
Feb
'a
1%
Jan
Central German Power
6s parttc ctfs
1934
Jan
Cent
6%
24%
Mar
Mar
Jan
3%
Feb
Mar
Mar
Jan
111
Light 5s
1943
Central 111 Pub Service—
5s series E
1956
Jan
84
Feb
1st A ref 4%s ser F.1967
5s series G
1968
Jan
3%
35%
Feb
4%% series H
Feb
Jan
7H
Jan
Jan
41%
Jan
Jan
900
%
%
4
12,800
2%
3
5%
6%
64,100
1
3%
Jan
7%
Jan
J iC
4
Mar
%
Jan
1%
%
Jan
1 %
Feb
Jan
4%
Mar
6%
Mar
11
Feb
Mar
96
Mar
14,000
11
33
Mar
79
63,000
38%
75
Jan
88
49,000
34
78
Jan
100%
12,000
47
96%
Jan
101
18,000
32%
80
Jan
95% 238,000
30%
74%
Jan
114%
Jan
140
98
106% 106%
105
Jan
1
29
103
Jan
33%
4%
30%
Jan
11%
115% 115%
119% 120
121% 122
1956
Jan
1%
77%
1%
98
91
Canada Northern Pr 5s *53
Canadian Pac Ry 6s. .1942
%
5%
17%
86
1981
Cent Maine Pr 4%s E 1957
Cent Ohio Lt A Pr 58.1950
Cent Power 58
ser
D..1957
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
5s
...1940
Mar
30
Bell Telep of Canada—
%
1
77%
100
9%
9%
Feb
11
Baldwin Locom Works—
6s with warrants—1938
6s without warrants 1938
IeD
59%
Conv deb 4%s C...1948
Conv deb 4%s
1949
Conv deb 5%s
Assoc Rayon 5s
68
Jan
57
106% 106%
91%
92%
84
82%
106% 106%
54
Jan
5,600
page 2129.
Jan
36,000
Yards
For footnotes
104%
9
Birmingham Elec 4%s 1968
Birmingham Gas 5s—1959
Jan
Jan
%
1%
4%
1.20
'104%
140
%
"
Mar
55
94,000
Bethlehem Steel 6s.-.1998
8,800
10
105%
102%
47%
44%
92%
23,000
Blnghamton L H A P 5s *46
4
1
81%
Mar
Feb
1,000
Jan
86%
42,000
Mar
41%
2%
22,200
Mar
1%
63
49,000
7%
Jan
22%
2%
99
9%
38%
1%
5%
19%
2%
Jan
7%
2?000
85%
Jan
Jan
2,400
100%
Jan
Feb
1%
6%
1
29
~2~666
Assoc TAT deb 5%s A '55
10
'32
%
Jan
Jan
104% 105
Atlas
90
10,900
Feb
3%
5%
105"
Jan
Jan
351,800
Jan
Amer Seating conv 6s. 1936
6s stamped..ext to 1946
Jan
Jan
%
.1952
Aluminum Ltd deb 5s 1948
Amer Com'lty Pow 6%s '53
10
8
'16
called
f deb 5s '52
42%
83
%
Jan
Mar
80
17%
6%
S16
24,000
27,000
Conv deb 5s.......1950
Mar
47
'32
5s
s
Appalachian El Pr 58.1956
Mar
30%
%
10
2,200
1%
9%
31
2
2,900
Appalachian Power 5S-1941
9%
6
«
Aluminum Co
Feb
37%
14%
16%
16%
*16
11%
%
2%
Mar
Mar
Jan
%
5,300
8
8% 100,200
99% 104%
2.300
Feb
Jan
.
13
2
5%
6%
3
37
Jan
26%
3
20%
Feb
Feb
23%
10%
3%
18
U S Elec Pow with warr..l
Warrants
U S Finishing common...*
U S Lines pref
U S Playing Card
3,100
9%
2%
21
2
Preferred
3
1,700
"11% "ii% "MOO
warrants
United G A E 7% pref.100
United Lt A Pow com A..»
Common class B
»
10
4,200
*
Pref non voting
21%
11%
16
7%
32%
11%
*
Union Traction Co (Pa)($17.50 paid In)
50
Am dep rets ord reg
11%
300
7%
15
Union American Inv'g
Union Gas of Canada
21%
Feb
Amer G A El deb 5s..2028
Jan
Jan
Mar
Am Roll Mill deb 5S..1948
6%
Unexcelled Mfg Co.....10
Option
4
21%
Tri-State T & T 6% pref 10
Trunz Pork Stores.......*
Tublze ChatiUon Corp...l
1
4%
3%
Jan
Mar
10%
26%
1%
«•
22,800
107% 108%
Am El Pow Corp deb 6s '57
5,400
1,700
4
8
%
2%
100
Jan
Mar
101%
3%
9
5,700
8
98%
84%
80%
1967
1%
Trans Lux Plct Screen—
Class A
1st A ref 4%s
300
Common
1
Trl Continental warrants..
10%
100
1951
51
%
64
2%
5~6OO
300
35%
105% 105%
58%
104%
Feb
15%
%
3,000
"5% "6% "moo
103% 104
100
110
Mar
6%
700
1%
10
1942
""16
Jan
67
7
1946
3,c
*i«
Jan
104
"
Abbot's Dairy 6s
250
3,*
Jan
65
60
5%
Alabama Power Co—
1st A ref 5s
43%
Jan
4%
37%
JaD
200
BONDS—
Feb
116"
116"
Tonopah Belmont Devel.l
Tonopah Mining of Nev..l
Tung Sol Lamp Works... 1
18
20
4%
1968
Mar
2%
4%
2,400
Jan
100
22
1956
Am dep rets def reg..£l
Am
8%
2
17
62%
20
3
60
7%
Jan
Jan
19
35
104% 105
Feb
60
104
Feb
1%
1%
916
12%
2,200
5,300
45
Jan
Feb
Mar
Feb
65
101
8
6%
8
•
%
200
7,000
25
5
Tobacco Allied Stocks
*
Tobacco Prod Exports...*
Tobacco Securities Trust
75
Jan
Wright-Hargreaves Ltd
102
10
Jan
19
200
2
2%
28%
9%
44%
Woolworth (F W) Ltd—
Amer deposit rets
5s
Texas P & L 7% pref..100
Texon Oil & Land Co....*
Thermold 7% pref
100
102
Jan
Mar
300
!00% 100%
1
Yukon Gold Co
Jan
84
3%
27
.1
Jan
Jan
1%
1%
%
4,400
Jan
1%
JaD
18
3%
1%
1,800
1,800
*
Petroleum
%
3%
%
Wise Pr A Lt 7% pref.. 100
Wolverine Portl Cement 10
Mar
.1,500
'""600
..*
Feb
79
Jan
preferred
Jan
Mar
%
%
%
10,300
Jan
4
2%
3%
9%
Williams (R C) A Co
*
Williams Oil-O-Mat Ht..*
Conv
95
23%
9%
Westvaco Chlorine Prod—
7% preferred
100
West Va Coal A Coke
*
Wil low Cafeterias Inc
500
Jan
79
%
"T% "9"
7% 1st preferred
100
Western Power 7% pref 100
Western Tab A Sta v t c__*
West Texas Uril $6 pref..*
Wilson-Jones Co
Feb
%
30
150
2%
23
Walker Mining Co
1
Wayne Pump common...1
Feb
Jan
>
9,500
"60"
4%
Mar
%
2.10
23*666
15
Syracuse Ltg 6% pref.. 100
Taggart Corp common _..*
Jan
Jan
4
Mar
"31%
Western Maryland Ry—
19%
18
*
2
Western Air Express
1
Western Auto Supply A..*
Western Cartridge pref.100
5,400
5
4%
2%
25
Waco Aircraft Co
..*
Wahl (The) Co
common..*
Waltt A Bond class A
*
Class B
.»
63
6%
6
1
*
Mar
400
46
%
7,400
81%
1%
4%
2%
27%
Feb
Jan
25
4%
%
13%
77
81
Va Pub Serv 7%
pref.. 100
Feb
16
4%
"""4% "5% "uoo
preferred
..100
Venezuela Mex Oil Co.. 10
Venezuelan Petroleum...5
Vogt Manufacturing
1%
62%
1
9
7%
Feb
%
Inc
1%
Conv preferred
*
Utll Pow A Lt common.. 1
1
7%
6%
25%
1%
400
59
Low
18
5%
27%I 29#
Utility Equities Corp....*
Priority stock.........*
Utility A Ind Corp
*
6
2%
2%
Low
""500
Mining Co...5
3%
4%
3
'2~3o6
Utah Apex
Jan
80
"~5% ~~6%
Shares
High
""~8% "9%
Utah Pow A Lt $7 pref-..*
Utah Radio Prod.....
Utica Gas A Elec
7% pf 100
Jan
59
Jan. 1 1936
1936
Insurance.....8
13%
25
16%
17%
49%
28
,516
Feb
Jan
97
8
6
5
Jan
3
5,600
5,400
%
Feb
Feb
13%
%
100
®16
\n
41%
35%
18%
11%
21%
1
100
35
1
3%
%
1%
10%
13%
7%
11%
76%
150
Jan
Jan
Mar
Universal
Feb
Feb
Range Since
Feb. 29
Week
Universal Pictures com._.l
Universal Products......*
Mar
1933 to
for
Par Low
Feb
Jan
%
33
23
3,500
Jan
Sales
(Concluded?)
Mar
Feb
Jan
600
July
Mar
Jan
YORK
of Prices
Mar
%
40%
NEW
-
Week's Range
STOCKS
Feb
11%
29
•
Jan
Feb
39
2.40
1,100 l'« 70c
-
DIgby 4-7140
Feb
7%
2%
Jan
%
BROADWAY
Jan
Jan
64
%
116
Members New York Stock Exchange
Members New York Curb Exchange
39
Feb
Jan
1,500
18,200
Peter P. McDermott & Co.
Feb
149
Feb
4%
100
19
6%% preferred..... 100
Sterchl Bros Stores
*
37
28%
26%
5%
Jan
149
100
800
*
Swan Finch Oil
Corp
Swiss Am Elec pref
Swiss Oil Corp
25%
Jan
Feb
33%
46
...»
common
Mar
85
*
Stein (A) & Co
common._*
Investing
Feb
40
Stand
Stetson (J B) Co com...
Stlnnes (Hugo) Corp
3%
81
Investing $5.50 pf.*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
-.100
Standard PAL com
*
Stroock (S) A Co
Stutz Motor Car
Jan
32%
3%
1%
*
6% preferred
Steel Co of Can Ltd
Mar
3%
%
Standard Cap A Seal com.5
Standard Dredging Co-
Sterling Brewers
11%
38%
*
Common class B
Preferred
Standard Silver Lead
Starrett Corporation
9
Feb
34%
3,000
2%
9%
*
Common
Conv preferred
100
5%
Jan
34%
27%
15%
14%
%
"
5
2
So'west Pa Pipe Line...50
Spanish A Gen Corp—
Am dep rets ord
bear.£l
Am dep rets ord
reg..£l
Square D class B com
A
300
Jan
1%
26
1,200
"5~% *"5" ""300
25
Stahl-Meyer Inc com
Standard Brewing Co
"
Specialists in Curb Bonds
High
19
3%
3
Southern Calif Edison—
South Penn Oil
Low
3%
31
1
2127
Jan. 1 1936
1936
of Prices
Singer Mfg. Co Ltd—
Amer dep rec ord reg.£l
Smith (L C) A Corona
Typewriter v t c com
4
Range Since
for
Week
STOCKS
(Continued)
Class
Exchange—Continued—Page
1
105
8,000
11,000
6,000
98
97
97%
116
Jan
116%
Jan
134
Jan
8,000
102
6,000
76%
45%
38%
102%
105%
Feb
37,000
25,000
8,000
89%
76
106%
89%
Jan
Jan
Mar
6,000
29
3,000
15,000
102%
106
102
105
Mar
102%
Mar
Jan
Mar
103%
111% 112%
100% 100%
25,000
38,000
98
70,000
46%
98%
Jan
113
13,000
4,000
94%
72%
111%
105%
Jan
113%
105% 106%
71
33%
105
105
110
Feb
Mar
1,000
99
105
50
100%
99
98
98
92%
87%
92%
21,000
1,000
2,000
24,000
88% 215,000
68
69% 130.000
69
72% 179,000
71%
72%
74,000
104% 105%
16,000
Jan
32
103% 104% 45,000
98% 100
119,000
102% 103% 49,000
102% 102%
Jan
Jan
45%
94
Jan
49
99%
93%
JaD
Jan
102%
96%
Mar
Jan
46
72
55%
37%
37%
90
Jan
25
82%
62%
Jan
25%
64
Jan
29
Jan
62
71%
104%
Mar
Mar
90
109%
Jan
107
Feb
New York Curb Exchange—Continued—Page 5
2128
July
.
■
"•
'
■■■
•,
1 ;
,
/■'
Sales
1933 to
Feb. 29
Jan. 1 1936
Week
74%
96%
19,000
40%
86%
Jan
96%
Mar
97%
78%
76%
78%
100% 101%
12,000
47
93
Jan
97%
Mar
53,000
28%
28%
69%
Jan
80
Feb
1,000
-1,000
1957 -111- 111
Indiana Service 5s
1950
69%
70% 24,000
3,000
1st lien A ref 5s
1963
69
70
13,000
Indianapolis Gas 5s A. 1952
95% 96
69%
Jan
80%
Feb
Ind'polls & P L 5s ser A '57
43%
97%
Jan
101%
Mar
Mar
97%
76%
1950
Cities Service Gas 5%s '42
Service
Feb
72
Jan
103%
80
Mar
Jan
104%
Feb
26%
65%
Jan
76%
Mar
81,000
27%
66%
Jan
76%
Feb
33
34
Feb
40
73
71%
-.1949
40
40
Commerz A Privat 5%s *37
55
9,000
Mar
Commonwealth Edison—
1st M 5s series B—1954
110% 111%
111% 111%
70,000
1st 4%s series C--.1956
111% 112
14,000
1st M 5s series A—1953
3,000
112
3,000
1st 4%s series D...1957
112
1st M 4s series F—1981
106
106%
73,000
3%s series H
104
21,000
104
104%
104%
71
72%
1965
Com'wealth Subsid 5%s '48
Community Pr A Lt 5s '57
—
'mm
m
86%
86%
80%
79%
69%
98%
54
33%
112
mm —
107
108% 108%
102% 102%
Consol Gas (Bait City)—
6s
1939
1954
3,000
2,000
111% 111%
121% 121%
Conn River Pow 5s A 1952
Gen mtge 4%s
36,000
91,000
"106%
—1962
6s series D
110%
111%
110%
110%
105%
103%
103%
63%
Mar
112%
Feb
1,000
1,000
2,000
106
108%
29,000
A—1943
99
99%
2,000
41%
25,000
Conv deb 6%s w w.1943
39%
100
Cont'l Gas A El 5s
90%
89%
102% 102%
102
102%
Aug 11940
1940
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
95%
Mar
Interstate Power
Jan
113
Mar
Debenture 6s
Jan
107%
106%
Jan
Jan
Jan
105
Feb
Jan
77
Feb
125%
98%
Jan
106%
Mar
108
102
87%
5s.2030
Jan
102%
Jan
Mar
127%
109
Mar
Jan
109
Jan
104%
Jan
6% with warrants-.194 3
Deb 6%s
1938
Feb
75
Mar
Feb
76
Mar
Jan
Mar
Without
1947
1961
5s series B
Iowa Pow & Lt 4%s—1958
Iowa Pub Serv 5s
1957
1942
7s
Jacksonville Gas 5s
19,000
67
100
Jan
9,000
56
105
Jan
106%
56%
104%
Jan
106
Jan
72
105%
Mar
Feb
101%
Jan
106%
105%
105% 105%
105% 106%
10,000
105
105%
32,000
57%
53%
58
17,000
39
44
Jan
68
83
83%
11,000
55
78
Jan
90
Jan
63%
47%
Jan
Jersey Centra Pow A Light
5s series B
.194
105
105
25,000
105
106
64,000
117% 118
6,000
Mar
107
Feb
106%
Feb
110
Jan
1961
4%s series C
Mar
Jan
93
Feb
17,000
4,000
102%
104
Jan
Kansas Gas A Elec 6s.2022
1947
5s series B
Kentucky Utilities Co—
1st mtge 5s ser H—1961
118%
Mar
55
100%
Feb
103
Mar
105%
Mar
106%
Jan
105%
Mar
106%
Jan
46
91%
Feb
97%
Lexington Utilities 58.1952
Llbby McN A LIbby 5s '42
104% 104%
21,000
57
Lone Star Gas 5s
%
%
101%
Jan
2%
Jan
l07~
107%
14~666
.65
Jan
103%
Feb
104% 105%
30,000
105%
102%
76
22
74
65
99%
Jan
107%
105%
Feb
Feb
1969
5s series 1
Kimberly-Clark 5s
1943
Mar
Koppers G A C deb 5s 1947
Jan
Sink fund deb 5%s.l950
Jan
88%
Mar
Mar
103%
Mar
94%
95%
Jan
105
Feb
Louisville GAE 4%s C *61
Manitoba Power 5%s.l951
Jan
108%
Feb
Mansfield
Mar
107
Feb
7s with warrants..-1941
Jan
102
Feb
7s without
41
105%
98%
80%
Jan
92
Jan
40
40%
Jan
51
Mar
McCallum Hosiery 6%s *41
59
78
105%
Jan
Mar
McCord Rad A Mfg 6s 1943
99
104
Metropolitan Ed 4s E-1971
A
107%
17,000
65
75%
Jan
35%
Mar
35%
3,000
7,000
68
2%
2,000
1%
103
Jan
2%
75%
Jan
Feb
Mar
86
77%
56,000
15
100%
9,000
86
104% 104% k 42,000
16,000
103% 104%
85
99%
103%
89
103%
Jan
88%
39%
104
5%
89
Mar
Jan
Jan
102
Feb
45%
91%
Feb
Jan
82%
103%
Jan
97%
106%
72
103
Mar
104%
Mar
76
104%
Mar
106
Firestone Cot Mills 5s 1948
108%
Feb
110
102%
Jan
104%
103%
102%
105%
Jan
105%
Feb
104%
Feb
Jan
107%
Mar
107
Feb
107%
61%
103%
105%
76%
Jan
105%
Jan
Jan
107%
Feb
"81% "§2%
I3~66O
Jan
83%
Mar
Jan
40
Jan
"~92% "Jan
103
%~ Mar
22%
Mass Gas deb 5s
-1955
1946
5s series F
1962
Middle States Pet 6%s *45
Midland Valley 5s
1943
Jan
Milw Gas Light 4 %s—1967
Minneap Gas Lt 4%s_1950
1978
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '57
93
2,000
103% 105
99,000
93
Fla Power Corp 5%s.l979
Florida Power A Lt 5s 1954
95% 167,000
93%
101% 103% 397,000
491,000
103% 106
70
96
Jan
60
4,000
34
59
Mar
100
16,000
33
94%
104%
8,000
70
105% 106%
15,000
10,000
46
105% 105%
80
Mar
103%
Feb
73
105%
Mar
Jan
Mar
Mar
Jan
91%
2,000
91%
15,000
53
12,000
90
24,000
67
82,000
54
26,000
58%
14,000
35%
85%
Mar
95%
Feb
49,000
40
89%
Mar
96%
Jan
78
'
Jan
93%
Feb
104
Feb
106%
104%
98%
Jan
105%
Mar
Jan
Jan
100%
Mar
102%
Mar
Jan
1957
Mississippi Riv Fuel 6s *44
106% 106%
9,000
85%
105
Feb
Miss River Pow 1st 5s 1951
107
107%
27,000
95%
106%
Mar
106% 107
10,000
70%
106%
Mar
Gary Electric A Gas—
6s ex-warr stamped. 1944
92%
Gatineau Power 1st 5s 1956
97%
93% 29,000
140,000
99
89
90%
Deb gold 6s June 15 1941
12,000
63%
71%
60
Jan
99
Mar
Mont-Dakota Pow 5%a '44
98%
98%
18,000
47%
93%
Jan
68%
100
90%
Mar
Montreal L H A P Con—
105%
7%
39,000
94%
Mar
107%
Feb
11%
Feb
103% 103%
27,000
92%
83%
Jan
Jan
Mar
A
82
Jan
97%
Jan
102%
Mar
Munson
54
99
Jan
102%
Mar
Narragansett Elec 5s A '57
60,000
37,000
23%
79
Jan
89%
Feb
30
30
Jan
58
Feb
19,000
24,000
26
92% 39,000
96% 106,000
5,000
86%
26%
25
Certificates of deposits..
24%
Gen Wat Wks A El 5s_1943
89%
Georgia Power ref 5s..1967
95%
86%
Georgia Pow A Lt 5s._ 1978
2
22%
Mar
2
22
Mar
38%
86%
Jan
54%
95%
Mar
40
81%
Jan
7,000
30
88% 118,000
50,000
53
102%
36,000
63
107% 107%
107% 107%
1953
5,000
13,000
82%
5.000
38%
35
Glen Aid en Coal 4s... 1965
87%
4%s_-.1941
101
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stmp—1950
100
Great Western Pow 5s 1946
Grocery Store Prod 6s 1945
82
32%
87%
Jan
Feb
101
103
Mar
90
Jan
89
1951 el05'
7
SS 6%s w w.1937
1st A ref 5s
55
Gen Vending Corp 6s. 1937
26%
26%
Feb
94
Feb
Feb
99%
Jan
93
Feb
ser
5s series B
Jan
117%
Jan
119
Feb
39,000
35
105%
Feb
109
Feb
94,000
18,000
55,000
64
86%
85
109%
Neisner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
102%
Mar
N E Gas A El Assn 58.1947
Jan
108
Feb
Conv deb 5s
1948
108%
Jan
Conv deb 5s...
1950
Mar
82%
Mar
New Eng Pow Assn 5s. 1948
67
Mar
Debenture 5%s
75
Feb
66%
106%
Jan
107%
Gulf States Utll 6s_—1956
105% 105%
12,000
62
105
Jan
107
Mar
Income 6s series A.. 1949
19,000
55
102%
Jan
103%
Mar
N Y Central Elec 5%s '60
98%
108%
105%
Jan
109%
Feb
98
33", 000
"i05"
1978
1981
14",000
105%
-
-
"42",000
"78*
"79"
20~, 000
Mar
104%
Jan
Jan
107
Jan
101%
Feb
Mar
2004
Niagara Falls Pow 68.1950
5s
series
A
1959
Jan
107%
Mar
Mar
106%
Mar
Nor Cont Utll 6%s...1948
114
Jan
No Indiana GAE 68.1952
108
Jan
82
Feb
Feb
104
113%
Mar
107
Mar
Jan
93%
99
27,000
11,000
40,000
100%
101% 103
88%
89%
Indiana Gen Serv 5s.. 1948
'
—
"95% "96"
2129
—
—
-
mm
9,000
88%
Feb
Jan
81
Jan
Feb
104
Feb
110%
107%
107%
Jan
73
105%
58%
102%
Jan
Jan
77
105%
101%
111%
Mar
106
Mar
112%
108%
106%
84%
Mar
109
Jan
Mar
90
Feb
99%
Mar
34*666
25%
97
18%
90%
53%
Jan
8,000
Jan
64%
20,000
99,000
83,000
1,000
8,000
103%
81
96
106"
106%
106% 107
86%
86%
ib'ooo
104
6,000
99%
2,000
63
Mar
Jan
Mar
Mar
103%
Jan
108%
105%
Feb
100%
Jan
Mar
Jan
5%s series A
1956
58 series C
1966
6s series D
--...1969
"95"
58
"95%
59
Jan
Mar
Jan
106% 106%
16,000
71
106%
Feb
108
Jan
103%. 104%
25,000
61%
102%
Jan
104%
Feb
Jan
104%
Mar
102%
39,000
52%
40,000
49%
Jan
101%
Feb
69
103%
Feb
106
Jan
109
Feb
N'western Elec 6s
1945
97
101
Jan
104%
104%
Mar
Feb
101%
20,000
15,000
14,000
14,000
8%
51
Jan
65
Mar
8%
60%
Jan
64%
Mar
Jan
105%
99
Jan
103
95
Jan
32%
86
Jan
100%
94%
96
Jan
100
Feb
Mar
Feb
Mar
Feb
102
Jan
Jan
104
Feb
45
86%
Jan
97
Feb
93
107%
Jan
44
Jan
101
100% 101%
42%
58
74%
69
56
104% 104%
101
101%
82%
46
54%
60
25
1940
48
102%
Mar
1970
62,000
52,000
99% 105,000
17,000
94%
98%
102%
No States Pow 5 %s
82%
102
Jan
Feb
61,000
3,000
104% 105
88%
97
81%
111 Pow A L 1st 6s
Feb
Mar
Jan
109%
96
Feb
Jan
Northern Indiana P S
103%
80
Mar
Jan
107%
Feb
79%
99%
22,000
No Amer Lt A Pow 58.1936
Mar
104%
Mar
94%
Feb
Mar
31,000
24,000
1954
Debenture 5s
108
91%
58
107
79%
79%
Jan
81%
109% 109%
106% 107
102% 103
102%
107
For footnotes see page
4%s stamped..1950
107
60
111 Northern Utll 5s.—1957
95%
113
Feb
Penn A Ohio—
102
86
Indiana Hydro-Elec 5s '58
84
77%
103
107
42
1951
82%
76%
103
N Y A Westch'r Ltg 4s
4,000
1953
Ext
1942
Jan
20,000
5s series C
New York
1954
32%
77%
6%b series B
5s stamped
Mar
108%
Indiana Electric Corp—
6s series A
1947
50
29%
77
S f deb 5%s -.May 1957
85
N Y State G A E 4%s.l980
1st 5%S
1962
107
A '53
46%
N Y PAL Corp 1st 4%s '67
1949
C—1956
Mar
Jan
1947
1st A ref 5%8 ser B.1954
Mar
69
Jan
66%
Mar
69
Feb
40%
Jan
69
33%
93%
43%
79
'mm-
105
Jan
34
33%
18,000
82,000
94
97% 195,000
229,000
96% 106
107%
100
'
"165"
Jan
71
Jan
103%
97%
18
72
Jan
40
87%
70
Feb
104
3%
69%
72
100%
-
Ref A
Illinois Central RR 6s 1937
Feb
Nippon El Pow 6%s__ 1953
11,000
104% 105
Hydraulic Pow 5s.-.-1950
impr 5s
1951
Hygrade Food 6s A—1949
71%
41
29%
Houston Light A Power—
1st 5s series A
1953
1st 4%s series D
70
60
65
__
6%s with warrants-1943
1st 4%s series E
91%
93
111% 113
28
"88% "90"
1936
Houston Gulf Gas 6s._ 1943
222,000
37
1977
1947
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 5%s
1938
99% 100%
89%
91
97%
New Orl Pub Serv—
10
97
Hall Print 6b stmp
42
70%
24
103% 103%
35,000
98,000
9,000
3,000
4%s series B
1961
Hackensack Water 5s. 1938
Feb
118% 119
108
108%
Feb
Jan
Jan
61
Jan
2022
6s series A
106%
Jan
Feb
104
110
107%
44
106
98
Jan
31,000
74%
Jan
Jan
"2,66'0
Feb
29,000
55
70
107%
108%
106% 107
55
106
Mar
83
Guardian Investors 5a. 1948
Gulf Oil of Pa 5s
1947
Guantanamo A West 6s '58
Mar
104
1,000
93%
82
Jan
103%
109% 109%
2030
Jan
Mar
6%
91%
4%s.l981
Deb 5s series B
Mar
90%
Jan
102%
93%
23%
103
38%
2
105
93%
105% 105%
Nat Pub Serv 5s ctfs.1978
Nebraska Power
2,000
1957
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A.—2026
102%
------
Jan
57%
69%
58
Feb
33
15,000
57
Feb
35,000
11,000
Gen Pub Utll 6%s A. 1956
General Rayon 6s A-. 1948
Feb
108%
108%
66%
101% 101%
84%
86%
8,000
107
64%
96%
101% 101%
88
Jan
Missouri Pub Serv 5s. 1947
Jan
1940
87
Jan
105
Feb
88%
General Pub Serv 5s_. 1953
Deb 6s series B....1941
Jan
98%
90
Mar
Miss Pow A Lt 5s
103
98%
95%
98
106%
104% 106%
105%
Jan
1955
Mar
63
Jan
Mississippi Pow 5s
Mar
104%
107%
Jan
92%
1955
5s
60
Feb
91
Minn P AL4%s
106%
101
100
Feb
Jan
101%
48
Feb
Feb
Jan
61
44%
Mar
Jan
Mar
32%
1941
warr
40
33
104% 105%
99% 100%
102% 103%
85%
86%
93%
94
Jan
'
100%
105%
106%
Jan
54
64%
Missouri Pow A Lt 5 %s '55
6s-5s stmpd.1961
Jan
Smelt—
Feb
Jan
107%
Feb
79
106%
MIn
Jan
Feb
95%
55
94
1947
5%s series E
Louisiana Pow A Lt 5s 1957
101
Jan
107
50
82%
1942
Long Island Ltg 6s.-.1945
' Los Angeles Gas A Elec—
102%
100
Federal Water Serv 5%s'54
Finland Residential Mtge
Jan
Jan
103% 103%
2%
Mar
115%
70
31,000
Jan
105%
Feb
24
35%
Mar
103%
61%
Feb
103
European Elec Corp Ltd—
Federal Sugar Ref 6s.. 1933
106%
70%
80%
102% 103
Memphis P A L 5s A.. 1948
European Mtge Inv 7s C'67
Mar
3
109
5%s
Fairbanks Morse 5s__ 1942
106
10%
46
88%
Jan
11
1955
27,000
76,000
87
103%
Jan
1948
5%s series F
100%
7*000
Jan
77
Jan
6%s series D
Feb
25
107
108
Jan
Feb
105%
13,666
88
61
Jan
4%
%
107%
Jan
Jan
Mar
53
4%
Mar
103
Jan
Feb
Mar
106%
2%
1%
%
106
65
Jan
Mar
102%
1957
94
Jan
Mar
96%
69,000
9,000
105% 106
100
101%
21,000
94%
95% 115,000
6,000
104% 104%
103
12,000
103%
4,000
104% 105
65,000
109% 110
2,000
103% 103%
105%
~
1965
2,000
Jones A Laugblln Stl 5s '39
Mar
56%
"167"
48
Feb
64
1967
10,000
39%
35
48
105%
67%
87%
62,000
Kansas Pow A Lt 6s A 1955
76
100
58%
Jan
1942
Kansas Power 5s
39,000
"l05%
8,000
100
99%
Feb
101
100%
53
54%
107% 107%
107%
v.:
105% 105%
100
warrants
Iowa-Neb LAP 58—1957
105%
85%
92%
66%
Feb
Jan
100%
Feb
22,000
Jan
Mar
Jan
100%
79%
Jan
100%
Feb
7,000
11,000
2,000
Feb
67
Jan
65
88
87%
Jamaica Wat Sup 5%s '55
103%
Mar
Jan
101%
92
29%
Mar
Jan
Jan
96
102
101%
Jan
Mar
Jan
103
85
Jan
107%
Mar
79%
88
77%
60%
Feb
101%
42
88%
33
103
41
Mar
88
Jan
8,000
106
4%
Feb
99
41,000
Isotta Fraschini
100%
109%
83 %
Isarco Hydro Elec 78.1952
33
Jan
88%
Jan
Feb
107
83%
82
1958
4%s series F
Jan
110
4,000
Invest Co of Amer—
Mar
1953
Mar
54
53%
50
41%
85%
Interstate Public Service—
5s series D
...1956
122
20,000
Empire Oil A Ref 5 %s 1942
I
76
46
49
69%
112
105%
1952
ser
Jan
7,000
26%
Jan
Ercole Marelli Elec Mfg—
ser
Feb
45,000
Jan
El Paso Natural Gas—
1st A ref 5s
Jan
Feb
17
74
81
El Paso Elec 5s A....1950
6s series B
Jan
73
98
18,000
2
6,000
1%
1%
7,000
102% 102%
339,000
84%
87
102
10,000
103%
Elmira Wat Lt A RR 5s *56
Idaho Power 5s
1%
1952
Jan
1%
Certificates of depositDixie Gulf Gas 6%s—1937
Hood Rubber 7s
106%
79%
Jan
8
5s series A
96%
Jan
37
88%
7%
Gobel (Adolf)
Mar
104%
4%
73
~72~666
120
106
7
Gesfurel 6s.
Feb
90
68
82
Lehigh Pow Secur 6s„2026
Aug 1 1952
General Bronze 6s
74
80
111%
105
7
Banks
Jan
5s_. 1957
99%
103
106
Aug 1 1952
6%s__
63
13,000
Interstate Nat Gas 6s_1936
Jan
113%
70
109
Certificates of deposit.
Erie Lighting 5s
16,000
22
101%
113%
Detroit Internat Bridge—
6%s series A
76
Feb
53%
35
108% 109
102
102%
1950
Empire Dist El 5s
60
Feb
75%
19,000
50
103% 104%
Det City Gas 6s ser A. 1947
Elec Power A Light
15,000
111%
Jan
40,000
33,000
10,000
12,000
106% 106%
Derby Gas A Elec 5s._ 1946
Deb 7s
12%
Feb
107
65
101% 101%
70
81
108
1952
Denver Gas A Elec 5s. 1949
6%s
11%
Jan
Jan
23%
Interstate Irn & Stl 4 %s'46
5,000
36,000
377,000
33,000
11,000
7,000
105% 106%
Delaware El Pow 5%s 1959
5s 1st series B
97%
76
Cumberld Co P A L 4%s'56
Dallas Pow A Lt 6s A. 1949
6s series C
100
105% 105%
1958
Crucible Steel 5s
55,000
105%
110%
43
International Salt 58—1951
Stamped.
Consol Pub 7%s stmp.1939
Consumers Pow 4 %s.. 1958
Crane Co 5s
105% 106
High
Low
70
88%
65
70
65
74
107% 108
100% 101%
1957
1952
Italian Superpower 6«_1963
1981
ser
1955
6%s series C
7s series E
7s series F
Jan
Consol Gas Utll Co—
1st A coll 6s
Pow 6s'48
Feb
Consol Gas El Lt A P (Bait)
1st ref s f 4s
Intercontinents
5s series A w w
Connecticut Light A Power
7s series A
1951
1956
5s
International Sec 5s„1947
Cities Serv P A L 5%s 1952
4%s series C
Indiana A Mich Elec 5s '55 .106% 106%
Range Since
Jan. 1 1936
International Power Sec—
102
8,000
103% 103%
71
72% 156,000
1943
6%s
48,000
44,000
102
Pipe
Gas
Low
High
Loto
51%
43
96
1966
Line 6s
$
(<Continued)
Hie »
Low
1936
1936
73%
1955
Conv deb 5s
Week
12,000
Cincinnati St Ry 5%s A '62
Cities Service 6s
Feb. 29
32,000
1927
6s series B
1933 to
for
103%
103
Chic Pneu Tools 5%s.l942
Chic Rys 5s ctfs
Low
Sales
of Prices
BONDS
1936
$
Hioh
Low
28
1
Week's Range
Range Since
for
{Continued)
Cities
July
1
Week's Range
of Prices
'
-
,
BONDS
March
91
Jan
107%
101%
Feb
Feb
4%s serlesE
N'western Power 6s A. 1960
Certificates of deposit—
103
66%
62
104
64
63%
98
New York Curb Exchange—Concluded—Page 6
Volume 142
July
Week's Range
Sales
July
1933 to
Feb. 29
Jan. 1 1936
1936
%
Low
of Prices
Low
High
Low
Low
High
17,000
47 H
98 54
Jan
10254
Feb
7354
6354
103 H
Jan
Mar
Mar
107
107 H
10554 10554
88
10554
105 H
107 H
107
13,000
8354
105)4
Jan
7054
Okla Gas & Eleo 5s_.
Oswego Falls 6s
99 H
:
105
63
106 H
Mar
Tide Water Power 5s_.197C
Mar
TIetz
112
Feb
105)4
Jan
Jan
Feb
105
Feb
Jan
10454
63
102
Mar
12,000
40
89
Mar
93 H
94)4
1941
4554
65
12054 121H
35,000
10554 105 H
63,000
10554 105H
40,000
10154
17,000
8354
69^000
101
82 H
82H
Jan
100
Jan
6s series A
1954
107H
Jan
5s series B
1957
119)4
Jan
121)4
10554
Mar
Mar
Jan
114
Jan
116
80
Mar
94 )4
Jan
102)4
99 H
Jan
103)4
Mar
Feb
Feb
100 H
57
100
Jan
105
Jan
106
Jan
1971
100H 10154
41,000
5154
Jan
101H
Feb
1950
104
4,000
37,000
3954
101H
Mar
104H
Feb
9854
Deb 5Hs series B
1959
Pennsylvania Power 5s '50
9854
...1954
Penn Water Pow 5s...1940
4 He series B
1968
B
C
Jan
107 54
Feb
Feb
Mar
60
104 H
Jan
107 H
106 H
103
112H
Feb
114)4
Jan
89
105H
Feb
108
1957
14
1979
Phila Electric Co 5S..1966
Phi la Elec Pow 5Ha__1972
•
15
11254 H254
11054 HI
89 H
90
Rapid Transit 6s 1962
81,000
145,000
10,000
38,000
8,000
56 H
68
8654
103 H
100
Jan
6s series A
2,000
69
103
2,000
89
106
2,000
79
Elec 6s.. 1953
Poor A Co. 6s
10554 10554
77
10554 106
1961
4 Ha series F
26,000
108
9,000
3,000
Potomac Elec Pow 5s. 1936
m m —
Potrero Bug 7s stmp_.l947
Electric 6s. .1954
...1956
5s series C
10954
10554
10354
10354
10354
10454
1966
1978
4Hs series E
1980
1st A ref 4Hs ser F.1981
4Hs series I..
25
80
67H
10954
106 H
104
10454
103 H
104 H
>
56
26
Jan
Mar
Mar
Jan
Mar
83 54
Jan
108H
Jan
101
6654
90)4
58 Series E
107
Jan
91H
Mar
95 H
9754
Jan
29
2654
13254
Mar
Jan
140H
Mar
3,000
62
108)4
Jan
111)4
68 H
53 H
104
Feb
107
101J4
Jan
102
Jan
39,000
52 54
62 H
102
Jan
13,000
103)4
104H
104)4
104 54
105)4
5,000
12,000
12,000
41H
10054
32
7s with warrants
Ward
12,660
62,000
79,000
106
6,000
85
78)4
105
'
5,000
32
22,000
25
26
4,000
23
15,000
91
3,000
37,000
•»
—
—
«
-
3~66o
1,000
1935
1st 4Hs series D...1970
Sheridan Wyo Coal 6s. 1947
8ou Carolina Pow 53.1957
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Debenture 3 Ha
1945
Ref M 3 Ha May 1
1960
RefM354sBJuly 11960
1st A ref mtge 4s.
Refunding 4Hs
__
1900
Jan
Jan
Mar
Jan
Tern! Hydro Elec 6 Ha 1953
Texas Elec Service 5s. 1960
Texas Gas Utll 6s
1945
105 H
Mar
107
Jan
Mar
107 H
Feb
83
105 H
106
107
Mar
75
105
Feb
107 H
99
Jan
Feb
Mar
«
9,000
12,000
4654
6,000
60
Jan
79,000
41
103 54
88 H
103 H
108H
Jan
9454
17,000
11,000
21
33 H
Jan
49 H
Feb
64
105H
Jan
106H
Mar
107
Feb
107 H
Feb
46 H
Jan
107 H
Feb
Jan
10754
Jan
Jan
104H
Jan
AND MUNICIPALITIES—
1,000
15
17
"22 H
"l'ooo
21
22 H
64
6s series A..
25 H
65 H
35,000
27H
6754
3,000
6
33 H
10,000
2i"666
16,000
61
854
32
.1952
Jan
Danish 5 Ha
6s
Feb
95H
Jan
95
112
Jan
External 6Hs.—.1952
70
Mar
33
Feb
German Cons Munlo 7a '47
Mar
27
Feb
1454
101)4
Mar
64
88
124
101
109
3H
3054
Feb
Jan
66
Mar
Jan
6654
Mar
Jan
11
30
3154
Jan
33 H
28
68 H
Jan
97H
9554
89H
36 H
69 54
Jan
8,000
23
2354
6,000
21H
24H
Mar
Mar
Hanover (City) 78—1939
Hanover (Prov) 6Ha..l949
31H
22H
32
23
29
Mar
22H
21
22H
Mar
12
12
10 H
Jan
Jan
12 H
12
Jan
Maranho 7a
33
Jan
70
Medellin 7s series E..1951
(City) Peru 6 Ha—'58
Certificates of deposits..
Jan
Mar
Jan
30
Feb
Feb
104
2,000
2,000
9654
1,000
61
65)4
98)4
106)4
Mar
Mendoza 7Hs
4s stamped
Jan
17
Jan
7254
Jan
10354
Feb
108
Feb
4H
70H
71
7,000
Jan
1754
9H
71H
Jan
14
Feb
81H
23 H
63
Feb
75
Jan
13
...1951
Feb
Issue of Oct 1927
18
Jan
19
Feb
19
41
Feb
100 H
Mar
37 H
Feb
104)4
Jan
Mar
(State) 7s
5Hs
48,000
14,000
22,000
107 H
92
93
104 H 10454
12^000
4,000
8,000
14,000
59,000
17,000
55,000
7,000
29,000
3,000
_
69 H
72 H
69H
101
71H
101H
69
7054
5454
55 H
57
57
55
56
10454 10554
10554 10554
j
21,000
30,000
17,000
32,000
53,000
53,000
12,000
105,000
2,000
1,000
5,000
30,000
9,000
78 H
5054
103
31
79
55 H
10454
31
39,000
7,000
28,000
49,000
2,000
105
Feb
Jan
10454
Jan
104)4
1958
13
17)4
Mar
19H
5,000
12H
7,000
7H
12
Jan
19H
1454
Mar
Jan
20,000
19H 319,000
7,000
16
62 54
6
92)4
Jan
98 H
Jan
10)4
12 H
Jan
1H
Feb
Mar
2154
1754
2)4
254
254
Mar
Jan
15H
98
1
54
1921
Santiago 7s..
Mar
100 54
1H
1H
1H
1
6,000
1H
3,000
10 H
1%
154
54
1H
Mar
Mar
Jan
Jan
Jan
Jan
254
1945
13
58
Feb
1945
1949
43 H
60
Feb
56
11H
11H
Jan
Jan
6354
12 H
12 H
1154
1154
12,000
S*
Jan
Mar
Jan
Jan
Mar
10654
Mar
106 H
106
Jan
107)4
Feb
107
Feb
107
Feb
108
63
101
Jan
Jan
25
1961
Jan
10754
56)4
7s
Jan
103
107H
106 H
78 54
75 H
9654
Jan
108
Feb
82)4
Mar
Feb
JaD
104
Jan
40
92H
Jan
99
Feb
45
99
Jan
102 H
25
92
Jan
103
37
H
91
Jan
Feb
H
Mar
105 H
104 H
*
No par value,
a Deferred delivery sales not included in year's range,
n Under
the rule sales not Included in year's range,
r Cash sales not inoluded in year's
Feb
Feb
99
range,
Feb
55
101H
83
102
Mar
3754
69
Jan
48
69
Jan
83 H
81
37 H
47 H
69)4
Jan
84H
Jan
81
Feb
65 H
Jan
80
Feb
28H
66
Jan
76
Feb
64
97
Jan
102 H
2554
64)4
46 H
Jan
76 H
Feb
Jan
69
Feb
16
26
25
Jan
49
45
Feb
Jan
104)4
Mar
56
104 H
107 H
Mar
Mar
108)4
Jan
40
89
Jan
61H
6054
or
yearly range:
Montreal L. H. A P. 5s
1951, Mar. 27 at 10454-
Used Above—"cod," certificates of deposit; "cons,"
consolidated;
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t o," voting trust certificates; "w
I," when Issued; "w w," with warrants; "x w,"
without warrants.
The National Securities Exchanges on which low prices slnoe July
Jan
2
New York Stock
Cincinnati Stock
New York Curb
" Cleveland Stock
'
New York Produce
4
Mar
1 1933
were
made (designated by superior figures in tables) are as follows:
Jan
110H
109H
adjusted for stock dividend.
Cash sale transacted during the current week and not Included in the
weekly
Abbreviations
Mar
106 H
106 H
adjusted for split-up.
Price
e
1
59
48
Feb
Ex-dlvidend.
Price
42
Jan
Feb
x
»'
Feb
69
30
103 H
97
"9154 "94H
101
Mar
Jan
12H
5Ha certificates....1921
Santa Fe 7s
7s Stamped
103)4
Jan
Mar
9554
17H
Mtge Bk of Chile 68—1931
Mtge Bk of Denmark 5s *72
94,000
96 H
96 H
Mar
854
13 H
26 54
Issue of May 1927.
41,000
10354
Jan
Jan
Feb
Mtge Bk of Bogota 78.1947
99 H 100 H
19,000
Feb
8H
1951
103 H 104H
97)4
Jan
Feb
10 H
6Hs certificates-... 1919
101
72
2854
28H
3H
"l6H "l7" "4~66o
1958
Mar
58
10554
Mar
3254
2654
Lima
2,000
1,000
1,000
110
102 )4
H
Jan
Feb
97 H
2,000
125
4H
19,000
100
25 H
Mar
Mar
30 H
Feb
Mar
34
Jan
Jan
25
105
Jan
Mar
24H
Jan
66 H
18
Jan
8
24
Jan
18)4
Jan
Feb
1947
Secured 6s
Jan
32 H
21H
21H
2654
Danzig Port A Waterways
1956
1953
Mar
10854
19H
Jan
Jan
Mar
22
Prov Banks 6s B...1951
Mar
64,000
6654
9
"98H 166"
1947
Feb
6554
64 H
.....1952
Mar
Mar
18H
(Province)
7s stamped
7Ha 8tamped
Jan
19H
15H
1951
89 H
105 H
63
19H
22 H
1947
105 H
70
106*4
10354
107 H
7954
103 H
9854
102H
103
Feb
FOREIGN GOVERNMENT
Jan
10654 107H
Mar
103 H
Jan
10354
Mar
105H
106 H
100)4
103
Jan
Jan
70
6354
10354 103 H
10254 103 H
Jan
78 H
6354
106H
12,000
1957
Tenn Public Service 5s 1970
106 H
3,000
38
76
Tennessee Elec Pow 58 1956
27
76
7,000
4,000
21,000
6,000
7654
5s series B
19,000
2,000
107H
Parana
76
1946
Mar
100
Rio de Janeiro 6H8—1959
Russian Govt 6HS—1919
73
7-4% stamped
21)4
9254
15,000
16,000
106H
Mar
Certificates of deposit1951
Super Power of 111 4 Ha '68
1st 4 Ha
1970
Syracuse Ltg 5 Ha
1964
454
22 H
10354 103 H
Mar
75
1936
Mar
9,000
Feb
Mar
73
7-4% stamped
Mar
97 H
94
91H
45
Feb
105 H
Certificates of deposit.
Convertible 6s
1935
Standard Telep 6HS-.1943
Stinnes (Hugo) Corp—
101)4
Jan
Jan
45
107
108
7654
Debenture 6s. Dec 11966
Jan
52
51,000
10354
Jan
75H
Standard Investg 5Hal 939
Standard Pow A Lt 6s_1957
95H
91H
8354
32~666
9754
105
Jan
1942
Debenture 6s
Feb
Jan
Jan
7854
10254
9754
101H
10254
Stand Gas A Elec 69—1935
Feb
103 H
Jan
100H
10OH
Sou Indiana Ry 4s
1951
Southern Nat Gas 6s. 1944
S'west Pub Serv 6s... 1945
100
Jan
105
10354
Staley Mfg 6s
Jan
Jan
Mar
106
106
63
"l06H
So'West Pow A Lt 5S.2022
107
96 54
102 H
10154
107
"(LOOO
1955
S'western Nat Gas 6s. 1945
Feb
75
101
73
67
98
101H
3,000
67
Feb
61
54,000
Sou Calif Gas Co 4 Ha 1961
S'western Lt A Pr 5S..1957
2,000
74
27H
25
2854
7
Sou Counties Gas 4 Ha-'68
Sou Indiana G A E §Hal57
S'western Assoc Tel 5s.'61
Mar
106
Schulte Real Estate—
104 H
104 H
107
105
92 H
99 H
111
100
"27 H
104 H
104 H
10654
10454
52 H
Feb
Jan
105 H
51
Jan
106 H
105
1970
Feb
100 H
Jan
52
Jan
104
1st 5s series C
106 H
Jan
8,000
105)4 105)4
Cauca Valley 7s
1948
Cent Bk of German State A
Jan
Shawinlgan W A P 4Hs '67
4Hs series B
...1968
Jan
9054
14,000
13,000
Mar
Feb
Jan
107
105 H
"l'ooo
101
Jan
107
104
60
106 H 106 54
4054
106)4
10154 10154
60
103 H 104
103
103H
Buenos Aires
100
Second Int'l Sec 5s.._1948
Serve 1 Inc 5s
1948
Mar
1958
Jan
103
68
Feb
102)4
45
93 H
46
1956
6s series F
104)4
103 H
88
68
86 X
Jan
Wlso-Minn Lt A Pow 5s '44
Mar
61H
27
Jan
98H
Feb
Wise Pow A Lt 5s E
102H
65 H
22 H
10254 102 H
75 H
93H
Feb
3,000
4,000
96 H
92 H
103 H
10554 106
92
93 H
Newspaper Un 6s '44
Baden 7a
7,000
"26"
25
Feb
12,000
10454 10454
105H 106
105)4 106
2030
Jan
8,000
1935
111H
12,000
105 54 106H
107
107
1937
Feb
2,000
6s with warrants
Baking 6s
105
Jan
10654 10654
68 ex-warrants
Jan
14,000
99
1954
Mar
103)4
104 H 104 H
10354 10354
90 H
91
Scripp (E W) Co 5HS-1943
Seattle Lighting 5s... 1949
Jan
81H 82 H
102)4 102 H
91
104
Queens Boro G A E 4H8 '68
to
8154
51H
9654
Agricultural Mtge Bk (Col)
20-year 7s_.—1934-1946
5Hs series A
1952
Reliance Managemt 5s 1954
Rochester Cent Pow 5s 1953
«• ■» •
Jan
104 54
31
87H 193,000
1937
Jan
'
100 H
33 H
10554
90H
32,000
101"
West Penn Traction 5s '60
Feb
-m m
Feb
Feb
1941
96 H
m,
88 H
91
1952
93 H
10954 10954
32 H
32 H
Jan
Jan
Wise Pub Serv 6s A
Jan
+
76
80
111H
97
Jan
Jan
26
York Rys Co 5s
Jan
1955
Mar
Mar
32 H
32
Yadkin Riv Pow 5s
86J4
1937
30
Jan
68
26 H
50
Jan
83 H
Sauda Falls 5s
8554
104 H
Jan
Mar
98,000
39,000
33,000
Feb
37 54
Saxon Pub Wks 6s
104
45 H
28)4
Feb
4,000
Feb
Waldorf-Astoria Corp—
Feb
102
110
Jan
~2j)66
Wheeling Elec Co 6s.. 1941
36 H
33 H
San Antonio P 8 5s B._'58
8754
1950
Mar
90 H 252,000
San Joaquin L A P 6s B '52
B
West United G A E 5 Ha* 5«
8754
84 H
105H 107
1454
15
10454 10454
84
8654
1946
ser
Feb
102 54
106H
75
West Texas Util 5s A. 1957
Jan
Jan
Jan
35H
91
Vamma Water Pow 5 Hs'57
Va Public Serv 554s A. 1946
West
Jan
84 H
101H
92
1937
Jan
85H
8154
Ruhr Housing 6 He
1958
Safe Harbor Water 4 Hs '79
St. Louis Gas A Coke 6a '47
1,000
11,000
1952
Jan
88
Rochester Ry. A Lt 5s 1954
Ruhr Gas Corp 6He.. 1953
~5l"
82 54
Mar
106
Jan
Mar
Mar
32
27)4
Feb
Mar
"l03
105
99
103
Puget Sound P A L 5 He *49
1968
1.000
75H
100
Feb
v
10854 10854
106
Pub Serv Subsld 5H8.1949
Quebec Power 5s
78
West Penn Elec 5s
9,000
1957
1st A ref 4Hs ser D.1950
77 H
1,000
101
Utica Gas A Elec 5s D.1956
20-year 7s
103H
2,000
Wash Water Power 58.1960
10,000
1961
1st A ref 5s series C.1950
76H
76H
101
99
1944
60 H
65
1960
6s series D
1939
4Ha
Pub Serv of Oklahoma5s series C
85
Mar
108)4
63
Feb
87)4
Jan
Mar
65
41
Jan
74
Mar
Mar
13,000
76 H
54
104 54
105)4
19,000
19
2,000
106 H
108
Mar
77
Mar
80
Jan
103)4
108
84 H 204,000
Jan
Jan
96 H
Mar
79
83 H
Wash Gas Light 5s
1958
Wash Ry A Elect 4s.. 1951
72
10054
m
91H
94 H
98 H
98 H
2654
2754
13754 139
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—
4 H series D
108
8754
9354
Power Corp(Can)4 He B '59
Power Securities 6s
1949
1st A ref 58
5,000
79
1958
Potomac Edison 5s
Prussian
-
-
..1939
Portland Gas A Coke 5s '40
6 H % serial notes
6H% serial notes...1940
Utah Pow A Lt 6s A—2022
108)4
104
Pomeranian
Feb
Jan
108
106H
~21~666
10754
80
110
1952
6s series A..
..1973
USA Brit Internat 5s 1948
U S Rubber Co—
Mar
106
i06H
Mar
~30"
1974
4154
104
Mar
58
105 H
107
34
53
Feb
106
1949
101)4
Jan
Feb
90 H
35 H
Jan
32
.
Feb
Jan
2,000
98H
25
Jan
Jan
23,000
49
113H
1st ref 5s
56
34,000
Mar
Mar
96 H
6s
106
100
115
Feb
50
Feb
115
Mar
106
94
107)4
116H
Mar
Jan
Phil Sub Co G & E 4 He '67
55
106 H
1554
113)4
11254
Jan
Pledm't Hydro-El 6 He '60
Piedmont A Nor 5s... 1954
18,000
Jan
106 H
6
112H
110H
86 H
44 H
98
Pittsburgh Coal 6s
Pittsburgh Steel 6s.
100
Jan
1H
10454
97H
100H
Mar
Jan
125,000
109 H
105
Valvoline Oil 5s
9854 100
105H 106
Peoples Lt & Pr 5s
Phila
105
106 H
35
y
1981
6s series
102 )4
9254
6654
.-Q...
.....
Peoples Gas L A Coke—
4s series
Mar
1,000
3,000
1,000
8,000
9954
106
106
10654 107 54
10554 10554
11254 11254
106 H
Jan
105 H
5 Ha
Apr 1 1959
Un Lt A Rys (Del) 5 Ha '52
United Lt A Rys (Me)—
Penn Ohio Edison—
Penn Pub Serv 6s C__1947
Mar
104
90 H
Feb
10454
9754
10454
104)4
61
92 H
6Ha
Mar
67
62
100
High
65
7,000
i05H 106" "3^660
Feb
Jan
3,000
105
105H 106
95H
Low
Low
43,000
1st s f 6s..
...1945
United Lt A Pow 6s
1975
Jan
105 54
98 H
109
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 6 Ha 1941
Feb
35
69
$
High
109 H
105)4 10554
1967
" 116,666
"10454
Penn Cent LAP 4)4s
gg
_1979
6s series D
1944
Union Amer Inv 5s A. 1948
Union Elec Lt A Power—
Jan
10754
107 H
102 H
85
1936
6s series A xw
1944
Jan
106
102
101
"82
Pacific Ltg A Pow 5S..1942
Penn Electric 4s F
5Ha *52
6s 2nd stamped
6s 3d stamped..
Paclfio Gas & El Co—
Park A Tilford 6s
1962
4Hs
7,000
2,000
Jan. 1 1936
1936
men Co—
107 H
107
68 H
99 H
Range Since
Feb. 29
(Leonard) 7H8.1946
Mar
3,000
10654 10654
Pacific Coast Power 5s:
1st 6s series B
stpdll937
Thermold Co 6s
Jan
Toledo Edison 5s
Twin City Rap Tr
Jan
60 H
1,000
15,000
105H
10654 10654
10454 10554
10254 102 H
90
9054
Texas Power A Lt 5s_.1956
6s__
.2022
Jan
109
le'ooo
"10554
107 H
107
Jan
1933 to
for
of Prices
(Concluded)
28,000
35,000
8,000
Sales
Week's Range
BONDS
'
99
10054
10654 107 H
10554 106
1
Week
Range Since
for
Week
BONDS
{Continued)
2129
1
New York Real Estate
14 Colorado Springs Stock
15 Denver Stock
Jan
22 Pittsburgh Stock
« Richmond Stock
24 St. Louis 8took
24 Salt Lake City Stock
Jan
90
35 H
60
41H
99)4
Jan
65 H
12
29
14
Detroit Stock
24
San Francisco Stock
Boston Stock
"
Los Angeles Stock
«
San Francisco Curb
2
Buffalo 8tock
'•
Los Angeles Curb
24
California Stock
'»
Mlnneapolls-St. Paul
24
San Francisco Mining
Seattle Stock
•
Chicago Stock
24
New Orleans Stock
M
Spokane Stock
14
Chicago Board of Trade
*'
Philadelphia Stock
>1
Washington (D.G.) Stock
11
78 H
Baltimore Stock
•
98
4
•
Chicago Curb
Feb
Feb
Feb
Mar
Jan
105
Mar
Mar
40
Jan
Financial
2130
Other Stock
March 28
Chronicle
Exchanges
July
1
Week's Range
New York Real Estate Securities
Sales
1933 to
for
Feb. 29
Jan.
Week
Stocks (Concluded)
Ask
1936
Shares
Low
Since
Range
of Prices
Exchange
Closing bid and asked quotations, Friday, Mar. 27
Par Low
High
117% 122
4
4%
*
35c
45c
1
1941
Alden 6s
Berkshire
(The)
31
High
(The) 6s
41
4
7,075
20c
35c
Mar
Northern RR (N
31
Old Colony RR
43
.
47
47 i
45
49
-
....
67
177
39
42
Jan
70%
Mar
Mar
80c
80c
500
34%
1%
565
56C
%
1
18
1%
Shawmut Assn tr ctfs
*
12%
Stone & Webster
*
2
12%
19%
2%
17%
80c
Jan
39
Jan
Jan
J»n
18
110
1%
15%
1%
25
18
10
8
Jan
70c
17%
800
31%
%
32%
Reece Folding Mach
1%
Dodge
City <fe Suburban Homes..
Lincoln Bldg Corp vto...
39 Bway Inc units
Corp
11
income with vt c—
4%
3%
8
5
4mm.
605
6%
11
Jan
5,518
255
2%
Feb
13%
19%
%
14%
1%
Jan
2%
3%
4%
101
102%
500
4%
3%
27
28 %
63
Mar
Jan
Jan
7%
87%
40%
8%
88%
40%
1,687
100
5
1%
%
Suburban El Secure com..*
12
8
9th Unit Inc units
11
--
Texla Oil
Corp
Torrington Co
1
Union Twist Drill Co
35
32
5
*
United Gas Corp
Orders Executed
on
Baltimore Stock Exchange
1
Preferred..
Utah Apex Mining
Utah Metal & Tunnel....1
STEIN BROS. &> BOYCE
Established 1853
6.S. Calvert St.
Waldorf System Inc
*
Warren Bros Co
*
90%
22%
9%
382
4
%
47
28%
9%
90%
Jan
83
30%
50
5%
104
39
Jan
.
Feb
Mar
Mar
Mar
Feb
Feb
42
Jan
2%
Feb
245
%
28c
%
%
Jan
1,650
Jan
90c
Jan
%
%
Jan
1
Feb
Jan
130
Feb
Jan
16
40
:
124
96
10
9%
4%
4,772
3%
2%
32%
34
190
Feb
Jan
9%
Mar
70
Jan
74%
Jan
70
Jan
79%
Mar
Bonds—
York
New
Jan
Feb
Feb
Mar
York, Pa.
Louisville, Ky.
Hagerstown, Md.
%
127% 127%
13%
13%
8%
9%
100
Vermont & Mass
NEW YORK
2
85c
35
79
%
Venezuela & Holding
39 Broadway
BALTIMORE, MD.
Members
Feb
Tudor City—
«*
4th Unit Inc units
Pennsylvania Bldg 6s. 1939
2%
Feb
Mar
2
United Shoe Mach Corp.25
Place
Park
65
62
6th Ave & 29th St Corp 6s '48
Jan
Feb
Jan
50
25
Feb
110
25
Reece Butt'n Hole Mach 10
112
83
Old Dominion
Quincy Mining
Mar
58c
20
66%
100
5%
111
111
H)—. 100
75
Pennsylvania RR
44
130
Jan
36
Stocks—
Unlisted
Mar
2%
26
_.
38
.1939
117%
291
32
5%s, 1940, 17th series
61 Bway Bldg 5%s_..1950
Sutton Place Apts 5%s '37
1936
Low
336
North Butte..
5%s, 1934, 3d series
5%s, 1934, 9th series
5%s, 1940, 15th series.
5
3
Dorset ctfs of deposit
Drake
Prudence Bonds Corp—
44%
6s.-.1941
Bid
Unlisted Bonds (Concluded)
Ask
Bid
New Eng Tel & Tel._..100
N Y N H & Hartford—100
Unlisted Bonds
1936
and
Stock
Baltimore
Chicago Board of Trade and Commodity
Exchanoes
Eastern Mass St Railway—
Exchanoir. Inc.
Series A 4%s
1948
73
73
$1,000
Series B
19481
75%
79
2,500
5s.
Baltimore Stock Exchange
Mar. 21 to Mar. 27, both
inclusive, compiled from official sales lists
Week's Range
Sales
July 1
1933 to
Range
Jan.
for
Week
of Prices
Par Low
Stocks—
Arundel Corp....
11%
18%
Feb
157
%
%
Jan
4%
157
1%
2%
Jan
25%
65
27%
*
-.25
Ches & Po T of Bait pf.100
28%
225
111% 111%
*
100
preferred
115
Fidelity & Denoslt
20
Fid & Guar Fire Corp—10
Finance Co of Am cl A
t
Mfrs Finance 1st pref
25
Martex Tex Oil
1
.
50
Mercantile Trust Co
Merch & Miners Transp..*
Monon W Penn
PS7% pf25
Cas
New Amsterdam
5
1
Owings Mills Distillery
90%
116
Feb
70
114
Jan
1%
11
Jan
17%
17
Jan
28%
102%
44%
227
15%
88
Jan
105%
Feb
43%
9%
Jan
50
Jan
Jan
11
Mar
100
44
237
8
129
11
3
15
Jan
20%
Feb
25
932
35
5
9%
1%
253
36
%
96
5%
2
165
1%
93
182
255
25%
181
12%
13%
1,608
5%
1%
100
37%
12%
1
9%
121
15%
3,426
2%
90
6
9%
1%
1%
11%
Mar
Feb
251
Feb
Jan
Feb
Jan
255
Jan
37%
Mar
23% * Feb
25%
Feb
Mar
16%
Jan
12%
Jan
Jan
91%
Mar
Feb
9%
Mar
Jan
8%
14%
1%
Jan
87
of Prices
17%
Feb
Par Low
Stocks—
Abbott Laboratories com. *
Adams (J D) Mfg com.—*
23
24
$21,500
13
15%
Jan
27
4,100
13%
17
Jan
27%
32%
Feb
26%
8%
5,000
1%
Jan
8%
Jan
Feb
Boston Stock Exchange
Sales
1933 to
of Prices
for
Feb. 29
Week
1936
Shares
Low
Par Low
High
Range
Jan.
1
Amer Pneumatic Serv Co—
Common
.25
...50
6% non-cum pref
1st preferred
50
__
Amer Tel & Tel
1%
4%
20
1%
4%
21
100
L6fl% 164%
Boston & Albany
100
136% 138%
Boston Elevated
.100
,
66
67%
600
IK
4%
98%
155%
117%
65%
170
2
50
10
2,982
120
20
88
331
55
5
150
1%
1%
Allied Products Corp cl A. *
21%
22%
400
3%
13%
10
14%
15%
950
100
28%
30
190
Common
Amer Pub Serv Co pref.
Armour & Co common
5
1
Automatic Products com. 5
Automatic Wash
conv
pref*
Backstay Welt Co com
*
*
com
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
6
Mar
1936
2%
5%
High
Jan
110
Mar
Feb
18%
6
Jan
7%
Feb
5%
Jan
8%
25%
Mar
21
Jan
13%
Jan
Jan
15%
32%
Mar
Feb
Feb
Feb
Jan
3%
1%
500
0
4%
Jan
4%
Jan
8%
1,350
27%
Jan
33
Feb
7%
Feb
11
Feb
7%
5%
Jan
3
3
100
15
15
10
2%
%
4%
Feb
18
10%
12%
6.800
2%
6%
Jan
12%
Mar
24%
27
15,750
9%
21%
Jan
27
Mar
11
11%
2,750
12%
Mar
6%
160
10
6%
1,700
28
29%
82%
7%
Jan
Jan
3%
7
Jan
Jan
Mar
3
Jan
25
Feb
30%
Mar
11%
64
Jan
Mar
1%
800
109% 109%
2
2%
14
25
2,650
81%
10
100
97%
15%
25%
3
2,850
4%
30%
10%
5%
4%
30
Bliss & Laughlin Inc cap. 5
———*
B_
*
Bruce Co (E L) com
Butler Brothers
High
Jan
Since
87
107%
Feb
83%
111%
5
Feb
30%
Mar
1%
27%
26%
Jan
13
Jan
34%
18%
Mar
5
Jan
10%
Mar
Mar
Brown Fence & Wire—
1936
i'
%
•
W
1,550
Class A
Low
1
Low
Low
100
8%
7% preferred
Since
"
4
Shares
330
18%
8%
Class
Stocks—
18%
Borg Warner Corp com. 10
1
Week's Range
High
110
106
Advance Alum Castings..5
Bastian-BIessing Co com.*
Mar. 27, both inclusive, compiled from official sales lists
July
Jan.
7
Bendlx Aviation
to
Range
1936
7
Asbestos Mfg Co com
1975
8%
1933 to
Feb.29
Adams Royalty Co com..*
Associates Invest Co com. *
8%
Sales
for
Week's Range
sales lists
1
Mar
2%
Feb
1%
9%
90
%
31
21
36%
24%
July
Week
255
9%
both inclusive, compiled from official
Feb
19
25
%
Chicago Stock Exchange
Mar. 21 to Mar. 27,
Jan
25
18%
4
%
Jan
Wash B & A 5s flat...1941
Mar. 21
CHICAGO
37 So. La Salle St.,
Mar
14%
5s flat
Chicago Stock Exchange
Chicago Curb Exchange
Mar
3%
91
A. 10
Bait Transit Co 4s flat 1975
(Associate)
Jan
Bonds—
A
New York Curb
Feb
550
2
com
119
Jan
1,542
41%
2%
U S Fid & Guar.
36
Jan
15%
1%
Penna Water & Pow com.*
Seaboard Comm
Mar
84
27%
New York Stock Exchange
Feb
26%
25
v
45%
25
100
Humphrey Mfg Co com..*
Mfrs Finance com
Feb
115%
11
*
Houston OiJ pref
7%
30
Jan
Members:
Feb
13
1
—
*
Jan
5
111
7%
111
96
203
22
22%
25%
Eastern Sugar Assoc com.l
Preferred
88
86
4%
Vml H.Davis &@o.
High
1,302
3%
24%
*
5%
Low
20%
4%
1st preferred vtc
Black & Decker com
Preferred..
Low
Listed and Unlisted
1936
1936
Shares
SECURITIES
CHICAGO
Since
1
3
19%
*
Bait Trans t Co com v t c_*
Consol G E L & Pow
High
Feb. 29
*
10
29%
33%
16%
9%
450
30
T
150
34
18%
10%
0
2,600
13,700
2
2%
7%
Mar
Jan
Feb
Canal Construct
conv
pf.
.
*
3%
3%
25
Jan
Castle & Co (A M) com..10
39
40
Jan
178
Feb
Cent Cold Storage com.20
16%
16%
Jan
143
Feb
61
70
Feb
Cent 111 Pub Serv pref—.*
Cent III Secur common...1
59
Jan
5
Jan
1%
Jan
38%
Jan
42%
Jan
50
4%
15
Jan
17
Feb
66
Feb
10
%
10
300
Mar
1,490
10%
57
Jan
1%
1%
1,600
%
1
Jan
2%
2%
3,400
1%
Jan
3%
Feb
62
90
2
49
Jan
68%
Feb
33
100
2
21
Jan
40
Feb
Jan
22%
Feb
Central S W—
Boston & Maine—
Common
.100
Preferred stamped.. .100
Prior preferred
.100
8%
7%
27%
8%
87
7%
29%
577
45
Cl A 1st pref stpd. .100
Cl B 1st pref stpd.. .100
10
268
11%
12 %H
148
C1 C 1st pref stpd.. .100
10%
11%
172
15
15
15%
15%
.
Cl D 1st pref.
.100
Boston Personal Prop Tr. *
*
Brown-Durrell com—_
9
4%
1%
12%
3%
5%
4%
8%
3M
Mar
10%
Jan
Common
1
Feb
Prior lien preferred
*
2%
58%
23
Jan
41
Feb
Preferred
*
31
8
Jan
14K
Feb
Jan
17
Jan
Jan
15
Feb
liK
8%
Jan
8K
10
5%
9%
Jan
18
Feb
30
8%
15%
Jan
1%
14%
3K
Feb
20
Central States Pr & Lt pf. *
Chain Belt Co com
*
Cherry-Burrell Corp com. *
Chicago Corp common
*
Calumet & Hecla
...,25
Cliff Mining
8%
4
9%
700
..25
Conn & Pass Riv pref
.
Copper Range
1
1
100
.100
109
109
2%
%
6
-25
7%
7%
1,146
5K
K
109
3
6K
Jan
Jan
7
Jan
16
49%
45
45
5%
/
50%
1,000
'
23
46
Chic & N W Ry com
Chicago Rivet & Mach cap*
Chicago Towel Co conv pf *
1
Mar
109
Mar
Jan
8
Feb
East Gas & Fuel Assn
*
7%
11%
Mar
.100
65%
70
514
37%
3%
41K
Jan
6% cum pref
Jan
83
.100
76
82%
319
53
60
Jan
84
Mar
Eastern Mass St Ry—
Common
.100
2
Jan
100
5%
32
Mar
4%
Jan
5%
Mar
44
Jan
52
3
23
Feb
25
Jan
250
7
33%
Jan
48
Feb
100
4
32%
103
Mar
45
20
46%
3%
50
Jan
1%
3
Jan
Feb
4%
25
Jan
4%
32%
58%
100
Jan
20%
30
50
103
1
105
Feb
Mar
Feb
27%
Mar
19%
2%
Mar
7%
Feb
550
9%
%
%
Jan
2
Mar
3%
Jan
1,100
30%
96%
Jan
110%
Jan
%
%
5%
Feb
Feb
Jan
1%
12%
Feb
%
2%
Jan
7%
Feb
36%
Mar
43%
Feb
Chic Yellow Cab Inc cap.*
Cities Service Co com
*
24
27%
4,550
5%
5%
20,500
Club Aluminum Uten Co. *
2
2%
Mar
4% % prior pref
1
5,450
50
Feb
Jan
40%
5
23
8
35
14
20
*
Preferred
Mar
Feb
1%
550
Chicago Electric Mfg A..*
9%
Mar
316
50
16
47%
Chic Flexible Shaft com-.6
4
2
Common.;
9%
549
2
Commonwealth Edison. 100
101% 105
Consumers Co—
2
10
%
75
4%
Feb
Common.
.
100
Eastern SS Lines com.
2d preferred
Edison Elec Ilium
.100
Rec for $50 pd on newshs
42%
11%
4%
Jan
185
1
8K
Feb
12
50
76c
3
Feb
4%
Jan
10%
.100
Adjustment
10%
4%
11%
260
4%
8%
Jan
14K
Feb
Common.
..*
40
42%
8,650
5
52
1st preferred
Preferred B
2%
42%
52
Mar
60
Jan
Preferred
100
106
107%
30
40
104
Feb
117%
Jan
155%
Jan
169
51,450
2
5
Jan
52K
Jan
1,350
5
Mar
7%
29%
Feb
10
32
120
Jan
131%
Mar
20
90
108
Jan
110
40
166
167%
64
140
*
24
25
*
39%
39%
Gilchrist Co
*
7%
16%
1%
Helvetia Oil Co
*
33
1
v
t c. ...1
Isle Royal Copper
Loew's Theatres
-.25
1%
-.25
10%
8
17%
1%
80
223
97%
485
18
2%
7%
%
150
20c
1%
10%
145
30c
125
4
22%
Jan
64%
27%
37
""~6%
215
1
33
52
260
General Capital
Hathaway Bakeries cl B._*
718
63%
Employers Group
Gillette Safety Razor.
15
IK
Jan
40%
5%
16%
1%
K
%
9%
Jan
8
Mar
Jan
Common...
Cord Corp cap stock
Mar
Crane Co common
Feb
Feb
Mar
%
700
100
7
100
4%
8%
4%
250
Preferred
5
25
100
Cudahy Packing pref- .100
Dayton Rubber Mfg com. *
Cum class A pref
Decker & Cohn—
35
Jan
Jan
Dexter Co (The) com
5
Econ Cunnghm Drug com *
Jan
11
Feb
Eddy Pap Corp (The) com*
Jan
Feb
Common.
8
26%
128% 128%
108% 108%
13
14
24%
24%
25%
Jan
Jan
2%
200
10%
Jan
14%
Mar
8%
2,400
19%
Jan
25%
Mar
4%
9%
Jan
9%
Mar
Jan
12%
16%
Jan
20
Mar
24
Mar
30
Jan
''
Feb
Jan
7
25%
*
19%
2%
1%
1%
Jan
Mar
1
30
...10
'
6%
11%
7%
510
%
12%
140
19%
20
3%
16%
25
2,250
1,130
4%
Jan
Elec Household Util cap.5
,100
10
11%
490
4%
100
30
32
175
8
3
225
Mass Utilities
v
Mergenthaler
Linotype. .*
t c
2%
40%
For footnotes see page 2133.
6% prior pref A
7% cum pref
%
5
Continental Steel—
Mar
15%
27%
16%
6
15%
Mar
18%
Jan
7%
Jan
18
Feb
Elgin Nat Watch Co... 15
33
34%
500
6%
27%
Jan
37%
Feb
18K
1%
Jan
45
Jan
FltzSims & Con D&D com*
19
250
8%
16%
Jan
21%
Feb
Feb
Gardner Denver Co com..*
45
230
9%
39
Jan
45%
Mar
38K
Jan
Feb
General Candy A
11%
19%
45%
11%
100
3
11%
Jan
14%
Mar
Maine Central—
Preferred
—
41%
209
1
20%
Jan
3%
51
5
3,300
Volume 142
Financial
July
Sales
1933 to
Range
of Prices
for
Feb.29
Jan.
Week
1936
Shares
Low
Stocks (Concluded)
Par Low
Gen Household Utll com.*
4
High
5%
11,650
34
36%
1,600
15%
22%
16
1,700
22%
250
29
30%
2,100
Godschaux Sugars Inc—
*
Class B
*
Goldblatt Bros Inc com..*
Great Lakes D & D com..*
Hall Printing Co
*
com
8%
12%
Since
1
Low
3
1%
Cincinnati Stock
1936
5%
Jan
Mar
Jan
8%
8%
22%
39%
17%
23%
12%
28%
Mar
3%
Jan
33
Ohio Listed and Unlisted Securities
Mar
Members Cleveland Stock
Feb
3%
6
Jan
210
4%
6%
9%
Jan
16
1,700
8%
Jan
12%
Mar
28%
1,900
25
10%
150
Jan
32%
12%
Mar
10
26%
8%
Jan
111 North Utll Co nref-.lOO
2%
3%
104
104
10
42%
Feb
109%
Houdaille-Hershey cl B_.*
Illinois Brick Co
Indep Pneum Tool
Iron Fireman
v
t c..*
67
Jefferson Elec Co
67
26%
28%
37
37
22%
Mfg vtc —*
23%
*
com
Jarvis (W B) Co cap.—
67
70
37 %
3,550
98
Ken-Rad T & Lamp com A*
Ky Utll jr cum pref
50
38
6% preferred
0%
7
100
11%
100
Keystone Stl & Wire com.*
89%
Kingsbury Brew Co cap.-l
3%
LaSalle Ext Univ com...5
68
Feb
33
Jan
39
Mar
18%
Feb
24
Mar
7-
>*
Common....——
115
14
Lion Oil Refining Co com
Loudon Packing com—
—5
Lynch Corp com
43
72%
81
Feb
90
7%
%
74
Jan
100
1,750
150
1,700
McCord Rad & Mfg A.
McGraw
35%
Jan
Mar
11%
Jan
9
Feb
Jan
9%
Mar
Jan
42%
Mar
5
Jan
6%
Jan
14%
7%
3,500
3
14%
Mar
7
7%
7%
Jan
400
Jan
8%
Feb
150
26
Jan
54%
Feb
0%
20%
7
20%
24
Jan
42%
27
Jan
33
55
400
150
9%
59
Mar
Jan
19
Mar
Jan
190
Mar
6%
8%
%
Jan
11%
62%
6%
2
Feb
Mar
Jan
8
Jan
Jan
22
Feb
18
Mickelberry's Food Prod
1
Common
2%
3%
1,250
%
2%
Middle West Corp cap...5
7%
8%
Stock purchase warrants
Midland United Co—
3%
4%
%
2%
%
270
%
3%
1,840
%
1
2%
4%
1,250
1%
2%
2%
1%
5
1,860
2%
100
2%
240
%
%
%
%
8%
49%
310
1%
48
Muskegon Motor Spec A.*
7%
50%
21%
50%
23%
1,050
Nachman Springfield com *
National Battery Co pref.*
12%
15%
3,400
29
29
Common.
——
Conv preferred A
Midland Util—
*
6% prior lien
7% prior lien
100
100
6% preferred A
100
100
7% preferred A
Miller & Hart conv pref..*
Modlne Mfg com
7%
*
Monroe Chein Co com—*
Preferred
*
Natl Gypsum cl A com..5
National Leather com.—10
58%
2%
National Rep Invest Trust
Cumul conv pref
*
National Standard com..*
8
63%
2%
7%
41
7%
42
Nat'l Union Radio com—1
1%
1%
Noblitt-Sparks Ind com..*
31%
32%
North Amer Car
*
com
Northwest Bancorp com..*
Northwest Eng Co com..*
4
6,550
1,800
8%
4%
10
6
%
1
17
1,050
100
100
10
Parker Pen Co com
*
com
Perfect Circle (The)
11%
Jan
Jan
55
Feb
Jan
10%
Jan
50
Jan
52
Jan
Jan
25%
Jan
11
Jan
15%
31%
Mar
Mar
65
Feb
38%
1%
Jan
10
Feb
Jan
42
Jan.
1936
Stocks—
Shares
Low
Par Low
High
Airway Elec AppI pref. 100
37
40
1
22
23%
*
13
14
792
180
Inc
Apex Electric Mfg
City Ice & Fuel.
Mar
3%
9%
15%
Mar
Since
1
1936
Low
High
116
14
25
Mar
40
5,038
17
19
Jan
24
Mar
Jan
11%
Mar
14%
Feb
12
15%
Jan
19%
Feb
63%
80
3%
.*
17
18%
...100
Preferred
80
80
Jan
80
5%
64%
6
169
1
5
Jan
68
1,922
15
54
Jan
6%
71%
Cleveland Builders Realty*
Cleve-Cliffs Iron pref
Cleve Elec 111 $4.50 pref..*
Cleveland Ry
108
2
108
55
100
66
66
25
100
Ctfs of deposit
65%
69
186
1
107%
35%
34%
910
Jan
Jan
Feb
107%
Mar
110
Feb
61%
59%
Jan
66
Mar
Jan
69
Feb
Cliffs Corp vtc
Elec Controller & Mfg
*
21
22%
20%
Jan
24%
Feb
*
59
59
80
14%
57
Jan
70
Jan
Federal
*
42%
14%
28%
42%
35
29%
41
Feb
55
Jan
28%
30
30
Knitting Mills
*
Goodyear lire & Rubber.*
Goodyear T & R cum 1st pf *
Greif Bros Cooperage A._*
Hanna (M A) $5 cum pref *
Harbauer
15
5
50
4
100
5
47%
47%
104% 104%
10
15%
12
12
Jan
28%
12
16
Mar
Jan
Mar
105
4%
18
Jan
26
Mar
34%
Jan
47
Mar
Jan
14
Mar
Jan
26
Feb
4%
12%
27%
Feb
Inter lake Steamship
*
47
47
137
Jaeger Machine.!...'
*
20
13%
14
125
i
10
Kelley Island LIm & Trans*
Lamson & Sessions
*
22
24%
3%
329
6%
22
54
2%
11
11
46
3
10
Jan
26%
26%
30
5
21%
Jan
15
Mar
47%
Jan
Mar
75
McKee (A G) class B
*
Medusa Portland Cement *
30
36
104
25
_t.
Mar
100%
25
Electric
Mar
4
_*
3%
15
28%
17%
12
120
6
Mar
3%
15
Mar
Jan
Jan
Mar
Miller Wholesale Drug
13
13
17%
Mar
*
12
3
12
Jan
15
Mar
Murray Ohio Mfg
*
20
21
585
2%
18%
Jan
26
National Refining
25
1,239
2%
Preferred
100
76
8%
76%
165
Tool
8%
8%
140
3
225
20
20
35
3
106
30
Jan
1
2%
5
55
40
*
50
National Tile
National
7%
7% cumul preferred .100
Nineteen Hundred Cp cl A*
I Jan
77
7%
Jan
12
2%
%
Mar
20
21
30
Feb
30%
10
29%
Jan
35
Jan
9%
Jan
15
Mar
Feb
27
Jan
30%
31%
30%
*
*
13
15
785
3%
Patterson-Sargent
*
10%
23
*
24%
64%
605
Richman
23%
61%
38
56%
Bros
1,122
Jan
4
135
1
2
18
148
3
8%
Jan
18
Feb
Jan
68
Jan
15
3%
Jan
Feb
Feb
Ohio Brass B
Seiberling Rubber.
*
8% cumul preferred. 100
S M A Corp
1
Mar
4%
20
Packer Corp
31%
Feb
Mar
8%
Feb
Feb
4%
25
Feb
17%
11%
14%
Jan
11%
10
1
10
Jan
12
Mar
.*
17
17%
206
7
17
Jan
W Res Inv Cp 6 % pr pf 100
18
Feb
81
81
5
20
70
Jan
83
Feb
Vlchek Tool
*
Weinberger Drug Inc
80
8%
Feb
19%
Mar
30
10
10
2
27
100
3
9
150
4
1%
35
6%
Jan
14
Feb
Feb
Jan
Jan
Jan
25%
Jan
20
Feb
Jan
40
Jan
10%
Jan
21%
1%
Mar
27%
3%
Feb
Mar
19
Feb
Feb
41
Watliivg, Lerchen & Hayes
Feb
Mar
Members
7%
1,510
2,150
6
17
100
21
37
%
Pines Winterfront com—5
2%
3%
Potter Co (The) com
Prima Co com
3
3
50
%
1%
*
5
5
900
1%
Process Corp com
*
2
2
250
200
13,950
Jan
Jan
35
38
2%
Jan
%
35
*
Jan
Jan
5%
32%
%
1
38
Co.
Mar
Jan
130
18%
Mar
3%
38%
7%
15
17
4%
Jan
14%
2%
Jan
Mar
3
22
Jan
Mar
6,600
1%
Feb
5
23
22
%
3%
2%
1%
2%
Peabody Coal cl B com..*
Penn Gas & Elec
Feb
2%
450
9%
7%
Jan
2,350
9%
Mar
Feb
4%
Oshkosh Overall Co com. .*
Feb
29
4%
10
10%
17
19
550
Mar
%
5
500
Feb
%
2
Northwest Utll—
7% preferred
7% Prior hen
Range
Feb. 29
Leland
4%
Jan
1
20%
3,750
2,350
Jan
Mar
%
7
150
260
200
7%
3%
12%
25%
11%
July 1
1933 to
for
Week
Foote-Burt
36
39
750
300
34
3%
1,100
40
17%
:
35%
2
570
100
7
%
'
59
17
Metropol Ind Co allot ctfs.
Mar
2%
7
2
59
Mer & Mfrs Sec cl A com.l
21%
28
Jan
37
32%
98
*
3%
200
40
Masonite Corp com
Jan
3%
Feb
330
37
Marshall Field common—*
2%
4
2
Mar
1,450
47%
Sales
of Prices
Allen Industries
%
50
Feb
3%
Jan
5%
32
com—5
Electric
McQuay-Norris Mfg com
1%
Exchange
Week's Range
Feb
300
595
inclusive, compiled from official sales lists
Jan
Jan
9%
47%
Mar. 27, both
to
Jan
Feb
42 %
5%
10%
7%
Cleveland Stock
Mar. 21
Mar
Mar
9%
42
10
54
Mar
10%
60
8%
S3 % preferred
6%
A. T. & T. CLEV.
Jan
34%
Lincoln Printing Co—
Lindsay Light com
Mar
Telephone CHerry 5050
Mar
37%
10%
1%
5%
25
21%
9%
Libby McNeil & Libby.-lO
70
Feb
5
100
2%
5
Cum preferred
Jan
32
17
Leath & Co—
Common
43
1%
40
Union Trust Building/ Cleveland
Feb
31
800
90%
3%
2%
Jan
Jan
370
11%
38%
83%
82
Jan
63
19
2,100
CILLI
Jan
26
18%
1,290
35
1
Feb
9
5,150
Kalamazoo Stove com.—*
Kellogg Swltchbd com..10
Preferred——
—100
Mar
3%
50
Katz Drug Co com
100
9%
9
50
450
Exchange
Jan
4,450
12
2141.
page
Mar
22%
10
9%
10
com.
Heilemen Brew Co G cap.l
Exchange—See
High
Jan
18%
•12%
29%
Harnischfeger Corp
2131
1
Week's Range
Class A
Chronicle
Jan
New York Stock
Exchange
Buhl
Jan
Exchange
Building
DETROIT
Telephone
-
Randolph 5630
Jan
2%
Mar
Jan
Jan
6
%
2%
2%
1%
Feb
2%
Feb
9%
54%
Jan
61%
Feb
Week's Range
Feb
of Prices
3%
3%
New York Curb (Associate)
Detroit Stock
Jan
Detroit Stock
Feb
Mar
Mar. 21
to
Mar. 27, both
Exchange
inclusive, compiled from official
sales lists
Public Service of Nor Ill-
*
Common
60
Common
57%
58%
57%
July
1
Sales
1933 to
Range
Jan.
Since
9
54
Jan
100
100
113% 115
30
28
103
Jan
61%
115
Mar
118
80
38
112%
Jan
123
Mar
*
131
132
190
106
130
Jan
140
Jan
——100
2%
144
111
2%
5.450
10
142
Jan
146
Feb
Auto City Brew com
Baldwin Rubber A
1
144
*
12%
14,522
Briggs Mfg com
Burroughs Add Mach
*
Jan
*
11%
60%
28%
Capital City Prod
*
21
21
100
4
26%
20%
■Feb
24%
19%
3%
20%
3%
7%
536
6%
19%
Mar
23%
Jan
935
%
2%
2%
5%
Jan
3%
Mar
Feb
7%
Mar
4%
1%
22%
Feb
2%
Jan
6% preferred
7% preferred
Quaker Oats Co—
119%
50
—
50c
v t c
3
1,400
2%
12%
6% preferred vtc
5
Reliance Mfg Co com..10
3%
2%
12%
200
2%
Jan
1%
Jan
12%
650
4%
3%
Mar
15%
%
Feb
Jan
Par Low
com
Consolidated Paper com. 10
Continental Motors com.*
St. Louis Nat'l Stkyds cap *
88
88
10
32
Sangamo Electric Co
*
Signode Steel Strap Co—
45%
55
2,510
4
*
12%
12%
30
29%
30
60
6%
com *
21%
28
400
3%
10
39%
1,600
%
3%
13%
31%
22%
8%
Common
Preferred
Sivyer Steel Castings
Sou'west G & E
Jan
79%
88
Mar
Jan
55
7% pfd 100
100
100
330
1%
'
Jan
14%
28
Jan
31
Feb
15%
Jan
28
Mar
8%
99
Mar
Crowley, Milner
*
4%
14%
Convertible preferred..*
4%
15
31%
16%
32%
3,700
Swift International
1,700
1%
19%
Swift & Co
25
22%
23%
2,300
11
Thompson (J R) com—25
10%
11%
350
4
%
*
7%
23%
Det & Clev Nav
Detroit Edison
com
com
com.
Util & Ind Corp..
Convertible pref
*
2%
1%
4%
-*
—*
103%
Jan
5%
18%
35%
Feb
Detroit Paper Prod com..*
Feb
Jan
Detroit Steel Prod
Jan
25
Jan
Ex-Cello-O Air
com
3
Jan
12%
Feb
Federal Mogul
com
*
Jan
Mar
*
5
Detroit Mich Stove com__l
Dolphin Paint B
3
2,100
4%
Shares
Low
1
62
360
«
29
418
1
*
600
%
1
Jan
2
Jan
General Motors
1,100
%
3%
Jan
5%
Jan
Goebel Brew
2%
11%
5%
9
2%
1,190
3
i
157
2%
Mar
com
10
1
com
55
20%
50
1%
15%
Jan
24
Feb
Common
*
19
Class A
*
37%
19%
850
37%
200
5%
500
5%
24
17%
33%
Jan
20%
38%
Feb
Feb
6%
Jan
Jan
Feb
-*
5
Walgreen Co common
*
Wieboldt Stores Inc com.*
32%
19%
Williams-Oil-O-Matic com*
11%
%
5
32%
500
15%
31
Mar
34%
Jan
19%
100
9%
19
Feb
Jan
Mar
22%
13%
Mar
Jan
8%
Jan
Wisconsin Bankshares com*
5%
Zenith Radio Corp com..*
17%
13%
5%
19
11
11
7,000
2%
10
2,800
1%
1%
11
4,150
5%
Jan
19%
Mar
13
Mar
Jan
6
Mar
9%
2%
%
23
165
18
595
4,680
22
Feb
Mar
22%
3%
1%
54%
6%
2%
5%
Jan
68
Mar
Jan
10%
Feb
Jan
4%
Feb
Jan
7%
1
13
*
28%
18%
22%
7%
*
1%
Mid West Abrasive
com,
Packard Motors
B. .1927
see
oage
2L33.
$1,000
14
11
Mar
11%
Feb
com
Parke-Davis & Co
50c
4
18
1%
4%
5
20%
*
11%
20%
12
*
44%
45%
1
3
480
2%
2
'
6
760
1%
790
3
239
Jan
15%
Feb
55
Mar
31%
19%
Mar
27
15
10%
%
11,623
2,903
Jan
11
44%
2,355
3,632
1,327
Jan
18
12
175
*
Mar
Jan
330
com
Mar
Jan
51
Michigan Sugar
Jan
4
9%
14%
6
10
25%
23%
7%
51
5%
17%
Jan
Jan
2%
14%
447
20
Jan
Feb
Mar
4%
3
*
1,052
7%
%
23
2%
2,783
11
Hoskins Mfg com
*
Feb
Jan
7%
McAleer Mfg com
Mich Steel Tube com
Jan
Feb
Feb
68
9%
22%
7%
4%
152%
Jan
9
63%
28%
17%
25
Feb
2%
21%
*
32%
Feb
2%
6%
B
Jan
Mar
%
7%
3%
Motor Wheel
Bonds—
128
Jan
Mar
63
2
21%
15%
i0%
Kresge (S S) com
10
Lakey Fdy & Mach com..1
Jan
3%
12%
225
Hall Lamp com
Houdaille-Hershey
53%
Jan
1,295
15,773
4,074
1,777
Hudson Motor Car
Wahl Co com
High
Mar
1,135
3,948
1,335
1,035
3%
*
Low
1%
11%
6
Hoover Steel Ball com..10
20%
1936
13
24
9
6%
6%
10%
1
1
23
*
160
225
23%
3%
146%
Feb
1%
4%
Vortex Cup Co—
ser
1936
Graham-Paige Mtrs com.l
*
Common
For footnotes
145
Feb
Viking Pump Co—
Chicago Rys 5s
3
Mar
Fed Motor Truck com
Utah Radio Product
10
100
com
Detroit Forging com
Detroit Gray Iron com
Standard Dredge—
Common
Feb. 29
Mar
Deisel-Wemm-Gil corn..10
35
High
for
Week
Stocks—
Common
Preferred
Raytheon Mfg
Common
57%
%
3*
22%
6
June
Jan
Mar
25
Jan
8%
Feb
Mar
Feb
Mar
3%
17%
Jan
6%
Feb
Mar
Jan
19%
1%
Feb
1316
4
Feb
Mar
5%
Jan
'
6%
15%
Jan
2%
6%
Jao
21%
12%
Feb
2
2
19%
Jan
50
Feb
44
Feb
Financial
2132
Jvly
Since
Pfelffer Brew
1933 to
Range
for
Week
Feb. 29
Low
High
Par Low
*
18%
com
5
7
495 11
RIckel, H W
2
*
6%
5%
5%
Jan. 1
1936
Jan
2H
5?*
High
18% Mar
8% Mar
7%
Feb
Jan
4?*
5?*
1
Jan
High
45*
3,000
90c
*
17%
18?*
500
Crystallte Products Corp.l
Equip._5
Exeter Oil Co A
.1
1?*
110
45*
%
18%
500
2%
14%
Preferred
1%
Mar
7
Jan
Jan
29
Feb
Emsco Derrick &
17?*
Feb
General Motors Corp—10
Mar
Gladding McBean & Co..*
Globe Grain & Mill Co-25
185*
12
Goodyear Tire & Rubber.*
28?*
*
22
23
1
95c
310
16
350
3
12?*
Jan
10
54
17?*
10
15%
*
Warner Air Corp
3
675
Jan
9
3.945
55c
2%
Jan
3?*
,si6
"j6
Jan
Jan
8,145
7,970
800
2
%
1?*
1
Jan
6%
17?*
11%
8%
*
B
Feb
5%
14,301
2%
15*
'
Universal Cooler A
103 H
15*
1%
10H
8%
8%
9%
1
com
106
106
100
Preferred
Tivoli Brew
Wolverine Brewing com__l
Wolverine Tube com
*
16 %
Wayne Screw Prod
io%
%
5*
Mar
Mar
15%
Jan
5%
Mar
Feb
15
Jan
19%
Feb
14%
Feb
20%
Feb
3?*
19?*
Feb
67 %c
Mar
54 %
Jan
67?*
19?*
Mar
Mar
155*
1,300
12?*
20c
22?*
45*
i
700
800
29?*
8c
22
8,200
67?*
400
64%
Jan
12
6?*
11%
8%
Jan
Jan
135*
Feb
28%
5
Jan
30?*
Feb
24
Jan
Mar
Hancock Oil A
1%
17%
Mar
Holly Development Co
Mar
10 %
10?*
3,034
10%
Jan
11%
Mar
15
4
106
19
52 %c 57 %c
.
Timken-Detroit com
"
1,000
Consolidated Steel corn..*
High
Low
Low
Shares
Par Low
14%.
4%
Stocks (Concluded)
Consolidated Oil Corp—*
25
28
28
10
com
16%
Since
1936
Range
Feb. 29
Low
2
2
3,099
2,689
8?*
6%
Scotten-Dillon
1933 to
for
1936
9,976
18?*
Reo Motor Car com
River Raisin Paper
Sales
of Prices
Jan. 1
Shares
Week's Range
1936
Week
Sales
of Prices
(Concluded)
1
July
1
Week's Range
Stocks
1936
March
Chronicle
3
Feb
com
Motor—1
Kinner Airpl &
72?*c
80c
He
111
Los Ang G & E 6% pref
100
Los Ang Industries Inc.-.2
Los Ang Investment Co.10
Jan
1.10
Mar
9c
Jan
16c
J
Feb
62 %c
8c
Jan
95c
Feb
Feb
29c
Mar
116?*
Jan
2%
Jan
4
Feb
5
Jan
6?*
10c
8C
73?*
3?*
6
4,400
111
%
200
35*
5%
Feb
Jan
46c
lc
220
14c
Lincoln Petroleum Corp.. 1
Established 1874
12c
111?*
12c
18 %
%
6
600
6,200
21,000
4,700
10,400
1.00
10c
Jade Oil Co
1?*
Feb
Jan
Mascot Oil Co
1
65c
65c
100
19c
65c
Feb
75c
Feb
Menasco Mfg Co
1
5?*
5?*
2,700
2?*
Jan
Mar
Mills Alloys
*
Mar
3
3
538
%
Jan
65c
70c
400
21c
32c
Jan
82?*c
5
1
17c
18c
15,400
6c
15c
Jan
19C
Occidental Pet Corp
25c
25c
200
18c
25c
Jan
43c
Feb
Oceanic Oil Co
Members
65*
4?*
Mt Diablo Oil Min & Dev 1
DeHaven & Townsend
2%
2%
1
35c
50c
Jan
85c
Feb
Inc A__
Nordon Corp
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
Pacific Clay Products
Mar. 21
to
compiled from official sales lists
Mar. 27, both inclusive,
300
115*
11?*
305*
31
300
19?*
19?*
100
51?*
61?*
100
*
±
6?*
July
Week's Range
Pacific Public Service
1
Range
1933 to
Since
-
...
1st preferred
235*
23?*
1 1936
1
5?*
5?*
*
American Stores
1936
Samson Corp B com
*
5c
5c
2?*
617
160?* 164?*
1,362
«
*
5?*
540
'
Bell Tel Co of Pa pref
IlOO
_
45*
123?*
122
315
13?*
45*
12?*
1,371
1,075
133
»
12?*
35*
Budd (E G) Mfg Co- ._.*
Rights
97?*
1%
109%
3
Jan
177?*
65*
125?*
Jan
Jan
Feb
20?*
27?*
37
Mar
14?*
Mar
25
5%% preferred
25
Sou Cos Gas 6% pref-.100
27%
27?*
26?*
100
32%
34?*
Standard Oil of Calif.—*
44%
46
Jan
19
Mar
22?*
Jan
Electric Storage BatterylOO
10
General Asphalt
49?*
315*
48?*
Mar
33
355
22?*
10
63?*
68
4,436
Mar
25
Orlg preferred
6% preferred
26%
.100
Jan
Universal Cons Oil Co...10
12?*
135*
Jan
Webber Showese & Fix pfd*
10
105*
Jan
Wellington Oil Co
-1
Western Air Express Corp 1
8
8?*
95*
1,500
10
2
83?*
105?*
Jan
6?*
Jan
Lehigh Valley
Pennsylvania RR
-50
*
Phila Insulated Wire
Phila Rapid Transit
—
11?*
859
8%
249
85*
Voting trust ctfs_„ —50
25*
Philadelphia Traction- -50
150
175*
25*
15?*
Phila & Rd Coal & Iron..*
i
Co.—1
Alaska Juneau Gold Min
Feb
Blk Mammoth Cons
Jan
Feb
130
Mar
Mar
2
Feb
10
M.lOc
Calumet Gold Mines..-10c
Cardinal Gold Mining Co.l
Tom Reed Gold Mines Co 1
Mar
116?*
Jan
Zenda Gold Mining
Jan
35?*
Feb
23
Mar
Jan
12?*
Mar
American Tel & Tel
Jan
16
Mar
Cities Service.-——-*
Jan
8?*
Mar
Cord Corp
Jan
3?*
Jan
Jan
175*
Mar
9?*
Feb
1
Scott Paper
23
255*
73
75
120
*
87?*
36
Tonopah-Belmont Devel .1
—-1
Tonopah Mining
%
62
88?*
33?*
...
1
l'l6
_—*
455*
United Gas Impt corn- III*
16?*
17
*
United Corp com
7?*
75
Mar
*117?*
71?*
29?*
Jan
122
Jan
*16
*16
Jan
%
5*
Jan
3%
i%
3?*
Feb
42
Preferred
Westmoreland Inn
*
Westmoreland Coal
♦
-
51
i
'
95
>
9?*
82?*
14?*
175
14?*
-.
65*
^4?*
150
8
8
90?*
38?*
Jan
'
2?*
5%
Feb
?*
4%
5%
Jan
105*
9?*
Mar
Feb
2
Jan
10?*
Feb
14%
Mar
17?*
300 »
15
13?*
63c
Jan
Feb
6c
4?*c
1.15
1.25
34c
34c
5,000
5,000
6,000
1,000
7c
j 8c
4,000
160?* 164?*
55*
5?*
226
22c
Jan
3c
57c
4c
3%c
Feb
1.00
Feb
34c
Jan
44c
Feb
6c
Jan
15c
Jan
1.00
25c
4?*c
-
7?*c Mar
1.40
Jan
Feb
157%
3%
Jan
1775*
Jan
75*
Feb
75*
75*
100
9
5
2
5%
Jan
75*
Mar
*
38?*
39?*
200
6
16
37%
Jan
41?*
100
'
15?*
36%
Jan
42
Jan
13
100
General Electric
i
98?*
%
500
40
40
*
11?*
11?*
Radio Com of America
*
13
13?*
1,100
2,000
Warner Bros Pictures
5
12
12?*
800
.*
Montgomery-Ward
7
2?*
Feb
Mar
Feb
»
4
11%
Feb
14?*
Jan
«
2?*
10
Jan
14?*
Feb
Mar
Mar
Feb
Jan
16
47?*
Mar
195*
ST. LOUIS MARKETS
Mar
75*
9?*
Feb
Feb
108?*
13?*
Jan
113
i
15
8
Established 1874
Enquiries Invited on all
Feb
Jan
Business
Feb
Jan
75*
CO. &
I. M. SIMON
Feb
Jan
Mid-Western and Southern
Securities
MEMBERS
(Associate)
of Trade
New York Curb
Chicago
Board
Exchange
St. Louis Stock Exchange
$
Bonds—
Elec & People tr ctfs
17
20
24?-*
4s.'45
Peoples Pass tr ctfs 4s_1943
24%
Jan
Tv>rVia..
Members
20
10?*
24?*
25
Jan
Telephone Central 3350
St. Louis Stock Exchange
CO.
Mar. 21 to Mar. 27,
/ Pittsburgh Stock Exchange
j New York Curb Exchange (Associate)
both inclusive, compiled from
PITTSBURGH, PA.
Pitb-391
BROADWAY, NEW YORK
UNION BANK BLDG.,
Tel
120
Week's Range
Par Low
48
Indemnity. 10
20
*
Stocks—
and Bonds
Specialists in Pittsburgh Listed and Unlisted Stocks
Dr Pepper com
*
—*
*
Elder Mfg "A"
100
Brown Shoe com
Pittsburgh Stock Exchange
unable to present our usual weekly
Pittsburgh Stock Exchange, as this market was
to conditions caused by floods.
Burkart Mfg com
tabulation for the
closed all week due
*
Common
Ely & Walker D G
Falstaff Brew com
Los
Mar. 21 to Mar. 27,
of Prices
com—25
1
Sales
1933 to
Feb.29
Jam.
1936
1
Par
Co—1
Bolsa Chica Oil A
10
B
10
Broadway Dept St pref.100
Buckeye Union Oil com__l
Preferred
1
Preferred vtc
1
California Packing Corp..*
Central Investment —100
Citizens Natl T»& S Bk—20
Claude Neon Elec Prod.-*
Stocks—
footnotes see
page
High
Low
4%
3%
8
7%
2
900
600
40
10c ,
19c
1%
2?*
Mar
Jan
3%
8%
3%
101
19c
1,000
14c
Jan
30c
Feb
8c
Jan
30c
Feb
33?*
Mar
34?*
Feb
Jan
27?*
Feb
8c
18c
18c
2,000
34?*
400
27
516
1
29
29
50
18
14?*
15
400
>
16?*
7?*
22
27?*
Mar
32?*
Jan
14?*
Jan
16?*
Feb
pref—100
Common
*
30
Common
10
Mar
13
135*
17?*
13?*
19?*
Mar
Mar
2?*
45*
Jan
7?*
Feb
25*
9?*
65*
Jan
Jan
3?*
11?*
Mar
Jan
10
7?*
1?*
53%
1
2
4
Jan
420
10c
50c
Jan
127
38
47?*
Jan
9
11?*
8%
Jan
50
110
15?*
,
85
5
4?*
39
39
12?*
Jan
Mar
17%
14%
40
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Jan
25
Jan
30?*
20
6
21
Feb
28
Mar
10
39
59?*
Mar
120
Feb
59?*
12
56
Feb
10?*
395
6
10
Jan
13?*
28
28
50
14
25
Jan
30
Mar
119
119
30
100
116
Jan
119
Mar
11?*
11?*
494
8?*
16
16
30
10
pref-100
114
114
25
90
*
9
9
65
Natl Oats com
Rice-Stix D G 1st
Mar
100
52
Natl Candy 1st
64
2
59?*
6c
Feb
Mar
3?*
McQuay-Norris com
*
Mo Portl Cement com..25
Natl Bearing Metals com.*
Feb
Feb
64
140
Jan
16c
64?*
20?*
201
Jan
Jan
Mar
235
28
Mar
77
8%
7%
1?*
28?*
Mar
42?*
5
3
27?*
30
Jan
U?*
25?*
Feb
Feb
75
39
Mar
27
Mar
6 J*
39
28?*
57%
17?*
11?*
48%
Jan
485*
30?*
13?*
15
High
Feb
13?*
1
0%
11?*
Low
39
6
135*
17?*
Common..20
25
Mar
32%
42
64
51?*
com...*
Light pref.100
1936
44
64
Landis Machine com
6c
265*
90
1
Since
400
61
42?*
Laclede Steel
3c
He
60
61
Jan
400
33?*
2133.
Jan
Jan
6
57?*
40
com..*
Laclede Gas
High
Low
98
42
27
7%
Johnson-S-S Shoe com—*
3%
1%
3,400
2?*
100?*
2%
100
Low
Shares
1,100
3
Key Boiler Equipt
Bandini Petroleum
29
11
International Shoe
1936
Low
3
*
Hydr Pressed Brick com 100
Since
Range
for
Shares
198
*
Common
Huttig S & D com.
Week
Week's Range
High
1
1936
110
Hussmann-Ligonier pref..*
official sales lists
1
July
Jan.
Feb. 29
48
Hamilton-Brown Shoe com
Angeles Stock Exchange
both inclusive, compiled from
Ranoe
for
28
American Inv "B"
"A"
are
Sales
29
Amer Credit
official sales lists
July 1
1933 to
Week
of Prices
A. T. & T. Tel.
Court-6800
St* Louis, Mo.
315 North Fourth St.,
Mar
Mar
10
9
108,000
2,000
H. S. EDWARDS &
For
Feb
2
54c
New York Stock
We
Jan
Mar
Mar
Mar
1?*
1?*
Mar
65*
43?*
20?*
3,377
109?* 111?*
Preferred
7%
Feb
28?*
135*
Jan
Feb
105
t
5,040
2
1,080
4,645
2,425 r
7?*
6?*
7?*
45?*
50
Union Traction
30?*
Jan
24?*
222
%
Jan
57
17?*
*
24
121
120
7% pref— .100
Series A
Tacony-Palmyra Bridge..*
Sun Oil Co
Feb
17?*
3
985
*
.
23%
1.20
27
150
Jan
11?*
Unlisted—
Packard Motor Car Co
Salt Dome Oil Corp
<
Mar
%
1?*
1,544
14?*
Feb
55*
39
3
'
Mining—
14%
25*
10?*
29?*
19?*
1?*
2,498
14?*
8?*
215*
2?*
8?*
2?*
90
50
22
9?*
12
Jan
Feb
112?*
33?*
1?*
439
Feb
315*
113?*
15*
42?*
29
22
-50
7% preferred
2
600
114?* 114?*
34
345*
-25
Phila Elec Pow pref
67
15*
15*
*
Phila Elec of Pa $5 pref
1,972
34
130
129
-2?*
4?*
1?*
17?*
«
Mar
9?*
%
'
2
8
120
71
30
Mar
Jan
Jan
3?*
5*
3,701
45*
32?*
-50
Penna Salt Mfg
Penn Traffic com
414
12
45*
Jan
107?*
11?*
14?*
8%
85*
5*
1?*
5
3,117
65*
55*
115*
Pennroad Corp vtc.
5
t
954
6?*
5
—*
Natl Power & Light
355
12
115*
50
.
Mitten Bk Sec Corp— ..25
25
Preferred
692
9?*
Feb
14?*
34
31?*
107
Feb
47
Jan
1,800
4,500
1,095
5,700
Mar
8?*
38?*
Jan
27
30%
30?*
Jan
26
15?*
Mar
12
Union Oil of California. .25
2
Mar
39%
Jan
162
107
Preferred
Lehigh Coal & Navigation*
'
26?*
108?*
Feb
24
131
13?*
139% 141
13%
*
Jan
Jan
26
106 %
28 %
4?*
Mar
12
68
14?*
Feb
Mar
Mar
12?*
120
Transamerlca Corp
27%
26?*
Mar
Southern Pacific Co
37
Mar
28?*
Jan
75
900
68
Feb
Jan
1,400
Jan
120?*
120
2
Jan
35
6,900
61?*
34%
Mar
Jan
54
Union Bank <fc Trust Co.50
Hard(Phila) com.*
Horn & Hard (N Y) com.*
Horn &
'
25 3^
15?*
30
86.
13?*
...
11%
10?*
1,000
108?*
26?*
'
,
*
Jan
Jan
1?*
400
'
225*
Jan
f
26
140
150
General Motors
1,000
2,900
195*
400
33?*
11?*
Feb
Feb
116
20?*
400
37
96?*
22
50c
3?*
Jan
Mar
Jan
65?*
26?*
21
1
Mar
54
*
19?*
619
1%
Feb
5?*
Feb
50c
i
67?*
Feb
Mar
60
Sou Calif-Edison Co--—25
Mar
95
615*
36c
1?*
26
Feb
7?*
23?*
Jan
Signal Oil & Gas A com
101
Jan
Jan
Jan
50 %
Mar
*
com—
5%
20%
2%
Feb
13
Mar
5
Curtis Pub Co
Jan
25
545*
Security-First Natl Bk-20
105?*
114 %
45
15?*
55*
Jan
11?*
Chrysler Corp
665*
V- 5*
Feb
55?*
107?*
635
50
48
*
Sec Co units of ben Int
Mar
Mar
Mar
31?*
215*
Jan
Feb
*
Budd Wheel Co
.
Jan
Jan
9?*
2?*
11?*
2
36
Mar
295*
1555*
4?*
119?*
32%
High
.
18%
1?*
1?*
20
American Tel & Tel— :ioo
Baldwin Locomotive
zs
160
114?* 114?*
Low
Republic Petroleum Co
Mar
7%
15
2?*
Low
6% preferred ann
10
S JL&P 7% pr pref-.100
Shares
315*
30%
Feb. 29
Jan.
22?*
11?*
19
2,100
for
High
Par LOW
Stocks—
1
200
Week
of Prices
Mar
Feb
8
185*
200
*
■
Sales
2
85
1065* 107
*
14
Jan
10%
29%
6?*
65*
10
Preferred
Jan
18%
2?*
5,600
pref25
Pacific Indemnity Co
10
Pacific Lighting Corp
*
Preferred C_
Pacific G & E 6% 1st
Philadelphia Stock Exchange
135*
22?*
100
Jan
50 %
13%
20?*
*
10
Pacific Finance Corp
27
72?*c 75 %c
Mar
6?*
9?*
13?*
Feb
Jan
114
Mar
9
Mar
Feb
14
Jan
17
Feb
117?*
10?*
Jan
Jan
Volume 142
Financial
July
July
Sales
1933 to
Range
of Prices
for
Feb. 29
Jan.
Week
(■Concluded)
1936
Shares
Low
Par Low
100
25
St. Louis Car pre!
High
25
St Louis Pub Serv com...*
15c
53
20
15c
Scruggs-V-B D G 1st pf 100
53
2d pref
100
Sculling Steel pref
40
*
Wagner Electric
Sales
1933 to
Range
of Prices
for
Feb. 29
Jan.
Week
1936
Low
Union Oil Co of Calif
25
26%
Mar
Union Sugar Co com
25
15
26%
14*
52
53
Mar
25
27
27
18*
12*
18*
12*
Fe1
40
5
40c
Feb
IX
40
Mar
265
7*
9*
Mar
32*
34*
989
6*
29 X
Jan
United Air Lines Trans
Feb
34 X
Jan
Universal Consol Oil
Wells-Fargo Bk A U T.100
Mar
9*
Mar
123
U5*
7% preferred
Mar
3X
127X
10X
13
United
Rvs 4s
32* 32*
107* 107*
1941
29
33
33*
33
__1934
ctfs..
18
J1.000
1,500
29 *
33
26 X
107X
95
Western Pipe A Steel Co. 10
Yellow Checker Cab A..60
22
28 X
Jan
27
Jan
34
325
Municipal and
PRIVATE
WIRES
Jan
Board
40
Oakland
Portland
Honolulu
York
New York
Taooma
Sacramento
Stockton
Fresno
28*
Mar
15*
Jan
20
Mar
7*
Jan
13*
Mar
3*
1.20
7*
290
Exchange—San
2*
Exchange.
Stock
San Francisco Curb
Inc.
Mar. 21
to
Exchange
Mar. 27, both inclusive, compiled from official sales lists
July
1
1933 to
Range
Jan.
1933 to
Range
for
Feb. 29
Jan.
1936
Shares
Low
Par Low
Alaska-Mexican
Since
1
Anglo-Calif Natl Bk S F.20
Assoc Insur Fund Inc
22
10
33%
Bank of California N A.100
Byron Jackson Co
188
*
Calamba Sugar com
20
Calaveras Cem Co com...*
7% preferred
Amer Tel A Tel
31
103
4%
Jar,
Jan
34
188
300
lc
9c
Feb
20c
Feb
1,050
2c
5c
Feb
24c
Feb
98*
157*
Jan
117*
Feb
64c
Feb
15%
Jan
25*
15*
23 %
Jan
32%
914
*
24
80
4
25
Jan
17
33
Mar
15
59
99*
Jan
15
55
Jan
"
1,906
95%
95
250
'
15%
36X
15%
36%
3S6
"»
*
102
6% 1st pflOO
1
Gons Aircraft Corp
Cons Chem Indus A
*
Crown Zelleroach
*
v t c
Preferred A
.*
Preferred B
*
Di Giorgio Fruit com--.10
v
$3 preferred.
100
Eldorado Oil Works
._*
Emporium Capwell Corp.*
Emsco Derrick A Equip..5
Engels Copper
19
*
IX
Fireman's Fd Indemnity 10
Fireman's Fd Insurance. 25
35
102
130
7*
135
93
26
2,593
Feb
10*
Mar
96*
Jan
Felt
96%
Jan
8%
Jan
47%
Mar
Jan
30%
Feo
Mar
16%
Feb
570
16
730
13
23%
1,720
5
14
2*
14%
1*
1*
Feb
20%
Feb
Mar
IX
Mar
32
Jan
36
Feb
99
Jan
112
Feb
6*
47 X
Mar
533
*
37%
3%
43%
Feb
Jan
4%
Jan
54%
33%
Jan
66%
Mar
Jan
38%
Mar
44
66 X
55
65
36*
9*
31*
»
1,411
22*
415
5
1,839
*
5X
Golden State Co Ltd
*
10
10
589
4
10
Hale Bros Stores Inc
*
16%
16*
10
8
14%
Hancock Oil Co
*
23
22
500
■
22*
22
Feb
48%
Jan
Jan
10%
Mar
11%
Jan
18
Feb
23%
Feb
Jan
Mar
Feb
14*
Hawaiian Pineapple
5
Home Fire A Mar Insur.FD
26%
26
26
Jan
27%
52
30
24*
54
Feb
30
1,170
10*
46 %
21X
Jan
30%
Jan
Feb
28
130
17*
27 X
Jan
31 %
30
9
1,555
3*
8*
Mar
10X
Mar
23
10
Jan
24%
Mar
Hunt Bros A
*
20
*
com
Hutchinson Sugar Plant.15
Island Pine Co Ltd com.20
28
10*
23
Leslie-Calif Salt Co...
*
7%
29%
Lockheed Aircraft
1
9%
Los Ang Gas A Eiec pref 100
Lyons-Magnus Inc A
1
*
B
*
Magnavox Co Ltd
2X
Magnln A Co(I) 6% pf.100
Marchant Cal Mach comlO
112
8
2%
2%
26*
820
7
778
29*
8X
111*
7
*
100
Jan
11X
111
Mar
116X
6
8
Mar
2%
150
2%
50:>
107 X 107 X
100
17%
42%
11*
1
17
1,260
B
*
Paauhau Sugar Sugar
Pacific-American Fish
Pacific Gas A Elec
15
*
com.
6% 1st preferred
5*% preferred
.25
preferred.
25
28
—*
Pacific P S non-vot com..*
Non-voting preferred._*
6% preferred
17%
36%
31
Pacific Tel A Tel com..l00
Puraffine Co's
17
25
Pacific Light'n Corp com.*
6%
84
17X
32%
29%
11%
100
8,032
84
17*
1
22
13
3
33*
11X
10
28
127
15*
31
Feb
37
29X
Jan
31 %
779
'
65
'2
10,264
3,143
50
*
55
585
16*
10
79*
15
Standard Oil Co of Calif—*
Thomas-Allec Corp A
*
Tide Water Ass'd Oil com*
6% preferred
Transamerica Corp
100
*
11
10
Feb
3%
Jan
7%
17 X
Jan
Jan
87
Feb
Jan
41
Feb
Mar
5
104
45*
15%
115
68
119
Jan
Jan
112
Feb
19
Feb
Jan
116
42
Jan
12*
23 %
Jan
6%
Jan
4
i
26*
40
Feb
Jan
42
t
24
Jan
200
1*
2%
Jan
1.066
7*
14%
Jan
70
43*
101
Jan
30,364
4%
12
Jan
57%
38%
9
Feb
Mar
Feb
Mar
47%
Feb
4X
Feb
19
106*
14%
Feb
Mar
Feb
22*
42*
75c
75c
1
98c
1.00
5
1.00
1.00
3,355
100
4.00
Mar
39*
Mar
17
23
Mar
19*
Mar
4*
5*
41*
10*
30c
2,200
*
*
"l
Mar
75c
Feb
3.90
Feb
3
10c
63c
Feb
95c
5c
15c
Jan
58c
Feb
17
9c
10c
Mar
12c
Mar
13c
Jan
35c
Feb
3c
'7
«
1
900
15%
30
50
13*
8
45
Mar
Mar
44o
Feb
21c
Jan
Jan
Jan
12*
Jan
14
2
Mar
14
6*
11
5
Feb
Feb
Mar
•
Jan
4*
6*
Feb
Mar
13*
Jan
18*
30*
11*
1*
1.65
Jan
27
4
1
1,267
2
6*
42*
10*
6*
16
551
200
5*
Jan
Jan
Jan
2*
2*
1*
2
Feb
2.65
18c
4%
Feb
36*
7*
2
2.00
17
30*
2%
15*
2.05
Feb
14*
Jan
9*
Feb
Jan
5*
Mar
6
3.00
Feb
Jan
*
5*
2
Jan
2*
Jan
500
9
Jan
13*
Mar
10
27*
32
Jan
37
Feb
4.90
140
35c
4.50
Mar
5.25
Jan
17*
120
3.05
17
Mar
19
Jan
35
11
33
Jan
36
Jan
12*
*
12*
27*
26*
27*
Jan
Feb
14*
28*
Feb
Feb
26*
Mar
26*
5*% pref
6% preferred
15
26*
27*
107* 107*
*
43
*
100
2,053
30
420
25
'
'7
2
5
44
5*
10*
14*
15*
75
89
11*
24*
25*
27*
107*
14*
Jan
Mar
28*
Jan
Mar
107*
Mar
Jan
37
52*
Feb
Mar
16*
100
12*
16*
Mar
16*
7*
130
1
1*
6*
Feb
8*
Feb
42c
100
Vica Company
16*
42c
450
16c
25c
Jan
55c
Feb
64*
*
«
7*
*
64*
100
'
27*
48*
Jan
65*
Feb
4.00
Waialua Agricult
Warner Brothers
Mar
35
".25
United Corp
1.15
4.90
*
United States Pete
United States Steel
Feb
17
*
So Counties Gas 6% pref
50c
Feb
Jan
120
13*
So Pac Golden Gate pre!
Standard Brands
Mar
Jan
570
37
Silver King Coalition..
82c
Mar
13*
2
Southern Cal Edison..
Feb
22c
'
13*
Shasta Water
Jan
50c
1.45
190
37
*
42*
1.60
655
*
Preferred
Mar
5c
12
Santa Cruz Port Cement.*
Schumacher Wallbr
Feb
22*
47c
13
7*
5*
.
67
Jan
41
2.00
290
13
"20
Richfield Oil pref
Riverside Cement A
2 05
4%
15*
30*
*
Mar
21*
10c
1,100
27c
Jan
11*
Mar
Mar
5*
41*
9*
11*
11*
13*
Jan
63
28
9,885
*
-.1
4.00
50
49*
11*
16*
8*
*
w
39*
Mar
31c
Pac Western Oil
,M,UV'
16
4.00
28c
Pacific Eastern Corp...
vm
Mar
52*
17
100
*
West Coast Life
Western Air Express
25*
300
*
Radio Corp
Radlo-Keith-Orpheum
Republic Pete
Mar
Jan
Jan
Jan
12c
*
Pioneer Mill
00
17
44
3.15
35c
Occidental Pete
1-1
3*
2.50
82c
Packard Motors
Pacific Clay Prods
Jan
Jan
Mar
1 00
12c
O' Connor-M of att
80c
Mar
9*
10*
75c
Menasco Mfg
87
Jan
Jan
35c
Montgomery Ward
Jan
Feb
4*
Mar
1
North Amer Aviation..
12*
81
6*
2
1.00
52c
1
Feb
Feb
1*
15*
4.50
3.30
*
7*
Jan
50c
46c
M JAM AM Oil
Jan
Jan
65c
1.40
3.05
..
Jan
Feb
Mar
25
10
Kinner Air A Motor.
Mar
4.50
85
3
9,956 '»25
1
Lincoln Petroleum
Jan
Mar
293
9
1.90
Jan
S16
16.80
5
1
Preferred
Klelber Motors
'2
5,075
2,000
1,805
9,440
5,221
International Cinema.. —1
Feb
Mar
14
2
200
3.80
6
8*
27*
85
Jan
2.50
23c
45
*
Italo Petroleum
Feb
80%
34%
,
Jan
Jan
113
5*
Mar
2
65
«
Feb
4%
67*
2,065
1,368
38%
*
3
135
46% 45*
2%
2*
18
18%
104% 103*
13%
13*
Feb
23%
48
215
8
7%
Jan
Jan
85*
8
Jan
Feb
38*
Spring Valley Water Co..*
Jan
Feb
80
945
Feb
107%
97 X
85X
»
100
53
Jan
56%
Jan
147
21
575
33*
28
Mar
130
38%
115
Feb
Jan
21
57%
34%
Feb
Jan
*
115
Mar
Jan
100
522
371
17?*
19*
65
22*
41*
1
Jan
40*
2
2,150
63
9
Mar
52
16*
t
100
18*
Idaho-Maryland
Mar
139%
79%
6%
113
Jan
17
119
5%
107% 107
17%
17*
Mar
Jan
99*
Rainier Pulp A Paper A..*
20
Jan
Jan
68*
'
48
2*
5*
103%
4%
18%
1*
146
**
26%
19
66*
6
5
Feb
18*
16*
3
100
33%
321|
14%
12*
48
100
Jan
40
2,057
23
20
Mar
1.35
22
Honokaa Sugar
Mar
5*
75c
100
Holly Develop
Holly Oil
Mar
7*
Fe'
39*
2
33*
1.00
39*
20
Jan
Jan
1.00
100
Hawaiian Sugar
Hobbs Battery B
Mar
63
2.00
20
250
20
26
827 2.
210 '
1.00
~20
13*
1,500
1,615
25*
52*
Preferred
2
7*
Mar
6*
1.00
Gladdlng-McBean
2
7*
Mar
Mar
24*
62*
General Metals
Great West El-Chem...
2
Jan
7*
Fei
6*
27*
•
5*
Jan
14*
6*
...5
*
Mar
2
*
Preferred
Mar
19%
12X
15%
*
Soundview Pulp Co
86
»
512
127
146
4
*
Southern Pacific Co
Jan
Jan
Mar
50*
106*
7X
6*
23% 22*
113
Jan
11
Pig'n Whistle pref
Ry Equip A Rlty com
*
Feb
13
1*
Phillips Petroleum
6% prior preferred ..100
47
936
85
S J L A Pow 7% pr pref 100
Mar
Jan
11
88%
Shell Union Oil com
18%
J*
Jan
Mar
Jan
*
com
Feb
Mar
29
50 X
Feb
3%
107 X
5
107
Jan
Jan
965
1,418
2,096
1,782
Jan
Feb
15X
6*
13
135
Feb
Jan
29*
16*
17*
35*
30*
4%
Jan
68 X
14
90
Jan
10
Jan
28
3*
1,141
32
1%
2%
104%
*
66
815
11*
10
7%
33
75
18%
100
Jan
7%
15
45
Occidental Insurance Co 10
Oliver United 1 liters A
*
25X
90c
Mar
110
Natomas Co
No Amer Jnv 6 pref
North Amer Oil Cons
6X
21
"
3,678
8
Natl Automotive Fibres..*
*
23
1*
10
20
2
'
20
3.00
84
Jan
52
Honolulu Oil Corp Ltd
Honolulu Plantation
2*
Jan
Jan
Mar
100
14*
82
*
2
'
10
1
*
2
17
37
5*
1
General Electric.
Mar
335
50
5%
Ewa Plantation.
Jan
3%
32%
1,438
109
92 X
2*
17
Jan
Jan
Fei
44
*
10
9%
103
27
3,355
69
♦
Dumbarton Bridge
Elec Bond A Share
7*
1.00
225
1.20
*
2
2.50
Curtiss-Wright
Feb
135
Galland Merc Laundry
*
40
3*
405
4%
B common
Jan
28
84*
6*
1.30
15*
10*
5*
13*
18*
4*
*
100
6*
1
Lights...
130
2
2,400
*
39c
3
1.75
250
5*
1
Cardinal Gold
220
•
84
83
20c
6,200
7*
27*
Crown-Will 2d pref
Jan
29%
23%
31%
«
5,763
2.50
59c
'
556
18
12*
7*
13*
33*
7*
Consolidated Oil
Feb
21*
22
.10
Calif Art Tile B
Claude Neon
Mar
Jan
312
4%
44%
37%
106%
161*
293
10
*
Jan
Mar
6
677
5*
7*
27*
83*
Cities Service
Feb
35
*
2
Feb
lb
99
43%
com
97
Jan
42*
10
Gen Paint Corp A com
Jan
101
1
"
14X
18*
7*
♦
Cal-Ore Pw 6% pref'27.
Calif Pac Trading pref.
Mar
87 *
2
5
3
Atlas Imp Diesel B
2
Jan
35
Food Mach Corp com
Foster A Klelser com
General Motors
74 X
*
Bunker Hill A Sull—
Feb
Mar
6*
66*
10
110
18*
1%
45
37 %
103
26*
445
101
21X
21*
31X 31
106% 105
9%
9%
95%
94%
95%
94%
7X
8X
47 X
45%
27% 27
15
15%
Crown Willamette pref...*
Mar
235
7*
Bendix Axle
Mar
2,38?
53c
17*
12*
Bancamerica-Blair
ieb
7
85
*
5
13*
31*
z
Mar
Jan
1
•
Baldwin Loco
Jaii
Feb
33
5
Cat Cos G A E
4%
30
160* 165
Aviation Corp
Mar
5%
High
13c
15c
Atlas Corp
Mar
Jan
Low
13c
Ark-Nat'1 Gas A
Feb
20X
630
71*
Jan
180%
40
74 X
17%
22%
1*
120*
3*
Claude Neon Flee Prods..*
Clorox Chemical Co
Jan
102
34%
*
17
Mar
1936
15c
100
Anglo Nat'l Corp
Argonaut, Mining
High
*
1,343
6%
40
California Packing Corp..*
Calif Water Serv pref..100
%
14%
7*
10
83
85
Calif Cotton Mills com.100
Chrysler Corp
22
7
100
Caterpillar Tractor
32%
188
24X
31%
13*
1,339
1,546
3,988
5
5%
Atlas Imp Diesel Eng A..5
1,562
Low
Since
5
Amer Toll Bridge
Low
High
1
..5
Alaska United Gold
1936
1936
'
1
Sales
Week
Stocks—
Feo. 29
Shares
11 '
of Prices
for
14%
21%
Exchange—Chicago
Week's Range
Sales
High
Mar
Direct Private Wire
Exchange
of Prices
15%
Feb
42*
(Asso.)
Exchange
Cotton
Week's Range
Par Low
34*
jan
STREET
Curb
Francisco
Mar. SI to Mar. 27, both inclusive, compiled from official sales
lists
Stocks—
Mar
Jar,
23*
FRANCISCO
July
Alask Juneau Gold MJn.10
325
Jan
26*
1
Board of Trade—New York Curb Exchange (Associate)
Coffee k Sugar Ex.
Commodity
Honolulu
Week
301
179
1,201
Members: New York Stock Exchange—San Francisco Stock
San Francisco Stock Exchange
I
Jan
York Curb Ex.
Seattle
Beverly Hills
Jan
{Since 1880)
New
Los Angeles
Mar
23
MONTGOMERY
of
Trade
Exchange
Stock
28*
16*
STRASSBURGER & CO.
Mar
Exchange
New
San Francisco
New York
Chicago
Chicago
Jan
Mar
San Francisco StockExchange
San Francisco Curb Exchange
Corporation Bond»
LEASED
Stock
22
20
•
32
Members
York
'
100
Jan
10
16
1,842
SAN
New
High
23*
4
100
325
32*
40*
133
Dean Witter & Co.
Low
11*
Jan
33 X
18
1936
Mar
37
Jan
6
10
Low
l
2,197
1,800
Since
1
Mar
32 X
107 X
Jan
Mar
13 *
18
5,000
4,000
2,000
Shares
High
Mar
15c
Bonds—
tScullln Steel 6s
tUnited Rys 4s
Par Low
25
Mar
9*
tCity A Suburb P S 5s 1934
Natl Bear'g Metals 6s_1947
(Concluded)
Mar
15c
7
45'
125*
Stocks
High
25
7
2
125
15
com
Week's Range
1936
5c
31
1
Since
1
4
120
40
1*
Southw Bell Tel pref
100
Stix, Baer A Fuller com..*
2133
1
Week's Range
Stocks
Chronicle
49*
12*
500
17
241
9*
VHOU
Ul
3.50
250
VIUCUU,
£/
3.50
Jan
6.25
42*
Jan
49*
Feb
2*
10
Jan
14*
Feb
4.20
15
15
Jan
20
5
Jan
29
1
2
2
AHA"I l&ULO,
C
JUUbCU,
/Flat,
Jan
9*
|
1U
Jan
Feb
UUlHUlb,
g Price adjusted because of stock
dividends, spllt-ups, Ac.
New stock,
f Low price not including cash or odd-lot sales
The National Securities
Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in
tables) are as follows:
1
12
New York Stock
22
Cincinnati Stock
Pittsburgh Stock
2
15
New York Curb
23
Cleveland Stock
Richmond Stock
>
14
New York Produce
24
Colorado Springs Stock
St. Louis Stock
4
"
New York Real Estate
23
Denver Stock
Salt Lake
r
.
City Stock
9
Baltimore Stock
16
Detroit Stock
26
«
San Francisco Stock
Boston Stock
"
San Francisco Curb
Buffalo Stock
'•
Los Angeles Stock
Los Angeles Curb
22
i
28
San Francisco Mining
Seattle Stock
•
California Stock
'•
Mlnneapolls-St. Paul
2®
*
Chicago Stock
24
New Orleans Stock
30
Spokane Stock
Chicago Board of Trade
Chicago Curb
21
Philadelphia Stock
«'
Washington (D.C.) Stock
'•
"
„
March
Financial Chronicle
2134
28
1936
Canadian Markets
LISTED
Provincial and
Bid
Province of Alberta—
86
1 1948
Jan
5s
5*8
88
Sept
98
99 *
5s
95 *
97
4s
Oct
1 1953
1 1962
-.June
Aug
June 15 1954
106
108
5s
Dec
2 1959
107
116* 117*
105* 106*
109* 110*
112* 113*
109
4s
Feb
1 1958
4*s
May
1 1961
May
1 1936
99* 100*
June
15 1943
99* 100*
100* 102*
5*s
4*8
Sept
15 1952
5s
Mar
1 1960
15 1946
1 1951
Nov
4*s
108 * 109*
Oct
*
4
.100
93
*
95
96*
115* 116*
Canadian
Wood,
9*
15*
12*
*
"~8*
Gundy
100
1st preferred
Bid
Abitibi P A Pap ctfs 5s '63
Alberta Pac Grain 6s„1946
/47
98*
Asbestos Corp of
100
Can 5s '42
Bid
47*
99*
-
«.
Int Pr & Pap of Nfld 5s '68
Lake St John Pr A Pap Co
1 1942
Feb
6*s
«
/46
92
115
115*
Brltlsh-Amer Oil Co 5s '45
102* 103*
Maple Leaf Milling 5 *s '49
/51*
Brit Col Power 5*8.-1960
105* 106*
103* 104*
Massey-Harrls Co 5s__1947
McColl Frontenac Oil 6s '49
89*
106* 107
Minn A Ont Paper 6s .1945
Montreal Island Pr 5 *s '57
25*
1 1960
Mar
6s
'73
Brit Columbia Tel 5s. 1960
95
Burns & Co 5 *s-3
*s. 1948
Calgary Power Co 5s_. 1960
26*
97
100* 101*
1941
Canada Bread 6s
82*
6*s
1939
value) 3s
108*
par
105* 106*
5s
Cana Canners Ltd 6s. 1950
105
Canadian Con Rubb 6s '46
New Brunswick Pr 5s. 1937
Can North Power 5s__1953
106* 107*
86
85*
103* 103*
Can Lt A Pow Co 5s__1949
101
Canadian Inter Pap 6s *49
Dominion Canners 6s. 1940
1949
Dominion Tar 6s
Donnaconna Paper
5 *s '48
Duke Price Power 6s..1966
East Kootenay Pow 7s 1942
1949
-
Northwestern Pow 6s. 1960
Certificates of deposit...
•
104* 105
89
90*
62
62*
62
62*
105* 106*
Ottawa Traction 5*8.1955
98*
99*
Ottawa Valley Pow 5 *s
80
81*
Power
'70
Corp of Can 4 *s '59
94*
95
5s
Dec
90*
-
-
-
;
-
98
86*
85*
102* 103*
111*
«.
—
Provincial Pap Ltd 5*s
81
105* 105*
96
1943
Certificates of deposit.
102* 103*
79*
11957
Price Bros A Co 6s
91
•
-
a.
•
-
104*
112
105
105*
104
104*
United Grain Grow 58.1948
98
99
98*
United Secure Ltd 5*s '52
84
85
Gt Lakes Pap Co 1st 6s '50
/51 *
Winnipeg Elec Co 5s. .1935
6s
Oct
2 1954
Smith H Pa Mills 5*s *53
104* 105*
stamped
1950
104*
98
52
82*
Internatl Milling
14*
24*
-*
83*
Duncanson, White & Co.
Sale
Par
Stocks-
Price
of Prices
High
1.85
5
100
6% preferred
Alberta Pacific Grain
*
Beatty Brothers
*
*
Beauharnois Power
Bell Telephone
100
2*
145*
2*1
144
official sales lists
1,010
160
96
96
5
_
7
*
3*
-
13
13*
80
10
3
...
30
Feb
7*
3*
1,307
3*
1
1
100
13
Jan
100
Preferred
15*
9*
Jan
85c
Mar
1.40
Jan
54
Jan
14*
Feb
2.25
Feb
17
JSD
22
Feb
65
Jan
69
Mar
Jan
20*
18*
Mar
18*
17*
Mar
2*
Mar
"iLBo
1.50
1.65
209
1.50
Feb
2.25
Jan
4*
4*
4*
20
3*
Mar
5*
Jan
6*
37*
6*
36*
7*
38*
16
16*
102* 103*
5,279
5*
Jan
7*
Jan
997
34*
Mar
16*
34*
150
15*
22*
♦
*
30
30
32
288
28*
Jan
5
5
20
4
Jan
5*
95
33
Jan
37*
37*
Jan
47*
Canada Packers
*
86
86
14,637
Jan
5
Mar
35
200
Jan
39
Mar
Jan
165
Mar
Jan
20
Mar
150
70
27*
146
18*
90
6*
295
6
Mar
130
Mar
135
Jan
10
Jan
79
Jan
95
Feb
3*
23*
Jan
16*
.J*
Feb
leb
60
7
25
91
5*
23*
93
6
15*
22*
29*
16
605
23
270
19
Jan
40
29
Jan
31
Mar
10
100
Jan
110
Mar
110
«
-
110
106
105
Y
Feb
Mar
27
j an
85
Jan
97
Mar
11*
Jan
18*
Feb
24
8
7*
64*
27
6*
8
Feb
74
Feb
80
Feb
10
90
6*
76
62*
56*
27
62*
110
29*
7*
-
136
7,575
5*
25
626
250
27
64*
Jan
49*
110
9*
Jan
67
57*
29
Jan
Feb
Feb
Jan
6*
57*
Mar
29
Mar
Mar
Feb
Mar
11
Jan
40
102
Jan
106
Mar
11*
3*
29*
3,480
9
Jan
12*
Feb
Jan
28
4*
34*
Feb
3,426
18*
1,589
17*
Jan
19
Feb
6*
*
6*
50
6*
Mar
10
Jan
51*
13*
51*
14*
47
51*
Mar
65
45
13*
Mar
17*
470
109*
Jan
110
Mar
103
101
Mar
102
Mar
10
69
Feb
69
Mar
8*
"ioo
*
10*
10*
3*
~LL* "28*
28*
18*
com
*
18*
*
"ioo ""si
*
*
13*
Lioo
.100
111*
101*
111* 111*
101* 101*
69
100
25
8*
106
885
•
69
8*
2*
Mar
Jan
j an
Jan
Canada
57
50
157
Commerce
58
Mar
64
149
Jan
170
Feb
253
190
Jan
222*
58
40
158*
2io"
207* 210
Jan
51*
Feb
Imperial
100
208
208
210
74
200
Jan
221
Feb
100
188
188
191
125
190
Mar
213
Feb
279
284
40
.100
175
173
178
64
164
Jan
182
Feb
230*
230
230*
33
225
Jan
235
Mar
155
155
155
...
100
Toronto
175
4*
Mar
6
Mar
Loan
and
5
90
Jan
95
Mar
38
Mar
44
.100
100
-
7
431
6
Jan
8
Feb
267
58
Jan
75
Feb
Mar
24
20
82*
Jan
93
Feb
-
46
»
Jan
137*
Feb
160
90
-.50
82
Mar
88
Jan
17
197
Mar
201
Feb
90
«
198
90
10
90
Mar
95
Feb
115
-
63
197
-
.100
Toronto Stock
Mar. 21 to Mar. 27, both
115
1
90
Mar
95
Feb
82
83*
Exchange—Curb Section
inclusive, compiled from official sales lists
•
Mar
Feb
Sales
Friday
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Price
Brewing Corp
*
3
Preferred
*
17
Silk
*
Brack
*
No par value,
Range Since Jan. 1 1936
Week
Jan
23*
300
Trust—
Feb
120
25
Jan
271
Jan
70
88
3
135
57
Mar
24
10
6*
-
*
Jan
46
24
Jan
5
130
Feb
24
105
76
76
W
..
,
Feb
Jan
93
Lioo
pref
Mar
Jan
4*
23*
Lioo "iio"
*
17*
12*
97
2,474
90
*
Simpsons Ltd B
40
Feb
Feb
7
...........
*
Russell Motors pref
4
42
5
Power Corp.
Pressed Metals
Jan
125
*
Riverside Silk A
857
9
1,070
Mar
BC Power A
24*
32*
*
Feb
47
Lioo
Jan
Jan
Northern Power
Feb
Feb
44*
3*
220
5
Toronto Mortgage
16*
Can
105*
103*
Jan
90
Feb
1,700
6*
Feb
Mar
37,940
62
Mar
7*
6*
•
3*
1.10
6*
14*
Mar
3*
Toronto General trusts .100
24*
70
Mar
7
36
—1
Jan
95e
..100
13*
55
8*
Pantepee Oil
Photo Engravers
Page-Hersey
5
23*
Preferred
Feb
1,353
8*
100
Ontario Equitable
Jan
3*
24
Canada Cement
15*
15
National Grocers
National Trust
1
Mar
150
6
Jan
38
12*
7
18
Feb
38
60
15,478
6
150
90*
Mar
13*
18
Jan
*
"38"
Feb
1
50
*
Mar
*
60
*
4
14
12*
13*
m
2*
Brewers A Distillers
100
8*
Jan
2*
Feb
British American Oil
1st preferred
Jan
Jan
Feb
6*
80
Jan
100
141*
30
B preferred
350
40o
•
222
31*
"4*
Jan
Feb
Jan
650
*
207
Jan
4*
Mar
13
Nat Sewer Pipe A
Canada Permanent
Feb
*
Mar
5*
3*
.*
Monarch Knitting
Moore Corp com
Jan
27
Canada Bread
72*
59
1.50
100
Preferred
2*
145*
35*
43*
4*
90*
Jan
Mar
Feb
47
19*
17*
Lioo
Preferred
Jan
30
34*
Feb
8*
*
McColl-Frontenac
6
20
*
25
100
1.35
Lioo
Preferred
Massey-Harrls com
15
174
Burt (F N)
Mar
96°
55
18
Jan
30
Building Products A
Feb
3
19*
Jan
30
*
8
16*
28*
Jan
19*
6*
30
B_
Jan
1
17*
Huron A Erie
13*
Jan
2*
30
104* 104*
*
3
11*
12*
30
11*
Jan
24*
Mar
7
7
Feb
13*
"
4
6*
—
....
Maple Leaf Gardens preflO
•
Maple Leaf Mill
Jan
pref.50
95c
Feb
65
19*
Jan
Brantford Cord 1st pref.25
..*
Jan
4*
1*
25*
68
1.25
320
12
10
1*
25*
Nova Scotia
High
Low
4
Brazilian
17*
Feb
Montreal
4
Blue Ribbon 6*%
8
Banks—
*
Blue Ribbon com
Jan
64*
Preferred
Week
5*
12*
12*
7
18*
Westons (Geo) com...
Range Since Jan. 1 1936
Shares
10
1,510
3,997
14*
25*
53*
Dominion
for
2.00
9
14
24*
67
Royal
Abitibi
Jan
Jan
14*
8*
1,580
9*
—I*
Preferred
Sales
Low
8*
...*
Zimmerknit
Week's Range
Jan
34*
4*
190
16
Mar
22*
Mar
25
125
New preferred
Last
1,125
Lake of the Woods
Western Canada Flour
Toronto Stock Exchange
6*
Laura Secord
Walkers (Hiram) com.
Preferred
WA. 3401-8
2,950
197
•
Kelvlnator
United Steel
New York Curb (Associate)
27*
Mar
200
Jan
13
Union Gas
Canadian Commodity Exchange, Inc.
26*
5*
15*
292
Jan
17*
1.35
Preferred
STOCK BROKERS
307
Jan
189
51
20
Jan
200*
818
200
56
48
TlpTop Tailors
Members Toronto Stock Exchange
Friday
Mar
71*
Preferred
Mar. 27, both inclusive, compiled from
18*
4
B
Standard Steel pref
to
Mar
16
54
70
Steel of Canada...... LLL*
Mar. 21
«
pref. .100
Simpsons Ltd pref
King Street West, Toronto.
195
6
7
com..
Standard Chemical
15
Feb
17*
Jan
Porto Rico pref
104* 105*
100* 101*
68
Jan
Mar
Internatl Utilities A..
—
101*
General Steelwares 6s. 1952
Gatlneau Power 5s... 1956
7*
101
...6
A
-
115* 116*
Southern Can Pow 5s. 1955
326
Feb
Imperial Tobacco pref -£1
-
115* 116*
Steel of Canada Ltd 6s '40
8*
80
'
100*
'47
Quebec Power 5s
1968
Shawinigan W A P 4*s '67
Simpsons Ltd 6s
1949
Feb
8
3*
8*
15
*
B
104*
104
15*
Jan
101
Loblaw Groc A
51
105*
Ottawa Lt Ht A Pr 5s. 1957
_
Fraser Co 6s
6s *48
unstpd__1950
Montreal Tramway 5s 1941
50*
Nova Scotia LAP 58.1958
^
_
Fam Play Can Corp
Eastern Dairies 6s
103* 104*
109
'53
Consol Pap Corp 5 *s. 1961
1940
90*
104* 105*
34
33*
105
Mar
Jan
2*
101
Thea.25
United
Internatl Nickel
53
92*
91*
Cedar Rapids M & P 5s
Dom Gas A Elec 6*8.1945
86*
82
113* L14, J;
35*
/34*
Canadian Vickers Co 6s '47
Dominion Coal 5s
-
1 1951
Oct
126*
10*
50
123
67
101
*
Imperial Tobacco
Montreal L H A P ($50
Canada Cement Co 5 *s '47
-
81
Jan
5,258
126
69*
_
Hinde ADauch
48
Bell Tel Co of Can 58.1955
Beauharnois Pr.Corp 5s
81*
Jan
Feb
*
Harding Carpets
/90
85*
Feb
1 1947
MacLaren-Que Pr 5*s '61
Manitoba Power 5*8.1951
BeauharnoisLHAP 5*s '73
18
11*
"ioo
...
Hamilton
Jan
*
Gypsum
Ask
103 *
Jan
Mar
14*
30
4
13
*
Preferred
Feb
11
Jan
Mar
.
Great West Saddlery. J
Utility Bonds
Ask
12*
Mar
1*
150
Goodyear Tire
.
Mar
10
♦
com
Feb
165
25
.
Preferred
Industrial and Public
37*
Mar
10
Ford A
Gen Steel Wares
Feb
17*
48
10
9*
•
Fanny Farmer—
Private wires to Toronto and Montreal
8
Feb
10
Lioo
Frost Steel A Wire
Jan
Feb
Jan
Mar
280
Dominion Stores
Inc.
Mar
8
19*
Eastern Steel Products
V
New York
Mar
9
197
Preferred
6*
14
8*
20
275
16
Mar
126
200
*
6
Jan
5*
94
9,365
275
Preferred
Jan
3*
15*
.100
6
Mar
10*
9*
Consolidated Smelters —25
Dominion Steel A Coal B 25
4
Jan
17
26*
12*
150
17
»
Feb
75
♦
Distillers-Seagrams
Feb
Mar
88*
5
47*
15
27
9
806
165
Feb
Jan
20*
45
7
15
3*
Jan
8
166
6*
Feb
2*
13*
3*
12*
3*
Cosmos Imperial
r
9*
3*
125
125
—25
Consumers Gas
p
6
9
.100
Consolidated Bakeries
Bonds
14 Wall St.
186
160
165
*
Cockshutt Plow
430
15
......
Canadian Wineries—
4
93
46
•
Preferred
303
6*
Canadian Ind Alcohol A..'
Canadian Oil
12
■
46
Cndn General Electric LLBo
Canadian Pacific
55
"
—
♦
B
478
4
*
Canadian Locomotive-
11*
27
90*
6*
..25
Preferred
Canadian Dredge
10*
12
10*
*
Canadian Car
54
26*
Canada Steamships pf Li ou
1st preferred
2*
High
Low
Shares
High
2*
.
Canadian Canners
Range Since Jan. 1 1936
for
Week
of Prices
Low
Price
*
Canada Steamships.
Conv preferred
5s
Province of Nova Scotia—
Par
Stocks (Concluded)
B
114
4*s
111 H
108* 109 *
110
Sales
Week's Range
Sale
Canada Wire A Cable A..*
113
Prov of Saskatchewan—
100* 101
June 15 1936
Apr
15 1960
Apr 15 1961
117*
109* 110*
Prov of New Brunswick—
Last
103 * 103*
111 * 112*
116*
Exchange
Friday
Ask
Jan
15 1965
Province of Quebec—■
4*s
Mar
2 1950
103 * 105
1 1941
4*s_.
5s
4*s
15 1943
May
1 1959
4*s
Province of Manitoba—
4*8
4*s
1 1942
Oct
6s
12 1949
July
3 1937
Jan
5s
86
84
4*s
Toronto Stock
Bid
Province of Ontario—
Prov of British
53
UNLISTED
Municipal Issues
Ask
Oct
1 1956
Columbia—
4*s
AND
f Flat price.
3
3*
Shares
1,405
High
Low
2*
16
17
622
13
13*
14*
110
13*
Jan
Jan
Mar
4*
18
16*
Feb
Feb
Mar
Volume 142
Financial
Chronicle
2135
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Toronto Stock
Sales
Last
Week's Range
Sale
Stocks (Concluded)
Canada Bud
Canada
*
..
Malting,...
Low
7
*
*
Canada Vinegars
Canadian Wire Box A
32j>/s
32H
33 H
277
22
80
80
...»
Murphy Mines
10 %
Week's Range
Week
Price
Par
Low
High
6,000
2o
Jan
4o
2,037
8,928
8,000
4,050
2.45
Jan
3.05
44 H
Jan
28Ho
Jan
Newbec Mines
Jan
Nlplssing
5
2.55
2.47
Feb
Noranda
*
50 %
Northern Canada Mining »
O'Brien Gold
1
37c
49 X
37c
Olga Oil & GasNew.._..»
Omega Gold
1
mo
56c
56c
60c
3.90
4.00
5
80
Mar
90
Jan
305
2
Jan
7
Mar
5
40
75
635
Jan
68
Mar
Feb
11H
Mar
Jan
8H
40 H
Feb
7H
High
3c
Feb
23
Low
2.60
3c
35
Jan
Shares
2%c
2Hc
27%
21
Range Since Jan. 1 1936
2%o
2Hc
...
Mar
60
J
'
for
of Prices
Mar
10 x
38
61
(Concluded)
Feb
8H
6 X
61
5H
"I ok"
*
Stocks
High
Mar
6H
31H
20 H
285
21H
5X
100
Preferred
Low
515
21H
*
Dominion Bridge
Dom Tar & Chemical
7
Sales
Last
Sale
Shares
20
Corrugated Box pref.__100
Dlsher Steel Preferred
Range Since Jan. 1 1936
Week
High
6%
*
DeHavlland Aircraft
for
of Prices
Price
Par
Exchange—Mining Section
Friday
35c
50
38c
35c
40c
96,200
%o
Jan
34o
Feb
4%c
FeD
Jan
61
Mar
420
Feb
!
Jan
80o
Jan
8%c Mar
8Hc 14Hc 175,770
14Hc
Mar
79c
Feb
40c
Mar
3.50
Mar
4.85
Jan
Feb
74c
68c
77c
56
Jan
78
Feb
Perron Gold
...1
1.25
1.25
1.34
19
20
10H
Mar
23
Feb
Peterson-Cobalt:.
1
2%c
2Hc
3Hc
Jan
4H0
Feb
Feb
Pickle Crow
2Ho
12H
1
5.55
5.05
5.55
72,153
3.95
Mar
5 55
Mar
1
10K
10H
6,715
9.60
Jan
12.00
Jan
Premier Gold
1
2.37
2.22
10 H
2.01
Jan
2.48
Mar
*
25c
28c
15,025
25,900
1.80
Prospectors Airways..
Preston (new)
2,50
Mar
3.25
Jan
2.55
2.60
375
23c
Mar
28c
Mar
92c
95c
90c
Mar
1.34
Jan
1.44
Jan
2.15
Mar
1.00
Mar
1.20
Mar
36 M
6,
6
_
72 X
*
B
4
10
19,113
7,930
135,435
14,175
41,000
Pioneer Gold
English Electric A
125
Pamour-Porcuplne
.*
Paymaster Consolidated.. 1
4.00
6H
72 H
19
*
100
Preferred
72 H
38
*
Hamilton Bridge
8H
...»
*
Honey Dew pref
Howard Smith
8H
4H
7
8
105
11 %
UK
32
32
»
"22%
22 %
23 H
Int Metal Indust
*
5
5H
260
*
Preferred
..100
5
13H
1.30
45
6,983
84
Mar
1.98
1.90
2.10
Jan
42
Jan
Reno Gold
1
1.10
1.05
1.10
39%
Feb
Read Lake-Gold Shore
9,050
Jan
*
92c
90c
94c
Jan
13X
Mar
Feb
Royallte Oil
6Ho
Mar
34 X
61,000
12,900
50o
Jan
Mar
9X0
Feb
665
29%
Jan
San Antonio...
Feb
48,371
3,300
22,584
2.15
Mar
39 X
3.45
560
Jan
72o
Jan
1.00
Jan
1.33
Feb
11,945
34,120
57,260
11,900
2.87
Jan
3.40
Jan
3Ho
Mar
9
31H
15H
Jan
Roche-Long Lao...
80
17X
IX
Mar
Sheep Creek
Jan
4
Mar
..1
Sherrl tt-Gordon
Mar
90
Feb
6%c
6c
*
Feb
Jan
1
3.15
15
Jan
34 %
34 H
35
2.73
1
*
Rogers-Majestic
*
Shawlnigan
2
*
Superstlk pref
100
Supertest Pete ord—....»
*
Common
Tamblyns (G).
1H
Jan
2H
Mar
115
4H
Mar
Jan
22 %
679
19H
Jan
6X
23%
Mar
3.00
Mar
70
10
69
Feb
72
Mar
33 H
34
Standard Paving
50
4H
70
...»
35
90
30
Jan
38
Feb
38 H
Preferred
100
Toronto Elevators
113
*
35H
Toronto Elevators pref-100
113
United Fuel prof—...100
Walkerville Brew
*
24
Waterloo Mfg A
2X
45
1.15
Jan
34
10
38 H
95
32
Jan
4
111
Feb
25
34
Jan
15
112
Mar
185
23
Mar
113
35H
114
26 H
2H
IX
*
Toronto Stock
Mar. 21
2
4H
21H
2H
4H
3H
32
10.10
2
.
280
Jan
34
2.33
2.15
68c
70c
1~07
1.05
1.15
.......J
Slscoe Gold
3.07
3.05
3.20
4Hc
Par
Week's Range
for
Sale
Stocks—
of Prices
Price
Low
*
Algoma Mining
Anglo-Huronlan
High
28o
Jan
13,255
4.30
Mar
5.40
Jan
1.63
Jan
119
Jan
Toburn Gold
4.60
Feb
1,410
1.20
Jan
29
Feb
1.50
Towagamac
Feb
High
Feb
70c
5,700
50o
70c
lHc
Jan
3Xo
3Hc
Jan
lOHc
4.60
279
4.10
Jan
4.95
Feb
76c.
70c
Feb
97c
12c
Mar
25c
Feb
2%o
Jan
Feb
5Ho
Jan
6H0
llHc
4Hc
7c
9c
69,200
3Hc
3%c
36,300
21c 23 He
28c
33c
1.35
1.47
Feb
3 Ho
21o
Mar
7o
Jan
Feb
40o
Jan
28c
Mar
50c
1.30
Mar
1.84
Feb
6O0
Mar
76c
Jan
16c
27,489
15c
Mar
23c
Jan
7,196
25Hc 154,200
5.55
Jan
7.55
Mar
60c
17c
15c
9c
Jan
25Hc
Mar
4.75
4.70
4,511
3.80
Jan
6.50
Feb
8Hc
8c
9X0 215,050
9Hc 13Hc
79,680
2o
Jan
9Mc
Mar
6c
Jan
18c
Feb
1.30
1.09
5.05
1.35
6,985
11c
10c
12c
1.11
1.06
1.14
1.30
1
1.28
1.36
7,510
11,937
3,400
22,445
36,990
Castle Trethewey
1
1.35
1.33
1.40
Central-Patricia
1
2.89
2.75
2.96
1.07
1.01
1.15
43c
49c
3Hc
3Hc
4Hc
2,225
67,600
44,425
2.30
11,055
45 H
1,204
Chemical Research
Chlbougamau Pros
Clerlcy Consolidated
.
_
*
Coniaurum
2.25
»
Dome Mines
Dominion Explorers— —1
2.15
44
44
4Hc
------
5c
2,500
73c
Jan
1.39
Feb
5c
Jan
14c
Feb
95Ho
Mar
1.40
Feb
1.15
Jan
1.60
Mar
1.24
Jan
1.69
Jan
2.41
Mar
3.44
Jan
90c
Jan
1.60
19H0
Jan
63 He
Feb
3c
Jan
5c
Mar
2.64
Feb
1.80
42
Jan
Jan
4HC
Jan
52
Feb
Jan
7c
Feb
..1
1.10
1.10
1.15
11,492
1.05
Mat
1.38
Mar
*
Eldorado
8.80
8.80
9.25
6,271
6.90
Jan
9.50
4Hc
4Hc
5Hc
34,700
5Hc 128,900
3c
Jan
10c
5Hc
5c
88c
83c
God's Lake
*
Goldale
1
Goodfish Mining......
1
Graham-Bousquet
5c
Jan
110
93c
129,983
80c
Mar
1.45
19c 20 He
15c
17c
20 He
15c
20,800
37,300
2,350
17,815
14Hc
Jan
28c
17Hc 20 He 209,800
3Hc
3Hc
18,600
15HC
Feb
Mar
3Hc
6Hc
7c
7.70
7.70
.
.
Ymlr Yankee Girl
6c
8.00
*
44c 45Hc
Jan
26Hc
Feb
20H0
30
Jan
30
Jan
5H0
9Ho
7.55
Mar
9.00
Feb
38c
Mar
71c
Jan
Feb
to
Exchange—Mining Curb Section
Mar. 27, both
inclusive, compiled from official sales lists
Friday
Last
Stocks—
Par
Aldermac Mines
Sales
Week's Range
of Prices
Low
High
Sale
Price
10Hc
....
10Hc 12Hc
2X0
3Hc
B rett-Trethewey
...1
2%c
Central Manitoba
...1
17c
17c
..1
6Hc
6Ho
7Hc
1
2c
2c
2 He
Churchill Mining
Cobalt Contact...
21c
for
Range Since Jan. 1 1936
Week
Shares
Low
80,000
7,500
30,000
8,700
7o
Jan
116c
High
Feb
2o
Jan
4Ho
11 He
3 Ho
Jan
25o
Feb
Jan
8Hc
Mar
8Xo
Mar
Jan
Jan
•
51c
65c
13,300
11,350
lHo
Dalhousle Oil...
40o
Jan
78c
East Crest Oil
Feb
*
8Hc
11c
5,970
6Ho
Jan
13Ho
Feb
Foothills Oil
*
Home Oil
•
Hudson Bay
Kirkland Townsite
»
1
Lake Mar on
»
50c
59c
1,500
50c
Jan
70Hc
Feb
1.03
1.20
9,463
72 Ho
Jan
1.43c
Feb
26 H
2,138
28 H
Feb
17c
22o
Feb
4c
4Hc
1,500
30,000
44,600
Jan
4c
22H
14Hc
3%o
lHc
Jan
16c
25 X
16c
Jan
9 He
Feb
Jan
7o
Feb
12o
Jan
34c
Mar
lHo
Jan
4Xo
Jan
22c
1.09
26
Malrobic Mines
1
3Hc
3Hc
Mandy Mines
Night Hawk Pen
*
27c
26c
30c
1
2Hc
2c
2Hc
16,600
13,000
Nordon Corp..
Oil Selections
5
17c
14c
20c
33,200
14c
Mar
»
6c
6c
6Hc
39,550
4Ho
Jan
7o
Jan
Osisko Lake
1
10c
10c
2,200
7c
Jan
140
Feb
Parkhlll Gold
4c
Feb
1
....
Porcupine-Crown
22 He
12,200
18 Ho
Jan
31Ho
Feb
1
4Hc
3Hc
4Hc
22,300
2Ho
Jan
5Ho
Feb
1
Pawnee-Klrkland
Pend-Orellle
94c
94c
94c
1,055
58,600
213,200
53,300
141,500
13,000
1,800
94c
Mar
1.20
Feb
4o
Jan
15C
Mar
lo
Jan
5Ho
Feb
4Ho
Mar
9o
Feb
3Ho
Jan
7Ho
Mar
2o
Jan
4%o
Feb
4c
Jan
8c
Feb
22 He 24 He
1
10Hc
9Hc
lie
1
4Hc
3c
Robb Mont bray
1
4Hc
Sudbury Mines
Temlskamlng Mining
1
5%c
4Hc
5Ho
5Hc
5Hc
1
3c
6H
3Hc
W ood-Klr kland
1
5%o
6c
_
Ritchie Gold
Feb
3Hc
Jan
7 Ho
18 He
Mar
30o
Jan
5Hc
Jan
12c
Mar
21c
Jan
36c
Feb
80
Feb
11 Ho
Mar
75c
Jan
94c
Jan
5c
Jan
1
3Hc
Granada Gold...
1
19c
3Hc
18Hc
20c
*
8c
7Mc
12c
Greene-Stabell
1
24c
21c
30c
Grull-Wlhksne
1
4c
11c
11c llHc
87c
85c
89c
58,100
83,777
1,000
30,315
3c
Gunnar Gold
3c
500
2c
Jan
59c
..1
1
62c
Harker Gold
1
8Hc
Highwood-Sarcee
Holinger Consolidated
*
Hard Rock....
14 H
..6
65c
8,900
30c
Jan
77c
9c
15,800
1,000
7c
Jan
11 He
13c
Jan
18c
14H
15
1
36 He
36c
40c
56c
56c
60c
41c
40 He
45c
......
-1
48c
1
53 H
1
360
Exchange
Canadian
Montreal Curb Market
Commodity Exchange Inc.
ST. JAMES ST. W., MONTREAL
Mar
1
..1
Members
Montreal Stock
Jan
18c
Homestead Oil
Kirk wood-Hudson Bay. .11
Drury & Thompson
Feb
8c
*
CANADIAN SECURITIES
Jan
18c
Howey Gold
J M Consolidated
35c 35Hc
46c
48c
3,343
H 00
Feb
Mar
17H
Jan
162,900
17,770
14,460
11c
Jan
Mar
42 He
75c
Mar
56c
29c
Jan
57c
Feb
1,000
30c
Jan
62c
PHONE HARBOUR 1254
Feb
Montreal Stock
Jan
17,400
450
Mar
58o
51X
Jan
Feb
Jan
59 H
19c
to
Mar. 27, both
Exchange
inclusive, compiled from official sales lists
Friday
Jan
1,845
Mar. 21
Sales
Last
Lake Shore Mines
10,000
3,900
1,600
Feb
6c
Grandoro
Klrkland-Lake
17Hc
Wlltsey-Coghlan.... ....1
Wrlght-Hargreavee
♦
Feb
Franklin Gold...
.
Feb
Feb
..1
Halcrow-Swayze
Feb
1.32
20c
Mar
Falconbrldge
Federal-Klrkland
2.50
Jan
Jan
64c
—
Jan
1.00
Feb
-.1
Cariboo Gold
1.60
5,667
Feb
8Hc
30,400
26,100
ISUii
1
29,441
1.10
Feb
2Hc
7.55
*
Feb
2.23
1.05
Jan
Jan
15c
..
37c
2.04
1.07
Mar. 21
7.50
Calmont Oils
Jan
'2.06
*
Toronto Stock
Low
-50c
Calgary & Edmonton
3,100
.....<■
Wayside Consolidated .50c
White Eagle
...»
63c
Canadlan-M alar t lc
27c
Ventures
54c
22c
*
1.45
26c
Waite- Amulet
7Hc
He
Feb
1.41
Feb
49,300
28c
*
520
26c
Feb
52c
4c
*
46c
1.41
3X
7.40
Buffalo Canadian
40c
1
2.25
63c
------
Bunker Hill
40c
Exploration. 1
Jan
15c
BRXGold Mines
Feb
14,200
*
Buffalo Ankerlte
Feb
11,620
9,360
8,400
9,150
15,045
Bralorne Mines
Feb
2.90
4.75
...1
Big Missouri
Bobjo Mines
1.15
Mar
4.50
2c
*
BeattleGold Mines....
Jan
Mar
4.50
50c
1S<>
..1
—
6c
83o
2.25
32,950
10,060
Feb
1,100
3,300
24,200
*
Bear Exploration
18 Ho
Feb
4.10
I8H0
7Hc
3Xc
Base Metals
Feb
Range Since Jan. 1 1936
Shares
4Hc
Barry-Hollinger
18c
4.95
4.50
7 60.
Bagainac Rouyn
2.50
Jan
4.10
Jan
1
Ashley GoldAstorla-Rouyn
96c
2.39
3.00
3,120
74,610
»
14X0
1
..........
15 He
85c
Feb
.1
58c
*
Arntfleld...
90c
2.43
34o
.♦
7 250
-
2Hc
7Xo
*
16 He
Sullivan Consolidated....1
Sylvanlte Gold
1
Jan
Tashota Goldflelds
4.60
1
.
3.85
18c
Teck-Hughes Gold
Texas-Canadian
ISUP
61c
-
4.25
3.85
Jan
8Ho
38Ho
Feb
15Ho
Feb
ISft
...1
AJax Oil & Gas
Alexandria Gold
37c
24c
Jan
Feb
Week
Afton Gold
32 He
21HC
Sudbury Basin..........*
Sudbury Contact
...1
Sales
Last
Acme Gas 4 Oil......
3Hc
32 He
21Mc
1
Jan
Feb
39
Exchange—Mining Section
Friday
4c
*
.
St Anthony Gold
94o
Mar
40
112H
Mar. 27, both inclusive, compiled from official sales lists
to
~
*
Stadacona-Rouyn.
Jan
2%
1.25
6Hc
.....1
.......50c
South Tiblemont
Prairie Cities OH A
2~60
*
Quebec Gold Mines......J
Read-Authler
...1
30
350
3.60
84
Feb
Jan
200
3.60
1.25
5
Feb
1.74
33%
180
6
840
Jan
4
325
16 H
Ontario Silknlt pre!....100
Jan
1.12
2,400
29,950
25
32 X
15H
North Star Oil.
Preferred
Feb
Jan
60Hc
Feb
24H
7H
13H
15H
Mar
35
Jan
32
"32 X
14H
Feb
39
*
Mar
12H
37 X
*
7X
20 H
39
•
Mar
32
36
Montreal Power
Jan
10
39
National Steel Car...
6%
30
31%
International Petroleum..*
Mercury Mills pref
12H
Mar
7
14,648
Shoe
Jan
4H
10
Imperial Oil
Humberstone
»
4
4H
7
32
9c
Lamaque-Contact
53 H
54
8c
10c
33,100
19Hc 23He 151,337
5o
Feb
Lebel Oro
1
20c
12c
Jan
29HO
1
3Hc
3Hc
3Hc
15,000
2%o
Mar
6Hc
Feb
*
6.70
6.65
6.90
8,565
6.05
Mar
7.75
Feb
3.65
3.65
4.00
28,805
16c 18 He 216,300
10c
12c
30,300
3.12
Jan
4.73
Feb
of Prices
Price
Low
High
for
Range Since Jan. 1 1936
Shares
Low
High
Mar
Lee Gold Mines..
Par
Week's Range
Sale
Stocks—
Little Long Lac
Macassa Mines..
Manitoba & Eastern...
♦
-.1
Maple Leaf Mines
17c
10c
5
40
1.41
1.39
1.50
McMillan Gold
1
7Hc
7c
9c
McVittie-Graham
1
24Hc
24c
29c
*
1.26
1.22
1.41
17c
21c
33,050
32,800
21,399
25,300
12,000
60c
60c
60c
500
Mclntyre Porcupine...
McKenzie Red Lake...
McWatters Gold
*
Mentor
Exploration.—
5
1.23
Mining Corp...
Minto Gold
*
Morris-Kir kland
.
.
—1
1.23
4,060
1.32
19Hc
Mar
5Hc
Jan
15c
Feb
40
Mar
1.22
Mar
49 X
1.63
Jan
2Xc
Jan
15c
Feb
21c
Jan
42c
Jan
1.00
Mar
1.65
Jan
Jan
13c
Jan
24c
Feb
50o
Feb
60c
Mar
1.23
Mar
1.50
Jan
69c
58c
1,570
1.00 398,500
7 He
Jan
1.00
Mar
-25c
500
22c
Mar
25c
Feb
12c
—1
—
42
Jan
25c
75c
1
Moneta-Porcuplne
40
5Ho
15c
Jan
150
Mar
69c
18,600
25,800
6%o
67c
58c
Jan
80c
Feb
Agnew-Surpass Shoe pref.*
Alberta Pac Grain A
Associated
Breweries
Preferred
*
*
100
Bathurst Power & Paper A*
Bawlf N Grain
*
Preferred
Bell Telephone
10H
109
12H
3
100
100
Brazilian Tr. Lt & Pr
*
British Col Power Corp A.*
B>
107
*
BruckSUkMiUsIIIIIIIII*
Building Products A
*
Preferred
*
No par value.
100
108
12H
3
5%
3
100
Jan
12
31
4%
13M
4
Jan
6
95
10
Jan
15
Jan
109
48
107
Mar
110
Feb
13H
3H
2,509
450
10H
1.75
Mar
Jan
30
20
145
160
141
13%
31X
9,082
1,084
28
4H
117
4%
Jan
14H
35%
7,314
13X
Mar
34H
"~e%
70
275
7
63
Mar
110
144
UX
30H
4X
13H
107
11
30
"l45"
*
Canada Cement
4X
10H
107
856
71
458
26 H
9X
33
6H
58
17 H
4H
Jan
Feb
Jan
Jan
38
Jan
Mar
150
Feb
Jan
Jan
15H
32H
5%
Feb
Feb
Feb
16
Jan
Jan
37 H
8
Feb
Jan
74
Feb
Jan
Jan
Financial
2136
March
Chronicle
1936
28
Canadian Markets—Listed and Unlisted
Montreal
Montreal Stock Exchange
Week's Range
Last
Sale
Can North Power Corp
Canada
of Prices
High
Low
Price
Par
Stocks (Concluded)
Steamship
100
Preferred
Can Wire & Cable cl B
10*4
Canadian Bronze pref--100
i__25
Preferred
Canadian
Preferred
7%
Canadian Cottons
16
,
3034
38^
1254
8*4
36*4
112*4
Paper
*
Eastern
Dairies
*
*
General Steel Wares
*
I 25
13*4
5*4
Gurd,
*
Charles
m
7
7
*
100
33
32
1434
12
12
1234
Howard Smith Paper—
100
Preferred
International Power
Preferred
*
Lake of the Woods.
100
Preferred.
Jan
Voting trust ctfs
"l7~~
1634
Mar
Home Oil Co Ltd
*
17
Feb
Imperial Oil Ltd
Int Petroleum Co Ltd
34*4
40*4
Jan
Inter-State Royalty
Feb
17*4
Feb
*
*
*
*
1
*
32
Jan
14 54
Jan
106
Jan
115
Feb
Jan
146
Feb
Inter Util Corp
A
cl A
Class B
Melchers Dlst Ltd A
100"
Noranda
Feb
5
Jan
7
Feb
Power of Can cum
2
Jan
3*4
Feb
Jan
28*4
Feb
Rogers-Majestic Ltd A—*
Sou Can P Co Ltd pref.100
170
19*4
35
13*4
Jan
155
4*4
Mar
Walkerville Brewery Ltd.*
6*4
Jan
8*4
600
654
Jan
8*4
Jan
654
Jan
Jan
4*4
85
25*4
Feb
13.60
Mar
610
Jan
14
4,781
11,594
*
Thrift Stores Ltd
Jan
Quebec
Regent
*
*
St Lawrence Corp
60
St Lawrence Flour MillslOO
St Lawrence Paper pref. 100
Shawlnlgan W & Power..*
Gold
Preferred
Woods Mfg
5
41
5
Mar
Feb
54
6
Jan
22
Feb
Jan
123
20
1454
135
Feb
Jan
16*4
395
4
Jan
3*4
37
135
41
3 ~
4
Jan
Commerce.
40
41
Mar
Jan
Jan
-100
Royal
101
Feb
23
4*4
65
98
5X
Fe.
•
Jan
3.00
31*4
Mar
34
Jan
3H
Mar
3454
Feb
208
17 X
Jan
19
Feb
25c
500
60o
Mar
22c
1,500
11c
Jan
22c
Mar
850
31X
34
3234
37
Mar
Mar
60
Jan
183
334c
3,200
2c
Jan
5c
Jan
2.30
3,300
2.20
Mai
2.30
Mar
4534
270
8.90
8.80
9.10
22 34c
22 34c
24c
54
1
50
-
14
9c
18
1834
5034 51
1534
16
1734
1734
534
534
1434
1434
10134 102
Pickle-Crow
Feb
234
■ii6.
9
234
9"
31)4
Jan
1.75
Feb
Feb
5.60
5.05
5.60
10,675
3.95
Mar
5.50
Mar
1
1034
1034
1034
700
9.80
Jan
11.60
Jan
90c
95c
2,900
4,950
5,240
90c
Mar
1.32
Jan
1.43
Jan
2.15
Mar
2.88
Mar
3.40
Feb
2,715
1,625
Feb
3.20
21
Jan
Jan
Feb
Teck-Hughes Gold
Ventures Ltd
14*4
Jan
18
Feb
0*4
Wright-Hargreaves
12*4
Feb
15
Jan
104
Mar
Jan
Central Patricia Gold-—1
Jan
44
Feb
20*4
Jan
28
Mar
Mar
Jan
19*4
Jan
17*4
10
Jan
118
Jan
23*4
1
Duparquet Mining
1
Jan
Sherritt-Gordon Mines
1
10
Jan
12
Jan
Stadaconna-Rouyn Mines *
1,136
12
Jau
135*
Feb
Sylvanite Gold
711
67
Jan
64*4
775
7.65
an
8.90
Feb
434c
534c
1.08
1.13
2.80
2.95
j
Jan
49*4
Jan
57*4
Mar
'l~07
33c
80
Mar
1.42
Feb
Mar
3.42
734c
8c
7c
Mar
1054 0
Jan
56c
1,800
56c
Mar
71c
Jan
3.78
4 00
860
3.18
Jan
4.74
Feb
2.65
1,850
2.20
Mar
3 40
1.07
1.11
800
1.00
Jan
1.32
Feb
3234 c
35c
23,380
18*4o
Jan
39o
Feb
2.38
3.80
Jan
Mar
2.43
2.20
734c
2o
98c
2,300
7.800
2.45
1,100
2.38
Mar
2.89
Feb
5,800
1,300
Jan
Jan
Feb
615
50
150
Jan
25
5
2
Jan
110
107
10
4
16
5034
Jan
52
65
Jan
11*4
25
50
Jan
2*4
230
16
135
Feb
2~80
San Antonio Gold M Ltd.l
Jan
20
127*4
10
1134
150
57
21r
8.00
1
Macassa Mines
25
Mar
7.90
Howey Gold
2,167
Feb
1834 C 2034c
15c
560
Feb
40
18
2 50
434 c
Cndn Malartlc Gold
600
122
5.35
Jan
Unlisted Mines—
Feb
254
10*4
8
10
1.15
Mar
2.15
7~90
Arno Mines
1.85
1,345
Mar
1.60
96c
4.70
2.06
Mar
97
83o
4.30
85c
4.50
2.06
50c
Wayside Cons Gold
Feb
*
Jan
1,600
13,900
91c
4.50
Sullivan Consol
67
861
334
70o
Jan
2.10
Mar
28
110
Jan
1.12
1.94
Mar
42
2234
35c
18*4 c
——1
18
42
2134
1734
200
7,050
3.05
530
Jan
17,300
1.94
18*4
Feb
24c
3.05
Jan
Feb
Jan
46*4
Mar
40
100
18o
Jan
38c
8tocoe Gold
Mar
Jan
3,100
59
Jan
60
1.34
Read Authier Mine
95
1154
52
23c
Quebec Gold—
711
678
Feb
48
40
Feb
68c
Mar
30
110
Feb
35c
Jan
1.27
Gold—
46
230
44c
Jan
1.27
Pioneer Gold of B C—
Jan
Mar
23c
28*4 0
51
110
5
22o
500
14,350
1
Perron Gold
Feb
Feb
—_1
Jan
Feb
Feb
101*4
Jan
9.60
Jan
4534 c
5434
5334
8340 934c
4034 4034
40c
38c
44
88
175
6.90
1,905
16,600
62
Jan
23c
103
44*4
5,392
95
103
43
2534 c 2 5340
"~40c
Jan
Jau
Jan
3c
2.20
44
Mar
99*4
Jan
3c
Parkhlll Gold
100
Mar
2.25
O'Brien Gold
56
39
Feb
Jan
28 X
75o
Lamaque Contact Gold..*
13
100
Feb
2X
285
45c
Mclntyre-Porcup M Ltd.5
1,165
Jan
Feb
Mar
100
J&n
1.50
28
Mar
Feb
155
Feb
Unlisted Stocks—
Abltibl Pow & Paper Co..*
Feb
Cum 6% pref
Mar
1.90
1.75
2.00
1,595
1.35
Jan
2.^0
Feb
934
934
934
10
934
412
6X
Jan
13
Feb
50
6*4
Jan
12 X
Feb
105
485
80c
Mar
1.40
334
2,055
2X
13*4
Jan
Jan
4*4
6*4
Mar
Ctfofdep0% pref.—100
3*4
110
1
100
Mar
Brewers & Dlst of Van
•
Mar
4*4
18
Brewing Corp of Can
Preferred.—
Too
♦
67*4
Jan
—.*
58
148
137
48
Jan
58
Mar
Jan
51*4
133
140
Feb
Can & Dom Sugar
*1634"
155
158
48
149
Jan
170
Feb
208
5
208
Mar
208
Mar
Claude Neon Gen Ad Ltd. •
"190"
190
195
83
185
Mar
214
Feb
Consol
176
175
177
110
164
Jan
181
Feb
Consolidated Paper Ltd..*
Bakeries of Can..*
Donnaconna Paper B
Ford Motor of Can A
*
Canadian Government
Price Bros Co Ltd—100
Municipal
INCORPORATED
Royallte Oil Ltd.—.
Public Utility and
1883
255 St. James St., Montreal
100
Preferred
♦Nc par value.
Industrial Bends
Feb
8
Feb
734
10
5834
3334
140
58
Mar
61X
Feb
159
Mar
35
Feb
21
16
31 X
20
Jan
23
Feb
175
40o
Jan
60c
Jan
Feb
"~40c
17
40c
17
334
4*4
334
40c
17
334
5
2434
1434
2434
1434
2534
60
59
60
10334
5
3734 3734
10234 10334
434
5
75
16
Mar
1854
5,832
2
Jan
3*4
Feb
23
2*4
Feb
7X
Feb
35
12*4
24*4
Feb
Jan
16*4
Feb
28 X
55
Jan
65
Jan
40
Mar
728
40
30
10414
133
6X
2,450
2,170
40
15
35
37
3434
3634
*
United Amusement Co B.*
Jan
Feb
18
21
Massey-Harrls Ltd preflOO
McCoIl Frontenac OilpflOO
1634
420
3234
*
General 8teel Wares pf 100
HANSON BROS
1634
58
*3234"
Cndn Light & Power... 100
208
,
634
*
Canada Malting Co Ltd..*
1.00
3
Eastern Dairies pref.—100
56
Mar
Mar
Jan
3,775
1,078
150
ESTABLISHED
97 X
Mar
Feb
56
14
-.100
Montreal
Jan
21
20o
754
1754
1634
6434
5734
100
Imperial
8
30c
J-M Consol Gold
33
1334
155
Feb
Jan
6O0
Falconbridge Nickel-Francoeur Gold.—-,-—*
Greene-Stabell Mines
1
16
57
137
Feb
5X
X
5,750
Canada Bud Breweries.—*
Canadlenne
Feb
5X
4
10,000
Bulolo Gold Dredging
32
734
62
57
2.25
13 H
Mar
50o
9
65c
Cartler-Malartic Gold
554
1254
634
13*4
50
100
100
Jan
Mar
165
Mar
Jan
Banks—
Canada
Feb
3534c
35*4
122
100
pref
14 X
60c
Jan
Mar
44*4
27
3%
Jan
4
100
Feb
30c
33
57*4
*
------100
Mar
64c
20
62 *4
Winnipeg Electric
15*4
7,920
19c
17*4
100
Mar
30c
3534
1934
13*4
25
Western Grocers Ltd pf
Feb
15*4
334
2934
1834
22c
43
Vlau Biscuit
Jan
550
3
4 34
9934
50c
Mar
pref-.100
Tuckett Tobacco
1,326
1
3534
1834
*
Prefer-ed
24 X
39 H
9934
434
9934
234
Dome Mines
*
25
Steel Co of Canada
•*&"
1
-
-
Feb
1134
Southern Can Power
Jan
705
Diamond-.1
Mar
Simon (H) & Sons
Feb
70c
20 X
33 X
300
734
B R X Gold.
15
21*4
1.46
Feb
150
Brazil Gold &
395*
100
Preferred
Feb
1.45
Mar
330
18
Sberwln Williams of Can
19
10
Mar
465
"27
Feb
Jan
3,275
5,753
14*4
119
1,366
; 9*4
2334
3734
1534
1334
Mar
19 X
Mines—
Feb
2*4
A preferred
1.20
2234
3634
1534
1334
16
12 X
Jan
217
Big Missouri Mines
1634
5034
102
100
18
1734
Feb
Jan
10
306
1634
1634
Feb
80
Jan
40
10
Jan
7X
Mar
50
165
16
Beaufort
42
5*4
14*4
—
pref
12
Feb
1834
88*4
18
Preferred
Jan
4*4
Feb
Feb
36
9
1434
2834
——*
Preferred
Jan
51
Rolland Paper
Jan
195
213
77
Jan
43
17 *4
26 *4
934
634
Jan
1534
*
230
33
334
57
--*
Power
Knitting
Feb
17*4
41
15*4
1.35
36
4234
Canada—*
Feb
2834
Walker-Good & Worts.-
40
100
..100
Power Corp of
75c
3
Feb
295
2,005
434
85
93
Preferred
Feb
410
1.25
1.00
98
554
16
Mar
Jan
103
Penmans
3.00
934
pref.100
5
1
Consol Chib Gold Fields—1
Power—100
Ottawa Traction
Jan
2
3*4
Jan
15*4
50*4
1.75
3*4
1.30
734
Mitchell & Co Ltd (Robt) *
8
41
Mines
Ottawa L H &
Feb
105
3*4
4
79
42*4
*
pref.26
National Steel Car Corp..
Feb
25
934
Jan
~
6*4
16 *4
32*4
4
Jan
Jan
1.30
Jan
4X
56
*
McColl-Frontenac Oil
*
Montreal L, H & Pr Cons.*
Montreal Telegraph
40
Montreal Tramways—100
National Breweries
3634
*
B
Lake Shore Mines
National Breweries
2234
70
11
4-
Massey-Harrls
Jan
11X
2*4
Feb
'
"4l"
1.75
10
20
1.03
*
*
Fraser Cos Ltd
15*4
954
25
480
4934
434
135
135
Lindsay (C W)_——
Preferred..
100
100
20
$3
"1434"
293*4
108
434
35*4
18*4
3
2*4
10
100
pf 100
English Electric Co Can B*
83
*
Jamaica Pub Ser Ltd
11*4
Cum pref
Ea Kootenay Pr cum
Jan
660
48
*
—100
Mar
76
Jan
119
11634
1334
119
Imperial Tobacco of Can_5
Int Nickel of Canada
*
65
6
130
'
Feb
9
Feb
Mar
415
5
434
4*4
6
Feb
12*4
Dom Tar <fe
Jan
Mar
l"l86
15
Preferred
Hollinger Gold Mines
Mar
15
3334
14*4
Hamilton Bridge
v
1.20
142
Gypsum, Lime & Alabast *
Jan
35
2
.....
7X
35
ex
3
26»
14
ex
8
7*4
534
2X
2434
1334
534
7*4
\2X
Foundation Co of Can
Jan
165
136*4
..71
I M
Electrolux Corp.
48
Jan
.201
1,013
"ex
Dryden
Jan
523
710
72.
37
9
20
iox
642
......
T"
234
60
58
6
Dominion Stores Ltd
Mar
Jan
Mar
47
934
Dom Eng
Jan
34
34 X
305
7034
High
27 X
58
33
Jan
105
Jan
250
*
Textile
P
Mar
46
*
*
128
Jan
154
3,397
11234
112
Low
21
125
47
Chemical Ltd, *
Works Ltd
Fel
Mar
16
15
15
100
100
Week
21*4
21«
*
Cndn Dredge & Dk Ltd..*
Can Int Inv cum pref.100
Canadian Vlckers Ltd
*
Cum pref
100
Canadian Wineries Ltd...*
City Gas & E'ec Ltd
*
Commercial Alcohols Ltd. *
99
8
27*4
3834
Range Since Jan. 1 1936
for
Shares
Price
Par
Canada Vinegars Ltd
23*4
Mar
v.
(Concluded)
of Prices
Low
High
Feb
1,505
Dominion Steel A Coal B 26
Dominion
Feb
9X
1334
8*4
26
38
*
100
Preferred
1754
31*4
5
15
26
Glass
Dominon
Mar
Mar
244
281
15
DIst Corpe Seagrams
Dominion Coal pref
13 X
8,175
9
8
Feb
26 X
120
135
1054
1234
Jan
8
325
40
275
116
Mar
400
160
9%
8
275
E
Dominion Bridge
5
Mar
6*4
5
*
-
110
360
8
Smelting.25
Crown Cork.
Feb
31
160
26
*
Canadian Pacific Ry
Cons Mining &
Jpn
40
101
"m
*
Cockshutt Plow
1254
Jan
124
39
100
Candn Industrial Alcohol.*
B
Jan
101
Cndn General Electric. .60
Class
Jan
9
123
31
Feb
8
101
Candn Foreign Investm't.*
Feb
31
123
100
pref.100
Candn Hydro-Elec pref
15
26*4
3*4
15*4
145
475
&
ex
1534
2734
634
27*4
*
Celanese
111
6*4
Canadian Car <fc Foundry.*
Jan
85
39
110
111
Jan
2554
100
11*4
38
"39"
271
1
11*4
*
Jan
1.75
245
.
Stocks
High
22 X
285
11
10X4
*
Canadian Bronze
Low
Week's Range
Sale
Shares
3
Sales
Last
Range Since Jan. 1 1936
for
Week
2434
24
*
*
Market
Curb
Friday
Sales
Friday
3534
350
39 X
15
15
150
15
Feb
Jan
Mar
Feb
Feb
Mar
/Flat price.
330 Bay St., Taronti
Sparks SI, Ottawa
Railway Bonds
Bid
Montreal Curb Market
4s
Mar. 21 to Mar. 27,
both inclusive, compiled from official sales lists
Last
Sale
Par
Stocks—Acme Glove Wks
Cum
Price
Week's Range
of Prices
Low
High
6s
92*4
92*4
perpetual debentures.
11154
Sept 15 1942 fill
10054 10154
Deo
15 1944
5s
Range Since Jan. 1 1936
for
July
1 1944
Low
50
preferred
tr._*
Bathuret Pow & Pap cl B_*
"2134
Beauharnols Power Corp.*
234
2334
1034
Asbestos Corp voting
14
18
398
59
42
2034
22
563
Mar
18
Brit Amer oil Co Ltd
Brit Col Packers
(new)
*
*
Calgary & Edmonton Ltd *
Can Nor P Corp Ltd pf 100
IL
1.30
234
2334
10
1.30
1.0934
4
234
2434
1034
1.30
1.10
4*4s
Sept
1 1946
5s
Deo
1 1954
10654 107 X
4X8
July
1 1960
103
10354
114*4 115
Government Guaranteed
Jan
59
Mar
17 34
Jan
24
Feb
54
334
Mar
534
Feb
456
234
Mar
334
Jan
10,471
1634
Jan
24 X
13
Mar
350
Bonds
Mar
47
1134
Bid
1 1951
9
Jan
4X8
Sept
4X8
June 15 1955
Feb
1 1956
4X3
July
Jan
5s
July
Bid
Ask
Canadian Northern
Canadian National Ry—
454s
4
104
High
Dominion
Ltd B-.
103
Week
Shares
55
17
Ask
Canadian Pacific Ry—
4Xs
Sales
Friday
Bid
Ask
Canadian Pacific Ry—
•112H 11354
11554 116
113
11354
1 1957
1 1969
11154 11154
11554 11654
500
1.03
Feb
1.30
Mar
5s
Oct
1
1969
11754 11854
28
10734
Feb
1.10
Mar
5s
Feb
1 1970
11754 11854
654s
July
Ask
Ry—
1 1946
125*4 126*4
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
Jan
1 1962
108
110
99*4 100
Grand Trunk Ry—
6s
Sept
1 1936
102
102*4
Volume 142
Financial
Chronicle
2137
Over- the- Court ter
Am.
STOCKS & BONDS
Members New
•
mmmm
York Security
Open-end telephone wires
Bid
to
Apr 15 1972
o354s July
1975.
a 4s
May
1957.
a4s
Nov
1958.
a 4s
1959.
a4s
May
May
a4s
Oct
1980.
04 HB
Sept
1960.
a4 Ha Mar
04^8 Mar
1962.
1964.
114
a334s Jan 15 1976.
1977.
10534
11434
Ask
Bid
April 1 1966
105
1 1960.
068
June
Bank and Insurance Stocks
11434
114J* 11534
115
11534
114
1 1974
Feb 15 1976
Bought, Sold and Quoted
11534 116
Jan
1153* 11634
1 1977
116
Nov 15 1978
MUNDS, WINSLOW & POTTER
11634
11654 11734
1 1981
Mar
40 Wall Street, New York
11534 11634
May 1 A Nov 1 1957
Mar
1 1963
11634 11734
June
1 1965
11734 11834
1 1967
118
Dec 15 1971
119
Whitehall 4-5500
119
120
July
Canal A Highway—
6s Jan A Mar 1946 to '71 b
York, Chicago and other Stock and Commodity Exchanges
12034 121
1 1979
Dec
Members New
10434 104J4
Jan 25 1937
New York
New York State Bonds
Bid
in United States and Canada.
City Bonds
Ask
a434s
a434s
105
10534 a434s
103 J4 10434 a434s
103
10334 a434s
10634 107 34 f a434s
110
11034, a434s
110
11034/ a4Hs
110
11034 a43*s
11034 11134 a434s
11134 11154 a434s
114
11434 a434s
114
11434 a4 34s
a3 34s Mar
Private wires to principal cities
•
Over-the-Counter Securities—Friday Mar. 27
10034 10134
d334s May 1 1954.
a334s Nov 1 1954.
Paper & Type Com. & Pfd.
Dealers Association
Baltimore, Boston, Newark and Philadelphia.
on
New York
1 1975.
Butterick Pub. Com. & Pfd.
Whitehall 4-3700
Quotations
03X8 July
Nat'l
Robert Gair Com. & Pfd.
Established 1914
Trinity PL, N. Y.
New York Investors 1st Pfd.
Glen L. Martin Common
HoiiRsseSTroster
74
Type Fdrs. New Common
Ask
Bid
Ask
Par
World War Bonus—
Bid
Bank Stocks
As*
Par
Bank of Manhattan Co. 10
2834
30
Merchants Bank
Bank of Yorktown__66 2-3
50
60
National Bronx Bank
mm
Bensonhurst
Highway Imp 434s Sept *63
132
mmm
Canal Imp 4 34s Jan 1964__
Can A Imp High 434s '65..
132
mmm
434s April 1940 to 1949.. b
Highway Improvement—
12834
2.10
Sept 1958 to '67
125
Canal Imp 4s JAJ *60 to '67
mmm
50
85
13.55
3834
40 34
1234
3434
Bid
Ask
125
4s Mar A
Barge C T 4s Jan
42 to '46
Barge C T 434s Jan 1 1945.
mmm
mmm
11434
11734
...
Port of New York Authority Bonds
Bid
75
85
50
20
25
National Safety Bank. 12 34
Penn Exchange
10
16
18
Peoples National
50
50
179
36 34
185
Public National
25
4134
980
1010
Sterling Nat Bank A Tr.25
2834
4334
2934
2015
Trade Bank
1234
18
20
Bank.......100
75
National..50
Chase
8
9
'
City (National)
Commercial National.. 100
Fifth Avenue
..100
Flatbush National.....100
30
Kingsboro
Bid
Ask
Port of New York—
100
First National of N Y..100 1975
2.90
.
.
60
National... 100
Yorkvllle
Ask
George Washington Bridge
Gen Are! 4s Mar 1 1975.
38 series F Mar 11941...
Gen A ret 2d ser 334s '65
106 H 107
4s
JAJ 3
1936-60.. J AD
B
102
m
mm
434s ser B 1939-53.MAN
11234 114
10434 105
Inland Terminal 434s ser D
1936-60
MAS
10734 109
10434 106
Holland Tunnel 434 s ser E
1936-60
MAS
11334 11434
mm
mm
...
Bayonne Bridge 4s series C
1938-53
ser
New York Trust
Par
Bid
Companies
Ask
Par
Banca Comm ltallana.100
Bid
4s 1946
Bid
100
10134
Honolulu 58
118
1959
1952
104
105
U S Panama 3a June 11961
104
105
Aprl
1955
6s
Feb
1952
10134 103 34
107
10834
6348 Aug
1941
3.00
Govt of Puerto Rico—
6s
110
112
61
63
Guaranty
12
Irving
Kings County
Lawyers
10
20
County...
Brooklyn
7
10
834
934
100
118
123
20
110
113
Bid
2334
100
As*
24 34
225
285
..10
210
290
1534
1700
48
16 34
1750
51
119
Central Hanover
Manufacturers..
20
5034
52 34
112
5634
58 34
New
Clinton Trust
70
75
Title Guarantee A Tr. ..20
11
12
114
Colonial Trust.
25
1434
16 34
113
Conversion 3s 1947
Chemical Bank A Trust. 10
112J4
113
U S conversion 3s 1946
115
110
434s July 1958
5a July 1948
11434 11634
Fulton
Bronx
Ask
3.50
434s Oct
434s July
Hawaii 4348 Oct 1956
Empire
475
Bank of SIcilly
"T~"
Ask
115
468
Bankers
United States Insular Bonds
Philippine Government—
105
Bk of New York A Tr..l00
114
Continental Bank A Tr.10
1834
6234
20 34
Underwriters
75
85
6334
United States
..50
Corn Exch Bk A Tr
20
York
112
2010
115
2060
Federal Land Bank Bonds
Bid
3s
Ask
1955 opt 1945
JAJ
10034 10034
3s 1956 opt 1946
JAJ
10034 10034
10234 10234
10954 110
10534 10534
334s 1955 opt 1945
4s
MAN
JAJ
1946 opt 1944
4s 1957 opt
1937
4s 1958 opt 1938
MAN
MAN
434» 1956 opt
4348 1957 opt
4348 1957 opt
434s 1958 opt
1936...JAJ
1937...JAJ
1937
MAN
1938..MAN
434s 1942 opt 1935..MAN
Bid
,
Ask
10134 10134
103
10334
104
10434
107 H 108 3f
Chicago Bank Stocks
100J4 101
Par
10634 10634
Bid
As*
American National Bank A
-.100
Trust
240
165
33 1-3
Trust
Bid
100 X296
170
Continental Illinois Bank A
JOINT STOCK LAND BANK BONDS & STOCKS
Par
First National
210
Harris Trust A Savings. 100
Northern Trust Co
100
355
830
MUNICIPAL BONDS
Bought—Sold—Quoted
MUNICIPAL BOND DEALERS-COUNSELORS
120 So. LaSalle
St., Chicago
Par
J
Bid
Companies
As*
Surety 10
Aetna Fire
Par
Bid
As*
105
109
Home Fire Security
10
534
6 k
53
Aetna Casualty A
Teletype CGO. 437
State 0540
Insurance
^om
VP
56
Homestead Fire
10
2554
27 k
Aetna Life
Joint Stock
Bid
Atlanta
6s
99
Atlantic 6s
100
Burlington 5s__
100
California
5s
Land
Lincoln 5s
...
100
Chicago 5s
/12
Dallas 6s
Maryland-Virginia 6s
100
—
9834
9
25
84
87
Ins Co of North Amer__10
73
75
10
27
28 34
Knickerbocker
15
17
American Equitable— —5
.10
American Home
3434
3734
Lincoln Fire
15
16
Maryland Casualty
234
1534
Mass Bonding A Ins
7534
1654
77 34
American Reserve
100
New York 5s
13
99
8
American Re-Insurance .10
Ask
100
Importers A Exporters..10
American of Newark
97
Louisville 58
Mississippi-Tennessee 5s..
...
38 34
American Alliance
Bid
Ask
100
3634
Agricultural
Bank Bonds
10
10
2734
29
American Surety
25
7434
First Carollnas 5s
First of Fort
93
Wayne
5s_.
First of Montgomery 5s
First of New Orleans 5s
Automobile
9334
First Texas of Houston 5s.
First Trust of
Chicago 5s_.
Fletcher 5s
99
100
100
Fremont 6s
North Carolina 5s
99
Ohio-Pennsylvania 5a
9834
9934
97
99
95
Pacific Coast of Portland 6s
9934 10034
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
100
Camden
90
100
Carolina
9534
Pac Coast of San Fran 5s__
100
101
7534
100
88
95
Greenbrier 5s__
100
Pennsylvania
...
.
.
97
100
Greensboro
100
5s_
84
Illinois of Monticello 5s
88
100
Kentucky of Lexington
1C0
97
La Fayette 5s
...
...
98
5s
—
.
36
/34
Antonio
5s.....
New Amsterdam Caa
Land
30
38
100
35
39
North
100
69
72
Pennsylvania
100
Ask
6
Par
Lincoln
Carolina
9934
10034
New Brunswick Fire
10
New
City of New York
10
2634
10
20
Connecticut Gen Life
10
28
26
Potomac
25
80
San Antonio
52
2754
51
53
New York Fire
2734
Northern
40
42
Northwestern
5
11
1354
Pacifio Fire
25
127
52
Phoenix
10
88
92
20 34
22
40
42
26
2734
234
Eagle Fire..
Firemen's of Newark.. ..5
Franklin Fire
5
-
100
6
10
100
5
8
Virginia
Virginia-Carolina
454
102 34
77
80
1254
1354
31
33
North River
Preferred
5
12.50
2.50
Natlonal.25
5
Accident
Providence-Washington
Republic (Dallas)
Rochester American
.
10
10
10
46
47
50
21
24
103 34 108
27
28 34
126
130
31
footnotes see
page
2140.
5
34
30
33
20
22
Rossia
28
30
St Paul Fire A Marine..25
4054
4254
Seaboard Fire A Marine..5
12 J*
Seaboard Surety
23
14 k
25
3934
4134
27
29
..5
5
......
5
13 34
220
15
226
1734
1934
Globe A Rutgers Fire.. .15
15
2d preferred..
47
50
10
Security New Haven...10
67
72
Southern Fire
-.5
29
3034
.1
11
14
Springfield Fire A Mar..25
Stuyvesant.i
5
10
2134
2254
Sun Life Assurance
100
540
570
10
20
30
Travelers
100
625
635
10
3634
Fire
.
10
143 34 146 34
734
3834
U S Fidelity A Guar Co..2
1454
27
28 34
U S Fire
10
76 34
79 34
U S Guarantee
8034
83 34
Westchester
5
3654
3854
Hanover Fire
34
35
34
1
Hartford Steam Boiler. .10
For
...
...100
13134
10
Alliance
Great Amer Indemnity
56
....
1454
3654
4754
2554
434
Continental Casualty.. -.5
Great American
28
75
1034
149
Halifax Fire
30
100
1254
3454
Hamilton
12
22
934
144
Hampshire Fire
New Jersey
Globe A Republic
Ask
...100
5
3134
General
99
...100
2
20
24
48
10
934
22
100
Bid
76 34
2934
5
10
Bank Stocks
Bid
21
7334
.10
Fire
Glens Falls Fire
100
13
19
10
National Liberty
National Union Fire
Federal
98
11
10
National Casualty
National Fire
104
Fidelity A Dep of Md_. .20
Fire Assn of Philadelphia 10
100
Virginia-Carolina 6s
Virginian 5s
72
728
76
9834
4
68
100
33
100
Union of Detroit 5s
Par
56
4054
73
5s
6
Merch Fire Assur com.234
Merch A Mfrs Fire New'k 5
718
234
Boston
Georgia Home
Joint Stock
54
3854
834
/30
5s
5
334
46
100
Bankers A
Excess
100
Southern Minnesota 5s
1
44
Shippers... .25
Baltimore Amer
.
9954 10034
St Louis 5s
5
25
Employers Re-Insurance 10
...
10734
Potomac 5s
Tennessee
100
9934 10034
5s
Southwest
81
100
Phoenix
San
Illinois Midwest 5s
Iowa of Sioux City 5s
.
mm
99 34
Oregon-Washlngton 5s
100
Denver 5s
.
6
Harmonia
Hartford Fire...
Home
.10
834
1554
4
Fire
5431
56 k
10
56 34
60
2.50
3634
3834;.,
Financial
2138
Quotations
March
Chronicle
1936
28
Over-the-Counter Securities—Friday Mar. 27—Continued
on
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
Offerings Wanted
3o$epb CUalker $ Sons
Members T^ew York Stock
DUNNE&CO.
Exchange
Dealers in
120 Broadway
Tel. REctor
Members New York Security
GUARANTEED
NEW YORK
Pine
20
2-6600
STOCKS
Dealers Ass'n,
JOhn 4-1360
Street, New York
^Si nee1855^
Bought — Sold
(Guarantor In Parenthesis)
Dividend
Par in Dollars
Alabama 4 Vicksburg (Illinois
Earnings and Special Studies
6.00
90
195
100
105
2.00
36
38
John
95
190
6.00
Allegheny 4 Western (Buff Roch 4 Pitts)
Beech Creek (New York Central)
Quoted
—
on
Request
Asked
Bid
10.50
,.100
Central)
Albany 4 Susquehanna (Delaware 4 Hudson)
BONDS
RAILROAD
Guaranteed Railroad Stocks
8.75
135
155
—100
3.00
55
4.00
96
99
93
84
•
Bell System Teletype NY 1-624
98
3.50
& Co.
101
6.00
HAnover 2-2455
•
99
6.00
York
Sloane
Tor\Security Dealers Association
165
(L 4 N-A C L) 4%„ -100
stamped
Chicago Cleve Cine 4 St Louis pref (N Y Central) —100
Cleveland 4 Pittsburgh (Pennsylvania)
41 Br"*"-' c'
140
8.50
E.
Members New
87
(New York Central)
(New Haven)
—100
Canada Southern (New York Central)
Boston & Albany
Boston
& Providence
Carolina Cllnchfleld 4 Ohio
Common 6%
Betterman
58
.
51
Akron Canton 4 Youngs town
45
47
1945
Augusta Union Station 1st 4s, 1953
.
Birmingham Terminal 1st 4s, 1957
Boston & Albany 1st 4%a, April 1 1943..
Boston & Maine 3s, 1950
1(H)
5.50
87
92
10.00
174
179
4.00
76
80
Michigan Central (New York Central)
Morris 4 Essex (Del Lack 4 Western)
60.00
..
.,
.
72
Prior lien 4s,
94
98
Prior lien
96
99
Convertible 5s,
81
92
'
99
■
103%
102%
.....
70
65
87
...
1940-45
90
88
1942
4%8, 1944
92
99
90
...
100
7.00
66
69
Buffalo Creek 1st ref 6s,
.,60
4.50
68
72
Chateaugay Ore & Iron, 1st ref 4s, 1942.
—50
1.60
37
39
Chicago Union Station 3%s, series E, 1963
105%
Choctaw 4 Memphis, 1st 5s, 1952
/65
H 4 Hartford)
Old Colony (N Y N
1100
69
5.00
Northern Central (Pennsylvania)
950
3.875
—.60
(D L 4 W)._ -100
79
78
6s,
4.00
New York Lackawanna 4 Western
Asked
78
5%a, 1945
49
2.00
25
,
,100
Georgia RR 4 Banking (L 4 N-A C L)
Lackawanna RR of N J (Del Lack 4 Western)— —100
Fort
Bid
2.00
stock
(Pennsylvania)
Wayne 4 Jackson pref (N Y Central)
Delaware
Bonds
Railroad
Lack 4 Western)
Pittsburgh Bessemer 4 Lake Erie (U S Steel)
Oswego 4 Syracuse (Del
1961
m
_
86
83
...
105%
68
3.00
75
80
7.00
Preferred
Pittsburgh Fort Wayne 4 Chicago (Pennsylvania) —100
160
168
Cincinnati Indianapolis 4 Western 1st 5s.
98%
99%
95%
96%
62%
64%
7.00
177
180
1(H)
6.90
109
113
Georgia Southern 4 Florida 1st 5s, 1945
Goshen & Decker town 1st 5%s, 1978....
Preferred
(Delaware 4 Hudson)—
Saratoga
Rensselaer 4
1965.....
Cleveland Terminal & Valley 1st 4s, 1995
102
1(H)
6.00
145
150
.KM)
3.00
72
75
RR)
United New Jersey RR 4 Canal (Pennsylvania) — —100
...1(H)
Utlca Chenango 4 Susquehanna (D L 4 W)
—100
Valley (Delaware Lackawanna 4 Western)
Vicksburg Shreveport 4 Pacific (Illinois Central). -100
3.00
145
150
Kanawha & West Virginia 1st 5s, 1955
101
102
255
Kansas Oklahoma 4 Gulf
104
105
/42
100%
100%
103
104
St Louis Bridge 1st pref
Second
(Terminal RR)
—
preferred
.
Tunnel RR St Louis (Terminal
10.00
250
96
106
80
85
Macon Terminal
81
86
Maryland 4 Pennsylvania 1st 4s,
Meridian Terminal 1st 4s, 1955
6.00
West Jersey 4
3.50
Sea Shore (Pennsylvania)
52
66
3.00
64
67
Quotationa—Appraisals Upon Request
Railroad
Bid
Ask
64.50
Boston & Maine
4%s
64.50
64.75
New Orl Tex 4 Mex
New York
63.75
2.75
63.50
2.00
4>*s_.
Central 4% a
5g_
63.00
2.00
63.00
4%s..
2.00
73%
75
91%
93
87
„
_
—
92
m
85
68
69
90
92
110%
.......
mm
92
103
102%
•
65
68
N Y N H 4 Hartf
64.50
4%s
2.25
2.25
3.75
robinson, miller & co.
2.00
63.10
5s
Offerings Wanted
2.00
63.10
4%s
63.00
63.00
5s
N Y Chic 4 St L
Canadian National
101%
4.00
2.75
3%s Dec 1 1936-1944..
...
80
77
3.75
2.00
58
95
100%
Bonds and Preferred Stock
3.75
5%s
2.00
63.75
4%s
6s
61
NORTHERN NEW YORK UTILITIES, INC.
Ask
5s
4%s
1.25
63.00
Baltimore & Ohio
-
73
59
4%8. 1966
Virginian Railway 1st lien 4 ref 3%s, series A, 1966
Washington County Ry 1st 3%s, 1954....
4.00
Missouri Pacific
61.75
63.00
Atlantic Coast Line 4%s..
-
80
...
Toronto Hamilton 4 Buffalo
64.75
90
70
1951
Minneapolis St Paul 4 Sault Ste Marie 2d 4s, 1949..
Montgomery 4 Erie 1st 5s, 1956
.....
New York 4 Hoboken Ferry general 5s, 1946
Equipment Bonds
Bid
1965
Toledo Terminal RR 4%s, 1957
Philadelphia, Pa.
New York
1st 5s,
Shreveport Bridge 4 Terminal 1st 5s, 1955........
Somerset Ry 1st ref 4s, 1955
...
Southern Illinois 4 Missouri Bridge 1st 4s, 1951
Stroud & Company Inc.
Wirea to
2003..
Louisville 4 Nashville 1st 4 ref 4s, series D,
Pennsylvania RR 3%s, series C, 1970
Portland RR 1st 3>*s, 1951
Consolidated 5s, 1945
......
Rock Island-Frisco Terminal 4% a, 1957—...
St Clair Madison 4 St Louis 1st 4s, 1951
EQUIPMENT TRUST CERTIFICATES
Private
...
Little Rock A Hot Springs Western 1st 4s. 1939
92
99
5.00
50
..
1st 5s, 1978
5.00
(Del Lack 4 Western)—.—
.
88
6.00
Preferred
Warren RR of N J
...
Hoboken Ferry 1st 5s, 1946
63.00
2.00
64.50
62.50
1.75
Northern Pacific
4%s
62.00
1.00
Pennsylvania RR 4%s
62.00
1.00
6%s
4%s
61.00
0.50
5s
62.00
2.00
4s series E due
6s.
62.00
1.00
N.Y. 1-905
1.00
62.50
Teletype
N.Y.
1.25
61.50
52 William Street,
3.75
4%s__.
Chesapeake & Ohio 5>*8_.
INO.
Telephone
HAnover 2-1282
Canadian Pacific 4% a
Cent RR New Jer
4%s.
gg
4.00
4.00
66.75
6.00
66.75
6s
Chic Mllw & St Paul
65.00
65.00
Chicago & Nor West 4%s.
6.00
80
70
Chicago RI 4 Pac 4%s__.
70
80
5s
Par
Jan 4 July
1936-49
63.00
2.00
2%s series G
Marquette 4%s
Reading Co 4%s
—
5s
62.75
2.00
63.00
2.00
62.50
2.00
62.50
non-call Dec 1 1936-50
Pere
2.00
-
73
73
82
5s
73
82
St Louis-San Fran 4s
65.50
4.50
68
65.50
4.50
6%s
65.50
4.50
5Hs
63.00
2.50
Southern
Denver 4 R G West
Erie RR
4%s.
5%s
62.25
1.50
4%S
63.25
2.75
6s
63.00
2.50
62.00
1.25
62.00
1.25
Hocking Valley 6s
62.00
1.25
Illinois Central 4%s
63.00
2.00
63.00
2.00
Great Northern 4%s
6s
58
*
62.00
63^8
6%S
1.00
62.00
63.25
Loulsv & Nashv
64.00
4%s
6s
Maine Central 5s
53*8
MinnStP4$SM4s„.
4%s
..
2.00
62.00
6s
2.00
62.00
4>*s.
Long Island 4%s
4.00
63.25
Internat Great Nor
1.00
64.75
3.25
64.00
3.25
pref—♦
Arkansas Pr 4 Lt 67 pref *
Assoc Gas 4 El orlg pref.
$6.50 preferred
*
$7 preferred
*
Atlantic City El $6 pref—♦
Alabama Power 67
Bid
68
Pacific
4%s
65.50
4.50
65.50
St Louis Southwestern 5s.
4.50
62.75
1.75
627.5
1.75
3.00
3.00
63.90
4% a
5s
63.90
63.90
5s
Southern Ry
3.00
53*
9
Mountain States Pr com.*
3
9
30
32 3*
111
113
100
Suff Ltg pf._100
Pow 7% pf._100
43
443*
112
113
Newark Consol Gas...100
121
125
25
26
11'4
59%
613*
253*
92
94
80
82
95
58
61
66
69
100
Nor States Pr $7
106
108
Ohio Edison $6 prCf
1.00
$6.50 preferred B...100
Consol Traction (N J) .100
44
46
1.00
Consumers Pow $5
pref..*
62.00
1.00
62.00
1.00
6% preferred..:
6.60% preferred
100
100
4^8
5s
63.00
2.00
62.00
Union Pacific
4% a
5s
Virginian Ry 4>*a
5s
1st $6
preferred A
1033* 1043*
10434 1053*
10534 1063*
1.25
5Hs
100%
102%
Dallas Pr 4 Lt 7%
pref. 100
112
1.25
6s
101
103
Dayton Pr4 Lt 6% pf.100
111
Wabash Ry
4%s
Maryland 4>*s
5s
63.00
2.00
63.00
2.00
65.50
4.50
65.50
Continental Gas 4 El—
7%
100
preferred
Derby Gas 4 Elec $7 pref.*
Essex-Hudson Gas
100
95i2
6%s
113"
56
59
198
Foreign Lt 4 Pow units._*
95
121
ABBOTT, PROCTOR & PAINE
NEW YORK CITY
Member* of New York Stock Exchange and other
pref.. 100
*
$7 preferred
*
OhlQ Power 6% pref... 100
Ohio Pub Serv 6% pf._100
7% preferred
100
Okla G 4 E 7% pref...100
Pacific Pow 4 Lt 7 % pf 100
Penn Pow 4 Lt $7 pref
*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
100
preferred
Rochester G 4 E
192
198
111"
100
109%
pref..*
43 34
453*
Natural
Gas..*
20%
223*
29
30
54
56
90
92
Interstate
pref.*
Jamaica Water Sup pref.50
Jer Cent P 4 L 7% pf-.lOO
Kan Gas 4 El 7% pf.,.100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G 4 E 6% pf.-lOO
Memphis Pr 4 Lt $7 pref.*
Interstate Power $7
7% B 100
6% preferred C
100
Sioux City G 4 E $7 pf.100
143*
4
7%
100
preferred
Texas Pow 4 Lt
7% pf.100
Toledo Edlson 7% pf A 100
United G 4 E(Conn)7% pf
J) pf.100
Utah Pow 4 Lt $7 pref...*
713*
733*
Utica Gas 4 El 7%
8334
853*
Virginia
80
83
103
50
99
107
105
613*
1003*
1083*
1033*
87
88"
104% 106%
1093* 1113*
109% 110%
98
100
103
105
103
763*
783*
1083* 1093*
78
81
103
81
823*
1063*
1023* 103%
88
903*
27
96""
113
463*
192
6% pref 100
94
111
69
45
B.25
Tenn Elec Pow
United G 4 E (N
111
68
South Jersey Gas 4 El. 100
Sou Calif Edison pref
103 %
Hlinols Pr 4 Lt 1st
preferred
123*
113
Queens Borough G 4 E—
6%
4.50
7%
Stock and Commodity Exchanges
973*
192
Bergen..100
Hudson County Gas...100
Idaho Power $6 pref
*
Western Pacific 5s
Gas 4 Elec of
*
New Jersey Pr 4 Lt $6 pf.*
New Orl Pub Serv $7 pf..*
N Y Pow 4 Lt $6 cum pf.*
7% cum preferred... 100
N Y 4 Queens E L P pf 100
563*
Columbus Ry Pr 4 Lt—
102
120 BROADWAY,
$7 prior Hen pref
1103*
2.00
111
New Eng Pub Serv Co—
100
5.00
Nassau 4
24 %
5s
5.00
preferred
New Eng G 4 E 534% pf-*
N E Pow Assn 6% pf._100
102
66.00
7%
55
2.00
Ask
683*
7
9034
109
63.00
63.00
61%
3
Miss Riv Pow
Nebraska
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref
Buff Nlag 4 E pr pref.-.25
Carolina Pr 4 Lt $7 pref..*
6% preferred
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
$7 preferred
100
Cent Pr 4 Lt 7% pref.. 100
Bid
7
89
70
62.00
5>*s
Texas Pacific 4s
Western
Par
Ask
Mississippi P 4 L $6 pf...'*
6% pref. 100
Mo Pub Serv $7 pref... 100
99
66.00
For footnotes see page 2140.
Utility Stocks
82
4%s_._
5s
Public
63%
27%
198
64%
713*
72%
1013* 103
1093* 1103*
90
92
663*
59
60*
pf._100
98
-.100
Washington Ry 4 Elec—
108
111
100
100
110
112
5%
Ry.
preferred
Western Power $7 pref.
993*
1043* 1063*
Financial
Volume 142
Quotations
on
Over-the-Counter Securities—Friday Mar. 27—Continued
Securities of the
Specialists in —
Associated Gas & Electric
S. A. O'BRIEl? &
Water Works Securities
System
Complete Statistical Information—Inquiries Invited
CO.
Members New York Curb Exchange
ISO
/
•
Swart, Brent & Co.
75 FEDERAL ST., BOSTON
BROADWAY, NEW YORK
Hancock 8920
COrtlandt 7-1868
incorporated
EXCHANGE PLACE, NEW YORK
Tel.: HAnover 2-0510
Teletype: New York 1-1073
40
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Direct Private
Public
Bid
Utility Bonds
Water Bonds
Bid
Ask
Ask
Albany Ry Co con 5s. 1930
/40
Keystone Telep 5ks.l955
100
/30
Lehigh Vail Trans ref 5s '60
55
Alabama Water Serv 5s '57
57
107
Bid
101
1947
General
5s
Amer States P S 6ks-1948
Amer Wat Wks & El 5s '75
1948
Ariz Edison 1st 5s
1945
1st 6s series A
Ark Missouri Pow 1st 6s '53
Appalachian Power 7s 1936
2139
Chronicle
66 k
68 k
97k
99
Long Island Ltg 5s... 1955
Los Angeles G & E 4s. 1970
86
88
Metrop Edison 4s ser G '65
89
92
Monongahela W P Pub Ser
68
69 k
97
4ks
104
Middlesex Wat Co 5
107 k 109
Ashtabula Wat Wks 5s '58
103
Monmouth Consol W 5s '56
98 k
Atlantic County Wat 5s '58
102 k
Monongahela VaUey Water
5ks
1950
Morgantown Water 5s 1965
101k
102 k
103 k
103
1st & gen
Ask
Long Island Wat 5ks. 1955
105
98
100
Birmingham Water Works
I960
Mtn States Pow 1st 6s 1938
101k
---
104 k 104 k
105 k 106
Bid
Ask
1956
Alton Water Co 5s
6s series C
1957
5s series B
98
1954
ks' 57
Muncle Water Works 5s '65
104 k 106
102
-
-
102 k
99 k
-
-
-
-
104 k
New Jersey Water 5s.. 950
-
106
-
-
'
Associated Electric 5s. 1961
62
63"
Nassau El RR 1st 5s..1944
Assoc Gas & El Co
27 k
29
Newport N & Ham 5s. 1944
New Eng G & E 5s—1962
96
98
71
California Wat Serv 5s '58
105 k 106 k
New York Wat Serv 5s '61
100
102
29
New York Cent Elec 5s '52
103
104
103 k
N Y Edison 3ka D—1965
101k
103 k
Ohio Ed 1st A cons 4s. 1965
Ohio Valley Water 5s.1954
Ohio Water Service 5S.1958
107
35 k
101k
102 k
104 k
103 k
100 k
Newport Water Co 5s. 1953
Ohio Cities Water 6ks '53
104 k 105 k
29 k
32
Chester Wat Serv 4ks '58
Citizens Water Co (Wash)
96
98
Ore-Wash Wat Serv 5s 1957
88
90
Penna State Water 6 ks '52
Penna Water Co 5s.1940
106
4ks *58
Assoc Gas & Elec Corp—
Income deb 3ks—1978
3ks— 1978
28 k
29
Income deb 4s
1978
31k
Income deb
1978
34 k
56
Income deb
4k s
1973
Conv deb 4s
Conv deb
4ks
.1973
1973
Conv deb 5s
Conv deb
5k»
1973
1940
57
59""
64
94
96
102
Blaokstone V G & E 4s '65
108
Cent Ark Pub Serv 5s 1948
97
Central G & E 5ks
1st lien coll tr 6s
1946
1946
Cent 111 Light 3^8---1966
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s
ser
G '60
Colorado Power 5s...1953
Columbus Ry P & L 4s '65
Coney Isld & Bklyn 4s 1948
Conn River Pr 3 k s A. 1961
Consol E & G 5-6s A.. 1962
92 H
70k
103 k
95 k
108 k
98
75 k
74 H
79
80 k
104% 105 k
87 k
86 k
101k 102
105k
105
105k
78
69 k
Northern N Y UtU 5s. 1955
Okla Nat Gas 6s A...1946
62 H
69
Participating 8s
Bellows Falls Hy El 5s 1958
Bklyn C A Newt con 5s '39
102 k 105
105 k 106 k
82
103 k 103 k
__1948
5s series B
Old Dom Pow 58 May 15'5l
Pacific Gas & El 3ka H '61
Parr Shoals Power Ss.1952
69
5 ks series A
1954
Butler Water Co 5s... 1957
5s
104 k
102
71
1951
102
104
103
105
1941
102
101
5s
1st 5s series C
105
105 k 106
73
106
1948
100
1st consol 5s
1948
ioik
Prior lien 5s
..1948
104
106
Phila Suburb Wat 4s_ _1965
108
109
Pinellas Water Co 5ks '59
Plalnfield Union Wat 5s '61
98 k 100
102 k 104 k
108
Pub Serv of N H 3 ks C '60
104k 105
102 k 102 k
79 k
78 k
ConnellsvUle Water 5s. 1939
Pub UtU Cons 5ks
1948
Rochester Ry 1st 5S..1930
/35
San Diego Cons GAE 4s '65
108 k
SchenectadyRyCo 1st 5s'46
/13
Scranton Electric 5s.
104 k 105k
108 k
107
37
83
84 k
86
100
4ks
1958
1st mtge 5s..
Davenport Water Co 5s '61
93 k
Roch A L Ont Wat 6s.1938
look
107
St Joseph Water 5S...1941
Scran ton Gas A Water Co
look
105
4ks
103
104 k 104k
Sou Cities UtU 5s A..1958
Duke Price Power 6s.. 1966
105 k 105k
106 k 106 k
105 k 105 k
Tel Bond & Share 5S..1958
56 k
101k 102 k
85 k «7k
Union Ry Co N Y 5s_.1942
Un Trac Albany 4ks.2004
AO
14
106
/48
Utlca Gas & El Co 5s. 1957
122
126
108
1942
WashA Suburban 5 ks 1941
106
107
94
96
6s.
102
Westchester El RR 58.1943
78
82
5s.
104 k
102 k 104
71
85
Green Mountain Pow 5s '48
103
Iowa Sou Utll 5H8
1950
3s. 1951
100 k 101k
39 k
40k
Western Pub Serv 5ks *60
Kansas Elec Pow 1st 6s '37
105 k 106
108 k 108 k
West Penn Pr 3 ks ser I '66
Wisconsin Pub Ser 5ks '59
Kan City Pub Serv
Kan Pow A Lt 1st
4k» '65
Virginia Power 5s
104"
Western Mass Cos 43.1939
Yonkers RR Co gtd 5s 1946
103
92
1st A ref 5s A
1967
1951
5s series B.
99
101
Sedalia Water Co 5ks '47
..1951
5s sereis A
98
101
South Bay Cons Wat 5s '50
Sou Pittsburgh Wat 5s '55
5s series A
1960
102
103 k
94
-
-
-
-
-
-
__
_
5s series B.
_
80
104 k
96
5s.
102
Jamaica Water Sup 5 k:
Jopiin W W Co 5s
107
104 k
1
-
-
-
-
-
102
95
97
82
103
103
104 k
—
101
102
—
—
-
-
-
-
103
92
1950
100
102
_
104
99
1951
1950
102
5s series O
1960
6s series A
104
—
—
—
■'m
101k
Westmoreland Water 5s '52
■
*
103
Wichita Water Co 5s B. '56
--
84
101k 103
1st mtge 5s
1st mtge 5ks_.
109
---
101k
5s series B
---
---
97
West Virginia Water 6s '51
Western N Y Water Co—
...
-
05
Union Water Serv 5 ks '51
Water Serv Cos Ino 5s .1942
99
95
103 k
Texarkana Wat 1st 5s. 1958
104 k 106
Kokomo W W Co 5s..l
1949
6s series A
105 k
105 k
104 k
105k 106
1960
Terre Haute Water 6s B '56
103 k
106 k 107 k
105k 106
75
...
Greenwich Water A Gas—
92
88
103
—1958
Scranton Spring Brook
Water Serv 5s...1961
103 k 104k
196(
-
105k
Roanoke W W 5s__:_.1950
Sou Calif Gas 1st 4s..l965
5s series D
102
-
Richmond W W Co 6s. 1957
100 k 102
102 k 104
E St L A Interurb Water
55 k
100
Pittsburgh Sub Wat 5s '58
...
Consol Water of Utlca—
108 k
15
83
78
81k
...1946
6s series A
1950
1st consol 4s
51k
Federated Utll 5^8—1957
42d St Man & St N 58.1940
---
102 k 104
1947
1st A ref 58—
...
103 k 103 k
103 k
69
10lk 103
105k
5 ks series A
Pub Serv of Okla 4s A. 1966
S'western Gas A El 4s. 1960
—
101
3Hs w 1*70
Dayton Ltg Co 5s
1937
Duqueene Light 3ks.l965
Edison El 111 (Bos) 3ks *65
Federal Pub Serv 1st 6s '47
-
Peoria Water Works Co—
k
Consumers Pow
49 k
96
105
/71
1937
-
-
93
1957
Community Water Service
5 k8 series B
1946
.
-
1951
95
Commonwealth Wat (N J)
5s series C
1957
104
103
Sioux City Gas & El 6s '47
Sou Blvd RR 1st 5s..1945
5ks
-
—
93
Clinton W Wks Co 5s. 1939
100
Public Serv of Colo 6s_1961
-
-
5ks series A
1951
City of New Castle Water
102k 103k
Pennsylvania Elec 5s_1962
Penn Telep Corp 1st 4s '65
Peoples L & P 5ks
1941
104 k
City W (Chat) 5s B...1954
105
New Rochelle Wat 5s B '51
104 k
103
..1949
W'msport Water 5s...1952
99k
104 k
103
•
m
-
«
—
«
104
.
....
103 k 106
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Broadmoor (The) 1st
6s *41
B'way Barclay 1st 6s. 1941
Certificates of deposit..
/45
/50 k
/33
/33 k
^
Bid
"<l< Is-
1st 6s
M
CO
1942
69 k
1st 6 ks (LI)
..1936
Majestic Apts 1st 6s.. 1948
« *■<»«
B'way & 41st Street—
1st leasehold
71k
74 k
75 k
/29 k
31k
(Bklyn)
/40 k
/56
6s
1948
57 k
67 k
72
93 k
95 k
Metro pol Playhouses Inc—
S f deb 5s
..1945
6s..."
1947
Munson Bldg 1st 6 ks. 1939
/53
/30
32k
1st mtge 2s stmp A reg'55
9k
OO £
OO
CD
unstamped
1949
52d A Madison Off Bldg6s
N >v
1'
45
33 k
/31k
/49 k
78
42 Bway 1st 6s
11
1400 Broadway Bldg—
1st 6ks stamped... 11
Fox Theatre A Off Bldg1st 6ks
Oct 1 1941
80~~
78 k
/45
10
69
/48 k
74
Harrlman Bldg 1st 63.1951
Hearst Brisbane Prop 6s '42
55 k
91
Hotel Lexington 1st 6s '43
Hotel St George 4s
19.
/52 k
48 k
19:
1st 5ks
June 151941
/42
/33
/50
/40 k
1 Park Ave 6s__Nov 6 1939
/81k
12 k
83 k
68 k
70 k
165 Bway Bldg 1st 5ks '51
Prudence Co 5 ks stpd 1961
Realty Assoc Sec Corp—
53k
55
/72 k
5s Income
—
r
6s
1945
Sherry Netherland Hotel—
1st 5ks
May151948
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6ks'38
61 Bway Bldg 1st 5 ks 1950
..1945
Syracuse Hotel (Syracuse)
1st 6ks
Oct 23 1940
TextUe Bldg 1st 6s.... 1958
1st 4-5s extended to 1948
69k
70 k
Lewis Morris Apt Bldg—
1st 6ks——Apr 15 1937
/47 k
—
Trinity Bldgs Corp—
1st 5ks1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6s
1947
London Terrace Apts 6s
'40
94 k
95k
41
44
2-6s...
1953
Potomac Deb Corp 2-6s *53
42 k
42 k
44 k
44k
2-6s
.1953
42 k
44k
Potomac Maryland Deben¬
ture Corp
(Central Funding series)
Nat Bondholders part ctfs
/33
2-6s._--.1953
Potomac
Realty Atlantic
Debenture Corp 2-6s '53
Realty Bond A Mortgage
34
(Mtge Guarantee series).
/35
37
deb
2-6s
1953
Union Mtge Co 5 ksA 6s'37
Universal Mtg Co 6s '34-'39
Nat Bondholders part ctfs
/29
73
70
42 k
44k
42 k
44k
/52
/52
76
41
65
43
Telephone ahd Telegraph Stocks
Par
/33
—-
/10 k
Bid
Ask
/25
26 k
27
/26 k
/53 k
/15
/45 k
/15
49~"
Art
25
29
116
118
146
19
21
122
124
Peninsular.Telephone com*
89
01
19
20 k
110k 112k
122
122 k
124 k
Bell Telep of Canada. .100
143
Bell Telep of Pa pref___100
Clncln A Sub Bell Telep.50
Preferred A
43
100
Roch Telep $6.501st pf.100
Cuban Telep 7% pref__100
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pfInt Ocean Telegraph... 100
Lincoln Tel A Telegraph.. *
105k
140
143
New England Tel A
119
111
121
Tel 100
62 k
So A Atl Telegraph.....25
Sou New Engl Telep...100
43
48
92k
94 k
103
106
S'western Bell Tel pref.100
Tri States Tel A Tel-
21
144
24""
146
123 k 126
__10
11
12
Wisconsin Telep 7% pf-100
---
114
116
Preferred.
47 k
15
/55 k
/47
Bid
N'west Bell Tel pf 6 k % 100
Pao A Atl Telegraph
25
118
100
Mtn States Tel A Tel..100
/24 k
Par
New York Mutual Tel. 100
Teleg (N J) com.*
Am Dlst
Preferred
28 k
Federal Intermediate Credit Bank Debentures
17
Bid
F I C
F I C
64
FIC
k
67k
F I C
Oct 19 1938
Westinghouse Bldg—
/29 k
1st fee A leasehold 6s '39
/70 k
...
.
-
15 1936 6 .30%
Iks- .May 15 1936 ft.30%
Iks- .June 15 1936 6 .30%
lks- .July 15 1936 b .30%
Iks— .Aug 15 1936 b .30%
Bid
Art
FIC Iks- .Apr
100
1st 6ks
/39k
-
75
.
71
64
»
/52
51
36
—
75
Potomac Cons Deb Corp—
47
-
.1954
Corp (all
....1953
Potomac Franklin Deb Co
1934-43
43
/34
55
72 k
42
*53
Co 5ks A
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6S-1953
Bond
43 k
33 k
1st fee A l'hold 6ks_1940
Savoy Plaza Corp—
Reatty ext 1st 5ks-1945
69
Lincoln Bldg ino 5ks.l963
Loew's Theatre Realt Corp
40k
102 k
5ks series BK...
5ks sereles 02
5ks series F-l_.
5ks series Q
19th A Walnut Sts (PhUa)
1st 6s
...July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
General 7s
/50
38k
101
Roxy Theatre—
58 k
93
45
Cont'l invDebCorp 2-6s
6s
Potomac
Issues) 2-58
Cont'l Inv Bd Corp 2-5s '53
Home Mtge
Series B 2-5s__
...
Ash
52 k
73
N Y Title A Mtge Co—
50 k
Lefcourt Manhattan Bldg
1941
40 k
71
75 k
Lefcourt Empire Bldg—
1st 4s
39k
76 k
51k
60 k
79k
34 k
/50
Kelth-Albee Bldg (New
RocheUe) 1st 6s
75 k
/32 k
....1943
12k
Associated Mtge Cos Ino—
Debenture 2-6s
1953
—
103 E 57th St 1st 6s..1941
70
50k
500 Fifth Avenue—
76
55
Nat Union Mtge Corp—
Series A 2-6s.
1954
Nat Bondholders part ctfs
90
N Y Athletic Club—
1st A gen 6s...
1946
N Y Eve Journal 6ks.l937
1st & ref 5<k8
602 Park Ave 1st 6s.. 1941
89
MetropoUtan Corp (Can)
70
87k
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Bid
Art
75
Mortgage Bond Co of Md
Ino 2-58
1953
Metropolitan Chain Prop—
6ks..l94
64k
6ka
Ask
Ludwig]Bauman—
Allied Mtge Cos Ino—
All series 2-5s
1953
FIC IkS.. .Sept
15 1936 b .35%
•
For footnotes
\
see page
2140.
...
mm.
m,
FIC lks- ..Oct
F I C Iks. ..Nov
F I C
lks- ..Dec
F I C
lks- ..Jan
F I C
..Feb
Art
15 1936 6.35%
15 1936 6.40%
15 1936 6 .40%
15 1937 6.50%
15 1937 6
.50%
...
....
---
Financial
2140
March
Chronicle
1936
28
Quotations on Over-the-Counter Securities—Friday Mar. 27—continued
Specialists in all
SYLVANIA INDUSTRIAL CORP.
Investment
Bought, Sold &\Quoted
QUAW & FOLEY
63 Wall
NEW YORK
PINE STREET
GROUP,
DISTRIBUTORS
Members New York Curb Exchange
SO
Company Securities
Kneeland 8C Co.—Western Tfading
Telephone ANdrews 3-5740
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Investing Companies
Climax
Molybdenum Co.
Bid
Sylvania Industrial Corp.
Ask
C. E. UNTERBERG &, CO.
Members
61
Amer Business Shares
7% preferred
*
Investment Tr of N Y
45%
I0(f.63
98.63
Investors Fund O———
1.18
1.28
13%
14%
Investm't Banking Corps
1.22
Bancamerica-Blair Corp
First Boston Corp..—.
7%
48%
Schoellkopf, Hutton &
Pomeroy Inc com....
Major Shares Corp...:..*
Maryland Fund Inc corn-
5%
2%
6%
19.16
20~72
25.58
27.80
4
BOwllng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
19%
Ask
43
43
1.10
:
Amer & Continental Corp
(New York Security Dealers Association
\commodity Exchange, Inc.
.
,,
2.15
18%
Invest Co of Amer com. 10
17.77
1.97
Bid
Par
.
16.70
4%
7%
6%
.50
.75
4%
Bankers Nat Invest Corp
4%
4.62
Basic Industry Shares
*
6%
8%
49%
.45
In the
Mass Investors Trust
1
19H
Mutual Invest Trust
1
1.60
1.75
4.05
Canadian inv Fund Ltd.
".65
18%
COMPREHENSIVE SERVICE
A
4.55
Nation Wide Securities—1
4.31
4.41
Voting trust certificates.
1.77
1.91
No Amer Bond Trust ctfs.
354
73)4
77%
No Amer Tr Shares 1953..
2.55
.
Central Nat
Over-the-Counter Market
43
Corp ol A...
46
27.02
2.75
Tel. BArclay 7-0700
m
3.26
1.14
Par
Bid
Par
Lord & Taylor com
12
28
Bid
Ask
2.70
3.98
100
200
Republic Investors Fund.5
112
'
%
5
1.01
1.12
1.56
1.71
12.47
4.40
12.97
4.70
-
Royalties Management...
-
1054
.40
.65
Selected Amer Shares Inc.
-
3.78
1st 6% preferred
100
2d 8% preferred—...100
30%
16
4
*
Plymouth Fund Inc A.lOe
Quarterly Inc Shares..25c
Representative Trust Shs.
1.10
Ask
11
*
American Book
100
American Hardware....25
Amer Maize Products
*
45
15
41
2.43
v t o..
62
43
Class B
5.75
Cumulative Trust Shares.
55
Pacific Southern Inv pref - *
Class A
*
35
38
Industrial Stocks
3.29
Northern Securities... 100
mm
mmrn
33
3.25
Series 1958.
'
3.26
NY 1-1493
3.29
Series 1956—
2.59
Association
8% preferred
Amer Air Lines Inc
Series 1955
"mmm
2.59
1920
Members New York Security Dealers
115 Broadway, N. Y.
Bell System Teletype
29.11
%
Bristol & Willett
Established
N Y Bank Trust Shares
5
4
Class B—...
1.56
1.70
4.20
'
Amerlcan
Arch——
73
76
Macfadden Publica com..*
35%
24
100
23
25
100
American Mfg.—
Preferred
71
75
4%
46 %
14%
5%
48 %
American
Republics com.*
Andlan National Corp..
Art Metal Construction. 10
*
Preferred..—..——
22
Mallinson (H R)
Preferred
Inc com.*
100
Maytag warrants.—.
1
Merck & Co Inc com
6%
16
—.100
preferred
118
5%
50%
7*
340*
32
4.50
4.85
D.
6.80
7.55
Selected Cumulative Shs..
9.42
1.66
1.78
Selected Income Shares
4.89
29.51
31.71
52%
National
2
Canadian Celanese com..*
25
28
-100
120
109
Preferred
pref..100
Climax Molybdenum
*
Carrier Corp 7%
Nat Paper & Type com
53~"
40 %
41 %
11
23%
_*
45
47
100
107
*19%
*
Class B
Consolidation Coal com...
—
Crowell Pub Co com
37 preferred
51%
50%
5
100
preferred
5%
21%
52%
52%
5%
25%
$1 cum pref
Columbia Broadcasting A *
Preferred
3%
50
9
Columbia Baking com
*
*
Casket—
Preferred
125
Carnation Co $7 pref—100
preferred
100
Preferred
54%
100
1st
New Haven Clock pf
100
North Amer Match Corp.*
1
—»
24%
6.50
5.60
Group
Securities—
2.13
Supervised Shares
10c
sl.66
Automobile shares...
1.53
1.66
Trustee Standard Invest C
2.61
Building shares
1.97
2.13
1.04
1.41
1.56
1.54
Trusteed N Y Bank Shares
1.51
1.72
RR Equipment shares..
Steel shares...———..
1.12
1.22
1.69
1.73
United Gold Equities (Can)
Standard Shares
1
Tobacco shares
1.23
1.34
U S El Lt <fc Pr Shares A—
1%
254
5%
6%
98
100
39
42
103
4%
5%
*
21
100
.
Standard Screw
80
25
100
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp...—*
Taylor Milling Corp
*
Taylor Whar I & S com..*
Trico Products Corp...—*
Tublze Chatillon cum pf.10
Unexcelled Mfg Co
10
Un Piece Dye Wks pf—100
U S Finishing pref100
7%
36%
8%
38%
West Va
36%
333
shares
Guardian Inv Trust com.*
37%
Preferred
Incorporated Investors..*
39%
41%
Investors Fund of Amer..
122
8%
28
17
100
53
57"
5
100
47
49
Great Northern Paper..25
Safe—100
28
30
35
Herr-Hall-Marv
Klldun Mining
38
Lawrence Fortl Cement 100
21%
3%
Pulp & Pap com.*
Preferred
100
White (S S) Dental Mfg-20
White Rock Min Spring—
23.56
1.16
5
10 4
17%
102
15%
BURR & COMPANY INC.
3%
13
Chicago
24
28
100
99
m
99
Am Wire Fabrics 7s_.1942
98
100
River Bridge 7s
Bethlehem Steel 5s
1953
1936
Butterlck Publish
6%b '36
Chicago Stock Yds 5s.1961
Cudahy Pack conv 4s. 1950
1st
3%e
Deep Rock Oil 7s
1955
1937
97
101
101%
41
/39
101%
105% 106
101 % 101 %
79
S77
-
-
-
27 4
30 fl
lHs
Sept 11939
1939
Haytlan Corp 8s
1938
Inland Steel 3%b ser D '61
Journal of Comm 6H&.1937
Loew's Inc deb 3HS-.1946
Borland Shoe Stores..
Blckfords Inc
•
d
101.6
/17
101.8
102%
19
103^ 103 %
71
95%
15 1936 100.16 100.19
102.6
15 1937 102.3
15 1938 102.30 103.1
101.7 101.9
1%b
June 15 1939
Merchants Re frig 6s—1937
99%
Nat Radiator 6s.
.1946
136
37%
N Y Shipbuilding 5s-.1946
97
99
No Amer Refrao 634s.1944
89% 95
Aug
/ Flat price,
to
1941
Penn-Mary Steel 5s—1937
Reynolds Investing 5s 1948
Sooville Mfg 5%s
101%
102% 103%
84
/16
Wltherbee Sherman 6s '44
/22
64
/63
65
1952
84
c
Par
Kress (S
H) 6% pref
10
pref
..100
Melville Shoe pref
100
Miller (I) & Sons com
*
6%% preferred
100
Murphy(G C) $5 pf
100
Neianer Bros pref...—100
mmm
Lerner Stores
mmm
16%
16%
38
44
48
104
108
Edison Bros Stores
pref 100
Flshman (Ml) Stores...*
112
Preferred
100
Green (H L) 7% pref—100
Katz Drug preferred
.*
100
7%
Kobacker
Stores.—..*
37%
9%
8%
Ask
11%
12%
111
110%
5%
7
31
33
103% 106
114
Schlff Co preferred
117
105
10934
100
92
mmm
United Cigar Sts 6 % pf. 100
102 % 105%
8
...
100
85
—
Par
7% preferred
Bid
108
Reeves (Daniel) pref... 100
Rose 5-10-25C Stores
5
16%
14%
100
Bid
28
30 %
28
6% pref ctfs
U S Stores preferred... 100
30%
7
12
/68
Sugar Stocks
18
mm
m
m
•
-
Cache La Poudre Co....20
1
13
1
Ask
22%
Eastern. Sugar Assoc
25
Preferred—
;
Haytlan Corp Amer.....*
x
Ask
7%
88
*
C) common..*
preferred
...100
Diamond Shoe pref....100
Bohack (H
95^
96 %
i When Issued,
—...*
Bid
108
95
Par
Savannah Sugar Ref
23%
14%
26%
%
Bid
*
Ask
115
7% preferred
.100
West Indies Sugar Corp..1
115
126"
4
3%
1%
Registered coupon (serial)*
Ex-dlvldend.
Now selling on New
York Curb Exchange,
Realty, Surety and Mortgage Companies
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
Store Securities
86
107
1945
3J4s '51
Std Tex Prod 1st 6>4s as '42
Strath Wells Titus 634s '43
Willys-Overl'd 1st 6%b '33
No par value, a Interchangeable, & Basis price,
Coupon.
Ask
Aug
Aug
Otis Steel 6s ctfs
*
—100
92.50 conv pref
SheU Union Oil deb
102
Boston
Chain Store Stocks
Par
127
Woodward Iron 5s
Federal Farm Mtge Corp—
Glldden Co 5%b
1%B
1%b
Bear Mountain-Hudson
-
16%
120
2s...
_
NEW YORK
-
63
Young (J S) Co com...100
7% preferred
100
Chain
20 %
104
Home Owners' Loan Corp
109
/97
4%
2%
20.03
18.26
Fund
100
common.
Bid
104%
American Tobacco 4s. 1951
Wellington
2
100
100
preferred
Wllcox-Gibbs
Ask
Am Type Founders 6s. 1937
Debenture 6s
1939
1.21
3%
19
Miscellaneous Bonds
American Meter 6s...1946
2.97
1.13
Un N Y Bank Trust C 3—
Un N Y Tr Shs se rF
9%
28%
7% preferred
Bid
3 01
19%
2.87
Voting trust ctfs
21.91
2.70
18%
B
44
.50
$7 1st
23%
1.16
9%
48%
WJR The GoodwlU Station
3%
45
6 71
127
8%
46%
104%
2%
U%
Worcester Salt
Corp..—.1
King Royalty common—.*
38 preferred
.....100
6.71
57 William St.
33 conv preferred
*
Welch Grape Juice pref .100
5%
B—
.85
1.06
26 %
Trustee Standard Oil Shs A
24
.65
25 %
2.56
D
1.68
22
Huron Holding Corp
338
Warran Northam—
*
1.82
1.40
Gair (Robert) Co com
*
Preferred
—*
Graton & Knight com
Preferred—
7.07
1.97
39"
90
Petroleum
4%
8%
Gen Flreproofing $7 pf.100
Golden Cycle Corp
10
■
D
Agricultural shares
36
Industry Shares.
3%
7%
*
7.07
Trusteed
—*
shares
3.93
2.53
C
...
1.64
2
Foreign shares
2.53
mmmmmmmmrnmmmm
1.51
1%
American
m.m
Mining shares
100
Foundation Co—
mm
—
BB
Trusteed Amer Bank Shs B
Doehler Die Casting pref. *
109
5%
"ft
24.76
5.87
1.20
67"
104
22.71
1.24
62
Flour Mills of America...*
New stock
Fundamental Tr Shan
1.14
Dixon (Job) Crucible... 100
72
4%
22%
AA_
55%
113
1.10
Sparta Foundry commonStandard Cap & Seal.
5
69
52%
110
1.55
119
*
100
100 % 105
1.18
Chemical shares
100
Corp...
Driver-Harris pref
3.73
89
Merchandise shares
Scovill Mfg
Singer Manufacturing.
Draper
Super Corp of Am Tr Shs A
1.09
Food shares
56
24
...
4.00
85
21
57%
50
State Street Inv Corp....*
35 %
53
22
Standard Utilities Ine...*
...
34
55
50
28.13
11.92
Fidelity Fund Inc.
116
26.12
9.90
114
a?19
1
*
Publication Corp com
*
37 1st preferred
.100
Remington Arms eom
*
*
Preferred
21.15
3.75
._....*
Leather
Oldetyme Distillers
Pathe Film 7% pref
Rockwood & Co
Douglas Shoe preferred .100
19.89
73
Dentists' Supply Co of N Y
Preferred
22%
Spencer Trask Fund..—.*
45
2134
71
Preferred—
Dictaphone Corp.—
41
Selected Industries conv pf
100
5
Northwestern Yeast
Norwich Pharmacol
Ohio
3.61
Standard Am Trust Shares
Equity Corp ev pref
Mock Judson & Voehringer
Beneficial Indus Loan pf.»
Bowman-Biltmore Hotels
Selected American Shares.
C.
6%
52%
%
8%
4%
Par
Bid
Bond & Mortgage Guar_20
Empire Title dc Guar
100
7
1
%\1
Ask
12
|
Par
Lawyers Mortgage.... .20
%\ 1 Lawyers Title &
Guar..100
Bid
I
Ask
1
2
1
1
1%
Financial
Volume 142
2141
Chronicle
Per Cent
Bonds—
Quotations on Over-the-Counter SecuritiesFriday Mar. 27 —Concluded
$10,000 Majestic Hotel 6% 1st mtge., dub 1933
$1,000 Pennsylvania Bldg., Phlla., 6% 1st mtge., class A, due 1934
$5,000 Phlla. A Western Ry. 1st 5s, 1960 (1934 A subs. coup, attached).
Bid
1946
Anhalt 7s to
Antloquia
1947
Bank of Colombia 7% -1948
Barranqullla 8a'35-40-46-48
.
Bavaria 6 54s to
1945
Palatinate
Bavarian
Clt 7% to
Brazil funding 5% .1931-51
/44-55
/27
3o"~
30
18
l.elpzlg O'land Pr 6ks '46
13
Leipzig Trade Fair 7s 1953
Luneberg Power Light A
27
75
Mannheim A Palat 78.1941
1953
/29
/4354
Buenos Alrea scrip
45 k
Burmelster A Wain 6s. 1940 /106
Call
12
1947
City Savlngz Bank,
1945
Dulsburg 7% to
66
1945
Oberpfals Elec 7% —1946
55
29
Oldenburg-Free State 7%
to
1945
54
Panama 5%
28 k
scrip.;
Porto Alegre 7%
1968
26 k
Protestant
Church
Mortgage A In¬
vestment 7 54s
1966
149 H
German Atl Cable7s.. 1945
German
/29
/39
/24
fS
/25-45
July 1934 to Mar 1936
German scrip
called bonds
German
German
Dawes
1934
German
Haiti
13
i5k
47
/40
Hara Water
92
Wks
6%
1957
Housing A Real Imp 7s '46
Stocks—
J27
/23
Jan.
Par
Low
125*
13
260
26 54
2654
100
Amer Prod prior pref._ ...7
26
/23
/78
3 54
354
110
654
OH
654
654
454
5
82
/1554
16 54
Partic
*
pref
Baldwin
8
Burger Brewing
*
Elec 7% '36
1933
/16 54
17 h
Cinti Gas A Elec pref. .100
/23 54
/23
/24
2554
C NO ATP pref
R C Church Welfare 7s
Saarbruecken M
7%
Salvador 7%
'46
Bk 6s '47
1957
ctf of dep '57
24 >4
19
Santa Fe scrip..
Santander (Colom) 78.1948
/10?4
11*4
16 H
1947
68.1943
6s..1947
1956
Serbian 5s
28
1951
96
98
9754
Tucuman
City 7s
/22
25
Tucuman Prov 7s
1950
/26
/20
30
Vesten Elec Ry 7s
1947
1945
J27
354
Jan
5
Mar
2054
Mar
25
Feb
Mar
105
20
102
10154
Wurtemberg 7s to
/26 54
...
29
Feb
62
Jan
105
80
11054
Jan
554
Jan
11654
854
1
354
20
154
325
14
589
254
Jan
Bid
1943
7% gold rouble
For footnotes see page
Bid
Ask
1
Ask
91.44
10% gold rouble... 1942
2154
1154
45
1654
20
Mar
23
Feb
1154
10
9
1154
Mar
13
Feb
654
654
25
554
654
Jan
654
31
2
7)4
Jan
115s
1354
1054
1454
354
8
Jan
15
*
21
22
15
8
Mar
25
Jan
*
10
10
25
4
29)4
30
40
754
♦
Cohen (Dan)
♦
♦
Fyr-Fyter A
Gioson Art
*
s...
-
*
*
10
Mar
Jan
30
Mar
754
7
Jan
40
Feb
45
Jan
Jan
28
Feb
31
50
93
Jan
105
Mar
24
221
Mar
27
2354
\
3
3 54
9
9
7)4
*
5)4
*
B.
Jan
23
3
80
*
Meteor
9
28
4
2554
*
154
2 50
Moores Coney A
2254
1
2354
19
250
9
Mar
Jan
Feb
754
554
Mar
Mar
154
Mar
50
2
554
22
54
454
1)4
75
54
54
6
32
Mar
5
Mar
30
47
63
54
3354
45
Mar
*
1754
17J4
15
954
16
Jan
21
*
754
8
100
254
454
Jan
9
34
90
1454
33 54
Jan
par
par
$100
...
Shares
$ per Share
Stocks
5 First National Bank, Boston, par
5 National Shawmut Bank,
1 Sagamore Manufacturing
16
Harmony
46
29
18
13c.
15
50c.
$1.05
28
$1254
Boston, par $12k
Co.,
par
$100
Mills
50 Nashua Manufacturing Co. preferred,
par
$100
40 Saturket Athletic Association, par $25
20
par $50
6% pref., par $100
75 Arnold Mining Co., par $25; 200 Boston A Corbln Mining Co., par $5;
50-100 British Empire Steel Corp., Ltd., 7% 2d pref., par $100; 1,000 Davis
Daly Copper Co., par $10; 21 Eastern Massachusetts Street Ry. common,
par $100; 1 Eastern Massachusetts Street Ry. adj. stp., par $100; 20-50 Gil¬
christ Company; 50 Santa Fe Gold A Copper Mining Co., par $10
$52 lot
50 S. Slotnick Monumental Works, Inc., par $100
67
43 Boston Chamber of Commerce Realty Trust 7% 2d pref., par $100_. . —
15c.
300 Kreuger A Toll Co. Amer. ctfs., par 100 kronens
$1 lot
7 10-100 Kinney Mfg. Co. preferred
5k
Thorny
Lea Gold
Association,
6 International Paper A Power Co.
By Crockett & Co., Boston:
Shares
5
Stocks
Amoskeag Mfg.
$ per Share
.
2
14
2 West Point Mfg. Co., par $100
80
12 Pelzer Mfg. Co. voting trust certificates, par $5
25
70 Bangor Hydro-Electric Co. common, par $25
18
40 The Murray Company
50
50 U. S. Bond Mtge. Corp. of Mass. preferred, par $100, and 100 common...$17 lot
10 Providence Gas Co
10k
11 Plymouth Cordage Co., par $100
115
25 Craton A Knight Co. preferred, par $100
i
48
15 Rockland Light A Power Co., par $10
10k
50 U. S. Bond Mtge. Corp. of Mass. preferred, par $100; 75 U. S. Bond Mtge.
Corp. of Mass. common; $1,800 New University Club of Boston Real Estate
Trust 2d 6s, due 1941, series B
$26 lot
15 units Converse Rubber Co
8k
22 Farr Alpaca Co.,
par
$50
-
-
formerly
300 Forest Hills Holding Co., par $5
13 Central-Penn National Bank, Philadelphia, Pa., par
20 Jenkintown
Bonds—
$10..
Bank A Trust Co., Jenkintown, Pa., par $10..—
•
35k
20k
Per Cent
(principal originally
25k flat
5k % 1st mtge. class A, due 1932....20k flat
$10,000 City Centre Bldg. 6% 1st mtge., due 1934
13k flat
$6,387.36 Walnut St. Trust Bldg. 6% 1st mtge., due 1932
$8,000)..
$30,000 S. E. cor. 19th A Spruce Sts.
854
Feb
Jan
2854
Feb
NOTICES
has been formed at 111 Broadway, New
Frederick J. Coventry, Theodore T.
in the company and Harry
Mr.
and Mr. Garrison
with J. P. Morgan & Co. and the Stock Clearing Corporation.
associated
with
C.
J.
—The
a
Mr.
them.
with
Darling
that Newton P. Darling is
been in the investment
has
During the past two years he has been connected
Devine & Co.,
tional City Co.
Inc. as assistant Vice-President in charge of
Previously, Mr. Darling was associated with the Na¬
of New York 13 years.
of
formation
a
new
firm—Luckhurst & Co., Inc.—to transact
general investment securities business, has
been announced by Douglas J.
all formerly associated with
Luckhurst, Leonard Rosin and Herbert Singer,
Hearst Enterprises, Inc.
Mr. Luckhurst was with the Commercial Credit
Corporation prior to his association with Hearst
—Gilbert Eliott &
an
Enterprises.
Co., 11 Broadway, New York City, have prepared
analysis of the electrical equipment industry
discussing the estimated
appliances, annual retail sales value of
principal electrical merchandise and containing salient statistics on leading
potential
for electrical
market
companies in the industry.
—Peter A. H. Voorhis has become associated with the Stock Exchange
firm of D. M. Minton & Co.
He was formerly a Vice-President of Schiff
Terhune & Co. and prior to that was associated with J. G. White & Co.
in
syndicate work and with the
Guaranty Trust Co. of New York.
Y. City, are Issuing a four-page
folder listing 97 dividend paying common stocks with
tabular form.
These stocks are representative issues
either the New York Stock Exchange or
brief financial data in
and are all traded on
the New York Curb.
Bank & Trust Co., 30 Broad St., N. Y. City, will
preparation and certifiy to the genuineness of signatures and
bonds of the town of Morristown, N. J.
—The Continental
supervise the
seal of $155,000 improvement
for a Market," is the current topic developed
Swings," distributed by Carl D. Montgomery & Asso¬
—"A Million Houses Search
in "The Pendulum
ciates, Investment Managers, 1
Cedar St., N. Y. City.
—McAlister, Smith & Pate, Inc., has
Security National Bank Building, Raleigh,
of George H. Edwards Jr.
opened a branch office in the
N. C., under the management
—Hartley Rogers & Co., Inc. and Distributors Group, Inc. have pre¬
pared analyses of the F-R Publishing Corp. stock and the Hammond Clock
—James
$ per Share
$30 lot
Stocks
Jan
business as brokers and dealers in industrial, public
Co. stock.
By Barnes & Lofland, Philadelphia:
Shares
4H
21
2
—Hornblower & Weeks, 40 Wall St., N.
Co. common
Feb
appointed manager of the trading department.
been
their Boston office.
By R. L. Day & Co., Boston:
Jan
Jan
3554
2133
business for 15 years.
$1,000 lot
Jan
Coventry has been a money broker for the past 16 years
now
$100; 1,000 Klaw A Erlanger New Orleans Theatre Corp. (N. J.) com¬
mon,
has
354
6
40
23
654
24
—Newton, Abbe & Co., Boston, announce
(N. Y.) common, no par: 3,123 Rapley Theatre Corp.
$100; 2,000 Namsterdam Realty Corp. (N. Y.) common,
par
654
22 U
utility and general market securities.
was
1,666 2-3 Classical Cinematograph Corp. (Del.) common, no par; 200 Erlanger
Theatrical Storehouse, Inc. (N. Y.)t common, par $100; 1,000 Erlanger
(Del.) common,
*
50
York City, to conduct
Bancker
$ per Share
Ford Theatre Corp.
454
34
10
U S Playing Card
U S Printing
32
354
Garrison and William T. Johnston are partners
Stocks
Shares
30
_.
For footnotes see page
By Adrian H. Muller & Son, New York:
Feb
Jan
10
55
46
87.701
Wednesday
Feb
Feb
52
*
*
..25
—The firnTof Coventry & Co.
on
Jan
454
Feb
National Pumps
Nash
SALES
sold at auction
54
Jan
7
5
754
"
Jan
2
54
24
CURRENT
The following securities were
Feb
101H 105
inn
Magnavox
1954
Feb
Mar
4
32
43
2554
*
pref
230
754
7)4
43
...*
HobartA
-
9
20
Eagle-Picher Lead
Preferred
of the current week:
Feb
Mar
2140
AUCTION
Feb
Mar
92
Union of Soviet Soo Repub
87.70
Feb
Jan
B
{Soviet Government Bonds
Feb
85
Randall A
Union of Soviet Soc Repub
Jan
1754
454
1254
154
10054
50
Procter A Gamble
Hungarian Cent Mut 7s '37
Jan
6054
Manischewitz
96
Jan
154
leb
57
Kroger.
....
8"
11
91
Khan 1st
/260
/44
7s
1940
Stettin Pub Util 7s...1946 /25
/63
Stlnnes 7a unstamped. 1936
7s unstamped
1946 /62
Feb
8954
21X
Julian A Kokenge.:
/44-55
Serbian coupons
Mar
6
50
—
Goldsmith
39k"
654
1
7 )4
Formica Insulation—
/15^
/29
/3854
8
2
454
Cincinnati Street Ry.. __50
Dow Drug
/18
/72
Mar
8
Crystal Tissue.
(Brazil)
Catharlna
3 54
10154 102)4
116)4 116)4
Cinti Union Stock Yard..*
34
Mar
Mar
4
70
14
3)4
.100
Cincinnati Telephone.
/34
/32
/12-16
1354
27
133
*
High
Jan
Jan
2054
13
1936
954
554
1054
z
1,442
1,36-1
20 x
Since
1954
102)4 103 H
*
Low
Low
Shares
High
*
Industries.
Amer Laundry
1
1936
Mach. -.20
Aluminum
27
Siera A Halske deb 6s .2930
1953
6%
Hanover
19
/12
/14 k
Guatemala 8s 1948
Range
Feb. 29
/25
Cinti Bali Crank pref.
Saxon State Mtge
Coupons
stamped..
1935
]
1933 to
for
Week
42 54
Sao Paulo (Brazil)
9k
/18
Young
12-1-34
June
8k
JO
April 15 1935
Sales
of Prices
inn
....
1
July
Week's Range
inn
8%
26
Coupons
stamped
both inclusive, compiled from official sales lists
'
/64
/82
1st preferred
Rio de Janeiro 6 %
Corporation
Cincinnati Stock Exchange
Mar. 21 to Mar. 27,
Churngold
Santa
/56
Jan to June 1934
31
28"
26 k
Champ Coated
Salvador 4% scrip
July to Dec 1933
/28
/28
Stocks and Bonds
Wire System—First Boston
35
Bk Westphalia 6s
Salvador
30
/27
-1948
defaulted coupons
German
Dec
154 k
33
Building A Land-
bank 6 54%
30
26
Westphalia 6s '33
'36
Bk
Rhine Westpb
27 k
160
Nat Mall S3 6s *52
French
/27
/27 k
/25
/23 k
/40
/32
/38 54
1946
many) 7s
Prov
BLDG., CINCINNATI
Specialists in Ohio Listed and Unlisted
32 k
Rom Cath Church 6 54s '46
27 k
/27
/2454
1945
38k
/23
26 k
Euro|>ean
French Covt 5 54s..-.1937
TRUST
84
81
/35 k
/30
(Ger¬
Prov
East Prussian Pow 6s. 1953
7s to.
7%
Mtge
1962
A Ind
1948
45k
/52
/27
/23 54
/23 54
/24H
Mun Util 6s '48
Dueaseldorf 7s to
7 54s
Hungary
1949
5s
Frankfurt
6ks (A A B).. 1946-1947
Bk of
National Hungarian
/22
/62
/44
/5354
/24
'51
Costa Rica Pac Ry 7 54s "49
1948-1949
Stock Exchange
Cincinnati
Members
UNION
Panama 6 54%
Bank
CCA D 7
Buda¬
Costa Rica funding 5%
BALLINGER & CO.
Nat Central Savings
/2H
pest. 7s
1953
Columbia scrip Issue of '33
Issue of 1934 4%
Dortmund
11"
/n
(Peru) 754%-- 1944
Ceara (Brazil) 8%
'45
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
Nassau Landbank 6ks '38
Natl
no
(Colombia) 7%.. 1947
Callao
1945
Munic Bk Hessen 7s to
/27
Ind Corp—
6 54s
1948
Water 7%
70
Munich 78 to
Bank
1962
Hungarian
Coupons
23
72
7 54s
Coal
39 k
Koholyt 6 Hs
1943
Land M Bk Warsaw 8s '41
funding scrip
Brown
16
f20
1940
6%
British
20
$1 per lot
.'
Ask
Hungarian Discount A Ex¬
/24
change Bank 7s
1963
Hungarian defaulted coups /20-40
/22
Hungarian Ital Bk 754s '32
38 k
Jugoslavia 5s
1956
m
no
/24>4
/C954
.1945
Brandenburg Elec 6s_. 1953
Brazil
20~"
Cons
Bogota (Colombia) 6 Us '47
Bolivia
26
/23 54
/3054
/18
/18
/14H
/27
1946
8%
Bank of Colombia 7 %
Bid
Ask
$ per Share
Stocks
10 Zenda Gold Mines
Foreign Unlisted Dollar Bonds
17 flat
By A. J. Wright & Co., Buffalo:
Shares
German and
10k flat
27 flat
0
has been appointed factor for Fred Leighton's
New York City, wholesalers and retailers of Indian goods.
Talcott,
Mexican Imports,
—Peter Padla,
Inc.
formerly in charge Of trading in Western and Pacific
Distributors Group, is now with Stemmler &
real estate securities for
—Wm. R. Stuart &
Coast
Co.
Co., 135 So. La Salle St., Chicago, announce that
they have installed Bell System
Teletype hearing number CGO 1174.
Lynch, formerly in the bank stock trading department
Hares, Ltd., has joined the organization of J. Arthur Warner & Co.
—Thomas
of
2142
Financial
Chronicle
March
1936
28
'
'
'
'
''
,
'
.
•
'
'
'
.
,
General
' "
•
-
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
Acme Glove
The shareholders
Works, Ltd.—Reorganization Plan Approved
Balance Sheet Dec. 31 (Incl. Wholly Owned Subsidiaries)
on March 19 approved the plan of
capital reorganiza¬
tion, with slight amendments. The company will apply
immediately for
supplementary letters patent, after which new shares will be issued in
exchange for present shares.
Changes in the original plan affect the new cumulative preferred shares of
$100 par, which will carry 6instead of 6%, as
originally suggested,
be redeemable at $105 and accrued dividend instead of
$103, and will also
carry the privilege of optional conversion of each one preferred share into
shares of
As
new
1935
Assets—
Misc.
Accts.
y
Treasury
ble
ex-
President,
The
says
Total
1936
8,739,639
1,072,607
39,435,478 36.102A9J
1935
1934
43,221
$169,422
69,504
43,705
$148,096
64,484
38,314
1933
$106,198
35,363
13,961
368,730
143,821
88,841
350,625
144,870
96,155
278,161
109,811
60,309
220,341
70,861
26.503
$181,558
71,206
railway
.
—V. 140, p. 1454.
Alabama Great Southern
February—
railway
Net from railway.
RR.—Earnings.—•
1936
1935
1934
$469,904
93,781
37,976
•.
Net after rents
From Jan. 1—
$351,493
26,171
1,363
$371,090
77,136
54,642
1933
$269,839
def6,277
def48,255
915,829
Gross from
732,314
55,892
2,241
766,458
163,442
119,477
def89i390
Gross from railway
Net from railway
Net after rents
—V. 142, p. 1454.
185,912
82,756
*
.
562,288
1
^97
Similar payments were made on
Alabama Power
v;
.
,
:•
Co.—Earnings—
[A Subsidiary of the Commonwealth & Southern
Corp .J
1936—Month—1935
1936—12 Mos, -1935
$1,446,903
$1,379,396 $17,028,591 $15,534,733
Operating expenses
611,339
579,394
7,643,972
6,688,409
Fixed charges
399,416
415,568
4,860,299
4,801,962
Prov. for retire't reserve.
140,500
106,175
1,459,130
1,190.800
Divs. on preferred stock.
195,178
195,182
2,342,142
2,342,222
Period End. Feb. 29—
Gross earnings
.
a
Co., Inc.—Annual Report—C. E. Adams,
in part:
10,880,332
for conting..
Youngstown Ry.- -Earnings-
Net after rents.
addition to the usual quarterly dividend of like
amount, on the common
par $10, both payable May 1 to holders of record April 16.
Similar
distributions were made in each of the 10 preceding quarters.—V.
142,
••
Res.
Miscell. reserves-.
Surplus
Stock Increase—
Net after rents
From Jan. 1—
stock,
1802.
125,316
550,364
1,072,607
88,715
840,018
407,541
Gross from railway
Net from railway
dividend of 75 cents per share on account
the $7 cumulative preferred stock, no par value, paya¬
Air Reduction
on
Gross from railway
Net from
Alaska-Juneau Gold Mining Co.—15-Cenl Extra Div.—
The
directors have declared an extra dividend of 15 cents per share, in
p.
610,271
654,419
insurance funds.
1,745,175
4,780,000
391,231
February—
dividend from 50 cents
Oct. 1 1935.—V. 141, p. 4008.
on
344,045
988,873
142, p. 1972.
a
Apjeil 1 to holders of record March 25.
2,074,835
3,530,000
Akron Canton &
Associates, Inc.—Accumulated Dividend—
Jan. 2 last and
2,927,499
2,063,951
39,435,478 36.102,4931
To Vote
dividend was based on the fact that earnings for the first
quarter are not
expected to cover the 50 cents quarterly recently paid.
"The management has hopes that earnings will
develop satisfactorily
for the balance of this year.
Should their hopes be realized, stockholders
may expect subsequent dividend distributions to be such that their dividend
income for the whole of 1936 will compare
favorably with recent years."—
V. 141, p. 906.
on
Federal tax reserve
624,274
The stockholders at their annual
meeting April 8 "will vote on increasing
authorized capital stock from 1,000,000 sharas to
3,000,000 shares;
each present share to be exchanged for three new
shares.—V.
n
of accumulations
626,673
613,400
the
additional improvements and the
uncertainty of the general situation, it
was felt that the conservative course is to
keep dividend payments strictly
within the earnings.
The directors' decision to reduce the common stock
Air
392.917
Res. for pension &
stock.
Total
?enditure of $150,000 forexpenditure, theof service knitting necessity of
modernization possibility of the machinery,
view of this proposed
The directors have declared
550,364
23,679,660
x After
deducting depreciation reserves of $19,010,890 in 1935 and
$17,959,613 in 1934.
y After deducting reserves of $151,171 in 1935 and
$202,680 in 1934.
z Represented
by 841,288 3-5 shares of no par value,
a Consists of 466 shares in
1935 and 8,923 shares in 1934.
a dividend of 25 cents per share on
value, payable May 1 to holders of record April
17.
This compares with 50 cents paid each three months from
May 1 1934
to and incl. Feb. 1 1936; 25 cents on Feb. 1
1934, Nov. 1 and Aug. 1 1933,
and 50 cents per share
paid each quarter from Nov. 1 1928 to Feb. 1 1933,
incl.
The May 1 1933 dividend was omitted.
common
*
14,586
Other curr. assets. 4,615,652
Deferred charges..
428,741
no par
In connection with the reduction of the
654,419
U. S. govt, secur..
a
March 23 declared
quarterly to 25 cents, President Millis said:
"The stockholders at their annual meeting March 18 authorized the
Dividends payable
Res. for local taxes,
notes
rec.Oess res've).
Adams-Millie Corp.—Common Dividend Halved—
on
1
accruals, &c
Inventories
The unissued class A no-par common is to be canceled. The class
B no-par common will be
exchanged share for share into new no-par com¬
mon.—V. 142, p. 1274.
stock,
&
S
z
6,991,759
funds
ance
no-par common.
common.
common
1
7,567,077
Cash
now
The directors
4,920,920
$
Common stock..24,020,373
Accts. payable—
453,484
8,850,961
9,470,607
Pension and insur¬
63^ %
the
investments
1934
1935
Liabilities—
Patents & licenses.
approved, the capital structure of the company will consist of
cumulative, redeemable, convertible stock of $100 par value, au¬
thorized at $1,000,000, of which $687,000 is to be
outstanding, and no-par
value common, authorized at 30,000
shares, of which 24,000 shares are
to be outstanding.
Each two present $50 par first preferred shares will be
exchanged for one
new 63^ % preferred
share, plus $20 par value additional in settlement of
dividend arrears.
Each present one $50 par second preferred share will
be exchanged for 34 share of new
6)4% preferred, plus 134 shares of new
.
1934
$
xLand, bldgs.,&c.l2,712,632
Balance
/
$100,469
$83,076
-V. 142, p. 1624
balance sheets and operating statements of Pure CarbonicTCo. of
were consolidated with those of this
company for the six months'
$723,046
$511,338
America
period ending Dec. 31 1935.
As
a
Alliance Investment Corp.—Accumulated
Dividend—
result of such consolidation, the total
sales for the year were increased
by $1,956,892 and the net profits were
by $168,806 over what they would have been had company's
earnings from its investment in Pure Carbonic Co. of America [contiiued
to be derivedfrom dividends paid by the latter.
1935 Expansion—In the middle of the year company acquired 14,771
shares of tne capital stock of Pure Carbonic Co. of
America, by purchase
for cash, at $34.67 a share, from 37 stockholders of that
company, and at
the end of the year it also acquired 22,347 shares of the same stock from the
U. S. Industrial Alcohol Co. in exchange for 5,258 shares of Air Reduction
Co., Inc. stock, held in the treasury of the company.
Upon the consum¬
mation of this latter exchange company became the owner of
every share of
outstanding stock of Pure Carbonic Co. of America, thus making that
company a wholly-owned subsidiary.
For some years the company has owned $200,000
preferred stock, (being
all of the outstanding issue), of Commercial
Acetylene Supply Co. of N. J.,
and 3,357 out of the 6,000
outstanding shares of the common stock. How¬
ever, 1,857 shares of the above 3,357 shares of common stock were
rep¬
resented by voting trust certificates, so that
company did not have con¬
trol of the Commercial Acetylene
Supply Co.
In December the Supply
company redeemed $200,000 preferred stock at
par, plus div.
At the same time, Air Reduction Co., Inc., surrendered
to the Supply company for retirement its
3,357 shares of common stock and
voting trust certificates, receiving in exchange all of the assets of the
Supply
company (except that company's inv estment in the stock of Air Reduction
Co., Inc.), including its name, good-will and business as a going concern.
Company also assumed t »e current liabilities of the Supply company as
they appeared on its balance sheet at the date of acquisition.
The old Supply company
changed its name and Air Reduction Co., Inc.,
increased
The directors have declared a dividend of
$3 per share on account of
accumulations on the 6% cum. preferred
stock, payable April 1 to holders
of record March 26. A similar
payment was made on Feb. 14 and on Jan. 9
last, this latter being the first distribution made on the
preferred stock
since April
was
eased property at
ment of
Deerfieid, Mass., together with
cylinders to take
care
acquired
the necessary
of the business from thesoe
plants.
Consolidated Income Account for Calendar
1935
an acetylene cylinder
manufacturing plant at Bound
Heretofore company has leased from the old Commercial
Acetylene Supply
Co. the plants at Los Angeles and San Francisco.
Surplus Changes—During the
the company finally reached a settle¬
ment with the Bureau of Internal Revenue
which had long been
contending
tbat the company must reduce certain of its rates of
depreciation. The years
in dispute were 1932, 1933 and 1934. The settlement
involves the
State and local
payment
of $243,325 for these years and a credit to
surplus of
This latter figure represents the difference between the
amount
$1,313,098.
which the company was required to restore to its fixed asset
account and the
amount paid, or accrued on its books as
payable the government for
additional taxes and interest.
Income Account for Calendar Years
(Including Wholly Oumed Subsidiaries)
xl935
Gross sales, less returns, &c
Operating
expenses
Operating income
Other income
.
Total income
Net
$6,938,730
395,838
reserve,
&c
Net profit
Dividends
Surplus
648,215
$5,238,291
1,599,524
446,035
$4,145,416
3,737,141
$3,192,732
y3,154,818
outstanding (no par)_
share on common
840,822
$6.29
$408,275
832,365
$4.98
$37,914
z841,289
$3.79
Including Pure Carbonic Co. of America and subsidiaries from
July 1
y Includes dividends paid on stock held in
treasury at end of year,
Includes 21,138 shares held in
treasury at end of year.
1935.
19,994,279
2,445,924
12,730,109
1,288,919
11,441.190
165,169,253
—
Pref. divs. ($7 per sh.)__
Com. divs. ($6 cash)
181,891,175
2,749,943
14,407,728
175,893,273 174,048,292 176,610,443
2,749,943
2,749,943
2,749,943
14,407,728
14,407,728
14,407,728
treasury stock,
income...Crl,454,297 Crl,454,297 Crl,454,297
not incl. in
Profit & loss surplus..166,187,801
160,189,899 158,344,918 159,452,771
Shs.com.stk.out.tno par)
2,214,099
2,214,099
2,214,099
b2,401,288
Earned per share
a
Dividends
$8.71
...
on
stock.
$6.83
treasury stock included in income,
*
$5.50
$3.62
b Includes treasury
Note—Gross income includes interest and
dividends amounting to $2,336
704 in 1935 and $2,122,803 in 1934.
-
Consolidated Balance Sheet Dec. 31
Assets—
1935
Property account
Investments at cost
or
less
Cash.
U. S. Government securities at cost
Marketable securities at cost
Accounts and notes receivable
Inventories
Deferred charges.
Patents, processes, good-will, &c
Total-.
Liabilities—
Depreciation, obsolescence, &c.,
reserves
Insurance
Sundry
reserves
reserves
Preferred stock (par $100)
x
Common
stock.
Capital surplus..
Further surplus
Treasury stock
Total
reserves
reserves
General contingencies reserves
Taxes
1934
$228,303,892 $225,878,949
28,545,039
29,126,398
38,419,338
31,833,280
26,792,162
23.426,262
22,839,350
22,839,350
11,154,666
12,227,315
21,735,370
20,639,325
1,002,513
860,455
21,305,943
21,305,943
$400,098,273 $388,137,277
Accounts payable and wages accrued
Dividends payable
Investments and securities
$6,217,729
1.424,098
$699,662
common
x
z
$4,720,213
518,078
915,031
,
per
$5,721,088
496,64a
$7,334,568
1,126,671
Federal tax-
Shares
1933 mq
24,673,139
2,971,864
16,620,763
2,025,242
Total surplus...
on
1932
21,701,275
17,548,355
14,595,521
—160,189,899 158,344,918 159,452,771
income
Previous surplus
Divs.
Years
1933
$
repairs and renewals..
Federal taxes
$20,865,439 $16,170,609 $13,443,833
13,926,709
10,449,521
8,723,620
$5,292,866
4,593,204
Depreciation,
Earnings
1934
share
taxes,
year
to the government
1934
Gross income after prov.
for deprec., obsol., all
comple¬
Tt aiso
Brook.
per
Allied Chemical &
Dye Corp.—Annual Report, 1935—
The remarks of President H. F.
Atherton, together with the
income account and balance
sheet, will be found in the
advertising columns of this issue.
caused
a
new
company to be formed known as Commercial Acetylene
Supply Co., Inc., a wholly-owned subsidiary, which now has title to all the
operating assets of the old Supply company, including
acetylene manu¬
facturing plants at Atlanta, Bound Brook, N. J., Chicago, Los
Angeles and
San Francisco, as well as acetylene
manufacturing equipment installed in
1 1931 when a regular semi-annual dividend of
$3
paid.—V. 142, p. 1274.
$3,526,143
4,289,418
147,639,670
40,000,000
11,064,473
3,764,591
2,331,373
1,481.250
$3,401,536
4,289,418
142,122,775
40,000,000
11,374,072
3,014,675
2,300,032
1,631,315
39,284,900
12,006,440
61,752,335
98,437,564
y39,284,900
12,006,440
61,752,335
104,435,465
DrZl ,477,785dr31.477,^85
$400,098,273 $388,137,277
x
Represented by 2,401,288 no par shares common
stock, including
treasury stock,
y Retired since close of year.—V.
142, p. 292.
Financial
Volume 142
2143
Chronicle
Amalgamated Leather Cos., Inc.—To Reduce Directorate
The stockholders
April 21 will vote
on
on a
proposed reduction in the
Specialists
number of directors from 10 to 9.
Consolidated Income Account for Calendar
1934
1935
Gross profit after deprec.
$427,803
25,022
24,823
$168,066
66,603
$524,412
57,887
$42,666
26,628
$202,918
15,242
30,400
$234,669
20,703
30,000
$582,299
116,651
57,000
$69,295
y37,415
$639,828
446,739
24,685
gen. exp.
Other income.
Net profit
Interest, taxes, &c
Prov. for Fed. inc. tax__
Inventory
Other
104", 689
Net profit
dividends
99.200
$303,959
$58,076
Surplus
of pref. stock out¬
standing (par $50)
Earnings per share
$84,766
def$23,277
Par $100.
x
y
49,600
x50,000
49,600
$6.13
$3.71
$3.17
Nil
1934
Liabilities—
1934
1935
Preferred stock...$2,500,000
Common stock..
Acceptances...
175,000
$2,500,000
175,000
278,493
337,148
Dividends payable
24,800
24,800
y
Accts.
16,668
267,373
Sundry creditors..
5,802
7,236
23,961
Federal tax reserve
42,852
Capital surplus...
Earned surplus...
Stock reacquired..
Other assets
2,467,433
52,525
32,204
Investments
49,263
2,371,288
33,775
235,191
Inventories
979,975
564,619
30,000
1,018,735
506,543
Z>r20,235
Dr20,235
Deferred charges._
Total
$4,856,442
After
x
for
reserve
045,753 in 1934.
y
payable and
accrued expenses
$5,052,1751
222,947
250,000
105,136
Notes payable
200,000
Total
$4,856,442 $5,052,175
totaling $1,108,341 in 1935 and $1,Represented by shares of $1 par value.—V. 142, p. 770.
depreciation
American Beverage Corp.—
Underwriters' Agreement JEx¬
tended—
The company has notified the New York Curb Exchange that the right
of Stemmler & Co. to find purchasers for shares of its 7% convertible pref.
stock
as
set forth in the agreement
ments
thereto,
142, p. 1275.
has
been
dated March 22 1935 and the amend¬
extended to and including June 30 1936.—V.
American Gas & Power
Co.—Upheld in Reorganization—
The United States Circuit Court of Appeals at Philadelphia on March 25,
Delaware in confirming the reorganiza¬
tion plan of company under Section 77-B of the National Bankruptcy Act.
In a per curiam opinion, the court rejected objections to the reorganization
made by Charles W. Darling, security holder of the company. Darling had
charged mismanagement and fraud, but his accusations were denied by
sustained the U.S. District Court of
the
Delaware court.
"We have not
any
been convinced of any error by the court below or that
better plan could be worked out," the opinion said.—V. 141, p. 4157.
American General
revenues
General
Prov.
oper.
expenses.
NEW YORK
RECTOR 2-7815
for retirement
1934
1935
1933
1932
$36,093,641 $34,680,888 $33,691,958 $36,033,688
18,108,629
19,306,890
16,503,711
17,030,278
on
general plant
xLand.bldgs.,ma
$1,323,162 $1,382,054
chlnery, &c
Cash
160,755
233,554
Accts. & notes rec.
576,011
683,399
Sundry debtors...
Sub. Oper. Cos.—
2,216,569
2,203,652
4,623,695
Cr80,026
1,870,227
2,321,538
4.569,744
067,436
1,683,939
1,999,124
4,624,443
Drl8,102
2,410,985
2,105,689
5,046,471
Dr79,821
4.070,686
4,056.063
4,059,338
4.042,505
161,309
161,154
159,405
171,302
liga'n paid in advance
Profit applic. to min. int.
32,376
7,175
23,633
14,957
96,388
21,863
24.128
Balance applic. to Am.
Lt. & Traction Co__
$3,551,313
$3,622,381
$4,525,645
$5,122,508
259,930
5,602
429,727
8,346
589.307
24.567
978,235
33,260
$254,328
$421,380
$564,740
$944,975
& Tr. Co. from subs..
3,805,641
4,043.762
5,090,385
6,067,483
Amer. Lt. & Tract. Co.Interest and dividends.
Miscellaneous income.
1,033,536
629,250
283
662,529
87,086
1.086,365
247,285
$4,839,460
257,979
77,957
$4,793,378
277,181
95,381
$5,819,326
247,685
214,859
$7,401,133
275,724
$4,503,524
804,486
3,320,871
$4,420,816
804,486
3.874,347
$5,356,782
804,486
4,981,259
$6,824,289
804,486
6,572,474
sur$378,167
$258,017
$428,963
$552,671
Maintenance
Consolidated Balance Sheet Dec. 31
1935
BROADWAY,
TEL.
Gross
Interest only.
Assets—
120
Comparative Consolidated Income Account for Calendar Years
,
Shs.
49,600
/New York Stock Exchange
York Curb Exchange
,
MembersjNew
loss$23,277
$303,959
$183,966
99,200
$157,276
McDonnell & Co.
10", 129
45,028
*
Preferred
Rights and Scrip
360,546
24,590
adjustments.
deductions
All
1932
1933
$906,537
355,908
26,217
$662,132
459,352
$178,095
Sell., admin. &
Depreciation
Gen. & Fed. inc. taxes.Misc. non-oper. rev., net
Int. and divs.
on bonds,
stock and notes
by public
pref.
owned
Amortization of bond dis¬
count
and
expense
Amortiz. of franchise ob-
Sub. Invest. Cos.—
Gross revenues
Gen. exps.
(incl. taxes)-
\
Balance applic. to Am.
Lt. & Traction Co.
Total accrued to Am. Lt.
.
_
_
Corp.—Offering Postponed—
Commission, has changed the offering date of its
stock to April 13 from March 28.—V. 142, p. 1973.
accr. to
Am. Lt. & Trac. Co.
(incl. taxes).
Balance, surplus
Preferred dividends
Common dividends
Balance, deficit.
Earnings per share on common outstanding at end of
1935: $1.30 in 1934. $1.64 in 1933 and $2.18 in 1932.
preferred
1934
1936—Month—1935
$1,275,208
1,156,232
Operating earnings
Oper* & gen. exps
T Net
profit from oper..
$888,818
940,256
$118,976
4,553
Other income
2.203,710
def$51,437
4,340
$224,129
10,506
1,859,800
def$59,617
6,050
S.
Com.
172,123,590
53,556,508
...
Subsidiary
3,441,949
4,018,629
41,446
Notes receivable
Long-term notes
payable
69,444
$123,529
54,643
Net profit before Fed.
income taxes
def$47,097
52,912
$234,636
112,796
def$53,566
111,116
$121,840
3,384
def164,683
defl7,310
Prepaid expenses
able
&
1,023,908
22,393,704
1,009,152
payable.
Interest
Dividends
Fed. taxes
4,438,324
4,526,475
249,166
appliances).
General
238,794
Misc.
Special fluids on
deposit
$125,224 def$181,993
liabil.
1,518,150
1,741,772
1,113,171
1,358,396
1,006,871
997,728
1,238,166
27,848
1,023,088
unsecured
219,154 Accts.
475,146
terials, suppl.,
—V. 142. P. 1624.
39,175
598,289
39,175
615,088
Items in surpense
(est.)
taxes..
cur.
738
Retirement—
General
American Ice
Co.—Preferred Dividend—
The directors have declared
a
Contribut'ns for
dividend of 50 cents per share on the 6%
extensions
non-cumulative preferred stock, par $100, payable April 25 to holders of
record April 6.
A like payment was made on Jan. 25 last and on Oct. 25
1935.
Previously regular quarterly dividends of $1.50 per share were dis¬
tributed.
7,200,000
115,300
Def'd liabilities.
Inventories (ma-o
$72,270 def$101,699
599,570
oper.
reserves
556,782
575,233
6,100,000
1,377,903
Res. for deprec.
of Investment
The company had been paying dividends at the rate of $6 per
6,100,000
Gen. contingc's.
James A. Heitzmann and George
minority int..
17,830
Capital surplus. 12,477,990
'
a
director.
The resignations of
H. Walker, Jr., from the board of directors
directors
also
elected
Peter
Assistant to the President.—V.
A.
142,
p.
Buehrman
a
Vice-President
and
Earned surplus.
248,981,581 242,456,661
Total
of—
January
February
—
1936
1935
1934
1933
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9,418,804
9,074,434
8,425,292
—V. 142. p. 1625.
1936
1935
operating earnings of subsidiaries
eliminating inter-company transfers)
General operating expenses
(after
-$36,390,852 $34,797,930
19,415,143
18,272,057
Maintenance
2,205,467
2,337,880
Provision for retirement of general plant
2,232,300
1,901,889
General taxes and estimated Federal income taxes.
4,638,062
4,551,877
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
$7,899,878
334,700
$7,734,225
453,952
$8,234,579
3,445,641
161,217
637,500
13,802
Equity of Am. Lt. & Tr. Co. in earns, of subs
$3,957,178
Income of Am. Lt. & Tr. Co. (exclusive of income
received from subs.)
1,038,725
$3,930,016
on
preferred stocks
Propor. of earns, attrib. to minority com. stocks._
See United
1
Expenses of Amer. Lt. & Trac. Co
Holding company interest deductions
Balance transferred to consolidated surplus
Dividends on preferred stock.
142,
Balance
—
—
-
Earnings per share of common stock
----
1973.
Light & Power Co., below.
Machine
&
Metals,
Inc.—Expiration of
Voting Trust Agreement—Troy Debentures Called for Redemp'n.
The voting trust agreement which was in effect since Dec. 1930
expired
by limitation on Jan. 2 1936 and the holders of voting trust certificates have
been notified to exchange them for stock. The voting trust certificates
have
been stricken from the list of the New York Stock Exchange.
All of the remaining outstanding $170,000 of Troy 6H
% debentures were
called for redemption as of Feb. 1 1936. T he exchange operation terminated
on Dec. 31 1935.
New Director—
Charles S.
Sargent has been elected
American Superpower
a
director.—V. 142, p. 1973.
Corp.—Regular Preferred Div.—
The directors have declared a regular quarterly dividend of $1.50
per
share on the $6 cum. first preferred stock, no par value, payable
April 1
The company recently paid up all accumu¬
lations on this issue.—V. 142, p. 451.
to holders of record March 25.
767,533
$4,995,903
256,434
84,624
$4,697,549
279,462
90,255
$4,654,844
804,486
$4,327,832
804,486
$3,850,358
$3,523,346
$1.39
$1.27
ruary
Water
Works
&
Electric
Co.,
Inc.—Feb-
Power Output—
The power output of the electric subsidiaries of the American Water
Works and Electric Co. for the month of February totaled 183,151,266
kwh.,
against 163,044,540 kwh. for the corresponding month of 1935, an increase
or
12%.
For the two months ended
-
p.
of Executive Committee—
American
American
Total income
248,981,581 242,456.661
L. H. Heinke and R. Gilman Smith, were on March 23 elected directors.
The additions were
$8,188,177
3,471,243
161,489
637,500
7,168
-
Int., amort. & pref. divs. of subs.:
Interest on bonds, notes, &c
Amortization of bond discount and expense
Total
The number of directors was reduced from 21 to 18.
made to fill vacancies.—V.
Subs.)—Earnings—
12 Months Ended Jan. 31—
Gross
Dividends
16,026
10,957,862
31,472,115
New Directors—Board Reduced to 18 Members—
New Members
American Light & Traction Co. (&
Total income of subsidiaries
32,069,174
1803.
American Stores Co.—Sales—
Month
2,864,459
Surplus applic. to
accepted.
The
550,375
Maint. and other
share annually for the past 18 years.
William P. Willetts has been elected
were
236,570
1,653,278
1,385,333
991,382
1,103,327
1,115,196
27,224
do
receiv¬
$68,885 def$100,010
3,384
def 1,689
Balance
Non-recurring items
64,646,600
of
plant 23,837,105
Utility equip.
990,520
idends
Prov. for depreciation
debt
cos
Notes pay. (sec.)
Interest and div¬
Total prof. bef. deprec.
& Fed. inc. tax
stock..
Funded
sub.
16,498
9,000,000
64,493,100
Pref. stock
Com.
8,231,493
Accts. receivable
16,473
9,000,000
236,520
cos.:
301,969
4,476,215
1,300,000
&c
13,408,100
69,184,775
stk.
warrants
2,985,845
53,523,912
Treasury
notes,
Cash
13,408,100
stock.. 69,184,825
Common
2,878,733
expense
U.
$
Pref. stock
disct. & stock
Investments
1934
$
Am. Lt. &T. Co.
ization, &c...173,049,721
1936—2 Mos.—1935
$2,427,840
$1,800,183
year were $1.34 in
1935
Liabilities—
$
$
Properties, fran¬
chises, organ¬
Unamortiz. bond
American-Hawaiian Steamship Co. (& Subs.)—Earns.
301,120
Consolidated Balance Sheet Dec. 31
Assets—
convertible
99.692
Total income
Gen. exps.
Interest
1935
The corporation in an amendment filed with the Securities and Exchange
Period End. Feb. 29—
in
Years
194,476 kwh.,
Feb. 29 1936, power output totaled
380,against 334,756,918 kwh. for the same period last year,
14%.—V. 142, p. 1974.
as
and increase of
2144
Financial
Chronicle
March
American Woolen Co.—Proxy Battle Continues—
The
Consolidated Balance Sheet Dec. 31
battle of proxies
1935
at the annual meeting of the company dragged
March 26 with increasing friction between opposing
factions.
The meeting after appointing E. Howard Bennett, head of the
minority group of stockholders as acting Chairman adjourned to March 27.
—Y. 142, p. 1627.
through its third day
1936
28
1934
1933
1932
$
Assets—
on
$
$
I
Mines & mln'g claims, coal mines,
tlmberlands, phosphate depos¬
its, water rights and lands for
metal producing A mfg. plants.298,584,988 296,815,108 298,735.684 297,665,165
BIdgs. & mach. at mines, reduc'n
works, refineries, mfg. plants,
American Zinc, Lead & Smelting Co.—New Director—
Charles Hayden has been elected a director, succeeding the late Jere A.
sawmills, foundries, water wks.,
148,900,982 157,122,093 264,246,469 264,069,347
6,105
86,618
Investments In sundry companies 28,970,416
28,968,542
27,546,835
27,547^969
Downs.—V. 142, p. 1805.
.
steamships and railroads
Ann Arbor
RR.—Earnings.—
February—
Gross from railway
Net from railway
Net after rents
Patents
_.
_
.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
$316,747
42,265
15,627
1935
$300,866
66,944
35,884
1934
$248,429
$206,551
48,656
16,243
14,230
-
Indebtedness
1933
defl8,890
of
affiliated
panies, not current
Def'd charges and dlsct.
com¬
744,129
12,794,139
10,334,107
11,604,458
11,781~862
and expenditures prepaid.
Instalment house and land sales
17.573,449
17,767,057
21,736,169
25,152,551
and other accts. receivable....
Deferred expenses
Metals & manufactured products
1,049,697
408,131
1,153,763
36,234,138
y8,489,376
35,876,701
Supplies
on
hand,
on
bonds
advances
ores
628,068
91,539
37,403
584,632
115,597
55,523
495.360
86,462
22,739
413,484
27,412
def40,001
—V. 142, p. 1456.
in process and on hand
Anaconda Copper Mining Co.—Annual
Accounts receivable
Report—
Indebtedness of subsidiaries
Cornelius F. Kelley, President, says in part:
Notes
Corporate Changes—'The existing bank loans of company and its sub¬
sidiaries, which totaled $59,549,120 at the beginning of the year and had
been reduced to $54,322,120 at Sept. 30 1935, were funded
during the
latter part of the year.
A registration statement under the Securities Act
of 1933 as amended, was filed with the Securities and Exchange Commission
covering an issue of $55,000,000 15-year 4K% sinking fund debentures,
dated Oct. 1 1935, due Oct. 1 1950.
After negotiation these debentures
were sold to the underwriters on Oct. 18 1935.
The offering price to the
public was 9834 % and the Commission to the underwriters was 3 %.
These
debentures are the direct unsecured obligations of the company.
Upon
the sale of the debentures the outstanding bank loans of
company and its
subsidiary companies were paid.
Following steps begun in 1934 to simplify the corporate structure of the
company, the assets and business of six minor 100% owned subsidiaries
were transferred in 1935 to company, or other 100% owned
subsidiaries.
An adjustment was made with the Montana Power Co
in connection
with power charges deferred during the period of drastic curtailment of
operations in Montana when the power used was below the minimum pro¬
company.
were
as
44,180,953
9,190,688
47.529.686
5,895.000
2.717.483
5,862,419
4,515,000
2.461,026
6,070,759
7,287,338
Inspiration
Consolidated Copper Co
8,200,873
—
6,893,788
1,538,746
12,245,431
1,410,008
....
17,869,122
Total.
6,576,350
581,531,908 575,871,042 692,430,089 694,080,703
Liabilities—
Capital stock (par $50)
-.433,716,900 433,717,100 433,691,650 433,633,500
Capital stock A surplus of sub.
cos. owned by minority Interest
4,667,465
4,595,439
4,583,366
4,724,964
Anaconda
Copper Mining Co.
4>3% debentures
55,000,000
Chile Copper Co. 20-year 5%
gold debentures
26,574,000
27,826,000
30,889,000
33,386,000
...
Butte Anaconda A Pacific Ry .Co.
1st mtge. 5% s.f. gold bonds..
Reserves
Notes
1,503,000
1,648,192
Other accounts
transferred to the Power
1,611,000
2.959,908
59,549,120
1,774.000
105.912.277
69.898,000
4,108,222
3,946,090
2.008.878
98.613,900
70.500.000
2.164.604
5,729,634
178,354
242,490
*4,150,152
5,673,688
7,067,188
48,163,651
37,252,064
37,999,229
42.061,546
payable
Taxes and interest accrued
Accounts and wages payable
payable
Deferred credits to income
1,929.000
"264" 170
.
Surplus
Financial—The funding of the bank loans through the issuance of the
434 % sinking fund debentures materially improved the consolidated current
position of the company and its subsidiaries.
Cash on hand at the close
of the year amounted to $17,869,122, compared with $12,245,431 at the
close of 1934.
Current assets, including cash, totaled $76,588,329, com¬
pared with $67,856,820 for the prior year.
Current liabilities were $10,016,210, compared with current liabilities of $67,645,362, including notes
payable to banks, at the end of 1934.
The improvement in the net current
position was $66,360,661.
b^There were purchased and retired during thf year, or held in the treasury
at the close of the year $1,252,000 5% debentures of Chile
Copper Co.
and $108,000 first mortgage 5% sinking fund bonds of Butte, Anaconda &
Pacific Ry.
The improvement of $66,360,661 in the net current position on a con¬
solidated basis, and the decrease of $1,360,000 in the funded debt of the
subsidiary companies totaled $67,720,661.
Of this amount $52,525,000
is attributable to the proceeds of the debentures and the
balance, $15,195,661, is accounted for principally by earnings for the year plus depreciation
charge in excess of expenditures for plant.
Furoher advances were made to the Inspiration Consolidated Copper
Co. on its promissory notes secured by first mortgage bonds of that com¬
pany, making its total liability on notes to this company as of the close
of the year $7,643,000, on which interest accrued as of that date amounted
to $557,873.
The Inspiration Company resumed operations on a curtailed
basis during the latter part of the year.
Capital expenditures during the year amounted to $2,165,433, sum¬
marized
ii;v^
462,893
296,352
Marketable securities.
visions of the contract with that company, and as a part consideration
the,,
of the Electric Light Department, which supplied electric light
City of Anaconda, Mont.,
of
Cash
facilities
and power to the
receivable
743,775
on
...
Total
581,531,908 575,871,042 692,430,089 694,080.703
Accounts payable only,
x
The directors have declared
dividend of $1 per share
a
on
the
common
stock,
no par value, payable April 15 to holders of record March 26.
A
like payment was made on Jan. 15 last, this latter being the first
payment
made since July 16 1934 when 50 cents per share was distributed.
On
April 16 and Jan. 15 1934 dividends of $1 per share were paid.
From
July 1 1926 to and including July 1 1927 the company made quarterly pay¬
ments of $1.50 per share.—V. 142, p. 773.
Associated Dry Goods
Corp.—Earnings—
Including all wholly owned subsidiaries and Lord & Taylor, the majority
of whose stock is owned]
Years Ended Jan. 31—
Total net sales.
1936
Net sales
Gross income
Costs and expenses-.
Interest
$63,628
1,984,024
117,779
on
$48,330,496 $46,818,976 $43,847,628
45,810,111
44,531,459
42,457,092
700,919
743,351
877,567
265.218
227,050
249,014
195,559
145,651
123,822
_
real estate mortgage
Expenses of parent
com¬
company
~$L3~96T856 "$^149^501
Profit
Crl74,568
Crl94,592
Drl01,253
$123,929
Crl63,315
Cr32,873
$1,571,424
$1,242,840
206,000
$320,117
60,000
$1,376,424
108,528
33,126
$1,036,840
98,932
$260,117
$1,234,770
1,611,144
$937,908
402,786
$202,154
def$376,374
$535,122
$202,154
Other income.
Copper—The production of metals from the mines of company and its
consolidated subsidiary mining companies through copper plant operations
Loss
517,943,873 pounds of copper, 5,472,579 ounces of silver, and 29,629
of gold.
Copper deliveries for the year in both the domestic and foreign markets
amounted u> 828,589,950 pounds.
After allowing for custom, secondary
and purchased copper, the deliveries were in excess of
production and
resulted in a decrease of 53,776,871 pounds in stocks of copper on hand.
Deliveries were approximately 36% over the deliveries of the prior year.
■bZ/nc—Production of electrolytic zinc during the year amounted to
212,055,670 pounds, of which 49,235,857 pounds were from company
mines, and the remainder from custom ores and concentrates and leased
sale of securities, &c. (net).. *
on
1934
.$47,845,022 $46,347,044 $43,375,978
485,474
471,932
471,650
Commissions, &c
Depreciation.
1935
$49,221,030 $47,660,757 $44,619,519
1,376,008
1,313,713
1,243,541
Sales, leased department
follows:
Mines, mining claims and lands
Buildings, machinery and equipment at the plants of the
pany and its subsidiaries
Acquisition of shares of stock of subsidiary companies
Includes notes.—V. 142, p. 1456.
y
Arlington Mills—To Pay $1 Common Dividend—
was
Total profit
ounces
Federal taxes
Balance
Applic. to L. & T. stock not owned-.
Unusual charges (net)
Net profit...
The metals paid for in zinc residues and
companies amounted to 1,518,274 pounds of zinc,
27,103,467 pounds of lead, 348,149 pounds of copper, 2.874,131 ounces
of silver and 6,132 ounces of gold.
Number of Shareholders—The number of registered shareholders
appearing
on the transfer books of the
company at Dec. 31 1935, was
sold
to
world markets
on
subsidiaries.
the basis of the pound sterling, which
At current exchange rates the
Consolidated Balance Sheet Jan. 31
[Including all wholly-owned subsidiaries,
of which stock is
price
of zinc
Consolidated Income Account for Calendar Years
1934
Assets—
99,149,536
82,053,028
17,096,508
1,235,171
4,960,746
1,984,934
28,423,325
4,044,435
2,403,936
on bonds retired
47,045
U. S. and foreign income taxes (est.)..
1,957,992
Depreciation, depl. and obsolescenceu
8,390,016
Discount and expense on bonds..:
266,174
18,331,679
4,527,350
3,747,091
6,945,680
5,201,087
2,876,801
5,891,696
trade
Gross sales and earnings
Cost of sales
18,525
5,219,063
407,689
416,954
Total income
Int. on bonds and current obligations
Expenses pertaining to non-oper. units
Loss
Net gain
l",565.803
6,295,322
236,020
5,155,672
534,235
11,313,727
1,960,094 loss6822,115
aCr3,715,031
11,313,727
1,960,094 loss3107,084
b2,673,871
954,975
33,387
257
Inventory adjustment (net)
Balance, surplus
Surplus adjustments—deductions
Increase in min. proportion of surplus
Net decrease in surplus
133,640
profll.180,087
747,165
4.062,316
Credit to surplus for realization of difference between cost
and market
1932 on metals on hand at that date sold in
1933, and for
restoring to current cost, which is below market, finished metals on hand
at Dec. 31 1933, $5,550,062, less reduction of inventories
of metals to
a
value at Dec. 31
to
normal
process
cost,
$1,835,030.
b Includes $1,489,382 adjustments through
dissolution of subsidiary
companies.
1,298,911
508,802
409,446
409,721
442,625
Mtge. install., pay¬
able within year
Prov.
for
claims,
150,000
150,000
275,725
438,327
awards,
Ac
Prov. for Fed. inc.
Ac
1,921,704
1,995,833
purch.,
less amort
192,945
195,842
Land, bldgs. and
improvements- .18,365,207 18,385,045
equip.,
taxes
270,215
227,031
4,100,000
...
4,300,000
Mortgages on real
estate
Cap. stock of Lord
A
Taylor not
owned
48.590
investments
788,769
764,561
and
19,725,900 19,725,900
Earned surplus...14,739,365 15,115,738
b Capital stock
capital reserve.
Total
Operating income
Other income
expenses.
Dividends declared
Leasehold
a
1,551,876
Accrued
5,174,177
5,345,078
Inventories
Prepaid exps., lncl.
insurance dep..
z
Fixtures, deliv.
$
creditors,
Ac
77~664
1935
%
payable,
550
Notes receivable..
.
1936
Liabilities—
Accounts
72,902,494
67,941,748
27,411,958
1,011,367
$
5,498,013
6,522,288
* U. S. Govt, secur. 2,952.644
Commercial accept 1,197,076
Other market, secur
21,875
y Accounts receiv. 5,544,453
$
127,678,577
100,266,619
$
Cash
1933
$
Taylor, majority
'
Misc.
1935
$
also Lord &
owned]
1935
1936
adversely affects
average
for the year on the London market was
equivalent to 3.10c. per pound,
and at Dec. 31 1935, was equivalent to 3.20c.
per pound.
tp- The principal amount of bonds of Silesian-American Corp.
outstanding
at the end of the year was
$6,230,000, a reduction of $818,000 during
the year.
•
57,963
other
110,229, as com¬
pared with 118,094 at the close of the prior year.
Silesian-American Corp.—Principal production for the year of the sub¬
sidiaries of Silesian-American Corp. operating in Poland was
89,457,039
pounds of zinc, 28,185,811 pounds of lead, 1,693,956 metric tons of
coal,
42,453 metric tons of sulphuric acid and 9,518 metric tons of superphosphate.
Although the currency of Poland has continued on a gold basis, the
products of the subsidiaries of Silesian-American Corp. are sold in the
such
......
Surplus
Chicago, Ind. and Akron, Ohio.
dross
I"
First preferred dividends.
mines.
Deliveries of zinc amounted to 197,145,190 pounds, including the
zinc used in the manufacture of zinc oxide at the zinc oxide plants at East
195,000
....
a
in
42,520,099
42,872,816
Total
.
42,520,099 42,872,816
After allowance for depreciation of $4,891,494 in 1936 and $4,681,707
1935.
b Capital stocks
issued and outstanding: 1st pref. stock, 6%
cum., par $100, authorized, $20,000,000; issued and outstanding, $13,436,400; 2d pref. stock, 7% cum., par $100, authorized, $6,725,500; issued
and outstanding, $5,690,100; common stock, par $1, authorized, 800,000
shs.; issued, 599,400 shs., $599,400; total, $19,725,900; less in treasury,
12,460 shs. common stock. $12,460; total capital stock outstanding in hands
of public, $19,713,440.
x After amortization of $28,705
in 1936 and
$57,810 in 1935.
y After allowance for doubtful accounts of $188,323 in
1936 and $190,579 in 1935.
z After allowance for depreciation of $6,687,595
in 1936 and $7,709,746 in 1935 —V. 142 p. 1276.
Associated
Gas
&
Electric
Co.—Quarterly Earnings.
The quarterly earnings report for the
12 months ended Dec. 31 1935
following:
The following operating subsidiaries were acquired during 1935 and are
now a part of General Gas & Electric Corp. group:
Eastern Shore Public Service Co., operating in Maryland, Delaware and
Virginia.
!
Virginia Public Service Co., operating In Virginia and West Virginia.
This property adjoins the Eastern Shore Public Service Co.
Tide Water Power Co., whose properties in North Carolina are not
distant from the South Carolina properties of the Associated System.
Florida Power Corp., whose properties adjoin the Florida properties of
the Associated System.
°
affords
the
.
,
,
Financial
Volume 142
Another Unit Dissolved—
Georgia Power & Light Co., whose properties in turn adjoin those of
Florida Power Corp., thus making a direct inter-connection between
Florida Public Service Co. previously owned, Florida Power Corp.,
& Light Co.
Georgia Power
.
,
.
,
the
and
_
,
.
In addition to the foregoing, there was also acquired*.
Penn Central
Light & Power Co., whose properties immediately adjoin the other lar^e
properties in Pennsylvania which are part of the Associated System. This
property is now a part of the NY Pa NJ Utilities Company group.
There has also been acquired a large portion of the bonds and unfunded
debt of Municipal Service Co., which in turn controls York Bys. and Glen
Rock Electric Light & Power Co., operating in York, Pa., and vicinity,
adjoining the Metropolitan Edison Co., and Keystone Public Service Co.
operating in Oil City and Franklin, Pa., adjacent to the Western Pennsyl¬
vania properties of the Associated System.
The greater portion of the
preferred stock of York Rys. and a considerable amount of the preferred
stock of Keystone Public Service Co. are also owned by NY PA NJ Utilities
Co. and subsidiaries.
These properties are not included on a consolidated,
basis in the accompanying income statements, since Associated Gas &
Electric Co. does not control the common stock of Municipal Service Co.
The company reports that Penn Southern Power Co., a Delaware com¬
pany, had recently been dissolved.
The total number of companies dis¬
solved, merged or otherwise disposed of since 1921 is now 321.—V. 142,
1974.
P.
Andes Copper Mining
Calendar Years—
Copper sold (lbs.)
Earning
Power—Annual
Charge Basis 12 Months
:
:
.
End. Dec.31
1934
„1935
$33,071,730 $31,914,684 $28,036,047
23,590,680
22,918,843
20,042,073
17,026,552
16,431,002
14,367,962
Power
Commercial...
6,021,613
3,982,241
690,582
6,362,678
4,185,823
702,062
Municipal
Electric corporations
Railways
1933
1932
47,168,256
$3,623,390
39,720,293
$2,686,764
36,805,381
$2,440,376
3,905,314
2,790,869
2,835,510
2,813,407
Rev. from copper
Prod, cost, less value of
silver and gold
Operating profit
Total
charges.
$1,685,393
50,186
$832,521 loss$148,746 loss$373,032
89,522
34,697
247
$1,735,579
.
Other income
$922,043 loss$l 14,049 loss$372,785
16,920
72,292
82,133
431,837
455,332
406,235
487,825
399,985
378,455
_
393,666
746,479
Deprec. of plant & equip.
Expense
pertaining
to
non-operating units..
U.
1935
Electric revenues:
Residential.
•
Since Acq
12 Months
Ended Dec. 31
,
1935
S.
41,958
42,495
135,340
93,542
prof.$418,136
$150,576
Net loss
revenue
Total electric
$85,491,453 $82,345,859 $73,190,931
revenue
Gas revenue:
'
9,460,401
1,670,608
1,011,613
I
Residential
9,608,094
1,726,916
1,190,119
...
CommercialIndustrial
9,127,094
1,647,000
1,170,126
$12,525,130 $12,142,623 $11,944,220
169,398
82,640
162,134
Total gas revenue.
$1,147,523
$1,415,945
1935
Assets—
1934
1935
Liabilities—
$
x
and
concessions.33,250,682 33,263,685
Buildings, mach'y,
equipment, &c_45,518,059 46,099,455
Investments
25,309
25,309
8uppls.& metals— 3,695,879
4,950,779
Accts. receivable..
342,435
110,253
2,865,663
Cash
Deferred charges—
$
Wages
166,528
12,750
114,454
payable
Accounts payableNotes pay. to banks
164,244
195* 192
6,000,000
Adv. by Anaconda
Copper
103,569
170,416
2,963,565
1934
$
Capital stock—.83,369,425 83,369,425
Accrued liabilities-
Mining
Co. and subs
Notes
Working and other
Total sales—gas
Miscellaneous revenue
176,337
Consolidated Balance Sheet Dec. 31
Mines, claims, land
Miscellaneous
105,867
and Chilean taxes
estimated
5,855,769
3,768,926
699,018
$84,939,525 $81,958,966 $72,769,796
551,928
386,893
421,136
Total sales—electric
,
1934
74,578,219
sold-- $5,590,708
Int. incl. disct. of debs..
Preliminary Consolidated Statement of Earnings and Expenses
Co.—Earnings—
(Including income of Potrerillos RR. Co.)
Miscellaneous
;
2145
Chronicle
payable
Anaconda
2,437,000
to
Cop¬
$12,694,528 $12,225,263 $12,106,354
V
assets
1,390,648
$8,718,962
revs
$8,778,984
$7,918,432
Total operating revenues
...$106,904,943 $103350,105 $93,215,717
42,691,348
40,347,499
Operating expenses
45,259,295
Maintenance8,877,680
8,695,540
7,972,402
Prov. for taxes (incl. Fed. inc. taxes). 11,142,207
10,396,642
9.799,411
—
Net operating revenue
$41,625,759 $41,566,575 $35,096,405
Prov. for retire., renewals & replaces.
of fixed capital..
8,808,817
8,081,816
9,202,052
$32,423,707 $32,757,758 $27,014,589
....
12 Mos. End. Dec. 31 '35
Earn.PowerAnnual Chg.
Basis
Since Acquisition
.$32,423,707 $27,014,589
Balance forward—Operating income.
$697,069
1,353,655
.
Non-operating
expenses.
Non-operating revenue (net)
.
Gross income
$1,822,442
131,700
$1,876,004
.
$699,368
1,123,074
$2,050,724
174,720
.
$1,690,742
$34,299,711 $28,705,330
Fixed Charges and Other Deductions of Subs.—
on funded debt
.—$23,426,945 $19,270,137
Interest on unfunded debt
773,383
851,407
Interest
Interest charged to
construction
Crll5,852
1,593,738
4,151,715
Amortization of debt discount and expehse
Dividends on preferred stocks paid or accrued
Total
Crl08,865
1,321,865
2,663,933
x$29,829,929 x$23998,477
Balance
$4,469,782
$4,706,853
$3,588,065
84,993
50,680
—.
$4,279,112
68,124
50,804
Fixed Interest of Associated Gas & Elec. Co. on—
Fixed interest debentures
Sinking fund income debentures
Interest-bearing scrip
Mining Co— 6,200,000
89,083,4961
no par
2,664,229
Total
shares.—V.
3,082,365
87,198,930 89,083,496
140, p. 2175.
Astoria (N. Y.) Veneer Mills & Dock Co. —Bondholders
Urged to Consent to Demolition of Buildings on Property—
The holders of the 1st 6% gold
bonds, due 1941 (now in default) of which
$227,000 are outstanding, are asked to consent to the demolition and
removal of any and all buildings and structures upon the
mortgaged property.
In a circular dated March 24 the committee (below) states in substance:
The original issue of bonds
was $500,000.
The property at the time of
appraised as worth over $1,000,000 and was occupied by a going
plant.
Operations were abandoned some years ago ana the
property has been vacant except for a caretaker.
The property is assessed for taxation by the city at about
$447,800, of
which about $297,800 is for the land and about
$150,000 for the buildings.
was
industrial
There is
now an accumulation of about three
years' unpaid taxes, approxi¬
mately $45,000.
The property has been taken over and is now owned by
an institution, for a loan to the
industry formerly operating, and subject
to
Non-Operating Revenues and ExpensesNet income of non-utility subsidiaries
Other interest, dividends, &c
87,198,930
Represented by 3,582,379
x
issue
Operating income.
per
Deficit
Total
Water, transp., heat & misc.
1,506,716
the mortgage.
The mortgaged property consists of about 23 acres,
fronting
on
Berrian's
Creek and the East River and is accessible for vessels
drawing up to 26 feet.
The buildings appear to be entirely worthless with the possible
exception
of a large smoke stack and a power plant of
relatively recent construction.
The others are either galvanized iron over wood frame, in a serious state of
dilapidation,
or very old brick with wood frame.
All advice received is to the effect, that the
buildings, with the possible
exception of the power-house are a detriment to the property, that
they
would not be used by any purchaser, and they detract from the
salability of
the land.
Earnest efforts have been made by the owner to find a purchaser, without
success,
and the sales market has also been sounded out to
some
extent
on
behalf of the bondholders, to develop whether a reasonable
prospect of sale
could be offered to bondholders, that would warrant their
undertaking the
expenses Of foreclosure.
This also was unsuccessful.
a
The Guaranty Trust Co., New York, trustee has been consulted and has
advised that upon receiving consents, by a sufficient number of
bondholders,
The owner or
it would give its consent to the demolition of the buildings.
the property is also desirous of demolishing these
structures, both for the
reduction of taxes and the better salability of the property.
Committee—Richmond Weed, F. J. Lisman and O. Hyland
V. 109, p. 777.
Atlantic Gulf & West Indies S. S. Lines
Jones.—
(& Subs.)—
Earnings—
Total
y$3,723,738 y$4,398,040
Balance
$746,044
$308,813
x Exclusive of that portion of such
charges ranking after fixed interest
of Associated Gas & Electric Co.
Includes no interest
company's option.
y
on
Month of January—
Operating revenues.,..
Operating expenses
1936
def$54,053
$67,555
120,339
def$51,927
126,621
$52,784
Operating income.
Other income
Amortization of debt discount and expense amounting to $1,593,738
$1,769,283
1,803,813
19,524
$64,811
2,744
Taxes.
income obligations convertible into stock at
1935
$1,832,573
1,739,393
28,368
$178,549
2,126
on
"earning power-annual charge" basis and $1,321,864 on nsince acquisition"
basis, which is included in fixed charges and other deductions of subs,
Gross income
Interest, rentals, Ac-
above, does not involve
a current cash disbursement. There are also charges
amortization of suspense, &c. included in operating expenses above
which do not involve a current cash disbursement.
Net loss
for
Non-recurring expenses in connection with the plan of rearrangement of
debt capitalization, Wheeler-Rayburn Bill, various investigations,
legal
cases, &c., amounting to $2,960,519 on "earning power" and "since ac¬
quisition" bases for the 12 months ended Dec. 31 1935 are not included
above.
Similar items amounting to $119,382 are not included above in
operating expenses for the 12 months ended Dec. 31 1934.
The total
amount of such items, for the 12 months ended Dec. 31
1934, including
amount chargeable to non-operating expenses, was
$2,537,076.
Balance Sheet Dec. 31
1935
A. SS€tS^mmm
Invest, in
1934
$
1935
Due from Assoc.
Gas & El. Sees.
Co.
(Del.)—
Other special de¬
posits
1,035,455
Mlscell.
for
117
577
4,963
441
669
unadj.
to
conv.
of
llab.
May 1 to holders of record April 15.
A similar payment was maae on
Feb. 1 last and on Nov. 1 and Aug. 1 1935, and compares with $1.25
per
share paid in each of the four preceding quarters, $1 on
May 1 1934, 75
cents on Feb. 1 1934 and 25 cents per share each
quarter from Nov. 1 1932
to and including Nov 1 1933.
payable
co.'s
—
Taxes accrued..
53,454
75,433
of
Interest accrued
Res. for taxes-.
1,227,173
569,200
158,687
1,693,035
2,010,543
314,360
1953,
incl.
in
funded debt—
Misc. reserves-.
1,000,000
1,000,000
Total
469,916,413 527,910,9041
Total
-..469,916,413 527,910,904
$7,169,737 in 1935 and $8,591,547 in 1934 unsurrendered
certificates, &c., which have been called for con¬
version into cumulative preferred and preferencd stocks.
x
Includes
convertible debenture
Weekly Output—
For the week ended March 14, Associated Gas & Electric System reports
output of 75,838,208 units (kwh.), which is an increase of 7.4%
net electric
the corresponding week of last year.
This constitutes the highest
output reported for any week since that of Jan. 25 1936.
This is a reversal
of the seasonal trend which usually shows a decline at this time of the
over
year in
comparison with the winter months.
include, among other things, the production of oil so that, if desirable
for tax or other reasons, the assets and operations or certain of its sub.
companies may be taken over.
An amendment to the by-laws to give the directors, as well as stock¬
holders, power to amend the by-laws also was approved.
Terms of issue of the new preferred stock, including dividend
rate, re¬
demption price, liquidation rights, convertibility into common, and other
provisions of the issue, will be fixed later.—V. 142, p. 1974.
66,765,783
78,327,134
Funded debt— 77,854,512 114,088,270
at
option
due
co.
for subscription.
Stockholders also approved the provision to broaden the charter powers
Austin, Nichols & Co.—50-Cent Dividend—
of
subs.
pro rata
to
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $5 cumulative prior A stock, no par value,
Obligs. conv.into
for assumption
bonds
Atlantic Refining Co.—Stock Increase Voted—
The stockholders on March 24 approved the proposed increase in the
authorized capital to provide for $25,000,000 of preferred stock.
The new preferred, when and if issued, will be offered to common holders
98,194,050 138,000,000
contlng
stk.
debits
Contra
$
Capital stock. 189,258,410 189,605,596
Capital surplus- 35,835,144
3,796,533
Cap. Burp, res'd
x
deb.&foroth.
^
1,535
Cash
1934
$
Liabilities—
^
subs—467,878,864 526,904,695
-Y. 142, p. 1457.
Dividends
on the issue became cumulative at the rate of $5
per share
commencing with the quarterly dividend paid Feb. 1 1934.
1936 payments will amount to $3.75 per share.
—V. 142, p. 616.
per
annum
Accruals after the May 1
Baldwin Locomotive
Works—Acceptance of Plan Urged—
Declaring that, in the opinion of directors, the plan of reorganization
pending in the court provides equitably for each class of bondholders
now
and stockholders and, if carried out, will enable the company to continue
operations and take advantage of any improvement in business con¬
ditions, George H. Houston, President, has sent a letter to all Baldwin
security holders of record urging their acceptance of the plan.
"The plan was prepared in co-operation with and has the approval of
the
protective committees
organized
by holders
of consol. mtge.
bonds
and holders of each class of capital stock," the letter states.
"For these
reasons
the board recommends that all bondholders and stockholders
accept the plan after it has been given careful consideration as
a
whole
2146
and
Financial
Chronicle
March
Income Statement for
to its individual provisions.
The special master, appointed by the
court to consider the plan, recommended it to the court for preliminary
as
approval.
A prompt response is desirable to permit an early consummation
of the plan."
Mr. Houston's letter, with which was enclosed a copy of the plan,
together with acceptance forms, marks the opening step in the solicitation
of acceptance by security holders of the plan which was filed in the U.S.
District Court for the Eastern District of Pennsylvania on Aug. 8 1935.
Drexel & Co., Philadelphia, have been appointed agent and J. P. Morgan
& Co., sub-agent, to receive securities for stamping as accepting the plan,
following which they will be returned to the holders.
Consummation
of the plan is contingent upon its acceptance by not less than a majority
in amount of each cxass of stockholders of the company, by not less than
two-thirds in amount of the company's 1st mtge. bonds outstanding in
the hands of the public, and by not less than two-thirds in amount of the
company's consol. mtge. bonds, and confirmation of the plan by the
court.
Operating Revenues—
Freight
Passenger
Mail-
Express
Other
1936
28
Calendar Years
1935
1934
1933
1932
$30,730,735 $29,236,170 $29,024,190 $29,784,949
6,595,142
8,109,168
6,671,100
6,762,794
1,448,897
1,366,360
1,416,734
1,354,039
890,730
805,172
770,702
763,831
4,854,006
4,051,369
3,969,212
4,140,167
Total oper. revenues.$43,624,737 $42,155,612 $41,877,369 $45,087,754
Operating Expenses—
5,178,736
5,234,021
5,504,943
4,884,206
6,973,835
6,596,980
5,811,919
6,554,891
Traffic
850,506
756,532
713,042
700,936
Transportation
16,146,334
17,289,911
17,817,069
17,070,664
Miscellaneous operations
142,593
138,204
105,309
90,954
General.
2,188,591
2,061,179
1,939,303
2,012,911
Trans, for invest.—Cr._
357
3,814
1,987
2,323
Maint. of way & struc..
Maint. of equipment
*
^Included with Mr. Houston's letter
are a summary of the plan showing
what holders of present securities will retain or receive in exchange upon
confirmation of the plan, a summary of the reorganization proceedings
of the effect of the plan upon the company, a consolidated balance
sheet of the company of Dec. 31 1935, and a consolidated statement of
and
profit and loss of the company for each of the past six years.—V.
p. 1974.
■
Baltimore & Ohio
Net from railway.
Uncollectible
30,605
1,382
2,706
Operating income
$8,646,350
$8,820,961
Equip. & jt. fac. rents__Dr2,028,432 Drl.927,446
$8,922,779
1,854,464
$9,274,403
Net ry. oper. income.
Other income
revenues._
1934
1933
Net from railway..
$8,331,069
2,230,860
1,244,338
21,271,260
4,596,093
2,648,493
17,500,091
4,755,517
2,815,845
21,751,001
5,538,066
3,583,390
$850,439
712,503
75,665
$62,270
2,007
$28,716
—
Taxes
$64,278
Operating income.
Non-operating income.
1935
(incl. interest on $931,000 series B
5% debentures in February 1936)
-
183^552
$7,563,390
$7,630,166
$7,829,456
$7,876,857
$206,764
225,203
$293,492
211,479
$321,571
197,622
$800,660
187,428
def$18,439
$82,014
$123,949
$613,232
Inc. app. to sink funds..
Balance, surplus.
Balance Sheet Dec. 31
I
1935
Road &
a
8,038
Sinking funds _y.
Note—No deduction is made in February 1936 for one month's interest,
aggregating approximately $39,232 at one-half of the stipulated rates,
4% and 5% debentures dated July 1 1935.—V. 142, p. 1458.
series A
Barcelona Traction, Light & Power Co., Ltd.—Earns.
from oper._
1936—Month—1935
11,193,245
10,875,897
1936—2 Mos.—i 935
22,937,315
22,564,107
3,778,863
3,722,323
7,602,199
2,455,488
5,122,280
2,370,916
2,672,147
construction
7,153,574
15,335,116
14,862,852
5,148,553
2,387,514
Cash
2,781,006
Cash
in
stockholders have elected
D. R.
director to succeed
Snow, as a
Loans & bills rec.
George D. Locke.
with the Barnsdall Oil Co.
effective on March 31. (See Barnsdall Oil Co.)
The stockholders also approved the merger
this
—V. 142, p.1974.
and the change to
name,
and
rec.
Barnsdall Oil Co.—Listing—
Refining
Corp.
Barnsdall Corp. of Barnsdall OiLCo., Barnsdall
Corp. will be engaged exclusively in the production of crOTe oil, gas and
casinghead gasoline, and will hold sundry minor investments in mining
With the merger into
Int. & divs. rec.
Working
1,755,280
182,354
57,180
35,000
35,000
1,379,026
998,178
2,951
209,989
188,646
Tax
12,539
542,209
607,973
3,901
1,310",838
1,276,360
liability
Prem.
funds
on
fd. dt_
Ins. & cas. res..
Acer. depr.
37,049
183,406
48,990
(equit.)
23,796,402
Accrued deprec.
deferred
Insur. prem.paid
Disc, on funded
25,390.455
(road)
deprec.
Accrued
3,142,547
3,274,438
(misc. physical
4,396,001
debt
4,756,983
Oth.unadj. cred.
unadjust.
Securities
or
since
234,500
234,500
June
30
25,000,000
assum.pledged 25,000,000
939,827
thr. inc.& sur.
Sinking fund
each three months from Sept. 29
1934 to and including Dec. 31 1935, and $2 per share each quarter previously
Practically all of the common stock is owned by the American Telephone &
Telegraph Co.—Y. 142, p. 1630.
res
Ry.—Interest Payments—
notice to holders of 5% mortgage & collateral trust income bonds,
"A," and holders of first mortgage 5% bonds, Franklin A. Regan,
Vice-President, states:
The nbt earnings for the half-year ended Dec. 31 1935 are sufficient to
pay interest of 0.423% on the 5% mortgage & collateral trust income bonds.
The balance required to enable interest of 1H % (6s. per £20 bond) to be
paid on saidf bonds in respect of the half-year has been provided by the
AntofagastaTty., and holders of the bonds may collect such interest upon
presentation on and after April 1 1936 of the corresponding coupons to any
one of the under-mentioned paying agents.
Out of the net earnings for the same half-year a sum equivalent to 0.527%
together with the amount of 0.114% carried forward on the occasion of the
last distribution, making a total of 0.641%, is now available for distribution
further on account of the liability of the company to holders of the old first
mortgage bonds who have not accepted the plan of reorganization.
An
actual distribution will be made at the rate of 0.625% (2s. 6d. per £20
bond), the balance being carried forward for inclusion in the next distri¬
bution. This payment of 0.625% will be made on and after April 1, upon
presentation to any one of the under-mentioned paying agents of the old
bonds for stamping with a note of the distribution.
The paying agents above referred to are: Banque de Paris et des Pays-Bas
at Geneva; Chemical Bank & Trust Co., at 165 Broadway, New York;
Credit Suisse, at Geneva, Lausanne and Zurich; J. Henry Schroder & Co.,
at 145 Leadenhall St., London, E. C. 3.—V. 139, p. 1861.
a
Boston
Period End. Feb. 29—•
Operating
1936—Month—1935
Net ry. oper. income
Other
income
Gross income,
Deductions
Net income, deficit
$3,684,272
80,066
$541,393
620,771
$482,994
1,261,110
$745,641
1,247,802
87,353
$358,781
1936—2 Mos.—-1935
$7,097,012
1,303,041
545,276
200,365
$3,587,006
828,168
461,327
$79,378
$778,116
$502,161
General Statistics for Calendar Years
1935
1934
1
QQQ
1 Q39
15,600,066
17,906,060
15,681,700
15,924,958
317,802,145 315,780,631 303,218,352 349,890,245
2.175 cts.
2.318 cts.
Av. rev. p. pass. p. mile.
2.099 cts.
2.142 cts.
Revenue tons carried
14,303,075
14,096,371
13,160,961
13,018,933
Tons carried 1 mile
2041652035 1976103728 1840285410 1812073717
Passengers carried
Pass, carried 1 mile
rev. p.
ton p. mile,_
6,842,617
1.505 cts.
1.479 cts.
Does not
Of leases,
320,090,952 320,864,107
Total
include equipment acquired from leased roads at inception
appraised at $1,585,001.
b Does not include improvement on
provide
property of affiliated companies nor on leased roads when leases
fof current settlement.—V. 142, p. 1975.
Period End. Feb. 29—
Gross
earns,
from oper._
Operating expenses
Net earnings—
-V. 142. P.
1936—2 Mos.—1935
$4,892,199
$5,047,616
2,273,906
2,375,190
1936—Month—1935
$2,436,821
$2,473,037
1,129,009
1,160,740
$1,307,812
$1,312,297
,
Ltd.—Earnings
$2,672,426
$2,618,293
1631(
Bridgeport Machine Co.—To Vote
on
Stock Sale—
The stockholders will vote April 6 upon an agreement dated March 6
between the company and Charles A. Clements providing for sale of 75,000
shares of common stock at $13 a share and granting an option for purchase
of an additional 35,000 shares at $17 contingent upon prior purchase of the
first 75,000 shares, the option being good until Nov. 20 1936.
The stockholders also will be asked to vote on a proposal to
amend the
certificate of incorporation providing that stockholders shall not necessarily
have prior rights to subscribe to future issues of the stock or options there¬
upon
may dispose of such shares or grant options without
shareholders.—V. 142, p. 1975.
but that directors
first offering them to
Brooklyn-Manhattan Transit Corp.—Financing—
It is understood that plans are under way for the filing with the
and Exchange Commission in the near
Securities
future of new bonds issues aggregat¬
ing $106,000,000.
of the corporation and the bankers wno will ^
the issuance of serial notes to the
bonds, aggregating $57,000,000.
The notes,
it is said, would be 1-15 year 33^s and the bonds would be 30-year 4Mb.
The market conditions at the time of the sale will determine the offering
It is stated that present plans
extent
$7,368,367
1,137,257
284,732
198,262
626,513
185,604
$272,957
631,738
revenues
4,603,924
handle the proposed refinancing cail for
& Maine RR.—Earnings—
Net oper. revenues
a
320,090,952 320,864,107
Brazilian Traction, Light & Power Co.,
series
Av.
Total
stock, par $100, payable March 31 to holders of record same date.
This compares with $1.50 per share paid
In
1,929,000
Pa.—Common Div. Increased—
The directors on March 26 declared a dividend of $2 per share on the
Bolivia
934,330
1,929,000
4,869,241
6,586,681
Fund, debt ret'd
Profit and loss..
common
148,994
inc.,
1907
on
operations.
Bell Telephone Co. of
550,442
Add'ns to prop.
through
assumed,
unpledged
-
662,295
368,635
property)
issued
Secur. issued
209,989
27,676
Other defdliab.
10,786
deb
235
tof leased
road at expira¬
tion of leases.
5,052,910
4,779,103
79,000
Insur. and other
Other
182,354
Oth. curr't liabil
Due
fund
assets
800
1,425.411
accrued
580,980
2,111,548
advances
Other
15,411
800
Unmatured rents
621,223
•
and
supplies
authorized the listing of 2,258,779
share for share basis)
for certificates of common stock of Barnsdall Corp. now outstanding.
The stockholders of Barnsdall Corp. on March 17 approved a resolution
adopted by the directors declaring it advisable to amend the certificate of
incorporation to (a) merge and consolidate into Barnsdall Corp. its 100%
owned subsidiary, Barnsdall Oil Co., and (b) change of name of the merged
companies from Barnsdall Corp. to Barnsdall Oil Co.
As of June 1 1935, the refining and marketing facilities previously owned
by Barnsdall Oil Co., the 100% owned subsidiary, were segregated into the
Barnsdall Refining Corp., and the common stock of that corporation,
amounting to 1,129,390 shares, was distributed to the stockholders of
Barnsdall Corp., Barnsdall Corp. in turn retaining $5,000,000 of 4%
income debentures and $2,163,500 4% non-cumulative preferred stock, of
326,903
1,451,569
accrued
326,947
fr.
agts, & condrs
Materials
The New York Stock Exchange has
388.894
tured unpaid.
Unmatured int..
380,576
Misc. accts. rec.
shares of common stock (par $5) in substitution (on a
152,057
car-
bals. rec.
Net bal.
1.657,823
249,784
325,976
15,412
Dlvs.raat. unpd.
Fund, debt ma¬
392
serv.
1,653,666
Misc. accts. pay.
Int. mat'd unpd.
259,401
286,896
57,500
465,949
Traffic
1,924,556
payable
wages
Special deposits.
&c.—
13,610,714
1,900,717
Audited accts. &
deposits
Barnsdall Corp.-—New Director—New Name,
vice. bal. pay.
Time drafts and
1
142, p. 1629.
149,915,251
Traffic & car ser¬
remit¬
tances
..
17,252
.
Funded debt...150,421,079
Loans & bills pay 13,443,597
transit,
agents'
3,000
4.227,040
4,227,040
Grants in aid of
42,713
3,909,116
property
Inv. in affil. cos.
23,138,500
3,000
Prem.on com.stk
56,822
■
39,505,100
3.149,800
38,817,900
1st pref. stock.. 38,817,900
Prior pref. stock 23,138,500
Stock liable for
16,843,212
4,548,674
Miscell. physical
7,701.255
7,414,382
expenses
Net earnings
3,149,800
conversion
Other investm'ts
(Spanish Currency]
Period End. Feb. 20—
17,113,709
4,810,057
39,505,100
Preferred stock.
Deposit in lieu of
mtged.
prop¬
erty sold
property.
way
$
$
Common stock.
leased rail¬
on
1934
1935
Liabilities—
S
$56,240
-
1934
eq.uiP-241,223,343 243,953,068
10,136
Barnsdall
1,147.955
6,539,840
189,062
Net income
$18,580
Net income.
The
$8,677,516
1,249,714
6,448,943
130,808
b Improvements
Fixed charges
-V.
$8,151,028
1,246,756
6,229,862
153,549
Other deductions
Assets—
Gross income
Operating
$7,923,660
1,249,195
6,130,642
Total deductions
1936
$891,627
786,751
•78,163
Total expenses
earns,
$7,366,344
1,311,172
Rent for leased roads..
Interest on debt
-Earnings-
$26,712
2,003
Month of February—
Total revenue—
Gross
$7,068,315
1,082,712
$7,770,154
Gross income
$6,893,515
1,030,145
1629.
Baltimore Transit Co.
on
1,908,059
$6,617,918
1,152,236
Deductions—
Net after rents
now
$30,872,271 $30,389,875 $32,943,668
12,144,086
11,283,342
11,487,494
2,431,776
2,866,977
2,563,333
11,075,462
2.425,423
3,689
revenue..
—
1935
25,402,755
6,222,637
4,177,598
Gross from railway.
p.
operating
Tax accruals
142,
$12,937,099 $10,718,085 $10,671,249
2,434,698
3,149,974
2,770,327
1,423,582
2,146,274
1,799,897
.
Net after rents
From Jan. 1—
—V.1140,
RR.—Earnings
1936
February—
Gross from railway.
Total oper. expenses..$32,549,275
Net
1.577 cts.
1.644 cts.
prices.
of
$49,000,000 and
Hayden, Stone & Co., Brown Harriman & Co., Inc., and Lazard
working with the company in preparing
underwriters.—V. 142, p. 1976.
Freres & Co., Inc., it is stated are
the plans and will be the principal
Brunswick-Balke-Collender Co.— To
Vote
on
Options—
The stockholders at their annual meeting on April 6 will consider
granting
option to Harold Wessel to purchase all or any part of 6,000 shares of
common stock.
They will also consider granting certain options to officers
and directors to purchase common stock and to approve a profit sharing
plan for certain officers and employees of the company.—Y. 142, p. 1809.
an
Bush Terminal Co.—Plan Dismissed by
Court Order—
Federal Judge Thomas A. Inch, in Brooklyn March 25 dismissed
zation
reorgani¬
after creditors and sharenolders had
failed to agree on an acceptable reorganization plan.
Irving T. Bush,
President, filed a motion to dismiss the proceedings on Fep. 26.
At that
proceedings of the company,
Financial
Volume 142
time he also asked for dismissal of a suit in
equity filed against the company
in the Federal court,
Brooklyn.
Judge Inch granted botn dismissal motions, but stipulated that before
his decision becomes effective there must be a hearing on the court order,
at which time he will listen to any last-minutf reorganization plan evolved
Judge Inch also said that if the court is given assur¬
a hearing, that an
acceptable reorganization plan is being
will modify or rescind the decision granting the dismissal
by those interested.
such
at
ance
evolved,
he
motions.
filed against the company in April 1933, at which
C. Van Siclen and C. Walter Pandall,
appointed by the court.
In November 1934, the company filed a
petition to reorganize under the Federal Bankruptcy Act, and the receivers
were continued as reorganization trustees.
Judge Inch's decision said in part:
"The court desires to make It plain
that it is not interested, nor are its trustees or receivers interested in any
contest between toose, who apparently are seeking to control, snould a
reorganization take place.
"Neioner the court nor its trustees can or should produce a plan.
On the
contrary, this is the work and dutv of the creditors and the stockholders,
and there would appear to be no reason whatever for a failure to propose a
fair and feasiole plan, were it not for tJis contest for control.
"Thb court is so anxious to ootain a reorganization, wnica, in its opinion,
is not only desirable, but possible if the best interests of creditors and
stockholders are co be fairly considered, that it will not nesitate to delay
the entry of any order to oe entered thereon or even to rescind or modify
tnis decision sfiouid it be found necessary or desirable to accomplisn that
end.
But this means that the factions must get together pro nptly and such
necessity or desirability made plain without unreasonaole delay.
"The only question In regard to this dismissal of both matters arises in
connection with the payment of the interest on the second mortgage and
the debts of the company, claims for which have been filed and allowed.
"However, all such masters can be provided for after due nearing on the
order hereafter entered."—V. 142, p. 1460.
2147
Chronicle
and lands, and the items included in the first two sub-captions have been
reclassified.
Other income for 1935 showed an increase over 1934 of
$1,481,701.
The caption "dividends" includes all income received by the company
by way of dividends.
The increase over the comparable figure of 1934 is
$1,228,096, due principally to an increase of $1,177,750 in the cash distribu¬
tions received from Consolidated Mining & Smelting Co. of Canada., Ltd.
Net income from interest, exchange, separately operated properties and
miscellaneous decreased $128,624 from the comparable figure or 1934.
Tne equity suit was
Comparative Balance Sheet Dec. 31
time two equity receivers, James
Canada Wire & Cable Co.
Ernest
Hibbert
has
Timmins.—V. 141, p. 4161.
The
directors
stock,
common
have
rro par
declared
each
disbursed
each
of 25
97,337,171
104,849,338
199,956,164
18,792,285
40,857,030
months
from
May
1
1929
and including
to
In addition an extra dividend of 50 cents was paid on Feb. 1
1936.
Acquired securities
(cost)
Adv. to control, prop., &c
Deferred
payments
Prov.
Dom.,
Refunding Plan Approved—
special meeting held March 20 approved
refunding
plan under which the outstanding 7% preferred stock is to be redeemed
and replaced by an issue of new 5% preferred stock.
a
Preferred stockholders are being advised that the present preferred stock
will be called at 110 plus interest, or total of $111.75 a share, on May 1
1936.
Present preferred stockholders will be given right to subscribe to
new 5% preferred at par up to and including April 7.
See also V. 142,
p.
a
1809.
a
Canadian National Lines in New England.—Earnings.
1936
$101,633
def26,890
1935
$98,921
def8,836
1934
$76,999
def32,692
1933
$88,938
def2,056
def64,368
def57,841
def76,266
def51,063
200,030
def47,912
______
190,441def43,213
158,538
defl6,787
181,088
defl9,895
defl66,098
defll8,549
From Jan. 1—
Gross from rail way.....
Net from railway
Net after rents
defl24,016
__
defl40,960
—V. 142, p. 1632.
^
Rys.—Earnings—
investments
Lands and property assets
Insur. prem. paid in adv.
Unamort.
disc,
Increase
$92/591
$3,141,124
1976.
p.
Canadian
Pacific
Ry. Co.—Annual Report—The re¬
marks of E. W. Beatty, Chairman and President, together
with the income account and balance sheet for 1935, will be
foufld under "Reports
and Documents"
on
subsequent
Income Account for Calendar Years
pages.
1,245,858
16,173,025
485,918
5,334,408
Miscell.
15,155,639
98,375,515
3,537,456
Mails
Sleeping
15,158,729
95,415,737
3,519.697
14,279,769
85,734,676
3,490,697
12,610,295
Passenger
Freight
1934
11,448,792
10,764,546", 11,666,712^
1933
$
$
»
1932
$ "
18,369,030
(net)
transport'n
16,717,304
91,930,823
- 3,621,875
Total gross earnings..129,678,905 125,542,955 114,269,688 123,936,714
Operating Expenses—■
Transportation expenses 47,452,578
45,591,514
43,632,750
50,620,242
Maint. of way, &c
19,725,944
18,890,114
17,612,750
19,758,918
Maint. of equipment... 22,923,119
20,427,728
17,324.259
17,360,380
Traffic
6,906,282
6,539,981
6,687,977
7.409,407
Miscellaneous operations
1,147,545
1,110,960
1,047,789
1,479,793
General
5,110,215
4,629,049
2,984,668
3,291,801
Transports for invest..
Crl07,142
0107,515
Cr38,344
CV249.463
T?,AilW9tr
toy
n CCPU
'lie
Jtr
4,122,839
4,077,100
4,155,733
4,175,651
107,281,381
101,158,931
93,407,582
103,846,729
uncoil, ry. revenues..
oper.
expenses.
Net earnings
x
22,397,524
24,159,938
24,384,024
24,578,026
20,862,106
24,388,615
20,089,985
23,619,529
Prov. for depreciat'n of
ocean & coastal steam¬
3,550,997
ships..
1,375,366,013
335,000,000
137,256,921
291,411,549
175,273,700
21,523,558
4,722,604
2,481,233
5,717,742
1,389,678
9,419,678
27,780,437
3,513,224
1,447,223
4,000,000
Liabilities—
335,000,000
335,000,000
335,000,000
4% preferred stock
x 4% consol. deb. stock..
137,256,921
291,411,549
179,823,229
20,516,700
4,631,749
137,256,921
291,411,549
184,193,994
2,567,895
2,402,924
137,256,921
291,411,549
200,859,386
21,179,493
4,245,967
2,520,159
2,208,364
2,157,457
Deferred liabilities
1,959,164
1,486,104
8,340,368
36,210,203
7,454,731
3,829,718
Reserve for investment..
16,000,000
Bonds and notes
y
4)4% s. f.
sec. note
ctfs..
Audited vouchers
Miscell. accounts payable
Accrued fixed charges.__
Equipment replacementSteamship replacement..
Reserve for conting
Reserve for Insurance
1932
Prem.
Land
on
surplus._.
1,348,526,146
After
1,438,811
750,000
Balance, deficit
Special income
5,313,411
8,145,494
194,002
6,663,793
4,965,320
6,222,481
4,279,544
Total income
2,832,084
6,469,791
1,257,161
257,881
y2,745,138
Preferred dividends
x
2,832,084
13,400,000
Nil
6,469,791
13,400,000
$0.07
4,537,426
1,257,161
13,400,000
df2,487,257
13,400,000
Nil
Nil
Provision for such depreciation, amounting to $3,783,660 in 1934 and
was deducted from profit and loss and surplus revenue
$3,854,481 in 1933
account,
Semi-annual dividend of 2% paid Oct. 1 1932; dividend due
y
April 1 1933 omitted.
Other Income Account for Calendar
1935
Net
revenue
on
on
Years
1933
1932
$1,050,850
$1,306,181
$37,450
1,293,002
1,762,251
2,962,782
3,235,821
2,675,346
2,178,836
1,034,354
1,466,349
1,644,595
975,213
502,839
from misc.
dep. & int. & divs.
other
sees,
less exch
Dividends
$2,649,720
Net inc. from int., exch.,
separately oper. props.
and miscellaneous
Net
earnings
Ocean
793,605
....
&
Coastal SS. Lines
Net earnings commercial
tel.
and
news
dept.,
hotels, rentals & misc.
Total
special Income..
8,145,494
$6,663,793
$6,222,481
$4,537,425
Note—Other income has been substituted for "special income" to describe
pledged
deducting amount
count and bonds and notes.
$15,000,000
8,000,000
8,245,216
8,233,883
67,169",052
66,993,895
104,707,175
145,912,721
116,044,489
151,993,680
1,373,098,582 1,399,924,926
as
66,390,903
120,967,867
167,069,695
1,375,366,013
collateral to bonds and notes,
y After
equipment trust,
z Less dis¬
a
.
Offered—Montreal press dispatches
issue of $15,000,000 of 3% 93^-year con¬
Bonds
new
a
are being offered at 94.44 and int., to yield
syndicate of Canadian bond dealers and banks. \
The proceeds will be used to fund short-term obligations.
be payable in Canadian funds.
Each $100 of
interest will
convertible from April 1 1937, to April 1
the company of $25 par value.
Principal ahd
bonds will be
1944, into four common shares
other than railway operations
of
Earnings of System for Third Week of March
1936
Gross
Increase
1935
$2,361,000
earnings
$2,135,000
$226,000
—V. 142, p. 1976.
Ltd.—Earnings—
[A Subsidiary of Power Corp. of Canada]
1936—2 Mos.—1935
1936—Month—1935
$371,342
136,376
Operating expenses
Net earnings
$352,049
130,534
$755,912
278,546
$717,248
264,675
$234,966
Gross earnings
$221,515
$477,366
$452,573
—V. 142, p. 1976.
Central Arizona Light & Power Co.—Earnings—
•
[American Power & Light Co. Subsidiaries
Period End. Jan. 31—
Operating revenues
Operating expenses
(.
Net
rev.
_
1936—12 Mos.—1935 '
1936—Month—1935
$283,080
$250,246
177,188
165,881
$3,040,548
$2,762,649
2,140,551
1,929,068
Gross corp. income.
_.
$105,892
15,841
$84,365
22,556
$899,997
239,790
$833,581
272,256
$121,733
31,772
$106,921
31,762
$1,139,787
381,615
$1,105,837
y$89,961
from oper...
Other income (net)
y$75,159
$758,172
$723,703
439,848
Property retirement reserve appropriations
x Dividends
applicable to preferred stocks
period, whether paid or unpaid
175,150
382,134
for
108,054
107,797
$474,968
-
$176,058
y Before
property retirement reserve appropriations and dividends.
Regular dividends on $7 and $6 pref. stocks were paid on Feb. 1 1936.
dividends there were no accumulated unpaid
142, p. 1976.
After the payment on these
dividends at that date.—V,
Central Power
Co.—Preferred Dividends—
cents per share on the
pref. stock and 75 cents per share on the 6% cum. pref. stock,
both of $100 par value, payable April 15 to holders of record March 31.
Like amounts were paid in each of the seven preceding quarters and on
July 15 1933, prior to which the company paid dividends on both issueslat
the regular quarterly rate.—-V. 141, p. 4162.
The directors have declared a dividend of 87
7%
cum.
Century Ribbon Mills, Inc.— Stock Reduced—
stock to
Chesapeake & Ohio Ry.—Annual Report—
"W. J. Harahan,
President, states in part:
7,653,919 shares of
$25) each and $91.66 of scrip, making the total $191,-
Financial—As of Dec. 311935, there were outstanding
common
stock (par
348,067, of which one share (par $25) was held in the treasury.
During the year $7,400 6H% cumulative convertible preferred stock,
series A, was converted into a like amount of common stock on a basis of
one share of preferred stock (par $100) for four shares of common stock /par
$25).
The number of registered holders of company's capital stock at the close
of each of the last five years was as follows:
There
the company's net income derived from sources
9.553.010
2,769,660
The stockholders have approved a reduction in the preferred
6,304 shares from 7,499.—V. 142, p. 1977.
1934
investments.
Int.
8,717,784
31,513,585
deducting securities deposited with trustee of 5%
x
Balance, surplus
Com. shs. out. (par $25)
Earns, per sh. on com..
1.474.009
1,488,062
8,244,658
35,185,167
9,979,417
2,765,897
12,000,000
.
^,624,046
Total
x
4,088,764
66,712,887
83,949,363
139,504,688
surplus
Profit and loss
20,838,700
-
«8,246,827
credits
ord. stock sold
Balance
Pension fund
859,201
29,498,784
Ordinary stock
Balance
Fixed charges
584,309
1,348,526,146 1,373,098,582 1,399,924,926
Total.....
Interest & other dediict'si
Total
20,195,759
3,986,902
10,301,288
1,710,195
15,173,491
receivable
accts.
Period End. Feb. 29—
miscel¬
cars,
laneous and expenses,
55,795,582
216,669
7,384,694
611,586
5,839,210
17,356,041
balances
33,303,264
17,183,809
4,878,040
491,820
629,084
16,158,263
4,952,407
510,119
5,368,214
Agents & conduc. balances
Traffic
209,225
572,098
bonds.
on
34,125,248
46,548,539
249,227
Canada Northern Power Corp.,
£
1935
$
•
792,721
3,366,093
8,233,883
34,102,748
54,257,484
34,105,574
237,760
Other unadj. debits
Materials and supplies
3.70%, by
1935
1936
$3,233,715
1
Gross earnings.
142,
3,103,439
3,488,559
8,245,216
vertible bonds
Earnings of System for Third Week of March
—V.
48,650,457
2,951,534
8,246,827
26,919,736
Insurance fund investm'ts
Miscell.
state that
Canadian National
46,907,820
116,408,253
178,868,016
14,510,776
50,870,516
munic.
&
advances to settlers.._
Unadjusted
.
February—
Gross from railway
Net from railway
Net aftecrents
116,436,893
181,746,613
18,824,890
Mtges. collect. & loans &
z
.
111,887,174
184,267,613
23,497,430
securities
Payrolls
Stockholders at
871,789,071
6,552
Ocean & Coastal SS
share on the
cents per
value, payable May 1 to holders of record April 20.
three
870,926,969
867,434,589
767,737,162
on
leased
railway property..
Cash
dividend
distributed each three
1936; 31 M cents paid
quarter from Feb. 1 1932 to Feb. 1 1933 inclusive, and 62 H cents per
Nov. 1 1931.
hotels
Improvement
Ltd.—-Larger Dividend—
a
This compares with dividends of 15 cents per share
months from May 1 1933 to and including Feb. 1
share
$
Special deposits
•
Canadian Bronze Co.,
•
succeeding the late Noah
1932
$
$
Ry., rolling stock equip.,
lake & river steamers &
Accts. due for
Ltd.,—New Director—
been elected a director,
Assess—
1933
1934
1935
were
13,840
18,432
was a
1933
1934
.24,614
29,101
net increase in funded debt in the
the year amounting to $3,069,000.
General Remarks—Company's gross
1935
32,453
hands of the public during
revenues
increased $4,542,357, or
4.1% over the preceding year, and for the same
period operating expenses
2148
Financial
1.1% •
February-r-
ratio
General Income Account
for Calendar Years
—
.
—
1932
'
$
99.409,332
2,554,756
1,063,195
327,496
2,370,514
244,230
f
Totaloper.revenues._114,031,434 109,489,077 105,969,522
Operating Expenses—
Maint.ofway&struct— 11,410,300
11,043,839
11,180,782
Maint. of equipment—. 20,068,064
19,912,975
18,581,663
Traffic
2,205,821
2,049,631
1,955,872
Transportation.
25,810,108
24,284,969
23,146,853
Miscell. operations
223,129
190,627
185,126
General...
3,639,934
3,389,102
3,323,583
Transp. for invest.—Cr_
67,463
56,170
47,796
Total oper. expenses..
92,115,126
2,691,277
1,083,715
403,687
2,151,234
280,821
98,725.859
10,382,493
16,873,477
1,883,725
23,080,948
231,742
3,553,799
41,069
60,814,971
(55.5%)
48,674,106
10,297,986
14,369
47^ '4-jsm
Uncoil, railway revs
63,289,894
(55.5%)
50,741,540
10,680,447
6,747
9,575,893
16,156
9,341,428
16,986
40,054,345
1,109,244
1,226,308
38,361,751
148,056
1.512,012
38,051,389
342,388
1,426,650
33,402,330
Jt. facil. rents—Net(Dr)
Net railway oper. inc. 39,937,282
Inc. from Oth.Sources—
Inc. from invest. & accts.
650,149
36,997,795
36,967,128
32,502,269
361,574
751,314
302,180
1,396,828
311,851
1,369,814
434,218
40,949,005
38,051,289
38,675,807
34,306,302
9,806,272
36,892
10,255,980
36,706
10,618,570
36,826
14,040
131,682
14,490
128,820
14,827
108,324
Net operating revenues.
Railway tax accruals
Miscellaneous
58,326,085
55,965,115
Loss
on C.
elevator
&
O.
.
def484,928
10,703,560
11,104,294
def875",l85
defl09.444
9,500,815
771,262
def898,604
2 076 802
..
—
3,124
140,564
9.909,520
9,988,887
10,435,997
10,778,547
31,039,485
28,062,403
28,239,810
Chicago
Wilmington
Franklin
&
145,157
138,206
143,333
Coal
Co.—$4.50
Accumulated Dividend—
A dividend of $4.50 per share was
paid
on
account of accumulations on
the
6% cum. pref. stock, par $100 on Feb. 1 to holders of record Jan. 27.
This compares with dividends of $1.50 paid on Nov. 1 and Aug. 1 1935.
this latter payment being the first made on the preferred stock since Nov. 1
1932 when a regular quarterly dividend of $1.50 per share was
——V. 141, p. 2880.
Chile
distributed.
Copper Co. (& Subs.)—Earnings—
Calendar Years—
1935
1932
1933
1934
Copper produced (lbs.).263,988,822 215,354,328 123,045,827
81,370,608
Copper sold (lbs.)
..298,888,691 193,691,129 147,827,409 126,756,152
Operating revenue
$21,855,978 $14,867,403
$7,642,858
$9,499,934
Operating costs
12,611.531
8,097,948
6,822,371
6,310,527
Net oper. income
Other income
$9,244,447
544,769
$6,769,454
728,546
$2,677,563
1,307,439
$1,332,331
Total income.
$9,789,215
Taxes & misc. charges.
U. S. & Chilean income
$7,498,000
117,946
$3,985,002
327,810
$1,332,331
368,597
2,352,229
1,644,223
2,249",331
_
1,153,145
Deprec., plant & equip.
Net income
818,970
48,558
1,663,711
3,048,444
Loss on debens. retiredInt. & discount on bonds
1,840,879
2,159,632
1,419,502
—.*$3,875,356 *$2,560,572 loss$339,2601oss$2705098
1,103,876
Dividends
——_
Balance, surplus
$2,771,480
—....
$2,560,572 def$339,260 def$2705.098
Shs. cap. stk. out. (par
$25)
Earnings per share.
*
4,415.503
4,415,503
4,415,503
4,415,503
$0.88
$0.58
Nil
Nil
Before depletion of metal mines.
Consolidated Balance Sheet Dec. 31
1935
Assets*—-•
1934
$
1935
Liabilities—
S
1934
s
$
Prop, invest..126,136,567 128,642,021 Capital stock...110,387,575 110,387,575
Del. chgs„ incl.
Funded debt... 26,574,000
27.826,000
disc, on bonds 5,246,150
5,282,036 Notes payable.
2,423,000
Supp.onhand—
4,639,085
4,734,003 Res. for renew'ls
& replacement
Copper In proo's
and on hand..
Insurance, &o.
3,403,942
5,574,572
199,793
232,831
Aocts. receivable
601,443 Acer, liabilities.
979,311
1,984,930
1,736,890
Cash
8,325,024
3,943,104 Accts. payable.
427,952
444,080
Other assets
169,308 Wages payable.
30,735
a
Deferred credits
to Income
Surplus——.
Total
J—
148,730,080 148,946.487
Total
42,250
9,082,844
72,767
5,823,344
148,730,080 148,946,487
After
reserve for depreciation of plant and equipment, of $32,669,666
In 1935 and $31,298,432 in 1934.—V. 142, p. 620.
a
Cincinnati New Orleans & Texas Pacific Ry. —Earns.
1936
Gross from railway
Net from railway
Net after rents
1935
1934
$975,022
299,811
209,021
$1,278,854
481,536
376,794
$1,036,111
421,667
324,923
1933
$770,674
220,799
157,241
2,012,802
623,108
443,830
1,992,090
747,984
546,361
1,594,651
463,364
357,621
From Jan. 1—
Gross from railway
Net from railway
Net after rents
...
2,482,046
896,996
688,395
x'
23,527.755
145,990
'588',489
—Y. 142, p. 1634.
February—
9,726,992.
38,840
grain
Miscellaneous
168',005
II def96b",712
.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
_
340.208
def52,427
_
557,945
1,458.006
Ded'nsfr. Gross Inc.—
Interest on debt
Rents for leased roads.
.
933 920
12,503,843
_.
Net after rents
1933
$4,658,174
$5,351,351
$5,201,053
$6,245,523
—
1934
1935
1936
Gross from railway
Net from railway.
taxes estimated—:
1933
$
1934
1935
Operating Revenues—
$
$
Freight traffic.
.106,801,455 102,349,723
Passenger traffic
2,850,925
2,899,327
Transportation of mails.
1,045,289
1,016,631
Transporta'n of express.
422,001
336,469
Miscellaneous freight
2,626,569
2,615,132
Miscellaneous passenger
285,195
271,794
1936
Chicago & North Western Ry.—
to revenues
55.50%, compared with 55.54% for the year 1934, or a decrease in
of .04%.
Company's equipment, roadway, track and structures were maintained in
good condition throughout the year.
The revenue coal and coke tonnage was 52,076,083, a decrease of .9%;
other revenue freight tonnage was 10,123,483, an increase of 6.8%. Total
revenue tonnage was 62,199,566, an increase of .3%.
Freight revenue was
$106,801,455, an increase of 4.3%. Freight-train mileage was 9,441,044, a
decrease of 2.4%. Revenue ton miles were 17,531,508,404, a decrease of
.5%. Ton mile revenue was 6.09 mills, an increase of 4.8%. Revenue per
freight-train mile was $11,312, an increase of 6.9%. Revenue tonnage per
train-mile was 1,857, an increase of 1.9%; including company's freight the
tonnage per train-mile was 1,929, an increase of 1.9%. Tonnage per loco¬
motive-mile, including company's freight, was 1,763, an increase of 2.2%.
Revenue tonnage per loaded car was 43.42, the same as in 1934. Tons of
revenue freight carried one mile per mile of road were 5,742,124, an increase
of 1.0%.
Passenger revenue was $2,850,924, a decrease of 1.7%.
There were'
1,096,861 passengers carried, an increase of 1.9%. Revenue per passengermile was 2.343 cents, a decrease of 1.3%.
Passenger train mileage was
4,416,844, an increase of .6%.
Passenger revenue (per train-mile was
64 H cents, a decrease of 2.3 %.
The program of tunnel construction and improvement was continued
during the year to the line between Ashland and Louisville, Kentucky,
which work should be completed in 1936.
The Railroad Credit Corp. returned to company during the year 1935,
$298,630, of which $70,459 was applied by it to the loan of Pere Marquette
Ry. At the close of 1935, the above-mentioned loan of Pere Marquette
Ry. had been fully paid and the total amount of O. & O.'s distributive
share applied thereto was $780,000, which amount is carried as an asset
in balance sheet, in the account "investments in affiliated companies."
On Dec. 31 1935, the amount on deposit by company with Railroad Credit
Corp. under the Marshalling and Distributing Plan, 1931, was $1,521,137.
was
March 28
Chronicle
—V. 142, p. 1462.
Colorado & Southern Ry.- -Earnings.—
Disposition of Net Inc.Inc. applic. to sink. &
other
res.
Inc.
bal.
funds
transf.
profit and loss
stock ($25 par)
30,893,495
6,479
21,430,535
27,917,246
7,012
21,429,617
28,101,604
7,689
20,280,554
$3.65
$4.04
$3.67
23,384,422
8,092
19,131,979
$3.05
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
def23,029
999,762
def7,736
1934
$354,635
32,691
def35,881
824,368
78,205
def58,672
...
to
Preferred dividends
Common dividends
Earned per sh. on com.
1935
$403,338
36,975
def30,979
1936
$484,281
February—
railway.
Net from railway
Gross from
777,105
108,204
def34,112
1933
«
$383,744
69,044
2,164
750,979
100,215
def41,883
—V. 142. p. 1635.
Consolidated Balance Sheet Dec. 31
1935
1934
$
§
Assets
Invest, in road.363,996,738 362,683,248
1935
Commonwealth & Southern Corp.
1934
$
Liabilities—
$
3,000
3,000
Equipment—179,059,093 180,328,753 2d pref'ence stk.
<
1st pref'encestk.
200
200
Invest, in leased
6H% cum.conv.
pref. stock...
miscell.
physical prop.
95,800
$3,200
Common stock. 191,348,042 191,340.641
prop,
«&c
6,106,418
Inv. in affil. cos.128,953,752
Other investm'ts
713,484
Cash
8,205,540
Special deposits. 19,068,337
Mat'l & supplies
3,907,804
Other assets
7,117,503
Deferred assets.
6,336,115
UnadJ. debits—
2,546,442
5,990,366
127,582,831
685,667
4,136,129
17,511,891
4,076,644
6,217,105
1,121,105
2,903,465
Prem.
on
2,301,093
Loans & bills pay
2,301,093
191,100
Audited accts. &
payable
Divs. mat. unpd
Other liabilities.
Tax
5,741,485
Operating expenses
Fixed chages
Prov. for retirem. reserve
Divs. on pref. stock a—
3,356,706
960,544
749,756
5,018,207
3,404,370
862,038
749,733
,
62,611,382
41,072,432
10,580,057
8,996,940
58,384,365
40,113,034
9,985,399
8,996,731
com.
capital stock-
Funded debt—.228,835,000 225,766,000
wages
(& Subs.)—Earns.
Period End. Feb. 29—
1936—Month—193£
1936—12 Mos.—1935
Gross earnings—
$11,235,082 $10,237,996 $124020,312 $116243,456
liability...
Accrued deprec.
Other credits...
Deferred liabil—
5,047,574
5,363,150
4,572,020
9,808,302
67,349,492
3,785,968
2,632,399
4,208,380
5,362,379
4,605,631
9,209,066
69,305,947
2,664,985
1,018,173
Balance
—
$426,589
$203,648
$759,499 df$1236.074
Reflects deduction for full preferred stock
dividend requirement at the
share per annum.
Dividends were paid in full to Jan. 1
1935, since which date dividends have been declared and paid at the rate of
$3 per share per annum.—V. 142, p. 1979.
a
rate of $6 per
Cities Service Power &
Light Co. (& Subs.)—Earnings
Year Ended Sept. 30—
Gross operating revenue
1935
1934
1933
$50,593,582 $48,117,625 $46,593,891
25,991,411
23,762,066
Operation and maintenance expense. 27,488,324
Add'ns to prop'y
through inc. &
surplus
26,043,835
26,035,224
Fund, debt ret'd
Net operating revenue
$23,105,258 $22,126,214
Income from investments in affiliated
738,305
725,075
548,478
383,644
700,850
Total operating revenue
$24,392,042 $23,234,933
Interest on notes and accounts pay¬
able and other charges.
854,204
816,422
through Inc. &
surplus..
1,275,743
1,266,314
Sinking fund res.
872,328
744,761
Prof. & loss bal.176,677,281 169,111,110
$24,299,996
sundry receipts
.726,011,227 713,237,206
Total—
726,011,227 713,237.206
—V. 142, p. 1978.
Chicago Great Western RR.—Earnings.—
February—
1936
$1,048,955
Gross from railway
Net from railway...
Net after rents
From Jan. 1—
def378,571
Gross from railway
Net from railway...—
Net after rents
2,350,882
def406,457
—
1935
1934
$1,096,641
126,338
def91,116
$1,070,439
191,032
def31,406
2,240,532
231,065
def216,225
2,227,933
428,874
def42,108
1933
$916,280
74,554
defl74,717
1,926,997
213,598
def282,022
—V. 142, p. 1633.
Chicago Milwaukee St. Paul & Pacific RR.— •Earnings.
February—
Gross from railway
Net from railway..
1936
$7,618,531
1935
$6,292,357
Net after rents
From Jan. 1—
Gross from railway
def376,116
def32,790
1934 '
$6,208,437
1,235,391
264,090
1933
$5,450,910
706,271
def344,092
\
Net from railway
Net after rents
—Y. 142, p. 1810.
15,746,716
13,909,381
479,062
def229,197
—
767,320
Excess of par over book value of de¬
bentures and bonds of Oities Service
Power & Light Co. and subs, retired
through sinking fund
Total
$22,831,825
and other companies, interest and
13,019,790
2,713,317
687,802
11,243,676
1,482,004
def663.560
Interest
on
Amortiz.
pense
funded debt of subs. cos..
of
debt
discount
and
8,507,520
8,661,456
1,184,121
8,796,775
ex¬
571,243
636,895
722.862
3,222,147
of subsidiaries companies...
on
preferred stocks
of
3,222,521
3,222,424
Dividends
subsidiaries companies
Proportion of net Income
cos.
of subs.
applicable to minority interests
Interest
on
funded
debt
of
292,373
1,198,138
Provision for Federal income tax
Appropriation for replacements
provided by subs, companies
Surplus,
Sept.
298,316
1,042,290
305,191
254,380
as
....
....
30——.^
321,153
3,324,222
&
Light Co
Charges to surplus
234,487
3,247,949
and
expense of Cities Service Power
Net income
Previous surplus
384,025
3,192,277
Oities
Service Power & Light Co
Amortization of debt discount
3,661,095
3,699,638
3,603,799
$2,546,801
9,112,170
350,925
$1,337,177
9,079,389
1,304,395
$2,565,068
7,017,317
502,997
$11,308,047
$9,112,170
$9,079,389
Financial
Volume 142
2149
Chronicle
Consolidated Balance Sheet Dec. 31
Consolidated Balance Sheet Sept. 30
Assets—
1935 *
•
1934
$362,830,861 $363,223,531
26,831,792
26,492,479
1,865,954
1,258,366
Sinking and special funds—cash and securities
3,738,325
3,911,738
Company's preferred stocks repurchased and in
treasury....
5,144,609
x5,144,609
Cash in banks and on hand
5,671,499
5,527,672
Accounts and notes receivable......
9,079,609
8,925,847
Marketable securities—
1
714,612
714,612
Merchandise, materials and supplies.
3,369,822
3,169,429
Prepaid insurance, interest, &c__
363,016
377,207
Unamortized discount and expense
14,336,358
15,379,046
Other deferred charges
4,478,986
6,522,740
Balance in closed banks
59,032
86,911
Accounts and notes receivable not current
424,480
488,084
Notes and accounts receivable, personnel
143,589
180,135
1935
Assets—
Properties and investments
Invest, in sub# and affil. cos. not consolidated—.
Discount and expense on preferred stocks
•
.
——
.
.
...
$
empl's'stock
purch. agreem'ts
Liabilities
1■ v.
y
Preferred stock
x
Common stock
Minority stockholders' interest in subs, and
trolled companies:
Preferred stock
$22,622,500
65,000,000
53,714,683
6,544,600
214,653,817
3,954,000
2,221,760
53.341,497
6,590,602
221,782,430
5,328,000
2,374,540
1,603,032
81,093
3,484,162
3.516,736
1,033,901
con¬
...
Common stock..:
Funded debt
Notes payable to Cities Service Co
Notes payable.
Notes and accounts
,
$22,622,500
65,000,000
...
...
payable..
2,512,762
.*
Dividends payable
Accrued interest on funded debt
80,347
3,418,422
3,176,478
1,452,058
Accrued, taxes and miscellaneous accounts.
Provision for Federal income tax.
Notes payable to banks (unsecured)
Inventories
coupons &
Acer. int. rec., pre¬
of plant prop'ties
300,000
226,430
300,000
1,721,641 Equity on min. int.
in subsidiaries— 1,316,662
1,110,685
3,476,553
186,436 Treasury stock
dJDr66,531cJDr728,379
Surplus——.
5,831,115 6,966,102
paid taxes, Ac—
259,360
1,676,254
3,484,006
Deferred charges..
122,962
Good-will.
a
63,511,373 65,576,357'
$
y
.
By amendment to its articles of incorporation, filed in the office of the
Secretary of State of Illinois, March 17 1936, the name of the company was
changed from Davidson BiscuR Co. to Consolidated Biscuit Co.
See also
V. 142, p. 1979.
City Ice & Fuel Co.—Annual Report 193&—
Robert C. Suhr. President, says In part:
Gross revenue from sales, after deducting Federal and State beverage
taxes, was $25,710,324, which is down $761,752 from last year, and the
consolidated net income, after providing for depreciation amounting to
$2,467,150. interest and all other charges, was $2,972,997.
This latter
1934, the decrease being
compares with net income of $4,126,481
in
vl ,153,483»
As a further step towards diversification,
1934.
We started
brewing department
a
was
with
Wagner Brewing Co. at Granite
City, 111., and Miami, Fla., and during 1935 the department was expanded
to include Pilsener Brewing Co. in Cleveland, Ohio, and American
Brewing
Co. in New Orleans, Da.
These additional operations were responsible for
an increase of $1,884,000 in gross revenue in this department, which in
part
offset the decrease in gross revenue in the ice department.
The business of
brewing and distributing beer is decidedly different from the days prior to
1919.
Our brewing department has been profitable, but up to this time
there has been much effort and expense in research and
development.
This development is progressing, and it is reasonable to
anticipate quite
favorable results for the future.
In our opinion there are great possibilities
for future expansion in this business.
Reduction
of Stated
Capital—Write-Down
1
of Depreciated
Values
of
Plants and Properties
A special meeting of all shareholders has been called
by the directors to
proposed and recommended by the board, of the stated
capital of the corporation from $48,220,340 to $32,875,200.
The amount
of the proposed reduction of the stated capital is, therefore, $15,345,140.
Included in the present stated capital is the par value of the
outstanding
preferred stock, $19,925,200. which would remain undisturbed, so that the
net effect of the proposed reduction is to reduce the stated capital attribu¬
table to the outstanding common stock from $28,295,140 to $12,950,000.
It is proposed, if this reduction be authorized, to add the amount of
the reduction, $15,345,140, to surplus, and
Immediately to apply that
amount to the writing down of depreciated values of
land, buildings and
machinery of your company, and investments in certain subsidiaries which
will result in elimination of the good-will item from the consolidated balance
sheet, all in the amounts stated below, so that the remaining surplus shall be
act upon a reduction
available for dividends as at present.
In order to record values as determined
by the appraisal, the following
proposed write-down of the assets as they appear in the consolidated
balance sheet at Dec. 31 1935 will be necessary:
From
To
Land.
—————$9,454,662
Buildings, machinery. &c
42,173,183
^
•
J
$565,282
11,295,850
$39,766,712
$11,861,133
$39,766,712
$15,345,140
$51,627,846
•
Good-will..
Write-Down
$8,889,379
30,877,333
_
3,484,006
—
$55,111,852
3,484,006
The proposed reduction in stated value of the common stock will in
wise affect the equity
no¬
of any shareholder.
A special meeting of preferred
and
shareholders will be held
immediately following the annual meeting on April 2 1936 to act on the
above-mentioned proposal.
common
Consolidated Income Account for Calendar
■
1935
.
Sales.—
Operating expenses.*
—
Maintenance...
Depreciation.
Profit from ©pera'ns..
1934
Years
1933
1932
$25,710,324 $26,472,076 $23,505,106 $23,754,735
18.644,291
17,782,967
15,759,727
16,097,502
786,318
712,096
559,633
452,304
2,467.150
2,399,689
2,313,888
2,220,652
Notes receivable..
3,217 6%
3,330
3.852
249,284
23,041
19,767
35,908
23,404
Mdse. A Jobbing
Miscellaneous..
Others
Mis cell, invest'ts..
Special deposits.
..
—.
1,563 Taxes accrued-—
13,088 Pref. divs. accrued,
sub. companies.
114,322
Mlscell. liabilities.
6,842
d Other liabilities.
Unamort. debt dis¬
count A expense
,158,186
80,854
1,218,383 Consumers' depos.
91,162 Retirement res've.
Operating reserves
Total
31,489,010 31,504,466
Connecticut
Power
&
Co.- •Simplification
Light
mon
stock of the Rockville company.
On Nov. 27 1935 the gas, electric and water utility properties formerly
operated by Northern Connecticut Power Co. were transferred to Connec¬
ticut Light A Power Co., in consideration of its assuming all the indebted¬
ness of Northern Connecticut. Power Co.
On Nov. 27 1935 Connecticut Electric Service Co. was merged into
Connecticut Light A Power Co.
Under the merger agreement common
stock of Connecticut Light A Power Co. without par value was issued, share
for share, for that of the Service company.
,
Since Nov. 27 1935, therefore, Connecticut Light A Power Co. has owned
and operated all the electric, gas and water utility properties
heretofore
operated by the various subsidiaries of Connecticut Electric Service Co.
In addition, it owns all the capital stock of Northern Connecticut Power
Co. (the name of which has been changed to Windsor Locks Canal Co.),
which company owns and operates a canal on the Connecticut River and
is not a public utility, and all the capital stock and debt of the Ousatonic
Water Power Co. (the name of which has been changed to Shelton Canal
Co.), which company Owns and operates a canal on the Housatonic River
and is not a public utility
■.
.
It also continues to own, as heretofore, all the capital stock and debt of
Bristol Traction Co., which operates buses in and about the City of Bristol,
and all the capital stock of The Rocky River Realty Co., organized for the
efficient handling of the sales of real estate by Connecticut Light A Pow. Co.
As a result of the above reorganization, the only securities outstanding in
the hands of the public are preferred and common stock and the bonds of
Connecticut Light A Power Co. and its underlying divisional bonds.
This
company now owns all the former assets of the Service company.—V. 142.
p.
1812, 1979.
.
,
Consolidated Aircraft Corp. (&
Subs.)—Earnings—
1935
$2,841,753
1934
$1,552,209
2,247,074
1,337,879
Operating expenses.
$594,679
190,948
$214,329
166,213
$403,731
29,386
$48,116
10,037
$433,117
979
159,341
Crl61,517
60,605
$58,154
Calendar Years—
Sales
Cost of products sold (exel. of prov. for
deprec.)
—
$5,000,847
$5,112,269
308,931
535,441
476,981
686,302
523,542
526,664
640,406
349,367
Income charges
Amortiz. of airplane designs, develop. A drawings
Increase in costs accum. on contr. and orders, Ac__
Provision for depreciation
,
$3,095,466
$4,272,687
$3,950,641
$4,122,496
54,673
67,794
62,469
83,735
7,751
90,500
6.417
90,500
$2,972,998
1,289,731
2.312,147
$4,126,482
1,289,440
2,308,433
$3,852,390
1,289,856
2,299,394
$4,025,578
1,292,428
3,251,355
Balance, surplus.
def$628,880
Shs. com. out. (no par).
1,157,000
Earnings per share.....
$1.45
$528,609
1,157,000
$2.45
Gross income
of subs.
dividends
Common
dividends....
$263,140 def$518,205
1,178,000
1,178,000
$2.32
$2.20
.
—
—
Federal capital stock tax-*—'—
State franchise taxes.
— —
-----
-
»:
50,977
—
200
39,159
4,994
5,003
2,236
$322,732
1,463,296
$6,569
1,487,193
201.29Z
Gross surplus
$1,786,028
Surplus charge, transfer to capital stock account to
State capital stock at par value of shares outst
$1,695,050
$1,786,028
$1,463,296
Net income.
Previous surplusPreferred
—.—
Income taxes—
.
of
panies was effected during 1935.
In accordance with the plan adopted,
the following steps were taken:
The Monroe Electric Light Co., a wholly owned subsidiary, was merged
on Oct. 27 1935 into Connecticut Light & Power Co.
No change in the
capital structure of Connecticut Light & Power Co. was necessary to ac¬
complish this merger.
The Rockville-Willimantic Lighting Co. called on Oct. 1 1935 all its
outstanding callable preferred stock, consisting of $200,000 of 7% preferred
stock and $300,000 of 6% preferred stock.
It was merged on Oct. 27 1935
into Connecticut Light & Power Co.
Under the merger agreement 1 3-11
shares of 5H% preferred stock of Connecticut Light & Power Co. were
issued In exchange for each share of Rockville-Willimantic Lighting Co.
non-callable 7% preferred stock.
Common stock of Connecticut Light &
Power Co. to the amount of $474,300 was issued in exchange for the com¬
$5,435,971
earns
50,619
11,164
738,266
868,912
J. H. Roraback, President, in his remarks to stockholders for 1935 says:
In order to simplify the corporate structure* a reorganization of the com¬
$3,939,838
applic. to minor, int..
7,521
15,786
369,954
262,405
2,988,492
112,968
Corporate Structure—
Other income credits.
Portion of
23,324
76,876
e916,007
154,449
—31,489,010 31,504,460
Total
i
$4,984,277
127,992
Pref. divs, of subsidiaries
—
166,227
254,349
a
73,117)4 shares common stock of General Public Utilities, Inc., of
which 72,000 shares are pledged,
b Represented by 68,962 shares (no par)
$6 dividend 1st pref. stock, cumulative, entitled to $110 per share upon
redemption or in voluntary liquidation, and to $100 per share in involun¬
tary liquidation, together with dividends accrued or in arreard in all cases.
;
c Represented by 10,000 shares (1934, 250,000 shares), no par value,
d Liability on assignments and agreements in connection with $6.24 prior
preferred stock of American Commonwealths Power Corp. (N. J.)—(con¬
vertible into capital stock at the option of Community Power & Light Co.),
e Deferred cumulative $6 pref. dividends for four years to Oct. 31 1935,
$1,655,088, not included above.—V. 142, p. 1812.
St4.S71.S5S
$4,871,858
128,989
Federal income taxes
850,000
23,879
22,666
369,954
263,615
3,034,088
98,361
Contrib. for exts—
Unadjust. credits.
Capital surplus
Earned surplus
115,000
81,250
750,000
44,284
148,477
252,898
160,147
397,864 Accounts payable.
208,361 Interest accrued—
Oth. notes A accts.
receivable
115,000
75,833
435,054 Contract payable.
37,650 Notes payable:
Banks (secured)
8,823
S5.577.224
$5,577,324
Dr 141,353
Interest and discount on
funded debt and loans
$
bond,
mtge.
sub. company—
427,626
97,225
10,822
$3,812,564
S3.S12.5fi4.
127,274
Other income
1934
$
Liabilities—
Biscuit
Co.—Offerings—F. S. Yantis &
Co., Inc., and associates are offering by means of a prospectus
$200,000 1st mtge. 5%% sinking fund bonds, series B,
due 1946. and 68,000 shares of common stock, ($1 par).
The bonds are priced at par and the stock at $10 a share.
)
$
Assets—
Unadjusted debits
established in
1935
1934
b Preferred stock. 6,896,200
Property, plant &
6,896,200
equipments
26 ,885,225 26,890,818 c Common stock.. 2,500,000
2,500,000
Investments
a2 ,191,557
1,800,000 Pref. stock sub.cos. 1,717,400 1,060,900
Cash
278.927
277,315 Bonds—5s 1957—14,000,000 14,000,000
—.$439,052,547 $441,402,407
Represented by 100,000 shares of $7 cum,
at $10,000,000: 83.500 shares of $6 cum. at $8,222,500, and 50,000 shares
of $5 cum, at $4,400,000.
z Represented by shares of $100 par.—V. 141,
p. 3221.
'
^
Consolidated
Light Co.—Consolidated Balance
1935
Appli'ces on rental
Prepayments.
,
Stated value, $4,837,020.
&
Power
Community
Sheet Dec. 31—
Mat'ls A supplies.
27,092,105
17,008,741
11,308,047
Total..
d Represented by 82c shares preferred stock.—
stock at cost,
V. 142, p. 1978.
common
418,149
1,599,706
25,979,087
17,534,800
9,112,170
405,281
1,616,945
63,511,373 65.576,357
Total
After depreciation of $29,830,389 In 1935 and $27,272,853 in 1934,
b Represented by 1,157,000 (after deducting 21,000 shares treasury stock
in 1934) shares (no par).
c 823 shares preferred stock and 21,000 shares
Consumers
2,270,000
Customers and line extension deposits
Reserves
;
Acquired and capital surplus
Surplus.
x
Total—
47,763
7,099,800
Res. for future obs.
Other assets-
.
cust's*
Honnalfii
43,264
108,170
1,486,370 Funded debt!-— 5,619,600
60,422
1,740,963
Acc'ts receivable:
due after
Sept. 30 1936——
Notes and accounts payable—not current
$
Prov. for outst. ice
om
—......$439,052,547 $441,402,407
.....
1934
$
Liabilities—
Amts. due in 1935
...
Total.......
1935
1934
$
v
Land, bldgs.,ma6)4% pref. Stock.. 19,925,200 19,925,200
chin'y & eq., &C.51.627.846 52,153,890 b Common stock—28,295,140 28,808,800
Cash
557,107
635,503
1,620,480
3,237,419 Accounts payable.
Mktable. secure..
649,131
731,056
15,838
52,617 Accrued expenses.
Notes A accts. reo. 2,903,241
815,457
840,149
2,991,737 Prov. lor Fed. tax.
a
-
-
-
Surplus credits
1—*——
———
Surplus Dec. 31
-
—
—
231,754
2150
Financial
Note—Costs and expenses, as set forth in the
foregoing statement for
1934 have been relieved of amounts
aggregating $253,325 representing
airplane development costs, design rights and
drawings, which were
capitalized as of Dec. 31 1934.
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
$64,168
;
Accts. rec.
1934
$203,421
146,374
(net)
92,155
Inventories, mat'ls
& work inproc..
1,091,162
Miscellaneous dep
Unexp'd ins. prems
~~5~647
Unamort.
-.
908,985
56,299
7,499
moving
a
equip.,
to a
982,077
&
292,601
values
design
(net)
637,365
2,750
31,467
owned,
N.
at market
1,250
bl,250
1.000
Y.
other
53,706
16,970
plet'd contr.
38,256
574,400
1,786,028
574,400
1,463,296
over
costs
to
date
Capital stock
Surplus—;
41,032
8,332
Total
$2,885,458 $2,289,011
After depreciation of $323,742 in 1935 and
$348,729 in 1934.
b At
ost.
c Includes
wages payable.—Y. 142, p. 1979.
Consolidated Edison Co. of New
York, Inc.—Listing—
The New York Stock Exchange has
authorized the
listing of 2,103,474
shares of $5 cumulative preferred stock
(no par) and 11,487,474 shares of
common stock (no par) in
exchange, share for share, of certificates of com¬
mon and preferred stock of
Consolidated Gas Co. of N. Y.
previously
authorized to be issued.—V. 142
p. 1284
Consolidated Gas Co. of N. Y.—New Name
Effective—
The Consolidated Gas Co. of New York
became the Consolidated Edison
Co. of New York, Inc., on March
23, with the
a certificate of
change of
List of the
Stock
name.
Securities of the Exchange has ruled
that transactions
in Consolidated Gas preferred and
common stocks
may be settled by de¬
livery of stock certificates bearing either
company name, and that stock
certificates of Consolidated Gas shall be
deliverable until further notice
against sales of stock of Consolidated Edison.
Seeks to
on
Register Debentures for $70,000,000 Bonds—
The company has filed a
registration statement under
Act of 1933 covering a $70,000,000
refunding issue in an
culated to reduce fixed
charges on
$1,387,500
outstanding
a year.
the
by
about
Net proceeds from the sale of the
debentures with other funds of the
company will be applied to the redemption of the
following:
$20,000,000
of 25-year 5% gold debenture
bonds, due on Jul 15 1957, to be redeemed
on July
15 at 103 and int.; $50,000,000
20-year 5A% gold debenture
bonds due on Feb. 1
1945, to be redeemed on or about
May 15 at 103 H
and int.
The premium
payment to be made in calling these issues
on this
basis would be
$2,350,000.
In it statement the
company said its name would be
changed to Con¬
solidated Edison Co. of New
York, Inc., and that the debentures would
be issued under that name.
Several details of the
offering, including redemption provisions for
the new
debentures, the price to the public, the names of the
principal
underwriters and
underwriting discounts or commissions, are to be fur¬
nished by amendment to the
registration statement.—V. 142, p. 1980.
Consolidated Laundries Corp.—To Vote
Change
in Par—
The stockholders at their annual
meeting April 1 will vote on a proposed
par value of the common stock
from no par to $5 per
share,
each present share to be
exchanged for one new share.
They will also consider ratification of the
extension of the corporation's
convertible notes in accordance with
the plan dated as of
May 1 1935.—V.
142, P. 1980.
stock is eliminated.
new
(I)
J.
C.'BerksonrPresident, in
Amounting to $36
(J)
Share—
letter to stockholders dated March
21, says:
Corporation has completed its third successive
year of progress, with net
profits of $209,725 for 1935.
Due to deficits from
previous unprofitable
operations and liquidation of undesirable
units, the corporation has been
unable to pay dividends on the
8% cum. pref. stock since Oct. 1 1931.
The amount of dividends in
arrears to April 1
1936, in6lusive, is $36 per
share,
a
totaling $612,000.
►
It is manifestly impossible to
pay the entire accumulation of
preferred
dividend arrears in cash, either at the
present time or in the
reasonably near
future.
Hence, unless a reasonable plan can be
accumulated
dividend
arrears
effected to eliminate the
corporation
must
default for many years to come.
necessarily remain in
It is desirable and for the best
interests
of the preferred
stockholders, the common stockholders and the
corporation
that the default be removed.
To that end directors
have developed the
plan outlined below:
The
proposed plan, if adopted, (1) will remove
the existing defaults re¬
sulting from non-payment of past
accumulations of dividends and nonretirement of preferred stock,
(2) will afford the preferred stockholders
a
reasonable adjustment for dividend
arrears, (3) will return the same annual
yield to the preferred stockholders as
required under their present stock
(since $6 per share upon 1 1-3 shares of the
new stock is the
equivalent of
$8 upon one share of the present
stock), (4) will require future retirements
of preferred stock on the basis
of corporate
earnings instead of a fixed sum,
(5) will afford the preferred stockholders
an
opportunity to profit by any
increase in corporate
earnings by means of the common stock
purchase
warrants and (6) will permit of
future distributions to common
stockholders
under reasonable restrictions.
In the opinion of
counsel, no Federal income tax will
accrue to the pre¬
ferred stockholders
by reason of the exchange of their
present preferred stock
for the new $6 preferred
stock inder the
proposed plan.
A special stockholders
meeting will be held April 13 to vote on the
pro¬
posed plan.
,
Statement of Plan
It is proposed that the
preferred stockholders will receive the
in exchange for each share of
following
the present 8% cum.
pref. stock:
;
1 1-3 shares of $6 cum.
pref. stock (no par), $4 in
cash, and a warrant
entitling the holder to purchase two shares of
common stock, as follows:
At $6 per share until June
1 1937, at $8 per share
thereafter until June 1
1939, at $10 per share thereafter until June
1 1941.
Non-dividend registered scrip will be issued
for fractional share interests
in the $6 cum. pref. stock.
The scrip may be combined
with other fractional
interests to form one or more whole
shares and surrendered in
exchange for a
certificate or certificates of stock.
The cash payment receivable
by the preferred stockholders will be in the
form of a special dividend of $3
per share on the $6 cum.
pref. stock.
This
is the equivalent of $4
per share upon the present
preferred stock.
For the purpose of
removing the existing defaults in the
payment of
accumulated arrears of dividends and
retirements of preferred stock, and in
order to convert the present
preferred stock into an increased number of
shares of $6 cum.
pref. stock, and in general to eliminate or
modify sundry
restrictions and provisions contained in the
present certificate of incorpora¬
tion, the directors have approved and recommend to the
stockholders for
adoption an amendment to the certificate of
incorporation.
The effect of
the proposed amendment is
substantialy as follows:
(A) The shares of 8% cum. pref. stock
(par $100), whereof 17,000 shares
are now issued and
outstanding, are changed into 22,666 2-3 shares of $6
cum. pref. stock without
par value, each share of the present
preferred stock
being changed to 1 1-3 shares of the new preferred
stock.
Any and all existing arrears in the retirement of 8%
142, p. 1813.
pref. stock
cum.
waived.—V.
Consolidation Coal Co.
(Del.)—Listing—
The New York Stock
Exchange has authorized the listing of (a) the
25-year 5% sinking fund bonds, due July 1 1960, in the principal amount of
$10,792,200, all of which are outstanding, including $1,600,000 pledged as
part of the collateral for the company's 5% seemed notes; (b) voting trust
certificates representing 66,393 shares of
5%
preferred stock, all of which
voting trust certificates representing 305,378
stock, all of which is issued and outstanding and (d) vot¬
issued and outstanding; (c)
are
shares of
common
common
stock, of
official notice of issuance in conversion of preferred
on official notice of issuance upon the exercise
on
stock, and 68,868-50 shares
of warrant ts
Merrel
■
P.
Callaway,
.%
Howard
Bruce, Frederic W. Ecker, George C.
the voting trustees.
Company was organized in Delaware on Nov. 1 1935, for the purpose of
acquiring the assets and business of the Consolidation Coal Co. (Md.),
pursuant to a plan of reorganization of the old company, dated May 1 1935
and confirmed by the Federal District Court for the District of
Maryland
by order dated July 12 1935, in a proceeding for the reorganization of the
old company under Section 77-B or the
Bankruptcy Act.
Pursuant to an
order of the Court entered on Nov. 29 1935,
substantially all the assets and
business of the old company, tangible or
intangible, and of the trustees in
bankruptcy, were transferred to the company.
The transfer, which was
actually made on Nov. 30 1935, was effective as of Nov. 1 1935, and by order
of Nov. 29 1935, the business of the old
company from Nov. 1 193>5 to the
date of transfer was deemed to have been carried on
by the trustees for the
Cutler and Barton P. Turnbull
are
account of the company.
,
Consolidated Statement of Income Year Ending Dec. 31 1935
Nov. 1 '35 to
Dec. 31 '35
Period—
Total
Jan. 1 '35 to
Oct.
'35
31
for 1935
Sales of coal to public, incl. coal pro¬
duced & purchased, transp. to dis¬
tribution
points,
&c.
(less
&c.)
ances,
allow-
$5,432,998 $20,925,248 $26,358,246
37,085
153,528
190,613
534,944
2,413,273
2,948,218
_
Coal royalties
Other sources
Total
Liquidate
per
All accumulations of unpaid dividends upon the 8% cum. pref. stock
canceled.
are
Oper.
to
right to elect any directors when such
no
In the event of liquidation of the company the price to be paid per
share on the preferred stock is $105
plus accrued dividends, instead of $115
plus accrued dividends.
(H) The preemptive right of the common stockholders to subscribe for
change in the
Inc.—Plan
stock has
common
occurs.
(G)
ing trust certificates, representing 334,440.50 shares of
The securities for which
registration was asked at $35,000,000 of
10-year
3M% debentures, due on April 1 1946, and
$35,000,000 of 20-year 3A%
debentures, due on April 1 1956.
Consolidated Retail Stores,
Accumulated Preferred Dividends
the
present
default
which 265,572 shares
Securities
operation cal¬
obligations
;
-
(E) The consent of a majority, instead of two-thirds, of the preferred
stock is required with respect to future amendments
affecting the preferred
stock, the sale or conveyance of assets, creation of mortgages, &c.
■
(F) If four quarterly dividends on the preferred stock are in default, the
common stock shall have the
right to elect one-third of the directors.
At
are
New York Stock
Exchange on
March 23 approved an application to list the
company's stock under the
name Consolidated Edison Co. of
New York, Inc., and on
March 24 at
10 a. m. trading began under the new
name.
The Committee
"
sponding date in the existing certificate of incorporation is Dec. 31 1925),
and in no event shall dividends be
paid upon common stock under the follow¬
ing conditions:
(1) If the net working capital be less than such net working capital as at
Dec. 31 1935, or
(2) If the declaration and payment of such dividend would have the
effect of reducing the corporation's net
working capital below the amount
thereof as at Dec. 31 1935, or
(3) If the corporation's current assets be then less than 2 A times Its
current liabilities, or
(4) If the effect of such declaration and payment of dividend would be to
reduce the corporation's current assets to less than
2lA times its current
filing with the New York
Secretary of State at Albany of
on
$i 15 per share plus accrued dividends to $105 per share
plus accrued divi¬
liabilities.
-.$2,885,458 $2,289,0111
Committee
requirements) for the purchase and retirement of preferred stock and re¬
strictions against retirement out of
capital are eliminated.
The price at
which the preferred stock may be
acquired for retirement is changed from
,
a
The
payable quarterly beginning July 1 1936.
(0) The retirement of the preferred stock, which previously was required
to the extent of $60,000 per
annum, is changed so as to require the corpora¬
tion to utilize 25% of its annual net
profits (above preferred stock dividend
(D) The corporation is not to pay any dividends upon the common stock
except out of net profits arising subesquent to Dec. 31 1935 (the corre¬
incom-
on
Reserves
Miscell. assets
and thereafter cumulative dividends shall be
paid thereon at the rate of $6
per share per annum,
42,829
Federal
and
related
supplies
Total
rec.
1936
28
A special dividend of $3 per share on the $6 preferred stock shall b *
declared immediately upon the
proposed amendment becoming effective,
dends.
Excess of payment
522,732
1,500
March
(B)
66,771
and
taxes
Deferred expenses.
Factory and office
Securities
foreign govt
State
curr.
airplane
$75,380
con¬
salaries
income,
&c
1934
nection with sale
Acer,
Bldgs., mach. &
Drawings
in
wages
Res.
for
124,766
1935
Accounts payable- c$320,069
Notes payable
113,000
Deps. rec.
'
expense
Liabilities—
Chronicle
-
exps.,
$6,005,028 $23,492,050 $29,497,078
5,644,380
21,759,063
27,403,443
_
taxes, insur. & royalties.
Earnings from operations
$360,647
$1,732,987
$2,093,634
Divs. & sundry net income (incl. $68,271 divs. on Metropolitan Coal Co.
preferred stock pledged)
20,554
76.434
96,988
$381,201
$1,809,421
$2,190,622
571,545
-
Total income
Parent
company's cap. expenditures
charged to exp. in lieu of deprec. for
period Jan. 1 1935 to June 30 1935.
Provision for Federal income and
cess
on
169,357
571,545
203,732
171,715
456,696
628,412
29,456
56,846
86,303
24,173
37,446
$132,381
$530,802
$663,183
-
—
--
ex¬
profits taxes
Balance of inc.
a
34,375
13,272
Interest on 5% secured notes & loans.
Deprec. (on properties of parent co.
for period July 1 1935 ot Dec. 31
1935—on properties of sub. cos. for
entire year)
Depletion (on properties of parent co.
for period July 1 1935 to Dec. 31
1935—on properties of sub. co. for
period Jan. 1 1935 to Oct. 31 1935)-
basis indicated
a Including $57,542 from the North Western Fuel
Co.,
subsidiary company, the capital stock of which is pledged.
a
wholly-owned
Consolidated Balance Sheet Dec. 31 1935
Assets—
Cash
on
Liabilities—
hand & in banks
$1,136,565
65,214
Cash In hands of trustees
Accounts receivable from sale
of
products, less
Notes
rec.
reserve
from sale of prods.
Notes & accts.
rec.
payable & accrued
payrolls-
$1,589,017
Accounts
4,548,834
128,952
from sale
of stokers
179,505
6,697,233
1,226,340
a Properties &
equipment... 20,774,024
Deferred charges
85,033
Inventories.-.
Accounts
-
Investments & special funds.
payable prior to
receivership of predec. co..
Accrued int.
on 5% sec. notes
Accrued prop. & other taxes..
Res. for reorganiz. expenses.
_
Res. for taxes under "Guffey
Act"
Res. for Federal Income tax..
5% secured notes, 1950
25-year 6% sink, bonds, 1960
Deferred credits
.
Reserve for Insurance
5% preferred stock
Common stock ($25 par)
'Capital surplus
....
Earned surplus
w-
Total
a
After
$34,841,699
Power
m&
142,
32,624
105,245
4,000,000
9,422,005
351,309
25,000
6,639,300
7,634,450
4,310,446
55,779
V
Total....
depreciation of $17,741,406.—Y.
Consumers
31,763
100,000
251,709
293,050
$34,841,699
p.
1463.
Cq.—Earnings—
[A subsidiary of Commonwealth & Southern Corp.]
Period End. Feb. 29—
Gross earnings
Operating expenses
Fixed charges
Prov. for retire,
Dividends
on
reserve.
pref. stock
142, p.
1980.
350,673
350,627
$405,600
Balance
-V.
1936— Month—1935
$2,806,636
_,573,670
1,430,261
1,237,370
357,601
390,293
262,500
237,500
$357,878
1936—12 Mos.
-1935
$30,988,432 $29,009,795
15,011,552
14,147,236
4,927,863
4,763,091
2,900.000
2,861,000
4,207,914
4,196,626
$3,941,101
$3,041,841
Volume 142
Financial
Central RR. of New Jersey.
February—
1936
Gross from railway..
Net from railway
Net after rents
From Jan. 1—
Gross from railway
$5,438,244
4,720,469
543,043
288,754
Net from railway.
Net after rents
—V. 142, p. 1632.
4,967,295
1,712,599
1,164,371
r
V'
4,300,005
1,206,317
684,027
Net from railway
Net after rents
—V.
142,
1934
Profit
$7,451,313
$5,602,805
$5,797,894
169,073
1,691,036
814,042
11,675,091
1,796,035
367,301
12,012,040
3,462,907
1,723,205
....
Net
after rents
brom Jan. 1—•
Gross from railway
1934
$1,088,517
$1,033,717
182,636
minority
64,836
def36,826
2,057,010
351,488
104,150def77,925
1936
f~
$1,086,261
def2~2~,69l
191,563
47,531
t
211,564
From Jan. 1—
Gross from railway.....
Net from railway
j
2,627,606
after rents
142, p.
1934
$1,047,129
$1,281,520
Net from railway
Net after rents
& Omaha Ry.
1935
2,186,782
273,495
earnings
(after
inter-company transfers)
-Earns.
Maintenance
Net earnings from
opers. of subs
Non-operating income of subsidiary.
Balance...
Prop, of earnings, attributable
1.069,996
Equity of Cont. Gas & El. Corp. in
subs
36 200 844
;
Expenses of Cont. Gas & Electric
Corp
Holding company deductions:
34,991
stock
Good-will
85,715
28,606,247 28,793,823
After
-28,606,247 28,793,823
Total
depreciation.^ Represented by $1
Delaware & Hudson Co. (&
par shares.—V. 141, p.
$23,307,544 $23,617,721
23,850,237
1,439,741
1,616,197
from miscell.oper. 21,338,202
Income from investments..
—
Transportation expenses.
Coal, ironpfc misc. sales &
exps.
Taxes..——
of miscell. oper..
-
Net revenues after taxes
Interest
on
Interest
funded debt
on
,
$1,994,174
$9.30
per share
$942,117
$4.39
unfunded debt
Continental Motors
Westinghouse
operating equipment is to be
Continental Motors plant at
Muskegon, Mich., from
Pittsburgh, Pa., within the next two weeks.
Continental hopes
ultimately to double the 1935 Westinghouse production of farm
lighting
plants.
Approximately 100 additional men will be required at the Mus¬
kegon plant.—V. 142, p. 1463.
the
Crane Co.—Note
Refunding Given Consideration—No Pro¬
Yet Developed for Clearing Up Arrears on Preferred Stock
Issue—
„
_
volume than last.
John B.
Berryman, Chairman, stated that the excess of
housing facilities
existing at the peak of the construction period which came in
1928 had
been completely absorbed and that a material
increase in home
is necessary to take care of present demand.—V.
142, p. 1814.
Cuban-American Sugar Co.—Court Restrains
An
building
Meeting—
injunction was handed down March 23 by Vice-Chancellor
Charles
Egan in Jersey City restraining the company from
holding a stock¬
holders' meeting scheduled for March 25.
The meeting had been called
to vote on a proposed plan of
recapitalization which has been opposed by
M.
holders of the preferred stock.
The
injunction was obtained by six complainants:
Continental Insur¬
ance
Co., Fidelity-Phoenix Fire Insurance Co., American
Eagle Fire
Insurance Co., Williams & Co., North
Negros Sugar Co. of Manila, Inc.,
and Earl T. Shaw.
Together the complainants hold 4,700 shares of the
7% preferred stock of the company.
They assert that the proposed
recapitalization plan is unfair, unjust and detrimental to their interests.
The proposal of the company provides for the retirement
of 100,000
shares of 7% cumulative preferred stock
by issuance of 120,000 shares of
4% cumulative preferred, which present shareholders were to be offered
on the basis of 1H shares of the new issue for each
share of old, plus a cash
payment of 75 cents a share on the old, in complete discharge of dividends
arreage, which now totals $50.75 a preferred share.—V. 142, p. 1981.
Delaware & Hudson RR.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 1463.
$1,738,726
Delaware Lackawanna & Western RR.—Equip. Trusts
Offered—A banking group headed by Brown Harriman>&
Co., Inc., and including Blyth & Co., Inc., J. & W. Seligman & Co.,
Laurence Marks & Co. and Freeman & Co.,
is offering at prices to yield from 0.375 to #.20%, according
to maturity, $3,619,000 equipment trust series A 1934
4%
equipment trust certificates, maturing $134,000 each six
months Oct. 1 1936-49.
for clearing up the arrears on the preferred stock of the
which at the close of 1935 amounted to $22.25 a
share, has
been developed, Charles B. Nolte,
President, said at the annual meeting.
Consideration has been given to the
possibility of refunding the 5% sink ng
fund notes, of which there will be
1,750,000 outstanding after retirement
of $750,000 on Aug. 1 next.
Commenting on the improvement in business, Mr. Nolte
explained
that the company's activities are seasonal to the
extent that peak
periods
occur in spring and fall.
It now is moving toward the
spring peak, which
barring unforseen contingencies, is expected to develop
considerably larger
program
company,
February—
railway
$858,105
2,596,831
i,062,876
Net deficit
East
Gross from
2,192,513
-V.140, p.3039.
Corp.—Acquisition—
This company has acquired the farm
lighting division of the
Electric & Mfg. Co.
Manufacture of the
Net from railway
Net after rents
542,998
depletion._def$870,362
Depreciation and depletion
r
$7,793,714
1,777,070
4,017,247
559,091
582,199
366,414
Net income before depreciation and
New Director—
$6,415,068
77,560
1,301,085
$5,775,281
1,776,261
3,959,970
Totalincome
Rent for leased roads—
$3,314,227
$2,262,170
1,320,053 ,1,320,053
$46,085,488 $49,084,156
19,834,862
19,409,156
19,331,447
21,077,212
2,413,536
2,182,719
$4,505,642
65,535
1,204,102
Miscellaneous interest
2,600,000
164,172
164,172
1934
1935
revs,
3223.
Subs.)—Earnings-
Calendar Years—
Transportation revenues
Coal, iron & miscell. sales &
See United Light & Power Co.
below.—Y. 142, p. 1981.
No
for
oblig
Miscellaneous income charges
Balance...
gram
277,971
Patents & pat. rts.
40,889
2,600,000
expense
Balance transferred to consolidated
surplus.....
to
1
Minority interest.
deposit
on
contractual
$5,179,641
153,299
qq Q4.9
38,111
224,540
1
Federal
178,782
298,950
2,396,392
1,702
31,608
339,466
for
151,746
178,782
unfilled
Miscellaneous income credits
on
5% debentures, due 1958.
Amortization of debenture discount and
transferred
118,890
on
wholly-
restricted
Total
;'v
$6,235,835
157,436
Total income.
Dividends.on prior preference
Funds
$5,138,751
'■
273,915
330,540
57,000
331,022
312,855
537,623
19 ,419,356
income taxes—
231,800
subs
Inventories
of
earns,
Income of Cont. Gas & EI.
Corp. (excl. of income
"eceived from subs.)
Earnings
238,452
3,235,747
in
owned
$5,146,228
7,476
83*064
6 ,766,964
sales contracts--
engin¬
Prepaid insur., &c.
$6,214,065
13,220
to min. com. stock.
370,355
Deps.
4-year
for
Invest,
3,975,539
300,119
1,070,219
402,175
174,556
Capital surplus
Prov.
Miscell. investm'ts
285,440
472,508
Common stock.
Earned deficit
eering & develop,
$9,716,323
775,783
732,196
661,317
Accr.wages,int.,&o
b
173,944
expenditures.
,;
Invest, in & adv. to
China subsid
1935
3,967,098
Accounts payable.
1,147,797
6,727,488
19,205,893
559,858
221,530
Res. for conting—
73,953
term
1 ,156,223
Mtges. pay. (curr.)
Mtges. payable—
1,234,721
subseq. to 1934.
1,837,292
95,632
defl88,837
$
$
b Class A stock
10,788,135
108,459
1,109,336
over
1934
1935
Liabilities—
$
Accts. receivable-Notes rec., mat'g
$11,536,602 $10,492,106
Amortization of bond disct. &
pref. stk. exp
Dividends on preferred stocks
$135,896 loss$596,574
1934
$
aircraft
Total
Int., amortiz. & pref. div. subs.:
Interest on bonds, notes, &c
Interest
Land,
Res.
$10,692,129
844,472
Total income of subsidiaries
280
port facilities—_10,551,021
Notes receivable-136,260
$32,855,487 $30,901,451
13,045,702
12,076,681
1,539,613
1,487,042
I 4,'235,208
4,209,353
3,342,833
3,412,050
Provision for retirement
Gen. taxes and estimated Fed.
income taxes
$359,737
equipm't, build¬
ings, &c
10,814,774 11,166,488
Cash
1,372,899
1,841,422
Excess mfg. & air¬
eliminating
General operating^expenses.
9,607
13,805
$2,886
1935
a
$919,419
64,389
def74,219
1936
of subs,
186',545
$606,183
889
5,066
y-
—
12 Months Ended Jan. 31—
Grossfoper.
18*206
$2,180 prof $345,652 prof$136,785
Consolidated Balance Sheet Dec. 31
Continental Gas & Electric
Corp. (& Subs.)— -Earnings
,
$1,305,309
361,971
123,501
1,239,472
587,029
profit
Assets—
1339
2,279,710
420,035
136,499
defll0,857
1634.
$1,154,721
344,501
24,352
630,876
of prop.
.
February—**
Gross from railway
$1,374,951
320,282
19,939
593,180
39,942
55,955
_
Includes extraordinary income of $262,176.
x
1,892,100
241,189
def210,156
Chicago St. Paul Minneapolis
$1,169,052
136,256
stockholders
excess
def70,217
2,217,028
—V. 142, p. 1633.
-—V.
Net
1933
$968,658
157,556
,79,575
169,394
$1,021,275
133,446
applic. to min. interest
Accorded losses of subs.
2,636,765
Net from
railway
Net after rents...
~
_
1935
•
$996,894
x378,057
Loss of manuf. subs__
Portion
applicable
to
Chicago & Eastern Illinois Ry.—Earnings.—
February—1936
railway...._ $1,322,085
railway
.
1932
$832,431
247,582
J
Losses in
,
1933
$694,716
137,715
Deprec'n & amortiz'n—_
Prov. for Fed. inc. taxes
Other deductions
:
Gross from
Net from
1934
$14,009,533 $10,450,728 $12,406,721
13,012,638
9,429,454
11,237,669
manufact'g
Inventory adjustment.
10,269,191
2,168,071
301,957
1977.
p.
of
subsidiaries
Other income
1933
$5,024,039
1,112,808
181,116
14,661,626
From Jan. 1—
Gross from railway
1935
Profit
1935
896,730
...
Consolidated Income Account for Calendar Years
Int., pat. exps., &c
1936
Gross from railway.
Net from railway
Net after rents
'
Sales & other revenues-$ll,119,581
Cost of sales & expenses. 10,424,865
Chicago Burlington & Quincy RR.- —Earnings
February—
2151
Curtiss-Wright Corp. (& Subs.)—Earnings—
1933
$2,151,808
662,127
395,952
'
285,094
'
Chronicle
Earnings.-r-
1935
1934
$1 ,251,911' $2,454,375
794,752
98,733
490,157
$2,811,258
.
-
1936
$2,242,964
491,451
416,207
Corp.—Earnings.—
1935
1934
$1,870,043
131,373
77,661
$2,028,936
3,890,185
264,013
149,386
4,175,779
557,748
268,292
215,635
1933
$1,599,962
def65,366
def136,878
The certificates will be secured by 20 Pocono type 4-8-4 high-speed freight
locomotives; four 600-h. p. Diesel or electric locomotives and 500 all-steel
50-ton hopper cars, all with an estimated value at the time of delivery in
1934 and 1935 of $3,624,805.
Earnings for Month of February and
563,179
452,529
3,223,491
def209,719
def341,851
914,348
Year to
1935
$3,530,629
545,691
<
Date
1934
1933
583,840
From Jan. 1—•
Gross from railway——
204,933
&3,575,513
627,920
272,792
8,265,549
1,516,961
839,145
7,297,685
1,218,384
520,945
7,148,683
1,117,694
377,557
$3,192,472
362,776
def62,680
def 116,458
>
Net from railway
Net after rents.
_
—V. 142, p.
6,433,451
724,8,10
1463.
Detroit & Mackinac
February—
Gross from railway
Net from railway
Net after rents.
From Jan. 1—■
•
Gross from railway.
Net from railway
—
_
Ry.—Earnings.-
1936
$36,801
def8,234
defl3,478
1935
$38,343
1934
def5,518
$34,766
def2,868
def8,851
75,707
def4,860
defl3,616
76,102
def 1,755
defl3,995
def779
1933
$31,442
def 5,180
def 11,553
.
A__
■'
78,741
def9,143
Net after rents
defl8,633
65,726
def 12,534
def25,319
—Y. 142, p. 1463.
Detroit Street
Rya.—Earnings—
Period End. Feb. 29—•
Operating
Operating
revenues—-expenses
Taxes assign, to oper—
Operating income
Non-operating income.
Gross income
Deductions.
.....
Net income
—V. 142, p.
4,271,801
744,352
1936
$4,342,032
February—
Gross from railway
Net from railway
Net after rents
.
1936—Month—1935
$1,486,925
1,189,079
70,270
1936—12 Mos.—1935
$1,457,312 $17,128,357 $16,421,683
1,092,010
12.793,897
12,726,920
71,097
857,628
858,780
$227,575
24,709
$294,204
2,530
$3,476,831
75,735
$2,835,981
48,833
$252,284
142,065
$296,734
142,701
$3,552,567
1,844,982
$2,884,815
1,876,027
$110,219
$154,033
$1,707,585
$1,008,787
1288.
Denver & Rio Grande Western RR.—Plan
Ready Soon—
A plan for the reorganization of the road is to be filed by May 1, L. W.
Baldwin, chairman of the board, said on March 26. He made the announce-
2152
Financial
Chronicle
ment after a conference between officers of the company
of insurance
office here.
companies
and
other
and representatives
bondholders in the company's
large
Because the company has only two common stockholders—the Missouri
Pacific and the Western Pacific—Mr. Baldwin said the
devising of a plan
should be relatively simple.—V. 142, p. 1814.
1936
1935
1934
1933
$1,017,542
616,421
459,589
$571,974
314,500
233,475
$305,494
123,566
63,864
1,439,823
813,360
581,572
1,824,117
1,091,165
809,497
1,142,527
634,215
468,210
641,825
261,343
135,369
,
_
Net after rents
From Jan. 1—^
Gross from
railway
.
Net from railway
Net after rents
—V. 142, p. 1463.
Diamond Match Co.—Desist Order—
Under
an
order entered
by the Federal Trade Commission, the company
is directed to discontinue use of the word
"safety" in the brand name of
certain matches it manufactures and sells in inter-State commerce.
The company is ordered to cease the use of the word "safety" as
part
of any brand name it uses in labeling matches which are the
type commonly
known
"strike-anywhere" matches.
as
The respondent also is directed to
alone
using the word "safety," either
cease
in
conjunction with the word "first," or other words, as a brand
name, and to discontinue its use to describe any type of match other than
or
that commonly designated as "strike-on-the-box" matches.
The Commission permitted the respondent company, which admitted
the material allegations of the complaint to be
true, to file an answer
consenting to issuance of the order to cease and desist.—Y. 142, p. 1637.
Douglas Aircraft Co., Inc.—Avdjourned Meeting—
The adjourned stockholders' annual meeting will be held on
April 17.—
V. 142, p. 1464.
Dow Chemical Co.—To Increase Stock—
At
a meeting held March 24 directors decided to call a
special meeting
for April 21, to amend the company's articles of incor¬
poration by increasing the authorized shares of non-par value stock from
1,000,000 to 2,000,000, and to authorize 60,000 shares of 5% cumulative
preferred stock.
The company has now outstanding 30,000 shares of
7%
cumulative preferred stock, which under the proposed amended articles
may be exchanged, share for share, for the new preferred stock.
The
company proposes to redeem on Aug. 15 1936, any of its present outstanding
preferred stock which shall not in the meantime have been so exchanged.
of stockholders
The company also intends to offer for sale to its holders of non
par value
stock in proportion to their holdings, additional shares of the new
preferred
stock at $105 per share.
There will be no present
offering of
value stock.
any non par
The company's purpose in amending its articles of incorporation at this
time is to accomplish the retirement of its present 7 % cumulative
preferred
stock by issuance of new 5% cumulative preferred stock.
The
from sale of additional shares of the
plant betterments,
142, p. 622.
extensions and
new
the
1936
the agencies off the Association in New York and Boston.
Mass. income tax to
an amount not exceeding 6% of interest on the
personal property tax of Penn. and (or) any county
exceeding in the aggregate 5 mills per annum on
each dollar of taxable value thereof and for any personal property tax of
any
bonds
and
for any
an
amount not
Conn, and (or) any county, municipality or taxing authority therein to an
$696,370
375,644
264,542
-
or at
28
Coupon bonds in denoms. of $1,000 registerable as to principal only.
The
Association has agreed to reimburse individuals or trustees for one or more
individuals upon written demand within 60 days of the final instalment of
thereof to
Detroit Toledo & Ironton RR.—Earninqs.—
February
Gross from railway
Net from railway
Pittsburgh
March
proceeds
preferred stock will be used for
of working capital.—V.
increase
!
amount not
exceeding in the aggregate 4 mills per annum on each dollar
value thereof.
30 days' notice, redeem the bonds as a whole
at any time or in part on any Interest date at following percentages of the
face value thereof, in each case with interest to redemption date: After
March 1 1936 and to and incl. March 1 1942, 102
after March 1 1942
and to and incl. March 1 1945, 102; after March 1 1945 and to and incl,
March 1 1948, 101H; after March 1 1948 and to and incl. March 1 1951.
101; after March 11951 and to and incl. March 11954,100
after March 1
1954 and prior to maturity, 100.
Under the provisions of the sinking funds bonds may, upon 30 days' prior
notice, be redeemed on any interest date at 100% of the face value thereof
or the then prevailing redemption price, whichever is
lower, in each case
with interest to redemption date.
•
The aggregate principal amount of bonds which may be issued under the
indenture will not be limited in expressed amount.
Additional bonds of
series A or of other series will be issuable, however, only in compliance with
the restrictions imposed by the terms of the indenture.
Listing—The Association has agreed to use its best efforts to procure
the listing of the bonds on the New York Curb Exchange and the registra¬
tion thereof under the Securities Exchange Act of 1934.
Purpose of Issue—Upon the issue and sale of the bonds offered hereby,
the Association will apply or cause to be applied the total net proceeds of
the issue to the following purposes:
of the
taxable
The Association may, upon
1. To redeem in legal tender:
(a) On or before May 1 1936, the entire outstanding issue of
sinking fund 5% debenture gold bonds due May 1 1955 of
Massachusetts Gas Cos. in the principal amount of $22,672.000 (incl. $81,000 held by Old Colony Gas Co.. the proceeds of
which will be held or invested by that company) at 103, which,
exclusive of interest accrued to date of redemption, will re¬
quire the sum of
$23,352,160
(b) On or before July 1 1936, the entire outstanding issue of
the 20-year sinking fund 5 H % gold bonds of Massachusetts
Gas Cos. in the principal amount of $15,293,000 (incl. $116,000 held by Old Colony Gas Co., ,the proceeds of which will
be held or invested by that company) at 105, which, excl. of
interest accrued to date of redemption will require the sum of. 16,057,650
(c) On or before Aug. 1 1936, the entire issue of 20-year 5%
gold bonds of Boston Consolidated Gas Co. outstanding in
the hands of the public in the princpal amount of $10,500,000
at 105, which, excl. of interest accrued to date of redemption,
will require the sum of
11,025,000
(d) On or before Sept. 1 1936, the entire issue of Connecticut
Coke Co. 1st mtge. 5% gold bonds series A outstanding in
the hands of the public in the principal amount of $4,449,000
at 103, which, excl. of interest accrued to date of redemption,
will require the sum of
4,582,470
(e) On or before June 1 1936, the entire issue of the 1st mtge
gold bonds series A, 5%, due Dec. 1 1961, of Old Colony Gas
Co. outstanding in the hands of the public in the principal
amount of $590,000 at 105, which, excl. of interest accrued
to date of redemption, wili require the sum of
619,500
(f) On or before May 1 1936, the entire issue of the 6% serial
bonds of King Coal Co. [assumed by Houston Collieries Co
~
(Del.,)], outstanding in the hands of the public in the principal
amount of $355,000 at 105, which, excl. of interest accrued to
date of redemption, will require the sum of
372,750
(g) On or before July 1 1936, the entire issue of the 1st mtge. 25year bonds series B (5%) of Charlestown Gas & Electric Co.
: v
(assumed by Boston Consolidated Gas Co.) outstanding in the
hands of the public in the principal amount of $200,000 at
107.50, which, excl. of interest accrued to date of redemption,
will require the sum of
215,000
(h) On or before Jmy 1 1936, the entire issue of the 5% 1st
mtge. 20-year bonds series A of Charlestown Gas & Electric
Co. (assumed by Boston Consolidated Gas Co.) outstanding
in the hands of the public in the principal amount of $200,000
at 105.25, which, excl.
of interest accrued to date of re¬
demption, will require the sum of
210,500
(2) To acquire on or before March 31 1936, from Koppers Gas
& Coke Co., an affiliate, the outstanding minority interest
in Koppers Coal & Transportation Co., a subsidiary hereto¬
fore represented by 1,122,060 shares of its preferred stock, in'
consideration of the delivery to Koppers Gas & Coke Co. of
37,000 shares of the Association's pref. 6% cum. stock ($100
par), now owned by a subsidiary, and the payment of the
sum of
6.000,000
(3) To purchase on or before March 31 1936, from Koppers Gas
& Coke Co., an affiliate, 1st mtge. 5% gold bonds series A
of Philadelphia Coke Co having a par value of $2,125,000
at 91%
of par, which, exclusive of accrued interest, will
require the sum of
!
1,933,750
(4) To provide for the payment in liquidation of the outstanding
minority interest in Massachusetts Gas Cos., which consist
of 3,627 shares of pref. 4% cum. stock ($100 par), which
will require the sum of
362,700
And 1,397 shares of common stock, which will require the
sum of
180,213
(5) To pay on or before March 31 1936, $2,875,000 bank loans
•
Duluth
Winnipeg & Pacific Ry.—Earnings.-
February—
1936
1935
1934
$125,206
30,608
3,341
$84,396
9,310
def5,470
$66,749
def4,792
2,397
def23,276
267,502
_74,529
161,053
2,954
defl6,126
135,852
defl0,277
3,876
110,884
def47,979
defl3,156
t
Gross from railway
Net from
railway
.
Net after rents
1933
$56,771
def6,201
From Jan. 1—•
Gross from
railway
Net from railway
Net after rents
20,910
—■V. 142, p. 1638.
Eagle-Picher Lead Co.—Consolidated Balance Sheet Dec. 31
1935
1934
$
$
Assets-
1935
Liabilities—
Cash in banks and
on
hand
:
Other assets
627,863
1,619,529
4,898,714
343,797
5.288,402
Inventories,.
c
464,251
1,849,908
5,559,936
264,271
b Accts .& notes rec
property
Cust. credit bal...
274,673
16,938
Res. for self-insur.
138,737
amortization
1,131,233
Non-oper. plants
and property
230,042
metal
inventory
price fluctuation
a
118,681
34,985
24,128
953,162
470,995
555,400
555,400
9,000,000 18,000,000
1,324,430
1,799,148
573,321 df3,821,769
245,634
1
Com. stock
Capital surplus
Earned surplus
>
45,841
24,128
195,420
Investments
Treas. stk., at cost
Res. for conting..
6% cum. pref.stk.
*
Self-insurance fund
securities
$
800,000
422,665
157,002
51,803
103,734
Res'ves for normal
Appreciation—less
d
722~368
Accounts payable.
Accrued liabilities.
9,044,311
Oper. plants and
1934
$
Notes payable
1
86,932
Prepaid & deferred
charges
Pats., g'd-will, &c_
Total
a
..14,030,026 18,067,9841
Total
..14,030,026 18,067,984
Represented by shares of $10
par in 1935 and $20 par in 1934.
b After
bad and doubtful accounts of $240,824 in 1935 and
$226,892 in
After reserve for depletion,
reserve for
1934.
c
1935 and $10,905,132 in 1934.
&c., of $3,168,726.
The
income
account
for
depreciation, &c., of $9,861,709 in
reserve for depletion, depreciation,
d After
calendar
years
was
March 21, page 1982.
given in
"Chronicle"
of
Rowe has
follows:
The First National Bank of Boston
been elected
a
director to fill
1982.
p.
—
as
New Director-—
John J.
.
a
vacancy.—V.
142,
~
Second National Bank of Boston
Merchants National Bank of Boston
East
Carolina Ry.—-Asks Extension on BondsThe company has asked the Interstate Commerce
Commission for
thority to extend for 10
1,600,000
525,000
400,000
350,000
„
National Shawmut Bank of Boston
(6)
au¬
years the maturity date of $300,000 first mortgage
due on July 1.
It said the Atlantic Coastline RR., which owns
the obligations, had agreed to the
extension.—V. 127, P. 3803.
To purchase on
or
;
before March 31 1936 from the Boston
Consolidated Gas Co. Employees' Fund, 1st mtge. 5% gold
bonds series A of Philadelphia Coke Co. having a par value
of $240,000 at 102, which, excl. of int., will require thesum of_
(7)
To reimburse the Association
on or
befo'e Ma*ch 31
244,800
1936
for the acquisition from Youngstown Sheet & Tube Co. of the
Eastern
Gas
&
Fuel Associates—$75,000,000
Bond
Issue Offered—The first
step in a financing program designed
to
simplify the corporate structure of the company, major
the Koppers group, was taken
Thursday with the
offering of an issue of $75,000,000 1st mtge. & coll. trust
bonds, series A, 4%, due March 1 1956, through a nation¬
unit of
wide
underwriting group of 55 investment houses headed by
Corp. and Mellon Securities Co., Inc. The
The First Boston
bonds
were
priced at 96}^ and int.
underwriting
Other members of the
group are:
Alex.
Brown Harriman &
Cassatt & Co., Inc.
Harris, Hall & Co., Inc.
W. E. Hutton & Co.
Laden burg, Thalmann & Co.
W. C. Langley & Co.
E. H. Rollins & Sons, Inc.
Edward B. Smith & Co.
Stone & Webster and
Blodget, Inc.
Field, Glore & Co.
Halsey, Stuart & Co., Inc.
Hayden, Stone & Co.
White, Weld & Co.
F. S. Moseley & Co.
Aldred & Co.
H. M.
Brown &
Sons
Byllesby & Co., Inc.
For reimbursement
on or
1,174,667
before March 31 1936 for securing
the release of 35 shares of Keystone Coal & Coke Co. common
stock and 350 shares of Houston Collieries Co. (W. Va.) com¬
mon
stock, which will require the
sum
of
180,298
-
For reimbursement on or before March 31 1936 for securing
the release of 435 shares of Houston Collie.-ies Co. (W. Va.)
(9)
stock, which will require the sum of
pay on or before March 31 1936 a note in the amount of
$15,000 given by the Association's subsidiary, Elkhorn Piney
Coal Mining Co., to Loup Creek Collieries Co., which will
require the sum of(11) To the extent of the balance of the total net proceeds, to
reimburse its treasury in part for expenditures made in the
retirement of subsidiary funded debt, and (or) for deposit
t jgtther with other funds of the Association in the amount of
$1,017,290 in escrow to pay the holders of the preferred
stock, class "A," of Koppers Coal Co. who may dissent to the
consolidation of that company into Koppers Coal Co
106,781
common
(10) To
Total
Schoellkopf, Hutton & Pomeroy, Inc.
Republic Co.
15,000
Authorized
Inc.
1st mtge. & collateral trust bonds
c Unlimited
Minority stock interests
150,000 shs.
Prior preference 4H % cum. stk. ($100 par)
250,000 shs.
Pref. 6% cum. stock ($100 par)
500,000 shs.
Pref. cum. stock ($100 par) (unestablished)
500,000 shs.
Common stock (no par)
2,000,000 shs.
"
following:
Dated March 1 1936; due March 1 1956.
Union Trust Co. of Pittsburgh,
principal trustee and Union Trust Co. of Boston, Massachusetts trustee.
The Massachusetts trustee will hold title
to the properties and securities
pledged under the indenture for fhe benefit of the principal trustee and
(or) the bondholders.
Interest payable M. & S. at office of the trustee in
•
a
Coffin & Burr,
Inc.
Whiting, Weeks & Knowles,
247,110
$69,755,350
-
Capitalization (Giving Effect to Present Financing)
Central
A prospectus dated March 26 affords
the
(8)
-
Kidder, Peabody & Co.
Blyth & Co., Inc.
Co., Inc.
Goldman, Sachs & Co.
Lee Higginson Corp.
outstanding minority interest in preferred stock class "B" of
Koppers Coal Co., consisting of 8,569 shares, and dividends
accrued thereon, which will require the sum of
To Be
Outstanding
b$75,000,000
dlO,115.2 shs.
$24,637,300 « A
e36,573,800 W *
None
1,988,400 shs.
Exclusive of amounts to be held in the treasury,
b Series A 4%, due
March 1 1956.
c Additional bonds issuable only in compliance with re¬
strictions imposed by the terms of the trust indenture,
d Koppers Coal
a
Co. $6 cum. pref. stock ($100 par).
This number of shares may be reduced,
e Includes 37,000 shares to be delivered as set forth above.
Note—The Association on Aug. 14 1929 agreed to exchange one share of
its prior preference stock for each share of 4% preferred stock of Massa¬
chusetts Gas Cos. and one share of its preferred 6% cumulative stock and
two shares of its common stock for each share of common stock of Massa¬
chusetts Gas Cos. At Dec. 31 1935, 3,832 shares of prior preference stock,
1,686 shares of preferred 6% cumulative stock and 3,372 shares of common
stock were reserved to fulfil the terms of this offer. At March 1 1936 the
first amount had been reduced to 3,627 shares by further exchanges, the
second amount had been reduced to 1,397 shares by the exchange of 39
shares and the release of 250 shares reserved under said offer by the pur¬
chase of 250 shares of Massachusetts Gas Cos. common stock for cash,
and the third amount had been reduced to 2,794 shares by the exchange of
78 shares of treasury stock under the exchange offer and by the release of
500 shares reserved under said offer as above as a result of the purchase of
250 shares of Massachus tts Gas Cos. common stock for cash. Accordingly
i
the number of shares of capital stock to be outstanding as shown above
include 205 shares of prior preference stock, 39 shares oflpreferred stock
and 78 shares of common stock issued since Dec. 31 1935 under this ex¬
change offer.
During the period Jan. 1 1934 to March 1 1936 the Association issued
586 shares of prior preference 4M% cumulative stock, 318 shares preferred
6% cumulative stock, and 636 shares of common stock in exchange for 586
shares of 4% preferred stock and 318 shares of common stock of Massa¬
chusetts
Gas Cos.
subsidiaries.
Massachusetts Gas Cos.
'
organized in 1902 to combine under one
of eight separate gas companies supplying
customers in the Metropolitan District of Boston and the operation of a
coke oven plant at Everett, Mass. Boston Consolidated Gas Co. resulted
from the consolidation of the eight gas distribution systems. The subse¬
quent development of Massachusetts Gas Cos. included the acquisition of
coal mines in West Virginia, the development of a fleet of colliers for the
coastwise transportation of coal and other products, the erection of a blast
furnace at Everett for the production of pig iron, and the extension of the
coke and
gas
the
was
operations
making and selling facilities.
Shortly prior to the formation of Eastern Gas & Fuel Associates, the
Hoppers interests had constructed coke oven plants in New Haven, Conn.,
and Philadelphia, Pa. The acquisition of these plants by the newly formed
Association served to round out the scope of its operations.
Since the close of 1935 the management of the Association has actively
undertaken steps looking toward the consolidation and simplification of
the corporate structure of the Association and its subsidiaries and the
creation of an effective medium for future debt financing of the system.
The proposed indenture, under which the bonds are to be issued, will cover,
either directly as a first mortgage or indirectly through the pledge of securi¬
ties, all of the fixed properties owned by the Association and its subsidiaries.
The proceeds from the sale of the bonds will be used to acquire or retire
securities of subsidiaries now outstanding, including certain minority stock
interests in certain of the more important subsidiaries, resulting in savings
in interest and other charges.
Prior to or shortly after the issue of the
bonds, proper corporate action will be taken so as to eliminate many of the
present active subsidiaries through the transfer of their properties to other
active subsidiaries, with further expected savings in accounting and other
expenses.
Security—Series A bonds will be secured by the indenture, which will,
in the opinion of counsel, upon execution, delivery and recording, constitute
a first lien upon substantially all of the Association's real
estate, and rights
in real estate, structures on land subject to the lien of the indenture and
other physical property, and on all the stocks, bonds, notes and other
securities of "subsidiaries" owned by the Association and the following
stocks: Brockton Gas Light Oo.—capital stock, 18,682 shares and certifi¬
cates
the case of borrowings for capital requirements by "qualified
which are Massachusetts gas and (or) electric utilities.
subsidiaries
,■
•
,
At the time of issue of these bonds there will be no then existing indebted¬
seemed by liens on such property ,
the lien securing these bonds.
ness
ranking prior to or pari passu with
.
,
name of each principal underwriter, and the respective
severally underwritten by each, are as follows:
First Boston Corp., N. Y——$9,000,000 Bancamerlca-Blair Corp., N.Y.
600,000
Mellon Securities Co. (Inc.),
A. G. Becker A Co., Chicago- 600,000
500,000
Pittsburgh-...—9,000,000 F. W. Clark A Co., Phila
500,000
Kidder, Peabody & Co., N. Y. 5,000,000 R.L. Day & Co., Boston
Lee Higginson Corp., N. Y— 3,000,000 Emanuel & Co., N.Y
...
500,000
Stone & Webster and Blodgett,
Estabrook A Co., Boston
600,000
Inc., N. Y.
3,000,000 Graham, Parsons & Co., N. Y500,000
Blyth A Co., Inc., N. Y
600,000
3,000,000 Hayden, Miller & Co., CleveBrown Harriman & Co., Inc.,
Hemphill, Noyes & Co., N. Y.
600,000
N.Y
Leonard &
Lynch,
3,000,000 Moore,
Pittsburgh -—'
-------500,000
Goldman, Sachs & Co., N. Y. 3,000,000
Edward B. Smith A Co., N. Y. 3,000,000 G. M.-P. Murphy & Co., N.Y.
600,000
Field, Glore A Co., N. Y—— 2,000,000 Otis A Co., Cleveland.——500,000
Halsey, Stuart A Co., Inc.,
Paine, Webber A Co., Boston500,000
Chicago
500,000
2,000,000 Putnam & Co., Hartford
Hayden, Stone & Co., N. Y— 2,000,000 Chas. W. Scranton & Co., New
Haven
500,000
White, Weld & Co., N. Y—— 2,000,000
F. S. Moseley & Co., Boston,_ 1,250,000 Singer,
Deane
A
Scribner,
Aldred & Co., N. Y-———— 1,000,000
Pittsburgh500,000
Alex. Brown & Sons, Baltimore 1,000,000 Starkweather&Co.,Ino.,N.Y.
500,000
Underwriters—The
amounts
-
-
-
——
History and Business—Organized as a Massachusetts voluntary associa¬
Formation of the Association and its subsequent develop¬
ment co-ordinate under one corporate grouping and one management an
integrated organization for the production, water transportation and sale of
bituminous coal, the conversion of such coal into coke, gas and other prod¬
ucts, the distribution and sale of such products, and the carrying on of
certain allied operations. The principal units acquired by the Association
were Massachusetts Gas Cos. (and its subsidiaries), Philadelphia Coke Co.
and Connecticut Coke Co. and, subsequently, Hoppers Coal Co. and its
tion July 181929.
management
2153
Financial Chronicle
Volume 142
of deposit for 20,827 shares, and Taunton Gas Light Co.—capital
168 shares and certificates of deposit for 506 shares; except the
Association's leasehold estates in coal or coal lands and real estate used in
connection therewith, all the Association's present and future raw ma¬
stock,
terials on hand, products in the process of manufacture, finished products,
fuel, supplies, storeroom contents, cash on hand or in bank (except pro¬
ceeds or the mortgaged property and other moneys required by the pro¬
visions of the indenture to be paid to the trustee), all books, documents,
accounts and bills receivable and notes receivable acquired in the
ordinary
course of business, all contracts and contract rights, other than leases and
those creating an equitable right in real estate, licenses,
permits, inyentions, processes, patents and patent rights, any franchises, all shares of the
Association and all stocks, bonds, notes and other securities of companies
other than subsidiaries and those expressly hereinbefore enumerated now
or hereafter held by the Association and except the last
day of the term
of each other leasehold estate.
The indenture contains after-acquired
H.
M.
Inc.,
Chicago.
—
1,000,000
1,000,000 Chas. D. Barney A Co., N. YHarris, Hall& Co. (Inc.), Chi. 1,000,000 Burr, Gannett A Co., Boston.
W. E. Hutton A CO., N. Y— 1,000,000 Hornblower A Weeks, N. Y—
Jackson A Curtis, Boston--..
Ladenburg, Thalmann A Co.,
N. Y—
A__
1,000,000 Arthur Perry A Co., Inc.,
W. C. Langley & Co., N. Y— 1,000,000
Boston-----..--..-----.E.H. Rollins & Sons Inc., N.Y. 1,000,000 Spencer Trask A Co., BostonTucker, Anthony A Co.» Bost.
Scboellkopf, Hutton A Pomeroy, Inc., N. Y——
1,000,000 Granbery, Safford A Co., N.Y.
Central Republic Co., Chicago
750,000 Securities Co. of Milwaukee,
Coffin A Burr, Inc., Boston—
Inc., Milwaukee
750,000
Tlfft Brothers, Boston .——
Whiting, Weeks & Knowles,
*
Inc., Boston———
750,000
N. Y
_
Eayable and the like and obligations being retired from the proceeds of this
sue) of the directly owned active subsidiaries, excepting not exceeding
—
Cassatt A Co., Inc., N. Y
-
—
-
500,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
250,000
250,000
200,000
—
Annual Report for
Calendar Year 1935—
Sales of coke and gas, including sales by its two public utility subsidiaries,
accounted for approximately half of the $59,394,857 of gross revenue
received during 1935 by Eastern Gas & Fuel Associates, largest unit of the
Hoppers system, it is revealed in the sixth annual report to stockholders.
This is the first time that a consolidated summary of net sales has been
included in the annual report.
Gross revenue figure for 1935 of $59,394,857
represents a slight increase over the figure of $59,352,885 for 1934, and
$48,651,763 reported for 1933.
■'
Gross revenues for 1935, according to the annual report, were derived
as
follows:
Sales of coke and gas, including sales by two
public utility subsidiaries,
Boston Consolidated Gas Co. and Old Colony Gas Co., $29,153,846;
of coal, mine stores sales, and income from coal handling wharves,
sales
$28-
001,249; and gross income from marine operations, electric public utility
operations, pig iron sales, and miscellaneous, $2,239,762.
The annual report states that net income after depreciation, depletion
interest charges, Federal income taxes and earnings applicable to minority
interests in subsidiary companies amounted to $2,873,974 for 1935, a
decrease of $1,261,096 from 1934.
According to the 1935 annual report on
a
consolidated basis, total interest on consolidated funded debt of all
subsidiaries, before depreciation and depletion charges, was earned 3.7
times compared with 4.1 times in 1934.
Funded debt was reduced $1,139,895 and bank loans were reduced $522,000 during 1935.
Net current
assets as shown in the 1935 balance sheet were $9,143,654 compared with
$8,094,151 for 1934, the increase being accounted for chiefly by the bank
loan reduction and an increase in cash of $679,000.
Volume figures on the sale of the Association's varied products also are
recorded in the annual report.
During 1935 coal sales totaled 13,878,179
net tons, which included 3,878,022 net tons of coal purchased for resale:
and cargoes transported amounted to 5,881,654 net tons, practically all of
which was coal.
These figures show slight declines from the previous year.
Sale of coke totaled 1,582,041 net tons in 1935, a decrease from 1,667,312
net tons sold during the previous year.
Sale of gas by the Association's
three coke plants totaled 24,555 million cubic feet and sales of gas by the
two owned public utilities totaled 11,252 million cubic feet.
These gas
sales show increases of approximately 2% over the previous year.
A feature of the annual report is a brief historical review of the Associa¬
tion, tracing its development from a nucleus of small gas companies to a
self-contained processor and distributor of fuels, in the course of which it
has acquired a permanent and diversified supply of bituminous coal, its
principal raw material, and owns water transportation facilities, three coke
plants, two public utilities, and it has developed sales organizations to
distribute coal, coke and other products.
,
,
^
property clauses covering real and tangible property not of the nature
excepted as aforesaid and all securities or "subsidiaries" except obligations
of "qualified subsidiaries" within the borrowing limits summarized below.
Initially the security under the indenture will consist of (a) the physical
property directly owned by the Association, consisting chiefly of the coke
oven plant, blast furnace and incidental properties located at
Everett,
Mass., and (b) all the stocks and notes (but not including current accounts
Lawrence Stern A Co.,
ByJlesby A Co., Inc.,
Consolidated Income Account for Calendar
Years
1934
1933
$47,852,192 $36,920,600
11,393,230
11,500,693
11,731,162
1935
Net sales and sundry oper; revenues.$48,001,627
Operating revenues, public utility cos.
Total net sales and oper. revenues.$59,394,857
Cost of sales and expenses of operation 35,158.955
Oper. exp., public utility cos——.
9,250,277
$59,352,885 $48,651,763
33,799,398 24,980,759
9.266,347
8,662,984
12,000 shares of the preferred stock of Hoppers Coal Co.
The stocks and notes of subsidiaries initially so pledged are as
Stocks—
Class of Stock
Philadelphia Coke Co-_.
Philadelphia Coke Co
--Preferred
Common
Preferred
——-Common
Connecticut Coke Co
Connecticut Coke Co.
Hoppers Connecticut Coke Co
Old Colony Gas Co---.-.Old Colony Gas Co
Boston Tow Boat Co
—
,
Mystic Steamship Co
Mystic Iron Works__
_
--Common
Boston Consolidated Gas Co-------New
England Coke Co
Hoppers Coal Co—
Hoppers Coal Co—
-
—
-
Notes—
Boston Consolidated Gas Co
Old Colony Gas Co—
Philadelphia Coke Co
—
—:
Connecticut Coke Co.
Hoppdrs Connecticut Coke CoHoppers Coal Co-_—
♦Minimum,
x
Common
Preferred
Common
Common
Common
—
Common
Common
Preferred
Common
Par
$100
None
$100
None
None
$25
$25
follows:
Shares
33,852
100,000
29,616
100,000
2,000
14,180
33,820
None
200
$1
$100
$100
5,000
14,000
316,776
3,500
*111,146.4
100,000
None
$100
$1
Demand 3% note
Demand 3% note
_x 20-year 5% note
x 20-year 5% note
x 20-year 5% note
—20-year 5% note
$11,450,000
620,000
5,650,000
5,000,000
100,000
23,500,000
Secured by first mortgages.
The foregoing notes of subsidiaries are to be simple promissory notes but,
except in the case of Boston Consolidated Gas Co. and Old Colony Gas Co.,
are to be subject to certain agreements containing, among other
things,
provisions designed to protect such notes in a manner similar to the pro¬
tection afforded to the bonds offered hereby by certain provisions of the
indenture and, in the case of Philadelphia Coke Co. and Connecticut Coke
Co., the notes are further to be secured by first mortgages upon the respec¬
tive properties of said companies similar to the property of the Association
covered by the indenture.
The subsidiaries may anticipate payment of
said
notes, in whole or part, without premiums.
L 'The indenture contains a covenant that the Association will acquire and
pledge all future issues of stocks by its "qualified subsidiaries" (other than
stock to which other shareholders may have the legal right to subscribe)
and all future debt of its "qualified subsidiaries" other than that permitted
tolbe outstanding within the limits prescribed by the indenture, which in
substance limits unpledged borrowings to those maturing in one year or
less from the date of borrowing or renewal and so that in each case the
balancefof "individual current assets" immediately after such borrowing,
after deducting an amount equal to all borrowings the evidences of which
are not !pledged under the indenture, shall not be less than 125% of "indi¬
vidual current liabilities" plus all borrowings not included in such "indi¬
vidual current liabilities" and not pledged under the indenture, except in
.$14,985,626 $16,287,141 $15,008,019
Gross revenue
Deduct—
3,001,204
1,339,043
65,870
Selling expense
General administrative expense
Idle plant expense
Uncollectible
accounts,
2,773,218
1,294,745
56,030
2,647,321
1,084,754
71,330
142,781
36,055
183,540
36,055
153,003
36,055
commercial
companies
Amortization of pipe line expenditures
Net profit from operations
Other income
—$10,400,671 $11,943,551 $11,015,555
Cr345,198
Cr445,780
Cr540,318
Net loss from merchandise sales utility
2,890,465
Cr72,645
2,801,336
24,394
2,738,787
395,694
2,954,186
77,530
38,908
>200,423
121,361
632,322
387,577
3,048,090
51,038
44,711
235,635
169,877
723,797
396,110
3,225,568
92,851
56,218
172,219
51,002
383,785
Net income before minority interest $3,604,719
Minority interest in earnings of subs.
730,745
$4,899,332
764,263
$4,320,401
595,275
$4,135,070
xl,382,867
x2,463,312
$3,725,126
1,105,207
1,970,515
298,164
25,380
companies.-..
Depreciation and depletion
Provision
for
retirements
of
utility
property
on term indebtedness of subs.
Other interest charges
Taxes on bond interest
Amort, of debt discount and expense
Miscellaneous deductions
Interest
Federal income taxes
Net Income
—
—
Dividends—Prior pref. 4H% cum—
Preferred stock 6% cumulative
$2,873,974
1,107,871
1,972,449
Common stock-
Balance/deficit
596,338
——
$206,346
$3^7.447 sur. $351,240
x The amount of dividends shown as paid and declared during 1934 com¬
prises five regular quarterly dividends on the 4 H % prior pref. stock and
the 6% pref. stock, there having been five dividend declarations during
said year, the last declaration covering the quarter ending March 31 1935.
The dividends shown for those stocks for 1935 comprise four regular
quarterly dividends, the last declaration covering the quarter ended March
IVote-^The profit and loss statements for the years 1933 and 1934 shown
above, differ from those reported to stockholders for those years, due to
reallocations between periods of various items of income and expense, as
well as to the change in treatment of State taxes on dividends paid for
stockholders.
In the annual reports to stockholders for the year 1933 and
1934 such taxes were included in expense.
In the statements submitted
herewith they are charged against surplus as being a further distribution to
stockholders.
.
2154
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1935
Assets—
1934
$
1935
Liabilities—
$
Prop., equip. &
1934
$
1931
capital assets. 193,089,414 192,402,011
Prop, under con¬
24,616,800
Preferred stock, 41,248,100
y Common stock 37,234,611
tract of purch.
Investments
xMln.lnt. in cap
&sur. of subs.
'15,190,820
Fd. debt of subs.
56,642,748
15,142,470
57,782,643
9,399,966
9,621,206
200,000
10,594,848
■
held
200,000
10,641,582
356,679
469,868
2,794,279
...
Funds
359,294
319,236
2,115,037
by
s.f. trustees..
Otherfds.&dep.
Cash
Petty
cash
Term
and
of
98,241
133,359
7,767,846
593,023
623,507
8,704.727
<•
3,567,742
Items.
1,572,488
234,060
26,409,069
1,629,346
1,368,527
112,356
2,533,333
6,600,501
2,533,333
6,886,604
payable—
Consumers dep.
ment funds of
__
Other
Def'd
reserves-.
credits
operations
Capital surplus
.
226,834,3411
Total
notes, the stockholders
on Nov. 27 voted to increase the amount of capital
stock by an issue of 82,289 new shares.
The directors, in their application
to the Department of Public Utilities, recommended the issue of 89,146
99,040
82,289,
Koppers
Coal Co. at par and accrued unpaid cumulative dividends.
This obligation
is to be liquidated during the period from Jan. 1 1936 to
May 2 1938 by cer¬
tain annual payments which, due to the conditions of the
agreement, cannot
be determined at this date; the unpaid .balance at May 2 1938
payable
on
that date,
y
Represented by 2,000,000
no
par
Eastern
shares.
„
sales of
Michigan Toledo RR.—Present Status—
In reply to our request for information, we are advised that
coupons due
Jan. 1 1931 constituted the first default in payment of interest and as a
mortgage foreclosure proceedings were instituted by
the
.>..v.':■.
The bondholders' committee was organized in 1931 and bonds called for
deposit.
Efforts to continue operation of the line were made by the re¬
ceiver until Oct. 25 1932, when the Court authorized the receiver to aban¬
consequence
trustee.
'
don operations and scrap the personal property.
Since that time the rightof-way has been sold by the receiver as well as a few parcels of real estate.
The largest piece of property owned by the line,
however, is located in
the westerly limits of the City of Detroit, on West Fort Street at River
Rouge, known as Oakwood Yards.
This property has not been sold up to
the present time and until the receiver is able to dispose of
same, it will be
impossible to state what amount will be realized for the bondholders.
All matters in connection with liquidation are receiving close attention
by the receiver and counsel for the trustee.
It is the present intention to
dispose of all of the assets through the receiver, subject to the instructions
of the Court, and after payment of all expenses to turn over the balance
in the hands of the receiver for
the trustee.
Eastern Rolling Mill Co.Calendar Years
interchange energy, which vary from year to year, the increase over
was 7.8%.
During the year the company's revenues from electric sales increased
only 0.9%, because of two substantial rate reductions.
One of these be¬
came effective by order of the Department of Public Utilities on
Sept. 1
1934 and the second was made voluntarily by the company, effective
April 1 1935.
Taxes—The company's tax payments during 1935 totaled $5,468,873,
of which sum $4,173,960 went to the State and municipalities and $1,294,912
to the Federal government.
Out of every dollar in revenue received by
the company, 18.2 cents had to be set aside for taxes, further evidence that
our industry is one of the most highly taxed in the
country.
1934
Income
Account for
'
12,978,401
1933x
12,113,078
2,920,000
y3,460,000
Uncollectible oper. rev—
1934
$2,702,620
1933
240,000
5,547,917
Net operating income. $7,959,645
Non-operating income..
221,442
$8,925,059
200,866
$9,601,982 $10,676,099
139,972
82,871
$8,181,087
3,135,300
$9,125,925
3,938,135
$9,741,954 $10,758,970
4,376,282
4,125,568
$5,045,787
4,279,000
$5,187,790
4,813,875
$5,365,671
5,348,750
$766,787
$373,915
$16,921
$952
534,875
534,875
$9.70
534,875
534,875
$12.40
Gross income
Net
1932
$110,955
x$979,648
4,247,845
2,836,533
237,1219
1,268,114
prof$6,3 68
$133,913
$126,264
$288,466
20,796
19,968
39,616
47,912
12,448.034
2,400,000
171,823
4,882,543
189,801
—.
..
Interest and rents
1935
1932
11,268,481
3,275,000
250,324
4,895,703
5,468,873
Taxes
—
-Earnings—
$4,254,213
&c!
Years
1934
$30,056,720 $29,746,056 $29,291,490 $30,578,498
income
...
Dividends paid
—
Cost of goods sold, incl
admin. & gen. exp.,
Calendar
1935
Operating revenues
Operating expenses
Depreciation
distribution/ to the bondholders through
The committee represents approximately 55% of the
outstanding bonds
of $1,008,000 and for this reason it will be
practically impossible to complete
foreclosure by holding a sale of the property.—V. 136, p. 492..
Net sales
a ratio of one new share for each 6H old shares.
The proceeds
of this issue, together with funds in the treasury, will be applied to the re¬
on April 15 1936 of the above notes.
Upon the conclusion of this financing, the funded debt of the company
will consist of $53,000,000 3H% 30-year first mortgage bonds due July^.1
1965 and the capital stock outstanding 617,164 shares (par $100).
Electric Revenues and Rates—Electric sales in 1935 were 1,051,050,754
kilowatt hours, the highest total in the company's history.
Excluding
tirement
being due
and
price of $140 per share, the ratio to be one new share for each six
The Department, however, in their order, directed that
the price be fixed at $150 per share and the number of shares reduced to
A subsidiary company has assumed an obligation to
purchase from out¬
side holders $856,900 in par value 5% cumulative preferred stock of
x
—V. 142, p. 1982.
a
shares then held.
227,961,271 226,834,341
...
—
one of the lowest interest rates obtained
by a private corpora¬
tion in recent American history.
-■
In order to provide for retirement at maturity of the $16,000,000 5%
shares at
Total .......227,961,271
i
lieved to be
to
Earned surplus.
$16,000,000
35,000,000
20,000,000
As the two issues maturing in 1937 contained clauses permitting the call¬
ing of the notes for payment before maturity, the favorable condition of the
money market in the early part of the year led the management to consider
the advisability of funding this debt, and the stockholders at a meeting
held on July 3 1935 authorized a first mortgage bond issue in the amount of
$53,000,000 for the purpose of retiring the two issues of notes maturing in
1937, the difference in amount to oe made up from treasury cash.
This bond issue was sold on July 17 1935 for $54,013,890, representing a
cost to the company over the period of the bonds of 3.39%, which is be¬
676,395
183,423
769,299
453,912
Divs.
8,992,029
3,190,240
amounted to $71,000,000, repre¬
Three-year 5% notes due April 15 1936
Three-year 3% notes due July 16 1937
Three-year 3% notes due Nov. 2 1937---
ings & Invest¬
allied
companies
Inventories
Deferred
538,895
207,705
770,001
387,898
a subsidiary
310,563
Deprec. & depl. 28,965,139
Special retirem't
1,629,346
Due from
1935
432,031
'
one
Due to allied cos
1934
429,180
On Jan. 1 1935 the debt of the
company
sented by coupon notes as follows:
Employees' sav¬
due within
year
receivable
1933
427,096
Refinancing of Company Debt—The most important accomplisnment
during the year was the refinancing of the company debt on a long-term
basis, and under very advantageous circumstances.
subs,
7.582,648
Accounts & notes
1932
426,046
New business obtained during the year amounted to 28,855 kilowatts.
Indebted¬
ness
working funds
24,586,200
41,224,200
37,234,611
Notes and accts.
pay. & accr'ls.
1936
the close of each of the last five years
421,803
$
Prior pref. stock
March 28
Customers' meters installed at
numbered (Dec. 31):
Balance to surplus
.$6,633,402
6,632,450
Shares capital stock out¬
Inc. credits, incl. int. &
cash discount earned.
standing (par $100)Earned per share
prof$27,164
$113,945
71,321
90,110
183,773
$86,648
14,957
176,372
$240,554
66,508
180,541
$134,267
$347,154
$277,977
$487,604
Income charges..
Provision for deprec..
x
49,436
Gross sales.
Condensed Balance Sheet Dec. 31
Assets—
1935
1934
Liabilities—
1935
1934
$9.43
$10.03
As revised
x
reserve
by company,
y Total credits to the company's depreciation
for the year amounted to $3,710,000.
Of this sum, $3,460,000 was
charged to operating expenses, and included $250,000 toward the^amortizaof the company's investment in incandescent lamps on customers'
At the close of the year an additional $250,000 was appropriated
from profit and loss to apply against the amortization of the
lamp invest¬
ment.
On Sept. 1 1934, when the free lamp policy was discontinued, the
company's investment in lamps stood at $2,391,179.
At the close of 1935
this item had been reduced to $1,766,179 and is carried in the balance sheet
as property abandoned.
'
tion
premises.
t,
Plant
property...$1,428,351 $1,418,937 x Common stock. .$1,050,000 $2,642,559
84,152
41,903 Capital surplus
705,830
Investments
50,490
74,250 Deficit (earned)..
69,521
855",793
Equip, purch. un¬
Accts. payable
519,153
414,544
der contract
10,237
23,235 Accrued accounts.
25,796
14,607
Oth. inv. at cost..
14,960 Mtge. payable
y500,000
Liquidating cts. &
Other reserves
101*911
77,025
Earnings for February and
Cash.
subsc.
to
re¬
organized bank.
Notes & accts. rec.
Inventories
Deferred charges.
Total
Surplus arising fr.
guar¬
anty fund of
32,083
184,757
629,609
567,637
retire, of capital
stock
351,523
_
5,722
....$2,808,282
185,358
387,314
6,306
$2,503,1851
Total..
$2,808,282 $2,503,185
x Represented
by 210,000 shares par $5 (no par in 1934).
y The property
(land buildings, machinery and equipment) of the company, with the
exception of automobiles and trucks, are pledged as security to a mortgage
payable to the Federal Reserve Bank of Richmond, Virginia, dated Jan. 30
Note—During 1935 the capital stock
changed from
value to
no par
a
592,559.
This capital surplus, together with the capital
surplus existing
at Jan. 1 1935, has been charged with the accumulated deficit
from opera¬
tions aggregating $920,539 at May 31
1935, and a provision for revaluation
of liquidating certificates, &c., of
reorganized bank and bank in process of
liquidation, amounting to $151,548.—V. 141,
Eastern Utilities Associates
p.
2886.
Uncollectible
surplus
$8,247,751
1,835,817
305,854
173,801
5,492,373
240,000
5,623,917
Non-operating income._
$874,331
12,724
$914,512
13,968
$7,923,444
214,464
$8,774,276
204,627
Gross income
Miscellaneous rents—_
Interest and discount—
$887,055
7,164
259,563
$928,480
6,500
244,853
$8,137,908
3,082,830
$8,978,903
79,634
3,649,229
$620,328
$677,127
$4,972,584
$5,250,040
Income balance
Balance Sheet
1935
Plant
Unfin. construe.
Other
764,941
invest'ts.
83,698
4,289,651
Cash
$
167,833,938
683,932
-
74,640
2,634,553
Special depos .for
bond interest.
1,701,249
32,900
3,983,631
Sundry ledger ac¬
counts
Amort,
disc't
53,876
250,371
48,384
126,532
1,041,246
1,766,180
1,075,273
2,266,180
&
unadjust.
65,060
250,275
1936
Nat. Power & Light Co
—V. 142, p. 1982.
79,416,000
was as
1935
85,586,000
34,801,000
70,271,000
follows:
10,441,000
5,232,000
9,145,000
1
12.2
15.0
13.0
8
Coupon notes—
Install,
paid
on
stk. issue
943,600
1st mtge. bonds
due July 1 '65
53,000,000
5%
cpn.
notes,
due Apr. 15*36
16,000,000
Accts. payableInterest accrued
1,094,167
Prem.
675,926
bonds
1,069,750
288,748
382,232
781,093
20,116
Electric
Empl.sav.fund.
liability
UnadJ. credits—
Deprec. res've—
14,589,168
Frank D. Comerford,
General
President, says in part:
Conditions—Company shared to a limited
extent in tne general
improvement in 1935.
Customers purchased more
appliances
more electricity than in
any other year in tne company's
nistory.
As rates were reduced again, however—for the
second time within a year—
operating revenues were practically tne same as in 1934.
Operating expenses increased, more than offsetting substantial savings
effected in interest and discount payments.
The income balance of $5,045,^1935 represented earnings of $9.43 a share, as
compared
With $5,187,790, or $9.70 a share, at Dec. 31 1934.
business
and used
1,069*750
281,184
323,353
770,016
15,899
14,171,450
accts. receiv—
x
181,823,778 180,711,4891
100,000
59,957
Profit and loss—
1,478,053
1,254,136
Total
Consists of 3% notes, $35,000,000, due July 16
181,823,778 180,711,489
1937, and $20,000,000
due Nov. 2 1937.—V. 142, p. 1982.
(Thomas A.) Edison, Inc.—Pays Initial Dividends—
The company paid initial dividends of 25 cents per share
Illuminating Co. of Boston—Report—
16,000,000
617,228
744,583
996,992
payable..
Consumers' deps
on
on
stock and
Edison
53,487,500
36,916,433
x55,000,000
Res.for doubtful
Total
Iticvcclsc
~
Amount
Percent.
1934
?
Tax
Inc.—Weekly Input—
Operating Subsidiaries of
'
Divs.
expenses
Other
1935
Liabilities—
Capital stock
53,487,500
Prem.oncap.stk 36,916,433
new
927,500
1,557,877
32,268
4,322,962
For the week ended March 19
1936, the kilowatt-hour system input of
the operating companies which are subsidiaries of
American Power & Light
Co., Electric Power & Light Corp. and National Power &
Light Co., as
Amer. Power. & Light Co. 96,027,000
Elec. Power & Light Corp. 40,033,000
31
1934
$
1
invest't—166,668,146
debits
compared with the corresponding week during 1935,
Dec.
82,494
'
Prop, abandoned
1,696,032
12,000
.
Net oper. income
Prepaid accounts
1,553,089
1936—Month—1935
1936—12 Mos.—-1935
$2,763,187
$2,734,984 $30,142,200 $29,805,015
1,054,023
983,639
13,092,582
12,156,822
288,333
288,333
3,460,000
3,010,000
20,000
528,500
Accts. receivable
Feb. 28 '35.
12 :Months Ended February
534,500
Notes receivable
(& Subs.)—Earnings—
—V. 142, p. 1815.
revenue.
-
Taxes accrued
Mat'ls & suppl's
12 Months Ending—
Feb. 29 '36.
Gross earnings, subsidiary companies.
$8,498,933
Net earnings of subsidiary companies applicable to
Eastern Utilities Associates.
1,628,946
Other income of Eastern Utilities Associates
309,792
Balance for Eastern Utilities Associates, dividends
Ebasco Services,
Operating revenues
Operating expenses—
Depreciation
A. 33 CtS
was
par value of $5 per share, creating an addition to capital surplus of $1,-
and
Period Ended Feb.—
March
the common
$1.62^ per share on the 6H% cumulative preferred stock
16 to holders of record March 10.—V. 135, p. 1335.
Edmonton Street
Period End. Feb. 29—
Operating revenues.
Operating expenses
Fixed charges
Renewals
Total surplus—
-V. 142, p. 1638.
on
Ry.—Earnings—
1936—Moi.th—1935
1936—2 Mos.—1935
$66,644
48,620
5,776
7,000
$57,368
40,037
5,646
7,000
$132,729
17,000
$124,769
89,392
11,292
17,000
$5,247
$4,684
$7,086
$7,085
97,090
11,553
Volume 142
Eisler
Financial
Electric
Corp.—Earning s-
Calendar Years—•
Net sales
;
Cost of sales.
Net profit on operations
Other income...
$111,079
34,925
45.040
$31,114
13,116
$87,263
9,860
2,428
12,400
2,255
8,859
$44,229
6,748
2,427
13,571
$51,461
$0.16
_
$653,674
542,595
$71,282
15,981
«
$19,562
$0.06
__.
Gross income
Interest and discount
Interest paid on mortgages
;
Provision for doubtful accounts
__.
Sundry other deductions
Provision for Federal income taxes...
Net income to surplus.
.
______
319,777
no par
Cash
1
shs. capital stk.
1935
$93,650
32,566
178,985
$87,529
31,657
122,964
Liabilities—
hand and
on
secur.
Notes & accts.
Subscr.
to
rec.
Expense accrued
Deposit payable,
capital
stock receivable.
60,000
287,088
Merch'dlse lnv't'y
Invest't in affll. &
Patents
Def assets & chgs.
4,500
21,255
Amort, pay., Mtgs.
6,704
12,275
9,559
Mtges. payable
y Capital stock
Cap. stock subscr.
10,000
406,361
751,019
28,006
397,560
750,000
25,424
40,462
1,920
33,759
1,883,374
1,883,374
for but not
as
No
■
officer
or
tor of the other
company,
lssued(60,000sh)
Deficit
$1,837,549 $1,679,853
Total
$1,837,549 $1,679,853
x After reserve for
depreciation of $370,086 in 1935 and $309,626 in 1934.
Represented by 319,777 no par shares.—V. 142, p. 1982.
companies.—V.
142,
p.
Oper.
Net operating revenue
Total
Interest
Interest
income
on
funded debt__
on
floating debt and discount
Fed. & State taxes
on
bond interest..
Appropriations for replacements
Interest charged to construction.____
Reversal of accr'ls for Fed. & State
income taxes applic. to prior
periods
Total surplus
$1,351,125
4,678
$1,241,457
6,978
$1,420,622
639,309
174,154
14,651
192,000
$1,355,803
641,395
209,502
1,248,435
643,738
233,105
16,063
189,000
180",600
$299,842
190,681
$191,627
def947
Cr32,545
$938,313
___
Includes Federal income tax of
$29,501
x
The program
would be financed by the Reconstruction Finance
Corporation which has
over
Public
Works Administration's rail
lending
February—•
1936
...
Net after rents.
From Jan. 1—
Gross from railwayNet from railway.
Net after rents
_.
$
In J.
18,965
49,338
1,250
326,254
$190,681
1935
$
6% preferred stock 7,382,000
7,382,000
x Common stock..
3,000,000
3,000,000
Funded debt
13,123,000 13,124,000
Notes payable
59,000
73,000
Accounts payable.
12,165
37,161
Accts. payable, af¬
& dam. fund.
51,303
Speclal cash dep__
3,939
369,505
83,116
302,188
291,605
Current acct. with
affiliated cos
Other accts. reo__
40,053
3,970
38,033
6,225
Int. & taxes accrd.
Mdse. accts. rec__
Int. receiv. accr'd.
201,308
182,886
235
19?
Matls. & supplies.
229,192
15,514
206,248
27,735
Slnking fund
Cash
Cust. acc'ts
Accts.
rec
filiated
from
rec.
fiscal
Prepd. insur., &c.
NotesAc accts.
•—not
81,209
current.
13,318
_
17,208
635
_
_
62,404
3.462
1.091,970
1,209,882
10,435
3,508
260,434
276,258
payable
19,009
Accts. pay. to par¬
ent company.__
1,642,667
2,257,126
Taxes
Reserves
Special surplus res.
Capital surplus
$1,679,573
Net profit from sales.
_
Royalties received
Interest received
Discounts earned.
Profit from sale of cap.
assets, net
Total profit
Interest paid
Prov. for eonting
Bad debts writ, off (net)
Discounts allowed
Co.—
Interest
$2,732,700
$2,403,643
$6,666
(1935—none)
10,649
"5",242
112,152
214.115
$1,323 841
122,098
$1,201,743
244,196
108.706
62,018
S297t12SJO6S$250,943
$297,126 def$250,l
231,216
236,51
$1.28
N|
$5.42
Inventories.
Cash
1934
Liabilities—
50,479
rec.
__
893,038
466,542
466,516
501,984
85,538
120,208
71,938
rec.
Employees accts. &
traveling adv's.
Royalties advan's.
Deferred charges
-
_
Investments
Accts. in closed bks.
Miscell. oth. assets
Timber
Plant,
tracts
Bank loans pay
Notes
payable
125,000
5,024
16,896
34,317
4,306
116,121
7,096
16,263
607,887
659,487
726,561
by
/
267,968
100,000
15,000
bank
on
foreign drafts
Divs. payable
62,273
61,031
672,858
2
Adv.
1934
$134,132
to
R.F.C-—
2
16,720
13,062
26,297
17,905
81,667
Acer. Fed. & Cana¬
dian inc. taxes._
118,010
Long-term llabs__
X337.188
Minority interest.
2,506
Common stock
1,220,980
7,610
Bds. & mtge. pay-
27,296
Res. for eonting._
Capital surplus.
buildings,
Total...
$153,921
142,179
100,000
Accruals.
surren. value
Long-t'm notes
1935
Accounts payable-
__
Earned surplus
_.$4,676,575 $4,533,523
Total
...........
152,040
996,071
1,315,376
239,836
116,500
2,673
1,220,980
398,000
109,000
967,771
976,664
$4,676,575 $4,533,523"
Includes long term bank loan amounting to
$250,000.—V. 142, p. 1465
Fall River Gas Works
Period End. Feb. 29—
Operating
revenues
Operation
Maintenance
Taxes..
Co.—Earnings—
1936—Month—1935
$80,511
$77,372
39,874
38.605
6,330
4,394
14,688
14,604
1936—12 Mos.—1935
$879,566
467,272
63,147
157,938
$895,712
$221,538
448,363
60,329
165,482
General
American
Life
Net oper. revenues—
$19,617
$19,767
$191,207
Non-oper. income—net-
8
9
177
51
$19,777
$191,384
5,000
1,049
60,000
12,399
$221,589
60,000
14,522
$13,727
$118,985
$147,066
Balance
Retire, reserve accruals.
Interest charges.
$19,626
5,000
1,080
in
Corp. of
Texas, organized by Southwestern Life Insurance Co.
interests,
also of Dallas, and to Southwestern Life.
Thus. Southwestern Life In¬
Dallas,
Co. interests own
approximately 90% of the 50,000 outstanding
shares of the capital stock of General American
Life Insurance Co.
The
price paid for the stock of General American Life Insurance Co. was
$60
a share, which on the
part of the Equity Corp. represented the gross sale
price before provision for its cost, interest on the investment and estimated
taxes on the amount of the proceeds.
22A79
7,765
6,460
.__$1 ,576,776 $1,794,703
U. S. govt, sec
Accts. & notes
x
The corporation has announced that it has
disposed of its interest
General American Life Insurance Co. to
Southwestern Investors'
surance
36,876
109,000
50,188
44,138
20,079
1935
Cash
1,423,627
sub¬
1465.
in
1,936
loss$82 ,880
59 .356
Consolidated Balance Sheet Dec. 31
purposes.
Corp.—Sells
11,223
$407,380
48,235
$338,544
244,196
$2.36
Shares outst'g (par $5)..
per share
Assefc—
993,445
142, p.
10,833
$1,722,200
$575,569
237,025
Earnings
b Equal to
11.2% (1935—11.0%) of gross earnings.
These amounts
have been appropriated to
provide a reserve against which property retire¬
ments will be charged as
they occur.
The amounts so appropriated are
less than the depreciation deductions
claimed or to be claimed on Federal
income tax returns which are based on a
straight-line method and the
resulting reserve is less than a depreciation reserve would be if
based on
straight-line method.—Y.
1932
$85,822
211.102
$356,777 1oss$125,281
35,229
35,688
4,151
4,775
11,337
19,059
of unusual
loss & devel. charges
equipment, &c_
Patents & licenses.
also
$833,629
17,278
1933
$615,062
y258,285
28,541
2,781
11,864
deduct'ns
Dividends paid
—
Income from miscellaneous
investments,
interest on funds for construction
car.
amount
800,000
$1,634,103 $19,606,775 $18,672,469
696,928
8,376,215
8,417,982
of certain
1,652,431
Net loss on sale & aban¬
donment of cap. assets
Prem. on deb. purch—
938,957
523.067
58,966
dividends
$766,150
26,459
12,649
13,726
—
Adv. steel contr..
preferred
1934
$2,193,228
540,797
—
Miscellaneous
Net profit
$1,738,539
666,307
a
Insurance
1935
$1,511,914
745,764
__
29,878,689 30,040,805
sidiary companies, not earned.
dual purpose car, one way a
privately
a standard box car for car¬
a
the return haul
1,493,256
$1,581,870 $18,973,403 $18,010,969
52,233
633,372
661,500
Balance applicable to Engineers Public
Service
Co., before allowing for unearned cumulative
pref. divs. of certain subsidiary
companies
on
*
1,493,675
800,000
938,957
938,313
$1,072,232
$937,174 $11,230,560 $10,254,486
Appropriations for retirement reserve.b
5.071,854
4,839,454
Dividends on preferred stocks, declared
2,238,657
2.234,361
Cumulative pref. divs. earned but not declared.
"
1,179,888
764,842
Amount applicable to minority interests
7,459
12,183
Equity
a
Gross profit from sales._
Sell. & admin. exps____
Fed. & Canad. inc. taxes
4014.
p.
car
Consolidated Income Account for Calendar Years
12,100
1936—Month—1935
1936—12 Mos.—1935
$3,994,859
$3,836,761 $45,243,631 $43,844,713
1,596,816
1,560,121
18,740,131
17,993,237
224,298. *
224,766
2,623,752
2,486,370
494,171
470,002
4,906,344
5,354,135
sources_a
Balance
Interest & amortization-
such
The device makes a box
sealed compartment car and
load freight.
life Insurance
Balance
Cumulative
Co.—Develops Car Partition Device—
is ready to start production on an all-steel
partition designed to eliminate empty-car mileage on unbalanced
and convert many obsolete automobile box cars into usable
rolling stock.
runs
99,523
"
Inc. from other
10,367,357
2,321,377
949,572
car
L.C.L.
12,846
Engineers Public Service Co. (&
Subs.)—Earnings—
Balance
Evans Products
Balance, surplus
Maintenance
11,737,381
3,218,330
1,986,759
The company, it is stated,
107,958
deposits.
29,878,689 30,040,805'
Total.
Represented by shares of $100 par.—V. 141,
Operation
11,642,047
2,957,993
1,784,634
1,078,019
398,696
government authorities for alteration of letters patent providing that
dividend payments in United States funds
only will no longer be obligatory.
—V. 141, p. 1932.
Net
Notes & accts. pay.
Total
Period End. Jan. 31—
Gross Earnings
$5,036,305
European Electric Corp., Ltd.—Dividend Payments—
Miscellaneous
Consumers' & line
Earned surplus.__
x
36,673
salaries
•—not current
—personnel
Deferred charges
&
exten.
Notes & accts. rec.
COS.
agent
Wages
rec.
1933
$5,735,164
1,498,669
892,642
At a recent special
meeting, stockholders unanimously approved a plan
Of arrangement
proposed by tne directors, whereby application will be made
to
1934
$
Liabilities—
Public utll., other
prop. & invest..27,454,976 27,580,383
Miscell. investm'ts
17,464
1934
$5,682,180
1,477,647
899,426
—V. 142, p. 1982.
30
1934
$
1935
$6,665,028
1,897,056
1,308,857
12,884,073
3,408,327
2,227,352
Gross from railway.
Net from railway.
Inc., of St. Paul.
$523,067
Consolidated Balance Sheet Sept.
1935
activities.
The device has been used for nearly a year on a Great
Northern box
It will be distributed by Co-ordinated
Transportation,
in 1935, $14,911 in 1934 and
$6,729 in 1933.
Assets—
Interstate Commerce Com¬
taken
freight
Cr'35
Net income
Previous surplus.
Approved—
company has been authorized by the
mission to spend $1,098,199 to
purchase
and 1,175 tons of second
quality and other track materials.
1933
$2,349,701
1,108,244
Crl4,738
_____
1934
$2,659,804
1,308,679
$400,507
523,067
_____
Non-operating income
1935
$2,794,964
1,383,155
$1,411,809
8,813
exp., maint. & all taxes.____
1982.
Erie RR.—Purchase of Rails
The
_
Empire Distric Electrict Co. (&
Subs.)—Earnings—•
x
director of Southwestern
or
[Including Chicago & Erie RR.]
100,000
453,896
394,208
Total
Years Ended Sept. 30—
Gross operating revenue
officer
any
General American Life Insurance Co. and
Southwestern Life Insurance Co.
will be continued.
As 52H % of the capital stock of Southwestern
Life Insurance Co. is
owned by General American Life Insurance
Co., the sale of General Ameri¬
can Life stock under the
plan in effect results in mutualization of the two
_
y
has
Earnings for Month of February and Year to Date
60,000
100,000
—
nor
been an officer or director of the
Equity Corp.
It is
contemplated that this independence of operation and management of both
yet
Capital paid in
•
member of the board of directors of Southwestern Life
General American Life Insurance Co. is an officer or direc¬
or
18,090 tons of first quality rail
Fed. Inc. & capital
242,316
stk. taxes accr'd
other companies
Fixed assets__
1934
Due to officer fo co
Texas.
Life Insurance Co.
$13,671
58,032
10,560
4,560
21,167
_
be trustees.
This assures management and direction of the affairs
of the
company by officers and directors who are residents of the City of St. Louis.
No change in the directorate or of
the official staff of General American
Life Insurance Co. is in
contemplation.
In addition to the trusteeship of
the stock of General American Life
Insurance Co., there had previously
been effected
early in 1935 a trusteeship of the stock of Southwestern Lire
Insurance Co., the trustees for this stock all
being citizens of the State of
1,920
1935
Accts. pay.—trade
trusteeing the General American Life Insurance Co. stock under a voting
of which Walter W. Head, President of General
American Life In¬
Co., and other St. Louis directors of General American Life will
trust
surance
Insurance Co.
$21,950
76,247
14,408
Notes payable
In banks
Marketable
x
1934
ject to
~
Balance Sheet Dec. 31
Assets—
company for the purpose of facilitating the rehabilitation of the
former Missouri State Life Insurance
Co., whose business and assets, sub¬
a lien, were purchased by General American in
September of 1933.
It is understood by the
Equity Corp. that provision nas been made for
1934
*
$191,387
43,937
76,167
_______
__
on
insurance
1935
$856,852
665,465
_
Gross profit on sales
Selling and shipping expense.
Administrative and general expense
2155
The Equity Corp. was
originally instrumental in the formation of this
____
Earns, per share
Chronicle
Net income
—V. 142, p. 1465.
$13,545
"
Federal Mogul Corp.—Common Dividend Increased—
The directors have declared
a dividend of 15 cents per share on the
com¬
stock, payable April 15 to holders of record April 1.
A dividend of
was paid on Jan.
15 last, this latter being the first distribution
made on the common stock since Jan. 2
1931, when a dividend of 30 cents
was paid.
mon
10 cents
Financial
2156
Income Account
1934
1935
_
exch. & miscellaneous deductions.
500,461
415,451
Provision for contingencies
Provision for obsolescence of service
37,961
10,890
inventory
for loss
on
with
accounts
3,350
closed banks
Net income
$326,410
j
$205,992
$155,602
8,177
5,299
11,535
.'
& miscell. income.
'
Assets—
4,673,555
$334,587
$211,291
90,128
35,194
90,220
19,042
$167,138
93,956
11,575
$209,265
Federal and Canadian income taxes.
$102,028
299,034
$61,606
237,428
_
401,063
Surplus—Jan. 1.
Acer,
1,273,495
Div.
Shs. of
2,078,156
General reserves—
seo.
invest—
514,211
4,302,019
advances
a531,777
307,092
7,846
accts.
72,408,562 63,263,286
Mfg., repair, st'ge
&distrlb.plants. 7,623,366
Prep. Int., ins.,&c.
678,698
Pats. & good-will.
Total
a
-
Deferred income.-
10-yr. 5% g. notes
Equip,
tr.
notes of
Rolling stock (tank
&c.)
860,523
715,928
1,532,605
1,727,100
141,325
146,354
22,019,549
5,740.000
-
840,712
733,191
2,247,344
payable
Car equip, notes
Sundry accts. and
Employee's
taxes,
&c_
Pref. stk. of sub
1,466,600
Investments
1
Other long
debt
7,101,070
651,791
ctfs. &
subs.-.32,484,989
-
term
2,693,707
36,887,789 36,288,816
surplus.-.14,257,702 13,612,226
Capital surplus
Earned
1
96,309,562 87.747,769
Total
.96,309,562 87,747,769
b Par value $5.—V. 142, p. 1816.
Includes notes,
Foster-Wheeler Corp.—Two New Directors—
15,472
Horace K. Corbin and William Buchsbaum, have been
$401,063
$0.66
$594,928
$1.35
Surplus Dec. 31
Earnings per share on capital stock
$299,034
$0.40
to fill vacancies caused
Listed
corp.
General Public Utilities, Inc.
1935
Liabilities—
payable
Notes
$45,490
(market value).
6 % serial
1934
to
$190,000
$100,000
8,270
84,024
35,777
3,380
275,252
557,788
Accounts payable.
136,680
11,614
Pay rolls & comms.
51,786
867,723
notes due Apr.
Other assets
1
1934.
872,216
Dividends payable
15,472
1
1
Accrued expenses.
6,555
22,959
Permanent assets
32,739
Prin. payments on
Patents & good-will
Deferred charges..
land
~5~l26
contracts
8,678
due during 1935
Fed.
&
Canadian
35,585
income taxes...
Long-term indebt.
~7~666
Reserve for contg.
y
Operating
(& Subs.)—Earnings—
$401,111
239,480
$369,418
232,166
1936—12 Mos.—1935
$4,602,485
$4,467,628
2,912,471
2,833,012
$161,630
$137,252
2,346
$1,690,014
30,802
$1,634,619
2,520
$164,150
expenses
$139,598
$1,720,816
$1,655,250
4,133
34,476
3,276
36,487
56,327
428,646
36,233
444,125
72,575
72,966
872,891
875,602
3,242
3,242
38,910
38,910
$49,722
$23,625
$324,040
$260,379
1936—Month—1935
debenture
4,186
438,737
709,230
14,243
Inventories
Period End. Jan. 31—
Gross oper. revenues
banks
stock
Notes,trade accept¬
ance, contr., &c.
x
1934
1935
$106,909
1,125,982
594,928
Capital stock
Earned surplus
19,100
z3,457
7,000
1,125,982
401,063
elected directors
by the resignation of Joseph Byrne and Radcliffe
Cheston Jr. during the year.—V. 142, p. 1816.
Consolidated Balance Sheet Dec. 31
Assets—
Cash
4,091,015
1,018,681
int.,
5,406,480
70,1366
1,357,876
inv. trust.. 1,819,524
Cr73
co.'s capital stock
Divs. declared payable Jan. 15 1936--
Accts.
5,235,389
Other
$
$
4,190,015
payable— 1,827,756
b Common stock--
Sinking funds.---
cars,
Depreciation
3,285,866
Notes, contracts &
acc'ts recelv'le..
1934
1935
Liabilities—
$
$
Cash
Inventories
23,323
7,000
17,280
_
$623,253
1934
1935
1933
$736,776
$895,559
551,869
from sales
Selling, adminis. & general expenses.
Int. paid, bad debt losses, Canadian
1936
Consolidated Balance Sheet Dec. 31
for Calendar Years (Incl. Subs.)
Gross profit
Provision
March 28
Chronicle
Net oper. income
Non-operating income.-
Total
Exps. and taxes of Gen.
Pub. Util., Inc. (excl.
operating dividends)Charges of subs, cos
Fixed
charges of Gen.
Pub. Util., Inc
Divs. on Gen. Pub. Util.,
Inc., $5 pref. stock—.
Balance avail, for
20,634
com.
stock and surplus._
-V. 142, p. 1985.
Total
$2,163,988 $1,798,479
Total
$2,163,988 $1,798,479
$490,885 in 1934. y Repre¬
Land contracts payable only.—V. 142, p. 1289.
by 154,720 shares,
Fiberloid
z
Corp.—Dividend Halved—
The directors have declared
a
dividend of $1.50 per share on the common
value, payable April 1 to holders of record March 20.
This
compares with $3 paid on Dec. 31 1935; $2 in each of the four preceding
quarters; $1.50 paid on Oct. 1 and July 2 1934, and $1 per share distributed
on April 2 1934 and on Dec. 30 1933.—V. 142, p. 126.
stock,
no par
Securities
Co.—Files
Flintkote
SEC—No
with
New
Financing—
A registration statement
has been filed by the company with the Securities
and Exchange Commission. The statement discloses that five of the present
board of directors of 11 are to resign on or before delivery of the stock to
by Lehman Bros, and others It is contemplated that I. J.
Harvey, who has been President of the company since 1934, will continue
be purchased
as
General Electric Co.—Annual
After depreciation of $541,257 in 1935 and
x
sented
the chief executive and a director.
an associated group have agreed to purchase 330.614
of common stock of the company.
The stock, which represents
Control, will be acquired from Batavian Petroleum Corp. to the extent of
182,288 shares and from Shell Union Oil Corp. to the extent of 148,326
Lehman Bros, and
shares
shares.
The shares involved are at present the class B common stock, which are
convertible share for share into class A, which upon conversion of all the
class B become common stock without designation as to class. As there are
337,432 shares of class A outstanding, the capitalization after the
of common.
According to the registration statement, company is not offering any
at present
conversion will consist of 668,046 shares
but
securities
is
that
informed
the
principal
underwriters,
headed by
Lehman Bros, have severally agreed to purchase the aggregate amount of
330,614 shares of present B stock at $45 a share, less the amount of any
dividends or other distributions in excess of 25 cents a share paid or made
on the stock between Jan. 2 1936, and the delivery date of the stock.—V.
142, p. 1816.
Florida East Coast Ry.-
Net from
345,282
196", 594
1,944,218
492",082
142,
$926,666
423,844
302,086
1,859,969
738,591
488,800
1,696,185
689,323
456,202
197", 041
1640.
p.
Food Machinery
directors
have
on
New Pref. Stock—
quarterly
dividend of $1.12K
Corp.—Initial Div.
declared
an
initial
the new AH% cumulative convertible preferred
$100, payable April 15 to holders of record March 31.—V. 142, p
per
share
on
Gamewell Co.
1936—3
$73,752
55,124
$175,030
51,391
$48,505
25,651
$18,628
76,269
$123,639
77,474
$50,488
loss.
p.
1936—12 Mos.—1935
$64,105
15,600
$25,879
24,609
Loss
Depreciation, &c.
141,
Mos.—1935'
$41,091
15,212
Other income
Net
stock, par
1466.
(& Subs.)—Earnings—
Period End. Feb. 28—
Operating loss
-V.
1933
$1,007,644
434,671
307,599
1,717,856
Net from railway
Net after rents
The
$991,425
railway
From Jan. 1—•
Gross from railway.
1934
1935
$1,052,875
Net after rents
—V.
Earnings—
1936
Febrnary—•
Gross from railway.
$74,156
$94,897
$201,113
4166.
General
American
Life
Insurance
Co.—New
Control
See Equity Corp. above.—V. 142, p. 953.
General American
Transportation Corp. (& Subs.)—
'1935
Calendar Years—
1934
Gross sales, rents, &c...$27,342,082 $26,501,677
Other income
464,125
646,632
1933
1932
$19,728,294 $17,958,042
337,680
448,608
Total income
.$27,806,207 $27,148,309 $20,065,974 $18,406,650
&
10,220,872
11,799,050
18,692,672
19,326,386
1,862,904
vlnterest.
1,609,609
1,501,953
1,394,860
4,434,455
4,478,653
Depreciation
4,501,750
4,299,214
249,457
Sub. preferred dividends
204,104
111,986
59,360
Cost
of
sales,
exps.
taxes
Amort, of debt discount
and expense
146.674
61,158
Other charges
Compensation plan
x264,936
Net income
—
Surplus
Shs.
com.
$2,384,641
1,125,029
$1,974,558
786,549
$1,638,962
745,648
$759,805
Dividends
$2,208,924
1,449,119
$1,259,612
$1,188,009
$893,314
838,003
$2.64
818,203
788,203
$2.50
745,708
$2.19
stk. outstand¬
ing (par $5)
Earnings per share
$2.91
for issuance of 6,972 shares of company unissued stock in
accordance with G. A. T. compensation plan approved by stockholders
x
Provision
April 10 1934 (computed at Dec. 31 1934 market price of $38 per share).
Report—Owen D. Young,
Chairman, and Gerard Swope, President, state in part:
Orders received amounted to $217,361,587 during 1935, compared with
$183,660,303 during 1934, an increase of 18%.
Sales billed (representing shipments) amounted to $208,733,433, com¬
pared with $164,797,317, an increase of 27%.
Company continued to secure substantially the same proportion of the
total business available to the electrical industry as in the past, according to
statistics compiled by the U. S. Department of Commerce.
Net income for the year amounted to $27,843,772, an increase of 41%,
and was equivalent to 97 cents a share of common stock, compared with
59 cents a share available for common stock after allowing for dividends on
the special stock in 1934.
Investments—Investments in and advances to affiliated companies (all
companies controlled through stock ownership) are adjusted annually to
reflect changes in the net worth of such companies, determined by the same
methods of accounting used by the General Electric Co.
These adjust¬
ments for 1935, representing undistributed earnings and surplus adjust¬
ments of affiliates, resulted in an increase of $1,226,304, which was credited
to surplus.
:
Securities of an investment character, including those held by affiliates,
are adjusted either to market prices, where there is an established market,
or to estimated fair values, where no market exists, but
the principle is
followed of not valuing any group in excess of its cost.
As market prices
constantly fluctuate, thd upward revaluation of $40,342,381 for 1935 was
set aside as a reserve against future depreciation.
Foreign currencies are converted at or below the rates current on the last
day of the year, but not in excess of the par of exchange existing in March
1933.
The general principle followed is to convert gold currencies at former
parity, and currencies not on a gold basis, or where exchange or transfer
restrictions exist, at rates, lower than the "nominal" rates, which provide a
reasonable margin of safety.
After revaluation and after deducting the reserve of $40,342,381, invest¬
ments were carried at $148,589,565.
The changes in book value of the several groups of investments shown on
the balance sheet were caused principally, in the order of their importance,
by appreciation in market or fair value of securities, sales of domestic and
foreign securities, increases in value of affiliated companies due to undis¬
tributed earnings of 1935, decreases in value of affiliated companies due to
surplus adjustments (principally premiums on preferred stocks retired),
and transfers from the "investment companies" to "manufacturning, sell¬
ing, real estate and other companies" of securities returned to General
Electric by G. E. Employees Securities Corp. and Electrical Securities Corp.
as capital dividends.
The consent decree entered in a United States District Court on Nov. 21
1932, in settlement of the action instituted by the U. S. Government against
Radio Corp. of America and other defendants, of which General Electric
Co. was one, provided that General Electric and its affiliates divest them¬
selves of their holdings of Radio Corp. of America (except 50,000 shares of
A preferred and 10,000 shares of B preferred owned by G. E. Employees
Securities Corp.) by distribution to its stockholders and otherwise before
Nov. 21 1935.
General Electric and its wholly owned affiliates owned, at
the time of the decree, 5,188,755 shares of common, 77,080 shares of A
preferred, and 15,000 shares of B preferred stock of the Radio Corp.
Pursuant to the decree, 4,807,320 5-6 shares of the common stock were
distributed on Feb. 20 1933 as a dividend to General Electric stockholders
of record on Dec. 16 1932.
Subsequently the remaining shares of common,
the B preferred, and 28,080 shares of A preferred stock were sold for
$5,877,995.
>
Foreign Business—'International General Electric Co., Inc., conducts the
export and foreign business of company except in Canada.
This company
had a profit available for interest on capital advances and dividends of
$2,458,079, compared with $2,263,549 for 1934.
Interest on capital ad¬
vances and dividends paid amounted to $2,318,817, compared with $2,143,986 in 1934.
International's proportionate share in the excess of
undistributed earnings over losses of its affiliated companies during 1935
was $1,274,497, which is included in the $2,755,560 shown above for all
diffiliditos
Canadian General Electric Co., Ltd., reported a profit of $1,596,024,
compared with $989,166 for 1934.
Dividends of $3 a share were paid on
common stock, and at the annual rate of 7% on preferred stock to Nov. 15.
On Nov. 15 1935, Canadian General Electric Co., Ltd., retired all of its
outstanding preferred stock, requiring $9,757,269, for which it had ample
funds.
At the same time $2,500,000 of a new special employees' preferred
stock was authorized (par $50) cumulative 5% dividend, callable at any
time at 100% of the amount paid thereon, and $1,300,000 of this stock was
issued under the Employees' Investment and Savings Plan of the Canadian
company to replace an equal amount of the retired 7 % stock similarly held.
Electrical Securities Corp.—Net income of Electrical Securities Corp. was
$2,231,200, compared with $2,302,981 for 1934.
In addition to regular
dividends on preferred stock, dividends in the amount of $1,200,000 were
paid on common stock.
On Sept. 30 1935, Electrical Securities Corp. redeemed 18,550 shares of its
preferred stock at 105 and dividend, requiring $1,970,937.
There are
155,541 shares of preferred stock now outstanding, owned by General
Electric and G. E. Employees Securities Corp.
General Electric
Contracts
Corp.—Company advanced $1,350,000 to
General Electric Contracts Corp. in 1935 to finance the continued growth
of the instalment financing business, making a total of $12,450,000 invested
in this corporation at the end of the year.
Gross volume of contracts purchased was $18,497,512, compared with
$17,034,153 during 1934, and operations resulted in net income of $251,039
for
1935.
Financial
Volume 142
2157
Chronicle
General Reserve—The general reserve amounted to $16,048,230, an Increase
of $6,894,179, which represented profits realized from sales of securities by
General Electric Oo. and its affiliates.
Depreciation of investments in 1931
Known Obligations and Stocks of Old Company to Be
charged to general reserve, and this addition to the reserve represents
a partial restoration.
Stockholders—There were 185,744 stockholders on Dec. 27 1935, compared
with 184,973 holders of common stock on Dec. 28 1934.
Notes payable
was
Income Account
for Calendar Years
1935
Net sales billed—
1934
*1932
1933
$208,733,433 $164,797,317 $136,637,268 $147,162,291
.
Costs, exps., and all charges
except plant deprec. and
interest
181,003,106
9,338,547
123,585,652
7,£35,997
6,179,511
136,951,671
6,580,575
$11,745,110
$6,872,104
$3,630,045
7,537,115
1,021,589
5,608,911
1,339,881
4,376,971
717,342
7,392,647
227,039
516,926
649,546
742,831
655,462
1,266,460
606,575
3,079,795
487,125
$28,116,956
273,184
Net income from sales....
145,716,210
$18,391,780
Plant depreciation....
$20,092,196
366,152
$13,839,452
409,714
liated companies & miscell.
Investments.....
...
Interest
on
Interest
marketable
secur;
receivables
Royalties and sundry revenue
Total Income
Interest charges
Net income for year...... $27,843,772
Earned surplus at beginning
of year.....
0 % cash divs. on special
stock
Accrued dlv. on special stock
payable April 15 1935
Premium on special stock...
Bonds retired Aug. 15 1935,
premium..
Dlv.
$19,726,044
on common
$14,404,110
122,224,719
172,198,374
$137,347,660 $135,654,459 $186,602,484
3.920.210
19,468,310
1,195,793
2,575,033
2,575,074
2,575,057
102,350
20,190,792
per
share
on
y$120110614 $111,333,680 $117,621,616 $122,224,719
28,-
.
$0.59
v
$0.41
$0.38
Restricted to extent of $42,929,635 (par value of 4,292,963)4 shares of special stock retired April 15 1935)
while such shares of special stock are held by company.
y
Balance Sheet Dec. 31
1935
Assets—
1934
Market, secur..
36,831,434
Other accts..
1,758,407
2,062,737
8,946,269
3,947,307
51,313,973
3,821,207
Inventories... 49,950,572
Due to
In
progress
assoc.cos.
Divs. unpaid...
Accounts pay'le
Instalatlon w'k
a
176,508,575 182,561,887
...
one year
—.
In addition, the new company will have
Market,
5,292,837
pensation, &c.
General reserve
13,273,961
864,968
5,591,395
5,768,799
5,614,135
587,221
525,000
e
2,759,859
400,000
Loans to empl.
Adv.
to
empl.
8,251,652
16,048,230
Prem on spec.
stock
1,467,836
115,127
e
traveling
Pats. & franch..
1
(a)
42,929,635
42,929,635
c Com. stock...180,287,046
180,287,046
Earned surplus. 1120,110,614 111,333,680
1
reserve created
To Reduce
as
To Chase National Bank, New York:
(1) Note for $10,000,000, dated April 10 1931, due March
15 1932, secured by 800,000 shares of Fox Film Corp.
class A common stock (old) represented by voting trust
ctfs., 24,640 shares of International Projector Corp.
$7 dividend pref. stock, and 19,769 shares of National
Theatre Supply Co. $7 dividend pref. stock.:
—$10,350,137
(2) Notefor $9,700,000, dated April 141931, due March 15
1932, secured by 250,000 shares of Fox Film Corp.
class A common stock (old) represented by voting trust
ctfs. and 100,000 shares of Film Securities Corp. $7
dividend pref. stock
;
i
10,039,633
To Utilities Power & Light Securities Co.
old company to secure
(c)
377,940,1271
Total
stock
(d)
March 15 1932, aggregating
$2,300,000 secured by 108,000 shares of Fox Film Corp.
class A common stock (old) represented by voting trust
ctfs. and 50,000 shs. (50%) or the cap. stk. of Grandeur, Inc.
-
The company has notified the New York Stock Exchange of a proposed
1,207,036 shares, and of capital represented by outstanding common stock
from $223,216,681 to $180,287,046.
Stockholders will be asked to approve the
on
April 21.
changes at the annual meeting
At the close of 1935, the company had common stock of a
value of $180,287,046 and $42,929,635 of spedal stock, or 4,292,963 shares,
but the latter item was offset by an equivalent entry on the asset side of the
statement, the outstanding special stock having been retired
1935.—Y. 142 p. 1983.
General Investors
on
This compares with 7 cents paid on Nov. 1 last; 6 cents on May 1 1935 and
Nov. 1 1934; 10
cents on May 1 1934; 20 cents in 1933 and 123* cents
paid on Dec. 1 1932.—V. 142, p. 623.
General
a
dividend of 50 cents per share on the no par
stock, payable May 1 to holders of record April 25. This compares
paid in each of the four preceding quarters; 50 cents paid on
with 25 cents
Feb. 1 1935 and Nov. 1 1934; 25 cents on Aug. 1 and May 1 1934, and 50
cents per
share paid on Nov. 1 Aug. 1 and May 1 1933.—V. 140, p. 4399.
General
Theatres
Equipment,
the approval of the Chancery Court of Delaware (see V. 142, p.
An introductory statement to the Plan, says in substance:
1985)
.
Company organized in Delaware in 1929 as a holding company.
Owns
capital stocks in subsidiary companies engaged in the manufacture and
distribution of motion picture and theatre equipment and supplies and
the financing thereof, and in addition has, substantial investments directly
or indirectly in the capital stocks of other companies similarly engaged.
Because of adverse conditions in the motion picture and theatre indus¬
tries, resulting, among other things, in drastic reductions in, followed by
the discontinuance of, dividends on the capital stocks owned by it in Fox
Film Corp., company became unable in the latter part of 1931, after
payment of interest then due on its outstanding indebtedness, further
to meet its fixed charges and other obligations as they matured.
On
Feb. 29 1932, properties, business and affairs were placed under the pro¬
tection of the Chancery Court of Delaware and Daniel O. Hastings was
appointed receiver.
On March 11932 the U. S. District Court for Southern
District of N. Y. appointed him ancillary receiver.
Early in 1932 two committees were formed to represent the interests of
the holders of the outstanding $29,554,000 10-year 6% convertible gold
These two committees were subsequently
debentures, due April 1 1940.
consolidated into one committee and are now constituted as a reorganization
Shares
Nat'l Theatre Supply Co.
Internat'l Projector Co
Theatre
Shares
Shares
20,000
554,468 19,769
25,000 1,000,000 24,640
Shares
None
None
Shares
Shares
219 554,207
151 999,600
Equipt. Accept¬
Corp. (now known
Theatre Equipment
Contracts Corp.)
J. E. McAuley Mfg. Co
ance
Co
Hall &
Connolly, Inc
J.M, Wall Mach.Co.Jnc.
All
All
None
None
None
All
None
None
None
None
None
All
None
None
None
None
None
None
All
All
5,000
None
None
5,000
10,000
10,000
None
None
None
Strong Electric Corp
-.
Ashcraft Automatic Arc
Inc.—Reorganization.
The plan of reorganization dated Aug. 31 1935, as announced last week,
has been declared operative by the reorganization committee, subject to
committee.
(a) Subsidiary Companies
as
Stockyards Corp.:—Common Div. Doubled—
The directors have declared
common
2,362,762
Date of Receivership
——Owned by Old
Company—•
-Cap.Stks. Issued- r—Pledged-—• -Free of PledgePref.
Com.
Pref.
Com.
Pref. " Com.
Trust—Eight-Cent Dividend—
on
per share
Assets of Old Company at
The assets of the old company, consisting of capital stocks in subsidiary
companies, investments in other companies and certain other assets, the
amounts thereof pledged to secure obligations and the amounts thereof
held free of pledge, as shown in report of accountants, were at the time
of the appointment of the receiver as follows:
April 15
The directors have declared a dividend of 8 cents per share on shares of
beneficial interest, par $1, payable May 1 to holders of record March 31.
328,455
(old) represented by voting trust ctf.
To All Continent Corporation
Notes dated Sept. 15 1931, due
by revaluation of portfolio in 1935 of $40,342,381.
Capital—
517,425
said note
To Philadelphia National Bank
Note for $318,000, dated Aug. 12 1931, due March 15 1932,
secured by 12,964 shares of Fox Film Corp. class A common
398,126,444 377,940,127
reduction in the authorized number of special stock shares from 5,500,000
to
$54,193,628
including such accrued interest, are shown to
secured by the collateral re¬
set forth below:
Theatres Corp. as collateral security and repledged by the
a Less reserves,
b After reserves for depredation of $147,036,728 in
1935 and $146,793,495 in 1934. c Represented by 28,845,927 no par shares,
d Retired Aug. 1 1935.
a Retired April 15 1935.
f See note y above,
After
$1,517,540
150,000
Note for $500,000, dated July 31 1931, due Jan. 31 1932,
secured by 50,000 shares of Fox Film Corp. class A common
stock (old) represented by voting trust ctfs. and 750 shares
of City Theatres Co. capital stock received from Fox
-
g
23,598,411
-
(b)
Special stock re¬
tired April 15
1935 (contra)
42,929,635
398,126,444
None
780,411
.$52,676,088
spectively
cumulative)
122,574
141,433
Investments., g148,589,565 156,273,143
b Plants & equip 35,835,833
39,852,195
Total
150,000
22,818,000
...
Such secured obligations,
6,687,332
136,018
129,584
expenses.....
Total
$30,287,587
116,292
41,338
be owing to the parties in the amounts and
Spec. stk. (6%
Prepaid expenses
41,337
Interest to
Feb. 29 '32
$733,587
3,542
None
...
Purchase money obligations
Secured obligations
4,292,963
2,698,769
1,013,291
57,158
Principal
Amount
$29,554,000
112,750
Total
3,017,312
Outstanding
946,976 1-3 shs.
1,893,952 2-3 shs.
Accrued
9,154,051
2,047,000
2,470,000
not curr.
a
for
Deben.
Authorized
2,000,000 shs.
.4,000,000 shs.
Capital Stocks—
Preferred stock (no par)
Common stock (no par)
Debentures.
bonds
.
d
secur.
in escrow....
rec.
outstanding its promissory note
Capital Stocks and Obligations of Company at Date of Receivership
stocks and obligations of the company as of
payable
provision for purchase of preferred stocks of subsidiary companies and
contingent obligations) together with unpaid interest accrued on such
obligations to that date, were approximately as follows:
Res. for self-Ins.,
9,543,216
Accts. & notes
a
169,567
80,5282!
The outstanding capital
Notes payable
Accounts payable
400,000
Foundation..
current
assets
93,809
75,758
the principal amount of $2,000,000 evidencing bank loan to be made
under plan, convertible into debentures as provided therein.
wkmen's com¬
Total
Option
b SubWarrants scription
Shares
Warrants
28.748H
48,9872*
-----2,7922*
a
-
460,962
Obligations—'
under
166,965,359 177,269,050
contracts..
Outstanding
Amount
Secured notes
$16,835,202
Debentures...
28,687,840
Unsecured obligations...,
2,289,749
Preferred stock, shares.......
938,0902-3
Common stock, shares.
-.1,893,946 1-3
$
Charles A.Coffin
Bess adv. collec.
on
Will Receive—•—*—•—
■
Capital
Stock
Shares
164,275
279,930
16,757
Existing Securities
Description—
5,730.807
subsequent to
Collect'ns
employ, plans
Total
Distributable under Plan
•
815,673
items...
16,976,994
5,166,049
13,466,663
Aff. cos.'accts
a
new company on
6,358,554
&oth. accrued
receivable:
Custom, accts
shares: Warrant
Allocation of Securities
$
58,667,466 Accts. payable.
49,282,533 Taxes, payrolls,
Accts. & notes
a
25
1934
1935
Liabilities—
$
56,878,850
...
capital stock of
each
Feb. 29 1932 (exclusive of taxes, inter-company accounts, dividends
1
$0.97
...
1932 figures recast for comparative purposes,
Cash
purchase 1 share of
before Oct. 1 1937 at $12 per share.
to purchase .1 share of
or before Oct. 1 1937 at $12 per share.
10 shares: Warrant to
new company on or
Common Stock—For
in
common stock
(no par)
x
Preferred Slock—Foe each
15,864,157
11,537,576
26,440,265
845,927 shs.
Stocks
Secured Obligations and Debentures—For each $1,024.82 of indebtedness
represented thereby: (a) 10 shares of capital stock of new company; (b) War¬
rants to purchase 1% units of capital stock of Twentieth Century-Fox
Film Corp. at $60 per unit on or before Oct 1 1936 and at $70 per unit
on or before Oct. 1 1937 (each unit consists of 2 shs. of pref. and 1 sh.
of common).
Notes and Accounts Payable—For each $1,024.82 of indebtedness repre¬
sented thereby: (a) 7 H shares of capital stock of new company; (b) war¬
rants to purchase IK units of capital stock of Twentieth Century-Fox
Film Corp. at $60 per unit on or before Oct. 1 1936 and at $70 per unit
on or before Oct 1 1937 (each unit consists of 2 shs. of pref. and one share
of common).
,
company.
17,306,379
stock-
Earned surp. at end of year
adjustment upon certain contingencies as stated
or
Basis of Adjustment of Obligations and
a Indicated number of units of
capital stock of Twentieth Century-Fox
Film Corporation,
b Indicated number of shares of capital stock of new
payable in RCA com.
Earnings
.
Subject to increase
Total
643,770
4,292,963
......
stock
$13,429,739
117,621,616
111,333,680
Total surplus........... $139,177,452
Revaluation of investments. Crl,226,304
Cash divs.
a
in plan.
capital stock of
bank balances &
on
Secured notes,
Debentures
$14,816,651
412,541
Interest and divs. from affi¬
Adjusted Under Plan
..._a$16,835,202 (Accounts payable. $41,338
a28,687,840 Preferred stock-.- 938,090 2-3 shs.
a2,248,411 (Common stock
1,893,946 1-3 shs.
10,000
None
305
None
100
None
t
All
(6) Investments
Free of
Pledged
Voting trust ctfs. representing 86,094 class B common
shares of Fox Film Corp
None
Voting trust ctfs representing 1,221,213 class A common
shares of Fox Film Corp
:
1,220,964
Entire (100,000 shares) class B common stock of Fox
Theatres
All
249
None
Corp
500 shares (50%) common stock and 19,979)* shares (out
of 60,000 outstanding) preferred stock of Movietonews,
Inc. (formerly Fox Hearst Corp.)
50,000 shares (50%) capital stock of Grandeur, Inc
,
100,000 shares (100%) $7 dividend pref. stock of Film
Securities Corp..*
x This company was organized and acquired
shares of Loew's, Inc., common stock.
(c)
A I
None
All
All
None
All
None
from Fox Film Corp. 660,900
Other Assets
The other assets at the date of the appointment of the receiver
of stock
Pledge
(exclusive
purchase warrants evidencing the right to purchase in the aggregate
170,000 shares of class A common stock of Fox Film Corp. at $35 per
share on or before April 15 1933, unamortized debt discount, organization
expense and other deferred charges, patents and preferred stock of sub¬
sidiary companies to be acquired, carried at the aggregate amount of
2158
shares
35,315,603) consisted principally of bank balances on hand in the amount
of $93,028 (of which $90,036 was in a special account for payment of interest
bank loan), notes and accounts receivable due from subsidiary com¬
panies in the amount of $284,641, account receivable of $247,129 due from
Pynchon & Co., in liquidation, which was carried at $37,069, notes aggre-
$325,000.
Principal Changes in Obligations and Assets During Receivership
From appointment of receiver Feb. 29 1932 to Aug. 31 1935, the follow¬
ing principal changes or adjustments have occurred or been made:
(1) In a suit brought by certain holders of the debentures, the New York
Supreme Court has adjudged that certain of the collateral pledged as
security for $4,000,000 of the loans procured from the Chase Bank
constituted security for obligations maturing "more than one year after
r
the respective
dates thereof" in contravention of a covenant of the old
contained in the indenture under which the debentures were
^
issued.
Consequently, the Court has ordered and directed that, of the
collateral held by the Chase Bank as security for loans to the old company,
it shall hold 46,975 shares of Fox Film Corp. class A common stock
(new),
4,406 shares of International Projector Corp. pref. stock and 3,535 shares
of National Theatre Supply Co. pref. stock, in trust as collateral
security
for all debentures of the old company then outstanding, until sold under
further order of the Court made on the application of any party to the suit.
Under the decision of the Court, counsel ror the plaintiff debentureholders
and for certain intervening debentureholders were made an allowance of
Trial has not been concluded and the action is still pending and
present allowance therefor has been made in the plan.
(3) In July 1935 William Fox commenced an action in the New York
Supreme Court seeking damages of many millions of dollars (on the basis
among other things of the same controversies as in paragraph 2).
Although
the old company, the receiver and the ancillary receiver are
named, among
others, as defendants, none of them has been served with process.
(4) In 1932 a derivative action was instituted in the New York Supreme
Court by two stockholders of Fox Film Corp., owning a few shares of its
stock, naming as defendants the old company, the receiver, Fox Theatres
Corp., the Chase Bank, Chase Securities Corp., Fox Film Corp., various
persons as former directors of one or more of the corporations, and others.
A conspiracy on the part of certain of the defendants to waste and mis¬
appropriate the assets of Fox Film Corp. was alleged, among other things
and damages of many millions of dollars were prayed for.
Neither the
old company, the receiver nor the
ancillary receiver has been served with
a
cancellation and in connection therewith the receiver of the old company
no
Trial of the case was had and after the plaintiffs had offered all their
evidence the Court, on Dec. 19 1934, dismissed the action as to all defend¬
ants without requiring any of the defendants to offer any evidence.
During
the trial of the case the plaintiffs offered evidence of syndicate profits in
connection with the sale of certain shares of stock of Fox Film Corp.
The
Court ruled that these shares of stock were not the property of Fox Film
Corp. and that the alleged profits were not recoverable in the action.
The
plaintiffs also claimed that proof with respect to such profits was admissible
as evidence of
damage to Fox Film Corp., but the court also ruled against
this contention.
In the course of its opinion the Court stated, but did not decide that
two directors of the old company, and Chase Securities Corp. as a member
of the syndicate "so far as the plaintiff's case goes" were liable to the old
for the syndicate profits.
An appeal from the judgment was
by the plaintiffs and is pending.
(5) Secured obligation of $500,000 to Utilities Power & Light Securities
Co. has been assigned to International Projector Corp. and collateral
therefor has been transferred and confirmed to the Utilities Power & Light
Securities Co., all in pursuance of certain readjustment agreements of
Nov. 1933, which were approved by the Chancery Court of Delaware.
Contemporaneously therewith Utilities Power & Light Corp. signed an
additional note receivable from the old company in principal amount of
$75,000 to International Projector Corp.
(6) The 108,000 shares of Fox Film Corp. class A common stock (voting
trust ctfs.), and 50,000 shares of capital stock of Grandeur, Inc., pledged
for the notes payable to All Continent Corp. have been reduced to
possession
by the All Continent Corp. for $450,000, leaving a deficiency, including
interest accrued of $1,912,761.
Suit by the receiver contesting the validity
of this indebtedness and for restitution, and for indemnification
against
any claim of Philadelphia National Bank in respect of the secured note of
the old company held by
the bank is pending in the Chancery Court
of Delaware.
Final inclusion in the plan of the amount of any claim
based on the notes held by All Continent Corp. is conditional upon the
outcome of such suit
However, for the purposes of this plan, the obliga¬
tion represented by the notes is treated as an unsecured
obligation, repre¬
sented by notes payable, in the amount of $1,912,762.
(7) The 12,964 shares of Fox Film Corp. class A common stock (voting
trust ctf.) pledged for note payable to Philadelphia National Bank have
been sold by the Bank for $33,000, leaving a deficiency,
including interest
accrued of $295,455.
Such deficiency is treated as an unsecured obligation
represented by note payable.
(8) J. E. McAuley Mfg. Co. declared a dividend In, the amount of
$425,000 upon its outstanding capital stock owned by the old company
and paid the same by delivering to the
receiver, among other things, $61,000
debentures, and voting trust certificates for 8,886 shares of preferred stock '
and 7 shares of common stock of the old company and 8,333 shares of
class A common stock (new) of Fox Film Corp., notes receivable due from
Fox Theatres Corp. (in receivership) in the principal amount of $293,057
and $549 in cash.
(9) Fearless Camera Co. has been disposed of and the purchase money
obligation of $150,000 in respect thereof has been canceled, except for a
possible receiver's liability of $3,000.
(10) The capital stocks of Fox Film Corp. have been reclassified and
reduced pursuant to plan of reorganization, dated June 21 1933, effecting,
among other things, the retirement of approximately $37,900,000 of in¬
company
taken
.
.
.
debtedness.
Pursuant to
and now holds (subject to certain restrictions upon the resale
thereof) the following:
500 shares capital stock (being 50% thereof) of Broadway & Ninety-Sixth
Street Realty Co.;
500 shares capital stock (being 50% thereof) of Ninety-Seventh Street &
Broadway Realty Co.; and
I
'
57H shares capital stock (being 38 1-3 % thereof of Broadway Varieties Co.
(14) Of the above-mentioned bank balances on hand at the date of
the receivership, $91,801 thereof were applied by the bank holding the
same to the reduction of the old company's bank indebtedness.
(15) $56,839 of the account receivable due from Pynchon & Co., in liquid¬
ation, had been collected.
(16) Notes and accounts receivable due from subsidiary companies
amounted to $171,615 at June 30 1935.
(17) A bank loan contracted by the receiver the unpaid principal amount
of which at Dec. 31 1934 was $172,917, secured by the
pledge of certain
collateral, has been paid in full and the collateral returned to the receiver.
(18) The receiver's cash in bank amounted to $218,767 at June 30 1935.
In addition to the foregoing changes, the receiver made arrangements
in Dec. 1933, which, as subsequently amended and supplemented provide,
among other things, for reduction of the Chase Bank s claims against the
old company in respect of bank loans and for the surrender by Chase
Securities Corp. to the receiver of certain debentures of the old company.
The aggregate amount of the reduction and of the debentures to be sur¬
rendered is $5,000,000.
In consideration of the foregoing the arrange¬
ments provide for a comprehensive release of all claims of the old
company
and the receiver against the Chase Bank, Chase Securities Corp. (now
Amerex Holding Corp.) and their affiliated interests and associates in the
financing of the old company, and their respective representatives and
agents in such financing.
These arrangements are subject to approval
by the Chancery Court of Delaware and the matter of their approval is
now pending before the Court.
For the purposes of this plan, it is assumed
that such approval will be granted and the arrangements consummated
and effect is accordingly given to the adjustments therein
provided for.
received
process.
process.
(a) The receivers of Fox Theatres Corp. released various claims asserted
by them against the old company and others and in connection therewith
above-mentioned 500 shares of common stock and 19,9793^ shares
of preferred stock of Movietonews, Inc. were transferred to Fox Film Corp.
together with notes of Movietonews, Inc., aggregating $64,856, being the
then unpaid balance of the indebtedness of $139,856 due from Movietonews,
Inc. as above stated, and against such transfers Fox Film Corp., among
other things, made certain payments to the receivers of Fox Theatres
Corp.
(b) Notes aggregating $1,607,656 principal amount due from Fox
Theatres Corp. to the receiver of the old company were surrendered for
the
fees and disbursements, payable out of the collateral or
its proceeds allocated under the decision to the debenture except deben¬
tures then owned by the Chase Bank.
Appeals from this decision were
taken on various grounds, but as a result of negotiations a settlement
cover
agreement has been entered into under which, among other things, the
plaintiff debentureholders and the intervening debentureholders have agreed
to participate in the plan and to co-operate in the consummation
thereof,
and upon such consummation to effect the discontinuance of all
appeals
from the decision then pending, and Chase Bank has also agreed
thereupon
to withdraw its appeal, and under which counsel for the litigant debentureholders will be entitled, upon the consummation of the plan and the dis¬
continuance of the appeals then pending, to receive additional compensation
of $50,000 payable as part of the expenses of the reorganization.
(2) In an action instituted in 1932 in the New York Supreme Court
by Chicago Title & Trust Co. against William Fox to recover the sum of
$1,000,000, with interest thereon from March 24 1932 upon his written
guaranty of performance by Fox Theatres Corp. of a contract it had made
in 1927 with one Herbert Lubin, whose interest had
subsequently passed
by assignment to Chicago Title & Trust Co., Fox named as additional
defendants the old company, the receiver, the ancillary receiver, and
others, against whom he asserted a counterclaim to the extent of any
judgment which might be rendered against him, based on an alleged con¬
spiracy between Chicago Title & Trust Co. and the additional defendants
to disable Fox Theatres Corp. from performing its contract with Lubin
in order to impose liability upon Fox as guarantor.
Upon application
to the U. S. District Court New York leave was granted to join the An¬
cillary Receiver as defendant in such action and he has been served with
preferred stock and common stock of Twentieth Century-Fox
above mentioned 14,349 shares of class B common
are represented
by voting trust ctfs.
The balance are represented by
appropriate stock certificates therefor now held by the receiver.
(11) The 100,000 shares of $7 dividend preferred stock of Film Securities
Corp. owned by the old company have become valuelesslby reason or the
fact that the 660,900 shares of common stock of Loew's, Inc., owned by
Film Securities Corp. constituting its only asset (except cash on hand
amounting to less than its current liabilities) and which had been pledged
as
collateral security for $20,000,000 two-year 6% secured gold notes,
due April 1 1933, issued by said corporation under its trust indenture
dated April 11931, under which the Chemical Bank & Trust Co. is successor
trustee, were sold at public auction in Dec. 1933, in consequence of the
default in the payment of the notes at their maturity, the net proceeds
realized on such sale amounting to somewhat less than the balance of
principal and accrued interest then due on the notes.
(12) On July 12 1932, the U. 8. District Court, New York, appointed
receivers of the properties, business and affairs of Fox Theatres Corp.,
with authority to continue its business.
The receivership proceeding Is
still pending and the 100,000 shares of class B common stock of said corpo¬
ration owned by the old company are of problematical, if any, value.
(13) Pursuant to the readjustment agreements of Nov. 1933, mentioned
above (paragraph 5), the following additional changes were effected:
ue
$40,000 to
,
New
such
Company—A
State
agreement and plan of reorganization of Fox Film Corp.
previously
Twentieth
Century-Fox Film Corp.) consisting of 2,816,650 shares (no par), was
increased to 4,600,000 shares consisting of 1,500,000 shares of pref. stock
and 3,100,000 shares of common stock (of which 132,513 shares of pref.
stock, and 613,264% shares of common stock were issued for the property,
assets and business so acquired), and the
previously authorized shares of
class A common stock (new) and of class B common stock (new) of Fox
Film Corp. were reclassified upon such basis that the 183,374)^ shares of
class A common stock (new) then owned by the old company (including
pledged and unpledged shares therebf). after giving effect to the transactions
referred to above (paragraphs 5, 6, 7 and 8), were reclassified into and
became 91.687K shares of preferred stock and 45,843 % shares of common
stock of Twentieth Century-Fox Film Corp., and the above mentioned
14,349 shares of class B common stock (new) of Fox Film Corp. were re¬
classified into and became 14,349 shares of preferred stock and 7.174)^
shares of common stock of Twentieth Century-Fox Film Corp.
The
and
new corporation is to be organized under the laws of
such name as the reorganization committee shall
substantially all of the assets
have
approve.
New company is to acquire all or
of the old company, whether or not pledged.
all or such part of any obligation of the old
adjusted under the plan and
is not to
New company may assume
be
or otherwise discharged.
company which is not to
be paid in cash
It is intended that such assets of the old
company shall be sold under a
decree or decrees of the courts or shall be otherwise conveyed and trans¬
ferred by the old company or acquired by the new
company in such manner
as the reorganization committee shall
approve.
The members of the board of directors of the new
company to hold office
the first year or until their successors are elected and
qualify shall
be designated or approved by the reorganization committee.
for
Capital Stock of New Company—The authorized capital stock of the new
company shall consist of 800,000 shares, all of which shall be of one and
same class and may be without par or have such
par as the reorganiza¬
tion committee may determine.
The authorized
the
capital stock of tne new
following purposes:
,
(a) In exchange for or in readjustment or obligations of the old company;
(b) Upon the exercise of subscription warrants issued in exchange for or
in readjustment of shares of
capital stock of the old company;
(c) Upon conversion of debentures of the new company;
(d) Any other purposes of the plan; and
(e) The general corporate purposes of the new company,
f
Cash Requirements—-It is estimated that the new
company will require
a total amount of
approximately $2,000,000 (in excess of certain of the
funds and receivables neld by the receiver or subsidiaries of the old com¬
pany, contemplated to be applied to the payment of certain
obligations
and of tax claims) for the purpose of
making advances to or readjusting
the new company's investments in
subsidiaries, for additional working
capital, expense of terminating the receivership of the old company and
consummating the plan.
Chase Bank has agreed, as part of its participation in the
plan to lend
to the new company $2,000,000 for the aforesaid
purposes and provision
is made for the issuance of
subscription warrants under which stockholders
of the old company may provide the new
company with funds to pay the
loan through the purchase of shares of
capital stock.
To the extent thd
above-mentioned compensation, expenses and liabilities and any other
items which, under the plan, are to be paid in
cash, are not paid out of the
proceeds of the loan or out of cash in or coming into the hands or under
the control of the receiver or the ancillary receiver the same will be
paid
or assumed by the new
company, or discharged by the issuance of securities
of the new company therefor, as the
reorganization committee, with the
approval of the Chancery Court of Delaware, shall determine.
company will be issuable for the
Participation in Plan by the Chase Bank
The Chase Bank has agreed with the debentureholders committee and
reorganization committee to participate in the plan, at the time of the
consummation thereof, as follows:
(a) To deposit under the plan its secured obligations of the old company
representing bank loans, together with the entire collateral pledged as
security therefor, subject to the right to withhold, withdraw or retain
said collateral (without payment of any
part of the compensation and
expenses of the reorganization committee) in such amount and for such
time as may be necessary to comply with or meet the
requirements of any
decree, order or judgment of a court of competent jurisdiction, whether
interlocutory
an
and Twentieth Century Pictures, Inc., dated July 22 1935, the
authorized capital stock of Fox Film Corp. (name changed to
1936
Film Corp. into which the
§ating $1,331,349, due from Fox Theatres Corp., indebtedness of $139,857
from Fox Hearst Corp. (now Movietonews, Inc.), and investment
company
of
28
stock (new) and 175,041 K shares of the above mentioned 183,374# shares
of class A common stock (new) of Fox Film Corp. were changed as aforesaid,
on
in Fearless Camera Co., an unincorporated concern, carried at
March
Chronicle
Financial
or
otherwise and whether made
the date of deposit thereof
or
entered before
or
after
or the date of consummation of the
plan.
To deposit under the plan all other claims against, and shares of
stock of, the old company owned by the bank.
(c) To loan to the new company, cash in the sum of $2,000,000 in order
to provide for the cash requirements.
(d) To deposit with a bank or trust company, which may be the Chase
Bank, as escrow agent, such number of shares of preferred stock and of
common stock of Twientieth
Century-Fox Film Corp. (but in no event
in excess of 158,313 shares of such
preferred stock and 79,157 shares of
such common stock) as may from time to time be
necessary to cover option
warrants and fractional option warrants then
required to be distributed
under the plan.
(e) To accept in exchange for such secured obligations, collateral, claims
against, and shares of stock of, the old company so deposited, and the
cash so loaned, shares of capital stock of the new
company and option
warrants and (or) fractional option warrants in
respect of units of capital
stock of Twentieth Century-Fox Film
Corp. and subscription warrants
and fractional subscription warrants of the new
company, upon the bases
(b)
Financial
Volume 142
provided with respect to secured obligations and debentures, unsecured
obligations, preferred stock and common stock, of the old company, and
the note or notes of the new company in the principal amount of $2,000,000.
Such agreement to participate in the plan is subject to the following
conditions: (1) The execution and delivery of the releases provided for;
(2) the prior allowance in the receivership proceedings of the bank's claim
in the amount of $16,835,201 (subject to increase under certain conditions)
in respect of secured obligations of the old company; (3) the prior participa¬
tion in or subjection to the plan of all outstanding obligations whatsoever
of the old company now or hereafter allowed in the receivership proceedings
or agreed to by the reorganization committee,
excluding, in addition to
obligations held by the bank and debentures surrendered to the receiver
under the arrangements (referred to above), obligations of the old company,
the aggregate amount of principal of and allowable interest upon which shall
not exceed $5,325,000, in which not more than $3,000,000 of and allowable
interest upon debentures of the old company shall be included;
(4) the
consummation of the settlement referred to above, and (5) the approval
by bank's counsel (whose reasonable fees and disbursements are included
in the estimated costs and expenses of the reorganization and if the plan
is consummated shall be paid as part of the expenses of the reorganization)
of all legal details in connection with the promulgation of the plan and the
carrying out and consummation thereof, including, without limitation, the
acquisition of assets of the old company by the new company and the
issuance of its securities under the plan.
*
Such agreement is subject to the further condition that the Chase Bank
shall have the right, in its discretion, at any time prior to the time when
the reorganization committee or the new company shall, after the plan
shall have been declared operative in accordance with its
terms, become
legally bound by any bid for or agreement to purchase all or substantially
all of the assets of the old company to be acquired from the receiver of
the old company under the plan and agreement, to withdraw from the
plan and thereby to terminate its obligations and liabilities hereunder
(in addition to the right of withdrawal upon any material change, modifi¬
cation or amendment as provided) in the event that the rights, interests
and liabilities of the debentureholders and(or) the bank, as determined
by the decisions of the New York Supreme Court (referred to above) shall
be modified by any decree, order or judgment of a court of competent
jurisdiction, whether interlocutory or otherwise, in a manner which, in
the opinion of the bank, will adversely affect it in a material degree. a In
the event of such withdrawal the Chase Bank shall not be entitled to
reimbursement on account of its expenses or the fees and expenses of its
counsel, and shall not be obligated to pay any part of the compensation
and expenses of the reorganization committee.
_
Bank Loan to New Company
evidenced by the note or notes
of the new company as aforesaid, shall mature and be payable six months
after its date, with interest at the rate of 5% per annum, subject to the right
of the new company, in the event that the holder or holders of such loan
shall not at at the time have the immediate right of acceleration thereof,
to renew the principal thereof in whole or in part for additional periods of
six months, not exceeding in the aggregate (with the original six months'
period) five years from its date, and all or any part of the principal amount
of such loan or of the unpaid balance of principal thereof shall be con¬
vertible in whole or in part at any time and from time to time at option of
the holder or holders into an equal principal amount of the debentures of
connection
other property of any kind or character, pursuant to and in
with any such sale, increase, decrease or reclassification, or other readjust¬
ment, merger or consolidation, or in or in connection with any transaction
or
contemplating
of not
new
company.
Such loan, pending the conversion
thereof into debentures and (or) prior
be subject to the same right of acceleration
holders thereof and shall have the same protective pro¬
visions
as
hereinafter
specified
in respect of the debentures.
In the
event that the $2,000,000 estimate referred to
above shall exceed the
amount of funds actually required for the purposes set forth (after giving
effect to the application thereto of any funds, whether derived from earnings
of subsidiaries or otherwise, which shall have been applied to such purposes
payment thereof in full, shall
by the holder
or
by the receiver or the ancillary receiver subsequent to the date of the
promulgation of the plan and after giving effect to the application thereto
of any such funds which shall be held available therefor by the receiver or
ancillary receiver at the date of the sale of assets of the old company provided
for in the plan, and after allowance for the amount of any expenses, claims
said
and discharged by the issuance of
securities of the new company as permitted in the plan) as determined
by the reorganization committee, then cash in the amount of any excess
of such estimated funds over and above the amount so actually required
for such purposes shall, if requested by the Chase Bank, be set aside for
and applied by the new company to the payment and retirement of said
bank loan until payment thereof and(or) the conversion thereof into deben¬
tures of the new company in full.
Option Warrants, Ac., for Units of Capital Stock of Twentieth Century-Fox
Film Corp.—All option warrants and fractional optional warrants to be
issued under the plan shall be bearer warrants, transferable by delivery,
and shall be in such form and contain such terms and provisions as shall be
determined or approved by the reorganization committee.
Each option warrant shall entitle the bearer thereof, upon the surrender
of such warrant, to purchase one or more full units of capital stock of
Twentieth Century-Fox Film Corp., each such unit consisting of 2 shares
of pref. stock and 1 share of
common stock, and, at the option of the
bearer, will be exercisable, as to all or any of the full units covered thereby,
at any time or from time to time on or before Oct. 1 1937, at the price
of $60 per unit as to units purchased on or before Oct. 1 1936, and at the
price of $70 per unit as to units purchased thereafter, such purchase price
to be paid to the escrow agent under the escrow agreement referred to
below for the account of the Chase Bank or the new company, as the case
may be, as depositor thereunder of the shares of capital stock of Twentieth
Century-Fox Film Corp. delivered upon such purchase.
Fractional option warrants, covering fractions of a full unit of capital
stock/of Twentieth Century-Fox Film Corp., shall be exchangeable for
option warrants, or shall be exercisable only when combined and surrendered
with other like fractional option warrants evidencing the right in the aggre¬
gate to purchase one or more full units.
The option warrants and fractional option warrants shall be issued by
the bank or trust company with which the Chase Bank, pursuant to its
above-mentioned agreement with the debentureholders committee and the
reorganization committee, shall have deposited shares of preferred stock
and of common stock of Twentieth Century-Fox Film Corp.
In the event
that at any time, shares of capital stock of Twentieth Century-Fox Film
Corp., in excess of the shares to be deposited by the Chase Bank, shall be
necessary to cover option warrants and fractional option warrants then
required to be distributed under the plan, the new company will deposit
such additional shares which, upon the basis of the known obligations pro¬
vided for in the plan, will not exceed 2,744% shares of pref. stock and
1,371% shares of common stock.
The escrow agreement under which capital stock of Twentieth CenturyFox Film Corp. will be deposited with the escrow agent will provide that
shares of capital stock deposited thereunder required to be delivered on
the exercise of option warrants or fractional option warrants shall be de¬
livered first from the shares deposited by the Chase Bank and that any
of the shares deposited thereunder not required to be delivered on the exer¬
cise of option warrants and fractional option warrants shall be returned
or
liabilities included in
purposes
•
first to the
new
company up to
but not exceeding the amount of such capital
any, deposited by the new company under said escrow agreement,
and the balance, if any, shall be returned to the Chase Bank.
Such escrow agreement will reserve to the new company and the Chase
stock, if
Bank, severally, the right to receive and retain all dividends, whether in
cash, stock or property, which may be declared upon and become payable in
respect of any shares of capital stock of Twentieth Century-Fox Film Corp.
severally deposited by them which shall not have been purchased upon
the exercise of option warrants or fractional option warrants prior to the
date upon which any such dividend becomes payable, up to but not exceed¬
ing in the aggregate the proportionate interest of such deposited shares
in the amount of net profits earned by Fox Film Corp. (now Twentieth
Century-Fox Film Corp.) subsequent to Dec. 29 1934, all as from time
to time reported by Twentieth Century-Fox Film Corp.
The escrow
agreement will also reserve to the new company and the Chase Bank,
severally, the right, without liability or restriction of any kind, to vote
or give any
approval or consent in respect of the shares of capital stock
severally deposited by them which shall not, at the time, have been pur¬
chased upon the exercise of option warrants or fractional option warrants,
for any and all purposes, including, without limitation, a sale of all or
substantially all of the assets of Twentieth Century-Fox Film Corp., an
increase or decrease or reclassification of its capital stock or other readjust¬
ment of its capital structure, or the merger or consolidation of Twentieth
Century-Fox Film Corp. with or into any other corporation or corporations,
and to exchange or otherwise dispose of or deal with such shares of preferred
stock and (or) common stock of the corporation for cash, stocks, securities
in any manner,
said Twentieth
effecting a consolidation or readjustment,
a majority of the outstanding stock of
or
than
less
Century-Fox Film Corp. of the class or classes then held by the new com¬
pany or the Chase Bank and not less than a majprity of tne outstanding
voting stock of any other corporation or corporations engaged directly or
indirectly in anv phase of the motion picture industry.
Said escrow agree¬
ment will also reserve to the Chase Bank the right to deal with and dispose
of capital stock of
Twentieth Century-Fox Film Corp. deposited thereunder
required by any Federal law, regulation
to the extent and in the manner
or
order applicable thereto.
The cash, stocks, securities
of the
account
,
„
,
other property received by or for the
the Chase Bank (other than dividends
entitled to retain as aforesaid) for or in respect of each
company
new
which
or
or
they are
pref. stock or common stock, respectively, of Twentieth Centurythe time on deposit under said escrow agreement, shall
the option warrants and fractional option warrants, be
deemed to be a share of preferred stock or a share of common stock, as
the case may be, of Twentieth Century-Fox Film Corp., and as such
remain subject to the terms of the option warrants and fractional option
W3<IT3(Ilt8
1
,
All transfer and other taxes, if any, depositary charges and other expenses
in connection with the deposit of said shares of preferred stock and common
stock of Twentieth Century-Fox Film Corp. and the issuance and exercise
of said option warrants and fractional option warrants shall be borne by the
share of
Fox Film Corp. at
for the purposes of
new
company.
Subscription Warrants, Ac., for Capital Stock
of the New Company—All
subscription warrants and fractional subscription warrants to be issued by
the new company under the plan, shall be bearer warrants, transferable
by delivery, and shall be in such form and shall contain such terms and
provisions as shall be determined or approved by the reorganization com¬
mittee.
Each
subscription warrant shall bear a date to
be fixed by the reorganiza¬
be to the date of
shall conform as nearly as may
tion committee which
plan and shall entitle the bearer thereof at his option,
upon the surrender of such warrant at,finy time on or before Oct. 1 1937 to
purchase all or any part of the number* of whole shares of the capital stock
of the new company at the purchase price of $12 per share.
Fractional
subscription warrants shall be exchangeable for subscription warrants, or
shall be exercisable, only when combined and surrendered with other like
fractional subscription warrants evidencing the right in the aggregate to
subscribe to one or more full shares of capital stock of the new company.
consummation of the
—V.
142,
p.
1985,460.
Georgia & Florida RR.—Earnings
The above mentioned bank loan, to be
the
2159
Chronicle
Second Week
1936
Period—
of March
1935
-Jan. 1 to March 14
-
1935
1936
$212,005
$26,900
$26,900
Gross earnings
—V. 142, p. 1985.
$192,709
Georgia Power Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos —1935
$2,146,136
$1,950,873 $24,056,221 $22 ,278,032
1,084,048
948,963
11,722,968
10 ,791,568
Operating expenses..
504,585
519,820
6,282,221
6 ,133,376
Fixed charges
Prov. for retirement res.
133,750
110,000
1,472,500
1 ,320,000
,950,486
Divs. on pref. stock
245,870
245,873
2,950,451
Period End. Feb. 29—
Gross earnings
•4-
142,
$1,628,080
$126,215
$177,881
Balance
—Y.
$1,082,600
1468.
p.
Earnings
Georgia Southern & Florida Ry.Net from railway.
Net after rents
-
1934
1935
1936
$198,646
30,938
February—
Gross from railway
1933
$136,906
9,419
def6,741
$161,737
25,767
19,684
$129,324
30,517
12,761
278,253
6,092
defl3,793
310,785
34,891
22,344
272,724
60,188
29,472
7,785
From Jan. 1—
399,733
66,267
Gross from railway
Net from
railway
30,839
Net after rents
—V. 142, p.
1468.
(A. C.) Gilbert Co.—Corrected
The directors have declared a
Dibidend-
dividend of $1.75 per share (not 87%rcents
reported in last week's "Chronicle") on account of accumulations on the
$3.50 cumulative preference stock, no par value, payab.e April 1 to holders
of record March 25.
A similar dividend was paid on Feb. 25 last.
Divi¬
as
87% cents were paid on Oct. 1, July 1, April 1 and Feb. 15 1935,
1, July 2, April 2 and March 1 1934, prior to which no distributions
made since Jan. 2 1933, when the regular quarterly payment was
made—V. 142, p. 1121.
dends of
Oct.
were
Gimbel Brothers, Inc.—To Pay
The diroctors on
$2
on
Back Dividends—
March 24 declared a dividend of $2 per share on account
of accumulations on the 7% cumulative
preferred stock, par $100, payable
April 15 to holders of record April 10.
This will be the first distribution
on the preferred stock since Feb. 1
1932 when a regular quarterly
dividend of $1.75 per share was paid.
President Bernard F. Gimbel in announcing the above dividend stated:
"In view of the uncertainty as to the continuance of business improve¬
ment, the substantial cash requirements of the ensuing months as a result
of previous commitments, and the apparent losses to be suffered by the com¬
pany in Pittsburgh as a result of the flood, it is the present judgment of
the board of directors that the question of further dividends on the preferred
stock should be taken up in the fall when the results for the next six months
made
be available."—V.
operations will
.
142, p. 1985.
^
Gbld Coast RR.—Construction—
The Interstate Commerce
Commission on March 16 issued a certificate
authorizing the company to construct a line of railroad extending from the
docks at Port Orford to Leland, approximately 90 miles, all in Curry and
Josephine Counties, Ore.
The application was made the subject of a pro¬
posed report, to which exceptions were filed.
A hearing was held by the
Public Utilities Commissioner of Oregon on Dec. 4 and 5 1935.
The State
commissioner recommends that the application be granted provided the
company
has shown that it has
financial ability to construct the line.
The
No objection
construction.
The report of the Commission says in part:
The company was incorporated in Oregon, on April 19 1935, with an
authorized capital stock of $1,000.
Capitalization is to be increased to an
amount sufficient to cover all costs of the undertaking.
According to the
plans at the present time, the capital structure is to consist of first mortgage
bonds, 60%, and capital stock, 40%.
The company states that it proposes
to finance the construction and equipment of the line through privatelysubscribed funds, or through a loan from the Public Works Administration
secured by an issue of first mortgage bonds, or both.
The record herein clearly discloses the necessity for the construction of
the proposed line but its success would be dependent, to a large extent,
upon the amount of fixed charges it is required to bear.
Therefore, our
certificate herein will be issued upon the condition that not more than
recommendation is indorsed by the Governor of the State.
has
been offered to the proposed
50% of the cost of road and equipment shall be represented by funded debt.
Goodyear Tire & Rubber Co. of Calif.—Accum. Div.—
be paid on account of accumulations
cumulative preferred stock, par $100 on April 1 to holders of
Similar payments were made on Dec. 30, Oct. 1, July 1
and May 1 1935, prior to which no dividends had been paid since April 1
1932, when a regular quarterly dividend of $1.75 per share was distributed.
—V. 142, p. 128.
A dividend of 50 cents per share will
on
the 7%
record March 25.
.
Gorton Pew Fisheries Co., Ltd.—Offers Stock to EmpVs—
The company proposes to offer for subscription to Employees its stock
at $42 a share.
This compares with a price of $30 a share in the employees'
offering of Aug. 1935 and a $25 offering price in February. 1935.—V. 141,
p.
1933.
Gotham Silk
Hosiery
Co.,
Inc.—Debentures Offered—
Public offering by means of a prospectus of a new issue of
$2,141,000 10-year 5% sinking fund debentures (with com-
/
2160
mon
Financial
Chronicle
stock purchase warrants attached entitling the holder
Grand Trunk Western
February—
made Thursday by Hallgarten & Co., Halsey,
Stuart & Co., Inc., and A. G. Becker & Co.
The deben¬
tures are priced at 100% and int.
The issue has been over¬
subscribed.
A prospectus dated March 26 affords the fol¬
lowing:
I
was
Gross from
not
exceeding 6%
per
annum,
refundable
upon
Net from railway
Net after rents
.
_.
...
$1,573,406
270,044
96,132
$1,426,439
262,408
77,516
$1,146,685
81,110
defl23,671
3,117,861
525,046
200,813
2,751,505
428,789
40,864
2,359,049
213,992
def201,945
_
..
—
Operating profit
Other income
Net
income.--—.
Previous surplus
—
Total
$5,183,213
12,785
$2,985,451
65,612
$4,311,451
145,189
1,153,180
396,880
$5,195,998
159,637
1,175,871
513,315
$3,051,063
140,488
1.061,345
237,154
$3,334,246 $2,616,202
18,505,746
17,146,092
Prov. for Fed. taxes
$4,304,193
7,258
$5,200,221
122,904
1,207,451
535,620
Total incqpie
Deprec. and amortiz—
$3,347,175
15,065,501
$1,612,076
14,709,843
$21,839,992 $19,762,294 $18,412,676 $16,321,919
1,494,194
1,195,355
1,195,355
1,195,355
61,193
71,229
61,063
Common dividends
Sundry deductions (net)
Listing—The New York Stock Exchange has authorized the listing of
the debentures (with common stock purchase warrants attached).
Purpose—Net proceeds after deducting estimated expenses and excluding
accrued interest, from the sale of the 10-year 5% sinking fund debentures,
are estimated at approximately $1,986,000, and, together with such addi¬
tional funds of the company as may be required for such purpose, are to
be used for the redemption of the outstanding $2,141,500 10-year 6%
sinking fund gold debentures, due Dec, 1 1936, at par plus int. to redemp¬
Surplus end of year.—$20,345,798 $18,505,746 $17,146,092 $15,065,501
Shares
com.
stock
out¬
standing (no par)
Earnings per share
1,195,355
$2.79
1936
Assets—
The company has not determined the purpose or purposes for which it
use the net proceeds, if any, to it from the sale of common stock against
titl6 6X6PClS6 of W3ilT0Jl1}S
1935
$
2,947,172
z Land &
buildings 6,178,725
Alterations & impr 5,428,266
to leased prop'ty
History & Business—Company was organized in Delaware Oct. 27 1925.
Company, directly or through certain wholly owned subsidiaries, is
engaged in the manufacture (in owned mills) and sale, principally at whole¬
sale, in the United States and Canada and to a small extent by way of
export, of full fashioned silk hosiery in the finished state, the only retail
sale of such hosiery by the company or its subsidiaries being in five shops
maintained by the company in New York; and is also engaged in the manu¬
facture (in owned mills) and sale in the United States of full fashioned silk
hosiery in the "grey" or unfinished state.
It directly, or through sub¬
sidiaries, owns, among others, the following registered trade marks and
trade names
under
which its products
in the finished state are sold
"Gotham," "Gold Stripe," "Adjustables, " "Onyx" and "K. T. C."
Company has the following subsidiaries, all of which are wholly owned;
Gotham Hosiery Co. of Canada, Ltd.; Gotham Silk Hosiery Co. of Calif.;
Knitbac Service Co., Inc.; "Onyx" Hosiery, Inc.; "Onyx" Hosiery, Inc., of
Del.; "Onyx" Hosiery Co. of Canada, Ltd.; Clarke W. Tobin, Inc.; Courcland Hosiery Co., Inc. and Cinema Hosiery Co., Inc.
The total knitting capacity of tne plants of the company and its sub¬
sidiaries, on a two-shift basis, is in excess of 1,650,000 dozen pairs of full
fashioned stockings per annum.
The total finishing capacity of the com¬
pany in its finishing plant on a single shift basis is approximately 1,250,000
dozen pairs of full fashioned stockings per annum.
The finishing plant is
not susceptible of operation on a complete two shift basis, but tne afore¬
mentioned capacity can be increased by two shift operations in certain
departments.
The capacity of the throwing plant varies between 16,000
pounds of silk and 20,000 pounds of silk per week, depending on the twist.
Cash
Inventories
Notes & accta.
Cash
surr.
3,114,836
6,620,609
5,558,115
value
84,437
82,862
accounts,
notes, claims
Investment
&
Surplus-..
,
19,997
299,588
469,033
844,971
owners
—
772,089
Prepaid insurance,
&c
rents,
Total
35,698,996 34,574,973
Total
35,698,996 34,574,973
Represented by 1,195,355 no par shares,
y After depreciation reserve
$3,378,207 in 1936 and $3,027,586 in 1935.
z After
allowance for
depreciation of $711,490 in 1936 ^nd $649,055 in 1935.—V. 142. p. 1642.
x
of
Greene Cananea Copper Co.
Calendar Years—
Total receipts
x
1935
Balance
on
2,762,421
72,477
221,122
511,290
341,459
422,731
445",064
177",615
y$2,137,718 y$l,767,161
$692,778
loss$66,973
$1.38
Nil
Depreciation, &c
$4,783,659
$4,712,281
Net income
Dividends paid
per share...-.
x
913,232
159,816
551,495
347,708
141,733
303,828
314,653
193,513
Includes other Income,
$423,791 def$309,056
34,320
30,262
$100,391
$423,809 loss$278,793
rys. &
Company
proposes to redeem
and
in
on
9L001
90,995
1,357,787
439,356
433,558
process
hand
27,204 shs.
b395,112 13-18 shs.
Prepaid
673,945
1,020,946
2,890,973
18,268
9,228
expenses.
Deferred charges—
x
Great Northern
February—
Gross from railway
sold against tne exercise of such warrants, $2 50 per share will be credited
to capital account (that being the amount allocated as capital to each share
of common stock outstanding at the time of the reduction in capital in
June 1932, and being still so allocated), and the balance of $9.50 per share
Net from railway
Net after rents
surplus.
having been granted under an employment agreement.
Such option was
subsequently cancelled on Feb. 4 1936 without cost to the company.
Underwriters—Company nas agreed to sell and the principal underwriters
named below severally and not jointly agreed to purchase the debentures
at 95%, plus interest to the date of delivery, as follows:
Name—
Amount
Hallgarten & Co., New York
Halsey, Stuart & Co., Inc., Chicago--A, G. Becker & Co., New York
Resumes
$1,051,000
545,000
545,000
Preferred Dividends—
The directors on March 26 declared a dividend of $1 per share on account
of arrears, and the regular quarterly dividend of $1.75 per share ordinarily
(or a total of $2.75 per share) on the 7% cumulative preferred stock,
due
$100, both payable May 1 to holders of record April 13. These payments
will mark the resumption of dividends, the last previous disbursement
having been the regular quarterly dividend of $1.75 per share paid on
par
Feb. 1
1935.
Debentures Called for
Redemption April 27—
The company will redeem on April 27 1936, all of its outstanding 10-year
6% sinking fund gold debentures due Dec. 1 1936, at their principal amount
and accrued interest to the redemption date.
Payment will be made at
the principal office of the Central Hanover Bank & Trust Co., 70
Broadway.
Holders of the debentures may, at their option, surrender their debentures
nterest the redemption date and 142, p. 1817.
{>rior to to date of surrender.—V. receive the principal amount plus accrued
Gould Coupler
Co.—Hearing Adjourned—1
The modified plan was found to be fair and
equitable by order of the
District Court in Buffalo on Feb. 20 1936. The hearings were adjourned to
March 23, when confirmation of the modified plan was to be asked. Because
assents were not quite sufficient, an
adjournment has been taken to April 7,
in Buffalo.
The minimum required number of assents has been received
from the holders of Gould class A shares and
Symington common shares,
but a small percentage of Gould bonds and Symington class A shares must
be deposited at once if the modified plan is to be confirmed at the
adjourned
$
of
sub.
Mexican
3,381
legal
re¬
4,000
serve
Notes payable
Accrued liabilities-
4,000
1,500,000
404,450
233~075
2,138,665 Accounts payable.
89,858
2,170,649 Wages payable—.
15,147
1,789,438 Surplus
6,692,262
60,292
5,904
88,361
6,932,876
57,037.724 58,929,6881
Total
57,037,724 58,929,688
Represented by shares of $100 par.—V. 141, p. 3536.
attached to the debentures; out of the consideration of $12 per share to be
received by the company for the shares of such common stock when and if
At Dec. 31 1935, 3,000 shares of common stock held in the treasury were
subject to a restricted option until Jan. 1 1938 at $15 per share, such option
1934
$
Total
and retire their outstanding 6% sinking
fund gold debentures through proceeds of present offering.
b Not Including 53,525 shares in treasury reserved by the company for
issuance against the exercise of the common stock purchase warrants
to capital
1935
Liabilities—
Capital stock.-.50,000,000 50,000.000
Capital stk.&surp.
x
1,309,014
Accts. receivable..
Cash.
a$2,141,500
$
equipm't-50,590,789 50,876,602
Development
Supplies
$100,391
Outstanding
Authorized
10-yr. 6% sink, fund gold debentures.
$6,000,000
7% cum. pref. stock ($100 par)-132,935 shs.
Common stock (no par)
__1,000,000 shs.
1934
S
Mines, min.claims
lands, buildings,
$43,328
57,063
Funded Debt & Capitalization Dec. 31 1935
a
$3.53
Before deduction for depletion.
1935
Assets—
Metals
1
y
Consolidated Balance Sheet Dec. 31
165,045
'
Net profit
2,374,957
$4.27
Earnings
Investments
Provision for income taxes
$1,704,226
1,484,188
109,396
1933
1934
$458,111 def$278,793
34,301
debs, purch. for retirement--
1932
$3,972,740
2.042,079
111,011
U. S. & Mexican income
on own debs, purcb.
for red., & before deduct, provision
Disc,
1933
$4,684,441
Interest
for
interest
(& Subs.)—Earnings—
1934
$5,327,422
2,457,291
Exp., taxes, admin., &c.
Earns, excl. disc,
Debenture
-.20,345,798 18,505,747
30,558
taxes, estimated
deprec. of oper. properties &
plants, deb. int. & income taxes
Prov ision for depreciation of operating
properties & plants
$
Accts. with prop'ty
Earnings Years Ended Dec. 31
$8,052,756
1935
$
Capital stock.-. 10,089,446 10,089,446
Real estate mtges. 2,275,050
3,219,250
Accounts payable932,198
975,564
Accrued accounts
974,843
1,240,495
Federal tax reserve
605,000
459,000
Notes payable
25,000
30,750
Def. notes payable
166,000
37,500
Tenants deposits.
8,433
7,983
Res. for repainting
stores—140,526
145,940
x
.
8,805,872
7,364,070
10,979,229 10.331,294
rec.
110,739
231,507
life insurance..-
Sundry
1936
Liabilities—
$
Furn. & fixtures.
y
will
1
1,195,355
$1.32
1,195,355
$2.80
1,195,355
$2.18
Consolidated Balance Sheet Jan.- 31
tion date.
Net sales
1933
$85,069,612 $78,206,119 $73,086,856
80,765,419
73,022,906
70,101,405
$5,168,920
31,301
(net)
Int. paid less int. earned
stock.
1934
1935
-
1937, and after that date at premiums decreasing H of 1% for each year
fraction thereof from such date to the date of redemption, except that
premium is payable after March 15 1945.
Central Hanover Bank &
Trust Co., trustee. •
Common Stock Purchase Warrants, one thereof attached to each such
debenture and non-detachable until exercised; each such warrant will entitle
the holder to purchase 25 shares of common stock of the company at $12
per share at any time on or before March 15 1946, or the date of earlier pay¬
ment, or provision therefor, of the principal of, and accrued interest and
premiums, if any, on the debenture to which such warrant is attached, such
number of shares and purchase price being subject to adjustment In various
evenr,s; each such warrant will be exercisable only in its entirety.
Common stock reserved for exercise of common stock purchase warrants;
scrip certificates issuable on such exercise in lieu of fractions of shares of
1935
Subs.)—Earnings—
Years End. Jan. 311936
Sales
—$91,981,814
Cost and expenses
86,812,894
no
I
1933
1934
1935
I1.,768,121
330,676
183,438
3,676,869
825,124
523,500
.
(W. T.) Grant Co. (&
application.
or
common
that a
—V. 142, p. 1643.
Red. at option of company at any time as a whole or in part, on at least
30 and not more than 60 days' notice at 105 and int. on or before March 15
such
1936
RR.—Earnings.—
1936
railway.
Net from railway.
Net after rents
From Jan. 1—
Gross from railway.
Dated March 15 1936, due March 15 1946.
Coupon debentures In the
denom. of $1,000 reglsterable as to principal only.
Interest payable M. & S.
Penna. 5-mill tax, Maryland 4H-mill tax. Conn. 4-mill tax, and Mass.
income tax
28
hearing on April 7. All security holders are urged to act promptly so
further adjournment will not be necessary.—v. 142, p. 1469.
of each $1,000 debenture to purchase 25 shares of common
stock at $12 per share at any time on or before March 15
1946)
March
Ry.—Earnings.
1936
$4,376,679
I
1935
$4,399,053
def395,221
79,907
9,166,157
8,763,296
def305.015
def284,854
1934
$3,128,110
13,040
def640,495
7,976,821
6,709.791
From Jan. 1—■
Gross from railway
Net from railway
Net after rents..
Stockholders Rights to
1933
$3,841,548
746,996
156,300
1,279,627
227,569
def59,534 def1,156,908
Subscribe to $99,422,400 Bonds—
The company proposes to issue not to exceed $99,422,400
gen; mortgage
4% convertible bonds to mature July 1 1946, in two series of equal principal
amounts, to be designated respectively Series G and Series H.
Company
offers such $99,422,400 of new convertible bonds to its stockholders of
record March
16 for subscription by such stockholders severally, to
equal
principal amounts of the bonds of each of said series, at the principal amount
thereof, flat, and on the basis and to the extent of $40 aggregate principal
amount of the new convertible bonds,
consisting of $20 principal amount of
bonds of each series, for each one share of their several
holdings of record at
that time of the preferred stock, subscriptions to be received
only for $100
aggregate principal amount of the new convertible bonds and multiples
thereof, and payment of the subscription price to be made in cash or, at
the option of the subscriber, in Great Northern
Railway general mortgage
7% gold bonds, series A, maturing July 1 1936, accompanied, if in coupon
form, by coupons due July 1 1936 appertaining thereto, such general
mortgage 7 % bonds delivered in payment to be valued for the purpose of
such payment at their principal amount (interest thereon accrued and
unpaid
from Jan. 1 1936, the next preceding semi-annual interest
payment
date,
up to and including but not after May 31 1936, to be paid by the company.
W. P. Kenney, President, in a letter dated March 21 says:
Purpose—The
purpose of the proposed issue is to provide, to the extent
of the
principal amount of the new convertible bonds so issued, for an equal
principal amount of the company's general mortgage 7 % gold bonds, secies A
outstanding in the principal amount of $100,766,000, which mature on
July 1 1936.
The difference will be provided for at maturity out of funds
otherwise in the company's treasury.
Underwriting Arrangements—Arrangements have been entered into with
Reconstruction Finance Corporation whereby that corporation has agreed
with the company that it will
prior to July 1 1936 take and pay for, at the
principal amount thereof and accrued interest, any principal amount up to
and including said total $99,422,400
aggregate principal amount of the new
convertible bonds, which may not be disposed of to the stockholders or
their assignees, pursuant to tnis offer, or to the holders of the
company's
general mortgage 7 % bonds pursuant to an offer to be made to bondholders
to exchange any new convertible bonds not
disposed of under the offer to
the
stockholders, for general mortgage 7%
bonds, or which
may
not
be
Financial
Volume 142
disposed of to the public at not less than the principal amount thereof and
accrued interest, and which the company may determine to issue.
The
arrangements with RFO also provide among other things that if any of the
new convertible bonds are taken by that corporation, the company agrees
that if $20,000,000 of the new convertible bonds are not converted on or
prior to their maturity the company's presently existing funded debt, plus
any additional funded debt created with the approval of Interstate Com¬
merce Commission for additions and betterments, extensions and acquisi¬
tions of property, will be or will have been reduced $20,000,000 (including
within such $20,000,000 any reduction which has occurred by exercise of
conversion privileges.)
Authorized Stock—Pursuant to the action taken at a special meeting of the
stockholders held on Dec. 20 1935, and to appropriate amendment of the
charter of the company, the authorized capital stock has been changed and
increased from 2,500,000 shares of preferred stock (par $100), to consist of
5,000,000 shares of preferred stock (no par) of which 2,485,587^ shares are
presently issued and outstanding, including 27H shares represented by
fractional scrip certificates, and of which 11,896 shares are issued and held
in the treasury.
Of the presently authorized and unissued stock, the neces¬
sary shares will be reserved for the conversion of the new convertible bonds.
The remaining shares of such authorized and unissued stock, together with
the 11,896 shares held in the treasury of the company, may be issued from
time to time for such consideration and upon such terms as the board of
directors may determine without any adjustment of the conversion prices
of the series G and series H bonds, except as expressly provided in the
supplemental indenture.
The stated capital of the company represented
by the presently issued and outstanding shares without par value is $248,558,750, being an amount equal to the aggregate par value of the shares
issued and outstanding prior to the change to shares without par value.
Terms of the
General Mortgage 4% Convertible Bonds
General—The new convertible bonds are to
be issued in the aggregate
principal amount of not in excess of $99,422,400 in two series of equal
principal amounts, to be designated respectively series G and series H,
each series to be of a principal amount not in excess of $49,711,200, under
pursuant to the terms of the company's general gold bond mortgage
dated Jan. 1 1921 made to First National Bank, New York, trustee, and of
an indenture supplemental thereto dated March
19 1936 which has been
entered into between the company and the trustee.
The new conv. bonds of series G and of series H are to be dated June 1
1936, are to mature July 1 1946, are to bear interest from June 1 1936 at
each
4% per annum, payable on
July 1 and Jan. 1 until the principal sum is
fully registered form in the denom. of $50,000, $10,000, $5,000 and
$1,000.
Coupon bonds of the denom. of $1,000 are to be exchangeable into
registered bonds of the same series of like aggregate principal amount, and
registered bonds are to be exchangeable for coupon bonds of the same series
of $1,000 each, subject to certain charges and payments as provided in the
general mortgage.
Optional Redemption—The new convertible bonds of series G and of
series H are to be redeemable at the option of the company in the case of
each series in whole or from time to time in any partHhereof (in which case
the bonds of series G or of series H or of both so to be redeemed will be
selected by lot by the trustee) on any interest payment date subsequent to
the date of said bonds and prior to the maturity thereof, upon nine weeks'
published notice, and upon other terms and conditions, all in the manner
and as provided in said general mortgage and in the supplemental indenture,
at the following percentages of principal amount:
To and incl. July 1
1941 at 105%; thereafter, and to and incl. July 1 1944 at 103%; thereafter,
and to the incl. July 1 1945 at 101%; and thereafter and to maturity at
100%, together in each case with accrued interest.
Conversion Privilege—The new convertible bonds of series G and of series H
are to be convertible at the option of the holder at any time from the date
of such bonds to and including the date of maturity, or, in the case of
bonds called for redemption, then until and including, but not after the
redemption date, and in the manner and subject to the terms and condi¬
tions provided in the supplemental indenture, into shares of the preferred
stock, as such stock shall be constituted at the date of conversion, at the
following conversion prices respectively, subject to adjustments as provided
in the supplemental indenture:
The bonds of series G at a conversion price of $40 per share, i.e., at the
rate of 25 shares per $1,000 principal amount of such bonds.
The bonds of series H at a conversion price of $75 per share, i.e., at the
rate of 13 1-3 shares per $1,000 principal amount of such bonds.
Only full shares of stock will be issued on any conversion of the new
convertible bonds and no fractions of shares will be issued, bearer fractional
certificates of customary character and of possibly limited duration to be
issued to represent the interests of any holders of bonds who upon conver¬
sion of said bonds would otherwise be entitled to a fraction of a share.
The
supplemental indenture provides for appropriate adjustment, if any, of
interest and dividends upon conversion of bonds.
The supplemental
indenture also makes provision for adjustment of the terms of conversion
upon the happening of certain contingencies and for notice to the holders
or the series G ana series H bonds under certain circumstances.
It also
makes provision as to the amounts to be added to the stated capital of the
company upon issuance of additional shares and against reduction of the
stated capital.
Terms and Conditions
.
„
.
of Offer and Subscription—The offer to subscribe
will terminate at 2 o'clock p. m., Eastern Standard Time, on June 1 1936.
Subscriptions may be made and will be received only for aggregate principal
amounts of $100 or multiples thereof (in each case half of the aggregate
principal amount to be in bonds of series G and half in bonds of series H),
so that no bonds of either series G or series H will be issued in denoms. of
less than $50.
Payment of the subscription price may be made in New York funds or,
at/the option of the subscriber, in the company's general mortgage 7%
gold bonds, seriesJulymaturingappertaining accompanied, if in coupon form,
A, 1 1936 July 1 1936, thereto, such general mortgage
coupons due
y
be valued for the purpose of such pay¬
ment at their principal amount.
Fully registered bonds and coupon bonds
registered as to principal so delivered in payment of the subsecription price
7 % bonds delivered in payment to
of
new
convertible bonds must bear attached bond powers duly executed
by the registered owners of such bonds so delivered,
anteed by a bank or trust company doing business
having a New York City correspondent or by a New
with signatures guar¬
in New York City or
York Stock Exchange
subject to availability and allotmen
to be made and received
case
subscription.
respects to the offer to
such of the new con¬
not be disposed of under such offer to the
of new convertible bonds for delivery against such
The offer of exchange made is subordinate in all
the stockholders and is limited to and refers only to
vertible
bonds, if any, as may
stockholders.
received at or prior to 3 p. m., Eastern Standard Time,
April 10 1936, will be considered as having been received at the same time
that date and any principal amount of new convertible bonds available
for exchange will to their extent be allotted, first, to subscriptions received
at or prior to the time aforesaid, pro rata, in proportion to and up to the
amounts of the subscriptions so received; and if there are any new conver¬
tible bonds available for exchange in excess of the principal amount necessary
to provide in full for subscriptions received at or prior to the time aforesaid,
such bonds will be allotted to subscriptions received after that time in the
All subscriptions
on
on
order of priority
of receipt of such subscriptions, with proration in case of
of new convertible bonds available for ex¬
insufficient principal amount
change to provide in full for any such subscriptions simultaneously made.
Subscriptions for exchange may be made by filling in and executing the
form of subscription agreement and forwarding the same to First National
Bank of the City of New York, 2 Wall St., New York City, as agent for the
company.
Greyhound Corp.—Stock Split-Up Approved—New Dir.—
At the annual shareholders meeting held March 24 approval was given,
subject to approval of Interstate Commerce Commission, of an amendment
to the certificate of incorporation, whereby the authorized common stock
is increased to 3,500,000 shares of no-par value from present 1,000,000
shares of $5 par value and the outstanding stock split into four new shares
for each one present share.
Arthur M. Hill was elected to the board of directors, becoming an ad¬
ditional member.—V. 142, p. 1987.
Grocery Store Products Co.—Admitted to Listing
The New York Curb Exchange has admitted to listing and registration
the collateral lien 6% convertible bonds, due June 11945.—V. 142, p. 1643.
Guantanamo & Western RR.—To
f Hamilton Watch Co*,—Annual Meeting—
The
stockholders
at
their
^annual
Mobile
Gulf
Northern
&
Tigrett, President,
says
from Railroad Credit Corp. were reduced during the year
Of that amount there was paid in cash from the company's
$82,596.
treasury $64,475 and the amount
of $18,121 credited by the Railroad Credit
Corp. from distribution of dividends under the marshalling and distributing
plan of 1931.
The balance due the Railroad Credit Corp. on Dec. 31 1935
amounted to $502,367.
There is due from that corporation, under the
marshalling and distributing plan of 1931, the amount of $90,608.
During the year additional certificates were issued under the equipment
trust of 1934 in the amount of $342,000 to partly cover the cost of two
streamlined Diesel electric trains.
As of Dec. 31 1935 there was out¬
standing $755,000 principal amount of equipment trust certificates—1934,
there having been paid during the year $29,000 principal amount of cer¬
tificates.
Under an amendment of the trust agreement the definitive
certificates, in the total of $755,000, are being issued as of Nov. 1 1935
will all bear interest at the rate of 4% per annum from Jan. 22 1936.
principal amount of the new conv. bonds (consisting as to one-half of such
aggregate principle amount, of bonds of series G and, as to one-half of such
aggregate principal amount, of bonds of series H) for a like principal amount
or general mortage 7% bonds accompanied, if in coupon form, by coupons
appertaining thereto due July 1 1936, interest on the principal amount of
general mortgage 7% bonds so exchanged, accrued and unpaid from Jan. 1
1936, the next preceding semi-annual interest payment date, up to and
Including but not after May 31 1936, to be paid by the company and sub¬
scriptions for such exchange by holders of general mortgage 7 % bonds In
and
The
equipment trust certificates are secured by lien on the equipment and also
by the pledge of $250,000 of New Orleans Great Northern Ry. first mort¬
gage
5% bonds.
During the year a loan was secured from the
ministration of Public Works in the amount of
Federal Emergency Ad¬
$212,000 to finance the
purchase of 22 H track miles of new 90 pound rail and track material therefor
and to pay the cost of labor necessary to place same in the track.
All of
rail was laid on the Louisiana Division (N.O.G.N. Ry.).
In addition to
the 22 K track miles mentioned, there was laid on the Louisiana Division
(N.O.G.N. Ry.) during the year 2^ track miles of 90 pound rail, being a
rehabilitation program. An additional 27 H track miles
during 1936.
The cost of the 30 track miles
is to be financed by borrowings from the FEAPW.
Including the contract for the 30 miles the company has made three rail
financing contracts with the FEAPW.
The notes issued under the
first two contracts in the principal amount of $467,000 are outstanding.
part of the 1936
will be laid on that division
The obligations under the three contracts will amount to $767,000 and are
being consolidated in one issue of 4% collateral trust bonds, to be dated
of Dec. 15 1935, there being pledged to secure the bond issue $888,000
of New Orleans Great Northern Ry. 5% first mortgage bonds owned by
the company, and $534,000 of Gulf Mobile & Northern RR. 5% first mort¬
gage bonds.
On April 1 1936 cash in the amount of $300,000 will be re¬
ceived from the FEAPW to carry on the 1936 rehabiliation program and
delivery of the 4% collateral trust bonds will be effected on the same date.
Income Account for Year Ended Dec. 31
1935
1934
xl933
as
Averasre miles
Freight-increased rates
237,102
195,474
115,816
...
Ebcpress.
27.038
60,009
-
sXhing
-
i ,140
14,558
40,756
Switching-increased rates
transportation revenue
operatingrevenues
and structuresequipment
Traffic
$5,230,957
$5,024,203
677,681
772,423
401,446
543,321
719,047
365,720
1,619,844
1,505,353
1,713
321,252
9,342
255",770
$2,083,790
377,216
2,314
$1,445,938
$1,634,991
352,000
365,400
319
852
$1,704,260
$1,093,619
$1,268,739
324,060
279,257
302,476
278,596
263,891
257,416
$1,100,943
$512,547
111,016
117,506
$747,432
126,279
$1,211,959
263,400
2,919
528,564
11,401
$630,053
$873,713
965
"TO 17
767,961
93b ,7 53
—
2,401
259,907
investment—Cr~_
24,245
Net operating revenues
Railway tax accruals
—
Uncollectible railway revenues
Total net operating revenues
Equipment rents—net—Dr
rents—net—Dr
Net operating
12,136
40,305
1,760,656
Transportation for
income
Total non-operating income
Gross income
Rent for leased roads
Miscellaneous rents
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Maintenance of invest't organizationNetincome
_
131
101,904
25,141
42,600
12",777
385,985
-
121
111,192
24,524
47,344
39,552
$6,173,210
-
Transportation
Miscellaneous operations
General
Joint facility
975.83
$4,606,512
169
Excess baggage
Total
961.52
$4,758,344
269,598
Passenger
Mail
936.17
$5,538,120
105,034
of road operated.....
Operatingrevenues—Freight
Maintenance of
offers to the holders of its general mortgage 7 % gold bonds,
RR.—Annual Report—I. B.
in part:
Maintenance of way
The company
14 will consider
46Bo%'
borrowings
where the subscription price is paid wholly or partly in general
mortgage 7% bonds, the interest on such bonds accrued and unpaid from
Jan. 1 1936, the next preceding semi-annual interest payment date, up to
and Including but not after May 31 1936 will be paid in cash at the time of
the issuance of the new convertible bonds subscribed for.
Delivery of the new convertible bonds will in all cases be in equal principal
maturing July 1 1936, to exchange such of the new convertible
bonds, if any, as may not be disposed of to the stockholders or to their
assignees, for general mortgage 7% bonds on the basis of a like aggregate
April
were paid or declared during the year.
Cumulative divi¬
preferred stock in arrears as of Dec. 31 1935, amounted to
the
on
whenever made.
series A,
on
No dividends
dends
Other
Offer to Holders of Gen. Mtge. 7% Gold Bonds, Series A—
meeting
amending the articles of incorporation to provide that no shareholder shall
be allowed preemptive rights to any stock issued by the company.
They
will also amend the By-Laws to provide that the directors as well as the
shareholders may change or repeal the By-Laws.—Y. 142, p. 1987.
Incidental revenue
amounts of bonds of series G and Bonds of Series H.
The new convertible bonds will be delivered as soon after June 1 1936 as
practicable, in temporary bearer coupon form, in denoms. of $50, $100,
$500, $1,000 and multiples of $1,000 and exchangeable for definitive bonds
when prepared.
Application has been made to list the new convertible bonds on the New
York Stock Exchange.
Subscription may be made to First National Bank, 2 Wall St., N. Y.
City,
Pay Interest—
The Irving Trust Co. on March 25 announced that funds had been
deposited with it, as coupon paying agent for the company's first mortgage
6% bonds, to pay coupon No. 16, due Jan. 1 1936, plus delayed interest
at the rate of 6% for 90 days to March 30 1936.—V. 142, p. 128.
subscription price, whether paid in cash or In general mortgage 7%
bonds, must be paid at the time of making the subscription.
No interest will be paid upon cash payments of subscription prices
In any case
and
Registration—
firm.
The
Eastern Standard Time, on
The offer made will terminate at 2 p. m.,
June 1 1936.—V. 142, p. 1817.
and
paid, the first interest payment date to be July 11936, and are to be payable
as to principal and interest in such coin or currency as at the time of pay¬
ment is legal tender for the payment of debts due to the United States of
America.
The definitive bonds are to be issuable in coupon form, registerable as to principal and in fully registered form.
The bonds in coupon
form are to be issuable In the denom. of $1,000, $500, $100 and $50 and in
2161
Chronicle
263,400
2,994
154,047
2.896
519,399
13,982
746,181
25,948
350
$404,710 loss$170,740
loss$55,712
comparative purposes, operations of New Orleans Great Northern
y $39,273 credited general expenses covering amount ac¬
crued in 1934 under the Railroad Retirement Act.
x
For
RR. included,
Financial
2162
Chronicle
Comparative General Balance Sheet Dec. 31
1935
:
'
$
Inv. In rd. &
equlp.34,285,238 34,697,428
Inv. In affil.
5,350
620,171
532,563
111,630
cos..
Inv.ln
460
issued
secur.
131,467
ried
8,238
1,814,999
Cash
1,232,621
Special deposits--.
38,439
Loans & bills rec.178,316
acct. company..
6,880
1,851,324
804,559
17,315
55,950
Other investments
Net bal.
from
rec.
Matls. & suppliescurr. assets.
Deferred assets
of
1st
fund, debt
712",803
Other unadj. debits
Rail renewal prog.
6,000,000
Traffic &
payable.
_
Misc. accts. pay-Int. mat. unpaid-Divs. mat. unpaid
Unmat. int.
126,231
312,031
February—•
12,423
1,455
15,000
15,000
136,041
109,018
accr__
material
132,312
101,009
42,103
101,451
184,559
11,586
1,776,929
18,252
521,483
677,652
for
1,892J21
$6,945,144
1,927,100
1,132,402
$6,281,026
1,262,633
473,494
14,997,454
2,777,951
1,487,949
13,935,1943,627,493
2,015,472
12,924,407
2,705,949
1,083,803
1,111,120
17,756,229
after rents
1933
1934
$7,379,702
1,491,271
903,109
2,084,903
—V. 142, p. 1988.
Indiana Pipe Line
The
Co.—Larger Semi-Annual Dividend—
directors
have declared a semi-annull dividend of 20
cents per
the capital stock, par $10, payable May 15 to holders of record
April 24.
Previously regular semi-annual dividends of 15 cents per share
were
272,531
2,668,862
42,778,982 42,624,172
Total...
after rents
Net
1935
$8,971,504
From Jan. 1 —
Gross from railway
Net from railway
Nov.
284 882
Profit & loss bal—
Net
System.—Earnings.—
1936
Gross from railway
Net from railway
share
—
approp.
inv.in phy. prop.
42,778,982 42,624,172
Illinois Central RR.
108,186
402,369
15,967
'2,080
and
accts.
Other adj. credits.
Total
6,000,000
442,000
947,000
The directors have declared a stock dividend of 1 % on the no par conv.
pref. stock, payable in pref. stock and the regular cash dividend of 7H
cents per share, both payable May 1 to holders of record April 20. Similar
distributions were made on Feb. 1, last, and on Nov. 1, Aug. 1, May 1
and Feb. 1 1935.—Y. 142, p. 956.
car serv.
balances payable
Surp.
corresponding period of the past six years, according to William R. Tracy,
Vice President in charge of sales.—V. 142, p. 1988.
Hussman-Ligonier Co.—1% Stock Dividend—
4,000,000
Equlp.trustof 1934
755,000
Loans payable
1,076,404
Audit,
Retail sales of Hudsons and Terraplanes in the United States for the
first 14 days of March totaled 3,677 cars and exceeded all marks for the
1,500
5H %
mtge.
16,033 Other curr. liabil-217
2,477,468 Llab. for prov. fds.
19,287 Other def. liabil
165,182
213,750 Tax liability.-.
196,889
1,973 Acer, deprec., road
12,540
799,792 Acer. dep. equip._ 1,954,287
255,000 Acer. dep. leased
2,903,116
13,607
213,750
Ins. paid In adv_.
Disc. on cap. stock
on
32,978
180,708
429,459
7,278
59,937
278,951
369,600
3,678
21,032
Int. & divs. receiv.
Disc,
aid
construction
wages
agents & conduc.
Misc. accts. receiv.
Other
13,539,400 13,539,400
stock—11,415,600 11,415,600
in
bonds-
liab. by
as a
Grants
gold bonds
4,000,000
1st mtge. 5% gold
otherwise car¬
or
$
Common stock
Preferred
Dep.in lieu of mtge
property sold
Misc. phys. prop.
1934
$
Liabilities—
1936
Hudson Motor Car Co.—Sales Continue to Soar—
1935
1934
$
'
—■
March 28
on
paid.
In addition the company paid
15 1935 and Nov.
an extra dividend of 5 cents on
15 1934 and 10 cents per share on Nov. 15 1933.
New Director—
H. A. Somers Jr., has been elected
—V. 142, p. 1292.
a
director to succeed F. A. Kelley.
-V. 142, p. 1643.
Indianapolis Union Ry.—Invites Refunding Bids—
Haloid
The company
Co.—Registers 55,000 Common Shares—
filed
The company has
registration statement with the Securities and
Exchange Commission, under the Securities Act, covering 55,000 shares of
common stock.
Underwriters are Donoho, Moore & Co., 36,500 shares,
and Mitchell, Herrick & Co., 18,500 shares.
Proceeds from the sale of the issue will be used to redeem at 105 3,500
shares of preferred stock; to repay a loan of $92,244 from Rectigraph Co.;
to r epay a loan of $100,000 from Union Trust Co. of Rochester, N. Y., and
the balance for working capital.—V. 141, p. 1818,
a
has invited bids for the purchase of $4,714,000 of refunding
bonds series B, dated March 1 1936 and maturing
1986, the bonds to be jointly guaranteed by endorsement by the
Pennsylvania RR. Co. and New York Central RR.
Bids are to be received
up till noon on March 30 by George H. Pabst Jr., treasurer of the company,
at Philadelphia.
&
impt. mtge. 3H%
March 1
The
bonds will be redeemable at the option of the company on March 1
1941 and thereafter at 108% and lesser premiums, and will carry a
sinking
fund which shall become operative in the event that all the bonds
now
out¬
standing under the general & refunding mortgage of the company shall have
I30G11 retired
Hamburg-American Line—Financial Reorganization—
The New York"Times" March 24 said in part:
The great financial losses suffered by German shipping in recent years
were revealed anew on March 23 with the announcement of the long-awaited
financial reorganization plan for the Hamburg-American and North German
The plan calls for
Lioyd lines.
a new
slash in both companies' capital stock
to one-fifth of its present nominal value and to about 7 % of its nominal
value in 1932 together with the issue of new stock to pay bank debts.
The financial reorganization follows the general reorganization of German
shipping under the National Socialist regime which dissolved the old Ham¬
burg-American and North German Lloyd union and created small, more
efficient operating units.
According to a statement issued on March 23 the financial reorganization
is as follows;
The North
marks
German Lloyd will reduce its capital stock from 54,500,000
11,530,000 marks.
It was 165,000,000 marks in 1932.
Simul¬
to
taneously it will issue new stock of a nominal value of 34,360,000 marks.
The new stock will be accepted by creditors at par to pay bank debts which
in the last report issued, for 1933, were listed at 84,270,000 marks.
The Hamburg-American line will reduce its capital stock from 54,570,000
marks to 12,010,000 marks.
It was 161,400,000 marks in 1932. It will issue
new stock of a value of 34,360,000 marks to pay bank debts which, accord¬
ing to the report for 1933, amounted to 111,370,000 marks.
In addition both companies will fall back on reserves and stock in their
possession to meet operating deficits which have not yet been revealed,
but in 1933 amounted to 12,600,000 marks for the Hamburg-American
line and to 11,700,000 marks for the North German Lloyd.— Y. 141, p. 3692.
(M. A.) Hanna Co.—To Amend Articles of Incorporation—
The preferred stockholders at the annual meeting April 7 will be asked to
vote
on
a
proposed amendment to the articles of incorporation to broaden
of
statement
kinds
of.
business
in
which
the
corporation
may
engage.
—V. 142, p. 1469.
Hatfield-Campbell Creek Coal Co.—Directorate Reduced
The board of directors
was
reduced from 16 members to 14 at the annual
meeting of stockholders on March 18.
Only one of three vacancies caused by deaths during the year was filled.
M. H. McLean, Covington, is the new member.—V. 142, p. 128.
Havana Electric Ry.
Period End. Dec. 31—
Co.—Earnings—
1935—3 Mos.—1934
Operating revenue
Oper. exps., incl. taxes—
$628,175
646,037
1935—12 Mos.—1934
$641,874
655,739
$2,560,716
2,512,176
$2,657,288
2,557,053
The
proceeds of the sale of the $4,714,000 ref. & impt. mtge. 3^£%
bonds, with cash to be furnished by the company, will be used to redeem on
July 1 1936, at 103, $3,714,000 series A 5% gen. & ref. mtge. bonds, due
Jan. 1 1965, and at 105, $1,000,000 series A,
4M% ref. & impt. mtge.
bonds due July 1 1980.
The issue and sale of the bonds by the
company and their guaranty is
subject to the approval of the Interstate Commerce Commission.—V. 141,
p. 1934.
Industrial Credit Corp. of New England—Extra Div.—
The directors have declared an extra dividend of 6H cents per shareTin
addition to the regular quarterly dividend of 32 cents per share on the
stock, both payable April 1 to holders of record March 14.
A like
payment was made on Jan. 2 last and on Oct. 1 1935.
An extra dividend
of 6H cents was paid on July 1 1935, while in each of the six
preceding quar¬
ters extras of 6H cents per share were distributed.—V. 142,
p. 129.
common
Insull
Anderson
Anderson
Non-oper.
x
loss$13,865
$48,540
$100,235
163
130
642
813
revenue.
Gross corp. income
Int. & other charges
loss$17,699
172,687
demonstrated
$181,875
$49,182
691,357
$101,048
672,884
$571,836
1
1935 of $242,336, there was delivered to the trustee $53,661
principal amount of bonds; no further payment in bonds or cash has been
made on account thereof.—V. 142, p. 1122.
Holland-America Line—To Remove Bonds from
The
company
has advised the New York
Stock
List—
outstanding only
Fl. 521,500 par value out of a total amount of
Fl. 22,784,500 outstanding at the time of the November 1933
reorganization
of the sinking fund gold 6s, due 1947, and that it appears that
very few of
the United
remaining outstanding
large
and
the limited
only $143.70,
evidence
presented in behalf of Anderson was not even
For this reason the case may not be a pre¬
("Wall Street Journal.")—V. 142, p. 462.
contested by the government.
cedent-setting
one.
Interborough Rapid Transit Co.—Report for February—
Thomas
E. Murray,
Jr., receiver, in his monthly report for February
says in part:
Traffic—The Subway Division during the month of February carried
70,158,145 passengers, an increase of 3,784.433 or approximately 5.70%
as compared with February 1935.
This is the largest percentage increase
since January 1930.
This large percentage of increase was due largely to
conditions fixed by the calendar.
The month of February had 29 days,
compared with the 28 last year, and as a result the traffic for the month
was increased by slightly over 3.50% on this account.
During the month of February the Manhattan Division carried 16,971,618
passengers, a gain of 586,188, or approximately 3.58%, as compared with
February 1935.
Each line on the division showed an increase over the
corresponding month in the previous year, but with the exception of the
Second Avenue Line the increase
to above.
On the
the
and
was
States.
In view of the foregoing, the Committee on Stock List has directed that
this issue be stricken from the list of the New York Stock
Exchange on
April 15 1936, with advance notice.—V. 141,
p.
the Sixth Avenue Line and the Ninth Avenue Line.
Compared with the preceding month of January, each line showed
on account of the reason
previously stated.
an
Subway Division Operations
Operating expenses
$3,839,853
2,099,558
Ending
8 Months Ending
Feb._ 28 '35
Feb. 29 '36
Feb. 28 *35
$3,631,351 $29,341,416 $28,737,883
2,053,563
17,274,853
17,079.518
Taxes.
$1,740,296
162,569
$1,577,788 $12,066,563 $11,658,364
143,479
1,180,764
816,818
Current rent deductions.
$1,577,727
218,708
$1,434,309 $10,885,799 $10,841,546
218,708
1,749,661
1,749,661
$1,359,019
$1,215,602
$9,136,139
6,094
41,948
311
$1,352,925
$1,173,654
$9,135,828
$9,180,152
$1,352,925
866,950
$1,173,654
875,473
$9,135,828
6,938,543
$9,180,152
6,852,134
; $485,975
$298,181
713
$2,197,284
$2,328,017
718
18,041
11,569
$486,694
$298,893
$2,215,326
$2,339,587
Period—
Feb. 29 '36
Gross oper. revenue
Used for purch. of assets
of enterprise
Payable
to
city
contract No. 3
Fixed
charges-
Preferred Dividend—
The directors have declared
a dividend of $1.50
per share on the 6%
pref. stock, par $100, payable March 31, to holders of record March 19.
were made on Dec. 3l, Sept. 30, June 29 and
April 20
1935; Dec. 31, Sept. 29, June 30, March 23 1934 and on Nov. 29 and Dec. 30
cum.
$9,091,885
Cr88,267
under
461.
Hooker Electrochemical Co.—$1.50
due to the unusual conditions referred
ordinary days traffic held up well on the Second Avenue
Avenue Line, but there was considerable decline on
Third
held by bondholders within
are
a decision in the case of Bruce
Internal Revenue decided that Mr.
the
ramifications because of the wide distribution of the bonds but the amount
of bonds involved in the Anderson case was extremely
small,
Exchange that there
remain
the small amount
or
Month
$642,175
Includes interest accrued for period on 53^% gold debentures, serie of
1926, interest on which has not been paid subsequent to March 1 1931.
Consolidated Mtge. Bonds—On account of the sinking fund instalment
x
due Jan.
Appeals in
series B debenture bonds of the
Insull Utility Investments. Inc. had become a "bad debt" in 1932 and there¬
deductible from taxable income.
This decision might have
Deficit (before deduct¬
ing depreciation)
that
increased rate of traffic
loss$13,735
168,140
$190,386
against the Bureau
had
fore
Line
loss$17,862
Utility Investments, Inc.—Bonds Worthless—
The United States Board of Tax
E.
Net inc. from oper
Non-oper. income
Similar distributions
Balance
1933.
Following the March 31 payment, accruals
$9 per share.—V. 141, p. 4168.
on
Manhattan Division Operations
the preferred stock will
Month
amount to
Period—
1
Hudson & Manhattan
Period End. Feb. 29—
Gross oper. revenue
Operating exp. & taxes.„
RR.—Earnings—
1936—Month—1935
$644,896
$624,498
289,160
375,722
Ending
Feb. 29 *36
$912,014
822,102
$7,944,268
7,049,862
$7,857,452
6,786,428
$75,264
$89,912
$894,405
$1,071,023
$4,933
3,940
3,632
6,355
$4,821
3,844
3,227
6,475
$39,123
31,067
27,821
52,339
$37,534
$18,862
Operating expenses
Feb. 28 '35
$936,854
861,590
$18,368
$150,352
$147,716
$56,401
$71,543
$744,052
$923,307
1936—2 Mos.—1935
$1,315,933
798,459
$1,309,325
784,650
7 Months Ending Feb. 28 '35
Feb. 29 '36
Gross oper. revenue
Net oper. revenue
of jointly oper¬
Rental
ated lines:
Operating income
Non-operating income
$255,736
23,737
Gross income
$248,775
23,060
$517,474
47,273
$524,675
46,349
Queensboro Line
Lexington Ave. Line..
White Plains Rd. Line
Other rent items
$279,474
$271,836
$564,748
$571,025
chgs.—inc. int. on
adj. inc. bonds at 5 %
314,964
314,731
630,215
630,009
Deficit
$35,489
$42,895
$65,467
$58,984
Inc.
-
.
—V.
142,
p.
1988.
Bal. of net oper. rev_.
—V.
142,
p.
1471.
30,932
24,594
54,654
Financial
Volume 142
ratio of
International Great Northern RR.- —Earnings.—
1936
$889,144
def27,771
Net after rents
55,104
142, p.
$821,419
178,028
49,768
$1,062,038
293,628
124,413
1—•
From Jan.
Gross from railway
Net from railway
Net after rents
defl3,358
1,655,413
361,251
111,513
1,909,919
600,278
1,915,947
361,684
88,126
1,836,037
179,556
International Printing Ink
Corp.—45-Cent Dividend—
The directors have declared a quarterly dividend of 45 cents per share
on the common stock, no par value, payable May 1 to holders of record
April 13.
This compares with 35 cents paid on Feb. 1 last and on Nov. 1
1935, and 25 cents paid on Aug. 1, May 1 and Feb. 1 1935, and on Dec. 20,
and Nov. 1 1934, this latter being the first distribution made on this issue
since Nov. 1 1930 when 62 H cents per share was disbursed.
Prior to
p.
quarterly dividends of 75 cents per share were
Johns-Manville Corp.—To
The company announced on
Central America—Annual Report
xl935
Years Ended Dec. 31—
•
1932
1933
1934
addition to those
'
Marketing of the materials, made from wood fibre and asbestos, will
4 4Acoustex'' and4 'silentile,'' subjects of experiment in eastern
laboratories for the past several months, will be used for noise reduction and
acoustical correction of office buildings, hospitals, public bulidings, theatres,
libraries, educational institutions and other buildings.—V. 142, p. 1820.
begin April 1.
Kennecott Copper Corp.
$3,914,752
2,902,679
12,633
2,792,398
Uncollectible ry. revenue
474
250
709
$1,399,773
321,461
$1,161,339
330,879
Non-operating income—
196,522
163,191
$1,102,198
283,191
199,746
$1,609,091
Net inc. from misc. oper.
$1,917,756
1,353,906
103,442
$1,655,409
1,431,435
102,995
$1,585,135
1,447,915
105,043
$2,071,165
1,485,105
107,761
20
20
bonds & notes—
Amort, of discount
Inc. appiic. to Occidental
RR. minority interest-
2,787,222
5.896
1,158
19,446
253.449
208,625
18" 572
17,624
17,932
18,800
Sinking fund reserve
$441,836
187,576
$103,335
177,194
$14,225
161,712
$459,479
144,884
Balance, surplus..
Previous surplus
$254,260
7.933,357
def$73,859 def$147,487
$314,595
Mis cell. income charges.
Net income
-
7.987,539
on
8,684,499
9,039,597
526
road & eq. sold-
42,433
121",368
288", 193
Total oper. revenue..$73,188,996
Cost
$8,035,048
$9,203,706
metal
produc.
mining, treatm't
and delivery
46,278.355
RR., steamship & wharf
operating costs
4,897,197
Adjustment
retired rd. & eq.
74,503
6,832
13,487
of surp.
Delayed income debits
Mis cell, adjustments—
110", 698
20",980
31",042
32.972
73,879
4,886
598,271
112,500
500,509
$8,012,403
$7,933,357
$7,987,539
$9,039,597
Nil
Nil
Nil
$0.99
Earns, per sh. common.
During 1935, revenues earned and expenses
currency
incurred in colones (the
of El Salvador) have been converted into U. S. dollars at the
(U. S.) for one colon (the approximate current rate). During
(U. S.) for one colon (the
rate of 40 cents
1934 conversion was made at the rate of 50 cents
then official parity of
exchange).
Taxes
Depreciation
95,957
phys. prop..
investments
Sinking fund
J
Cash
Time drafts &
dep.
Speo'^i deposits
93,370
Funded debt
955,710
1,324,926
Int. & divs. rec...
Rent <fc insurance-
Oth. unadj. debits
Interest
148,728
312,335
31,466
accrued..
debt
Funded
Minority
675,054
213.994
1,150,761
1,876,626
26,999
30,686
y
Miscell. accts. pay.
19,014
10,958
accounts.
Other def. assets..
1,200,000
90,305
185,271
301,316
68,098
18,316
14,713
29.932
545,495
302,240
1,122,014
1,768,237
35,007
Disc, on fund, debt
90,144
Int. <fc divs. mat'd.
35,000
20,416
Mat'ls & supplies-
Accts.&wages pay.
1,558,474
1,512,502
1,577,107
160,000
16,199
Agents & conduc'rs
Loans pay
tured,
ma¬
1,200
237
RR.
599,721
7,364
Tax liability
151,067
1,498,902
surplus.- 1,000,000
8,012,403
7,933,357
deprec'n. 4,700,617
61,767
Operating reserves
Oth. unadj. credits
Sink.fund res've.-
Approp.
Profit and loss
.88,746,219
Total...
88,690,5691
601,100
7,364
4,386,812
36,277
163,159
1,311,326
Ins. & casualty res.
Accrued
17,550
interest,
Occidental
1,000,000
88,746,219 88,690,569
Total
300,220
437,339
363,078
259,779
193,776
48,775
84,727
136,972
$13,164,571
$5,719,854
4,841,498
$2,307,7341oss $7102199
7,001,534
$6,163,037
71,177,336
$878,356
63,937,591
$2,307,734def$7102,199
62,948,171 112,192,457
10,773,485
$1.22
10,769,379
10,752,593
10.437,005
$0.2134
Nil
1,576,963
of subsidiaries
Represented by 315,000 shares (no par), y On April 1 1935, one year
6% secured notes of the company in the amount of $1,200,000 matured.
The company was able to protect its working capital by arranging an
extension of $800,000 of this amount giving therefor five-year secured serial
notes with-interest reduced to 5%. —V. 142, p. 1644.
x
106,710
Net income applicable
to Kennecott stock
before depletion
Dividends paid
Balance
Earned surplus
Shares
of
capital stock
outstanding (no par)
Earned per share
_
x
-
$0.53
Includes the income of Kennecott Wire & Cable Co. (formerly American
Electrical Works) from Oct. 1 1935, the date as of which Kennecott Copper
Corp. acquired its stock,
y Adjustment to cover amount written off to
Dec. 31 1932 for difference between cost of production and five cents,
date—applicable to copper sold during 1933.
Consolidated Balance Sheet Dec. 31
Assets—
Invest, securs.
Liabilities—
$
4,356,377
1934
$
$
17,844,729 Accts. payable..
9,675,161 Treatment refin.
& dellv. chgs.
4,448,247
not due
17,496,935
1.302,348 Prov. for taxes
accrued
7,126,338
604,731 Def. accts. pay.
4,607,750 Insur. & other
25,363,297
Marketsecur.
8,982,831
Accts. receivable
6,922,423
Metals
17,721,189
Ore & concent—
1,752,810
Mat'ls&suppls.
7,204,588
Def. accts. rec.
617,338
a
1935
1934
$
Cash
2,789,821
3,231,094
1,222,450
637,038
3,431,635
118,097
2,655,489
124,016
RR.equity,&c217,931,847
1,055,979
914,054
53,152,713
31,650,451 c Stated capital. 53,152,713
322,667 Capital surplus. 189,757,695 189,660,116
575,786
563,595
1,050,457 Mln. int. in sub.
Earned surp. be¬
fore deplet'n. 71,177,336
63,937.591
218,358,735
Total
314,488,5491
reserve
Stripping & min¬
unpaid..
96.981
294,294
490,922
186,857
1935
7,457,615
7,457,615
23.724,588 23,106,791
Govt, grants
397,319
386,229
19,283,817 loss$615,911
2,520,646
1,137,294
3,864,909
3,665,321
329,080
$
Commonstock--30,886,144 30,886,144
10,000,000 10,000,000
388,712
369,447
955,712
Inv. inaffil. cos
Other
x
Preferred stock
Impts.
on
leased
railway prop
Misc.
79,913,379
$8,989,523 loss$712,892
costs
1934
$
Liabilities—
$
$
Assets—
Road & equlpm't.79,836,283
2,138,178
520,030
Current invent, adjust-Shut-down expense
market price at that
1935
1934
24,607,057
Gen. admin. & corporate
exps. not incl. in oper.
Consolidated Balance Sheet Dec. 31
1935
34,350,443
4,170,250
3.148,630
yCr3,094,022
$22,533,473 $13,859,808
3,234,495
4i 151,877
3,720,094
4,161,389
Total income
Deduct—
Miscell. approp.
•
41,065,680
$22,013,443 $13,196,570
I
663,237
Net oper. revenue
_
Other receipts—divs., in¬
terest and miscell
$9,084,126
adjustments
$58,432,501 $43,394,573 $26,032,343
of
incl.
85", 032
$8,230,577
Miscell.
1932
$66,674,013 $53,592,874 $39,817,829 $23,094,950
RR's, steamship & wharf
6,514,983
4,839,627
3,576,744
2,937,393
products
Sundry charges
Minority int. in income
*
23,403
Donations
Miscell.
x
Years
1933
1934
xl935
20
Gross income
on
(& Sub$.)—Earnings—
Consolidated Income Account for Calendar
o/w.
$4,076,901
Loss
ing developm't 31,451,556
Prepd. insurance
336,895
Misc. def. accts.
927,518
b Mining props.
323,568,670
323.568,670 314,488,549
Total
a Partly owned allied and affiliated companies,
b Less depreciation of
$100,394,080 in 1935 and $96,196,953 in 1934.
c Represented by 10,773.485 no par shares in 1935 and 10.769,379 in 1934.—V. 142, p. 1472.
Kingston Products Corp., Kokomo, Ind.—Stock Sold—
the sale at $4.50 per share
288,772 shares of common stock of this corporation.—
V. 125, p. 3491.
Alison & Co., Detroit, announce
of
(G. R.) Kinney Co., Inc.—To Amend By-Laws—
The stockholders at the annual meeting April 15 will consider a
International Utilities
Corp.—Preferred Dividends—
the $7 cum.
prior pref. stock (no par value) and a dividend of 75 cents per share on
the $3.50 cum. prior pref., series 1931 (no par value), both dividends
being payable May 1 to holders of record April 20.
Similar payments were
made on Feb. 1 last.
These dividends compare with payments of $1.25
per share on the $7 prior pref. and 62K cents per share on the $3.50 prior
pref. made on Nov. 1 1935.
Dividends of 87K cents per share on the $7
prior pref. and 43H cents per share on the $3.50 prior pref. were paid on
Aug. 1 1935, and in each of the six quarters preceding Aug. 1.
Prior to
then regular quarterly dividends were distributed.—V. 142, p. 302.
Directors have declared a dividend of $1.50 per share on
Interstate Hosiery
Options—
Mills, Inc.—Employment Contracts—
notified the New York Curb Exchange that the stock¬
19 ratified and approved ten
year employment contracts with three officers: (a) Ivan Selig, (b) Harold
D. Greenwald, and (c) Lawrence H. Greenwald, and that one of the pro¬
visions contained in each of the said employment contracts was the following,
conferring upon each officer an option to purchase stock of the corporation:
"For the purpose of encouraging (a), (b) and (c) to maintain and increase
his proprietary interest in the company during the effective period of this
contract, the company hereby grants to him the right, during each year
that this contract shall remain in effect, to purchase from the company for
cash, in lots of not less than 100 shares each, not exceeding 500 shares of
the common stock of the company at the book value thereof as determined
by the auditors of the company as of Dec. 31 in the year last preceding."
The company has
—V. 142, p. 1123.
Iowa
Electric
Light
&
Power
Co.—Bonds Offered—
Harris, Hall & Co., Inc., the Firs| Boston Corp., Brown
Harriman & Co., Inc., Coffin & Burr, Inc., and F. S. Moseley & Co. are offering at 103 and int. $3,600,000 1st mtge.
bonds, series E, 4%. due Dec. 1 1955.
The same bankers are offering privately $1,250,000 3%
coupon
notes, due semi-annually,
The notes
amendment to the
proposed
By-Laws so that the annual meeting will be held one
789.
week later.—V. 142, p.
Knott Corp.—Resumes
The
directors
have
declared
Common Dividends—
a
dividend of 10 cents per share on the
stock, payable April 15 to holders of record April 1.
This will
be the first dividend paid since July 15 1931, when a regular quarterly
dividend of 25 cents per share was distributed.—V. 141, p. 1441.
common
Lawton Mills
A
Corp.—To Vote
on
Liquidation—
special meeting of stockholders will be held April 13 to act on the
recommendation of directors that the corporation be liquidated.
fourth vote is necessary.
Directors will then proceed to wind up
A threethe com¬
and distribute to stockholders the $480,000 received from the
Cotton Supply Corp. less liquidation expenses.—V. 142, p. 1645.
pany
•
holders at the annual meeting held on Feb.
1941.
expand
by the Atlantic Gypsum Go. of Boston.
These products are in
developed in Johns Manville laboratories during the past
tured
$4,403,366
Railway oper. revenue-- $4,022,186
Railway oper. expenses2,611,892
Railway tax accruals
10,046
Prof,
Market Acoustical Products—
March 25 that it had arranged to
its line of acoustical products by becoming sole distributors of "acoustex"
and "silentile," non-combustible noise reducing building materials manufac¬
Sales of metals & metal
International Rys. of
on
1990.
paid.—V. 141,
3074.
Int.
held.
five voting trust
April 10 1936.—
25 years.
—V. 142, p. 1645.
then regular
voting trust certificate for each
The right to subscribe will expire on
additional
one
certificates
1933
1934
1935
$940,224
184,862
February—
Gross from railway
Net from railway
2163
Chronicle
are
Lehigh & Hudson River Ry.—Earnings.
plus accrued interest from April 1 1936, to
mately 0.75% to 3.00%.—V. 142, p. 1820.
yield approxi¬
From Jan. 1
256,220
25.090
1933
$109,012
31,602
1934
$114,624
28,561
33,157
7,192
9,186
244.755
70,512
222,357
66,656
24,598
20,845
—
Gross from railway.
Net from railway
Net
"
1935
$123,259
37,995
14,391
256,137
73,284
Net from railway
Net after rents
after rents
81.595
-V. 142, p. 1473.
,
Lehigh Valley RR .—Equipment Trust Certificates—
The
Interstate
Commerce
Commission
on
March
13
authorized the
to assume obligation and liability, as lessee and guarantor, In
respect of not exceeding $1,755,000 additional equipment-trust certificates,
series V 1934, to be sold at par in connection with the procurement of
company
1,000 coal cars.
<
its order of Dec. 11 1934. so as to permit
of Lehigh Valley RR. equipment-trust certifi¬
outstanding, by applicant's waiving the right of
The Commission modified
amendment of $3,345,000
cates, series
redemption.
V
1934,
Earnings for Month of February and
February—
Gross from railway
Net from railway
Net
after rents
From Jan. 1
Iron Fireman Manufacturing Co.—Rights—
The holders of the voting trust certificates for common stock of record
at the close of business March 21, will be offered the right to subscribe at a
price of $15, to additional voting trust certificates for common stock in the
1936
$133,915
40,946
15,543
February—
Gross from railway
Oct. 1 1936 to April 1
priced variously according to maturity,
General
1933
486.689
1934
$3,338,917
981.533
644.325
$2,881,138
606,541
239.947
7.958.459
1,737.104
973.082
6.936.788
1.705.058
1,036,674
6.924.288
1,923.489
1,265.127
5,672.087
900.989
161,391
—
Gross from railway
Net from railway
Net after
Year to Date
1935
$3,386,908
807,136
432.607
1936
$4,093,969
857.500
rents
—V. 142, p. 1475.
2164
Financial
Leverage Fixed Trust Shares—Pays Liquidating Div.—
The company paid a
March 25.—V. 132, p.
liquidating dividend of $1,254 per bearer share
2077.
on
Chronicle
March 28
1936
with which $43,000 of the bonds were called as of Jan. 1936.
The re¬
tirement clause of the supplemental indenture authorizes retirement of
the bonds either by call or Dy purchase in the
open market if the bonds
be bought at less than par.
Louisville & Interurban RR.—Because receipts from the three remaining
divisions of the Interurban company continued to show a downward
trend,
the directors of the company authorized their abandonment.
With the
can
Lincoln
Telephone
Securities
Co.—Resumes
Dividends—
Class
B
-
The directors have declared a dividend of 15 cents per share on the class
B common stock, no par value, payable April 10 to holders of record
March 31. This will be the first payment made on the B stock since Jan. 10
1934 when
a
dividend of 10 cents per share was distributed.—V. 141, p. 2281.
Loblaw Groceterias,
Period End. Mar. 7—
1935
70,025
Loew's
65,584
622,101
607.434
Inc.—Listing of 3%% Sinking Fund Debentures—
The New York Stock Exchange has authorized the listing of $15,000,000
% sinking fund debentures, due Feb. 15 1946.
p. 1475.
See offering in V. 142,
12 Months Ended Dec. 31—
Gross
revenues
^
1935
•
(all sources)
Net income
—Y.
142,
p.
$2,534,866
$2,349,227
303.
on
Louisville & Nashville RR.—Bonds
ley & Co., Inc., New York,
on
a
$9,292,000 1st & ref. mtge.
The issue has been oversubscribed.
divs.
and sale of these
Interstate Commerce Commission.
Issuance—Issue
Data from Letter of
bonds
has
been
authorized
by the
Tennessee,
and important
commercial
and
the Middle South from the Ohio River to the Gulf.
industrial
centers
of
Company operates in
<13 States.
Purpose—Net proceeds to be received by the company from the sale of
these bonds
North
&
are
to
Alabama
be applied toward the payment of $9,292,000 South
RR. consol. mtge. 5% bonds due Aug. 1 1936, out¬
standing in the hands of the public.
*
Earnings for Years Ended Dec. 31
Gross
1
„
.
Operating
Income
$147,136,531
144,605,117
135,638,458
132,055,983
112,440,985
87,019,791
63,920,024
65,656,958
69,962,668
75,694,731
$30,822,543
27,951,886
25,456,728
24,834,261
17,729,772
11,888,466
9,495,291
12,844,708
13,777,331
14,787.082
1928
1931.
1935
Deductions
Gross
Revenues
V
.
from
Net
Gross Inc.
Income
$11,400,432
$19,422,111
11,225,645
16,726,241
11,133,508
14,323,220
11,107,719
13,726,542
11,123,690
6,606,082
10,848,520
1,039,946
11,604,166 loss2,108,875
11,048,992
1,795,716
10,809,946
2,967,385
10,658.139
4,128,943
Security—The $67,045,000 1st & ref. mtge. bonds presently to be out¬
standing in the hands of the public and an additional $500,000 of such bonds,
which it is contemplated will be pledged under the Georgia RR. lease, will
be secured, in the opinion of the company's counsel, by a direct lien on
4,760 miles of railroad owned in fee by the company subject to the liens,
in so far as they attach, of mortgages securing $151,782,000 of bonds
(exclusive of the South & North Alabama RR. bonds maturing Aug. 1 1936)
outstanding in the hands of the public or pledged.
The 1st & ref. mtge.
permits the issuance of additional bonds thereunder which would be equally
secured thereby, but closes all existing prior lien mortgages.
The mort¬
gage permits the extension of bonds constituting prior debt to a date not
later than Jan. 1 2003.
-
Sinking Fund—A non-cumulative sinking fund, commencing in 1937, of
H % Per annum of the principal amount of all issued (as defined) series D
bonds, payable only to the extent of net income in the preceding year, is
to be applied to the purchase of series D bonds at or below 100% and
accrued interest, or, if not so obtainable, to redemption at 100% and
accrued interest of bonds drawn by lot.
The sinking fund payments may
be made in cash
'
or
bonds
or
both.
Capitalization Outstanding in the Hands of the Public
Mortgage bonds_x
Secured bonds
L. & N.—Southern, Monon collateral, joint bonds_y
Equipment trust obligations
Miscellaneous obligations
Capital stock (par $100)
x
as
of Dec. 31 1935
$204,955,000
10,000,000
11,811,500
2,775,000
3,530
117,000,000
Does not include $13,900,000 of mortgage bonds pledged to secure the
$10,000,000 secured bonds nor $500,000 of mortgage bonds pledged under
Georgia RR. lease.
y The company and Southern Ry. are jointly liable for these bonds, the
total issue of which is $11,827,000.
Company, however, owns $31,000
of them, and the figure, $11,811,500, in the above tabulatino is obtained
by subtracting from the total issue of $11,827,000 the amount of the com¬
pany's one-half of the liability on the bonds held by it.
As between the
joint obligors, the company's proportion of liability is $5,898,000, and the
Southern Ry.'s is $5,913,500.—V. 142, p. 1646.
the
Louisville Ry.—Bond Extension—
On July 1 1935 the company's $3,000,000 extended consolidated 6
1st mtge. bonds matured.
This $3,000,000 was the remainder of an
original issue of $6,000,000 put out at 5% in 1890, which first fell due
on July 1
1930, at which time $3,000,000 of the issue was paid off and
$3X100,000 extended at 6^% to July 1 1935.
The 1935 maturity of $3,000,000 Was met by paying off $1,000,000
of this debt and the extension of the remaining $2,000,000 to Jan. 1
1940
declaratory judgment suit was necessary to clarify
refinancing and though the extended issue
registered with the Securities and Exchange Commission at Washington,
the total expense of the refinancing amounted to only $32,178, which
amount is being amortized by monthly charges to income over the term
at
5H%'
some
Although
a
of the legal aspects of the
was
of the extended bonds.
The supplemental indenture extending $2,000,000 of the bonds contains
which provide for the calling of these bonds at par and which
obligate the company to turn over to the trustee, for use in retiring the
bonds, one-half of its net income in each six-months' period.
Under
these clauses, on Nov. 1 1935, the company delivered to the trustee $43,000
clauses
$3,333,974
2,151,570
226,964
$953,869
$974,894
308,500
$923,396
281,000
$955,441
321,000
$634,869
30.787
$666,394
52,902
$642,396
18,329
$634,441
9,395
$665,656
441,750
4,190
$719,295
486,750
$660,725
488,247
$643,836
502,784
200
500
$219,716
$232,545
$172,278
$140,552
debits
available
on
for
stocks
1935
Assets—
1934
$
1935
Liabilities—
S
Road & equipm't.18,018,692
Invest, in affil. cos.
18,174,069
terurban RR.
4,000,000
136,500
1
Other
stock,
4,000,000
136,500
1
investments
364,301
424,010
Current assets....
789,360
1,305,574
Deferred assets
debits 1,137,286
$
8,035,000
3,500,000
8,323,600
9,035,000
412,120
1,258
Unadjusted credits 2,062,654
Corporate surplus. 2,111,507
2,227,288
1,643,276
Bonds.....
Current liabilities.
Deferred
406,984
liabilities
1,323
142,000
Unadjusted
1934
$
5%
3,500,000
Common stock... 8,323,600
Louisville & In¬
Ky.Carriers.Inc.
Peoples Tr. Co.
Pref.
cumulative
955,318
Total
....24,446,140 25,137,472
Total
24,446,140 25.137,472
—V. 140, p. 1664.
Lower St. Lawrence Power
Co.—-Earnings—
3 Months Ended Jan. 31—
Income from operations
Operating expenses..
Depreciation
1936
...
...
Net income for bond interest
-V. 141, p.3231.
Lyman Delano, Chairman dated March 20
Company—Company, which has been in continuous operation since 1859,
now owns 4,760 miles of railroad and operates 5,009 miles.
It owns 71.78%
of the capital stock of Nashville Chattanooga & St. Louis Ry. which operates
an additional 1,154 miles.
These lines form a comprehensive system serving
the Kentucky and Alabama coal fields, coal fields in western Virginia and
eastern
$3,089,968
1,936,764
229,808
259,059
146,376
Condensed General Balance Sheet Dec. 31
4% bonds, series D.
pp Dated Aug. 11921; due April 1 2003.
Bearing interest from April 11936,
payable A. & O. in New York City.
United States Trust Co. of New
York, trustee.
Coupon bonds in denom. of $1,000 registerable as to
principal.
Fully registered bonds in denoms. of $1,000, $5,000 and $10,000.
Coupon and registered bonds interchangeable.
Redeemable all or part,
upon 60 days* notice, on any interest date at following prices and interest:
to and including April 1 1955, at 105; thereafter to and
including April 1
1970, at 104; thereafter to and including April 1 1985, at 103; thereafter
to and including April 1 1995, at 102* thereafter to and including April 1
20PO, at 101, and thereafter at 100.
Also redeemable for sinking fund upon
60 days' notice on Oct. 1 1937 and on Oct. 1 in any year thereafter at
100 and interest.
$3,219,663
2,000.950
243,819
Gross income—
Int. on bonds and notes.
certificate
Sold—Morgan Stan¬
$3,146,228
1,947,733
244,626
from oper...
Miscellaneous
March 23 offered at 100 and
interest
rev.
Balance
March 16 issued
70,065
Non-oper. income
permitting the co-receivers of the company to abandon that portion of a
branch line of railroad extending from Reggio to Shell Beach, approximately
6.5 miles, all in St. Bernard Parish, La.—V. 139, p. 3001.
1932
$2,928,539
242,682
82,642
Net oper. income
Louisiana Southern Ry.—Abandonment—
The Interstate Commerce Commission
259,821
$2,745,557
232,933
111,478
319,000
Oper. expenses (cars)
Oper. expenses (buses)..
1934
$11,407,604 $11,250,445
6,680,979
6,541,062
2,191,758
2,360,155
Total exp. (incl. retirement exp.) and all taxes
Total fixed charges
$2,894,339
Rev.fr. transp. (buses).
Other oper. revenues
Net
Taxes
Long Island Lighting Co.—Earnings—
^
1Q33
1934
$2,816,343
profit after charges
„
19237604
Income Account for Calendar Years
1936-40 Weeks—1935
$1,264,762 $12,345,716 $11,828,858
$1,317,496
and taxes
—V. 142, p. 1475.
v
S. Commission of Kentucky the Orell Division was dis¬
17 1935; the LaGrange Division Aug. 24 1935, and the
Prospect Division Oct. 31 1935.
Previously the Shelbyville Division had
been abandoned May 15 1934; Fern Creek Dec. 26 1933; Jeffersontown
Dec. 1 1932, and the Okolona Division May 5 1931.
1936—4 Weeks—1935
Sales
Net
Ltd.—Earnings—
consent of the P.
continued Aug.
($17,499)
Ludlum Steel Co.—Additional Stock
1935
$72,095
28,338
10,618
$65,220
29,809
8,590
$33,139
$26,821
Listed—Rights—
The New York Stock Exchange has authorized the listing of 42,250 addi¬
common stock (par $1) upon official notice of Issuance and
tional shares of
payment in full pursuant to the terms of an offering to common stockholders
or
sale to underwriters,
making the total amount applied for to date 500,000
shdj'cs
The Exchange has approved the change in the purpose of issue (as speci¬
fied in previous
applications) in respect to 218,515 shares of
which
are
common stock,
authorized to be listed upon official notice of issuance upon the
conversion of
outstanding preferred stock, so that the shares (in so far as
the same are not required to be issued upon conversion of said preferred
stock) may be offered to common stockholders or sold to underwriters.
The company has filed with the Securities and Exchange Commission a
registration statement with respect to (1) 42,250 shares of common stock
sought to be listed, (2) the said 218,515 shares of common stock, and (3)
rights to subscribe to common stock.
The 42,250 shares of common stock are now reserved for the conversion
of preferred stock not now outstanding.
The certificate of incorporation,
as amended,
requires an amount of common stock to be reserved for con¬
version purposes sufficient to meet the requirements of the entire authorized
preferred stock.
The certificate of incorporation was amended by common
stockholders March 16 1936 by reducing the authorized preferred stock to
43,723 shares, the amount outstanding at Feb. 6 1936, changing the re¬
quirements as to the amount of common stock to be reserved for conversion
so that while any of the preferred stock is outstanding, there shall be reserved
from time to time to be issued upon the conversion of the preferred
stock,
a number of shares of common stock
equal to five times the number of
shares of preferred stock at the time outstanding.
Company proposes
to give to its common stockholders rights to subscribe at $22 per share on a
pro rata basis to the 42,250 shares of common stock.
As of the close of business on Feb. 17 1936, the company had reserved for
the conversion of outstanding preferred stock 218,515 shares of common
stock.
Company has called for redemption all outstanding preferred stock
as of May 4.
Each share of preferred stock is convertible into five shares
of common stock at the option of the holder thereof at any time on or before
the redemption date.
Company proposes to give to its common stock¬
holders rights to subscribe at $22 per share to such of the 218,515 shares as
may not be issued upon the conversion of preferred stock on or before the
redemption date.
The net proceeds from the sale of all shares to be offered are to be used
in the following manner: $149,728 are to be used to pay off the balance
of bank loans made in November 1935, to purchase 77.1125% of the
capital
stock of Wallingford Steel Co.; approximately $450,000 are to be used to
reimburse the treasury of the company for capital improvements made out
of earnings during the five years
preceding Dec. 31 1935, as follows: Plant
and buildings, $53,243; machinery and equipment, $335,130; work under
construction at Dec. 31 1935, $68,570; and the balance of the net proceeds
are to be used for
working capital and to reimburse the treasury for pay¬
ments made to redeem the outstanding preferred stock.
Terms of Offerings
Offering of 42,250 Shares of Common Stock—Company
proposes to give
rights to subscribe at $22 per share to the 42,250 shares of common stock
on a pro rata basis
(said rights to be represented by Lot A subscription
certificates) to common stockholders of record on April 2 (or such other
date not later than 14 days after registration statement becomes effective as
the company may fix).
The number of these rights will exactly equal the
number of shares of common stock outstanding on the record date.
The
number of such shares will not be known until the close of business on the
record date because of the possibility of the issuance of additional shares
of common stock prior to that time upon the conversion of preferred stock.
Transferable Lot A full share subscription certificates, representing such
rights, will be issued to each such holder of common stock in so far as his
holdings entitle him to subscribe to full shares and Lot A fractional share
subscription certificates will be issued to such holder representing the re¬
maining rights to subscribe, if any, which he may have.
However, no
fractional snares of common stock will be issued by the company, but such
Lot A fractional share subscription certificates, when surrendered with other
Lot A fractional share subscription certificates aggregating rights to sub¬
scribe to one or more full shares of common stock, will entitle the holder
thereof to exercise subscription rights for one or more full shares.
It is
expected that the subscription period during which such rights to subscribe
may be exercised will expire on April 23 1936, but In any event such period
will not expire earlier than the 20th day after the offering is made.
Each Lot A subscription certificate must be received by Guaranty Trust
/
Co., 140 Broadway, New York, together with subscription price payable
In New York funds, for the full amount of the subscription price of the shares
subscribed for, before 3 o'clock p. m. Eastern Standard Time, on April 23
1936 (or such later date not earlier than the 20th day after the offering is
made as the company may fix), or such Lot A subscription certificates will
become void.
No over-subscription will oe accepted.
Offering of 218,515 Shares of Common Stock—Company also proposes to
call for redemption all outstanding preferred stock, such call for redemp-
2165
Financial Chronicle
Volume 142
simultaneously with the registration s tatement becoming
the 46th day thereafter.
Conse¬
quently, such of the 218,515 shares (which were reserved at the close of
business on Feb. 17 1936 for the conversion of 43,703 shares of preferred
stock then outstanding) as equal five times the number of shares of preferred
stock not converted on or before the redemption date will, at the close of
business on the redemption date, be freed from the conversion restriction
and will be available for offer and sale by the company.
Company proposes to offer to each holder of its common stock of record
at the close of business on April 2 1936 (or such other date not more than
14 days after the registration statement becomes effective as the company
may fix) the right to subscribe at S22 per share to as many shares as he
may desire, subject to allotment from the available shares.
Such rights
to subscribe are to be represented by Lot B subscription certificates in
bearer form.
It Is expected that the subscription period during which
such rights to subscribe may be exercised will expire on April 23, but in
any event such period will not expire earlier than the 20th day after the
offering is made.Each Lot B subscription certificate must be receivedby Guaranty Trust Co., 140 Broadway, New York, together with a sub¬
scription agreement, before 3 o'clock p.m. Eastern Standard Time on April
23 1936 (or such later date not earlier than the 20th day after the offering
Is made as the company may fix), or such Lot B subscription certificates
will become void.
Immediately after the redemption date the company
will ascertain the number of the 218,515 shares which shall not have been
issued upon conversions of preferred stock and which are therefore then
freed from the conversion restriction and are available for issue to subscrib¬
ers.
The company will thereupon—
(a) first allot to each subscriber the amount of his pro rata share of com¬
mon stock available (or the number of shares subscribed for by such sub¬
scriber, in case he subscribes for less than his pro rata share), and
(b) second, allot to him that proportion of his subscription in excess
his pro rata share which the total number of shares available and unallotted
to all subscribers under the preceding clause (a) bears to the amount of
shares subscribed for in excess of all allotments made under said clause (a).
Each subscriber will thereupon be notified by Guaranty Trust Co. of
the number of shares allotted to him and must forthwith make payment
in New York funds for the full amount of the subscription price of shares
Market Street Ry.
tion to be effective
effective and the redemption date to be
Net oper. rev.
Other income--
Net
allotted.
Underwriting Agreement—The underwriters have agreed to purchase
$22 per share all common stock offered to but unsubscribed for by com¬
mon stockholders, or their assigns.
The underwriting commissions are to
be $250,000 plus an expense allowance to the underwriters of $27,500 and
plus $1 for each share purchased by the underwriters.
The net price to
the company may, therefore, vary, depending upon the number of shares
purchased by the underwriters.
6H%
called for redemption as of May 4 all
preferred stock.
The redemption price is
nto
J>referred who doto May 4, the redemption date, but after April 2preferred
not convert by April 2 can still exchange their lose the
common up
privilege of common
rights.—Y. 142, p. 1992.
Gross
income
Interest
McCrory Stores
Corp.—New Directors—
$1,100,223
500,000
$923,197
361,467
$600,223
$561,730
525,169
28,385
8,175
-
499,080
26,420
5,213
Other income deductions—
beginning of period
Adjustment of prior years' tax accruals.
Profit on funded debt acquired for sinking fund
Refund of Federal income taxes for a prior year,
less expenses in connection therewith
'
■
325
""612
"$4^273^929
*
Total
69,508
Appropriation for special reserve
Miscellaneous deductions
Earned surplus, end
1934
1933
1932
$2,699,049
1,908,930
$2,275,037
1,588,451
$1,237,676
1,152,767
of period
x Preliminary; subject to audit now
countants.—V. 142, p. 463.
Cost of sales, &c
85,359
98,822
Cr96,290
71,166
Cr35,905
77,067
Cr74,225
77,626
Cr2,703
Cr~6~,893
43.876
53,649
38,315
43,766
$647,181
816,000
($2.00)
$150,303
408,000
$168,819
408,000
$1.58
General, selling, admin.
expenses, taxes, &c—
Interest & other incomeOther
Cr74,176
deductions
Railway oper. inc. (net) Res. for Federal taxes—
Net Income
Dividends
Rate---
1,088
$4,477,279 $4,272,840
being made by certified public ac¬
Marlin-Rockwell Corp. (Del.)
(& Subs.)—Earnings—
xl933
xl932
$1,791,674
125,218
414,606
$1,123,606
171,225
$611,880
230,270
374,431
349,376
$367,612
234,619
374,267
$1,251,850
$577,950
93,506
58,607
$32,234 def$241,274
100,301
117,875
$1,345,356
$636,558
$132,535 def$123,399
41,170
192,000
Depreciation
Selling & admin, exps—
98",356
Other income.
deduc_
Other expenses &
xl934
1935
Calendar Years—
Gross earns, fr. op. cos-
Federal taxes
IIIIII
22".666
$110,535 loss$123,399
236,433
307,895
$538,258
$1,112,186
1,102,546
753,326
$125,898
$215,067
sur$9,640
364,145
364,145
Shs. com. stk. outstand364,145
$0.35
$1.48
Earned per share
$3.05
x Earnings of former corporation Marlin-Rockwell Corp. and
$431,294
364,145
Deficit
Nil
subsidiaries.
Consolidated Balance Sheet Dec. 31
Common stock
Accts. pay., &c
.
985,822
790,855
Inventories
213,255
167,000
112,771
167,000
6,034,858
9,640
4,428,710
1,601,255
and other taxesReserves
1
813,886
12.728
Capital surplus
Earned surplus
.$7,471,953 $6,733,780
Total
$7,471,953 $6,733,780
Total
69,898
599,660
Dividends payable
789,861
824,798
7,286
Other assets
Deferred charges—
$364,145
Accrued Fed'l inc.
1.052,998
1
1934
1935
y$364,145
83,395
Liabilities—
1934
1935
Assets—
$1,351,373 $1,469,121
Prop. & plant
1,891,874
Cash&ctfs.of dep 3,055,573
703.311
456,243
Notes & accts. rec
x
x After
depreciation of $4,229,096 in 1935 and $4,203,478 in 1934.
Represented by 364,145 shares, $1 par.
z Includes 24,900 shares in
treasury in 1935 at cost of $412,693 and 24,400 shares in 1934 at cost of
$402,130.—V. 141, p. 3867.
y
Massachusetts Investors
Trust—22-Cent Dividend-—
The directors have declared a dividend of 22 cents per share, payable
April 20 to holders of record March 31.
This payment compares with
27 cents paid on Jan. 20 last; 20 cents paid on Oct. 21; 19 cents on July 20;
21 cents on April 20 1935; 24 cents paid on Dec. 31 1934; 19 cents per share
$1,713,763
2,213,899
$665,697
816,000
($2.00)
Sales of copper
"
35
paid on Sept. 29 and June 30 1934; 21 cents per share paid on March 31
1934 and Dec. 30 1933; 19 cents per share on Sept. 30 and June 30 1933,
and 20 cents per share on March 31 1933.—V. 142, p. 790.
Co.l
1935
Calendar Years—
56", 190
18.638
$4,546,823
additions
Miscellaneous
z
Co.—Earnings
(Including Magma Arizona RR.
4,217.127
104,752
80,757
board of directors,
Magma Copper
Nil
$69,509
4,272,841
Net income
Earned surplus,
Good-wlll, &c
their special meeting held March 23, elected a new
consisting of the following:
C. T. Green, Bernhard
Benson, N. Baxter Jackson, A. J. Fink, Noah MacDowell Jr., William
M. Clark, F. J. Humphrey, E. A. Potter Jr., and R. W. Jameson.
The
new board is in compliance with the plan of reorganization.
Approval of amendments to the by-laws to simplify the procedure of
election and to enable directors to adopt new by-laws consistent with
the reorganization plan was voted, as was also an amendment to the cer¬
tificate of incorporation to effect such changes in the capital structure as
would be necessary to comply with the provisions of the plan.
Following
this latter action, stockholders approved a reduction or the capital to
$5,443,496 from $18,363.320.—V. 142, p. 1993.
(before
charges
Marketable secur-
The stockholders, at
$912,855
10,341
Amortization of debt discount and expense
the outstanding
$110 per share
plus 61 cents in payment for the accumulated dividend from April 1 to
May 4.
However, a holder of the preferred can now convert into common
and have the privilege of subscribing to additional common at $22 a share.
This right Is being offered to common holders of record April 2 and sub¬
scriptions must be made before 3 p. m. April 23.
Thus a holder of preferred stock can convert until early April, become a
common holder as of Apnil 2, and get the privilege of the additional stock
subscription.
The regular quarterly dividend or $1.62^ a share on the
preferred Is being paid April 1 to holders of record March 20.
Holders of
res've)- $1,091,497
8,725
and other income
Called—Conversion Privilege—
The company has
conv.
$7,288,300
6,375,444
appropriation for retirement reserve)
Appropriation for retirement reserve
at
Preferred Stock
$7,338,740
6,247,243
all taxes
(before approp. for retire,
revenue
oper.
1934
xl935
Operating revenues
Operating expenses, maintenance and
.
of
Co. (& Subs.)—Earnings—
12 Months Ended Dec. 31—
$5,770 loss$556,627
204,000
—($0.50)
Co.—Accumulated Div.—
Merchants Refrigerating
of $1 per share on account of
cumulative preferred stock, no par value, payable
May 1 to holders of record April 23. A like payment was made on Feb. 1, last,
Nov. 1 and Aug. 1 1935, prior to which regular quarterly dividends of
$1.75 per share were distributed.
Accruals after the payment of the current dividend will amount ot $3
per share.—V. 141, p. 4170.
The directors
have declared a dividend
accumulations on the $7
Mesta Machine
Co.—To Build New Plant—
President of the company, announced that the company
of additional manufacturing facilities which will
add about 20% to its finishing capacity. The company manufactures rolling
mills and other equipment for the steel Industry.
The new plant, being
Lorenz Iversen,
1
Deficit
$10)
share on com.
Com. shs. out. (par
Earns, per
$1.63
Nil
Consolidated Balance Sheet Dec. 31
'
1934
1935
Assets—
&c.$2,125,789 $2,254,918
839,757
Accts. receivable.653,294
Inventories
1,518,344
Marketable secure. 2,249,973
Cash
-
1,149,239
57,313
1,741,976
2,250,949
Pinal County war¬
rants &
Western
123,733
accr.int.
Gas
Liabilities—
b Capital
Mines, railroad,
equipment,
had started construction
erected on property
No par shares.
x
a
$760,627
x408,000
sur$5,770
408,000
$0.01
1934
1935
adjoining its present plant, will cost, together
equipment, approximately $750,000.
Machine tool equipment
purchased, and it is expected that the additional facilities will be in
some time next month.
stock...$4,080,000 $4,080,000
153,889
93,092
204,000
43,766
2,922,601
778,136
230,637
101,131
204,000
Divs.pay.,&c
Fed'l tax reserve38,315
2,922,601
Capital surplus
627,833
Earned surplus—
Acc'ts pay.,
&c—
Accr'd taxes, &c—
.
Income Account
for Calendar Years
1935
Deferred charges—
$2,495,618
49,196
$5,224,974
$2,544,814
after deducting mainten¬
royalties but before de¬
preciation, &c
50,679
Add—Other income
170,928
Total income
140,468'
10,200
542,958
1934
$5,174,295
Profit from operations,
ance and repairs and
Co.
adv. & accr. int.
Investments
General, administrative and selling expenses.Provision for doubtful accounts—
639,960
350,041
—
236,746
Taxes
a
p.
After
Total
$8,204,517. $8,275,484
b Represented by shares of $10 par value.—V. 142,
depreciation.
"
1993.
'
Ry.—Court Orders Interest Paid—
Interest payment on the 4% bonds of company was ordered on March 23
by Federal Judge Julian W. Mack. The interest is to be paid April 15 by the
Manhattan
receiver for Inter borough
During the
denied an application made by Carl
Calculating Machine Co.—Reduces Par Value
The stockholders at the recent annual meeting voted to reduce the par
value of common stock from $10 to $5, thereby creating a capital surplus
in place of an accumulated deficit.—V. 141, p. 1937.
Marchant
May Dept.
Stores Co.—To
Change Meeting Date—
stockholders at the annual meeting April 21 will consider a proposed
amendment to the by-laws to provide for nolding of annual meeting on
fourth Tuesday in April instead of third Tuesday in April of each,,year.
—V. 142, p. 1126,
.
The
Loss on
20,853
1,846
881,132
disposal of capital assets
Rents
Provision for Federal income tax
Net
$3,114,527
profit for year
dividends
dividends
Preferred
$1,517,249
1
1,728,514
Common
Rapid Transit Co.
hearing Judge Mack
counsel for the I. R. T. receiver, for a formula to determine the
earnings of the Manhattan RR. before interest payment was made.
Judge Mack declared that he still regarded unification an important
factor in the present situation and felt that he would not be justified in
allowing the formula question to enter into the situation at this time.
Interest payment on the Manhattan 4% bonds normally would be paid
April 1, but Judge Mack extended the time to April 15 in order to allow
time for the filing of an appeal.
It was stated oy Judge Mack that as the cash position of I. R. T. did
not seem to be greatly changed since the last interest payment was ordered,
he would again order thejpayment.—V. 142, p. 131, 303,
M. Owen,
426,603
21,169
228,698
72,205
18,397
1,846
258,644
619,829
Depreciation
10,200
$8,204,517 $8,275,484
Total
with
has been
operation
$1,386,013
Balance, surplus
Earnings per share on common
$3.11
stock
51,509
963,097
$502,644
$1.47
Balance Sheet Dec. 31
1935
Cash
Accts.
rec.
term
Inventories
in
163,750
4,319,560
1,146,226
150,000
1,723,874
1,151,520
charges—
Total
a
Dividends payable
Accr.
charges.
46,258
8,299
24,100
14,043,329 10,143,004
Under contracts for sale of 3,500
common
stock.—V. 141, p. 3541.
279*707
321,477
1934
$
5,000,000
161,334
146,467
370,310
164,244
261,493
20,19
Excess pay. rec. on
contr.
Other reserves
15,635
8,291
42,102
206,092
493,882
royalties, &c
Accr. Fed. taxes._
empl.
Intangible assets-
stock--
uncompl.
for co's common
Deferred
rolls
Common
Accrued gen. taxes
closed
4,007
Due from
Accounts
6,000,000
payable- 1,882,998
Accr. pay
4,888,416
2,146,531
bank
a
$
Liabilities—
5,313,066
3,034,698
under
contracts -
Accts. receiv., &o.
Deposit
1935
1934
S
Assets—
Permanent assets .
Surplus
Treasury stock
Total
-
1,241,227
977,546
345,180
4,340,985
2,954,973
Dr68,220
Dt68,220
154,666
14,043,329 10,143,004
(8,300 in 1934) shares of company's
2166
Financial
Melville Shoe
The
New
York
common
Dividend Raised—•
The directors on March 21 declared a dividend of 87 H cents per share on
the common stock, no par value, payable May 1 to holders of record April 17.
This compares with 75 cents paid on Feb. 1 last and on Nov. 1 1935, 62^
cents on
Aug. 1 1935, 50 cents per share paid in each of the four preceding
quarters, 40 cents on May 1 and Feb. 1 1934, 30 cents per share paid each
quarter from Aug. 1 1932 to Nov. 1 1933 incl., 40 cents on May 1 1932
and 50 cents per share paid each three months from Feb. 1 1930 to and
incl. Feb. 1 1932.
In addition an extra dividend of 50 cents was paid on
Feb. 1 1935.
Sales for Four Weeks Ended
1936
Jan.
18..
15
Feb.
Mar. 14
—
1935
$2,121,902
1,413,889
1,886,886
$1,748,419
1,421,024
1,699,250
1934
1933
$1,325,240
1,290,858
1,543,401
$1,060,914
1,017,182
1,010,003
—Y. 142, p. 1822.
Mid-Continent Petroleum Corp.—Larger Dividend—
The directors have declared
a dividend of 40 cents per share on the com¬
stock, no par value, payable June 1 to holders or record May 1. This
compares with 25 cents paid on Dec. 2, 1935; 15 cents on June 1 1935, and
25 cents paid on Nov. 15 and May 15 1934. This latter payment was the
first made since Feb. 16 1931 when 50 cents per share was paid; this same
rate had been maintained each quarter since and including Feb. 15 1929.
—V. 141, p. 2894.
mon
Midland
Building
(168 Adams
Chicago—Reorganization Plan—
Building
Corp.)*
Luigi Griscuolo, New York, Chairman of the protective committee for
first mortgage 6M% bonds, due 1947, announces that the committee has
formulated a
plan of reorganization under 77-B of the Bankruptcy Act,
and has filed the same in the U. S. District Court in Chicago.
The plan provides that a new corporation will be organized and take title
to the property of the debtor.
Provision is made for distribution of the new securities as follows:
1. Preferred shares:
4% non-cumulative to be issued for the payment of
such fees, costs, expenses, and disbursements as may be allowed by the
Court and not paid in cash or otherwise.
2. Common shares:
To be placed in a voting trust and voting trust
certificates representing said shares to be issued as follows:
(a) To First Mortgage Bondholders:
Voting trust certificates repre¬
senting 10 shares for each $100 of bonds held.
(b) To Mechanic Lien Claimants whose claims have been allowed:
Voting trust certificates representing 10 shares for each $100 of claims.
(c) To Second Mortgage Bondholders: Voting trust certificates repre¬
senting one-rhalf share for each $100 of bonds held.
The plan contemplates that the Court will retain jurisdiction of the new
corporation for the purpose of controlling the payment and collection of
taxes.
The voting trust has been
Revenue from passengers carried was $41,238 more than in 1934, or
2.15%.
Revenue from express and mail was $24,188 more than in 1934,
or 1.41%.
Operating expenses were adversely influenced during the year by ex¬
traordinary expenditures of $362,368 occasioned by flood damages to several
Additionally, depreciation charges were $287,000
sections of the railroad.
greater than in the previous year.
The remaining increase in expenses
were caused largely by higher labor and material costs, particularly fuel.
Train operations, both freight and passenger, was satisfactorily main¬
tained during the year.
The property is being maintained in condition
to meet requirements of service.
Industrial Development—The year 1935 proved to be the best year, from
the standpoint of industrial development, since the depression started.
The number of new industries and expansions established along the rails
of this company
aggregated 223, representing ah investment of approxi¬
mately $5,000,000.
Consolidated Income Account for Calendar Years {Incl. Controlled Companies)
Chicago, and R. F. Hunter, of Chillicothe, 111.—V. 123, p. 2401, 2528.
Midland Royalty
1934
on arrangements has ruled that, beginning March 24, transactions in the
company's $2 convertible preference stock shall be recorded under the new
name with no change in the ticker abbreviation.—-V. 142, p. 1647.
General
-
8,745,474
195,357
1,715,558
161,873
1,684,507
172,494
1,612,569
20,592,843
18,998,204
19,227,905
5,736,544
4,027.837
6,698,471
x3,754,728
8,011,922
4,229,497
1,708,707
421,209
2,943,744
444,310
3,782,425
498,310
2,514,319
4,963,397
2,129,916
4,920,552
3,388,054
4,905,052
4,280,735
4,913,151
2,790,636
1.516,998
632.416
9,965,854
Transportation expenses
Misc. oper. and transp.
for investment-
3,079,236
3,672,340
1,358,800
9,332,466
1,920,843
593,476
expenses
3,093,174
3,843,890
1,469,286
185,764
1.374,434
-
expenses
5,905,706
3,984.863
Taxes, rents, &c
Net ry. oper. incomeOther income
-
Gross income
Int. & other inc. charges
dividend of 50 cents per
share on the
capital stock, no par value, payable April 4 to holders of record March 28.
This compares with $1 per share paid on Dec. 7 1935 and on Nov. 7 1934.
A dividend of 50 cents was paid on Jan. 1 1933; 75 cents on Oct. 1 1932
and from Jan. 1 1930 to ana including July 1 1932 quarterly distributions
of $1 per share were made.—V. 142, p. 1295.
a
Minneapolis-Honeywell Regulator Co.—Stock Distrib.
Common stockholders of record March 30 will on April 7 receive three new
no-par common shares in exchange
V. 142, p. 791.—V. 142, p. 1993.
for each old share held.
See also
1935
1934
S
$
Assets—
1935
Liabilities—
Road & equip..246.663,706 246,752,077
Invest, in affil.
2,199,005 Stock
2,154,753
2,130,852
5,900,117
2,717,986
2,206.066
3,491,058
3,201,679
1,635,646
1,662,353
assets..
Deferred
Net after rents
From Jan. 1—
Gross from railway——
Net from railway-Net after rents
—V. 142, p. 1994.
Net railway revenues—
Net after rents
Otherincome.net
Int.
on
funded debt
Net deficit
—V. 142, p. 1647.
1935
$504,708
defl54,015
def40,747
1,172,714
1,031,792
defl27,399
defl37,040
1934
$530,659
37,977
defl9,122
1933
$466,266
def42,987
defl00,834
1,129,565
83,775
def21,613
1,000,326
def68,480
defl90,251
1936—Month—1935
$834,851
$709,639
205,358
166,497
309,190
196,992
34,681
52,806
440,163
413.265
1936—2 Mos.—1935
$1,790,261
$1,517,047
215,766
345,849
417,126
429,672
69,178
104,213
910.288
869,176
$784,035
$1^96J593
$663,064
$1,403,062
483,856
on
Offer—•
proposal by the Columbia Oil & Gasoline Corp. for settlement of claims of
the Missouri-Kansas company against it, the Columbia Gas & Electric
Corp. and various individual officers and directors of the companies, will be
heard in Chancery Court April 15.
Under the terms of the settlement offer, Missouri-Kansas would receive
$300,000 in cash, a release of the guaranty of the company on the $4,900,006 two-year collateral trust notes of Panhandle Corp. now in default,
324,326 shares of common stock of Panhandle Eastern Pipe Line Co.,
which is one half of the common stock to be issued and outstanding after
the conversion of the $9,890,000 of two-year collateral trust notes of Pan¬
handle Eastern into preferred stock, this common stock to be received by
Missouri-Kansas having a present value of $8,000,600.
The agreement also provides for the cancelation of the claim of Pan¬
handle Eastern Pipe Cine Co. against Missouri-Kansas in the sum of
$42,607.
Stockholders of Missouri-Kansas would be given the right to
an additional issue of common stock of Panhandle
Eastern for additional financing required by it.—V. 142, p. 962.
<fc
liabils.
unadjusted
13,742,844
261,368,602 259,996,094
102,588
98,539
2,606,946
through
inc. & surplus
Profit & loss sur.
x
12,068,284
Addl'ns to prop¬
erty
Total
47,552
Total
78,246
261,368,602 259,996,094
Represented by 808,939 no-par shares.
Earnings of System
Period End. Feb. 29—
1936—Month—1935
Operating revenues
Operating expenses—
$2,197,167
1,824,302
Available for interest...
55,997
Fixed interest charges—
355,996
1936—2 Mos.—1935
$1,779,811
1,605,228
defl08,341
347,607
$4,562,817
3,741,323
188,849
711,891
$3,726,330
3,508,723
def387,930
695,474
$299,998
$455,949
Adjustment interest.—V. 142* p. 1477
$523,041
$1,083,404
Missouri Pacific RR.
Earnings.
1936
1935
1934
1933'
$6,963,152
$5,449,635
841,726
172,990
$5,501,145
1,288,106
559.079
$4,705,021
897,822
181.611
11,184,510
1,671,916
273,999
11.211,263
2,592,311
1,116,283
9,724,845
1,897,662
502,709
February—
Gross from railway—
Net from railway
Net after rents-
—
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
753.579
13,868,756
....
1,575,250
—V. 142, p. 1994.
Monsanto Chemical
Co.—'Listing—
The New York Stock Exchange has authorized the listing of 14,000 addi¬
tional shares of common stock on official notice of issuance in connection
with the acquisition of property. These 14,000 additional shares of common
stock will be issued in connection with company's acquisition of business
and assets of Thomas & Hochwalt Laboratories, Inc., of Ohio with offices
and laboratories at Dayton, Ohio, including its good will as a going concern.
—V. 142, p. 1994.
Co.—Hearing Date
Petitions of stockholders and creditors of the company that Chancellor
Josiah O. Wolcott of Wilmington, Del., direct the company to accept a
subscribe to one-half of
47,520
Deficit before adjust.
1936
$521,503
Missouri-Kansas Pipe Line
for
conversion-..
credits..
265,642
$
66,672,921
66,672,747
Funded debt...108,965,895 106,755.847
Curr. liabilities.
5,085,808
5,073,258
Deferred
assets
&unadj. debits
a
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Period End. Feb. 29—
Total revenues
llab.
1934
$
Preferred stock. 66,672,953
x Common stook 66,672,747
bond interest.a
Minneapolis &]St. Louis RR.—•Earnings.—
February—
Gross from railway
Net from railway
•
Consolidated Balance Sheet Dec. 31
Midvale Co.—50-Cent Dividend—
The directors have declared
27,239,827
3,211,475
4,761,778
1,319,245
9,389,429
Mat'l & supplies
Other current
Corp.—New Name—
3,293.93
$
22,151,230
2,281,146
2,807,451
2,449,078
Traffic
3,830,845
4,827,755
1,331,996
Cash
The New York Curb Exchange has been notified of a change in the name
of this corporation to the Midland Oil Corp.
The Exchange's committee
1932
3,293.93
$
21,314,967
1,835,170
2,546,538
26^329,387 25,696^675
27^422^354
Total oper. revenue-
Operating Expenses—•
Mafot. of way & strucMaint. of equipment—
companies
Other investm'ts
Name—
Corp. below.
1933
3,293,93
$
21,535,321
1,919,212
2,874,854
1935
3,293.91
Average mileage oper—
Operating Revenues—•
$
Freight.22,505,683
Passenger
1,960,451
Mail, express, &c——
2,956,220
21,516,648
other members of the committee are:
William E. Brown Jr. of Brown,
Cress & Co., Ann Arbor, Mich.; Edward J. Gilson, of E. A. Pierce & Co.,
Midland Oil Corp.—New
was
ucts moved in increased volume.
$2,932,600 out of a total issue of $3,250,000 in first mortgage bonds are
held by the depositary, City National Bank & Trust Co. of Chicago.
The
See Midland Royalty
RR.—Preliminary Report—
increased during the year $2,210,049,
consisting of a loan received from the Reconstruction Finance Corporation
amounting to $2,294,149, and the reduction of equipment trust obligations
matured and paid amounting to $84,100.
Current liabilities represented by equipment notes issued in 1933 ma¬
tured and were paid in the amount of $62,021.
Interest on 5% cumulative adjustment mortgage bonds was not declared
to be due and payable April 1 and Oct. 1 1935, by directors.
Operation—Total operating revenues during 1935 were $1,092,967 more
than in 1934 or 4.15%.
Operating expenses during 1935 were $923,805
more than in 1934, or 4.49%.
A gratifying upward trend in general business obtained during the last
half of the year, notwithstanding a light wheat crop in the territory served
by our lines, and also a substantial decrease in movement of livestock.
Our freight revenues for the first six months of 1935 were $1,031,892 less
than for corresponding period of the preceding year.
Freight revenues
for the last six months were $2,002,253 more than for the corresponding
Increased cotton production with
period of 1934, an increase of 18.64%.
reduced government loans to cotton farmers, influenced a substantial in¬
crease in our cotton tonnage.
The oil industry as well as other lines of
business showed material improvement during the last half of the year and
building materials of all kinds, automobiles and other manufactured prod¬
on a
such continuity of management.
The plan of reorganization and the voting trust agreement will be con¬
firmed and adopted only with the approval or the Court.
The hearing on the plan is scheduled to be held on April 20 in the Federal
Court in Chicago.
The Protective Committee of which Mr. Griscuolo is chairman states that
1936
M. S. Sloan, President, March 17, said in part:
Financial—Long term debt
,
proposed for the reason that the building is not
profitable basis.
Under the administration of the present
trustee, Paul Steinbrecher, the operations have been turned from a nominal
operating profit to an operating profit of $25,151 for the seven-month period
from June 1 1933 to Dec. 31 1935.
In order to secure the continuity of the
management and in the sole interest of the first mortgage bondholders, the
committee has felt that a voting trust would be the best method of insuring
operating
March 28
Missouri-Kansas-Texas
Corp.—Listing—
Stock
Exchange has authorized the listing of 33,430
stock (no par) upon official notice of issuance
on the conversion of its 4H%
preferred stock (convertible until Jan. 1
1945), making the total amount applied for 404,891 shs. of com. stock.
The corporation proposes to issue 22,287 shares of a new class of AH%
preferred stock (convertible until Jan. 1 1945), and to use the proceeds
thereof to redeem the $1,916,800 presently outstanding shares of first
preferred stock at $110 a share and div., the redemption price thereof,
and for general corporate purposes.
additional shares of
Chronicle
Montgomery Ward & Co., Inc.—Annual Report—
Sewell L. Avery, President, Chicago, March 19 1936, says in part:
Net sales for the past fiscal year were the largest in the history of the
business.
This was in part due to the development of our time payment
business which was extended in 1934 to include all classes of merchandise.
A marked improvement in sales was reflected in both the retail and mail
order divisions of the company.
Net profit for the year was determined after deducting all charges of
every
kind, including full
reserves
for bad debts and collection expenses,
depreciation. Federal and local taxes, Ac., and is, therefore, conservatively
stated.
The operations of each division of the company, retail .mail order,
and factories, resulted in a net profit; every one of the nine mail order
houses and each of the 36 retail districts throughout the country con¬
tributed to this earning.
Our 1935 total tax bill was $11,325,000, an increase of $2,800,000 over
last year.
The company is required to file annually more than 1,600 tax
returns.
The amount of $5,221,000 (equal to $1.14 per share of common
stock) represented the company's direct rxpense for income, property,
and similar taxes—an increase of $1,848,000 over 1934.
The remaining
Volume 142
Financial
$6,104,000 is made
of sales taxes, excise taxes, and processing taxes
added to the price of merchandise and
paid by the consumer.
During the past year, we retired in full the long term debt of $1,905,000
and expended $3,5l7,O0O for
buildings and equipment.
At Jan. 31 1936
the company had no bank or other indebtedness
except for current pur¬
chases of merchandise, salaries,
wages, taxes, and other items which arise
in the ordinary course of business.
•
The major portion of the profits earned
during the year has been used
as working capital
requirements of the business, $11,120,000 of the total
earnings of $13,527,310 having been so employed.
All class A
A
up
dividends, current and
in arrears, have now been
dividend of 20 cents per share was declared
payable April 15 to holders of record March 20 1936.
common
on
paid in full.
Feb. 28 1936
Consolidated Income Account Years Ended Jan. 31
1936
Chronicle
2167
The managing committee of the new National
Trailways System is com¬
posed of the following:
H. W. Stewart, General Manager Burlington Trans¬
portation Co., Chairman;. A. E. Greenleaf, V.-Pres. & Gen.
Mgr. Santa Fe
Trail System; P. J. Neff, "V.-Pres. & Gen.
Mgr. Missouri Pacific Trans¬
portation Co.; Paul O. Dittmar, Pres. Safeway
Lines, and Frank Martz,
Treas. & Gen. Mgr. Frank Martz Coach Co.
The headquarters of the
National Trailways System will be in
Chicago.
Neisner Brothers, Inc. (&
Calendar Years—
Cost
and
expenses
Operating profit
1935
Net sales
293,042,357 249,805,721
Cost of goods sold,
selling and general expenses,
including taxes other than income taxes
272,987,276 235,793,190
Depreciation of fixed properties
1
3,038,907
2,947,383
Amortization of leasehold improvements
301,835
309,323
$1,210,117
317,928
16,714,337
10,755,823
177,576
152,105
1,075,548
41,982
80,990
Total income
~16,837,310
3,310,000
7,044,737
9,640,642
$731,471
252,048
$461,033
298,293
$1,528,045
245,443
$1,423,994
233,132
$983,519
233,444
$759,326
240,841
187", 842
190,000
180,867
178,000
228",755
269,802
259,227
36,253
$904,760
152,404
305,715
$831,995
380,135
$461,320
38,635
loss$46,797
$446,641
$451,860
$422,685
def$85,431
203,933
$3.69
202,370
$3.36
206,234
$1.48
206,234
Interest.
.
Common dividends.
9,161,053
2,116,317
11,058,274
16,374,449
Net profit carried to surplus
Class A dividends
12,161,053
1,000,000
2,000,000
13,527,310
2,469,036
Provision for inventory reserve
Provision for Federal and State income taxes
$1,146,044
277,950
Other income
-
Net operating profit
;
Interest earned on securities
Profit on securities and investments sold
(net)
Profit on sale of raw material
Shares
Total surplus
Profit and loss deduction
Total
Shares
27,432,723
x300/788
common
stock outstanding (no par)
per share.-
16,374,449
4,517,240
$1.72
Excess of amount at which 48,000 shares of
treasury common stock
were carried on the books over the
price at which they were sold to S. L.
Assets—
dated Nov. 27 1931.
an
option agreement
Consolidated Balance Sheet Jan. 31
1936
Assets—
Current assets:
Cash
U.S.govt.
1935
,
$
$
Current llabll.:
15,220,171
Accts.
receivableLife insurance cash
Accts. payable
1,708,299
sees
Other securit's
Due customers
230,186
33,659,388
65,435,102
20,475,022
53,184,318
1st mtge.notes &
land contracts
8,444,018
395,451
Cl. A dlv. pay
exps
and taxes.-
Investments
spring
cata'Ig, &c._.
4,751,844
Fixed assets..
41,508,483
Total
5,176,645
352,720
1,905*000
L'g-term indebt.
168,684,436 155,116,842
y
971,032
828,630
Capital stock.122,949,943 122,127,512
27,131,935
16,374,449
Earned surplus.
Total
Reserve
24,382
1,744,437
convert,
133,409
Common
stock.
801,957
3,626,731
1,424,776
Surplus
3,190,763
196,250
48,411
52,113
10,208,023
9,961,8361
Total
10,208,023
9,961,836
Represented by 203,933 shares no par stock in 1985
and 202 370 in
b After depreciation and amortization
of $1,736,768 in 1935 and
$1,503,176 in 1934.
c Prepaid
rents only,
d Accounts payable only
—V. 142; p. 1649.
T
1934.
New
61,000
Reserve
5,065,508
41,614,426
2,172,200
135,977
795,815
cum.
est.
Total
long-
term debt..
Prepaid
x
6,738,814
1,904,792
Accrued
ties of
30,133
30,622
owned by whollyowned subsidiary
Curr't maturi¬
7,711,304
244,997
--
7,050,266
1,629,818
8,598,722
153,148
reserves
cl68,278
a
value
Inventory
Equity in real
14,594
323,850
preferred stock. 2,182,200
7%
574,168
40,809
3,032,500
33,305
190,000
Prov. for taxes...
(not current)
$
296,138
a
23,999,615
Reseiv'les, less
Inventories
$
26,739
1935
$
Liabilities—
3,130,218
79,334
1934
Liabilities—
$
Accts. & rents pay.
d226,420
Funded debt
3,014,000
Accrued interest..
5,105,196
lessors
Deferred charges..
1936
1935
S
5,210,518
2,283,472
Prepaid rents (cur.)
Prepaid rents & cash
to
1934
$
b Fixed assets...
Cash
x
Avery in June 1935 ($11 per share) in accordance with
38,634
Consolidated Balance Sheet Dec. 31
adv.
27,131,935
4,565,004
$2.65
-
Earnings
16,685,379
310,930
-
60,000
stock
com.
1935
Surplus
Previous surplus
Subs.)—Earnings—
1935
1934
1933
1932
$18,625,732 $16,569,652 $14,355,981
$14,428,796
17,415,615
15.423,608
13,624,510
13,967,763
Sales
168,684,436 155,116,842
x After depreciation of
$17,896,576 (1935, $17,405,319).
y Represented
by 201,554 no-par shares of $7 class A, after deducting 3,446 shares in treas¬
ury (valued at $252,677) and 4,565,004 (4,517,240 in 1934) no-par shares o
common, after deducting 47,674 shares in treasury
(valued at $822,432).
—V. 142, P. 1994.
(Tom) Moore Distillery Co.—Extra Dividend—
The directors have declared
an extra dividend of 5 cents per share in
a regular
quarterly dividend of 12 Yx cents per share on the
stock, par $1, both payable April 15 to holders of record April 1.
Like amounts were distributed on Jan.
15, last and on Oct. 15 1935, these
latter payments being the initial distributions on the issue.—V.
addition to
England Power Association—Debenture Call Held
Up—
Frank D. Comerford, chairman stated
on March 2Jfc
"On March 16 1936
Exchange Commission in Washington
application for permission to obtain temporary bank
credit, the object
of which was to enable the Association
to call its 5 K %
debentures due in
1954 for payment on June 1 1936.
Such a call would have to
be made on
April 1.
"Because of the terrific stress to which our
organization has been subjected
during a week of great floods, it has not been possible to work
out all the
company filed with the Securities and
an
details with
respect to
this bank credit
and
the
call
of the
debentures
Therefore, we are to-day notifying the Securities and
Exchange Com¬
mission of the withdrawal of the March 16
application and we will not
issue the notice of the 5 H % debentures on
April 1.
"This action does not mean abandonment of
our plans for the
eventual
refinancing on a permanent long-term basis of all
outstanding obligations
of New England Power Association and
we are
actively at work on this
program."—V. 142, p. 1995.
common
141, p. 4020.
(Philip) Morris Consolidated, Inc.—Liquidating Div.—
The company on March 26 announced that it will
pay on March 31 a
liquidating dividend of 75 cents a share on the $10 par stock and 37 H cents
on the no-par stock.
Previously 50 cents was
paid on the $10 par stock and
25 cents on the no-par stock. This will not complete distribution of assets
as a final dividend will be made later.—V.
140, p. 1665.
New
Muskegon Piston Ring Co.—Merger—
acquisition and purchase by Sparta
Foundry Co. of all the assets of Muskegon Piston Ring Co. by exchange of
1M shares of common stock of the Sparta Co. for each share of Muskegon
Piston Ring Co. held on the effective date of the
merger.
The Muskegon Piston Ring Co. was
organized 15
years ago and during
period Its chief source of supply of castings, from which finished
piston rings are machined, has been the Sparta Foundry Co., located at
Sparta, Mich., about 30 miles from Muskegon. The close relationship and
interdependence of functions are largely responsible for the two companies
combining in order to insure permanency, stability and uniformity of
product and economy of operation.—V. 141, p. 927.
most of that
Lighting Co.—Earnings—
12 Months Ended Dec. 31—
Gross revenues (all sources)
Total expenses
$1,916,935
1,417,770
331,181
1.409,787
$82,925
$132,578
and all
taxes
Total fixed charges—
1934
$1,831,878
...»
Net income
-V. 142, p. 1478.
374,569
Net after rents
National Tea Co.—Notes Called—
of $1,000,000 3-year 5%
sinking fund notes due Dec. 15 1937
have been called for redemption on April 22 at 100
H and interest. Payment
will be made at the First National Bank of
Chicago, Chicago, 111.—V
p.
total
142,
1824.
National
Trailways
Wide Bus System—
System,
Chicago- -New
Nation-
A new coast-to-coast, border-to-border passenger bus net-work
was
recently with the announcement of formation of the National
Trailways System.
Operating a total of approximately 150.000 miles daily over the
highways
of the county, this new association will be made
up of a group of long
revealed
established
bus transportation companies
including the Santa Fe Trail
System, the Burlington Transportation Co., the Missouri Pacific Trans¬
portation Co., the Frank Martz Coach Co., and the Safeway Lines.
H. W. Stewart, Chairman of (he new Association,
pointed out that
while there will be no change in the financial set-up of the bus
companies
involved, the group will operate in the future as an association,
making
possible continuous passage on one ticket to all parts of the country.
"One of the first and most important moves by the National
Trailways
will be the consolidation and improvement of bus terminal facilities
through¬
out the country," said Chairman Stewart.
"The beneficial effects of the
formation
of this
association will be Immediately evident to bus travelers
have at their disposal a national network of
highway stream¬
liners operating with co-ordinated time schedules
who will
now
151,542
def27,079
def68,347
def47,652
New Orleans & Northeastern RR.-
-
1934
$166,008
34,426
def 1,020
$166,909
392,492
87,323
4,432
Gross from railway
Net from railway
Net after rents
1935
$206,717
53,424
10,545
Net after rents
From Jan. 1—
58,710
61,568
def 13,506
def20,230
—V. 142, p. 1479.
New York Central
February—
RR.—Earnings
1936
Gross from railway
Net from railway
333,541
623
169,987
1,553
Earning s.-
1936
28,152
def 10,715
347,997
'
1933
$114,51?
defl4,85(
def57,85f
231,566
def31,351
defl20,472
—
1935
1934
1933
$27,986,471 $24,034,165 $23,282,782
$20,372,367
5,093,405
4.585,262
2,718,738
2,036,882
1.365,873
1,020.900
From Jan. 1—
Gross from railway
Net from railway
Net after rents
56,192,221
49,533,067
5,377,669
4,511,840
—V. 142, p. 1995.
47,567,324
11,160,445
3,820,110
42,351,290
9,820,886
2,476.728
Chicago & St. Louis RR. —Earnings.—
.
1936
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
$2,655,034
873,485
498,722
$2,739,608
1,009,216
606,542
$2,173,41
6,314,283
2,124,859
1,276,032
Net from railway
Net after rents
1935
$3,174,339
1,080,858
632,363
Gross from railway
James Jay Kann and C. Hudson Johnson have been elected directors
to
fill vacancies caused by the resignations of Arthur E. Dawson
and Oscar
H. Alexander.—V. 142, p. 1994.
A
132,314
def36,022
def76,276
February—
New York
1933
$80,902
def22,247
Gross from railway
Net from railway
February—
National Bellas Hess, Inc.—Two New Directors—
1934
$72,325
defl0,395
def30.469
134,376
def8,344
def47,885
Net after rents
1935
/
(incl. retirement expense)
1935
$63,426
defl9,465
def38,851
—V. 142, p. 1479.
The merging of two Michigan
manufacturing companies—this company
Foundry Go. was ratified by stockholders of both companies
at special stockholders' meetings held March
25.
The combined firms are to be known as the
Muskegon Piston Ring Co.
The merger will be effected through the
Nassau & Suffolk
1936
$67,902
def1,666
def22,168
From Jan. 1—
Gross from railway
Net from railway
and the Sparta
•
Jersey & New York RR.—Earnings.—
February-Gross from railway
Net from railway
Net after rents
5,468,387
1,777,918
1,002,890
5,473,666
1,957,025
1.124,921
4,368,97
—V. 142, p. 1995.
New York &
1933
615,61
211.75
1,160,38
344,59
Foreign Investing Corp.—Debs. Called—
The company has called for redemption on June 1
1936, all of its outstand
ing 20-year 5H% gold debentures, series A, due Dec. 1
1948, at the principt
amount thereof.
The debentures will be redeemed at
the office of the navln
agents, Speyer & Co., New York City.
Upon presentation and surrender of such debentures
with the non
detachable warrants, the paying agents will deliver
to the hjlders
L
exchange for he non-detachable warrants, detached warrants for
a numbe
of shares of common stock of the
company equal to the number of share
covered by the non detachable warrant.
The debenture holders have the option of
surrendering their debentures a
the office of Speyer & Co., at any time
prior to the redemption date and wi]
rece've the full redemption price with interest to
June 1 1936 less ban]
discount at the rate of 1 % per annum from the
date of surrender to June 1
—V. 141, p. 1938.
New York New Haven & Hartford
1936—Month—1935
Period End. Feb. 29—
Operating
revenue
Net
rev. from ry. oper..
Net ry. oper. income—
Net def. after
charges..
—V. 142, p. 1824.
$6,317,990
1,592.617
623.625
475,091
RR.—Earnings—
1936—2 Mos.—1935
$5,636,436 $12,506,912
$11,363,79
1,557,769
3,048,631
2i898]0S
679,385
1,132.726
1.136 89
388,549
1.065,792
1,002,51
Financial
2168
New York Ontario & Western Ry.-
■
1935 "
$721,798
169,334
92,872
1934
$803,243
173,542
91,069
1933
$812,559
240,131
161.566
1,605,176
330,106
187,390
1,612,423
438,543
250,190
1,726,563
441,641
260,447
1,621,300
479,849
313.478
Net after rents
From Jan, 1—
Gross from railway
Net from railway
Net after rents
—
—V. 142, p. 1995.
Electric & Gas Corp.—Offering Post¬
New York State
poned—
with the Securities and Exchange
date of its $17,500,000 4% first
The offering was previously scheduled for
The corporation, in an amendment filed
Commission, has postponed the offering
mortgage bonds to April 21.
April 3.—V. 142, p. 1825.
New York
Susuqehanna &
Net from railway
Net after rents
From Jan.
Western RR.—Earnings.—
1933
1934
1935
1936
$371,113
132,645
87,167
February—
Gross from railway
$310,012
77,793
15,176
$325,698
95,058
55,409
$268,369
80,169
32,700
635,687
176 386
97,735
524,637
132,042
41,395
1—
700,893
237 642
658,247
Net from railway
Net after rents
145,923
60,703
Gross from railway
The New York Curb
181 131
Ohio Associated Telephone Co.—Earnings—
1936—Month—1935
1936—2 Mos.—1935
Operating revenues
$55,973
$52,352
$111,131
$103,610
Uncollectible oper. rev.
323
575
645
1,147
Operating expenses
32,030
31,766
64,110
63,400
Period End. Feb. 29—1
external sinking fund gold
is notifying holders of its 6 M %
The company
dated Oct. 1 1924 and due Oct. 1 1950, that coupons maturing
April 1 1936 and payable at the office of J. P. Morgan & Co., may until
further notice be paid, upon presentation and surrender on and after April 1
1936 in United States of America currency at the dollar equivalent of
French francs, 25.52 per dollar of face value of coupon, upon the basis of
their buying rate of exchange on Paris at the time of presentation.—V.
bonds,
141, p. 1103.
RR.—Earnings.-
Norfolk Southern
$313,938
$340,814
def2,401
def2,548
630,344
673,714
de"f7,4ld
defi9,830
Net from railway.
Net after rents...
From Jan. 1—•
.
Gross from railway
...
Net from railway
Net
after rents
1933
1934
1935
1936
February—•
Gross from railway
$331,746
56,679
7,092
$269,780
def31,345
def82,664
670,528
107,779
12,949
540,667
def82,769
defl81,574
—V. 142, p. 1651.
Norfolk & Western Ry.—Earnings—
1936—Month—1935
1936—2 Mos.—1935
Railway operating revs. $7,024,527
$6,052,624 $13,849,831 $11,843,858
Net ry. operating revs..
3,190,023
2,347,495
6,131,534
4,228,180
Net ry. operating income
2,616,572
1,824,542
4,972,523
3,145,505
Other income items(bal.)
113,157
Ur.60.803
146,495
Dr.27,755
Period End. Feb. 29—
294,759
$5,119,019
357,633
$3,117,749
589,518
$1,468,979
$4,761,385
$2,528,231
$2,729,730
funded debt178,816
$1,763,738
$2,550,913
Gross income
Interest on
Net incomes
-V. 142, p. 1480.
Northern Alabama
Ry.—Earnings.—
1934
1935
1936
February—
1933
$58,610
24,789
8,896
Net from railway—.—
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$50,193
20,895
4,947
$51,141
22.494
8,709
$41,382
14,537
def2,935
120,162
54,306
22,311
Gross from railway
95,518
33,553
1,845
101,977
44,555
19,328
85,092
32,672
def3,974
1481.
—V. 142, p.
4,385
4,297
8,770
8,594
$19,235
$15,714
$37,606
$30,469
Operating taxes
Net operating income—V. 142, p. 1651.
Ohio Edison
Co.—Earnings—
Gross earnings--.
Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
$1,517,694 $1,423,567 $16,096,901 $15,451,627
663,504
601,159
Fixed charges
358,205
125,000
155,576
331,628
125,000
155,573
4,125,496
1,350,000
1,866,888
3,849,530
1,250,000
1,866,882
$215,407
$210~i()6
$1,601,104
$1,478,625
Prov. for retirement res-
stock
Divs. on pref.
Balance
—V.
142, p.
1481.
Ohio Leather Co.—Financing Approved—
approved a plan to increase the authorized capital stock
from 75,000 shares to 125,000 shares and to issue $900,000 10-year 5%
convertible debentures to refund $300,000 of bank loans and expand plant.
The stockholders
—Y.
142, p.
1826.
Co.—$90,000,000 Bonds Offered—
Largest Single Issue So Far Under Securities Act—The largest
single bond flotation so far undertaken under the Securities
Act of 1933 took place March 24 with the offering of an issue
Northern Indiana Public Service Co.—Pref. Div.—
a dividend of 87 H cents per share on the
7% cum. pref. stock, 75 cents per share on the 6% cum. pref. stock and
68M cents per share on the 5J4% cum. pref. stock (all of $100 par value),
all payable April 14 to holders of record March 31.
Similar distributions
have been made on these issues each quarter since and including April 14
1933, prior to which quarterly payments were made at the regular rates.
There has been no payment on the common stock since June 1932.—V. 142,
The directors have declared
nation-wide underwriting group headed by
Blyth & Co., Inc.
The bonds were priced at 102^ and int.
Other members of the underwriting group are Brown Harriman & Co., Inc., Edward B. Smith & Co., the First Boston
Corp., Lazard Freres & Co., Inc., Dean Witter & Co.,
Bonbright & Co., Inc., H. M. Byllesby & Co., Inc., E. H.
Rollins & Sons, Inc., Bankamerica Co., Mitchum, Tully &
Co., Elworthy & Co., Wm. Cavalier & Co., Brush, Slocumb
& Co., Schwabaeher & Co., Dillon, Read & Co., Kuhn,
Loeb & Co. and Morgan Stanley & Co., Inc.
A prospectus dated March 24 affords the following:
1961, through a
11961.
Interestpayable J. & D.
lawful money of the United States of
Dated Dec. 11935; due Dec.
and interest payable in
and registered bonds Interchangeable at expense of the holder.
Exempt from personal property taxes in California in opinion of counsel.
City Bank Farmers Trust Co., New York, and American Trust Co.,
San Francisco, trustees.
Series H bonds shall be red. for other than
sinking fund purposes, at option of company, as a whole or in lots of not
less than $10,000,000, on the first day of any calendar month, or in lesser
amounts on any June 1 or Dec. 1, and shall also be red. for the sinking
fund on any June 1 or Dec. 1, in each case upon 60 days' prior published
notice, at the principal amount thereof and accrued int., plus a premium of
10% if red. on or before Dec. 1 1941; 7H% thereafter and on or before
Dec. 1 1946; 5% thereafter and on or before Dec. 1 1951; 2J4% there¬
after and on or before Dec. 1 1956; 2% thereafter and on or before Dec. 1
bonds
1957; 1M%
on
or
thereafter and on or before Dec. 1 1958; 1% thereafter and
1 1959; *4% thereafter and on or before Dec. 1 1960;
before Dec
premium.
Listing—Company has agreed, at the request of the principal under¬
to apply for listing the series H bonds on the New York Stock
Exchange and for registration of the series H bonds under the Securities
Exchange Act of 1934.
,
and thereafter without any
writers,
electric
energy,
and the purchase,
1935
$3,342,418
1934
1Q**3
$3,265,880
def218,354
def94,976
379,242
133,642
$2,498,068
def504,894
def768,629
7,586,841
C,870,542
1936
$3,657,478
Net after rents
From Jan. 1—
Gross
from
railway
Net from railway
def273,755
Net after rents.
—V.
def477,201
5.370,172
6,668,408
def688,280
664,025
263,034 def1,201,008
gas
Summary of
Consolidated Income Statements for
North German
$484,722
$425,758
Gross Income
Interest on funded
$897,425
$796,443
Co.—Earnings—
Period End. Jan. 31—
Balance
-
1936—Month—1935
$361,883
210,183
$354,653
199,149
1936—12 Mos.—1935
$3,863,812
2,457,316
$3,566,615
2,288,986
1$1,074,792
Drl,767
17,119
16,956
204,498
$134,581
$138,548
62
Drl8
1$1,201,998
410
Other income (net)
50,547
202,837
$14,942,161 $15,562,743 $15,885,679
Net income
transferred to
$25,176,679 $21,938,248 $20,139,008
1,654,744
2,315,025
1,957,301
surplus_$23,521,935 $19,623,223 $18,181,706
Net inc. transf. to surplus, as
shown,
Includes gas revenue in dispute in
a rate proceeding, prov. for the
computed amounts thereof being
being charged to earned surplus.
Is before deducting min. interests
in earnings of sub. cos. which the
company charges to earned surp.
The annual interest charges on
$2,258,000
$1,931,000
$786,000
412,306
428,950
409,101
the consolidated funded debt outstanding
effect to the
the proceeds
$12,774,815, of which $2,172,070 represents the annual
public as of Dec. 31 1935, adjusted to give
and sale of the series H bonds and the application of
In the hands of the
issuance
73,476
44,663
$15,057,407 $15,658,059 $15,993,062
construction.
115,245
95,315
107,382
-
:
Provision for Federal income tax
(b)
[American Power & Light Co. Subsidiary]
Operating revenues—-Operating expenses
Rent for leased property
& esp_
Net Income
-V. 14! I, p. 1300.
Northwestern Electric
.-$40,118,841 $37,500,992 $36,024,687
14,133,374 14,832,349 15,137,854
873,485
781,047
781,731
-
debt
Net deductions.------
(a)
1933
>---..-$39,805,080 $37,161,447 $35,636,698
313,760
339,544
387,989
Amortization of bond discount
Less interest charged to
Line, above.—V. 140, p. 982.
Northwestern Bell Telephone Co.— •Earnings
1936-2 Mos. —1935
Period End.,Feb. 29—
1936—Month—1935
Operating revenues
$2,594,212
$2,371,207 $5,130,342 $4,768,909
18,669
23,174
Uncollectible oper. rev__
8,031
9,540
3,648,595
3,467,226
Operating expenses
1,818,365
1,694,654
565,653
482,066
Operating taxes
283,094
241,255
Net o] >erating income-
depreciation
Net operating revenue
Miscellaneous income-.—
Total
Lloyd—Financial Reorganization-
See Hamburg-American
Provision for
Calendar Years
1934
1935
-$92,084,934 $87,555,480 $84,596,084
- 39,998,280
37,946,930 36,901,690
12,281,573 12,447,101 12,057,695
Miscellaneous interest
1651.
142, p.
transmission, distribution and sale of
throughout a large part of northern and central California,
the principal cities therein.
Approximately 69.86% of the
consolidated gross operating revenues of the company and its subsidiaries,
in the year 1935, was derived from the sale of electric energy and 28.78%
was derived from the sale of gas.
natural
including
operating revenue
Operating expenses
Ry.—Earnings.—
Northern Pacific
February—
from railway
Net from railway
,
Business—Company was organized In California on Oct. 10 1905.
Company and certain of Its subsidiaries are engaged principally in the
production (including purchase), transmission, distribution and sale of
Gross
Gross
Principal
America.
Principal payable in N. Y. City or San Francisco and Int. payable in
N. Y. City, Chicago or San Francisco, at the option of the holder.
Coupon
bonds In denom. of $1,000, registerabie as to principal only.
Registered
bonds in the denom. of $1,000, $5,000 and multiples of $5,000.
Coupon
134.
p.
series H, 3M%» due
$90,000,000 1st & ref. mtge. bonds,
of
.
Northern Connecticut Power Co.— Merged—
See Connecticut Light & Power Co. above.—V. 138, p. 4471.
7,006,589
7,153,412
Operating expenses
Pacific Gas & Electric
(France)—Interest Payment—
Nord Ry.
unlisted trading privr
bonds due April 1 1961.—V. 142,
1651.
p.
—V. 142, p. 1650.
'
(Minn.)—Removed from
Exchange has removed from
ileges the refunding mortgage 4 >4 % gold
[A Subsidiary of the
A total of $181,300 1st mtge. 30-year 5% s. f. gold bonds, dated Nov. 1
1916, have been called for redemption on May 1 at 102and interest.
Payment will be made at the Union Trust Co. of Pittsburgh, Pittsburgh,
Pa.—V. 142, p. 1996.
1936
28
Unlisted Trading—
Period End. Feb. 29—
Shipbuilding Corp.—Bonds Called—
New York
Co.
Power
States
Northern
Earnings.—
1936
$766,634
120,562
53,546
February—
Gross from railway
Net from railway—
March
Chronicle
thereof, amount to
subsidiaries.
proceeds to be received by the company
bonds, after deducting estimated expenses
(other than premiums and other expenses in connection with the redemption
of the bonds mentioned below), will be $90,033,678, exclusive of accrued
interest.
Company intends to use such neb proceeds, together with other
interest charges on bonds of
Purpose—The estimated net
from the sale of the series H
Gross corp.
income
Int. & other deductions -
$134,643
47,973
y$86,670
Balance
Property retirement reserve
z
$138,530
51,806
1$1,202,408
596,845
!$1,073,025
628,341
y $86,724
$605,563
260,000
$444,684
260,000
appropriations
applicable to preferred
period, whether paid or unpaid-
Dividends
stock
for
334,181
334,159
retirement reserve appropriations and dividends,
unpaid to Jan. 31 1936 amounted to $1,072,479. Latest dividend on 7% pref. stock was 88 cents a share paid Jan. 3
1933. Latest dividend on 6% pref. stock was $1.50 a share paid Oct. 1
1932. Dividends on these stocks are cumulative.—V. 142, p. 965.
y
Before
property
Dividends accumulated and
(1)
June
$11,382 def$149,475
Balance
z
treasury funds, for
the following purposes:
E, 4^%, due
and to
To redeem the 1st & ref. mtge. gold bonds, series
1 1957, which the company intends to call for redemption
1936 at the redemption price of 105 and int.
The total
amount necessary to redeem said series E bonds is $37£510,687, which
includes $34,975,000 principal, $1,748,750 premium and
interest
to June 1 1936.
redeem on June 1
$786,937
.
,
,
To redeem the 1st & ref. mtge. gold bonds, series F, 414%. due
June 1 1960, which the company intends to call for redemption and to
redeem on June 1 1936 at the redemption price of 105 and int.
The total
amount necessary to redeem said series F bonds is $53,206,725, which
(2)
Volume 142
Financial
Chronicle
includes $49,610,000 principal, $2,480,500 premium and $1,116,225 interest
to June 1 1936.
Ohio Wax Paper Co.—Dividend Increased—
The
"
(3) To provide the means to redeem the Northern California Power
Co., Consolidated, ref. & consol. mtge. 5% sinking fund 40-year gold
bonds due Dec. 1 1948, which the company has assumed and agreed to
pay, and whlcn the company intends to cause to be called for redemption
and to be redeemed on June 1 1936 at the
redemption price of 110 and
int.
The total amount necessary to redeem said ref. & consol. mtge. bonds
is $4,155,750, which includes $3,694,000
in
the
hands
June 1
of the
principal amount outstanding
$369,400 premium and $92,350 interest to
public,
1936.
The amount of treasury funds required for such redemptions
(principal,
premium and interest) in addition to the net proceeds derived from the
sale of the series H bonds (exclusive of accrued interest) is estimated to
be $4,839,485.
Accrued interest on the bonds so to be redeemed to their
respective redemption dates will be charged to income
on
the books of the
[Adjusted to give effect to the issue and sale of the series H bonds, and
redemption of the bonds to be retired ]
xOustanding
$9,236,100
35,782,000
20,000,000
94,253,000
90,000,000
41,971,000
Bonds of predecessor cos. (assumed) maturing 1936 to 1948-Gen. & rer. mtge. bonds, 5%, due Jan. 1 1942
1st & ref. mtge. bonds—Series B, 6% due Dec. 1 1941
-Series G, 4% due Dec. 1 1964
Series H, 3%% due Dec. 1 1961
-
-
Bonds of subsidiary companies due 1937 to 1952_y
Minority interest in capital stocks and surplus of sub.
Owens-Illinois Glass
The
Surplus
First pref. stock, cumulative (par $25), 6% and 5H%
Common stock (par $25)
I.
......
_
Does not include securities held in treasury or sinking funds, or pledged
to secure other funded debt except $428,000 Great Western Power Co.
x
dated Feb.
7
1935, the company agreed to
for account of Sierra &
5% 40-year gold
bonds, due Aug. 1 1949, and on the 2d mtge. 5% 40-year gold bonds,
series B, due Jan. 1 1949, of said company, at the rate of 5% per annum
for a term ending Dec. 31 1944, unless sooner terminated by mutual con¬
sent of said parties.
There were outstanding on Dec. 31 1935 $12,000,000
1st mtge. bonds, including $445,000 held in the treasury of the company,
and $555,000 pledged with the trustee under the mortgage
securing Blue
Lakes Water Co. 1st mtge. 6% gold bonds, due March 15 1938.
The
2d mtge. bonds were called for redemption on July 1 1935, and an amount
of money sufficient to redeem said bonds was deposited with the trustee
under the mortgage securing said bonds.
The principal amount of 2d
mtge. bonds not surrendered for redemption on Jan. 31 1936 was $56,000.
Interest on said bonds ceased to accrue after July 1 1935.
Operations—The following table sets forth for the years 1933, 1934 and
1935 certain statistical information concerning the operations of the electric
and gas departments of the company and its subsidiaries, all
inter-company
and all inter-departmental sales except for construction
purposes (botn
in volume and amount) having been eliminated:
Francisco Power
Co. the interest
on
pay
the 1st mtge.
Electric Department
Calendar Years—
1933
1934
1935
No. of consumers at year end.a
737,082
759,887
782,155
Sales of electricity in thousand kwh__
2,943,016
3,271,459
3,303,312
Consolidated gross operating revenue.$59,990,782 $63,457,031
$64,331,045
Percent of consolidated gross oper¬
—
ating revenue from all sources
70.91
Qas
72.48
69.86
Department
Calendar Years—
of
consolidated
gross
from all
oper-
27.59
sources-
26.13
28.78
a It is estimated that in each of the years
covered, approximately 95%
of the gas consumers were also electric consumers and, to this
extent, are
included in both tables.
Underwriters—The
names
of the several principal underwriters and the
amounts of series H bonds which
they have severally agreed to purchase,
follows:
Name—
are as
.
Blyth & Co., Inc., New York
$14,000,000
8,000,000
8,000,000
8,000,000
6,000,000
6,000,000
4,000,000
4,000,000
4,000,000
Brown Harriman & Co., Inc., New York
Edward B. Smith & Co., New York
The First Boston Corp., New York.
Lazard Freres & Co., Inc., New York
Dean Witter & Co., San Francisco
Bonbright & Co., Inc., New York
H. M.Byllesby & Co., Inc., Chicago
E. H. Rollins & Sons, Inc., New York
Bankamerica Co., San Francisco
Mitchum, Tully & Co., San Francisco
Elworthy & Co., San Francisco
Wm. Cavalier & Co., San Francisco
Brush, Slocumb & Co., San Francisco
Schwabacher & Co., San Francisco
Dillon, Read & Co., New York
Kuhn, Loeb & Co., New York
Morgan Stanley & Co., New York
cents
the
share on
per
Co.—Subsidiary to Build New Plant
Co.,
subsidiary,
a
will erect
a glass
according
The affili¬
now operates two
plants in Los Angeles and two in San Francisco.
Owens-Illinois glass blocks will be used to build the plant similar to the
company's
new packaging and research plant opened at Toledo
recently.
Construction will be started next month.—V. 142, p. 1652.
Light Co.—Earnings—
[American Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating re venues
$383,945
$345,207
$4,332,918
$4,083,379
Operating expenses
207,549
199,657
2,442,587
2,379,256
Period End. Jan. 31—
Net
from oper
revs,
$176,396
$145,550
$1,890,331
$1,704,123
15,019
41,676
14,856
31,041
179,298
348,541
177,637
344.604
$233,091
103,518
$191,447
103,169
$2,418,170
1,261,971
$2,226,364
1,272,194
Balance.
y$129,573
y$88,278
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,156,199
600,000
$954,170
600,000
Rent
from
leased
prop¬
erty (net)
Other income (net)
Int. & other deductions.
458,478
458.478
$97,721
Balance.
def$104,308
y Before
property retirement reserve
appropriations and dividends,
z Dividends accumulated and
unpaid to Jan. 31 1936 amounted to $573,098,
after giving effect to dividends of $1.75 a share on the
7% pref. stock and
$1.50
a share on $6 pref. stock, declared for payment on Feb.
Dividends on these stocks are cumulative.—V. 142, P. 965.
Pacific
1
1936.
Telephone & Telegraph Co.—Injunction Granted
Three judges, sitting in Multnomah Circuit Court
(Oregon) have perma¬
nently enjoined the 8% reduction order against this company.
The com¬
pany has reserved about $565,000 against the order which was issued
by a
former Commissioner after
proceedings beginning in 1931.
Court held this
company was denied protection of due process clause.
Finding was similar
to decision of the three-judge Federal District Court in San Francisco
in
Pacific Gas rate case, rendered nine days previously.
Files
Refunding at
—
The company has filed a registration statement under the Securities
Act
of 1933 covering $30,000,000 of refunding
mortgage bonds, series B, due on
April 1 1966, at the low interest rate of 3H%The offering price, the
principal underwriters and the underwriting discounts or commissions are
to be supplied by amendment.
Net proceeds are to be applied to redeem
5% bonds, as follows: $23,890,000 to redeem on May 1 1936, outstanding refunding mortgage
30-year 5%
fold bonds, series A,Telephone and interest; $4,984,000 as
at 107)^ Co.,
outhern California
subsidiary, toward
a loan to the
a
redeeming on
May 1 1936, outstanding $6,011,000 of 1st & ref. mtge. 5% sinking fund
20-year gold bonds at 105 and interest; remainder toward payment at
maturity, on May 15 1936, of outstanding $2,999,900 of first
mortgage
5% sinking fund 30-year gold bonds of the Home Telephone & Telegraph
Co. of Spokane.—V. 142, p. 1826.
Pacific Western Oil Corp.—Directorate Reduced—
1933
at year end.a
revenue
of 25
ate
,
•
1934
1935
515,207
531,086
548,975
Sales of gas in thousand cubic feet— 39,823,505
41,094,154
48,686,774
Consolidated gross operating revenue_$23,336,706 $22,881,986
$26,505,117
consumers
dividend
Manager.
1st mtge. 5%
bonds due July 1 1946, upon which interest is not currently
payable, pledged with the turstee for California Electric Generating Co.
1st mtge. 5% sinking fund 40-year gold bonds, series A, due Sept. 1 1948.
y By the terms of a lease agreement between the company and Sierra &
San Francisco Power Co. dated Dec. 31 1919, as amended by an
agerement
a
Owens-Illinois Pacific Coast
Gross corp. income
6.258,700
71,100
63,216
130,865,625
156,533,925
Common stock
operating
declared
container plant at Oakland, Calif., at a cost of about
$2,500,000,
to Harold Boeschenstein, Vice-President and General
cos.:
Preferred stock
Percent
have
stock, no par value, pavable April 1 to holders of record March 20.
This compares with 20 cents paid each quarter from April 1 1934 to and
including Jan. 2, last, and 40 cents per share paid each three months from
April 1 1929 to and including Jan. 1 1933.^-V. 138, p. 2421.
Pacific Power &
Consolidated Funded Debt and Capitalization as of Dec. 31 1935
No. of
directors
common
company.
San
2169
500,000
500,000
500,000
500,000
500,000
500,000
7,500,000
7,500,000
The stockholders at the annual meeting March 19 voted to reduce
the
board of directors to five members, from eight, pursuant to
adoption of
directors' resolution of March 10 providing for such amendment to the
by-laws.
The new directors are H. Paul Grimm, President of the
corporation;
Harold L. Rowland, Arthur M. Boal, Sylvan C. Coleman and John
Jay
Hopkins. Retiring directors are H. H. Coe, Emil Kluth, H. M. Macomber,
E. A. Parkford, M. E. Rollins, D. T. Staples and Fero Williams.—V.
142,
1826.
p.
(J. C.)
Penney
Approved—
Preferred
Stock
approved the elimi¬
pertaining to preferred
summer
the
Pennsylvania RR. Regional System—Earnings—
[Excludes L. I. RR. and B. & E. RR.]
Period End. Feb. 29—
1936—Month—1935
1936—2 Mos.—1935
Railway oper. revenues_$33,658,643 $28,029,645 $66,649,636 $57,129,023
Railway oper. expenses. 26,458,640
20,805,804
51,626,523
42,780,005
Railway tax accruals—
1,671,300
1.592,258
3,317,400
3,160,540
Unemployment insur—
166,898
326,797
Uncollect, ry. revenues.
T, 485
18",705
Equipment rents., dr. bal
549,761
582,822
1,072,407
1,149,728
Joint facil. rents, dr. bal.
170,284
155,821
360,932
281,620
Ket
ry. oper.
income. $4,641,760
$4,883,455
$9,945,577
$9,738,425
Earnings of Company Onlu
1936
February—
During 1935 proceedings were commenced for the winding up and
voluntary dissolution of the company's subsidiaries, Mt. Shasta Power
Corp., Modesto Gas Co., Battle Creek Power Co., California Gas &
Electric Corp., Northern
California Power Co., Consolidated, Snow
Mountain Water & Power Co., Standard Electric Co. of Calif., Sierra &
San Francisco Power Co., and Great Western Power Co. of Calif, and its
subsidiaries, California Elecrtic Generating Co., Napa Valley Electric
Co., Feather River Power Co., City Electric Co. and Gerat Western
of
stock, in view of the fact that the company completed last
retirement of all outstanding preferred.—V. 142, p. 1826.
10,000,000
Dissolution of Certain Subsidiaries
Co.—Elimination
The stockholders at the annual meeting March 21
nation from the company charter of all provisions
Gross from railway
Net from railway
Net after rents
.
.
1935
1934
1933'
$33,595,745 $27,981,768 $26,009,636 $22,156,278
7.235,949
7,228,101
6,471,215
5,027,330
4,684,243
4,894,161
4,098,442
2,344,265
From Jan. 1—
Gross from railway
Net from railway——Net after rents
—V. 142, p.
66,516,981
15,082,248
10,018,454
57,031,055
14,353,354
9,756,771
53,231,414
13,564,970
8.765,763
46,398,433
11,020,251
5,591,610
1653.
Power Co.
The only steps remaining to be taken to complete the final dissolutions
of Mt. Shasta Power Corp., Modesto Gas
Co., Battle Creek Power Co.,
California Gas & Electric Corp., Northern California Power
Co., Con¬
solidated, Snow Mountain Water & Power Co. and Standard Electric Co.
of Calif, are the filing of the certificates provided for in Section 403
(c)
of the General Corporations Laws of the State of
California, as amended,
and the payment of certain taxes.
Investments at
cost
Discount
expense
and
Sinking funds
deposits
392,815
and
special
Cash and cash items
Notes & accounts receivable
Material and supplies
Accrued int. on Investments
1,265,846
18,707,064
10,201,453
4,302,333
2,312
Unamortized bond discount
and
18,062,060
939,560
expense
Unexpired taxes
Unamort. valuation expense
Other charges
First preferred stock.—
Common stock
Min.
on
capital stock
686,038
272,371
int.
in
$130,865,625
156,533,925
capital stocks
and surplus of subsids
Funded debt
6,393,016
289,514,100
959,715
1,992,586
233,094
Customers' meter & line deps
1,329,775
Dlvs. payable January 19362,385,698
Bond interest due
285,420
Accrued Interest—not due2,751,772
Accrued taxes, &c
8,483,632
Reserves—For depreciation.
78,514,680
Bonds called not redeemed—
Accounts
payable
Drafts outstanding
For Ins., casualty, Ac
For
Invest,
in
3,900,69
Standard
Pacific Gas Line, Inc..
For
amounts
consumers
rates
Period End. Feb. 29—
Operating revenues
Net
oper. revenue
Net ry. oper. income
Non-operating income.-
1936—Month—1935
$2,424,293
$2,202,750
411,544
292,020
18,718
533,839
$310,738
419,067
17,727
1936—2 Mos.—1935
$4,972,285
$4,471,238
1,028,659
1,107,557
643,318
735,556
136.932
110,408
charged gas
in
excess
established
Capital
surplus
Earned
surplus
719,956
of
4,975,000
4,260,819
31,708,008
289,631
$436,794
298,295
$780 251
Deductions
Liabilities—
$665,775,256
5,200,405
Marquette Ry.—Earnings—
Gross income
Consolidated Balance Sheet Dec. 31 1935
Assets—
Plants and properties
Pere
580 591
$845,965
602,409
Net income
—V. 142, p. 1482.
$21,108
$138,498
$199,659
$243,555
Philadelphia & Beach Haven RR.—Abandonment—
The Interstate Commerce Commission
on
March 16 issued
a
certificate
permitting the company to abandon, as to inter-State and foreign com¬
merce, its entire line of railroad extending from a connection with the line of
the Tuckerton RR. at Manahawken in
an
to Beach Haven, 12.11 miles, all in Ocean
easterly and southerly direction
County, N. J.
The company's capital stock is owned by the Pennsylvania RR.
Pittsburgh Terminal Coal Corp.—To Reduce Par Value
—Options—
The stockholders at the annual meeting March 30 will vote on a proposed
change in the authorized common stock from 132,000 shares (par $100) to
132,000 shares (par $1).
The stockholders will also vote on a proposed option to Charles E.
Speaks to purchase from the company on or before Dec. 13 1938, at $2 a
share, 12,000 shares of common stock and 1,000 shares of preferred at $24 a
share.—^.
141. p. 2902.
Pittsfield Coal Gas Co.—Dividend Halved—
Total
$725,807,512
—V. 142. p. 1999.
t
Total
$725,807,512
The company
par
paid a dividend of 50 cents per share
$100 on March 23 to holders of record March 19.
on
the capital stock,
This compares with
Financial
2170
paid each three months
dividends of $1 per share
from March 23 1934 to
Dec. 23 1935; $1-50 per share paid on Dec. 23 and Sept. 23
1933, and $1 per share distributed on June 23 and March 23 1933.—V. 141,
p. 1943.
and including
March 28 1936
Chronicle
operation have now been reversed and credit of that amount taken as
duction of expenses of operation in 1935, in necessary conformity with
Consolidated Balance Sheet Dec. 31
Co.—Earnings—
[American Power & Light
._
1936—12 Mos.—1935
$3,249,690 $3,038,251
2,445,22 9
2,182,191
$59,812
$804,461
Dr3,458
$45,119
Dr352
Net revs, from oper
169
Other income (net)
$59,460
44,612
$45,288
44,704
$801,003
535,264
$846,819
535,514
y$14,848
y$584
$265,739
250,000
Balance
430,167
430,167
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks
$414,428
-
$368,862
retirement reserve appropriations and dividends,
unpaid to Feb. 29 1936 amounted to $1,057,764.
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.
Divi¬
dends on these stocks are cumulative.—V. 142, p. 2001.
Before
124,029
124,358
11,559,631
14,054,893
Inv. in affil. cos., &c___
4,113,316
4,145,659
Pension & reserve assets.
8,505,340
8,026,581
Equipment & property_al84,409,656 186,108,927
18,570,455
2,926,271
7,894,872
Equip, trust ctfs. and
leases
property
Dividends accumulated and
Pullman Inc.—Annual
Current accts. payable
$7,900,726
Report for 1935—
President, says in part:
Operations—The outstanding features of 1935 operations in the major
lines of business activity carried on by company and its subsidiaries were:
Loss of $1,646,981 in the sleeping car business—notwithstanding ex¬
pansion of $2,234,443 in gross revenue—as contrasted with an earning of
$597,355 in 1934; due (a) to considerably enlarged scale of ordinary main¬
tenance expenditure, (b) to special maintenance charges arising in connec¬
tion with the 1935 air conditioning program and (c) to increased payroll
costs resulting from complete restoration of the pre-1932 wage level for all
rail carrier employees.
compared with an
earning of $1,292,591 in 1934, when uhder the stimulus of large-scale
government loans to the railroads substantially larger new car orders were
the manufacturing business as
placed than in 1935.
Contraction of $386,527 in the earning from Security Investment, reflect¬
ing some decline in interest rate but principally the absence of interest
earning on securities that were sold or collected at maturity during the year
and the proceeds used to finance additions to Equipment and Property.
Sleeping Car Business—While gross revenue of $46,758,260 represented
recovery of 18.9% from the depression-low reached in 1933, it was never¬
theless equivalent to only 57% of the pre-depression (1925-29) average.
With substantially the same burden of property depreciation to be carried
as during periods of normal gross revenue
and with impracticability of
reducing property maintenance and a country-wide operating organization
in direct ratio with the shrinkage in volume of traffic, it is manifest that
normal ratios of earning cannot be obtained with a 57% load factor.
An important element in the 1935 improvement in gross revenue was the
heightened rate of increase in traffic volume in the Western and Southern
regions, where a reduced fare program adopted late in 1933 provided for
entire elimination of the surcharge on Pullman tickets and for substantial
lowering in the basic rail passenger rates.
This contrasted with a much
lower rate of increase in the volume of Pullman traffic in those regions
where the Pullman surcharge has been continued in effect and where there
has been no general reduction in the over-all cost of rail travel.
During 1936 there will be placed in operation between important traffic
points several additional new type light-weight high-speed trains.
The
trains of this type planned for over-night runs will carry sleeping cars,
and it is expected that these improved services will generate or recover a
substantial amount of rail passenger business.
Business—While equipment bookings in 1935 were smaller
car-builders entered 1936 with
early resumption of large-scale
equipment purchases. Placement since Dec. 1 with railroad and commercial
shops, of orders for approximately 19,000 new freight cars, was undoubtedly
hastened by the sharp expansion in carloadings and scarcity of high grade
cars during the last half of 1935.
This tight equipment situation will recur
in intensified form if traffic reaches the volume anticipated for 1936. Greatly
improved designs of freight equipment are now available, and the obtainable
economies both in maintenance and in relation of capacity to dead-weight
equipment buying by the railroads.
Equipment and Property, Additions and Retirements—During 1935 there
were gross additions to property and equipment account, classified as follows:
$11,337,978
44,764
1,160,500
in cars
betterments to cars
Air conditioning apparatus
Routine additions and
New and rebuilt cars
Improvements at laundries shops, district
Improvements at manufacturing plants
Less:
Retirements of cars and
offices, &c
other property.
$2,468,601
Net addition
During the year 1935 there were installed 38
and rebuilt, and 484 cars of obsolete types were
general service cars, new
retired, leaving a total of
of all classes on the equipment list at the close of 1935.
The $10,813,683 of retirements during 1935 consisted largely of obsolete
types of general service cars—either rebuilt, revalued ana reinstalled in
the equipment list or scrapped.
In addition the car-building plant at
Sagamore, Mass., which has not been in operation for many years, was
sold to the U.S. government in connection with the widening of the Cape
8,027
cars
Cod Canal.
At the close of 1935 there were
$7,372,860
3,006,972
7,996,577
3,000,000
3,164,031
921,689
3,519,892
7.692,374
2,500,000
1,866,769
8,628,790
3,350,000
3,145,183
1,695,478
Deferred credits
$258,590,555$268.437,751$276,555,754$288,960,697
Total
a After deducting ordinary retirements during year of $10,813,683 and
depreciation reserve ($189,103,587, less charges on account of retirements
during year, $9,023,022) of $180,080,566.
b Represented by 3,820,180
no par shares.—V,
141, p. 3236.
Pond Creek Pocahontas Co.—New Directors—
Stone and Steele Mitchell have been elected directors jto
board.—V. 142, p. 2001.
Robert G.
Public Finance Service, Inc.—Registers $2,000,000 Debs.
has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering $2,000,000
of 6% sinking fund debentures.
The company
Co.—Additional Preferred Stock to Be
Pure Oil
26 authorized the issuance of
The directors on March
1936 summer travel period.
(Including Subsidiaries) for Calendar Years
1934
1933
1932
xl935
From carrier business of
on
April 20 to holders of record of April 7 who have not participated in the
This payment will be the 8% preferred, $25.50
$19.12M; the 5>£% preferred, $16.87^.
1
Calendar Years
1933
$92,416,785 $79,766,991 $54,233,383
expenses— 71,066,726
68,731,741 42,841,344
Consolidated Income Account for
1935
1934
Gross earnings
Costs & oper.
Net
on
192,443
1,520,051
2,184,852
6,591,176
232,669
Cr355,883
Cr533,070
$8,150,027 loss$884,872
$811,086
128,761
$642,386
2.057.585
$8,150,027 def$884,872
$682,325def$1415.199
$8,773,520
$8,621,542
9,210,802
9,185,969
9,993,554
sur.$597,356
$564,427
dividends
Surplus.
— .
Earn, per sh. on 3,038,370 com. shs. (no par)
1934
$
$
x
2,637,866
2.782,439
1,348,102
2,778.139
2.765,763
$l,292,591def$3825,077def$4074.830
1,734,629
1,716,640
1,460,140
Total earnings from all
def$70,162
sources
Less—Reserve
for
Balance of earns
$3,624,576def $2672,864def$3834.725
Fed'l
203,566
income tax
110.753,615 108,456,105 y Common stock 30,383,700
8,071,809 Funded debt... 38,743,113
Invest. & advs—
8,343,447
658,926
3,534,486 Notes payable..
Cash
9,486,801
Accts. payable..
6,937,601
z Notes, accepts.
&c
7,216,922
& accts. rec„
6,005,501
15,554,004
oils
2,903,312
Mat'ls & suppl's
-
Employees' sav.
1,285,931
1,639,842
invest, fund..
1,285,931
2,177,935
295,314
4,271,895
26,374,741
surplus. 15,353,429
5,127,337
26,280,377
8,488,244
1,800,628 Def'd credits and
other reserves
1,723,315
Minority
Earned
157,183,875 144,589,290
Total
x
After
int
Total
Queens Borough Gas &
Electric Co.
31—
sources)
Total exp. (incl. retirement exp.) and all taxes..
Total fixed charges
141.
Feb. 29—
revs..
Teleg. & cable oper. exp.
revenues.
oper.
assign,
to
oper..
455
of America—Earning
1936—Month —1935
$83,475
170,947
64.149
59.812
250
250
3 746
2,446
1936 -2 Mos.
-1935
$167,010
$142,016
127.574
500
7,791
121.835
500
4,592
$31,145
$15,089
$8,439
53
__i4!
$8^884
$31,319
$15,938
$15,383
Gross income
$15,330
"$15,383
Operating income
Non-operating income—
$8,884
$31,319
$15,938
174
Deductions
142. p
$487,413
2748.
P.
Tel eg. cable oper
Uncoil,
■Earnings—
1934
1935
$5,176,549 $5,029,591
3,526,103
3,550,587
1,016,074
970,790
$655,171
Net income
Taxes
157,183,875 144,589,290
depreciation and depletion of $89,758,812 in 1935 and $85,350,567
y Represented by 3,038,370 no par shares.—V. 142, p. 2001.
849
1830.
Reading Co.—Earninas.—
February—
railway
Net from railway.
Gross from
Net
$8,502,812 $14,133,158 $15,295,266
3,820.472
3.820.439
3,820.307
Earnings per share
Nil
$0.76
Nil
Nil
x The Railroad
Retirement Act of 1934 was declared unconstitutional in
1935. The charges therefor ($378,936) made in 1934 as part of expense of
Bal. to surplus (def.)_$10.301.746
Shs. cap. stk. outstand'g
3.820.180
1,269,766
Paid-in surplus-
—V
_def$273,728prof$2957670def$2672.864def$3834.725
11,460.481
11.460,294
11,460.086
Divs. paid by Pullm. Inc. 10.028,018
Proportion
of
div.
of
sub.
corps,
paid
to
minority stockholders
1,899*965
12,117,503 Def. pur. obllg.
2,879,944 Empl's sav. and
Invest, fund..
Deferred charges
30,000,000
30,383,700
28,500,000
4,840,918
5,621,048
773,473
2,105,753
Purch. obliga'ns
Accr'd llabil
Finished <fe crude
Net income
666,907
30,000,000
Preferred stock.
R??dio Marine Corp.
4,075,030 def1.046,937 defl .309.067
$
$
Liabilities—
Prop., equip't,
1934
1935
■
1935
Assefs—
Period End.
2,866,584
Nil
Nil
Nil
$2.00
Consolidated Balance Sheet Dec. 31
$1,220,035
$228,717
Surplus
From investments, &c_-
1,797,142
2,063,928
7,108,120
notes, &c—
income
Preferred
^-V.
Balance, deficit
$1,646,981
From all mfg. properties
and Pullman RR., aft.
deducting all exp. inci¬
dent to operations
Less—Charges & allow¬
ances for depreciation-
$11,616,836 $10,638,065
$21,693,765 $11,201,047
2,578,768
3,204,735
1,924,411
1,656,232
6,938,436
Depletion, deprec., &c—
8,062,499
644,305
Minority interests
620,272
Disc, on gold notes pur.
for sinking fund
Total income
Taxes
Interest
1932
$60,711,496
50,137,542
$11,035,250 $11,392,039 $10,573,954
165,797
224,797
64,111
Operating income
$21,350,059
profits..
343,706
Non-operating
Gross revenues (all
$9,808,157
additional shares of
plan by deposit or assent.
a share; the 6% preferred,
Twelve Months Ended Dec.
after de¬
ducting all exp., inci¬
dent to operations
$8,906,047
Less—Charges & allow¬
ances for depreciation10,553,028
Pullman Co.,
on
preferred stock required under the plan (V. 142, p. 470) recently put in
operation to clear up dividend accumulations. Approximately 88% of the
outstanding preferred shares have been deposited to date. The new shares
and checks for cash payment will be available April 20, and it is under¬
stood that application will be made soon to list these shares on the New
York Stock Exchange.
Accrued dividends to April 1 were declared on preferred shares, payable
in 1934.
Consolidated Income Account
Issued
Arrears—Dividends on
April 20 Under Plan to End Dividend
Undeposited Preferred Stock Declared—
available to the traveling public 3,238
estimated total of 5,875 air-con¬
air-conditioning apparatus by the opening of the
fill
vacancies on the
air-conditioned Pullman cars, out of an
ditioned passenger cars of all ownerships on the railroads of this country.
Under present plans 700 additional Pullman cars will be equipped with
207,680
191,023,627 191,021,957 191,015,376
9.972
11,793
18,624
50,893,431 59,770,863 74,765,122
Capital stock.
W91.009.000
Cap. stk. (Pullman Co.)
8,810
Surplus...
39,556,495
587,573
151,467
$13,282,284
10,813,683
$7,661,873
3,952,524
8,308,862
3,350,000
2,922,705
1,416,635
Reserve for contingency.
Other reserves
Manufacturing
than in the previous year, the commercial
the brightest prospect in several years for
$6,559,994
3,296,072
Pension & insur. reserves
1935
add to the inducements of
191,742,719 203,047,638
&
Acer, taxes not yet due,
incl. res. for Fed. tax.
David A. Crawford,
Earnings of $228,717 in
20,486,099
2,881,293
-7,502,462
——$258,590,555$268,437,751$276,555,754$288,960,697
Total
payrolls
Deficit
y
557,558
176,382
States
various
Liabilities-
for
period, whether paid or unpaid
z
35,767,178
with
deposits
Special
$311,305
250,000
Int. & other deductions-
7,176,721
1,720,138
37,895,923
358,669
974,931
Deferred charges
car
Gross corp. income
•
$856,060
Dr9,241
$7,891,752
7,863,014
2,019,448
35,860,681
245,061
receivable
7,497,095
Marketable securities
1,926,834
Cash & govt, securities— 26,619,310
Accts. & notes
Co. Subsidiary]
1936—Month—1935
$305,601
$249,364
245,789
204,245
Period End. Jan. 31—
Operating re venues
Operating expenses
$9,308,875
$12,808,057 $10,686,022
6,606,650
2,360,254
Inventories at cost
1932
1933
1934
1935
Portland Gas & Coke
re¬
the
Commission accounting rules.
Commerce
Interstate
after rents
From Jan.
1
Net
from
railway.
Net
after
rents
142. p.
.
1935
1934
1933
$5,276,807
1.529.135
1,192.278
$4,388,329
1,229.894
$4,759,924
$3,738,489
972,834
1.544.323
1.160.569
945.671
659,684
10.102.298
2.890.408
2.234.112
8.892,495
2.403,616
1,860,677
9.745.022
3,417.979
2,587.269
7.603,332
1,853.720
1,311,692
—
Gross from railway
—V
1936
.
.
1655.
...
...
...
Volume 142
Financial
annual
Raybestos-Manhattan Inc. (& Subs.)—Earnings—
Calendar Years—
Net sales
Disct. & allowances
gen.
$2,278,537
237,909
$1,434,851
Other income..!
Depreciation
$2,516,446
644,203
201,820
$1,471,116
254,634
$99,110
201,870
$1,725,750
$300,980
555,648
296,000
$1,650,256
610,287
139,077
150,000
$750,892
642,457
$685,199 loss$457,167
386,386
453,335
$736,463
$108,435
$298,813
641,300
$1.17
642,900
$1.07
647,400
Fed.& State inc.taxes--
Dividends.
Surplus
Shs. of cap.
stock
;
588,519
352,032
100,000
per share
1935
S
1,854,075
accts.
curr.
rec.
Mdse. inventories-
4,138,341
Investments, &c_. 1,187,316
Sundry notes and
accounts
x
Land,
1,579,822
receiv.
Provision
&
Deferred
402,279
9,721,800
6,447,621
235,902
9,721,800
5,711,158
for loss
on
339,264
532.302
796,955
628.097
24,056
Res .for dep .in closed bks
Net loss
on
270,023
sale of secur.
103,134
757,267
704,163
Other deducts, fr. earns.
Prov. for Fed. inc. tax..
Pref. divs. paid on guar,
stock of the TrumbullCliffs Furnace Co
Portion of net loss of
Co.
718,628
609456
632.7S4
$3,229,930
$3,841,085
$11,131,433
c229,498
c208,168
cl29,762
c221,238
*
ap-
46,318
51,251
595,157
—
595,157
17,406,232
16,204,3671
Total
17,406,232 16,204,367
Cr.30,210
in
1934.
Income Account Six Months Ended Dec. 31 1935
Expenses..
Provision for depletion and depreciation
—
income
$880,404
371,546
265,005
$243,854
159,604
charges
Net income before income taxes and other charges
Excess of Federal and State income taxes of Kansas companies
for the year 1934 over the provision at Dec. 31 1934Appropriation required to eliminate the excess of liabilities and
capital stock over assets at book values at July 1 1935
...
-
Appropriation applied in reduction of reorganization
expenses.
_
$84,250
July 1 *35
$
$
29,295
51,346
Cash
on
879,204
In
escrow to pro¬
vide for paym't
of reorg. exps...
-
from
,600,546
5,305,058
1,200,000
,890,495
28,980,853
20,636,420
18,294,464
17,658
130,004
264,699
300,000
142,463
& equip., &C.201
1,374,838
199,856,698
2
J,201,300
1,078,550
10,355
15,900
78,255
65,079
9,913.959
10.560.392
Deferred charges..
Minority
2,510,500
544,507
int
stock
of
Furn. Co
4,163,500
4,500,000
3,776,400
Notes payable..
776,552
pay.
subs,
of
payable-
6,948,565
1,100,000
4,216,563
Acer. tax. & int.
Reserves
3,500,617
513,530
10,377,490
12,0~58~629
Capital surplus.
61,681,123
41,407,707
Prof. & loss def.
Surplus (arising fr.
1,698,662
5,456,185
(secured)
Accts.
acquis, of bonds
68,953
Divs.
4,411
255,086
Other assets
44,943,200
Trumbull-Cliffs
22,507
168.273
348.274
expenses..
59,560,800
92,058,968
due within 1 yr
Notes
In treasury)
posted prices...
in one year)..
&
debs.
payable
776,552
92,324,312
78,218,248
x
amt. due with¬
23,238
72,604
stock
Bonds
Props., plants
Deferred assets.
14,427,600
Common
advs.,
oth. assets, &c
$
26,862,150
Fund.debt (excl.
Pref.
production
par)....
at
6% prior pf. stk.
6% conv. pref.
stock
7,771,808
Common stock ($1
rec.
Total
262,691
8,922,000
773,522
Provision for claims
Obliga'ns
532,717
Invests.,
y
1934
$
Liabilities—
15 ,972,282
deposit
Ctfs. of deposit.
800,000
Notes, accounts,
July 1 '35
$
8,715,500
and damages._.
hand:
General fund...
storage,
$
Current liabilities.
8,695,259
Cash in banks and
Notes & accts.
Dec. 31 '35
debt
1935
1934
S
Inventories
Liabilities—
Funded
$41,407,708;
Consolidated Balance Sheet Dec. 31
1935
Assets—
Comparative Consolidated Balance Sheet
Dec. 31 '35
1934,
expenses
considered applicable to recapitalization of the corporation,
$560,077; balance, Dec. 31 1935, $61,681,123.
Profit and Loss Deficit, Dec. 31 1935—Deficit, Dec. 31 1934, $5,456,186;
Net profit for the year ended Dec. 31 1935, after provision for dividend
payable Jan. 1 1936 on 6% cumulative convertible prior preference stock,
series A, $3,942,205; adjustment of reserve provided to reduce note receiv¬
able (acquired prior to merger in 1930) to or below indicated market value
of collateral security, $72,078; net deficit, $1,441,902; premium on refunding
and general mortgage 5}4% bonds called for retirement, $256,760; deficit,
Dec. 31 1935, $1,698,662.
&c., rec
Assets—
31
total, $82,241,200.
Amount transferred to reserve for co-ordination of
plant facilities, &c., as authorized by board of directors, $20,000,000;
3,609
.
Properties, less res.
for depletion and
depreciation
8,626,940
Dec.
1935—Balance,
reduction of capital represented by the issued shares of common stock, in
accordance with
plan of acquisition and recapitalization, $40,833,493;
reorganization
per
revenues
income
a After
deducting cash discounts allowed customers amounting to
$953,154 in 1935, $607,705 in 1934 and $530,025 in 1933. b Includes repairs
and maintenance charges aggregating $11,605,764 in 1935, $9,139,901 in
1934 and $6,225,918 in 1933. c After discount of $10,856 in 1935, $33,171 in
1934, $62,225 in 1933 and $161,589 in 1932 on stock purchased for retire¬
Capital Surplus, Dec. 31
2445.
p.
Republic Natural Gas Co. (Del.)—Earnings—•
Interest
-
ment.
141,
This company is successor to Republic Gas
Corp.
plan dated May 15 1935 (outlined in V. 141, p. 933).
Prepaid
7,510,832
3,368,324
Netprofit
$4,455,735 x$3,459,428 x$4,049,253 x$U261,195
Div. on 6% cum. conv.
prior pref. stock
513,530
See Republic Natural Gas Co. below.—V.
in
7,610,502
3,181,038
plication to min. int..
Republic Gas Corp.—Successor—
Oil
7,839.465
3,120,001
uncol¬
lectible receivables
368,913
6,405,722
x After
depreciation of $9,775,586 in 1935 and $9,259,019
Represented by 676,012 no par shares.—V. 142, p. 1302.
on
8,230,200
3,421,778
min. & mining equip. _
on indebtedness
Prov.
Newton Steel
388,400
charges.
Total
Net
$1,008,604
Net loss from oper_pref$4,646,762
1,060,630
6,785,995
equip.
mks. & gd.-will.
Net
$8,626,589
103,145
Trade names, tr'de
Total
$8,980,466
buildings,
mach.
y
$7,357,880 loss$629,586
1,268,708
1,638,190
$18,226,624
Total income
in-
for
Capital stock
Surplus
y
3,476,939
$
432,363
143,452
cometaxes
16,937
1934
?
691,080
-
wages
acceptances rec. 2,012,790
Acer. int. & other
5,939,568
$8,290,660
689,806
Prov. for deprec. of mfg.
plant & exhaustion of
Nil
1935
Accounts payable
Accrued salaries &
Notes, accts. & tr.
3,015,440
$17,205,434
1,021490
& expenses
Liabilities—
S
$8,325,422
Amort, of bond discount
1934
811,859
1,312,462
securs
Operating profit
Int.
922,517
Market,
Gross prof. fr. opers.,
after cost of sales.--$25,242,902 $15,302,754 $13,234,126
Repairs and maintenance
See b
See b
See b
Sell., gen. & admin.exps.
8,037,467
7,012,094
5,876,246
Other income.
Consolidated Balance Sheet Dec. 31
Assets—
1935
1934
1933
1932
a$136,164,554 a$96824,857 a$79807,199 $47,604,636
bll0,921,652 b81,522,103 b66,573,073
39,279,214
Cost of sales
202,500
out¬
standing (no par)
Cash
Consolidated Income Statement for Calendar Years
Net sales.
def$910,502
635,200
$2.16
,
date and reduce the
charges and will extend maturity
required for sinking fund.
amounts
$8,155,453
198,774
5,239,499
2,618,070
$1,374,423
637,960
Other deductions
Earnings
215,405
interest
1932
1933
1934
$17,501,329 $13,761,533 $10,759,901
462,939
352,927
283,936
11.281,041
8,873,016
6,414,763
exp_.
3,478,812
3,100,739
2.590,087
Cost of sales
Sell., adm. &
1935
2171
Chronicle
Total
Total
9.913.959
297,475,879 262,487,431
10,560,392
payable._
Total
1,423,749
297,475,879 262,487,431
Represented by 4,046,767 (excluding 1,216 shares In treasury) no par
1935 and 2,047,803 no par shares in 1934.
y After deducting
for depreciation, &c., of $145,054,665 in 1935 and $105,260,539 in
1934.—-V. 142, p. 1830.
x
Richmond
Fredericksburg & Potomac RR.—Earnings.
February
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
$670,846
152,238
69,966
1935
1934
$563,724
98,301
41,669
1933
$534,881
118,694
49,603
$519,822
125,372
46,697
1,274,532
233,718
73,580
1,091,966
151,070
42,611
1,078,063
239,794
1,080,566
276,471
96,606
112.402
Republic Steel Corp.—Annual Revort—
to
_
the benefit of all
stockholders.
The exchange of previously
outstanding 6% cumulative convertible
preferred stock for the new prior preference stock and common stock, which
constituted
a part of such plan, has been effected to the extent of
77%
of the preferred stock originally outstanding.
Although the privilege of
such exchange may be withdrawn upon order of the board of
directors, the
offer remains open for acceptance by holders of the remaining
6% cumulative
convertible preferred stock outstanding.
Net current assets of the corporation at the close of 1935, as shown
by
the balance sheet, were $62,300,611, having increased from
—V. 142, p.
1936
$249,069
——
Net after rents
Net after rents
Operations during 1935 resulted in a net profit for each month of the year,
the total net profit for the year aggregating $4,455,734, after
depreciation,
depletion and taxes, compared to a net loss of $3,459,428 for the preceding
year. Regular provision for depreciation and depletion amounted to $8,230,200. The corporation's properties have been maintained in good condition,
as indicated
by expenditures for repairs and maintenance amounting to
$11,605,765. Capital expenditures to the extent of $4,269,396 were made
during the year.
An important event during the year was the consummation of the
plan
of acquisition and recapitalization, involving the acquisition of the business
and assets of Corrigan, McKinney Steel Co., changes in
capital structure
of the corporation, and a fundamental step in
refinancing, as well as the
later acquisition of the stock of Truscon Steel Co.
These matters were
approved by stockholders on Sept. 23 1935 and were effected promptly
thereafter. The accomplishment of this plan is believed to be a constructive
the corporation and one which will result
Gross from railway
Net from railway
defl7,529
From Jan. 1—
Gross from railway
Net from railway--
T. M. Girdler, Chairman, states in part:
for
Rutland RR.—Earnings.—
February—
—V. 142, p. 1483.
move
shares in
reserves
1935
$238,490
1,361
defl3,790
489,828
—
490,456
def48,735
def52,025
1934
1933
$239,399
11,966
def4,882
$237,969
21,850
12,333
509,685
def4,446
def34,483
482,526
18,100
def786
2002.
St. Joseph Water Co.—Registers $2,600,000 Bonds—
The company
(a subsidiarv of American Water Works & Electric Co.,
Inc.) has filed a registration with the Securities and Exchange Commission
covering $2,600,000 4% gen. bonds, series A, due 1966.
Company will
use the proceeds to redeem its $2,000,000 5% bonds, due 1941.
W. C. Langley & Co. are expected to be the principal underwriters.
Names of other underwriters and the offering price to the public of the new
issue will be disclosed by an amendment.—v. 97, ,p. 1050.
St. Louis-San Francisco
Period End. Feb. 29—
Operating
Operating
Ry. System—Earnings
1936—Month—1935
1936—2 Mos. —1935
$3,505,406
3,163,228
al03,391
19,385
expenses
Net ry. oper. income
Other income
Total income
Deductions
Balance avail, for int.
$2,964,440
2,819,059
def122,924
29,521
$122,777
6,350
revenue-
def $93,402
4,945
$476,437 def$242,984
14,299
10,286
$116,427
def$98,347
$462,138 def$253,269
$7,318,832
6,385,525
a436,702
39,734
6,110,390
5,863,754
def303,085
60,100
a After
charges of $18,957 for February 1936 and $38,634 for period
Jan. 1 to Feb. 29 1936, for accruals for Federal and State Unemployment
Acts.-r-V. 142, p. 1656.
$29,506,906
at Dec. 31 1934. This improved position resulted in some degree from direct
results of operations for the year, and in a largemeasure from theissuance
of additional bonds in connection with the plan of acquisition and re¬
capitalization.
Funded debt of the corporation at the close of the year
amounted to $78,218,248.
The new general mortgage created by action
of the stockholders Sept. 23 1935 not only provided for the issuance of
additional bonds for working capital, but provided facilities for refunding
the various issues of the corporation's previous debt bearing higher rates of
interest, and having early maturities and relatively large sinking fund
requirements.
Since Jan. 1 1936, the corporation has sold $45,000,000
additional bonds under this mortgage, from the proceeds of which the
redeemable bonds of such prior issues aggregating $33,858,000 are being
retired and the $2,000,000 note to Pioneer Steamship Co. has been paid
off; in addition the preferred stock of Trumbull-Cliffs Furnace Co. is being
redeemed.
This program will reduce the amount of the corporation's
St. Louis Southwestern
-Second
Period—
Gross earnings
Ry.
Earnings
Week of March-
1936
$360,700
1935
$290,652
—Third Week of March—-
Period—
Gross earnings
—V.
142, p.
1936
$381,100
1935
$308,889
Jan.
1
to
March
14—
1936
1935
$3,556,364
$3,064,554
—Jan.
1
to
March
21—
1936
1935
$3,937,464
$3,373,443
1830.
San Francisco & San Joaquin Valley Ry.—Tenders—
The Bankers Trust Co., New York City, will until 12 noon April 8,
receive bids for the sale to it of sufficient 1st mortgage 5% gold bonds to
exhaust the sum of $11,796 at prices not exceeding 110 and interest.—
V. 124, p. 1976.
Financial
2172
Sangamo Electric Co.-—Preferred Shareholders1 Exchange
Offer——
.
As
result of approval oil March 21
by shareholders of an increase of
25,000 shares hi the outstanding common stock, directors have decided to
offer preferred stockholders 2)4 common shares in exchange for each pre¬
a
ferred share held.—V. 142, p. 1830.
,
Chronicle
March 28
Standard Oil Co.
for June 30.
Bonds Called—
This company (formerly Sharon Steel Hoop Co.) announced that it will
redeem on April 27 1936 at 103 and accrued interest, all of its outstanding
first mortgage 5)4% sinking fund bonds, series A, due Feb. 1 1948. Pay¬
ment will be made at the Union National Bank of Youngstown or the
Bankers Trust Co., New York.—Y. 142, p. 2002.
(W. A.) Sheaf fer Pen Co.—Common Div. Doubled—
Sierra Pacific Electric
Co.—Earnings1936—12 Afos.—1935
$1,620,305
$1,562,830
573,008
514,749
446,442
388,349
1936—Month—1935
$137,512
$131,443
48,030
46,239
;
Net incomePrevious surplus
$2,197,809
9,110,885
....
...
$2,599,466
9,559,513
$2,458,045
9,978,390
$2,593,981
10,773,487
-IIII-
IIIIII
300,000
1,060,621
*32-*33
yrs.
Total Surplus.
-.$11,608,693 $13,219,600
Oash dividends.......
3,255,988
3,908,281
Transf. to cap. surplus of
capital stock
transactions
Reduc. of inv. in subs
1,638,496
362,707
Sundry adjust, applic. to
prior periods...
a
dividend of 75 cents per share on the com¬
stock, par $25, payable April 1 to holders of record March 24.
April 11932 to and including Jan. 2 1933.—V. 141,
269,837
269,938
200,434
Profit & loss surplus— $6,081,666
Shares capital stock out¬
$9,110,885
p.
This
4025.
Southern Bell Telephone & Telegraph
Period End. Feb. 29—
$9,272,516
$
Liabilities—
Property acc't.. 18,720,058 18,640,292
Cash
2,337,611
1,902,316
Mkt. secur. (cost). 9,172,333 10,767.437
Notes & accts. rec. 3,116,509
3,188,324
Inventories
4,474,782
4,781,164
Other assets
215,637
Deferred charges.
17l",379
199,913
Capital stock...26,048,001 26,047,897
Accts. payable... 2,403,609
2,157,748
Aecr.Fed.taxes.&o. 1,886,310
1,849,250
Insurance reserve.
50,000
350,000
Deferred credits..
64,045
Total—.—..38,107,930 39,579,825
Total ..—38,107,930 39,579,825
x
15,639
2,795,084
538,030
24,650
6,168,623
1,163,097
28,157
5,651,808
1,075,967
,986
$924,058
$1,916,146
$1,848,029
x
$8,603,961
12,288
3,025,232
587,256
or
-V. 142, p. 1657.
y
Capital surplus...
Earned surplus...
23.—V. 142,
970.
Southern
$845,964
1,475,164
$1,985,475
3,301,852
$1,221,266
2,478,134
Earnings for Month of February and Year to Date
February—
Gross from railway
1936
$7,162,799
1,682,828
938,252
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
...
14,671,572
3,726,369
2,272,559
1934
1935
1933
$6,199,002
1,465,369
842,049
$6,625,158
2,012,186
1,337,523
$5,434,866
1,298,825
663,436
12,786,409
2,846,886
13,087,106
3,633,280
2.307.099
on
Gross profit on sales of
all products
—Y.
142,
p.
$2,254,589
Jan. 1 to March 21
1936
1935
$2,093,480 $26,305,168 $22,726,946
2004.
Southwestern
Life
Insurance
Co.,
Dallas,
Texas—
Southwestern Light & Power Co.—To Reduce Par Value
Stockholders at their annual meeting April 21 will vote on an amendment
to the certificate of incorporation reducing the par value of the common
stock to $21 from $25 a share. The proposed reduction which amounts to
$380,624 on the 95,156 common shares outstanding is to be transferred from
capital account to surplus account.
The capital surplus created by the transfer is to be applied to writing
down of certain assets.—V. 142, p. 1135.
Sparta Foundry Co.—Merger Ratified—To Change Name
See Muskegon Piston Ring Co., above.—V. 142, p. 1833.
Square D Co.—Plan to Split B Shares Voted—
The stockholders on March 23 approved an amendment to the articles of
incorporation to reduce the capital attributable to each share of class B
common stock and to exchange each
present share for three shares by
issuing two additional shares to holders. It is expected that the amendment
will become effective on April 9 and that the new shares will be distributed
to holders of record of April 1.—V. 142, p. 1658.
Standard Gas & Electric Co .—Weekly
Output-—
J* Electric output for the week ended March 21 1936 totaled 75,100,759
kilowatt hours, a decrease of 9%
^
compared with the corresponding week
l42aIp 2004^6CreaSe WaS dUe solely t0 fl00d conditions in Pittsburgh.—
Standard Oil Co. (Indiana)—To Reduce Directorate—
The stockholders at the annual meeting April 30 will consider reducing
the number of directors from 15 to 12.—V. 142,
p. 1136.
27,386,741
1,320,757
34,000,488
1,313,250
$9,997,827 $11,548,741
10,286.502
11.752,473
1,300,922
1,642,058
$2,366,434
709,243
$1,589,597
766,240
$1,845,790
Total loss
...pf.$3,091,140
Federal income taxes
267,641
$1,657,191
$823,357
$1,204,548
1,813
$823,357
13,331,928
$1,206,361
16,715.390
...
cl32,851
$1,913,735
11,600,638
641,241
c256,545
Net loss for year
pf.$2,690,647
Previous earned surplus8,839,914
Adjustment during year.
6,447
......
......
II....
$9,686,903 $12,508,571 $15,515,477
600,000
600,000
608,306
1,503,242
246,989
307,933
72.000
Balance, earned surp-$10,930,561
$8,839,914 $11,600,638 $13,331,928
Total surplus
$11,530,561
Preferred dividends
600,000
Common dividends.....
Miscellaneous
Shares of
debits-!.
common
„
......
stock
753,740
753,740
$2.77
outstanding (par $25).
Earnings per share
Nil
753,740
Nil
as
deductions
only,
c
753,740
Nil
sold inasmuch
sale,
b Other
Gasoline tax does not Indicate total number of gallons
sales to licensed dealers are tax exempt as to the first
a
Representing net loss arising from dismantlement
the year, d Including depreciation of mis¬
and sale of properties during
cellaneous properties.
Consolidated Balance Sheet Dec. 31
1935
Real
1935
S
plant
and equip
34,427.880 35,771,654
Cash
3,811,382
3,461,285
U.S. govt, secure. 3,063,641
1,052,953
2,947,545
-
Res.
...
Other rec. adv.&c.
298,469
Deferred charges..
1,679,981
Total....
x
stock—12,000,000 12,000,000
stock...18,843,500,18,843,500
Accounts payable. 3,551,880
4,146,087
Accrued taxes
871/762
'594,603
Pref. divs. pay...
150,000
150,000
741,915
266,800
2,635,174 Mortgages payable
Refined prod, and
3,944,991
Crude oil, &o
2,051,512
Other investments 4,708,952
Deposit in closed
banks, less res..
$
Liabilities—
Pref. 6%
Common
est.,
merchandise...
1934
$
1934
$
Assets—
less reserve
Interest Now Over 90% of General American Life Insurance
Co.—See Equity Corp. above.—V. 142, p. 636.
V
$3,710,492 def$697,162
b581,222
b697,605
d844,916
971,667
Notes & accts. reo.,
Investors
Corp. of Dallas, Texas—
Acquires Interest of Equity Corp. in General American Life
Insurance Co.—See Equity Corp. above.
Southwestern
1,452.154
pf.$2,284,354
806,786
Other income—net
1.465.385
—Third Week of March
1936
1935
11,852,255
.00
41,444,182
1,326,957
39,217,671
manuf. plant
Marketing & other exp..
Deprec. on market.facil.
x
Period—
Gross earnings
13,327,903
$42,073,977 $38,705,325 $46,862,479
(excl. of deprec
manuf g plant)..—
Deprec.
11,486,154
2,740,829
1,610.146
12,7£8,272
line tax. I
..—$44,380,317
Purch. and manuf. cost
Special charge
Ry.—Seeks to Borrow $4,859,000—
IFThe company has applied to the Interstate Commerce Commission for
authority to borrow $4,859,000 from the Reconstruction Finance Corpora¬
tion to provide funds for retirement at maturity May 11936 of a like amount
of Virginia Midland Ry. gen. mtge. 5s.
The company asked authority to
nominally issue $4,859,000 1st consol. mtge. 5s to pledge for the RFC loan
pending the time that the bonds might be placed on a basis better than 5%.
"The bonds to be pledged to secure the loan now applied for are now
readily marketable on a basis of, or about, 5%," the company said.
"The
immediate purpose of the loan is, therefore, temporary accommodation to
give the applicant opportunity to place the said pledged bonds on a better
basis than 5% when and as it shall nave balanced its budget and so improved
its public credit.*
1
1934
13,042,036
Operating loss
$1,121,522
1,780,482
Calendar Years
1933
1932
prod'ts-$57,422,353 $54,822,249 $52,033,229 $58,714,734
_
Before depreciation.
-V. 142, p. 1833.
2369^
Gross sales, less gaso¬
on
_
1,638,4441 9,110,885
6,081,666/
(Ohio) (& Subs.)—Earnings—
Gasoline tax
Lines—Earnings—
1936—Month—1935
1936—2 Afos.—1935
Railway oper. revenues.$13,526,836 $11,294,656 $27,211,406 $22,918,604
Railway oper. expenses. 10,746,639
18,664,504
21,951,050
8,954,525
Railway tax accruals
2,008,464
997,358
2,047,610
1,035,677
970,018
Equip, rents (net)-Dr.
554,859
462,096
1,097,721
Joint fac. rents (net) .Or.
"oint ~
54,350
68,138
129,548
34,712
Par $10.—V. 140, p.
1935
of sales
Southern Pacific
Period End. Feb. 29—
y
Consolidated Income Account for
Gross sales of all
Co.—Obituary—
James T. Moran, Chairman of the Board, died on March
After depreciation,
Standard Oil Co.
a
Southern New England Telephone
1934
1935
1934
$
Assets—
Co.—Earnings
$4,272,811
rev..
Net ry. oper. income:
After depreciation..
$9,978,390
2,606,983
2,606,983
$0.94
$1.00
x The income account for the year ended Dec. 31 1935 in detail follows;
Net sales, incl. gasoline, oil & miscell. sales taxes, $57,969,815; less gasoline,
oil and sales taxes, $17,711,857; net sales, $40,257,958.
Cost of goods sold,
selling, general and administrative expenses, $37,834,156; operating profit,
$2,423,803.
Other income; Interest earned, $321,526; dividends received,
$159,705; total other income, $481,231: total income, $2,905,033.
Loss
on properties sold and abandoned (incl. dismantling charges, taxes and
depreciation), $209,891; annuities and pensions, $74,519; provision for bad
debts, less recoveries, $49,557; provision for net loss of wholly-owned sub¬
sidiary, $35,498; Federal capital Btock tax, $34,232: miscellaneous deduc¬
tions, $33,526; net profit before Federal income tax, $2,467,809.
1936—2 Albs.—1935
1936—Month—1935
$4,610,762
Operating expenses
Operating taxes
P.
$9,559,513
2,604,799
$0.99
2,604,801
$0.84
.
Net
i"
.
Federal taxes 1931
Add'l inc. taxes 1932-33.
1935
compares with $2 paid on Jan. 2, last; 75 cents paid on Oct. 11935; 50 cents
on July 1 and April 1 1935; $2 on Jan. 2 1935; 50 cents on Oct. 1 and July 2
1934; 40 cents per share quarterly from July 1 1933 to and including April 2
1934; 25 cents on April 11933, and 50 cents per share each three months from
Uncollectible oper.
$12,436,435 $13,367,468
2,606,984
3,389,078
Balance Sheet Dec. 31
The directors have declared
Operating revenues
„
res.
restored to surplus
Adj.deprec.,
Smythe Mfg. Co.—Smaller Dividend—
mon
$2,825,696
231,715
standing (par $10)—.
Earnings per share
The directors have declared a dividend of $1 per share on the common
stock, no par value, payable April 15 to holders of record March 30.
This
compares with 50 centsjpaid on Oct. 15, last, and $1 per share on March 15
1935.—-V. 141, p. 2127.
Period End..Feb. 29—
1932
$2,623,509
165,464
....
The postponed stockholders' annual meeting is now scheduled
Gross earnings
*
Net earns, alter deprecNet income
—V. 142, p. 1657.
1933
$2,896,461
296,995
1935
Federal taxes...
prem. on
Sharon Steel Corp.—Annual Meeting—
1934
270,000
*$2,467,809
...
Portion of insurance
Sayers <St Scoville Co.—Dividend Reduced—
/
The directors have declared a dividend of $1 per share on the common
stock, par $100, payable April 1 to holders of record March 20.
Previously,
the company distributed dividends of $1.50 per share eacn three months
from July 2 1934 to and including Jan. 2 1936, and $1 per share each quarter
from April 1 1933 to April 2 1934 inclusive.—V. 138, p. 4137.
(Ky.)—Earnings—
Calendar Years—
Netprofit.
1936
for
annuities
& death benefits 5,261,385
4,187,559
238,279
2,223,799 Other reserves
4,136,716 Earned surplus—10,930,561
Capital surplus— 4,345,071
207,144
70.021
1,371,188
66,934,363 55,117,4931
Total.
5,725,288
206,230
8,839,914
4,345,071
.56,934,353 55,117,493
After depreciation.—V. 141, p. 609.
Standard Silver-Lead Mining
Co.—One-Cent Dividend—
A dividend of 1
cent per share has been declared on the capital stock
payable April 25 to holders of record March 31.
A similar dividend was
paid on Dec. 20 1935.—V. 141, p. 1109.
Sterling Products, Inc. (Del.)—Director—
James Hill Jr., has been elected a
—V. 142, p. 1486.
Stern Brothers &
director, succeeding'Stanley P. Jadwin.
Co1—New Vice-President—
Dorman H. O'Leary has become associated
with this company as a Vice-
President.—V. 140, p. 3404.
I
Sun Investing
Registration—•
Co.,
"
'
Inc.—Removed from
Listing
and
The New York Curb Exchange has removed from listing and registration
the $3 convertible series preferred stock, no par.—V. 142, p. 1659.
Supervised Shares, Inc.—1.6 Cents Dividend—
The directors have declared a dividend of 1.6 cents per share on the
capital stock, payable April 15 to holders of record March 28.
A like
payment was made on Jan. 15, last, as against 1.3 cents paid on Oct. 15
1935; 1.2 cents on July 15 1933; 1.4 cents on April 15 and Jan. 15 1935;
1.2 cents per share paid on Oct. 15 and July 16 1934; 1 cent per share paid
on April 16 and 1.3 cents on Jan. 15 1934; 1.5 cents per share on Oct. 15
Volume 142
Financial
1933', 1.6 cents per share
1933.—V. 142, p. 473.
on
July 151933, and 1.75 cents
per
Chronicle
2173
share on April 15
Super-Power Co. of Illinois—Earnings—
Years End. Dec. 31—
Gross earnings
1934
1933
1932
$6,099,538
2,640,197
200,544
333,446
863,415
$5,921,807
2,516,148
190,108
368,611
861,454
$6,142,213
2,737,384
Depreciation
1935
$6,093,179
2,543,003
274,869
338,030
892,814
Net earns, from oper_
Int. & misc. income
$2,044,463
14,347
$2,061,936
7,792
$1,985,486
18,465
$2,104,474
26,755
$2,058,810
1,082,389
$2,069,728
1,104,128
$2,003,951
1,117,401
$2,131,229
984,648
$976,421
$965,600
$886,550
$1,146,581
Operating
expenses
Maintenance
Taxes
Net
earnings
Int. & other deduc'ns..
Net
income—.
Balance Sheet Dec.
1935
Assets—
Elec. gen.
Contract work
Loans to & invest.
in other cos....
Misc.
Accounts payable.
257,421
in proc. of amort
1,205,977
1,699,029
def'd charges...
Other assets
57,429
14,040
290,479
1,152,482
3,607,782
534,700
672,941
83,403
738,799
312,500
7,865
526,658
298,535
30,484
602,191
550,824
65,019
Nisc. curr. liablls.
Deprec.
reserves..
4,798"518
Mlscell. reserves.,
warr'ts
3,582,520
9,307
656,869
33,011
1,136,640
Surplus
Accts. receivable..
Mat'ls & supplies.
Total
After
for losses
reserve
no par
b Represented by
amounting to $1,624,110.
shares.—V. 141, p. 3086.
may
be exhausted after
a
relatively brief period of
1935
*
Gross revenue from sulphur sales
1934
1933
$17,755,055 $16,733,653
8,625,718
8,477,849
Operating costs and expenses
Provision for contingencies
Depreciation
88,218
439,545
376,555
Amortization
317,645
191,505
460,475
Not
"$8,204,089
Profit
1936—Month—1935
$359,512
$358,034
129,247
133,463
Net income.
$4,062,408
1,325,742
1,314,806
$3,876,208
1,277,317
1,267,189
Consolidated gross sales for the first
quarter,
ended
March
22
1936,
amounted to $209,912.
Estimated profit, $9,000.
This is approximately
4 cents per share on the
outstanding class A stock and is about four times
the'entire earnings for 1935.—V. 142, p. 1835.
Tennessee Electric Power
Texas
$61,357
$38,064
$538,657
$353,722
The company has informed the New York Stock
informed
Exchang
^Exchange that of a
total of 1,270,207 shares of common stock of Indiana
Refining Co. out¬
standing, the Texas Corp. has acquired and holds at the present time 1.155,447 shares.—V. 142, p. 637.
Co.—Earnings—
Calendar Years—
1935
Operating charges
1934
$1,599,406
>
728,472
Gross operating income
$870,935
120,049
excess
Balance
1935
Working funds...
Acc'ts receivable.
_
Inventories
curr. assets.
Fixed assets
9,213,584
Organization exps.
60,649
Deferred charges
Accts.
rec.
from
1,516
._
Sheet
1934
$45,094
1,791
109,477
60,296
2,652
Dec.
$978,126
134,153
43,000
$798,181
$0.89
profits taxes
$946,754
31,372
$990,984
160,803
32,000
_»
per share on common stock.
Assm—
$800,973
$0.93
31
Liabilities—
1935
$25,123 Notes payable
3,306 Accounts payable.
103,106 Acer, liabilities
47,954 Prov. for liab.und.
revised contract
3,631
for sale of oil
9,218,232
60,649 Prov. for Fed. ino.
& exc. prof. tax7,839
1934
$127,672
39,685
$6,623
143,652
44,713
26,559
45,421
43,000
Long-term debt...
production
Other assets
254,244
45,432
149,447
39,705
1,231,719
1,630,253
Contingent oil inc.
242,436
b Common stock.
635,316
149,446
614,168
.
Surp. arising from
appraisal
4,372,402
Earned surplus
Total
$9,794,739 $9,658,996
After
Total
3,100,087
4,644,675
2,355,903
$9,794,739 $9,658,996
depreciation and depletion
reserves of $1,839,662 in 1935 and
b Represented by 889,606 no par shares in 1935
(884,334 in 1934).
These amounts include dividend credits
outstanding
equivalent to 1,556 shares at $1,556 in 1935 and 2,175 shares at
$2,175 in
1934.—V. 141,
in
Total surplus
Less—Transf. to
1934.
Texas & Pacific
Operating
revenues.
1936—Month—1935
$1,977,232
$1,668,690
585,840
425,337
Total income
Miscell. deductions
Fixed charges
Net income
-V. 142, p. 2005.
Texas Gulf
.$38,819,214 $37,081,197 $34,162,353
7,680,000
5,730,000
3,175,000
res.
$31J39,214 $31,351,197 $30,987,353
864,633
for amortization
$31J39,214 $31,351,197 $30,122,720
3,840,000
3,840,000
2,540,000
share
$1.94
$1.81
Assets—
Cash on hand and
$2.93
1935
$7,190,107
3,000,000
1,816,805
31,477
181,530
13,322,597
on demand and time deposit
U. S. Treasury notes and certificates
receivable—Customers
Accounts
1934
$6,111,675
3,034,282
1,755,962
146,807
110,579
13,521,459.
402,303
Inventories of materials and supplies.
Investments in & advances to sub. & auxiliary cos.
Miscellaneous assets
z
403,178
Total
241,0O0
135,757
29,170,215
5,858,260
760,623
Plants, bldgs., machinery and equip, at cost
Deferred charges
250,500
118,007
28,638,29i
Lands and development—Contract rights
x
6,216,388
548,600
$61,571,374 $61,395,033
Liabilities—
Accounts and wages payable
$506,883
1,449,571
2,300,706
£ arned surplus
Capital stock
$375,847
1,155,692
2,337,296
26,175,000 31,351,196
26,175,000
31,139,214
Total
$61,571,374 $61,395,033
x After reserve for
depreciation of $8,302,807 in 1935 and $7,913,670 in
1934.
y Represented by 3,840,000 no par shares,
z After reserve for
amortization of $4,536,274 in 1935 and $3,961,735 in 1934.—V. 141, p. 2751.
Title Insurance & Trust Co., Los
Angeles—Larger Div.
The directors have declard
a dividend of 50 cents per share
on the com¬
stock, payable April 1 to holders of record March 22.
This compares
■with dividends of 40 cents paid each three months from July 1 1932 to
Jan. 2 1936 inclusive, and 65 cents per share paid previously each quarter.
—V. 140, p. 651.
Title & Mortgage Co. of Westchester County, N.
Sale of
Y.—
Mortgage Servicing and Property Management Business
Supreme Court Justice
Wiliiam F. Bleakley in
White Plains March 20
authorized the sale of the mortgage servicing and property management
business of the company to the Hudson-Harlem Valley Title & Mortgage
Co. of Mt. Kisco, N. Y., for $40,500.
The Westchester company was
organized by the Superintendent of Insurance in connection with the liquida¬
tion of the two large White Plains title and mortgage guaranty companies,
the Westchester Title & Trust Co. and the Lawyers Westchester Mortgage
& Title Co.
Four bids wei e submitted to Justice Bleakley and the bid of the HudsonHarlem Valley Title & Mortgage Co. was recommended by Supt. Louis H.
Pink.
The Court agreed ana the transfer of the servicing and management
business will be consummated about April 1.
The other bidders were: Jefferson Title & Mortgage Corp. of Mt. Vernon,
$15,000; Metropolitan Title Guaranty Co. of 385 Madison Ave., N. Y.
City, $82,500: Napet Corp., $40,000.
The $82,500 bid was rejected by the Superintendent, although the high¬
est, because of conditions with respect to payment that were regarded as
too uncertain.
The bid provided for the payment Of only $2,500 in cash
and that the $80,000 balance was to be paid out of 20% of the gross fees
received from the servicing and property management business purchased,
but the bidder was not obliged to pay any part of the $80,000 except out
of the fees received.
The successful bidder paid $40,500, all cash.—
V. 142, p. 1305.
Transamerica
Corp. (& Subs.)—Earnings—
Consolidated Income Account Years Ended Dec. 31
[Including Consolidated Companies]
1936—2 Mos.—1935
$4,014,968
1,157,740
715,312
70,250
$3,433,770
33,961
218,005
36,431
$254,436
$785,562
4,082
337,460
5,164
344,893
9,963
675,677
9,831
689,768
def$95,621
1935
372,633
860,925
462,615
77,496
Other
—
1934
$8,112,775
Interest
$540411
$65,052
rev. from ry. oper_.
Net ry. oper. income
Other income
per
$7,443,613
26,718,740
.
Calendar Years—
Income—dividends
Ry.—Earnings—
$406,594
Net
-
Earned surplus
p.#3087.
Period End. Feb. 29—•
-4
Shares of cap. stk. outstand'g (no par)
Earnings
$1,623,869
677,115
Net income
Cash
$6,958,476
30,122,720
mon
Net operating income
Other income
Earnings
$7,468,017
31,351,197
-
Provision for current taxes
Reserve for contingencies
Corp.- -Holdings of Indian Refining Stock-
Total income..
Income deduction
Prov. for Fed. income &
Net income
Previous surplus
Inventories of sulphur above ground
1487.
Texas Gulf Producing
$7,605,300
646,824
Notes and trade acceptances receivable..
Miscellaneous receivables and advances
Co.—Earnings—
[A subsidiary of Commonwealth & Southern Corp.]
WPeriod End. Feb. 29—
1936—Month—1935
1936—12 Mos.—1935
Gross earnings
$1,144,141
$1,021,798 $13,604,698 $12,493,524
621,103
Operating expenses
532,545
7,578,211
6,667,274
Fixed charges
227,787
216,890
2,677,245
2,661,175
Prov. for retire, reserve.
105,000
105,000
1,260,000
1,260,000
Dividends on pref. stock
128,893
129,298
1,550,583
1,551,351
p.
$8,282,561
814,544
Available
Comparative Balance Sheet Dec. 31
Tastyeast, Inc.—Earnings—
142,
$7,307,109
298,191
Total surplus
1936—12 Mos.—1935
—V. 142, p. 2005.
Glance
78,472
—
Dividends paid
Tampa Electric Co.—Earnings—
Period End. Feb. 29—
Gross earnings
Net earns, after deprec.
$5,636,322
1,036,454
309,835
890,547
80,004
Securities transactions, profit
a2,766,5751ossbll29138
on
assets,
previously
Recoveries
charged off and int. thereon
329,084
$6,006,083
304,476
288,878
104,289
504,535
354,901
120,908
$11,857,080
Interest
Expenses, taxes, &c_
$5,025,739
solidated subsidiary.
—
Sulphur Co.—Annual Report—
1936, by the payment of $1,041,814, of which $300,000 was applicable to
each of the years 1929 and 1930, $200,000 was applicable to the
year 1931,
the balance represented interest on these amounts.
The payment
made in connection with this settlement will be charged
during the current
year (1936) to "reserve for contingencies."
The suit, mentioned in the last annual report, which was
and
a
528,348
$12,554,723
Trans, and reg. fees.
and another corporation involving
1933
$5,945,950
1,253,754
47,783
1,377,682
$8,625,168
728,496
374,064
107,057
$99,922 def$159,488
Walter H. Aldridge, President, says in part:
The claim referred to in the annual report for the
year 1934, which was
made against company by the Commissioner of Internal Revenue for
alleged
income tax deficiencies for the years 1929, 1930 and
1931, arising out of
disagreement repecting company's depletion allowances and aggregating
approximately $1,400,000 exclusive of interest, was settled in February
company
reserves
40,538,784 41,717,596
Symington Co.—Hearing Adjourned—
a
the unmined
production.
Total profit
Total
See Gould Coupler Co. above.—V. 142,
p. 1304.
a
>
amount in connection with sulphur exploration, has been decided in favor of
Texas Gulf Sulphur Co. and its co-defendant by the Supreme Court of
Texas, which is the court of last resort.
v
On Jan. 1 1936, sulphur producing operations were resumed at Gulf where
Other income--
40,538,784 41,717,596
445,500
Other
STOCK EXCHANGE
Street, New York
Federal income and capital stock tax.
& accrued int
—V.
Broad
Calendar Years—-
Accrued interest..
Cash
138~427
88,896
Accrued taxes
Prepaid accts. and
a
$
Payable for rightof-way (est.)
Bond disc. & exp.
Tax antic,
$
Capital stock...13,365,000 13,365,000
debt
19,858,500 22,500,000
Deferred liabilities
183,025
342,906
Loans payable
250,000
Funded
a885,890
investments
MEMBERS NEW YORK
1934
b
33,824,546
277,950
361,354
QUOTED
A. T. & T. Teletype N. Y. 1-752
Liabilities—
$
plant &
SOLD
Eastman, Dillon 8 Co.
31
1935
transmis. prop..36,365,842
Debenture 5s June 1958
BOUGHT
16
1934
$
Telephone Bond & Share Co.
250,100
330,254
720,000
brought against
claim for damages in a large
2,081
—
$7,413,470
Net profits of contr. subs, other than
I
consolidated cos.
(after prov. for
•
8,462,196
Surplus
6,424,848
3,926,169
20,319,276
6,484,003
11,450,587
5,902,715
11,339,639
13,835,273
5,547,872 $11,339,639
Consists of profits of $1,748,891 based on written down values of
held by Transamerica Corp. and consolidated companies on
Dec. 31 1931 and $1,017,684 on sales of securities based on cost of sub¬
a
securities
sequent acquisitions.
b Consists of $46,319 loss based
on
written
down
Financial
2174
values
panies
of securities held by Transamerlca Corp. and consolidated com¬
Dec. 31 1931 and $1,082,818 loss on sales of securities based on
subsequent acquisitions.
Chronicle
Various plant improvements
including new
on
cost of
(Transamerica Corp. and Consolidated Companies)
•1
1935
,
:,r Assets—
$
Investment in capital stocks of nonconsol. banks and corporations
163,026,275
on
hand...
-
165,544,254 165,105,220
10,498,844
1,988,185
1,377,897
11,378,392
1,578,279
5,436,581
6,315,836
7,604,154
5,486
4,795
18,910
111
Other assets
concern
1933
$
4,544,054
Notes, contracts, accts. rec., &C
Officers'& employees'notes and accts.
Owing from subs, not consolidated—
Good-will, going
1934
$
30,983,398 b32,825,780 b32,893,956
1,841,735
1,819,206
1,963,647
Marketable securities
Cash in banks and
■• /.
& control val
1936
28
developments in equipment.
compared
JP.epI^at^on—Reserve
with
$59,473,920
at
for depreciation was $65,454,557 as
the end of the previous year.
The amount
charged
in°1934and added t0 this reserve was $7,510,485 in 1935 and $7,-
Consolidated Balance Sheet Dec. 31
4
March
130 301
Retirement of Obligations
of Subsidiaries—The preferred stocks and mort¬
gages of the subsidiary companies and, with two exceptions, the bonded
indebtedness of all the subsidiary companies were
The expenditures for these
retirements, including
totaled $16,755,808.
called during the year.
redemption premiums,
Purpose of this refinancing $16,750,000 of 15-yoar 3K% sinking
1950, were sold at private sale.
indenture dated July 1 1935,
between the corporation and the Central Hanover Bank & Turst Co. of
*
F?rJt!ie
ruud debentures of
corporation, due July 1
The debentures were issued under a trust
New York.
This
dividend
refunding will effect substantial savings in interest and
charges.
The
Total
207,825,715 218,386,613 220,542,559
__
Liabilities
"•••>•. »*
Notes payable to banks, secured
Accounts payable
.--.■ • /••
; ,/• .*», =•.
..»•
*'«• <.-i •••»
•• >.
.■
Owing to subs, other than holding cos.
6,455,306
Res. for liab. and possible loss under
outstanding inter-co. contracts.
bl9,730,112
Res. for deprec. of assets of subs, not
consolidated
14,722,590
5,950,000
4,579,200
6,390,668
4,800,000
2,060,577
8,077,721
31,663,324
32,752,658
7,606,037
7,600,471
17,980,937
9,031,450
5,250,000
1,750,000
2,800,000
—___
Reserve for taxes and contingencies..
General reserve....
Minority int. in
c
■
b238,930
16,777,591
b Marketable securities having an indicated
market value of $17,164,782
$2,185,370 of controlled companies were pledged
security for notes and accounts payable.
Marketable securities valued
at $2,791,420 capital stock values at $33,731,883 of affiliated banks and
corporations and secured note of $1,700,000 were pledged in connection
with contracts.
See "Reserve for liability and possible loss, &c."
c Represented by 23,181,568 shares no par value in 1935, 23,621,897 in
1934 and 23,681,926 no par shares in 1933.—V. 142, p. 2005.
Co., Inc.—$1.50 Accumulation Dividend—
a
dividend of $1.50 per share on account of
the $2 cumalacive conv. preferred stock, no par value,
payable April 1 to holders of record March 20.
A dividend of $2 was paid
on Jan. 2, last; $1 on Oct. 1 1935 and one of 50 cents per share on July 1
1935, this latter being the first dividend paid since April 1 1932, when a
regular quarterly dividend of 50 cents was disbursed.
Accumulations after the payment of the April 1 dividend will amount to
$3 per share.—V. 141, p. 3704.
V
:
Time, Inc.—50-Cent Extra Dividend—
The directors have declared
extra dividend of 50 cents per share in
dividend of 75 cents per share on the noto holders of record March 21.
of the five preceding quarters
while extras of 25 cen,s were paid on Jan. 30, April 30, July 2 and Oct. 1
1934.
The regular quarterly dividend was increased from 50 cents to 75
cents with the July 1 1935 payment.—Y. 142, p. 1835.
an
addition to the regular quarterly
par common stock, both payayable April 1
Similar extra dividends were paid in each
Truscon Steel
Co.—Earnings—
Calendar Years—
Gross sales
Net sales.
Cost of sales & expenses-
1935
1934
$13,828,439 $11,815,096
13,001,298
11,099,578
12,707,137
10,913,643
1933
1932
$8,756,950
8,280,436
8,601,341
$10,4457956
9,784,853
10,795,545
$294,161
36,143
Net loss..
Preferred dividends
$358,235
$888,108
estate
$358,235
$888,108
$1,715,296
60,181
Comparative Balance Sheet Dec. 31
1935
Cash.
Liabilities—
$
370,328
7,659,510
1,614,151
Mortgages payable
1,735,903
333,861
3,324,010
7,660,160
Notes payable
313,599
Fixed assets....
Patents, &c
stock
2,248,200
Investments
a
3,323,910
2,026,780
receivable
s
S
Preferred stock
Common
b Notes & accounts
Inventories
1934
1935
1934
S
400,944
...
8,407,857
200,855
96,939
90,794
_
Deferred charges..
Other assets
Accounts
138,579
448,531
Accrued liabilities.
to
30,636
27,136
payable
(trade, &c.)
8,472,309
payrolls,
198,364 Unpaid
commissions, &c
159,133
Indebt.
557,371
858,202
178,974
77,531
96,491
97,158
Aktieselskabet Saudefaldene—'1st mtge.
$3,303,500.
1,939,578
& struc. contr's.
14,090
49,610
Reserves
12,194
37,783
Surplus:
Appr.of real est.
Capital surplus.
Prof. & loss def.
a
13,785,969 13,022,6291
Total
348,240
1,241,815
1,631,795
348,240
1,240,647
1,131,424
13,785,969 13,022,629
p.
1835
Tung-Sol Lamp Works, Inc.—Would Issue Stock—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act seeking to issue 19,400
shares of preference stock and 5,000 shares of common.
The principal
underwriters will be Tobey & Co.—V. 142, p. 138.
...
Corp.—Annual Report—The
income account and balance sheet
be found in the
advertising
Jesse J. Ricks, President,
as
mended by the board of directors.
These plans provide for funds which may,
of directors, be appropriated and used—
of Dec.
31
1935 will
..
the corporation.
Consolidated Income Account for
Calendar Years
[Including domestic, Canadian and other foreign subsidiaries]
1935
1934
1933
1932
Earnings (after provision
for income tax)
$35,901,753 $28,602,237
Deprec. & depletion
7,510,485
7,130,301
Other charges.
Interest
,
831,885
658,716
Divs. on pf. stk. of subs.
305,134
535,778
$21,958,637 $16,865,074
6,285,638
6,178,425
285,997
672,720
677,396
695,824
536.678
536.678
Net income--.
$27,254,249 $20,277,443
Previous surplus....... 49,457,674
41,605,829
$14,172,927
36,381.724
$8,781,426
43,659,274
Increase in market value
of marketable securs..
Inc. in dollar value of net
curr. assets of for .subs.
to
315,129
Drl24,501
exchange rates
Total surplus
501,626
88,623
570,985
2,390,691
$77,158,407 $62,287,023 $53,446,968
Cost in connection with
$52,440,700
,
1,305,451
Adj. of marketable sees.
Write-down of reacquir'd
stock (97,605 shares)
Res. for doubtful accts..
1,819.901
844,043
_
1,000,000
'
Adj. to interco. oper.
prior to Jan. 1 1934._
Adj. of foreign inc. tax to
200,522
142,533
432,528
accrual basis
626,139
Prem. paid on retire, of
bonds & pref. stks. of
subs..
Miscellaneous adjustm'ts
Divs. on Union Carbide
2,611,908
80,207
& Carbon
Corp. stock 15,135,335
Per share
($1.70)
8,908,013
($1.00)'
($1.30)
12,601,040
"
($1.40)
Shares capital stock out¬
9,000,743
9,000,743
«$1.58
$0.98
including 226,167 shares owned and held from December 1917
x9,000,743
$3.02
standing (no par)
xNot
by Union Carbide Co.,
a
x9,000,743
$2.25
subsidiary.
1935
1935 ^
1934
Liabilities—
$
x
Land, machin'y,
&c
Mkt.
securities.
Co.'s
own
232,864,464 221,497,142
3,993,920
3,879,682
1,899,493
25,971,130
1,899,493
16,530,422
16,275,194
41,199,620
12,434,474
stock
Cash...
13,195,205
41,281,042
11,973,847
receivable
Inventories
Investments
,V
1
1,889,991
Divs. payable.
Accrued taxes..
_
acetylene
191,902
3,116,098
3,872,401
y70,863
1 ^ 79.637
74,666
(subs.)
Bond and mort¬
gage
interest-
679,637
liabilities
debentures
Funded
T
607,423
'
16,750,000
debt
"
(subs.)
Res. for deprec.
4,468,500
65,454,557
8,930,000
59,473,920
58,704,818
6,896,300
49,457,674
Pref. stk. subs..
Earned surplus.
Continued construction of hydro-electric power plant in West Virginia.
Increasing production capacity for the manufacture of carbon products.
220,630
4,451,569
5,363,003
accrued
Interest
15-yr.3J4%s.f.
1,674,547
W. Va.
and other gases at several locations.
5,201,039
175,163,672
4,067,686
Other accrued
rseholds,
patents, trademarks, <fcc
Deferred charges
payable.
1934
_
Accr'd dividends
Notes and accts.
Power
Accts.
and due
cap.
"
$
Capital stock. 175,163,672
K
producing and transporting oxygen,
638,035
783,633
479,687
11,574,079
surplus..$58,704,818 $49,457,674 $41,605,829 $36,381,724
Profit & loss
Assets—
Income—The net income for 1935 amounted to $27,254,248 and compares
This increase came partly from improvement in
general business conditions but it was largely due to the introduction of
new products and the development of new and increasing uses for existing
products by the corporation's research, development, manufacturing and
sales organizations.
Surplus—1The earned surplus on Dec. 31 1935, amounted to $58,704,817.
This compares with $49,457,674 at the end of 1934.
Fixed Assets—'Fixed assets at the end of 1935 were $232,864,464 as com¬
pared with $221,497,142 on Dec. 31 1934.
During the year $11,630,462 was expended for construction and other
capital purposes, not including the refunding of underlying securities.
The principal items in the year's expenditures were:
Completion of chemical plant at Whiting, Ind.*
Continued construction and enlargement of electric furnace plant at
Alloy, W. Ya.
Increasing the production capacity and installation of units for the
manufacture of new products at the chemical plant at South Charleston,
.
.
Consolidated Balance Sheet Dec. 31
of to-day's issue.
in part:
with $20,277,442 for 1934.
Increasing facilities for
.
.
in the discretion of the board
(1) For the payment of the share of the cost to the corporation of the
"Employees Group Insuranco Plan."
Under this plan life insurance, total
and permanent
disability
benefits, occupational and non-occupational
sickness and accident benefits are provided for employees.
(2) For payment of contributions by the corporation under the provisions
of the "Employees Savings Plan."
Under this plan the corporation con¬
tributes 20 or 30% (depending on length of service) of the employee s de¬
posits in the savings fund.
The employee's deposits are limited to an
amount not to exceed 10% of the rate of compensation and in the aggregate
not exceeding $83 per month.
If, at the termination of the period of the
plan the employee's contributions remain in the fund, he will receive the
total amount of his and the corporation's contributions together with 3%
interest on the total.
He will, in addition, receive his pro rata share of
whatever earnings may have accrued to the fund in excess of the interest.
(3) For payment of contributions by the corporation under the provisions
of the "Special Compensation Plan."
This plan makes provision for
special compensation as a further incentive to officers and other employees,
who are responsible for the corporation's policies, growth and development.
The yearly amount to be contributed by the corporation and its sub¬
sidiaries for the purpose of these plans must not exceed 7 M % of the con¬
solidated net income of the corporation for the preceding year.
The di¬
rectors may terminate the plans at any time, or may in any year o:der a
contribution of less than 7\i%.
At the end of 1935 approximately 90% of elegible employees were
voluntarily enrolled in the Group Insurance Plan.
Approximately 75%
of eligible employees were participants in the savings plan.
Under the
Special Compensation Plan 291 individuals received awards.
Patents—During 1935, as a result of the wrork of the research, develop¬
ment and engineering organizations, the patent department of the corpora¬
tion filed in the United States and foreign countries 461 patent applications.
In the same period 382 United States and foreign patents were issued to
pages
says
•
.
.
Earned per share
Union Carbide & Carbon
1 1955
vr
Metallurgical Co.—1st mtge. 6% bond—due Feb. 1 1937—
$1,165,000.
,,
Plans for Employees—The stockholders at the annual meeting held on
April 16 1935, specifically approved three plans for employees as recom¬
Obsolete prop.abandon'd
After deducting $3,821,209 reserve for depreciation in 1935 and $3,555,in 1934.
b After deducting $449,166 reserve for doubtful accounts,
freight, &c.. in 1935 and $363,824 in 1934.—V. 142,
.
^
bond—-due Oct.
5%
tube business
Steel Corp. & its
subsidiaries
731
bond-
1 1950—
discontinuing of radio
Repub.
Adv. bill'g on erec.
Total
_
.
......
Assets—
■
,
due July 1
which were not called and
..
Deficit....
mortgage—5M%-~"
6% gold bond—due July
The two items of subsidiary indebtedness
which remain outstanding, are:
$1,655,115
$354,782
deductions
$234,168 loss$292,072 loss$964,208
293,651
297,548
351,721
298,751
298,487
339,187
$354,782
Total profit
Depreciation
$185,935 loss$320,9061oss$1010692
48,233
28,834
46,484
$330,304
293,096
391,990
Operating profit
Other income (net)
Inc.—real
Co.,
Electro
as
on
Realty
$318,000.
and capital stock valued at
Tilo Roofing
Carbon
National Carbon Co., Inc.—8% preferred stock —$5,600,000.
230 North Michigan Avenue Building Corp. —1st mtge. 6% gold
due serially—$2,867,100.
207,825,715 218.386,613 220,542,559
The directors have declared
,
&
Linde Air Products Co.—6% preferred stock—$296,300.
Michigan Northern Power Co.—1st mtge. 5% gold bond
1,920
76,018
23,621,897
23,681,926
116,877,623 111.661,363 110,014,117
13,763,255
8,390,178
9,267,154
Total
Other
Carbide
$162,500.
Union Carbide Co.—50-year 1st mtge.
cap.
Paid-in surpius
Earned surplus.
accumulations
$700,000.
1941—$3,200,000.
stock and surplus
of consolidated subsidiary.
294
Capital stock.
23,181,568
r
following bonds, mortgages, and preferred stocks were called:
Acheson Graphite Corp.—>7% preferred capital stock—'$1,000,000.
Carbide &
Carbon
Realty Co., Inc.—real estate mortgage—5% —
Total
336,528,288 311,931,382
336,528,288 311,931,382
Total
x Represented
by 9,000,743 shares of no
only.—V. 142, p. 1489.
par
value,
y
Bond interest
Financial
Volume 142
Union Pacific
Chronicle
Consolidated Balance Sheet Dec. 31
RR.—Earnings—
Period End. Feb. 29—
1936—Month—1935
Railway oper. revenues_$10,095,324
Railway oper. expenses.
8.221,938
Railway tax accruals
935,249
Uncollec. ry. revenues.
1936—2 Mos.—1935
$8,476,790 $20,531,837 $17,688,171
6,631,289
16,332,387
13,758,623
883,003
1,869,668
1,767,862
1935
Assets—
379,104
45,329
818,033
86,488
926,147
79,568
$513,704
Net income
438,413
42,304
$481,781
$1,425,261
$1,155,971
—V. 142, p. 1305.
Notes & accts.
444,652
220,020
238,926
37,355
277,430
145,883
ing min. stk. int.
Accts. due from &
in a merged sub.
withheld by U.S.
Deferred
Post Office Dept
Res.
contracts an¬
credits..
for
liab.
30,000
to
Reserves.
liquidating com.
19
382,567
x91,131
57,732
7,580,386
57,990
368,524
36,204
73,460
4,651,686
12,305,911
100,000
3,249,246
152,014
Capital stock
5,219,885
5,218,830
Capital surplus... 3,393,285
3,109,390
8,872,604
Rl. prop. & eqpt._
Deferred charges..
tive March
504,116
Est. cost of acquir¬
1934
registration statement, with respect to the shares of capital
stock to be listed.
By action of meetings of the stockholders and directors
held March 6, it was determined to offer the shares of capital stock for sub¬
scription, at $15 per share, to holders of record March 20, and to holders of
certificates for shares of common stock of United Aircraft & Transport
Corp., in the ratio of one new share for every five shares held, provided, that,
as a condition precedent to
obtaining the warrants of subscription to be
issued evidencing the right to subscribe, holders of certificates for shares of
common stock of United Aircraft &
Transport Corp. shall surrender such
certificates for exchange as provided in the
plan of reorganization of United
Aircraft & Transport Corp., approved
May 14 1934, prior to the expiration
of such warrants of
subscription.
The registration statement became effec¬
285,636
&c
684,343
243,855
additional shares (par $5) capital stock on official notice of issuance and
payment in full, making the total number of shares applied for 2,620,875 shs.
The corporation filed, on Feb. 25 1936, with the Securities and Exchange
$
Acer, wages, taxes,
293,425
U.S. Treas. bonds.
Commission,
499,420
1,164,066
Exchange has authorized the listing of 417,555
Stock
Accounts payable.
rec.
Feb.
1934
$
2,234,375
Inv. of repair parts
& supplies
nulled
Corp.—Listing—
1935
Liabilities—
$
2,233,963
.....
U. S. Treas. notes.
on
United Aircraft
1934
$
Cash
_
Equipment rents
Joint facility rents
The New York
2175
Sund.stk. & notes.
Earned surplus de¬
ficit
476,947
526,557
12,305,911
8,872,604
80,732
a
16.
Total
x
Total
Includes U. S. Treasury notes.—Y. 141, p. 3395.
United Biscuit Co. of America
Years Ended Dec. 31
(& Subs.)-
1935
—
Gross sales
a Gross
profit from operation
Expenses and depreciation
Earnings—
bl933
1934
$18,342,681 $14,581,943
$7,943,926
7,626,577
7,125,858
6,621,623
6,272,916
5,762,568
x
Operating profit
$1,322,303
25,292
$1,353,661
33,684
$1,363,290
39,197
$1,347,595
254,164
135,316
62,617
$1,387,345
182,865
170,586
84,107
$1,402,487
186,411
172,636
59,124
$895,498
93,337
734,486
$949,787
97,986
730,560
$984,315
99,310
765,553
I...
$67,675
outstanding.
459,054
$121,241
459,054
$1.74
$1.85
$119,452
450,325
$1.96
Other income
The
offering of the shares has been underwritten. The underwriters have
severally agreed to purchase certain designated percentages of the unsub¬
scribed portion of the shares to be offered.
The corporation will pay the
commission of 3% of the aggregate offering price of 425,000
shares or $191,250.
The principal underwriters will be Brown Harriman &
Co., Inc. and G. M.-P. Murphy & Co. and others.
The net proceeds from the sale of the shares to be offered are to be used
underwriters
a
for the purpose of repaying
outstanding bank loans, providing additional
working capital, and providing additional manufacturing equipment and
facilities for an increased volume of business.
Capital is required to dis¬
charge short term obligations for sums borrowed from National City Bank,
New York, which sums as at March 6 1936
aggregated $2,250,000, and which
obligations were incurred principally to provide funds with which to finance
increased inventories created
as a result of an increased volume of
business;
capital may also be required to finance further additions to inventories
required for current orders and those which may arise in
consequence of
further demand for the products of the
corporation's manufacturing sub¬
sidiary.
Such manufacturing subsidiary needs additional space for the
increased business of its engine and
propeller manufacturing divisions.
The operations of the latter division are
now being conducted in a portion
of the engine
manufacturing plant.
It is planned either to enlarge the
present plant, or, should it appear desirable, to construct a
separate plant
for the manufacture of
propellers.
Additional manufacturing equipment
is required to provide for increased
manufacturing activity and for the
larger facilities contemplated.
The corporation's
manufacturing sub¬
sidiary is engaged in the development of certain types of large aircraft.
It is believed that for
quantity production of such types, the present manu¬
facturing facilities are inadequate.
It is presently estimated that the net
proceeds to be raised by the sale of
the shares to be issued will be
allocated in approximately the following
manner:
Repayment of bank loans
$2,250,000
Enlargement of engine and propeller manufacturing facilities and
additional manufacturing equipment.
1,500,000
Balance which may be used in whole or in
part for additional
facilities and equipment or for additional
working capital
Based
Federal tax, &c_.
Other deductions.
Preferred dividends.
Common dividends.
Surplus
Shares of
com.
Earnings
per
a
stock
share
After elimination of inter-company profit and inventories and all inter¬
b Revised,
x Not reported.
company sales and purchases,
Consolidated Balance Sheet Dec. 31
1935
1934
$
$
Assets—
Cash in banks &
x$5,983,784
_____
on
issue of
417,507 shares and subject to change.
hand
1,030,984
456,144
U.S.govt.& munic.
securs
27,495
963,659
29,168
922,635
1,697,746
^1,591,116
40,562
Accounts receiv'le.
Inventories
r&cks
Depos. with N. Y.
The company has filed a statement with the Securities
and Exchange
Commission covering 2,203,320 warrants to be traded on the New York
Stock Exchange and exempt from
registration under the Securities Exchange
Act.
The warrants to subscribe to
440,644 shares ($5 par) capital stock
were issued on March
23 to holders of record March 20, and will expire
April 13.
304,063
150,000
261,543
22,138
24,496
71,778
67,962
stock
Accruals,
Bonuses
in
of
sale
60,521
6,473,244
134,206
66,350
6,232,774
112,689
re¬
of U.
B.
Co.
&
11,331
264,556
31,560
27,966
16,826
78,841
243,000
inc.,
Interest accrued.
Workmen's
33,318
227,604
62,500
75,151
Fed.
_
comp.
insur., &c_._
Pay. in respect of
purch.
of
new
plant for sub.co.
of
shs. of com. stk.
Amer
to
pay.
directors
&c., taxes
eq. &c
rec.
spect
payrolls
comm
Gen.
Value of life insur.
Amts.
$
Accounts payable.
Dlv. pay. on pref.
Tr. Co. to cover
red. pref. stk
Ld., bldgs.,
1934
$
3,400
47,662
Return, containers,
of
552,117
Reserves.
j
4,109
62,402
Note pay. to bank
15-yr.
receivable
70,293
38,784
33,949
Misc. oth. assets..
10,952
Intangible assets.. 8,801,698
Deferred charges..
293,945
Bals. In closed bks.
Warrants—
1935
Liabilities—
Notes pay.—banks
on
Notes & oth.accts.
Total..
x
2,233,784
Interest
37,947
10,237
8,800,659
146,852
deb.
6%
bonds..
2,880,000
5% debs. 1950-...
5,000,000
Min.int. in cap.stk.
& sur. of sub
Pf.
7%
359
360
cum. conv.
stock
1,274,100
399,800
x Common stock..
7,899,243
899,243
Paid-in surplus.__ 1,970,086
972,952
Earned surplus
632 309
3,584,088
y Treas. stock
Dr.921,954 Dr.921,954
Court Orders Funds Released—
Judge Carroll C. Hincks of U. S. District Court ordered release of approxi¬
mately $1,700,000 belonging to this company and its subsidiaries in con¬
nection with a suit brought
recently by James V. Martin of Hempstead,
L. I.
The money was attached
by U. S. Marshall Bernard Fitch in Hartford
and Bridgeport Banks.
Mr. Martin asks damages totaling
$15,000,000, alleging patent infringe¬
ments by United Aircraft
Corp. and two of its subsidiaries—United Air¬
craft Export Corp. and United Aircraft
Manufacturers' Corp.—V. 142,
p. 2005.
United Air Lines
Transport Corp.—Annual Report—
W. A. Patterson, President,
says in part:
The net loss for the year amounted to $1 392 cont asted with
$2,283,525
sustained by company and its predecessors in
1934,
was
incurred
during the air
mail
(of which 9,117,567
annulment
period, during which the
The net loss in 1935 was 1 1-3
per share in 1934.
Despite marked
gains In passenger and express revenues, and economies effected in
operating
expenses, the year closed with a loss.
This loss was partially due to the
inadequate rate of pay for carrying air mail.
Company in 1935 maintained its position of flying more passenger-miles,
company was deprived of mail revenue),
mills per share, contrasted with $2.19
more
mail and more express than
any
other air line in the United States.
over 1934
Passenger revenue
Increased 17%, express revenue
24% and mail revenue 30%. Increase in
mail revenue was due
primarily to the carriage of air mail for a full 12
months period contrasted with
approximately 9M months in 1934, in
which year company received no air mail revenue for
78 days due to the
cancellation period.
Gross
operating
revenues
increased 22%
1935
Mail revenue
Passenger revenue (includes
Express revenue
excess
al934
$3,041,074 b$2,340,135
4,933,376
4,200,431
308,649
249,777
baggage)
:__
Total.
$8,283,100
$6,790,344
Includes figures for the predecessor
companies,
b The company and
its predecessor companies did not
carry mail from Feb. 19 to May 8 1934.
Traffic—Despite the highly competitive situation in this industry com¬
pany was able to increase its passenger-cargo business
substantially and set
new records for
passenger-miles, mail and
a
express
following figures:
flown,
as
shown by the
1935
1934
Mileage flown
14,855,108 al4,023,584
Revenue passengers carried
(number)
177,457
bl47,139
Passenger-miles flown
87,173,551
73,768,671
Mail carried (pounds)..
5,097,037
c3,245,742
Express carried (pounds)
1,723,160
1,095,593
a Corrected
figure,
b This figure includes passengers carried between
Chicago and Dallas in 1934 but the company in 1935 did not operate on that
route due to loss of mail contract,
c The
company and its predecessors did
not carry mail from Feb. 19 1934 to
May 8 1934.
Total
x
19,611,854
Operating revenues
Costs, expenses and tax
Depreciation
1935
Other income
Loss applicable to
t.
_-_
$7,143,744
7,717,669
1,774,649
$43,849
42,456
Operating loss
Loss
1934
$8,740,793
7,507,119
1,277,523
i
$2,348,574
61,964
$1,393
$2,286,610
$1,393
$2,283,525
minority interests
Net loss
3,085
Total-
19,611,854
y
18,586,931
Represented by 29,266
United Fruit Co.—New Directors—
T. Jefferson Coolidge and
Arthur A. Pollan
were
elected directors of
the company on March 18.—V. 142, p. 1305.
United Light & Power Co.
(& Subs.)- -Earnings—
12 Mos. Ended Jan. 31—
Gross oper. earns, of sub. and controlled companies
(after eliminating inter-company transfers)
General operating expenses
Net
1936
1935
$78,814,534 $74,206,288
36,892,338
34,314,285
4,205,950
4,270,087
7,709,439 7,153,054
Maintenance
Provision for retirement
General taxes and estimated Fed. income taxes—
8,972,374
8,299,480
from opers. of sub. & controlled cos.. $21,034,433 $20,169,379
Non-oper. income of sub. and controlled companies
2,564,048
1,566,814
earns,
Total income of sub. and controlled companies.
Int., amortiz. & pref. divs. of sub. & controlled
Interest
on
.$23,598,481 $21,736,194
cos.;
bonds, notes, &c
11,479,179
11,438,882
654,090
4,258,669
668,460
4,258,591
$7,206,541
$5,370,259
Amortization of bond disct. and preferred stock
expense
Dividends
on
preferred stock
Balance
-
Proportion of earnings, attributable to minority
common
stock
'
1,772,609
Equity of United Lt. & Pow. Co. in earnings of
subsidiary and controlled companies
$5,433,931
Income of United Lt. & Pow. Co. (exclusive of
income received from subsidiaries)
8,841
Total income
Balance
1,613,801
$3,756,457
9,756
$5,442,773
259,118
Expenses of the United Light & Power Co
-L—
$3,766,214
266,147
$5,183,654
$3,500,066
Interest on funded debt
Amortization of bond discount and expense
2,319,908
224,580
2,317,568
234,626
Balance transferred to consolidated surplus
$2,639,165
$947,871
Holding
-
company
deductions:
I
.
Mi
New Director—
R. Gilman Smith was elected on March 24 a director and member of the
He succeeds Edward L. Love, Vice-President of the
Chase National Bank, who has resigned as a result of the bank's
sale^of its
interest in the company.
executive committee.
Mr. Smith also has
Consolidated Income Account for Calendar Years
Calendar Years—
18,586,931
Represented by 488,320 shares (no par),
common stock at cost.—V. 141, p. 3395.
shares
replaced Mr. Love
as a
director of the United'Light
& Rys. Co. and of the Continental Gas & Electric
Corp.
Mr. Smitftland
Paul Nitze have been added to the executive committee of
American_Light
& Traction Co.—V. 142, p. 2005.
United
Verde
Extension
Mining
Co.—Declares
Two
25-Cent Dividends—
The directors have declared two dividends of 25 cents
per share each on
the capital stock, par $50, payable May 1 and Aug. 1 to holders of record
April 3 and July 3 respectively. A 25 cent dividend was also paid on Feb.
1, last, as against $1 paid on Nov, 1 and Aug. 1 1935; 10 cents on May 1
and Feb. 1 1935; 25 cents per share in each quarter of 1934; and *0 cents
1933—V. 142, p. 474.
?er share paid each three months from Aug. 1 1932 to and including Nov.
Financial
2176
r
1936
1935
panies (after eliminating inter-co. transfers)—$69,703,639 $66,128,486
General operating expenses
32,470,170
30,361,702
Maintenance
Provision for retirement
3,745,404
6,601,601
3,825,197
6,227,368
General taxes and estimated Fed! income taxes-.
7,996,408
7,896,351
Net earns, from oper'ns of sub. & controlled cos_$18,890,055 $17,817,866
Non-oper. income of subsidiary and controlled cos.
1,887,598
1,518,295
Total income of subsidiary and controlled cos..$20,777,654 $19,336,161
Int., amortiz. & pref. divs. of sub. & controlled cos.:
Interest on bonds, notes, &c
*
10,118,783
10,095,904
Amortization of bond disct. and pref. stock exp__
611,102
625,509
Dividends on preferred stocks
3,027,897
3,028,120
Proportion of earns., attributable to min. com. stk.
1,776,147
1,617,443
Equity of the United Lt. & Rys. Go. in earnings
of subsidiary and controlled companies—... $5,243,722
United Lt. & Rys. Co. (exclusive of in¬
come received from subsidiaries)
573,690
$3,969,184
.
Income of
Total income
9,829
$5,817,413
174,707
*
$3,979,014
175,873
1,375,000
Expenses of United Lt. & Rys. Go
Holding company deductions:
Interest on 5K% debentures, due 1952
Amortization of debenture discount and expense
42,988
1,375,000
42,988
Balance transferred to consolidated surplus....
Prior preferred stock dividends:
$4,224,718
$2,385,152
7% prior preferred—first series
6.36% prior pfeferred—series of 1925
6% prior preferred—series of 1928
Balance
275,002
346,212
619,299
$2,984,203
-
New Director—
275,002
346,212
619,557
-
March
$1,144,379
Universal Pipe & Radiator Co.—Reorganization Plan—
of reorganization for the Universal Pipe & Radiator Co. and the
Foundry Co., its principal subsidiary, was filed in Federal Court
The plan provides for participation by all classes of security¬
March 24.
holders.
Central
Foundry Co. first mortgage holders will exchange their bonds
for five-year 5% general mortgage bonds, convertible into common stock
of the new company, and will subordinate their lien to a new $1,000,000
first mortgage five-year 6% convertible issue to be sold for working capital
and expenses of reorganization.
The Central bondholders also will receive
seven shares of new common for each $100 held.
Unsecured creditors will receive new 5% preferred stock par for par.
Universal Pipe debenture and other unsecured debt holders will receive
10 shares of new common for each $100 held.
Preferred stockholders will receive 2H shares of new common for each
share of preferred stock including accumulated dividends.
Old common stockholders will receive one share of new for every 20 of old.
Subscription rights will be granted both preferred and common stock¬
holders.
Preferred and common stockholders will be given subscription
The plan contemplates that Emanuel & Co. and F. J. Young & Co., Inc.,
to underwrite the new first mortgage bond issue to that the under¬
will take such of the new bonds and appurtenant stock as may
are
writers
by the preferred and common stockholders of Universal.
For the first five years following reorganization Central Foundry bond¬
holders, the underwriters, Central Foundry unsecured creditors and Uni¬
versal debentureholders are to have representation on the board of direc¬
not be subscribed for
tors of the new
company.—V. 141,
Utah Copper
Calendar
p.
2449.
Co.—Earnings—
1935
Years—
Sales of copper
Sales of gold
10*19
1933
1934
$12,622,922
2,293,008
407,395
$7,146,493
1,565,224
215,526
$4,445,866
961,960
———$15.323,325
Min., mill & strip, exps.
4,857,675
Ore delivery
668,050
Selling expense
68,450
Treatment and refining2,580,456
$8,927.244
3,471,749
509,817
98,484
$5,535,668
3,290.878
530.183
1,719,544
Total
J.)—Earnings—
1934
1933
1932
—
x$l,502,220 x$l,218,048
expenses
_
—
after oper.
earns,
$587,381 loss$354,441
319,463
319,873
Maintenance
$2,920,544
507,973
61,054
1,353,649
—
Total income.
1935
rights for
30 days after confirmation of the reorganization plan for new bonds with
common
stock at 983^.
Sales of silver
•:
United States Pipe & Foundry Co. (N.
1936
A plan
Central
127,842
See United Light & Power Co. above.—V. 142, p. 2006.
Calendar Years—
28
weather conditions permit, probably about the end of May or early
in June.—V. 141, p. 4028.
soon as
United Light & Railways Co. (& Subs.)—Earnings—
12 Months Ended Jan. 31 —
Gross oper. earnings of sub. and controlled com¬
Chronicle
"$3^489^572
86.829
3,420.345
575,115
72,088
1,371,576
Total expenses
Net operating revenue..
$8,174,633
$5,261,540
$5,439,125
$5,799,595
274,1281ossl ,949.553
7,148,692
3,127.649
Miscellaneous income.cDrl,824,021cDr1535,323
bDr341,254
a910.925
...
Net
earnings
$1,502,220
179,580
—
Other income
Divs. from wholly owned
sub. paid.from surplus
Total income
Depreciation
Loss
on
15,000
$1,696,800
527,729
reserve
$1,218,048
210,051
-
$267,918 def$674,314
250,239
425,948
Total
-
$1,428,099
610,031
$518,157 def$248,366
589,610
847,562
177,126
bonds sold
Net profit
Previous surplus
Divs. pay. on pref. stock
held in treas. Dec. 31
$1,169,071
9,068,598
$818,068
9,394,572
def$71,453 df$l,273,054
10,425,722
13,743,548
300,000
Addit'l prov. for doubtful
accounts
125,000
Prov.
for conting. taxes
prior years
175,000
...
Plant
facil.
771396
$1,375,070
$928.276df$2,469,704
$1,375,070
1,624,490
$928,276df$2,469,704
1,624.490
1,624,490
$0.57
Nil
Includes cost of unsold copper production added to inventory for year
b Includes decreased cost of unsold copper in inventory for
amounting to $390,970.
c Includes difference in cost of unsold copper
inventory at beginning and at end of year of $1,914,725 in 1935 and
$1,592,269 in 1934.
d Other charges only.
in
Balance Sheet Dec. 31
Assets—
28,530
26,340
$0.71
x
$9,394,572 $10,425,722
600,000
600,000
Nil
Nil
$0.28
1934
8
$
Prop and plant. .18 ,191,421
8, 331,830
secur.
674,558
1935
106,379
Due to subsidiary.
301,545
275,462
Stripp,
Unclaimed checks-
11,544
410,566
11,567
362,750
78,000
75,000
758,709
476,011
.....
ore,
dump
rights, &c
19,166,089
c
$
Preferred stock._
9,297,055
9,297,055
Cash
5,566,204
Common stk.
2,588,658
12,000,000 12,000,000
Divs. payable
242,478
243,048
Accounts payable294,522
312,511
dep of warehouse
receipts
as
collat
1 078,968
b Accts.& notes rec
2 017,729
1,628,669
Inventories
3 ,726,489
4,217,525
31,045
Int. rcc. accrued..
10,133
498,362
Fire insur. fund...
Deferred charges.
Total
1,198,475
465,740
34,725,594 34,873,401
eral income tax.
Acer,
wages,
492,826
421,709
240,353
3,269,227
8,870.573
188,844
3,360,194
9.068.598
roy¬
alties, &c
Reserves
Surplus
Total
..34,725,594 34,873,401
a After
deducting depreciation of $8,090,720 in 1935 and $8,675,835 in
1934.
b After deducting $106,329 in 1935 and $106,266 in 1934 for reserve
for doubtful accounts,
stock,
c Represented by 599,810 no par shares of 1st pref.
(41,550 in 1934) shares 1st pref. stock at cost
($674,530 in 1934).—V. 142. p. 2006.
d Includes 39,650
of $643,693
U. S.
Smelting, Refining & Mining Co.—$1 Com. Div.—
The directors have declared a dividend of $1 per share on the common
stock, par $50, payable April 15 to holders of record April 3.
This com¬
pares with $5 paid on Jan. 15 last, $2 paid on Oct. 15 and July 15 1935;
$1 on April 15 1935, $3 on Jan. 15 1935: $2 per share on Oct. 1 and July 14
1934, and 25 cents paid each three months from July 15 1930 to and in¬
cluding April 14 1934.
In addition the company paid extra dividends of
$1 per share on April 14 1934, $3.50 on Jan. 15 1934 and 50 cents on
Oct. 14 1933.
x
Surplus
mon
x
per
share
528,765
on
shares (par $50)
1933
$9,881,567
2,790,595
$8,543,461
2,490,493
$7,888,602
2,718,727
$6,052,968
1,637.818
4,362,311
$5,169,875
1,637,818
2,643,825
$165,504
reserve..
Net profit..'
Preferred dividends...
Common dividends
$ 52,839
$888,232
$10.31
$8.35
$6.67
com¬
-
Includes other income and is after Federal taxes, &c.
■*
1936
■
Gross earnings
1934
Balance
share
on
$1,084,801
187,563
$666,108
272,970
$511,864
272,970
$897,238
272,970
$238,894
$624,268
$0.74
$0.45
*$1.18
528,765 shares
of common stock outstanding
I**
$719,616
207,752
$393,138
Net earnings
per
1935
$895,626
229,518
reserves
Preferred dividend requirements
Earnings
(equivalent to 56 cents per
outstanding) realized from sale of gold at prices
higher than book values after the price had been increased by statute.
There was no production from the Alaskan properties during the months of
January and February.
Gold dredging operations at Fairbanks were
started shortly after the middle of March; dredging at Nome will start as
casualty
reserves
Treatment, refin'g
& delivery chgs.
not
yet due
Surplus
from
sale
of securities
5,008,965
5,699,536
Total
4.688,709
8,290,620
8,290,620
Surplus from oper.28,500,689 26,003,820
3,698,318
54,841,093 51,846,510'
Total....
54,841,093 51,846.510
x After deducting $13,308,542 for reserve for
depreciation in 1935 and
$13,760,462 in 1934.—V. 142. p. 1306.
Virginia-Carolina Chemical Corp.—To Retire Preferred
Stock—$2,500,000 Serial Bank Loan Arranged—
The directors on March 20 voted to call for redemption on June 1 1936
all of the 7% prior preference stock outstanding in the hands of the public,
at $110 a share plus divs., making a total price of $133.50 a share.
There
are
at
present
approximately 38,000 shares outstanding in the
On Dec. 1 1935 there were redeemed over 16,000
price of $130 a share and the company now holds
in its treasury 90,499 shares.
The total issue was originally $14,487,100.
A special meeting of stockholders will be called in the latter part of
April
for the purpose of retiring, by a two-thirds vote of all stockholders, all of
the 144,871 shares of this prior preference stock.
To provide funds for redemption of the 38,000 odd shares now being
called, without impairing capital, a serial bank loan of $2,500,000 to run
for four years at interest ranging from 2% to 3 H % has been arranged.
It is
hands of the
public.
shares of this issue at
a
understood that the loan will be obtained from the Bank of the Manhattan
Co.
A total of about $5,000,000 will be
required, the balance coming
on hand, which amounted to $8,500,000 last year.
Saving to the junior stockholders, by replacing the preferred with iowrate bank loans, will be approximately $200,000.—V. 142, p. 1490.
from the cash
Interstate* Commerce
Commission
on
March
24
authorized
the
company (a) to issue not exceeding $60,344,000 1st lien & ref. mtge. bonds,
series A,
due March 1 1966, to be sold at not less than 100M and
int. from March 1 1936, and the proceeds used to redeem $60,344,000 1st
mtge. 50-year gold bonds; (b) to procure the authentication and delivery to
exceeding $9,544,000 of the series A bonds; $9,044,000 thereof to
be delivered to the company to reimburse it for the cancellation of a like
principal amount of its 1st mtge. 50-year gold bonds now in the treasury,
the remaining $500,000 thereof to be used to reimburse the treasury for capi¬
tal expenditures heretofore made out of income or other funds which have
not yet been capitalized; (c) to issue five unsecured promissory notes amount¬
ing to not exceeding $5,000,000 to evidence a loan of like amount, the pro¬
it of not
ceeds
therefrom, together with other funds, to be used to pay the premium
the bonds called for redemption and expenses incident to issues and ex¬
changes herein authorized; and (d) to pledge under the proposed 1st lien and
ref. mtge. securities of the Virginian & Western Ry., consisting of 470 shares
of common stock (par $100), $2,852,000 of 1st mtge.
5% gold bonds, and a
proposed unsecured negotiable 6% promissory note in the face amount of
$5,136,144; securities of the Virginian Terminal Ry., consisting of 4,990
shares of common stock (par $100), and $7,490,000 5% 1st mtge. 50-year
gold bonds; and 250 shares of the capital stock of (par $100.) of the Norfolk
Terminal
Ry.
Authority was granted to the Virginian & Western Ry. to issue an un¬
secured
Includes non-recurring gains of $297,117
share of common stock
I
receivable
&
on
Estimated Consolidated Earnings Two Months Ended February
Property
hand &
Insur.
Virginian Ry.—Securities Authorized—
1934
$7,090,972
1,637,818
5,287,650
Profit...
Earnings
867,059
on
The
1935
„
Depreciation and depletion
1,332,853
I
,
Consolidated Income Account for the Year Ended Dec. 31
_
303,905
842,616
Cash
(par
10,994
16,104
_
&
Res, for taxes
$20)
Provision for Fed¬
180,000
d Other invests...
sub.
1,191,150
844,521
Copper
Marketable
Demand notes with
._
from
9,430,511
365,947
7,412
Accts. receivable..
1934
$
Liabilities—
I
244,519
allied companies
Materials & supp.
Comparative Balance Sheet Dec. 31
1934
Accounts payable.
Due
reserve.
$
16,244,900 16,244,900
equipment...22,412,756 22,970,139
Investments
8,671,893
8,671,893
accounts,
Of which $8,000,000 working capital
1935
Liabilities—
Capital stock
&
After deducting cost of operating and maintenance of plants, expenses
1935
1934
$
Min. & mill prop.
of sales and general offices, and provision for current taxes and doubtful
a
$0.80
year
9,439,945
Other def. charges.
232,011
Del. accts. reed.
7,461
Assets—
1,624,490
$2.78
1935
395,774
30,810
Earns, per share on com.
y
10"l", 554
d858
demolished
Profit & loss surplus.. y$8,870,573 y$9,068,598
Shs. com.outst.(par $20)
600,000
600,000
x
Cr3,837
1,150,627
of $843,536.
less deprec. prov. and
salvage recovered
Approp. for fire ins. fund
28,412
5.024
0166,259 Crl,386,051
48,000
Shs .cap .stk.out. (par $10)
Earns, per sh. on cap. stk
a
def$67,126df$l,038.629
284,121
284,285
$2,082,931
Surplus
$10,365,354 $12,470,494
719,772
644,442
300,000
300,000
1,200,000
268,184
$1,592,326
277,707
$4,519,666
2,436.735
income
Dividends
11,085
Total surplus
..$10,237,669 $10,212,640
Pref. divs. ($1.20)...—
640,512
640,512
$5,324,671
487,962
Res. for Fed. inc. tax
Int. paid & other charges
Net
1932 written back
Common dividends
income
Depreciation.
Loss on plant and equip¬
ment retired, &c
Curr. metal price adjust.
promissory note in the face amount of $5,136,144, payable to the
order of the Virginian Ry. six months from date, to be delivered to that com¬
pany upon the surrender for cancelation of a void note in like amount and
of like
tenor.
The series A bonds have been sold to
a
group
of 28 investment bankers,
headed by Brown Harriman & Co., Inc., New York, at 100H and int. from
March 1 1936, which would make the cost of the proceeds to the Virginian
approximately
3.735%.
Financial
Volume 142
Commissioner Porter dissenting in part from the majority said:
"That the company will have its financial set-up much improved by what
is being done here can not be denied.
The average rate of interest borne by
the $60,344,000 of 1st mtge. bonds is approximately 4.96% per annum,
whereas the proposed bonds are to bear interest at the rate of 3.75% per
annum.
"This refinancing will, for
the 27
to 1962—the maturity date of
years
1st mtge. bonds, represent a total savings of
approximately 23.67%, or
after deducting approximately 8.62 as representing the amount in excess
of par to be paid for outstanding
is all very commendable.
1st mtge. bonds,
net of 24.05%.
a
This
"On the other hand, we have a road of a total mileage of but 620 miles,
capitalized at $222,198 per mile of road, being among the highest in the
country.
It is located entirely within two States, those of West Virginia
and Virginia.
Its traffic is not a widely diversified tonnage, but 90.84%
of it is coal.
It is easy to imagine what might happen to this railroad should
this one commodity for any reason fail it.
That such a contingency might
occur is more than a possibility.
"Right now, however, it is one of the most prosperous carriers in the
country.
In 1934 its operating ratio was one of the lowest—46.40%.
After paying its total cost of operation that year, it had over $6,800,000
available for interest and dividends.
It earned its interest 2.11 times and
had a net profit of $3,574,440.
Surely, this is a propitious time to reduce
its debt and prepare for the proverbial rainy day which eventually comes.
"Based upon the applicant's average annual earning power for the past 10
2177
Chronicle
Western Pacific
RR.—Earnings.—
$727,712
$654,825
det75"490
defl06,378
50,193
def6,666
1933
$563,380
def46,732
defl26,636
1,753,118
1,642,038
128,841
defl46.245
1,470,552
185,356
31,379
1,177,761
def80,733
def231,879
February—•
Net
1935
1936
Gross from railway
Net from railway.
$815,946
after rents
From Jan. 1—
Gross from railway
■
Net from railway
Net after rents
Trustees
defl08,829
1934
Certificates—
■;
The Interstate Commerce Commission
on
March 5 authorized the
com¬
pany to issue not exceeding $3,000,000 of trustees' certificates, to be sold
at not less than par and accrued interest, and the proceeds used to pay for
maintenance and to purchase equipment.—V. 142, p. 1839.
Western Pacific RR.
Corp.—Meeting Adjourned—
The special stockholders' meeting, scheduled for March 16, for the pur¬
of approving the proposed reorganization plan of the Western Pacific
RR. Co., has been adjourned until May 15.—v. 141, p. 2132.
pose
CURRENT
NOTICES
years, five of which are
depression years, there will be available for other
purposes, $4,888,535 per annum, after payment of operating expenses,
taxes, interest, &c.
If there be deducted from this sum the annual average
net cost of additions and betterments in the amount of $1,563,089 and
6% dividend on outstanding pref. stock of $1,677,300 there will remain
$1,648,146 available for sinking funds, dividends, and other corporate pur¬
poses.
If this sum were divided equally between the common stockholders
and the sinking fund, there would be available for sinking fund purposes
$824,073, or an amount of $125,193 in excess of 1% of the entire issue.
"Prom the foregoing, it is my conviction: (1) That the payment into the
sinking fund of H of 1 % to begin April 15 1946 and to run to April 15 1955,
and % of 1% thereafter to maturity, is entirely too long deferred and the
amount too small; (2) That the expenses of this refunding and the note of
?5,000,000 should be required after May within five years fromshould1 be
1936;
3) That commencing
and to be paid 1 1941, the applicant May
on
re-
?uired to pay annually bonds, sinking the principal amount of bonds then
lien and ref. mtge. into a 1% of find, for the purpose of paying the
st
outstanding
as
defined in the above report.
Earnings for Month
See bond offering in
Of February and
Year to
1935
1934
$1,343,307
733,080
614,146
$1,186,363
637,156
568,178
$1,110,107
565,051
488,392
2,642,176
1,419,157
1,182,385
2,423,295
1,304,579
1,157,029
2,299,247
1,185,598
1,024,844
721,345
From Jan. 1—
Gross from railway
Net from railway
2,988,059
Net after rents
1,411,502
1933
—V. 142, p. 1660.
and became associated with
In 1919 he returned to New York
Merrill, Lynch & Co., and
April 1 1936.—V. 142, p. 805.
Chairman Newcomb
Carlton and President R. B. White,
together with income account and balance sheet for year
ended Dec. 31 1935, will be found under "Reports and Docu¬
ments" on a subsequent page.
Pursuant to
a new agreement with the American
Express Co., effective
1936, the sale by Western Union of the Express company's money
checks, discontinued at the itime of the bank mora¬
torium in 1933, was resumed.
The agreement also provides for the accept¬
Jan. 1
orders and travelers'
of Western
States.
Union business at the Express company's offices in the
service supplements, but does not compete
with,
This
telegraphic money and gift orders.
The 15-year 6K% bonds, amounting to $15,000,000, will mature
Aug. 1
1936.
It is proposed to pay off these bonds at
maturity out of treasury
funds augmented by a short-term bank loan.
The mortgage of $370,000
on real estate owned by the company in New York
City was paid off in
August.
Income Account for
1935
Gross oper. revenues..-$89,868,573
Oper.
exp.
Calendar
slant
from corporations which wanted to get an "outside"
response
their
on
businesses.
own
He said:
"I
have been for
for
for
lease
aeprec.,
of
1934
1933
1932
$87,230,228 $82,308,607 $83,013,712
corporate officers.
I believe it is ridiculous that directors should
responsibilities they do, for $20
policies of "insiders" who
meeting, only to find that the mistaken
a
were
in control of majority of the board,
"With
the responsibilities imposed by the
so-called 'banker directors'
will not want to
Securities Act,
serve
75,275,466
80,068,^38
$9,081,832
Inc. from divs. & interest
1,520,738
$6,068,196
1,526,978
$7,033,140
2,684,818
$2,945,274
1,568,250
revenue...
...$10,602,570
5,344,492
$7,595,174
5,352,090
$9,717,958
5,353,076
Balance, surplus..—.< $5,258,078
Previous surplus
95,325,815
$2,243,084
93,165,753
$4,364,882 def$842,595
89,031,149
93,333,051
on
bonds
...
$4,513,525
5,356,121
$100,583,893 $95,408,837 $93,396,032 $92,490,456
2,090,064
1,045,026
25,011
83,023
230,277
308.878
Dividends
Adj. of surplus (net)
Transf. to surp. by per¬
mission of 1-SCC
2,105,402
......
Profit & loss surplus..$98,468,818 $95,325,814
$93,165,753 $89,031,149
of capital stock
outstanding (par $100)
1,045,278
1,045,278
1,045,279
1,045,280
Earns.per sh.on cap. stk.
$5.03
$2.14
$4.17
Nil
Shares
Note—Amount appropriated for depreciation for 1935 was
$4,710,000.
in 1934 was $4,716,000, in 1933 was
$4,229,000 and in 1932 was
$4,221,001.
Comparative Balance Sheet Dec. 31
„
1935
,
Assets—
1934
$
$
Plant, equipment and real estate....
334,992,666 334,918,041
Stocks of telegraph, cable and other allied
compa•
nies operated under term leases
5,236,782
5,236,782
Securities of telegraph, cable and other companies.
7,631,234
7,682,857
Inventories of material and supplies
7,156,443
7,654 189
Acc'ts receivable, incl. managers' &
superinten¬
dents' balances, &c
9,166,610
9,094,464
Marketable securities
180,265
179,688
Treasurer's balances...
16,285,788
10,168,380
Deposits under workmen's compensation laws
242,245
242 068
Deterred charges to operations
1,840,079
2,104,785
382.732,113 377,281.254
stock.
104,527,867
Capital stock of subsidiary companies not owned
104,527.892
^by^eXestern Union Telegraph c°
1,754,100
1,754,250
106,132.000 106,514,000
8,983,587
6,449 326
3,499,265
3,510!053
Int. & guar. divs. accrued on bonds & stocks
1,286,086
1,293 188
Deferred non-interest-bearing liabilities.
13,235,241
13,236 728
Res. for deprec. & develop, land lines &
cables.. 41,104,893
41.030'l50
Employees'benefit fund
1,450,731
1,420,267
Other purposes
2,289,524
2,219,585
Surplus
98,468,818
95,325,815
Funded debt
Audited vouchers & miscellaneous accts.
payable.
Accrued taxes (estimated)...
Total
382,732,113 377,281,254
a
Less $1,180,000 recoverable on the
expiration of long-term lease in
respect of obligations assumed thereunder.—V. 142, p. 1839.
-
-
There is
tions they serve.
as
directors
on
an
write
annual
corpora¬
The field is open for financial experts who do not under¬
sell securities, who will not compete with investment bankers, but
or
who, in fact, will be of great service to investors in bringing a new slant
into
management."
corporate
Mr.
Criscuolo is at present a director of A.
Hollander & Son, Inc., of
Newark, N. J. fur dyers and dressers; Merchants* National Properties, Inc.,
a
real estate holding corporation, of which he is also Chairman of the board;
H. Milgrim & Bros., Inc., Chairman of the Protective Committee for the
first mortgage bonds of 168 Adams Building Corporation (Midland Build¬
ing), Chicago; Chairman of the Protective Committee for Bond Electric
Corporation debentures, due 1937; member of the Protective Committee
for Dayton Biltmore Hotel land trust certificates; Chairman of the American
League for Italy; Grand Secretary of the American Council of the Order
of the Holy Sepulchre of Jerusalem, affiliated with the Vatican.
—The Field
Building,
Chicago's newest and largest office skyscraper,
shows that
approximately one-third
and stock
ment
There
year
more
office
space was
brokerage firms during the last
11
leased to invest¬
months than in the
ending May 1 1935, it was announced by Robert Carpenter,
of the building.
48 investment and stock brokerage concerns in the build¬
are now
ing, and four more will move in before June 1.
Babcock,
Rushton
&
Co.;
Barr
Bros.
&
Co.,
These tenants include:
Inc.; Blyth
Co.,
&
Inc.;
Chapman & Co.; C. J. Devine & Co.; The First Cleveland Corp.; Gofen &
Glossberg; Hitchcock & Co.; Lazard Freres & Co., Inc.; Lester, Carter &
Co.; Mercantile Commerce Bank & Trust Co.; The Milwaukee Co.; National
Triangle Securities, Inc.; Russell, Brewster & Co.; Shields & Co.; Stein &
Roe; Wm. R. Stuart & Co.; Bacon, Whipple & Co.; Bennett Bros. & John¬
Boettcher &
First of
Co.;
Inc.; The Chicago Corp.;
Co.,
R.
S.
Dickson
&
Co.;
Michigan Corp.; Harris, Burrows & Hicks; Joseph M. Johnson &
Lobdell &
Co.; Mathews,
Edward P. Malloy; R.
Dahlin &
Co.;
Wm. J.
Mericka
&
Co.;
W. Pressprich & Co.; Safety Income Management
Corp.; Paul K. Sims; Stranahan, Harris & Co.; J. Chas. Sutherland & Co.;
Bancamerica-Blair Corp.; Blair, Bonner & Co.; Brown Bros. Harriman
&
Co.;vDempsey-Detmer & Co.; Field, Glore & Co.; Golds, Buck & Co.
Harris, Upham & Co.; Kelley, Richardson & Co.; Mason, Moran & Co.;
McGowen, Cassady & White; Mid-Continent Securities Co.; F. S. Moseley
&
Co.; C. H. Redfield; Selected Shares Corp.; Smith, Burris & Co.; Straus
Securities Corp.; Welsh &
Green, and Harold E. Wood & Co.
Five of these concerns, several of which have been tenants of the
a
Capital
of the
many
directors.
salary, and who will spend considerable time in the interest of the
son;
Total surplus.
as
in the financial scheme for specialists who are familiar with finance,
room
manager
81,162.031
Interest
had
If such companies had an "outside" director, on a salary basis, the man¬
rent
80,786,741
Total income
a
assume
wrecked companies whose stockholders they had pledged themselves to serve.
preceding
plants,
taxes, &c.)
Operating
many years
director of corporations, serving for $20 a meeting, along with highly paid
located in the center of the financial district, at 135 South La Salle Street,
Years
find, repairs,
res.
important
committees, thus gaining a mass of experience in industrial and chain store
accounting and public relations, who will act
United
an
finance.
Corp.—To Reduce Stock—
Western Union Telegraph Co., Inc.—Annual Report—
Year Ended Dec? 31 1935—Extracts from the remarks of
ance
had
He represented the firm on a number of directorates and protective
ments.
agement might profit greatly by his detached point of view and avert trouble.
Weston Electrical Instrument
The stockholders at the annual meeting April 15 will vote on decreasing
the authorized class A stock by the 7,000 shares to be drawn for
redemption
on
mittee until the termination of the war.
part in developing that firm's retail, statistical and public relations depart¬
gain quick
1936
Net after rents
to act
Mr. Criscuolo said he believed he had embarked upon a field that would
Date
$1,488,363
February—
Gross from railway
Net from railway
—Luigi Criscuolo has opened an office at 40 Wall St., N. Y. City, as a
on finance, to serve corporations and financial institutions, and
as director of corporations, on a professional basis, as is customary
in European countries.
The new development rounds out a career of
25 years in Wall Street.
Mr. Criscuolo started with Redmond & Co. in
1911 with which firm he remained until 1918 when he went to Washington
with Col. Franklin Q. Brown, the head of that firm, who had been ap¬
pointed Chairman of the Advisory Finance Committee of the U. S. Rail¬
road Administration.
Mr Criscuolo was the financial expert of that com¬
consultant
since the completion
having added
of its first unit in 1932, recently tave
space to
or
building
are
now
their original quarters.
—The underlying factors which have been providing foundation for busi¬
ness
recovery
continue to be favorable, according to the current "Business
Review" of Estabrook & Co.
"Despite unusually severe weather conditions which made their operations
difficult, the railroads
are
expected to report relatively favorable earnings
for the first quarter of the year," the "Review" states.
"Electric power
production, one of the best indices of general business activity, continues
to increase.
Particularly encouraging signs are evident in th e steel industry,
which has been showing a marked upward trend in recent months.
have been
heavy purchases of railroad and construction steel
demand from other sources.
conceivably have
an
and
There
good
The European re-armament program might
important future influence
"A factor which must be kept in
mind, of
future tax legislation which might have
an
upon
the steel market here.
course,
is the possibility of
adverse influence upon business
sentiment."
•—Walter W. Leahy &
formal
Co., 141 W. Jackson Boulevard, Chicago had their
opening Monday, March 23.
The firm is
equipped to handle all
unlisted securities with facilities for prompt execution.
Mr.
Leahy
was
formerly Vice-President and Manager of the trading
department of First La Salle Co., Chicago.
Also associated with the firm is John H. Leahy who was
formerly on the
trading desk at First La Salle Co.
installed bearing the number of CGO
A Bell System teletype has just been
1160.
'
Financial
2178
March
Chronicle
1936
28
jjUpxdts aw (I garnnmiis.
PUBLISHED
AS
ADVERTISEMENTS
CANADIAN PACIFIC RAILWAY COMPANY
FIFTY-FIFTH
RAILWAY COMPANY
THE DIRECTORS OF CANADIAN PACIFIC
DECEMBER 31, 1935
OF
REPORT
ANNUAL
YEAR ENDED
increased $2,959,778
To the Shareholders:
The accounts of the Company
ber 31, 1935, show the following
for the year ended Decem¬
of the year was
results:—
in earnings
INCOME ACCOUNT
ana
Gross
$129,678,904.57
107,281,380.60
Earnings
Working Expenses (including taxes).
Net
$22,397,523.97
Earnings
Other Income—Net
8,145,494.31
-
-
or
The decrease for the first
3.1%.
eight months was $254,737, and the increase for the remainder
There
$3,214,515.
from coal,
paper,
were
moderate increases
refinery and smelter products
and petroleum
substantial increases in lumber, woodpulp
products.
showed
a
The earnings from grain and grain products again
reduction, being lower than in any year since 1914.
Notwithstanding that during the early part of the summer
of the wheat crop in Western Canada seemed
the prospects
excellent, owing to the development of rust and frost in many
$30,543,018.28
Deduct provision for depreciation of
and Coastal Steamships*
Ocean
3,550,996.64
districts the total production
Conditions in
showed
lines
—
$26,992,021.64
.
Deduct Fixed Charges
24,159,937.83
Balance transferred to Profit & Loss Account
$2,832,083.81
was
In 1934 provision for such depreciation,
amounting to $3,783,660.01,
deducted from Profit & Loss and Surplus Revenue
Surplus Revenue December 31, 1934
Balance
Account
Income
of
ended December 31,
Account.
for
movement
2,832,083.81
$148,744,804.76
.
on
lines abandoned and
and
retired
property
shops
9,240,116.61
\
;
Profit and Loss Balance December
per
heavy
Main
$139,504,688.15
The operations for the year 1935 resulted in an improve¬
year.
$145,953
over
the comparable figure for the previous
The balance of Income Account available for transfer
to Profit and Loss Account after deduction
depreciation
832,083.
be
of
Ocean
Coastal
and
of/provision for
Steamships
was
$2,-
The comparable figure for 1934 of $2,686,130
may
arrived
at
were
for the year increased $3,331,221 or
$3,783,660 provision for depreciation of
Ocean and Coastal Steamships,
charged to Profit & Loss and
Surplus Revenue Account in that
In spite of the slight
year.
Government, the main locomotive and car
operated for three more days per month from
of $1,065,441.
As
time when the
All
tions.
%
are
as
operations in 1935
as
tlie
year
Transportation
expenses
1935
1934
Gross
Earnings...$129,678,904
Working Expenses
(including taxes) 107,281,380
Earnings
In 1935
82.73% of
working
as
Excluding taxes, the ratio
Decrease
$4,135,950
101,158,931
6,122,449
$24,384,023
compared with 80.58% in 1934.
was
79.56%
against 77.34%
as
in 1934.
from 36.3% in
ratio is
more
than
Continued improvement in efficiency is
Average
1,000
gross
ton miles as compared with
during the first eight months
During the remainder of the
manifest, and for the full
period of the previous
year a
year
year.
definite improvement
there
was
an
was
increase of
3.3%. Passenger earnings decreased $218,027
months, but owing to
an
improvement
in each month thereafter the final results for the year
a^decrease of $3,090 only.
showed
Freight earnings for the
year
112 pounds
in 1934.
Traffic
and general expenses
increased $847,468, owing
principally to partial restoration of payroll deductions and
also to
larger pension disbursements.
OTHER INCOME
In
accordance with intimation
given at the last Annual
Meeting, the caption "Other Income" has been substituted
for
"Special Income" to describe the Company's net income
from
sources
other
than
railway operations and
lands, and the items included in the first two sub-captions
increase
freight train loading
train hour from 24,062 to 25,051.
have been reclassified.
seven
average
consumption for freight trains decreased to 109 pounds
decrease compared with the same
during the first
in
in 1934 to 1,546 tons in 1935, and in gross
of the year was irregular, there being in the aggregate a slight
or
earnings rose
This increase in
accounted for by the partial restoration of
1934 to 36.6% in 1935.
fuel
derived
The trend of gross earnings
$4,135,950
increased $1,861,064 or 4.1%.
The ratio of transportation expenses to gross
$1,986,499
including taxes, amounted to
expenses,
earnings,
or
$125,542,954
$22,397,524
gross
Your property
efficient condition.
an
per
follows:
Increase
Net
future years' opera¬
have been taken up in the accounts.
continues to be maintained in
ton miles per
compared
considered
expenditures in connection with work done during
from 1,525 tons
RAILWAY EARNINGS AND EXPENSES
was
expenditures were incurred, in order to avoid
indicated by an increase
satisfactory.
Nevertheless it
policy adopted two years ago of
the creation of deferred charges against
from
with 1934
result, repairs to equipment were
charging the cost of such repairs to working expenses at the
payroll deductions.
of railway
a
otherwise have been done.
improvement mentioned, the level of earnings is still far
The results
Moreover, in order
stimulating employment, under agreement with
July to November inclusive than in 1934 at an increased
expense
by deducting from $6,469,790, balance of
Income Account,
period of ten days.
A substantial part of this increase was due to the
desirable to continue the
ment of
a
performed in advance of the time when the work would
31, 1935,
Balance Sheet
Columbia
British
in
disrupted for
was
the Dominion
through stock ownership... 4,000,000.00
as
entailed
troubles
to assist in
controlled
States
extraordinary and prolonged snow
year
partial restoration of payroll deductions.
Provision for losses in respect
of investment in lines in the
United
During
resulting in
for maintenance and re-routing of trains.
flood
and
expenses
8.5%.
.$4,692,085.65
548,030.96
replaced
addition
Maintenance expenses
on
not
Miscellaneous—Net Debit.
an
the working expenses of the year.
of $3,068,000 to
line traffic
Deduct—
Loss
increased $6,122,449 or 6.1%.
The
of pay
expenses
revision of the scale of deductions from basic rates
/the early part of the
year
1935
the previous
Company than in
your
indicated in the last Annual Report,
$145,912,720.95
the
for
by
crop year.
applicable to officers and employees was put into effect, as
LOSS ACCOUNT
PROFIT AND
with the result that a
improvement,
some
slightly larger proportion of the total crop will be available
Working
*
fell much below the average.
territory tributary to your Company's
the
over
The caption
the
Other Income for 1935 showed
an
1934 of $1,481,701.
"Dividends" includes all income received by
Company by
way
of dividends.
The increase
over
the
comparable figure of 1934 is $1,228,096, due principally to
an
increase of $1,177,750
from
The
Consolidated
Canada, Limited.
in the cash distributions received
Mining & Smelting
Company of
Volume 142
Financial
Net income from interest, exchange, separately
Chronicle
operated
DIVIDENDS
properties and miscellaneous decreased $128,624 from the
comparable figure of 1934.
Net
earnings
of
and
ocean
these services have shown
coastal
Atlantic, 26
increase
1934
and
voyage
While the net earnings of
of
on
the Pacific and 35 cruises, an
Atlantic
4
and
voyages
decrease of 8 cruises.
a
During
satisfactory level.
a
Company's steamships made 133 regular
voyages on the
from
before
steamships
yearly increases since 1931, the
still much below
are
the year 1935 the
While,
It is
Pacific
1
conserving its cash resources to meet necessary expenditures,
including advances to the Minneapolis, St. Paul & Sault Ste.
Marie
in
The "Minnedosa" and "Melita"
sold during
were
1935.
Report,
properties decreased
$178,246.
serious losses
operation of the Place Viger Hotel,
in
the
Montreal, Which showed
withstanding
to operate
1935.
It
selves
additional patronage and
secure
it in the most economical
unit of the
Company's system
closed
was
this well-known
manner,
with regret that your
was
continued
the
prospect of improvement not¬
no
effort to
every
Owing to
September 30,
on
Directors found them¬
compelled to take this action.
BALANCE
The full annual
from
General Balance
which controls the
ties
instead
of
from
your ocean
appropriated
was
Profit
Loss
and
is
desirable,
by
the
listing of the Company's stocks and securi¬
new
the
asset
side
of
the
Such changes include
headings of the investments in
other companies and the transfer to
Balance
a
separate heading on
of
Sheet
unadjusted debit
balances heretofore deducted from Reserve for Contingencies.
Other minor changes in nomenclature have been made.
In
thought well to include this
detailed schedule of the investments of the Company
stocks, bonds, and other securities of leased, controlled
and
jointly controlled railway companies and wholly owned
companies.
a
In addition to the schedule of contingent liabili¬
schedule has been incorporated showing the Company's
obligations in respect of principal of securities of companies
CHARGES
for
many
Fixed
years,
Charges in
1935
LAND ACCOUNTS
were
Moreover, in order to avoid
Sales of agricultural lands
any
conflict with the meaning which will be ascribed to the term
124,354
"Fixed Charges" on this continent
including 1,201
as
a
result of the recent
definition by the Interstate Commerce Commission of the
accounts
be
to
so
discount
on
funded debt, treated as a deduction from Special
Income in 1934, have
Charges.
Charges
unfunded debt and amortization of
on
now
been included
as
part of the Fixed
Were it not for this change, the reduction in Fixed
as
compared with the
preceding
year
would be
$576,383.
During the
excess
operation
year an
was
more
remunerative
continued, with the result that the write-off
lines abandoned and
made
secure
on
property retired and not
$140,000 greater than in 1934.
to
the
Board
of
acres
an
during the
of $9.79
of irrigated land at $47.13
average
of $9.43
and
deferred payments decreased from the figure
on
previous
year
because of the transfer mentioned in the
an
increase
in interest rebates to land contract holders.
first granted in 1932, and continued in
measure
per acre,
per acre
per acre.
succeeding paragraph, and because of
a
amounted to
year
an average
of relief to the farmers who
economic pressure as a result
of
over
subsequent
were
1934
These rebates
years as
suffering from
poor crops
and low
prices, amounted to $1,349,497 in 1935, and have aggregated
active policy of retiring unprofitable
property in order to
was
on
replaced
Interest
of the
severe
PROFIT AND LOSS ACCOUNT
for $1,217,890,
acres
the remainder at
designated by railways subject to its
jurisdiction, interest
were
be
to
adopted
satisfactory to record that, after showing annual
$418,087 less than in 1934.
for loss
regulations
owning railway lines operated by it under lease.
increases
and
been found
the
the New York Stock Exchange.
on
ties,
Account.
FIXED
of
the reclassification under
in
Account
Sheet have
view
Securities and Exchange Commission of the United States,
year a
depreciation requirement for
fleets, amounting to $3,550,996,
Income
SHEET ACCOUNTS
Some changes in the classification of the accounts in the
view of these changes, it was
STEAMSHIP DEPRECIATION
and coastal
Directors deemed it inadvisable to
your
declare any dividend in respect of the year 1935.
particularly in
Net earnings from hotel, communication and miscellaneous
It
Railway Company, to which reference is made later
this
matter of satis¬
a
$2,832,083 from Income Account
Profit and Loss Account, yet in view of the necessity for
to
faction to report that there were no casualties of a major
nature.
result of the operations for the year, the Com¬
as a
pany was able to transfer
depreciation increased $560,475.
returns
2179
Applications
Railway Commissioners for
$6,300,082 since 1932.
The contract with the Board of Trustees of The Eastern
Irrigation District, to which reference
Annual
Meeting, has
now
was
the District of the Eastern Section of the
tion
made at the last
been completed by the transfer to
Company's Irriga¬
Project, together with the unsold lands and the deferred
Canada for approval of the abandonment of five branches
payments under
aggregating 104.6 miles of line.
Company to maintain and operate the system has been trans¬
not been in
operation for
tion of the others had
a
One of these branches had
number of years, and the opera¬
proved unprofitable for
Four of these applications have been
time.
some
granted and
one
in¬
Under the authority granted, two lines
during the
year,
were
abandoned
(a) North Fork Branch of Kettle Valley Railway Com¬
pany, leased to your Company, West End to Archibald
(17.4 miles), Province of British Columbia.
(b) Stobie Branch of
your
the
Legislature of Alberta.
saving in land
reduced
Mine (3.4 miles), Province of Ontario.
quality.
an
proceeded with during 1936.
a
a
reduction in Land Surplus of
appraisal values, though with the exception of a
area,
they
are
The contracts under which land
lands of
was
poorer
sold and water
provided
from the outset for the assumption ultimately by the water
users
The necessary adjustment has been made in the accounts
As
The lands transferred have been written off at
delivered in this section of the irrigation project
The abandonment of the other sections
approved will be
annual
by $4,628,555 and Unsold Lands and Other Proper¬
$15,620,144.
average
sanction of
Deferred Payments have been
$10,991,589, involving
relatively small irrigable
Company, mile 1.6 to Blezard
This will result in
of not less than $400,000.
expenses
of this arrangement,
ties by
namely:
The liability of the
ferred to and assumed by the District, with the
result
volving 33.1 miles of line has been refused.
existing contracts.
of the maintenance and operation of the system on a
co-operative basis.
Your Directors
are
of the opinion that,
in regard to all railway,
steamship and other property retired
by anticipating the transfer, substantial savings will be made
during the
in land expenses without
the Place
year,
including the furnishings and equipment of
Viger Hotel.
No adjustment has been made with
respect to the hotel building itself pending
disposition thereof.
a
decision
as
to the
While the accounting charges in
con¬
nection with the retirement of such
properties represent a
substantial sum, the
the elimination of
from the sale
or
Company will benefit in the future by
operating losses previously sustained, and
use
elsewhere of materials
and
property
released.
Jfe A futher appropriation of $4,000,000 was made to provide
for possible writing down in the future of
your Company's
investment in controlled railways in the United States.
The
reserve
for this purpose is now
$16,000,000.
jeopardizing the Company's interest
in the
development of traffic.
An agreement was made during the year between your
Company, the Cadillac Coal Company, Limited and the
Royalties Oil & Share Corporation Limited under which
their colliery properties and coal lands in the vicinity of
Lethbridge, including those acquired by your Company with
other properties of the Alberta Railway & Irrigation Com¬
pany and certain coal lands of the Calgary & Edmonton
Railway Company, were conveyed to a new company known
as Lethbridge Collieries
Limited, in which your Company has
a controlling interest.
In exchange for the properties con¬
veyed, your Company received a total of $480,000 par value
of stock in the new company and undertook to complete the
construction of
a new shaft in consideration of the issue of
additional stock equivalent to the amount of its expenditures.
Financial
2180
As at December 31, 1935, an
of stock had been received
additional $200,000
on
this
Secured Note Certificates to the amount of $322,000 were
stock
also redeemed.
acquired has been included in Miscellaneous Investments at
par value.
The Company's investment in the capital stock
of the Alberta Railway & Irrigation Company has been
written down by an amount equivalent to the original cost
to that company of the properties sold, and an equivalent
amount, less the proportion of the credit from the stock
acquired in Lethbridge Collieries Limited applicable to such
cost, has been written off against Land Surplus.
The
merger will eliminate wasteful and costly competition in the
Lethbridge field and already shows promise of profitable
operation.
•
PENSIONS
Pension disbursements for the year
were included in working expenses.
totalled $2,022,428 and
During the year 381
employees were pensioned.
The total number of pensioners
at the end of the year showed an increase of 171 oVbr the
number at December 31, 1934.
The distribution by ages of
the number of pensioners on the roll at December 31, 1935,
was
as
j
ar\
T
,
™
_
.
___
.
_
TTT
m
^r__
,
_
.
^
MINNEAPOLIS,^ST.L & SAULT STE. MARIE
RAILWAY COMPANY
Drought conditions in the territory served by this system
were relieved during 1935, and as a result the crop was considerably improved, although unfortunately it suffered
-
materially from the effects of rust, as in Canada. Cornmencing with the month of July revenues have shown an
improvement, but owing to increases in wage rates and other
uncontrollable expenses the improvement was not reflected
m the net income for the year.
On account of guarantee
obligations and to protect its investment in this property,
your
n
o
nc
•
■ci?
o?i
p—-.--f"
S°m fi? °
On January 2, 1935, the Company borrowed $2,000,000 on
its short term promissory notes from United States banks,
secured by pledge of $2,850,000, principal amount, Perpetual 4% Consolidated Debenture Stock. These loans were
repaid at maturity during the year and the Debenture Stock
was released and cancelled.
Company advanced to the Soo Line during the year
$4,910,085, which enabled that company to meet all its
interest charges and to redeem $825,000 of notes issued in
1932 to the Railroad Credit Corporation which had been
follows:—
tt
March 28 1936
value
par
The
account.
Chronicle
™
y6f!
f
OveT70y^™of ^l
'til
g
An
,
.
I! IIIIIIIl lillG
guaranteed by your Company.
r
UNITED STATES SECURITIES EXCHANGE ACT OF
—
2,762
>
'
CAPITAL EXPENDITURES
1934
Pursuant to the Securities
Exchange Act of 1934, passed
with the
by the United States Congress, and in accordance with the
rules adopted by the Securities and Exchange Commission
under its authority, the permanent registration on the New
York Stock Exchange of those of the Company s stocks and
securities which had previously been listed on that Exchange
the
became effective July 1, 1935.
In
anticipation of your confirmation, your Directors
authorized Capital Appropriations, in addition to those
approved at the last Annual Meeting, aggregating for the
year 1935 $5,904,984, of which $5,164,068 is in connection
new rolling stock to be built under agreement with
Dominion Government hereinafter referred to.
Your
approval will be requested for capital expenditures during
the present year of $6,149,769.
Particulars of the principal
items
I-,
•
i
,
Replacement and enlargement of structures in pera
J3?S
Additions
V VI
d
~-~7—7~~.'
:
betterments to stations, freight
a?
sheds, coaling and watering facilities and
nouses
$562,977
engine
o2S,4io
—
—.—
Ties, tie plates, rail anchors and miscellaneous
roadway betterments.-
Replacement of rail
t
^
11
— ------ — --
in mam
2,357,272
and branch line tracks
?-eaYieJ se®tlOD-r--r---,
Installation of automatic
ca
signals.
----
Additional terminal and side track accommodation
Additions and betterments to rolling stock
__
Additions and betterments to hotels......
ooa
,.o*??6
112,118
2,176,676
21,000
Additions and betterments to rolling stock
includes the
rolling stock to be built under
the agreement with the Dominion Government hereinafter
referred to and the capital proportion of expenditures for
improvements. The latter, in addition to ordinary betterment of freight cars in conformity with interchange require-
cost of the balance of the
new
ments and betterment of motive power to secure more
effiincludes for the first time expenditures for
air-conditioning of sleeping, parlor and observation cars to
cient operation,
be used in
our
transcontinental and international services in
competition with the services operating over United States
railways which have already been similarly equipped.
FINANCE
As
for the relief of unemployment
adopted by the Dominion Parliament at the session of 1935,
the Government agreed to purchase certain rolling stock to
be sold in part to the Canadian National Railway Company
and in part to your Company under so-called Hire-Purchase
Agreements.
In the case of your Company, the amount
involved is $5,730,000.
The Company will have the use of
the rolling stock, will reimburse the Government for the full
one
of
•
ORDINARY
,
,„
,
The shareholders have
are:—
the
measures
CAPITAL STOCK
,
„
„
.
.
heretofore from time to time
authorized the increase in the Ordinary Capital Stock of the
Company to an aggregate amount of $385,000,000 of the
totaj 0f $500,000,000 of such stock which the Company is by
law empowered to issue when so authorized. At a special
meeting of the shareholders held on May 6, 1931, authority
was
granted for the issue of additional Ordinary Capital
gtock6 of the Company to an amount of $50,000,000, the
proceeds to be applied to the purposes referred to in tne
resolution authorizing such issue.
Owing to the unsatisfactory conditions which have prevailed since that authority
was granted, rendering it impracticable to dispose of the
Company's Ordinary Capital Stock, your Directors deemed
advisable that the Company's requirements for the purposes referred to should be met by the isgue of terminable
securities with a right of conversion into Ordinary Capital
Stock, subject to terms and conditions approved by your
Directors. Under this policy the Company, as mentioned in
the Annual Reports for the years in question, issued in 1932
$12,500,000 Convertible Ten Year 6% Collateral Trust
Bonds and in 1934 $12,000,000 Convertible Fifteen Year
4% Collateral Trust Bonds, secured in each case by pledge
of Perpetual 4% Consolidated Debenture Stock of the
Company, the holders in each case being given the right to
convert their bonds into shares of the Ordinary Capital
Stock of the Company in the ratio of four shares of the par
value of $25 each to each $100 principal amount of the bonds.
Such conversion privileges offer advantages both from the
standpoint of the Company and the investor. Your Directors
fhe view that until conditions become more settled it
frqm time to time be desirable to follow similar methods
financing. In order that they may be in a position to issue
Ordinary Capital Stock, as may in their opinion be desirable
f°r the purposes referred to in the resolution of the shareholders to which reference has been made, either lor direct
sale or for conversion privileges in connection with any
terminable obligations heretofore or hereafter issued by way
are
may
payment of the
final instalment.
No interest will be payable in respect of
the first two years, after which it will accrue at the rate of
4% per annum.
The rolling stock is being constructed
of refunding or otherwise for any such purpose, your authority
will be asked at the forthcoming Annual Meeting for the
issue of an additional $65,000,000 of Ordinary Capital Stock
in such amounts, on such terms and at such times as your
Directors shall from time to time decide.
SSAfeSs 'StaSUTto <Sn2S
CO-OPEEATroN WITH CANADIAN NATIONAL
amount
of
its
cost
in
thirteen
annual
mencing in 1938, and will acquire title
instalments
com-
upon
during the year 1936. As a result of the arrangement, your
Company will acquire 1,120 freight cars, 16 light weight
passenger cars, 5 light weight passenger locomotives and 1
Diesel-Electric switching locomotive.
As a further part of the measures for the relief of unemployment adopted at the same session, the Government undertook
to make advances to the two railway companies for the purpose of providing increased employment in their main snops,
the amount in the case of your Company being $1,270,000,
of which $1,065,441 was advanced during the year 1935.
These advances are to be repaid in thirteen annual instalments commencing January 1, 1938, together with interest
vat 4% per annum, it being provided that no interest shall
accrue in respect of the first two years after the date of the
advances.
During the year $2,079,000, principal amount, of equipobligations were redeemed and an amount of $2,284,200 was deposited with the Trustee of the Equipment
Trust maturing 1944.
Twenty Year 4^% Sinking Fund
ment
ixailiWAi
jn
The joint study of co-operative measures, plans and
arrangements under the provisions of the Canadian NationalCanadian Pacific Act 1933 was continued throughout the
year.
The arrangements previously in effect were continued,
and certain others have advanced sufficiently for the preparation of formal agreements.
In some of these, line
abandonments will be involved, which will require the
approval of the Board of Railway Commissioners for
Canada/ The studies have resulted in the rejection of a
number of proposals and a number of others are still under
investigation. The total annual economy to be derived from
the arrangements already in effect and from those recommended to the Joint Executive Committee has been estimated at slightly less than $1,600,000, one-half of which will
accrue to each Company.
Further negotiations carried on
during the year in an endeavour to secure co-operative
economies in the telegraph and express services of the two
companies have been without definite result.
Financial
Volume 141
Chronicle
2181
RETIRING DIRECTORS
STOCK HOLDINGS
The holdings of the Capital Stocks
December, 1935,
were
distributed
as
of the Company in
follows:—
percentage
The undermentioned Directors will retire from office at
the approaching Annual Meeting.
They are eligible for
re-election:
.
■
of Ordinary
PREFERENCE
ORDINARY
No. of
Percentage
No. of
holders
of Stock
holders
Canada-------
Mfl.
Stocks
Percentage
82
.28
TrkXTxr
11.94
21,251
16,322
4,456
United Kingdom
& other British
16.84
53.49
24.24
5.43
27,707
28
200
97.90
.58
1.24
66.64
17.23
4.19
C. COLEMAN
1VLR. JOHN
combined
of Stock
29,088
D.
TTrk-nua
W
W. JAOBBS
Mr. R. S. McLaughlin
^
United States
Other Countries-
'
71,117
CHANGES
28,017
■
1
Mr.
v
Your
W. N.
tv
Tilley, K.C.
•
Directors
vacancy
^
+•+
-+1,
^
+i.
again
matters affecting the Company's interests.
For the Directors,
Honourable J. Marcelin Wilson, President of the Banque
Canadienne Nationale, was appointed a Director of the
Company to fill the
able F. L. Beique.
i
i
acknowledge with gratitude the
loyal co-operation and assistance of the officers and employees
*n
DIRECTORATE
IN
Sir Edward R. Peacock, G.C.V.O.
E. W.
BEATTY, President.
caused by the death of Honour¬
Montreal, March 9, 1936CANADIAN
PACIFIC
RAILWAY
*
COMPANY
,
GENERAL BALANCE SHEET, DECEMBER 31,
1935
ASSETS
Property Investment:
r
Railway, Rolling Stock, Inland Steamships, Hotel, Communication and Miscellaneous
Properties
$767,737,162.19
Improvements on Leased Railway Property
97,337,171.45
Ocean and Coastal Steamships
104,849,337.98
Stocks, Bonds and Other Securities of Leased, Controlled and Jointly Controlled
Railway Companies and Wholly Owned Companies—Cost-.199,956,164.25^ jgg
—
-
-
g^g gg^ gy
Other Investments:
Miscellaneous Investments—Cost
$26,919,735.72
18,792,285.02
2,951,534.33
8,246,827.31
40,857,030.19
34,105,574.46
Advances to Controlled and Other
Companies—Net
Mortgages Collectible and Loans and Advances to Settlers
Insurance Fund Investments-
Deferred Payments on Lands and Townsites
Unsold Lands and Other Properties
tlllttatlf
.
131,872,987.03
A godto*
Material and Supplies
Agents' and Conductors' Balances
Net
Traffic
__
Balances
-
Miscellaneous Accounts Receivable-
Casil
-
-
-
Unadjusted Debit:
Insurance Prepaid
!
-
Unamortized Discount
on
Bonds
-
Other Unadjusted Debits
—
$16,173,024.90
5,368,213.88
485,917.72
5,334,407.82
17,356,041.53
44,717,605.85
$237,760.24
572,098.59
1,245,858.48
2,055,717.31
$1,348,526,146.06
LIABILITIES
Capital Stock:
Ordinary Stock
Preference Stock—4% Non-cumulative
$335,000,000.00
137,256,921.12
Perpetual 4% Consolidated Debenture Stock
Less: Pledged as collateral to bonds and notes
$495,911,848.74
204,500,300.00
Bonds and Notes
$187,464,000.00
Less: Securities deposited with Trustee of 5%
Equipment Trust
$472 256,921.12
7,640,770.41
Twenty Year 43^% Sinking Fund Secured Note Certificates (1944)
Less: Purchased by Trustee and cancelled
291 411,548.74
-j^g
229.59
$30,000,000.00
9,483,300.00
20 516 700.00
Current Liabilities:
Audited Vouchers
$4,631,749.37
2,567,894.96
1,959,164.51
1,486,104.12
Pay Rolls
Miscellaneous Accounts Payable
Accrued Fixed Charges
10,644,912.96
Deferred Labilities:
Dominion Government
Miscellaneous
Unemployment Relief
$3,512,664.50
317,054.10
-
3,829,718.60
Reserves and Unadjusted Credits:
Equipment Replacement Reserve
Steamship Depreciation Reserve
$8,340,368.22
36,210,202.77
8,246,827.31
7,454,731.70
16,000,000.00
3,624,045.93
-
Insurance Reserve
Contingent Reserves
Investment Reserve
Unadjusted Credits
Premium Received
on
Capital and Debenture Stock (Less discount
| of issue
Land Surplus-Profit and Loss Balance
on
66,712,887.43
83,949,363.54
139,504,688.15
-
-
-
79,876,175.93
bonds and notes written off at date
.
-
$1,348,526,146.06
E. A.
LESLIE, Comptroller.
AUDITORS' CERTIFICATE
We have examined the Books and Records of the Canadian Pacific Railway Company for the year ending December 31,
1935, and having compared the above Balance Sheet therewith, we certify that in our opinion it is properly drawn up so as to
show the true financial position of the
set forth the result of the
Company at that date, and that the Income and Profit & Loss Accounts correctly
year's operations.
PRICE, WATERHOUSE & CO.,
Montreal, March 6, 1936.
Chartered Accountants
(England).
March 28
Chronicle
Financial
2182
1936
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
1935
EIGHTIETH ANNUAL REPORT FOR THE FISCAL YEAR
SURPLUS ACCOUNT
To the Stockholders:
Gross operating revenues
increase of $2,638,000, or
an
improvement in
3%,
over
31, 1935——
the continued development and
to
free
■
Adjustments of Surplus (Net)
Dividend payable January 15, 1936---
After conferences with the
2,115,075.11
employes' representatives,
BALANCE SHEET DECEMBER 31,
wages
effect
of which will be to increase the
approximately $863,000
y'.\
V-
$2.00
uary
$2.15
or
a
a
Company's payroll at the
share
was
share for the previous year.
a
1935.-.
as
<^y':yy\V:--
A dividend of
-vv;-
1931, and during
1932 and in subsequent
credits to Reserve for Land Line
reduced to
an
amount
years
Inventories of Material and
the
It is,
that since 1930 sufficient
Accounts)
Treasurer's balances
......
$25,632,663lo
Deposits Under Workmen's Compensation Laws
The books
Deferred
Charges to Operations....—.—....
Company.
.$382,732,112182
LIABILITIES
.$105,000,000.00
Authorized
———$104,559,200.00
Issued.——.-
maintained.
31,333.34
Less—Held in Treasury
$104,527,866.66
Taxes in 1935 absorbed about 39% of Western Union net
income before taxes and
share of
were
Capital Stock of Subsidiary Companies
equivalent to $3.25 for each
not owned by The Western Union
Telegraph Company (par value) :
Companies controlled by perpetual leases
Companies controlled by stock ownership
outstanding capital stock.
The
inventorying and valuing of the Company's landline
properties, have been completed and the results are now
1,754,100.00
Bonds of The Western Union Telegraph
The Federal Social Security legislation, has an important
upon
Company:
Funding and Real Estate Mortgage
4H%. 1950.----—
—
$20,000,000.00
Collateral Trust 5%, 1938——
8,745,000.00
Fifteen Year 6)4%, 1936
—
15,000,000.00
Twenty-five Year 5%, 1951——
25,000,000.00
Thirty Year 5%, I960-.——
35,000,000.00
the interests of Western Union employes and
shareholders.
On December 31, 1935, the Western Union System com¬
prised 215,538 miles of pole lines, 4,188 miles of landline
cable, 1,869,422 miles of wire, 30,325 nautical miles of ocean
cable,
and 20,964
Total..
bonds at
August 1, 1936.
It is proposed to
pay
$370,000.00
_
106,132,000.00
Total Capital Liabilities—————
At the close of the year there were 28,948 stockholders, of
or
$2,017,000.00
Mortgage, Atlanta, Ga—...
—
a
short-term bank loan.
whom 27,815 held one hundred shares
$6,500,000.00
4,483,000.00
Total
Real Estate
off these
maturity out of Treasury funds augmented by
—.$103,745,000.00
——
Bonds of Subsidiary Companies
Less—Held in Treasury (Note)..
telegraph offices, not including about
15,900 telegraph agency stations.
The Fifteen Year 63^% Bonds, amounting to $15,000,000,
will mature
$1,329,250.00
424,850.00
Funded Debt:
before the Federal Communications Commission.
bearing
$1,840,079.29
...
Capital Stock:
Both the landline and cable
in good physical condition and have been well
are
$242,245.29
—
Total..
substantially all of which is invested in the property and
plants
—
depreciation has been charged to
Development Reserves aggregating $41,100,000, and also a
General Surplus of $98,500,000, a total of $139,600,000,
the
180,265.31
16,285,788.23
;—
—
.
$9,166,609.66
.....
—
Marketable Securities...
Company at the end of 1935 show Depreciation and
of
$7,156,443.60
Accounts Receivable, including Manager's and Superin¬
tendents' balances, etc. (less Reserve for Doubtful
The
therefore, not to be understood
provide for the future requirements of plant.
business
Supplies.................
Current Assets:
only sufficient in the aggregate to
Reserve for Cables has been considered adequate without
additional credits.
$5,236,781.60
7,631,233.64
$12,868,015^24
1930
Depreciation have been
provide for current renewals and replacement of plant.
of the
$334,992,666^20
■
Stocks of Telegraph, Cable and Other Allied Companies
operated under term leases (not includng securities
held as Lessee)-.
—
Securities of Telegraph, Cable and Other Companies.....
of December 27,
Reductions in depreciation charges were made in
and
-;y:.;
Other Securities Owned:
declared out of surplus and paid on Jan¬
15, 1936, to stockholders of record
' :V'';y'/ y:
ASSETS '
Plant, Equipment and Real Estate, including properties
controlled by stock ownership or held under perpetual
leases and merged in the Western Union System.—.--$333,812,666.20
Amount recoverable on the expiration of long term lease
in respect of obligations assumed thereunder
1,180,000.00
share of capital stock outstanding, as compared with $2,243,-
000,
1935
Property Account:
per annum.
Net income for 1935 amounted to $5,258,000, or $5.03
$98,468,817.80
THE WESTERN UNION TELEGRAPH COMPANY
■";
further restored, beginning January 1, 1936, the
rate of
.2,090,064.00
Surplus at December 31,1935, as per Balance Sheet-.—..
equipment.
were
...
expenses were
somewhat larger volume of business,
a
$100,583,892.91
Ml
$25,011.11
Llf
Deduct:
reduced by $375,000, notwith¬
and the
restoration of wages and vacations with pay which added
about $1,100,000 to the expense of 1935.
This saving was
realized, generally, by more economical operating methods,
lower office rents and installing more effective and troubleOperating
5,258,077.92
-
5';",v;
promotion of the Company's services.
standing
•
ended December
Balance from Income Account for year
The
those of 1934.
$95,325,814.99
...—
Add:
for 1935 is attributable to better
revenues
general business and
Surplus at December 31, 1934——
for 1935 aggregated $89,869,000,
$212,413,966.66
Current Liabilities:
Audited Vouchers and Miscellaneous Accounts Payable.
Accrued Taxes (Estimated)--
less, and 23,744
held twenty-five shares or less.
$6,875,236.73
3,499,265.24
.
Unpaid Dividends (including Dividend of $2,090,064
payable January 15, 1936)
...
Interest and Guaranteed Dividends accrued on Bonds
—
and Stocks...
THE WESTERN UNION TELEGRAPH COMPANY
—
....——
2,108,350.21
1,286,085.60
$13,768,937.78
INCOME
AND
SURPLUS ACCOUNTS THE
ENDED DECEMBER 31, 1935
YEAR
Deferred Non-Interest Bearing Liabilities, in respect of
proceeds of sales of securities and other property, held
under leases for terms expiring in 1981 and 2010, from
companies in which The Western Union Telegraph Com¬
INCOME ACCOUNT
Gross Operating Revenues.
$89,868,573.16
pany has, for the most part, a controlling interest,
on the terminations of the leases...——
Deduct:
Operating
Expenses,
including
Repairs,
Reserved
Depreciation, Rent for Lease of Plants, Taxes, etc
for
-
-
$9,081,831.93
Income from Dividends and Interest.
1,520,738.49
•
Depreciation and Development—Land Lines and Cables $41,104,892.61
Employes' Benefit Fund
1,450,731.65
Other Purposes
....
2,289,524.42
$44,845,148j68
$10,602,570.42
,
Deduct:
on
Bonds
of
Company
The
Western
Union
Surplus (as
Telegraph
..
Balance transferred to Surplus Account.......
5,344,492.50
per
Annexed Account)......
Total
——
Amount appropriated
expenses for 1935 was
$5,258,077.92
for depreciation and included in operating
$4,710,000.00.
$98,468,817.80
$382,732,112^82
-
Note: Bonds of Subsidiary Companies
Note:
$13,235,241.90
Reserves for:
'
Interest
—..
80,786,741.23
Add:
_
payable
Northwestern Telegraph Company
and available for sale.
held in Treasury include $1,340,000
4}£'s maturing 1944, acquired in 1934
Financial
Volume 142
Chronicle
2183
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
declared
COMMERCIAL EPITOME
Friday Night, March 27 1936
Coffee—On the 21st inst. futures closed unchanged to
1 point higher for Santos contracts, with transactions totaling
2,000 bags.
Rio contracts closed 1 point lower to 1 point
higher, with total sales of 500 bags.
Rio de Janeiro futures
were 50 reis higher.
Cost and freight offers were limited
and unchanged generally.
Havre futures closed 34 franc
franc lower, with sales totaling 8,000 bags.
higher to
On
the 23d inst. futures closed 4 to 8 points higher for Santos
contracts, with transactions of 7,750 bags.
Rio de Janeiro
futures were 25 to 75 reis lower, while the open-market
exchange rate remained at 17.7 milreis to the dollar.
A cable
from Brazil stated that up to March 21, a total of 950,000
bags had been tendered to the National Coffee Department
against the 4,000,000 bags contemplated purchase by the
National
Coffee
Department.
Although the statement
appeared to have no apparent effect marketwise, still it came
in for quite a little comment on the part of the trade.
It was
expected by not a few that by this time about 2,000,000 bags
would have been bought for destruction.
In the view of
some observers it seemed to indicate that planters must think
well of the market when they were not ready to press offer¬
ings on the National Coffee Department at government
prices.
On the 24th inst. futures closed 1 point lower to
2 points higher for Santos contracts, with sales of 8,250 bags.
Rio contracts closed 1 to 3 points lower, with transactions of
4,250 bags.
Rio de Janeiro futures were 125 to 150 reis
lower.
A statement from the National Coffee Department
that the period for sales declarations in connection with the
4,000,000 bag purchase had not terminated—was also more
or
less ignored.
Cost-and-freight offers were unchanged
as were local spot
prices.
Havre futures were 34 to 1 franc
lower.
1
4
to
points lower for
Santos contracts, with transactions of 27,000 bags.
Rio
contracts closed 1 to 5 points lower with trading 3,500 bags.
Twenty Santos notices that were issued were immediately
stopped. Rio de Janeiro futures were 50 reis higher. Cost
and freight offers from Brazil were about unchanged. How¬
ever, in one case the inside price on Santos 4s was 5 points
lower at 8.25 cents.
Havre futures were % to 134 francs
lower.
On the 26th inst. futures closed 2 points up to 1
point down on Santos contracts. It was last notice day and
nine Santos notices were issued, which depressed the spot
month 10 points in the early trading.
Rio contracts closed
1 to 3 points higher, with sales of 7,000
bags. Rio de Janeiro
futures showed gains of 75 to 125 reis.
Cost and freight
offers from Brazil were about unchanged.
Havre futures
closed unchanged to Y\ franc lower.
To-day futures closed
2 to 3 points down for Santos contracts with transactions
totaling 24 contracts. Rio contracts closed 2 to 5 points
down, with sales of 32 contracts. Rio de Janeiro futures
were 50 to 75 reis
higher, but on the other hand the open
market exchange rate was 50 reis weaker at 17.5. Cost and
freight offers from Brazil were 8.35 to 8.50 cents on well
described Santos, but as low as 8.20 on less attractive 4s.
Actual
business
continued
at
a
standstill.
Havre
futures
closed 1 34 francs higher.
Rio coffee prices closed as follows:
May
July
4.781 September
4.911 December
5.01
5.04
»
Santos coffee prices closed as follows:
March
8.51
—
September
8.46
8.36
May
July
December
8.51
.8.40
Cocoa—On the 21st inst. futures closed 1 to 2
points lower.
Trading
extremely light, with nothing of importance in the news.
Cash prices in London unchanged and futures
unchanged to
lk£d. lower, with only 10 tons changing hands.
Local
closing: Mar. 5.01; May, 5.08; July, 5.14; Sept., 5.18; Oct.,
5.21; Dec., 5.26.
Sales totaled 11 lots
or
147 tons for the short session.
was
On the 23d inst. futures closed 2 to 3
actions
totaled
27
lots
points lower. Trans¬
Trading very light.
unchanged, and futures were un¬
or
362
tons.
London spot prices were
changed to lL£d. lower, with sales of 160 tons.
The local
market was virtually featureless.
There were some indica¬
tions that manufacturing interests were
accumulating Septem¬
ber and December contracts, but these purchases were
barely
sufficient to have an appreciable effect on prices.
Local
closing: Mar., 4.98; May, 5.05; July, 5.12; Sept., 5.16; Oct.,
5.18; Dec. 5.23.
On
very healthy state, handsome premiums still
The largest shipper, which holds the bulk of
the unsold Accras in this country, is not
offering under 534c.
a°pound. Local closing: May, 4.97; July, 5.04; Sept., 5.08;
Dec., 5.15; Jan. 5.17.
the
24th
inst.
futures
closed
8
to
10
points lower.
Transactions totaled 62 lots, or 831 tons.
The buying so
on the part of the
manufacturing element,
has been absent recently, this source evidently
much in evidence
awaiting
developments.
Evidently some of the Wall Street
longs were discouraged by the dullness and sagging tendency
of the market, liquidation for this source playing quite a
part in the day's decline in prices.
The spot situation is
further
a
On the 25th inst. futures closed 1
point lower to 1 point
higher. Transactions totaled 95 lots, or 1,273 tons. Closing:
May, 4.97; July, 5.03; Sept., 5.09; Oct., 5.11; Dec., 5.16;
Jan., 5.18. On the 26th inst. futures closed 2 to 3 points
higher. Transactions totaled 94 lots, or 1,260 tons. London
outside
cocoa prices ruled
unchanged. Futures there gained
134d. for all deliveries, with sales totaling 110 tons. Local
closing: May, 5.00; July, 5.05; Sept., 5.11; Oct., 5.12;
Dec., 5.19. To-day futures closed 5 to 6 points up. Trading
was
comparatively light.
There was a good underlying
demand on the part of
manufacturers, but there was no
disposition on the part of these interests to bid up the
market.
Closing prices were: May, 5.05; Sept., 5.17; Oct.,
5.18; Dec., 5.24. Total sales were 69 contracts.
Sugar—On the 21st inst. futures closed 2 points higher
1 point lower.
Transactions totaled 1,550 tons.
In the
raws there was
very little doing.
Traders seemed
inclined to await further
developments.
What few offer¬
ings there were in the market were held at 3.65c., with
buying interest presumably not above 3.60c.
to
market for
On the 23d inst. futures closed 2
points higher to 1 point
Sales were 4,600 tons, with one block of
lower.
2,400 tons, at 2.68c'.
two
small
sales
May,
In the market for
raws
there
were
at
3.60c., the volume being too light to
effect the spot price.
There was much discussion in the
trade about the proposed
payments on sugar cane and sugar
beets under
the new
"soil conservation act."
It was
estimated that payments would run about 40c.
per ton of
sugar
On the 25th inst. futures closed
in
prevailing.
beets against $1.75
per ton paid on the 1934 crop,
proposition will set with producers is an
interesting question.
London futures were 34d. higher
except for spot March, which was up 134<L
Raws were
steady and unchanged.
and
how
such
a
On the 24th inst. futures closed 4 to 5
deliveries and 1 to 2 points
near
higher
on
points up on the
the distant months.
Sales totaled 15,550 tons.
In the market for raws about
9,000 ton lot of Philippines and a small parcel
mostly in
distant arrival positions, sold at from 3.65 to
3.70c., the
latter price being the
highest for duty free sugars since
Jan. 29 1930.
National Sugar Refining Co.
bought all
except one 9,000 ton lot of Philippines and a small parcel
of Puerto Ricos, which went to trade
operators.
Late in the
day it was reported that American had obtained 2,000 tons
of
Philippines, April-May shipment at 3.70c., and two or
shipping position at
3^ to l^d. higher.
Raws
there were quoted at 4s.
10>£d. or about .93c. f.o.b. Cuba,
while refined was marked
up 134d. per hundredweight.
On the 25th inst. futures closed 1
point higher to 1 point
lower, except for January which was 4 points higher.
In
three cargoes of Puerto Ricos in June
that price.
London futures were
the market for
raws
two lots of Cubas sold at 2.80c.
c. & f.;
Savannah taking 3,000 tons and
Arbuckle one cargo.
In addition this latter refiner paid
3.70c. for 4,300 tons of Puerto
Ricos, clearing May 20.
The London market closed
barely steady with futures
unchanged to %d lower.
Raws were reported offered at
4s 1034d or about 92c. f.o.b. Cuba with refiners
reported
holding off.
On the 26th inst. futures closed 1 to 4 points
higher.
Transactions totaled 20,350 tons.
In the market
for raws Pennsylvania bought
2,000 tons of Philippines due
the middle of May at 3.70c.; Godchaux
purchased 10,000
bags of Cubas now loading at 2.80c.; 10,000 bags of Puerto
Ricos clearing April 15 and
5,000 bags clearing April 29,
were picked
up by an operator at 3.70c.
Cubas were not
firmly offered, and duty free sellers were asking 3.75.
London was irregular, with the
spot month off 134d, and
other deliveries Yd lower.
Raws sold at 4s 9%d, or about
9134c. f.o.b. Cuba.
To-day futures closed unchanged to
5 points up.
Prices went to new highs for the fourth con¬
both
May
shipments,
secutive session.
Demand came largely from commission
houses, influenced by a strong market for raws, where prices
touched new highs also.
Philippines sold this afternoon at
3.78c.; up 8 points.
London futures were firm with prices
up 1 to 23<£d.
Prices were as follows:
July
--.2.79
March
September
-
2.54
2.79
January
May.
2.56
-2.79
Lard—On the 21st inst. futures closed 5
points higher on
March contracts, and 15 to 22
points higher on the deferred
months.
The prospect of a continued
light hog movement
stimulating influences
prices registered another
sharp upturn, sending prices up Is. 3d. to Is. 6d. higher.
Hbg prices closed very steady at Friday's finals, the top
price registering $10.85 and most of the sales ranging from
$10.10 to $10.75.
Receipts at the principal Western marand stronger Liverpool cables were the
in the local market.
Liverpool lard
Financial
2184
kets
were
lighter than expected and totaled 112,600"against
Clearances of lard from
the Port of New York as reported on Saturday totaled 44,800
pounds destined for Southampton. On the 23d inst. futures
closed 5 to 7 points higher on the nearby months and 2 points
higher on the distant September.
For several days past
the speculative interest has been increasing, this being re¬
flected in the increasing volume of trade.
The higher hog
market, together with another sharp upturn in the Liverpool
11,400 for the same day last year.
market
was
the chief stimulus to the buying in the early
trading.
On the bulge there was considerable profit talring
by speculators.
However, the tone at the close was firm.
Packers are asking firm prices for their holdings, due to the
continued light hog receipts.
As hog receipts increase it is
believed prices will ease off again.
Liverpool lard futures
again closed very firm, with prices at the close Is. to Is. 6d.
higher.
Closing hog prices at Chicago were 10 to 15c. higher,
the top price registering $11 and most of the sales ranging
from $10.15 to $10.30.
Total receipts for the Western run
were 62,100 against 53,500 for the same day last year.
On
the 24th inst. futures closed 2 to 5 points higher.
In the
early session the market was decidedly on a downward trend,
prices dropping 15 points on selling prompted by the weak¬
ness in hogs.
The market soon rallied on substantial buying
by trade interests.
The short element was also on the buy¬
ing side, especially in the July and September deliveries,
which did much to buoy up the market.
Cash and loose
lard prices were firmer, with the former closing 5 points
higher and the latter 12 points higher.
Final hog prices at
Chicago were 15 to 25c. lower.
The top price was $10.85,
and most of the sales ranged from $10.10 to $10.70.
Total
receipts for the Western run were 51,900 against 39,400 for
the same day last year.
Export clearances of lard from the
Port of New York were fairly heavy and totaled 112,000
pounds, which were shipped to London and Antwerp.
On the 25th inst. futures closed 7 points up on the near
positions, and 2 to 10 points up on the more distant deliveries.
Volume of trade was fairly heavy. The strength in lard to-day
was due largely to the strong cash situation and higher hog
prices, which stimulated quite a little demand. Chicago hog
prices finished 10c. higher, the top price registering $10.75
and most of the sales executed at from $10.10 to $10.70.
Total receipts at the principal Western markets were 48,000
against 42,000 for the same day last year. Further gains
were registered in Liverpool lara futures, and prices at the
close were 6 pence higher on all positions. Export shipments
of lard from the port of New York were rather light and
totaled 63,250 pounds, which cleared for Glasgow.
On the 26th inst. futures closed 10 to 12 points up. At one
time strength was so marked that prices showed gains of 10
to 17 points. Speculative short covering and buying for trade
account were the contributing causes of this advance. There
was considerable profit taking on the
bulge, but these offer¬
ings were well taken. It is figured that in view of the pro¬
longed advance the past week, the technical position of the
market has been somewhat weakened.
Liverpool lard
futures broke sharply, the range at the close being 6d to Is 3d
lower.
This weakness abroad had little
domestic
effect in the
or no
market.
Hogs finished 10c. to 15c. higher at
Chicago, the top price registering $10.85 and the bulk of
sales ranging from $10.25 to $10.80.
The Western hog
movement was fairly heavy, and totaled 52,300, against
49,100 for the same day last year. To-day prices closed 10
to 12 points down. This was to be expected in view of the
prolonged advance of the past several days.
The short
during this period had been pretty well reduced and
the technical position of the market was not regarded as any
mterest
too strong.
DAILY CLOSING PRICES
Sat.
OP LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
May—.—.
July
11.05
11.05
11.10
11.12
11.15
11.17
11.22
11.20
11.32
11.30
11.20
11.00
March
10.95
11.02
11.05
11.12
11.20
11.22
11.02
11.05
11.10
11.20
11.32
11.20
September—.
Cottonseed
Oil sales,
including switches, 40 contracts.
Prices c osed as follows: ^>M§»ii» |r> <
Crude, S. E., 834c.
9.65® 9.85 July
August
9.70®
March
April
May
-
June
-
—-T9.68® 9.72
9.60®
9.67® 9.24 September
October..
9.70@
—
-—
9.57®
——
9.28@ 9.32
Petroleum—The summary
and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Pork—Steady;
mess,
$32.37
per
barrel; family $31.37,
nominal, per barrel; fat backs, $21.75 to $28.25 per barrel.
Beef
to
quiet; Mess nominal; packers, nominal; family, $18.50
$19.50 per barrel, nominal; extra India mess, nominal.
Cut meats
steady; pickled hams, picnics, loose,
v.s.g.,
5 to 6
lbs., 1534c.; 6 to 8 lbs., 14%c.; 8 to 10 lbs., 14J4c.; skinned
loose, c.a.f., 14 to 16 lbs., 2034c.; 18 to 20 lbs., 2034c.;
22 to 24 lbs., 1934c.
Bellies, clear, f .o.b. New York: 6 to 8
lbs., 23MC-; 8 to 10 lbs., 23c.; 10 to 12 lbs., 21 %e.
Bellies,
clear, dry salted, Boxed N. Y., 14 to 16 lbs., 16J4c.; 18 to 20
lbs., 16Kc.; 20 to 25 lbs., 1634c.; 25 to 30 lbs., 1634c.
Butter, creamery, firsts to higher than extra and premium
marks, 32 to 32 %e.; Cheese, State, whole milk, held, 1935,
fancy, 21 to 22c.; Eggs, mixed colors, checks to special
packs, 16%c. to 21c.
Oils—There
Linseed oil
reports recently that the open price on
to be re'duced to the basis of 9c. in tanks.
were
was
Deliveries continue good, with new business lacking.
China
March 28
Chronicle
wood oil hits 19c. level, which is new high.
1936
Chinese short¬
of stocks is put forward as explanation.
Quotations:
Chinawood, tanks, forward, 18.7 to 19c., drums, spot, 1934c.;
Cocoanut, Manila, tanks, April-June, 4{j4c,; Coast 434c.d
Corn, crude, tanks, West mills, 834c.; Olive, donated, spot,
Spanish, 72 to 74c.; shipment, forward, 70c.; Soya bean,
tanks, mills, 6%c. to 7c.; C.L. dms., 8.6c.; L.C.L., 9.4c.
Edible, 76 degrees, 10?4c.
Hydrogenated 1134c. Lard,
prime, 1334c; extra strained, winter, 13c.
Cod, crude,
Newfoundland, nominal; Norwegian Yellow, 37c.; Turpen¬
tines, 4134c. to 4534c.; Rosins, $4.45 to $6.75.
age
Rubber—On the 21st inst. futures closed 4 points lower
to 2
points higher.
Notwithstanding the extreme quiet of
the market, the undertone was very steady.
Prices in the
outside market were unchanged.
The London and Singa¬
pore
markets closed quiet with prices virtually unchanged.
Closing:
March, 16.03; April, 16.04; May, 16.05; June,
16.08; July, 16.12; Aug., 16.17; Sept., 16.22; Oct., 16.25:
Nov., 16.28; Dec., 16.32.
On the 23a inst. futures closed
1 to 5 points up.
Transactions totaled 930 tons.
Spot
ribbed smoked sheets were unchanged at 16.06.
London
and Singapore closed steady at virtually unchanged prices.
While fluctuations in the local market were within a very
range,
the undertone was firm.
Local closing:
March, 16.04; April, 16.06; May, 16.08; June, 16.11; July,
16.15; Aug., 16.21; Sept., 16.27; Oct., 16.29; Nov. 16.31;
Dec. 16.37.
On the 24th inst. futures closed 8 to 15 points
lower.
Transactions totaled 890 tons.
Spot ribbed smoked
sheets declined 10 points to 15.96.
London and Singapore
closed unchanged.
Local closing: March, 15.96; May,
15.98; July, 16.04; Sept., 16.12; Dec., 16.25; Jan., 16.28.
On the 25th inst. futures closed unchanged to 6 points
lower. Transactions totaled 1,010 tons. Spot ribbed smoked
narrow
sheets declined to 15.93 from 15.96.
closed
1-32 to
l-16d.
lower.
London and Singapore
Local
closing: Mar., 15.90;
May, 15.96; July, 16.03; Sept., 16.11; Dec., 16.22. On the
26th inst. futures closed unchanged to 3 points lower. Trans¬
actions totaled 410 tons.
Spot ribbea smoked sheets de¬
clined to 15.90 from 15.93. London closed quiet and steady,
with prices virtually Unchanged. Singapore closed 1-32 to
1-16 lower. Local closing: Mar., 15.88; May, 15.94; July,
16.00; Sept., 16.12; Dec., 16.20; Jan., 16.23. To-day prices
3 points down to 2 points up. Total sales were 28 contracts.
The London and Singapore markets closed quiet and un¬
changed. United Kingdom stocks of crude rubber decreased
I,150 tons this week, according to Reuters cable. Local
closing: May, 15.91; July, 16.01; Sept., 16.12; Dec., 16.22.
Hides—On the 21st inst. futures closed 12 to 13 points
The opening was weak with prices off 3 to 6 points.
However, the market suddenly reversed its position, and
on
a moderate amount
of buying not only recovered its
early losses but showed substantial gains at the close.
This
would seem to speak well for the market's strong technical
position.
Transactions totaled 240,000 pounds.
The stocks
of certificated hides in warehouses licensed by the Exchange
remained at 868,821 hides.
Nothing new was reported
concerning the domestic spot hide market.
Closing: March,
II.63; June, 11.93; Sept., 12.27; Dec., 12.57.
up.
On the 23d inst. futures closed 3 to 4
ing
was very
points down.
Trad¬
light and prices ruled within a narrow range.
Transactions totaled 160,000 pounds.
Domestic spot hide
market remained unchanged.
The Argentine market was
also without feature, no sales being reported.
The stocks
of certificated hides in warehouses licensed
by the Exchange
unchanged at 868,821 hides.
Imports of hides
at leading United States ports
during the week ended March
14 totaled 20,982 in New York, none in Boston and 1,612 in
Philadelphia. For the year to date imports at these ports
have totaled 456,478 hides, as against 251,466 hides
during
the corresponding period of 1935.
Local closing:
March,
11.60; June, 11.90; Sept., 12.24; Dec., 12l54.
On the 24th inst. futures closed 5 to 6
points lower.
Trad¬
ing was extremely light with sales only 40,000 pounds.
No
important developments were reported in the domestic or
Argentine spot hide markets during the day.
Stocks of
certificated hides in warehouses licensed by the Exchange
remained unchanged at 868,821 pounds.
Closing: March,
11.54; June, 11.84; Sept., 12.18; Dec., 12.48.
!
On the 25th inst. futures closed 4 to 7
points lower.
Transactions totaled 920,000 pounds.
Domestic spot sales
totaled 59,200 hides with light native cows selling at 1034
cents and heavy native steers at 13 cents.
In the Uruguay
spot market 4,000 frigorifico steers sold at 13 11-16 cents.
Local closing: Mar., 11.50; June, 11.80; Sept., 12.11; Dec.,
12.41.
On the 26th inst. futures closed 4 points lower to
3 points higher.
Transactions totaled 560,000 pounds.
Domestic spot sales totaled 16,500 hides with branded
cows at 1034. cents.
In the South American spot markets
4,000 Uruguay frigorifico steers sold at 13 34 cents. Local
closing: Mar., 11.50; June, 11.76; Sept., 12.10; Dec., 12.44;
Mar., 12.74. To-day futures opened at declines of 5 to 9
points and held steady at those levels. Trading was inactive,
the market reflecting an entire lack of interest.
remained
Ocean
been
Freights—Chartering during the past week has
comparatively quiet.
Charters included: Grain booked: 1 load to Antwerp at 9c.; 1H loads
to Havre-Dunkirk at 11c.; 5 loads to Antwerp,
10Hc., option French-
Atlantic,
an
advance of He.
Coal: Hampton Roads, April, to Montivideo,
lis. 9d.
Sugar: Santo Domingo, April, United Kingdom-Continent,
12s. 6d. Trips: West Indies, prompt round, $1.10;
prompt, North Atlantic,
re-delivery United Kingdom-Continent, 90c.
Voluat 142
Coal—As
Financial
Chronicle
2185
result of the flood situation it would appear
that the National Coal Association has had to postpone its
disappointing to the trade.
forecast of bituminous
vailed
week its estimate
conditions
estimated
a
that
production again.
For the March 14
dropped down to 7,400,000 tons.
It is
the March 21 week figures will be in the
neighborhood of 8,000,000 tons.
It is assumed the domestic
market will be continued for about 30
days more with the
usual ups and downs
A great decline in consumption in
flooded areas is looked for because a large percentage of the
population has doubled up on itself.
New York tide water
took about 375 cars of bituminous coal on Wednesday.
Copper—The only item of interest in tJie copper situation
week was the announcement that certain kinds of
copper and brass tubing were advanced approximately lc.
per pound by the Phelps Dodge Copper Corp., American
Brass Co. and others, effective March 27.
Domestic sales
of electrolytic copper on Tuesday were only 825 tons, which
brought the total for the month to that date up to 26,661
tons, with the two prices of 934c. and 93^c. still prevailing.
This appears to bear out the earlier predictions that March
would be a dull month for copper.
The foreign situation
holds steady despite the comparative dullness, the price
levels there ruling at approximately 8.95c. to 9c. per pound
c.i.f. European ports
There appears to be nothing in the
immediate outlook to warrant any hope for a sudden change
or revival in the copper trade.
Those inclined to be optimis¬
tic feel that with a sharp recovery in the steel trade following
the disastrous floods, and a parallel movement in the auto¬
mobile industry, the effect would be most wholesome on all
metal markets.
The vast amount of rebuilding following
the floods is a consideration of no minor importance in the
the past
future
outlook for
the red
metaL
The
Calumet & Hecla
Consolidated
Copper Co. was awarded 300,000 pounds of
by the Navy Department for shipment to the
Washington Navy Yard by May 15.
The Navy took
alternate bids on 600,000 pounds and 1,000,000 pounds, but
finally awarded the least amount.
The price of award was
9.425c. per pound.
Lake copper
Tin—The unusual
period of dullness and downward trend
continue. Price levels here dropped considerably,
reaching a point below the import costs, and this seemed to
discourage any disposition to sell. Nearly 1,500 tons of tin
of prices
are
for
board
on
which
are
the
"Kwanto
Maru" and
"President
Taft,"
due late this month, and may not arrive in time
March
delivery. Tin plate operations have been cur¬
tailed very materially by the floods, dropping to 60 per cent
of capacity against 80 per cent before the floods. Tin afloat
to the United States is 5,895 tons.
Tin arrivals so far this
month have been: Atlantic ports 4,262 tons, Pacific ports
120 tons.
Commodity Exchange warehouse stocks were in¬
creased by 85 tons to 557 tons.
Lead—Indications
are that sales for this week will hardly
4,000 tons. Notwithstanding the comparatively light
volume of business, prices have held firm, and when the books
are opened for May contracts, it is expected that a more
substantial demand will be in evidence, as spring building
operations together with the rebuilding programs resulting
from floods, will be well under way during the next few weeks.
pass
Zinc—Extreme dullness continues to
prevail in this metal.
striking contrast to the very light sales a most sub¬
shipments is recorded, these shipments
topping sales by a wide margin. Prices are firm on the basis
of 4.90c. per pound East St. Louis for prime Western slab
zinc.
Sales of prime Western slab zinc last week came to
1,273 tons for prime Western and 100 tons of brass special.
Shipments were 4,240 tons for prime Western, and 170 tons
for brass special.
But in
stantial volume of
Steel—The industry received quite a setback the past
week as a result of flood damage, especially in the Pittsburgh
district; also at Johnstown, Wheeling and other Ohio Valley
flood centres where a number of mills were crippled or forced
to shut down.
tions fell off
As
a
result of these conditions steel opera¬
little
over 6%.
Last week steel operations
60% of capacity.
For the week ended
Mar. 28 the estimated percentage is 53.7% of capacity.
However, a sharp recovery is indicated on all sides, and the
rebuilding program at flood centres will very likely play an
important part in the renewed upward swing in the steel
industry.
As time goes on it becomes apparent that damage
was less severe than earlier reports indicated.
The feeling is
quite general now that within a fortnight all steel plants will
be surging ahead again and the industry will soon exceed the
recent operating figure of 60% of capacity.
According to a
high official of the Carnegie-Illinois Steel Corp., this plant is
virtually operating at normal now.
The Jones & Laughlin
Steel Corp. has resumed partially, and started shipping steel
late Monday.
Two units of the Wheeling Steel Corp., one
were
at
on
a
a
basis of
Portsmouth and the other at Yorkville, are both back to
Both the Wheeling and Martins Ferry factories
Pig
Iron—The situation in the pig iron industry has been
The brisk demand that pre¬
hardly
there
short time ago, is almost entirely
absent, with quiet
all along the line.
Producers and sellers can
a
enthusiastic
wax
are a
over
the immediate outlook, though
number who feel that
the steel industry
by the floods, and the
automobile industry begins to step up its
pace, these develop¬
ments are going to have a
very wholesome effect on the pig
iron situation.
More shipments of Russian
pig iron are
expected in a couple of weeks following the recent arrival of
1,500 tons in the Philadelphia district.
However, these ar¬
rivals do not appear to have
any detrimental effect on the
domestic iron situation, which remains quite
steady.
from
recovers
the
setback
as soon as
caused
Wool—The situation is very little
changed from last week.
There appears to be only a casual interest on the
part of
manufacturers in the local wool market.
Small
of spot foreign
this particular
Prices
current wool sales
on
based
quantities
wools were selling at firm prices, but even in
department the demand is almost negligible.
scarcity,
on
authorities.
will have
a
chiefly reflect temporary values
to the opinion of certain
according
The attitude of manufacturers
most
important bearing
as
time goes on
the price movement of
wool.
Dealers have no difficulty in
getting top prices on
choice delaine, recent sales
occurring at 36c. in the grease.
Other grades of fleece wools are
very firm.
About 80 % of the
new
clip is yet unsold.
The second series of London Colonial
on
auctions closed
on the 24th
inst., with offerings of 93,500
bales, which were sold about equally to home and Continent
buyers.
Compared to January, values on balance prices
5
were
to
10% higher for both merinos and crossbreds.
purchases were 87,000 bales, domestic buyers
45,000, the Continent 39,000 and America 3,000.
Estimated
securing
The next sales will
held
over
begin May 5,
A total of 17,500 bales
included 11,000 bales which
were unoffered.
Silk—On the 23d inst. futures closed
33^ cents lower to
2 cents higher.
Transactions totaled 2,130 bales.
Spot
advanced 6 cents to $1.79^.
To date there have been only
16 March notices or less than
one-half of 1 % of the total
business during the life of the contract.
The
option expires
Thursday.
Later deliveries broke under profit taking
pressure.
Japanese cables were strong, reflecting the bullish
tendency there on Friday.
Grade D rose 20 to 30 yen,
on
going to 775 to 785 yen.
Yokohama futures were 4 to 19
yen higher, and Kobe Bourse prices
up 10 to 24 yen.
Sales
of cash silk 625 bales and of futures
10,450 bales.
The yen
off Kc. to 29c. at both centres.
Local closing: Mar.,
was
1.70; Apr., 1.67^; ,May, 1.67; June, 1.65^; July,
1.64;
Aug., 1.61 H; Sept., 1.69^; Oct., 1.59.
On the 24th inst. futures closed
13^ to 43^ cents higher.
Spot advanced 23^ cents to $1.82.
Transactions totaled
1,430 bales.
Very substantial buying on the part of both
speculative and trade interests was in evidence.
A large
commission house with
foreign connections was rather con¬
spicuous on the buying side. Selling was largely in the form
of profit taking on the
bulge. Japan came in strong again.
Grade D rose 123^ yen in Yokohama and 10
yen in Kobe,
going to 7873^ and 795 yen.
At Yokohama futures were
18 to 29 yen higher, and at Kobe
they were 9 to 24 yen
higher.
Cash sales for both centres were 375 bales, and
futures
10,950 bales.
Local closing: May, 1.7134; Apr.,
1.70; May, 1.6834; June, 1.69;34 July, 1.68; Aug., 1.6334;
Sept., 1.6334; Oct., 1.63.
On the 25th inst. futures closed
34 to 3 cents lower. Sales
730 bales.
Spot declined 234 cents to $1.7934c.
Three more notices brought the March total to 20.
This was
the final day for March deliveries.
totaled
Japan reported Grade D
at 785 yen in both Yokohama and
Kobe, with respective
declines of 234 and 10 yen.
Futures in these centers 18 to 23
and 8 to 14 yen lower.
Kobe yen rose 34c to 2934c.
Cash
sales 400 and futures trades 8,750 bales.
Local
closing:
Mar., 1.69; Apr., 1.68; May, 1.68; June, 1.6634; July, 1.65;
Aug., 1.62; Sept., 1.61; Oct., 1.61. On the 26th inst. futures
closed lc. to 234c. higher.
Sales for the day totaled 900
The March contract expired at
bales.
notices
shade
were
noon.
Only 16
to 36,
tendered, bringing the final total
1
more
or a
per cent of the total trades during the life of the
Japanese futures were steadier, with Grade D un¬
changed. Local closing: Apr., 1.70; May, 1.70; June, 1.68;
July, 1.66; Aug., 1.64; Sept., 1.64; Oct., 1.6334; Nov., 1.62.
To-day prices closed in irregular fashion, with the final
range 2 points up to 1 point down.
Total sales were 165 con¬
over
contract.
tracts.
The New York spot silk market was
higher, the
price of crack double extra advancing 334c. a pound to $1.83.
The Yokohama
Bourse closed 25 to 33
points higher.
The
price of grade D silk in the outside market was 795 yen a bale,
up 10 yen.
Local closing: April, 1.72; May, 1.69; June, 1.68;
July, 1.65; Aug., 1.64; Sept., 1.63; Oct., 1.63; Nov.,
1.6134.
normal.
COTTON
expect to be operating in a normal way this week.
The
inquiry for steel from the railroads comes from the
New York, Chicago & St. Louis for 777 steel freight cars,
including 500 50-ton box cars, 200 50-ton gondolas and 25
70-ton gondolas, 50 50-ton flat cars, and two special 100-ton
flat cars.
The President of the Youngstown Sheet & Tube
Co. states that virtually the present comparatively high rate
of operations will continue at least until July 1.
Tin plate
production is around 60 to 65% of capacity. The price is
firm at $5.25 per box of 100 pounds.
latest
Friday Night, March 27 1936.
Crop, as indicated by our tele¬
grams from the South to-night, is given below.
For the
week ending this evening the total
receipts have reached
48,797 bales, against 47,370 bales last week and
38,439
bales the previous week,
making the total receipts since
Aug. 1 1935, 6,177,234 bales, against 3,749,947 bales for the
same period
of 1934-35, showing an increase since Aug. 1
1935 of 2,427,287 bales.
S
The
Movement of
the
2186
Financial
Receipts at-
Sat.
Thurs.
Wed.
Tues.
Mon.
FH.
Chronicle
1,849
6,440
2,090
1,565
1,135
1,258
34
l"547
1,701
2",366
"860
l'.OSl
3,220
1,998
5",953
2", 014
2",098
"814
23
125
224
305
364
246
16,352
1,287
"28
291
324
"50
'233
"443
1,546
Corpus Christi-
.
......
291
133
....
75
40
...
20
54
Wilmington..
50
85
2,124
1,509
26
15
1,350
156
1,462
....
1,462
8,279
numerous
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:
15
38
460
2
same
districts on the Canadian border
however, of the
143
"15
Norfolk-....
Baltimore..
14,337
143
_
New Orleans
Mobile
Pensacola
Savannah
Charleston
Lake Charles...
the
from week to week, while reports from the customs
are always very slow In coming to hand.
In view
inquiries we are receiving regarding the matter, we will
say that for the month of January the exports to the Dominion the present season
have been 21,0*47 bales.
In the corresponding month of the preceding season the
exports were 12,465 bales.
For the seven months ended Feb. 29 1936 there were
152,610 bales exported, as against 148,383 bales for the seven months of 1934-35.
10,745
3",475
returns concerning
34
Houston.
48,797
0
Total this week.
6,962
.
10,768
11,231
5,161
6,396
On Shipboard Not Cleared for—
Mar.27 at—
Leaving
Ger-
Other
Coast¬
many
Foreign
wise
Great
Britain France
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
Galveston
4,600
4,253
Houston
last year:
,
New Orleans.
Since Aug
Galveston.
Week
1 1934
Texas City......
Houston..
Corphus Christi..
Beaumont-......
New Orleans.....
1936
3,216
14,676
Total 1935—
Total 1934
5,768
11.207
11,196
4,272
"453
127", 355
260
2",124
358,538
144,686
3,690
295,753
70,550
6,721
110,904
L509
205", 805
"581
15
55,778
20,912
34,590
1,287
Savannah
291
48
438
Brunswick
38
460
Wilmington
Norfolk-
131,794
13,334
3,787
186,204
108,640
45,571
24,438
23,768
23,964
88,774
11,584
616
"~4",411
1,462
21,893
20*463
278
New York
Boston
'Baltimore
4,217
2.705
23,247
1,775
Philadelphia
48,797 6,177,234
_
24,491 3,749,947 2,103,394 2,269,597
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1935-86
Receipts at—
Galveston
Houston
1934-35
New Orleans
Mobile---.—
Savannah.
Brunswick_
1933-34
stantial
25,708
9,358
18,000
1,524
2,650
1932-33
holdings
nearby options
and July 10
453
438
..
630
8,622
10,690
13,660
5,845
5,006
1,509
-
1,632
1,579
319
313
*"409
654
616
82
106
866
598
1,225
1,328
1,572
1,945
_
""457
"5", 519
"5",223
13", 313
"6",776
"
Charleston
Wilmington.
"*581
38
460
"
_
Norfolk-——
N'port News.
24,491
48,797
64,579
71,916
115,587
53,101
Since Aug. 1_. 6,177,234 3,749,947 6,530,196 7,413,485 8,866,335 8,077,351
The exports
for the week ending this evening reach a total
of 77,130 bales, of which 12,450 were to Great Britain,
2,292 to France, 32,452 to Germany, 7,281 to Italy, -11,436
to Japan, nil to China and 11,219 to other destinations.
In the corresponding week last year total exports were 53,071
bales.
For the season to date aggregate exports have been
4,790,316 bales, against 3,549,366 bales in the same period
of the previous season.
Below are the exports for the week:
Week Ended
Exported to—
Mar. 27 1936
Great
Exports from—
Ger¬
Britain France
Galveston.
2,252
Houston
6,131
Corpus Christi-_
-
-
-
Italy
many
-
2,117
Savannah-
-
-
-
Total.
3,352
882
6,627
3,261
177
775
.
2,858
-
Other
3,472
425
-
972
Mobile
2,549
727
-
-
New Orleans
China
Japan
3,293
6,465
1,205
17,911
10,330
1,484
11,635
6,480
'
2,369
Charleston
84
•
—
—
-
1,838
4,207
300
■
1,367
2,249
1,283
*
Wilmington
■
«.
—
—
—
1,949
....
■
Norfolk
■
230
Gulfport
230
291
Los Angeles
-
—
1,378
loo
20,946
32,452
7,281
11,436
11,219
77,130
Total 1935-.--.
Total 1934..
.
.
.
4,444
2,558
13,266
2,324
21,790
53,071
5,672
30,711
285
37,709
7,190
88.296
1,320
17,103
12,450
Total
2,292
8,689
2,211
From
Aug.
1
1935 to
Mar. 27 1936
Great
Galveston
Ger¬
France'
Corpus Christi
160,673
177,572
31,191
68,902
88,762
17,351
250
Houston
Beaumont
Orleans.
_
Lake Charles..
Mobile
Jacksonville
470
745
836
6,970
227,308243,560
4,487
8,754
98,334 24,002
14
Savannah....
Charleston
....
U25
128,384
88,401
7,015
2,782
43,8771 18,846
2^158
China
9,61 203,618 1067,687
13,116 260,543 1284,037
400 46,151 269,338
6,343
2,76P
494
190~404
3,042
30,963
242,865
2,361
2~,343
16", 024
3,040
4,393
8,800
9,039
6,694
6,546'
New York....
"134
1,420
1,123
55
136,616
152,578
176,564
4,351
10,850
3,006
7,331
300
688
1,130
792
1,880
Baltimore
100
2",897
1.656
6,881
8,851
14
..
Los Angeles._.
Francisco.
"IJ6
*45
"77
26,002
3,162
11,269
33,057
312
294
14
5,181
229
155,485
54,973
Total.
Total 1934-35.
'
5,642
4,718
2.657
230,531
61,398
240
Seattle
Total
39,213
24,343
36,112
Boston
Philadelphia.
13,133
2",500
36,562
1,026
1,224
...
8,464
8,724 185,255 1072,036
50
29,446,
4,051
1,266
Total
Other
Japan
347,951
389,048
64,223
2,109
761
Wilmington
Gulfport
1
150
1,550
76,939
93,784
140,424
Pensacola, &c
Norfolk..
Italy
many
143,745133,186
226,371128,625
55,101 53,921
Texas City
San
4.518
Exported to—
Exports from— Britain
New
291
.
-
1,045
240
|1108,880608,373 700,194296,503il264,022
34,352 770,9924790,316
375,1011263,205!
87,174 605,9353549,366
596,220306,689
316,042
1933-34. 1069.576 687.156 1202.255 539.335 1453,885 228.411 805,8275986,445
2,433
1,381
77,383 2,026,011
82,333 2,187,264
5,500 112,187 2,940,425
delivery
was
very
showing
exceptional
a very
orderly fashion.
prices closed 1 to 10 points
up.
The
especially firm with March 3 points
were
points
contract
Liquidation of the Pool's sub¬
up
up
with the more distant positions showing
The Government pool
quite
a
was
credited
little conjecture among the trade as to the
and
remaining in the hands of the pool
yet to come out before the March contract expires.
Some estimate it at 50,000
bales; others at half that amount.
price fixing and buying by spot houses absorbed
were on
the
positions.
near
Liverpool and the.Far East,
selling side and contracts were also supplied by
Southern and commission house interests.
In the four-week
period ended last week forwardings of American cotton to
domestic mills totaled 448,000 bales, against
ago,
This gives a
a year
total for American cotton forwarded to the
against 886,000 last
here
423,000
and to foreign mills 597,000, against 463,000 last year.
world's mills in the four-week
Total this wk.
future
conducted in
was
amount of March cotton
521
"
All others—..
37.885
64,425
69,481
selling 5,500 bales of March contracts during the session.
1930-31
18,490
.16,861
50,444
10,032
3,262
March
expired.
gains of 1 to 3 points.
with
Trade
1931-32
12,683
21,077
26,274
2,986
it
On the 21st inst.
offerings in the
3,216
7,036
11,040
14,337
10,745
16,352
1,287
2,124
for
the
before
firmness
There is
Totals
11,193
6,487
17,773
cotton
in
deliveries,
crop
3.456
N'port News, &c_
8,226
irregular, with the trend generally downward on the new
43",357
18,122
21,948
33,144
137,503
56,496
16,300
48,354
"654
633
6,008
—
Speculation
830
578,567
459
Charleston..
Lake Charles
577,068
455,435
463,113
183,204
44,438
125,786
33,144
143,823
20,800
30,452
16,490
3,000
"633
Total 1936—
464,668
15,790
792,924
61,452
Gulfport—.
Mobile—.—...
Pensacola
Jacksonville.
200
2~334
1,563
_
Other ports.
1935
597,868
5,452
485,887
44,382
30,334
479,603
869,329
36
62,701
7,036 1,021,963
113
271,773
4,539
11",540 921,758
14,337 1,467,119
34
44,423
10,745 1,634,029
143
264,852
38,030
16", 352 1,587,136
1,600
Norfolk-_
Since Aug
1 1935
This
Week
10,400
18,978
6,173
Stock
Total
3,000
2", 111
Mobile
Mar. 27
3,000
4,185
4,008
Charleston.
Stock
Receipts to
This
.
1,200
2,836
5,597
712
_
Savannah
1934-35
1935-36
1936
NOTE—Exports to Caada—It has never been our practice to include in the'
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It Is impossible to give
Total
Galveston.
Texas City..—
March
year.
period of 1,045,000 bales,
Spot cotton advanced 3 points
Saturday to 11.46c. and at the ten designated Southern
markets 11.45c.
or
On the 23d inst.
Transactions
within
were
a narrow
5
points higher.
prices closed 1 point up to 6 points off.
comparatively light with prices ruling
range.
March contracts fluctuated between
11.38c. and 11.45c., with
Government pool operations play¬
ing comparatively little part.
The March contract expires
at noon Wednesday, and the general belief is that the pool
has pretty well liquidated its original holdings of 178,600
bales.
There was nothing stimulating in the news from
foreign markets, Liverpool cables reflecting a downward
tendency
It was believed the Government liquidated about
2,000 bales of March in to-day's session.
The average price
of middling at ten designated Southern spot markets was
11.44c., against 11.45c. Saturday.
On the 24th inst. prices closed 1 point up, 7 points off.
The volume of trading was comparatively small with fluctua¬
tions within a narrow range.
The major portion of the
day's business was confined to the March delivery, which
moved between 11.40 and 11.44c.
Selling of this contract
.
came largely from pool interests and evening up operations
by longs.
The buying came largely from trade shorts cover¬
ing.
Fourteen March notices were issued before the opening.
Pool sales were estimated at approximately 10,000 bales.
Notwithstanding the persistent pressure against March, it
closed 1 point net higher, the only month of the entire list
to show a gain.
The firmness of the old crop! deliveries over
the new crop months was attributed to the general tightness
in the spot position with the depression in the new crop
months ascribed to the uncertainty over the ultimate results
of the
new
bilj and the feeling quite generally held that
will be the eventual
farm
material increase in new crop acreage
outcome.
Southern spot markets as
a
officially reported,
unchanged, middling quotations ranging from 10.09
11.75c., compared with 11.43c. the closing price for
were
to
March here.
On the 25th inst.
feature
of
this
prices closed 2 to 8 points up. The only
quiet session was the March
extremely
the closing price for this
points higher than Tuesday's
contract, which expired at noon,
contract
two
The bulk of the business in March was executed
final level.
at 11.45c.
11.45c.,
being
Pool
10,000 bales
brokers were estimated to have sold about
the expiring
of
contract, but the liquidation
proceeded in an orderly fashion.
Attention ^of the trade is
now focused on the May
position.
It is figured the Pro¬
ducers' Pool has about 200,000 bales of May.
May closed
at
11.07c., for
a
gain
I
of three points, and was 39 points
Financial
Volume 142
price at the 10 designated spot markets.
under the average
Average price of middling, based on the 10 designated spot
Wednesday,
markets,
11.46c.,
was
11.44c.
with
compared
Tuesday.
On
a
26th
the
down.
There
inst.
was
7 points
prices closed 6 points up to
considerable activity in the early trading,
fairly aggressive demand developing for the May and July
which caused these months to register gains of
contracts,
bale.
over
50c.
will
eventually
a
May
The feeling apparently prevails that
to around the average price of spot
cotton in the 10 designated markets.
There is considerable
move
conjecture in the trade
to what will be done with the
as
Pool's long interest in May, which is placed at about
200,000
bales.
There was considerable price-fixing on the part of
mills.
Quite a little buying of May, July and October on
the part of a house with Wall Street and foreign connections
was
feature.
a
This
The
account.
was
believed
to
be largely
11.46c.
with
Wednesday.
To-day prices closed 13 to 14 points up on the nearby
options and 2 down to unchanged on the more distant
Both foreign and trade interests were purchasers
May and July.
The strength of these options induced
considerable short covering, which accelerated the advance
in these months.
Considerable hedging took place in the
months.
of
later months, and the
the
buying being concentrated largely in
deliveries,
nearby
new
deliveries
crop
eased
under
The South, New Orleans and some local houses
appeared on the selling side of the market at intervals
during the day.
pressure.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Afar. 21 to Afar. 27—-
Sat.
New York
1936
1935
1934
12.05c.
1933
6.25c.
1932
1931
Hoi.
10.85c.
11.64c.
11.35c.
1930
16.00c.
1929
20.85c.
Mon.
11.46
Middling upland
11.47
Tues.
Wed.
11.48
Thurs.
11.47
20.00c.
14.40c.
19.25c.
1920
1919
41.50c.
1935
1934
1933
606,000
716,000
939,000
761,000
Stock at Manchester
110,000
98,000
102,000
98,000
Total Great Britain
Stock at Bremen
716,000
224,000
200,000
18,000
73,000
72,000
10,000
" 5,000
814,000 1,041,000
247,000
624,000
154,000
307,000
26,000
24,000
71,000
88,000
25,000
83,000
9,000
10,000
7,000
8,000
859,000
564,000
270,000
21,000
92,000
117,000
602,000
539,000 1,144,000 1,064,000
Afar. 27—
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe
1,318,000 1,353,000 2,185,000 1,923,000
162,000
167,000
67,000
222,000
American cotton afloat for Europe
195,000
224,000
262,000
204,000
76,000
Egypt. Brazil, &c., afl't for Europe
125,000
47,000
80,000
Stock in Alexandria, Egypt
294,000
405,000
508,000
307,000
Stock in Bombay, India
935,000 1,091,000
785,000
708,000
Stock in U. S. ports
2,103,394 2,269,597 3,052,612 4,362,512
Stock in U. S. interior towns
1,940,895 1,535,485 1,662,788 1,874,180
U. S. exports to-day
6,957
9,684
24,838
7,133
Total visible supply
Of the
American—•
M anchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. ports stock
1911
14.40c.
1910
15.15c.
19.10c.
1909
9.75c.
26.80c.
1916
12.05c.
1908
17.80c.
1914
13.50c.
1906
10.40c.
10.95c.
11.70c.
12.35c.
1913
12.70c.
1905
1915
9.65c.
1907
Closed
Spot
Steady
Steady
Steady
Steady
Barely steady..
Steady
Saturday
Monday
East Indian, Brazil, &c.—•
306,000
60,000
50,000
21,000
65,000
222,000
80,000
...
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
473,000
472,000
41,000
311,000
35,000
105,000
48,000
50,000
22,000
52,000
66,000
67,000
47,000
508,000
785,000
167,000
162,000
125,000
76,000
294,000
405,000
935,000 1,091,000
Mar. 23
Mar. 24
307,000
708,000
...1,819,000 2,166,000 2,352.000 1,819,000
...5,129,422 4,715,039 6,516,084 7,976,530
Total visible supply
—6,948,422 6,881,039 8,868,084 9,795,530
Middling uplands, Liverpool
6.44d.
6.36d.
6.35d.
5.15d.
Middling uplands, New York
11.64c.
11.30c.
12.20c.
6.30c.
Egypt, good Sakel, Liverpool
9.60d.
8.69d.
9.24d.
7.90d.
Broach, fine, Liverpool
5.43d.
5.58d.
4.72d.
4.42d.
Tinnevelly, good, Liverpool
5.89d.
6.05d.
5.70d.
4.68d.
100
1,900
700
700
Coutinental imports for past week have been 110,000 bales.
The
above
figures for
week of 26,335 bales,
2,800
28,600
3,100
76,512
decrease
of
a
1936 show
decrease from last
a
gain of 67,383 bales
1,919,662 bales from
1934, and
1935,
over
a
desrease of
a
2,857,108 bales from 1933.
and
Tuesday
Mar. 21
100
1,900
300
lowest
300
100
47,912
highest,
Total
"iOO
Since Aug. 1
New York for the past week have been
Contr'ct
300
Total week-
closing
as
Wednesday
Mar. 25
prices
at
follows:
Thursday
Friday
Mar. 26
Mar. 27
At the Interior Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is
(1936)
11.39-11.41 11.38-11.45 11.40-11.44 11.43 11.49
11.41
11.42
11.43-11.44
_
5,129,422 4,715,039 6,516,084 7,976,530
Total East India, &c
SALES
Closed
..
..
__
7,133
Total American
Total American
Afarket
Steady, 3 pts. adv_.
Steady, 1 pt. adv
Steady, 1 pt. adv
Wednesday- Quiet, 1 pt. dec
Thursday
Steady, 4 pts. adv..
Friday
Steady, 13 pts. adv.
Range
262,000
8.05c.
29.35c.
Saturday
Monday
Tuesday
Closing
243,000
467,000
450,000
50,000
61,000
63,000
207,000
132,000
76,000 1,039,000
998,000
195,000
224,000
204,000
2,269,597 3,052,612 4,362,512
1,535,485 1,662,788 1,874,180
6,957
9,684
24,838
300,000
50,000
176,000
179,000
111,000
2,103,394
.1,940,895
U. S. interior stock
U. S. exports to-day
Havre stock
28.30c.
34.25c.
Futures
Mar
bales.
Liverpool stock
Manchester stock
Bremen stock
1918
1917
follows:
are as
•
Liverpool stock
Fri.
25.20c.
Spot Afarket
Futures—The
6,948,422 6,881,039 8,868,084 9,795,530
above, totals of American and other descriptions
19.85c.
1912
bales.
Stock at Havre
Stock at Rotterdam
Market and Sales at New York
*
1936
Stock at Liverpool-
11.64
11.51
Quotations for 32 Years
1928
1927
1926
1925
1924
1923
1922
1921
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.
for short
price of middling, based on the 10
designated spot markets, Thursday, was 11.52c., compared
average
2187
Chronicle
set
out
in
detail below:
April—
Range.-
11.03-11.03
Movement to Mar. 27 1936
11.23 n
11.24/1
11.27/1
Closing. 11.23 n
10.93/1
11.24 n
May—
10.99-11.05 11.00-11.05 11.01-11.05 10.98-11.07 11.08-11.19 11.18-11.25
Range
Closing
11.05
.
—
11.04
11.04
11.07
Towns
Receipts
Week
Closinx
10.89//
.
10.85n
10.84/1
10.88/1
10.93//
11.06/1
July—
Range.. 10.62-10.72 10.65-10.70 10.63-10.66 10.60-10.70 10.69-10.79 10.79-10.88
10.72
10.66-10.67 10.63
Closing
10.68
10.88
10.74
Aug.—
Season
28
Ala., Birming'm
Eufaula
....
Montgomery.
Selma
147
Stocks
ments
11.11-11.13 11.24-11.25
June—
Range..
Movement to Mar. 29 1935
Ship- |
Mar.
Week
I
Receipts
Week
j
10.64/1
_
10.58/1
10.65/1
10.60/1
10.66/1
10.78
10.54/1
.
10.48/1
10.45/1
10.50/1
10.56//
10.68n
Oct.—
Range.. 10.22-10.25 10.20-10.23 10.15 10.20 10.13-10.23 10.19-10.28 10.16-10.28
-
10.23-10.24 10.22
Closing.
10.15-10.16 10.20
10.19-10.20 10.17
Nov.—
10.22 n
.
10.21 n
10.14/1
10.19/1
10.14//
10.13//
6
20,123
15,839
80,216
85,400
11,324
144
936
64,945
61,746
8,049
22,787
43,519
121,650
141
20,073
171
838
41,860
1,513
88,163
27,496
46,459
1,431
18,305
100
20,238
24,854
Range.. 10.20-10.25 10.19-10.23 10.13-10.18 10.11-10.20 10.15-10.24 10.14-10.24
Jan.
10.24-10.25 10.20
_
10.13-10.14 10.20
10.15
10.14
(1937)
Range.. 10.22-10.26 10.20-10.23 10.16-10.19 10.12-10.18 10.17-10.23 10.15-10.25
Closing
10.26
.
10.21
10.14/1
10.22
10.15//
10.16//
Feb.—
258
10.16//
.
10.16//
March—
10.23-10.23 10.20-10.24
Closing.
10.17n
10.17
Nominal.
Range for future prices at New York for week ending
Mar. 27 1936 and since trading began on each option:
Option for—
Range for Week
Range Since Beginning of Option
11.38 Mar. 23 11.49 Mar. 25 10.16 Mar. 18 1935 12.70 Feb. 18 1935
8 1935
1936.. 11.03 Mar. 26 11.03 Mar. 26 10.51 Sept. 30 1935 11.34 Oct.
10.98 Mar. 25 11.25 Mar. 27 10.33 Aug. 24 1935 12.07 May 17 1935
May 1936.
Apr.
.
1936
8 1935
10.58 Sept. 30 1935 11.38 Oct.
9 1936 11.97 May 25 1935
1936.. 10.60 Mar. 25 10.88 Mar. 27 10.21 Jan.
10.39 Jan.
9 1936 11.55 Nov. 25 1935
Aug. 1936-.
10.42
Sept. 1936..
1936.
Nov. 1936.
.
io"l3Mar.25 10^28
Mar. 26
9.80
10.12
.
July
Jan.
3 1935 11.40
9 1936 11.45
Mar.
3 1938 10.19
Jan.
Sept.
Dec.
26 1935
3 1935
8 1936
1936..
10.11
Mar. 25 10.25
Mar. 21
9.76
Jan.
9 1936 10.69
Jan.
2 1936
Jan.
1937..
10.12
Mar. 25 10.26
Mar. 21
9.94
Feb.
25 1936 10.42
Jan.
27 1936
Feb.
1937
Mar
1037..
10.20"
Mar. 27 10.24
Mar. 27
I6.20"
Dec.
"30
Walnut Ridge
7
Ga., Albany
Atlanta
1,683
Columbus..
2,000
Macon
Rome..
_
—
La., Shreveport
Mlss.Clarksdale
Mar. 27 1936 10 24
Mar. 27 1936
1,310
245
326
8
70,485
15,683
410
3,061' 53,370
379
13,865
5
17,335
550
282
5,662 165,043
458
874
15,043
71,303
1,609136,495
700 27,700
464 42,356
1 25,379
23 23,131
1,437, 23,782
1,124
26,160
33,081
400
169,430
1,942
55,632
8,778
2,581j
261
2
"25
117,106
12
Natchez
43
61,892
390
1,656
Jackson
27
160
....
4,275
40,761
Vicksburg
302
811
466
.
85,450
18,154
13,856
16,920
"74
"496
Columbus
Yazoo City..
22
4,978
30,247
37,712
166,518
287
600
18
40
37
24
689
6,479
17,883
3,110
7,582
302
"246
11,945
49
398
5,501
4,076
83
4,983
156.
159
92
118
75
166, 23,088
28,832
28,048
83,635
17,066
76,405
24,692
4,604
14,045
68,465
93,649
24,950
12.581
3
613, 51,445
183
1,536
14,759
31,347
107
12.072
95
5,773
40,310
86,537
3,133112,382
1,230
3,497
800, 13,911
616
18,968
57,431
128,113
21,310
132,740
24,816
3,717
21,609
28,330
156,677
2,982
4,171
5,424
560
20,979
21,903
23,833
1,912
36,614
224
15,591
48,149
18,747
4,764
6,460
15,923
2,427
429
5
916
255
5,501
2,452
1,129
12,956
Oklahoma—
15 towns*
Tenn.,Mem phis
Texas, Abilene.
1,530
381,480
3,768
137,489
26,8101,804,540
177
8
Austin
97
Brenham
Dallas
1,315
131
Paris
Robs town
""63
.
July
Oct.
296
277,047
174,252
35,839
52,997
970
S.C., Greenville
Mar. 1936..
June
2,817
55
Pine Bluff...
Mo., St. Louis.
N.C.,Gr'nsboro
Range..
n
65,924
485
Little Rock..
Newport
Greenwood
Range..
Closing
8
25
29
37,401
4
4
Mar.
24
108,942
26,971
36,511
31,695
9,932
158,193
30,956
110,505
34,386
24,266
Augusta
Dec.—
Closing
63
Athens
Range..
Closing
25
Hope
Jones boro
Range..
Closing
Forest City..
Helena
Range..
Closing
Sept.—
261
Stocks
Week
Season
57,987
.
Ark., Blythville
Ship¬
ments
27
San Antonio.
Texarkana
.
4
.
Waco
80
Total, 56 towns
*
54,225
18,410
11,910
5,916118,385
4,621
90
588
4,039
10,333
370
51,415
33,799
10,522
5,047
24,404
79,149
51,0704,748,807
60,058
32,393619,687
562
1,758
5
2,430
10,841
10
1,392
463
239,246
1,684
105,580
22,955 1,268,865
13
23,934
58
20,947
39
14,889
252
46,244
59
35,091
6,683
"25
16,503
78
606
142
11,081
194
510
8,927
166
77,3421940895
26,753
56,208
37,518 3,224,691
1,385112,964
3,074 57,763
25,213 452,619
8,052
50
2,358
52
4,536
435
8,657
533, 12,820
1,471
"90
4,255
496 16,888
603! 10,019
61,4841535485
Includes the combined totals of 15 towns in Oklahoma.
The
above
decreased
totals
show
during the week
that
the
26,272
interior
bales and
stocks
are
have
to-night
Financial
2188
405,410 bales more than at the same period last year. The
receipts at all the towns have been 13,552 bales more than
the
week last year.
same
Aug. 1—
Overland Movement for the Week and Since
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
movement
telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1934-35-
—1935-36
Mnr. 27—
4,983
-
1,320
Via Mounds, &c
Via Rock Island
Week
Aug. 1
166,353
62,349
Week
Via St. Louis
Since
Since
•
Shipped—
Aug. 1
166,173
80,867
5,501
1,273
77
135
2,539
9,819
"92
11.904
5,560
16,946
145,039
534,862
3,325
3,000
132,713
445.884
28,944
920,961
13,191
837,618
21,951
8,045
256
Inland, &c., from South
1,462
397
12,488
219,764
5,022
10,796
204,343
Total to be deducted
14,347
249,760
5,278
671,201
7,913
1936, of which 23^337,070 were operated at some time during
month, compared with 23,323,958 for January, 23,391,370 for December, 23,193,734 for November, 23,192,602
for October, 22,683,816 for September, and 24,916,758 for
February 1935. The hours of employment and of productive
machinery are affected generally by organized short time.
However, in order that the statistics may be comparable with
those
for
earlier
months
and'years, the
Virginia points
Via other routes, &c
Total gross
overland
Deduct Shipments—
Overland to N. Y., Boston, &c—
Between interior towns
22.913
spindles in place, the number active, the number of active
spindle hours, and the average hours per spindle in place, by
States* are shown in the following statement:
Active
Spindle Hours
for February
Spinning Spindles
Leaving total net overland
I
State
In Place
*
foregoing shows the week's net overland movement
has been 14,597 bales, against 7,913 bales for
the week last year, and that for the season to date the
The
ing February
Average per
Total
Spindle in Place
28,864,406
23.337,070
6,736,374.454
233
19,163,510
8,688,516
1,012,380
17,208,836
5,464,138
5,222,445,954
273
1,370,392,773
143,535,727
158
1,911,860
822,880
3,354,516
1,744,642
518,286,509
128,149,890
271
3,007,584
603,378
4,584,540
224,354
1,088,956
533,460
2,991,102
925,304,636
156,724,072
780.187,891
50,323,580
98,876,044
276
842,624
United States
year
increase over a year ago
aggregate net overland exhibits an
of 71,635 bales.
In Sight and
Week
Receipts at ports to March 27
48,797
Net overland to March 27
14,597
Southern consumption to Mar. 27-115,000
Total marketed
over
of
Southern
Aug. 1
Week
3,749,947
24,491
7,913
105,000
671,201
3,555,000
599,566
3,155,000
137,404
*24,452
6,177,234
178,394 10,403,435
*26,272
820,557
-
Interior stocks in excess
Excess
Since
Since
Aug. 1
Spinners'
Takings
7,504,513
385,751
takings
mill
612,611
consumption to March 1—
16,081
----
Cotton growing States
New England States.
All other States
Alabama
-1934-35-
1935-36
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
7,906",345
773,371
21,787
892,671
Mar. 27 11,451
North, spinn's'takings to
112,952
- - - - - -
11,836,603
659,622
171,502
354,168
in previous years:
Movement into sight
1934—Mar. 30
1933—Mar. 31
1932—Apr.
Bales
Bales |
Since Aug. 1—
150,877:1933
149,14711932
198,42011931
Week—
1-
.__11,039,086
11.879,023
14.173,513
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other
principal cotton markets for each day
of the week:
Closing Quotations for
Wed'day Thursday
27
11.55
11.75
Montgomery
Augusta
Memphis
11.30
11.30
Houston
11.45
11.45
Little Rock
11.30
Dallas
10.99
11.29
10.98
11.42
New Orleans
11.57
11.35
Savannah
Norfolk- JL
11.75
11.74
11.40
11.40
10.99
Fort Worth
11.57
11.47
11.37
11.36
11.48
11.57
11.62
11.75
11.75
11.80
11.95
11.37
11 42
11.54
11.77
11.82
11.94
11.68
11.77
11.40
11.45
11.60
11.45
11.50
11.63
11-32
11.37
11.03
11.03
11.15
10.98
11.01
10.98
10.98
Friday
11.42
11.60
11.39
11.53
11.34
11.54
11.75
11.30
11.74
11.40
11.45
11.29
11.39
11.53
11.34
11.54
11.75
Galveston
Mobile
11.01
11.50
11.15
Market—The closing quotations
New Orleans Contract
for leading contracts in the
the past week have been as
New Orleans cotton market
follows:
Monday
Tuesday
Mar. 23
Mar. 24
Virginia
188,032
45,784,774
178
541,928
160,691,649
248
853,814
Tennessee
5,411,182
5,410,462
647,860
153,174,870
179
All other States
Census
Bureau
for
Mar. 25
Thursday
11.02
Report
would be turned out after the March
canvass.
10.98
Taking linters into consideration, the aggregate produc¬
likely to be about 11,375,000 bales.
This computa¬
tion as to linters is based on the report of the Bureau of
the Census, which shows that 743,132 running bales of
linters were produced from Aug. 1 1935 to Feb. 29 1936.
The total estimate of 11,375,000 bales as the production of
lint and linters the present season compares with
10,441,762 500-lb. bales in 1934, 14,029,584 bales in 1933,
13,913,392 bales in 1932,18,162,975 bales in 1931,14,918,027
bales in 1930, 16,066,216 bales in 1929, 15,759,935 bales
in 1928, 13,972,418 bales in 1927 and 19,135,235 bales in
1926.
The present report in full, showing the production
of lint cotton by States, in both running bales and the
equivalent of 500-lb. bales, is as follows:
cotton
(Exclusive of Linters)
Running Bales
August
10.18
10.16
10.14-10.15
November
December. 10.16
10.15
10.11-10.12 10.15
10.13
10.12
10.18
10.17
10.13
10.18
10.13
10.13
10.13
Alabama
1,033,303
113,184
92,934
841,497
231,180
848,997
251,523
24,343
1,014,645
210,682
California
Florida
26,651
1,052,552
Georgia..
Louisiana
Tone—
Spot
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Mississippi
Missouri
New
Consumption of American
February Over Year
Ago—World con¬
sumption of American cotton during February totaled
1,036,000 bales, compared with 932,000 in the corresponding
month last year, according to the New York Cotton Exchange
Service.
Total consumption in the seven months of the
season from Aug. 1 to Feb. 28 was 7,190,000 bales, compared
with 6,597,000 in the same period last season.
Under date
of March 23 the Exchange Service stated:
Consumption declined from January to February but that was largely
or entirely due to the fact that there were fewer working days in February.
Consumption in the August-February period this season was at a full-season
rate of about
951,074
936,080
132,408
Arkansas
_
Increase Noted in World
12,300,000 bales, but in considering prospective
consumption
in the rest of the season and the probable full-season total, some allowance
should doubtless be made for the fact that foreign growths of cotton have
cheaper relative to American, and discounts on distant future
deliveries discourage forward buying of cotton goods and hence may tend
to check consumption.
become
p* Activity in the Cotton Spinning Industry for Febru¬
ary 1936—The Bureau of the Census announced on March 21
that according to preliminary figures, 28,864,406 cotton
spinning spindles were in place in the United State on Feb. 29
1935
1934
1933
10,417,237 9,472,022 12,664,019 10,635,156 9,636,559 13,047,262
States
Arizona.
March
During
►193#
*1934
10.82
United
10.18-10.19 10.17
Equivalent—500 Pound Bales
11.17
11.08
10.60-10.61 10.59-10.60 10.61-10.62 10.69
September
1935, 1934 AND 1933
Mar. 27
*1935
10.64
com¬
tion is
State
11.00
10.97
This
with 9,636,559 bales in 1934, 13,047,262 bales in 1933,
13,001,508 bales in 1932,17,095,594 bales in 1931,13,931,597
bales in 1930, 14,824,861 bales in 1929, 14,477,874 bales
in 1928, 12,956,043 bales in 1927 and 17,977,374 bales in
pares
(Counting Round as Half Bales)
Cotton
288
Friday
Mar. 26
Wednesday
June
February
298
■
on
Cotton Ginning—The
Department of Commerce at
Washington issued on March 20 its final report on cotton
ginning (excluding linters).
This report shows that for the
present season there were 10,635,156 500-lb. bales of lint
cotton ginned, including 17,849 bales which ginners estimated
1133&1135a 11.39-11.40
April
Jan. (1937)
149
186,289,596
1,718,583,452
184,305,189
783,222
547,670
Cotton Ginned
11.33
October
91
118
257
5,757,590
639,456
256,712
648,816
South Carolina
Feb. (1936)
July
186
170
224
62,843,707
1,566,848,595
274,716
REPORT OF COTTON GINNED—CROPS OF
Saturday
Mar. 21
May
156
1926.
Middling Cotton on—
Week Ended
March
142
Bureau of the Census of the
Decrease.
Mar.
664,096
6,093,824
1.251,004
Rhode Island
Texas
152,122
Came into sight during week
L. Total in sight March 27
*
Active Dur¬
Feb. 29
Including movement by rail to Canada.
this
method of
same
computing the percentage of activity has been used.
Com¬
puted on this basis the cotton spindles in the United States
were operated during February 1936, at 105.2% capacity.
This percentage compares with 111.9 for January, 103.8 for
December, 101.1 for November, 103.8 for October, 93.9 for
September, and 100.0 for February 1935.
The average
number of active spindle hours per spindle in place for the
month was 233.
The total number of cotton spinning
599,566
Bia
1936
the
238,052
*—14,597
Via Louisville
28
March
Chronicle
Mexico
North Carolina.
.
Oklahoma
South
Carolina..
473,333
541,302
1,226,341 1,121,332
230,368
182,756
83,689
70,1781
640,924
578,447
329,845
562,584
684,619
738,332
Virginia
237,927(
86,121
690,506
396.655
4,220,275
34,413
14,371
13.753
7,397
All other States..
*
1,132,152
2,849,242 2,314,894
32,997
27,572
316,495
..
24,135
1,093,385
469,260
1,235,851
728,025
428,881
Tennessee
Texas
974,868
1,061,159
135,219
857,137
238,264
26,630
952,245
972,591
116,363
96,124
1,049,777
23,957
24,260
1,062,436
971,425
1,104,507
476,641
1,159,238
874,782
259,551
484,668
556,228
1,259,527 1,142,706
233,864
173,914
71,836
673,361
564,865
743,766
217,051
244,542
87,104
89,960
631,420
686,990
1,265,746
735,089
444,556
317,387
681,791
404,316
316,401
2,960,117 2,407,979
32,961
27,199
4,431,951
34,397
14,040
13,842
7,097
of the crop of 1935 ginned prior to August 1 which was
counted in the supply for the season of 1934-35, compared with 99,787 and 171,254
bales of the crops of 1934 and 1933.
Includes 94,346 bales
The statistics in this report for 1935 are
subject to revision.
Included in
the total for 1935 are 17,849 bales which ginners estimated would be turned
out after the March canvass; round bales 293,949 for 1935; 197,260 for 1934;
and
607,392 for
1933; American-Egyptian bales 17,622 for 1935; 14,052
for 1934, and 9,683 for 1933.
The average gross weight of
the bale for the crop, counting round as
pounds for 1935; 508.7 for 1934,
half bales and excluding linters is 510.5
and 515.1 for 1933.
is
The number of ginneries operated for the crop of 1935
12,812 compared with 12,663 for 1934 and 13,543 for 1933.
UNITED~STATES CONSUMPTION, STOCKS .IMPORTS'
AND
EXPORTS
For February 1936, cotton consumed amounted to 516,649 bales; imports
"for consumption," 17,837 bales; exports of domestic cotton, excluding
linters, 406,022 bales; cotton spindles active 23,337,070, and stocks endor
month in consuming establishments, 1,404,476 bales, and in public storage
and at compresses,
7,247.803 bales.
Financial
Volume 142
WORLD
Chronicle
STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
in 1934, as compiled from various sources, was 22,869,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31 1935, was 25,283,000 bales.
The total number
of spinning cotton spindles, both active and idle, is about 154,000,000.
New
York
Cotton
Exchange to be
Closed April 10
("Good Friday), and April 11—At a meeting of the Board
of Mangers of the New York Cotton Exchange held March 26,
Good Friday, April 10, and Saturday, April 11, were declared
Exchange holidays.
Elected to Membership in New York
Exchange—At a meeting of the Board of Managers
held March 26, Alexander Moss White Jr. was elected to
membership in the New York Cotton Exchange. Mr. White
is a partner of White, Weld & Co., New York, who do a
banking and brokerage business.
He is also a member of
the New York Stock Exchange, Chicago Board of Trade,
A. M. White Jr.,
Cotton
and the
Winnipeg Grain Exchange.
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening indicate that it is quite commonly con¬
sidered in the interior both East and West that the new
is from 10 to 14 days late. There is fear that the
will be unduly prolonged, making the season
still later in sections where the rich bottom lands are made
cotton crop
flood
use
.
Cotton Takings,
Week and Season
Visible supply Mar. 20Visible supply since Aug. 1
American in sight to Mar. 27.
Bombay receipts to Mar. 26-.
Other India ship'ts to Mar. 26
Alexandria receipts to Mar. 25
Other supply to Mar. 25 *6—
Amarillo
dry
dry
dry
dry
dry
-—
Abilene
Brownsville
--
•«..
dry
Corpus Christ!
1 day
Dallas
Del Rio
El Paso
Houston
—3
Palestine
2
San Antonio
Oklahoma—Oklahoma City.
Arkansas—Fort Smith.
2
Little Rock.
3
Louisiana—New Orleans ....2
-
—
0.28
dry
dry
days
0.09
days
0. 6
dry
dry
days
0.25
days
0.47
days
0.03
in.
in.
in.
in
in.
in.
4 days
0.45 in.
.4 days
3 days
0.47 in.
0.91 in.
3 days
0.50 in.
2 days
2 days
1.54 in.
0.20 in.
Shreveport
Mississippi—Meridian.
....
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jackson ville
Miami
0.04 in.
dry
dry
lday
.
Pensacola..
...
0.16 in.
1 day
Tampa
3 days
3 days
Augusta
...
__3 days
Macon
2 days
South Carolinar—Charleston. 1 day
North Carolina—Asheville
4 days
Charlotte
4 days
Georgia—Savannah.
Atlanta
.
0.43 in.
1.76 in.
1.38
1.24
0.44
3.04
in.
in.
in.
in.
2.01 in.
3 days
2 days
3 days
5 days
0.48 in.
...5 days
Raleigh....
Wilmington
4.32 in.
...
Tennessee—-Memphis
Chattanooga
Nashville
1.38 in.
2.45 in.
2.35 in.
high 78
high 76
high 90
high 84
high 88
high 84
high 82
high 90
high 76
high 86
high 88
high 90
high 80
high 76
high 78
high 82
high 82
high 86
high 86
high 78
high 84
high 86
high 88
high 80
high 80
high 84
high 86
high 82
high 82
high 82
high 79
high 70
high 76
high 78
high 74
high 80
high 80
high 74
low 56
low 26
low 48
low 44
low 56
low 56
low 50
low 50
low 34
low 54
low 48
low 52
low 34
low 42
low 44
low 52
low 48
low 44
low 52
low 47
low 38
low 42
low 50
low 52
low 52
low 54
low 45
low 36
low 42
low 40
low 44
low 30
low 76
low 40
low 40
low 42
low 38
low 38
receipts
shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1935-36
Above
zero
Above
zero
gauge.
39.6
5.8
.Above
zero
of gauge.
Week
67
mean 51
mean
69
64
mean
72
mean
70
66
mean
mean
70
mean 55
Bombay
mean
mean
mean
mean
70
68
71
57
mean
59
mean
61
mean
67
mean 65
mean
65
69
66
6l
mean
64
mean
mean
mean
mean
mean
mean
mean
mean
69
66
66
69
66
59
mean 62
mean
mean
6l
mean
mean
62
50
56
mean
59
mean
mean
57
62
mean
59
mean
56
mean
zero
gauge.
gauge.
gauge-
.
41.0
from
the
Plantations—The following table
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipt^ at Pom
Stocks at Interior Towns
Receipts from Plantations
Ended'
1935
I
1934
1933
1935
1934
1933
1935
I
1934
1933
Deo.-
20.. 188,143 105,029 165,800 2.371,801 1,915.1662,195.903 190,764
27.. 158,112
1930
84.550 150.8732.382.257 1,911,1882,188.745 169,268
1934
1935
1936
1935
1934
1936
Great
i
Britain
1935
Bombay—
nent
11,000'
1935-36..
17..
92,756
65,908 103,831 2,311,287 1,825,4372.122.362
52.473 114,611 2,285.388 1,801,024 2,084,406
44,884 100,030 2.249,7361.767.312 2,027,706
40,323
28,060
11,172
74,103
76,655
43.330
Feb.
85,3112,196,265 1,740,4571,964,746
40,8951 84,9942,158.658 1,708,0421,910.901
31,693 73,5602,124,667 1,677,356 1,861,686
45,509 70,9032,103,575 1,639,950 1,815,174
17,101
27,759 22,351
8,480 31,149
1,007 24,345
22,543
42,943
8,103 24*391
48,205 28,622
38.439 24,287
47,370 30,138
48,797 24,491
63,8242,057,037 1,003,937 1.759,566
1,667
80,9652,012,824 1,687,972 1,720,902
Nil
1,713
76,297i1,967,167 1,559,937,1.687,665
64,57911,944,895 1,535,4851,662,788 22,525
The above statement shows:
39
8,216
42,301
43,060
39,702
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,966,396 bales;
in 1934-35 were 4,132,694 bales and in 1933-34 were 6,903,797
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
or
from which statistics
amounts gone out of
nent
239,000
21,00oj
29,000 66,000 116,000
3C6,000
30,000
34,000
34,000
1,000
17,000
28,000
195,000
211,000
1935-36.-
10,000 29,000
29,000. 23,000
1933-34—
Total
1
all—
1935-36—
1934-35—
1933-34.
Japan <k
Total
China
266,000
232,000
250,000
774,000 1,107,000
815,000 1,087,000
390,000
688,000
_
1,000
382,000
382,000
537,000
399,000
562,000
648,000
614,000
774,000 1,72*8,000
815,000 1,624,000
649,000
155,000
163,000
98,000
46,000
390,000 1,250,000
621,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
29,000 bales. Exports from all India ports record an increase
of 18,000 bales during the week, and since Aug. 1 show an
increase of 104,000 bales.
Alexandria
and
Receipts
Shipments—-We
now
re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
past week and for the corresponding week of the
previous two years:
for the
1935-36
1934-35
1933-34
140,000
7,561,109
145,000
6,631,777
105,000
7,427,442
Alexandria, Egypt,
Alar. 25
—
.....
Since Aug. 1
;
This
Week
Exports (Bales)—
To
Liverpool—
Manchester, &c
Since
Aug.
This
Week
1
Since
Aug.
This
To America
Total exports
6,000 167,333
5,000 119,642
7,000 496,918
29,902
104,702
7",666 111,136
19,000 541,839
29,494
26,000 787,171
Since
Week
1
18,000 813,795
—
To Continent & India...
Aug.
1
221,346
lf,666
134,876
473,878
57,050
11,000 887,756
Note—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Mar. 25 were
140,000 cantars and the foreign shipments 18,000 bales.
Manchester Market—Our. report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Merchants are not willing to pay present
prices.
We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1935
1934
32s Cop
8X Lbs. Shirt¬
ings, Common
Twist
to Finest
d.
d.
s.
d.
d.
s.
Cotton
Middl'g
Upl'ds
d.
8X Lbs. SMrt32s Cop
Twist
d.
d.
Cotton
ings. Common
MiddTg
Upl'ds
to Finest
s.
d.
s.
d.
d.
Dec.—
20
27
10H@11H 10 0
10H@HH 10 0
@10 2
6.38
@10 2
6.41
10H@11K
10H&11H
19 36
94
9
4
@96
@96
7.15
7.20
19 35
Jan.—
10H&11H
9 6
@10 0
6.44
10
@11)4
9
5
@97
0.07
9H@11H
9
4
@96
0.13
@11)4
9H@11M
9
4
@96
0.17
9
4
@96
6.14
7
9«@11X
9
2
@94
6.07
10H@11H
9
14
0H@HX
9
2
9
2
@94
@94
0.21
0H@11X
6.17
9H@11
92
@
0.04
10)1 @11H
10H&11X
ion mix
9 2
9 4
9)4@11
9
0.12
loxmix
9
2
9
4
9H@nx
OX@IIH
oxmm
@93
@94
6.30
0
9
2
@93
@94
6.34
io# mix
9
9 1
3
17
24
31
10
9
@
9
@
9
6
7.23
9
0
8.18
9
9
6
7.15
10% ®11X
9
9
6
7.08
loxmix
9
9
6
7.07
2
@ 9 4
7.05
9
2
9 4
7.06
9
2
9
4
7.10
10H@11H
10N@ 11H
Feb.—
21
28—
94
7.09
Mar.—
bales.
(2) That, although the receipts at the outports the
past week were 48,797 bales, the actual movement from
plantations was 22,525 bales, stock at interior towns
having decreased 26,272 bales during the week.
Conti¬
39,000
52,000
1,000
11,000
16,000
1934-35—
10
Nil
8,322
2,103
36,000 1,509,000
Other Indian
26,023
Mar.
Great
Britain
Total
China
67,000
40,000
48,000
1,000
1,000
1933-34..
99,705 62,371 101,016 3.361.5051,883,029 2,181.268 78,953 84,262 93.539
98,804 55.462 105,0702,337,209 1,851,0222,152,086 74,5061 23,455 75.888
54,614
Aug. 1
Since Aug. 1
66,000 77,000
34,000 46,000
28,000 45,000
1934-35-.
1934
24.. 103,103
31..
80,523
77.00C 1.055.OOC
Conti- Jap'nA
85,980 158,286
80,522 143,715
10..
70,672
63,630
56,534
64,035
Since
Week
Aug. 1
Exports
From—
Jan.—
66,834
77,204
50.871
Week
Aug. 1
106,000 1,821,000
To
Receipts
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
13..
1933-34
Since
For the Week
mean
Feet
13.4
37.1
31.8
19.1
26.6
zero
.Above
27..
1934-35
Since
mean
Receipts (cantars)
Feet
7.8
28.5
of
of
of
of
Above
20-
6,881,039
236,013 11,833,225
222,013 7,886,025
14,000 3,947,200
India Cotton Movement from All Ports-—The
This week.
6..
6,881,039
364,457 13,485,040
217,457 9,494,440
147,000 3,990,600
27-a..
Receipts—
the dates given:
a. m. on
28..
7,117,052 18,714,264
6,948,422
of Indian cotton at Bombay and the
also been received by tele¬
graph, showing the height of rivers at the points named at
21..
7,312,879 20,433,462
6,948,422
0,879,719
7,906,345
1,655,000
637,000
1,320,200
410,000
122,952
77,000
52,000
29,000
12,000
*
The following statement has
7..
11,836,603
1,821,000
621,000
1,502,600
357,000
Embraces receipts in Europe and Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,555,000 bales in 1935-36 and 3,155,000 bales in 1934-35—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 9,930,040 bales in 1935-30 and 8,678,225 bales in
1934-35, of which 5,939,440 bales and 4,731,025 bales American,
b Esti¬
mated.
—Thermometer
Rainfall
—
Austin
14..
4,295",259
106,000
39,000
28,000
13,000
March 26
Rain
3-
6,834,100
152",122
Total supply.......
Deduct—
of.
Week}
Season
Week
Season
6,974,757
Visible supply Mar. 27—...
Total takings to Mar.
Of which American
Of which other
1934-35
1935-36
Week
season
Texas—Gal veston
8
2189
0
13
20
27
Shipping
9
9
1
2
2
News—As
6.44
shown
7.10
6.59
oh ®u
8 7
9 1
6.30
9H@11H
9
9
6.36
on
a
0
previous
2
page,
the
exports of cotton from the United States the past week have
reached 77,130 bales.
The shipments in detail, as made
up
from mail and telegraphic reports,
are as
follows:
Bales
CORPUS CHRISTI—To Bremen—March 22—"West Harshaw, 425
To Gdynia—March 22—West Harshaw, 177—.—
To Japan—March 22—Kongo Maru, 882
—
425
177
882
Financial
2190
Bales
To Manchester—March
789
.
205
1,426
1,247
426
2,718
2,549
575
*100
153
727
2,128
-
To Salonica—March
50
4,067
25—Sapinero, 50
Liverpool—March 23—Merchant, 4,067
To Manchester—March
23—Merchant, 2,064
2,064
300
To Malaga—March 23—Aldecoa, 300
To Passages—March 5—Additional,
Cordonia, 20
20
—
800
To Ghent—March
19—Burgerdijk, 800
To Rotterdam—March 19—Burgerdijk, 106
To Reval—March 19—Burgerdijk, 68
NEW
ORLEANS—To Genoa—March
20—Montello,
106
68
271
300
To Marseilles—March 25—Arsa, 972
To Trieste—March 23—Endicott, 186
March 24—Ida, 500
To Venice—March 23—Endicott, 250
March 24—Ida, i,754
To Barcelona—March 23—Endicott, 775
To
Japan—March 23—Wales
Maru, 5,027—March 24—
Dryden, 1,600.-MOBILE—To Liverpool—March 7—Kenowis, 75
March 9—
Magician, 320
March 16—Musician, 300
To
Manchester—March
7—Kenowis,
828—March
9—
March
—-
571
23—Endicott,
To Bremen—March
695
1,722
1,528-
2,318
540
265
111
608
141
291
—
—
To Hamburg—March 7—Yaka, 540
To Rotterdam—March 7—Yaka, 265
To Gdynia—March
March 10—Hagen, 11—
7—Yaka, 100
To Barcelona—March 9—Aldecoa, 688
To Ghent—March 16—Afoundria, 141
291
GULFPORT—To Liverpool—March 18—Topa Topa,
-
NORFOLK—To Manchester—March 25—Manchester Hero,
SAVANNAH—To
-
230.
230
300
1,902
1,538
Gdynia—March 24—Tana, 300
To Bremen—March 26—Bessa,
1,902
To Rotterdam—March 26—Bessa, 1,538
To Hamburg—March
467
26—Bessa, 467
995
LOS ANGELES—To Liverpool—Mar. 24—Pacific Shipper, 995—
To Manchester—March 24—Pacific Shipper, 50
50
1,320
17,103
100
1,378
To Havre—March 21—Oregon, 1,320
To Bremen—March 21—Eir, 17,103
.To Gothenburg—March 20—Buenos Aires, 100
To Japan—March 23-i-President Wilson, 1,378
WILMINGTON—To Bremen—March 26—Lubeck, 1,949
To Gdynia—March
26—Lubeck
1,949
300
,300
84
CHARLESTON—To London—March 22—Bessa, 84
675
Total
77,130
-
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Mar. 27
57,000
640,000
336,000
26,000
59,000
606,000
303,000
11,000
1,000
167,000
58,000
Of which American
Total imports.
66,000
639,000
321,000
20,000
2,000
Forwarded—
Total stocks
1
Mar. 20
Mar. 13
Mar. 6
200,000
71,000
4,000
207,000
Of which American
Amount afloat
^
Of which American
75,000
45,000
606,000
300,000
17,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Spot
Thursday
Wednesday
Tuesday
Monday
Saturday
so
Friday
business
Quiet.
Moderate
More
Moderate
doing.
12:15
P. M.
demand.
demand.
demand.
6.33d.
6.33d.
6.39d.
6.32d.
Mid.UpI'ds
6.34d.
Quiet
be taken
the
6.44d.
most of the Winter
over
bushels
in
of
spring wheat crop 50 to 100 million
normal domestic requirements unless
a
of
excess
lower their earlier planting
farmers
On the 26tli
In the
The Department of Agriculture pictured
seriously.
possibility
inst. prices closed
intentions.
unchanged to Mc. higher.
early trading it looked as though prices were going to
drop to new lows for the season, but towards the close vig¬
orous
a
support was given the market, which brought about
recovery
to
be
The weather reports appear
of the early losses.
giving
resisting
the market more
sufficient moisture is received
over
and
power,
until
the Southwestern wheat
belt, selling pressure will very likely meet with stiff resist¬
Local
ance.
over
condition of
traders
the
are
new
becoming
domestic
more
and
more
appre¬
wheat crop prospects.
winter wheat in the
Southwest "dust
The
bowl" is
being lowered daily for want of moisture.
Dust storms are
becoming more severe.
Conditions in western Nebraska,
however, have been improved by a heavy snowfall.
To-day prices closed % to %c. lower, with the undertone
weak.
This
was
almost the exact
that carried
reverse
of
the market's
There was a sharp break in Minneapolis
May contracts to below $1 there.
depressing influence
.
fell
snow
high winds and dust storms were reported, but too local to
action yesterday.
A fair
Market,
or
moisture.
closed Me. to Mc- UP- The con¬
tributing causes of this rise were the dust storms reported in
the southwest and lack of precipitation in the dust bowl,
which influenced a substantial covering movement of the
part of shorts. Added to this was some good buying of May
contracts on the part of mills.
There was some profit
taking on the bulge, but it was not sufficient to wipe out
the gains.
On the 25th inst. prices closed % to %c.- lower.
There
was nothing of a stimulating character in the news or trade
developments, and as a result considerable liquidation de¬
veloped, coming largely from tired longs.
The weather
reports were neither good nor bad.
Further damage fropl
hensive
186,000
70,000
Rain
except in the "dust bowl."
area
will also get much needed
On the 24th inst. prices
608
To Hamburg—March 22—Bessa, 608
To Bremen—March 22—Bessa, 675
its %c.
crop
Unsettled weather is
general in the belt that it is assumed the "dust bowl"
2,004
March 16—Musician, 450
7—Yaka, 540
March 10—Hagen, 250—
March 16—Afoundria,
new
wheat
775
new
low level.
972
6,627
of the earlier losses
substantial portion
a
months about half of the extreme
1 cent loss.
The Winnipeg and Liverpool markets were
relatively steady.
The weather is being watched closely
by the trade in view of the parched areas of the belt, and
the foreign political situation is also being closely followed,
traders realizing that important developments of a mo£t
grave nature could easily develop over night.
On the 23d inst. prices closed Me. to 1 Me. down.
Ex¬
cellent reports coming in regarding the new crop outlook
had a rather discouraging effect on many traders with long
commitments, and as a consequence many liquidated con¬
siderable of their holdings.
The situation encouraged shorts
to actively sell the market, and this combined pressure
caused prices to ease considerably and close at about the
lows of the day.
As time passes, the political situation in
Europe seems to be improving, and this naturally is regarded
as a bearish factor.
The new crop wheat contracts in Minne¬
apolis and Kansas City eased off to new seasonal low marks,
and at Winnipeg prices dropped to within a fraction of a
686
-
Magician, 444
extent that
an
recovered, the May contract recovering all of
was
decline and the
6,260
-
To
such
1,463
Liverpool—March 21—Merchant, 1,463
21—Merchant, 789
To Bremen—March 21—West Harshaw, 2,149—March 19—
Lubeck, 727-.-March 20—Kelkheim, 3,384
To Hamburg—March 21—West Harshaw, 100—March 19—
Lubeck, 32
March 20—Kelhkeim, 73
To Gdynia—March 21—West Harshaw, 15; Ragnhildsholm,
1,411
To
Barcelona—March
21—Aldecoa,
1,100—March
24—
Sapinero, 147
To Rotterdam—March 23—Burgerdijk, 426
—
—
To Genoa—March 24—Sapinero, 206.-March 20—Maddalina,
Odero, 2,512.
To Japan—March 19—Bordeaux-Maru, 2,549
To Naples—March 20—Maddalina-Ordero, 575
To Oslo—March 21—Ragnhildasholm, 100
To Gothenburg—March 21—Ragnhildsholm, 153
HOUSTON—To Genoa—March 25—Sapinero, 727
To
Barcelona—March
25—Sapinero,
302—March
23—
Aldecoa, 1,826
GALVESTON—To
1936
March
Chronicle
on
This had
a
the Chicago Board of Trade wheat.
Minneapolis, May wheat fell to 99^c.
Minneapolis premium over Chicago to 3^c.
against 18c. earlier in the season.
Open interest in wheat
was 98,675,000 bushels.
In
this
decline
at
This reduced the
Futures.
Market
opened
Steady,
Steady, un¬
Quiet, unQuiet,
Quiet but
1 to 2 pts. steady, un¬ 1 to 2 pts. unch'ged to 2 to 3 pts. changed to
1 pt. adv.
advance.
1 pt. dec.
decline.
decline.
changed to
Quiet,
3 pts. adv.
Steady,
Steady,
Quiet but
Quiet but
Steady,
un¬ stdy., 1 to 1 to 7 pts. 3 to 7 pts.
adv. 2 pts. adv. stdy.,
advance
advance.
to 1 pt. dec to 3 pts.dec changed to 2 pts. dec.
DAILY
CLOSING
PRICES
Steady,
Market,
1
4
P. M.
pt.
DAILY
2 pts. dec.
OF WHEAT
Sat.
No.2red
113*3
CLOSING
PRICES
OF
Mar. 21
Sat.
for each day
given below:
Thurs.
Wed.
Tues.
Mon.
are
Fri.
May
July...
September
Close Noon Close Noon Close
Mar. 27
New Contrac„
d.
d.
Noo^Close
Noon Close Noon Close
High and
September
102*4
December
d.
d.
d.
d.
d.
d.
d.
d.
d.
6.04
6.04
6.05
6.03
6.05
6.03
6.04
6.09
6.09
6.14
6.16
May
5.91
5.91
5.92
5.91
5.92
5.91
5.91
5.95
5.98
6.01
97*4
May
98%
6.03
March
(1936)...
July
5.78
5.79
5.80
5.79
5.80
5.78
5.78
5.82
5.84
5.87
5.89
October
5.51
5.50
5.50
5.49
5.49
5.48
5.47
5.49
5.50
5.52
5.54
December
5.46
January (1937)__
5.46
March
5.45
5.44
5.45
5.43
5.43
5.45
5.44
■
.
—
-
-
5.42
5.43
5.41
5.41
5.39
5.38
5.30
-
-
-
-
-
-
-
-
-
-
5.40
Julv
—
5.42
5.43
May
5.28
October
.
5.33
.....
...
.
5.44
5.42
5.43
5.42
5.45
-
-
«•
-
5.37
5.27
5.46
5.41
5.45
5.31
5.43
5.28
5.33
Friday Night, March 27 1936.
Nothing has hap¬
Flour—Demand continues very light.
pened to stir buyers from their hand-to-mouth operations.
aggressively
There is little incentive for them to come in and
buy flour.
of
is
With the processing taxes out of the way, the
centering its attention on the ultimate fate
now
refunds of
are
not
a
few
impounded taxes
who believe
now
in mill hands.
There
the government will find some
way to recapture these funds.
Further legal
anticipated if such should be forthcoming.
Wheat—On the 21st inst.
battles are
prices closed unchanged to M
result of lower prices for spot grain and
indications of rain over the dry area of the western Kansas
cent lower.
wheat belt*
As
a
prices sagged considerably.
During the closing
developed to
minutes of the session however, short covering
DAILY
CLOSING
IN
Tuts.
113*3
NEW
Wed.
112*3
FUTURES
Mon.
97
86*3
Tues.
97*3
YORK
Thurs. Fri.
112*3 111^
IN
Wed.
96 %
87
CHICAGO
Thurs. Fri.
96*3
96
87*3
87 >4
87
85%
86%
85%
86
85%
Made
I
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 May
88*4
Aug. 19 1935
When
PRICES
OF
May
July--
WHEAT FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
83*4
84*4
84*4
October
5.47
5.43
5.41
5.39
5.44
5.48
BREADSTUFFS
trade
97*3
88
86 *3
Season's
to
112*3
WHEAT
Sat.
Prices of futures at Liverpool
Mon.
82*4
83*4
83*4
82*4
83*4
83*4
82*4
83*4
83*4
82*4
83*4
83*4
82*4
83*4
83*4
Corn—On the 21st inst.
prices closed M to Mc. lower.
slight fraction above the lows of the day.
Spot
situation was weak.
There was nothing in the news on corn
to encourage real activity on the part of the trade, and
prices slumped in sympathy with the other grains.
What
support appeared was largely in the nature of shorts covering.
On the 23d inct. prices closed M to lc. lower.
A substantial
increase in the visible supply and a decline of as much as
lMc. in premiums for spot corn at several interior markets,
were the influences bearing against the market in this
day's
session.
The action of the Argentine government in raising
its minimum guarantee to farmers some 5c. a
bushel, had
virtually no effect here because the current open-market
prices for South American grain are in line with the govern¬
This
was
ment's
mate of
a
new
minimum level.
Furthermore the official esti¬
Argentine's crop of corn put at 377,000,000 bushels,
is regarded as much too low.
However, South American corn
is ruling at about the same levels of domestic corn on both
coasts. On the 24 th inst. prices closed M to ^c.
up. Trading
in this grain was quiet, but the undertone was firm in
sym_
pathy with the strength in wheat. Another wholesome influ
Volume 142
enee
Financial
the spot situation,
was
lA to
the basis for cash corn ruling
Cash houses were on both sides of the
higher.
market.
the 25th
On
Trading
in
inst.
this
nothing in the
for
%c. lower.
prices closed unchanged to
grain
extremely
was
to stimulate
news
dn the part
activity
any
of
light.
to serve
or
There was
incentive
Spot
traders.
corn
tively
light,
while
noted.
On
the 26th
slight
a
improvement
inst. prices closed
lower
to
stantially when
Iowa
corn
their
intended
farmers
many
corn
acreage
will be
very
sub¬
the soil erosion plan
growers are
takes definite shape.
expecting to be offered as much as
not to grow corn.
acre
It
was
to
was
not influenced
To-day prices closed Vs to
rather surprising that the corn market was
However,
to the close.
Open interest in
corn was
DAILY
CLOSING PRICES
OF
Mon.
8134
_
DAILY CLOSING PRICES
OF
CORN
May..
July
September
—-
Season's
High and
September
8454
When
Jan.
December
65
June
685*
July
Wed.
FUTURES
Tues.
585*
585*
5834
585*
5854
5854
6 1935
81 >*
Fri.
8154
CHICAGO
IN
Wed.
September
December
May
29 1935
Thurs.
8134
Thurs.
5854
585*
5854
Season's Low and
Made
5 1935
May
were
news
585*
5934
5934
^ to %c. down.
When
6754
6054
CLOSING
PRICES
OF
Made
nothing in the
was
CLOSING PRICES
OF
OATS
May
July
September
High and
September
4454
December
3554
May
37
NEW
405*
Tues.
255*
2554
265*
Thurs.
DAILY CLOSING PRICES
4054
Sat.
255*
2654
2654
405*
Thurs.
of the last three
40
2554
26
265*
255*
2634
2634
255*
255*
2654
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs.
Fri.
3054
31
315*
305*
3154
3134
3134
3154
3134
315*
3134
for the decline in rye.
grains, and failed to respond to the general advance, prices
dropping sharply as above indicated.
There was nothing
to account for the
inst.
heavy tone in this grain.
prices closed
attributed
is
%
rye
175,000
l%c.
down.
15~66O
This, added to the sharp decline of yesterday, indi¬
cates the weak support given this grain.
There was nothing
developments worthy of comment.
prices closed % to %c. lower.
DAILY
CLOSING
PRICES
OF
St.
Louis
103,000
44,000
97,000
15,000
11,000
Peoria
Kansas
Season's
September
December
May
555*
5454
555*
.
705,000
156,000
40,000
61,000
16,000
67,000
2,748,000
1,054,000
2,476,000
5,504,000
1,656,000
4,089,000
Omaha
St. Joseph._
Wichita
Sioux City—
Buffalo
Total wk.
*36
348,000
Same
wk.
'35
Same
wk.
'34
339,000
357,000
High and
76
53
52
When
Jan.
June
Aug.
Made
September
3 1935 December..
1 1935 May
OF
515*
515*
Season's Low and
5 1935
DAILY CLOSING PRICES
RYE
Sat.
May
July
52
53
4454
46
445*
455*
Tues.
44
445*
When Maae
485*
June 13 1935
Aug. 19 1935
WINNIPEG
Wed.
4354
445*
Thurs.
435*
445*
Fri.
435*
44}*
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
40
40
40
40
1935.-.
1933...
-
_
-
1934.
_
.
.
May
40
40
July
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
385*
385*
3854
385*
385*
3854
3854
39
46,000
206,000
428,000
774,000
149,000
585,000
2,000
26,000
105,000
18,000
8,000
13,000
19,000
18,000
1367666
48,000
95,000
144,000
5,000
8,000
10,000
73,000
2,229,000
497,000
796,000
494,000
106,000
72,000
2,278,000
595,000
1,088,000
38,000
118,000
111,000
117656
Total
12,417,000 263,881,000118,036,000 105,491,00017,962,000 69,906,000
.112,065,000 152,327,000 137,095,000 37,751,000 10,144,00047,307,000
Jll,722,000 163,645,000 149,707,000 53,397,000 8,669,000 38,753,000
.
receipts of flour and grain at the seaboard ports for
Saturday, March 21 1936, follow:
the week ended
Receipts at—
Flour
Wheat
Oats
Corn
Rye
Barley
bbls.lQftlbs. hush. 60 lbs. bush. 56 lbs. bush. 32 lbs.bush ,56lbs.lbushA8lbs.
New York.
Philadelphia.
150,000
27,000
13,000
_
Baltimore
New Orleans
130,000
1,000
8,000
2,000
13,000
19,000
5,000
6,000
14,000
15,000
19,000
2,000
"
21I666
31666
181666
Galveston
St. John, West
37f666
Boston
20,000
773,000
155I660
St. John
Halifax..
56,000
.
wk.
'36
266,000
3,443,000
......
......
1,133,000
14,617,000
40,000
789,000
42,000
755,000
480,000
3,000
262,000
Week 1935.__
966,000
7,951,000
78,000
3,944,000
107,000
4,016,000
137,000
1,819,000
2,000
232,000
23,000
250,000
2,860,000
*
on
Receipts do not include grain passing through New Orleans for foreign port8
through bills of lading.
The exports from the several seaboard ports
ended
Saturday, March 21 1936,
are
for the week
shown in the annexed
statement:
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barries
Bushels
Bushels
Bushels
New York
565,000
Baltimore
56,180
31,000
2,000
1,000
iilooo
Norfolk
"17666
Newport News.
New Orleans..
St. John
3,000
7731666
West.
St. John
37,000
155,000
56,000
Halifax
Total week 1936—
1,581,000
959,000
1935
11,000
97,180
2,000
79,472
1,000
The destination of these exports for the week and since
July 1 1935 is
below:
as
Flour
Wheat
Corn
and Since
Week
Since
Week
Since
Week
July 1 to—
Mar. 21
July 1
Mar. 21
July 1
Mar. 21
1936
1935
1936
1935
1936
1935
Barries
Barries
Bushels
Bushels
Bushels
Bushels
United
Kingdom.
West Indies
1,806,431
378,066
396,000
1,158,000
242,000
21,000
1,000
117,115
5I660
2,991,612
2,738,949
1,581,000
959,000
66,682,000
Brit. No. Am. Col.
Other countries
Total 1936
Total 1935
Since
July 1 *
901666
97,180
So. & Cent. Amer.
38,964
6,886
21,000
30,000
"330
Continent
79,472
441,000
7,000
36,635,000
29,482,000
473,000
2,000
10,000
72,000
2,000
3,000
iilooo
"
11,000
87,000
55,816,000
26,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 21, were as follows:
GRAIN
395*
3954
3954
395*
STOCKS
Wheat
Boston
Oats
Rye
Bushels
Bushels
Bushels
2,000
65,000
New York
"
Corn
Bushels
United States—
Philadelphia
441,000
Baltimore
New Orleans
4,000
Galveston
Fort Worth
.
Wichita.
Hutchinson
..
St. Joseph
Kansas City—
..
Sioux City
St. Louis
;
.
Indianapolis
Peoria
16,000
169,000
afloat..
1,326,000
816,000
1,363,000
688,000
8,858,000
Omaha
DAILY CLOSING PRICES
Barley
Since Aug. 1—
51
515*
June 13 1935
FUTURES IN
Mon.
5154
5134
45
4654
Rye
bushMlbs. hushASlbs.
591,000
442,000
81,000
47,000
117,000
3,000
184,000
286,000
46,000
665,000
511,000
432,000
504,000
134,000
10,000
57,000
910,000
Clty.
The
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs. Fri.
54
53
535*
52
515*
5254
535*
hush. 32 lbs
To-day
RYE
Sat.
May
July
September
2,000
254,000
Toledo
lower.
or
Oats
i
1,073,000
158,000
1,000
128,000
93,000
8,000
920,000
1,058,000
121,000
Milwaukee..
The
of all grains, with the September option apparently coming
in for the heaviest pressure, that month showing a net de¬
cline of l%c.
On the 26th inst. prices closed % to %c.
news"
Corn
105,000
Minneapolis.
Duluth
the
to
to
Wheat
Exports for Week
poor spot
demand,
especially in the flour trade, and with support lacking the
market yields readily under pressure.
Rye was the weakest
the
years:
Flour
bbls.imbs, hush. 60 lbs. hush. 56 lbs
Same week
On the 24th inst. prices closed
|^c. to lc. lower. As quite
often happens, this market acted independently of the other
25th
Receipts at—
Fri.
Rye—On the 21st inst. prices closed }4c. up to 34c. down.
Trading was very light.
On the 23d inst. prices closed l%c. to
l^c. lower. A
poor spot demand,
together with the decidedly bearish
tendencies of other grains, were the influences responsible
in
2.86
Fancy pearl,Nos.2,4&;7 4.00(^4.75
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
CHICAGO
IN
Wed.
OF OATS
31
in
Coarse
Fri.
Season's Low and When Made
When Made
Jan.
7 1935 September
315*
June 13 1935
June
4 1935 December
3354
June 13 1935
Aug.
1 1935 May
295*
Aug. 17 1935
May
July
weakness
6.051 >6.30
6.151 >5.35
Since Jan.1*36
YORK
Wed.
FUTURES
Mon.
255*
255*
2654
Season's
IN
Tues.
395*
OATS
Sat.
the
5.851 >6.10
All the statements below regarding the movement
Total
Mon.
Sat.
On
straights
Hard winter straights
Hard winter patents
Hard winter clears
18,000
Mar. 25 1935
June
1 1935
Aug. 13 1935
56
There
39
news
Soft winter
Rye flour patents
J4.05@4.15
Seminola, bbl., Nos. 1-3. 7.55(g>
Oats, good
2.40
Corn flour
2.00
Barley goods—
5.75< >6.00
4.851 >5.10
33,000
devoid of any feature; in other words,
No. 2 white
in the
Clears, first spring
Indianapolis.
trading worthy of comment.
DAILY
40
FLOUR
Spring pats.,high protein S6.85( >7.05
Spring patents
6.40< >6.90
59 54
59"
59
prevailed all around. On the 26th inst. prices closed
unchanged to ^c. higher.
Trading was light and without
feature.
Nothing in the news affecting this grain.
To-day
DAILY
No. 2 white
Rye, No. 2, f.o.b. bond N. Y— 615*
Barley, New York—
475* lbs. malting
505*
Chicago, cash
—50-85
8154
Detroit
dulness
closed
Oats, New York—
New York—
No; 2 yellow, all rail
Fri.
Oats—On the 21bt insr. prices closed
down on the
May option, while the other months remained unchanged.
The session was a dull, listless affair.
On the 23d inst. prices closed unchanged to
lower.
The slight decline in this grain in view of the marked heavi¬
ness of other grains was rather a surprise, for prices
recently
have been showing rather pronounced weakness.
However,
there was nothing encouraging to a bullish attitude, the news
generally on all grains being of a bearish character.
On the 24th inst. prices closed
to %c. higher.
This
firmness of oats was largely in sympathy with the other
grains.
On the 25th inst. prices closed % to ^c. lower.
The trad¬
or
Corn
Chicago
YORK
NEW
IN
8134
Mon.
5934
5954
5934
remained firm
corn
Tues.
802*
Sat.
news
Wheat, New York—
No. 2 red, c.i.f., domestic
111 5*
Manitoba No. 1, f.o.b. N.Y- 915*
25,$87,000 bushels.
CORN
Sat.
No. 2 yellow
prices
GRAIN
by the weakness of wheat in both the Minne¬
apolis and Chicago markets.
ing and
follows:
were as
was
%c. up.
Re¬
and the demand is reported
ceipts of corn continue light,
as fairly good.
It is believed that
influenced
demand
in
%
2191
Closing quotations
as an
steady to easier here, but firm to strong at points further
South.
Arrivals of the grain from the country continue rela¬
$20 an
%c. up.
Chronicle
.
—
270,000
1,270,000
1,179,000
1,000
48,000
1,000
372,000
63,000
48,000
36,000
47,000
17,000
41,000
13,000
265,000
313,000
4,000
-
-
-
Barley
-
Bushels
-
11,000
-
..
-
-
-
171,000
125,000
333,000
30,000
961,000
1,273,000
48,000
.
..
406,000
356,000
4,000
-
2,000
2,000
1,000
1,000
...
2,000
.
14,066
......
....
803,000
.
...
37,000
»
2,182,000
4,303,000
348,000
.
26,000
57,000
4,000
.
.
—
......
13,000
180,000
50,000
12,000
136,000
......
74,000
174,000
772,000
16,000
49,000
......
2192
Financial
Wheat,
United States—
"
Bushels
Barley,
Bushels
6,320,000
1,337,000
157,000
93,000
824,000
afloat
45,000
515,000
220,000
89,000
65,000 11,233,000
52,000
8,442,000
4,000
6,000
684,000
990,000
816,000
2,571,000
1,853,000
5,502,000
2,455,000
7,000
60,000
1,344,000
-
afloat
Minneapolis...
10,349,000
4,468,000
•-
Duluth
Detroit...
160,000
5,718,000
892,000
Buffalo
"
Rye^
Bushels *
Oats,
Bushels
2,381,000
Milwaukee
"
Corn,
Bushels
5,417,000
Chicago
afloat
Total Mar. 21 1936—
Total Mar. 14 1936
grain
Included
not
870,000
above:
bushels;
Duluth,
Wheat,
Buffalo,
Chicago
bushels,
Wheat
Corn
Oats
Rye
Barley
Bushels
■
Bushels
Bushels
Bushels
Bushels
Montreal
8,178,000
Ft. William &Pt. Arthur 41,334,000
Other Canadian & other
water points
60,047,000
401,000
3,114,000
2,501,000
2,348,000
247,000
684,000
4,631,000
4,675,000
6,188,000
107,916,000
110,376,000
Total Mar. 23 1935
517,000
1,882,000
Total Mar. 21 1936...109,559,000
Total Mar. 14 1936
99,000
3,460,000
3,441,000
3,201,000
3,702,000
3,655,000
—
6,158,000
Summary—
American
48,350,000
Canadian
109,559,000
6,745,000 37,985,000
4,631,000
7,319,000 12,907,000
3,460,000
3,702,000
Total Mar. 21 1936—157,909,000
6,745,000 42,616,000 10,779,000 16,609,000
157,963,000
5,907,000 42,962,000 10,605,000 16,409.000
161,435,000 21,849,000 21,121,000 13,202,000 15,900,000
Total Mar. 14 1936
Total Mar. 23 1935
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
July 2 1934, are
ended March 20, and since July 1 1935 and
shown in the following:
Wheat
Corn
Week
Since
Since
Week
Since
Since
Mar. 20
July 1
July 2
Mar. 20
July 1
July 2
1936
Exports
1935
1934
1936
1935
1934
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
North Amer.
I
11,000
3,130,000123,987,000 120,960,000
37,000
42,000
200,000 35,266,000
4,529,000
383,000
6,470,000 15,198,000
1,028,000 63,279,000135,811,000 3,536,000223,895,000 148,917,000
2,952,000 82,179,000 82,336,000
Black Sea
Argentina
Australia
I
India.
Oth. countr's
Total
1,440,000
256,000!
328,000
28,553,000
30,872,000
8,750,000333,520,000374,836,000
348,000
35,013,000
33,644,000
4,278,000265,420,000197,796,000
Weather Report for the Week Ended March 25—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 25 follows:
The
outstanding feature of the week's weather
was
the heavy rainfall
in eastern States, attending a slowly moving depression from east Gulf
sections northward over the Atlantic seaboard on March 16-19.
Later in
the week a second depression moved from northern Texas northeastward
Coast and rainfall, though much lighter than before,
again widespread over the eastern States, with heavy snow in some
Appalachian Mountain districts.
Temperature conditions varied greatly
to the north Atlantic
was
in different sections of the country.
'
•
The weekly mean temperatures were much beiow normal in the Southeast,
extending to the upper Ohio watershed, while the week was moderately
cold over a considerable northwestern area.
On the other hand, tempera¬
tures averaged much above normal in the northeastern States and rather
generally so between the Mississippi River and the Rocky Mountains. In
considerable areas the averages were from eight degrees to 10 degrees, or
more, above normal.
The southern limit of freezing weather, which in the
East extended as far south as Atlanta, Ga., but in the central valleys
freezing was not reported from first-order stations south of St. Louis and
St. Joseph, Mo. Some rather low temperatures occurred in the Northwest,
the lowest being two degrees below zero at Yellowstone Park, Wyo., on
March 23.
lieavy to excessive rains occurred in the Atlantic and upper Ohio Valley
districts north of South Carolina. As this chart is based on reports from firstorder stations it does not show the heavy rains that occurred in many
sections from which reports will not be available until later.
Rainfall was
rather heavy also in the Ohio, and middle and upper Mississippi Valleys,
and substantial amounts occurred in some northern Rocky Mountain
sections.
In
addition to variations in temperature and rainfall, as noted above,
the
past week affords an outstanding example of the great diversity in
weather conditions that can obtain simultaneously in different parts of
the United States with unusual developments and movements of air masses
of
different
characteristics.
In
the
East
heavy
precipitation
resulted
in widespread disastrous floods, while at the same time high winds and
dust storms, some of them the worst so far this year, continued
in the Southwest; bad dust conditions were reported from parts of five
severe
different States, with more or less damage in some sections.
In the cotton belt the week's weather favored outside operations and
spring work advanced rapidly, except that the soil was too wet in parts
of the eastern belt, including the Carolinas and portions of Tennessee.
In other States preparation for planting made good advance and some
cotton was seeded. On the other hand, frequent rains or wet soil prevented
plowing over large central and northern areas, including the middle and
north Atlantic States, most of the Ohio Valley, the Lake region, and upper
Mississippi Valley. Some corn was planted as far north as extreme southern
Oklahoma, while in eastern Gulf States seeding advanced to central Ala¬
bama.
Early fruit trees are blooming northward to southeastern Virginia
and southern Missouri.
Precipitation was favorable in the northern Rocky Mountain districts,
while the top-soil moisture in the northwestern Plains is satisfactory.
There also is sufficient moisture for present needs from eastern Nebraska
northward, but a large area in the Southwest needs rain.
This includes
western
Nebraska, extreme southeastern Wyoming, eastern Colorado,
much of New Mexico, and practically all of Kansas, Oklahoma, and Texas.
Dust storms were again reported from the western portions of Oklahoma,
Kansas and Nebraska, and southeastern Colorado,
and eastern New
Mexico; in Kansas dust was carried through the air to the eastern portion
of the
State.
Small
Grains—Winter
wheat
continues
to
make
slow
growth in the
Ohio Valley,
with fields greening in many areas; condition is still fair to
good, but in some places the crop is in poor condition. In Missouri wheat
is good in most parts, but rain is needed rather generally, particularly
in the southern half.
In Kansas wheat is greening up in the eastern half,
but growth is slow and more moisture is needed in the top soil; in the
western part of the State condition is progressively worse from the central
to the western border where it is very poor.
Slow growth was made (in
Oklahoma, while progress and condition were fair to good in Texas; rain is
in both these States, urgently in the Panhandle section of the
former.
In the Northwest wheat largely is in fair to good condition, while
in Montana some late-seeded that did not emerge last fall is now coming
through.
In the Pacific Northwest, particularly in eastern Washington,
some fall-sown wheat requires reseeding, but some other late-sown is now
germinating. Most winter cereals are doing well in the Southeast and other
eastern districts.
Dust storms continued In the Southwest where it has been dry for a long
area
needed
time.
The
areas
reporting dust this past week
were
1936
Continued rains delayed field work in much of the Ohio Valley, while
some other areas the soil remains too wet from previous rains and melting
Despite these drawbacks, however, spring-oat seeding advanced to
central Illinois and Nebraska. Oat sowing is practically done In the eastern
in
two-thirds of Kansas and is coming up, while over half has been put in in
Missouri.
Oats are in fair to good condition in Oklahoma.
Some spring
seeding has been done in South Dakota.
619,000
......
6,976,000; Buffalo afloat, 3,605,000; Duluth, 622,000; Erie, 145,000;
afloat, 115,000; Chicago, 89,000; Albany, 4,715,000; total, 18,894,000
against 13,344,000 bushels In 1935.
-1"
28
snow.
Oats, New York, 10,000
Buffalo, 73,000; total, 83,000 bushels, against none In 1935.
Barley,
21,000 bushels; total, 21,000 bushels, against 1,159,000 bushels In 1935.
New York, 1,970,000 bushels; Boston, 261,000; Philadelphia, 396,000;
Canadian—
March
of Kansas, Oklahoma, and Nebraska, eastern New Mexico, and south¬
eastern and east-central Colorado.
Parts of these areas reported damage
to wheat.
48,350,000
6,745,000 37,985,000
7,319,000 12,907,000
50,047,000
5,907,000 38,287,000
7,164,000 12,754,000
51,059,000 21,849,000 14,933,000 10,001,000
9,742,000
Total Mar. 23 1935
Note—Bonded
544,000
47,000
1,212,000
Chronicle
the western portions
THE DRY GOODS TRADE
New
York, Friday Night, March 27 1936
where
damaging floods brought business to a complete standstill,
continued its good showing during the period under review.
Store sales averaged around
15% above those during the
same period last
year, with the Middle West and Southwest
registering best results, up to a 20% increase. The loss of
business in the flood areas seems, however, to necessitate a
Retail trade, save in those sections of the country
downward
revision
of
estimates
of
March
sales
for
the
whole, although department store sales for the
entire month are still expected to show a
gain of about 8%
over last year.
According to a report of the Federal Reserve
Bank of New York, department store sales in the Metro¬
politan area for the first half of March, ran 11.1% higher
than for the corresponding period of last year, with New
York and Brooklyn stores showing a gain of 10.6%.
The
demand for spring apparel and accessories has broadened
steadily with the arrival of spring-like weather.
Trading in the wholesale dry goods markets continued
fairly active. While shipments to the flood areas were halted,
wholesalers had no difficulty in disposing of the goods other¬
wise.
Very few actual cancellations of orders were received
from stores in the flood areas, the latter in most instances
demanding merely a postponement of shipments. A number
country as
a
of re-orders
for Easter merchandise were received in ad¬
dition to replacement orders for goods damaged by floods.
With wholesalers' stocks rather depleted, it became increas¬
ingly difficult to obtain immediate delivery. The demand for
outing flannels was again outstanding.
Wholesalers, how¬
still reluctant to place orders beyond their imme¬
requirements, in view of prevailing uncertainties with
regard to the new tax program. Trading in silk goods was
fairly active with most interest centered on printed crepes,
sheers and chiffons.
Prices for crepes and sheers showed a
further stiffening in sympathy with higher raw silk quota¬
tions, without, however, stimulating the demand.
The
gray goods
market was moderately active.
Continued
interest existed for goods suitable for printing.
Trading in
rayon yarns was marked by difficulties in delivery, due to
either flooded roads or flooded plants.
The discontinuance
of operations of many mills in the flood areas is expected to
leave the market in a stronger statistical position, thus
making unnecessary usual markdowns of prices due to
seasonal slowing up in demand.
Good demand existed for
pigmented yarns.
ever, were
diate
Domestic
Cotton
Goods—The gray cloth market con¬
Except for some activity in print cloths for
industrial purposes, only minor transactions were made in
coarse yarn cloths, but the total remained
negligible.
The
presumably low stocks of both jobbers and retailers have
hope for an early resumption of more active buying but so
far transactions have been limited to a few
spot orders.
Mills kept active with unfilled orders but these were rapidly
dwindling and some talk was heard of a possible curtailment,
although no actual signs of such a development were evident.
Prices were fairly steady.
The announcement of the Chair¬
tinued dull.
man of the House's subcommittee to the effect that it had
eliminated any consideration of new process taxes in its re¬
port was received with skepticism, and both buyers and sellers
were
unwilling to do any business on those vague assurances.
Trading in fine goods was more active but wa& also limited
to quick deliveries for fill-in
The total quantity,
purposes.
however, was fairly large and an acute shortage in spot goods
became apparent.
An active demand prevailed for combed
and carded piques.
Prices held firm with spot goods bring¬
ing slight premiums.
Closing prices in print cloths were as
39-inch 72-76's, 6^c.; 39-inch
68-72's, 6c.; 38^-inch 64-60's, 5^c.; 38K-inch 60-48's,
follows: 39-inch 80's,
73^c.;
Woolen
Goods—Trading in men's wear fabrics continued
Some orders for fancy suitings were placed by manu¬
facturers.
Plaids and checks continued to be preferred.
Mills were still active on backlog orders, bus, with many mills
shut down on account of flood damages, total production
fell sharply.
Business in women's wear continued very brisk.
Manufacturers of women's apparel were reported to be
unable to fill all orders for delivery before Easter, with the
disruption in deliveries due to floods resulting in a serious
quiet.
handicap.
Foreign Dry Goods—Business in linen continued rather
depressed.
A growing demand for evening wear, however,
is expected to make itself felt with the approach of the sum¬
mer, the various crush-resisting processes being a stimulating
factor.
Trading in burlap remained limited to spot requireBuyers were unwilling to make future commit¬
ments in view of the production uncertainties after the termi¬
nation of the present control agreement at the end of the
month.
Prices, however, held firm, in line with slightly
higher Calcutta cables.
Domestically lightweights were
quoted at 3.95c., heavies at 5.40c.
ments.^
Volume 142
Financial
public by the above named Federal
Public Works Administrator Harold L. Ickes.
Allotments
because
the
for
work
the
following
has cost more
completed
2193
agency:
Increases in nine loans and grants allotted from the old public works
appropriations for local non-Federal projects were announced to-day by
**
Chronicle
projects
have
been
increased
than estimated at the time the original
loans and grants were made:
y- Skillman, N. J.—Docket 1211:
Grant of $45,000 to the State of New
Jersey for construction at the State institution in Skillman increased to
$48,300.
Kaukauna, Wis.—Docket 7204:
Grant of $34,500 for a school addition
increased to $36,500.
Allotments for the following projects have been increased because con¬
tracts awarded or bids received show that the work will cost more than
estimated when the original loans and grants were made:
W Reading, Pa.—Docket 1216:
Grant of $690,000 for water construction
increased to $708,000.
Anna, Tex.—Docket 3468:
Loan and grant of $22,000 for water con¬
struction increased to $24,000.
** Jackson, Tenn.—Docket 7100:
Loan and grant of $156,000 for additions
to*the water and sewer systems increased to $200,000.
i
Islip, N. Y.—Docket 7255: Loan and grant of $75,000 for a generating
plant increased to $95,000.
►
Hillsboro, Tex.—Docket 9099: Loan and grant of $28,500 for school con¬
struction increased to $30,100.
The following allotments have been increased because the scope of the
Erojects has been enlarged or 8533: Grant of $21,700 for school construction
Carson City, Net.—Docket because estimates of cost have been revised:
ft
increased to $30,500 to provide for additional class rooms.
Seward, Alaska—Docket 6279: Loan and grant of $118,000 for an electric
plant increased to $166,000 because of revised plans increasing the scope
and cost of the project.
New
England States Formulate Program for Future
follows from a lengthy
correspondent of the New
York "Herald* Tribune," sent in from Hartford, Conn, on
March 24, dealing with a unified program of flood preven¬
tion to be undertaken by the States of the New
England
group, to prevent a recurrence of the disasters which took
place recently:
Flood Control—We quote in
part as
article by Lincoln Barnett, staff
As the waters of the Connecticut River disappeared
slowly from the
streets of the capital to-day and the people of Hartford returned to normal
channels of existence for the first time in almost a week, Governor Wilbur L.
Cross disclosed that legislators of the New England States had
joined in a
program to prevent recurrence of flood disasters next spring.
They con¬
template enactment of parallel laws on soil erosion and reforestation.
Governor Cross made public a telegram from Governor James M. Curley
of Massachusetts estimating that such work would require
$130,000,000, of
which $60,000,000 was intended for the Connecticut River Valley, $40,000,000 for the Merrimack and $30,000,000 for the Blackstone.
The Governor's message follows:
"I have this day communicated with
Senator David I. Walsh at Washington requesting that he arrange a joint
conference
of the members of Congress and both branches from New
England not later than Tuesday next for the purpose of securing favorable
approval by President Roosevelt and the War Department for these three
projects.
From what I have been able to ascertain. President Roosevelt is
thoroughly familiar with the necessity for having this work done, and the
present flood emphasizes not only the imperative need, but the impossibility
of any single New England State providing adequate safeguards from flood
conditions that arise in
some
sity for joint action and
an
other New England State.
Hence the neces¬
expenditure beyond the power of any single
State to undertake."
News Items
Connecticut Granted $3,000,000
As the vast job of rehabilitation of the floodswept Connecticut
Long First Coupons on Municipal Bonds—The follow¬
ing article was sent to us by Russell Gartley, SecretaryTreasurer of A. S. Huyck & Co., Inc. of Chicago, author of
"The Legal Transcript," also "Examination of Municipal
Bonds," and other articles on various phases of municipal
financing:
.
In "recent months ma$y municipalities, in order to avoid any~possi bTe
delay in the payment of the first coupon on their new issues of municipal
bonds because of insufficient funds, especially where the tax levy has already
been spread, or tax collections have been below normal, have made the
first coupon to cover the period of a year instead of six months, with the
remainder of the coupons payable semi-annually.
Indeed, in Indiana
where tax collections have been above the average, it is not uncommon to
find municipal bonds with the first coupon due in 18 months.
The investor
will oftern protest against this long coupon, and if the circular does not
specify this unusual feature clearly, may cancel his order,
i
J If it can be shown that the delay m the opportunity to reinvest the
interest has been given consideration in the basis price, the investor is
Now, what is the formula used to figure this price
usually satisfied.
where the tables of bonds values do not cover the point in question ?
_PAn an example, we will consider the basis price on one maturity of an
issue of bonds
recently appearing on the market.
Vanderburgh
County, Ind., issued $180,000 bridge bonds which were dated Nov. 15 1935,
bearing 4% interest, maturing serially, with interest payable May 15 1937,
and semi-annually thereafter.
The maturity of the bond is Nov. 15 1942.
The price is a 3.00% basis and delivery is being made on Feb. 15 1936.
The semi-annual table for a bond of this rate and maturity shows
the
price to be approximately 106.0687 and the annual table shows the price
to be approximately 106.0268, neither of which is corrcet.
The correct figure is 105.975651.
In each case $1 per $100 bond would
actual
be added
as
Minnesota—Governor Olson
Cleared by
Supreme Court in
Suit to Oust Him—Governor Floyd B. Olson was absolved of
charges of violating the corrupt practices act in his 1934
campaign for re-election in a decision handed down by the
Minnesota Supreme Court on March 20 dismissing an ouster
proceeding brought against nim by 29 voters last fall, accord¬
ing to the Minneapolis "Journal" of March 20, from which
we quote in part as follows:
The
was taken to the high court after District Judge H. D.
of Minneapolis denied a motion for a new trial following his
appeal
Dickinson
decision in favor of Governor Olson on Aug. 10.
^Principal
points fin
the
decision
are
Governor
Olson
did not
have
a
financial interest in t he JlFar mer-La bor (Ass oci at ion newspaper, the "Minne¬
Leader," because he was afmere dues-paying member of a political
sota
party; he did not violate the corrupteractices law by failing to report the
Signs Bill Creating 4% Business
tax on unincorporated businesses
incomes of $5,000 or more, which was passed for the
New York State—Governor
Levy—The 4%
first
coupon)
is normal and regular in every way.
By referring to the bond table we
find the value for a maturity of five years and six months (May 15 1937 to
Nov. 15 1942) is 105.035559.
At this time (May 15 1937) there is payable
a coupon of $6 per $100 bond which we shall add, producing a value, in¬
cluding the coupon, of 111.035559.
2. We then find the present value of 111.035559 figuring true discount
for semi-annual periods (divide the value by 1 plus the interest at the
yield rate for the period).
In this case with a 3 % yield rate and working
semi-annually we would divide by 1.015 producing a value of 109.394639
which would be the flat price as of Nov. 15 1936.
3. We again divide this result by 1.015 producing a figure of 107.777969.
This is the flat value as of May 15 1936.
4. To obtain the odd adjustment for the first three months from delivery
date of Feb. 15 to coupon date of May 15, we divide by 1 plus interest for
three months (^ of 0.3) or 1.0075.
The result is a value of 106.975651 and
when the accrued interest of $1 is subtracted we will have the value tabulated
above, namely, 105.975651.
a
$3,000,000 grant from the Works Progress Administration.
He conferred
yesterday at Washington with Harry L. Hopkins, chief of the Works
Progress Administration, and when he returned to the capitol he was
accompanied by Colonel Lawrence Westbrook, Mr. Hopkins's first assistant.
To reporters, Colonel Westbrook explained that Connecticut's grant
would come from total funds of $42,000,000 which the WPA has allocated
for flood relief throughout the nation.
Its expenditure is to be supervised
by the State WPA Administrator, Matthew J. Daly, who will distribute the
money for approved projects.
In Hartford relief activity will progress under
a $500,000
appropriation voted last night by the Board of Aldermen.
Following his interview with the Governor and the emergency flood
committee which was organized here over the week-end, Colonel Westbrook
departed on a hasty inspection tour of the flooded valley.
Other WPA
officials from Wellington went on to Springfield and communities to the
north and east of Hartford to report on relief needs through the affected
areas of the New England States.
In order to prevent a recurrence of flood disasters next spring, concerted
action by legislators of the five States of New England has already been
started with a view to enacting parallel laws on matters of soil erosion and
reforestation.
Governor
Cross made public to-day a telegram he had
receivedifrom Governor James M. Curley last night estimating that such
work would require $130,000,000.
Of this sum, $60,000,000 is intended for
the Connecticut River Valley, $40,000,000 for the Merrimac and $30,000,000 for the Blackstone.
In the State capital to-night the military and police rule which had
dominated the city for the last three days relaxed, as the National Guard
began demobilization, and the 9p.m. curfew retired to a very limited area
encompassing only the still flooded fringe of the city.
with net
accrued interest.
kThe method of procedure 15 arriving atmaturity date of the first
in 1937 (the this price is as follows:
1. The value as of May
Valley
moved forward, Governor Cross announced that the State would receive
time
emergency
last
has been signed again by Governor
stated in Albany on March 23.
The bill,
introduced by Senator John J. Buckley, New York Demo¬
crat, was but one of 31 measures approved by the Governor
over
the week-end, a majority of which were technical
changes in the law or local bills.
Lehman, it
year,
was
Tax Commission Predicts Increase in State Levies—A
news
dispatch from Albany on March 24 had the following to say
regarding the outcome of the survey made during the past
year by the State Tax Commission on tax problems:
The State Tax Commission in its annual report submitted to the Legis¬
lature to-day predicted the need for "increasingly greater revenues" to carry
on the social betterment activities of the State and Federal governments.
Takinglalbroad view of tax problems affecting both the Federal and the
Statelgovernments, the report said:
"The present tendency toward the social theory of government will re¬
quire increasingly greater revenue through the coming years, unless and
until the public unexpectedly determines to have government curtail its
functions.
Even if normalcy is accompanied, in due course, by the elimi¬
nation of the unemployment problem and liquidation of the accumulated
indebtedness of past years, there is no genuine basis for hope of decreased
taxation in the approaching decade."
Noting "a conservative upward trend of business in New York State,"
the report added: "While this improvement is not immediately reflected in
tax receipts under our present revenue structure, its stimulating effect
should be readily apparent duringlthe current year."
Dealing with "multiple taxes" andV'inequitable tax burdens," the report
pointed out that "New York I State I has eight revenue statutes which are
duplicated by Federal statutes—namely, personal income tax, corporate
income tax, death or inheritance tax, gasoline tax, liquor tax, admissions
tax, tax on transfers of capital stockland|tax on foreign insurance companies.
"There are in excess or 350 State revenuelstatutesiwhich are in conflict
with or duplicated by Federal revenue statutes," it added.
Financial
2194
March 28
Chronicle
1936
The Commission reiterated its opposition to constitutional tax limita¬
the State government having powers of inves¬
tigation and review over municipal budgets and general municipal income.
tion and favors an agency in
of Assembly—The Democratic
than $14,000,000
to Governor Lehman's $308,000,000 budget, teduced by the
Republican Assembly in order to do away with the one-cent
a gallon emergency gasoline tax,
thus putting back all but
about $869,000 of the slash by the lower house.
The Senate
committee's action was expected to provoke a prolonged
deadlock and possibly an extra session of the Legislature.
We quote in part as follows from an Albany news report on
the legislative action:
Senate
Kills
Budget
Cuts
Senate Finance Committee restored more
Meanwhile, however, the Assembly did get rid of the last of the budget
This bill appropriated $20,000,000 of the $55,000,000
approved at the last election for public works and was
passed with an amendment that kills an $800,000 item for a new cell
block at Attica prison and turns the money over to highway construction.
Attempts by Democrats to put back the cell item were defeated, as were
efforts of Erie Republicans to appropriate $1,200,000 of the amount for
improvements in and about Buffalo.
In reporting out the amended budget Senator Jeremiah F. Twomey,
Brooklyn Democrat and Chairman of the Finance Committee, issued a
lengthy statement justifying his action.
Mr. Twomey explained that
the Democrats were not laboring under "the handicap of redeeming a
bills this afternoon.
relief bond issue
ARKANSAS
campaign promise that cannot be made good," as are the Republicans,
and hence could treat the problem without prejudice.
This "promise,"
he added, is the elimination of one cent of the two-cent emergency gasoline
tax.
Debt Service Item Restored
As had been
expected, the Senate put back the $11,160,010 debt service
Assembly, as well as the $1,220,201 for State aid to
item, cut out by the
schools
cut
by the lower
House.
Most of the slashes receiving Senate
approval concerned appropriations for maintenance, traveling expenses
and operations and were fairly equally distributed among the various
departments.
In making these cuts, Mr. Twomey warned, the Senate was
fearful that the amounts now appropriated are not sufficient, but has
received a promise from department heads that they will do their best on
the money they have.
Little sympathy,
however, was shown the Finance Committee by
Senator
George R. Fearon, minority leader, who branded the action
„
"purely political," and said it would put the State to "no end of useless
6xp6nditur6 •''
"At the time," said Mr. Fearon, "when the Assembly sent the budget
bills hack to the Senate with its own amendments, the proper—yes, sens¬
ible—course would have oeen to appoint
a conference committee repre¬
senting both houses in an attempt to iron out the
and find some substitute mutually agreeable to
differences which had arisen
make up the loss of revenue
tax money (the
the Assembly)."
ARKANSAS, State of—APRIL 1 BOND INTEREST PAYMENTS TO
BE MET—Preparation of $1,939,550.15 warrants to meet bond interest
due April 1, was begun on March 19 by State Treasurer. Payments include
$207,772.50 on Confederate pension bonds, $1,451,905 on class A highway
refunding bonds, $109,509.97 on class B highway refunding bonds and
$115,622.50 on class A toll bridge bond.
Funds for payment will be for¬
warded to the Chase National Bank, State fiscal agent.
SEBASTIAN
DETAILS—In
COUNTY
connection
O.
Ark.—BOND SALE
$269,000 4% semi-ann.
of the
purchased by the Merchants National Bank, and the First National
Bank, both of Fort Smith, jointly, and the remaining $134,000 of which
purchased by the Public Works Administration, as reported in detail
recently—V. 142, p. 816—it is stated by the County Clerk that the bonds
mature as follows:
$5,000, 1937 to 1939; $6,000, 1940 to 1943; $7,000,
1944 to 1947: $8,000, 1948 to 1950; $9,000, 1951 and 1952; $10,OOOL1953 to
1955; $11,000, 1956 and 1957; $12,000, 1958 and 1959; $13,000, f!fb0 and
1961; $14,000. 1962 and 1963, and $15,000 in 1964 and 1965.
It is also reported by the County Clerk that the bonds taken by the PWA
were later sold to the First National Bank of Fort
Smith, on the same
basis as the above purchase.
were
CALIFORNIA
DISTRICT (P.
BURNS VALLEY SCHOOL
SALE—It
BOND
WANTED
sale
were
resulting from elimination of some $15,000,000 of gas
estimated revenue from the one-cent gas tax not passed by
OFFERINGS
Smith),
Fort
the
(P.
with
District court house and jail bonds at par, of which $135,000
Smith
Fort
is stated by
O.
Lak.port)
Calif.—
W. M. Patterson, Clerk or Lake County,
semi-ann. school
that the county has purchased at par a $16,500 issue of 4 %
bonds that was offered for sale without success on Oct. 15.
Arkansas—Illinois—Missouri—Oklahoma
CALIFORNIA.
MUNICIPAL BONDS
ai\-WARRANT
State
SALE AUTHORIZED—The
In registered State warrants was authorized
by Governor Merriam on March 25 to meet April relief needs, according
to a San Francisco press dispatch.
The Governor is reported to have said
immediate sale of $2,400,000
Francis, Bro. & Co.
that State authorities were
1877
ESTABLISHED
ST.
special session
a
there
warrants
TULSA
LOUIS
trying to obtain necessary relief funds without
Legislature.
After the sale of the said
from the $24,000,000 unemployment relief
appropriation of the 1935 Legislature only $1,200,000 for the remainder of
the present fiscal year, ending on June 30.
calling
Investment Securities
will
be
of the
left
State of— WARRANT SALE DETAILS—le is now
L. Riley, State Comptroller, that $826,968.57 relief
previously reported—V. 142, p. 2026—
banks at 4%, plus a premium of $1,033.
confirming our earlier report.
The warrants were divided as follows:
$426,968.57 to the Capital National Bank of Sacramento, and the remaining
$400,000 to the Bankamerica Co. of San Francisco.
CALIFORNIA,
by
reported
Ray
warrants, not $900,000, as we had
were sold on March 14, to the two
Bond
Proposals and Negotiations
FLORENCE,
SANITARY
DECOTO
ALABAMA
DISTRICT
(P.
O.
Decoto),
Calif.—BOND
ELECTION—An election is to be held on April 7 for the purpose of voting
Ala .—BONDED
DEBT REFINANCING CONTEM¬
dispatch from the above city to the Bir¬
on a
PLATED—An Associated Pr'ess
proposal to issue $50,000 sanitary system bonds.
LOS
COUNTY
ANGELES
mingham "Age-Herald" of March 21, and the following to say:
"The opening bid of bondholders to refinance Florence's bonded debt has
been rejected by the Board of City Commissioners but new plans are under
way.
about 3.91%.
O.
(P.
Los
Calif.—BOND
Angeles),
on
original offer of the bondholders was turned down, according to
Mayor Lee Glenn, because the plan contemplated an excessive figure for
revenue estimates, and because its estimate that outstanding bonds could
be purchased at 40 to 87 cents on the dollar was purely speculative.
"The bondholders, at a conference with Mayor Glenn and other city
officials at Birmingham, estimated that the city's bonded debt was $2,368,000 exclusive of $290,000 debt on the municipal waterworks, and delinquent
interest totaling $335,000.
/'
"The refinancing program suggested by the bondholders called for a new
$2,000,000 issue bearing 2% interest the first 10 years; 3% interest during
the second 10 years, and 4% interest for the third 10 years, with the surplus
over interest each year used for creation of a sinking fund to retire bonds.
"They estimated that the new bonds could be purchased during the first
few years at approximately 40 cents on a dollar, Glenn said, with the price
gradually increasing as the interest rate increased, until the sale price would
reach 89 cents on the dollar during the 29th year."
"The
,
,
,
,
.
MOBILE, Ala.—VOTERS APPROVE FUNDING PLAN—The voters at
election held recently approved a plan authorizing the city to fund
$2,324,782 floating indebtedness into 30-year bonds, Natt T. "Wagner,
chairman of the Mobile bondholders' committee, asserts.
Under the plan, the funded debt will bear interest from 2% for the first
five years to 5% for the last 15.
The floating debt includes:
$995,000 certificates of indebtedness, now
bearing 6%; $630,000 warrants, now bearing 53^%; $400,000 warrants,
now bearing 5%; $78,500 bank loans, now at 5%, and $221,282 bank loans
now bearing 6%.
an
MONTGOMERY, Ala.—COURT VALIDATES CITY'S
following report is taken from the Montgomery
The
March 21:
NEW BONDS —
"Advertiser" of
SALE—-The $7,300 issue of Ranchito School District bonds offered for sale
March 23—V. 142, p. 2026—was awarded to Redfield Royce & Co. of
Los
of the funding
STOCKTON, Calif.—BONDS DEFEATED—It is reported by the City
COLORADO
BOONE SCHOOL DISTRICT (P. O. Boone), Colo.—MATURITY—
In connection with the sale of the $34,000 3H% semi-ann. school bonds to
Sullivan
&
Co.
Superintendent
follows:
of Denver, noted in these columns—Y. 142,
of Schools states that the bonds mature on
p.
993—the
March
1
as
$2,000, 1937 to 1943, and $2,500, 1944 to 1951.
ENGLEWOOD,
ment
district
Colo.—BONDS
bonds
are
being
CALLED—Various special
called for
payment,
interest
to
improve¬
cease
on
March 31, according to report.
MONTROSE, Colo.—BOND OFFERING—-It is stated by Ada Moore,
City Clerk, that she will receive sealed bids until 10 a. m. on April 1 (to be
opened at 7:30 p. m. on April 2), for the purchase of a $30,000 issue of city
hall bonds.
Denom. $1,000.
Dated June 1 1936.
Due $2,000 from 1937
to
p.
1951, incl.
Interest payable semi-annually.
(This report supplements the notice of sale given here recently—V. 142.
2027.)
WELD
COUNTY
Colo.—BONDS
SCHOOL
CALLED—The
DISTRICT NO. 76
Treasurer is
County
called for payment at the office of Bosworth,
(P.
O.
reported
Greeley)
to
have
Chanute, Loughridge & Co. of
Denver, the following 6% bonds:
$17,000 funding bonds, numbered 1 to 17. Denom. $1,000.
8,000 building bonds, numbered 1 to 16. Denom. $500.
Dated March 1 1921. Due on March 1 1951.
CONNECTICUT
Ala.— BONDS SOLD—An issue
school building bonds has been sold to the Federal Govern¬
Denom. $1,000.
Due in 20 years; subject to redemption at any
of $127,000 4%
time.
DANBURY,
Conn.—BOND
SALE—The
$315,000 series B
coupon,
principal only, corporate construction water bonds offered
awarded to Halsey, Stuart & Co., of
of Waterbury, on a bid of 101.455 for
3s, a basis of about 2.89%. The First Boston Corp.; Phelps, Fenn & Co..
of New York, and the City National Bank & Trust Co. of Danbury, were
second high with a bid of 100.68 for 3s.
Dated April 1 1936. Due April 1
as follows:
$10,000 from 1938 to 1968, incl.; and $5,000 in 1969.
registerable
as to
March 20—V. 142, p. 1861—were
New York and the R. F. Griggs Co.,
on
ARIZONA
ARIZONA, State of—WARRANTS CALLED—The State Treasurer is
reported to have called for payment at his office on March 12, on which
date interest ceased, State general fund warrants registered on or before
Dec. 31
$50,000 in fire department bonds.
STOCKTON, Calif.—BOND SALE—The $110,000 sewer and sewage
disposal plant bonds offered on March 25—V. 142, p. 2027—were awarded
to the Stockton Savings & Loan Bank of Stockton.
The bank offered a
premium of $66, equal to 100.06, provided that bonds maturing in 1937
and 1938 bear interest at 5%, and the remainder of the issue, running
from 1939 to 1947 bear 2% interest.
The Harris Trust & Savings Bank
of Los Angeles was the next best bidder, offering a premium of $283 for
2K% bonds.
bonds."
MORGAN COUNTY (P. O. Decatur),
ment.
4s, paying a premium of $21, equal to 100.28, a basis of
Dated March 1 1936.
Due on March 1 as follows: $2,000,
as
Clerk that at the election held on Feb. 18, the voters defeated the proposal
to issue
v
of Montgomery bonds totaling $1,296,000, authorized by the
voters at a special election on Dec. 9, last, were validated and confirmed
yesterday by a decree of the Circuit Court, equity division, Judge Walter
B. Jones presiding. All the proceedings taken for the issuance of the bonds
were approved by the court as
complying with the requirements of the
Constitution and laws of Alabama.
"The proceeds from the sale of the bonds will be used to fund a like
amount of outstanding certificates of indebtedness of the city.
These cer¬
tificates will be surrendered and canceled simultaneously with the issuance
"City
Angeles,
1938 to 1940, and $1,300 in 1941.
1935.
SCHOOL DISTRICT NO. 18 (P. O. San
Simon), Ariz.—MATURITY— The $7,500 5% semi-ann. school bonds
purchased by Refsnes, Ely, Beck & Co. of Phoenix, at a price of 100.10, as
noted recently in these columns—Y. 142, p. 1678—are due from Feb. 1
COCHISE
COUNTY
1937 to 1941.
STAMFORD,
Conn.—NOTE
SALE—-$500,000 city
tax
anticipation
temporary loan notes offered on March 24—V. 142, p. 2027—were awarded
to G. M.-P. Murphy & Co. and the Bank of the Manhattan Co., both of
New York, on a .57% discount basis, plus
1936,
$7 premium.
Dated March 24
Halsey, Stuart & Co. of New York bid .65%
$22 premium, and Leavitt & Co. of New York .69% plus
Due March 24 1937.
discount nlus
$11 premium.
Volume 142
Financial
rmtUk?,' +»F0/In*—NOTE
t
i
twIh
tv/T
SALE—The $400,000 tax anticipation
y the town on March 25—V. 132, p. 2027—were awarded to
n
S?o?fi^w X°£k
at 0.53% discount, plus
a
premium of $11.
New^rk Wd oio%,apUM $18011 MarCh 24 1937' HalSey' StUart & 00" °f
Conn.-—NOTES
March 21 the voters
approved
^on11
and 89
an
VOTED—At an election held on
issue of $150,000 notes for street improve-
Of the votes cast, 254
purposes.
opposed.
were
in favor of the issue
WEST
HAVEN,
Conn .—BOND
ISSUE
RECOMMENDED—The
Finance Commission has
recommended the issuance of $150,000 3%
refunding bonds to provide for the payment of an issue of like amount
maturing in
the
near
April 1 from 1937
to
future.
The
new
bonds would mature serially on
approved
a
news item to the "Wall Street Journal" of March 20:
"In order to remove any further question as to whether this
city will meet
its July 1 interest payments, the City Commission will make
arrangements
with bankers to care for the mid-year requirements.
"The Commission voted to pay the refunding interest, and has authorized
an
agreement to be made with Chemical Bank & Trust Co. under which
Director of Finance A. E. Fuller will make deposits in a special fund
solely
for this purpose.
"Funds already
on
hand will be set aside, thus removing them from the
possibility of court action by anyone who might seek to restrain the city
from paying the refunding interest.
In addition the Finance Director is
authorized to make additional deposits into the special fund from time to
as the money is collected.
"The city also will instruct Chemical Bank to deliver bonds held for the
city, totaling $316,000, subject to the instructions of the City
Commission.
VOTED—At a recent election the voters
to issue $100,000 municipal electric light plant
proposition
Fla.—ARRANGEMENTS
UNDER
WAY
FOR
JULY
1
INTEREST PAYMENTS—The following report is taken from a Miami
account of the
Del.—BONDS
bonds.
2195
MIAMI,
time
1951, inclusive.
DELAWARE
SEAFORD,
Chronicle
"In the meantime, the city is considering the
advisability of floating a
loan of $600,000 against delinquent tax certificates to balance the current
budget.
City officials assert that several
in the prospective loan."
banks have evinced
an
interest
GEORGIA
FLORIDA
BONDS
DUBLIN, Ga.—BOND SALE—An $18,000 issue of 4% semi-ann. school
bonds is reported to have been
purchased by the Robinson-Humphrey Co.
of Atlanta.
HALL COUNTY
(P. O. Gainesville) Ga —BONDS VOTED—At the
election held on March 17—V. 142, p. 1679—the voters approved the
issuance of the $75,000 in 4% court house bonds by a wide margin,
PIERCE-BIESE CORPORATION
to report.
JACKSONVILLE
Tampa
Orlando >
follows:
Miami
The bonds are dated April 15 1936, and mature
$5,000 in 1937, and $10,000, 1938 to 1944 incl.
OCONEE
SCHOOL
DISTRICT
(P.
O.
Oconee),
BE SOLD TOPWA—It is stated
by the Secretary of the
$15,000 school bonds will be purchased by the
that
on
according
April 15 as
Ga .—BONDS TO
Board of Education
Public Works Ad¬
ministration.
IDAHO
BONNERS FERRY, Ida.—BOND SALE—The $27,000 issue of
coupon
refunding bonds offered for sale on March 21—V. 142, p. 1861'—was pur¬
chased by Payne-Rice & Co. of Spokane, at
par, according to the Village
Clerk.
No other
bid
was
received.
DAYTON, Ida.-—BOND OFFERING—Sealed bids will be received until
April 13, by Lloyd S. Price, Village Clerk, for the purchase of a $25,000 issue
of 6% semi-annual water supply bonds.
Dated July 1 1936.
Due in 1956.
These bonds were approved by the voters at an election held on March 14.
ILLINOIS
COOK COUNTY FOREST PRESERVE DISTRICT (P. O.
Chicago),
111.—WARRANT OFFERING—Sealed bids addressed to the Secretary of
FLORIDA
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
(P.
O.
10
Pensacola),
Fla.—BOND OFFERING—-The County Board of
Public Instruction will receive bids until 10 a. m. April 17, for the purchase
of $9,500 4% coupon general obligation bonds.
Denom. $500.
Dated
Dec. 1 1935.
Principal and semi-annaul interest (June 1 and Dec. 1)
payable at the County Treasurer's office.
Due $500 yearly on Dec. 1 from
1955.
1937 to
FLORIDA, State of—DEBT REPORT—The following information was
sent to us by Baynard Brothers Realty & Insurance Co., Inc. of St. Peters¬
burg, Fla.:*
•
Recapitulation of the Public Funded Debt of Florida {Dec. 31 1934)
Original
of
Principal
Outstanding
Outstanding
Dec. 31 1933
June 30 1934
Amount
Current Issues
Principal
Road and bridge bonds..$174,917,812.86
General county bonds.__
12,282,080.56
$148,536,642.44 $147,632,666.80
8,013,968.56
7,894,018.56
School bonds
69,123,415.64
55,900,030.31
54,877,512.83
Municipal bonds
318,961,913.31
233,925,244.35
229,838,182.25
Special district bonds...
57,144,242.01
45,624,620.73
45,069,146.45
Grand total
.
±
$632,429,464.38 $492,000,506.39 $485,311,526.89
Principal
Outstanding
Principal
in Default
Dec. 31 1934
Dec. 31 1934
Road and bridge bonds ..$145,396,043.47
General county bonds.
7,331,918.56
School bonds
Municipal bonds
Special district bonds.
Grand total.
Interest
in
Default
Dec. 31 1934
54,287,185.93
227,657,457.52
44,664,782.00
$4,667,000.00
552,074.00
3,579,852.05
37,989,569.40
6,642,935.00
$4,698,295.00
514,615.81
2,366,621.77
23,259,892.55
9.339,669.35
$479,337,387.48
$53,431,430.45
$40,179,094.48
..
.
..
This
compilation of the public debt of the taxing units of Florida has
been prepared under the direction of Hon. Bryan Willis, State Auditor,
and with the financial assistance of the Federal Emergency Relief Admisistration.
This work has been made possible by the active interest of
Governor Dave Sholtz in placing before the Legislature and the public
complete and accurate information on the vital problems of the State.
the Board of Commissioners will be received until 10 a.
for the purchase of $100,000 tax anticipation warrants.
to be named by the bidder.
just been received from A. B. Morrison & Co., Inc. of Miami:
asked repeatedly lately as to whether we believe that
the Florida situation is growing better or worse.
This question has been
asked by investors who are less impressed by external appearances, crowds,
activity, &c. (incidental to an influx of tourists): than by those funda¬
mentals which in the final analysis determine the worth of bonds.
Their
doubt as to any betterment arises largely from their rather painful ex¬
periences with legal measures in seeking to enforce payment.
The slowness
with which collections have been made, and the heavy legal fees (in many
cases out of all proportion to the sums realized) have tended to the feeling
that matters are growing worse, instead of better.
"It is our opinion, based on long experience in Florida situations, and our
intimate knowledge of them, that on the whole, conditions are decidely
improved.
In many cases the suits mentioned have been brought looking
only at the legal enforceability of the contract and disregarding the economic
side.
Where the debt is excessive and the tax levy to meet it confiscatory,
property simply cannot and will not pay, and bringing suit has only ag¬
gravated an already bad situation.
On the other hand, in those cases where
refunding has been started on a basis of ability to pay, slow though steady
progress is being made.
One by one legal difficulties surrounding refundings are being cleared up.
The winter season just closing has brought
unprecedented numbers of trouists to the State and the money spent is
naturally reflected in better conditions in various communities.
But to
our mind the most significant fact is the general desire on the part of citizens
and officials to get the house in order, figuratively and financially speaking.
"With the low returns obtainable from municipal bonds in most States,
investors have taken a renewed interest in buying into various Florida
municipalities.
The extraordinary bargains which were possible a year ago
no longer exist.
There are still plenty of situations, however, where an
investor can obtain a return far greater than from bonds from other States,
and with absolute confidence, as far as can be seen, of continued prompt
"We
have been
payment of principal and interest."
FORT
LAUDERDALE,
Fla.—BONDS
AUTHORIZED—'The
City
Commission is said to have authorized recently the issuance of $89,000 in
construction bonds.
(A loan of $75,000 has been approved by the
Public Works Administration.)
sewer
HOLLYWOOD, Fla.—BONDS AUTHORIZED—'The City Commission
is said to have passed an ordinance recently, providing for the issuance of
$23,000 in sanitary sewerage system bonds.
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. O.
Orlando), Fla.—BO ADS SOLD—On March 16 $107,000 bonds of special
county were disposed of, the U. S. government
taking $98,000 and the Florida Bank of Orlando, the remaining $9,000.
The price was par plus accrued interest, for 4s.
The bonds included
$23,000 of the Apopka District, $36,000 of the Winter Park district, $27,000
of the Pine Castle District and $21,000 of the Lockhart Dsirtict.
tax school districts of the
on
March 30
Rate of interest
COOK
COUNTY
SCHOOL
DISTRICT
NO.
216,
III.— BONDS
OFFERED TO INVESTORS—The H. C. Speer & Sons Co., of Chicago, are
offering to investors at prices to yield from 2M % to 3.70%, the $310,000
4% coupon school bonds recently purchased by them.
Denom. $1,000.
Dated Feb. 1 1936. Principal and semi-annual interest (June 1 and Dec. 1)
payable at the First National Bank of Chicago. Due Feb. 1 1951; redeem¬
able at option of district $25,000 yearly from 1940 to 1950, and $35,000,
1951.
Financial Condition
Actual value taxable property, estimated
Assessed valuation (1934) for taxation
$168,608,100
62,585,265
*
Total bonded debt
Other indebtedness
*
310,000
None
Bonded debt is only $5.63 per capita—}4 of 1 % of assessed valuation.
DECATUR
issues
of 3%
HIGH
SCHOOL
DISTRICT,
111.—BOND SALE—Two
were sold in February
school bonds, aggregating $175,000
They mature as follows:
to a local bank.
$120,000 bonds due Dec. 2 as follows: $9,000 from 1938 to 1947, incl. and
$10,000 from 1948 to 1950, inclusive.
55,000 bonds due Dec. 2 as follows:
$4,000 from 1938 to 1947, incl. and
$5,000 from 1948 to 1950, inclusive.
ELGIN, 111.—BOND SALE—The $100,000 water
revenue bonds offered
W. McNear & Co. of Chicago as 3s at
basis of about 2.99%.
Dated Jan. 2 1936 and due
Jan. 2 as follows:
$4,000, 1939 to 1943 incl.; $5,000, 1944 to 1949 incl.;
$6,000, 1950 to 1956 incl., and $8,000 in 1957.
on
March 26
were
price of 100.101,
a
awarded to C.
a
GALVA, III.—BOND ISSUE DETAILS—As previously noted in these
142, p. 2028—Barcus, Kindred & Co. of Chicago have pur¬
columns—-V.
chased $23,500 3% % water reveneue bonds and agreed to take up an issue
of $48,000 3% % funding bonds.
The two issues will mature as follows:
$23,500 bonds due July 1
as follows:
$1,500 in 1937 and $2,000 from 1938
to 1948, inclusive.
48,000 bonds due Sept. 1 as follows:
$3,000 from 1939 to 1946, incl. and
$4,000 from 1947 to 1952, inclusive.
FLORIDA, State of—REPORT ON BOND SITUATION—The following
statement has
m.
LYONS TOWNSHIP
LaGrange),
HIGH
SCHOOL
DISTRICT
111.—BOND OFFERING—G.
W.
Willett,
NO. 204 (P. O.
Secretary of the
Board of Education, will receive sealed bids until 7:30 p. m. on April 15,
for the purchase of $45,000 school bonds.
Dated May 1 1936.
Due $5,000
Nov. 1 from 1941 to 1949, incl.
A certified check for $1,000 must
each bid.
The approving opinion of Chapman & Cutler of
Chicago will be furnished the successful bidder.
on
accompany
PUTNAM TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Pinckney),
111.—BONDS NOT SOLD—No bids were obtained at the offering on March
23
of $25,000 not to exceed 4% interest school bonds—V. 142, p. 2031.
Dated Nov. 1 1935 and due serially on May 1 from 1937 to 1961, incl.
RUSHVILLE, 111.—ARRANGES BOND SALE—H. F. Pelton, City
Clerk, states that arrangements have been made for the sale of $65,000 bonds
INDIANA
EVANSVILLE, Ind.—BONDS PUBLICLY OFFERED—An offering of
$213,000 4% general obligation bonds is being made by Robinson & Co.,
Inc., and A. S. Huyck & Co., Inc., both of Chicago.
The bonds mature
Jan.
are
1 1941 to 1955, incl., and are priced to yield 2.15 to 3.20%.
They
issued to provide funds for the city's share of park improvements and
the building of a city garage and are legal investment for savings banks and
trust funds in New York, Massachusetts and Connecticut, according to
the bankers..
EVANSVILLE, Ind.—OTHER BIDS—The $425,000 4% improvement
bonds recently awarded to Marcus R. Warrender of Indianapolis at par
plus a premium of $32,355, equal to 107.613, a basis of about 3.23%, as
previously reported in these columns, were also bid for as follows:
Bidder—■
Premium
National City Bank, Evansville
A. C. Allyn & Co., Inc.
C. W. McNear
i
„
&Co.,Inc
Brown Harriman & Co
Seasongood & Mayer
Walter, Woody & Heimerdinger
A. S. Huyck & Co
GEORGETOWN
CIVIL TOWNSHIP,
*
_
$31,223.00
27,455.00
26,975.00
26,307.00
17,431.85
17,340.00
101,00
Floyd County,
Ind.—BOND
Summers, Trustee, will receive sealed bids until 10
a. m. on April 10 for the purchase of $10,800 not to exceed
4J^% interest
school building bonds. Dated April 10 1936. Denom. $360. Due one bond
each six months from July 1 1937 to Jan. 1 1952 incl.
Rate of interest to
be expressed in a multiple of K of 1 %. Interest payable J. & J.
OFFERING—Virgel
HOWARD COUNTY (P. O. Kokomo), Ind.—BOND OFFERING—
Raymon Gilbert, County Auditor,-will receive sealed bids until 10 a. m.
April 3 for the purchase of $353,000 4% court house construction bonds.
on
Financial
2196
Dated April 1 1936.
Denom. .$1,000.
Due $9,000 June 15 and $11,000
Dec. 15 from 1937 to 1953 incl. and $6,000 June 15 and $7,000 Dec. 15 1954.
and interest (J. & D. 15) payable at the County Treasurer's
office. A certified check for 3% of the bonds bid for, payable to the order
of the Board of County Commissioners, must accompany each proposal.
Approving opinion of competent legal counsel will be furnished the successful
Principal
bidder.
INDIANA,
State
of—MUNICIPAL
DEBT
RESTRICTION
BILL
DEFEATED—The following self-explanatory letter was sent to us on
March 24 by Norman W. Gordon, Secretary of the Senate:
"This will acknowledge receipt of your communication bearing date of
March 21 in which you ask for information in regard to a measure intro¬
duced in the special session of the 79th Indiana General Assembly, which
would prohibit all governmental units from going in debt for any purpose
in
or
any
"I find
manner.
Legislature mentioned above confined itself strictly to measures dealing
only with social security.
"In this session there were just four bills that were passed.
These bills
were the Appropriation Bill and three others known as social security bills
and identified as the Public Health Bill, Social Welfare Bill and the Un¬
employment Compensation Bill."
the
JACKSON TOWNSHIP SCHOOL TOWNSHIP (P. O. Mount Ayr),
Ind.—PRICE PAID—The $16,500 4K % bonds recently awarded to Marcus
R. Warrender of Indianapolis, were sold at par plus a premium of $661.50,
equal to 104.009, a basis of about 3.91%.
and Dec. 15 from 1937 to 1950 incl.
Due semi-annually
on
June 15
JACKSON TOWNSHIP SCHOOL TOWNSHIP
O
(P
Mount Ayr),
rrustee,
will be received until 10 a. m. on April 11 for the purchase of $20,500 not to
school bonds. Dated April 10 1936. Denom. $500. Due
1938 to 1946 incl.; $1,000,
$1,000, July 1 1937; $1,000, Jan. 1 and July 1
Jan. 1 and $500, July 1 1947.
COUNTY (P. O. Indianapolis), Ind.—BOND SALE—
series A of 1936 (township poor relief) advancement fund
26—V. 142, p. 1862—were awarded to the Harris
Savings Bank of Chicago and the Mercantile-Commerce Bank
Co. of St. Louis as 2s at par plus a premium of $4,511, equal to
a basis of about 1.93%.
Dated April 10 1936 and due $42,000
1 and Dec. 1 from 1937 to 1946 inclusive.
MARION
The $840,000
bonds offered on March
&
Trust
&
100.537,
on
June
MONTGOMERY COUNTY (P. O. Crawfordsville), Ind.—BOND
CALL—All of the Culver Union Hospital 4% bonds dated Dec. 15 1927 and
maturing after June 15 1936 have been called for payment at par on June 15
1936, after which date interest will cease to accrue.
Bonds and coupons
will be redeemed at the County Treasurer's office.
OFFERING—Hubert L. Parkinson, City
bids until 10 a. m. on April 10 for the purchase
of $305,000 not to exceed 4% interest bonds, divided as follows:
$180,000 White River Interceptor bonds. Denom. $1,000. Due 5,000 on
p*
MUNCIE,
Ind.—BOND
Controller, will receive sealed
125,000 street widening bonds.
Due $5,000, Dec. 15 1942, and $5,000,
June 15 and Dec. 15 from 1943 to 1954 incl.
Each issue will be dated April 1 1935. Denom. $1,000. Interest payable
J. & D. 15. All of the bonds of each issue must bear the same interest rate,
expressed in a multiple of H of 1%.
Proposals for both issues must be
accompanied by two cert, checks of $3,000 each.
Approving opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder. Conditional bids will not be considered.
The bonds will
be delivered to the purchaser at the City Treasurer's office within 12 days
following the award.
O. North Terre Haute),
$4,307.16 judgment funding bonds offered on
March 25—V. 142, p. 2028—-were awarded to Marcus R. Warrender of
Indianapolis as 3Ms at par plus a premium of $18, equal to 100.417, a basis
of about 2.19%.
Dated April 1 1936 and due Dec. 31 1939.
OTTER CREEK SCHOOL TOWNSHIP (P.
Ind.—BOND SALE—The
TERRE HAUTE, Ind.—BOND SALE—The $7,000 coupon fire truck
bonds offered on March 25—V. 142, p. 1862—were awarded to Bartletb,
Knigbt & Co. of Chicago as 3s at par plus a premium of $15, equal to 100.211
basis of about 2.935%.
Dated March 30 1936 and due Dec. 30 1939.
a
Other bids were as follows:
_
Int. Rate
3M%
Bidder—
Marcus Warrender,
TERRE HAUTE,
Due
*
DELAWARE
COUNTY
(P. O. Manchester), Iowa—BOND CALL—
described primary
L. Clark, County Treasurer, will call the following
A.
road bonds for retirement
Amount
of May 1 next:
as
Dated
$135,000
35.000
295.000
1 1930
Nov. 1 1930
May 1 1931
$10,000
25—V
4M%
4 M%
4M%
866-1000
1001-1035
1056-1350
DES MOINES COUNTY
The
March
Interest Rate
Numbered
July
Iowa-BOVD SALE—
(P. O. Burlington)
issue of primary road refunding bonds offored for sale on
.142, p. 1680—was purchased by Vieth, Duncan, Worley
&
Wood, of Davenport, as lMs, paying a premium of $29.00, equal to
100.29, a basis of about 1.40%. Due $2,000 from 1937 to 1941 incl.
DUBUOUE
COUNTY
(P.
O.
Iowa—BOND
Dubuque),
CALLir-
Primary road bonds numbered 2227 to 2645, in the amount of $419,000,
dated Sept. 1 1930 and bearing interest at 4M%, are being called for
redemption as of May 1 it is announced by County Treasurer P. J. HiCKSon.
FAYETTE
COUNTY
(P.
O.
West
Iowa—BOND SALE—
for sale on March
Union)
The $9,000 issue of primary road refunding bonds offered
Wood, of Davenport, and the Central National Bank & Trust Co. of Des
Moines, as l^s, paying a premium of $10, equal to 100.111, a basis of
about 1.45%. Dated May 1 1936.
Due $3,000 in 1937, 1938 and 1939.
FLOYD COUNTY (P. O. Charles City), Iowa—BOND SALE—The
$126,000 issue of primary road refunding bonds offered for sale on March
23—V. 142, p. 1863—was awarded to a group ocmposed of the Harris
Trust & Savings Bank of Chicago, the Iowa-Des Moines National Bank of
Des Moines and the White-Phillips Corp. of Davenport as lMs, paying a
premium of $151, equal to 100.119, a basis of about 1.73%.
Due $14,000
from 1937 to 1945, inclusive.
,
,
3M%
—
,
.
FRANKLIN COUNTY
(P. O. Hampton), Iowa—BOND SALE—The
$383,000 primary road refunding bonds offered on March 23—V. 142, p.1863
—were awarded to the Central National Bank & Trust Co. of Des Moines
and Vieth, Duncan, Worley & Wood, of Davenport, at \%% interest,
for a premium of $1,651, equal to 100.431, a basis of about 1.64%.
Brown
Harriman & Co. of Chicago, the First Michigan Corp. of Detroit and
Jackley & Co., of Des Moines, were second high bidders.
Dated May 1
1936.
Due $50,000 yearly from 1937 to 1943; and $33,000 in 1944.
FREMONT COUNTY (P. O.
Sidney), la.—BOND CALL—C. C. Case.
County Treasurer, announces that on May 1 next $38,000 4M% primary
road bonds will be called for retirement.
The bonds bear date of May 1,
1931, and
are
numbered from 957 to 994.
HAMILTON COUNTY (P. O. Webster City), Iowa—BOND CALL—
J. K. Fear, County Treasurer, announces that
bonds will be called for payment as of May 1:
the following primary road
Amount
Dated
Numbered
Interest Rate
$167,000
239,000
Aug. 1 1930
Mar. 1 1931
419-585
612-850
4M%
4M%
HILLSBOROUGH
SCHOOL
DISTRICT
(P. O.
Hillsborough),
Iowa—BOND SALE—The $22,000 school bonds offered for sale on March
23—V. 142, p. 1863—were purchased by the Carleton D. Beh Co. of Des
Moines, according to the District
COUNTY
KEOKUK
(P.
O.
Secretary.
Sigourney),
SALE—The.
Iowa—BOND SALE— T
$282,000 primary road refunding bonds offered on March 24—V. 142,
1863—were awarded to the Fidelity Savings Bank of Marshalltown, the
Mahaska State Bank of Oskaloosa, and the First National Bantoof Dewitt,
as lMs, for a premium of $2,051, equal to 100.727, a basis of about
A group composed of the White-Phillips Corp. of Davenport, the
Iowa-Des Moines National Bank & Trust Co. ofDes Moines, and the Harris
Trust & Savings Bank of Chicago, submitted the second high bid, a premium
of $2,050 for 2Hs.
Dated May 1 1936.
Due $42,000 in 1937, and $40,000
yearly from 1938 to 1943, incl.
jointly,
1.56%.
_
Premium
$36.00
19.00
Ind.—WARRANT SALE—An issue of $75,000 2M%
time warrants, maturing June 30 1936, was sold recently to Marcus R.
Warrender of Indianapolis for a $15 premium.
The Indianapolis Bond &
Share Corp.
equal
CLINTON COUNTY (P. O. Clinton), Iowa—BOND CALL—Walter
G. Bockel, County Treasurer, announces that $50,000 AH% primary
road bonds, dated Sept. 1 1930, comprised of $50 $1,000 bonds, numbered
from 1601 to 2650, will be called for retirement as of May 1.
:
June 15 and Dec. 15 from 1942 to 1959 incl.
Indianapolis
A. S. Huyck& Co., Chicago
1936
26—V. 142, p. 2028—-was purchased jointly by Vieth, Duncan, Worley &
Ind —BOND OFFERING—Sealed bids addressed to Lee Morrison,
exceed 5% interest
March 28
Duncan, Worley & Wood of Davenport, paying a premium of $150,
to 101.153.
Coupon bonds dated Jan. 1 1936.
Denom. $1,000.
from 1938 to 1945.
Interest payable J. & J.
myself in a position where I am unable to furnish any information
relative to the matter in question for the reason that the special session of
Trust
Chronicle
KEYSTONE, Iowa—BOND SALE—The $16,000 Issue of coupon sewer
142, p. 2029—was purchased
outlet bonds offered for sale on March 23—V.
by the Keystone Savings Bank of Keystone as 2 Ms, paying a premium of
$125, equal to 100.781, according to the Town Clerk.
Denom. $1,000.
Dated April 1 1936.
Due on Dec. 1 in the following years: 1938, 1939.
1941 and 1943 to 1955.
Interest payable J. & D.
LEE
offered to take the notes on a 3% interest basis plus a $13
COUNTY
$300,000
premium.
'
(P.
O.
Fort
Madison)
Iowa—BOND
SALE— The
"
—V. 142
IOWA
price
$40,000 from 1937 to 1943, and $20,000 in 1944.
ALLAMAKEE COUNTY (P. O. Waukon), Iowa—BOND SALE—The
issue of $396,000 primary road refunding bonds offered on March 25—
V. 142, p. 1679—was awarded the Central National Bank & Trust Co. of
Des Moines and Vieth, Duncan, Worley & Wood of Davenport at 1M%
for a premium of $1,151, equal to 100.291, a basis of about 1.68%.
Dated
May 11936.
Due $50,000 yearly from 1937 to 1943, and $46,000 in 1944.
APPANOOSE COUNTY
(P. O. Centerville), Iowa—BOND CALL—
W. B. Houghs, County Treasurer, announces that
road bonds will be called for retirement as of May
Amount
$183,000
40,000
the following primary
1 next:
Dated
Numbered
Interest Rate
Sept. 1 1930
May 1 1931
711-893
894-933
AH %
4M %
APPANOOSE COUNTY (P. O. Centerville) Iowa—BOND SALE—
$223,000 issue of primary road refunding bonds offered for sale on
20—V. 142, p. 1862—was awarded to Halsey, Stuart & Co. of
Chicago, as lMs, paying a premium of $601, equal to 100.269, a basis of
about 1.68%. Dated May 1 1936. Due from 1937 to 1944 incl.
The
March
MAHASKA COUNTY (P. O. Oskaloosa), Iowa—BOND SALE—The
$167,000 primary road refunding bonds offered on March 23—V. 142, p.
1863—were awarded to the White-Phillips Corp. of Davenport, as lHs,
for a premium of $501, equal to 100.30, a basis of about 1.42%.
The
Mahaska State Bank of Oskaloosa, and the Fidelity State Bank of Marshalltown were second high bidders.
Dated May 1 1936.
Due $25,000 yearly
from 1937 to 1942, and $17,000 in 1943.
MARION COUNTY (P. O. ICnoxville), Iowa—BOND SALE—The
$694,000 issue of primary road refunding bonds offered for sale on March
23—-V. 142, p. 1863—was awarded to Halsey, Stuart & Co. of Chicago,
as 1Mb, at a price of 100.043, a basis of about 1.74%.
Dated May 1 1936.
Due $80,000, 1937 to 1944, and $54,000 in 1945.
The second highest bid,
and offer on 1Mb of 100.0422, was submitted by Jackley & Co. of Des
Moines.
p.
Iowa—BOND SALE— The $298,000
offered for sale on March 20—
auction to a group composed of
the Harris Trust & Savings Bank of Chicago, the White-Phillips Co. of
Davenport, and the Iowa-Des Moines National Bank & Trust Co. of
Des Moines, according to the County Treasurer.
Dated May 1 1936
of Des Moines, the Harris
Due from 1937 to 1945 incl.
BREMER COUNTY (P. O. Waverly), Iowa—BOND SALE—The issue
refunding bonds offered on March 26—Y. 142,
1680—was awarded to the Iowa-Des Moines National Bank & Trust Co.
Trust & Savings Bank of Chicago and the WhitePhillips Corp. of Davenport at 1% % interest for a premium of $301, equal
co 100.229, a basis of about 1.70%.
The Central National Bank & Trust
Co. of Des Moines and Vieth, Duncan, Worley & Wood of Davenport
offered to pay a $300 premium for lMs.
Dated May 1 1936.
Due $17,000
from 1937 to 1943 and $12,000 in 1944.
of $131,000 primary road
CHEROKEE COUNTY (P. O. Cherokee), Iowa— WARRANT FUND¬
ING—The Board of Supervisors is reported to have made arrangements
with the White-Phillips Co. of Davenport, for the funding of $15,000 poor
fund and $5,000 court and fund warrants, as of
MONTOUR
Stuart & Co. of Chicago offered a $24
CLAY COUNTY (P. O. Spencer), Iowa—BOND SALE—'The $180,000
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
Sturtz, Secretary of the Board of School Directors,
receive bids until March 31 for the purchase of the following school
OFFERING—'Frank
will
building bonds, which are to bear interest
$4,000 bonds.
Due $1,000 on Dec. 1 from
24,900 bonds.
Due on Dec. 1 as follows:
1939, 1940, 1941 and yearly from
at no more than 4%:
1945 to 1948.
$400, 1937; $500, 1938: $1,000,
1943 to 1948, and $2,000, 1949
to 1955.
Printed bonds and legal opinion of Chapman &
April 1.
CHICKASAW COUNTY (P. O. New Hampton), Iowa—BOND SALE
—The $8,000 primary road refunding bonds offered on March 24—-V. 142,
p. 1680—were awarded to Vieth, Duncan, Worley & Wood of Davenport,
on a bid of par for
1K% bonds.
Due $4,000 in 1937 and 1938.
The
Iowa-Des Moines National Bank & Trust Co. of Des Moines offered a $23
premium for 1Mb, and Halsey,
premium for 1 Ms.
MONROE COUNTY (P. O. Albia),
issue of primary road refunding bonds
V. 142, p. 1863—was awarded at public
.
Cutler, of Chicago, will
be furnished by the district.
MUSCATINE
COUNTY
(P.
O.
Muscatine),
Iowa—BOND SALE—
road refunding bonds offered on March 25—V. 142,
1863—were awarded to Halsey, Stuart & Co. of Chicago as 1 Ms for a
premium of $1,901, equal to 100.352, a basis of about 1.68%.
Brown,
The $540,000 primary
p.
Harriman &
Co.
$1,900 for 1Mb.
1945, inclusive.
ROCK
of Chicago,
second high bidders, offered a premium of
Dated May 1 1936.
Due $60,000 yearly from 1937 to
RAPIDS,
Iowa—BONDS
VOTED—At a recent election the
of $100,000 electric light
primary road refunding bonds offered on March 20—V. 142, p. 1680—
were awarded to Vieth, Duncan, Worley & Wood of Davenport, and the
Central National Bank of Des Moines, as 1Mb for a premium of $701,
people voted, by 541 to 21 in favor of the issuance
and power plant bonds.
equal to 100.389, a basis of about 1.65%.
Halsey, Stuart & Co. of Chicago,
were
second high bidders.
Dated May 1 1936,
Due $25,000 yearly
BOND OFFERING—F.
from 1937 to 1943; and $5,000 1944.
CLAYTON COUNTY (P. O. Elkader), Iowa—BOND SALE—The
$493,000 primary road refunding bonds offered on March 25—V. 142, p.
2028—were awarded to Halsey, Stuart & Co., of Chicago, as lMs, for a
premium of $2,001, equal to 100.406, a basis of about 1.65%. Dated May 1
1936. Due as follows: $65,000, 1937 to 1941; $60,000, 1942 and 1943; and
$48,000 in 1944.
.
CLIMBING
HILL
CONSOLIDATED INDEPENDENT SCHOOL
DISTRICT (P. O. Climbing Hill), Iowa—BOND SALE DETAILS—
The $13,000 issue of refunding bonds that was sold recently as 3Ms. as
reported in these columns—V. 142, p. 1862—was purchased by Vieth,
SHARPSBURG
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—
Hamblin, Secretary of the Board of School
Directors, will receive bids until 7:30 p. m. March 31, for the purchase of
$6,500 school budding bonds.
L.
(P. O. Bedford), Iowa—BONDS OFFERED FOR
Co., Inc., Jackley & Co.
offered on March 25 at prices
to yield from 0.40% to 2%, according to maturity, a new issue of $495,000
2% primary road refunding bonds, due May 1 1937-45, inclusive.
Interest
on the bonds is exempt under present laws from all Federal income taxes.
In the opinion of counsel the bonds constitute valid and legally binding
obligations of the county and provision has been made for the payment of
principal and interest from the proceeds of a voted annual tax and from the
TAYLOR COUNTY
PUBLIC SUBSCRIPTION—Brown, Harriman &
of Des Moines and First of Michigan Corp.
-
Financial
Volum* 142
annual allotment to the county of the State Primary Road Fund.
The
bonds are also, in the opinion or counsel, general obligations of the county,
payable principal and interest from ad valorem taxes which may be levied
on all taxable property therein without limitation as to rate or amount.
UNION COUNTY (P. O. Crest on), la.—BOND CALL—F. O. Locke,
County Treasurer, announces that primary road bonds numbered 612 to
1029, aggregating $418,000, bearing interest at 4H % and dated Sept. 1
1930, are to De called for redemption as of May 1 next.
2197
Chronicle
WINNESHIEK COUNTY (P. O. Decorah), Iowa—BOND SALE—The
$207,000 primary road refunding bonds offered on March 24—V. 142, p.
1863—were awarded to Haisey, Stuart & Go. of Chicago as ljtfs for a
premium of $951, equal to 100.459, a basis of about 1.64%.
Vieth, Duncan,
Worley & Wood of Davenport and the Central National Bank of Des Moines
were second high bidders, offering a premium of $950 for 1K&Dated
May 11936.
Due $32,000 in 1937 and $25,000 yearly from 1938 to 1944.
VAN BUREN COUNTY (P. O. Keosauqua) Iowa—BOND OFFERING
POSTPONED—We
are
informed
by O.
Coykendall, Administration
KENTUCKY
Engineer, State Highway Commission, that owing to the failure to secure
proper pubication of the notice of sale, the $90,000 primary road refunding
bond sale proposed for this county, at 3 p. m. on March 26, as noted here
recently—V. 142, p. 1863—has been postponed to April 3, at 10 a. m.
Bidders are to name the rate of interest in a multiple of M of 1%.
Dated
May 1 1936. Due $15,000 yearly from 1937 to 1942. A certified check for
3% of the amount of issue, payable to J. K. O'Neill, County Treasurer,
must accompany the bid.
Municipal Bonds
EQUITABLE
Securities
New York
VINTON, IA.—BONDS AUTHORIZED—-The City Council has passed
ordinance authorizing the Issuance of $30,000 municipal electric light
an
plant revenue bonds.
S.
Birmingham
WARREN COUNTY (P. O. Indianola), Iowa—BOND CALL—Clint
Steel, County Treasurer, announces that the followihg primary road
July
1 1930
Sept. 1 1930
122.000
Corporation
Nashville
-
Memphis
Knowllfe
•
bonds will be retired as of May 1 next:
Amount
Dated
$270,000
•
Chattanooga
Numbered
KENTUCKY
LEXINGTON,
Interest Rate
796-1065
1079-1200
454%
4}*%
WASHINGTON COUNTY (P. O. Washington). Iowa—BOND SALE
-—The $117,000 primary road refunding bonds offered on March 24—
V. 142, p. 1863—were awarded to the Fidelity Savings Bank of Marshall-
town, the Mahaska State Bank of Oskaloosa and the First National Bank of
Dewitt, as 154s, for a premium of $826, equal to 100.706, a basis of about
1.59%.
The Muscatine State Bank & Trust Co. of Muscatine offered a
premium of $825 for 154s.
Dated May 1 1936.
Due $15,000 yearly from
1937 to 1943 and $12,000 In 1944.
WAYNE COUNTY (P. O. Corydon), Iowa—BOND SALE—The issue
of $68,000 primary road refunding bonds offered on March 19—-V. 142, p.
1681—was awarded to Wheelock & Cummins, of Des Moines, at 154 %
interest, for a premium of $241, equal to 100.354, a basis of about 1.66%.
A syndicate composed of the Harris Trust & Savings Bank of Chicago, the
White-Phillips Corp. of Davenport, and the Iowa-Des Moines National
Bank & Trust Co. of Des Moines, were second, offering a $240 premium
for 154s.
Dated May 1 1936.
Due $10,000 yearly from 1937 to 1942, and
$8,000 in 1943.
,
WYANDOTTE COUNTY (P. O. Kansas City), Kan .—BONDS SOLD
$250,000 poor fund bonds that were authorized recently by the
—The
Board.of County Commissioners—V. 142, P. 1864—are said to have been
Ky.—REPORT ON PURCHASE
OF
WATER
COM¬
PANY—
A banking syndicate composed of the Security Trust Co. of
Lexington, Ky.; Stranahan, Harris & Co., Walter Woody & Heimerdinger,
and C. W. McNear & Co., Is said to have agreed to finance purchase of
the Lexington Water Co. by the City of Lexington through issuance of
bonds payable from company's revenue.
The City Commissioners au¬
thorized the Mayor and City Manager to make the purchase, provided the
price is fair and reasonable and that investigation shows it to be good busi¬
ness, according to report.
LOUISVILLE, Ky.—BOND OFFERING—John R. Lindsay. Director of
Finance, will receive bids until 10 a. m. March 24 for the purchase of
$43,646.86 4% special assessment street improvement bonds.
Denom.
$1,000, $500, $100, and one for $146.86.
Due $4,800 on Feb. 12 in the
years, 1937, 1938, 1940, 1942, and 1944; $4,900 on Feb'. 12 in the years
1939, 1941 and 1943; and $4,946.86, Feb
12 1945; all redeemable at the
option of the district on and after Feb. 12 1940. Cert, check for $500, pay¬
able to the Director of Finance, required.
v
■
.
LOUISVILLE, Ky.—REPORT ON SINKING FUND BON^YaTe^
The officials of the city sinking fund, on March 26, are reported to have
sold an aggregate of $3,647,000 in bonds, due. variously from 1960 to 1970,
and
carrying
coupons
that the award
a
was
of 3H%, 4%, 4H% and 4H%•
It is understood
a representative of an insurance company, at
made to
high price.
purchased Jointly by the Harris Trust & Savings Bank of Chicago and Estes,
Payne & Co. of Topeka as 2s at a price of 100.83.
It is said that these
bonds are dated March 1 1936 and mature from March 1 1937 to 1946,
giving a basis of about 1.84%.
Immediate Firm Bide
on
LOUISIANA MUNICIPALS
KANSAS
CUNNINGHAM, Kan.—-BOND SALE— It is reported by the City Clerk
that the $20,000 354% semi-annual water works system bonds approved
by the voters at the election held on Feb. 3—V. 142, p. 1154—have been
purchased by the School Fund Commission. (A loan in this amount has
been approved by the Public Works Administration.)
Schorff L Jones
incorporated
A. T.T.TEL. N. O. 180
GARDEN CITY SCHOOL DISTRICT NO. 1, KAN.—BOND ELEC¬
TION—A proposed $50,000 bond issue for construction of a school building
will be submitted to the voters at an election to be held on April 1.
GREEN, Kan.—BOND SALE—The State School Fund Is said to have
purchased $1,500 3 H% semi-annual water works bonds approved by the
voters last December.
GREENSBURG,
Kan.—BONDS AUTHORIZED—An ordinance has
authorizing the issuance of $58,000 sewerage and sewage dis¬
been passed
posal plant bonds.
Kan.—BOND ELECTION—An election will be held
HAYS,
on
April 7
at which the voters will pass on two proposed bond issues, one of $5,000 for
the purchase of park land and the other of $46,000 for construction of a
swimming pool and bath house.
HUTCHINSON, Kan.—BOND SALE—We are informed by Wlllard
Welsh, City Clerk, that an $86,500 issue of 2% coupon refunding bonds was
awarded on March 17 to Stern Bros. & Co. of Kansas City, Mo., at a price
of 100.012.
TELEPHONE RAYMOND 1189
New Orleans
LOUISIANA
AVOYELLES PARISH SCHOOL DISTRICTS (P. O. Marksville),
La.—BOND OFFERING—Sealed bids will be received until April 7, by
C. E. Labor de. Secretary of the Parish School Board, for the purchase of
three issue of school bonds aggregating $65,000, divided as follows: $20,000
School District No. 1; $30,000 School District No. 9, and $15,000 School
District x?o. 14 bonds.
>
,
BOGALUSA, La.—BOND SALE—The $15,000 issue of 5% semi-ann.
paving bonds offered for sale on March 24—V. 142, p. 1681—was purchased
by the First State Bank & Trust Co. of Bogalusa, according to report.
CALDWELL PARISH (P. O. Columbia), La.—BOND ELECTION—
April 21, in order to have the
the proposed issuance of $70,000 in court house construction
It is reported that an election will be held on
voters pass on
bonds.
KANSAS, State of—REPORT ON TOTAL BONDED INDEBTEDNESS
—George Robb, State Auditor, recently announced that the total bonded
Indebtedness in Kansas at the close of 1935 was $137,141,526. This included
all bonds outstanding against counties, cities, school districts and other
municipalities authorized to issue their bonds. The State's bonded indebted¬
issued for payment of the soldiers' bonus, was $20,250,000.
Wyandotte led the counties with $20,939,771 in bonds, Sedgwick was
These amounts
included the bonds issued by cities and all other districts in the counties.
Bonds outstanding by counties were:
ness,
second with $10,355,917, and Shawnee third, $6,319,204.
$1,156,149
Allen
Greeley
Anderson.....
-
Greenwood
Atchison..
Hamilton
190,084
1,544,329
Barber..----487,202
Barton
1,020,935
Bourbon
1,084,473
Brown
923,431
Butler
1,193,600
Chase
A
213,898
Chautauqua..
562,354
Cherokee.....
1,018,057
Cheyenne
318,824
Clark..
238,653
Clay
338,757
-
Harper
Harvey
Haskell.
Hodgeman
Jackson.
Jefferson.....
Jewell.
575,979
Johnson
Kearny.
Kingman
Kiowa....
Cloud
424,643
Coffey
327,834 Lane....
264,636 Leavenworth-
Labette......
-
Commanohe
--
2,513,634
Lincoln.
Linn
Elk
2,294,744
447,594
1,696,315
626,304
1,929,017
444,002
320,450
Ellis
1,190,525
Cowley...
-
Crawford
Decatur
Dickinson
Doniphan.
Douglas
Edwards
Ellsworth.....
Finney....--Ford..—
—
Geary.———
Gove...
(Graham
Grant
—-
540,032
Lyon........
Marion..,
Marshall....
.
McPherson
Meade.
Miami
Mitchell......
434,327 Osage
1,051,795
842,114
1,357,583
1,002,038
604,668
1,494,199
275,775
2,509,560
498,350
144,800
Morton
819,688 Nemaha
310,860 Neosho
326,348 Ness....
261,811 Norton
LEAVENWORTH
2,059,891
161,244
174,100
191,415
1,913,979
255,231
2,141,934
184,120
894,063
Logan
1,117,215 Montgomery..
1,964,983 Morris
1,719,952
Franklin
Gray.
268,525
224,066
535,137
340,784
502,060
618,127
597,337
243,859
526,910
889,441
—.
493,872
726,629
414,468
810,770
476,139
Osborne
599,664
Ottawa
214,468
Pawnee......
465,303
Phillips
305,648
Pottawatomie.
1,244,460
Pratt
771,102
Rawlins......
440,151
Reno
3,051,103
Republic
462,112
Rice
561,046
Riley
1,390,132
Rooks
410,593
Rush
249,836
Russell
629,406
Sallna
2,492,094
Scott
355,229
Sedgwick
10,355,917
Seward
1,273,755
Shawnee
6,319,204
Sheridan
290,162
Sherman
689,236
Smith
359,531
Stafford
320,898
Stanton......
209,778
Stevens..
500,807
Sumner
1,694,929
Thomas
953,986
Trego
282,074
Wabaunsee
132,116
Wallace
188,405
Washington
392,716
Wichita
142,715
Wilson
803,134
Woodson
468,539
~
"
COUNTY
(P. O. Leavenworth), Kan .—BOND
SALE—The $4? ,600 poor fund bonds offered on March 25 were awarded
to the Oity National Bank & Trust Co. of Kansas City on a bid of 100.156
for 1 H&.
Due $10,000 yearly for four years and $2,600 the fifth year.
LENORA, Kan.—BOND SALE—It Is stated by the City Clerk that
$4,000 park bonds have been purchased by a local bank.
Dated Feb. 1
1936. Due $500 on Feb. and Aug. 1, from 1937 to 1940 ind.
MOUND
LOUISIANA, State of—BOND OFFERING—Sealed bids will be received
April 28, by A. P. Tugwell, chairman of the State High¬
Commission, for the purchase of a $2,500,000 issue of 4H% semi-aim.
highway, series P bonds. Denom.,$l ODO. Dated April 15 1936. Due on
April 15 as follows:
$10 000 1940; $20 000 1941; $30 000, 1942; $40,000,
1943; $50,000, 1944; $60.000,1945; $70,000. 1946; $80,000. 1947; $90,000,
1948; $100,000, 1949; $110,000, 1950; $120,000, 1951; $130,000, i952;
$140,000, 1953; $150,000, 1954; $160,00, 1955; $158,000, 1956: $177,000,
1957; $185,000, 1958; $195,000, 1959; $207,000, 1960, and $218,000 Jn
1961.
This issue of bonds will be marked series P merely for purposes of
until 11 a. m. on
way
identification.
The bonds rwill be awarded to the bidder offering to pay
and accrued interest and the highest premium and no bid for less than
the entire issue will be considered.
Prin. and int. (A. & O.) 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, registerable as
par
to
principal only or as to both principal and interest, with privilege of
reconversion into ooupon bonds.
All bidders must agree to accept delivery
of the bonds in Baton Rouge, and pay the purchase price thereof on or
before May 11 1936, upon tender of the bonds by the State, together with
the opinion of Thomson, Wood & Hoffman of New York City, approving
the validity of the bonds.
A certified check for $12,500, payable to the
State Highway Commission, must accompany the bid.
These bonds are payable
but they are also
LOUISIANA,
primarily from the 4% a galon motor fuel tax
considered as full faith and credit obligations of the State.
State
of—FINANCIAL
NIC KERSON, Kan.—BOND ELECTION—A proposal to issue $29,500
gas distribution system bonds will be voted upon at an election which will
be held on April 7.
from
the
same
month last year.
Other pertinent facts regarding the financial condition
of the State follow:
Cash receipts into the State
Treasury from all
sources
July 1
1935 through Dec. 31 1935—
$30,570,550
Cash expenditures out of State Treasury for all purposes July 1
1935 through Dec. 31 1935
29,124,302
Cash
receipts in excess of cash expenditures July 1
1935
through Dec. 31 1935
$1,446,248
Estimated cash receipts into State Treasury from all sources
Jan. 1 1936 through June 30 1936
$29,567,839
Estimated cash expenditures out of State Treasury for all pur¬
poses
Jan. 1 1936 through June 30 1936.
$29,145,851
Estimated cash receipts in excess of cash expenditures Jan. 1
1936 through June 30 1936
Estimated cash receipts into State Treasury from all sources in
excess of cash expenditures for all purposes during fiscal year
July 1 1935 through June 30 1936..
$421,988
1,868,236
ST. HELENA PARISH (P. O. Greensburg), La.—BOND SALE—The
$12,000 issue of court house bonds offered for sale on March 24—V. 142,
p. 1507—was purchased by Weil & Co., Inc., of New Orleans, as 5%s, pay¬
ing a price of 100.221, a basis of about 5.725%.
Dated April 11936. Due
from April 1 1939 to 1956, incl.
VALLEY, Kan.—BONDS NOT SOLD— It is stated by the
City Clerk that the $27,500 issue of 3% semi-ann. water Works construction
bonds offered on March 16—V. 142, p. 1864—was not sold as all the bids
received were rejected. Dated Oct. 11935. Due from Aug. 1 1936 to 1955.
DATA—Revenue
fasoline for the month of February, showing a gain of 17% over increased
92.117 tax, which is applicable to Louisiana highway bonds, the
MAINE
SOUTH
PORTLAND,
Me.—NOTE
SALE—The $150,000 revenue
anticipation temporary loan notes offered on March 24—V. 142, P. 2030—
were awarded to the Oasco Bank 8c Trust Co. of Portland on a 0.53% dis¬
count basis.
Leavitt & Co. of New York
discount plus a $3 premium.
were
second
Dated April 11936.
high, bidding 0.54%
Payable Dec. 11936.
Other bids
were as
$7,000, 1937 to 1939, and $6,000, 1940 and 1941.
Other bidders
100.70 for 1 )4s; Tyler, Buttrick
Boston, 100.61 for l^s; E. H. Rollins & Sons, Boston, 100.262
for l)4s; and Estabrook & Co. of Boston, 100.22 for l^s.
follows:
follows:
Bidder—
Canal National Bank, Portland
Merchants National Bank of Boston
..
E. H. Rollins & Sons
„
Discount
0.68%
0.69%
0.67%
were:
QUINCY, Mass.—NOTE SALE—The issue of $500,000 revenue anticipa¬
tion temporary loan notes offered on March was awarded to Leavitt & Co.
of New York on a .29% discount basis, plus a premium of $1.40.
The
Merchants National Bank of Boston bid .32% discount.
Dated March
MASSACHUSETTS
25 1936 and payable $250,000 on each of the dates Nov.
BELMONT, Mass.—NOTE SALE—Tyler, Buttrick & Co. of Boston
issue of $30,000 street
The State Street Trust Co., bidding for 2s,
follows:
school loan bonds was awarded to Newton,
bid of 100.16 for 1 Hs, a basis of about 1.47%.
Int. Rate
Abbe & Co., of Boston,
Tyler, Buttrick & Co..
second high with a bid of 100.83 for l%s. Denom. $1,000
Dated April 1 1936.
Principal and semi-annual interest (April 1 and Oct 1)
payable at the First National Bank of Boston. Due $7,000 yearly on April 1
2)4%
BOSTON, MasSs.—IMPENDING TAX RATE SCORED—In a report
March 23, the Boston MuniciDal Research Bureau issued a
warning against the impending tax rate of $43.30 for 1936 and seated that
the city must borrow or retrench to the extent of $10,000,000 if the tax rate
is to be maintained at the 1935 figure of $37 per $1,000 of assessed Valuation.
made public on
The report declared that "during 1935, for the fifth time in trie six years of
depression, Boston endured the highest adjusted tax rate of any American
We
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
MICHIGAN
BINGHAM TOWNSHIP SCHOOL DISTRICT NO.
required.
Bids to be conditioned only on the approval of Paul Woodworth,
Esq., of Bad Axe.
premium of $1.75
The Boston Safe Deposit & Trust Co., of
Boston, was second, bidding 16% discount, plus a $16 premium.
Dated
March 23 1936 and payable Nov. 24 1936.
Other bids were as follows: National Shawmut Bank, 0.17%; Merchants
National Bank, 0.17%; Washburn & Co., 0.175%; Newton, Abbe & Co.,
0.25% plus $1.25; Leavitt & Co., 0.265%; Faxon, Gade & Co., 0.34%.
DEERFIELD, Mich.-—BONDS VOTED—At an election held on March 9
approval to a proposal to issue $30,000
the voters by 105 to 47 gave their
municipal water works construction
DEDHAM, Mass.—NOTE SALE—An issue of $75,000 temporary loan
$50,000 coupon water
2030—were awarded to the Cape
bid of 100.78 for 2s, a basis of about
SALE—The
GROSSE
follows:
100.27
100.135
100.11
2)4%
2M %
Mas a.—TEMPORARY
100.117
100.27
LOAN—The town
divided the
between the Naumkeag Trust
submitted a bid of 0.18%.
also bid for as follows:
First Boston Corp., each having
The notes mature Nov. 25 1936
and were
Bidder—
Discount
.
SCHOOL
DISTRICT
NO.
1
(P.
O.
Mich.—BONDS
NOT
SOLD—The $11,500 water
142, p. 1865—failed to
bonds offered on March 23—V.
bids.
—0.183%
0.19%
—0.19%
Co
New England Trust
FOR
PORTLAND TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Port¬
land), Mich.—BOND OFFERING—R. C. Holtz, Secretary of the Board of
award of an issue of $40,000 revenue notes
Co. and the
Mich.—PROVIDES
Education, will receive sealed bids until 8 p.m. (Eastern Standard Time)
on March 31 for the purchase of $32,000 not to exceed 4% interest coupon
(registerable as to principal only) general obligation school bonds.
Dated
Nov. 1 1935.
Due Nov. 1 as follows: $1,000 from 1937 to 1962, incl. and
$2,000 from 1963 to 1965, incl.
Principal and interest (M. & N.) payable
at the office of the Treasurer of the Board of Education or at the MaynardAllen State Bank, Portland.
A certified check for $500 must accompany
eacn bid.
Proposals to be conditioned only on the approval as to validity
of Harold E. Storz, attorney.
100.33
2^%
2H%
E. H. Rollins & Sons
Hornblower & Weeks
attract any
100.78
100.388
2)4,%
-»
TOWNSHIP
system revenue
100.09
100.87
2M%
Ballou, Adams & Whittemore
Cape Ann Savings Bank
First Boston Corp
ILE
NORTHVILLE,
*
2%
2%
Estabrook & Co-
HAMILTON,
100.555
2%
2%
2%
DISTRICT,
HURON COUNTY (P. O. Bad Axe), Mich.—BOND ELECTIONAX the April election the voters of the county will pass on the question of
issuing $40,000 county infirmary construction bonds.
Rate Bid
Int. Rate
SCHOOL
Grosse lie), Mich.—BONDS NOT SOLD—No bids were submitted for the
$64,000 not to exceed 4)4% interest refunding bonds offered on March 24—
V. 142, p. 2031.
Dated March 1 1936 and due March 1 1960; redeemable
on any interest payment date.
The Merchants National Bank of Boston was second high with
a bid of 100.64 for 2s.
Dated April 1 1936.
Due yearly on April 1 as fol¬
lows: $4,000, 1937 to 1941, and $3,000, 1942 to 1951.
1.89%.
were as
RAPIDS
GRAND
includes an item of $644,475 for debt service
charges, to be obtained through a levy of 3.5 mills on an assessed valuation
of $184,000,000.
The charges consist of $402,451 for maturing bond
principal and interest payments of $145,353.
DEBT SERVICE—The budget
bonds offered on March 24—V. 142, p.
Other bids
bonds.
FLINT, MICH.—TO REDEEM BONDS—The city will retire a group
of its bonds due April 15 1936.
notes, dated March 26 1936 and maturing Nov. 27 1936 was awarded on
March 25 to the Merchants National Bank of B<>ston on a .16% discount
basis.
The National Shawmut Bank of Boston bid .165% discount.
Bidder—
(P. O. Ubly),
cation, will receive sealed bids until 8 p. m. on March 31 for the purchase of
$47,000 not to exceed 4% interest coupon school bonds.
Due Nov. 15 as
follows: $1,000,1936to 1945, incl.; $2,000,1946; $1,000,1947; $2,000,1948;
$1,000, 1949; $2,000, 1950; $1,000 in 1951 and $2,000 from 1952 to 1965,
incl.
Register able as to principal only.
Principal and interest (M. & N.)
payable at the District Treasurer's office.
A certified check for 5% is
a
Whiting, Weeks & Knowles
Tyler, Buttrick & Co
Newton, Abbe & Co
Gloucester Safe Deposit & Trust Co
Gloucester National Bank
5
Mich.—BOND OFFERING—J. C. Zulauf, Secretary of the Board of Edu¬
BROOKLINE,
Mass.—NOTE OFFERING—The $300,000 revenue
anticipation temporary loan notes offered on March 23—V. 142, p. 2030—
awarded to the First Boston Corp. of Boston on a .15% discount basis,
Mass.—BOND
A. T. T. Tel. DET347
Telephone CHerry 6828
were
GLOUCESTER,
Buy for Our Own Account
"extreme difficulty with
burden," the document
pointed out that where in prior years the city was able to collect almost
90% of its annual tax rate, only 70% of the 1934 levy was collected by the
end of the year and thougn there was slight improvement in collections in
the past year, the delinquency in 1935 was worse than in 1932.
Statistics
compiled by the bureau showed that the city had an accumulated five-year
"cash deficit" of $20,730,000 on Dec. 31 1935.
This, it was said, amounted
to 90.5% of the total of delinquent taxes outstanding.
The falling off in
tax collections is further reflected, the bureau states, in the increasing total
of the city's floating debt.
Prior to 1932, it is said, the city finished each
year with no temporary loans outstanding. Since that time, however, the
city has found it necessary to postpone the payment of an increasing amount
of temporary loans until the year following the use of the proceeds."
The
floating debt, tvhich was $8,000,000 in 1932, rose to $21,500,000 in 1935.
Boston's total net debt of all types, the bureau's tables show, rose from
$137,113,000 in 1930 to $217,643,000 in 1935. Much of this increase is for
bond issues of a type wholly or partially self-supporting, but the Research
Bureau declares that in view of decreasing assessed valuations, unbalanced
budgets and other adverse factors, "the $80,000,000 increase in Boston's
debt for all purposes in five years is extremely serious."
Ann National Bank of Gloucester on a
100.57
100.79
2)4%
-
WAKEFIELD, Mass.—NOTE SALE—An issue of $150,000 revenue
anticipation temporary loan notes has been awarded to the Merchants
National Bank of Boston on a 0.21% discount basis plus a premium of $6.
Due $50,000 on each of the dates Nov. 6, Nov. 25 and Dec. 9 1936.
Other
bidders were: Washburn & Co., Boston, 0.25%; Second National Bank of
Boston, 0.295%; National Shawmut Bank of Boston. 0.46%; and Faxon,
Gade & Co., Boston, 0.58%.
from 1937 to 1946.
plus
Rate Bid
101.179
*
2)4%
SPRINGFIELD, Mass.—NOTE SALE—Two issues of tax anticipation
notes aggregating $400,000 were sold recently at private sale as follows:
$300,000, due Jan. 7 1937, at 0.185% discount and $100,000 maturing
Nov. 12 1936 at 0.165%.
of Boston, were
city over 500,000 in population."
Referring to the
which local real estate is meeting the increased tax
follows:
Webster, Kennedy & Co
Halsey, Stuart & Co., Inc
Mass.—BOND SALE—On March 26 an issue of $70,000
BEVERLY,
were as
Brown Harriman & Co
offered 101.51 for the 1937
coupon
$8,000,1937^01946; and $6,000,1947 to 1951.
Other bids
Bidder—
maturity: 1938, 102.06 and 1939 at 102.19.
on a
10 and Dec. 8 1936.
SOMERSET, Mass.—BOND SALE—The $110,000 coupon high school
loan bonds offered on March 24—V. 142, pi 2030—were awarded to Tyler,
Buttrick & Co. of Boston on a bid of 100.59 for 2s, a basis of about 1.91%.
Estabrook & Co. and Newton, Abbe & Co., both of Boston, offered a joint
bid of 100.16 for 2s.
Dated March 15 1936.
Due yearly on March 15 as
construction notes as
at a
price of 100.20, a basis of about 16.5%.
Dated April 1 1936
and due *>10,000 on April 1 from 1937 to 1939, incl.
The rate is believed
to be the lowest ever paid on an issue of serial notes sold either by the
State or any of its subdivisions.
Other tenders were as follows:
Bidder—
Int. Rate
Rate Bid
Second National Bank of Boston
1%
100.678
Merchants National Bank
1%
100.47
National Shawmut Bank
1%
100.26
an
Second National Bank of Boston,
& Co. of
0.98%
Faxon, Gade & Co
have been awarded
1936
March
Chronicle
Financial
2198
Newton, Abbe & Co
Day Trust Co
Northwestern
MILTON, Mass.—BOND OFFERING—Clyde L. Whittier, Town Treas¬
will receive bids until 11 a.m. March 31 for the purchase at not less
of the following coupon bonds:
Municipals
urer,
Minnesota, North and South Dakota, Montana,
than par
$20,000 sewer loan, 1936, bonds.
Due $2,000 yearly on April 1 from 1937
to 1946, inclusive.
20,000 water loan bonds.
Due $2,000 yearly on April 1 from 1937 to
1946, inclusive.
$1,000.
Dated April 1 1936.
Principal and semi-annual in¬
(April 1 and Oct. 1) payable at the First National Bank of Boston,
in Boston.
Bidders are to name rate of interest, in a multiple of )4 %.
They will be engraved under the supervision of an 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
Oregon, Washington
WELLS-DICKEY COMPANY
Denom.
terest
inspected.
Bonds will be
delivered to the purchaser on or about April 10 at the First
National Bank of Boston, in Boston.
(included in total debt)
Population (1935) 18,103.
Water bonds
1934 tax
1935 tax
excise)
1,315,000.00
471,000.00
levy—$1,037,043.78—uncollected to date—$3,419.88.
levy—$1,050,538.37—uncollected to date—$127,426.19.
COUNTY (P. O. Dedham), Mass.—NOTE OFFERING
—Ralph D. Pettingell, County Treasurer, will receive bids until 11 a. m.
April 7 for the purchase at discount of $75,000 tuberculosis hospital main¬
tenance notes, dated April 7 1936 and maturing April 7 1937, payable at
the First National Bank of Boston, in Boston.
Denom. two for $25,000,
two for $10,000 and one for $5,000.
Delivery to be made on or about
April 8 at the First National Bank of Boston, in Boston.
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.
NORTHBRIDGE, Mass.—BOND SALE—The $33,000 water distribu¬
23—V. 142, p. 2030—were awarded
a
basis of about
1.00%.
MINNESOTA
-
ANOKA COUNTY
(P. O. Anoka), Minn.—
Carlson, County Auditor, will receive bids until 10
—15. A.
a. m.
April 11 for the
purchase of $13,500 refunding bonds, which will bear interest at no more than
3%. Denom. $500. Principal and semi-annual interest (April 1 and Oct. 1)
payable at the Northwestern National Bank & Trust Co., of Minneapolis.
$2,500, 1946.
$39,243,805.00
NORFOLK
tion system bonds offered on March
to Webster, Kennedy & Co. of New
Teletype—Mpls287
Due yearly on April 1 as follows:
Financial Statement March 1 1936
Assessed valuation 1935 (including motor vehicle
Total bonded debt, not including these issues
Telephone—Minneapolis Atlantic 4201
York on a bid of 100.7199 for lj^s,
Dated March 15 1936.
Due on March 15 as
$1,500, 1939 to 1944; $2,000, 1945, and
County will furnish the blank bonds and the legal opinion of
H. W. Moody, of St. Paul.
CANBY, Minn.—BOND ELECTION—At an election to be held on
April 7 a proposal to issce $38,500 municipal building bonds will be voted
upon.
CHISAGO
Minn.—CERTIFICATE OFFERING— Geo.
W.
CITY,
Palmer, Village Clerk, will receive bids until 8p.m. April 6, for the purchase
4)4 % certificates of indebtedness.
of $14,500
DILWORTH SCHOOL DISTRICT (P. O. Dilworth) Minn.—BONDS
on March 19—V. 142, p. 1865—the voters
VOTED—At the election held
approved
bonds by
the
issuance
of the
a count of 167 to 156.
for sale about March 31.
DULUTH,
Minn.—BOND
$30,000 serial gymnasium and auditorium
It is stated that these bonds will be offered
OFFERING—Sealed
bids will be received
until 2 p. m. on April 6, by C. D. Jeronimus, City Clerk, for the purchase
of an issue of $150,000 coupon municipal unemployment project bonds.
Interest rate is not to exceed 6%, payable M. & N. Denom. $1,000. Dated
May 1 1936. Due on May 1 as follows: $5,000, 1937; $10,000, 1938; $5,000,
1939; $10,000, 1940, and so on up to the final $10,000 in 1956. Prin. and
payable at the Irving Trust Co. in New York City.
The approving
opinion of Chapman & Cutler of Chicago, will be furnished.
Delivery of
int.
*
certified check for 2% of
Deductions
A
the city, is
National Bank, of Duluth.
bonds to be made at the First & American
the par value of the bonds, payable to
DULUTH, Minn.—CERTIFICATE SALE—An issue of $200,000 3%
of indebtedness was sold recently to the First & American
National Bank of Duluth.
the
Village Clerk states that
Minn.—MATURITY—The
GIBBON,
local banks,
from Feb. 1
MINNEAPOLIS,
General impt. bonds authorized but not issued.
Margin for future bond authorizations
APPROVED—The
BONDS
Minn.—RELIEF
Margin for future bond issues
Statutory bonded debt limit (10% of
The percentage of the net
valuation is
Statement
Warrants outstanding less
Seed loan certificates of ind
Municipal bond account
$262,592,235
1935 tax rate—City purposes
1935 tax rate—County purposes
—Cady & Co. of Columbus were the
•
—
State relief
Assessed valuation 1935:
a
LINCOLN COUNTY (P. O.
1,238,226,937.00
Real estate
155,548,331.00
559,565,672.00
...
Whitney National Bank of New
premium of $75.
COUNTY
O. Fergus Falls) Minn.—BONDS
AUTHORIZED—The County Board is said to have authorized recently the
issuance of $140,000 in old-age pension and relief bonds.
TAIL
(P.
O. St. Paul), Minn.—FINANCIAL STA¬
official statement bearing on the county's
of $200,000 bonds
which is taking place on April 6—V. 142, p. 1865:
RAMSEY
COUNTY
TISTICS—The
(P.
following
Brookhaven), Miss.—MATURITY—It is
Hart, Chancery Clerk, that the $59,000 4% semi-annual
refunding bonds purchased early this month by the J. S. Love Co. of Jack¬
son for a premium of $210, equal to 100.355, as noted here at that time—
V. 142, p. 1865—are due on Oct. 1 as follows: $3,000, 1937 to 1949, and
$4,000, 1950 to 1954, giving a basis of about 3.96%.
stated by F. J.
$1,953,340,940.00
Total
OTTER
Orleans was second high, offering
Miss.—BOND OFFERING— Sealed bids will be received
until 7 p. m. on April 7, by Mayor E. S. Candler, for the purchase of a
$50,000 issue of refunding bonds.
The bonds will be sold to the bidder
offering to take them at the lowest rate of interest or making the most
benefiicial proposition for the city. Proceeds will be used in paying the
outstanding bonds of the city falling due in 1936.
-$4,121,778,208.00
Money and credit
DISTRICT, Miss.—BOND SALE
successful bidders for $40,000 school
CORINTH,
4,468,000.00
the State of Minnesota
Personal property
Population,
refunding bonds offered on March 26.
They offered a premium of $100,
making a price equivalent to 100.25, for 3J^s, a basis of about 3.47%.
Dated June 1 1936.
Due $2,000 yearly on June 1 from 1941 to 1960.
The
Bonds authorized but not converted:
Actual value of taxable property in
in 1935 (estimated)
1854.
MISSISSIPPI
$121,863,065.52
Total bonded debt
incorporated March 4
was
COLUMBUS SEPARATE SCHOOL
64,610,000.00
Rural credit
23.08
1.00
13.34
$98.10
City of St. Paul
Census of 1930, 271,606.
31,500,000.00
10,326,021.59
County highway reimbursement
$147,122,050
$60.68
1935 tax rate—One mill school
The
2,307,269.93
Trunk highway Ponds
7o
21,598,347
115,470,185
1935 tax rate—State purposes
3,750,000.00
1,608,500.00
4,000,000.00
500,000.00
Revenue certificates of ind
•
L7^$125,523.703
-
taxable valuation
1935—Moneys and credits taxable valuation
V aluation
605,000.00
60,000.00
buildings
Board of Relief certificates of ind
o2>184f
115,470,185
(Chap. 359, Laws of 1933).
425,000.00
70,000.00
150,000.00
University Building
Fourth Minnesota Hospital
Public relief certificates of ind
*****
500,000.00
.
Teachers' retirement
State
***** ■'1
1935—Personal property
290,635.00
Spanish War veterans
State Office Building
'■
1935—Real estate taxable valuation
$111,246,621
Plus assessed val. due to Homestead Law
2,000,000.00
Reforestation and flood control
"
of Assessed Valuation
Statement
$401,000.00
264,870.00
150,000.00
344,769.00
Red Lake game preserves
_
$49L678,098
City
Bonded Indebtedness—
^
of full value
full value
mom
March 20 1936
than
.04562048
$314,023,138
„
$281,040
46,511,277
100
15,392,358
Moneys and credits—100% of full value
$13,029,960.09
Armory bonds
Marshall County reforestation
Military camp construction
.08541986
Full and True Value
(1935)
Class No. 3-A, subject to 10%
Class No. 4 subject to 40% of
MINNESOTA, State of—FINANCIAL STATEMENT—'The following
information was furnished to us in connection with the offering scheduled
for April 2, of the $2,650,000 not to exceed 3% semi-annual coupon or
registered trunk highway bonds—V. 142, p. 203i:
of Financial Condition at Close of Business
assessed
-
Personal property valuation (1935):
-Class No. 2 subject to 25% of full-value
Class No. 3 subject to 33% of full value
Taxation for final approval.
hand
$4,654,877
.$26,259,223
assessed valuation)
general bonded debt of the
of Assessable Property at the
Real estate valuation
—
general bonded debt of the true value is
The percentage of the net
March 20 approved the issuance of $500,000 in relief bonds, to
be used for the city's share of relief costs in the 60-day period starting April 1.
The bonds are said to have been forwarded to the Board of Estimate and
on
--.,.$22,883,654
_-_-_--_$21,604,345
$200,000
4,454,877
Total net bonded debt..
on
Statement
'
6,655,000
Total deductions..
totaling $1,530,000 of 2.60% bonds, issued for sewage disposal system,
public market and various other purposes. All four issues are dated April 1
1936. The 2% bonds mature April 1 1937 to 1946, inclusive and are priced
to yield .40% to 2.10%; the 2.40% bonds mature April 1 1937 to 1953,
inclusive, and are priced to yield .40% to 2.40%; and the 2.60% bonds are
due April 1 1939 to 1966, and priced to yield 1.15% to 2.60% for the 1939-61
maturities and at 99M for the 1962-66 maturities.
The bonds constitute
general obligations of the City of Minneapolis, in the opinion of counsel, and,
according to the bankers, are legal investment for savings banks and trust
funds in New York, Massachusetts, Connecticut and certain other States.
Associated with Phelps, Fenn & Co. in the offering are Stone & Webster
and Blodget, Inc.; Dick & Merle-Smith; R. L. Day & Co.; Braun, Bos worth
& Co., Toledo; Hannahs, Ballin & Lee; Eli T. Watson & Co., Inc.; The
Milwaukee Co., Milwaukee; Tyler, Buttrick & Co., Inc., Boston; Crouse &
Co., Detroit; and Shaw, Glover & Co., Los Angeles.
(The official advertisement of this offering appears on page XII of this
issue.)
Cash
566,000
638,000
3,074,000
6,500,000
Minn.—BONDS OFFERED FOR INVESTMENT—
MINNEAPOLIS,
Phelps, Fenn & Co. headed a banking group which made public offering on
March 23 of four new issues of bonds aggregating $2,540,000. The offering
consists of $840,000 of 2% bonds, $170,000 of 2.40% bonds and two issues
Council
$5,450,654
Inter-City Bridge bonds
Minneapolis-St. Paul Sanitary Sewer bonds
Permanent improvement revolving fund debt
Water Department net bonded debt
$5,366,787
Water Department sinking fund (cash
and securities)
1,288,212
certificates
$10,000 3% semi-annual sewer bonds purchased at par by two
reported here in February—V. 142, p. 1156—are due $1,000
1939 to 1948, incl.
—
General sinking fund (cash and securities)
Serial bond retirement for 1936
required.
as
2199
Chronicle
Financial
Volume 142
a
BOND CALL—F. J. Hart, Clerk of
total of $59,000 5% agricultural
the Board of Supervisors, states that
high school bnods, numbered from
17 to 75, are being called for payment on April 15 at
& Trust Co. of Brookhaven.
Dated July 2 1928.
to
the Brookhaven Bank
Due from July 2 1936
1953, optional at any time after five years.
State
MISSISSIPPI,
OFFERING
of—BOND
CONTEMPLATED—
Commission expects to set the date
shortly for bids on
financial condition is issued in connection with the offering
The
Assessed value of taxable property
$5,000,000 of State bonds to match a $4,000,000 grant of Public Works
Administration to initiate $40,000,000 highway
construction program,
$254,461,320
1935
Assessed value of real estate
$116,309,755
21,904,834
;
Assessed value of personal property
value of money and credits
116,097,394
Assessed value of Electric Light & Power companies
149,339
Assessed
1936
Chapter
338, S. L. Minn. 1923
Series "G" to "M" inclusive, road and bridge bonds, Chapter
116, S. L. Minn. 1929
Hospital bonds, Chapter 398, S. L. Minn. 1923
Hospital and almshouse bonds, Chapter 70 S. L. Minn. 1927-Series "A," "B" and "C" court house and city hall bonds,
Chapter 397, S. L. Minn. 1929
Series "A," "B," "C," "D" and "E" public walfare bonds,
Chapter 120, S. L. Minn. 1933
Total bonded indebtedness of Ramsey County on March 2
,
106,000
State Note
according to report.
Bonds will be secured by a gasoline tax of 1M cents;
probably will be offered at 4 %, it is said.
Governor Hugh L. White is understood to have signed a contract with
the Public Works Administration for a grant of $15,000,000 and a loan of
$18,500,000, proceeds of which will be used for highway construction.
Series"A" to "F" inclusive, road and bridge bonds,
-
3,094,000
5,039,000
151,000
32,000
1,729,000
2,377,000
$12,528,000
Total
1935 for $1,000 taxable value 98.10.
Taxable
and 40% of actual value.
40% of the actual value.
money and credits is $3 on $1,000 actual value.
Population, 1930
286,721.
Average
rate
tax
for
of real property is 20%, 25%, 33 1-3%
Taxable value of personal property is 10% to
value
Tax
on
census,
RED WING SCHOOL DISTRICT. Minn .—BONDS AUTHORIZED—
The Board of Education recently
voted
in favor of the issuance of $100,000
refunding bonds.
i
SCHOOL DISTRICT
NO.
ELECTION—An election will
SANDSTONE
Minn.—BOND
which
a
5
(P. O. Sandstone),
be held on April 11 at
proposition to issue $18,000 auditorium-gymnasium construction
bonds will be voted upon.
ST.
PAUL,
until 10
Minn.—BOND OFFERING—Sealed bids will be received
April 1, by Harold F. Goodrich, City Comptroller, for the
a. m. on
not to of an 6%, of $i00,000 coupon public welfare bonds. Interest rate
Eurchaseexceedissue payable semi-annually. Denom. $1,000. Dated April 1
i
$8,000, 1937 and 1938; $9,000, 1939 and
1940; $10,000, 1941 and 1942; $11,000, 1943 and 1944, and $12,000 in 1945
and 1946.
Bonds to be issued in coupon form, but may be exchanged for
registered bonds, both as to principal and interest, at a cost of $1.00 per
registered bond, plus postage. The bonds are payable in lawful money of
the United States, at the office of the Commissioner of Finance, in St.
Paul, or at the city's fiscal agency in New York City.
The approving
opinion of Thomson, Wood & Hoffman, of New York, and Walter Fosness,
Attorney, of St. Paul, will be furnished with the bonds and all bids must be
unconditional.
Bids may be submitted in multiples of l-10th and M of
1%. Bonds must bear one rate of interest. No bids for less than par and
accrued interest will be considered. A certified check for 2% of the amount
of bonds bid for, payable to the city, is required. Bonds will be furnished
by the city, but delivery shall be at purchaser's expense.
1936.
Due
on
April 1
The following
as
follows:
information is furnished with the official offering notice:
Debt
Statement
as
at
Feb.
29
1936
General bonded debt
Permanent improvement revolving
Water Department debt
Total
gross
debt
$14,000 4% semi-ann. refunding bonds.
fund debt
$31,333,000
6,500,000
6,655,000
$44,488,000
Dated Oct. 1 1935.
State
of—TEMPORARY
BORROWING—Acting by
authority of the Board of Fund Commissioners, the State is said to have
borrowed recently $750,000 from the Central Missouri Trust Co. of Jefferson
City, at 2%, in order to defray expenses until June 1, when tax funds will
be available. It is understood that the proceeds of this loan will be used to
meet a relief bill of $500,000, also various current expenditures.
MISSOURI,
COUNTY DRAINAGE DISTRICTS (P. O. New
Mo.—BONDS SOLD—It is reported that the Reconstruction
MADRID
NEW
Corporation has purchased a total of $162,500 4% semi-ann.
refunding bonds, divided as follows:
$143,500 Drainage District No. 28;
$10,500 Drainage District No. 36, and $8,500 Drainage District No. 35
bonds.
Dated April 1 1935.
Finance
JOSEPH
ST.
SCHOOL
DISTRICT
(P.
O.
St. Joseph), Mo.—
informed by T. E.
OFFERING NOT CONTEMPLATED—We are
BOND
Dale, Secretary and Business Manager, that the district sold $95,000 bonds
on Feb.
1 1936, and no other bond sale is expected until near the first of
February 1937.
SALE AUTHORIZED-'The Board of Estimate
sale of $3,100,000 in public building
St. Louis news advices.
It is said
of the offering has not been set as yet, but it is expected to be
ST. LOUIS, Mo.—BOND
and Apportionment has authorized the
and improvement bonds, according to
that the date
around the middle of April.
MONTANA
COUNTY SCHOOL DISTRICT NO. 10 (P. O.
Dillon) Mont.—BOND PAYMENT NOTICE— It is reported that the
following 6% bonds, called for payment on March 1, have not been pre¬
BEAVERHEAD
sented
yet:
16 to 21, 23 to 55, 60 to 71, 73 to
as
Nos.
$68,000.
Dated July 1 1920.
Due
84, aDd 87 to 91, aggregating
July 1 1940, optional on July 1 1930.
$15,000.
Dated Jan. 1 1921.
Jan. 1 1931.
on
Nos. 52 to 54, and 67 to 75, aggregating
Due
on
Jan. 1
1941 and optional
on
CHOUTEAU COUNTY (P. O. Fort Benton). Mont.—MATURITY
is stated by the County Clerk that the $100,000 refunding bonds
purchased by Edward L. Burton & Co. of Salt Lake City, as 3s, at a price
of 100.302, as noted here recently—V. 142, p. 1866—are divided as follows:
$66,000 bonds, dated May 1 1936, mature $6,000 from 1937 to 1945, and
$12,000 in 1946; $34,000 bonds, dated July 1 1936, mature $3,000 from
1937 to 1945, and $7,000 in'4946.
—It
Gross Bonded Debt—
(P. O. Foley), Mo.—BONDS SOLD
reported to have purchased
FOLEY DRAINAGE DISTRICT
—The Reconstruction Finance Corporation is
Madrid),
(P. O. Redwood Falls), Minn.—BONDS
AUTHORIZED—The County Commissioners have recently passed a resol¬
ution authorizing the issuance of $85,000 poor relief bonds.
COUNTY
REDWOOD
MISSOURI
BROOKFIELD, Mo.—BOND SALE DETAILS—It is reported by the
City Clerk that the $13,000 city bonds reported sold recently—V. 142, p.
2032—bear interest at 5 H % and were sold at par to the Brownlee-Moore
Banking Co. of Brookfield.
Due as follows:
$1,000, 1937 to 1943 and
$2,000, 1944 to 1946.
2200
Financial
HELENA, Mont.—BOND ELECTION—An
election
is
to
be
held
Chronicle
March
28
1936
on
April 6 for the pin-pose of voting on the question of issuing $100,000
city
hall building bonds.
■
LEWIS
AND
CLARK
COUNTY
SCHOOL
DISTRICT NO. 1
(P. O. Helena) Mont.—BOND ELECTION CONTEMPLATED—It is
reported that an election will be called by the Board of Education to vote
on the issuance of $100,000 In school
reconstruction bonds.
H. L All
PONDERA COUNTY (P. O. Conrad),
Mont.—MATURITY—The
Clerk of the Board of County Commissioners states that
the $100,000
refunding bonds purchased by the Wells-Dickey Co. of Minneapolis, as
3s,
at a price of 100.45, as noted here
recently—V. 142, p. 2032—are due on
April 1 1946, optional on April 1 1942, giving a basis of about
2.92%.
RED
LODGE,
recently passed
bonds.
a
ipal Bonds
'or 2-7333
Telepho
N. Y. 1-528
A.T.&T.
100 Broadway
New York
Mont.—BONDS AUTHORIZED—The City Council
resolution authorizing the issuance of $37,000
refunding
NEW JERSEY MUNICIPALS
NEBRASKA
Bought
CRAWFORD, Nob.—BOND SALE—An issue of $102,000 4% semi-ann.
refunding bonds is reported to have been purchased at par by the State
Board of Education.
48 Wall
ELY, Nob.—BOND SALE—The $36,000 street,
-
Quoted
123 S. Broad St.,
HAnover 2-1720
Phlla.
Kingsley 1030
A. T. & T.: NY 1-735
sewer and
142,
p.
park improve¬
1684—were awarded
jointly to Edward L. Burton & Co., and the First Security Trust
Co.,
both of Salt Lake City,
according to the City Clerk.
Dated Sept. 1 1935.
Due $2,000 yearly from Sept. 1 1936 to
1953, inclusive, j
■
MUNICIPAL BONDS
'
y
;
'
•••
•
•
•
New
ERICSON.
Neb.—BONDS SOLD—It is stated by the
Village^Clerk
that $8,800 4% semi-annual water works bonds
were sold recently to an
undisclosed purchaser.
4
...
•
,
.
.
•
Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
FALLS CITY,
Neb.—BONDS REFUNDED—A contract has been
drawn by the city with Kirkpatrick, Pettis & Loomis of
Omaha for refunding
approximately $61,000 in outstanding intersection and paving bonds. The
lowest rate ever obtained by the
city on a bond issue,
WILLIAM
67
3% has been agreed
refunding.
Sold
St., New York
years.
ment bonds offered for sale on March 23—V.
-
LOBDELL & CO.
ELGIN, Nob.—BOND SALE—The Village Board of Trustees on
March 19 arranged for the sale of $21,000 3
refunding bonds to Steinauer & Schweser, Inc. of Lincoln.
The bonds to be retired bear
5% interest.
The new issue will mature in from six to 10
upon for the
Company
New Jersey
A. T.
*
STREET, N. Y.
&. T.: N. Y.
1-730
Telephone: John 4-6364
Newark Tel.: Market 3-3124
W FRANKLIN COUNTY (P. O.
Franklin), Neb.—BOND ELECTION—
At an election to be held on April 14 a
proposition to issue $40,000 warrant
funding bonds will be submitted to the voters for approval.
FURNAS
COUNTY
SCHOOL
DISTRICT
NO.
30
ville), Neb.—MATURITY—It
(P.
O.
NEW
Wilson-
is now reported by the
Secretary of the
Board of Education that the $13,000
334% semi-annual school bonds pur¬
chased by the United States National Bank of
Omaha at 100.07, as noted
here in February—V.
142, p. 1329.—are due $1,000 from 1938 to 1950,
incl., giving a basis of about 3.485%.
<
.
GARLAND, Neb.—BOND
INCORPORATED
th<Tvi?
1180
lage Clerk that the $18,000 water refunding bonds purchased
by the First
Trust Co. of Lincoln as noted here—V.
142, p. 1329—were sold as 3}4s.
Dated Feb. 1 1936.
Due on Feb. 1 as follows:
$500, 1937 to 1950, and
$11,000 in 1951.
19354
Raymond Blvd., Newark
New Yor* Wire:
^SPENCER,
Neb.—BOND
REFUNDING
CONTEMPLATED —The
Board of Trustees is said to have
given notice recently of its intention to
issue $274,027 of refunding bonds.
Dated Jan. 11936.
Due on Jan. 1 1956.
township,
is
JERSEY
dated
March 1 1936.
Interest payable M. & S.
A
2% of the bonds bid for, payable to the order of the
required.
The approving opinion of Hawkins, Delafield &
are
for
Longfellow of New York will be furnished the successful bidder.
—The
TOWNSHIP, Union County, N. J .—BONDS AUTHORIZED
Township Committee on March 3 passed an ordinance authorizing
the issuance of $150,000 general
We Are
Specialists in
funding bonds.
BOND EXCHANGE—In connection with the above
offering, we learn
the township has effected the exchange at par foi
previously issued
debts of an additional $200,000 4% bonds, divided as follows:
that
$144,000 general funding bonds.
Part of an authorized issue of $150,000
and maturing March 1 as follows:
$5,000, 1940 to 1943, incl.:
$10,000, 1944 to 1947, incl.; $15,000. 1948 and 1949; $10,000,
I960 to 1954, incl., and $4,000 in 1955.
!
56,000 serial funding bonds.
Part of an authorized issue of $57,000 and
due March 1 as follows: $5,000, 1937 to
1942, incl.; $7,000, 1943;
$5,000 from 1944 to 1946, incl., and $4,000 in 1947.
Municipal Issues
E. H. Rollins & Sons
Incorporated
I
200
Devonshire
Each issue is dated March 1 1935.
St., Boston, Mass.
CLIFTON, N. J .—BONDS
NEW
______
PORTSMOUTH,
N. H.—BOND SALE—The $50,000 coupon
sewer,
equipment bonds offered on March 24—V. 142, p. 2032—were
Ballou, Adams & Whittemore, Inc., of Boston, on a bid of
101.2875 for 2)^8, a basis of about
2.38%.
E. H. Rollins & Sons of Boston,
second high bidders, offered 101.39 for
2%s.
Dated March 1 1936.
Due
$2,500 yearly on March 1 from 1937 to 1956, inclusive.
street and
awarded to
Other bids
Bidder—
were as
follows:
Int. Rate
„
Webster, Kennedy & Co
2H%
3H%
Hornblower & Weeks
NEW
Rate Bid
100.2799
100.027
Denom. $1,000.
The successful
group marketed the issue at prices to yield from
1% to
3.75%, according to maturity. The town, the bankers report, is
operating
under Chapter 60 of the Laws of
1934, the so-called "cash basis" law.
Financial Statement (Officially
Reported as of March 22 1936)
Assessed valuation (1936)
$29,587,076
Bonded debt
Gross debt
Less—Cash
5,891,100
Water debt
—
Net debt.
953,241
_
The above statement does not include the
overlapping debts of either
county or State, which have the power to levy taxes upon the
property
within the town.
1932
1933.-.-
Tax Collections
Levy
$1,497,081
1,289,645
1,214,795
1,189,694
Assessment and tax title liens
Uncollected End
of Year of Levy
$781,273—52.20%
683,158—53.00%
522,551—43.00%
411,278—34.50%
as
Uncollected
Feb. 28 1936
•
$47,142— 3.15%
50,830— 3.94%
92,778— 7.64%
289,886—24.37%
of Feb. 28 1936 amounted to
$531,500.
CLARK
TOWNSHIP, Union County, N. J.—BOND OFFERING—
Henry A. Hill, Township Clerk, will receive sealed bids until 8 p. m. on
April 7, for the purchase of $7,000 4% coupon or registered
bonds, divided
follows:
$6,000 general funding bonds. Due Sept. 1 1955.
1,000 serial funding bonds.
Due Sept. 1 1947.
reoffering the bonds, the bankers priced them to yield from 4.30 to
4.50%, according to maturity.
The bonds issued pursuant to Chapters
60 and 233 P. L. 1934 of New Jersey,
constitute, in the opinion of counsel,
valid and legally binding obligations of the
city, for the payment of which
the city has the power and is
obligated to levy ad valorem taxes on all
taxable property therein without limitation as to rate or
amount.
They
are legal investment for
savings banks and trust funds in New Jersey,
according to the bankers.
The city, it is said, operated for the full
year 1935 on materially better
than a cash basis, with an actual cash
surplus of $536,005 for that year.
(P. O. Camden), N. J.
BOND OFFERING—Sealed bids will be received
by Secretary Joseph K.
Costello until 2 p. m. on April 17, for the
purchase of $500,000 4)4%
Philadelphia-Camden bridge bonds, the proceeds of which will be applied
toward the cost of the High-Speed Rail Transit
project, now in the course
of construction.
The bonds will be dated Sept. 1 1933.
Denom.
$1,000.
as follows:
$2,000, 1938 to 1940, incl.; $3,000, 1941; $4,000,
1942; $6,000 in 1943 and 1944; $7,000, 1945; $8,000, 1946; $10,000,
1947;
$11,000, 1948; $12,000, 1949 to 1958, incl.; $19 000, 1959 to 1968,
incl.;
$26,000, 1969 to 1972, incl. and $25,000 in 1973.
Interest payable M. & S.
Proposals must be for all of the bonds and accompanied by a certified check
for $5,000.
The approving opinion of Thomson, Wood & Hoffman of New
Due Sept. 1
York will be furnished the successful bidder.
DELAWARE RIVER JOINT COMMISSION
(P. O. Camden), N. J.
—PUBLIC OFFERING OF BONDS—A syndicate
composed of Yarnall &
Co., Dougherty, Corkran & Co., Moncure Biddle & Co. and Singer, Deane
& Scribner made public
offering on March 25, of the
bridge
bonds
purchased
by
the
$1,200,000 434%
bankers on the
ESSEX
FELLS, N. J .—BOND OFFERING—The Borough Clerk will
receive sealed bids until April 13, on an issue of $75,000 not to
exceed 4%
interest sewage disposal plant bonds.
$4,937,859
Population (1930 census), 26,974; present population
(estimated), 28,000.
Year—
Jersey (State of) item in
In
?revious day, as noted in theinvestors at 115.50 and interest. (State of),
'he bankers priced the issue to
item captioned—New Jersey
$130,361
370,380
452,500
—
Sinking funds
appears under New
this section.
Philadelphia-Camden
$4,348,100
1,543,000
School debt (including this issue)
Dunning & Co., and George E. Bailey & Co., was the successful bidder
for the $1,159,000 434% general, school and water
refunding bonds offered
on March 24
by the New Jersey Highway Extension Sinking Com¬
mission.
Report of the sale
for sale
DELAWARE RIVER JOINT COMMISSION
JERSEY
BELLEVILLE SCHOOL DISTRICT, N. J.—BOND
SALE—The two
issues of coupon or registered school
bonds, described below, which were
offered on March 20—V. 142, p. 1866—were
awarded to Schlater, Noyes &
Gardner, Inc.; Colyer, Robinson & Co., and
MacBride, Miller & Co. of
New York, on a bid of 100.369 for
3%s, a basis of about 3.72%.
$116,000 series A bonds, due Nov. 1 as follows: $3,000 from 1936 to
1939,
incl., and $4,000 from 1940 to 1965, incl.
22,000 series B bonds, due $1,000 on Nov. 1 from 1937 to
1958 incl.
Each issue is dated Nov. 1 1935.
PUBLICLY OFFERED—A syndicate com-
EosedHarris J. Van Ingen & Co., Miller Schlater, C. A. Preim & Co.;Stranaof B. & Co.; MacBride, Inc. ; & Co.; Noyes & Co., Inc.; C. P.
an,
HAMPSHIRE
NASHUA, N. H.—BIDS REJECTED—All bids received for an issue of
$200,000 temporary loan notes offered on March 27 were
rejected.
as
bonds
certified check
CLARK
jMAINE~NEW~HAMPSHIRE-VERMONT
-
NEW
The
MArket 3-1718
A. T. & T. Teletype
NWRK 14
REctor 2 2055
OTOE, Neb.—BOND SALE—An $18,000 issue of 3M% semi-ann.
refunding bonds is reported to have been purchased by the Wachob-Bender
Co. of Omaha.
MUNICIPALS
Colyer, Robinson $ Company
'
^
SALE DETAILS— It is reported
by
JERSEY
HUDSON COUNTY (P. O.
Jersey City), N. J .—BONDS AUTHOR¬
IZED—The Board of Chosen Freeholders has given final
approval to an
ordinance authorizing the issuance of $673,490 general
funding bonds.
JERSEY
CITY, N. J .—GENERAL OFFERING MADE—A syndicate
of Lehman Bros., Bancamerica-Blair Corp., Stone & Webster
Blodget, Inc., Phelps, Fenn & Co., Hemphill, Noyes & Co., Eastman,
Dillon & Co., Morse Bros. & Co., Inc. and C. C.
Collings & Co. made publio*
offering on March 25 of $1,183,000 5% and 6% bonds at prices to yield
from 3.70% to 4.05%,
according to maturity.
Report of the purchase of
composed
and
the bonds by the bankers is contained in the item
appearing under the New
Jersey (State of) heading.
•
NEWARK, N. J .—STATE AUDITOR APPROVES RELIEF ISSUE—
Walter R. Darby, State Auditor, has approved the
city's request for per¬
mission to issue $383,420 of 8-year relief bonds
pursuant to the provisions of
Chapter 25 of the Laws of 1936, which permits local units to borrow in
excess of legal
debt limits to finance relief
requirements.
Mr. Darby's
previous opposition to the issue was based on the contention that the law
was intended for
emergency items and that the city's relief needs constituted
regular expenses and as such should be provided for by appropriation in the
budget.
Issuance of the bonds, it is said, will permit a reduction of about
five cents in the city's tax rate.
Financial
Volume 142
MORRISTOWN, N.J.—BOND SALE—The issue of coupon or registered
March 20—V. 142, p. 1685—was awarded
Corp. on a bid of 100.815 for $154,000 3% bonds, a
basis of about 2.94%.
Dated April 1 1936. Due $5,000 yearly on April 1
from 1937 to 1966, incl.; and $4,000 April 1 1967.
The bankers re-offered the issue at prices to yield from 0.75% to about
3.10%, according to maturity.
The obligations are legal investment for
savings banks and trust funds in the State of New Jersey, the bankers report.
mprovement bonds offered on
to the First of Michigan
Jan. 31 1936.
$2,314,000.00
1,564,000.00
"Water bonds
General bonds—Term serial
*297,000.00
Temporary bonds
Local school district taxes
119933264542
Less:
*
223,361.23
Sinking fund
$4,066,530.57
funded by this Issue.
Indebtedness of
Morristown School District
Jan. 31 1936.
,
$1,011,000.00
Cash Requirements
were as
1936
$471,310,83
225,676.76
charges)
10.40%
0.50%
National State Bank.
Bfl
1%
Central Home Trust Co
0.49
0.49
Edward B. Smith & Co
$400,000
200,000
200,000
200,000
200,000
400,000
400,000
MEXICO
NEW
COUNTY SCHOOL DISTRICT NO. 24 (P. O.
OFFERING— Sealed bids will be received until
COLFAX
M.—BOND
Raton),
10 a. m.
April 30 by F. A. Vigel, County Treasurer, for the purchase of a $20,000
issue of school bonds.
Interest rate is not to exceed 6%, payable J. & J.
Denom. $500.
Dated July 1 1936.
Due on July 1 as follows:
$1,000,
1941 to 1945, and $1,500 from 1946 to 1955, all incl.
Prin. and int.
payable at the State Treasurer's office, or at such other place as the bidder
may elect.
A certified check for 5% of the amount bid, payable to the
Country Treasurer, is required.
on
DONA ANA COUNTY SCHOOL
DISTRICT NO. 11 (P. O. Hatch)
County Treasurer is said to have
bonds to the Public Works Adminis¬
N. Mex.—BONDS SOLD TOPWA—The
299,828.56
uncollected taxes.
$1,465,376.51
a
$17,500 issue of school building
tration.
ROSWELL SCHOOL DISTRICT
NO. 1 (P. O. Roswell), N. Mex.—
BOND ELECTION—An election will
be held on April 7 at which a pro¬
position to issue $65,000 school improvement
bonds will be voted upon.
Anticipated Receipts 1936
$98,559.00
238,172.73
52,196.07
Miscellaneous revenues-.
Delinquent tax collections.
Tax title lien collections
-
Water department receipts
Water department cash balances
Offerings
...
$1,465,376.51
17,825,553
17.638,307
16,986,116
16,451,551
Tax rate (per
$100):
1,371,565
$4.37!
1931, $4.98; 1932, $5.25; 1933, $4.09; 1934,
1935, $4.69, and for 1936 estimated at $4.87.
1,032.029.51
792.609.35
835,950.14
859,827.55
*881,848.71
1935.
1936
Close of
Levy Year
lions During
Current Levy
$984,798.17
Levy Year
$666,248.78
619,746.29
488,108.99
542,572.84
579,335.33
%
68
60
62
65
67
$307,191.18
396,537.67
294,657.45
282,641.46
259,387.92
Delinquent
Jan. 31 '36.
$4,464.67
38,886.02
75,428.42
131,719.68
233,825.34
the
AUBURN, N. Y.—BOND OFFERING—A. P. Briggs, City Comptroller,
receive sealed bids until noon on March 31 for the purchase of the
3% interest bonds aggregating $159,-
will
following described, not to exceed
021.04:
which will be for $656.04.
the
&
tions Durng
Year
of Jan. 1
$36,989.94
31,138.74
30,436.16
32,261.93
31,391.45
$11,264.30
4,955.09
1,553.63
3,889.53
18,183.79
*252.89
91,572.06
of)—A WARD OF SINKING FUND HOLD¬
March 24 by the Highway
INGS—The $4,737,000 bonds offered for sale on
Extension Sinking Fund Commission were awarded as follows:
To an account composed of Lehman Bros., Bancamerica-Blair
Corp.,
Inc., Phelps, Fenn & Co., Hemphill, Noyes
Dillon & Co., Morse Bros. & Co., Inc., and C. C. Oollings
Stone & Webster and Blodget,
$775,000 5% Jersey City school, water and general impt, bonds of 1931 at a
price of 108.11.
Dated Oct. 1 1931 and due Oct. 1 as follows:
$157,000 from 1945 to 1947, incl.; $147,000 in 1948 and $157,000
in 1949.
N.
National Bank of l
ew
J .—BONDS
PUBLICLY
OFFERED—The
York, Lazard Freres & Co., Inc. and
First
Hornblower &
Weeks, all of New York, made public offering on March 25 of the $1,195,000
4K % bonds which the bankers purchased on the previous day, as noted in
the item carried in this section under the caption—New Jersey (State of).
The bankers offered the bonds at prices to yield from 2.70 to 3.75%,
according to maturity.
RANCOCOS VALLEY REGIONAL HIGH S. D. (P.
O. Mount Holly),
SALE—The issue of $307,000 coupon or registered regional
high school bonds offered on March 24—V. 142, p. 1867—was awarded to
J. S. Rippel & Co. of Newark, Kean, Taylor & Co. of New York, and
Van Deventer, Spear & Co., Inc., of Newark, at 3H%, for a premium of
$869, equal to 100.283, a basis of about 3.23%.
Dated March 1 1936.
Due March 1 as follows:
$10,000 from 1938 to 1962; $15,000, 1963 to 1965;
and $12,000 in 1966.
Granbery, Safford & Co. of New York, were second
high bidders, offering a premium of $552 for 3 Ms.
reoffering the bonds, the bankers priced them to yield from
3.25%, according to maturity.
They are exempt from all present
income taxes and tax-exempt in the State of New Jersey.
In
RIDGEFIELD,
N.
J.—COMPLETES
REFINANCING
1.50 to
Federal
PLAN—The
borough has arranged to refinance $664,000 of outstanding 6% bonds
through an exchange of new longer-dated liens at interest rates averaging
4.35%.
The State Sinking Fund, it is said, has agreed to accept $440,000
of new bonds at 4% interest, including $224,000 for the soldiers' sinking
fund, $116,000 for the highway extension
the State highway sinking fund.
sinking fund and $100,000 for
a
——
*,
be for $365.
1 1936.
Fractional interest rates must be
multiple of M or l-10th of 1% and all of the bonds of each
the same rate.
If desired by the purchaser, the city will
purchase the two odd amount registered bonds at par and accrued interest to
date of delivery at the rate named in the accepted bid. Principal and semi¬
annual interest (A. & O.) payable in lawful money of the United States at
the Chemical Bank & Trust Co., New York.
Both issues are direct general
obligations of the city, payable from unlimited ad valorem taxes. A certified
check for $1,500, payable to the order of the city, must accompany each
proposal.
The approving opinion of Reed, Hoyt & Washburn of New
York will be furnished the successful bidder.
Each issue will be dated Ajfril
expressed In
a
issue must bear
Bed¬
of the
the
exceed 6% interest coupon (registerable as to
BEDFORD UNION FREE
SCHOOL DISTRICT NO. 7 (P. O.
ford Hills), N. Y .—BOND OFFERING—Margaret C. Powers, Clerk
Board of Education, will receive sealed bids until 2 p. m. on April 21 for
purchase of $55,000 not to
500.
Due May 1
trincipal only) school follows: Dated May 1to1936.
bonds. $2,500, 1938 1943
as
Denoms. $1,000 and
incl.; $3,000, 1944 to
1949 to 1954 incl. and $4,000 in 1955.
Principal and
(M. & N.) payable at the Mount Kisco National Bank & Trust
Co., Mount Kisco.
Bidder to name one rate of interest on the issue, ex¬
pressed in a multiple of M of 1% . A certified check for 10% of the issue
bid for, payable to the order of the Board of Education, must accompany
each proposal.
The approving opinion of Thomson, Wook & Hoffman of
New York will be furnished the successful bidder.
1948 incl.; $3,500,
J.—BOND SALE—The Federal government has
block of $18,000 bonds issued to help the Joorough finance a
part of the Rah way Valley Trunk
Sewer Project.
^
COUNTY (P. O. Elizabeth), N. J.—NOTE
Deventer, Spear & Co. of Newark were awarded on March
UNION
BUFFALO,
N.
Y.—BOND
OFFERING—William A. Eckert, City
April 1 for the purchase at not
Comptroller, will receive bids pntil 10 a. m.
$1,000,000 coupon, registerable as to principal, work and
home relief bonds.
Bidders are to name rate of interest, in a multiple of
X% or 1-10%, but not to exceed 6%.
Denom. $1,000. Dated April 15
1936.
Principal and semi-annual interest (April 15 and Oct. 15) payable
at the City Comptroller's office or at the Central Hanover Bank & Trust
Co., in New York, at option of holder.
Due $100,000 yearly on April 15
from 1937 to 1946, incl. Cert, check for $20,000, payable to the City Comp¬
troller required. Delivery will be made on or about April 15 at the Central
Hanover Bank & Trust Co., in New York or at the City Comptroller's
office.
Approving opinion of Caldwell & Raymond, of New York, will be
furnished to the purchaser.
less than par of
CARROLLTON UNION FREE SCHOOL DISTRICT NO. 1 (P.
Limestone), N. Y.—BOND SALE—The issue of $80,000 coupon
O.
or
registered school building bonds offered On March 21—V. 142, p. 1867—
were awarded to the
Manufacturers & Traders Trust Co. of Buffalo as
3.20s for a premium of $183.20, equal to 100.229, a basis of about 3.18%.
Halsey, Stuart & Co., of New York, were second high with a bid of $80,364
for 3.40s. Dated Jan. 1 1936. Due Jan. 1 as follows: $2,000,1938, 1939 and
1940; $3,000, 1941 to 1951; $4,000, 1952 to 1960, and $5,000 in 1961.
CORTLAND
(P. O. Peekskill). N.
Y.—BOND
SALE—The issue of
$61,000 coupon, fully registerable, highway bonds offered on March 24—
V. 142, p. 1867—was awarded to A. C. Allyn & Co. of New York, on a bid
of 100.31 for 2s, a basis of about 1.90%.
Dated Feb. 1 1936.
Due $13,000
Feb. 1 1937 and $12,000 on Feb. 1 in each of the years 1938,1939, 1940 and
1941.
Other bids were as follows:
Int. Rate
Co
Rate Bid
2.00%
Bidder—
Ira Haupt &
100.21
100.10
Rutter & Co
2.00%
Bacon, Stevenson & Co
Geo. B. Gibbons & Co
2.25%
100.18
2.40%
100.04
Faxon, Gade & Co
2.75%
100.326
Y.—CERTIFICATE
SALE—An issue
of indebtedness offered on March 24
Co. of New York on a bid of 100.17
for 43^s, a basis of about 4.36%.
The Westchester County National Bank,
of Peekskill bid par for 5s.
Dated March 25 1936. Due $3,500 on Aug. 1
in 1936 and 1937; and $3,000 Aug. 1 1938.
CROTON-ON-HUDSON,
N.
of $10,000 fire equipment certificates
was awarded to George B. Gibbons &
DUTCHESS COUNTY (P. O. Poughkeepsie),
N. Y.—CERTIFICATE
county has sold $50,000
certificates of indebtedness for
Emergency Relief Administration relief to the the Marine
Midland Trust Co. of Buffalo, on a .45% interest basis.
Due Sept. 10 1936.
SALE—'The
Temporary
ROSELLE PARK.* N.
purchased
follows:
This bond will be registered,
form, fully registerable.
coupon
interest
408,000 6% Jersey City refunding bonds of 1933 at a price of 111.25.
Dated Sept. 1 1933 and due Sept. 1 as follows: $98,000, 1941;
$151,000 in 1942 and $159,000 in 1943.
To Yarnall & Co., Dougherty, Corkran & Co., Moncure Biddle & Co.
and Singer, Deane & Scribner, Inc.:
$1,200,000 4H% Delaware River Joint Commission bridge bonds of 1933
at a price of 114.385.
Dated Sept. 1 1933 and due Sept. 1 as
follows: $298,000 from 1951 to 1954, incl., and $8,000 in 1955. '
To B. J. Van Ingen & Co., Inc., Schlater, Noyes & Gardner, Inc.,
Stranahan, Harris & Co., MacBride, Miller & Co., C. A. Preim & Co.,
O. P. Dunning & Co. and George E. Bailey & Co.:
$1,159,000 4H% Clifton general school and water refunding bonds at a
price of 95.299.
Dated Oct. 1 1935 and due Oct. 1 as follows:'
$170,000, 1944 and 1945; $204,000 in 1946 and $205,000 from
1947 to 1949, inclusive.
To the First National Bank of New York, Lazard Freres & Co. and Hornblower & Weeks, all of New York, at a price of 107.628 (all or none):
$760,000 4 \i% Paterson school and impt. bonds of 1931.
Dated April 1
1931 and due April 1 as follows: $75,000, 1942; $95,000 from
1943 to 1947, Incl., and $105,000 in 1948 and 1949.
435,000 4\i%_ Paterson water bonds of 1930.
Dated July 1 1930 and
due July 1
as follows: $198,000, 1947; $180,000 in 1948 and
$57,000 in 1949.
N. J. —BOND
be in
Denom. $1,000 and $500, except bond No. 1
This bond will be registered and the
others issued in coupon form, fully registerable.
Due April 1
as follows:
$14,365 in 1937 and $13,500 from 1938 to 1941 incl.
Cash Collec¬
Title Liens
as
Jan. 31 1936.
PATERSON,
as
will
bonds.
which will
Total Tax
tions During
Year
$225,499.11
54
227,023.10
47
279,026.29
43
258,631.40
44
272,046.43
*41,450.93
& Co., Eastman,
& Co.:
others
1946 incl.
Cash Collec-
(State
Denom. $1,000, except bond No. 1
while
Due
$9,656.04 in 1937 and $9,000 from 1938 to
$90,656.04 public improvement bonds.
April 1
Total Delin-
JERSEY
N.
68,365.00 school
quent Taxes
as of Jan. 1
$339,660.11
420,785.92
588,577.63
599,674.01
623,531.91
553,890.07
-
YORK
NEW
Delinquent Tax Title Lien Collections
Year—
Wh^hall 4-5770
N. Y.
Y.—GOVERNOR SIGNS REFUNDING BILL—Under
provisions of a bill signed by Governor Herbert H. Lehman recently,
city is empowered to refund up to $1,200,000 of bond principal matur¬
ALBANY,
t46,516.72
t Jan. 31 1936.
Estimated.
WALL ST.,
ing in 1936.
Delinquent
Cash Collec-
Year—
1
the
Current Tax Collections
Total
YORK STOCK EXCHANGE
MEMBERS NEW
$19,783,986
19,786,578
19,239,753
19,003,207
18,277,436
17,823,116
Municipals
Gordon Graves & Co.
Total
Personal
$1,733,600
1,694,950
1,414,200
1,364,900
1,291,320
Real
$18,050,386
18 091 628
Wanted
County—City—Town—School District
Assessed Valuation—Tax Rates
Year—
—
New York State
177,600.00
17,000.00
881,848.71
Current taxes 1936
NEW
0.50%
.0.50*;
sold
$1,165,547.95
for
■
.
Int. Rate Amt.Bid For
Bidder—
Fidelity Union Trust Co
B. J. Van Ingen & Co
250,404.25
-
State and county taxes
Reserve
July 24 and
follows:
218,156.11
Local school district taxes
$3.74. They
1936.
Other bids
N.
Municipal appropriations find. $25,842.72 deferred
Water department expenditures
*
Sept. 24
$4,289,891.80
School bonds
1932465
$400,000 notes at 0.30% interest, at par plus a premium of
be dated March 24 1936 and mature $200,000 each on
will
114,891.80
-
Includes $155,000 to be
*
2201
Chronicle
DISTRICT NO. 4 (P. O. Bemu.
Y.—BOND SALE—The $41,250 coupon, fully registerable,
March 24—V. 142, p. i867—were awarded
Manufacturers & Traders Trust Co. of Buffalo, as 3 j^s, for a premium
ELLERY UNION FREE SCHOOL
Point),
SALE—Van20 an issue of
N.
school building bonds offered on
to the
2202
Financial
of $87.86, equal to
100.213, a basis of about 3.48%. Dated March 1 1936.
Due yearly on March 1 as follows:
$1,500 1939 to 1963, and $1,875 1964
and 1965.
Other bidders were:
Name —
Union Trust Co., Jamestown.
Geo IL Gibbons &
Co., New York
Int. Rate
Bid
3.60%
3.70%
5%
D. S. Wright, Dunkirk.
New York will be furnished the successful
bidder.
Financial Statement
Total bonded debt
—$451,155,977
(incl. above bonds)
1,604,000
PopulationFiscal Year—
1936
1935
$
$
Tax
end
of
collect'n year.
Uncoll'd Mar. 1
1936
x6,248,200.28
Unpaid
as
$
i;
9,780,791.48 11,183,773.08
3,037,688.73
2,563,772.97
1,161,948.58
448,702.71
tration early in
February—V. 142,
us
bond offering is planned for the near
future, perhaps in May or June.
that
a
bid
p.
1159.)
premium of $257.50
17
the
Local
C —BONDS AUTHORIZED—At a meeting held on
Government Commission approved the issuance of
COUNTY
(P. O. Oxford),
N. C.—BONDS AUTHOR¬
HIGH POINT, N. C.—BOND SALE—The issue of
$192,000 coupon
electric light funding bonds offered on March 24—V.
142, p. 1869—was
awarded to Graham, Parsons & Co. of Philadelphia; Kirchofer & Arnold of
Raleigh, and Robertson & Georgeson of New York.
The successful bidders
a premium of $19, equal to
100.01, the first $140,000 bonds to bear
334% interest and the last $52,000 334 %.
A group headed by R. S. Dick¬
offered
& Co. of Charlotte was second high in the
bidding, offering a premium
of $392.50 for $140,000 4s and $52,000 334s.
Dated March 1 1936.
Due
son
on
March 1
The
as
follows:
following is
an
$10,000, 1937 to 1954; and $12,000 in 1955.
official list of the bids received for the above bonds:
Bidder—
■
Rate
Price
Phelps Fenn & Co., New York, Equitable Securi- f*."V.
iti8S Corp.. and F. W. Craigie Co., Richmond
For the 1st $100,000
44%1
For the remainder
334% I
B. F. White & Co., Inc., Boston
4%
Mc Alister Smith & Pate, Stifel, Nicolaus &
Co.,
Nelson, Browning & Co., and Fox Einhorn & Co.
434%
*
Graham Parsons & Co., Kirchofer & Arnold,
Inc.,
and Robertson & Georgeson—
For the 1st $140,000
34 %l
-
-
NEW
YORK, N.
Y.—CITY TO MAKE NEW LOAZV—Comptroller
Frank J. Taylor advised J. P.
Morgan & Co., acting as committee agent
under the bankers' agreement, that he would borrow
on March 27,
$35,000,000 on revenue bills against the first half of the taxes of this
year.
These revenue bills, according to a recent
agreement entered into between
Comptroller Taylor and the bankers, will carry interest at 2%
per annum.
The procedure, with respect to such
borrowing, is in conformity with the
provisions of the bankers' agreement entered into in 1933.
The principal of these revenue bills,
accordingly as taxes are collected,
Is redeemable on or before June 30
1936.
Whatever amount of revenue
bills issued up to June 30 is not redeemed
will become converted into
revenue notes which carry 3 % interest and are
redeemable in three month
instalments from 1936 tax collections of the first half of the
year.
This
arrangement will continue the pledge of the 1936 first half
year's taxes
to the redemption of the
obligations issued against the taxes of such period.
NEW
YORK, N. Y.—TO REDEEM $19,396,000 NOTES—Comptroller
Frank J. Taylor has advised local banks that the
city will redeem dh April 1
aggregate of $19,396,000 3% revenue notes issued
July 1 1935, and
Jan. 1 1936, to fund delinquent taxes. As the taxes
are paid, revenue notes
held by the banks under the
four-year agreement are called and t&e debt
an
extinguished.
For the remainder
R. S. Dickson & Co.,
Lewis & Hall—
$192,115.20
192,069.12
192,053.10
/
3H% I
Co.,
i
192,392.50
4%
1
334 % I
Burnett &
192,019.00
4%
334 %
Oscar
192,038.40
and
For the 1st $140,000
For the remainder
\
Reynolds & Co.—
For the 1st $160,000
For the remainder
*
Successful bid.
"
MONROE,
N.
C.—BOND OFFERING
CONTEMPLATED—It
is
stated by W. E. Easterling, Secretary of the Local Government Commis¬
sion, that consideration is being given to the matter of re-offering the
$170,000 issue not to exceed 6% semi-ann.refunding bonds that was offered
for sale without success on Nov. 7 1935—V.
141, p. 2933. Due from Nov. 1
1939 to 1966.
SCHENECTADY, N. Y.—BOND SALE—The $612,000
bonds described
142, p. 2034—were awarded
to the Harris Trust &
Savings Bank and R. W. Pressprich & Co., both of
New York, on a bid of 100.067 for
lj^s, a basis of about 1.74%.
below, which
may name
IZED—The County Board of Commissioners is said to have voted
recently
to issue $45,000 in school construction bonds.
Y.—BOND OFFERING
A. H. Jameson informs
no
4Mb.
GRANVILLE
O. Rochester), N.
as
$500,000 in refunding bonds.
of March 23 1936.
(P.
registerable
CANTON, N. C.—BOND SALE—The $100,000 coupon water and sewer
bonds offered on March 24r—Y.
142, p. 1868—were awarded to the Wachovia
Bank & Trust Co. of
Winston-Salem, for a premium of $11, equal to 100.011,
The first maturing $21,000 bonds will bear
4% interest and the remaining
$79,000 4K%.
Dated March 1 1936.
Due on March 1 as follows:
$3,000,1938,1939 and 1940; $4,000,1941 to 1945; $5,000,1946, and $6,000,
1947 to 1957.
Second high bid was submitted by Oscar Burnett & Co.,
and Lewis & Hall, both or
Greensboro, who offered a
March
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28
(P. O.
Long Beach), N.
Y.—BOND
OFFERING—Joseph Jacobs,
District
Clerk, will receive bids until 4 p.m. April 2 for the purchase at
not less
than par of $861,000 coupon,
fully registerable, high school building bonds.
Bidders are to name rate of interest, in a
multiple of 34%, but not to
exceed 6%.
Denom. $1,000.
Dated May 1 1936.
Principal and semi¬
annual interest (May 1 and Nov.
1) payable at the Marine Midland Trust
Co. of New York, in New .York.
Due yearly on May 1 as follows:
$21,000
in 1939; $20,000, 1940 to
1946; $25,000, 1947 to 1951; $30,000, 1952 to
1956; $40,000, 1957 to 1961, and $45,000, 1962 to 1966.
Certified check
for $18,000, payable to
Joseph C. Murphy, District Treasurer, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished to the purchaser.
MONROE COUNTY
are
more than two rates and each bidder must
specify in his bid the amount of
bonds of each rate.
Prin. and int. payable in lawful money in New York
City.
No bid of less than par and accrued interest will be entertained.
The approving opinion of Masslich & Mitchell of New
York, will be furnished
the purchaser.
Delivery on or about April 23, at place of purchaser's
choice.
A certified check for $4,520,
payable to the State Treasurer, mu$t
accompany the bid.
(A similar amount of bonds was taken over by the Public Works Adminis¬
GOLDSBORO, N
3,690,567.25
2,061,635.28
PLANNED—Deputy County Treasurer
Bonds
1936
COLUMBUS COUNTY fP. O. Whlteville) N. C.—NOTE SALE—
The Farmers & Merchants Bk. of Tabor, is said to have
purchased recently
a block of $9,000 notes at
2.90%.
1933
$■'"•'•
coll'nslevy-ll,636,594.76 10,403,413.80
Unpaid
x
1934
1937 to 1950, and $10,000, 1951 to 1960, all incl.
28
to principal alone.
Bidders to name the interest rate or rates, in multiples
of 34 of 1 %.
Each bid may name one rate for part of the bonds (having the
earliest maturities), and another rate for the
for
186,735
':
March
balance, but
$41,427.00
41,435.63
41,250.00
HEMPSTEAD, N. Y.—BOND OFFERING—Franklin C. Gilbert, Town
Clerk, will receive sealed bids until 11 a. m. on April 7 for the
purchase of
$187,000 not to exceed
6% interest coupon or registered Uniondale Water
District bonds. Dated Feb. 1 1936. Denom.
$1,000. Due Feb. 1 as follows:
$7,000, 1938: $10,000 from 1939 to 1946 incl. and $5,000 from 1947 to
1966
incl.
Rate of interest to be expressed
by the bidder in a multiple of 34 or
l-10th of 1%.
Principal and interest (F. & A.) payable at the Chase Na¬
tional Bank, New York.
A certified check for 2% must
accompany each
proposal.
The approving opinion of
Hawkins, Delafield & Longfellow of
Assessed valuation
Chronicle
were
offered
on
March 24—V.
$325,000 general municipal bonds.
Due Feb. 1 as follows: $32,000 from
1937 to 1941, incl. and $33,000 from 1942 to
1946, inc.
245,000 public improvement bonds:
Due Feb. 1 as follows: $24,000 from
1937 to 1941, incl. and $25,000 from 1942 to
1946, incl.
42,000 fire equipment bonds.
Due Feb. 1 as follows: $40,00 from 1937
to 1944, incl. and $5,000 in 1945 and 1946.
j
Each issue is dated Feb. 1 1936.
Principal and interest (F. & A.) payable
at the Chase National
Bank, New York.
MONTGOMERY COUNTY (P. O. Troy), N. C.—BONDS AUTHOR¬
IZED—The Local Government Commission is reported to have authorized
the issuance of $251,000 in refunding bonds.
SCOTLAND
NECK, N. C.—NOTE SALE—A $4,500
note is said to have been
tax anticipation
purchased recently by the Bank of Enfield, at 6%.
STANLEY, N. C.—NOTE OFFERING—W.
E.
of the
Easterling,
Secretary
Local Government Commission, will receive bids at
Raleigh until
March 27 for the purchase at not less than par of $3,150 revenue
anticipation notes, which will bear interest at no more than 6%.
Dated
March 2 1936. Due $1,575 on March 1 in 1937 and 1938. Cert, check for
11
a.
m.
34% of amount of issue, payable to the State Treasurer, required. Prin.
and interest will be payable at the American Trust
Co., of Charlotte.
UNION (TOWN) UNION FREE SCHOOL DISTRICT
NO. 5 (P. O.
Johnson City), N. Y.—BOND SALE—The
$285,000 coupon, fully reg¬
isterable, school building bonds offered on March 26—V. 142, p. 1868—
were awarded to
Adams, McEntee & Co., Inc., of New York, on a bid of
100.407 for 2.70s, a basis of about 2.67%. Burr &
Co., and C. F. Chiids
—The Local
Co., jointly, were second high, offerings!00.52 for 2%s. Dated April 1
Due yearly on June 1 as follows:
$10,000, 1939 to 1945; $11,000,
1946; and $12,000, 1947 to 1963.
H Also participating in the purchase of the issue were the Manufacturers
Government Commission, at a meeting held on March
approved the issuance of $65,000 in school bonds.
STANLY COUNTY (P. O. Albemarle), N. C.—BONDS AUTHORIZED
Government Commission is reported to have authorized re¬
cently the issuance of $242,000 in jail and school bonds.
WILKES COUNTY (P. O. Wilkesboro) N. C.—BONDS AUTHORIZED
&
1936.
&
Traders
Trust
Co. of Buffalo and George D. B.
Bonbright & Co. of
The bankers made public
re-offering at prices to yield from
1.35% to 2.70%, according to maturity. The Town of Union reports an
assessed valuation of $17,561,447.
Net bonded debt, including this issue,
amounts to $1,195,000, and the
present estimated population is 13,500.
Rochester.
WHITESBORO, N. Y.—BONDS
VOTED—At
a
special election
held
last week the proposal to issue $650,000 bonds for
construction of the Whitesboro Central Junior-Senior
High School was approved.
Of the votes cast,
516 approved of the measure and 117 were
opposed.
YONKERS, N. Y.—BONDS AUTHORIZED—The'Common Council
on March 10 adopted ordinances
authorizing the issuance of $230,000 water
bonds, $175,000 local improvement bonds and $300,000 general relief bonds.
$15,000.00
RALEIGH, N. C., Street 4i/2s,
January 1942
at
3.35% and Int.
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
—The
Local
17,
WILSON COUNTY (P. O.
Wilson), N. C.—BOND SALE—The two
issues of bonds described below, aggregating
$258,000, which
March 24—V. 142, p. 1869—were awarded to
Dickson & Co. of Charlotte, The First of
on
Justus F. Lowe Co. of Minneapolis:
a group
are offered
composed of R. S.
Michigan Corp. of Detroit, and
$128,000 school bonds.
Due on March 1 as follows: $5,000,1948 and 1949;
$15,000, 1950; $20,000, 1951; $25,000, 1952; $30,000, 1953, and
$28,000 in 1954.
130,000 general bonds.
Due on March 1 as follows: $5,000, 1948 and
1949; $15,000, 1950; $20,000, 1951; $25,000, 1952, and $30,000
1953 and 1954.
All the bonds are dated March 1 1936.
The two issues brought a premium
of $1,326, equal to 100.513.
The successful bid provided that the first
$70,000 school bonds bear interest at 414% and the remaining
$58,000
3%%, and that the first $70,000 general refunding bonds bear 434% and
the remaining $60,000 3 34 %, making a net interest cost of about
3.9475%.
A syndicate headed by McAlister, Smith & Pate of Greenville was
second
high, offering a p'emium of $516 for $100,000 414% and $28,000 4%
school bonds and $100,000 414 % and $30,000 4%
general refunding bonds.
BOND CALL—Tempie J. Batton, Clerk of the Board of
County Com¬
missioners, states that refunding bonds, numbered 1 to 35, 414 %; 36 to 97,
44%; 98 to 132, 5%; 133 to 143, 54%; 144 to 183, 514%, and 184 to 258,
6%, aggregating $258,000, are being called for redemption at par and ac¬
crued interest on May 1, on which date interest shall cease.
Denom.
$1,000. Dated May 1 1933. Due on Nov. 1 1949. Payable at the Chemical
Bank & Trust Co. in New York City.
A. T. T. Tel. Rich. Va. 83
OHIO
MUNICIPALS
Southern Municipal Bonds
MITCHELL, HERRICK & CO.*
McALISTER, SMITH & PATE, Inc.
67
BROAD STREET
NEW
YORK
700 CUYAHOGA
CANTON
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
Telephone WHItehall 4-6765
GREENVILLE. S. C.
NORTH
CHARLESTON, S. C.
CAROLINA
ALAMANCE COUNTY (P. O.
Graham), N. C.—BOND OFFERING—
It is announced by W. E.
Easterling, Secretary of the Local Government
Commission, that he will receive sealed bids at his office in
Raleigh,
until 11 a. m. on April 7, for the
purchase of a $226,000 issue of coupon
school building bonds.
Interest rate is not to exceed 4%,
payable A. & O.
Denom. $1,000.
Dated Oct. 1 1935.
Due on Oct. 1 as follows:
$9,000.
OHIO
AKRON, Ohio—BOND OFFERING—Don H. Ebright, Director of
Finance, will receive bids until noon April 6 for the purchase at not less than
Sir of March 1 44% coupon street widening bonds. Denom. $1,000.
ated $493,000 1936.
Principal and semi-annual interest (April 1 and
Oct. 1) payable at the Chase National
Bank, in New York, or at the office
of the Director o&
Finance, in Akron.
Due yearly on Oct. 1 as follows:
$24,000, 1941 to 1947; and $25,000, 1948 to 1960, incl. Certified check for
2% of amount of bid, payable to the Director of Finance, required. Bonds
will be furnished by the city.
Financial
VoIum§ 142
CANTON, Ohio—BOND SALE NOT CONSUMMATED--'The city has
14 of $60,000 fire department and $40,000
police department equipment bonds to Braun, Bosworth & Co. of Toledo,
as 2Ms, at a price of 100.63,
a basis of about 210%.—V. 142, p. 1332.
This was done on the advice of Squire, Sanders & Dempsey of Cleveland,
which ruled that the city had already exceeded the margin against which it
may issue bonds without a vote.
canceled the sale made on Feb.
CINCINNATI, Ohio—BOND CALL—Jessie B. Brown, Secretary of the
Sinking Fund Commission, announces the call for payment, on the dates
indicated, of the following described bonds, at the Irving Trust Co,. New
York City or at the Provident Savings Bank & Trust Co., Cincinnati:
On May 1—Refunding (Cincinnati.Southern Ry.) 3M%, Nos. 1 to 3745
and 3751 to 4600, totaling $4,595,000.
Dated May 1 1906.
Due in 1956,
optional May 1 1936, or at any time thereafter.
Section 113 of the Ohio
Municipal Code passed Oct. 22 1902.
On July 10—School, 4M%. Nos. G. C. 7626, 7627 and 7629 and reso¬
lution of the Board of Education of the City School District, passed Dec. 13
1915, Nos. 7341 to 7940, totaling $300,000. Dated Jan. 10 1916. Due in
1956, optional Jan. 10 1936, or on any interest period thereafter.
On Aug. 28—School Nos. G. C. 7626, 7627 and 7629 and resolution of the
Board of Education of the City School District, passed Jan. 24 1916, Nos.
7941 to 8540, totaling $300,000. Dated Feb. 28 1916. Due in 1956, optional
on Feb. 28 1936, or at any interest period thereafter.
on
the advice of Squire,
of Cleveland, the city
previously announced for April 9
Railway refunding bonds.
The
council also has canceled the call for the redemption on May 1 of $4,595,000
3M % Southern Railway bonds dated May 1 1906 and due in 1956.
These
latter are optional May 1 1936 or at any time thereafter.
The new bonds,
non-callable, were to be dated May 1 1936 and mature May 1 1956.
New
legislation covering the issue will be adopted within six months, it is said.
Both moves, it is said, were dictated by the arising of some question as to
whether the proposed refunding bonds would be outside or inside provisions
of State tax limitation laws.
In connection with the previously announced
intention to hold the bond sale on April 9, the city issued the following:
POSTPONES
Sanders
&
BOND
Dempsey,
OFFERING -Acting
municipal
bond
attorneys
council has postponed indefinitely the sale
of $2,841,000 2M% Cincinnati Southern
$90,149,887.35
144,100.00
500,000.00
9,737.10
grant payments
$90,803,724.45
2,841,000.00
Bonds herein advertised for sale April 9 1936
Total indebtedness.
$93,644,724.45
Street
improvement bonds included in abjve$4,173,709.27
Water works bonds included in above
12,169,400.00
Cincinnati Southern Railway bonds included
in/above
21,832,000.00
Par value of water works sinking fund
6,669,945.26
Par value of Cincinnati Southern Railway
sinking fund
8,369,788.93
Par value of all sinking funds
31,795,481.34
636,978,440.00
Real property
Public utilities
93,457,890.00
±
70,200,000.00
Personal property (estimated)
Total valuation of taxable property December 1935
Tax rate
*
These
bonds
and
notes
are
paid by special
$800,636,330.00
$19.12
assessments levied upon
property abutting on streets improved by paving, sewers, &c.
Date of incorporation, March 1 1918.
The Water Works and Cincinnati Southern Railway bonds are selfsupporting.
The City of Cincinnati has never defaulted payment of its
bonds, notes or interest.
Population, 460,100.
CUYAHOGA FALLS, Ohio—BOND SALE— Stranahan, Harris & Co.,
Inc. of Toledo have purchased $107,900 5M% street improvement bonds.
Dated Oct. 1 1935.
One bond for $900, others $1,000 ezch.
Due Oct. 1
$900, 1937: $7,000, 1938; $14,000, 1939 to 1943, incl. and
$15,000 in 1944 and 1945.
Principal and interest (A. & O.) payable at
the Firestone Park Trust & Savings Bank, Akron.
Legality approved by
Squire, Sanders & Dempsey of Cleveland.
as
follows:
DOVER,
Ohio—BOND SALE—The Sinking Fund has purchased an
street improvement bonds.
Due $200 April 1 and $500
issue of $5,700
Oct. 1 1937 and $500 April 1 and Oct. 1 from 1938 to 1942, incl.
LIVERPOOL,
Ohio—REJECTS EXTRA
LEVY—At
a
special
election on March 15 the voters defeated by a wide margin the proposed
15-year 2.55 mill tax increase to pay about $145,000 in back salaries,
past-due bills, notes held by local banks and provide additional revenue to
meet regular municipal operating expenses.
The vote was 3,219 against the
proposition and 1,480 in favor.
EAST
LIVERPOOL,
Ohio—BONDS
State
Ohio—BONDS NOT SOLD—No bids were sub¬
$11,750 5% coupon refunding bonds—
Dated Oct. 1 1935 and due Oct. 1 as follows: $750, 1939;
$1,500, 1940; $2,000, 1941 and 1942; $2,500 in 1943 and $3,000 in 1944.
SHEFFIELD LAKE,
mitted at the offering on March 19 of
V. 142, P. 1513.
STEUBENVILLE,
follows:
City
AUTHORIZED—The
JEWETT SCHOOL DISTRICT,
Ohio—BOND ELECTION—At a
special election to be held on April 3 the voters will pass on the question of
issuing $40,000 school building improvement bonds.
LAKE COUNTY
(P. O. Paineaville), Ohio—BOND ELECTION—At
the residents of the county will be asked to
proposal to issue $50,000 emergency poor relief bonds.
4
Youngatown), Ohio—LIST OF BIDS—
March 20 for the $90,-
We give below a complete list of the bids received on
000 tuberculosis hospital addition bonds awarded
Provident Savings Bank & Trust Co. of Cincinnati:
on
that
date
to
"
Premium
$738.00
612.12
2M%
Widmann, Holzman & Katz
Inc.,
and
382.00
McDonald-
2%%
2% %
311.50
101.00
Otis & Co.
3%
3%
981.00
975.75
Mitchell, Herrick &Co
Hayden, Miller & Co. and Hawley, Huller & Co
First Cleveland Corp
Assel, Goetz & Moerlein, Inc
3%
3M %
3M %
3M%
Grau
&
Co
MAHONING
76.00
1,134.00
981.00
369.00
COUNTY
(P. O. Youngs town), Ohio—BOND ELEC¬
TION—A proposal to issue $121,000 poor relief bonds will be submitted to
the voters at the May 12 primary election.
MASSILLON, Ohio—BOND SALE—The State Industrial Commission
purchased an issue of $18,874 4M% refunding bonds.
Dated Oct. 1
1935 and due May 1 as follows: $3,874 in 1938; $3,000 in 1939 and $4,000
from 1940 to 1942, incl.
Principal and interest (M. & N.) payable at the
has
*
City Treasurer's office.
SCHOOL
DISTRICT, Ohio—BOND OFFERING—
Education, will receive bids until noon
1/1 for the purchase of $6,375 4% high school addition construction
bonds.
Denom. $255.
Dated March 1 1936.
Interest payable semi¬
annually.
Due $255 yearly on Sept. 1 from 1937 to 1961, incl.
Cert,
check for $63.75, payable to the Board of Education, required.
STOCKDALE
James Kirk, Clerk of the Board of
April
STOW TOWNSHIP
Ohio—REJECTS
SPECIAL
ELECTION—The
Board of Elections has rejected the village's application to hold a special
election on May 12 for the purpose of considering a proposed $65,000 water
works system bond issue.
The Board held that the referendum was pro¬
hibited by the general code of the State and advised that the vote cannot be
held until the November general election.
BOSTON, Ohio—BOND SALE—The $6,750 judgment funding
142, p. 1688—were awarded to Bliss Bow¬
$11.48, equal to 100.17,
Dated Dec. 1 1936 and due Dec. 1 as follows:
$1,500 from 1938 to 1941,
NEW
bonds offered on March 24—V.
man
& Co. of Toledo as 5s, at par plus a premium of
incl. and $750 in 1942.
(P. O. Stow), Ohio—BOND SALE—An issue
$5,000 fire equipment bonds authorized by the voters last
been sold to the State Industrial Commission at par.
of
November has
Ashland),
Board of Edu¬
SULLIVAN CENTRALIZED SCHOOL DISTRICT (P. O.
cation, will receive bids until noon April 14 for the purchase of $3,200 6%
bonds.
Denom.
$400.
Dated April 1
1936.
Interest payable semi¬
annually.
Due $400 each six months from April 1 1937 to Oct. 1 1940.
Certified check for $50 required.
TOLEDO CITY SCHOOL
DISTRICT,
Ohio—LIST OF BIDJSr-We
600,000 school building bonds
five below a complete list ofwhich bids received on Marchdate for the
the were awarded on that 20 to the
syndicate headed by Ryan, Sutherland & Co., of Toledo:
Rate of Int.
Name—
Ryan, Sutherland & Co., Toledo; Stranahan, Harris
& Co., Toledo: Braun, Bosworth & Co., Toledo;
Weil, Roth & Irving, Cincinnati; Provident Savings Bank & Trust Co., Cincinnati
The First Cleveland Corp., Cleveland; Seasongood
& Mayer, Cincinnati; Fox, Einhorn & Co., Cin¬
cinnati; Lawrence Cook & Co., Cleveland; Nelson,
Browning & Co., Cincinnati; Grau & Co., Cin-
Premium
^
$4,027.00
3M%
cinnati...
Field, Richards & Shepard, Inc., Cleveland; BancOhio Securities Co., Columbvs; Nida, Schwartz &
Seufferle, Columbus; VanLahr, Doll &Isphording,
Inc., Cincinnati
McDonald-Coolidge & Co., Cleveland; Mitchell,
Herrick & Co., Cleveland; Otis & Co., Cleveland;
Assel, Goetz & Moerlein, Cincinnati
3M %
7,920.00
3M%
6,487.00
3M %
4,270.00
'
,
„
„
Philadelphia), Ohio—OTHER
BIDS—The $50,500 relief bonds awarded to Cool, Stiver & Co. of Cleve¬
land as 2Mb for a premium of $454.49, also attracted the following other
TUSCARAWAS COUNTY (P. O. New
bids:
Premium
S320.68
Bidders (All for 2M% Bonds)—
Stranahan, Harris & Co
Prudden
&
309.00
Co
287.85
277.00
263.85
141.40
138.90
83-00
33.35
First Cleveland Corp
Weil, Roth & Irving Co
Seasongood & Mayer
Assel, Goetz & Moerlein, Inc
Mitchell, Herrick & Co
Braun, Bosworth & Co
Provident Savings Bank & Trust Co-.,
WAPAKONETA,
—-
Ohio—BOND OFFERING—Harold F.
Shuler, City
Auditor, will receive bids until noon April 13 for the purchase at not less
than par of $2,100 4% water main extension bonds.
Denom. $52.50.
Dated Jan. 1 1936.
Interest payable annually on Oct. 1.
Due $52.50
yearly on Oct. 1 from 1937 to 1976,
to the city, required.
incl.
Certified check for $21, payable
WILLOUGHBY, Ohio—BONDS AUTHORIZED—The Village
on March 9 adopted an ordinance authorizing the issuance
funding bonds.
Council
of $70,500 re¬
OKLAHOMA
Okla —BOND ELECTION—At an election to be held on
opportunity to pass on two bond
proposals, one of $240,000 for construction of an electric light and power
plant and $15,000 for improving the waterworks.
ALVA,
March 31 the voters of the city will have an
BURLINGTON, Okla.—BONDS NOT SOLD—The $4,500 issue of not
semi-ann. electric system bonds offered on March 14—V.
p. 1688—was not sold as no bids were received, according to the
to exceed 6%
142,
Town Clerk.
ENID SCHOOL DISTRICT, Okla.—BOND ELECTION—'The Board
election for April 7 to vote on a propsition
$250,000 school building bonds.
to issue
McCLAIN COUNTY SCHOOL DISTRICT NO. 4 (P. O.
Okla.—BOND SALE—The $11,000 issue of school building bonds
for sale on March
as
3Ms.
18—V. 142, p. 1870—was purchased by a
Due $1,000 from 1941 to
Byars)
offered
local investor,
1951 incl.
PARK, Okla.—BOND OFFERING—Harry C. Brandes,
Town Clerk, wil receive bids until 6p.m. March 30 for the purchase at
not less than par of $10,000 municipal bonds, to bear interest at rate named
in the successful bid.
Due $500 yearly, beginning three years after date of
issue.
Cert, check for 2% of amount of bid required.
MOUNTAIN
MUSKOGEE, Okla —BONDS VOTED— On March 18 the voters
of the
issue bonds, aggregating $85,000.
OKLAHOMA COUNTY (P. O. Oklahoma City), Okla.—WARRANT
CALL—Call is now outstanding for $100,000 warrants, the largest call since
July 1, according to County Treasurer W. F. Vahlberg.
Interest on the
warrants, issued against six county accounts and 14 school districts, will be
stopped April 8.
Officers expressed the belief that the county will be oper¬
city gave their approval to six proposals to
ating on a strictly cash basis by May 1.
TEMPLE SCHOOL DISTRICT,
Okla.—BONDS VOTED—A $20,000
recently.
school bond issue was approved by the voters
MECHANICSBURG, Ohio—BOND OFFERING—Charles A. Wood,
Village Clerk, will receive bids until April 15 for the purchase at not less
than par of $20,000 4% sanitary sewer system construction bonds. Denom.
$400.
Dated March 15 1936.
Interest payable semi-annually. Due $400
each six months from Sept. 15 1936 to March 15 1961, incl. Certified check
for $500, payable to the Village Treasurer, required.
These are the bonds
which had been offered on Feb. 7—V. 142, p. 826.
MECHANICSBURG,
of $100, equal to
100.264.
the
2M%
2M%
Provident Savings Bank & Trust Co
of West
of Education has voted to call an
Int. Rate
Bidders—
Ryan, Sutherland & Co
Stranahan, Harris & Co.,
Coolidge & Co
Seasongood & Mayer
issues
two
18,289.66 special assessment bonds as 2Mb, for a premium of $32.92,
equal to 100.123.
Due $2,289.66, Oct. 1 1937 and $4,000 on
Oct. 1,
1938, 1939, 1940 and 1941.
Dated April 1 1936.
the primary election on May 12
MAHONING COUNTY (P. O.
SALE—The
$41,710.34 city's portion bonds as 2Ms, for a premium
Council recently passed an ordinance authorizing the issuance of $37,809
delinquent tax bonds.
vote on a
Ohio—BOND
offered on March 25—V. 142,
1688—were awarded to the BancOhio Securities Co., of Columbus, as
Market St. improvement bonds which were
p.
Principal
and semi-annual interest payable at the City Treasurer's office.
EAST
of—AVERAGE YIELD ON 30 CITY BONDS REGIS¬
Ohio municipal bonds,
yield of bonds of 30 Ohio cities compiled by Wm. J. Mericke
& Co., Inc., whose New York office is located at One Wall St., declined
from 3.01 to 3.00 during the week ended March 26.
Average yield for 15
largest Ohio cities went below the 3% mark during the week, dropping
from 3.00 to 2.99. While the average yield for 15 secondary cities declined
from 3.02 to 3.01.
Averages are weighted according to outstanding debt
of each city.
OHIO,
TERS DECLINE—With firm prices continuing in
the average
Ohio—BOND OFFERING— D. O. Hankinson, Clerk of the
Financial Statistics March 1 1936
Bonds outstanding
*
Street improvement notes
Note issued in anticipation of the receipt of current revenue
Notes issued in anticipation of the receipt of government
♦
2203
Chronicle
TULSA SCHOOL DISTRICT (P. O. Tulsa) Okla.—BOND ELECTION
CONTEMPLATED—It is stated by the Business Manager of the Board of
the near future in order to
proposed issuance of $1,600,000 in bonds for school building
purposes. No definite time has been decided as yet.
Education, an election will be held in
vote on .the
and repair
OREGON
COLUMBIA COUNTY UNION HIGH SCHOOL
DISTRICT NO. 1
(P. O. Vernonia), Or •.—BONDS ALE—The $45,600 issue of funding bonds
142, p. 1688—was awarded to Conrad,
Bruce & Co. of Portland as 4Ms, at par. Coupon bonds, in denominations
of $500 and $60. Due $4,560 from 1937 to 1946 incl., optional after March
21 1938.
Interest payable M. & S. 21.
offered for sale on March 21—V.
HEPPNER, Ore—BOND SALE— The $7,000 issue of 5% water
142, p. 2036—was purchased by
offered for sale on March 21—V.
Tripp & Butchart of Portland,
according to the City Recorder.
bonds
Hess,
2204
Financial
KLAMATH FALLS, Ore.—BOND REFUNDING
CONTEMPLATED—
It is stated by Mayor Mahoney that the
city is planning on refunding
$550,000 of Bancroft Improvement bonds on the July 1 interest
payment
date.
He goes on to say that the details have not been
completed but the
Slans 1under way call for advertising this series of bonds 30 days prior to
uly
interest payment date.
.
LAKEVIEW,
Ore.—BONDS
SOLD
the
IN
PART—Ot the $40,000 4%
sewage disposal revenue bonds offered on March 14—V.
142, p. 187(1—the
town disposed of $33,000.
The U. S. government took $28,000, the First
National Bank of Santa Ana, Calif., $3,000, and the
Treasurer of the
Town of Lake view $2,000.
The price received by the town was par, plus
accrued interest.
Dated Nov. 1 1935.
The $40,000 bonds offered were to
mature $2,000 yearly on Nov.
l^from 1937 to 1956.
Chronicle
March
28
1936
HEIDELBERG
TOWNSHIP SCHOOL DISTRICT (P. O. MyersPa.—BOND OFFERING—H. F. King, District
Secretary,
April 6, for the purchase of $68,500
2H, 2%, 3 or 3H% coupon school bonds.
Dated April 1 1936.
Due
serially on April 1 from 1939 to 1963, incl.; optional April 1 1946.
Principal
and interest (A. & O.) payable in Schaefferstown.
A certified check for
2% must accompany each proposal.
Legality approved by Townsend,
Elliott & Munson of Philadelphia.
town,
R. 2),
will receive sealed bids until 8 p. m. on
MIDDLETOWN
TOWNSHIP SCHOOL DISTRICT (P. O. LangOFFERING-—-Walter S. Miller, District Secretary,
Langhorne
par of $25,000 3% %
coupon, registerable as to principal, refunding and improvement bonds.
Denom. $1,000.
Dated April 1 1936.
Principal and interest payable at
the Peoples National Bank & Trust Co. of
Langhorne.
Due on May 1
as foUows: $3,000,
1941 to 1945; $4,000, 1946; $5,000, 1947, and $6,000,
1948.
Cert, check for $1,000, payable to the District Treasurer, required.
Approving opinion of Saul, Ewing, Remick & Saul of Philadelphia will be
furnished by the district.
horne),
Pa.—BOND
will receive bids at the Peoples National Bank & Trust Co. in
until 8 p. m. April 3 for the purchase at not less than
Out of the funds raised through this bond
issue, $17,000 5% bonds due
May 1 1936 will be retired, and the balance of the money will be used to
build additional school facilities.
1
PHILADELPHIA,
Pa.—STATE SUPREME COURT TO PASS ON
BOND ISS UE—The State Supreme Court has set March 30 for a hearing
on the authority of
Mayor Wilson to sell $5,000,000 worth of authorized
but unissued city bonds.
The Court has taken original jurisdiction in the
case
and has restrained the Mayor from
trying to sell the bonds pending a
their legality.
held up and the court proceedings were started by Russell
Duane, Chairman of the Committee of Seventy.
He claims the bonds
cannot be sold because the city has
already exceeded its borrowing capacity.
decision
on
The sale
was
Mayor Wilson claims the bonds are already charged against the borrowing
capacity and were within the legal limit at the time of their authorization.
He plans to use the proceeds of the sale for
completing the Broad St. sub¬
way and for Works Progress Administration projects.
POCONO TOWNSHIP SCHOOL DISTRICT (P. O. Pocono). Pa.—
BOND ISSUE DETAILS—The $25,000 3H% coupon
(registerable as to
principal) bonds, of which $19,000 are for refunding purposes, recently sold
to Leach Bros. & Co., Inc. of
Philadelphia at a price of 100.05, bear date of
March 1 1936, are in denoms. of $1,000 and mature March 1
1956, although
redeemable at the district's option on March 1 1941 or
interest payment date.
Interest payable M. & S.
PENNSYLVANIA
BELLWOOD, Pa.—OTHER BIDS—The $45,000 bonds awarded early
In the month to the First National Bank of Bellwood as
3s, at par plus a
premium of $167.62, equal to 100.372, a basis of about 2.93%—-V. 142,
p.
1870—were also bid for as follows:
'
Int. Rate
DISTRICT, Pa.—BOND
an issue of
SCHOOL
SALE—The School
$202,000 2% refunding bonds at
(P. O. Monongahela
Irey, Secretary of Board
Directors, will receive bids until 8 p.m. April 11 for the purchase
Denom. $1,000.
Due April 1 1941.
Certi¬
CURWENSVILLE
SCHOOL DISTRICT, Pa.—BOND SALE DE¬
TAILS— The $35,000 3 M % bonds awarded on
Maich 16 to Leach Bros.,
Inc. of Philadelphia, as previously noted in these
columns, were awarded
to the bankers at a price of par plus a
premium of $1,172.50, equal to 103.35.
Dated March 1 1936 and due March 1 as follows:
$1,000 from 1937 to 1941
incl. and $2,000 from 1942 to
1956incl.; redeemable at par and interest on
March 1 1946 or on any interest
payment date thereafter. Other bids were
follows:
Bidder—
Premium
Singer, Deane & Scribner, Inc
S. K. Cunningham & Co
$1,171 00
1,060.50
E. H. Rollins & Sons
Taxes
Pa.—BOND
OFFERING—Glenn
$1,000.
April 1 from 1937 to 1949, incl.
F.
Wilson,
Date
Vue Borough School District,
Allegheny County
—Erecting, furnishing and equipping an addition
to school building
Stonycreek
Township
School
District,
Cambria
County—Building an addition to school building..
Lock Haven, (City of) Clinton
County—Refunding
bonded indebtedness,
$139,000; increasing bonded
indebtedness, $68,500 to ratify and confirm
illegal
Port
.....
equipping
an
Approved
Amount
Mar.
9
$60,000
Mar.
9
12,000
Mar.
10
207,000
Mar.
10
12,000
Mar.
councilmanic debt
Gregg Township School District, Centre
County—
Constructing combined auditorium and gymnasium
Northampton Borough School District, Northampton
11
15,000
athletic
_
Mauch
Chunk
Borough School District,
Carbon
County—Purchase site for and construct
high
school building; make improvements to
grade school
Bethlehem City School
District, Northampton and
Lehigh Counties—Refunding bonded indebtedness
McVeytown Borough School District, Mifflin
County
—Enlarge, equip and furnish high school and grade
school buildings
McCandless Township
School
District, Allegheny
County—Erect
in
conjunction
with
additional
funds, an addition to Espe School
zMunicipality and Purpose—
Borough, Blair County
$18,314,025.00
937,250.00
1936
$19,251,275.00
63 1-3%
Percentage of assessed valuation to actual value
Overlapping Debt
as
of Jan. 6 1936
Net debt of Mercer County
Sinking fund of Mercer County
-
Tax levy (1935) of Mercer County
Net debt of Sharon School District
Mar.
12
96,000
12
202,000
Mar.
12
10 mills
fund of Sharon School District
Tax levy (1935) of Sharon School District--
way)
Borough School District, Northumberland
County (build and erect an addition to Pollock
School building; install a
heating system and sani¬
tary toilets in Lincoln School building
Brookville Borough, Jefferson County (construct and
equip a two-story municipal building)
Myerstown
Borough
School
District,
Lebanon
County (erect an addition to high school
bldg.)___
Lemoyne
Borough
School
District,
Cumberland
County (purchase and improve plot of land for
school purposes; improve school
grounds)
....
no
Other bids
funds in closed
or
23 mills
follows:
were as
:■
Bidder—
Int. Rate
Mar. 17
Premium
3%
3H%
$591.50
:
3M%
3%
Glover & MacGregor
422.50
546.00
172.50
SOUTH
WILLI AMSPORT
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—F. A. Weiss, District Secretary, will receive sealed bids until
5 p. m. on April 13, for the purchase of $27,000
2M. 2M. 3, 3M.
33M
4% cddpon operating revenue bonds.
Dated April 1 1936.
Denom.
$1,000.
Due $3,000 on April 1 from 1937 to 1945, incl.
Bidder to name
of interest on the issue.
Principal and interest (A. & O.) payable
in South Williamsport.
The bonds, issued under Act of May 18 1933,
P. L. 813, are general obligations of the district and
registerable as to
principal only.
A certified check for 2%, payable to the order of the
District Treasurer, must
accompany each proposal.
The bonds will be
issued subject to the favorable
legal opinion of Townsend, Elliott & Munson
of Philadelphia.
or
one rate
TOWER CITY, Pa.—BONDS NOT SOLD—The issue of
$35,000 3H%
coupon refunding bonds offered on March 16—V. 142, p. 1514—was not
sold, the bids being unsatisfactory.
Decision will be made on April 6 as
to the disposition of the bonds.
They are dated Jan. 1 1936. Due July 1
1955; optional after Jan. 1 1937.
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
R. E. Stouffer, District Secretary, will receive bids until 8
p. m. March 30
the purchase of $150,000 coupon school
building
bonds.
Denom.
$1,000.
Dated March 1 1936.
Due yearly as follows: $3,000, 1941 to
1944; $4,000, 1945 to 1949; $5,000, 1950 to 1954; $6,000, 1955 to 1957;
$7,000, 1958 to 1960; $8,000, 1961 to 1963; and $10,000, 1964 to 1966.
Certified check for 2% required.
RHODE
CRANSTON,
Amount
$57,177,850.00
19,251,275.00
obligations; has issued no
restricted banks, and no bonds authorized
Bancamerica-Blair Corp
Leach Bros., Inc
Singer, Deane & Scribner, Inc
5,000
an
Milton
$2,564,000.00
180,830.03
$1,365,000.00
259,768.46
Sinking
WAYNESBORO
Mar.
Approved
(constructing
outfall sanitary sewer and
sewerage disposal plant,
with necessary rights of
Total valuation—Year
for
Mar. 13
17,000
The following is the latest list of the issues
approved by the Department:
Date
Bellwood
Assessment Valuation Data—1936
Assessed valuation—Property
Assessed valuation—Occupation
Borough
Dated April 1 1936.
Due $2,000
Certified check for $500, required.
Municipality and Purpose—
and
of March 1 1936
and not issued.
(State of)—BONDS APPROVED—The
following is
a late report
on
bonds approved by the Department of Internal
Affairs,
Bureau of Municipal Affairs,
The record shows the name of the
munic¬
ipality, amount and purpose of issue and date
approved by the bureau:
County—Purchasing
as
Inventory of city property—Jan. 1 1936
scrip; has
PENNSYLVANIA
field
Net indebtedness
$459,010.13
$380,114.87
2,935,250.71
321.20
I
Secretary,
on
13,750.00
assets
422.75
fc
will receive bids until 8 p. m. April 9 for the purchase of $26,000
coupon bonds.
Bidders are to name rate of interest, in a
multiple of M %,
but not to exceed 4%.
Denom.
yearly
182,865.86
306121
710.50
Clearfield Trust Co
Glover & MacGregor, Inc
MONACA,
liens)--
uncollected-
Bank balance—C. W. A. fund
Mercer County assessed valuation, 1936
Sharon School District assessed valuation, 1936
The City of Sharon has never defaulted on debt
815.50
;
$839,125.00
$109,685.50
1,711.16
16,716.29
1,128.97
130,446.57
2,705.78
-
Bank balance—1930 bond issue
Accounts receivable (P. C. I. municipal
Accounts receivable
(miscellaneous)
Total
of $4,000 5% school bonds.
fied check for $50, required.
liabilities
Bank balance—General account-Bank balance—S. disposal account-
DISTRICT, Pa.—BOND ISSUE DETAILS—
Halsey, Stuart & Co., Inc
County National Bank, Clearfield
4,125.00
49,000.00
-
Assets—Sinking fund (cash)
a
CARROLL TOWNSHIP SCHOOL DISTRICT
R. D. No. 1), Pa.—BOND OFFERING—Frank L.
as
of March 1 1936
.29
The $65,000 3H % coupon or registered school
building bonds sold in Janu¬
ary to the Russell National Bank at a price of 100.75, as
previously noted in
these columns, are dated Dec. 15 1935, in denom. of
$1,000 and matured
serially from 1940 to 1965, incl., without provision for
prior payment.
Interest payable J. & D.
"
of School
as
$786,000.00
Unfunded debt (notes)
Tax anticipation notes
Total
SCHOOL
price of 101.475.
F BURNHAM
Financial Statement
$77.00
284.40
E. H. Rollins & Sons
BETHLEHEM
subsequent
Pittsburgh as 2Ms for a premium of $360.75, equal to 100.555, a basis of
about 2.64%.
Otis & Co. of Cleveland, second high bidders, offered a
premium of $267.70 for 2Ms.
Dated April 1 1936.
Due on April 1 as fol¬
lows: $6,000, 1937 to 1941, and $7,000, 1942 to 1946.
Liabilities—Bonds outstanding
Premium
3H%
3H%
4%
Singer, Deane & Scribner, Inc
R. W. Pressprich & Co
Sinking Fund has purchased
any
SHARON, Pa.—BOND SALE—The $65,000 coupon debt funding,
street improvement and police radio and fire signal system bonds offered on
March 24—V. 142, p. 1871—were awarded to E. H. Rollins & Sons of
W
Bidder—•
on
R.
York have purchased
Dec. 3 1936.
ISLAND
I.—TEMPORARY LOAN—Leavitt & Co. of
an issue of $100,000 notes at
0.54% discount.
New
Due
.
PAWTUCKET, R. I.—BOND
SALE—The Sinking Fund Commissioners
purchased last February an issue of $437,000 refunding bonds, dated April 1
1936 and due April 1 as follows:
,$44,000 from 1946 to 1954 incl. and $41,000
in 1955.
I
$45,000
SOUTH
CAROLINA
AIKEN, S. Caro.—BOND SALE—The city has sold
Mar. 18
80,000
Mar. 18
28,000
Mar. 18
37,000
Mar. 18
30,00
an issue of $78,000
3M% refunding bonds to Johnson, Lane, Space & Co., of Augusta, at par,
plus expenses. Dated April 1 1936.
fe*mi
CLINTON, S. C.—MATURITY—The Town Clerk states_that tEe
$90,000 4% semi-ann. refunding bonds purchased by G. H. Crawford &
Co. of Columbia, at a price of 101.33, as noted here In
February—V. 142,
p. 1334—are dated Jan. 1 1936, and mature on Jan. 1 as follows:
$5,000,
1938 to 1942; $6,000, 1943 to 1947, and
$5,000, 1948 to 1954, giving.a
basis of about 3.83%.
Financial
Volume 142
2205
Chronicle
FORT
STOCKTON, Tex.—BONDS SOLD—An issue of $44,000 4^%
refunding bonds has been sold to local investors.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND
STATE
FORT WORTH, Tex.—BONDS
MUNICIPALS
to the
SOLD—It is stated by the Secretary
City Manager that an issue of $27,500 tuberculosis hospital bonds
purchased by the City Sinking Fund,
has been
KIRCHOFER
ARNOLD
&
INCORPORATED
Direct Private Wire to Pask & Walbridge our New York
RLGH 80
Correspondent
At the election held
city has the authority to dispose of these bonds at public or private
sale.
SOUTH CAROLINA, State of -LEGISLATIVE BILLS APPROVED The Senate is said to have passed bills recently authorizing the issuance of
the following obligations: $5,000,000 rural electrification notes and $225,000
proposed issuance of $100,000 in airport
issue of $100,000
YORK
COUNTY
O.
(P.
York),
S.
C.—NOTE SALE—A $50,000
purchased recently
issue of tax anticipation notes is reported to have been
by the Bank of York at 1M %.
SOUTH
DAKOTA
Kron,
bonds
Dak.—
Almeda
District Clerk, for the purchase of a $19,000 issue of S}4% semi¬
school bonds.
Dated July 1
1936.
Due in 20 years.
These
approved by the voters at an election held on Feb. 18.
—
were
ONIDA,
until
S.
Dak.—b6nD
OFFERING—Sealed
7:30 p. m. on April 1, by J. P. Williamson,
•
defeated the
bonds.
B. Smiley, County Judge, for the purchase
4^% semi-ann. road bonds.
of an
is
LUBBOCK, Tex.—PROPOSED REVENUE BOND SALE CANCELED—
following news item from Lubbock appeared in the "Wall Street
The
Journal" of March 24:
City Commission has rescinded its notice of Feb. 3 of intention to
bonds in the amount of $1,200,000, the proceeds of which
be used for construction of a municipal gas distributing system
and pipe line.
It is stated by members of the Commission that this act
does not finally dispose of the project; that an election may be called by the
Commission voluntarily, or another notice of intent to issue the bonds
might be passed which would require another petition for an election to be
"The
issue
revenue
to
held.
CENTERVILLE SCHOOL DISTRICT (P. O. Centerville), S.
BOND OFFERING—Sealed bids will be received until April 11 by
annual
'
LA GRANGE, Tex.—BOND SALE—A $10,000 issue of water bonds
said to have been purchased by a local investor, at a price of 102.50.
were
bonds.
enlargement
•
Longview), Tex.—BONDS DEFEATED—
(P. O.
March 17—V. 142, p. 1335—the voters
until March 27, by Thomas
FLORENCE, S. C.—BOND ELECTION—The City Clerk confirms the
sanitorium
on
KARNES COUNTY ROAD DISTRICT NO. 4 (P. O. Karnes City)
Tex.—BOND OFFERING— It is reported that sealed bids will be received
report given in these columns recently, that an election is scheduled for
April 14 in order to vote on the issuance of $300,000 in refunding bonds—
V. 142, p. 2037.
It is said that because of a special legislative measure, the
State
providing for the issuance
said to have passed an order
GREGG COUNTY
CAROLINA
SOUTH
are
of $60,000 in school bonds.
A. T. T. TELETYPE
RALEIGH, N. O.
GALVESTON COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 17 (P. O. Galveston) Tex.—BONDS AUTHORIZED—The County
Commissioners
bids will be received
City Treasurer, for the
Siu-chase of a $9,100 issue of 4% semi-ann. Oct. 1 1935. building follows:
►enominations $1,000, $500 and $100. Dated auditorium
Due as bonds,
$100 in 1937; $500, 1938 to 1947, and $1,000 from 1948 to 1951, all incl.
Payable at the office of the City Treasurer.
(This report supplements the offering notice given in these columns
recently—V. 142, p. 2037.)
FALLS, S. Dak.—BOND OFFERING—Andrew Norstad, City
of $59,000 3H%
city hall construction bonds.
Due $3,000 yearly to 1955, and 2,000 in 1956.
SIOUX
Auditor, will receive bids until April 15 for the purchase
"City Attorney J. E. Vickers rendered his opinion that the
a gas plant without an election,
be issued for construction of
declared that the salability of the bonds
McCULLOCH
COUNTY
(P.
O.
bonds could
although he
might be impaired."
Brady), Tex.—BONDS SOLD—The
purchase bonds were sold
County Judge reports that $60,000 right-of-way
to W. K. Ewing & Co. of San Antonio.
-v
DISTRICT (P. O.
Nacogdoches), Tex.—BONDS SOLD—Rufus E. Price, Superintendent of
Schools, reports that $20,000 4% semi-annual school bonds have been sold
NACOGDOCHES
to local
purchasers.
election
the
SCHOOL
Dated Oct. 1 1935.
COUNTY
ORANGE
recent
INDEPENDENT
(P.
voters
O.
are
Orange) Tex.—BONDS VOTED—At a
approved the issuance of
stated to have
$110,000 in court house construction bonds by a count of 744 to 99.
Public Works Administration allotment is said to have been approved
A
for
this project.
SHERMAN, Tex.—BOND ISSUANCE NOT CONTEMPLATED—It is
by W. Morgan Work, City Manager, that the issuance of the $225,000
6% school auditorium and swimming pool bonds, approved
by the voters last December, has not been authorized as yet since the
expected Public Works Administration grant has not been approved for
the projects.
stated
not to exceed
TENNESSEE
Municipal Bonds
WHITEWRIGHT SCHOOL DISTRICT (P. O.
BONDS SOLD TO P WA—The Secretary of the
EQUITABLE
Securities
VERMONT
Nashville
Memphis
Knoxvllle
Chattanooga
Vt.—BOND
CABOT,
REFERENDUM ORDERED—It is said
been stopped in their
Authority project and
they have now ordered a referendum on a proposal to issue $204,000 in
bonds, to be used in connection wtih a Public Works Administration allot¬
ment to finance a municipal power system.
(A tentative report on this
authorization appeared in these columns recently—V. 142, p. 2037.)
—
BOND
on
100.56,
TENNESSEE
Tenn.—BOND SALE—The two issues of 5% semi-ann.
bonds, aggregating $25,000, offered for sale on March 24—V. 142, p. 1871—
were awarded jointly to the Cumberland
Securities Corp. of Nashville,
and C. H. Little & Co. of Jackson, paying a premium of $335, equal to
101.34, a basis of about 4.87%.
The issues are divided as follows:
$17,000 stadium bonds.
Due $500 from Oct. 1 1938 to 1971, inclusive.
8,000 airport bonds.
Due $500 from Oct. 1 1938 to 1953, inclusive.
PWBRISTOL,
Tenn.
a
basis of about 3.44%.
July 10 from 1936 to 1955 incl.
ST.
JOHNSBURY,
FENTRESS
(P. O. Jamestown), Tenn.—BOND CALL—
by W. M. Johnson, County Judge, that the county, by
COUNTY
order of the Quarterly Court, is calling for payment as of April 1, on
date interest shall cease, a total of $150,000 5% road bonds.
Dated
Jan. 1 1956, redeemable at any time after Jan. 1
Bonds should be presented at the Commercial Bank & Trust Co. of
1916.
ville.
Due
on
Principal and interest to date called will be
FRANKLIN
COUNTY
The $100,000 issue of 4%
which
Jan. 3
1936.
Knox-
paid.
(P. O. Winchester), Tenn .—BOND SALE—
coupon
semi-annual court house bonds offered
public auction on March 24—V. 142, p. 2037—-was awarded to
Equitable Securities Corp. of Nashville, at a price of 108.935, a basis
of about 3.00%.
Dated Jan. 1 1936.
Due $5,000 from 1937 to 1956, incl.
The next highest bid was submitted by Robinson, Webster & Gibson of
for sale at
the
Nashville.
KINGSPORT,
Tenn.—BOND
OFFERING—Sealed
bids
will be re¬
Black, City Treasurer, for the pur¬
school bonds.
Interest rate is not
to exceed 5%, payable M. & S.
Denom. $1,000.
Coupon bonds, dated
March 1 1936.
Due $15,000 from March 1 1937 to 1956, incl.
Bidders
shall state a single rate of interest for all of the bonds, in multiples of
or
1-10
of 1%.
Prin. and int. payable in lawful money at the Central
Hanover Bank & Trust Co., New York.
The approving opinion of Thom¬
son, Wood & Hoffman of New York will be furnished, without cost, to the
purchaser, and the city will bear the cost of preparation and printing of the
bonds.
A certified check for $3,000, payable to the City Treasurer, must
ceived until 8 p. m. on April 7 by G. D.
chase of a $300,000 issue of elementary
accompany
CALD-Charles
Vt .—BOND
Treasurer, announces the call for redemption on April
tional Shawmut Bank, Boston, and the First National
G. Braley, Town
1 1936, at the Na¬
Bank of St. Johns-
bury, of the following numbered 4% 10-30-year refunding bonds, issue of
April 1 1914: 3, 5, 11, 12, 13, 14, 15, 17, 18, 45, 47, 48, 51, 52, 53, 57, 61,
67, 79, 88, 91, 92, 93, 96, 97, 99, 105, 111, 118, 120, 125, 127, 128, 130,
140, 141, 157, 160, 162, 166.
that the Mayor and the Board of Aldermen have
endeavor to hold an election on a Tennessee Valley
It is announced
$30,000 coupon refunding bonds
awarded to the Montpelier
premium of $168, equal to
Dated April 1 1935 and due $1,500 on
SALE—The
March 19—V. 142, p. 1872—were
National Bank of Montepelier as 3^s, for a
offered
COLUMBIA,
been sold to the Public
Corporation
New York
Birmingham
Whitewright), Tex.—
Board of Education states
that $12,500 4% semi-annual school bonds have
Works Administration.
Dated Nov. 1 1935.
VIRGINIA
VIRGINIA,
State of—BOND REFUNDING CONSIDERED
UN¬
LIKELY AT PRESENT—The "Wall Street Journal" of March 24 carried
the following article on th._ postponement of the proposed bond refinancing
by the above State because of a conversion feature inserted in the bonds by
the State Legislature, which is said to have deterred bidders from making
tenders on the bonds:
"The State of Virginia, whose officials decided Saturday not to call the
outstanding $2,750,000 century bond issue for redemption July 1, will
now have six months in which to clear up problems which prevented the
Offering this month.
Whether the State will lose any money on the post¬
ponement will depend upon the course of the general municipal market.
Had the Legislature not complicated the set-up by inserting a conversion
privilege in the enabling legislation, the State undoubtedly would have
effected a saving in interest during the last half of the year.
"The next redemption date is Jan. 1 1937, and the bonds must be called
by Oct. 1 1936, for that operation. ^In the meanime, the State officials
probably will decide whether to set a time limit on the conversion privilege,
or it may attempt to obtain an amendment to the enabling legislation which
would eliminate this troublesome provision.
"The well-intentioned conversion feature, which was inserted by the
State Legislature to enable present bondholders to obtain the new bonds
at the same rate paid by bankers, actually was the basic cause of the post¬
„
.
Banking houses Informed the State officials that they would
degree of accuracy unless they knew in
maturities of the bonds they would have after the
conversion has been exercised.
In addition, they would not know how
many converted bonds would come into the market under their re-offering
ponement.
be unable to estimate bids with any
advance the number and
price.
hand, State officials could not ask the present holders to
knew the price of the new bonds.
Moreover, if they
outstanding bonds now and sold the redemption issue later,
"On the other
convert until they
the bid.
TENNESSEE, State of—BOND OFFERING—It is announced by the
Tennessee Court Building Commission that it will receive sealed bids until
11 a.m. on April 2, at the office of the Governor, for the purchase of a
S450,0001936. of 3H% April 1 building Principal Denom. $1,000. Dated
issue Due on court 1956. bonds. and interest (A. & O.)
.pril 1
payable in lawful money at the State Treasurer's office or at the fiscal
of the State in New York City, at the option of the holder. Legality*
will be approved by Thomson. Wood & Hoffman of New York City.
De¬
livery or the bonds and payment therefor may be made in either of the
cities of Nashville or New York.
The bonds are said to be general obliga¬
tions of the State, the full faith and credit of which is pledged for their
payment.
They are said to be not subject to taxation by the State or by
any county or municipal corporation in the State.
A certified check for
2%, payable to the State Treasurer, must accompany the bids.
agency
called the
they
would
be chancing fluctuations in the
general municipal market.
effect the unsettled political situation abroad might have on the
municipal market between now and the time when the bona could be offered
added another threat to calling the bonds before the sale."
What
will be received
Manager, for the pur¬
Denom. $500. Dated
WAYNESBORO, Va.—BOND OFFERING— Sealed bids
until 7:30 p.m. on March 31, by I. G. Vass, Town
chase of a $72,000 issue of 3% refunding bonds.
April 1 1936.
Due on April 1 as follows: $2,500 in 1937 and 1938; $3,000,
1939 to 1952, and $5,000, 1953 to 1957, all incl.
Principal and interest
(A. & O.) payable in lawful money at the Chase National Bank in New
York City.
The approving opinion of Reed, Hoyt & Washburn, of New
York, will be furnished to the purchaser.
A certified check for 2% of the
bonds bid for, payable to the town, is required.
WASHINGTON
TEXAS BONDS
Bought
—
Sold
—
Quoted
H. C. BURT & COMPANY
Incorporated
Sterling Building
Houston, Texas
is said to be calling
O. Beaumont)
Tex.—BOND SALE—The $30,000 school bonds approved by the voters
at the election held on Jan. 25—V. 142, p. 1161—are said to have been
purchased by the State Board of Education.
_
PULLMAN, Wash.—BONDS NOT AUTHORIZED—It is stated by
Evelyn Weeks, City Clerk, that the report given in these columns recently,
to the effect that $190,000 in
% health building and refunding bonds had
been'authorized.—V. 142, p. 1872—was erroneous.
^
.P»
SEATTLE, Wash.—BONDS CALLED—>0. V. Fawcett, City Treasurer,
for payment fromJMarch 22 to March 31, various local
TEXAS
AMELIA COMMON SCHOOL DISTRICT NO. 3 (P.
ALMIRA, Wash.—BOND OFFERING—F. E. Kunz, Town Clerk, will
receive bids until 7:30 p. m. April 18 for the purchase of $15,000 municipal
water works bonds, to bear interest at no more than 6%.
Denom. $100.
Dated Jan. 1 1936. Principal and semi-annual interest payable at the Town
Treasurer's office, the State Treasurer's office, or at the fiscal agency of.thp
State of Washington in New York.
improvement district bonds M
'
SEATTLE,
Wash.—BOND OFFERING—It *is reported
Lighting Department offered for sale^atlnoon^onJMarch 27, a
issue of municipal power bonds, i
j y j
that the
$2,500,000
2206
Financial
Chronicle
TACOMA, Wash.—BOND OFFERING—Sealed bids will be received
until 2 p.m. on April 20,
by C. V. Fawcett, Commissioner of Finance, for
the purchase of a $225,000 issue of
coupon or registered general obligation
bonds.
Interest rate is not to exceed 6%, payable semi-annually.
Dated
less
April 1 1936.
proposition
Match
than par.
The approving
Milwaukee will be furnished.
PRICE
Denom. $1,000.
Bonds are payable in from 2 to 10 years
after date of Issue.
Principal and interest payable at the office of the
Treasurer of the City, or at the fiscal agency of the State in New York
at the option of the holder.
AND
WYOMING
FREMONT COUNTY SCHOOL DISTRICT NO.
school
HOT
DISTRICT
gymnasium
a
SPRINGS
O.
a recent election the residents
$15,000 improvement bonds.
Wyo.—BONDS
is stated by Fred Waldorf, Clerk of the Board
County Commissioners, that the $60,000 issue of not to exceed 434%
semi-ann. court house bonds for which no bids were opened at the offering
on Jan.
25, as noted here at that time—V. 142, p. 829—has not been
re-offered as yet.
Dated Feb. 1 1936.
Due $4,000 from Feb. 1 1941 to
basis of about
(P.
Thermopolis),
1955 inclusive.
UINTA
COUNTY
SCHOOL
DISTRICT
Wyo.—BOND OFFERING—Daniel Gerrard,
NO.
Jr.,
1 (P. O. Evanston),
Clerk of the Board of
School Trustees, will receive bids until 2 p. m. April 25 for the purchase
at not less than par of $55,000 coupon bonds, to bear interest at no more
than 4%. Denom. $1,000. Dated March 1 1936. Interest payable March 1
an
and Sept. 1.
Due yearly
$3,000, 1952 to 1960.
COLUMBIA COUNTY (P. O. Portage), Wis.—BOND SALE—The
$180,000 issue of 234% semi-ann. asylum building bonds offered for sale
on March 26—V.
142, p. 1872—was awarded to the Harris Trust & Savings
Bank of Chicago,
paying a premium ofti$4,677, equal to 102.598, a basis
of about 2.08%.
Dated April 1 1936. Due $15,000 from 1937 to 1948
incl.
The second highest bid was a tender of $3,947 premium, submitted
by Halsey, Stuart & Co. of Chicago.
on
March 1
as
follows: $2,000, 1938 to 1951. and
Canadian Municipals
Information and Markets
ELKHART LAKE, Wis.—BOND SALE—A $17,000 issue of 3% semi¬
annual water system bonds was purchased by the Citizens State Bank of
premium
COUNTY
of
election to be held on April 7
the voters will be asked to approve a proposition to issue $25,000 sewer
system and sewage disposal plant bonds.
a
p.
NOT RE-OFFERED—It
bonds
CHIPPEWA
COUNTY
(P.
O.
Chippewa
Falls),
Wis.—BOND
ELECTION—A proposition to issue $740,000 highway bonds is to be placed
before the voters at the Aprli 7 elections.
19324
142,
GREYBULL, Wyo.—BONDSVOTED—At
SCHOOL
Bank, of Cassville, at a premium of $464 equal to 105.80,
3.61%. Dated March 15 1936. Due March 15 1951.
Sheboygan, paying
(P. O. Lander),
coupon school bonds offered on
1690—was awarded to Geo. W. Vallery & Co., of
Denver, and associates.
The purchasers bid par for 334 % bonds.
Dated
Jan. 1 1936.
Due on Jan. 1 as follows:
$10,000, 1941; $12,000, 1946;
$13,000, 1951; $14,000, 1956. and $16,000, 1961.
March 12—V. 142, p. 1690—were awarded to the Badger State
COLBY, Wis.—BOND ELECTION—At
1
Wyo.—BOND SALE—The issue of $65,000
March 20—V.
voted 204 to 38 in favor of the issuance of
VILLAGE JOINT
Wis.—BOND SALE—The $8,000 4%
on
Quarles of
City,
WISCONSIN
1,
&
(P. O. Phillips), Wis .—BOND ELECTION—A
issue $390,000 highway bonds will be submitted to the
spring elections on April 7.
The definite maturities and interest rate shall
the bid.
NO.
Spooner
to
voters at the
by resolution of the Council after said bonds have been sold.
De¬
livery of the bonds will be made at New York City, Chicago, Olympia, or
Tacoma, at the option of the purchaser.
These bonds are issued for the
purpose of paying back salaries of members of the police and fire depart¬
ments and of certain elective officials of the
city.
A certified check for
5%, payable to the Secretary of the Sinking Fund Board, must accompany
offered
of Lines,
COUNTY
be fixed
CASSVILLE TOWN
opinion
1936
28
$227.50, equal to 101.338, according to
or
report.
GALESVILLE,
BRAWLEY, CATHERS & CO.
Wis.—BOND
SALE—The
$15,000 issue of 334%
improvement bonds offered for sale on March 20—
V. 142, p. 1872—was purchased by an undisclosed investor, paying a prem.
of $630, equal to 104.20, a basis of about
3.03%. Dated April 1 1936. Due
$1,000 from 1939 to 1953 incl.
coupon semi-ann. lake
LINCOLN COUNTY
(P. O. Merrill), Wis.—BOND ELECTION—At the
spring election on April 7 a proposition to issue $550,000 highway bonds
will be submitted to the voters for approval.
MILWAUKEE COUNTY
(P. O. Milwaukee).
Wis.—BOND SALE—
The $450,000 coupon metropolitan sewer area bonds offered on March 23—
142, p. 1872—were awarded to Halsey, Stuart & Co., of Chicago, and
V.
Stranahan, Harris & Co., of Toledo, as 234s, for a premium of $4,100, equal
100.911, a basis of about 2.44%. Lazard Freres & Co., of New York, the
Central Republic Co. of Chicago, and the Boatmen's National Bank, of
to
St. Louis, jointly, submitted the second high bid, an offer of a premium of
$2,875 for 234s.
Dated April 1 1936.
Due $45,000 yearly from 1947 to
1956, incl.
25
ELGIN
WEST, TORONTO
6438
CANADA
BRANTFORD, Ont.—BOND SALE—R. A. Daly & Co. of Toronto,
$52,500, 334%. 5-year serial bonds at 100.12, cost basis
3.45%; $52,500, 334%. 10-year serial bonds at 99.19, cost basis 3.62%;
$50,000, 334%, 20-year serial bonds at 98.27, cost basis 3.70%; and $71,501,
4%, 10-year serial bonds at 101.73, cost basis 3.65%, or an average cost
basis of 3.60%.
This is the highest price ever received for Brantford debs.
The above bonds were originally scheduled for sale on March 20, but
in view of the week's developments, th8 call was canceled.
A voluntary
bid was received on the date the tenders were advertised from R. A. Daly
& Co., and the council decided to ask the firm to take over the bonds at
that price.
COLUMBIA
(Province
of)—DEBT
TOTALS HIGHER—
The Province's net debt, after full provision has been made for sinking funds
hand and other debt redemption provisions at Nov. 1 1935, stood at
Bonded Debt Limit Statement as of Feb. 1 1936
on
$1,199,186,225
.05
$145,851,832, or nearly $8,000,000 greater than as reported last year, Hon.
Hart, Finance Minister, announced in his budget address to the
Legislature.
Gross debt was $179,508,767, which is $9,600,000 greater than last year,
but the value of sinking funds established for provincial direct obligations
and P.G.E. guarantee exceed $33,500,000.
There having been no full appropriations for sinking funds last year, at
Nov. 1 1935, the funds were short more than $7,500,000.
Mr. Hart budgeted for a surplus on current account of $119,947 in
presenting his budget speech.
This is apart from unemployment costs.
Estimated revenue for 1936-37 is $24,312,541, an increase of $1,768,650
over the preceding year.
Estimated expenditure is $24,192,594, an increase
of $1,808,290. No new taxes are called for in the budget.
John
Provincial
Bonded debt limit
Bonds outstanding including this issue
Less: Sinking fund reserves—•
Surplus
$59,959,311.25
-
$23,409,400.00
$71,475.73
Investm'ts—Metropolitan Bds. 129,586.81
Redemption fund
-.1,453,000.00
■
1»654'062-54
Net bonded debt
21,755,337.46
Net margin for further Metropolitan issues
$38,203,973.79
EDMONTON, Alta.—HUGE DEBT PRESENTS SERIOUS PROBLEM—
a debt of over $300 per capita, Edmonton is "perilously near to fi¬
collapse," according to a statement made by Comptroller John
Does not include general county debt of $10,426,000 less $2,564,705.95
sinking funds.
The general county debt has
of $61,501,874.80.
a
separate bonded debt limit
Hodgson at
County
—Metropolitan Sewerage AreaEqualized
Assessed
Equalized
$1,619,906,150 $1,206,461,202 $1,578,952,623
1,549,873,060
1,146,261,305
1,510,093,226
1,335,250,750
1,064,837,014
1,301,744,214
1,225,546,525
1,070,441,374
1,194,357,432
1,230,037,496
1,065,622,308
1,199,186,225
$1,234,980,549
1,173,267,497
1,090,929,336
1,096,838,835
1,092,011,414
With
nancial
Valuation Statistics
Entire
Assessed
1935---—
a recent meeting of the Edmonton City Council.
Grave difficulties have been encountered by Edmonton in striking the
The budget as presented to the Council calls for an ex¬
1936 tax rate.
penditure of $4,677,796, after allowing for postponement of certain sinking
fund obligations and capitalizing $250,000 of the relief bill.
A tax rate of 60
mills will be necessary to meet this expenditure unless the city budgets for
a deficit.
A strong section of the Council is in favot of leaving the tax rate
at the 1935 rate of 55 mills while another insists the
budget must be balanced.
Debt and Charges
$1,137,605,526 $1,392,122,796 $1,110,724,621 $1,356,866,744
1936
bonds outstanding Feb. 1 1936)
on
———Tax
1937
Levy
♦General
County:
Principal
Interest
Total
$996,000
306,752
1939
$991,000
262,202
$578,000
227,902
$1,347,315 $L302,752 $L253,202
Metropolitan:
Principal
1,678,600
937,162
Interest
Total..
$996,000
351,315
Years—
1938
...
1,856,600
854,140
1940
$631,000
198,290
$805,902
$829,290
2,093,600
670,409
1,958,600
764,535
2,210,600
569,834
$2,615,762 $2,710,740 $2,723,135 $2,764,009 $2,780,434
♦Does not include levies for $1,488,000 corporate purpose
five-year
bonds for which an equal amount of delinquent taxes have been
pledged, all collections of which will be used to purchase corporate bonds
before or at maturity.
Only the net amount required will be included in
serial
the levy.
The following is an official list of the bids received for the above bonds:
Name of Bidder—
Int. Rate
Prem.
♦Halsey, Stuart & Co., Inc., and Stranahan, Harris
& Co., Inc
234%
$4,100.00
Lazard Freres & Co., Inc.; Central
Republic Co., and
Boatmen's National Bank
234 %
Bancamerica-Blair Corp.; E. H. Rollins & Sons, and
T. E. Joiner & Co
Brown Harriman & Co., Inc.; The Securities Co. of
'
2,875.00
234%
617.55
2H%
2H%
9,314.50
7,097.75
Milwaukee; The Milwaukee Co., and Wells-Dickey
Co
Harris Trust & Savings Bank, Chicago
The First Boston Corp.; Mercantile-Commerce Bank
& Trust Co., and Bartlett, Knight & Co
The Northern Trust Co. and F. S. Moseley & Co_._
Richardson ot Co
&
Ho
The First "Mofifttlol Bank aC rikinnn/t
National Dotllr of Chicago
Edward B. Smith & Co., Inc.; First
2H%
234 %
5,715.00
3,708.00
234%
/\
O CT7
3%
2,610.00
L
...
*
3
11,306.25
of Michigan
Corp., and The Illinois Co. of Chicago.-
3%
♦Successful bid.
9,161.55
BONDS OFFERED FOR INVESTMENT—The successful bidders
offered the above bonds for general
public subscription on March
prices to yield from 2.10% to 2.50%, according to maturity.
MINOCQUA COMMON SCHOOL DISTRICT NO.
1
re-
26, at
(P. O. Minocqua)
Wia.—BOND OFFERING-—Sealed bids will be received until 2
p.m. on
April 6, by Minnie D. Bailies, District Director, for the purchase of a
$36,000 issue of 4% semi-annual school bonds.
Denom. $500.
Dated
Dec.
1 1935.
Due $4,000 from April 1 1937 to 1945, incl.
These bonds
said to be part of an authorized issue of
$40,000 and will not be sold at
mean, however, that the city has reduced its debt by that amount.
During
the same period Edmonton has sold $4.7 millions of new debentures and
increased its floating debt by about $2 millions.
In addition, it has drawn
on the reserve funds of its utilities to the extent of a half a million dollars.
Debt charges have increased from $1.2 million to $1.7 million annually.
In meeting maturities of almost $10 million
the city had to sell a
large part of the liquid securities in its sinking fund.
The liquidity has
been further affected by the sale of large blocks of the city's own bonds to
sinking fund in recent years.
As in the case of other western municipalities,
this has enabled the city to postpone financial difficulties.
The city, according to press reports from Canada, received authority
from the Provincial government last year to refinance its debts without
consulting bondholders.
Such a step, however, must be sanctioned by the
Alberta Board of Public Utility Commissioners, which is controlled by the
government.
This information is strikingly pertinent at this time in view of
the recent announcement by Premier Aberhart of Alberta that the Province
plans a compulsory conversion of the approximately $160,000,000 of out¬
standing bonds at lower interest rates.
The feeling is held that should the
government pursue such a course of action, the two largest cities in the
Province, Calgary and Edmonton, may attempt a similar program.
The
City of Calgary, it is said, has recently asked the Legislature for refunding
authority similar to that already granted Edmonton.
No action has been
taken in the matter pending representations by creditors.
'
KITCHENER, Ont .—BOND SALE—The Dominion Bank of Canada
awarded on March 16 improvement bonds in amount of $150,000 at
price of 103.018, a basis of about 2.48%.
The sale consisted of a $90,000
3% issue, due in five instalments and one of $60,000 334s, maturing in
10 instalments.
was
a
ONTARIO (Province of)—DEFAULTED UNITS PLAN REFUND¬
ING—Considerable progress is being made in rebuilding the current position
debenture debts may be
reorganized, Premier M. F. Hepburn told the Ontario Legislature in the
of defaulted municipalities in Ontario so that their
Blyth & Co., Inc.; A. G. Becker & Co., and Kelley,
AWGJLicu ciauJU
Much is being made of the fact that Edmonton during the past five years
This does not
has met maturing obligations amounting to $9.9 millions.
Debt Service Statistics
(Future levies for principal and interest
are
ST.
have purchased
BRITISH
Milwaukee County Metropolitan Sewerage Area
Equalized valuation of area for 1935
Percentage of bonded debt limit
Average
KING
course
of his budget speech.
It is anticipated, he stated, that during 1936
some 10 to 12 refunding plans will be formulated and
presented to creditors
for this consideration.
Provision for total or partial interest payment on debentures of the
defaulted municipalities will be included in the 1936 budgets of these
municipalities,
Mr.
Hepburn said.
Close supervision
being exercised by the Department of Municipal Affairs.
important defaults appeared in V. 142, p. 2038.)
of the
budgets is
(A record of the
more
^TORONTO, Ont—RECORD-HIGH TAX RATE—'The tax rate for 1936
has been fixed at 34.85 mills, the highest in the city's history and an increase
of .7 mills over last year's rate.
The new budget calls for
expenditures of
$40,134,765.
TRAFALGAR TOWNSHIP (P. O. Trafalgar), Ont.—BOND OFFER¬
ING—Sealed bids addressed to W. C. Ford, Township Secretary, will be
received until April 6 for the purchase of $15,000 434 % school bonds, due in
20 annual instalments.
m
Chronicle
Financial
Volume 142
Complete Bond Brokerage Service
& COMPANY
HARDY
Members New York Stock
11
Exchange
NEW YORK
BROADWAY
Telephone—Digby 4-8400
__
Cable HARRD, N. Y. C.
,
Teletype—N. Y. 1-733
Meetings
NOTICE
OF ANNUAL
STOCKHOLDERS
YORK
NEW
MEETING
ROSARIO
HONDURAS
AND
BANK
NATIONAL
COMPANY
MINING
The'Annual Meeting of the Stockholders of the
York and Honduras Rosario Mining Com¬
»
New
pany will be held at the offices of'the Company,
No. 120 Broadway, New 1 ork, N. Yon Wednes¬
day, April 1st, 1936, at two p.m., for the following
purposes: To elect Directors for the ensuing year;
to receive the Reports of the Officers concerning
the business of the past year and to takejaction
thereon; to approve, ratify and confirm all of the
acts and proceedings of the Officers and Directors of
the Company during the past year, including their
taking or Options on certain mines in Nicaragua,
namely: Bonanza Group of Mines, Lone Star
Mine and La Constancia Mine, all as set forth in
the Minutes, which will be open for inspection; to
transact such
other business as may properly
come before the meeting.
Y our Proxy is solicited by and on behalf of the
management of this Company.
Noon
books will
Stock Transfer
The
March
on
close
Statement of Condition, March 4, 1936
RESOURCES
Cash
PERLMAN,
direct and/or
guaranteed •
.
.
.
$152,166,099.03
•
183,033,498.59
fully
.
•
,
•
.
.
.
Other Securities
Secretary
•
States Government Obli¬
gations,
10:00 A.M. on April the 2nd, 1936.
J.
•
Other Banks
1936, and will re-open at
21st,
Hand and Due from
on
United
12:00
at
DETROIT
OF
•
•
4,491,067.68
675,000.00
Stock in Federal Reserve Bank
Canadian Pacific Railway
NOTICE
The
Loans and Discounts
Company
Real Estate
SHAREHOLDERS
TO
the
for
and
transaction
Customers'
SPECIAL MEETING
meeting
such
at
to
times
as
the
Directors
shall
Bank
•
.
633,267.40
•
«.
1,537,898.18
Liability Account of
of
Letters
and
Acceptances
will be made special for the
of considering and, if approved, of au¬
thorizing tne issue of $65,000,000 of Ordinary
Capital Stock, in such amounts, on such terms,
time
Branch
Accrued Income Receivable—Net
purpose
and
3,267.32
(21
Buildings)
generally, will be held on Wednesday, the sixth
day of May next, at the principal office of the
Company, at Montreal, at Twelve o'clock noon.
The
8,087,828.09
Mortgages
Estate
Real
business
of
39,801,173.62
•
Overdrafts
Annual General Meeting of
the Shareholders of this Company, for the elec¬
tion of Directors to take the places of the retiring
Fifty-fifth
Directors
*
Credit
from
.
.
•
...
.
.
.
.
•
1,685,723.64
.
.
•
TOTAL RESOURCES
$392,114,823.55
time decide.
The
Ordinary Stock Transfer Books will be
closed in Montreal, New York and London at
3 p.m. on Tuesday, the fourteenth day of April.
The
Preference
London at the
All
Stock
will
be
closed
LIABILITIES
_
Deposits:
in
Commercial, Bank and Savings $309,145,072.08
time.
same
books will
Books
be re-opened on
U. S. Government
Thursday, the
seventh day of May.
,
'
F.
11,661,934.45
....
Treasurer—State of Michigan
BRAMLEY,
Secretary.
Montreal, March 9, 1936.
16,582,376.22
Other Public
By order of the Board,
.
Deposits
.
Capital Account:
Preferred Stock
(Paid in)
.
•
$ 11,000,000.00
Common Stock
Foreign
(Paid in)
•
.
5,000,000.00
Surplus
(Paid in $5,000,000.00
—Earned
$1,500,000.00)
.
6,500,000.00
Undivided Profits (Paid in)
.
2,500,000.00
Undivided Profits (Earned)
.
933,858.04
Australia and New Zealand
BANK OF
NEW SOUTH
Reserve for
WALES
etc.
(ESTABLISHED 1817)
Paid
Australlan.Bank of Commerce, Ltd.)
Up Capital
Reserve Fund..,
Reserve Liability
of Propriatora
Our
BRANCHES
States,
AND
New
AGENCIES
Zealand,
in
Fiji,
The Bank transacts
tralasian
Banking
Produce Credits
every
description
Business.
Wool
500,000.00
•
283,910.29
•
•
.
•
.
.
•
•
.
United States
1,685,723.64
.
•
.
$392,114,823.55
Government Securities carried at $27,920,900.00 in
the
foregoing statement are pledged to secure public and trust deposits
and for other purposes required by law.
the
Papua,
Mandated Territory of New Guinea, and London.
I
.
TOTAL LIABILITIES
Aggregate Assets 30th Sept., 1935. £115,559,000
A. C. DAVIDSON, General Manager
747
•
Liability Account of Acceptances and Letters
of Credit
£23,710,000
Australian
205,322.17
•
•
Reserve for Contingencies
£8,780,000
6,150,000
8,780,000
.
•
.
•
25,933,858.04
Expenses, Preferred Stock Dividend,
Reserve for Retirement of Preferred Stock
(With which are amalgamated the Western Australian
Bank and The
363,506,009.41
26,116,626.66
•SlS-
of Aus¬
and
other
Member
arranged.
Head Office:
George Street,
Federal
Deposit Insurance Corporation
London Office:
29 Threadneedle
SYDNEY
Street, E.C.2
Agents Standard
Bank of South Africa
Foreign
Foreign
New York
NATIONAL BANK OF NEW ZEALAND, Ltd.
Harper & Turner
INC.
Chief Office In New Zealand:
Sir lames Grose, General Manager
Head Office: 8 Moorgate,
Subscribed
Investment Bankers
EXCHANGE BUILDING
Fund
1912
Kenya Colony
Uganda
Bishopsgate, London, E. C
India, Burma. Ceylon, Kenya
Colony and Aden and Zanzibar
Branches in
£2,000.000
£1,000,000
The
Bank
conducts
every
Subscribed Capital
Paid Up Capital
£500.000
Reserve
description
of banking
business connected with New Zealand.
Business Established
and
Head Office: 26,
£6.000,000
Capital
Reserve
PHILADELPHIA
Bankers to the Government in
London, E. C. 2. Eng.
Capital..
Paid up
Currency
STOCK
NATIONAL BANK OF INDIA, LIMITED
Wellington
Correspondents throughout the World
London Manager, A. O. Norwood
.£4,000,000
-.-£2,000,000
Reserve Fund
£2,200,000
'
•
.
The Bank conducts every description
of banking
and exchange business
Trusteeships and Executorships also
undertaken
Financial
IT
UNION
AND
CARBIDE
CANADIAN
DOMESTIC,
BALANCE
AND
December
OTHER
31,1935
CURRENT LIABILITIES
$
Marketable Securities
25,971,130.34
Accounts Payable
(at Market
1935)
Payable January 1, 1936).....
and Accounts...
Notes
(Cost
$
.
Other Notes and Accounts....
Inventories
15,204,261.80
Raw
Accrued Liabilities
in
Taxes
Materials
Work
4,451,569.00
16,275,194.09
1,070,932.29
.
Market,
or
220,630.28
Dividend Payable January 1,1936
whichever lower)
$
15,397,585.91
Process
(Including Income
5,363,002.56
Taxes)
7,902,648.70
.
Goods
Finished
5,201,039.07
presented Coupons and Interest
Reserve for
(After
$
Bond and Debenture Interest (Un-
3,993,920.00
Doubtful)
Trade
SUBSIDIARIES
LIABILITIES
Cash
Receivables
1936
SHEET
FOREIGN
ASSETS
CURRENT ASSETS
December 31,
28
CORPORATION
CARBON
CONSOLIDATED
INCLUDING
March
Chronicle
Bond
41,199,619.82
17,899,385.21
$
Total Current Assets
Interest
Other
87,439,864.25
70,862.50
Liabilities..
Accrued
679,636.77
Current Liabilities....
Total
6,113,501.83
$
15,986,740.18
FIXED ASSETS
Machinery
Land, Buildings,
Equipment
Fifteen Year 3Sinking Fund
and
232,864,464.19
Debentures
Union
of
Carbon
and
INVESTMENTS
Carbide
Due
Corp.
July
1.
.
1950...
.
,..$
...
16,750,000.00
Affiliated Companies Not Included
Consolidation
in
Estate
Real
Debentures
4,285,611.07
$
Notes
First Mortgage Bonds of Subsidi-
205,233.60
Mortgages
and
Due
Reacquired Capital Stock of Union
Carbide and Carbon
Shares)
(97,605
.
1,165,000.00
.
5%
21,218,500.00
3,303,500.00
TOTAL LIABILITIES...
1,899,493.15
2,245,477.76
Securities..
Other
February 1, 1937, 6%..
Due October 1, 1955,
Corporation
'
Companies
ary
5,698,151.73
Receivable
$ 37,205,240.18
14,333,967.31
DEFERRED CHARGES
65,454,557.49
Reserve for Depreciation
Prepaid Insurance, Taxes, etc... .$
1,506,041.72
Bond Discount and Expense
1,889,991.19
383,949.47
Stock
♦Capital
1.00
Patents, Trade Marks and Goodwill
Union
of
Carbide
Corporation—
Carbon
and
'
TOTAL ASSETS
9,000,743
$336,528,287.94
Shares
No
of
Par
Value
Note
liabilities as at
statement includes the assets and
The above
:
$175,163,672.43
Earned Surplus
233,868,490.27
58,704,817.84
$336,528,287.94
Sept. 30, 1935 of certain subsidiaries other than United States and
Canadian.
INCOME
EARNINGS
Not
including 226,167 shares owned and held from December, 1917
by Union Carbide Company, a subsidiary.
v
Depreciation and Depletion
7,510,485.45
Subsidiary Companies.
Dividends
SURPLUS
223,641.80
Mortgages and Funded
on
Debt of
$
Debentures
on
Interest
$ 35,901,753.16
(After Provision for Income Tax)
Deduct—
Interest
*
Preferred
on
608,242.71
8,647,504.30
305,134.34
$ 27,254,248.86
Income
Net
January 1, 1935
at
includes
Income
:
months'
subsidiaries
certain
of
1935
twelve
$ 49,457,674.07
Add—
Market Value of Mar¬
Increase in
ketable
Note
m
of
Stock
Companies
Subsidiary
Earned Surplus
September 30,
United States and
earnings
other
than
to
Securities
ber 31,
1930
as
of Decem¬
570,984.63
.
$
50,028,658.70
Canadian.
Deduct—
Decrease
We have made
and
December
for
the
tested
and
subsidiaries
its
evidence
United
States
mation
and
with
and
respect
and
we
Canadian
of
also made
the
a
at
parent
company
and obtained
subsidiaries
officers and
or
other sup¬
Net
Varia¬
Exchange Rates. $
124,500.68
Abandoned....
Not
Affecting
626,138.93
1935
Operations
Premium
Bonds
SO,207.26
Paid
and
Subsidiary
Retirement
on
Preferred
of
Stocks of
Companies
2,611,908.25
infor¬
and
income accounts
did not make
we
a
for
Add¬
ict Income for Year
(see opposite)
27,254,248.86
$ 73,840,152.44
the
detailed audit
3,442,755.12
$ 46,585,903.58
and
of the
efhployees
Items
of
to
general review of the accounting
operating
cff these companies, but
the
to
explanations from
Corporation ;
methods
as
In connection therewith we examined
1935.
year
accounting records of the Corporation and
porting
year
Corporation
31,1935, and of the statement of income and surplus
Other
Value
Due
Obsolete Property
examination of the balance sheet of Union
an
Carbon
Dollar
Assets
tion in Foreign
Union Carbide and Carbon Corporation ;
Carbide
in
Current
REPORT
AUDITORS'
Deduct—
of the transactions.
Accepting the statements of other auditors with respect to
subsidiaries other than United
ject
to
a
contingent
$2,728,234.54
excess
partially
tion,
of
secured
of the amount
States and Canadian and
liability
by
as
collateral
of such notes,
guarantor
with
and
secured, in our opinion, based
notes
of
a
market value in
on
notes of $70,000
upon
the accompanying balance sheet and
income and
on
sub¬
such
examina¬
related statement
surplus fairly present, in accordance with ac¬
cepted principles of accounting consistently maintained by the
Corporation during the year under review, its position at De¬
1935, and the results of its operations for the year.
cember 31,
HURDMAN
March
21, 1936
AND
Dividends
Declared
Stock
Union
Carbon
of
on
Capital
Carbide
and
Corporation:
No. 70—40c per
share, paid April
1,1935...
No.
$
71—40c per
3,600,297.20
No. 72—40c per share,
ber
No.
paid Octo¬
1, 1935
73—50c
3,600,297.20
share, paid July
1, 1935
3,600,297.20
share,
per
payable
January 1, 1936
4,500,371.50
$
CRANSTOUN
Less Dividends
on
15,301,263.10
Reacquired Cap¬
ital Stock
Earned Surplus
165.928.50
at
December 31, 1935
15,135,334.60
$
58,704,817.84
Volume 142
Chronicle
Financial
x
PARAMOUNT BROADWAY CORPORATION
BALANCE SHEET AT DECEMBER 31,
1935
ASSETS
CASH
IN BANKS
NOTES
$413,891.36
—
RECEIVABLE
AND
ACCRUED
INTEREST,
after
deducting
for doubtful
reserves
(including principal of $1,690.00 and accrued interest of $187.50 collectible after
one
accounts
year)..
;
'
4,872.50
ACCOUNTS RECEIVABLE, after deducting reserves for doubtful accounts
(See Note A below)
ACCOUNT
RECEIVABLE FROM AN
Hercules Theatre
40,957.33
AFFILIATED COMPANY:
Corporation
1,346.80
SECURITIES, at approximate market value
FIXED ASSETS, at cost
231.00
(not represented to be realizable values):
Land
$4,017,301.49
____
Building, after deducting
Art
for depreciation amounting to $3,299,569.41
reserve
Equipment, after deducting
8,134,190.07
for depreciation amounting to $929,146.21
175,122.45
reserve
objects
PREPAID
160,015.44
_____
12,486,629.45
INSURANCE
DEFERRED
CHARGES:
18,077.69
V;
,
.
'
■
Leasing commissions unamortized
V:
$25,760.47
Bond discount and expense unamortized
574,503.93
000,264.40
<
-
$13.566,270.53
LIABILITIES AND
ACCOUNTS
ACCRUED
CAPITAL
PAYABLE
$8,040.08
LIABILITIES:
Interest
$99,843.75
...
Electricity, water, insurance,
FIRST
MORTGAGE
wages, etc.
SINKING
FUND
7,856.46
LOAN
BOND
DATED
FEBRUARY
15.
1935
AND
107,700.21
DUE
FEBRUARY 15,
1955 WITH INTEREST AT 3% PAYABLE AUGUST 15 AND FEBRUARY 15"
(pursuant to the terms of the Supplemental Indenture dated as of February 15. 1935, a sinking fund
payment amounting to $57,038.45 is due and payable on or prior to February
15, 1936)
(See Note B
below)
LEASE
8,875,000.00
DEPOSITS
RENTS
RECEIVED
3,241.64
IN ADVANCE:—
From affiliated companies:
"
Hercules Theatre Corporation
$10,833.33
Paramount Pictures Inc
7,839.47
Others
CAPITAL
1,520.79
Authorized—2,000 shares with
Issued and
20,193.59
«*•
STOCK:
no
outstanding—1,950
par value
Shares
100,000.00
SURPLUS AS AT JULY 1, 1935, after giving effect to the
plan of reorganization consummated
Balance at July 1, 1935
on
that date:—
$4,710,783.76
Deduct:
Expenses of reorganization representing allowances of fees and expenses to
certain protective committees, the trustee under the
mortgage indenture,
and their attorneys, covered
by court orders
$86,395.71
Other reorganization expenses and adjustments
(net)
Balance
NET LOSS
at
December 31,
1935
FOR THE PERIOD
(See
Note
5,756.82
92,152.53
A below)
4,618,631.23
FROM JULY 1, 1935 TO DECEMBER
31,
1935
166,536.22
$13,566,270.53
Note A—The above accounts do not include
tax.
a net claim for refund
amounting to approximately $9,100 in connection with the 1933 real estate
During March 1936 the corporation succeeded in collecting this claim.
Note B—The calculation of the above sinking fund
payment was based on the opinion of the
not specifically provide for the treatment of certain
items of expense.
corporation's counsel where the indenture does
Condensed Statement of Income and Expense for the Period from
July 1,
1935 to December 31, 1935
Income:
Rental
income
$457,938.82
Miscellaneous
J
12,636.73
——
"
Total
$470,575.55
Expenses:
Operating expenses, including salaries and wages, light and
power,
repairs and maintenance, supplies
and sundries.
T
$106,781.64
Insurance
5,675.41
Taxes.
164,965.76
Interest
133,125.00
;
Leasing commissions (amortized portion)
'
2,989.29
Total...
413.537.10
_______
$57,038.45
Depreciation of fixed assets
$208,554.93
Amortization of bond discount and expense
15,019.74
Total
223,574.67
<i
......
_
Net loss for the
period
.
$166,536.22
'
56 Pine Street
To the Board
of Directors of
New York,
Paramount Broadway Corporation
We have made
,
,
.
February 12, 1936
,
examination of the balance sheet of Paramount
Broadway Corporation as at December 31, 1935, and of the statement of in¬
come and expense for the
period from July 1, 1935 to December 31, 1935.
In connection therewith we examined or tested accounting records
of the corporation and other
supporting evidence and obtained information and explanations from the officers and
employees of the corporation;
we also made a general review of the Income
and operating accounts for the period from
July 1, 1935 to December 31, 1935, but we did not make
a detailed audit of the transactions.
Income appearing on the books from several tenants in the
commercial portion of the building, under leases
wherein the rental is determined in whole or in part
by the gross receipts of the tenant, was tested by reference to the statements and other evi¬
dence furnished by such tenants without further verification
by us.
In
our
an
opinion, based
upon
such examination, the above balance sheet and related statement of
position of the corporation at December 31, 1935 and the results of its
operations
for
the
income
period
(Signed)
1
and expense
from
fairly present the financial
July 1, 1935 to
December 31, 1935.
PRICE, WATERHOUSE
&
CO.
March
Chronicle
Financial
VI
28
the Holders of
To
GREAT NORTHERN RAILWAY COMPANY
Bonds, Series A
General Mortgage 7% Gold
Great Northern Railway Company proposes to
issue not to exceed $99,422,400 principal amount of
its General Mortgage
1946 (hereinafter sometimes called the "new Con¬
vertible Bonds"), in two series of equal principal amounts to be designated respectively Series G and Series H, and has, by
letter dated March 21, 1936, offered these Bonds to its stockholders for subscription by them to equal principal amoiints of
the Bonds of each of said series, such offer to expire at 2 o'clock P. M., Eastern Standard Time, on June 1, 1936, all upon
4% Convertible Bonds to be dated June 1, 1936 and to mature July 1,
terms and conditions as set forth in said letter.
The Company
is also offering to the holders of its General Mortgage 7%
Gold Bonds, Series A, maturing July 1, 1936
such of the new Convertible Bonds, if any,
offer to stockholders aforesaid, for General Mortgage 7y0 Bonds on the basis of a like
aggregate principal amount of the new Convertible Bonds (consisting, as to one-half of such principal amount, of Bonds of
Series G and, as to one-half of such principal amount, of Bonds of Series H) for a like principal amount of General Mortgage
7% Bonds accompanied, if in coupon form, by coupons appertaining thereto due July 1, 1936, interest on the principal amount
of General Mortgage 7% Bonds so exchanged, accrued and unpaid from January 1, 1936, the next preceding semi-annual interest
payment date, up to and including but not after May 31, 1936, to be paid by the Company, and subscriptions for such exchange
by holders of General Mortgage 7% Bonds in each case to be made and received subject to availability and allotment of
new Convertible Bonds for delivery against such subscription, ail as, and upon the terms and conditions, set forth in a letter
dated March 25, 1936, addressed to the holders of the Company's General Mortgage 7% Gold Bonds, Series A, (herein
sometimes referred to as the "offering letter"), in which letter the new Convertible Bonds are more fully described and
(hereinafter sometimes called the "General Mortgage 7% Bonds") to exchange
as
not be disposed of under the
may
and only in which, the offer of exchange to the holders of
in which,
the General Mortgage 7% Bonds herein
referred to
Copies of the offering letter are being mailed to those holders of the General Mortgage 7% Bonds whose
and addresses are known to the Company, and copies of such letter and the subscription agreement attached thereto
is contained.
names
may
be obtained from the Company at its office in St. Paul, Minnesota, or at its office at Room 1601, No. 2 Wall Street,
The First National Bank of the City of New York, at its office No. 2 Wall Street, New York City.
New York City, or from
The offering
"
letter, among other things, provides as follows (the provisions
that the offer of
limited
to
the stockholders aforesaid and is
exchange therein made is subordinate in all respects to the offer to
and refers only to
to
the stockholders
Bonds available for
that
herein stated being not inclusive and stated
subject to the terms and conditions contained in such letter):
in outline and
such of the new Convertible Bonds, if any, as may not be disposed
(any such Bonds not so disposed of being herein
of under such offer
sometimes referred to as the "new Convertible
^
exchange");
allotment of new
the subscriber to
of the oflering letter, a like principal amount of General Mortgage 7% Bonds for all or any
tc such subscription by the Company, of the total aggregate principal amount of new Convertible
subscriptions for exchange will in each case be made and received subject to availability and
Bonds as provided in the offering letter, and subscriptions will in each case obligate
Convertible
exchange,
the terms
on
part, as may be allotted
Bonds for exchange of which the subscription is made;
that if there are new
Convertible Bonds available for exchange but such Bonds are
insufficient in principal amount to
of the aforesaid offer to the
All subscriptions received at
prior to 3 o'clock P. M., Eastern Standard Time, April 10, 1936, will be considered as having been received at
the same time on that date and the new Convertible Bonds available for exchange will to their extent be allotted, first,
to those subscriptions received at or prior to the time aforesaid, pro rata, in proportion to and up to the amounts
of the subscriptions so received; and if there are any new Convertible Bonds available for exchange in excess of the
principal amount necessary to provide in full for subscriptions received at or prior to the time aforesaid, such Bonds
will be allotted to subscriptions received after that time in the order of priority of receipt of such subscriptions, with
proration in case of insufficient principal amount of new Convertible Bonds available for exchange to provide in full for
any such subscriptions simultaneously made; new Convertible Bonds available for exchange to be allotted and delivered
only in aggregate principal amounts of $100 or multiples thereof (consisting, as to one-half of such principal amount,
of Bonds of Series G and, as to one-half of such principal amount, of Bonds of Series H), as no Bonds of either
Series G or Series H of a smaller denomination than $50 will be issued, any fractional parts of $100 aggregate principal
amount of new Convertible Bonds, which, as a result of any proration between subscriptions, as aforesaid, would
provide for all subscriptions for exchange, they will to their extent, upon termination
stockholders, be allotted to subsciiptions for exchange in the following order of priority:
or
'
otherwise be allotted to subscribers, to
that
to
at
be dealt with as provided in the offering letter;
subsciiptions for exchange may be made by filling in
National Bank of the City of New York
subscriptions may also be made by letter or telegram sent to The First National
at its aforesaid office, as agent for the Company, setting forth, in each case, the
that
hed
and executing a subscription agreement in the
the offering letter, and forwarding the same to The First
its office No. 2 Wall Street, New York City, as agent for the Company;
copies of
York
Bank of the
City1 of New
principal amount and bond
Bonds, held and for exchange of which the subscription is made, and the
name and address of the subscriber; and any subscription so made by letter or telegram will obligate the subscriber
in accordance with the terms of the offering letter, but unless such subscriber by letter or telegram, delivers to such
Bank at its office aforesaid, a subscription agreement in the form above referred to, duly filled in and executed, prior
to the time of termination of the offer to exchange or on or prior to such earlier date as the Company or said
of
numbers
Bank,
General
7%
Mortgage
by letter or telegram request, the Company may in its
made by letter or telegram;
agent for the Company, may
as
honor any
■
the
subscription
so
discretion refuse to
received for all purposes of the offer, at the time of the delivery
First National Bank of the City of New York, at its office aforesaid, the determination of
Company as to all questions of the time of, and order of priority of, receipts of subscriptions hereunder, and as
all questions of allotment of new Convertible Bonds to subscriptions hereunder, to be conclusive in all cases;
that
a
subscription will be deemed to have been
of such
subscription to The
the
to
that the offer of
Time, on June 1, 1936; and subscriptions
holders of General Mortgage 7% Bonds at any time prior to but not
exchange will terminate at 2 o'clock P. M., Eastern Standard
pursuant thereto may be made by
later than such time;
for exchange
that,
as
1936 (and in any event prior to July 1, 1936), each
promptly as practicable after June 1,
subscriber for
exchange will be notified by letter or telegram as to whether any aggregate principal amount of new Convertible Bonds
has been allotted to the subscription of such subscriber, pursuant to the terms of the offering letter, and if any aggre¬
such Bonds has been so allotted, will, in such letter or telegram, be advised thereof, and requested
provided in the offering letter, the General Mortgage 7% Bonds applicable to such exchange, to The
New York, at its office aforesaid, on or before a date which will be prescribed
gate principal amount of
to
deliver,
First
as
National Bank of the City of
in such notification and request.
Subscribers should not forward
-
General Mortgage 7% Bonds with their subscriptions but should hold such
Bonds, for exchange of which subscription is made,
delivery,
as
pending notification
as to
allotment and request, if any, for
aforesaid.
This advertisement is not an offer.
As stated above, the offer to exchange herein referred to is contained in and only in the
offhing letter, and all subscriptions by holders of General Mortgage 7% Bonds, for exchange pursuant to said offer, shall be
made subject to, and upon the terms and conditions contained in, such offering letter. This advertisement is published only for
the information of holders of Great Northern Railway Company General Mortgage 7% Gold Bond's, Series A, to the end that in
so far as
possible all such bondholders will be advised of the aforesaid offer.
GREAT
NORTHERN
RAILWAY
COMPANY
By W. P. KENNEY, President
St. Paul, Minn.,
March 26, 1936.
1936
Financial
Volume 142
This advertisement is under
or
as
an
no
offer to buy,
circumstances to be
vn
Chronicle
construed
as an
offering of these bonds or notes for sale,
bonds
solicitation of an offer to buy, any of such
offering is made only by the prospectus.
or as a
The
or notes.
Light and Power Company
Iowa Electric
$3,600,000
Bonds, Series E, 4%
First Mortgage
December 1,
Due
Price
1955
103% and accrued interest
and
-A
'
$1,250,000
3%
Due
Semi-annually October 1, 1936 to April 1, 1941
Priced variously
from
The
Coupon Notes
according to maturity, plus accrued interest
April 1, 1936, to yield approximately 0.75% to
$1,250,000 of 3
per
cent coupon notes are being
advertisement appears as a
sold privately.
As to these notes this
matter of record only.
Copies of the prospectus may be obtained only from
%
3.00%
such of the undersigned as are
registered dealers in securities in this State.
The First Boston Corporation
Harris, Hall & Company
(Incorporated)
Brown Harriman & Co.
Incorporated
F. S.
Coffin & Burr
i
Moseley & Co.
Incorporated
Dividends
The Government of the French
KAUFMANN DEPARTMENT
STORES, Inc.
Common Dividend No. 61
Directors
have
declared
a
dividend
The Government of the French
of
twenty-five cents (25c) per share on the Com¬
Stock, payable April 28, 1936, to all holders
of record
April 10, 1936.
Checques will be
mon
mailed.
OLIVER
M.
KAUFMANN, Treasurer.
SOUTHERN CALIFORNIA
EDISON
COMPANY LTD.
Edison
Building
Los Angeles,
California
quarterly dividend of 37Hc. per
(being
105) was declared
on March 20, 1936 for payment on May 15 1936,
to stockholders of record on April 20,1936. Checks
will be mailed from Los Angeles May 14.
B. T. STORY, Treasurer.
The regular
share
on
of the above-described bonds:
Republic announces that the April 1, 1936 coupons of the aboveof Messrs. J. P. Morgan & Co., 23 Wall Street, New York City,
are payable also at the Caisse Centrale du Tresor Public, in Paris, France, at the rate of Frs. 25.5171122
to the dollar, provided that the coupons have been stamped pursuant to the published notice dated
July 27, 1935 with respect to the Decree of the French Government dated July 16, 1935.
These stamped coupons may furthermore, until further notice, be paid, at the option of the holder
upon presentation and surrender, at the office of Messrs. J. P. Morgan & Co., 23 Wall Street, New
York City, in United States of America currency, at the dollar equivalent of French Frs. 25.5171122
per dollar of face value of coupon upon the basis of their buying rate for exchange on Paris at time
To holders
Pittsburgh, Pa., March 16, 1936.
The
described bonds, payable at the office
of presentation.
Unstamped coupons of the above-described bonds may furthermore, until further notice, be paid,
of the holder, upon presentation and surrender, at the places and rates specified above,
but, in accordance with the requirements of the aforesaid Decree, only after deduction, in each case,
of 10 per cent of the amount of such payment.
at the option
the outstanding Common Stock
THE
Common Stock Dividend No.
Republic
Twenty-Year 5^% Coupon Gold Bonds, Payable April. 1, 1937
GOVERNMENT
OF THE
FRENCH
REPUBLIC
by JEAN APPERT
March 28, 1936.
Financial Attache to the French Embassy
Financial
V1H
This advertisement is not, and is under no
Chronicle
circumstances to be construed
(with Common Stock Purchase Warrants attached) for sale
Debentures
March
(with Common Stock Purchase Warrants attached).
as
1936
offering of these Debentures
an
solicitation of
or as a
28
offer to buy any of such
an
The offering is made only by the Prospectus.
New Issue
$2,141,000
Gotham Silk Hosiery
Ten-Year 5%
Company, Inc.
Sinking Fund Debentures
(WITH COMMON STOCK PURCHASE WARRANTS ATTACHED)
To be dated March
15, 1936
To be due March 15, 1946
Price 100% and Accrued Interest
.:
.
Copies of the Prospectus
may
be obtained from
any
of the undersigned
Hallgarten & Co.
A. G. Becker & Co.
Halsey, Stuart & Co. Inc.
March
26,1936.
Dividends
Office of
NORTHERN
STATES
POWER
CHICAGO.
COMPANY
ILLINOIS*
■
The Board of Directors of the Northern
States
Power Company
14,000
(Delaware), at
on
March 20, 1936, declared
of
one
the
of
and
three-quarters
Seven Per Cent
the
a
a meeting held
quarterly dividend
(1H%)
on
Cumulative Preferred Stock
Company,
payable by
1936, to stockholders of record
OF US ARE
cent
per
check
as
April
20,
of the close of
business March
March
31, 1936, for the quarter ending
31, 1936.
At the same meeting a dividend of one and onehalf per cent
(1^%) per share was declared on
Six Per Cent Cumulative Preferred Stock of
the
the
INSURED
to
Company, payable by check April 20, 1936,
stockholders of record
March
31,
as
J. J.
n
FOR
MOLYNEAUX.
*
Treasurer
$55,000,000
UNITED VERDE
Fourteen
now
thousand
under the Associated Employees Life
conceived and
actually in
operation long before the
of
social
ized
present
security sentiment
swept the country. It has provided
effectively against the most universal
real¬
233
mean
adds
to
better
an
public service. It
employee's
curity to realize that in
or
disability
an
sense
case
of
se¬
of death
insurance check will
provide for his family.
Five hundred and
checks
seventeen
such
March 23, 1936.
A dividend of
of all life's
hazards, that of sudden
mailed
by death of
payable May
at
the
to
beneficiaries
per share
of
on
declared,
1936, to stockholders of record
business April 3, 1936.
Stock
payable August 1, 1936, to stockholders of record
at the close
of business July 3, 1936.
Stock
transfer books do not close.
C. P. SANDS, Treasurer.
during the
sole support.
I
ASSOCIATED GAS & ELECTRIC SYSTEM
i-usr'
INDIANA PIPE LINE COMPANY
26 Broad way*** ***»
~
New
York, March 21, 1936.
Twenty (20) Cents per share
has been declared on the Capital Stock ($10.00
par value) of this Company, payable May 15,
A
close
1,
transfer books do not close.
A dividend of Twenty-five Cents per share on
the outstanding capital stock has been
declared,
last six years.
family's
Twenty-five Cents
the outstanding capital stock has been
totaling $1,825,500 have been
destruction
a
Broadway, New York, N. Y.
Dividends Nos. 80 and 81
that contented workers make
better workers and that better work¬
ers
Started in 1931, the Associated's
wave
The Associated
management
are
Insurance Plant,.
was
EXTENSION
MINING COMPANY
employees
insured for a total of $55,000,000
Plan
of the close of business
1936, for the quarter ending March
31, 1936.
dividend
of
1936 to stockholders of record at the close of
business April 24, 1936.
J. R. FAST, Secretary.
For othor dividends
soo page
xii.
Chronicle
Financial
Volume 142
This is not
The offer of these Bonds is made only by means of the
Offering Circular.
an
EC
Offering Circular.
$9,292,000
Louisville and Nashville Railroad Company
First and
Dated August
Refunding Mortgage 4% Bonds Series D
Due April 1, 2003
1, 1921
Bearing interest from April 1, 1986, payable April 1 and October 1 in New York
STATES
UNITED
TRUST COMPANY OF NEW
City
YORK, Trustee
Coupon Bonds in denomination of 11,000 registerable as to principal.
Fully registered Bonds in denominations of $1,000, $6,000
Coupon and registered Bonds interchangeable.
and $10,000.
60 days' notice, on any interest payment date at the following
April I, I9SS, at 105%; thereafter to and including April 1, 1970, at 104%; there•
after to and including April 1, 1985, at 103%; thereafter to and including April 1, 1995, at 102%; thereafter to and including April 1,
2000, at 101%; and thereafter at 100%. Also redeemable for the sinking fund upon 60 days' notice on October 1, 1937 and on
October 1 in any year thereafter at 100% and accrued interest.
Redeemable, at the option of the Company, in whole or in part, upon
to and including
prices and accrued interest:
~
The issue and sale of these Bonds
are
summarized
The Louisville and Nashville Railroad Company has
letter
with Exhibits should be read
THE COMPANY
The
prior to
any
subject to authorization by the Interstate Commerce Commission
as
follows its letter dated March 20, 1936 to
us
describing this issue,
The entire
purchase of these Bonds.
Company, which has been in continuous operation since 1859, now owns 4,760 miles of
railroad
71.78% of the capital stock of The Nashville, Chattanooga & St. Louis,
Railway which operates an additional 1,154 miles.
These lines form a comprehensive system serving the Kentucky and
Alabama coal fields, coal fields in western Virginia and eastern Tennessee, and important commercial antj industrial
centers of the Middle South from the Ohio River to the Gulf.
The Company operates in thirteen States.
and operates 5,009
miles.
It
proceeds to be received by the Company from the sale of these Bonds are to be applied toward
PURPOSE
The net
OF
the payment of $9,292,000
ISSUE
solidated Mortgage
to certain
has
terms and
owns
principal amount of the South and North Alabama Railroad Company Con¬
5% Bonds due August 1, 1936, outstanding in the hands of the public.
conditions, the Company has agreed to sell to
date of delivery.
The balance
from the Company's current cash.
agreed to purchase from the Company the Series D Bonds at 98% plus accrued interest to
required for the payment of the bonds due August 1, 1936, will be obtained
EARNINGS
compilation has been prepared from the Condensed Income Statement of the Company
The following
CExhibit B attached to letter dated March 20, 1936 describing these Bonds) and is
forming
to
Subject
Morgan Stanley & Co. Incorporated and the latter
said
integral part of that statement and to the information in the Profit and Loss Statement
an
subject to the notes
(Exhibit C attached
letter).
Deductions
Gross
Years ended
Operating
Gross
from
Net
December 31
Revenues
Income
Gross Income
Income
.
1926
$147,136,531
$30,822,543
$11,400,432
$19,422,111
1927
144,605,117
27,951,886
11,225,645
16,726,241
1928
135,638,458
25,456,728
11,133,508
14,323,220
13,726,542
1929
132,055,983
24,834,261
11,107,719
1930
112,440,985
17,729,772
11,123,690
6,606,082
1931
87,019,791
11,888,466
10,848,520
1,039,946
1932
63,920,024
9,495,291
11,604,166
1933
65,656,958
12,844,708
11,048,992
1,795,716
2,967,385
4,128,943
1934
69,962,668
13,777,331
1935
75,694,731
14,787,082
2,108,875 Loss
10,809,946
10,658,139
SECURITY
The $67,045,000
public and
First arid Refunding Mortgage Bonds presently to be outstanding in the hands of the
additional $500,000 of such bonds, which it is contemplated will be pledged under the
an
Georgia Railroad Lease, will be secured, in the opinion of the Company's counsel, by a
direct lien
on
4,760 miles of railroad
far as they attach, of mortgages securing $151,782,000 of bonds
(exclusive of the South and North Alabama Railroad Company Bonds maturing August 1, 1936) outstanding in the hands of
owned in fee by the
the
public
would
be
or
pledged.
The First and Refunding Mortgage permits the issuance of additional bonds thereunder which
but closes all existing prior lien mortgages.
The Mortgage permits the extension of
a date not later than January 1, 2003.
prior debt to
of the principal amount of
the preceding
year, is to be applied to the purchase of Series D Bonds at or below 100% and accrued interest, or, if
obtainable, to redemption at 100% and accrued interest of Bonds drawn by lot.
The sinking fund payments may
SINKING
A
FUND
so
so
equally secured thereby,
bonds constituting
not
Company subject to the liens, in
all
be made in cash
or
issued
Bonds
The
in
non-cumulative sinking fund, commencing in 1937,
or
(as defined)
Series D
Offering
is merely
a
dated March
The entire Offering Circular should be read prior to any
Price 100% and
are
annum
brief outline of certain information contained
23, 1936, and is subject to the more detailed
purchase
Copies of such Offering Circular may be obtained from the undersigned.
Circular
therein.
of these Bonds.
These Bonds
P"*
both.
foregoing information
the
statements
of M%
Bonds, payable only to the extent of net income in
Accrued Interest
and subject to authorization by the Interstate
and also subject to the approval of Messrs. Davis Polk Wardwell Gardiner & Reed of all legal proceedings
exchangeable for definitive Bonds when prepared,
offered subject to prior sale when, as and if issued and accepted by the undersigned,
Commerce Cbmmission of their issue and sale,
in connection with their issue and sale.
will be made at the office of
It is expected that delivery of Bonds in temporary form,
J. P. Morgan & Co.
on
or
about April 1, 1936, against payment therefor in New York funds.
MORGAN STANLEY & CO.
Incorporated
March S3, 1936.
This advertisement is neither
The
NEW ISSUE
an
offer to sell
nor a
solicitation oj offers to buy
any
28
1936
of these securities.
offering is made only by the Prospectus dated March 26,1936.
V ;
;;v
March
Chronicle
Financial
X
.
V/v.
March 26, 1936
$75,000,000
Eastern Gas and Fuel Associates
(A Massachusetts Voluntary Association)
First Mortgage
and Collateral Trust Bonds
Series A, 4%, Due
March 1, 1956
;Dated March 1, 1936
Price 96)2% and Accrued Interest
Copies of the Prospectus
may
be obtained only from such of the undersigned,
from such of the other several underwriters listed in the Prospectus,
or
as are
licensed dealers in securities in this State:
The First Boston Corporation
Mellon Securities Company
(Incorporated)
Kidder, Peabody & Co.
Lee
Higginson Corporation
Stone & Webster and Blodget
Blyth & Co., Inc.
Incorporated
Brown Harriman & Co.
Goldman, Sachs & Co.
Edward B. Smith & Co.
Field, Glore & Co.
Incorporated
Halsey, Stuart & Co. Inc.
Hayden, Stone & Co.
Alex. Brown & Sons
Aldred & Co.
White, Weld & Co.
H. M. Byllesby and Company
F. S. Moseley & Co.
Cassatt & Co.
Incorporated
Harris, Hall & Company
W. E. Hutton & Co.
>
Incorporated
Ladenburg, Thalmann & Co.
(Incorporated)
W. C. Langley
& Co.
E. H. Rollins & Sons
Incorporated
Central Republic Company
Schoellkopf, Hutton & Pomeroy
Incorporated
Coffin & Burr
Whiting, Weeks & Knowles
Incorporated
Incorporated
This is not
an
Offering Prospectus. The offer of these
XI
Chronicle
Financial
Volume 142
Bonds is made only by means of the Offering Prospectus.
registered, is not approved or disapproved by the Securities and Exchange
which does not pass on the merits of any registered securities.
This issue, though
$90,000,000
Commission,
':
Pacific Gas and Electric Company
First and
Refunding Mortgage Bonds, Series
H, 3%%
Due December
Dated December 1,1935
America. Principal payable j
bohds
payable June I and December 1 in each year. Principal and interest payable in Jawful money of the United States of
San Francisco and interest payable in New York City, Chicago or San Francisco, at the option of the holder. Coupon
in the denomination of $1,000, registerable as to principal only. Registered bonds in the denominations of $1,000, $5,000 and
Interest
in New York City or
)(
multiples of $5,000. Coupon bonds and registered
'
Series H Bonds will be redeemable, for other than
on the first day of any calendar month, or in
any
The
following is
THE
i
a
r
means
CONSOLIDATED EARNINGS; From the Financial Statements filed
with the Registration Statement it appears that for the years 1933, 1934,
and 1935 consolidated gross income, including certain gas revenues in dispute. after deduction of all operating expenses and provision for depreciation
.
total installed rated
capacity of 1,637,525 horsepower, and approximately
miles of distributiorrlines. Some
properties so transferred (net depreciated value on books of Company about
$34,000,000) and a junior lien on substantially all other properties of the
Company and on the capital stocks of certain of its subsidiaries, subject to
the liens so far as they attach, of mortgages securing various issues of underlying bonds of31 1935.
which $48,712,000 were outstanding in the hands of the public
December
15 artificial gas
plants. The Company and its
system), about 6,800 miles of distribution lines and
plants, most of which are used as stand-by
subsidiaries intend to continue their present
to
dissolve and take
T7 iTmv
/
n
/
over
j
•
business except that the Comthe business of certain subsidiaries.
,
a■
r.
ir
mode to theJinan-
Outstanding as per
Registration Statement, and
the Offering Prospectus)
Balance Sheets as of
December 31, 1935
$198,882,000 fcrst and Refunding Mortgage Bonds of other series were
outstanding on December 31, 1935. The Mortgage permits the issuance of
additional First and Refunding Mortgage Bonds of Series H or other series
$48,712,100
for various purposes, provided that the aggregate amount outstanding and
reserved shall not exceed $500,000,000 unless and until the authorized
bonded indebtedness of the Company is increased in accordance with law.
All series of First and Refunding Mortgage Bonds are equally secured by
the lien of the Mortgage.
The Mortgage permits, without notice to the Bondholders, the release.
CAPITALIZATION; (Reference
is
rial statements filed »iththe
part tn
-but before Federal Income tax, was respectively 2.21, 2.34, and 2.61 times
the aggregate of all interest charges, amortization of bond discount and
expense, and dividends on preferred stocks of subsidiaries held by the public
and that, excluding the computed amounts of such gas revenues in dispute,
such consolidated gross income was respectively 2.16, 2.22, and 2.46 times
such charges, amortization and dividends.
I
<
SERIES H BONDS: The Series H Bonds, which arc authorized but un¬
issued, will be issued under the First and Refunding Mortgage of the
Company and Mt. Shasta Power Corporation. The latter is in process of
dissolution and has transferred its properties to the Company. The Mortgage is, in the opinion of counsel for the Company, a first lien on the
hydro-electric generating plants and parts of the works appurtenant
to most of the hydro-electric generating plants are located on United States
Government lands under permits or licenses. The gas properties include
about 640 miles of transmission lines (including a pipe line from natural gas
fields about 200 miles south of San Francisco to various points in the distriof the
intends
on
Funded Debt*
Underlying Bonds due 1936 to 1948
First and Refunding Mortgage Bonds:
Series B, 6%, due December 1, 1941
Series E, 4#%, due June 1, 1957
Series F, 4#%» due June 1, 1960
Series G, 4%, due December 1, 1964
Total funded debt of the Company
Deduct—Bonds in sinking fund of a subsidiary
Bonds of subsidiary companies, due 1937 to 1952
20,000,000
34,975,000
49,610,000
94,297,000
J
v
$247,594,100
51,000
41,971,000
$289,514,100
Total consolidated funded debt
Minority Interest in Capital Stocks and
Subsidiary Companies
Surplus of
$
6,393,016
_
_
Pa;
$25 .... *,02.(33,050
(Authorized S,600,000 eh.r.i, outit.nding 4,085,322 shores)
First Preferred Stock,
Cumulative, 5#%, Par value $25
shares)
28,732,575
...
(Authorized 1,600,000 shares, outstanding 1,149,303
Common Stock,
Total
8a8Jj-
$735,525. Sinking fund moneys are applied to the purchase or redemption of
First and Refunding Mortgage Bonds of such series as may be directed by the
Company. The Mortgage also provides that under certain circumstances the
Refunding Mortgage Bonds. No payments have ever been made into the
General Reserve Fund.
...
Company has agreed with a subsidiary to pay the interest on $12,000,000
included in this table under Bonds of subsidiary
0THER INFORMATION: Other information concerning
the Company or pledged
companies, and $1,000,000 are held .h the treasury o
under an underlying mortgage and not included in this table.
proceeds
Bonds will be $90,033,677.50 (exclusive
interest, but after deducting estimated expenses
o,.
.
Brown Harriman & Co.
...
.
,
UNDERWRITING: Subject to approval of counsel and to certain other
terms and conditions, the Underwriters named in the Offering Prospectus have
severally agreed to purchase the Series H Bonds from the Company, for
delivery and payment on or about March 31,1936, at 100#% or a total of
$90,450,000, plus accrued interest. Such Bonds are to be offered to the
public at 102#%, or a total of $92,250,000, plus accrued interest. The
underwriting discounts are 2% or a total of $1,800,000.
accrued interest
is contained in the Registration
Prospectus which must be furnished to
includes,
thin(?s>Bstatements concerning Boulder Dam, the Central Valley
Project, competition of public agencies including certain pending or threatened condemnation proceedings, the Hetch-Hetchv power project and the
p'a" for the purchase by San Francisco of part of the distribution system
"> that City, earthquakes, foreign currency bonds, the Federal Public Utility
Act, and the proposed dissolution of certain subsidiaries.
other
Offering Price: 1021/2% and
Further information, in particular financial statements,
the Company
forth in the Registration Statement and Offering Prospectus
among
to the Company from
of accrued
in connection with such sale).
Such net proceeds will be applied to the redemption on June 1, 1936, of
$34,975,000 First and Refunding Mortgage Gold Bonds, Series E, 4#%, due
June 1, 1957, at 105% and interest, $49,610,000 First and Refunding Mortgage Gold Bonds, Series F, 4#%, due June 1,1960, at 105% and interest, and
$3,694,000 Nprthern California Power Company. Consolidated, Refunding
and Consolidating Mortgage Five Per Cent. Sinking Fund Forty-Year Gold
Bonds, due December 1, 1948, at 110% and interest, (which latter are ineluded in Underlying Bonds in the table of Capitalization). The additional
amount required for such redemptions (principal, premium and interest) is
estimated to be $4,839,485 and will be obtained from treasury funds.
PURPOSE OF ISSUE: The estimated net
and in the Offering
.
.
Company shall make certain payments to a General Reserve Fund, which may
be applied to various purposes, including the purchase of First and
shares)
....
bonds of which $11,000,000 are
the sale of the Series H
.
rhe Mortgage provides for semi-annbal sinking fund payments in substance
amounting to #% of the bonded indebtedness of themade for sinking funds
Company (as defined
in theMortgage) less certain credits, chiefly payments
156,533,925
Capital Stock
.
The
under certain conditions, of properties covered thereby, including the capital
stocks of subsidiaries pledged thereunder, if the properties of such subsidiaries are conveyed to the Company and subjected to the lien of the Mort-
$287 399 550
Par value $25
(Authorized 8,000,000 shares, outstanding 6,261,357
•
on
the Offering Prospectus and the Registration Statement (including the exhibits thereto and
outlined or indicated herein, and to which reference is made. The offer of these
of the Offering Prospectus, which should be read prior to any purchase of these Bonds.
6,000 miles of transmission lines and 29,900
in
in lots of not less than $10,000,000,
therewith), which also include important information not
■''Bonds is made only by
.
principal cities therein. The franchises (constitutional, municipal and county)
litigation with respect thereto are described in the Offering Prospectus to which reference is made. The electric properties include 47 hydroelectric generating plants and 10 steam electric generating plants having a
included
or
brief outline of part of the information contained in
and certain
pany
whole
or
COMPANY-r Pacific Gas and Electric Company (a California Cor-
piDiTti
.
Trustees
sinking fund purposes, at the option of the Company, as a
poration organized October 10,1905) and its subsidiaries are principally
engaged in the production of electric energy, the purchase of natural gas,
and the transmission, distribution and sale of electric energy and natural gas
throughout a large part of Northern and Central California, including the
bution
s
AMERICAN TRUST COMPANY, Sail Francisco
•
lesser amounts on any June 1 or December 1, and will also be redeemable for the sinking fund
December 1. in each case upon sixty days' prior published notice at the principal amount thereof and accrued interest, plus a
premium of 10% if redeemed on or before December 1,1941; 7#% thereafter and on or before December 1,1946; 5% thereafter and
on or before December 1,1951; 2#% thereafter and on or before December 1, 1956; 2% thereafter and on or before December
1, 1957; 1#% thereafter and on or before December 1, 1958; 1% thereafter and on or before December 1, 1959;
#% thereafter and on or before December 1, 1960; and thereafter without any premium.
June 1
the financial statements filed
i.
bonds arc interchangeable at the expense of the holder.
TRUST COMPANY, New York
CITY BANK FARMERS
v
1,1961
Statement on file with the Commission,
each purchaser and is obtainable from the undersigned.
Blyth & Co., Inc.
Edward B. Smith & Co.
The First Boston
Corporation
Incorporated
Lazard Freres &
Dean Witter & Co.
Company
Incorporated
Bonbright & Company
Incorporated
March 24,1936
H. M. Byllesby
and Company
Incorporated
E. H. Rollins & Sons
Incorporated
Chronicle
Financial
xn
March
1936
28
New Issues
$2,540,000
City of Minneapolis, Minn.
2%, 2.40% and 2.60% Bonds
Dated
April
1,
Due
1936
April
1937-1966
1,
Principal and semi-annual interest (April 1 and October 1) payable in New York City or Minneapolis.
Coupon bonds of $1,000. denomination.
The Sewage Disposal System Bonds are
registerable as to principal only. Bonds of other issues are fully registerable.
Interest
Exempt from all Present Federal Income Taxes
—
Tax Free in the State of Minnesota.
S
Legal Investments, in our opinion, for Savings Banks and Trust Funds in New York,
Massachusetts, Connecticut and certain other States.
I
:
Thfese bonds, issued for
Sewage Disposal System, Public Market and other various purposes, in the
opinion of counsel, will constitute general obligations of the City of Minneapolis, Minnesota.
AMOUNTS,
MATURITIES AND YIELDS
$840,000
"
Amount
Due
$84,000
1937
•40%
84,000
1938
.85
Yield
Amount
Due
$84,000
1939
1.15%
84,000
1940
84,000
1941
Amount
Due
$84,000
1942
1.40
84,000
1943
1.90
1.60
84,000
1944
2.00
$170,000Amount
$10,000
Yield
Due
1937
Amount
Due
$10,000
.40%
2% Bonds
—
Yield
1941
Yield
Amount
Due
$84,000
1945
2.05%
84,000
1.75%
1946
2.10
Yield
2.40% Bonds
1.60%
Yield
Amount
Due
Yield
$10,000
1945
Amount
Due
$10,000
2.10%
1949
23o%
Yield
10,000
1938
.85
10,000
1942
1.75
10,000
1946
2.15
10,000
1950
235
10,000
1939
1.15
10,000
1943
1.90
10,000
1947
2.20
30,000
1951-53
2.40
10,000
1940
1.40
10,000
1944
2.00
10,000
1948
2.25
Amount
Due
Yield
$§3,000
1939
$1,530,000
Due
$54,000
1.15%
—
2.60% Bonds
Yield
Amount
1943
1.90%
Amount
Due
$55,000
1948
2.25%
Yield
Amount
Due
$55,000
1953
2.50%
1954
2.55
Yield
53,000
1940
1.40
54,000
1944
2.00
55,000
1949
230
55,000
54,000
1941
1.60
54,000
1945
2.10
55,000
1950
235
385,000
1955-61
2.60
54,000
1942
1.75
54,000
1946
2.15
55,000
1951
2.40
275,000
1962-66
99^8 (price)
55,000
S
1947
2.20
55,000
1952
2.45
A
descriptive circular is available at the offices of the undersigned.
Phelps, Fenn & Co.
Stone & Webster and Blodget
Dick & Merle-Smith
Incorporated
R. L.
Day & Co.
Eli T. Watson & Co.
Hannahs, Ballin & Lee
Braun, Bosworth & Co.
Incorporated
Toledo
The Milwaukee
Tyler,Buttrick&Co.,Inc.
Shaw, Glover & Co.
Crouse&Co.
Boston
Company
Detroit
Milwaukee
Los Angeles
New York, March 23, 1936
Dividends
Nord
Railway Company
(COMPAGNIE DU CHEMIN DE FER DU NORD)
PACIFIC GAS AND ELECTRIC CO,
%Vz% External Sinking Fund Gold Bonds
Dated October 1, 1924
DIVIDEND NOTICE
Due October 1, 1950
Common Stock Dividend No. 81
o
To the Holders of above-described Bonds:
The
Nord
A
Company
that
Board of Directors on March 11,
1936, for the three months' period end¬
ing March 31, 1936, equal to \Vi°fa
of its par value, will be paid upon the
Common Capital Stock of this Com¬
maturing
April 1, 1936 on the above-described Bonds and payable at the office of
Messrs. J. P. Morgan & Co., 23 Wall Street, New York
City, may until
further notice be paid, upon presentation and surrender on and after
April 1, 1936, at the office of Messrs. J. P. Morgan & Co., 23 Wall Street,
New York City, in United States of America
currency at the dollar
equivalent of French francs 25.52 per dollar of face value of coupon,
announces
upon the basis of their buying rate of exchange on
presentation.
NORD RAILWAY
March
quarterly cash dividend declared by
the
Railway
coupons
by
pany
check
on
April
shareholders of record
to
business
on
Books will
at
15,
1936,
the close of
March 31,1936.TheTransfer
not
D. H.
be closed.
Foote, Secretary-Treasurer.
Paris at time of
San
Francisco, California.
COMPANY
27,1936.
Electric Bond and Share Company
AMERICAN
MANUFACTURING
COMPANY
Noble and West Streets
Brooklyn, New York
The Board of Directors of the American Manu¬
Company has declared
the regular
dividend of $1.25 per share and the
deferred
dividend
of $1.50
per
share on the
Preferred Stock of the Company payable March
31,1936 to Stockholders of record Marph 9, 1936.
facturing
quarterly
ROBERT B. BROWN. Treasurer.
National Power &
Light Company
$6 PREFERRED STOCK
DIVIDEND
$6 and $5 Preferred Stock Dividends
The
share
regular
on
the
share
The
regular quarterly dividend of $1.50 per
the $6 Preferred Stock of
National
Power & Light Company has been declared
for
payment May 1, 1936, to holders of record at the
close of business April 4, 1936.
share
on
ALEXANDER
SIMPSON,
Treasurer.
on
have
been
the
quarterly dividends of $1.50 per
$6 Preferred Stock and $1.25 per
$5 Preferred
declared
for
Stock of the Company
payment
May
1,
1936,
to stockholders of record at the close of business
April 6,
1936.
A.
For other dividends
C.
see
RAY, Treasurer.
pages
vii and viil.
Financial Chronicle
Volume 142
xv
WITHIN
The
YOUR
BUDGET
Shawinigan Water and
Power Company
No additional outlay is necessary
NOTICE
to restore
municipal credit hurt by
depression propaganda or excessive
relief demands, if you will use the
amounts usually appropriated for
municipal advertising by directly
appealing to bankers and investors.
Experience in municipal financial
problems and as editor of national
municipal bond and banking publi¬
cations should be of great assistance
in improving the financial position
of your City.
Authoritative infor¬
mation on tax collections, tax liens
and bond issues, is always of in¬
terest to bond buyers.
We can show you that a publicity
service used in conjunction with
yourpresentexpendituresfor munic¬
ipal bond advertising will greatly
bonds.
increase the value of your
Address communications to
Box S 16, Financial Chronicle,
25 Spruce Street,
OF
REDEMPTION
To the Holders of the First
Mortgage and Collateral Trust
Sinking Fund Gold Bonds, Series "C", 5% of The
Shawinigan Water and Power Company.
that pursuant to the terms of the Trust
Hypothec, Mortgage and Pledge from The Shawinigan
Water and Power Company to Montreal Trust Company as Trus¬
tee dated October 31, 1927, and the
Supplemental Trust Deed
dated March 6, 1930, securing the above mentioned Bonds, and
to the terms of the said Bonds, The Shawinigan Water and Power
Company will redeem all its outstanding First Mortgage and Col¬
lateral Trust Sinking Fund Gold Bonds, Series "C", 5% on the
15th day of April 1936, at 105% of the
principal sum thereof and
accrued interest on such Bonds to the said 15th day of April 1936,
upon presentation and surrender of such Bonds accompanied by
the interest coupons appertaining thereto which mature on and
after August 1, 1936, at the principal office of The Royal Bank of
Canada in the City of Montreal, Canada, or at the holders' option
at the principal office of Bank of the Manhattan
Company in
the Borough of Manhattan, the City of New York, United States
of America, or at the holders' option at the Bank of Scotland in
London, England.
notice is hereby given
Deed of
New York City.
and notice is further hereby given
that in
case
the Bonds
hereby called for redemption are not presented for redemption on
the said 15th day of April 1936, all interest on the said Bonds will
cease to accrue from and after the said 15th
day of April 1936.
Dated at Montreal this Third
Foreign
day of March 1936.
THE SHAWINIGAN WATER AND POWER COMPANY
*
Royal Bank of Scotland
Incorporated by Royal
Charter 1727
Capital (fully paid)
Reserve
£3,780,192
_
fund
£3,857,143
Deposits.
£64,009,174
Over
200 Years of Commercial
CHIEF FOREIGN
3
Banking
DEPARTMENT
Bishopsgate, London, England
HEAD
OFFICE—Edinburgh
General Manager
Willi am Whyte
Total number of offices, 254
Associated Bank, Williams Deacon's Bank. Ltd.
Jas. Wilson, Secretary.
Since the redemption moneys on the Bonds to which the above
notice relates
are
payable, at the option of the holders, in sterling
London, England, and having regard to the present premium
on sterling in terms of United States
currency, the Company has
arranged that Bondholders may, if they so desire, obtain the bene¬
fit of the sterling premium without the necessity of sending their
Bonds to London for redemption, under the following conditions:
in
Bondholders may surrender their Bonds for
redemption, with
attached, to the agency of The
Royal Bank of Canada, 68 William Street, New York City, during
banking hours on any day between March 26 and April 4, 1936,
both inclusive, and on such surrender will receive in United States
funds the par value plus redemption premium plus accrued interest
on such Bonds to date of
surrender, together with an additional
sum in United States funds
equal to the sterling premium on the ag¬
gregate of the above mentioned sums, calculated at the prevailing
rate between sterling and United States funds at the close of busi¬
ness on the last business
day preceding the date of surrender, as
all unmatured interest coupons
to which the certificate of said Bank shall be final and conclusive.
THE SHAWINIGAN WATER AND POWER COMPANY
Jas. Wilson, Secretary.
Hong Kong & Shanghai
BANKING
CORPORATION
Incorporated In the Colony of Hongkong.
The
liability of members Is limited to the extent and
In manner prescribed by Ordinance No. 6 of 1029
of the Colony.
Authorised Capital (Hongkong Currency) HJ50.000.000
Paid-up Capital (Hongkong Currency)_.H$20,000.000
Reserve Fund In Sterling
£6,500,000
Reserve Fund In Silver
(Hongkong Cur¬
rency)
HJ10.000.000
Reserve
Liability
kong Currency)
of Proprietors
L. F. DOMMERICH & CO
H$20,000,000
C. DE C.
72 WALL
(Hong¬
HUGHES, Agent
STREET, NEW YORK
Factors
General Offices, 271
Madison Avenue
NEW YORK
NATIONAL BANK
Established 1840
of EGYPT
Head Office
Cairo
.
BIRMINGHAM
FyLLY PAID CApiTAL
RESERVE FUND
.
....
3,000)000
LONDON AGENCY
6 and
THE "EXPANDIT" BINDER
£3,000,000
7, King William Street, E. C.
MARX & CO.
or
Intervening Issues may be Inserted
removed without
disturbing the other issies
PRICE $100 eath
Branches in all the
SUDAN
or
BIRMINGHAM, ALABAMA
Plus the Postage
principal Towns in
EGYPT and the
Successive
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
THE "EXPANDIT" BINDER
25 Spruce St.,
New York City
Established
H. PRINCE & CO.
F
March
Financial Chronicle
XYI
New
York
Stock
York
Curb
Exchange
York
New
of
And
Trade
Exchange
Exchanges
Leading
other
' 9 3 6
.
Entire
mills
N.
Y.
225
YORK
NEW
"
I
Wellington & Co.
and
The
FourthAvenue,New York
Almanac"
Factor's
request
on
DETROIT
DALLAS
AMSTERDAM
LONDON
MIAMI
told
J
of
financed
output
Exchange Bldg.
Cotton
BOSTON
« 54
Exchange
Grain
New Orleans Cotton
Boston Stock Exchanges
i
Exchange
Cotton
Board
Chicago
Winnipeg
Members New York &
factors
Exchange
New
INVESTMENTS
HIGH-GRADE
James Talcott,Inc.
Members
BOSTON, MASS.
1936
1856
H. Hentz & Co.
BANKERS
28
PARIS
GENEVA
Members New York Stock Exchange
WHITLOCK, SMITH & CO.
Members Pittsburgh Stock Exchange
LAMBORN & CO.. INC.
120
New York
Broadway
Union
99 Wall Street
MICHIGAN MUNICIPAL AND
CORPORATION BONDS
N. Y. C.
Pittsburgh
Trust Bldg.
Members
,
Detroit Stock Exchange
SUGAR
CHerry 4900
1446 Penobscot Bldg.
DETROIT
Export—I mport— Fut ures
DIgby 4-2727
OTTO FUERST & CO.
Members, New York Stock Exchange
New York
120 Broadway
Continuing the security business
Cables "Llndros"
Tel.
STERN, KEMPNER & CO.
of
Barclay 7-1580
Roosevelt & Son
New York
14 Wall Street
Founded 1797
BANK OF MONTREAL
Established
Seasoned Investments
l8l7
Dick & Merle-Smith
Montreal
Head Office
Capital ;.
Rest
Total
*
and
*
$36,000,000
*
Undivided Profits
Assets
Excess
in
30 Pine
30 State St.
St.
Bought and sold for cash, or
Boston
New York
$39,935,033
STOCKS & BONDS
York Stock Exchart^i
Mtmbtrs
carried
on
conservative terms
of $750,000,000
President
Sir Charles Gordon,
Inactive and
..
unlisted securities
G.B.E.
Inquiries Invited
V ice'PrESIDENT b
H.
R.Drummond.Esq.
Maj.'Gen. The Hon .S. C. Mewburn, C.M.G.
Gbnbral Manaobrs
W. A.
Bog
^
•
KENTUCKY
STATE
Jackson Dodds
—
Investment Securities
Branches and Agencies
BANKERS BOND
ThE
9
In
Threadneedle St.,E.C. 2;
Waterloo Place,S.W.I.
the United Statbs—New York :64 Wall
Chicago
:
CO.
Members New York Stock Exchange
Incorporated
In Canada and Newfoundland—Over 500 Branches.
In London: 47
FINCH, WILSON A CO.
5% WARRANTS
i
■.
LD. 238-9.
LOUISVILLE
investment Dept.
u
Thomas Graham
120
NEW YORK
BROADWAY
A. T. T. Tel.
L8VL 14
Street;
27 South La Salle St.; San FranFrancisco),
Cisco: Bank of Montreal (San
333 CaliforniaSt.
In the
WbstIndibs—Complete banking facilities through
Barclays Bank (Dominion, Colonial and
CHARTERED 1853
Overseas).
the canadian bank
United States Trust Company of New
1
Capital
of commerce
HEAD
Established
$30,000,000
20,000,000
Reserve
BENJ. STRONG, Vice
ROBERT S. OSBORNE, Asst. Vice
business.
WILLIAM C. LEE, Asst. Vice President
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San
Francisco; Seattle; Los An¬
geles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados,
and
Port of Spain,
Trinidad.
NEW
ALTON S. KEELER,
YORK AGENCY
& Hanover St.
President
ALBERT G. ATWELL, Asst. Secretary
HENRY E. SCHAPER, Asst. Secretary
HARRY M. MANSELL, Asst. Secretary
Vice President
SAYWARD, Asst. Vice President
GEORGE MERRITT, Asst. Vice President
GEORGE F. LEE, Asst. Vice President
IRVIN A. SPRAGUE, Asst. Secretary
JAMES M. TRENARY, Asst. Secretary
ARTHUR H. ERB, Asst. Secretary
THOMAS J. MADDEN,
Asst. Secretary
TRUSTEES
FRANK
JOHN
J.
LYMAN
PHELPS
JAMES
KINGSLEY
CORNELIUS N. BLISS
ARTHUR CURTISS
WILLIAM
Exchange PI.
ELBERT B. KNOWLES, Asst. Secretary
President
CARL. O.
LLOYD A. WAUGH, Asst.
HENRY L. SMITHERS, Asst. Secretary
Vice President
HENRY B. HENZE, Asst.
Comptroller
Comptroller
HENRY G. DIEFENBACH, Asst. Comptroller
STUART L. HOLLISTER, Asst.
Comp.
WILSON, Vice Pres. & Sec y
FREDERIC W. ROBBERT, V. Pres. &
corporations, fir Ins and in¬
dividuals interested in Canadian
serve
Guardian,
capacities.
KINGSLEY, President
WILLIAMSON PELL, 1st Vice President
THOMAS H.
every
$2,000,000.00
$28,005,478.57
Company acts as Executor, Administrator, Trustee,
Committee, Court Depositary, and in all other recognized trust
commercial and financial life
of Canada and is well equipped to
the
in
.
This
WILLIAM M.
This Bank is in close touch with
Branches
.
.
York
January 1, 1936
1867
Paid-up Capital
•
•
.
.
Surplus and Undivided Profits,
TORONTO
OFFICE
STREET
WALL
45-47
M.
Member
CASS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK
LEWIS
WILLIAMSON PELL
BARKLIE
Federal Deposit Insurance
GEORGE
JOHN
P.
F.
LEDTARD.
JR
BAKER
WILSON
HENRY
GEORGE de FOREST LORD
Corporation
@FedFRASER