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Vol. 142
MAY
ronicb
16, 1936
No. 3699
CONTENTS
Editorials
page
Financial Situation
3227
Private Rights and Government
Inquisition..
..3241
Railway Credit Must Be Preserved
Political
Europe at the Crossroads_
3243
_
.
_
_
_3244
Comment and Review
Gross and Net Earnings of United States Railroads for
the Month of March
3245
New Capital Flotation Figures Corrected
3249
New Capital Issues in Great Britain
...____3249
Week on the European Stock
Exchanges
Foreign Political and Economic Situation.
3232
.3233
Foreign Exchange Rates and Comment
3237
&
3285
Course of the Bond Market
3249
Indications of Business
3250
Activity
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
.
Exchange
News
■'
Current Events and Discussions...
Bank
and
Trust
Company Items
General Corporation and Investment News...
Dry Goods Trade..
State and
3231
3285
Municipal Department
3362
..3283
3328
,.3380
3381
Stocks and Bonds
Foreign Stock Exchange Quotations.
3327
Dividends Declared
3287
Auction Sales
3327
New York Stock
New York Stock
Exchange—Stock Quotations
..3295
Exchange—Bond Quotations..3294 & 3304
New York Curb
3310
New York Curb
3113
Other
Exchange—Stock Quotations
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
3316
Canadian Markets—Stock and Bond
Quotations......3320
Over-the-Counter Securities—Stock & Bond Quotations. 3323
Reports
Foreign Bank Statements
3236
Course of Bank
3285
Clearings
Federal Reserve Bank Statements..
3291
General
3328
Corporation and Investment News
Commodities
The Commercial Markets and the
Cotton
Breadstuffs.
Crops
..^..3369
3372
...
3377
Published Every Saturday Morning by the William B. Dana
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Herbert d. Seibert, Chairman of the Board and
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Other offices:
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Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23, 1879, at the
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South and Central
Financial
VI
May
Chronicle
1936
16,
"WILL THERE BE
LEFT WHEN
ANY
I DRIVE A CAR?"
No
WONDER he asks "Will
there be any
left ?" For the world to¬
day spins round
Ten years
spread
on
ago
petroleum.
there
about
concern
a
v:
wide¬
was
petroleum
shortage. Today it is known there
supply
will be
barrels.
no
shortage of motor fuel in
lifetime,
our
our
or
children's
or
and
figured
was
at
Since then
half times that
a
grandchildren's. Oil companies have
been
known
million dollars
conserve
the
and reduce
One
ing
a
ten to
year on
research
to
supply, improve quality
known
as
a
refin¬
"cracking," has
1
saved the
equivalent of6,600,000,000
barrels of crude oil since 1920.
drilling has opened
fields—it is
now
up
possible
Deeper
untouched
to
drill
to a
depth of over two miles. More efficient
recovery
methods
pools that
once
are
would have been
perts say
steels that withstand
ex¬
that the quantity of oil still
Meanwhile
part.
and temperature
Special alloy
high
made possible the
giant "cracking" stills. Tougher,
harder steels assisted in the
gasoline has steadily
deeper
drilling of wells. Stronger, rust-resist¬
ing steels helped lower
enormous.
pressure
tion
transporta¬
through 112,00^
costs
miles of
improved in quality, making practi¬
pipelines, and countless tank ships,
cal
tank cars,
the
efficient
automobile
the
price
is
taxes,
was
high compression
engines of today. And
per
now
gallon, exclusive of
less than half what it
15 years ago.
tank trucks,
pumps
and
underground reservoirs. Steel and
oil
are
inseparably linked together.
As the oil
industry
gresses, so
american bridge
company
company, ltd.
cyclone
being discovered all the
has
ground, yet the
canadian
time. Ten years ago
amount
vital
a
prospers
and
pro¬
does United States Steel.
taking oil from
abandoned.
More oil is
played
12,000,000,000 barrels. And
to
improvements steel has
one
supply today has expanded
undiscovered is
prices.
improvement alone,
process
twelve
In these
than
more
been taken from the
spending from
5,321,000,000
ifhe known U. S.
oil well
bridge
fence company
supply company
•
>
•
american sheet and tin plate company
•
•
carnegie-illinois steel corporation
federal
shipbuilding and dry dock company
scully steel products company
universal atlas cement company
•
•
american steel & wire
•
tennessee coal,
United States Steel
company
columbia steel company
•
national tube
iron'&
company
railroad company
Corporation Subsidiaries
The Financial Situation
Committee
WHAT has happened to during the pastthe Senate
Finance Committee the tax bill in
week has
demonstrated, if it has done nothing
business
cause
community
the
even
to hesitate.
It is true,
hazards made
who
are
tries
of
complexities and its
gested
to
that
the
within
more
ground
usually disposed to support the Adminis¬
pointedly
President
consent
Industrialists,
reason.
defects
in
came
the
The
irresistible.
was
ministration
sug¬
A
In
not
"In 1932
.
.
This condition
handwriting
it
would
interpose
ob¬
no
All this
proposed law.
time
same
it
the
the
posed
still
dis¬
that
insist
to
"underlying
the
is
the
purpose"
measure,
that
is
all
all
of
nearly
that
nance
Senate
the
Committee is
to effect.
Of
course
is
to
of
trying
every¬
by
<as
directly
upon
as now appears
fiddler,
be
awaken
a
may
where
mean
intended.
as
much
or
little in actual practice.
be that the President has reached the point
he is
willing to consent to
will "save the face" of the Administration.
from Washington
reports
he
faces
a
real
that
any measure
indicate
to
seem
fight if he insists
The latest
that
much
more
upon
than that.
On the other
hand, he
redrafting of the
would be
have
been
draft.
so
a
while
may,
bill, still insist
open
will
tellingly
Throughout his
be
difficult
to
victory that has been
upon
a
or
thorough
provisions
to most of the objections that
raised
career
against
measure
won
the
House
in public life he has
repeatedly shown himself to be
It
approving
simplification and
an
the
in the
agile opponent.
extent
of
the
Senate Finance
reasons
long will
so
popular demand
in the
it
National,
State
local.
seems
to
us
that it would be
community not only to consent
to, but to insist upon, taxes to the limit of feasibility
to
meet current expenses,
but at the
same
time to
insist that such taxes shall be levied in accordance
sound
with
will
perhaps encouraging
that
For these
well for the business
wealthy
administration of the gov¬
or
It may
im¬
paying the
for proper economy
to be
pos¬
among so
the
is
just
ernment,
these
many
as
doubly difficult to
that
generalities
as
that the other fellow,
individual,
it
indi¬
not
As long as the
politics knows well enough
such
bear,
particularly
many
pos¬
at present, but
pression prevails
was
as
of taxation
individual citizens
coining
indefinitely
situation
a propor¬
people
means
will
re¬
expenditures
large
as
sible.
is continued
real headway
the
tion of the
rectly
business
rate.
fact, about
bring the
that
this
way
home to
Viewed in this way, the matter takes on an
entirely different aspect. The action taken
by the Government, so far from saving the
capitalistic system, actually brings the system
into
added danger, or will if the program
Fi¬
familiar with practical
one
only
to
seem
likely to be made in
ducing
obliged to proceed with
inflation on a stupendous scale to save "the
capitalistic system."
be reflected in the redraft¬
ing
the
is
Government
income, shall
their
to come to
matter of
a
sible
a
not
so
and
are,
to reduce them,
deficits, no
matter whose they
are, into money is a dan¬
gerous course.
It is what is usually termed
inflation.
Therefore, what the Secretary of
Commerce is saying is at best a claim that the
to
disburse
To
does
limited extent the
But
of
to
or
As
deficits
money.
on
expendi¬
at the moment at any
of the current varia¬
never
are
money
course
be any way
did not think it wise to go a great deal farther
than they had already gone in that direction.
to force corporations
say,
there
seems
that
more
large; but they
meant
one
they
as
ought not to be
but his ability to do so is strictly limited, and
had in 1932 about reached its end. The banks
to be trusted,
President
The growing strain
the breakdown
Of
tures
business man can do the same thing by bor¬
rowing at his bank in times of serious strain,
If Washington dis¬
are
is
expendi¬
as
to say nothing of
cards,
tion.
that it possessed the power to coin
into
money,
or
the practical
reason
equivalent of
patches
a
fugue that
much
point.
an
ought to be raised by taxa¬
Let the average man ask himself how
its
at this
so
such
large
as
are
increases
the
paid
than they produced.
dangerous threat to the
country.
course,
important not to take too
for granted
any
fought
for
long
as
now,
the
Government, which after all is but the
representative of the public, which accord¬
ing to these accounts was completely bank¬
rupt, could "step in."
The answer is simple.
It could do so for
is
At
have
prepared
are
the
Tax Bill Still in Doubt
the
a
end.
an
is quite as it should be.
At
who
strong ground when he insists
our
tions of
the
on
more
was
the
of
This, of
re-writing of
a
The President is
capitalistic system. When everything
else had failed, the Federal Government had
to step into the breach."
ingly let it be known that
first, due to the
Revenues Needed
probablyi would have
of
the
eventuality.
business enterprises
.
$9,000,000,000
future
wall, and accord¬
jection to
fully
defending the
fail to
the
be
to
Strange Doctrine of Salvation
out
on
than
Commerce
The Ad¬
business
under
again under
over
at
is
to
as
measure
Administration.
the
New Deal, Secretary of
Roper who, along with Secretary
of State Hull, is
considered a conservative
representative of the Administration, said
early in the week:
cu¬
itself
difficult
that
by the middle
the
find
by
more
yielded
valiantly
effect¬
expose
of the week could not well
see
presently
tures
mulative effect of all this
draft
new
forthcoming
possible that the
it
Senate
from the House.
is
one
as
the
to
up
bill
of the
is
word
accountants,
quite simple not only to find but to
ively the thousand and
It
may
lawyers, and finally Senator Byrd naturally found
it
full text
it would not do for those
rate
measure
a
form.
new
conditions
Many
tration rebelled in this instance and
the
definite
necessity of making its fight all
grave;
critic.
every
its
community
that this particular
course,
shining mark for
a
in
enough
hard
until
and
what the attitude of the President is to the
that the
more,
headstrong Administration
present
with its absurd
measure
if it
can
available
economic
perhaps be
munity
already
severe
and
social
medicine for
overburdened
principles.
a
with taxes,
systems of national taxation were
individuals and not
upon
com¬
but
if
properly drawn
the additional burden would fall much
upon
This
business
more
directly
business enterprises
directly, although all such levies would inevitably
have their influence upon
to
business.
It is
one
thing
complain of taxes, and complaint at this time is
certainly
to make
well warranted,
but it is
quite
another
it clear that the real burden of such
com-
Financial
3228
plaint is directed at expenditures which
immensely
are
Chronicle
to our attention.
a
is
a way as
For
part,
our
welcomed the steadily
have
we
complaint about taxes that has
growing body of
characteiized annual reports
of corporations to their
public addresses of
shareholders,
leading business
the remarks of economists and
men,
filed
statements
Commission.
Securities
the
registration
even
and
the
during
an
limited compared to those of the so-called social
security program as it is now drawn.
It is accor-
dingly with satisfaction that we take notice of the
pointedness
impression at
concerning
annual convention of the Na-
tional Association of Mutual Savings Banks at At-.
lantic City during the past few days,
throughout it all,
1
the
to
forget for
a
grievance is against the volume
.
Ban ers on Socia Security
the
permitted
be
not
moment that the real
at the
carried on
the Senate Finance
week
past
But
measure.
must
Their potentialities for injury are
the enterprise.
very
the inevitable consequences of the question that was
offices similar to that made upon
pliticians
to weaken the morale and the self-depen-
dence of the individual who has been engaged in
extended discussion of the real nature and some of
Washington and at State capitals and local municipal
tax
usually simply
Exchange
untii their cumulative effect makes
current
are
hope that these complaints will
with
We
continue to increase in number and in
Committee
These latter
1936
waste of money which has been expended in such
larger than the should be, and at the form taxation
taking.
May 16,
These bankers, being responsible for the savings
of millions of people of strictly limited means and
a position to understand some of the complex
in
swollen
expenditures and against the form that
and far-reaching effects the social security program
taxation is
taking at this time, which leaves the rank
must have in the fields of banking, finance, and in-
of
file bearing a
and
heavy burden but without
definite and constant reminder that
such
they
burden.
a
are
any
bearing
reach the
we
in taxes all the
sentimental
so-called
the
point where
sums
one
we are
collecting
spending, much of the
are
wre
glamor now surrounding many of the
progressive
will disappear, and
measures
essentially absurd claims made for them will
tend to stand forth
naked in the
since the rank and file
not
are
sentimental about programs
light of realities,
likely to be unduly
that they must
Professional politicians who
to have.
gry
hun-
go
are
re-
sponsible for the waste and extravagance, not to
use
stronger terms, of relief and other current programs
will then
aroused
begin to feel the weight of popular disfavor
by the obviousness of the cost of their
tivities to each and
ment
well
in
with
as
the
calculated
outlays
as
ac-
With govern-
individual, there is nothing
to
a
individual.
everv
so
thrift and prudence
encourage
pay-as-you-go
in a thorough, sound and all-around appraisal of
For some time past
the program in its entirety.
..
Encouraging Economy
Once
vestment, are deeply interested in the subject and
basis of operations,
corporation official after another, in reports to
stockholders, in registration statements filed with
the Securities and Exchange Commission, and in
public addresses and statements of various kinds,
*ias called attention to the crushing load which this
program, together with the rest of the burdens
Eiat corporations are today called upon to bear,
certain to lay upon business and incidentally upon
^ie rank and file of the people who are supposed to
benefit so greatly ^from this great piece of "humani-
tarian legislation.'
all this the savings bankers during the past
few
have added the weight of their testimony
upon certain other aspects of the same program,
namely, the incidental but inevitable effects of the
collection and investment of , astronomical sums
j-°
collected in taxes, to provide a reserve for old
age pensions and to a lesser extent for unemploy¬
One shrewd observer at the bank-
ment insurance.
social
Security"
Example
as an
EH
ers'
[0 BETTER example of the fanciful misconcepof
tions
the
day could be found than those
entertained in many
become
known
who the other
"social
quarters concerning what has
"social
security."
since
that
gram,
then to have Congress appropriate that amount to
program
as
"another New Deal
speaker, in
seem
so
to feel quite
referring to this
committed political hari-kari. The
"social
very
cer-
pro-
words
security," and the charming picture that the
President and others have
painted of the blessings
to flow from laws enacted in the
name
curity," have apparently placed
about the
whole
selection of
a
cally needed to be added to the Reserve Account and
the account until, finally, 45 years hence, the enor-
by "liberals" who
the
embodied in the law is to have
as
day had the temerity to refer to the
security"
tain
"Their plan
actuaries calculate every year the amount thfeoreti-
A legislator
as
boondoggle" has been roundly and roughly criticised
ever
said:
convention
"movement,"
slogan
or
the
se-
halo of holiness
a
as
of "social
though the
vague
mere
and utterly un-
mous
interest-bearing fund of $47,000,000,000 will
have been accumulated. Suppose, however, that Congress
is not impressed by actuarial theory and de¬
cides to follow
some
other
is
an
the
course.
What
are
the
A quite likely alternative
probable alternatives ?
increase in the scale of pension benefits and
probability
that
a
scale
of benefits will
be
adopted which in the end will prove unbearable for
our
children and grandchildren,
"We
may
be confident of one thing. The program
for the Congresses of the next 30 years to practice
convincing promises of professional reformers actu-
self-denial by investing hundreds of millions each
ally provided or could provide anything in the
year
ture of either economic
or
The truth of the matter
cial
security" legislation
social
na-
security.
is, of course, that the "so-
now on
in
a reserve
fund mounting in the tens of bil-
lions, belongs in the realm of dreams. The fund pos-
the Federal statute
sibly
may
lions.
be allowed to reach a total of a few bil-
After that the country will call a halt.
book and the statute books of several of the States
danger
will
plan is not that the huge reserve
seriously
groups
add
to
the
insecurity
of just
contingencies inherent in human nature.
cordingly,
any
the
it is supposed to render safe from various
so we
think, much
more
It is
unfortunate than
of the New Deal "boondoggles" that have
ac-
come
inherent, therefore,
in the
The
self-sufficiency
actually will be
created, but that the excess of income over outgo
will lead either to
benefits
or
spending."
a
dangerous liberalization of the
to a program of unsound governmental
Volume
Financial
142
No
This
to
seems
the situation.
dicted,
Security in Waste
us
security,"
claimed and for which
so
materials in which
tempted
indulge.
to
safest
Frazier-Lemke Bill Defeat
resources
in
ENCOURAGEMENT administered to in theimpos¬
over¬
whelming defeat is to be found
the
government is always
who '
against the vicissitudes of old
sible
"insured"
are
Frazier-Lemke
House of
and the suffer¬
age
ministration
ing the promises to
active
pay
of
government that had
a
public, which of
course
of
raising them by
that
in
now
But
scotching this dan¬
once more
Let
who ought to know better have been
particular
measure.
real
the Administration is now,
In
a
sense
and has been since induction into
prediction
rate, and the immense
computed
reserves
Administration that
to prove inaccu¬
were
were
how¬
no one suppose,
the truth.
progress.
if this
even
for the
■
saying during the past few days, that inflation has
of inflation similar to
a process
The Ad¬
commended
died with this
else
program, or
*/
Wednesday.
be
to
■
inflation serpent.
ever, as some
is supposed to be the ben¬
eficiary and not the financier of the
heartilv
part it took in
gerous
promises except that of taking them in taxes from
the
is
refinancing bill in the
on
t
of obtaining the funds to make good its
way
farm
Representatives
ings of unemployment would find themselves hold¬
110
man¬
dependence of the public.
scheme that did little
Those
After all, enlightened self-
the part of those who
on
paid in hard
than add to the waste of natural
and
men
a
(absit omen)
the business enterprises of the country is the
age
is
much
so
much is to be
cash, would turn out to be
more
here pre¬
course
which
for
3229
with tariffs and the like.
interest
eminently sensible view of
an
If matters take the
"social
Chronicle
inflationary tactics
ac¬
Such is far from
office,
the
as was
preceded it, just as guilty of
as
the proponents of the Frazier-
tually accumulated—and without undue liberality
Lemke bill.
in the matter of
present situation is that the heedless will think of
pensions and the like—what would
under the present program
occur
would be, first,
inflation
an
exceptionally rapid reduction of outstanding debt
extraordinarily burdensome taxation
through
rather
conversion
a
promises to
cumulation of
the
of
government, in this case
be without
To
make
long
pointed, there is
involved
government
continue to
to pay so
be
perceived
relegated
a
and
a
delu¬
junk-heap
of
community will
to be called upon
discarded
Utopian
ing in
able
like sort,
an
extensive campaign
popular education must be pressed forward with
the utmost
a
a
dispatch.
This campaign will at best be
difficult and tedious
The
one.
subjects
are
often
exceedingly complex, and the self-styled liberals of
the
have in
day
makers
It grows
leaders
and
daily
of
the
campaign
as a
more
beginning is
but
glib
the
phrase-
very
elect.
day have the courage, discernment
.
Hamilton
to carry forward such
or a
a
Cleveland would have
seems
more
and
more
to
the business community itself. A good
now
being made.
executive is at his best in
public policies
now
many
all
doubtful if any of the political
The task therefore
devolve upon
ranks
deceive
of exposition
power
done.
their
who would
upon
his
The average business
analysing the effects of
own
tinued
business.
This he is
doing in telling fashion, and, what is just
as
is
of
view,
a
continuance and
with perhaps
particularly in
a
an
acceleration
of
broadening of the point
matters that have to
do
reserve
balances of
funds from its
the member
and
were
institutions
$70,000,000
increased
estimated
This gain is the
The
over
for
ac¬
excess
legal
the
officially
more
con¬
large general
re¬
weekly
at $2,770,-
significant, since
Treasury now is raising $50,000,000 weekly in
would
funds
through
that
seem
of
sales
the
discount
extensive
gold
bills.
It
imports
are
beginning to > overshadow other developments, and
the basis
excess
certainly is being laid for
to
reserves
heights
an
increase of
beyond the $3,310,-
even
000,000 record noted last December.
The Treasury,
through manipulation of its accounts, may well keep
the actual total under such
alities
should
week covered
this country
an
all-time
ditional
made
nevertheless
recognized.
In the
by the current report, gold stocks of
increased
high
shipments
from
levels, but the potenti¬
be
Paris,
less than $54,000,000, to
no
record
on an
and
of
$10,302,000,000.
Ad¬
extensive scale have been
the
as
metal
reaches
this
country and the Treasury reimburses itself through
deposits
of gold certificates,
again tend to rise sharply.
excess
will
reserves
It is already sufficiently
apparent, moreover, that measures should be taken
diminish the pressure
to
ket
needed
of
reserves
ting the public know what he is thinking.
the process
banks, combined, indicates
banks, largely because the-Treasury
quirements
crease
What
other
The current condition statement
$79,074,000 in the
to disburse
period,
in
good deal of atten¬
a
count balance with the Federal Reserve.
important, is rapidly losing his timidity about let¬
is
a
the United States remain disconcert¬
many ways.
member
fresh
accomplish this and the obviously desir¬
objectives of
lack of reali¬
time, it is well to bear in mind that
increase of
an
the
Popular Education Essential
of
at this
000,000.
schemes.
But to
a
prospects
monetary
absorbing
are
or
all sides and the whole program
the
tion
the
countries
of the 12 Federal Reserve
price, until at length the truth shall
on
to
we are
\
upon care¬
point out the hollowness of the "social
high
ALTHOUGH
tendencies in
"reactionary," "anti-social,"
security" reward for which
The injury that
usually ;the result of
Federal Reserve Bank Statement
in theory,
even
a snare
minds of the business and financial
pro¬
something else and
as
danger is actually here and actively at work.
and
venture to hope that the thoughtful
we
inflationary
zation, at least in the earlier stages, that such
i
Thus "social security"
Whether it be
sacrilege,
short
story
insure the whole public
can
some measure or program
something relatively conservative.
/
dangers of the
of borrowing.
or
conceivable way,
no
real
such, and interpret other
as
as
inflation does is
ac¬
But
in the former, would
as
analysis turns out to be but
sion.
large
equally
grams
individual
a
the insured.
pay
of taxation
and
against anything.
ful
into
(or
of the
one
only in terms of
plainly labeled
ability to meet its obligations except by
a
which
debt
obligations to
exercise of its powers
in
the
the insured), and then
pay
Indeed
of
reserve
of idle funds through in¬
requirements
or
sales of open
mar¬
holdings of United States Government securities.
In the week ended
May 13 the Treasury deposited
with the Reserve banks only
tificates,
or
$26,497,000 of gold
cer->
less than half the amount added to the
Financial
3230
gold stocks in the same period,
monetary
and
a
Chronicle
May 16, 1936
operating expenses amounted to $237,197,455, an
$13,025,694 over 1934, when the company
correspondingly large deposit is to be expected in
increase of
the future.
reported $224,471,760.
banks
The
gold certificate holdings of the 12
increased to
17,703,337,000
$7,729,834,000
mainly responsible for an
to
this addition was
increase of total reserves
6, and
May
on
May 13 from
on
18,067,213,000 from $8,038,801,000.
return of currency
A seasonal
from circulation diminished the
locomotive fuel and other materials were
of
cost
Restoration of rates of pay
agreements with employees and the increased
under
major factors contributing to the increase of $13,-
Revenue freight handled amounted to 104,-
025,695;
482,468 tons, an increase of 4,617,357 tons, or 4.62%
1934, while freight revenue amounted to $218,-
total of Federal Reserve notes in actual circulation
over
to
260,324,
increase of $14,105,251, or 6.91%.
changes consisting of an increase of member bank
The
decrease in
tonnage of the products of agriculture and of ani¬
mals and animal products, there were substantial
balances
increases in
$3,762,028,000
$3,778,880,000.
from
Aggregate
deposits of the 12 banks moved slightly higher to
$6,539,800,000
a
to
to
$6,499,045,000,
from
$5,611,072,000 from $5,531,998,000, and
decrease of
Treasury deposits on general account
$577,985,000 from $621,759,000.
than offset the
78.2%
gain in deposit liabilities,
advanced to
ratio
78.3%
that the
so
May 13 from
on
Discounts by the System
May 6.
on
The increase of
drop in circulation liabilities more
resefves and the
reserve
principal
the
were
$197,000 higher for the week at $4,781,000, but in¬
dustrial
receded
advances
$207,000 to $29,963,000.
an
report shows that while there was a
The company
tonnage in other groups.
reports a decrease of 2.45% in the number of rev¬
enue
passengers
$539,412,
or
although
carried,
passengers
from
revenue
amounted to $55,292,024, an increase of
0.98%. As in prior years, there was a
falling off in the number of commutation passengers
carried, the decrease in 1935 being 1.14% under the
1934
Although it is difficult to prophesy
present year will be, pre¬
figures.
what the outcome of the
Open market holdings of bankers' bills gained $1,000
liminary indications, however, as to the results for
to
the month of
$4,677,000, while holdings of United States Gov¬
ernment securities fell
April point to the likelihood that this
railroad system
well-managed
$77,000 to $2,430,259,000.
was
able to cover
This would compare with a net loss
fixed
after
Corporate Dividend Declarations
charges.
charges of $893,000 reported for the like month
of
A NUMBER of important companies took favor¬
dividend action again the current week.
able
Among them
the Eastman Kodak Co., which de¬
was
clared
the
$1.25
share and
able
a
regular quarterly common
an
extra of 25c.
a
dividend of
share, both pay¬
clared
a
share
on
the
of
the
25c.
share
a
paid
were
paid in
the nine preceding
Dec. 24, 1935, and 25c. each, Oct. 1, 1935,
on
and Dec.
Packard Motor Car Co. declared
24, 1934.
dividend of 15c.
share
a
share, payable July 1; 10c.
paid since Dec. 12, 1931, when
10c.
a
share
paid.
was
Co. declared
mon
a
paid Feb. 11 last, prior to which none had
was
been
quarterly of
Underwood-Elliott-Fisher
dividend of 75c.
a
a
a
share
the
on
com¬
stock, payable June 30, which compares with
62%c.
distributed in
share
a
the
two
preceding
quarters.
Report of New York Central RR.
revised
for
a
shows
ings
a
calendar year
decided
over
the
balance of
improvement in the company's earn¬
preceding.
year
Although reporting
only $115,046 over fixed charges for
1935, this balance nevertheless is
over
1934 of
$7,797,380, when the
an
improvement
company
reported
deficiency of $7,682,335, and compares with defi¬
cits of
$5,412,514 and $18,256,400 in 1933 and 1932,
respectively, and
Total
operating
$310,192,979,
over
with
a
the
an
net income of $2,430,101 in 1931.
revenues
for
1935 amounted
$295,084,881 reported in 1934, and compares
$283,341,102
in 1933; $293,636,140
iii 1932;
$382,190,183 in 1931, and $478,918,348 in 1930.
Of
$15,108,098 increase in 1935 over 1934, approxi¬
mately one-half,
emergency
state
or
$7,180,326,
resulted from the
freight charges authorized by the Inter¬
Commerce
Commission.
On
the
other
hand,
date, according to the report, were
of only 463,708,000 bushels which com¬
crop
bushels
April 1. In 1935 the actual harvest was
on
The 6% reduction in the fore¬
433,447,000 bushels.
during April was due to "unevenly distributed
rainfall
and
extreme
temperatures"
during
the
month; chiefly responsible was the continuation of
the
drought in the Southwest. The forecast does not
take into
consideration, however, the improvement
conditions since the first of
the
weather
large
and
Great Plains
moisture
area
warmth
and
the Kansas
from
crop
arrived
most
too
area
late
to
from
save
a
western
The prospects
for
dropped to 114,796,009 at May 1
129,748,000 at April 1,
other
over
but it is noted that the
planted in the
acreage
May resulting from
widespread rains
Kansas to the Rio Grande River.
a
decrease of 11.52%; in
normally large producing States in this area,
Oklahoma and
Texas, prospects fell off during April
16.23% and 29.74% respectively; indications at May
1
were
for
a
crop
of 29,358,000 in the former and only
13,389,000 in the latter.
Abandonment of acreage
to
increase of 5.12%, or $15,108,098
that
on
with the Department's estimate of 493,166,000
pares
cast
The indi¬
report of condition as of May 1.
cations
of
THE annual report of the 1935, York Central RR.
New issued this week,
for the
Crop
PROSPECTS for the winter wheat crop were
downward in the Agricultural Depart¬
ment's
in
Annual
the
affected by severe weather con¬
The Winter Wheat
warmer
a
were
year
ditions.
common
quarters; in addition, extras of 50c. a share were
a
showing would likewise bring
a
1931, although operations for the first two months
United States Gypsum Co. de¬
dividend of 50c.
a
stock, payable July 1; regular quarterly dividends
a
Such
since 1931.
the first four months of 1936 to the best level since
July 1; similar extras were paid in the three
preceding quarters.
of
1935, and would represent the best April results
was
above average
Arizona and
it
was
California; in the Great Plains area
particularly heavy. In the East, on the other
hand, it
country
was
as
the seeded
with
seeded for the 1936 crop
throughout the West except in
slightly under the average.
a
For the
whole it is estimated that 24.4% of
area
has been
abandoned,-which compares
30.4% in 1935 and 12.6% average for the ten
years,
1923-32.
Volume
At
Fina.ncia.1
142
May 1 the condition of the
only 67%
crop was
of
normal, reduced from 68.5% as of April 1; at
May 1, 1935 the crop was 75.3% of normal and the
ten year
average,
The
1923-32,
condition
of
May 1
74.1%
was
of
normal, slightly improved since April 1 when it was
72.4% of normal.
3231
bonds
corporate
In the
advanced.
Speculative and
bonds
corporate
rowly but disclosed
fluctuated
nar¬
definite trend toward improve¬
a
foreign dollar bond section, French
issues strengthened
sharply, but Italians
dull.
were
Most Latin American
obligations were in quiet de¬
mand.
Commodity markets
movements
The^New York Stock Market
also
semi-speculative
ment.
81.2% of normal.
was
at
rye
Chronicle
and
narrow,
affect the stock market.
market
all
attention
SHEERthe
dulness was the prevailing characteristic
this
French
There
irregular, with
were
the alterations failed to
In
again
the
foreign exchange
centered
the
to weakness.
New
on
was
in
engage
York
obvious
an
stock
indisposition
tain trend in the
on
on
all sides to
commitments, owing to the legislative
new
confusion, the approach of
try.
week.
market
and
summer
uncer¬
an
leading indices of trade and indus¬
The long and wearying debate in Washington
corporation taxes caused much vexation, and the
threat of unbridled inflation also
the Frazier-Lemke
farm
mortgage refinancing bill
defeated in the House
was
ket
also
subdued
was
France and the
Council
on
respect to
The
mar¬
animosity displayed at the League
meeting in Geneva.
margin
the market.
Thursday.
by the protracted crisis in
Over-regulation with
requirements likewise
affected
moderate downward trend of
early in the week.
quotations
On Thursday, however, a sharp
advance took
found necessary
were
for support of the
The French situation is not
until the
ever,
new
On
the
touched
New
new
touched
Stock
low
new
levels.
touched
week from
On
the
low
new
New York Stock
half-day session
shares;
price variations
trading
ing the prevailing dulness,
improved
in
value,
were
concerned.
are
being
Wednesday at $101,000, and another
at
$110,000.
at
A
seat
reported
last
week
$100,000.
Monday,
on
A
small last Saturday, but an
were very
the first session of the current week the trend
downward, and only
a
few issues resisted the
gradual drift to lower levels.
levels
tional
few
occurred, and
gains and losses being equally prominent. A
reflected buying, and the high-
specialties
priced stocks
The session
far
price
as
trading
1935.
advanced
concerned
on
dwindled to
the
price changes.
Tuesday, frac¬
on
Wednesday
trends
hardly
was
are
more
1
was more
concerned,
2
to
points.
favorable,
but
dealings
than 500,000 shares, and
at the slowest pace since April 4,
Small gains were recorded in most
groups of
The only fairly active session of the week
stocks.
followed
on
Thursday, partly because defeat of the
Frazier-Lemke bill caused modest enthusiasm.
most all issues
were
an
advance of
Telephone
&
stocks
1 to 4
were
modest
once
scale
Al¬
affected, but the prominent divi¬
dend-paying stocks showed best results.
was
so
more
than 5
Telegraph,
while
points better.
appeared
Indicative
points in American
other
prominent
Profit-taking
on a
yesterday, and quotations
again drifted lower.
Losses
were
small, but
they served to modify the gains of the previous day,
and they left the market but little
higher for the
week
as
a
whole.
modest, but movements
instances.
United
dealings also
favored
States
proved fractionally, and
Government
one or
were
quite
the holders in most
Thursday,
prevailed in the stock
on
the Frazier-Lemke
prices.
from its
for the
was
direct bearing
on
a
decided
falling off
accompanied by irregular
On Wednesday
on
a
This indifferent attitude
a
slight improvement
Thursday the market roused itself
early stupor to send leading issues upward
day with gains of
Yesterday
profit-taking
one
to five
made
or more
itself
felt
points.
in
the
morning session, and equities declined only to react
later and close
higher both for the day and week.
General Electric
36
closed
yesterday at 37% against
Friday of last week; Consolidated Edison Co.
on
of N. Y. at
29% against 28%; Columbia Gas & Elec.
at
18% against 17; Public Service of N. J. at 39%
against 39%; J. I. Case Threshing Machine at 153%
against
147;
International Harvester at 85%
against 81%; Sears, Roebuck & Co. at 66 against
6434; Montgomery Ward & Co. at 41% against
39%; Woolworth at 49% against 48%, and Amer¬
Tel.
&
Chemical
&
ican
183%
116
on
Tel.
at
161%
against
Dye closed yesterday
155%;
at
194
Allied
against
Friday of last week; Columbian Carbon at
against 112; E. I. du Pont de Nemours
at 143
against 139; National Cash Register at 24 against
23; International Nickel at 47% against 45%; Na¬
issues
Dairy Products at 23% against 22%; Na¬
tional
Biscuit
at
Sulphur at 36%
34%
against 34%;
against 35;
Texas Gulf
Continental Can at
im¬
73% against 68%; Eastman Kodak at 166 against
two individual obli¬
Standard Brands at 1534 against 1534;
Westinghouse Elec. & Mfg. at 113% against 106;
gations attained best recorded levels.
on
tional
In the listed bond market
;
Tuesday, 167,355
Friday, 202,455 shares.
law, would have
trading volume and
Changes in general
quite unimportant
were
Fri¬
79,415 shares
were
on
toward the market resulted in
in
on
mortgage refinancing bill, the nature of which,
the future of stock
In
on
585,790
early this week, due, in part, to the then
if enacted into
was
shares;
on
341,610
the New York Curb Ex¬
Wednesday, 171,225 shares;
gains
recorded in nearly all parts of the list.
Wednesday,
on
spirit of indifference
farm
were
677,750 shares;
were
On
155,910
upward tendency appeared in that session and fair
were
Exchange the sales at
pending action by the House
Dealings
the
on
Monday of this
Saturday last
on
shares;
260,022 shares, and
market
Call loans
Thursday, 1,391,430 shares, and
on
shares;
Curb
high levels and 70
rose on
change the sales last Saturday
on
Thursday
on
transferred
was
far
so
Stock Exchange seats
transfer
a
small,
Notwithstand¬
the New York
new
Stock
Monday they
on
shares;
stocks
34% to 1%.
the New York
day, 985,390 shares.
net results of the week's
how¬
while 75 stocks
year
levels.
Exchange
ing tendency
as
On
Exchange 27 stocks touched
stocks
Exchange 29
high levels for the
Tuesday, 599,120
again in evidence yesterday, and
up,
Cabinet is formed and the Min¬
York
place, mainly because the inflationary
farm mortgage proposal was defeated.
The declin¬
was
currency.
likely to clear
isterial Declaration made.
The result of all these and other influ¬
ences was a
on
franc, which wavered sharply from strength
The capital flight from France dimin¬
ished, however, and only small shipments of gold
present until
was
was
Best-rated
16234;
.
Financial
3232
Lorillard at
22% against 22%; United States Indus¬
trial Alcohol at
47% against 45%; I Canada Dry at
Chronicle
steel
at
of
the
transfers
cable
and
6.59%c.
foreign exchanges,
cable
$4.96%
Paris closed yesterday
on
against 6.58%c. the close
as
at
Friday of
last week.
at
51%
against
48%; Republic
as
19% against 18%, and Youngstown Sheet &
Tube at 53
against
as
against $4.99% the close on Friday of last week,
Steel
Bethlehem
45%c.
London closed yesterday at
on
against 55% on Friday of last week;
as
Steel at
the
among
yesterday at
matter
the
In
transfers
United States Steel closed yesterday
stocks.,
58%
this week
noted
was
closed
1936
44%c. the close on Friday of last week.
11% against 11; Schenley Distillers at 45% against
43, and National Distillers at 30% against 29.
Improvement
York
New
May 16,
against 51%.
burn Auto closed
In the motor
European Stock Markets
Au¬
group,
yesterday at 31% against 31% on
on
Friday of last week; General Motors at 63% against
NERVOUS andtrading this week movements
uncertain price stock
63%; Chrysler at 95% against 94, and Hupp Motors
changes in the principal European financial centers.
at
The international
In the rubber group, Goodyear
2% against 2%.
Tire & Rubber closed yesterday at
25% against 24%
Friday of last week; United States Rubber at 30
on
against 28%, and B. F. Goodrich at 19% against
The railroad shares enjoyed moderate gains
19%.
this
week.
Pennsylvania RR. closed yesterday at
30% against 29% on Friday of last week; Atchison
marked
dense
the
on
situation
remained enveloped in
clouds, most of them lacking in silver linings,
and traders and investors
in
Paris
sessions
some
modest
a
preferred to take
and
erratic
in
tic losses of last
week, but the demand for securities
anything but emphatic.
The Berlin market
Topeka & Santa Fe at 72% against 70 ; New York
Central at
quiet but firm in most sessions.
cial situation remained
Southern
everywhere, despite relaxation of the
Pacific at
Standard
on
of
Oil
against 59
at
Among the oil stocks,
28% against 26%.
N.
J.
closed
yesterday
60%
at
Friday of last week; Shell Union Oil
17% against 17, and Atlantic Refining at 29%
In the copper group, Anaconda Cop¬
against 29%.
closed yesterday at 34% against 33% on Friday
per
of
last
week; Kennecott
35%;
Smelting
American
against
Copper at 37%
&
Refining
78%
at
against 75, and Phelps Dodge at 34% against 33%.
Leading indices of trade and industry were color¬
this
less
week,
reports reflecting modest re¬
some
cessions, while others showed equally unimportant
Steel ingot production for the week ending
gains.
today
estimated by the American
was
Steel Institute at
last wreek and
Iron
and
69.1% of capacity against 70.1%
43.4% at this time last
duction of electric energy
year.
Pro¬
for the week ended May 9
the
franc, for
the
franc
and
be
to
seems
Hermann
General
of
prices
regarding
Italian
situation,
ness
be
to
of
This is
reports.
As
9
decrease of 2,219
a
preceding week, but
same
ended May
amounted
to
the Association of American Railroads
a
gain of 93,915
cars
from the
cars over
the
week of 1935.
indicating the
of the commodity mar¬
course
against 93%c. the close
issues
on
at
ceded
and
Friday of last week.
although
yesterday at 25%c.
May oats at Chicago closed
as
against 26%c. the close
on
to
Friday of last week.
The
spot price for cotton here in New York closed
yesterday at 11.73c.
as
Friday of last week.
yesterday
on
was
15.68c.
against 11.67c. the close
The
as
spot
price for
on
rubber
against 15.31c. the close
Friday of last week.
Domestic
yesterday at 9%c., the same
as on
copper
closed
Friday of previous
In London the
at
20%
ounce
price of bar silver closed yesterday
pence per
on
ounce as
against 20%
pence per
Friday of last week, and spot silver in
in general
favor, while par¬
higher, largely because
reports
were
activity
stocks
inquiry again
stocks
trial
Wednesday,
on
were
in
was
was
re¬
soft,
were
noted for aircraft
section
was
dull, owing
There was little
and price changes
were
slipped slightly lower, but oil
likewise
noted
for
attained best levels
on
Renewed
improved.
gold
stocks,
record.
some
de¬
of which
International securi¬
lower, owing to reports of a downward
trend in New York.
still
also
exceptional demand and many indus¬
securities
mand
York.
Government issues
British
British funds
New
from
mostly toward lower
reports of slumps elsewhere.
small.
funds
mining stocks, but interna¬
marked
industrial
most
British
A little profit-taking appeared
Tuesday
on
quiet in the
was
with
paid to aircraft and electrical
gold
wrere
some
ties drifted
weeks.
was
The international
stocks.
£otal
a
persistent investment demand.
were
London.
levels
yesterday at 62%c. as against 63%c. the close on
50,301
The Ger¬
decrease of 174,000 in
a
week,
week-end
favorible
at Chicago closed
corn
decrease of
Exchange
the
on
various
yesterday at 93%c.
May
of
equipment issues.
Movements
as
reported
Stock
ticular attention
kets, the May option for wheat in Chicago closed
Friday of last week.
a
;v;:%
slightly better
of
steadily
appears
unemployed during April, to
British industrials
tional
of
The European busi¬
1,763,000.
among
any
Official unemployment statistics
Labor Office
Car loadings of revenue
the week
was
withdrawal
hasty
April, to an aggregate of 1,831,230.
session
cars,
the
of the British authorities show
for
rise
League deliberations
the other hand,
on
improving.
London
668,935
and
Italy,
Nor
developments.
delegates from Geneva.
The
freight for
the mark, and the
comfort to be derived from the
initial
year.
Goering, who is understood to
unfortunate currency
1,701,702,000 kilowatt hours in the correspond¬
of last
rumors
the Berlin Exchange may foreshadow
on
the number of
ing week
program
further
were
Hjalmar Schaeht Was being
favor formal devaluation of
man
with
on
the part of
on
superseded in the financial control of Germany by
1,947,771,000 kilowatt hours, the Edison Elec¬
803,000 kilowatt hours in the preceding week and
There
that Dr.
Berlin
from
Institute reports.
with 1,928,-
concern
pressure
taxation
reasonable
a
lacking.
tric
compares
definite commitment
a
was
This
matter of intense
incoming Left Cabinet regarding maintenance
the
of
a
was
The French finan¬
against 124; Southern Pacific at 32% against 29%;
Railway at 14% against 14, and Northern
At
others.
upward tendency replaced the dras¬
was
34% against 33; Union Pacific at 125%
atti¬
an
The London Stock Exchange was
tude of caution.
dull
ex¬
quieter,
and
The session
on
Thursday was
small losses were registered in
British funds and home rail stocks, while most in-
Volume
Financial
142
dustrial issues likewise
were soft.
Anglo-American
trading favorites improved in the international sec¬
Chronicle
of
3233
activity" in the business of the World Bank dur¬
ing
1935,
but the
directors
clearly decided
that
tion, but German issues declined owing to reports
caution
of financial difficulties in the Eeich.
British funds
patch to the New York "Times," they "approved"
yesterday, but gold
net profit for last
year of only 9,193,671 Swiss
francs, against 13,046,008 Swiss francs in the pre¬
and industrial issues
dull
were
mining stocks and international
Prices
marked
were
issues
sharply higher
Bourse in the initial session of the
stocks recovered at
bound
a
recorded last week.
will head the next
fear,
occasioned
rentes
recorded in
while
greater
bank
a
bank
stocks
bit
higher.
and
and
French
Large gains
other
some
were
a
final slump caused
Kentes
mildly uncertain, while siz¬
ments
Wednesday
again
into
came
demand,
refuge against devaluation.
Move¬
small, with rentes and
were
equities slightly improved.
Gold min¬
ing issues and international securities drifted
ward.
Although the Bank of France statement
flected
on
down¬
a
large gold loss, prices
Thursday.
Bentes
while French
disclosed
only
modest
equities also
firm in quiet dealings,
movements.
yesterday
in
Sharp
rentes
in demand.
were
re¬
well maintained
equities and international issues
recorded
were
were
were
and
also
gains
French
International issues
drifted downward.
an
upward tendency was in
Monday, apparently because a hedge was
sought against possible
Some
dispatches
work
devaluation
reported
check the
to
1 to 2
securities.
official
mark.
influences
recorded in
were
No
fixed-income obligations.
ing
of the
at
buoyant tendency, but gains of
points nevertheless
industrial
interest
After
was
leading
taken
in
uncertain open¬
an
Tuesday, prices regained, their good tone,
closing levels were about even with those of the
on
and
previous day.
It
was
again indicated that official
being exerted to keep the market from
pressure was
assuming the
appearance
from the currency.
of
devaluation
a
The market
was
less, Wednesday, with levels lower in
ments.
bank
flight
dull and list¬
most
depart¬
Leading industrial issues fell slightly, but
were
in quiet demand.
The upward
stocks
tendency
rumors
increases
advances
resumed
was
circulated
were
by
Thursday,
recorded,
showed good fractional
gations remained dull.
tinued in
a
partly
because
regarding possible dividend
few large firms.
a
were
ceding
the
general
reduced net
profit, the report
due to the fact that the Board, hav¬
was
ing regard to prevailing conditions, increased the
allowance
for
contingencies.
The declared profit
permitted the voting of the usual 6% dividend and
fulfillment of
requirements, leaving 500,000
reserve
Swiss francs for distribution among
the interested
governments.
The
of
ments
the
on
:
annual
report noted the intermittent
capital last
Fixed-interest obli¬
The upward trend
from the countries still
year
was con¬
the
large attendant gold losses
cessfully.
ounces, set a new record in
the
over
preceding
also
stance
resisted
were
good deal
year,
1935, and jumped 12%
but the perturbing circum¬
forth
set
was
absorbed not
that
only all of the
more
besides.
It
the
United
a
short
time, by
before
ever
an
has
abundance of gold greater than
been
experienced.
Business
year
dent.
the
In
European
likewise appears to
trade
be upward.
covering
an area
was
noted sorrowfully that de facto
stability fails to provide
tablishment of credit
holds out
"But
sufficient basis for
these
survey
hopes materialize?
the directorate of the B.
paid to the
current
possible effect
Dr.
Trip
was
at
meeting of that institution
report covering activities
bank
upon
governors,
I.
of
the
comprise
in
France
and
was
its
the destinies of the gold bloc.
able to report
wlio
S., much attention
situation
a
stated.
We all know
purely economic and financial considerations
alone
will
not
are
be
every
expenditure,
added
by political developments.
country there is
leading
to
taxation
and
increasing weight
an
markets.
the
on
position
The increase
largely for armaments and is
tense
In
rising tide of
mortgages the future and may have
influence
adverse
a
increased
borrowing, resulting in
of debt that
money
decisive, but that the turn of affairs
influenced
practically
of
rees-
"Technically, the situation
hopes of better times," the
will
that
a
transactions, especially those
long-term nature.
a
The report empha¬
than 85% of world
enjoyed de facto exchange stability for all of
1935, but it
of
more
situation which
weighs
of
in
expenditure
a consequence
so
heavily
an
capital and
on
is
of the
the minds
people."
Franco-American Trade
Treaty
DETAILS of the new trade treaty between
States, made public
France
and
the
United
Wednesday, reveal that this is in
most
remarkable
of
the
series
some
of
ways
reciprocal
pacts so far negotiated with a dozen foreign coun¬
submitted by Dr. L. J. A. Trip, Presi¬
private conversations of the leading
central
seem
definitely in the upward cycle, accord'
ing to the B. I. S. study, while the trend of prices
tive
preceding
con¬
at last to be
attend the sixth annual
the
a
suggested that the
was
ditions, surveyed from the world viewpoint,
DIRECTORS of the Bank for International Set¬
Basle, Monday, to
hear
States
production but
new
price structure of the world will be faced, within
tries
to
suc¬
World production of gold, measured in
last
Bank for International Settlements
and
was
drawn from the fact that the successive shocks and
the
assembled
move¬
gold standard, but some encouragement
list
quiet session yesterday.
tlements
Basle dis¬
a
A few rather sizable
while
gains.
The
year.
indicated,
sized that
On the Berlin Boerse
evidence
According to
a
liquidated.
were
in utility and industrial stocks.
securities
a
were
equities,
day in most departments.
as
on
confidence
tone, and
obviously
most French
by Leon Blum, who
Tuesday, the French market
on
able losses appeared
International
some
good part of the losses
securities
nervous
recessions for the
and
a
stocks
good start
resumed its
the Paris
on
week, and
Cabinet, that there is nothing to
international
After
a
Assurances
marked
were
improved.
advisable.
was
"remarkable revival
by Secretary of State Cordell Hull.
accord
was
15.
June
sive trade
new
It
constitutes
the
first comprehen¬
agreement made between France and the
United States in
a
century, and promises to end the
disputes regarding quotas and other
measures
The
signed May 6 and it will become effec¬
which have been
depression.
In the
course
new
restrictive
so
prominent during the
of
an
extensive analysis
of the
general provisions and specific concessions
of
pact, Secretary Hull pointed out that the
the
agreement is far more than
an
instrument for creat-
Financial
3234
ing
freer interchange of goods between the two
a
"It
countries.
stride
ward
of
represents/' he added, "a long
in
the
development of the only type
policy that holds
from
world
the
on¬
promise of extricating the
a
of economic
morass
distress
and
Chronicle
In various countries, and notably in Great
ing.
it is now admitted that the League will
Britain,
undergo a drastic reorganization if it is to
have to
remain
ever.
Emperor Haile Selassie fled from Ethiopia
weeks ago,
by the short-sighted, futile and disastrous search
two
for national
ceased,
self-sufficiency through the erection of
excessive barriers to international trade."
Concessions
v
:
by France fall into two general cate¬
political factor of any importance what¬
a
.
When
political instability into which it has been plunged
May 16, 1936
French quota restrictions, whereunder
imports of
American products
many
were
curtailed
sharply, are to be enlarged or fixed in a manner that
will benefit
to
French
44 items of American
some
France.
It
is
provided
anticipated
of all of
to the
He read decrees naming King
Ethiopia.
Victor Emmanuel the
shal
proclamation
people providing for the outright annexation
Badoglio
Emperor of Ethiopia and Mar¬
Viceroy of the conquered territory.
as
Italy at last has her empire, the Italian Dictator
declared, and he pledged the defense of Ethiopia
countries, in accordance with the existence
of
Italian
the
identical products from other
on
the
issued
exportation
that under
system of imposing the minimum or maxi¬
tariff scales
mum
also
Pietro
Late last Saturday, Premier Musso¬
opian armies.
lini
agreements.
Marshal
ficulty in sweeping aside the remnants of the Ethi¬
France to restrict
particularly from those that refused to make special
under
forces
Badoglio and General Rodolfo Graziani had no dif¬
gories, which accord with the measures taken by
imports from other countries, and
resistance to the Italian advance
the
and
lack
or
special trade agreements, the minimum rates will
American products, in general.
These
prevail
on
French
concessions, Mr. Hull estimates, will affect
Soon after these measures wrere
against the world.
taken, the northern and southern armies of Italy
met at
Diredawa,
on
the Addis Ababa-Jibuti rail¬
line, while Rome dispatches stated last Monday
that the Italian forces are carrying out the occupa¬
way
of
tion
the
country
systematically.
1 There
was
military opposition to Italy
about $24,000,000 of American exports to France.
hardly
American
throughout this week, but most observers express
agricultural and industrial products in
great variety will be benefited.
On the American
side, the concessions consist principally of duty
ductions
fumes
covering certain wines and liquors,
and
fabrics,
cosmetics,
cigarette
re¬
per¬
papers,
the
gesture of
a
opinion that the real task of pacification re¬
mains to be
Haile
The Ethiopian Emperor,
accomplished.
Selassie, stated from his refuge in Palestine
that he fled
"unequal war" to present his coun¬
an
It appeared that the British
at Geneva.
Roquefort cheese and other special items of which
try's
France is
Government declined his request
trade
the
leading producer.
statistics,
$19,000,000
of
these
Based
affect
changes will
imports
from
recent
on
France.
some
There
notable
being
nation
in
provision for modification
a
the
of
event
or
termi¬
exceptionally
any
large
change in the relative values of the currencies of the
countries.
two
Under
attended the
Italy,
probably will
be
excluded, of
American commercial
some
of
countries, such
as
considerable moment.
course,
since the German-
treaty was terminated at the
his
gains in Ethiopia and the formation of
members of the
an
"empire,"
League of Nations Council met at
this week and decided to continue in
effect the sanctions voted
the
against Italy last Novem¬
hope obviously had existed in Rome that
League would recognize the fruitlessness of its
a
When the Council voted
Benito
Mussolini
otherwise,
hastily recalled his
from Geneva, leaving the impression for
Italy might resign.
of the Italian Government
League Council
again
on
time
adjourned
not
on
disclosed, and
Wednesday, to
June 16, when it is hoped the Italo-
Ethiopian problem
manner.
a
en¬
But the real intentions
were
can
Criticism
be faced in
of the
Aloisi walked out of the
observe
on
Tuesday, Avould uphold Ethi¬
be
a more
positive
League itself mounted,
meeting which followed the Council
open
adopted
a
resolution noting that more time would
to consider the situation created by
necessary
the
newest
and
developments,
deliberations
resume
June
on
it
was
16.
"In
decided to
the
mean¬
time," the resolution added, "there is no cause for
modifying the
laboration
measures
previously adopted in col¬
by the members of the League."
Only minor matters remained to be considered by
was
meet
protested
the peremptory order of Premier Mussolini.
on
the
the sanctions.
the
He
It was clear that the Council, in
public session
the
that
Ethiopian
He returned later, however, to
proceedings.
opposition to the Italian conquest and terminate
voys
the
existed.
question
contentions, Baron
meeting.
In
WHILE Italy was taking the of her tentative
first military
steps toward consolidation
Premier
the
that
lieved
day
Italy and the League
the
of
opia, and the Italian delegation departed early that
instance of the Berlin Government.
The
dismissal
Ethiopia," and when the Council refused to admit
and the benefits to
ber.
for
question from the agenda, since Italy no longer be¬
against the presence of the "so-called delegation of
concessions must be
many,
Geneva early
Baron Pompeo Aloisi
opening meeting for Italy and made an
demand
urgent
League met on Monday to con¬
situation.
grave
nations, with the exception of Ger¬
tended to other
The Reich is
most-favored-nation
the
this
ex¬
the American
principle,
The Council of the
sider
to transport him
:
London.
to
are
safeguard clauses in the pact, the most
numerous
case
Council
after
taken late
most of the
at Geneva
this
incident, and adjournment
Wednesday,
It is significant that
private and really important discussions
during the final session were devoted to
study of revision of the League itself.
indicated that
to the New York "Times"
of statesmen
into
a
believed the
tighter and
covering
a
more
A dispatch
one
compact group of nations,
relatively small area in which it might
be effective.
Another section held that the
League
meanwhile, in all parts of the world, owing to the
must be transformed into a mere consultative
fumbling and ineffectual attempts of that organiza¬
with
tion to deal with the
deavors.
sion
against
a
flagrant
case
of Italian
aggres¬
League member-State in good stand¬
group
League should be formed
ancillary
In
humanitarian
an
Prime Minister
address
at
and
body,
economic
London,
en¬
Thursday,
Stanley Baldwin admitted that the
Volume
Financial
142
British Government views
as
revision of the
a
Chronicle
German Government is not willing to
League
inevitable, and he suggested that the task might
be taken up at the
bly.
tioned
in
the
House
Italian proclamation
Commons
of
was
ally statements made in
a
moment of enthusiasm.
Both Great Britain and France announced that
viewed "with all reserve" the Italian
regard to Ethiopia.
It
was
they
proclamations
reported in Berlin
Tuesday that the Italian Government had
on
proached the German authorities with
formal
been
ap-
request for
a
recognition of the conquest, but there has
indication of the German reaction.
no
recent national
Some
answer,
it
was
whole, meanwhile,
a
as
elections
assumed that the
hurry to take liter-
a
situation
some change, particularly because
of the victory of the French Left parties in the
the
regarding
The
has undergone
ques-
annexing Ethiopia, and he re-
plied that he would not be in
with
indicated.
September meeting of the Assem-
Earlier in the week Mr. Baldwin
3235 1
that
of
coalition of Left parties in Paris will
•
is
It
country.
regime to be formed by
new
a
prove more
willing to co-operate with the Reich than the French
Governments of recent
But French uneasi-
years.
the real intentions of the Reich is
ness as to
continue, and it
sure
to
manifested again on Wednes-
was
day, when reports circulated in Paris that Germany
already is engaged in fortification of the Rhineland
Also of interest, however, was
zone.
French veterans
of the
World
an
appeal by
War, addressed
on
significance probably attaches, however, to decisions
by Ecuador and Chile, at Geneva, to discontinue
Tuesday to German veterans, in which the latter
their sanctions
current differences between the countries.
against Italy.
Locarno
Negotiations
of
the
Locarno
occupation of the Rhineland
resumed
of
actively.
other
the
dressed
to
lengthy
now
have been
In accordance with the decision
signatory Powers, Great Britain ad-
the
German
memorandum
various
zone
Government
requesting
May 8
on
a
clarification
of
points and proposals made by the Reich
early last month.
a
general effort to reconcile
French Crisis
INTERNATIONAL discussions onthrough military
the German viotreaty
lation
asked to join in
were
O France was evident this week,
O OME diminution in the flight of
showed relative firmness
small proportions.
But
and
capital franc
from
the
as
gold exports fell to
regarding the
nervousness
financial affairs of the country persists and prob-
ably will not be allayed readily, since it is evident
that
a
coalition of Left parties will rule the Chamber
which assembles early next month.
Leon
Blum,
The questions put by Foreign
leader of the Socialists, is slated to be the next Pre-
Secretary Anthony Eden strike to the heart of the
mier of France, as his party will have the greatest
European
problem, and it is quite possible
subsequent developments will prove of pri-
that the
mary
peace
importance.
With the German repudiation of
the Versailles and Locarno
ish
pacts in mind, the Brit-
Government asked whether
gards
the
time
opportune
the
for
Reich
the
now
re-
number of seats in the Chamber.
the
So serious
was
situation late last week that Premier Albert
Sarraut called
statement
on
M.
Blum
the
regarding
Socialist leaders.
M.
to issue
fiscal
Blum
a
reassuring
intentions
of
the
a
dec-
responded with
conclusion
of
laration that there is
"genuine treaties" which will not be regarded
as
the aim of the Popular Front of Left parties will
asked
be to "stimulate in every way all sources of national
"scraps
of
whether she
paper."
is
now
Germany
also
was
prepared to recognize and pledge
respect for the European status quo, with modifications
be effected
to
It
agreement.
British White
conclude
bors
be
only by free negotiation and
suggested also, according to
was
Paper, that the German readiness to
non-aggression pacts
extended
Soviet Russia.
to
include
with all her neigh-
Latvia, Estonia and
The memorandum notes with satis-
faction that the Reich appears to be
to
international
an
tively prevent
a
or
interfere from
ready to "agree
arrangement which will effec-
render impossible all attempts to
the
outside
in
the affairs
of
other
activity."
stand
Certain
contradictions
air treaties
on
are
in
the
German
noted, and the British note
for
cause
fear, and that
A Socialist party meeting
held in
was
Paris last Sunday, and M. Blum indicated that his
rule will have to be not far removed from the dicta-
torial.
not
Exact reports of this secret gathering were
available, and dispatches differ
he made any commitments
Radical-Socialists,
group
in the
new
who
as
form
to whether
as
to devaluation.
the
second
Chamber, announced
on
The
largest
Wednes-
day that they would enter the coalition headed by
the
also
Socialists, and it is believed the Communists
will
extend
The
nature.
'
States."
no
ous
support,
although
of
passive
a
Premier-designate engaged in
conferences with political leaders this
preparation for the formation of
a new
numer-
week, in
Cabinet,
suggests that any regional agreement be extended
Austria
to include limitation of air forces.
After
rum,
a
protracted study of the British
German authorities inaugurated
memoran-
D ECONSTRUCTION of the Austrian Cabinet
Thursday
fv
on
series of direct conversations with British
repre-
sentatives in
Berlin, and it is anticipated that the
basis for the official German
such talks.
Chancellor Hitler
reply will be laid in
received the British
was
effected hastily and without warning, Thursday, in a manner that promises to alter the Austrian
situation in
many
respects.
In
a
brief official state-
ment it was indicated that the volatile Prince Ernst
Ruediger
von
Starhemberg, leader of the Heimwehr,
Ambassador, Sir Eric Phipps, and discussed with
or
him the
general question of European security pacts,
Chancellor because of differences with Chancellor
it
indicated.
Kurt Schuschnigg, on matters of principle.
was
Baron Konstantin
ing.
The
von
British
that
the
Reich
memorandum
larly because it raised
no
Foreign Minister,
Neurath, attended the meet-
In previous dispatches from
suggested
man
German
with
no
Berlin
authorities
it
viewed
complacency,
was
the
particu-
questions regarding Ger-
fortification of the Rhineland
zone.
There
are
questions in the British memorandum that the
Austrian Fascists, had resigned his post
eellor Schuschnigg and his Vice-Chancellor
garded
sation
as
as
Chanwere re-
joint dictators of the country, and
was
Vice-
a sen-
caused by this newest development.
Vienna dispatches it
was
explained
as
In
due in part
to congratulations on the Italian victory in Ethi-
opia, sent by Prince Starhemberg to Premier Mussolini early this week.
In that telegram Prince Star-
Financial
3236
hemberg
Italian
gratification
expressed
victory
over
"barbarism and
hypocrisy."
and
dishonesty
regarding
international
May 16, 1936
Discount Rates of
the
democratic
over
Some
Chronicle
THERE have been noofchanges during the week in
discount
of the foreign central
rates
the
representations promptly were made, it is stated,
banks.
and Chancellor
shown in the table
Schuschnigg offered his resignation
Present
The latter refused
to
President "Wilhelm Miklas.
to
accept, however, and authorized the Chancellor
to
reorganize
elimination
not
only of Prince Starhemberg, but
Foreign Minister Egon Berger-Waldenegg
Dr. Schuschnigg took
and several other Ministers.
the
over
Foreign Affairs, War and Agriculture port¬
Rate in
f
Country
Date
Country
4
Hungary—
4
July
4H
India
3
Nov. 29 1935
May
2 H
Ireland
3
June 30 1932
5
Canada
2H
Mar. 11
4
Jan.
4
July
6 1936
3.65
4H
June
2 1935
3X
Jugoslavia.
6
Feb.
1 1935
6
Jan.
2 1934
3H
Morocco...
6H
May 28 1935
4X
6
18 1933
9 1935
3.29
Sept.
Apr.
4H
3^
3M
4H
Norway
4
24 1935
--
Colombia
-
-
7
Italy
Japan
1935
3
Jan.
5
1 1936
5
vakia
Oct.
21 1935
ister of Public
Estonia
5
Finland
4
Dec.
Oct.
25 1933
5
Dec.
13 1934
Rumania..
4H
Dec.
7 1934
6
4H
4 1934
May 23 1933
5
5X
Sept. 25 1934
3H
Poland
South Africa
3H
May 15 1933
July 10 1935
4
June 30 1932
trian domestic and
-
2X
6
5H
6 1936
5
Spain
5
4
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
3
Greece
7
Oct.
13 1933
7^
Switzerland
2Yx
May
2 1935
2
Holland
2%
Feb.
3 1936
France—..
May
6
Germany
_.
5H
3
foreign policies.
Bank of
New President in
SPANISH political
Spain
England Statement
a
A FURTHERin theinstatement of May£642,287 is
gain gold holdings of 13 which
revealed
regularity early this
brings the total to a new high of £205,102,616 which
attained at least
affairs
of order
semblance
6H
7
Portugal...
Aug. 21 1935
2
-
Aug. 28 1935
Lithuania-.
6
1 1935
15 1935
Aug. 15 1935
Bulgaria-
'
Java
10 1935
3H
nouncing that there would be no alteration in Aus¬
Rate
July
England
an¬
vious
;
2
Denmark
dispatched to Italy and Hungary
Date
Established
4
—
Danzig
were
Pre¬
>
Effect
Maylb
3H
Batavia
Belgium
are
hVI'-
CENTRAL BANKS
Rale
Vice-Chancellor, Minister of the Interior and Min¬
ately
centers
Rate in
vious
Established
Effect
May 15
Austria
folios, while Edouard Baar-Baarenfels was named
Communications immedi¬
leading
Pre¬
Czechoslo¬
Security.
the
which follows:
Chile
of
also
any
at
rates
DISCOUNT HATES OF FOREIGN
This resulted in the
Cabinet.
the
Foreign Central Banks
and
Circulation expanded
with £193,310,789.
week, after Manuel Azana was elected President to
compares
succeed Niceto Alcala
£2,149,000 more than offsetting the gain in bullion
the Parliament
charges that he had ordered
on
without
elections
Zamora, who was deposed by
authority.
proper
It
new
pre¬
was
and
^nd
£4,150,000
The
£4,781,494.
accounts which decreased
Cortes,
trated
Parliament, and the present
National
or
of affairs in
state
the
new
Republic is well illus¬
by the prompt measures of the Left groups
recent
indicative
Also
benefactor.
their
against
numerous
are
reports of strikes and of the burn¬
wh'ch
counts
dropped
a
deposits
other
£5,127,563 and other
£346,069.
rose
The
the ratio was 42.31%.
ment securities
securities decreased
Loans
an
number
equal
select
chosen
were
a successor.
of Premier
without
named
Parliamentary
Manuel
Deputies
change
are
the
BANK OF ENGLAND'S COMPARATIVE STATEMENT
May 13
opposition when the Deputies and
held not
Of
those
Actu¬
eligible and others refused to
who
attended,
refused to
some
vote, but there was no active opposition to the candi¬
dacy of Premier Azana, who was named President
by
a
vote of 754 delegates.
He
associate, Santiago Casares Quiroga,
named to form
presented
on
a new
Cabinet.
The Ministerial
was
list,
424,789,000 390,320,982 378,442,751 370,636,508 358,439,566
15,593,836 21,426,913
11,215,132
13,330,000
7,367,406
120,217,347 141,498,622 135,410,854 134,670,791 107,219,991
74,602,046
Bankers' accounts.
83,214,574 103,008,172 99,928,490 97,298,183
Other accounts--.
37,002,773 38,490,450 35,482,364 37,372,608 32,617,945
72,944,656
Govt, securities
89,883,560 86,906,044 75,412,635 68,451,127
33,387,561
Other securities
15,368,368 23,248,481
21,092,190 16,733,400
11,689,473
Disct. & advances.
11,573,805
5,320,588
5,708,154
8,826,368
Securities
11,674,676 21,698,088
10,047,780
12,265,822 11,025,246
Reserve notes & coin
40,312,000 62,989,807 73,603,605 76,340,249 40,082,935
Coin and bullion
205,102,616 193,310,789 192,046,170 186,976,757 123,522,501
Proportion of reserve
to
liabilities
2%
Education—Francisco Barnes.
1
to
Agriculture—Jose Ruiz Funes.
for the
francs
seven
*.
Communications—Bernado Giner de los Rios.
Gold
last year
:
a
mercial
Friday, of last week, and 9-16% for three-months'
abroad,
on
the
were
call in London
open
Switzerland at
on
Friday of last
Friday
was
week.
At
market rate remains at 6% and in
2J^%.
ratio fell 2.52 points
reserve
year
Credit
before.
a year a
goand
abroad
balances
gain of 271,000,000 francs and French com¬
bills
Circulation
two
Money
58,-
of
discounted
a
francs.
2,206,000,000
loss of
150,000,000 francs
bringing' the total down to 83,988,224,220 francs.
IN bills Friday market discount rates 9-16% on
LONDON open 9-16%, as against for short
Paris
aggregates
,
Foreign Money Rates
on
now
and 76,607,962,159 francs the
The
Notes in circulation record
9-16%
2 Ms %
-
of 2,738,455,240
62.33%, compared with 80.10%
show
Finance—Enrique Ramos.
against
31.15%
t**2%
weeks from March 20 to May 8,
francs.
year.
78.26% the
Industry and Commerce—Antonio Alvarez Buylla.
as
*
weekly statement dated May 8 reveals a
further decline in gold holdings
previous
Public Works—Antonio Velao.
bills,
'
Bank of France Statement
'X'HE
011
Interior—Juan Moles.
on
"fl 50.80%
50.19%
2%
029,973,065 francs, in comparison with 80,283,158,-
Marine—Jose Giral.
Llulii.
42.31%
30.18%
2%
Bank rate.
7,670,448,343
wV'-V'-s
Justice—Manuel Blasco Garzon.
Labor—Juan
1932
deposits
serves
Casares Quiroga.
Foreign Affairs—Augusto Barcia.
v
May 18
1933
francs, making the total loss of the Bank's gold re¬
Wednesday, follows:
Premier and Minister of War—Santiago
May 17
1934
Otber deposits
Monday, with pomp and ceremony, and his close
friend and
May 16
1935
Circulation
inaugurated;last
was
May 15
was
ally, only 874 delegates attended the convention, as
were
Below
figures with comparisons for previous years:
to
Public
some
h'gher.
made in the 2% discount rate.
were
1936
recently,
special electors met at Madrid last Sunday.
attend.
was
£621,422
£414,147
securities
Azana, who held the post
number of occasions
a
on
by the populace to join with
of
No
which
other
on
Other securities con¬
£207,275.
lower
and
Govern¬
on
£1,085,000 and those
rose
sist of discounts and advances which were
election, held April 26, in which 473 special
ac¬
little to 30.18% from 31.16% a week ago;
a
year ago
The forced retirement of Alcala Zamora made neces¬
electors
off
ratio
reserve
ing and looting of churches and other institutions.
sary an
fell
of bankers
latter item consists
cisely through the action of former President Alcala
Zamora that the Left
parties gained control of the
Public deposits
reducing reserves £1,507,000.
so
increased
years
a
year ago was
ago
advances
current accounts
francs,
against
securities
Bills bought
and
creditor
register decreases, namely 5,000,000
30,000,000
respectively.
82,651,516,745 francs and
81,087,644,580 francs.
francs
Below
we
and
furnish
various items for three years:
:
455,000,000
a
francs
comparison of the
Volume
Financial
142
BANK OF
STATEMENT
FRANCE'S COMPARATIVE
sold
for Week
bills
Francs
Cred. curr. accts...
Propor'n of gold on
hand to sight liab.
Includes bills purchased in France,
Bank of
78.26%
80.10%
62.33%
—2.52%
a
Gold
70,969,000 marks.
to
up
last yeafc aggregated 82,200,000
vious year
marks and the
pre¬
An increase also
183,583,000 marks.
ap¬
in silver and other coin of 49,953,000 marks.
peal's
The Bank's
reserve
pared with 2.42%
ratio stands
a year ago
Notes in circulation show
marks,
bringing the
marks.
Last
in
Reserve
1.84%,
at
and 5.4% two
com¬
years ago.
contraction of 200,900,000
a
total down
previous
foreign
now
circulation
year
000 marks and the
4,157,078,000-
to
totaled
3,566,619,-
Monday the rate
reg¬
decreases, namely 126,000 marks, 164,309,000
20,394,000 marks,
out
The
rate
raised from
was
also advanced
were
all maturities.
marks,
10,779,000
58,-
comparison of the
a
the
STATEMENT
prime commercial
week.
been
has
mand
and
for Week
Notes
on
May 7, 1936
May 7. 1935
May 7, 1934
Reichsmarks
Reichsmarks
1% for
—126,000
—164,309,000
+49,953,000
*
oth.Ger.banks
—20,394,000
—10,779,000
—58,450,000
Investments..
Other assets
82,200,000
70,969,000
183,583,000
21,958,000
19,520,000
23,868,000
4,048,000
5,338,000
7,409,000
4,259,174,000 3,693,112,000 3,103,521,000
160,103,000
180,607,000
213,204.000
1,532,000
9,838,000
8,734.000
53,032,000
75,608.000
89,232,000
685,119,000
548,216,000
646,213,000
635,728,000
334,538,000
527,520,000
Liabilities—
Notes in circulation.
—200,900,000 4,157,078,000 3,566,619,000 3,521,880,000
—1,879,000
912,750,000
685,830,000
487,950,000
—335,000
174,009,000
245,203,000
146,789,000
Oth. daily matur. oblig.
Other
liabilities
Propor. of gold & for'n
curr. to note
*
clrcul'n.
Validity of notes
on
was
The market for
very
active this
fairly heavy.
names
Rates
%% for
are
running from four'to six months
less known.
names
Acceptances
PRIME bankers' acceptances havebut thein good
been supply
demand throughout the week,
of
been far below the require¬
high-class bills has
Rates
ments.
Quotations
unchanged.
are
Council for bills
Acceptance
of the
to and
up
3-16% bid and J^% asked; for
are
f4% bid and 3-16% asked; for five and
months, %% bid and 5-16% asked.
The bill-
+ 0.11%
1.84%
2.42%
for bills
running from 1 to 90 days, %% for 91- to
120-day bills, and 1% for 121- to 180-day bills.
banks' holdings
Federal Reserve
creased from
ket
rates
the
dealers
their
$4,676,000 to $4,677,000.
for acceptances
are
concerned,
rates.
own
are
as
Open
nominal in
SPOT
DELIVERY
180 Days
Prime
150 Days
120 Days
Asked
Asked
Bid
Asked
Bid
X
5,
16
%
*16
X
eligible bil
—90 Days
60 Days
Bid
SMALL advancesstockrates on call collateral loans
in exchange and time
by
secured
Prime
FOR
market last Mon¬
Leading banks made the advances, it
was
Board
Stock
the
loans
Exchange
Call loans
stepped
were
and maintained at the
on
to 1% from %%,
up
to six months
1%%, against 1% previously.
security dealers
ury
Reserve
the New York
higher level thereafter.
loans for maturities up
at
Federal
the
under
regulation U.
were
offered
same
*
%%, from the previous figure of %%.
changes
were
not due in
to
any sense
a
Asked
X
H% bid
% % bid
„
lediscount rates
The
following is the schedule of rates
the
for
various
classes
of
in effect
now
the
at
paper
Reserve banks:
different
;
\
DISCOUNT RATES OF FEDERAL RESERVE BANKS
time
Rate in
Dale
money
Established
Rate
2
Boston
Feb.
8 1934
2X
2
market mechanism and its
Bankers' bill
continued
ever,
had
series of
last
15,
commercial
unchanged.
a
paper
rates
were
The increase of rates, how¬
slight effect
on
the bidding for the two
Treasury discount bills,
Monday.
Dec.
and
Feb.
2 1934
2
Jan.
17 1935
Cleveland
IX
2
2
May 11 1935
9 1935
May
Atlanta...
functioning.
IX
Philadelphia
Richmond
market, but solely to the
2
Jan.
14
1935
2X
Chicago
2
Jan.
19 1935
2 X
St. Louis
2
Jan.
3 1935
2X
Minneapolis
2
2X
2
May 14 1935
May 10 1935
2
May
8 1935
2X
2
Feb.
1934
2 X
Kansas City
went
at
an
•
Dallas
San Francisco..
-
16
2X
f
2X
2X
offered publicly
Course of
One series of $50,000,000 bills, due
1936,
,
Previous
May 15
New York
hardening of the
*
,
/
■
..
,
Effect on
These
fundamental
Bid
X
....
Federal Reserve Bank
to
Asked
■■■■
THERE have been of the Federal Reserve banks.
no changes this week in the
Loans to Treas¬
raised at the
were
Time
*16
Discount Rates of the Federal Reserve Banks
cated, mainly in order to offset increased costs of
handling
Bid
X
J«
16
—30 Days
DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
indi¬
Asked
'16
eligible bills.
were
effected in the New York money
as
they continue to fix
The nominal rates for open market
5.4%
Money Market
mar¬
far
so
acceptances are as follows:
other banks expired March 31, 1936.
New York
The
of acceptances in¬
Bid
day.
rates
made largely to keep
has been
paper
Bankers'
Reichsmarks
+ 1,018,000
No change
Sliver and other coin
money
buying rate of the New York Reserve Bank is J^%
Relchsmarks
Advances
Time
More paper has been available and the de¬
extra choice
six
Changes
Bills of exch. & checks...
re-
May 11 from 1% to 1J^% for
in line with call money.
rates
four months,
REICHSBANK'S COMPARATIVE
Of which depos. nbr'd
Res've in for'n currency
% of 1%.
on
change, but the advance
including 90 days
show
different items for three years:
Gold and bullion
loans and
new
New business has not warranted the
respectively.
Assets—
week for both
% of 1% rate had been in effect with¬
American
we
re¬
raised % °f 1%
change since Oct. 29, 1935, at which time the
450,000 marks, 1,879,000 marks and 335,000 marks
Below
loans and
new
was
1%, which remained the ruling quotation for the
bills of exchange and
currency,
daily maturing obligations and other liabilities
marks,
Saturday for both
on
On
3,521,880,000 marks.
year
checks, advances, investments, other assets, other
ister
the rate
newals.
newals.
THE statement forand bullion of 1,018,000 marks,
the first quarter of May shows
gain in gold
bringing the total
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
was
remainder of the
Germany Statement
a
New York Money Rates
to
b Includes bills discounted abroad.
15, 1936, at 0.123%, while
0.125%.
May 11 1934
Francs
Francs
+2,206,000,000 17,047,186,263 3,728,008,230 4,608,558,111
1,080,881,808
—5,000,000
1,292,427,217 1,056,475,164
—30,000,000 3,503,233,375 3,112,161,746 3,060,467,080
—150,000,000 83,988,224,220 82,651,516,745 81,087,644,580
—455,000,000 9,108,576,614 17,575,195,796 16,804,502.175
discounted.,
bought abr'd
against securs.
Note circulation
a
issue due Dec.
—2,738,455,240 58,029,973,065 80,283,158,011 76,607,962,159
13,768,824
9,732,052
+271,000,000
277,415,673
b Bills
Ad vs.
May 10 1935
8 1936
May
Francs
Gold holdings
an
3237
273-dav series went at
Changes
Credit bals. abroad!
a French
commerc'l
Chronicle
average
discount
of
Sterling Exchange
0.151%, while another series of $50,000,000 due in
STERLING exchange and the entire foreign ex¬
change market presents exactly the
features
273
as
ures
days was sold at an
in both instances
bank discount basis.
average
of 0.188%, the fig¬
being computed
on an
A week earlier the
annual
Treasury
same
have been manifest since
evident that the French
and
April 26, when it became
Popular front (Communist
Socialists) would become the ruling
power
in the
3238
Financial
French Chamber which meets
new
London
markets
June 2.
on
unpropitious financial situation in France.
kets
have been
The
completely dominated by the
are
especially
The
mar-
since May 2, al-
nervous
Chronicle
as
a
May 16, 1936
of cabinet changes.
consequence
The present
Continental demand is accentuated because of the
fact that London and Continental bankers and the
investing public
in France
feel that
franc is
the
though following Wednesday of this week the London
approaching its final crisis and that devaluation, if
security market showed signs of calm despite the
not
wide
French
fluctuations
in
the
foreign exchanges.
The
for sterling this week has been between $4.95%
$4.98% for bankers' sight, compared with a
range
and
of between $4.93% and $4.99% last week,
range
The
for
range
$4.95% and
transfers
cable
$4.98%.
between $4.93 15-16 and
The
rate
has
$4.99%
following tables give the
Paris, the London
on
and the
been
with
compared
a
week
a
mean
of
price paid for gold by the United States:
Saturday, May
9
____75.695
Monday,
May 11
75.297
Thuradaay'
Tuesday,
May 12
75.49
Friday,
London open
Saturday, May
'
May
Monday,
May 11
Tuesday,
14—""75 233
i5"iir"75.'250
140s. 6d.
price paid for gold by the united states (federal
reserve bank)
Saturday, May
9_
__$35.00
May 11
35.00
Thursday,
May
May 12
35.00
Friday,
May 15
35.00
regulations for handling foreign exchange in
New York market became effective
Hereafter both
buyer and seller will
procedure in which the seller paid
was
not
nated
fixed fractions.
in
commission which
new
regulations the
patterned after London.
The
spot transactions in sterling and francs, as well as the
unit of
quotation and commission to be paid by both
buyer and seller,
are as
follows:
'xtmiZ£
minion
IrtnS8"iS
Canadian dollars will be
steady.
for
currency
March
and
cent
$1,000,000.
Paris
authorities
this side.
on
have
more
or
Ever since
7, when the German troops moved into the
Rhine land, and with accelerated force since
parties
won
April 26
control in the French
elections, demand for sterling has been insistent from
the
Continent, chiefly derived from Paris.
fully three
years
and current events in
France, which mark
a
situation, only
to emphasize the longer trend,
serve
crisis in the French currency
With every Continental event, whether of a financial
or
political nature, which threatens
currency,
there
funds to
London in search
the
case more
that the
on
ensues a
than
Belgian
a
any
Continental
movement of apprehensive
of
year ago
currency
security.
Such
was
when it became evident
would be devalued, and
several occasions when crisis threatened in Paris
moratorium
a
gold
on
6
order to
.
British authorities
,
m
,
regulate the pound with respect to gold would be
It is thought probable that the British authorities
will seek the
cooperation of the United States Treas-
Department to earmark gold in New York and
ury
steady the pound in terms of the dollar.
such speculations
currently
foreign exchange market
confirmation
from
London
Washingon.
or
London would not attempt to anchor the
reference
to
assurance
that there would be
the
present
dollar valuation.
How-
rumored in the
without the slightest
are
either
dollar
no
pound with
without
further
positive
change in
Further devaluation of the dollar
js legally possible up to 50% of former gold parity
by
simple
a
improbable
Presidential
that the
order.
It
United States
operating
on a*
would
seem
Treasury
De-
"twenty-four hour basis."
What Great Britain W
about
120
or
and
in
or ma>r not do is not
speculating as to the future
years
ago,
asked
placed the pound
no
pound
some
cases
maintains
violable,
stored
was
con-
on a
gold basis and other countries
to
50
simply
periods, amounting
Great
market
open
metal
Britain
While
years.
London
that the
so
may
Britain-
for gold
in-
be bought, sold,
shipped at the will of the individual
or
there is
the
gold basis
cooperation.
followed suit after considerable
in
on a
other country
for
owner,
imperious necessity requiring regulation
no
of the pound with reference to
any
other country.
Funds have been flowing to London in the past
few weeks in great volume, chiefly from Paris but
also from other European centers.
The pound is
in demand.
Strictly speaking, demand for sterling has made
itself felt for
declare
to
payments, then the
suited
a
hardly influenced by demand
originating
when the radical
decide
Great Britain established the
The occasional higher quotations for the
are
France
British policy, it should not be forgotten that when
keep the sterling-franc rate
and
gold parity, but should the
new
20
pound in terms of the dollar merely reflect European
transactions
its
on
French Cabinet in defending the gold holdings
20
Sterling has fluctuated widely during the past two
less
last March, there would
was a year ago
% point
quoted in 1-64 of
and commission will be $75 per
endeavored to
excent
same
determinable
___
Pesetas—;
London
eventuality,
any
the
40
k point
B^igianbdgas 1111111111111111
the
devalued to
...
*»
______
as
0f
be
mpoint
Guilders
weeks
and
partment will alter its frequently declared policy of
^Untt
'
Currency—
franc
Leon Blum,
M.
difficulty in keeping the pound in alignment
with the franc
thus
quotations will be made
Under the
local market will be
the
on
made by
London is prepared for
franc
belga
110
ever,
trading units, instead of in varying amounts,
In addition
the
the broker
definitelyset. Dealings will be limited to desig-
heretofore.
as
a
in this view.
yesterday,
pay
fixed commission, as compared with the previous
a
bearish
delivered last Sunday have not caused a modification
i4lIIIIII$35!oo
Monday,
the
decidedly
forced to turn elsewhere.
Tuesday,
New
is
London
encouraging statements
new
Wednesday, May i3__„.i40s.
Thursday,
May 14
140s. 3d.
Friday,
May 15
i40s. 2d.
May 12.^—140s. 23^d.
the
more
the section dealing with Continental and other foreign
as
market gold price
140s. 2^d.
9
May
to
A
exchange.
Should the
London check rate on paris
mean
detrimental
is imminent.
leader of the Socialist Party in France, in a speech
ago.
London check
market gold price,
open
financial situation,
detailed account of the French situation follows under
between
range
discouraging action
more
Foreign funds
securities
every
of
are
moving into British
description.
demand for gold in the London
in
The
open
of day-to-day offerings.
excess
Hence, the price
of gold in the
open
premium
the sterling-franc rate
over
Continental
market is far
market represents
.
an
important
Furthermore,
the anxiety in Europe because of disturbed political
conditions
franc is
so
as
well
as
the
great as to create
for British currency.
critical
an
position
of the
extraordinary demand
The circulation of the Bank
of England has been steadily rising during the past
few years
by
reason
of the improvement of business
Volume
in
142
Financial
Great Britain,
purchasing
with higher
of
power
employed.
Chronicle
and enhanced
wages
3239
Net Change in Gold Held Earmarked
for Foreign Account
Increase: $1,050,000
large part of the industrially
a
Nevertheless, the unusual increase
The
in
above
figures
for the
are
week
ended
on
the circulation of the Bank of
England since March 7
is believed to be due
largely to Continental demand
for British bank notes as a form of
On Thursday $20,815,200 of gold was
received, of which $18,427,200 came from France,
possible
There
hoarding against
eventualities
in
This demand is derived
by
Continental
currencies.
chiefly from France but is
Circulation of the Bank of England is now at the
highest level in its history.
Bank
Total circulation of the
May 13 stood at
on
pared with £390,320,000
£424,790,000,
as
gold
were
no
held
There
gold
of the metal,
exports
earmarked
for
were
no
foreign
was
from
exports of the metal
discount of
a
On
changes in
or
account.,
during the week
9-32% to
change in
or
account.
received from France.
held earmarked for foreign
Canadian exchange
com¬
and with £351,-
a year ago
$2,234,500 from India, and $153,500 from England.
Friday $22,174,900 of gold
limited to that country.
no means
Wednesday.
quoted
was
par.
618,000 in the statement of the Bank just prior to
Referring to day-to-day rates sterling exchange
abandonment
of
Saturday last
March
Bank's
the
7
gold in
September,
circulation
£22,672,000, the greater part
the extreme
The
Since
1931.
has
increased
of which
is
by
due to
apprehension of Continental hoarders.
flight of Continental funds to London is also
reflected in
British
excessive
an
increase
in
deposits in the
banks, which have risen sharply since March 7.
In London
garded
as
foreign deposits and investments
more or
Great Britain is
withdrawal
of
are
re¬
such
fractionally off from Friday.
Bankers'
The
and
range
$4.96%@$4.96% for bankers' sight
was
$4.962/8@$4.96^4 f°r cable transfers.
On Tues¬
day sterling,- though in demand abroad, fluctuated
widely.
Bankers' sight was $4.96@$4.98; cable
$4.96%@$4.98%.
London
average.
on
The
On
Wednesday
ex¬
relatively firm but easier
was
range was
on
$4.96%@$4.97% for bank¬
ers'
from uneasiness
on
on
British circulation resulting
the part
the British themselves
of Continental investors,
sight and $4.96%@$4.9724 f°r cable transfers.
On
Thursday the pound continued to reflect the
action of the franc.
Bank's circulation
satisfied that the
for
will be
are
transfers.
tendency
upward for a long
period, and the Bank of England is therefore
ac¬
bankers'
The range was
On
Friday
$4.962/8@$4.96 9-16
quotations
gold to circulation.
satisfactory ratio
In the past two weeks the
sterling
steady.
was
The
$4.96 5-16@$4.96% for bankers' sight and
range was
tion Fund in order to maintain
a
$4.9524@$4.96%
sight and $4.95%@$4.96% for cable
quiring gold through the British Exchange Equaliza¬
for
Friday
on
were
cable
transfers.
Closing
$4.96 7-16 for demand and
$4.96% for cable transfers.
Commercial sight bills
$4.96%, 60-day bills at $4.95%, 90-day
$4.9424? documents for payment (60 days) at
England has added £1,523,600 to its gold
holdings through purchase of gold bars, and since
finished at
the first of the year
$4.95%, and 7-day grain bills at $4.95%.
and grain for payment at $4.96%.
Bank of
chases
the
has increased its gold bar
by £4,129,398.
Bank
of
pur¬
The total gold holdings of
England
which compares
now
stand
at
with £193,310,789
with
£136,880,252 shown in the
Bank
No
material
subdued
in
change
security
has
year ago
lately in the
Operations
have
been
by the international situation, the
France, doubts
the
to
as
future
crisis
policy toward
•
THE French franc situation becomes steadily aggra¬
vated, although from time to time during the
past week there
for
an
other centers.
after
The
and the British
international
of
most securities
possessing an
market, especially gold and oil shares.
Money is- superabundant in Lombard Street
open
is
at
in
9-16%, and four- and six-months' bills
All the
gold available in the London
continues
to
be
taken
for
unknown
chiefly for account of foreign hoarders.
last
and
market rates continue unchanged. Call money
supply at %%, two and three-months' bills
there
was
£358,000,
£280,000,
Tuesday
on
on
available
£414,000,
£760,000,
Thursday £289,000,
at
open
%%.
market
destinations,
On Saturday
on
on
and
Monday
Wednesday
on
Friday
to
fact
branches
Exports
$44,980,000 from France
3,032,000 from India
231,000 from Russia
The
$50,899,000 total
few
American
banks
with
Paris
acting in harmony with
relatively improved tone of the franc this
market
chiefly to the possible sub¬
anxiety long felt by French investors.
was
would not be devalued when the
new
government is
organized early in June.
There is
real return of confidence
no
of French nationals.
the
franc
is
short
in
York.
A
Doubtless
interest
exchange
The
on
there
most
is
represented
in all markets,
probability
seems
also
part
part
a
by
con¬
by speculative
not excepting
to be that the
position of the franc will become
the
the
large long-term short interest
represented for the
citizens.
siderable
traders
New
None
was
some measure
helped toward steadiness by the
speech made by the Communist leader, Leon Blum,
on
Sunday, giving public assurance that the franc
2,100,000 from Colombia
556,000 from England
due in
Treasury plans.
sidence of the
French
YORK, MAY 7-MAY 13, INCLUSIVE
was
Exchange Equalization Fund and to
a
believed to be
are
But the
in
Imports
irregular improvement which
week is believed to be due
Reserve Bank of New
GOLD MOVEMENT AT NEW
that
United States
At the Port of New York the
gold movement for
the week ended May 13, as
reported by the Federal
was as follows:
above the gold point
cooperative transactions by the Bank of France
the
£1,002,000.
York,
rose
Monday's market
resulted
rise
intermittent signs of recovery
outflow of gold from Paris to New York and
Italy, and the Wall Street relapse, but values remain
remarkably steady.
The flight from the franc has
a
were
and the unit several times
seen
in
Cotton
Continental and Other Foreign Exchange
and
of the
statement
occurred
markets.
bills at
£205,102,616,
a
just prior to Sept. 21, 1931.
London
-
was
15-16@$4.98%;
cable transfers, $4.98%@
$4.9824. On Monday the pound declined sharply.
change
no
sight
$4.97
transfers,
work
on
European demand, though
foreign funds could
now
Aside from the drain
of
on
off the gold standard a sudden
less "nuisance" money, but since
injury.
of the
firm
was
more grave, even if
incoming government adheres to its promises and
maintains the franc
on
present gold parity.
Financial
3240
that the radical
forces will take steps to increase the power of the
French Treasury over the Bank of France. Regard¬
less of whether the new government proves of long
or
duration, the Treasury
short
a
great
New money can not be
affairs.
current
Nation's
will need
order to carry on the
accommodation in
of
deal
generally believes
market
The
of internal loans
and therefore this or any
other government must find means of increasing the
Treasury's power of accommodation through the
obtained by
the Treasury by means
except at prohibitive rates,
of
Bank
The
France.
Bank has consistently re¬
borrowing since before the franc was
stabilized in June, 1928, as it was the excessive accom¬
modation of the Treasury forced upon the bank by
sisted Treasury
World War needs
resulted in reducing the gold value
inflation which
of the franc
which brought about the extreme
(in terms of the old
from 19.30 cents to
United States dollar)
Current dollar
close to 1 cent.
parity of the franc is 6.63.
Each successive
Cabinet has endeavored to force the Bank of
French
France
accommodation to the Treasury.
It is generally believed in banking circles that the
resignation of Governor Moreau a few years ago was
the result of his opposition to the plans of politicians
in this respect.
Soon after M. Jean Tannery was
made Governor, the Council of the Bank of France
became more amenable to Treasury influences and a
to
extend greater
credit which
might be granted to the Treasury, which has subse¬
quently been found to be entirely inadequate to meet
the Treasury's needs.
As distrust in the government
grows, the Treasury is placed under increased neces¬
sity of obtaining greater discount accommodation at
law
was
the
passed increasing the maximum
May
Chronicle
increase in
an
only fears devalua¬
inflation.
His fears are shared by the banking community in
all centers.
There is no actual means of knowing at
but visualizes a ruinous
French gold and notes are hoarded
within the country.
Early in the year the amount
in hoarding was thought to approximate 30,000,000,000 francs, and at present nearly 40,000,000,000
francs are believed to be secreted, so that little more
present how much
than half the
circulation of the Bank of France as
recorded in its statements
sents
from week to week repre¬
actually working in the interest of
currency
national business economy.
The Bank of France
statement for the week ended
alarming decrease in gold holdings
of 2,739,000,000 francs.
The total decrease in the
bank's gold holdings during the three weeks ended
May 8 is thus approximately 4,458,976,086 francs.
For the present the outward flow of gold seems to
have subsided.
Nevertheless, competent observers
May 8 shows the
Bank's forthcoming statement will
sharp decrease in gold holdings. The
expect that the
show
a
bank's
further
gold reserves are now down
to 58,029,973,065
80,283,158,011 francs a year ago.
The high was 83,359,000,000 on Dec. 2, 1932.
The
ratio of gold to currency circulation, however, is still
high, at 62.33%, although a year ago it was 80.10%
Legal requirement is 35%.
The Bank of France has been losing gold not only
to London and New York, but to individual French
investors seeking metal for hoarding.
The Bank
has likewise been losing gold to Holland, Switzer¬
land and Belgium.
The National Bank of Belgium,
in its statement for the week ended May 7, showed
francs,
against
National
The
currencies.
tinental
Bank of
Bel¬
shows gold stocks at 3,483,300,000 belgas and ratio of gold to notes at 81.57%,
while ratio of gold to total sight liabilities is 68.45%.
The following table shows the relation of the lead-
gium's statement now
dollar:
;
,■
Range
3.92
Y
6.58Mto
16.93
16.95
6.60
to 17.04
7.85^ to
7.87
5.26
19.30
..
Holland (guilder)
S.91
32.67
32.31
to 32.45
40.20
Italy (lira) —
Switzerland (franc).
68.06
67.47
to 67.76
check rate
The London
'
This Week
6.63
Belgium (belga) —
States
■''
Parity
Parity
(franc)
■
United
New Dollar
Old Dollar
France
the
to
gold
on
still
ing currencies
Paris closed on Friday
on
Friday of last week. In
finished
on Friday at 6.57%, against 6.56% on Friday of last
week; cable transfers at 6.59%, against 6.58%; and
commercial sight bills at 6.56%, against 6.55%.
Antwerp belgas closed at 16.93 for bankers' sight
bills and at 16.94 for cable transfers, against 17.04
at
75.27, against 75.65 on
sight bills on the French center
New York
and
Final quotations for Berlin marks were
and 40.29 for cable
17.04%.
for-bankers' sight bills
40.28
bankers' sight bills and
Italian lire closed at 7.86 for
at
change
on
against 7.86 and 7.87.
for cable transfers,
7.87
Austrian schillings
40.45 and 40.46.
with
comparison
in
transfers,
closed at 18.76, against 18.75; ex¬
Czechoslovakia at 4.15%, against 4.15%;
at 0.75, against 0.75; on Poland at
on
Bucharest
18.86,
and
18.85,
against
on
Fin'and at 2.19%,
Greek exchange closed at 0.92% for
sight bills and at 0.93% for cable transfers,
against 2.20.
bankers'
against 0.93% and 0.93%.
—•—
thrifty French investor not
The
week
gold holdings over the previous
54,100,000 belgas, practically all of which came
from France.
The belga is the strongest of the Con¬
of
central Bank.
tion of the franc
16, 1936
EXCHANGE on the countries neutral during the
shows irregular trends.
The Scandinavian
war
currencies
irregularly firm, in keeping with the
are
The
of sterling.
movements
Swiss franc and the
the most
important units of the gold bloc countries, are of
course, seriously affected by the disturbed French
guilder, next to the French franc
Holland
is
It
situation.
not
Swiss unit will be
should
though at all likely that the
devalued
even
if the French franc
The close
devalued.
be
business relations
and France are never¬
in Paris, whether of
fact or sentiment. Currently, however, the weakness
of the Swiss unit is due largely to an efflux of funds
from Switzerland seeking profitable investment in
London and New York, as there is no other center
where the abundant supply of Swiss money can find
existing between Switzerland
theless sensitive to changes
Holland guilders are also
profitable employment.
relatively weak in terms of the dollar and sterling
because of an outward movement of Dutch funds
to
British
securities.
American
and
The guilder
affected by the pressure
long time there has been a
is, however, more adversely
on
the
franc,
movement
for
as
devaluation of the
guilder
bring about either
or
legal
alignment of the unit
in
weeks taken
from France, gold has been engaged
Hence, while the guilder is strong
with sterling.
terms of
a
Holland to
in
Paris, and Holland has in recent
its share of
gold
in Amsterdam for shipment to
New York for support
of the guilder.
Bankers'
at
sight
on
Amsterdam finished on Friday
67.66, against 67.45 on Friday
transfers
at
of last week; cable
commercial
Swiss francs closed
67.67, against 67.48; and
sight bills at 67.64, against 67.45.
Volume 142
Financial
atj32.39 for checks
and at 32.40 for cable
against 32.34 and 32.36.
transfers,
Copenhagen checks fin¬
ished at 22.16 and cable transfers at
22.17, against
22.30 and 22.31.
Checks
and cable transfers at
while checks
transfers at
Sweden closed at 25.59
on
Chronicle
hai at
29.95@30 1-16, against 30%@30 3-16; Manila
49.95, against 50.00; Singapore at 58.35, against
58.50; Bombay at 37.50, against 37.72; and Calcutta
at 37.50,
against 37.72.
at
25.60, against 25.72 and 25.73;
Gold Bullion in European Banks
Norway finished at 24.94 and cable
on
24.95, against 25.07 and 25.08.
Spanish
3241
pesetas closed at 13.66% for bankers7 sight bills and
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at
at
of
13.67% for cable transfers, against 13.'64 and 13.65.
par
exchange) in the • principal European banks
as
of
respective dates of most recent statements, reported
to
EXCHANGE
presents
no
The
South
steadier
on the South American countries
developments of importance.
new
American
than
though the
the
units
in
general
control
boards
endeavor
al¬
to
keep their currencies in close alignment with sterling.
Since
the
terms of
pound
has
rather
widely
in
gold during the past few weeks, the South
American controls
in
fluctuated
have experienced some
difficulty
holding these units steady in the official markets.
However, the unofficial rates
Buenos
Aires
and
shown for the corresponding dates in the
previous
four years:
:
>0 /
much
are
leading European currencies,
exchange
of exchange on both
Banks of—
England
Germany
de
Janeiro
show
countries
and
are
The
South
America
1933
£
£
b.
Spain
42,575,000
Netherlands
193,310,789
641,785,264
3,024,100
90,778,000
63,015,000
53,783,000
84,838,000
49,925,000
18,040,000
7,394,000
6,601,000
59,170,000
97,977,000
48,229,000
23.906,000
6,554,000
6,604,000
Nat. Belg'm
Switzerland
Sweden
Denmark
__
Norway
Total week.
66,446,000
77,261,000
61,117,000
15,022,000
7,397,000
6,577,000
£
186,976,757
123,522,501
647,233,359
18,239,300
629,211,938
37,825,850
90,064,000
60,876,000
75,892,000
72,163,000
71,818,000
11,441,000
8,032,000
6,561,000
90,372,000
68,284,000
71,536,000
76,451,000
77,345,000
12,056,000
7,397,000
8,380,000
1,046,035,850 1,212,494,153 1,209,329,617 1,264,270,416 1,187,407,289
1,066,439,305 1,213,411,312 1,206,969,807 1,274,104,709 1.178.628,350
Amount
held Oct.
Bank of
Germany
£976,000.
year is
192,046,170
612,863,697
6,078,750
90,499,000
74,022,000
1932
20,
1935; latest figure available,
b Gold holdings of the
gold held abroad, the amount of which the present
are exclusive of
~
>
steadily improving their export position
require
only
stabilization
rencies in terms of each
of the situation
of
the
major
other, especially
a
dollar, in order to permit abandon¬
ment of the various
exchange controls.
Argentine paper pesos closed on Friday, official
quotations, at 33.08 for bankers7 sight bills, against
33.10 on Friday of last
week, cable transfers at 33%,
against 33)4- The unofficial or free market close was
27.55@27.60, against 27.50@27.65.
Brazilian milreis, official quotations, are 8)4 for bankers7 sight
bills and 8.46 for cable
transfers, against 8% and 8.44.
The unofficial
free market close
or
Chilean exchange is
against 5.19.
5.65, against
was
nominally quoted at 5.19,
Peru is nominal at 24.85, against24.85.
'■
'
■
i
Private Rights arid Government
cur¬
resolution
affecting the relation of sterling and
the United States
5.60.
1934
£
Italya
better
a
1935
205,102,616
464,239,784
2,572,450
89,106,000
France
Prev. week.
Rio
of steadiness.
range
1936
£
a
average
by special cable yesterday (Friday); comparisons
us
are
Inquisition
Some quite unusual statements
regarding the con¬
stitutional freedom of the
press appear to have
been submitted to the Court of
Appeals of the Dis¬
trict of
ate
Columbia,
May 9, by counsel for the Sen¬
on
Lobby Committee.
eral weeks
ago,
the
Black
It will be recalled that
sev¬
when the inquisitorial activities of
committee
were
exposed, William Ran¬
dolph Hearst, the newspaper publisher, sought an
injunction against the committee in the matter of
telegrams exchanged between his offices in Wash¬
ington and other cities.
The
injunction was dis¬
by the Supreme Court of the District, and
case was then
appealed. The arguments referred
missed
the
0
to
EXCHANGE on the Far Eastern countries moves
in close sympathy with
sterling, to which most
of
these
units
exchange
stated
allied either
are
control.
that
Tokio
publication
of
crime
a
mobilization secrets
ment
is
based
on
of
bill
the
That such
power.
Cabinet has
semi-Fascist
sented
by the
army
a
and
measure
measure
is
is
and
navy
and reflected in their
territory.
Japanese
spread throughout business circles in Japan since
to
of
March, informed opinion ex¬
steady advancement in Japan's total inter¬
point
exceeded
out
In this connection it
that
Japan's
5,000,000,000
mately 2,500,000,000
yen,
foreign
seems
trade
proper
in
1935
record volume, approxi¬
yen greater than in 1931.
Closing quotations for
yen
checks yesterday
"we
of the
press
press
abridging
meaning which
as
scorch
path.
and
deadly
and
can pass no
in any way
as a runaway sun.
regulations, levy
people.
no
Act to define
business, could impose
no
pen¬
of court—could afford
no
pro¬
Executive, the judiciary, the Congress
The
mere statement of such
claim
a
sufficient refutation."
vestigation of lobbying by the
fied
no
taxes, establish
no proper
alties for contempt
tection to the
It
destroy everything in
The Congress could pass
crimes committed in the
the
press
a thing
beyond all law. A business subject to no
burn
a
law
becomes, ipso facto,
would
or
no
If Congress
affecting the business of the
law would become
is
had the
plaintiff ascribed to it, then, counsel maintained,
have a constitutional provision with
strange
above and
its
question
If the constitutional
provision that Congress shall make
freedom
was not con¬
nor was the
Referring to the alleged contention that
were
29.11, against 29.17 on Friday of last week.
Hong¬
kong closed at 32%@,32 13-16, against 32%; Shang¬
involved.
abuse of power
whatsoever, the
are repre¬
exigency that prompts
contended,
"fishing expedition,"
a
of Japan which
a
a
was
and terrible consequences.
has
pects
an
committee, it
law
heavy increase in taxation, but
crushing burden. Despite the uneasiness which
national trade.
of
the
a
assassinations
The
ducting
contem¬
not
the
that Mr. Hearst was
seeking "to enjoin
investigation touching the press, however con¬
ducted and regardless of the
it."
the
is
representation
navy
declared
any
now
power
appeal.
According to extended extracts reported by the
Associated Press, counsel for the Senate committee
tendency is to strengthen
powers
army
expects
Govern¬
to the
overshadowed the business and
constant annexations of mainland
business
The
general
a
Hirota
news
answer
The
banking interests.
the
which the
11
information
espionage under
principle that industrial
plated shows that the
May
commercial
preparing to introduce.
military
in the
as
through
or
on
industrial
which has hitherto been treated
will become
by law
dispatches
filed in
were
as an
exercise of
sel cited in
an
in¬
press was not
justi¬
Congressional authority,
coun¬
reply the judicial approval of exclusion
Financial
3242
of newspapers
and of
from the mails by Executive order,
punishment of newspapers for contempt of
"Should it
court.
be said," the government an¬
now
asked, that "the legislative branch cannot even
swer
investigate to
see
if newspapers are hindering the
Chronicle
May 16, 1936
Whether the activities of the Senate Lobby
favor.
Committee, which have dragged in press correspon¬
dence as well as
that of individuals and industrial
actually
corporations,
business
or
involve
an
abridgment of the constitutional rights of the press
probably be known when the District of Colum¬
adjudicated the Hearst case, but the
Congress in the exercise of its legislative function?"
will
If the
bia court has
injunction, for which it was declared there
precedent, were issued, "a deluge of writs
no
was
will overwhelm both Houses of
Whether the
should be
the
Congress."
injunction that has been applied for
light of all the circumstances of the case and
the
applicable to the subject.
In regard to
legal merits of the particular case under con¬
sideration
express
that
however,
aware,
under
we
opinion.
no
such
We
were
not
sweeping possibilities
constitutional freedom of the press as are
a
suggested in the passages just cited had ever been
seriously contemplated by authorities on the sub¬
The constitutional provision that the freedom
ject.
of the press
shall not be abridged by any Act of Con¬
has never been interpreted as conceding to
gress
the press an
unrestrained liberty of saying or doing
anything it pleased. Accepted principles of personal
or
corporate responsibility, social propriety and na¬
tional
this
keenly
in
aware
good faith
ity,
may
that untrue statements, even if made
on
what is believed to be proper author¬
and that libelous matter
be actionable,
may
Every newspaper is
of others.
as
not be published without incurring the risk of
heavy penalties.
terial which the
It is not-permissible to publish ma¬
government
its courts may ad¬
or
judge to be immoral or indecent, or statements that
blasphemous.
are
amendment
Any newspaper
repeal of
or
law,
a
or
advocate the
may
declare that
a
law
occasions, to the domination of the Admin¬
istration, allowed most of its important
written for it
expensive campaign of propaganda for Admin¬
known.
and
istration measures that the country has ever
corrupt lobbying of any kind there is no
For
of bankers and munition mak¬
with denunciations
and employers may be publicly admonished be¬
cause they have not employed as many workers as
ers,
thinks they should, it is hard
the Administration
to
why individuals or organizations may not
see
equal propriety exert themselves in
with
to meaures or
ligent or harmful.
opposition will be greatly hampered, however,
The
if "the
right of the people to be secure in their per¬
houses, papers and effects against unreason¬
searches and seizures," which the Fourth
sons,
able
Amendment of the Constitution
not to be
respected.
"unreasonable"
matter for
Precisely what constitutes an
search
or
seizure is, of course, a
judicial determination as cases arise, but
it is difficult to discover any
element of reasonable¬
in the invasions of private
ness
number
guarantees, is also
rights of which a
government agencies have been guilty.
of
wholesale
committee, with the aid of the Federal
not advocate or encourage disobedience to
resistance to
an
order of
a
court, nor may it
Black
seizure of telegrams by the
The
or
opposition
policies which they regard as unintel¬
it
may
defense,
of Congress may fill the land
committees
if
but
is, in its opinion, obnoxious or unconstitutional, but
law
bills to be
by Administration draughtsmen, and
acquiesced without protest in the most elaborate
safety have applied in the interpretation of
provision
Congress which has submitted tamely, save
few
on a
lobbying comes with ill grace
over
concern
from a
granted will be decided by the Court in
of the law
hectic
Communica¬
Commission, is the most glaring recent in¬
tions
government arbitrariness, but the hound¬
attempt to influence the decision of a court in a case
stance of
that is
individuals by gov¬
records,
inquisitorial "check-ups," so-called, of tax returns,
and publication of information given under assur¬
pending.
The sedition and espionage Acts
of the World War
of
period prohibited certain kinds
publication in the interest of national safety, and
it is not the constitutional
tion to stir up
There
which
of
a
are
rebellion
privilege of
any
substantial restrictions. The
they leave the
publica¬
position in
is far removed from that
press
ernment
"runaway sun" scorching, burning and destroy¬
with little or no regard to
protection which the Constitution was intended
the
to
agents, the demand for papers and
of confidence go on
ance
support treason.
or
ing of corporations and private
It is
afford.
no
longer necessary, apparently, to
prefer any charge of wrong-doing and
evidence
accepted restrictions, however, the press is free—
ing expedition" has become a
free to
of
icies of
be
an
if
free
criticize legislation, appraise the pol¬
men,
Administration
or
its members.
public opinion is to be impartially in¬
but
which
are
The
a
recognize, but
There
have
been
Deal program
a
carry
with them
press
censorship
has
means
re¬
never
dictator¬
disturbing indications that the
free press
has made of the New
have been received with increasing ir¬
ritation at
Washington, and that the "free speech"
which
First
the
Amendment
investors timid.
of
the
Constitution
of
industrial¬
apprehension and makes
The National Stockholders'
Society
America, Inc., in its current market letter,
since 1929,
in many
stocks, making it impossible to sell even at declining
prices, must be laid directly at the door of" the Se¬
curities and Exchange Commission. The Commis¬
sharply than it has at any time
more
and
that
spy
in
all
parts of the country,
of brokers
In
some
cases
the records
but to examine, analyze
question private transactions
freedom of the press
with hearty
and exchanges,
roving
using their cloak of
government authority to seize not only
and
upon
of the greatest
organizations in the world, with agents
vestors.
is not looked
only very thin markets existed
sion, it is charged, has become "one
guarantees in the same clause in which it guarantees
constant state of
market could decline
ship, and dictatorship is the end of liberty.
criticisms which
a
clares that "the fact that the
reputable
a
ists in
to be exposed, and if
privileges of freedom
sponsibilities which
failed to
business is
refer¬
securities market, de¬
are
liberty of public and private debate is to be kept
alive.
upon
demoralizing. It keeps business men and
ring to the recent break in the
entitled to
government withholds
brought to light, if evils
favored device.
inquisition
to be
formed, if facts which the country is
know
It must
a
The effect of Federal
report the news, discuss the acts and motives
public
or
support it by
The "fish¬
showing of probable cause.
ing everything in its path. Beyond such obvious and
of private in¬
used
these SEC agents have
Volume
Financial
142
their powers to call
and
be revealed."
signs by which the retreat of
popular government before an advancing dictator¬
ship
ment of the constitutional
a
free press
and
One is the infringe¬
always be discerned.
can
rights of free speech and
by making the exercise of freedom costly,
those who venture to
Another is the systematic overriding of
speak out.
private rights, and the harassment of the citizen
in his
private concerns,
the specious pretext that
on
the government has the right to know and that some
public interest will be served.
these destructive invasions of
ing scale. Unless they
We
guarantees of liberty
to be of
cease
permit, the con¬
will before long
practical importance, and there will
private rights to
no
increas¬
on an
resisted by all the means
are
that the laws and the Constitution
stitutional
witnessing
are
liberty
argue
or
defend.
necessity have resorted to measures of tem¬
financing.
be continued
basis for normal
magnitude and importance of the problem of
providing adequate financial stability for the rail¬
roads.
The fair return
valuation
on
by the Transportation Act has
193786
contemplated
never
and few of the railroads have been in
accumulate
adequate
been earned
position to
a
improvement,
some
the
net
operating income
was
whole would reach
as a
5%% adjudged by the Interstate Commerce Com¬
mission to be
a
fair return
is obvious that the
railroad investment. It
on
high traffic levels obtained imme¬
diately prior to 1930 will not be restored at
date, and the past 15
an
early
of operation point out
years
conclusively the seriousness of the situation.
The
following table shows for the
the rate of return
on
future the carriers may
increase in
Year—
1921
1922
1923
1924
1925
OF
years
since 1921
property investment, including
RETURN
ON
made
19236485
PROPERTY
3.59
Year—
1926...
1927...
__.4.33
1928...
INVESTMENT
4.23
1929-..
.4.30
.4.65
.4.84
-4.74
1930--.
-3.30
2.87
put into effect since the rate increases
1920,
and
insufficient
to
1935
Year-
Rate
-4.99
mi.
1932.
1933.
19341935.
solvency.
earnings
The
net
deficit
for
charges and rentals of $500,357,000 had been
met, but for four successive
whole
have suffered
for fixed
net
a
about
years
f288,000
the railways
The net deficit in 1935
charges.
after
as a
deficit after deductions
with the net deficit of three
prior years,
below; the entry for 1935 is based
on
compares
as
merce
reports
monthly
100,
as
which
shows
has
Net Deficit After
Fixed Charges
Year
-----
1934
-
1933—-
—
—
-
1932----
$288,000
16,887,000
5,863,000
139,204,000
Estimates of the future financial
the railroads
are
However, the
equipment trust certificates
during 1936 to 1938 as recorded by the Interstate
Commerce Commission
are as
Based upon
the
In
increase of 77% to the
was an
average
135.
receipts
more
than half
ton-mile
per
re¬
from 1921 to 1935, definite and pro¬
year
nounced reductions in
transportation charges have
been effected each year
since 1921.
in the
This is indicated
following table, which shows, for each year
subsequent to 1921, the reductions in total freight
had the rates remained at the levels of 1921:
FREIGHT
IN
1927
CHARGES
$332,500,000
656,236,000
617,580,000
736,589,000
860,868,000
836,037,000
839,855,000
890,170,000
-----
-
--
—
—
1929
It will
be
seen
been made in the
WITH
1921
Amount
$812,913,000
692,664,000
535,807,000
687,856,000
798,070,000
—809,529,000
——
Total
that since
$10,106,674,000
1921
reductions have
general level of freight rates that
in the last 14 years
of
COMPARED
Year
Amount
Year
1922...
have saved the public the enor¬
$10,106,674,000.
In other words, if the
freight rates of 1921 had remained in effect, the
public, in the last 14 years, would have been com¬
transportation.
In the
erate in
past the government has been quite consid¬
extending loans to the carriers for capital
now,
such loans prevented the
collapse of the companies.
Then, as
Present records indicate
expenses.
that the railroads have
$284,313,700
114,869,747
137,936,019
$79,476,490
75,185,945
65,886,837
repaid $945,152,000 of the
$985,094,000 principal advanced by the government
for
capital improvements under Federal control and
the
Transportation Act, and have in addition repaid
$99,577,328
of the loans extended by the Recon¬
struction Finance
Corporation.
Despite the excellent record of repayment of previ¬
ous
government loans, it is Obvious that
loans from the
not
as a means
of
preventing insolvency.
only involves Federal financing at
other
The
a
severe
directions, but also places
to
a
It
time when
a
strain from
further burden
the railroads for discharge of the obligations.
permanent financial stability of the carriers,
however,
earnings.
in
recourse
government in times of depression is
government credit is under
follows:
Bonds
------
about
to
subsequent reduction of
a
can
be
assured
only
through
sufficient
If increased traffic, joined to economies
operation, will not produce such earnings, rate
increases will of
Year
reduced
been
words, there
ported each
upon
requirements of
difficult to make.
maturities of bonds and
increase to about 177 in 1921,
an
since
undesirable
Commission:
1935
railway receipts per ton-mile,
taking the average during the years 1911 to 1917
re¬
filed with the Interstate Com¬
are
the
prices at the present time.
the basis of average
shown
turns, which are subject to later adjustment when
the annual
brought
have
whole down to a figure below
comparison of the general rate levels made on
.1.93
.1.83
.1.79
interest
only
as a
the relative level of
.2.00
.1.25
preserve
was
1934502
adjustments
these
paid to the railways for the same amount of freight
Rate
The truth of the matter is that current
are
an
by the Interstate Commerce Commission in
freight rate level
A
be forced to ask for
Many freight rate adjustments
pelled to pay $10,106,674,000 more than was actually
(Class I Railroads)
Rate
rates.
have been
mous sum
materials, supplies and cash:
RATE
credit
Facing this situation, it would appear that in the
near
REDUCTIONS
it
and
hoped that with the continuance of active business
the
a
charges, compared with what would have been paid
reserves.
Subsequent to 1921 and prior to 1930 railroad
earnings showed
supply
financing.
of that increase.
study of the transportation situation indicates
from which to borrow
to curtail their short-term loans and
other
Railway Credit Must Re Preserved
A
The need of the railways
sources
new
but rather increased earnings with which
money,
peak, with
the
Such methods cannot, however,
indefinitely.
today is not
marking for discrimination, sometimes in subtle
and sometimes in open ways,
be
ways of
porary
certain
are
3243
During the period of income shortages, the rail¬
in strictly private individuals
practically demand that their private business
There
Chronicle
course
have to be
in
determining whether
be
made, the needs of the carriers
or
considered, and
what increases should
are a more
\
im-
3244
Financial
portant factor than the regulatory policies of the
government.
^
============
.
;
The past
week has
seen
the usual amount of
May 16, 1936
settlement satisfactory to the League
a
only
an
empty form
unless Italy is to continue to be penalized after the
than
more
can
The continuance of sanctions, again, seems
,un(j€r the circumstances to be
_
the making of
time as
be made.
.
Political Europe at the Crossroads
i;
v
;/V
v
Chronicle
political history,; The Italian
is virtually over,
war
yet to lift the ban of sanctions
would be to concede that the most powerful weapon
delegate has walked out of the meeting of the League
at the disposal
Council because of refusal to
effective, and that the League had been defeated by
the
recognize any longer
right of Ethiopia to representation,
Italian
delegation
command
of the
and the
body has left Geneva at the
as a
Italian
Government.
The
Italian
Chamber of
Deputies has formally ratified the
lamation of
an
Italian
is expected to
or
Council,
be,
proc-
empire of which Ethiopia is,
important part. The League
an
the surface unmoved by the Italian with-
on
to be
still
from
recognized, the withdrawal of Italy
membership in the League becomes
nent
while if the recognition of Ethiopia is to be
many,
made
effective, it
be only by
can
month without taking
force which the League,
action regarding Italy
or
Ethiopia, thereby leav-
power nor
Socialist parties which, with the Communists, have '
as
the
new
as
result of
a
regime is not likely to show
Socialist
the recent
statement which suggests that
a
any very
marked
characteristics, but the Communists, who
exercise of armed
the authority to apply,
these manifold difficulties may
control; in France
an
such, has neither the
as
ing nominally in force the sanctions against Italy
previously imposed. The outstanding leader of the
won
an or-
ganization which has already lost Japan and Ger-
a
election, has issued
immi-
an
possibility, thereby further weakening
drawal, has adjourned for
any
prove
of its members. If the independence of Ethiopia
one
is
of the League had failed to
No European statesman
sanctions
best be met. As far
the adjournment of the League
go,
Council to June
has yet indicated how
16, while affording
time for
some
consideration, has done nothing to clear the air.
The Geneva correspondent of the New York "Times"
points out that Great Britain cannot by itself drop
hold the balance of
power,
have indicated emphati-
sanctions without seeming to desert the small Medit-
cally
follow
erranean
their
intention
In
course.
to
Austria the
independent
an
Chancellor, Kurt Schuseh-
nigg, has dismissed from office Prince Ernst
Starhemberg, head of the Heimwehr,
and
von
home guard,
or
reputed intimate friend of Mussolini, but has
a
also assured Mussolini of Austria's
loyal friendship,
while in
England the disruption of public opinion
the
Italo-Ethiopian situation has been crossed
over
by
a
disturbing inquiry into the responsibility for
a
"leak"
regarding the budget recently submitted,
Not since the Covenant went into effect has the
League been faced with such
a
litical
as
and
legal
Formed to
the peace
and
questions
po-
it.
array
established by
treaties which followed the World War,
equipped, it
war
of
confronts
now
maintain the status quo
was
believed, with coercive
which would either deter
to
complex
a
compel it to desist if
or
undertaken,
a
situation in which
actually
war were
one
member of the
League, notwithstanding the prescriptions
Covenant, should invade and
conquer
was
not, apparently, foreseen.
to be done
now
that the unexpected has
practical matter,
a
has
no
of the
the territory
of another
As
going
What is
happened?
questions that Italy
one
conquered Ethiopia. The Ethiopian Emperor
has fled the country and taken
refuge in Palestine,
organized resistance to the Italian occupation has
been
all
but
completely dissipated, and the Ethi-
opian Government, if such exists, is without
nized
head
be located.
in
Ethiopia
a recog-
headquarters that
the
If the
Ethiopian State,
as
a
po-
of
consequence
conquest, the Italian delegate
which
Ethiopia
was
was
still accorded
resentation, and the Italian Government
fied
in
ordering the
Geneva.
branded
On the other
Italy
judgment
even
though only
tainly not make
as a
on
the other
matter of form, will cer-
Italy think
more
kindly of the
League. As it is, the whole structure of sanctions observance
had slipped badly even before Italy had oc-
cupied Addis Ababa, and
servance now
any
better
of ob-
measure
is not to be hoped for. The Council, in
short, when it met this week, faced
a
situation in
which to go on or to stand still seemed equally disastrous to League prestige.
Yet there
are
still those who, with a pathetic dis-
regard of realities, fancy that the tottering League
be repaired and that the task ought to be under-
can
taken.
Prime
Minister
Baldwin, in
a
speech to
large audience of Conservatives at London
something to make the League effective, and went
far
so
very
as
to intimate
that he himself had not been
confident that the sanctions article of the Covwould
enant
however, in
The
work.
a
up
of generalities,
be
so
revised
only definite suggestion,
speech which
as
was
as
a
whole
was
made
that the Covenant ought to
to win the adhesion of Germany,
Japan and the United States, but if Mr. Baldwin
ob-
Italian
rep-
was
justi-
to
leave
delegation
hand, if the League, having
as an aggressor,
upon
a
the situation
is impowered to
which
war
has
was.
The League of Nations Association of the United
States,
on
statement
the other hand, is
given
out
on
more
specific.
In
while conceding that the conquest of Ethiopia and
Manchuria "confront the world with
the
collective
system,
as
a
failure
of
applied," to uphold the
principles of the Covenant and the Kellogg Pact, insisted that the failure "need not be
ter," but that
a
a
major disas-
reconsideration of the situation in
pass
which the League finds itself "is called for by the
ere-
vitality of the idea of collective security and the
overwhelming desire of the people for peace."
opia
four-point
member of the League, at least until such
a
Sunday the Association,
ated, it is justified in continuing to recognize Ethias a
a
Thurs-
on
day, spoke at length about the necessity of doing
what it
parties except Italy the question is
answer.
in
hand,
be obtained, he refrained entirely from making clear
viously within his rights in declining to sit in
Council
British support which some of them regard as indis-
pensable. The continuance of sanctions,
What, exactly, is the political situation
entity, has ceased to exist in
Italian
can
had in mind any device by which that result could
For all the
litical
of those Powers
none
sanctions without alienating the
openly abandon
can
or
at the moment?
hard to
resisting Italian domination of the
Mediterranean, and that
powers
member State from
Powers which agreed, some months ago,
to act with it in
program
of reconstruction
was
A
accord-
Financial
Volume 142
Chronicle
3245
ingly outlined, its principles being (1) "acceptance
treaty frontiers, the multiplication of such agree-
of the
ments would speedily reduce the League to unimpor-
Kellogg Pact
principle of
a
ment within
the
the fundamental and guiding
as
universal League;"
"establish-
(2)
orbit of this universal
tance.
League of
Versailles Treaty is
The separation of the Covenant from the
of the conditions on which
one
arrangements for the peaceful modification of the
Germany, in the Hitler
status
to return to the League, but France and the Little
and for the advancement of social and
quo
economic
justice;" (3) "gradation of obligations for
Entente
against
adamant
be
would
proposals, is willing
peace
proposal
a
maintaining collective security in accordance with
which, if it could conceivably be adopted, would
the
the
geographical position and special situation of
States;"
"separation of the Covenant of the
(4)
and Eastern Europe.
It is possible that Mussolini, having come out vic-
League of Nations from the Treaty of Versailles."
If the
only hope of saving the League is in con-
sideration of such
principles
Pact bound its
instrument
these, the hope of
as
salvation must be pronounced
The Kellogg
slight.
signatories to abandon
of
national
"as
war
policy," but not
an
single
a
important nation in the world has done anything to
honor the
tions for
are
agreement which it signed, and prepara-
war
"an instrument of national
as
time since the World
for the
ments
War ended.
If
State,
any
against the aggression of
abeyance.
may not yet succumb to a Nazi revolution which would make Germany the dominating
influence in its affairs.
staved off
or
political
weak
a
the
one,
direct
access
shows
State will insist upon
3 of the program
social and
economic
jus-
attending to for itself. Point
is vague, but if it contemplates,
as
perhaps it does, regional agreements to impose
or
observe
sanctions,
limit
armaments
Gross and Net
Nazi rising
a
be
can
or
maintain
to the Mediterranean by the recovery
serious
a
answer
complete
obstacle to
meantime,
Government,
The German
haste to
no
new
of
matter which every self-respecting
a
If
defeated, the outlook for much more
offers
agreement.
for
"advancement
or
of Trieste
about its
the
the other
on
It is far from certain
that Austria
proposal belongs in the realm of dreams, while as
tice," that is
situation,
The Austrian
hand, is clearly dangerous.
be brightened, although the question of Austria's
any con-
strong
a
avoid further irritation by allowing the ques-
tion of Italy's continuance in the League to rest in
intimate relations between Austria and Italy will
the protection of
or
may
by "arrange-
troversy involving the sovereign rights
integrity of
any
torious thus far in his contest with the League,
of the status
peaceful modification
quo" is meant the peaceful settlement of
State
policy"
widespread and active today than at
more
open
to widespread political changes in Central
way
the British questionnaire
proposals, and the course of the
peace
Government in France is beyond prediction,
In a situation which, from every point of view, is
extraordinarily
League,
like
Powers,
the
complex
the
playing for time, waiting for events to
are
suggest a solution which diplomacy seems for the
moment helpless to discover.
Earnings of United States Railroads for the Month of
March
Improvement
on a
modest scale
the general
was
rule
during March in the financial results of Amer-
ican
railroading.
The upward trend
has been of
now
fairly long duration, and it has kept close
the
nation-wide
from
recovery
depression, witwithstanding the
of
freight and
riers.
to admit of
the
to
have
Marcli
was
the depths of the
enormous
gains, however,
almost
exception.
no
a
a
That
matter
the
the
of
disaster, although
j
*mi
,,
»
,
-i
net
mounted, when
»
„
month of 1935.
Because of
,
creases
are
suffered
area
on
elsewhere
to be
Our
that
earnings
the results
is
same
sharply by
unfortunate effects of the Northeastern
railroads in
of
gross revenues
xi
compared with the
the
States, and the!
curtailed
than offset the
more
derived from
as
a
floods,
actual recession
considerable scale.
a
viewed
an
whole, and
It is when the results
The
losses, when
some comfort
that circumstance.
gross
totaled
actually fell
earnings
of 2c.
a
mile,
carriers
as
absorbed.
Net
of
the
earnings
added
in
degree that
revenues
March,
total
But flood troubles
re-
are
were
before
so
taxes,
ordered by majority decision of the
Commerce
Interstate
are
Commission.
seeking legal
means
Most
of
of
the
halting
the
ordered reduction, in the conviction that the 2c. rate
would curtail still further the already low
revenues
of the railroads.
Month of March—
Mileage of 139 roads
Gross earnings.
Operating expenses
1936
237,054
§307,833,603
...
236,121,755
1935
238,226
§28o,484,o56
212,278,906
(+) or Dec. <—>
1—1,172
0.49%
+$27,349,607
9.75%
+23,842,789 11.23%
mc.
76.70%
75.68%
+1.02%
571.711,908
§68,205,090
+$$506,sis
Ratio of expenses to earnings.
Net earnings
Notwithstanding the fact that the railroads
5.14%
con
tinue to struggle with difficulties peculiar to them
selves, it is satisfactory to note that
a
general operating statistics for March.
as
is
our
general
of business again was reflected
of business activity,
one
up
by the
In taking,
custom, the leading trade indices
of automobiles.
bulk
the
only temporary, and it is necessary to note that the
operating
great
from
All other districts
ported gains for March.
measure
the
$4,983,967
recorded in March, 1935.
$307,833,663, against $280,484,056 in March,
1935, an increase of $27,349,607, or 9.75%.
But
a
which includes
most of the States ravaged by floods in March, net
ward trend
comprehensive tabulations show that,
increased to such
considered by districts
district,
In the Eastern
evident.
in-
earnings of the principal railroads during March
expenses
are
and regions that the full effects of the floods become
tion of passenger fare reductions to a basic level
dozen States throughout
were
compared to $68,205,090 in that
Eastern railroads soon will face the trying situa-
As might be expected, the net earnings
leading carriers
as
witnessed
month
by the statistics of railroad
course
$71,711,908,
and
wrought by the raging waters is reflected
operations.
of
Adverse
continually,
the northeastern part of the United
as
car-
far too small
are
of the country.
camel's
developed
devastating floods in
havoc then
diversion
great degree of optimism with respect
principal
factors
the
a
with
to motor and other
passengers
The current
pace
were
month of last year, a gain of $3,506,818, or 5,14%.
as
the
naturally looks
first at the statistics relating to the manufacture
the
Here
production of
year ago,
we
find
cars as
a
slight falling off in
compared with March
due doubtless to the bringing out of
a
new
Financial
3246
automobile
ing
the
in
models
instead of the
closing months of 1935
early part of the new year.
Accord¬
the figures issued by the Bureau
to
of the
Chronicle
valuation
the
the
March, 1934; 115,272 cars in March, 1933; 119,344
in
cars
and
March, 1932; 276,405 cars in March, 1931,
396,385 cars in March, 1930.
1929, however,
number of
the
no
less than 585,455 cars were pro¬
For the three months
duced.
1,082,787
new
cars
as
same
ending with March,
with 1,058,245
compared
likewise
According to the figures
large increase.
a
production
lumber
trade,
building
showed
compiled by the National Lumber Manufacturers
of 551 identical mills in
28, 1936, showed a cut
Association, an average
the four weeks ended March
839,683,000 feet of lumber as compared with only
of
643,313,000 feet in the same four weeks of 1935.
gain of 31% over March last year, and is
was
This is
cars
automobiles added in 1936
turned out in the first
in the
Back in March,
As might
expected, in view of the marked improvement in
March the
in
1931,
March,
in
March, 1929, no less than $484,817,500.
be
March, 1935, but comparing with only 338,434 cars
$112,234,500;
was
$369,981,300; in March, 1930, $456,119,000, and in
Census, 424,571 motor vehicles were turned out in
present year as against 429,793 cars in
May 16, 1936
22% above the record of comparable mills in the
quarter of 1935; 724,356 cars
period of 1934; 349,544 cars in the same
a
Shipments of lumber
corresponding period of 1934.
during the four weeks of March the present year
period of 1933; 355,721 cars in the first quarter of
aggregated 886,897,000 feet as against 711,651,000
1932 ;
feet in the similar
668,193
cars
in the first quarter of 1931, and
period of 1935, while orders were
greatly increased scale, aggregating 915,-
1,003,023 cars in the corresponding period of 1930,
also
but
903,000 feet in the four weeks ended March 28,1936,
comparing with 1,452,910 cars in the first three
very
iron'
As to the
months of 1929.
and steel
industry,
decided improvement was manifested.
Accord¬
on
a
against but 727,549,000 feet in the corresponding
as
of
weeks
four
last
ing to the statistics compiled by the "Iron Age," the
March
output of pig iron in the United States in March
year,
above those of
26%
or
four weeks of 1934.
the
present year aggregated 2,040,311 gross tons as
compared with but 1,770,028 gross tons in March a
year
1,619,534
ago;
in
tons
gross
March,
1934;
It
a
happened,
March the
1932, and 2,032,243 tons in March, 1931, but com¬
March
paring with 3,246,171
In the
case
the American Iron and Steel Institute
the
of steel,
reports that
production of steel ingots in the country during
March the current year
as
and
March, 1930,
in
tons
reached 3,346,489 gross tons
against 2,868,141 gross tons in the corresponding
1929,
The increases, too, the present year
March, 1931.
without
exception
all
to
the details
with
deal
We
items.
over
fact, was the largest recorded for
with the single exception of
since
extended
traffic
greatly increased scale in
a
on
grain
the
that
too,
was
present year as compared with March a
ago—in
year
3,714,473 tons in March, 1929.
roads
Western
542,011 tons in March, 1933; 967,235 tons in March,
and 31% above those in the same
year ago
the
different
the Western
of
grain movement in a separate paragraph further
along in this article, and need only say here that
for the four weeks
ending March 28, 1936, the re¬
period of 1935 and 2,761,438 gross tons in the same
ceipts at the Western primary markets of wheat,
month of 1934.
corn,
Comparisons with preceding years
back to and
including March, 1929, are: 909,886 tons
in
1933;
March,
tons in
2,993,590
1,403,723
March,
tons
in March,
1932;
1931; 4,254,331 tons in
Coming
a
now
to the production of coal, here we
large decrease in both the bituminous and
anthracite output.
of
Bureau
mined in
According to the United States
Mines, the quantity of bituminous coal
the United
States in
March
the present
only 30,692,000 net tons as compared with
year was
in the
1934, but comparing with 23,685,000 net
find
tons
in March, 1933.
that
32,250,000 net tons were produced in March,
Going further back,
1932; 33,870,000 tons in
tons
in
tons in
March, 1930, and
March, 1929.
anthracite in
tons
as
March, 1931;
no
we
35,773,000
less than 40,068,000
Production of Pennsylvania
March, 1936, reached but 2,741,000 net
compared with 3,082,000 net tons in March,
same
period of 1933, and 30,714,000 bushels in
same
four weeks of
1931.
Still
further
with
in March,
1932;
four weeks of 1930, and
of 1929.
It
is, however, in the statistics showing the load¬
ing of
freight
revenue
all the railroads of the
on
country that the composite result of all that has
been
said above is most
the statistics
of the American Railroad Association we find that
for the
four weeks of March
number
of
railroads
cars
of
loaded with
the
States
United
cars
the
we
hand, activity in the building indus¬
find
number
The F. W. Dodge Corp.
2,280,837
reports that construction contracts awarded in the
3,515,733
37 States
east of the
Rocky Mountains in March,
no
largest since March, 1931)
as
compared with an
expenditure of only $122,940,500 in March a year
ago
and but $173,345,300 in March, 1934.
Extend¬
that in the
of
cars
cars,
3,837,736
case
of the
of 1933
the
1,841,202;
in
1932,
in
1930,
cars.
separate roads and systems, we
are
ing for the railroads
in
as
consonance
a
whole.
with the show¬
In our compila¬
showing the increases and decreases in excess
of
building contracts awarded in March, 1933, had a
ings, and in the
case
value of only $59,958,500, but in March, 1932,
obliged to report
a
weeks
2,936,928 cars;
was
1931,
ing the comparisons still further back, we find that
money
as
and in the same four weeks of 1929,
find the exhibits
tions
2,418,985
Going further back,
four
same
loaded
in
cars;
less than
In the
1936, involved a money outlay of $198,973,300 (the
the
was
on
but comparing with 2,461,895 cars in the corre¬
and
try was very pronounced.
the
freight
in the same four weeks of last
sponding four weeks of 1934.
On the other
current year
revenue
4,745,000 tons in March, 1931; 4,551,000 tons in 1930,
4,859,000 net tons in March, 1929.
From
clearly manifested.
compiled by the Car Service Division
year,
tons
same
56,752,000 bushels in the corresponding period
in
4,789,000
corresponding period of
back, comparison is with 44,-
979,000 bushels in the
against 2,408,319
1933;
1932, but comparing with
56,301,000 bushels in the
1935; 6,418,000 tons in March, 1934; 4,519,000 tons
March,
1935; 28,285,000 bushels
period of 1934; 24,730,000 bushels in
the
38,701,000 net tons in March, 1935, and 38,470,000
net tons in
four weeks of
same
in the similar
the
March, 1930, and 5,058,258 tons in March, 1929.
find
45,-
oats, barley and rye, combined, reached
590,000 bushels as against only 16,303,000 bushels
$.100,000, but five roads show
a
loss in gross earn¬
of the net only 12 roads are
loss above that amount.
Among
Volume
reporting decreases in both gross and net
to be found the
are
$640,750 loss in;
in net
crease
and $682,055 loss in net,
gross
3247
Listed
among
increase in gross
vania RR.
Baltimore & Ohio..
Maine Central—.
Pennsylvania
Detroit Toledo & Ironton
$2,189,493
1,473,798
Boston & Maine
957,852
N Y N H & Hartford...
776,522
Chesapeake & Ohio!....
682,055
Central of New Jersey!..
253,013
Delaware Lack & West.
206,274
earnings,
find the Pennsyl¬
we
& Hart¬
and the New York New Haven
ford, the former with $358,708 gain in
and
gross
When the roads
are
is
our
as
$776,522
Lack of space prevents our
the
even
conspicuous of the
alike,
so
$3,355,553 in
men¬
The New York Central (which heads
the list of increases in the
gross) reports
gain of
a
earnings and of $867,537 in net
gross
earnings.
These figures
New York
Central and its leased lines.
the
and net
gross
will content ourselves with only
few.
net.
naming separately, with
more
distinguished for gains in both
a
in
decrease
roads
tioning
$7,199,310
the operations of the
cover
Including
Pittsburgh & Lake Erie (which suffered
in both gross
and net)
$3,329,713 in
gross
the result is
a
deficit
increase of
an
and of $761,127 in
net.
The
groups
or
In¬
geo¬
custom, the improvement in the results shown
brought out,
is
a year ago
clearly
very
it is found that all the three great
as
and the Western
we
Total (12roads)......
arranged in
compared with March
districts—the Eastern
and
gross
increases,
_
Vermont
graphical divisions, according to their location, as
$1,473,798 loss in net, and the latter with $299,586
their
Central
Northern, and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase of $761,127.
increase
in
Bessemer & Lake Erie
Pittsburgh & Lake Erie.
<:p
$181,477
158,347
107,878
106,410
106,191
.
a These
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
the roads
decrease in net earnings, while reporting
a
T^firvp/i
Q0
Cincinnati
Maine, with $254,397 loss in gross
$957,852 loss in net.
showing
Ohio, with
earnings; the Chesapeake & Ohio, with
and the Boston &
an
Baltimore &
earnings and $2,189,493 de¬
gross
$403,992 decrease in
and
Chronicle
T)pCYi>i7
the roads
alike
Financial
142
district, the Southern district
district—together with the various
regions comprising these districts, show increases
in both gross
the
earnings and net earnings alike, with
exception that in the
case
of the net the Eastern
district, including two of its regions, the New Eng¬
land and the Central
loss,
as a
Eastern, records
disastrous floods with
the
regions named
March.
which
had
Our summary
previously explained,
to
the
Commission.
groups
of increases in the
substantial
The
by
the roads located
of
this
contend
to
is
groups
the
in
in
year
below.
as
As
the roads to conform
we group
classification
Chicago Burlington & Quincy (which heads the list
a
result, doubtless, of the widespread and
Interstate
boundaries
of
Commerce
the
different
the table:
in gross
net)
reports $1,302,359 increase
and regions are indicated in the footnote to
and $888,191 increase in net; the Southern
Pacific, with $2,357,946 gain in
gross
shows $814,365
SUMMARY BY
Gross Earnings
net;
Pacific
the Chicago
Milwaukee St.
$1,540,429
reports
increase
in
Paul
gross
&
and
1936
Eastern District—
gain in
$
Fe, with $1,538,385 increase in
gross,
reports
$348,021 gain in net; the Norfolk & Western, with
$685,264 increase in gross and $778,482 increase in
net, and the Missouri Pacific, $1,071,516 gain
and $703,598 gain in net.
gross
table
we
increases
amounts
or
in
excess
of
$100,000, whether
decreases, and in both
PRINCIPAL CHANGES IN
OF
gross
and net:
GROSS EARNINGS FOR THE MONTH
MARCH.
1936
Increase
New York Central
Southern Pacific
a$3,355,553
(2roads)
2,357,946
Chi Milw St Paul & Pac.
1,540,429
1,538,385
1,325,387
1,302,359
Atch Topeka & Santa Fe
Union
Pacific.
Chicago Burl & Quincy..
Chicago & North Western
Missouri Pacific
Chi R I & Pac (2 roads).
Louisville & Nashville..
Great Northern
Southern
Norfolk &
Western
Illinois Central
Northern
Pacific
St Louis San Fran (3
rds)
Lehigh Valley
Missour'-Kansas-Texas
._
Minn St P & Sault SM-.
Reading
Pere Marquette
Erie (2 roads)...
Pennsylvania
Texas &
Pacific
N Y Chicago & St Louis.
St Louis Southwestern._
Wabash
Chi St P Minn & Omaha.
N Y N H & Hartford-..
N O Tex & Mex (3 roads)
Chicago Great Western.
_
1,170,976
1,071,516
906,054
880,226
798,821
Denver & Rio Gr West.,
Cin New Orl & Tex Pac.
Atlantic Coast
Line
Elgin Joliet & Eastern
Grand Trunk Western..
Kansas City Southern
Yazoo & Mississippi Val.
Mobile & Ohio
Seaboard Air Line
N Y Ontario & Western.
$264,412
254,189
253,029
244,972
230,065
226,222
207,509
203,430
188,330
179,396
156,696
156,600
143,532
Minneapolis & St Louis._
773,225 Chic Indianap & Louisv.
685,264 Colo & Southern (2 roads)
634,316 Western Pacific.
137,210
573,967 Nashv Chatt & St Louis.
131,509
526,222 Alabama Great Southern
119,856
518,467 Gulf Mobile & Northern.
118,453
392,756 Central of Georgia
113,697
389,224 Chicago & Eastern 111
104,145
385,447 Louisiana & Arkansas
103,566
363,519
Total (58 roads)
362,454
$28,191,418
358,708
332,227
315,574 Baltimore & Ohio
305,397 Chesapeake & Ohio
403,992
302,365 Boston & Maine.
254,397
299,808 Detroit Toledo & Ironton
209,802
299,586 Western Maryland
143,302
294,704
Total (5 roads)
293,718
$1,652,243
$64+7*50
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $3,329,713.
IN
NET
OF
CHANGES
MARCH,
EARNINGS
FOR
THE
Chi Burlington & Quincy
Southern Pacific (2 roads)
Western
Norfolk &
Missouri Pacific
Chi Milw St P & Pacific-
Great Northern
Northern
Pacific
St L San Fran
(3 roads)
_
Southern
Atch Topeka & Santa Fe
Minn St Paul & S S M._
N O Tex & Mex (3
roads)
Chicago Great Western..
Texas & Pacific
Atlantic Coast Line
Pere Marquette
Chi RI & Pac (2 roads).
$888,191
a867,537
814,365
778,482
703,598
697,157
421,460
402,426
356,168
349,879
348,021
285,354
198,492
189,778
175,546
172,772
171,817
168,295
MONTH
1936
Increase
New York Central
or
Dec.
$
(—)
%
0.48
+59,359
+5,263,736
+337,727
9.45
134,113,005
128,452,183
+5,660,822
4.41
42,689,313
38,441,675
18,588,090
+4,247,638
11.05
18,942,731
+354,641
1.91
61,632,044
57,029,765
+4,602,279
8.07
+5,363,697
+7,713,317
+4,009,492
19.23
0.56
Southern District—
Western District—
.
32,999,422
27,635,725
54,228,348
Southwestern region (24 roads)
46,515,031
.
24,860,844
20,851,352
19.41
16.58
112,088,614
95,002,108
+ 17,086,506
17.98
307,833,663
Total all districts (139 roads)
280,484,056
+27,349,607
9.75
District and Region
Month of March
-Net
Mileage—
1936
Eastern District—
New England region.
Great Lakes region..
1936
1935
7,076
7,131
26,641
Central East, region. 24,915
Earnings
1935
$
$
lnc.(+)
or
Dec.(—)
$
■
%
66.45
26,828
25,062
1,039,147
14,150,205
13,264,508
3,097,293 —2,058,146
13,276,906
+ 873,299
17,063,628 —3,799,120
22.26
58,632
59,021
28,453,860
33,437,827 —4,983,967
14.91
38,944
39,241
6,018
11,439,438
8,116,834
8,014,582
+1,815,107
+102,252
18.86
6,010
44,954
45,259
19,556,272
17,638,913
+1,917,359
10.87
4,294,172 +2,098,526
9,246,345 +1,996,831
3,587,833 +2,478,069
48.87
6.58
IticrsdSB
a
PRINCIPAL
(+)
12,277,487
55,704,861
60,469,835
bring together all changes for the separate
for
roads
Inc.
S
roads)
12,336,846
Great Lakes region (24 roads)
60,968,597
Central Eastern region (18 roads).. 60,807,562
in
In the following
1935
New England region (10
$697,157 increase in the net; the Atchison Topeka &
Santa
GROUPS
District and Region—
Month of March—
Total
Southern District—
Southern region
Pocahontas region
Total
_
Kansas City Southern
St Louis Southwestern._
Colo & Southern (2
Illinois Central
rds).
Yazoo & Mississippi Val
Florida East Coast
Cin New Orl & Tex Pac.
Mobile & Ohio
_
Wheeling & Lake Erie..
Minneapolis & St Louis.
Louisville
&
Nashville._
Nashv Chatt & St Louis.
Long
Island
N Y Ontario & Western.
Total (40 roads)
$167,475
166,357
165,088
158,677
151,126
143,299
138,645
130,887
130,811
126,906
126,193
113,206
112,871
112,729
111,655
$10,045,263
1.28
*
Western District-"*
Northwestern region. 46,334
Central West, region 56,821
46,471
6,392,698
57,001
11,243,176
Southwestern region.
30,474
6,065,902
133,468 133,946
23,701,776
17,128,350
+6,573,426
38.38
71,711,908
68,205,090
+3,506,818
5.14
Total
30,313
Total all districts...237,054 238,226
21.60
69.07
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups
and regions:
EASTERN DISTRICT
New England Region—Comprises the New
Great Lakes
England States.
Region—Comprises the section
on
the Canadian boundary between
New England and the westerly shore of Lake Michigan to
a line from Chicago via Pittsburgh to New York.
Chicago, and north of
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio
Va., and
a
River, and north of the Ohio River to Parkersburg, W.
line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
a
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Increase
Missouri-Kansas-Texas.
9,624,331
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from
Chicago to Peoria and thence to St. Louis, and north of
from St. Louis to Kansas City and thence to El Paso and
a
line
by the Mexican boundary
to the Pacific.
Southwestern
Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
and
by the Rio Grande to the Gulf of Mexico.
As indicated
collectively)
above, Western roads (taking them
had
the advantage
of
a
very
much
liarger grain traffic in March the present year, thi
Financial
3248
having been not only considerably more
movement
than
double
of
that
March
a
year
ago,
but
the
largest recorded for the month since 1929 with but
exception, that of March, 1931.
one
the different
The receipts of wheat at
tributed to the increase.
Western
the
Moreover, all
cereals, in greater or less degree, con¬
primary markets for the four weeks
May
Chronicle
1936
16,
1934; 26,825 bales in
1932; 88,796
bales in March, 1931; 58,147 bales in March, 1930,
and 80,093 bales in March, 1929.
At the Southern
outports receipts of cotton aggregated 193,078 bales
during March, 1936, as against only 124,670 bales
1935; 79,540 bales in March,
March, 1933; 43,122 bales in March,
but comparing with 322,514
last year,
March
in
March, 1934; 318,080 bales in March, 1933;
ending March 28/ the current year reached 9,895,000
bales in
bushels
1932; 348,114 bales in
bales in March, 1930, and
375,133 bales in March, 1929. In the subjoined table
we give the port movement of
cotton for the past
the
compared with only 4,465,000 bushels in
as
four weeks of
same
1935; the receipts of corn,
17,014,000 bushels as against but 6,772,000 bushels,
and of
11199933365565-
oats, 8,840,000 bushels against only 2,041,000
bushels.
which
Adding barley and rye—the receipts of
were
8,164,000 bushels and 1,677,000 bushels,
March, 1931; 204,092
three years:
RECEIPTS OF COTTON AT
AND SINCE JAN.
respectively, against 2,425,000 bushels and 600,000
aggregated 45,590,000 b.ushels as
compared with but 16,303,000 bushels in the same
four weeks of
1935; 28,285,000 bushels in the similar
of 1934;
period
1933, and
24,730,000 bushels in
the corresponding period of
30,714,000 bushels in
20,630
109,199
199,699
135,409
381,443
51,455
30.802
71,824
305,831
3,908
1,497
44,535
Galveston
-
288,127
119,536
2,108
11,827
6,744
........
163
6,783
71
294
70,528
51,011
95,368
275,565
191,651
297,544
6,115
3,512
5,549
35,240
18,038
21,250
2,809
10,461
6,957
6,817
26,594
2,995
8,206
16,226
10,895
19,077
»,'•
3,854
4,281
5,052
7,522
13,711
23,556
19,099
105
172
3,777
653
2,160
11,622
Wilmington
287
1,685
1,497
3,670
2,486
4,725
2,208
4,404
2,577
6,639
9,649,
7,887
11
101
409
159
456
2,096
193,078
124,670
322.514
865,256
&c
Houston,
Corpus Christ!
Beaumont
New
Orleans
with
comparing
but
56,301,000
bushels
in
Comparison, however, is with only
March, 1931.
Mobile
5,042
Pensacola
Savannah;—,
4,603
—
Brunswick..
■
56,752,000 bushels in the same period of
1929.
The details of the Western
in
usual
our
form,
grain movement,
set out in the table we now
are
introduce:
'
M
Charleston
——
Jacksonville
Total
44,979,000 bushels in the same four weeks of 1930,
but with
■
.
_
Norfolk
1932,
t,
*
Results for
The modest increases
«.
in net—followed
$3,506,818
ings, but these decreases,
AND GRAIN RECEIPTS
Wheat
Corn
Oats
Barley
Rye
(Bush.)
(Bush.)
(Bush.)'
(Bush.)
(Bush.)
the
net.
In
was
1,771,000
474,000
147,000
4,000
there
1,636,000
127,000
2,912,000
639,000
705,000
67,000
gross
345,000
6,000
388,000
19,000
296,000
323,000
which
774,000
363,000
4,414,000
2,267,000
639,000
515,000
895,000
270,000
3,787,000
—1,178,000
642,000
56,000
342,000
116,000
1,000
3,000
Minneapolis—
-
1936---..-
57,000
587,000
90,000
10,000
63,000
6,000
163,000
114,000
Toledo—
2,259,000
831,000
63,000
2,000
...
760,000
411,000
937,000
350,000
.
1935-..--.
64,000
94,000
7,000
2,000
22,000
3,000
Detroit—
119,000
17,000
648,000
4,565,000
64,000
43,000
14,000
59,000
.
1936
121,000
69,000
65,000
31,000
479,000
1,423,000
728,000
401,000
2,312,000
136,000
5,000
1,156,000
424,000
St. Louis—
1936
456,000
478,000
964,000
Peoria—
1,240,000
586,000
330,000
159,000
49,000
9,000
334,000
232,000
177,000
156,000
42,000
17,000
8,164,000
2,425,000
1,677,000
600,000
,
169,000
92,000
149,000
35,000
1,943,000
967,000
366,000
94,000
51,000
2,490,000
1,524,000
64,000
682,000
1,961,000
226,000
106,000
172,000
432,000
396,000
127,000
224,000
132,000
301,000
22,000
6,COO
448,000
27,000
9,000
83,000
147,000
38,000
69,000
1935
81,000
36,000
8,840,000
2,041,000
City—
1936-.....
Joseph—
1935. L
Wichita
1936
Sioux
City—
1935
Total all—
1936
1,507,000
9,895,000
17,014,000
35
1,393,000
4,465,000
6,772,000
$27,349,607 in gross and
have been
movement, too, appears to
considerably larger than in March a year
At Chicago the receipts comprised 7,405 car¬
loads in
March, 1936, as against only 6,714 carloads
in March last year;
carloads
as
at Kansas City they were 3,389
against
but
3,316
carloads,
and
at
Omaha, 2,272 cars against 2,035 cars.
roads, this
both
was very
as
much larger than in March last
regards the overland shipments of the
staple and the receipts at the Southern outports—
in
fact, in the former case, it was the largest for
the month
land
bales
in
many years.
Gross shipments
over¬
during March the present year reached 92,310
as
and of $41,492,272 in
however,
indifferent results. In
loss in
of $85,983,406
and $17,035,708 in net in March, 1932,
showed
tabulation
our
$69,022,941
and $25,256,013 in net, which was on top
shrinkage in the gross
$76,672,852
after
came
lapse which came as a sequel to the
compared with only 62,258 bales in Marchj
of
autumn
and
the
preceding
year.
stock market crash in
In March, 1929, in¬
in amount,
$7,516,400 in net, and, more¬
over, succeeded heavy losses in gross and net alike in March,
1928.
For March, 1928, our tables registered no less than
$26,410,659 decrease in gross and $4,034,267 decrease in net.
Nor was the showing for March, 1927, anything to boast of,
the comparisons then having revealed relatively trifling in¬
creases—$432,616 in gross and $1,627,348 in net.
It is not
until we get back to 1926 that we strike periods of marked
improvement in results.
In /March, 1926, the showing was
strikingly good, with noteworthy improvement in gross and
net alike.
Our compilations for March, 1926, recorded $43,668,624 gain in gross, or 8.99%, and $24,561,652 gain in net,
or 22V2%.
The fact is to be borne in mind, however, that
these gains in March, 1926, followed losses in both
the
years immediately preceding.
Thus for March, 1925, our
statement
registered $18,864,833 decrease in
gross
and
$5,447,665 decrease in net, while for March, 1924, the loss
creases
appeared, but they were very moderate
namely, $10,884,477 in gross and
reached $30,628,340, though the loss in the net'
in the gross
no
more
expenses,
than
$2,514,076,
owing to the reductions in
reflecting growing efficiency of operations.
This
growing efficiency in operations was a feature at that time,
and the further back we go the more striking the record
becomes in that
ditions
were
respect—barring 1923, when weather con¬
unfavorable, and a gain of $59,-
extremely
addition of only
however, was the
reverse of what happened in 1922, when a gain of $16,059,426
in gross was
attended by a reduction of $38,577,773 in
806,190
in
$3,419,324
expenses,
Coming now to the cotton traffic over Southern
year,
$16,283,565 in net earn¬
in turn, came after increases in
$64,595,796 shrinkage in the gross and $38,262,064 shrinkage in
the net, this last reflecting the first results of the trade col¬
was
The Western livestock
ago.
527,468 1,119.161
losses in March last year of
long series of poor or
a
1933,
March,
the
Indianapolis & Omaha—
St.
10,362
$16,893,267 in the net in 1931, while in 1930 there was
Milwaukee—
1936
-
immediately preceding 1934,
years
shrinkage in gross
Duluih—
1935
—
Years
Earlier
Chicago—
1936
•
March, 1934, of $75,002,520 in gross
Flour
(Bbls.)
March 28
11,337
recorded in railroad earnings during
present year—namely,
the
March
«.
$12,306,728 in gross earnings and of
WESTERN FLOUR
4 Wks. End.
Kansas
1934
1935
1936
1934
1935
1936
Lake Charles
March, 1936,
19365
Since Jan. 1
Ports
primary markets of the five staples, wheat, corn,
of
SOUTHERN PORTS FOR MONTH OF MARCH
1 TO MARCH 31, 1936, 1935 AND 1934
Month of March
bushels, respectively—the receipts at the Western
oats, barley and rye, combined, for the four weeks
March,
in
bales
644,554
gross
to
net
brought
with
it
an
earnings—which last,
the reverse
in 1921, when, though the gross rev¬
decrease of $1,483,390, the net recorded an
yielding $54,637,199 gain in net, and
also of what happened
enues
showed
a
improvement of $18,656,316.
as
the country got farther
All this merely indicates that
and farther away from the period
and
of government control of the railroads, with its lavish
extravagant administration, railroad managers once more
succeeded in obtaining control over the expenditures of the
roads and were able to effect important economies
and
savings.
It has already been noted that the loss in the net in 1925
and 1924 came after four successive years of increase.
On
Volume
Financial
142
the other hand, prior to
-dwindling for
1920, March net had been steadily
long period past, until the amount had got
a
down to very
small proportions.
For instance, in March,
1919, there was a loss in net of no less than $52,414,969 in
111999204023
face of an increase of $10,676,415 in the gross earnings, and
furthermore, March, 1919, was the third successive year in
which the March expenses had risen to such an extent as
to wipe out the gains in gross receipts—hence producing a
cumulative loss in net.
In the following we give the March
1199326540384
totals back to 1909:
3249
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
1199332540
Month of
1919
Mileage
of
Year
Year
March
Given
Preceding
1915.-..
1916..
1917-
—
—
.
..
1918
1919...:.
1925-....
1926--..
1927--
—
—
-
...
Inc.
(+) or
(—)
Dec.
$205,700,013 $183,509,935 +$22,190,078
238,725,772 205,838,832
+32,887,440
227,564,915 238,829,705 —11,264,790
237,564,332 224,608,654
+12,955,678
249,230,551
238,634,712
+10,595,839
250,174,257 249,514,091
+660,166
238,157,881 253,352,099 —15,194,218
296,830,406
238,098,843
+58,731,563
321,317,560 294,068,345
+27,249,215
362,731,238 312,276,881
+50,484,357
+ 10,676,415
375,772,750 365,096,335
408,582,467 347,090,277
+61,492,190
456,978,940 458,462,330
—1,483,390
473.433,886
+16,059,426
457,374,460
533,553,199
473,747,009
+59,806,190
504,016,114 534,644,454 —30,618,340
485,498,143
504,362,976 —18,864,833
528,905,183 485,236,559
+43,668,624
529,899,898
529,467,282
+432,610
504,233,099
530,643,758 —26,410,659
505,249,550
516,134,027
+10,884,477
452,024,463 516,620,259 —64,595,796
375,588,844
452,261,696 —76,672,852
289,633,741
375,617,147 —85,983,406
219,857,606 288,880,547 —69,022,941
292,775,785 217,773,265
+75,002,520
280,492,018 292,798,746 —12,306,728
307,833,663
280,484,056
+27,349,607
Per
Year
Year
Cent
Given
Preced'g
12.09
220,421
226,965
5.77
223,563
230,263
237,735
238,218
4.44
240,510
234,258
234,692
237,295
0.26
9.27
245,200
246,848
247,363
248,185
243,184
243.598
246,548
247,317
16.16
230,336
2.92
226,086
228,835
225,631
212,770
233,839
234,202
235,470
236,520
236,048
15.98
4.72
6.00
24.67
17.72
0.32
3.51
12.62
5.73
3.74
9.00
0.08
4.98
213,434
234,832
234,986
235,424
235,715
236,559
236,774
237,804
4.20
236,948
238,729
240,427
241,964
242,421
241,974
241,489
239,649
241,185
242,325
242,566
241,996
240,911
239,228
238,011
9.75
236,500
237,054
2.15
12.50
16.95
22.89
23.89
34.44
241,194
239,246
238,226
Net Earnings
Inc.
(+)
or
Dec. (—)
of
Year
Year
March
Given
Preceding
$69,613,713
78,322,811
$55,309,871
69,658,705
+514,303,842
+8,664,106
25.86
1910
1911
69,209,357
78,357,486
—9,048,129
11.67
1909
Amount
Per Cent
12.44
1912
69,038,987
68,190,493
+848.494
1.24
1913
64,893,146
69,168,291
—4,275,145
6.18
1914-..
67,993,951
68,452,432
64,889,423
67,452,082
68,392,963
+3,104,528
4.78
+ 1,000,350
1.48
+29,378,627
42.96
96,718,706
—7,911,240
8.18
1915
1916
97,771,590
88,807,466
82,561,336
29,596,482
40,872,775
58,538,958
113,468,843
117,117,122
114,754,514
1917
1918
1919-_
1920
1921
.
1922
1923
1924
1925
87,309,806
50.26
39,882,602
+ 18,656,316
46.78
58,831,644
+54,637,199
92.85
113,697,798
+3,419,324
3.01
117,668,590
—2,914,076
2.47
—5,447,665
4.74
+ 24,561,652
+ 1,627,358
22.50
—4,034,267
114,677,751
109,081,102
133,642,754
...
5.44
—52,414,969
+ 13,669,908
63.91
27,202,867
109,230,086
1926
—4,748,470
82,011,4.51
2.96
1927
135,691,649
1928.
131,840,275
134,064,291
135,874,542
1929.
139,639,086
132,122,686
+7,516,400
5.68
1930
101,494,027
139,756,091
—38,262,064
27.46
1931
84,648,242
101,541,509
1932
67,670,702
84,706,410
—16,893,267
—17,035,708
20.11
1933
43,100.029
68,356,042
1934
83,939,285
42,447,013
1935
67,659,321
71,711,908
83,942,886
68,205,090
1936
1.21
16.66
—25,256,013
+41,492,272
36.95
—16,283,565
19.40
+3,506.818
5.14
97.75
1931
1924
1925
_
1928-.-.
11993354——JJaannuurryy
1933.
10.456,000
[Compiled by the Midland Bank Limited]
1935
£10,853,233
7,007,995
7,081,462
£33,963,149
19,687,120
9,690,367
£16,692,347
12,620,080
12,386,235
4.108,238
£37,173,110
£34,533,057
£45,706,900
£71,067,806
14,614,014
22,440,935
19,727,811
17,541,251
6,001,777
21,208,047
7,164,097
10,026,260
12,786.859
6,353,481
12,048.454
14,997,397
9,878,332
6,747,571
23,446,272
13,056,095
13,041,644
20,610,166
£132,868,896
£150,189,757
£182,824,210
1933
March
April......
4 months
1936—Janury
May
June
July
August
....
September...
October
November..
December
...
Year
tabular
analysis of the domestic and for¬
eign financing contracted during the month of April
and the first four months of 1936 and the four
pre¬
ceding years, published
the "Chronicle" of
omitted from the
classes of issues
of
3068 and 3069 of
pages
May 9, there
was
inadvertently
figures covering all of the various
brought out during the four-month
period of the current
loan
on
year
the $18,000,000 refunding
placed in the United States by the Dominion
Canada in
January.
The grand total of financ¬
ing during the initial four months of 1936, corrected
to
include
the
Canadian
issue, stands at $2,501,867,101, comprising $537,222,540 of new capital and
Capital
The
Issues
in
Great
following statistics have been compiled by the Mid¬
These compilations of issues of new
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the capital¬
ization of reserve funds and undivided profits; sales of
already
issued securities which add nothing to the capital resources
of the company whose securities have been offered; issues for
conversion or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription, They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the prices
land Bank Limited.
of issue.
ISSUES IN
Other
Brit.
THE
Foreign
United
India and
Ceylon
Countries
Countries
£
£
£
£
Total
£
359,000
45,000
10,853,000
7,008,000
7.082,000
9,590,000
March
6,011,000
7,000
April.
8,665,000
12,000
1,763,000
1,433,000
873,000
850,000
28,667,000
289,000
4,919,000
657,000
34,533,000
11,397,000
7,021,000
9,958,000
3,165,000
5,631,000
20,764,000
11,016,000
9,122,000
62,000 10,945,000
32,000 4,609,000
1,000 5,014,000
5,485.000
1~37~666
566,000
61,000 2,465,000
1,899,000
550,000 3^55,000
37,000
386,000
25.000
1,228,000
413,000
156,000
141,000
14,000
22,441.000
12,048,000
14,998,000
9.878,000
6,748,000
23,446,000
13,056,000
13,042,000
106741000
1,133,000 39,258,000
14,433,000
9,688,000
11,076,000
3,443,000
957,000
2,346,000
1,135,000
660,000
1,202,000
586,000
176,000
5,000
16.592,000
12,620,000
12,386,000
4,108,000
8,682,000
5,309,000
February
4 months..
May..
—
June..
July
August
September
October
November
December.
Year
February!
March
April
4 months
49,000
221,000
18,788,000
19,571,000
49,999,000
4,761,000
August
September
December..
Year
1,969,000
45,707,000
254,000
545:000
222,000
3,136,000
1,395,000
19.728,000
20,610,000
53.909,000
6,682,000
7,719,000
4,707,000
12,544,000
11,218,000
828,000 17,210,000
194,000
67,193,000
April..
154,000
287,000
375,000
15,000
137,000
161934000
February
3,058,000 150,190.000
568,000
872,000
3.622,000
1,921,000
33,019,000
18,502,000
6,877,000
8,795,000
March.
63,000
5,098,000
7,344,000
3,940,000
9,204,000
9,686,000
November.......
190,000
118,000
13,000
38,640,000
188:666
2,852,000 182,824,000
751,000
964,000
221:606
232:660
1,356:666
84,000
73,000
33,963,000
19,687,000
6,961,000
10,456,000
426,000
3,071,000
377,000
71,068,000
Fi
4 months
The Course of the Bond Market
Bonds have fluctuated within a narrow range
with
a
slightly
trend.
upward
speculative issues, industrials
rails
and
close to the year's high mark, and the
plus some new
this week,
lower-grade
the
Among
gains on Wednesday and Thursday.
Interest centers now
Britain
NEW
Kingdom
showed moderate
The Aaa's have held
United States Govern¬
fractionally to their recent top level.
on
the Treasury's
the Government will need
New
6,682,428
7,719,440
4,706.804
12,543,554
11,217,941
[Compiled by the Midland Bank Limited]
ments have advanced
$1,964,644,561 of refunding issues.
OF
6,961,600
10,456,037
53,909 166
CAPITAL
UNITED KINGDOM BY MONTHS
DISTRIBUTION
October
our
1936
1934
£8,310,263
7,167,385
13,447,603
8,247,859
January
February...
July
In
110,374,000
61,917,000
52,058,000
66,954,000
91,526,000
105,213,000
121,968,000
149,014,000
90,735,000
47,073,000
45,008,000
37,173,000
34,533,000
45,707,000
71,068,000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS
June..
Capital Flotation Figures Corrected
192,812,000
73,115,000
8,248,000
9,590,000
4,108,000
1936
£106,068,000
384,418,000
264,514,000
253,055,000
187,211,000
193,900,000
238,443,000
244.468,000
266,953,000
331,470,000
389,565,000
195,470,000
192,497,000
86,601,000
105,204,000
130,229,000
161,364,000
208,185,000
£45,935,000
18,013,000
1922
1923
May
New
April 30
1932
1921
GEOGRAPHICAL
Month
Year to
April 30
£6,048,000
45,796,000
14,765,000
17,167,000
16,028,000
4,805,000
9,555,000
13,498.000
22,268.000
18,606,000
34,767,000
21,271,000
1,687,000
1920
1927
Gross Earnings
4 Months to
April
1926
Month
1932
Chronicle
money
June financing, as
about $686,000,000 for refunding
It has
for bonus payments.
been
selling weekly bills at the rate of $50,000,000 in excess of
maturities, which procedure, if continued, will yield about
$400,000,000 by June 30.
High-grade railroad bonds improved fractionally during
the week.
Atchison gen. 4s, 1995, gained 1 to close at 115;
Great Northern 4%s, 1961, advanced % to 112; Baltimore &
Ohio 4s, 1948, closed at 108, up l1/^
Lower-grade railroad
bonds, in active demand during the closing days of the
week, showed moderate advances marketwise. Erie 5s, 1975,
advanced Vfa to 75%; Kansas City Southern 5s, 1950, rose
2% to 75%; Missouri-Kansas-Texas 5s, 1962, gained 2%,
closing at 75%.
The utility bond market has been characterized by inac¬
tivity closely paralleling that of the stock market.
During
,
the
first
three
days
movements fractional,
On
Thursday
and
of the week
volume
was
small
and
with no particular trend developing.
Friday medium-grade and speculative
Financial
3250
issues turned up, Central
Ohio Light & Power 5s, 1950, clos¬
ing at 98, up 2 for the week; New England Power Associa¬
5%s, 1954, advancing % to 98; Virginia Public Service
tion
6Sj 1946, rising 3 to 89; Federal Water Service 5%s, 1954,
gaining 1% to close at 85; Cities Service Power & Light
5%s, 1949, being up 2 at 73 %.
High grades have been
generally firm, although in several instances, such as Con¬
solidated Gas, Electric Light & Power, Balto., 4s, 1981, and
Metropolitan Edison 4s, 1971, some material losses have
in evidence, reflecting uncertainty over early retire¬
been
May 16, 1936
Chronicle
the
% to 104%, but McKesson &
high for the year, were up
1950, declined % to 103%. Auburn Automo¬
bile conv. 4%s, 1939, lost 5 points, closing at 87, reflecting
the action of the stock on the poor first quarter report.
International Cement conv. 4s, 1945, featured the building
Robbins 5%s,
supply group by advancing 3% points to 130%.
The foreign bond market has been rather mixed,
with
American group,
strength generally shown in the South
while weakness was in evidence among
In the former group,
European
bonds.
the Cuban Public Works 5%s and the
Republic of Panama 5s were the principal gainers, record¬
ment.
bonds have continued to exhibit
strength, several issues in this category scoring fairly sub¬
stantial gains.
Medium-grade and speculative issues have
been irregularly higher, with advances considerably more
High-grade
industrial
Most of the steels commanded bet¬
than declines.
numerous
prices, Republic Steel 4%s, 1950^ adding % to close at
1111/2.
Bonds of companies in the retail group have been
ter
active, Namm & Sons 6s, 1943, advancing %
more
Metal
and
to 98%.
issues have been firm.
In the
National Distillers 4%s, 1945, after reaching
paper
liquor group,
ing appreciations of 3 to 5 points, respectively.
Haiti 6s
also advanced noticeably, while the remainder of the list
showed
recessions in Czechoslovakian, Polish and Italian
German issues also lost ground.
Scandi¬
navians have been the exception, prices being generally well
bonds;
many
maintained.
computed bond prices and bond yield averages
Moody's
are
given in the following tables:
MOODY'S
BOND PRICESt
120 Domestic Corporate*
Domes¬
by Ratings
ft
Averages
**
All
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate'Jby Groups
Corporate* by Groups
tic
Domes¬
120 Domestic
Govt.
Bonds
1936
Daily
120
1936
Daily
S.
YIELD AVERAGESt
BOND
[Based on Individual Closing Prices)
[Based on Average Yields)
U
Japanese
and
In the European group there have
been slight
company
MOODY'S
Australians
fractionally.
progress
maintained their ground.
A
Aa
RR.
U.
Indus.
Averages
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
4.15
3.58
110.23
121.60
118.45
108:75
95.33
105.89
108.57
117.02
May 1514-
4.16
13- 109.87
110.05
121.60
118.25
108.57
95.03
105.37
108.57
116.82
13-
4.17
Aaa
P.
A
Aa
Aaa
tic
Baa
May 15_. 109.98
14.. 109.95
Corp.*
30
For-
U
P
RR.
Baa
Indus
eigne
5.89
3.74
4.23
5.06
4.41
4.25
3.80
3.59
3.74
4.24
5.05
4.40
4.25
3.81
$
3.59
3.75
4.25
5.07
4.43
4.25
3.82
X
4.17
3.59
3.74
4.26
5.09
4.44
4.25
3.82
X
109.80
110.05
121.60
94.73
105.20
108.57
116.82
12-
109.77
110.05
121.60
118.45
108.21
94.73
105.20
108.39
116.82
11-
4.17
3.59
3.74
4.27
5.09
4.44
4.26
3.82
»..
109.72
110.05
121.60
118.45
108.39
94.88
105.20
108.39
117,02
9-
4.17
3.59
3.74
4.26
5.08
4.44
4.26
3.81
8—
109.70
109.86
121.60
118.04
108.39
94.73
105.20
108.39
116.82
8-
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
7-
i2
.
11
—
118.45
108.39
110.05
121.81
118.25
108.39
94.73
105.20
108.39
117.02
4.17
3.58
3.75
4.26
5.09
4.44
4.26
110.23
122.03
118.25
108.57
94.88
105.37
108.39
117.02
6-
4.16
3.57
3.75
4.25
5.08
4.43
4.26
3.81
5-
109.86
122.03
118.04
108.21
94.58
105.03
108.39
117.02
5-
4.18
3.57
3.76
4.27
5.10
4.45
4.26
3.81
4-
4.19
3.59
3.76
4.28
5.13
4.48
4.27
X
3.81
6— 109.74
X
X
5.84
3.82
7— 109.75
109.70
X
+
+
t
4— 109.61
109.68
121.60
118.04
108.03
94.14
104.51
108.21
116.82
2— 109.68
109.49
121.60
117.22
108.21
94.14
104.68
108.03
116.22
2-
4.20
3.59
3.80
4.27
5.13
4.47
4.28
3.85
1
109.69
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
1-
4.21
3.60
3.80
4.28
5.14
4.48
4.28
3.86
Apr. 24.. 109.80
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24..
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
17.. 109.96
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17-
4.17
3.60
3.79
4.25
5.02
4.40
4.27
3.83
5.83
9- 109.75
110.42
121.60
117.63
108.57
96.23
106.42
108.39
116.62
9-
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
—
X
5.96
Weekly—
Weekly—
3- 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
3-
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
Mar.27__ 109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar.27__
4.17
3.61
3.79
4.24
5.03
4.39
4.28
3.84
5.85
20- 109.51
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
20..
4.16
3.60
3.77
4.23
5.04
4.39
4.26
3.83
4.24
5.03
4.39
4.28
3.85
5.94
5.80
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
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
Feb. 29-
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
13-
'
120.54
117.84
108.94
97.16
107.67
108.39
115.81
21.. 108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21-
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
15.. 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15-
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
4.36
4.25
3.88
6.10
Feb. 29..
108.98
110.61
8.. 108.22
110 23
120.96
117.02
108.39
96.70
106.60
108.57
109.68
120.75
116.82
108.03
95.78
105.54
108.57
8-
115.41
—
107.96
4.16
3.62
3.81
4.26
1-
115.61
1
4.96
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
6.15
3.82
4.28
5.03
4.43
4.25
3.89
6.13
Jan. 31.. 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
4.19
3.63
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
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
4.33
5.14
4.54
4.27
3.96
6.26
4.39
5.24
4.63
4.29
4.03
6.23
4.87
4.25
4.24
3.80
5.80
Jan.
31—
17- 108.34
109.31
120.11
116.62
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
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
!
High 1936 109.96
110.98
122.03
118.45
109.49
98.09
108.57
108.75
117.22
Low
1936
4.12
3.57
3.74
4.20
Low 1936
107.14
119.07
114.43
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
1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
4 80
3.82
4.25
4.83
6.40
5.37
6.13
4.35
6.97
4.52
4.29
5.81
5.31
4.47
7.21
107.77
High 1935 109.20
106.96
119.69
114.43
105.72
91.67
101.31
107 67
112.11
Low
Low 1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
High 1935
•
1
■
1
Yr. Ago
May 15'35 108.69
118.25
101.81
110.05
101.64
82.87
94.58
103.82
107.85
5.90
Yr. Ago
4.64
3.75
4.17
4.65
5.97
4.88
May 15*35
5.10
4.02
4.37
4.98
6.13
4.85
2 Yrs.Ago
2 Yrs.Ago
May 15*34 105.02
112.88
97.94
106.42
96.39
80.95
98.41
91.53
104.68
May 15'34
These prices are computed from average yields on the basis of one "Ideal" bond (454 % coupon, maturing In 31 years) and do not purport to show either the average
or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
For Moody's Index of bond prices by months back to 1928, see the issue of Feb. 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 was published In the Issue of May 18, 1935,
page 3291.
ttAverage of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
X Daily averages discontinued, except Friday
*
level
of each week.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, May 15, 1936.
Business activity continued at an excellent
pace
in spite
vt slight seasonal
recessions in
still
close to the six-year peak reached a few
holding
weeks
ago.
very
Steel
activity
a
and
number of lines, the rate
coal
output
were
slightly
amounting to 8 to 25%.
in sales
on
and
bonus
is
offset
to
the Eastern half of the country, while in the
showers were
rather
frequent and widespread,
weather
by demands from
other
sources
Activity in the automobile industry is
for electric power.
holding
up
surpris¬
interior
over
especially
during
early
the
confined
was
substantial rains
Most
the
Gulf
cotton belt
and
area
Rio
is
now
the
counteracting in no small measure the usual seasonal reces¬
sion in this branch of trade.
The sales department of the
The wheat and cotton crops
than holding its own, especially
district, where jobbers are finding that
in
the
and
New
York
have been running neck
neck with April, that month having been the best for
sales
during
the year
the
to date.
current
month
The defeat of the Frazier-Lemke infla¬
in
of
of
some
additional
which
of
the
Nebraska
Northwest.
southward
The Eastern
Valley.
complaining of dry conditions.
of
outstanding
occurrence
Grande
Freezing
the week.
of
interior
occurred from
lower
feature
days
the
to
ingly well, the veterans' bonus undoubtedly playing a sub¬
stantial part in the sustained demand in this field.
This
in turn is having a wholesome effect on the steel industry,
steel industry is much more
Warm weather
89,760 in the corresponding week of 1935.
The seasonal slow-up of industrial activity
which naturally affects electric output will be more than
quarter.
Automobile
production this week in the United States and Canada was
estimated at 117,156 units against 118,786 last week and
prevailed
the
scale than last week.
expected to be maintained at a high level.
showed a substantial gain over
the previous week, and close observers do not look for any
abatement from the present rate during the remainder of
lower, but electric output
Wholesale buying was also
With the veterans'
record vacation and travel season, distribution
much larger
a
weather
rains
in
the
this
week
was
Mid-Western
drought had prevailed for
a
have been aided very materially
after very warm weather early in the week, it
of
electric
States,
long time.
by recent heavy rains in the West and Southwest.
A violent
The
the
Locally,
turned cooler.
storm, accompanied by heavy downpours
damage and interfered with
fair and warmer here, with
temperatures ranging from 45 to 60 degrees.
The forecast
rain,
did
traffic.
motor
for
much
property
Today it
was
fair, warmer tonight; Saturday partly cloudy and
Overnight at Boston it was 42 to 58 degrees; Balti¬
tionary measure has had a most wholesome effect on trade
was
general, and this was distinctly reflected in the action
of the securities market Thursday, sentiment in Wall Street
cooler.
changing from deep depression to rampant enthusiasm, in
which stocks scored substantial gains, the volume of busi¬
Chicago, 48 to 54; Cincinnati, 40 to 60; Cleveland, 44 to 54;
Detroit, 46 to 60; Charleston, 64 to 84; Milwaukee, 48 to 56;
totaling 1,391,430 shares—a sharp contrast to the ex¬
dulness and low volume of the past
two weeks.
Savannah, 68 to 90; Dallas, 62 to 84; Kansas City, 58 to 74;
in
ness
treme
received from the retail trade, the
the past week being the liveliest since Easter, the rise
Glowing reports
pace
were
more,
48 to 64; Pittsburgh, 42 to 58; Portland, Me., 40 to 54;
Springfield, Mo., 52 to 68;
Lake
and
Oklahoma City, 62 to 80;
Salt
City, 58 to 90; Seattle, 54 to 70; Montreal, 46 to 58,
Winnipeg, 42 to 74.
Volume
Financial
142
Recovery
Going
Goods
Forward
Rapidly
More
Than
Industries
Durable
in
Goods,
Non-Durable
in
of Cleveland
and Security
in First Four
According to Col. Leonard P. Ayres
Trust Co.—Finds Business Activity
Prices Moving in Opposing Directions
The fact that "business activity
is increasing as the spring
Vice-Presi¬
advances" is noted by Colonel Leonard P. Ayres,
of
the
"Business
Cleveland
3251
loadings were 18.0% above those for the like week of 1935,
and 10.9% over those for the corresponding week of 1934.
Leadings for the week ended April 25 showed a gain of 19.2%
when compared with 1935 and a rise of 9.3% when compari¬
is made with the
son
week of 1934.
same
The first 18
Months of This Year
dent
Chronicle
Trust
Co.,
several adverse
15, cites
May
Bulletin," issued
the company's
in
who,
major railroads to report for the week ended
May 9, 1936, loaded a total of 310,143 cars of revenue
freight on their own lines, compared with 310,868 cars in
the preceding week and 267,010 cars in the seven days
ended May 11, 1935.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED
FROM
CONNECTIONS
'
factors, asserting, however, that despite these, "the general
outlook
has far
"a major financial crisis in France, with a tense
cal situation throughout
pending legislation becoming pro¬
He adds also that "there is dan¬
heated."
more
Southwest.
According to Colonel Ayres,
far
"recovery
is going forward
rapidly in the industries producing durable goods
more
than it is in those making consumer, or
Atchison Topeka & Santa Fe Ry.
Balti^iore & Ohio RR
30,877
shorter lived
such
foods, textiles,
as
chemicals,
13,918
18,410
18,976
Chicago & North Western Ry
15,076
2,762
Missouri Pacific RR
13,809
New York Central Lines
38,763
Internat. Great Northern RR
2,296
4,523
paper, leather, rubber, petroleum, tobacco, and
"Clearly," he says, "advance in consumer purchas¬
ing power is not resulting in any corresponding increase in
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
4,861
6,271
6,860
26,769
6,281
4,376
26,642
5,402
Marquette Ry
Southern Pacific Lines
.
.
Wabash Ry
5,263
Total
He
It
still
is
that
true
to be
in
the
proportion of
the
2,345
2,949
5,396
5,026
4,475
22,984
4,973
2,301
7,210
31,426
6,953
8,990
40,524
9,623
4,261
42,981
5,767
4,482
x8,285
8,329
4,277
40,741
15,677
52,993
5,419
6,747
8,585
1,302
1,866
x8,234
8,366
3,623
35,001
3,920
3,906
x6,059
7,339
interchanged between S. P. Co. -Pacific Lines and Texas & New
cars
industries
unemployment
making
are
those
are
of
the
Weeks Ended—
the
"
;
durable
'
/
';
.
his
Colonel Ayres makes
comments,
the
observation
that "the automobile industry still continues to be the most
Chicago Rock Island & Pacific Ry
Illinois Central System
This
industry,
active
with
being
as
iron
the
business
general
difficult,
of these three
any one
Recovery
rupted
and
construction,
factors
in
justly
may
We
recovery.
may reach prosperity levels in this country
operating at high percentages of capacity, but
even
impossible, for us to be prosperous while
productive activities is much
three lines
declines.
1936.
These
production
has
been
irregular
The latest month
depressed.
since
.
1932,
conditions
made
about
by
summarized
three-quarters
up
recovered
be
may
two-thirds
of
its
of
noting
that
depression
them,
automobile
losses,
iron
laggard
both
factor
prospects
been
the
in
present
further
for
construction
status
constitutes
of general
improvement.
the
volume
tion,
and
is
still
relatively
business activity
Increases
in
residence
especially
greatly restricted.
construction
If
Commercial
low.
by
could have
the
least
public
years
and
favorable
and in
building
utilities,
but the
ago,
industrial
industrial
would be
well
output
would
continue
be
to
a
sharply increase,
the
difficulties
greatly lessened, the number of workers in
of
railroads
our
service occupations
our
in
as
industry would rapidly advance,, and many of the problems
unemployment would be solved.
•
Colonel Ayres finds that "during the first four months of
this
the movements of general business activity and
security prices have been in opposing directions."
As to this, we quote further from his comments as
follows:
year
those of
In
the
first
vigorously
most
winter
of
activity
It
stock
by
the
fact
and
then
and
bond
industrial
and
floods.
prices
were
In
security
was
declining,
restricted
April
prices
moving upward
were
production
transportation
by the
reversed,
were
stock
that
and
commerce
weather
movements
both
quarter
despite
forms
the
by
the
directions
declined1
while
and
severe
of
the
business
usually
the rule
in
this
prices and of industrial
no
nearly
means
country
activity
always the
are
that
short-term
in the
same
fluctuations
of
directions, but this
A careful
case.
study of the monthly
changes in the Standard Statistics index of stock prices and in the Federal
Reserve
term
index
of
fluctuations
industrial
production
both series
of
since
1919
shows
that
the
short-
have
moved pretty closely
together during
time, and without much relationship to each other
during the remaining third1.
about two-thirds of the
During the bear market and depression
fluctuations
Again
of
the two
series
moved
1929
they
acted
more
been
acting independently in
close
which
of 1920 and
almost
that
accord
in
stock
a
similarly unrelated
prices
1935
and' industrial
1928
way.
and
1921
so
and
the
each
Recently they
far
in
activity tend
1936.
to
other.
first half
have
of
once
Probably it
move
in
fairly
fluctuations except in those periods
during
making for changes in the security prices become
to be controlling in their effects.
in their
short-term
the economic forces
powerful
as
Coal
in
week
Freight Car Loadings Fall 2,219 Cars in Week
Loadings of revenue freight for the week ended May 9,
1936, totaled 668,935 cars. This is a drop of 2,219 cars, or
0.3%, from the preceding vreek, a gain of 93.915 cars, or
16.3%, from the total for the like week of 1935, and an in¬
of 66,137 cars, or 11.0%, from the total
loadings for
the corresponding week of 1934. For the week ended
May 2
crease
the
Live
but
May 2
stock
Western
the
lot
freight
week
162,600
1,396
decrease of 3,885
a
571
of
totaled
preceding week and
cars,
above the
but
decrease of
a
cars
cars
below
cars
increase
cars,
of
below
decrease of 439
a
7,064
above the
cars
4,506
above the corresponding
week in 1934.
cars
same
an
and 5,575
but
increase
an
loading amounted to
of
districts
of
4,190
below
cars
increase
of
954
above
cars
week in
same
above
cars
the
7,166 cars above
the
in
It
1935.
was,
same
17,629
or
the
1934.
the
cars,
week
cars,
a
same
in
1,149
in
in
1934.
the
cars
1935,
In
the week ended
the
May
2
preceding week
week
same
in
1935.
decrease of 41
cars
an
of
week
same
above
cars
above the
cars
increase
week
same
stock
increase of 4,830
loading amounted to
preceding week, but a
an
above the
1,041
products loading totaled 32,164
an
cars,
cars
loading of live
an
increase of
an
15,181
and 1,094
1,571
alone,
cars,
and
and
Ore
increase
an
alone, grain and grain products loading for the
20,185 cars, a decrease of 135 cars below the
year,
preceding week, but
1935,
increase of
an
totaled
this
12,376
Forest
the
carload
119,567
week,
preceding week,
year
the
was
cars,
loading totaled 32,666
1935
districts
decrease
totaled
this
2
1935.
the
a
283,692
increase of 35,273
cars
preceding
Western
in
above
than
above
grain products
preceding week
above the
cars
below
week in
same
1934.
increase
of
6,531
cars
above
decrease of 2,532 cars below the corresponding
however, an increase of 7,778 cars above the
corresponding week in 1934.
Coke
the
loading
amounted
preceding week, 2,601
above
All
the
same
week
in
7,655
to
cars
cars,
above the
an
same
increase
of
week in
1935, and 802
114
cars
above
cars
1934.
districts reported increases in the number of
cars
loaded' with
revenue
freight compared with the corresponding weeks in 1935 and 1934.
Loading
of
freight
revenue
in
1936
compared
with
the
two
previous
follow:
years
.
r
.
...
I
.
:
1936
'
Four weeks in January
Five
1934
Week of May 2
Total-....
^
2,169,146
2,927,453
2,408,319
2,302,101
568,927
605,246
11,123,211
weeks in February
Four weeks in April
Wio
1935
2,353,111
3,135,118
2,418,985
2,544,843
671,154
Four weeks in March
jlju.
Revenue
and
ended
week
week of May
less
an
and 7,434
1935,
below
the
corre¬
10.9% above the corresponding
or
corresponding week in 1935, but
corresponding week in
In
the
cars
1,594
loading amounted to
Grain
cars
the
cars above the corresponding
above the corresponding week in 1934.
cars
preceding week, but
week
above
week in 1934.
same
the
671,154
totaled
2
the short-term
independently of
during the great bull market in 1927,
true
the
May
18.0%
or
above the preceding week.
merchandise
of
the
reviewing the
preceding week, 52,501
42,609
increase of
an
week
advanced.
is
Loading
cars,
ended
cars,
cars,
freight loading totaled
the
11,192
.
7/10 of 1%
or
1935, and
construc¬
large-scale resumption of construc¬
confidently carried forward by business enterprise, the total volume of
we
cars,
above
cars
in
the
have
.
Miscellaneous
above
large when measured from the low levels of three
total
tion
of
recovery
102,227
freight for
revenue
55,552
for the week
of
increase
an
1934.
Loading of
4,973
and
has
freight
revenue
was
64,902
follows:
as
sponding week in 1935, and 65,908
inter¬
construction
while
This
23,984
American Railroads, in
May 2, reported
Loading of
ears.
week in
.
and
shown
regained much less than one-third of its losses.
The
The Association of
week ended
Automobile
has
has
Total
be
have
can
by the three lines is
production has recovered to 85% of its 1929
iron and steel output to above 75%, and construction to only about
40%.
steel
all
by 6harp
April of
level,
in
are
perhaps
or
steel,
20,376
22,686
29,203
13,013
65,857
—
that
if these three industries
is
and
fundamental
1936 May 11, 1935
23,625
29,444
12,788
...
St. Louis-San Francisco Ry_
important factor in recovery, as it has been since the low of
the depression in 1932."
In part, he continues:
considered
1936 May 2,
May 9,
goods activities.
In
CONNECTIONS
(Number of Cars)
industries, and especially
advances that
recovery
manufacturing
present
our
the durable goods
Nevertheless,
in
progress
serious
a
concentrated
construction.
best
so
2,310
2,877
9,203
39,101
9,382
TOTAL LOADINGS AND RECEIPTS FROM
continues
is
1,500
6,518
10,246
1,332
Orleans RR.
adds:
is
8,492
7,694
10,145
310,143 310,868 267,010 193,977 197,514 158,415
.
Excludes
x
employment among workers making consumer goods."
of
12,152
9,591
7,730
7,594
2,065
3,972
60,699
Pere
16,628
10,613
7,532
12,251
34,900
4,252
20,329
59,020
5,015
16,481
2,535
4,812
19,834
Pennsylvania RR
5,857
12,824
39,191
Gulf Coast Lines
1935
5,099
12,676
16,169
15,243
3,323
2,253
4,583
13,851
2,\ Mayll,
1936
on."
so
as
17,440
21,714
14,163
Pittsburgh & Lake Erie RR
it
17,079
24,326
21,560
9, May
1936
19,774
29,257
19,271
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
of materials
in
1935
1936
1936
Missouri-Kansas-Texas RR
are
Weeks Ended—
9, May 2, May 11, May
May
non-durable goods."
"Durable goods," Colonel Ayres points out, "are those made
of the lasting materials such as iron, steel, the non-ferrous
metals, lumber, stone, clay, glass, cement, and the like,"
while "the non-durable, or consumer goods, are those made
that
Received from, Connections
Own Lines
on
Weeks Ended—
Chic. Milw. St. Paul & Pac. Ry__
that another serious drought may be developing in the
ger
Loaded
politi¬
Europe," and in this country, "poli¬
tics and the discussion of
gressively
un¬
The unfavorable factors to which he refers
favorable ones."
are
favorable factors than
numerous
more
(Number of Cars)
10,375,946
10,510,874
uuuvi
uuao
uu
OUU W
cVlOU
2,183,081
2,920,192
2,461,895
2,340,460
Lilt!
JLUctU-
ings for separate roads and systems for the week ended
May 2, 1936.
During this period a total of 119 roads
showed increases when compared with the same week last
year.
The most important of these roads which showed
increases were the New York Central Lines, the Baltimore &
Ohio RR., the Pennsylvania System, the Southern System,
the
Chesapeake & Ohio RR., the Atchison Topeka &
Santa Fe System, and the Illinois Central System:
Financial
3252
May
Total Revenue
Total Revenue
Total Loads Received
Freight Loaded
from Connections
1934
1935
1936
1936
from Connections
1934
1935
1936
1935
1936
1935
Group B (Concluded)—
Chicago Indianapolis & Loulsv.
605
2,321
358
328
7,838
1,204
11,075
2,260
10,018
22
15
57
67
1,114
4,553
8,214
1,071
1,985
7,570
7,384
1,866
Central Vermont--—.—
Delaware & Hudson
Delaware Lackawanna & West.
6,360
252
Erie
223
263
2,334
254
286
12,365
13,834
3,943
1,089
1,679
145
3,229
12,394
5,473
Detroit & Toledo Shore Line-
431
945
723
18,637
16,357
15,697
16,866
11,112
4,724
9,048
3,714
Mobile & Ohio
376
Detroit Toledo & Ironton
1,401
296
Mississippi Central...
5,981
2,845
Detroit & Mackinac
810
1,496
Macon Dublin & Savannah
6,219
10,130
Central Indiana
1,244
1,359
3,257
15,325
4,708
94
1,211
Georgia..
-
322
Georgia & Florida
Gulf Mobile & Northern
Central System
Louisville & Nashville—
Illinois
Total
255
269
Lehigh & New England
1,770
8,232
2,016
1,371
Lehigh Valley..
8,392
8,166
8,413
Northwestern
2,552
2,588
2,608
2,482
3,651
2,096
38,769
10,798
2,050
176
1,962
2,894
1,160
34,318
236
Montour
52
38
40,520
12,806
2,134
31,005
9,623
4,222
5,767
39,191
10,861
1,894
4,812
N. Y. N. H. & Hartford
10,818
1,808
5,632
4,480
5,526
5,055
6,636
238
198
333
360
305
Pittsburgh & West Virginia
942
595
1,297
Rutland
622
610
581
10,964
1,912
7,277
3,399
4,326
199
1,446
1,283
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North-.
21
184
-/
352
382
555
510
55,234
46,690
48,125
29,501
24,978-
97,658
Grand total Southern District
84,837
87,748
62,473
51,947
258-
1,252
2,145
;
2,348
792
645
912
17,119
2,392
15,496
2,276
17,072
1,904
10,246
3,040
7,594
8,187
2.335
6,631
3,428
3,497
2,738
Duluth Missabe & Northern...
3,862
3,473
1,430
257
Duluth South Shore & Atlantic.
837
486
630
363
297
7,288
5,546
5,792
6,565
4,2.54
18,976
Chicago Milw. St. P. & PacificChicago St. P. Minn. & Omaha
Elgin Joliet & Eastern
395
294
348
180
12,685
10,194
3,353
2,801
529
Great Northern
582
457
630
435
Green Bay & Western
Lake Superior & Ishpeming
Northern Pacific
3,584
2,432
146,667
164,643
132,260
683
441
522
707
685
70
58
1,382
1,619
4,266
1,708
2,556
2,176
7,884
3,503
2,868
827
8,630
3,394
133,011
125
4,533
8,077
1,240
1,898
5,264
153,931
102
'
10,718
Ft. Dodge Des Moines & South.
Minn. St. Paul & S. S. M
5,250
1,530
14,795
2,045
16,707
3,019
5,827
Chicago & North Western
Chicago Great Western.—
Minneapolis & St. Louis
4,965
3,392
1.336
578
Wheeling & Lake Erie
8,329
156
115
120
260
183
1,242
2,013
1,409
1,231
899
84,811
79,578
74,018
46,957
36,955
19,774
2,754
17,159
2,406
17,913
2,411
5,857
2,325
5,623
339
240
232
70
30
14,163
1,460
11,561
2,510
12,877
14,093
7,730
6,698.
1,297
898
649
9,865
1,018
10,548
2,356
2,370
7,325
2,354
932
776
756
1,167
6,493
1,732:
1,156-
2,142
1,798
1,666
3,159
2,165
Spokane International
Spokane Portland & Seattle
Total..
Allegheny District—
Akron Canton & Youngstown..
'
29,257
3,448
23,310
28,559
16,628
2,000
2,777
2,643
11,918
1,341
Buffalo Creek & Gauley—
307
237
231
5
6
Cambria & Indiana
873
815
783
20
12
7,425
5,411
6,285
11,906
9,367
Cornwall
853
665
537
53
38
Cumberland & Pennsylvania—
258
210
228
Baltimore & Ohio
Bessemer & Lake Erie..——
Central Western District—
Atch. Top. & Santa Fe System
Alton
Bingham & Garfield
29
95
Ligonier Valley
Chicago Burlington & Quincy..
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
45
50
18
18
Chicago & Eastern Illinois
869
Central RR. of New Jersey
Long Island.
Penn-Reading Seashore Lines. _
Pennsylvania System
317
1,631
District—
1,024
7,587
1,053
5,402
3,061
Wabash
-
467
137
1,908
2,983
891
30
341
Louis
Pittsburgh & Lake Erie—
3,996
4,691
6,281
N. Y. Chicago & St.
483
122
'1,642
2,698
Belt Ry. of Chicago
Monongahela
9,993
2,837
3,745
1,470
7,412
b New York Central Lines
102
174
—
317
New York Ontario & Western..
109
155
428
347
2,817
Maine Central
16,521
1,290
1,778
3,135
Nashville Chattanooga & St L.
Lehigh & Hudson River
Grand Trunk Western
i
20,709
Tennessee Central
2,299
12,320
6,119
1,645
769
1,553
899
578
1,142
6,484
11,347
—
1,728
7,839
1,058
14
Bangor & Aroostook
,«280
1,564
485
1,700
8,080
1,387
Ann Arbor.
Total
Total Loads Received'
Freight Loaded
Railroads
Eastern District—
Boston & Maine.
16,
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 2
REVENUE FREIGHT LOADED AND
Railroads
Chronicle
869
793
3,365
1,681
42,981
2,829
1,085
33,074
12,021
1,169
933
1,115
60,699
51,947
11,493
5,804
31
55,366
13,722
Colorado & Southern
Denver & Rio Grande Western.
1,770
Union (Pittsburgh)
8,652
1,490
54
Northern...
Maryland
24
68
0
0
3,153
West Virginia
Western
16,115
3,839
2,425
3,322
6,174
4,507
78,313
349
294
154
33
1,125
1,900
1,289
1,018
893
,865
1,516
1,061
1,877
1,319
1,041
117
61
North Western Pacific
753
726
487
334
244
Peoria & Pekin Union
16,567
12,812
Reading Co
106
83
175
94
26
17,043
3,770
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal..
Nevada Northern.
Southern Pacific
^123,010
106,066
15,386
System
5,135
P.
276
296
1,212
902
12,102
11,153
10,715
8,453
7,690
196
219
102
7
Chesapeake & Ohio
Norfolk & Western—
Norfolk & Portsmouth Belt Line
5
1,619
1,273
1,121
1,951
1,379
Virginian
Total
—
95,504
83,395
82,381
50,433
42,311
20,095
Included
Toledo Peoria & Western
Union Pacific System
District—
Pocahontas
21,714
20,329
1,874
3,288
1,459
2,347
35,410
47,205
43,758
7,263
3,677
1,090
9,591
4,261
1,272
20,792
18,520
1,504
2,942
16,393
15,211
847
680
15,971
a
335
(Pacific)
St. Joseph & Grand Island
106,629
138,522
Total
1,014
12
Utah
Western Pacific
Total.
in U.
12,710
Southwestern District—
Alton & Southern
4,344
1,269
173
239
4,437
3,557
134
137
117
248
303
Fort Smith & Western
Group A—
Atlantic Coast Line
192
Burlington-Rock Island
Southern District—
180
106
94
189
2,845
2,873
1,332
1,183
2,120
2,665
2,345
2,169
Gulf Coast Lines
9,445
1,086
8,632
1,060
8,623
1,131
Charleston & Western Carolina
455
395
374
4,853
1,695
1,063
Durham & Southern
153
119
153
309
192
Kansas City Southern
44
54
50
84
100
Louisiana & Arkansas
Cllnchfleld
Gainesville
Midland
823
1,047
1,048
1,110
1,229
1,337
Piedmont & Northern
449
444
464
998
749
Richmond Fred. & Potomac.
357
312
343
8,179
21,053
7,843
8,202
18,034
18,913
4,086
3,911
13,866
3,876
3,044
10,889
155
144
141
770
636
42,424
38,147
39,623
32,972
26,969
Norfolk Southern
Seaboard Air Line
Southern
System
Winston-Salem Southbound...
3,323
2,453
International-Great Northern..
Kansas Oklahoma & Gulf
214
797
203
89
86
1,981
1,721
1,424
1,663
1,123
1,168
1,697
1,123
1,358
1,403
475
341
Louisiana Arkansas & Texas
760
64
155
Litchfield & Madison
240
123
362
993
685
Midland Valley
468
399
469
358
228
Missouri & Arkansas
104
159
126
263
199
4,533
13,851
3,916
4,183
12,968
2,949
12,541
2,486
7,529
107
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
30
45
37
55
8,990
-
19
Quanah Acme & Pacific
127
64
153
110
125
St. Louis-San Francisco
Total
7,519
2,237
6,547
4,551
2,651
6,525
1,820
5,498
4,058
3,902
2,403
6,923
1,845
5,851
4,044
1,487
2,295
3,150
4,111
18,105
3,564
1,995
2,522
3,457
14.952
123
St.
622
Atlanta Birmingham & Coast..
Texas & Pacific
700
729
705
612
124
155
172
185
257
Terminal RR. Ass'n of St.Louis
868
619
1,222
1,002
Wichita Falls & Southern...
242
286
182
54
3,715
3,249
2,586
2,403
Weatherford M. W. & N. W
54
33
111
34
41
267
Greenville
6 69
4,129
Atl. & W. P.—W. RR. of AlaCentral of Georgia.
Columbus &
Louis Southwestern
Texas & New Orleans
Group B—
Alabama Tennessee & Northern
203
236
261
268
1,643
601
646
53,523
46,067
47,664
58,514
48,607
1,729
1,371
Florida East Coast
Note—Figures for 1934 revised.
* Previous figures.
a
Not available,
Total...
b Includes figures for the Boston & Albany RR., the C. C. C. & St. Louis RR., and me Michigan
Central RR.
Moody's Daily Commodity Index Declines Further
The average price of basic commodities showed an addi¬
tional net decline this week, although there was a recovery
Moody's Daily
Index of Staple Commodity Prices declined from 164.9 last
Friday to a new 1936 low of 162.7 on Tuesday, and recovered
from
to
the low point reached on Tuesday.
163.6 this Friday.
A substantial decline in hog prices was
hides, lead and
sugar
May
May
Mon.,
May
Tues.,
May
Wed,,
May
Thurs., May
Fri.,
May
Sat.,
Annalist"
Prices
Weekly
during the week, with
eggs
while
Index
Year ago,
com¬
169.2
169.8
158.5
175.3
May 15
1935 High—Oct. 7 & 9
Low—Mar. 18
of
Wholesale
were
Cotton,
also
on
the
reported
for
,
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Farm products
May 5, 1936
109.6
-.-
Food products
May 14. 1935
122.7
bl!3.7
119.6
bl21.2
132.1
al05.1
bl05.4
104.6
170.7
170.7
162.6
-
Textile products
Fuels.-Metals
110.7
110.7
109.9
111.8
111.8
111.5
97.6
97.6
-
Miscellaneous
a
98.7
85.8
Preliminary,
on
c
Based
on
81.2
bl21.6
126.4
71.1
old dollar ba<ds.-
b Revised,
86.0
119.5
72.2
75.2
exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to March, 1935.
148.4
1936 High—Apr. 18&23
Low—May 12
gains
and tin.
Chemicals
172.1
.162.7
Commodity
May 12
dry winter wheat belt and heavy offerings of
ivestock caused a loss of 2.1 points in the "Annalist" Weekly
Index of Wholesale Commodity Prices during the past week,
:he index declining to 119.5 on May 12 from 121.6 (revised)
May 5, and 126.4 a year ago.
The "Annalist" added:
fractionally,
cocoa, potatoes,
cAll commodities
2 Weeks ago, May 1
Month ago, April 1
Down 2.1 Points During Week of
Rains in the
bananas,
All commodities
164.9
164.4
163.5
162.7
163.1
163.2
163.6
8
9
11
12
13
14
15
grains and flour, livestock and the meats, losses were also
advanced
Building materials
parisons, is as follows:
Fri.,
hand,
May 12, 1936
remained unchanged.
The movement of the Index
other
.
the main factor
affecting the average.
There were also lower prices for
steel, silk, and corn.
Gains were made by cocoa, coffee,
cotton, rubber, silver, wheat and wool.
The prices of
copper,
Besides the
suffered by butter, cheese, rubber, silk and cotton goods.
Selected
Income
and
Steam
Balance
Sheet
Items of
Class
I
Railways for February
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Glass I
steam
railways
February.
in
the
United
These figures are subject to
138 reports representing
States
for
the month of
revision and were compiled
144 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is
follows:
from
Volume
Financial
142
TOTALS FOR
Chronicle
3253
TABLE II—THE COMBINED
(ALL REGIONS)
STATES
THE UNITED
.
INDEX SINCE JANUARY,
1931
1
,'
.
• i
1936
£-
-
-
1935
1934
1933
1932
1931
91.3
For the Two Months of
For the Month of Feb.
83.6
73.1
60.3
70.1
81.4
•
-
Income Items
1936
1935
$
1936
V
1935
•-
$
$
January
February
$
87.8
83.3
76.7
61.6
68.1
March
a88.4
81.5
78.9
58.4
66.7
85.1
*93.0
80.6
80.0
64.0
63.2
86.4
85.1
69,359,467
21,867,366
48,236,649
23,880,218
April
9,980,838
26,296,410
11,536,344
May
79.3
80.2
June..
79.5
77.2
43,575,553
1,571,152
37,832,754
1,575,635
91,226,833
3,088,267
72,116,867
2,915,427
July
80.7
73.2
August..
82.7
September
Net railway operating income.'—.
Other income
33,594,715
83.1
Miscell. deductions from income
.
36,257,119
88,138,566
69,201,440
10,915,831
41,511,931
221,100
10,914,398
41,939,545
218,195
21,962,299
83,299,307
435,481
53,072,138 105,697,087 106,368,504
42,004,401
Fixed charges:
Rent for leased roads
Interest deductions
Other deductions.
_
Total fixed charges
60.9
60.4
89.3
59.7
71.2
83.5
61.3
83.6
66.5
65.4
65.2
76.3
October
87.4
70.5
72.3
65.4
72.6
90.5
71.5
68.4
64.7
72.2
94.8
77.4
69.5
64.8
72.1
21,896,251
84,035,525
52,648,862
Income available for fixed chges
72.4
December
-
83.3
November
!*■.'.
Total income
♦Preliminary,
•
82.6
83.1
78.9
•
Revised.
a
436,728
United States Department of Labor Reports Wholesale
-
Income after fixed charges.
dlO.644,461 dl6,815,019 dl7,558,521 d37,167,064
2,014,664
2,029,664
1,029,832
1,014,832
-
'
Contingent charges
Net income.a
--*-1-.— dll,674,293 dl7,829,851 dl9,588,185 <139,181,728
Depreciation (way and structures
and equipment)
Federal income taxes
16,046,450
1,731,491
------
On preferred stock.
16,189,166
1,338,984
32,168,032
3,336,678
32,543,635
11,830,073
2,746,045
_
Dividend appropriations:
On common stock-—-.
13,647,279
2,853,628
14,279,402
16,634,937
3,295,850
3,607,592
2,607,891
Commodity Prices Lower During Week of May 9
prices of farm products and foods
during the week ending May 9 largely accounted for a decline
of 0.6% in the Bureau of Labor Statistics (United States
Department of Labor) index number of wholesale commodity
prices, according to an announcement made May 14 by
Commissioner Lubin.
In issuing the announcement Mr.
Pronounced decreases in
Lubin stated:
The all commodity index for the week stood at 78.6% of the 1926 average.
Balance at End of
February
the net drop since the first week of the year has been only
1935
1936
Although the general index has regularly declined during the current
with the
Selected Asset Items—
of
$
$
Investments In stocks, bonds, &c., other than those of
affHiated companies
689,420,014
Cash—*
...
Demand loans and deposits----Time drafts and deposits
—-
—
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balances receivable from agents and conductors.
Miscellaneous accounts receivable
Materials and supplies-Interest and dividends receivable
Rents receivable-
-
Other current assets.
793,463,145
461,414,987
4,189,754
28,331,033
72,716,501
2,717,443
61,676,678
46,931,628
137,654,406
287,935,172
27,634,311
2,155,100
5,691,866
(total, account 707)----
325,715,971
12,560,118
32,702,249
68,163,282
5,140,451
54,658,422
44,460,726
144,339,432
300,010,846
44,034,026
2,754,522
10,697,013
iSelected
1,139,048,879 1,045,237,058
239,626,456
Loans and bills payable.c..
310,202,570
76,107,390
Traffic and car-service balances payable..
Audited accounts and wages payableMiscellaneous accounts payable
Interest matured unpaid—
Dividends matured unpaid.
72,779,620
433,784,401
17,596,398
395,989,903
17,296,033
108,054,749
32,511,727
21,513,672
-
Funded debt matured unpaid.
Unmatured dividends declared
Unmatured interest accrued-Unmatured rents accrued
Other current liabilities
-
Total current liabilities
-
-
-
234,038,165
318,740,544
69,938,315
206,998,531
84,236,648
322,071,962
4,630,568
279,616,041
17,296,056
108,770,809
32,424,209
23,335,028
chemicals
materials,
declined
during
--
--
--
-
Tax liability:
United States Government taxes
...
42,011,071
128,479,676
.
Other than U. 8. Government taxes.
The net Income
35,947,777
128,919,410
a
decline
drugs,
and
commodities
miscellaneous
also
week.
Building
leather
products, metals and metal products, and
materials
registered
fractional
a
housefurnishing goods were unchanged at the level of the preceding week.
Wholesale
prices
dropped 0.5%.
large
group
declined
of
materials
raw
fell
0.8%,
and
finished
products
Semi-manufactured articles averaged 0-1% lower.
The
of all commodities other than farm products (non-agricultural)
0.5%.
The
index for industrial
commodities
(all commodities
other than farm products and foods) remained steady.
The
following is from the announcement of May 14:
The wholesale foods group decreased 1.4%
due to declines of 2.5% in
2% in cereal products, 1.3% in dairy products, and 0.9% in fruits
meats,
Important individual food items for which lower prices
reported were butter, cheese, flour, corameal, hominy grits, canned
were
apricots, dried peaches, fresh beef in the Chicago market, lamb, mutton,
cured and fresh pork, copra, lard, salt, raw sugar, edible tallow, cocoanut
oil, and cottonseed oil.
Higher prices
2.7% below
Wholesale
and poultry
for barley
month
a
ago
farm product
reported for canned spinach,
were
veal, dressed poultry, coffee, and corn oil.
is
This week's food index—78.0—
and 7.3% below
a year ago.
prices fell 1.2%
during the week.
dropped 2%, and grains 1.9%.
corn, rye,
apples at New
Livestock
Falling prices were reported
wheat, cattle, hogs, lambs, live poultry, cotton, fresh
York, hops, fresh milk at Chicago, and white potatoes.
Advancing prices,
1,707,181,843 1,468,058,711
and
the
Hides and
increase.
on
the other hand, were reported for oats,
ewes,
alfalfa hay, clover seed, and dried beans.
eggs,
organges,
farm
-
year,
Compared
2.8%.
this week's index shows
1.6%.
and vegetables.
Liability Items—
Funded debt maturing within six months.b.
year,
In addition to farm products and foods, textile products, fuel and lighting
,
Total current assets-
corresponding week of last
products index—76.2—is 0.9%
month ago and
wethers,
The current
below the corresponding week of
5.7% below the corresponding week of
The chemicals and drugs group declined
a
year ago.
a
0.4% due primarily to weakening
prices of fats and oils, menthol, and tankage.
Mixed fertilizers remained
reported includes charges of $1,436,183 for February, 1936
and $2,843,953 for the wo months of 1936 on account of accruals for excise taxes
levied under the Social Security Act of 1935; also $179,889 for February, 1936 under
the requirements of an Act approved Aug. 29, 1935 levying an excise tax upon
carriers and an income tax upon their employees, and for other purposes.
(Public
No. 400, 74th Congress).
The net income for February, 1935 Includes charges of
$1,931,214 and for the two months of 1935 of $4,103,322 because of liability under
because of falling prices for certain cotton goods, knit goods, burlap, and
the Railroad Retirement Act of 1934.
raw
a
as
unchanged at the level of the preceding week.
Average cattle feed prices fell 1.1% although middlings advanced.
of crude rubber declined 0.3%.
b Includes payments
which will become due on account of principal of long-term
(other than that in Account 764, funded debt matured unpaid) within six
debt
months after close of month of report,
c
Includes obligations which mature not more than 2 years after date of issue,
April by "Annalist"
Monthly Index of Business Activity
Widespread improvement in the durable goods industries
ness
H.
88.4
index
of busi¬
activity in April, according to the monthly review by
E.
The
in
Hansen
index
for
a
"Annalist" (New York) of May 15.
stood at 93.0 (preliminary) against
in March and 87.8 in February.
It was also
stated:
tions,
rose
industries.
sharply,
Both
0.1 % increase in the building materials group.
and
conditions
capital
durable
in
large number of
a
goods
industries partici¬
The adjusted index of zinc production also increased
The preliminary index of automobile production rose mod¬
Of the components of the business index for which data are now
substantially.
available, lumber production
durable
of
goods
higher
was
Freight
group.
coal shipments.
Electric
liminary index being placed at
durable goods
of
industries
silk consumption
cotton
consumption
production statistics
was
more
are
not
a
as
a
decrease in
the
power
new
largely as a result
output also advanced, the pre¬
high record.
than offset by
April
to record:
one
loadings increased,
less favorable.
were
index.
the only
car
wool
A
a
cow
Conditions in the
and
boot
I—THE
and
structural
steel
Sheepskins registered
a
sharp advance.
The index for the metals and metal products group remained
at
86.0.
unchanged
Prices of Bessemer pig iron, scrap steel at Chicago, and quick¬
Increases
lower.
silver
were
sheets,
and pig
tin.
were
reported for copper rods, copper and
Average
prices
of agricultural implements,
vehicles, and plumbing and heating fixtures remained firm.
In t,he
housefurnishing goods group
0.6% increase in the sub-group of
a
furnishings was offset by a similar decline in furniture, with the result that
the index for the group as a whole was unchanged at 82.8.
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 loo.
The following table shows index numbers for the main
modities for the past 5
groups of com¬
weeks and for May 11, 1935, May 12, 1934, and
May 13. 1933.
non¬
and
ACTIVITY
Brie kand tile, lumber,
Cement
1926 average, although lower prices were reported for men's shoes,
May
AND
May
Apr.
-■
2
25
Apr.
18
Apr.
9
11
11
12
1936
1936
1936
1936
1936
1935
1934
78.6
79.1
79.5
79.9
73.8
62.3
76.2
Commodity Groups
shoe
i
INDEX OF BUSINESS
COMPONENT GROUPS
lower.
the preceding week.
yet available.
"ANNALIST"
averaged
hides, calfskins, and goatskins.
77.1
77.8
77.4
76.9
80.9
60.5
49.0
78.0
79.1
80.4
81.1
80.2
84.1
67.3
69.1
May
May
May
13«
1933
'
All commodities
TABLE
higher.
Leather and "other leather products" remained unchanged at the level of
gain in the adjusted index
decline in the preliminary
consumption
were
The index for the hides and leather products group remained at 94.9%
of the
production, after allowance for seasonal fluctua¬
reflecting improved
pated in the advance.
erately.
turpentine
and
motor
consumers
the other hand,
remained steady.
the
April
Steel ingot and pig iron
on
Average prices of coke were firm.
brass
(revised)
products group—69.6—declined fractionally
Advancing prices of chinawood oil, sewer pipe, sand, and gravel resulted
Increase Noted in Business During
substantial rise in "The Annalist"
textile
Clothing and silk and rayon,
jute.
rosin,
a
the
Continued weakness in wholesale prices of coal and petroleum products
in
caused
for
caused the index for the fuel and lighting materials group to decline slightly.
1
d Deficit or other reverse items.
index
The
Prices
Paper and pulp remained steady.
Farm products
Foods
—
79.6
79.7
Hides and leather products
April*
March
February
94.9
94.9
95.2
95.2
95.1
88.1
89.3
Textile productsFuel and lighting materials
69.6
69.7
69.7
69.9
69.9
68.7
73.5
54.0
77.2
77.3
77.4
77.5
77.6
74.4
73.0
61.3
75.8
Freight car loadings.-.—
Steel ingot production
70.3
65.6
70.7
Metals and metal products
86.0
86.0
86.0
86.0
85.9
85.2
88.8
85.6
a70.2
67.0
85.5
85.5
85.4
85.4
84.7
87.4
70.8
72.6
61.2
60.8
Building materials
Chemicals and drugs
85.6
Pig iron production
77.5
77.8
78.2
78.9
79.0
80.7
75.3
72.6
*112.6
al09.3
Electric power productionCotton consumption—
Wool consumption
Silk consumption
*93.9
95.2
107.2
110.1
92.9 *
117.3
55.9
Boot and shoe production.
Automobile production.
—
Lumber production..-
52.6
47.8
all5.6
♦llY.O
all6.5
al09.7
89.8
Housefurnishing goods
82.8
82.8
82.8
82.8
82.8
82.0
83.0
71.8
Miscellaneous commodities
68.4
68.6
68.6
68.6
68.3
68.9
70.1
59.0
All commodit ies other than
79.1
farm products
79.5
80.0
80.2
80.0
79.7
76.6
65.3
78.9
78.9
79.0
79.1
79.0
77.5
79.1
66.5
All commodities other than
77.6
73.8
farm products and
Raw materials
76.0
76.6
77.1
77.3
77.0
*
*
.*
52.8
42.7
Semi-manufact'd articles-
74.4
74.5
74.5
74.6
74.5
*
*
*
81.7
74.1
68.1
Finished
80.0
81.2
81.8
81.9
81.6
*
*
*
*93.0
a88.4
87.8
75.3
Cement production
Zinc production
Combined index
77.9
*
products
Not computed.
foods
Financial
3254
1.1% During Two Weeks Ended
April 21, According to United States Department
Retail Costs of Food Up
of Labor
The index of retail food costs rose 1.1%
during the two
April 21, Commissioner Lubin of the Bureau
Statistics of the United States Department of
weeks ending
Labor
of
"The increase in food costs was
Labor announced May 6.
largely the result of an advance in the cost of fresh vege¬
tables," Mr. Lubin said.
"The food cost index rose in 45
and declined in four of the 51 reporting cities.
Higher
prices were reported for 41 of the 84 foods included in the
index.
Thirty-six foods declined in price and seven re¬
mained unchanged."
Mr. Lubin further stated:
composite index for April 21 stands at 19,7% of the 1923-25 aver¬
The
below the level for the corresponding date last year.
This is 2.7%
age.
Comparative indexes of food costs for April 15 of earlier years were 60.1
in 1933 and 100.8 in 1929.
Food costs at present, therefore, are about
half way
The
between these levels.
of cereals and bakery products declined 0.1% during the two
cost
weeks
Wheat flour registered the most significant price
ending April 21.
drop in the group, 0.6%, as a result of price reductions in 19
cities and
in six.
Corn meal prices fell 0.5%.
The price of white bread
unchanged.
Higher prices were reported for macaroni (1.2%)
advances
remained
and soda crackers
0.4%.
rose
and Mountain
was a
Delivered milk prices increased lc. a
showed increases.
areas
Seattle..
in
quart
There
'7; +; 7'7 ;■/<.. 77
,v'1-
May 16, 1936
products, according to the weekly index compiled
for farm
by the National Fertilizer Association.
This index, May 8,
stood at 75.8% of the 1926-28 average as compared with
76.1% in the preceding week.
A month ago the index was
76.9%, and
a year ago, 77.5%.
In noting this, the
nouncement issued May 11 by the Association said:
important declines during the week were
The enost
stock
result
The
particularly sharp breaks in
with
prices,
that the
was
in grains and live¬
wheat,
index of farm products
an¬
hogs.
and
cattle
prices fell to the lowest
reached since 1934.
Although 16 commodities included in the
declined in price during the week and only five advanced, a
occurred in the group index, reflecting higher quotation*
for such important commodities as butter, eggs and dressed chickens.
Fats
and oils prices continued the downward trend! which had been in progress
in the preceding month, with a further decline taking place in the price
point
foods
group
small
increase
oil.
cottonseed
of
Price
changes in
commodity
groups
than
other
farm
products and foods were relatively unimportant during the week.
A slight
was registered by the textiles index, the result of higher cotton prices
rise
declines in
than offsetting small
more
raw
eilk and certain cotton materials.
prices for sand and Southern pine caused the building materials
to reach a new high point for the recovery period1.
A small decline
Higher
index
in
index
the
declined
materials
fertilizer
of
prices was brought about by falling
tankage and cottonseed meal having
Continued declines in the prices of hides and
largely responsible for a downturn in the index representing
organic ammoniates,
for
quotations
rubber
(0.5%).
0.7% advance in sirloin steak prices and
a 0.6% decline for chuck roast.
The cost of pork rose 0.6%, largely as a
result of higher prices for the two fresh pork items, chops (1.3%) and
loin roast (1.6%).
The 2.9% increase in the cost of lamb was due to
substantial price increases for lamb chuck, leg, and rib chops.
The price
of roasting chickens rose 0.6%.
Canned salmon prices advanced 1.2% for
the pink variety and 1.0% for the red.
The dairy products index remained unchanged.
Butter declined 0.3%,
the price changes
ranging from a decrease of 5.6% in Newark to an
increase of 4.2% in Buffalo and Peoria.
All North Central cities except
Peoria reported lower butter prices, and all cities in the New England
Meat
Chronicle
during' the week.
were
miscellaneous
with further
compiodities.
weakness in
The metals price index remained unchanged,
steel scrap
prices being
offset by
advance in
an
'• >77.;>-,7-77:
quotation for brass sheets.
the
+''V+V.
index declined during the week while
preceding week there were 29 declines and 18
the second preceding week there were 26 declines and 21
Forty price series included in the
14
advanced;
advances ;
in
the
in
advances.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
Latest
Per Cent
1926-28=100
Total Index
Week
May 2,
1936
Group
Bears to the
Month
Preced'g
Week
May 9,
Each Group
1936
Ago
Apr.
Year
Ago
11, May
1936
11,
1935
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Foods
77.2
76.9
77.9
69.0
70.3
75.0
71.2
84.5
86.2
90.7
100.3
70.8
72.5
73.5
77.5
Cotton
64.5
63.5
64.9
69.1
Grains
70.3
71.9
69.5
83.5
Livestock..
28.6
(3-Year Average 1923-25—100)
71.5
74.1
76.3
Fats and oils
Cottonseed oil
1936
Commodity
Corresponding
Current 2
Weeks] 4
Ago
Ago
X
Apr. 7
Per'd
in
Weeks
Apr. 21
Group
Farm
22.3
1935
1929
1933
products.
80.7
77.7
16.4
Fuels
79.6
79.6
80.6
77.1
10.3
Mar. 24 Apr. 23 Apr. 15 Apr. 15
Miscellaneous commodities..
71.6
72.2
72.1
69.1
67.0
66.9
79.7
78.9
79.0
81.9
100.8
7.7
Textiles
67.8
67.4
Cereals and bakery products
91.2
91.3
91.6
92.2
69.8
98.2
6.7
Metals
83.0
83.0
82.7
82.4
Meats
94.1
93.7
93.2
96.5
63.4
120.7
5.8
Building materials
80.2
79.1
79.0
78.7
Dairy products
77.8
77.8
78.5
79.3
60.4
102.9
1.3
94.4
94.4
94.2
94.4
Eggs.,.
Fruits and vegetables
w
Fresh
57.4
56.9
59.5
61.8
40.7
76.4
0.3
Chemicals and drugs
Fertilizer materials
65.6
65.7
65.2
65.2
66.5
63.3
62.4
68.7
54.4
87.3
0.3
Mixed fertilizers
67.4
67.4
71.4
76.0
65.8
62.2
61.2
67.6
54.0
85.1
0.3
Farm machinery
92.6
92.6
92.8
91.9
78.3
78.4
78.3
84.2
652
97.3
63.1
75.8
76.1
76.9
77.5
All foods
.-
--
—
-
p Canned..
-
60.1
57.7
57.8
58.0
48.2
67.5
67.7
67.6
71.3
68.4
75.2
75.1
75.3
81.0
44.7
93.7
63.8
63 8
63.7
63.0
58.1
All groups combined
111.0
Fats and oils..
100.0
101.7
Beverages and chocolate
—
72.8
Dried..
-
Sugar and sweet
April Sales of 27 Chain Store Companies Rise 10.23%
Preliminary,
x
Egg prices advanced 0.8%.
began
Price increases
prices.
New
This reversal in the downward trend which
November conforms with the usual seasonal movement of egg
last
reported by 35 cities and
were
by 15.
decreases
England is the only area which reported lower egg prices.
The
increase in fruit and vegetable costs was due entirely to the
and vegetable prices.
Slight reductions in costs
5.1%
seasonal rise in fresh fruit
reported for both the canned and the
were
under
reported
made
way,
47
by
(5.1%).
declined
which
Canned
and
with
their lowest
level since July,
fruits
of
were
also
(5.5%),
and
and bananas
0.7%, made the
and vegetables.
In
1933.
prices,
both
The
chocolate costs
declining 0.3%.
and
indexes
of
Lard
advanced
since
last
declined
Food!
fats
September.
the
and
of
From Sept.
for
any
added
of
coffee
rose
price-reporting
24, 1935, to April 7,
0.1%.
advanced
obtained.
The
largest
fresh
fruit and
were
reported for
1.1%, largely
in
45
increase,
vegetable costs
as
a
of
the
51
cities
from
1936, lard prices
which
prices
Food costs
$154,454,073
66,436,824
dropped most in Detroit,
result of lower meat and' dairy product prices.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
(3-Year Average 1923-25=100)
Regional Area
Ago
X
Apr. 7
Corresponding
Ago
$200,396,098
+ 10.23
$199,973,604
$184,541,623
209,047,845
84,102,956
26,384,325
14,896,340
4,951,000
202,825,620
76,693,173
24,969,886
12,204,483
4,951,000
+8.36
+3.07
+9.66
$539,356,070
212,795,872
$506,185,785
189,361,033
+ 6.55
+ 12.38
Total 27 companies
....
$752,151,942
$695,546,818
+8.14
4
Apparel chains
2 Drug chains
__
2
Shoe chains
1
Auto supply chain
Per'd
in
2 Mail order companies.
Total 27 companies
1935
1933
59,855,098
+ 1.03
Sales—Four Months—
6 Grocery chains
10 5 & 10-cent chains
Current 2 Weeks 4 Weeks
Apr. 21
+7.72
+ 16.54
$220,890,897
2 Mail order companies
Total 25 chains....
1936
$143,389,808
57,006,290
supply chain....
Total 25 chains
are
was reported by Cleveland,
where
11.1%, and substantial price increases
meats and bread.
23,666,190
6,158,965
4,346,690
1,463,000
2 Shoe chains
Auto
+7.32
+4.41
+ 12.10
+ 7.35
+36.61
$47,899,865
26,529,262
6,611,624
5,937,954
1,478,000
Apparel chains
2 Drug chains
1
% Change
$51,403,876
62,493,357
4
2.4%,
rose
1935
period
28.3%.
costs
the four months of 1935.
1936
Sales—April—
6 Grocery chains
10 5 & 10-cent chains
and sweets each
sugar
increase
first
over
Excluding the two mail order companies, the 25 chains
reported an increase of 6.55%.
The following table shows the amount of sales and the
percentage of increase, by groups, for the month of April
and for the four months ended April 30:
the
was
followed closely the movement
and oils
0.4%,
for the four months of 1936
bean prices dropped 0.9% to
Lima beans, on the other hand, rose
list of foods for which the Bureau collects prices.
Beverage
According to a compilation made by Merrill, Lynch &
Co., 27 chain store companies, including two mail order
companies, reported an increase in sales of 10.23% for
April, 1936, over April, 1935.
Excluding the two mail
order companies, 25 other chain store companies reported
an increase in sales of 7.72%.
Sales of these 27 companies showed an increase of 8.14%
navy
0.8% to the highest level since Jan. 30, 1934, when this item
to the
advances
the
increases
onions
price decrease
a
canned
vegetable subgroup,
price
for
dropped 10.4%,
beans
green
corn,
measure
(7.6%),
sweet potatoes
The price of
2.9%.
fruit
large
Substantial
cities.
(9.1%),
significant change among the
dried
in
accounts
of the 51
by cabbage
lettuce
only
and vegetable sub¬
advance of
an
well
is
dried fruit
the fresh fruits and vegetables the largest price change
13.0% for white potatoes.
The season for new potatoes
Among
groups.
was
v
+5.66
+22.06
1929
Mar. 24 Apr. 23 Apr. 15 Apr. 15
United States
79.7
78.9
79.0
81.9
60.1
New England
Middle Atlantic
78.8
77.9
77.9
79.6
59.8
99.6
80.9
79.6
80.0
82.5
61.3
100.8
East North Central
79.9
79.2
79.1
82.6
59.2
102.5
West North Central
101.8
100.8
81.8
81.3
81.4
85.9
59.5
South Atlantic
79.1
78.6
78.3
81.3
58.4
74.4
73.6
73.4
78.0
56.8
77.2
76.7
76.7
80.5
58.7
101.0
83.0
81.9
81.9
86.6
60.7
97.8
77.1
77.0
76.4
79.7
61.9
98.9
Department
in Less Than
April Reported
by Board of Governors of Federal Reserve System
—Index Declined from 88% to 81%
Amount
Store
from
Sales
March
to
101.4
West South Central
in
Seasonal
98.7
East South Central
Increase
Mountain.
-
Pacific
x
_
_
Preliminary.
Wholesale Commodity Price Average Declined Slightly
During Week Ended May 8, According to National
Fertilizer Association
The
'
general level of wholesale commodity prices declined
0.4% in the week ended May 8, due largely to lower prices
The
the
report issued May 11 by the Board of Governors of
Federal
Reserve
System
indicates
store sales increased from March
that
"department/
to
April by less than the
usual seasonal amount, and the Board's index, which makes
allowances for seasonal changes, declined from 88% of the
1923-25 average to 81%."
This, it is noted by the Board,
compares with an index of 80 in February.
The following
is also from the report:
Total
sales
in
were 8% larger and total sales in the first four
9% larger than in the corresponding periods of 1935.
April
months of the year
Volume
Financial
142
REPORTS BY FEDERAL RESERVE DISTRICTS
Chronicle
The
,
general
remained
P. C. Change from Year
Number
Number
Ago
of
of
Jan. 1 to
Stores
Cities
April 30
April*
Reporting
Included
Federal Reserve districts:
+8
+9
55
+7
+9
57
+4
+9
27
12
+ 11
+7
34
12
+6
+9
57
26
+ 10
33
United
the
in
but
States,
substantially
but 13.2% above that for the corresponding week of last
ago,
year.
29
Philadelphia
declined
unchanged in Canada, Great Britain, Germany,
Netherlands, and continued! to advance in France.
Security prices in most of the 11 leading markets advanced somewhat
during the early part of April, but declined later in the month.
On
May 2 the combined index for these exchanges was 2.9% lower than a
33
New York
level
price
Sweden and
month
Boston
3255
wholesale
20
Cleveland
...
Richmond
Atlanta
+9
Chicago
+ 11
64
+ 15
+9
36
+ 11
+6
43
22
+8
+8
20
14
+ 11
+ 13
19
8
+7
+ 10
94
33
+8
+9
539
Although food prices and the cost of sundries remained
20
Minneapolis
Kansas City
Living Costs Advanced Slightly During April
According to National Industrial Conference Board
30
St. Louis
Total
259
Dallas
San Francisco
-
+9
at
the
coal
of
cause
of
the
*
business days this year and last year.
Weekly
Electric
-
Kwh.
1,947,771,000
Reaches
Output
The Edison Electric Institute in its weekly statement
dis¬
the electric light
and power industry of the United States for the week ended
May 9, 1936, totaled 1,947,771,000 kwh.
Total output
for the latest week indicated a gain of 14.5% over the corre¬
sponding week of 1935, when output totaled 1,701,702,000
closed that the production of electricity by
during the week ended May 2 totaled
1,928,803,000 kwh.
This was a gain of 13.6% over the
1,698,178,000 kwh. produced during the week ended May 4,
Food prices
lower
than
Week Ended
Week Ended
Week Ended
in
averaged the
in
April,
May 2, 1936
Apr. 25,1936
Apr. 18, 1936
year were
in April as in March, but they were 1.3%
same
1935,
18.8% lower than
and
evidence
since
early
in
Since April,
1934.
10.5%, and since January, 1934, 21.1%.
below
the level
women's
of
in April, 1929.
Since
and
since
level of
rents have
1935,
They
increased
however, still 17.6%
were,
April, 1929.
as
clothing
whole declined 0.3% from
a
prices
clothing prices.
fell
April,
1929,
0.4%,
off
Since April,
1935,
25.3%.
March to April.
change
no
noted
They
men's
2.1%,
21.6%
however,
are,
While
in
decreased
was
clothing prices have
above
the
April, 1933.
The
Week Ended
May 9, 1936
'
the National Industrial
point of April, 1933, food prices have advanced 36.2%.
Rents rose 1.6% from March to April,
continuing their upward trend
Coal prices
Regions
be¬
the low
fell 0.9% from March to April, less than the usual seasonal
The level of coal prices in April
1935, but 6.0% below that of April, 1929.
Major Geographic
0.2%
Living costs in April of this
decline.
PERCENTAGE INCREASE OVER PREVIOUS YEAR
advanced
costs
further reported:
The Institute's statement follows:
1935.
living
1.3% higher than a year ago, 17.9% higher than in April,
1933, the low point during the depression, but 14.9% lower
than in April, 1929.
Under date of May 12 the Board
Clothing prices
Electric output
in March, and clothing and
as
total
substantial rise in rents, according to the results
a
Conference Board.
April figures preliminary; in most cities the month had the same number of
April
declined,
regular monthly survey of
'
Total.
level in
same
prices
cost of sundries
average
0.8% higher
than in April,
in
April
2.1% above that of April,
was
the
was
same
in
as
March,
but
1933,
and
4.9% higher than in April,
1935,
5.9% lower than in April, 1929.
13.9
9.7
10.6
Middle Atlantic
12.1
9.7
15.5
10.0
Central
14.5
14.4
17.4
12.3
16.3
14.3
13.9
11.5
16.0
15.0
13.5
11.7
22.1
25.9
15.8
17.6
16.9
16.5
13.6
15.5
12.5
New
13.3
England—J
Industrial
Central
West
Southern
States._.—
Rocky Mountain
21.8
Pacific
15.6
Coast
,
The
purchasing value of the dollar
pared
with
118.9c.
Total United States.
March,
was 118.6c.
120.2c. in
1936;
in April, 1936,
April,
19270865 1932087 19345
' ; ...V
•:■.■,
\
1935,
•1
Indexes of the
Per Cent
Cost of Living
1923=100
Inc. (+) or
Dec. (—)
in Family
Budget
Food
Weekly Data for Previous Years
Housing-
Kilowatt-Hours
1936
84.3
from March,
1936, to
March,
84.3
33
a
20
Clothing
in Millions of
April,
1936
P.C.
100c.
Relative
'
i
Item
DATA FOR RECENT WEEKS
{In Thousands of
Kilowatt-Hours)
as com¬
and
Importance
!:V
;•
14.5
in
in 1923.
12
:
April, 1936
Ch'ge
0.0
1936
Mar.
7
1,893,311
1,900,803
1,862,387
1,867.093
1,916,486
1,933,610
1,914,710
1,932,797
1,724,131
1,728,323
1,724,763
1,712,863
1,700,334
1,725,352
1,701,945
1,673,295
1,928,803 1,698,178
1,947,771 1,701,702
1,700,022
1,696,051
Mar. 14..*.
Mar. 21
Mar. 28
4.
11
18
25
2
9
16
23
Apr.
Apr.
Apr.
Apr.
May
May
May
May
1934
1935
FOR
DATA
+9.8
1,647
1,650
1,658
1,666
1,375
1,410
+8.0
+9.0
+ 12.7
+ 12.1
1,617
+ 12.5
1,673
1,669
1,633
1.643
1,650
1,655
1.642
+ 15.5
+ 13.6
+ 14.5
1931
1932
1,391
+ 10.0
MONTHS
RECENT
1933
1929
1,676
1,515
1.480
1,465
1.481
1,470
1,455
1,429
1,437
1,436
1,425
(THOUSANDS
1,750
1,682
1,689
1,680
1,647
1,641
1,676
1.644
1,637
1,654
1.645
1,602
1,538
1,538
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1930
1,736
1.722
1.723
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
OF
1.703
1.687
1,683
1,680
1,663
1.697
1,709
1,700
1.688
1.698
1.704
1.705
75.9
74.7
+ 1.6
73.8
74.0
—0.3
Men's
78.3
78.3
0.0
Women's
Week of—
69.4
69.7
—0.4
Fuel and light
Coal
30
Weighted avge. of all Items..
Based
1935
1932
1933
1934
Ch'ge
1931
Feb
March
April.
.
..
May
June...
July
...
August.
Sept
Oct
Nov
Dec
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
7,762,513 + 11.6
7,048,495 + 13.9
7,500,566
7,382,224
7.544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
8,664,110
8,025,186
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
—0.9
87.9
■
93.7
i-
average of April 7 and
Further
0.0
\v. 0.0
84.3
84.1
+0.2
118.6
118.9
—0.3
food price indexes of the United States Bureau of Labor
on
April 21, and
Increase
average of March
Noted
New
in
Statistics,
10 and March 24.
York
State Factory
Mid-April—Pay¬
Lower—Decreases Reported in New York City
Employment
further
Jan
100
—0.6
86.7
>■
93.7
Purchasing value of dollar..
a
87.1
87.9
Sundries
rolls
1936
of
86.6
85.9
Employment
KWH.)
P. C.
Month
5
Gas and electricity...i..
gain
from
of
York
State
middle
of
to
factories
March
registered
the middle
to
a
of
statement issued May 11 by Industrial
a
Commissioner Elmer
Department
Mid-March
New
in
from the
April, according to
F.
Andrews,
Labor.
of the New York
Employment
State
increased
0.6%,
reported, while total payrolls declined 0.7%.
Andrews
*■:
Mr.
He
continued:
The
usual
for
changes
the
March
to
April
period,
shown
as
by
the
movement for the last 21 years, are decreases of 0.8% in employ¬
1.8% in payrolls.
However, during the same period of the
average
and
ment
three
Total
85,564,124 80,009,501 77,442,112 86,063,969
93,420,266
Note—The monthly figures shown above are
based on reports covering approxi¬
of the electric light and power industry and the weekly figures are
mately 92%
based
about 70%.
on
years
1933, 1934 and 1935, factory employment showed gains of
2.8%, 1.3% and 0.8%, respectively.
As in April of last year, the reports
this April indicated that many of the reporting concerns were
holding the
employment gains which occurred during March.
Further
National Industrial Conference Board Reports Slight
^Decline
World
During
industrial
March
production
World
in
Business
sion
according to
moderately
declined
during
in
said.
Canada,
Central
the
of
the
Japan,
and
Belgium,
Italy,
American
South
Output in the United
Spain,
countries,
and
the
most
Board
States, Netherlands, Germany
and the Scandinavian countries remained at about the
level
as
United
in
the
same
preceding month.
Business activity in the
rose slightly.
Output in Australia con¬
Production in France showed indications
Kingdom
tinued to expand.
of
improvement, in spite of disturbing political and finan¬
The
Reports
basis
women's
report of the Conference Board, issued
May 14,
con¬
a
gold
1929
of
average,
the
1936
value of
index
of
world
75
trade
countries
declined
(excluding
during
Italy)
compared with 35.8% in January.
gold value of world
trade
was
February,
1936.
stood at 34.3%
The
of
the
For the first two months
have been 7.1%
estimated to
higher than in the corresponding period in 1935.
World)
prices of foodstuffs and raw materials during March showed sub¬
stantially
prices
silk
change
continued
and
slightly
no
coffee
to
over
the
advance.
declined.
preceding
Wheat
Copper
higher.
month.
prices
prices
were
Sugar,
recovered
tea
and
slightly.
unchanged,
and
tin
rubber
Cotton,
moved
the
forces
of
expansion
paints and
of
some
of
the
operations
colors industries.
clothing and millinery industries and some of the
sharp reductions in both forces and payrolls;
good part of the net loss in total payrolls.
representative factories throughout the State
on
statements.
a
total
During
April
these
factories
weekly payroll of $9,071,687.
The
form
employed
reports
are
collected and tabulated' and the results analyzed in
the Division of Statistics
and Information,
Patton.
under the direction of Dr.
E.
B.
The State Labor Department's index of the volume of
factory employment
77.7 in April, slightly higher than that for
any month since last
was
October,
the
when
index
was
66.8, compared with 67.2 in
employment
payrolls
index
Percentage
changes
higher
during
indexes
are
as a
OR DECREASES
1923
1924
1925.
—1-0%
declined
4.9%.
March
and
with
the
the
index
the
averages
of
for
to
April
in the
last
22
(—) MARCH TO APRIL
1926
—1.3%
—2.0%
—1.3%
Seasonal
computed
from
0.3%
—3.2%
Curtailment
in
Seasonal
-1.4%
—1.2%
—0.5%
—1.7%
_
in
New York
1931...
—0.8%
1932....
-1.9%
-1.4%
No change
Employment
April
was
ago,
base.
in employment
—1.5%
1919..'_
this
payrolls
year
in the following table:
+0.6%
+1.7%
_
The index of factory
Compared with April a
3.8%
1925-27 used
given
77.8.
March.
Both
was
6.1% greater.
INCREASES ( + )
The
combined
in
seasonal
1,619
these
366,227 workers
years are
:
and
reported
for
from
for
noted1
were
industries
brick, cement and stone, and
industries
the three years
cial conditions.
tinued
the
in
this accounted
the
increases
machinery
men's and
textile
monthly report of the National
Industrial Conference Board.
Activity showed some reces¬
March,
occurred
The
substantial
and
metals
1936
—3.8%
+2.8%
+1.3%
+0.8%
+0.6%
J
(prelim.)
Clothing Industries in New York City
City
factories
curtailment
was
decreased
beginning
0.8%
in
the
and
payrolls
men's
and
Financial
3256
women's clothing
collars
reported
in
increases
their
forces
The
Manufacturers of men's shirts and
industries.
and allied
gain in the number employed, chiefly due to further
Laundries and dry cleaning plants increased
6ome
few
a
factories.
3%.
food
tobacco
and
showed
industries
a
loss of 3% in forces, a large
part of which occurred in the miscellaneous groceries division.
State
the
in
as
As in the
the metals and machinery industries registered
whole,
a
change amounted to a 2%
net
gain;
a
employment occurred in boat and ship building and repairing concerns;
smaller
increases
noted
were
architectural
<and
iron
foundries
in
and
works,
and
machine
firms
in
making
shops,
structural
instruments
and
corresponding week
of
lent
25
Four
in
the
of
six
up-State industrial
major
districts reported
those
in March
reported
in
Payrolls
only two districts,
gains
net
In Buffalo,
of
some
1934.
totaled
and
in
and
machinery plants.
In
industries in Rochester more
clothing
than
offset
curtailment
some
in
The percentage
rolls
num¬
somewhat larger decline
a
by districts
and
pay¬
below:
given
are
in employment
i
''
1936,
2,
similar
date
feet,
year
ago.
Identical Mill
week's
production of
feet, and a year ago
feet
233,061,000
March to April,
c
;
on
the equivalent of 33 days' average production, compared
or the equivalent of 25 days' average production on
or
a
softwood mills
488
with 642,180,000
Reports
identical softwood mills
466
was
217,896,000
were,
respectively,
received,
211,999,000
it was 163,502,000 feet; shipments
236,110,000
and
feet,
and
orders
and 220,932,000 feet.
feet
'
9,164,000 feet.
was
May 2, 1936, give unfilled orders
of 845,385,000
feet and gross stocks of 3,323,397,000 feet.
The 460
identical softwood
mills report unfilled
orders as 829,979,000 feet on
Reports from
Last
changes from March to April
Production
Unfilled Orders and Stocks
mills.
textile
some
92
above production.
In Utica, decreases in both employment and payrolls occurred
payrolls.
in
9%
May
in shoe factories, accompanied by
working
in
industry.
Binghamton-Endicott-Johnson City reported slight reductions in the
ber
from
Reports
or
for
Production
hardwood mills
Albany-Schenectady-Troy
slightly upward in some of the metal
Larger forces in some of the chemical, metal and
machinery plants.
men's
3% below the production of the same
the same week were 239,412,000 feet,
was 223,961,000 feet.
give new business as 9,969,000 feet,
Shipments as reported for the same week were
or
reported
as
7% above production.
or
12,228,000 feet, or 33% above production.
and
Syracuse, employment was
machinery
the
reported for the week ended May 2, 1936, by 497 softwood
217,998,000 feet,
Shipments
further substantial gains in both forces and payrolls occurred
the metal
during the week' ended
cars
2,
above
of
greater
were
Buffalo and Albany-
loadings totaled 32,164
1936.
This was 41 cars less than the preceding week, 4,830 cars
corresponding week of 1935, and 7,166 cars above similar week
May
mills.
Schenectady-Troy.
in
days' a year ago.
products car
Lumber orders
employment and two districts reported net losses.
than
days' average production and stocks of 129 days' compared with
33
daj's' and 123
Forest
mills
Upward in Four Industrial Districts
those of
Northern
•
above; all but Northern pine and Northern hem¬
lock reported production above.
Identical softwood mills reported unfilled orders on May 2 the equiva¬
pine reported shipments
appliances.
Employment Continues
1936
16,
Western pine and Tedwood reported orders below
of 1935; all but West Coast, cypress and
but
regions
A further substantial advance
increase.
May
Chronicle
♦
1936
City
Employment
Buffalo
.
.
_
+5.0
of
Lumber
During Five^lWeeks
May 2 Up 32%—Shipments Gain 18%
Production
Payrolls
+6.2
—0.8
_
Syracuse
+2.0
Albany-Schenectady-Troy
+ 0.8
+ 3.3
Rochester
+0.3
—1.8
Blnghamton-Endlcott-Johnson City
New York City
—0.4
ber Manufacturers Association
—4.9
—1.2
give herewith data on identical mills for the five
May 2, 1936, as reported by the National Lum¬
weeks ended
—2.8
—0.8
Utica
We
Ended
—0.7
An
of 551 mills
average
reported'
on
May 13:
follows
as
Trade Barometer" for the five weeks ended
"National
the
to
May 2, 1936
Lumber
:
*
Employment and Payrolls in Pennsylvania Anthracite
Collieries Declined from Mid-March to Mid-April
The
of
number
workers
on
anthracite companies declined
the
rolls
of
Pennsylvania
5% and the amount of
wage
Production
Orders Received
Shipments
(In 1,000 Feet)
1936
Softwoods
1935
1936
1935
1936
1935
1,076,701
42,280
959,466 1,097,309
47,551
38,516
1,118,981
Hardwoods
817,283 1,121,789
54,187
32,343
849,626 1,175,976
997,982 1,144,860 1,016,437
981,063
35,374
disbursements
nearly 33% from the middle of March to the
middle of April, according to indexes compiled by the Fed¬
eral
Reserve
Bank
Philadelphia from reports to the
Anthracite Institute by 32 companies employing some 69,300
workers, whose earnings approximated $1,159,000 a week.
Employee-hours actually worked in April in the collieries
of 26 companies showed a decline of about 30% as compared
with
month
a
before.
These
reflect
decreases
largely
a
further seasonal decline in the demand for anthracite fuel,
said the- advices made available by the Reserve Bank, which
in
index
March
to
of
employment declined from 51.5%
in
48.9
Production
these
mills,
above
the
April,
showed
ago,
a
35.9 to
24.1
in the
the employment index
drop of almost 43%.
was
period.
same
In comparison
5% lower, while
wage
with
larger
of
comparable
Orders
year
Detailed comparisons follow:
Payrolls
1933
1934
1935
1936
1933
1934
1935
1936
51.1
62.3
61.1
57.9
36.3
59.4
48.1
61.4
55.2
period
same
of
1934.
of
2, 1936,
softwoods
1935,
18% above
were
showing
of
17%
were
13%
gain
in
1936
five
weeks
showed
ended
above the corresponding weeks of
May 2,
May 2,
1936,
stocks
May
1936,
2,
1935 and 41%
above similar weeks
gain in orders of 12% and hardwoods
1935.
reported1 by
467 softwood mills were
3,277,229,000 feet, the equivalent of 129 days' average production, as com¬
pared with 3,133,604,000 feet on May 4, 1935, the equivalent of 123 days'
production.
with
gross
as
1936, unfilled orders
reported by 467 softwood mills
as
the equivalent of 33
645,542,000 feet
May
on
4,
days'
were
production, compared
average
the
1935,
equivalent
of 25
45.8
57.2
the
five weeks ended' May
weeks
during the
833,926,000 feet,
1923-25 Average=lOQ
during
32% above that during the same weeks of 1935
31% above output of the 1935 period.
corresponding weeks of
Softwoods
34%
mills
May
gain of 41%.
received
those of
gain of
ended
was
was
corresponding
and hardwoods
On
a
payments registered
Employment
cut
Shipments during the
those
On
■drop from
of
1936
average
much
a
in
hardwood
and
the five weeks
2, 1936, as reported by
32% above that of corresponding weeks of 1935 and 32%
was
cut
of 1934.
of the 1923-25
and the payroll index
during
record
Softwood
above
likewise reported:
The
Total lumber
of
days'
pro¬
duction.
January
February
62.7
60.1
47.7
53.9
64.7
53.1
65.7
50.0
51.5
40.9
69.2
32.7
35.9
April
50.3
56.6
51.5
48.9
31.3
43.3
42.0
24.1
May
42.0
62.0
52.4
25.2
53.7
41.8
June.
38.5
56.0
55.6
28.8
44.7
55.5
March
-
July
42.7
52.2
48.5
32.0
35.4
46.4
48.2
37.9
39.0
33.3
55.2
55.4
45.2
50.9
39.4
32.2
October
55.3
56.9
57.7
51.6
40.4
47.1
November
69.4
59.0
45 7
40.1
42.8
23.9
December
53.0
59.8
56.3
37.2
43.9
46.7
50.4
57.9
52.0
38.4
46.7
39.9
-
Average..
Crop Situation
by Dominion
Grain in 1936
Expected to Be Increased by About 1,000,000 Acres
23.8
September
The
Dominion
Bureau of Statistics, at Ottawa, Canada,
May 8 the first crop report of the present season,
indicating (1) the intended acreage of principal field crops
as reported by
crop correspondents at May 1; (2) the prog¬
ress of spring
seeding, and (3) winter killing and condition
at April 30, of fall
wheat, fall rye and hay and clover
issued
on
meadows.
Lumber Mill Shipments Advance Over Preceding Weeks
The lumber industry during the week ended May 2, 1936,
stood at 66% of the 1929 weekly average of production and
73%
of
1929
shipments.
Except for the' pre-strike week
ended May 4, 1935, reported shipments of the current week
were heavier than
during any week since May, 1931.
Pro¬
duction was slightly lower than in each of the
preceding
three
weeks.
week since
Less
new
business
was
booked than
in
any
March; it
An
week ended
above
ments
were
Production
in
the
current
"week
was
shown
by
reporting
spring wheat is 24,354,000
with
year,
1932.
amounts
the
and
however,
be
intended
about
A
is
The
is
feet
of
booked
hardwoods
orders
of
and
softwoods
227,967,000
combined;
feet.
week
Revised
were:
Mills, 593 ; production,
569,000 feet; orders, 238,232,000 feet.
Western pine, California redwood,
shipped
figures
242,016,000
feet;
preceding
shipments, 246,-
about
22,400
acreage
acres,
of
and
little
increase
an
or
mixed
26,646,100
Alberta.
change
of
acres
in
com¬
the
peak
previous
year
acres
with
if
for
The
from
168,500
10%,
grains
1935
and
compared
the
3%, and it is practically confined to
the
acres,
farmers'
1936
is
intended
1935
or
4%,
plans
while
Barley,
flaxseed
realized.
are
1,145,500
of
acreages
figures.
The
which
acres,
is
level.
a
figure of 514,800
acres
in 1936
Wheat
area
the
winter
19%,
or
was
killing amounted to
130,000
acres,
a
year
The winter
506,000
acres
killing of fall
for
condition at April
Northern pine and Southern hardwoods
only 8%,
ago.
The
or
47,000
condition
acres,
compared
of fall
wheat at
90 compared with 85 at
April 30, 1935.
Fall
feet;
the
reported orders above production during the week ended May 2, 1936.
All
regions but Western pine showed1 shipments above output.
All softwood
show
rye
promises
up
or
Saskatchewan
233,125,000
251,640,000
for
spring
acres
increase
of fall wheat
remaining for harvest in Ontario at 538,000 acres
practically identical with that of 1935.
Less wheat was sown last fall,
April 30
produced
of
1935
Fall
new
mills
793,400
in
intended1.
but
569
intended
1% below the
with
1936,
The
acres
2% increase in potato acreage to
softwood mills 33% in
During the week ended May 2,
to
23,560,000
provinces
last year;
excess of the corresponding week of
shipments were 1% below that pre-strike week;
business, 4% below.
The Association further reported:
issued
Plant, 1936
of nearly 1,000,000 acres in
the area
sown
to grain
in
1936 is to be expected if the intentions of farmers
at May 1 are
out.
The intended area of
pared
the
May 2 was 2% below output; shipments were
production. | During the preceding week ship¬
2% above production and orders were 2% below.
to
increase
carried
will
8%
a summary of the report
Canada in
tional Lumber Manufacturers Association from
regional
associations covering the operations of important softwood
and hardwood mills.
Reported new business
during
following is
Intentions
oats
of
average
The
May 8:
wTas, however, only 4% less than the
April, according to reports to the Na¬
weekly
Canadian
Bureau of Statistics—Area Sown to
31.6
August
Summary of
Rye
rye amounted to
30,000
harvest
compared
30
acres,
or
6%, leaving
94 in both 1935 and 1936.
was
with
573,700
acres
a
year
ago.
The
Hay and Clover
The
at
99
condition of hay and clover meadows at
April 30, 1936, was placed
compared with 92 a year ago.
Every province in Canada except
Volume
New
the
Brunswick
highest
Financial
142
showed
since
improvement,
an
The
crop was
the oats
2% of barley
respectively,
since
a
year
were
ago.
On
chief petroleum engineer of the Commission, reported that
Eight per cent,
the average bottom hole pressure of the wells in the East
Texas field had dropped 4V£ pounds during the 30 days
ended May 12. Mr. Cottingham cited this development as an
as
in 1935, but only 3% of
whole,
the
■
the
seeding
the
is
Production in United States During
Quarter of Year Reported at New Record
United
States
production
pounds compared with
50,181,000 pounds,
latest
■
of
non-acetate
First
yarn in
53,824,000
rayon
the first quarter of 1936 reached a new record of
of
average
in the ground compared with 11 and 8%,
1928.
Rayon
later than in 1935.
even
prior to April 30,
sown
a 1935 quarterly average production
according to a compilation by the
"Rayon
Organon," published by the Textile Economics
This increase, the paper notes, was accom¬
plished in spite of a lowered production due to the March
Bureau,
Inc.
floods.
Producers' stocks of rayon yarn on hand as of
April 30 were unchanged as compared with March, indicat¬
ing that consumption again balanced production in April.
Commenting upon conditions in the cotton industry, the
paper
points out:
Domestic
from
cotton
consumption for the eight months of the current
August, 1935, has totaled 4,072,759 bales
bales in the
same
period of the 1934-35
as
3257
is
Dominion
Spring Seeding
seeding of spring grains is
of the wheat
and!
the
and
1929.
■
Chronicle
season
compared with 3,647,359
season, or an increase
of 12%.
unanswerable argument
against any increase in the allow¬
recommending an immediate cut from the current
level of 447,997 barrels daily to 440,000 barrels daily.
Despite the fact that crude purchasers filed nominations
with the Commission specifying their willingness to take
1,317,520 barrels of crude daily during June—which is
about
150,000 barrels above current production—inde¬
pendent producers protested overproduction of crude in
Texas.
The overproduction is due mainly to excessive
drilling of new wells, they argued.
The Railroad Commission issued an order Friday setting
the daily allowable for the State at 1,143,995 barrels as of
May 20, and to continue at that rate through June with
such future readjustments as might be necessary.
Actual
production on May 13 was estimated at 1,192,530 barrels,
while the estimated daily allowable on May 1 was 1,165,000
barrels.
In keeping with the recommendation of the Com¬
mission's chief engineer, the allowable for East Texas was
reduced to 438,000 barrels,, compared with current out¬
turn of 448,000 barrels daily.
The authority of the Federal Oil Tender Board at Kilgore
to require tenders from the East Texas Refining Co. and
the East Texas Pipe Line Co. on gasoline moved from
able,
the Louisiana side of the
Petroleum and Its Products—Axtell J. Byles Hits Crude
Overproduction at Mid-Year American Petroleum
Institute Meeting—Threat to Stable Price Struc¬
ture
Seen if Excess
Output Continues—Interstate
Compact Held Harmful to Texas—Federal Tender
Board
Upheld by Court—Crude Output Higher
in United States in 1935
Consistent
crowding of production allowables to the
limit may bring serious repercussions in the way of excess
stocks of crude
and refined prices with corresponding
market levels, Axtell J. Byles, President of
Institute, told delegates at the mid¬
year meeting of the Institute in Tulsa on May 14-15.
"They may help the whole industry, and again them¬
selves," he added in referring to crude producers, "by slowing
up production sufficiently to permit the rest of the industry
to liquidate surplus stocks, particularly of
gasoline.
The
severe weather of last winter necessitated
heavy production
of fuel oil at petroleum refineries, and
concurrently, ab¬
normally large production of gasoline.
While the weather
encouraged fuel oil consumption, it discouraged gasoline
demand by preventing the general operation of motor
vehicles.
As a result, refiners face the
spring and summer
motoring season with unnecessarily large stocks of gasoline."
Sufficient foresight on the part of producers to cut crude
oil production at the current time would tend to
improve
underlying conditions and obviate the usual effects of
forcing too much crude upon the market, he argued.
A
reduction in crude runs to stills by refiners also would aid
in coping with the present situation, he added.
"Generally
speaking," he continued, "the industry is in a better position
as
regards earnings than in some years.
Employment
continues to gain, especially in the
refining branch of the
industry, where the number of workers is nearly at 1929
levels, and average weekly wages are above 1929 levels."
1
W. R. Boyd Jr., Executive Vice-President of the
Institute,
told the delegates that it wrould be most
helpful to the
petroleum industry if all forms of government should limit
attempts at direction of industrial undertakings to those
pressure upon
the American Petroleum
fields in which the influence
of
economics, and of the in¬
dustry itself, is handicapped by the lack of authority or
of necessary facilities.
"There is much which government
can do which will be
helpful both to industry and to the
general public, and which will be adverse to neither," he
added.
"With
such
efforts
this
industry (oil) is largely
sympathy, and is preparing to give loyal support."
appearance of dissension in the Interstate Oil
Compact came this week when Lon A. Smith, of the Texas
Railroad Commission, charged that Oklahoma and Louisiana
are producing more than their share of crude
oil, and that
the provisions of the compact, to which Oklahoma is a
in
The first
Earty, have not oppose observed. Mr. Smith addedTexas
will strongly
been the further participation by that
e
in
the compact when it expires Sept.
1, 1937.
Louisiana
has not yet joined the compact.
"If all States would ridigly observe the
compact
be all right and useful, but the way it is
it would
operating now
it is harmful to Texas," Mr. Smith said.
"If other States
do not curtail their production the Texas Commission
should increase the State's allowable.
It would not affect
the price because the demand for oil is
greater, and pro¬
duction generally has declined.
Decreases in production
have been noted in all except localized
areas,
notably in
some
parts of Oklahoma, Rodessa and in the Corpus Christi
field in Texas."
A reduction in the allowable for
150 barrels
unit's
new
wells in Texas from
Rodessa field and refined at the
plant
at Longview, Tex., was upheld by
Federal District Court Judge Randolph Bryant in denying
the companies an injunction against the company.
Judge
Bryant ruled, however, that bil originating in another
State and transported through Texas to points outside
the State is not subject to the Board's jurisdiction.
( Crude oil production in the United States during 1935
rose to better than
60% of the world total of 1,646,836,000
barrels, totaling 993,942,000 barrels during the year, ac¬
cording to the "Lamp," official publication of the Standard
Oil Co. of New Jersey.
Texas, Oklahoma and Kansas
accounted for approximately two-thirds of the United States
total.
Russia
was
the
second
largest
producer, with
178,000,000 barrels, Venezuela running third with 148,-
976,000 barrels.
Stocks
*
of domestic
and foreign crude oil rose
1,060,000
during the week ended May 2,
according to the Bureau of Mines Report issued May 12.
Domestic crude stocks rose 1,184,000 barrels, being partially
offset by a decline of 124,000 barrels in foreign crude holdings.
Daily average crude production in the first week of May
rose 36,000 barrels
to a record high at 2,961,700 barrels,
the Amer. Petroleum Institute reported.
Total compared
with May market demand estimated at 2,826,300 barrels
by the Bureau of Mines, and actual production in the like
1935 period of 2,619,800 barrels.
California accounted
for the bulk of the increase, Oklahoma, Texas and Louisiana
also showing substantial gains in daily production.
There were no price changes posted during the week.
barrels to 314,192,000 barrels,
Prices of
Typical Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
are not
shown)
$2.45 Eldorado, Ark., 40....
1.25 Rusk, Texas, 40 and over
Lima (Ohio OH Co.)
Corning, Pa
1.42
Darst Creek
Illinois.
1.23
1.23
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolla, Canada...
—.$1.10
1.15
Midland District, Mich.
Western Kentucky
Mld-Cont't., Okla., 40 and above.Winkler, Texas
...—
Smackover. Ark., 24 and over
REFINED
1.18
.85
75-.80
PRODUCTS—CHICAGO
ADVANCED—LOCAL
RETAIL
MARKET
HIT
BY
;
GASOLINE
-
.97
1.02
1.23
.95
1.43
1.10
PRICES
PRICE-CUTTING-
BULK GASOLINE CUT AT BUFFALO—MOTOR FUEL STOCKS
DIP
of the week's
developments in the national
products market picture was the second advance
in retail gasoline prices in the Chicago area within a month,
the Vi-cent increase in tank wagon and service station
prices bringing the market to within 3^-cent of "normal"
levels.
Shell Petroleum
Corp. led the advance, which
was followed by other
major marketers.
While some progress has been made in clearing up the
price war in Brooklyn which lowered retail gasoline prices
as low as "7 for $1," conditions in Manhattan, where the
price weakness spread, continued unsettled.
Bulk prices
continue to hold firm in the local market, however, and dis¬
tributors are hopeful that the normal seasonal rise in con¬
sumption will stimulate demand and end the subnormal prices
in various areas in the
metropolitan section.
Fuel oils
continued easy under normal seasonal pressure.
The disturbed motor fuel price situation in Buffalo and
the surrounding territory in upstate New York brought
a reduction of
%-cent a gallon in tank car prices at Buffalo
and Rochester in midweek by the Standard Oil Co. of
New York, subsidiary of the Socony-Vaeuum Oil Corp., Inc.
Feature
refined
Other distributors met the
Stocks of finished
daily to 100 barrels was suggested by Ernest O.
Thompson, Chairman of the Railroad Commission, at the
proration meeting held in Austin Thursday.
The cut would
be aimed at curtailing production, and was
explained as a
necessity in view of the fact that 736 new wells have been
completed during the past 30 days.
V. E. Cottingham,
former
new
level.
gasoline dipped 145,000 barrels during
the week ended May 9, totaling 66,650,000 barrels, ac¬
cording to the American Petroleum Institute. ' The Insti¬
tute, however, had revised figures for the preceding week
sharply downward.
On the original figures the decline
would have been more than 700,000 barrels for the week.
Despite a fractional increase in refinery rates, crude oil
runs to stills dipped 5,000 barrels.
Financial
3258
Representative price changes follow:
May 13—Shell
station
prices
Petroleum
of
M-cent
gasoline
at
tank
service
companies
met
'■
the advance.
May 13—Standard Oil of New York lowered tank
B.ofM.
;'v:'
Actual Production
Average
Dept. of
I:
prices of gasoline
car
Week Ended
4 Weeks
Int. Cal¬
M-cent at Rochester and Buffalo, N. Y.
Texas.$.03H-.03>i. New Orleans.5.03^-.04
lb. (Bayonne).- ..._$. 04J| 'Los Angeles— .04H-.05
J Tulsa
MX-MX
Diesel 28-30 D
May 11,
1935
537,800
155,200
532,000
162,600
549,150
522,850
156,150
145,850
56,750
62,150
59,650
25,000
66,150
59,550
25,000
02,100
58,050
25,500
151,150
48,450
538,300
150,100
Oklahoma
Kansas..
New Orleans C
$.90
North Texas
Phlla., bunker C
California 27 plus D
$1.15-1.25
$1.05
1936
Ended
May 9,
1936
May 2,
Panhandle Texas
Fuel Oil, F.O.B. Refinery or Terminal
N.'Y. (Bayonne)
Bunker C._
May 9,
1936
{May)
I North
1.05
West Central Texas
1.05
59,450
25,000
181,850
West Texas
N. Y. (Bayonne)
27 plus
$.04
Terminal
..._$.0^-.02H
32-30 GO-$.02H-.02K '
-.04MI
181,300
52,900
449,750
81,150
252,500
50,350
51,450
448,850
80,600
448,100
246,700
445,600
63,150
178,300
1,162,750
1,158,500
1,156,800
1,032,300
73,850
69,650
23,050
145,350
70,350
145,600
145,350
105,150
170,500
219,200
215,950
215,000
128,200
31,000
102,900
38,200
35,600
29,950
104,150
34,200
30,100
29,950
105,050
33,500
36,000
Montana
12,900
Colorado.
4,400
65,900
14,800
4,550
74,950
2,282,300
544,000
2,826,300
2,901,700
Southwest Texas
Coastal Texas
Chicago
New York—
J..$.07H
.07 X
Tide Water Oil Co.. .07 X
Richfield Oil (Calif.) .07X
Warner-Quinaln Co. .07X
Socony-Vacuum
New
Colonial Beacon..$.07
Los
Texas
.07
Gulf..
.07X
.07 M
Republic Oil
_
$.00
Orleans.
Ang.,
ex.
Gulf ports..
Tulsa..
_
-MX
.00
-MX
.05j^-.04%
.00
.00
Northern Louisiana
Coastal Louisiana........
-.00%
-MX
07
Shell East
Total Louisiana.
Arkansas
zNot inoludlng 2% city sales tax.
Eastern
Michigan
Gasoline, Service Station, Tax Included
Now York
Brooklyn
Cincinnati-.
..$.192
....
Cleveland.
.192
___
Newark
108
.145
Buffalo
Chicago
...
.175
New Orleans
,21
.16
Philadelphia
Pittsburgh
.20
San Francisco
.19
St. Louis
—
Detroit
—
Jacksonville—
».
.165
Houston
.175
....
Minneapolis
-
..$.184
.23
.175
..
New Mexico
107,900
33,650
35,900
10,350
4,050
39,850
X71.000
10,200
4,850
50,950
Total east of California.
.16
GftUfnmla
.........
2,377,400
2,362,000
2.366,550
2,106,500
584,300
563,700
572,300
513,300
2,938,850
2,619,800
1
-v
at
The production of
in
39,900
33,750
11,750
4,900
68,300
.177
..
Total United States
March Daily Average
31,300
106,350
.195
-
Los Angeles—
—
-
-
.
Wyoming
—.$.175
Denver
168
Camden
Boston
1,132,500
Total Texas
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard Oil N.
...
79,850
248,950
East Texas
I Tulsa
I Chicago,
185,050
East Central Texas
Gas Oil, F.O.B. Refinery or
Week
-
Ended
culations
Kerosene, 41*43 Water White, Tank Car, F.O.B. Refinery
New York
(Figures in barrels)
;
and
wagon
Other
Chicago.
May 16, 1936
OIL PRODUCTION
DAILY AVERAGE CRUDE
;
advanced
Corp.
Chronicle
x
Natural Gasoline Output Placed
-
'
2,925,700
Revised.
Note—'The figures Indicated above do not include any estimate of any oil which
4,577,000 Gallons
might have been surreptitiously produced.
natural gasoline continued to decline
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MAY 9, 1930
March, according to a report prepared by the Bureau of
(Figures in thousands of barrels, 42 gals, each)
Mines for Harold L. Ickes, Secretary of the Interior.
daily
average
with
an
daily
average
in
average
March
of
was
The
4,577,000 gallons, compared
gallons in February.
4,629,000
on
a
of
Poten¬
Aver¬
Oper¬
At Re¬
age
ated
fineries
P. C.
of
natural
gasoline increased from 177,156,000
hand the first of the month to 191,226,000 gal¬
on
hand March 31.
All of the increase
was
recorded
in stocks at
612
Appalachian.
Ind.,111., Ky.
Okla., Kan.,
154
146
442
424
Missouri..
Inland Texas
Texas Gulf..
453
La. Gulf
and
P. C.
tial
Total
Gas
in
Daily
Reporting
East Coast..
decline in daily average output in March.
Stocks
Unfin'd
Finished
Rate
Stocks
gallons
Unfinished Gasoline
The next most important field, Kettleman Hills, also
registered
lons
Stocks of Finished and
to Stills
District
production in the Panhandle, which declined
21% in February from January, showed a further decline
of 8%.
Crude Runs
Daily Refining
Capacity
The
612 100.0
494
80.7
94.8
97
95.9
400
287
Fuel
Terms, Nap'tha
Distil.
tfcc.
Oil
11,784
1,020
66.4
7,642
1,460
988
250
437
94.3
7,636
2,691
943
3,057
74.7
4,551
2,353
684
2,587
7,692
384
84.8
330
160
48.5
99
61.9
1,251
116
228
1,673
680
658
96.8
596
90.6
6,040
272
2,012
6,422
169
163
96.4
124
76.1
1,184
401
191
1,988
plants and terminals, stocks at refineries show¬
small decline.
No. La.-Ark.
80
72
90.0
50
69.4
87
109
Rooky Mt.
California...
97
60
61.9
41
68.3
1,453
103
734
PRODUCTION AND STOCKS OF NATURAL GASOLINE (IN THOUSANDS
852
789
92.6
503
63.8
9,417
2,478
1,056
71,313
3,468
89.6
2,691
77.6
40,855
21,170
6,596
1.807
333
96,279
2,271
22,977
22,702
6,929
ing
a
-
221
376
OF GALLONS)
Production
Reported.
Estd.unrep'd
Stocks
Mar. 31, 1936
Mar.
Feb.
Jan.-
Jan.-
1936
1936
Mar.
Mar.
1936
1935
At Re¬
Plants
May 9 '36
3,869
At Re¬
Plants
Ter¬ fineries &
7,476
0~204
111., Mich., Ky—
OklahomaKansas
Texas
Louisiana
Arkansas
Rocky Mountain
893
34,036 30,230
2,767 ; 2,691
40,430 37,313
4,139
5,159
854
1,076
5,061
4,446
46,593 45,953
19,777 18~812
2,781
2,653
99,802 87,454
8,604
8,035
122,074 125,114
14,471 11,330
2,865
3,110
14,548 13,222
144,612 127,657
4*643
84
460
2,100
3,822
8,610
Total
Daily averageTotal (thousands
17,944
1,072
54,492
7,595
May
1935
of barrels)
Dally average.
..
3,378
3,196
10,227
8,274
42
"420
186
420
462
1,361
79,002
2,882
91,224 100,170
Daily Average
110
112
The
76,986
105
2,381
2,172
2,385
1,833
daily
production
average
was
of 89,800
gain
a
the
United
daily
crude oil production for the week ended May 9,
This
gain of 36,000
The current
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 May.
Daily average production
for the four weeks ended May 9, 1936, is estimated at
2,938,850 barrels.
The daily average output for the week
ended May 11, 1935, totaled 2,619,800 barrels.
Further
details, as reported by the Institute, follow:
was
a
barrels from the output of the previous week.
week's figure was also above the 2,826,300
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports for the week ended May 9 totaled 906,000
daily average of 129,429 barrels, compared with
a
barrels,
a
daily average of 137,571
barrels
Texas
Receipts of California oil at Atlantic and Gulf ports for the week ended
daily average of 25,571 barrels,
as
against
Reports received from refining companies owning 89.6% of the 3,869,000
daily potential refining capacity of the United States,
1,143,700
barrels
The
of
recorded
ever
The
further
report
output
about
barrels
10,000
in
in
in
587,400
of
average
Louisiana
1933.
in
production
average
Oklahoma's
Rodessa
supplied
set
of
a
45,000
production in East
average
February,
the output of the
barrels in February to
1,124,100
Kansas
March,
and
the1 average;
Mexico
New
the
for
registered
latter
(69,300
high.
production
a
for
which
from
of
Both
in
of
Although daily
average
a new
exerted
daily,
barrels
March.
output
increased
daily
a
March.
highest since September,
daily
a
increase
an
from
of
pronounced
the
crude,
effect
first time in
combined
crude
on
nearly
a
with
decline
a
stocks,
oil
in
the total
year.
Although the demand for fuel oil declined materially in March, the
yield of gasoline did not rise correspondingly; in fact, the average declined
to 42.6% from 42.9% in February.
The
(daily average domestic demand
1,157,000 barrels, a gain of 11% over
somewhat
was
which
motor
and
38%
stocks
for
a
motor
year
ago.
fuel
in
March
was
Although this gain
higher
were
fuel
fuel
in
than expected, some of it evidently reflects ship¬
delayed by the inclement weather in February.
Exports
to 1,615,000 barrels, the lowest in
many months
declined
below
exports
of
a
year
improved materially in
The
ago.
situation
as
regards
motor
March; that is, the increase in finished1
unfinished inventories for that month, 2,555,000
barrels, was small
comparison with the 9,000,000-barrel increase of February.
Inventories
March
basis, 2,870,000 barrels of crude oil daily during the week, and that all
barrels
of the end of the week, 73,489,000 barrels of finished and
'
totaled
was
79,038,000 barrels, of which
7,357,000 barrels
natural
was
unfinished
67,128,000 barrels
was
gasoline, and 4,553,000
gasoline.
products
1936,
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 650,000 barrels
31
gasoline,
According to the Bureau of Labor Statistics, the price index for petroleum
for March, 1936, was 56.0, compared with 55.7 for February,
companies had in storage at refineries, bulk terminals, in transit and in
Mines.
barrels in
about 100 wells.
from
stills,
finished
and fuel oil.
its
barrels
204,600
record-breaking
which
indicate that the industry as a whole ran to stills, on a Bureau of'Mines
gas
the
was
gains
to
runs
reduced
daily) being
on
daily during the week.
in
petroleum
and
21,750 barrels daily for the four weeks ended May 9.
98,550,000 barrels of
showed
of
from
barrel estimated
as
California
barrels
material
of
unfinished gasoline and
except
February to 565,800
rose
ments
pipe lines
crude
the average of March,
over
of
declined
State
barrels for the week ended May 2 and 145,429 barrels daily for the four
a
barrels
Bureau
California
in
record
new
weeks ended May 9.
May 9 totaled 179,000 barrels,
of
2,921,500 barrels, the highest
States
State
March.
barrels
048,100
2,961,700 barrels.
Reaches
declared:
in Week
was
Production
1935, according to the monthly petroleum report issued by
The American Petroleum Institute estimates that the
1936,
As of April 30. 1930.
Petroleum
Crude
March, 1936,
Every
average gross
z
2,291,500 Barrels During March
179
1,545
3,287
9,461
109
z6,287 Z100177
z34,725 *20,471
: ;V
387
126
Daily Average Crude Oil Output Jumps 36,000 Barrels
>
2,594
Bureau of Mines basis currently estimated,
3463
13,464
1,013
48,589
5,948
1,008
76,398
141,876 134,232 429,534 397,387 100,002
4,577
4,629
4,415
4,720
98,550
97,073
7,001
5,838
84
1,932
3,948
126
43,583
44.003
U.S. B.ofM.
Ter¬
and
California
fe
6~693
910
2,870
2,875
2,728 :<
minals
x
Appalachian
3,869
3,869
3,869
May 2 '36
At
minals
East coast
179
xEst.tot.U.S.
Feb. 29, 1936
At
fineries &
401
The
an
and 49.8
refinery
aggregate
for March,
data
of
recorded
1935.
this report
crude
oil
were
compiled from
capacity
of
refineries operated during March, 1936, at 75%
with an operating ratio of 76% in
February.
3,662,000
refineries
barrels.
having
These
of their capacity, compared
Volume
142
Financial
.
SUPPLY AND
Stocks
OF ALL OILS
DEMAND
Chronicle
(Thousands of Barrels of 42 Gallons)
1936
1936
Supply—
Domestic production:
Crude petroleum
2,922
3,378
261,508
2,874
10,227
81,488
2,629
3,223
82,120
2,832
90,568
Dally average
3,196
232,966
2,689
9,461
185
Dally average
Imports c :
174
153
545
448
94,131
3,036
Total production
85,490
84,864
272,280
2,948
2,738
2,992
242,875
2,699
Crude petroleum:
Receipts In bond
Receipts for domestic
211
346
720
584
2,235
2,280
1,888
6,363
2,042
4,480
1,465
943
970
3,523
2,754
J
use
Refined products:
Receipts In bond.—Receipts for domestic
Total
24.1% during the first quarter of 1936.
On Jan. 1, the
beginning of the quarter, total stocks stood at 37,017,000
net tons.
This tonnage was reduced by 8,934,000 tons
during January, February, and March; and on April 1
reserves were reported to be 28,083,000 net tons.
When
compared with the 38,543,000 tons on hand at the end of the
first quarter of 1935, the current stocks were 27.1% lower
The Bureau further reported:
On
602
837
89,279
2,880
2,912
265,063
3,092
1,670
284,420
3,126
net tons.
89,661
2,834
Stocks
5,561
1,768
2,528
7,105
6,681
the
on
in
and
92,976
2,999
87,893
3,031
86,751
2,798
277,315
3,047
248,382
2,760
3,155
5,777
3,474
5,378
3,281
9,696
18,250
8,454
16,805
35,871
4,098
34,196
1,863
Daily average
Exports:
27,216
4,785
38,132
1,520
31,997
3,959
31,510
95,499
Motor fuel d
e__.
Lubricants
This
was
6,564
24,452
110,010
4, 779
1,617
85
75
258
was
644
465
Asphalt
989
878
709
1,692
2,564
Jan. 1, but 6.6% less than
increase of 17.2% ove?
a year
coal
standing in cars,
1,608,000
amounted to
yards,
ago.
Upper Lake docks declined sharply
the
on
on
April 1 stood at 2,291,000 net tons.
decrease of 66.8% below
a
the 6,904,000 tons on hand on Jan. 1
quarter of 1936 and
46.8%
below the 4,309,000 tons
stocks of bituminous coal
on
SUMMARY
260
100
145
501
425
4,136
3,833
4,007
12,071
11,328
Road oil-—..
Still gas
195
179
205
543
571
2,003
1,669
2,217
6,000
COMMERCIAL
OF
STOCKS
84,044
2,711
79,041
76,906
2,726
2,481
249,369
2,740
223,123
2,479
e
r*
Inc.
Jan. 1,
1935
Daily
average
Previous
Year
Quarter
1936 b
Ago
\
Consumers' stks. a
Industrial, net tons 22,133,000 23,342,000 28,717,000 31,443,000 —22.9% —29.6%
*4
Retail dealers, net
tons
5,950,000 6^200,000 8,300.000 7,100,000 —28.3% —16.2%
30
313,189
4,553
231,063
339,139
5,252
226,438
543,244
570,829
548,805
1,608,000
537,000
1,372,000
1,722,000 + 17.2%
—
Total domestic demand..
Lake Superior...
Lake Michigan..
1,421,000
870,000
1,994,000
1,204,000
4,370,000
2,534,000
2,805,000 —67.5% —49.3%
1,504,000 —65.7% —42.2%
Days' supply
b From Coal Division,
179
204
180
Total
2,291,000
3,198,000
6,904,000
4,309,000 —66.8% —46.8%
On Lake
207
310,812
4,218
docks, net
tons:
a
Imports of crude as reported to Bureau of
products from Bureau of Foreign and Domestic Com¬
Mines; Imports of refined
c
Coal in the bins
1936, natural gasoline losses are Included in motor
fuel demand; the 1935 figures will be placed on a similar basis later, e Net transfers
of heavy crude In California included in fuel-oil demand.
Industrial Stocks and Consumption
Stocks of bituminous coal in the hands of industrial consumers continued
decline in March,
to
1936.
Total stocks
tons, a decrease of 5.2% under the
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
All
of industrial
classes
railroads, whose stocks showed
decreases
Total
Jan.-
Jan.-
March
March
Feb., 1936
Total
Daily Av.
928
29.9
846
29.2
Industrial
1,108
2,399
35.7
1,077
2,329
37.1
Kettleman Hills
Long Beach
2,167
69.9
2,068
1,283
10,278
17,035
2,663
2,696
80.3
3,463
7,741
3,534
6,023
71.3
6,648
5,808
44.3
4,281
354.4
33,526
3,459
26,077
44,901
California:
Huntington Beach——
Santa Fe Springs
77.4
1,332
Rest of State
Colorado—,—
339.8
17,541
_—
43.0
10,535
—
Total California.
565.8
587.4
55,659
135
4.4
112
3.9
377
385
396
12.8
294
10.2
1,015
2.1
53
1.8
179
180
4,815
155.3
4,020
138.6
13,294
483
15.6
391
13.5
4,253
2,089
137.2
132.1
6,342
204.6
1,143
36.9
3,831
1,675
5,506
1,043
1,284
12,098
13,244
1,288
8,188
2,032
10,220
3,110
1,000
4,726
1,012
Indiana
Kentucky..
Louisiana—Gulf Coast.
-
Rest of State
Total Louisiana
Michigan
Montana
•
retorts, 7.9%;
coal-gas
amounted
in
52.3% and 3.7%, respectively.
reported
follows:
as
Beehive coke
67.4
57.7
5,320
17,418
189.8
36.0
3,450
1,179
Coal-gas retorts showed no change in consumption.
STOCKS
INDUSTRIAL
AND
CONSUMPTION
IN THE UNITED STATES,
National Association of Purchasing Agents]
223
7.7
727
2.6
23
.8
157
219
Electric power
359
11.6
246
8.5
884
997
4,427
4,348
142.8
145.9
13,092
134.1
265.0
235.5
12,286
22,461
224.1
6,169
212.7
5,284
14,410
170.4
4,620
13,746
1,736
6,329
159.3
13,904
11,192
19,498
44,594
3,866
15,286
13,556
43,384
5,442
18,012
95,680
3,431,000
817,000
350,000
236,000
6,950,000
4,840,000
Steel and rolling mills, b
8,214
16,989
1,382
6,946
4,232
3.888
6,828
14,948
1,220
By-product coke ovens.b...
West Texas.
East Texas
464.8
515.5
47,839
42.1
3,925
19,269
14,377
474.0
1,881
6,935
35,456
——
Rest of State
—
Total Texas
1,143.7
32,600
1,124.1
42,397
5,438
19,632
101,113
320
Panhandle
10.3
296
10.2
912
973
15.9
1,508
1,767
3,275
1,574
1,515
3,089
12
8
West Virginia
60.7
223.7
59.8
218.3
529
17.1
460
671
21.6
499
17.2
1,200
Wyoming—Salt Creek.
38.7
959
33.1
.
Rest of State
Total Wyoming.
Other a
4
Total U. S
4
90,568
2,921.5
82,120
t
2,831.7
261,508
232,966
Stocks (net tons), End
5,637,000
3,845,000
858,000
380,000
258,000
7,590,000
4,774,000
23,342,000
2,906,000
4,688,000
By-product coke ovens _b
44.6
C.
3,195,000
4,522,000
—9.0
242,000
—28.1
1,091,000
182,000
11.7
9.0
82
548.1
P.
Feb., 1936
(Revised)
174,000
340
277
140.3
"
22,133,000
12.1
Ohio—Central & Eastern
778
COAL
5,509,000
376
5,950
1,080
Total Ohio
BITUMINOUS
March, 1936
(Preliminary)
11.0
65.1
Northwestern
OF
EXCLUDING RETAIL YARDS
[Determined jointly by F. G. Tryon, Coal Economics Division, United States
Bureau of Mines, nad Thomas W. Harris Jr., Chairman Coal, Committee,
320
Pennsylvania
Texas—Gulf Coast
Decreased consumption was
28.1%; electric power utilities,
ovens,
9%; other industrials and railroads, 8.9%; steel and rolling mills, 7.6%.
1.887
Total Oklahoma
of March, 1936,
against 27,670,000 tons
Two classes of consumers reported increased consumption
February.
increases of
15.7
Rest of State
as
during the month, namely cement mills and by-product coke ovens, with
69.3
Seminole.
and rolling mills,
The total used by all classes of industry
25,831,000 net tons in March,
485
City..
steel
consumption also decreased in the month
to
2,148
Oklahoma—Okla.
March 1,
By-product coke ovens, 10.8%; cement mills, 8.5%;
8.4%;
New York
New Mexico
on
997
66
-
Illinois
Kansas
hand
Other classes showed
4.8%, and electric power utilities, 2.3%.
1935
1936
DailyAv.
follows:
as
industrials,
when compared with February.
Arkansas
on
increase of 1.4%.
an
»
other
March, 1936
April 1 were 22,133,000 net
on
23,342,000 tons
plants shared in this decline except the Class I
FIELDS
(Thousands of Barrels of 42 Gallons)
b Subject to revision.
is not included,
of householders
J
d Beginning January,
merce.
—6.6%
570,829
183
Refined products
Revised,
228,214
548,805
339,139
5,252
226,438
—20.0% —35.1%
loads, net
tons
313,189
4,553
231,063
37
20
supply
Coal in transit—
Stocks—
Natural gasoline
a
28,083,000 29,542,000 37,017,000 38,543,000 —24.1% —27.1%
24
Days'
Unbilled
Crude petroleum
Dec. from
or
April1,
1936
March 1,
1936
April 1,
Total tons
Total domestic demand
COAL,
BITUMINOUS
OF
6,267
Miscellaneous
Losses d
The
and Michigan
INCLUDING STOCKS IN RETAIL YARDS
1,760
1,913
Wax
1935.
in reserve on April 1,
the docks of both Lakes Superior
shared in the decline.
208
349
an
classification
in
or
of bituminous
4,471
84
Coke
quantity of bituminous coal
the
mines
86,491
12,855
96,834
Crude petroleum
Refined products
Domestic demand:
Kerosene
1936,
corresponding date
the first
This
Demand—
Total demand
1,
the
at
495
'
Increase In stocks, all oils
Gas Oil and fuel oil
April
unbilled
98,537
3,179
use
supply, all oils
new
Dally average
Consumers
of
stocks of bituminous coal in the hands of consumers' declined
1935
1936
New
Natural gasoline
Benzol b
Hands
in
24.1% in First Quarter of 1936
The United States Bureau of Mines reported that total
Jan-Mar. Jan-Mar.
1935
a
Coal
Bituminous
Off
March
Feb.
March
of
3259
1,181,000
182,000
130,000
10,100,000
—7.6
Change
of Month, at:
utilities.a
'
Coal-gas retorts.b
Cement mills.b
Other industrial.c
Railroads (Class I).d__
Total industrial stocks
—2.3
—10.8
—4.8
—7.9
—8.5
—8.4
+ 1.4
—5.2
Industrial consumption (net tons) by:
Electric power
utilities,
a
Beehive coke ovens, b.
Steel and rolling mills _b
Coal-gas retorts _b
Cement mills.b
198,000
9,200,000
Other industrial.c.
+ 3.7
0.0
+ 52.3
—8.9
—8.9
7,392,000
8,118,000
27,670,000
—6.6
366,000
—24.6
100,000
Total industrial consumption, i—.......
25,831,000
276,000
Railroads (Class I)_d
97,000
Additional known consumption (net tons):
a
Includes Missouri, Mississippi, Tennessee and Utah.
Coal mine fuel
Bunker
fuel, foreign trade
+3.1
Days' supply, end of month, at:
59
February
Manufactured
Total
and
Natural
Gas
Revenues
$82,769,000
The American Gas
Association, in its monthly summary,
natural gas utility revenues
amounted to $82,769,000 in February, 1936, as compared
with $71,231,600 for the corresponding month of 1935, an
increase of 16.2%.
The Gas Association further reported:
stated that manufactured and
The manufactured
month,
an
than
for
gas
gas
industry reported
5.4%
increase of
The natural
the
from
utilities reported
revenues
same
revenues
month
of
of $34,652,600
an
the
of
$48,116,400,
increase
amounted to
for the
preceding year.
or
25.5%
more
of
11.3%.
Natural
gas
feet,
an
utility
36,611,300,000 cubic
sales
increase of
for
the
month
29.5%.
Manufactured gas sales for domestic uses,
purposes,
Cement mills
—
Other Industrial
such as cooking, water heating,
3.4% above February, 1935. Sales for house-heating
gained 30.1%, while industrial and commercial uses
were
however,
17.7%.
Natural gas sales for
21
+9.5
61
—1.6
37
58
—36.2
—8.0
23
—--- —
1
Total industrial
4
22
+ 4.5
20
<
Railroads (Class I)
17
+ 17.6
27
25
+ 8.0
Collected by the United States Geological Survey,
b Collected by the United
Estimates based on reports collected Jointly by the
National Association of Purchasing Agents and the United States Bureau of Mines
from a selected list of 2,000 representative manufacturing plants.
The concerns
a
States
Bureau of Mines,
c
reporting are chiefly large consumers and afford a satisfactory basis for estimate*
d Collected by the Association of Amerioan Railroads.
,
The electric power
domestic purposes showed
the month, while industrial sales gained
27.4%.
an
increase of 30.4% for
utilities held 996,000 tons of anthracite
on
April 1,
1936, which is a decrease of 20% below the stocks on hand on Jan. 1 and
those
16.1%
below
March
decreased
on
22.6%
April
1,
1935.
under that in
supply on hand increased 16.7%.
Consumption
December,
of anthracite
1935,
but
id
the days'
Class I railroads increased their stocks
stood at 202.00Q
of anthracite 2% in the first quarter of 1936 and on April 1
tons.
—
25
+ 15.7
Industrial Anthracite
136,241,600,000 cubic
refrigeration, &c„
gained
;
February, 1935.
Total sales of manufactured gas for the month were
feet,
—
Steel and rolling mills..
Coal-gas retorts
23
60
utilities
By-product coke ovens
51
23
Electric power
Consumption
of anthracite
by railroads fell off
6.8%
in March
compared with the consumption in December, 1935, and the number of
days' supply rose from 42 on Jan. 1 to 46 on April 1.
3260
Financial
Domestic Anthracite and Coke
•
The stocks
sentative
of domestic anthracite and coke
retail
dealers
declined
the first quarter of 1936.
declined
33.3%
May 16, 1936
73.58%, and when compared with April, 1935,
or 1.16%.
Shipments by originating carriers (in net tons) are as
net tons, or
;
in the yards of 365 repre¬
and 40.6%,
Chronicle
respectively,
shows
during
Stocks of anthracite in producers' storage yards
increase of 48,308 net tons,
an
follows:
76% and stocks of by-product coke at merchant plants decreased
56.7%.
April,
SUMMARY OF STOCKS OF DOMESTIC
ANTHRACITE
\y
V;
•
'
,'y
*
y. \>y
Vy y.'
'/ ,'Vyy
.
'. .* f
'j''.
'y
Jan. 1,
1936
1,
1936
April 1,
1935
210,044
470,697
293,762
420,884
427,578
224,082
442,145
252,283
301,718
213,289
180,397
T 210,284
201,027
285,698
201,051
192,116
127,272
235,244
56,090
136,299
70,755
4,216,672
2,429,194
4,168,364
2,555,260
Delaware Lackawanna & Western RR.
Ago
Delaware & Hudson RR.
323,381
484,990
378,411
—33.3
285,539
+13.3
31
19
35
24
—11.4
+ 29.2
60,310
84,902
54,434
—40.6
—7.4
14
29
31
0.0
—6.5
458,000
528,000 1,911,000
774,000
—76.0
—40.8
812,000
660,000 1,876,000 1,669,000
—56.7
—51.3t
—56.1
—52.8
during the month of March, 1936, and the three preceding
b Subjec
months, by primary metallurgical works, as reported by the
American Bureau of Metal Statistics, in short tons:
producers'
on
March World Zinc
mer¬
hand
> 20
25
Days' production
57
53
Calculated at rate of deliveries to customers in preceding month,
to revision.
of
Coal
Declined
Slightly
Latest
in
declined slightly in the week ended May 2. The total
output
of bituminous coal is estimated at 6,920,000 net tons as
against 7,115,000 tons in the preceding week—a decrease of
195,000 tons, or 2.7%. Production during the corresponding
week in 1935 amounted to 4,993,000 tons.
Anthracite production in Pennsylvania during the week
May 2 is estimated at 1,433,000 net tons, a decrease
in the corresponding week of
of 30,000 tons, or 2.1 %.
Output
1935 was but 909,000 tons.
During the calendar year to May 2, 1936, a total of
143,903,000 tons of bituminous coal and 19,065,000 net tons
of Pennsylvania anthracite were
produced. This compares
with 133,785,000 tons of soft coal and
18,436,000 tons of
hard coal produced in the same
period of 1935. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
Week Ended
May 2
1936
Bitum. coal:
Calendar Year to Dale
Apr. 25,
May 4,
1936
,
1935
c
1936
1935 d
1929 d
a
Tot. for per'd
6,920,000 7,115,000 4,993,000 143,903,000 133,785,000 181,913,000
Daily averi. 1,153,000 1,186,000
832,000
1,381,000
1,284,000
1,733,000
Penn. anth.: b
Tot. for per'd
Daily
aver..
1,433,000 1,463,000
238,800
243,800
909,000
151,500
19,065,000
184,400
18,436,000
178,100
25,358,000
245,000
Beehive coke:
Tot. for per'd
Daily
The
18,700
17,700
13,000
497,800
354,900
2,134,900
3,117
2,950
2,167
4,695
3,348
Output Totals 132,484 Tons
of the world
following table shows zinc production
1936
Mar.
Week
The weekly coal report of the United States Bureau of
Mines disclosed that production of both soft and hard coal
ended
188,646
29
By-product coke at
chant plants:
Output
Lehigh & New England RR...
467,385
280,336
50,421
storage yards
a
Corp
-
New York Ontario & Western Ry
Coke, net tons
Days' supply.a
Net tons
Lehigh Valley RR
Central RR. of New Jersey
Year
Quar.
*
Anthracite, net tons
Days' supply.a
in
1935
517,311
936,078
673,929
403,374
614,896
496,155
Prev.
Retail stocks, 365 selected
dealers:
Anthracite
551,507
March,
Erie RR
1936 b
-V
1935
Pennsylvania RR—-—
Mar,
April 1,
j',:
-v'v
•
April,
1936
997,602
692,757
401,674
570,721
424,404
Reading Co
% Change from
'V
•
March,
1936
COKE
AND
United States
Other North America
Belgium and Netherlands
a
France
Germany
Italy........
Rhodesia
Jan.
Feb. 1936
42,483
15,180
18,550
5,547
11,905
2,406
12,601
17,608
5,100
11,574
2,312
1,870
1,988
1936
Dec. 1935
40,463
16,233
18,394
5,466
12,649
2,393
2,016
41,917
16,237
18,359
5,410
12,430
2,381
2,016
36,228
806
808
Anglo-Australian
11,819
11,077
12,105
Elsewhere b
21,800
20,700
21,400
12,190
20,500
132,484
119,823
133,061
131,112
806
Spain
World's total
Partly estimated,
a
753
b Includes Norway, Poland, Japan, Indo-China, Czecho-
lo vakia, Yugoslavia, and Russia.
New
Business
in
Major Non-Ferrous Metals
Generally Firm
Quiet—
Prices
"Metal and
Mineral
Markets," in its issue of May 14
taking the stand that there is
nothing on the horizon to raise prices for major non-ferrous
metals in the near future, the markets experienced a dull
period in the last seven days.
However, the quiet exerted
no influence on the price structure.
In other words, the
undertone continued firm so far as domestic producers were
concerned.
London quotations were lower, chiefly because
of the fresh political tangle on the Continent, which has
made foreign operators very cautious.
Domestic consump¬
tion of copper, lead and zinc remains at a good rate, judging
by current shipments to fabricating plants.
The moderate
recession in steel operations, to 69.1% of capacity, was
generally accepted as a normal development.
The publi¬
stated that with,
consumers
cation further stated:
20,141
aver..
a Includes
lignite, coal made into coke, local sales, and colliery fuel, b Includes
Sullivan County, wasliery and dredge
coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Minus one day's
production first week in January to equalize number of days in the three
years.
ESTIMATED WEEKLY PRODUCTION OF COAL,
THOUSANDS OF NET TONS)
Copper Surplus Lower
World
of
stocks
refined
12,232
decreased
copper
April,
during
tons
according to the figures circulated late yesterday by the Copper Institute.
Domestic stocks decreased 4,777 tons and the foreign surplus was
reduced
7,455 tons.
(IN
Domestic production increased, both mine and scrap output,
but this
BY STATES
offset by the increase in apparent consumption.
(The current weekly estimates are based on railroad
carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
was
A summary of the statistics for March and
April, in short tons, follows.
ments and are
and State sources or of final annual returns from
the
operators.)
March
Production (blister):
U. S. mine
all,015
70,437
a8,647
48,682
12,782
68,875
5,482
0136,555
135,821
67,044
71,890
58,801
71,264
Foreign mine
Apr. 25 Apr. 18 Apr. 27 Apr. 28 Apr. 27
1935
1934
1929
1936P
1936p
Foreign,
Avge.
scrap, etc.
1
2
1
2
222
Alabama
215
175
95
Arkansas and Oklahoma
Colorado.
18
Georgia and North Carolina
14
12
67
___
76
63
s
56,448
80,540
59,704
82,593
136,988
Foreign
Totals
8
58
70
163
U.
United States
412
64
,
sumption):
United States
Production, refined:
s
352
(apparent con¬
142,297
1923
Totals
Alaska.
April
Shipments, refined
...46,456
U. S. scrap, etc.
Week Ended
State
March
April
Foreign...
1
1
1
Illinois
657
670
446
629
890
Indiana.:
257
190
223
277
47
46
34
51
61
80
86
60
78
99
Totals
100
Kansas and Missouri
3,874
233,824
237,240
United States
514
Iowa
2,287
1,471
274
do¬
exports,
238,601
Foreign.244,695
184
<1
S.
mestic copper only
Stock at end, refined:
138
Kentucky—Eastern
■
1
s
s
y
680
...
611
492
618
799
117
82
106
230
188
30
21
22
45
52
Michigan
9
8
9
7
15
22
Montana
45
45
42
34
49
Totals
28
North and South Dakota
Ohio.
26
21
24
*
50
59
24
Pennsylvania bituminous
23
15
16
sl8
sl6
396
364
225
319
416
483,296
471,064
Domestic business in copper was inactive last week, sales totaling
In view of the recent
tons.
42
New Mexico.
130,065
Revised.
a
620
132
31
Western
Maryland
138,934
market
9
had
no
influence
the
on
views
proceeding at
The
a
higher rate than earlier in the year.
foreign market
1,940
1,832
1,153
1,707
2,737
3,531
Tennessee
92
96
83
60
88
121
Texas
14
13
12
13
17
20
was
31
38
38
27
64
70
was
of
Shipments of copper to fabricators
tion is expected to add a fair tonnage to this
766
The quotation
producers.
or
cents, Valley, was regarded as firm.
are
3,745
extraordinary activity in the metal, the quiet
Rural electrifica¬
year's consumption of copper.
under the influence of adverse political news, and
previous.
;
Utah
Virginia
Washington
197
^
150
191
234
v
22
19
45
1,152
1,439
1,796
1,256
480
464
294
519
672
778
64
106
116
s4
Lead
86
*
89
*
84
*
♦
Demand for lead
This
tons.
two
weeks
increasing,
Total bituminous coal
Pennsylvania anthracite
Grand total..
7,115
1,463
6,783
4,877
6,336
1,089
1,479
9,285
1,816
10,836
1,055
8,578
7,838
5,966
7,815
11,101
12,810
1,974
Includes operations on the N. & W.; C. & O.; Virginian; K. &
M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of
a
State, in¬
cluding the Panhandle District, and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
p Preliminary,
s Alaska,
Georgia, North Carolina, and South Dakota included with "other western States."
*
Less than 1,000 tons.
April Anthracite Shipments 1.16% Above Same Month
a Year
Ago
Shipments of anthracite for the month of April, 1936,
as reported to the
Anthracite Institute, amounted to 4,216,672 net tons.
This is an increase, as compared with
shipments during the preceding month of March, of 1,787,478
was
Quiet
quiet last week, sales amounting to less than 2,000
previous.
With
7,200 tons in the preceding week and 10,000
Qith
compares
consumption of lead in the domestic market
producers
deliveries of lead to
still
regard
consumers
are
the
outlook
encouraging.
as
April
expected to reach 40,000 tons, which
with less than 37,000 tons in March.
compares
Consumers are said to be about
70% covered against their "normal"
May requirements, with June at about 40 per cent.
Battery makers and
pigment
manufacturers report
products.
recent
Cable makers
are
a
substantial
volume
of
business
in
their
doing better for the present, owing to the
gain in sales in the districts hit by the spring floods.
Quotations continued at
American
St.
Trade
35
1,463
92
c
Our quotation for export copper for yesterday
8.825 cents, f.o.b. refinery, which compares with 8.900 cents a week
249
21
1,535
a
Wyoming..
Other western States
176
22
West Virginia—Southern
Northern b
prices eased moderately.
Smelting &
4.60
cents,
New
Refining Company,
Joseph Lead obtained
a
premium
on
York,
the
contract basis
and at 4.45 cents,
its
own
of
St. Louis.
brands sold in the East.
The tone remains firm.
Zinc Firm
at
4.90
Cents
Sales of Prime Western zinc by producers came to less than
last
week,
which
was
below
expectations.
chases, it
was
market.
Spot zinc in London declined
to
Consumers
3,000 tons
restricted
pur¬
said, because of the continued unsettlement in the London
about 3.20 cents per pound.
to
£14 7s. 6d.
on
May 13, equal
Cartel negotiations are still in progress.
Volume
Financial
142
reached eventually, though hardly
Domestic shipments of zinc to consumers
months of
the
during the first four
with 149,956 tons in
These figures cover all grades.
period last year.
Finished Steel
before the summer.
1936 totaled 166,856 short tons, which compares
same
Tin
2.097c.
2.124c.
One year ago
Spot tin sold
46.70 cents
at
cents.
45.125
to make up
in
May 13 at
on
Until
more
trading
46 90 centsAper pound, whichicomlast week, with
wasAavailable
intention of Bolivia
the
disposed to move slowly
The tin-plate industry is operating at close to
its deficiency in output, consumers are
J
of capacity.
Chinese
1935
2.015c.
1932
1.977c.
2.037c.
1931
...2.273c.
1930...
1928
2.317c.
2.286c.
2.402c.
1929
8th, 46.150 cents;
of
product shipments by subsidiaries of
April
in
Further A Gain
Show
Shipments
United States
tons
783,552
the previous month, when
over
In April, 1935 shipments amounted to
Below we show the figures by months since
shipped.
were
591,728 tons.
January, 1932:
v,;■
1935
1934
1933
1932
1931
1930
.'.
1929
-
January
426,271
275,929
256,793
335.321
455,302
603,937
August
413,001
388,579
395,091
338,202
324,746
272,448
291,688
September
316,019
575,161
May
June
July...
583,137
668.056
591,728
588,209
643,009
745,063
985,337
October
310,007
572,897
275,594
227,576
430,358
600,639
Reduction,
a
3,974,062
b Addition,
(44,283)
One year ago
—
cated
Quarter Price Advances
pay
to wage-earners
said:
The experience
of the industry has proved that mid-year price advances
desirable.
Demand is invariably declining at that time, and even
67.9% one month ago, and
quarter
was
was
one
of the
poorest
This occurred in 1934 when
in the industry's history.
suffered the year before after the inception
It is unquestionably true that production costs are
May
A
discriminatory New Deal legislatipn, but the steel industry realizes only
too well that the laws of supply and demand cannot be flaunted by practi¬
cal business policy even though political expediency may
lead to
any sort
of untried theory.
May 13
June 10
ing.
Ingot production has declined only half
city,
with
in
output
important
many
a
well sustained and mill
The automobile
business,
as
it now
likely that May assemblies will compare favorably
seems
the heavy April output.
with
June
delivery,
Some tonnage is already being placed for
but parts makers
are
takings
curtailing their
step in reducing inventories in anticipation of model changes.
of the June decline in motor
car
as
but it does not promise to be any more severe than had been expected for
this month.
an
important factor in bolstering
steel output against the automotive decline.
The year's car awards have
Freight
construction promises to be
car
amounted to
13,300 units, compared with scarcely 1,500 ia the correspond¬
ing 1935 period.
Bids are in
on an
another 5,800 are before the trade.
additional 5,900 cars and inquiries for
Thus
car
New freight car
Milwaukee Road is
is
Western and
soon
2,000 from the Missouri Pacific.
22
29
considering
an
ambitious program for rolling stock pur¬
Construction
activity is
a
less spectacular market factor.
The week's
fabricated structural steel lettings total 21,300 tons, compared with 14,400
last
tons
week,
while
new
inquiries declined from
16,100 tons to 9,500
Pipe-line construction is of growing importance and revival of long
tons.
dormant plans for a second natural gas line from the
to
Mid-continent field
Chicago is considered.
The
scrap
market is
a
depressing factor.
Declines in
heavy melting
steel quotations at Chicago and Philadelphia have forced the "Iron Age"
scrap
the
The
composit down to 41c. a gross ton to $13.42, or $1.33 a ton under
year's high level and only 9c. above the 1936 low.
izing
tendencies
are
manifesting
themselves.
pig iron and steel composits are unchanged.
However, stabil¬
49.9% May
4.....70.1%
49.4% May 11
69.1%
50.0%
52.0%
51.7%
iron and steel
markets, on May 11 stated:
demand
Steel
a
in
a
with automobile and railroad require¬
slowly,
subsiding
is
ments still leading
broad and active market, and promising to
sustain
high average for some weeks.
So
long as
68*4%
to
commitments by these interests,
new
and for agricultural,
steelmakers
of one
lowering of
A strong undertone prevails, despite a drop
decline.
sharp
no
household equipment remain near present levels,
and
container
operations,
steelworks
in
continued
and
prices.
general expectation in the industry is that a fairly high rate can
upon until midsummer.
Automobile manufacturers anticipate
The
counted
be
and aim to keep
dealers
their
purchases
Approximately
Western.
&
while
freight cars
Pacific; 2,000
Southern
for
output
came
for
this
of
cars,
118,786,
was
just
out during the week, including
Missouri Pacific, and 1,000 for
tons of rolled steel will be
the market.
Railroads actually
are yet to be purchased1, and
material will be heavier in the last
of the year than in the first.
Car awards in April totaled 4,427, and
the first four months of the year, 14,009, compared with 1,180 in
expect
steelmakers
for
shipped to them
135,000
required for the 11,700 cars now active in
have authorized 25,000 freight cars which
half
tonnage
preceding week.
5,800
for
Inquiries
Norfolk
slightly,
rose
above that in the
2,800
the
assemblies on a brisk schedule through June, to
the changeover to 1937 models.
Last week
advance of
in
stock
will equal
purchases
steel
June
their
demand
for
car
period last year and 20,707 in 1934.
the
Some
industrial construction projects promise to develop consid¬
for structural steel and pipe this summer and fall.
Conti¬
has authorized $6,000,000 in plant expansion at Memphis,
large
demand
nental
Can
Baltimore,
nandina,
Co.
Container Corp. of America, $7,000,000
Socony-Vacuum Corp. $1,500,000 at Olean, N.
Wheeling;
Fla.;
appropriated by
$42,500,000
chases.
5
Nov.
Nov. 11
64.5%
6
Apr,
"Steel" of Cleveland, in its summary of the
The
expected to enter the market for 1,500 and the New
3
51.9% Feb.
50.9% Feb. 10.
52.6% Feb. 17
July
erable
inquiries include 2,800 from the Southern Pacific, 1,000
from the Norfolk &
York Central
1930.
28
July
orders in the first five months
will total 25,000, or more than in any full year since
Oct.
9
46.7%
27
49.7%
7
2
Apr. 13.....67.9%
49.2% Apr. 20
70.4%
71.2%
49.4% Apr. 27
20
51.8% Jan.
15
the first
The extent
production cannot be gauged at this time,
50.4% Jan.
21
Mar.
56.4% Mar.
13
14
Oct.
32.8%
35.3%
39.9%
42.2%
44.0%
month,
industry is contributing heavily to the maintenance of
Jan.
Oct.
37.7% Oct.
1
scrap
backlogs are sufficiently large to prevent any
Sept. 23
Sept. 30
8
-unchanged.
sharp decline in output for at least another month.
52.9%
53.5%
55.8%
55.7% Mar. 16.....60.0%
53.7%
54.6% Mar. 23
62.0%
49.5% Mar. 30
53.7% Feb. 24
55.4%
45.8% Dec. 16
49.7% Dec. 23
48.3% Dec. 30
1936—
48.9%
6
50.8% Jan.
Sept. 2
Sept. 9
Sept. 16
July
July
point to 67 ^ % of capa¬
remaining
Aug. 26
June 24
point
districts
Aug. 19
July
encourag¬
extremely
Raw steel is being accumulated at a few plants, but finishing mill schedules
are
17
June
Aug. 12
39.0%
38.3%
3.
June
1936—
1935—
46.0% Nov. 18
48.1% Nov. 25
48.8% Dec. 2
9
47.9% Dec.
5
39.5%
May 27
see
In the meantime, the trend of steel demand remains
6
May 20
of the NRA.
being increased by
since April 22, 1935, follow:
1935—
Apr. 29
Weekly indicated rates
of May 4.
week
Aug.
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
43.4% one year ago.
or 1.4% from the
decrease of 1 point,
a
1935—
though orders can be sharply stimulated during June by such action, busi¬
similar set-back
69.1%
for the
Apr. 22
an¬
reports which it had
70.1%
steel operations
of
5
the current week, compared with
represents
estimate
that labor
3
Dec. 29
Deo. 9
Dec. 3
July
2
Nov. 22
steel capacity of the industry will be
of the capacity for
This
Jan.
July
received indi¬
operating rate of steel companies having
the
that
of the
98%
Jan.
7
Apr. 23
Sept. 25
May 11
Institute on
Steel
and
nounced that telegraphic
Consider
to
Iron
American
steel,
Low
8
The
Producers
suffers accordingly in July and August.
7
14
27
3
6
15
16
17
24
1
Philadelphia
$13.33
10.33
9.50
6.75
6.43
8.50
11.25
14.08
13.08
13.08
12
6
18
29
31
11
1927
pending tax legislation have focused the attention of
steel producers on prices.
Advances on many finished pro¬
ducts are naturally being considered, but no important
producer has determined any definate policy on the sub¬
ject.
It is certain that no decision can be reached before
June 1, and if higher prices should be announced at that
time, consumers would be given ample opportunity to cover
their summer needs at current levels.
The "Age" father
third
Jan.
May
Jan.
Jan.
Deo.
Dec.
Dec.
Deo.
July
Nov.
melting
heavy
1
Feb. 25
Dec. 10
Mar. 13
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
1928
and
the
and
Low
$18.84
17.83
16.90
13.56
13.56
14.79
15.90
18.21
17.04
17.54
No.
on
Aug.
1929
shipments reported during
reflecting annual tonnage reconor the year as
agitation, the granting of vacations with
ness
at Valley
Valley
Buffalo,
■
8.50
11.33
15.00
17.58
16.50
15.25
1930
c7.371.299
The "Iron Age" in its issue of May 14 states
are not
1
foundry irons at Chicago
12.25
last week,
Steel
Force
Third
17
Nov.
High
1935
1931
iliations, which will be comprehended In the total tonnage shipped
tated in the annual report.
Costs
29
July
2.212c.
1933..
monthly
he calendar year are subject to some adjustments
Increased
Oct.
2.2170.
and Chicago.
$14.75
13.42
...
13.00
1936
a(19,907)
5,905,966
Cumulative
c
366,119
5,805,235
b
(5,160)
a
Total for year.
9
2.273c.
1932
547,794
418,630
Yearly adjustment.
Dec.
quotations at Pittsburgh,
$13.83
14.63
10.67
One week ago
1934
624,497
614,933
686,741
681,820
661,515
343,962
November
December
979,907
598,915
678,108
369,938
378,023
370,306
701.322
668,155
721,414
676,315
783,552
534.055
331,777
385,500
285,138
February
Based
May 12, 1936, $13.42 a Gross Ton
One month ago...
April..
Dec. 29
Steel Scrap
Year 1936
Year 1935
Year 1934
Year 1933
Year 1932
March_
2
1.945c.
Jan.
7
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
Nov. 27
Jan.
4
PRODUCTS BY MONTHS FOR
INDICATED
YEARS
Month
2
2.018c.
High
$18.84
18.84
17.90
16.90
14.81
15.90
18.21
18.71
18.59
19.71
1936
1928
SHIPMENTS OF STEEL
OF
Feb.
Philadelpjia,
Birmingham.
18.84
17.83
1927
TONNAGE
Apr. 18
1.926c.
furnace and
$18.84
One year ago
Corp. in April amounted to 979,907 tons, an increase
196,355
tons
1.867C.
Based on average of basic Iron
May 12, 1936, $18.84 a Gross Ton
One month ago
Steel
Jan.
Pig Iron
One week ago
Steel
Jan.
2.008c.
nominally as follows:
was
13th, 46.400 cents.
Steel
2.124c.
Oct.
4
Jan. 13
Jan.
7
Apr.
2
Dec. 11
Jan.
4
2.199c.
1933
Mar. 10
8
2.084c.
Apr. 24
Oct.
3
2.130c.
1934
May 7, 46.125 cents.;
9th, 46.150 cents; 11th, 46.200 cents; 12th, 46.400 cents;
99%,
tin,
Low
7
1
Jan.
Oct.
2.130c.
1927
adding to their supplies.
90%
known about
is
85% of the United States output.
High
August delivery metal
week ago.
a
tank plates,
wire, rails, black pipe, sheets and hot
rolled stripe. These products represent
2.097c.
Steady
The market for Straits tin showed little change
pares with
Based on steel bars, beams,
May 12, 1936, 2.097c. a Lb.
One week ago
One month ago
1936...
inactive.
COMPOSITE PRICES
THE "IRON AGE"
settlement will be
the idea that some sort of a
and most operators cling to
3261
Chronicle
Standard
Oil of Indiana
for
at FerY.
Of
modernization
$3,500,000 will be spent for pipe lines.
Shell Oil Co. will
spend $4,000,000 at Houston, Texas, and is preparing to construct a 304mile
pipe line
in California, taking 25,000 tons of steel.
Eastern
interests are reported to have awarded substantial pipe line jobs.
At Pittsburgh, the largest order for river barges in 12 months, 29 allsteel
coal
carriers
for Hatfield-Campbell Creek
Coal Co., Concinnati,
this
year,
Sheridan, Wyo., has awarded 2,700 tons of
pipe line, and bids are being taken on 15,000 of
plates for the Stone River pipe line, Los Angeles.
Structural shape awards
requires 4,500 tons of plates.
plates
in
the
for
week
Pressure
both
a
welded
continued at
for
scrap
a
relatively low level, 13,290 tons.
for export
has eased1 with the conquest of Ethiopia,
Italy and England, which have been buying avidly for
several months,
3262
Financial
being virtually
now
of the market,
out
other
European countries
price
"Wall
pick
about
adjustments.
Lake
in
Superior
upper-Lakes
United
of
its
is expected
iron
85
Steelworks
shipments
ore
up
again after
the
'
improvement
with
Pittsburgh
of
'+
Steamship
25 more than in
of
May 14.
This compares with
70% in the previous week, and 70^% two weeks
The "Journal" further reported:
U. S. Steel is estimated at 63%, against 63%% in the week before, and
64%
68
weeks
two
Leading independents
ago.
credited
are
with
73%%,
compared with 75% in the preceding week, and 75%% two weeks
the past two years.
The following
the
in
May 16, 1936
Journal"
Street
ago.
Co.,
subsidiary, this week will have in commission
vessels,
operations
and
period
a
X VX.
accelerating
are
conditions,
States Steel Corp.
fleet of
to
'
weather
Chronicle
although demand from these and
Pittsburgh district last week dropped 1
point to 62%; Cleveland, 4 to 75% ; Detroit, 6 to 94; Youngstown, 2 to
76.
Buffalo advanced 3 to 73, and others were
unchanged.
with the nearest
table gives
ago.
comparison of the percentage of production
a
corresponding week of previous
together with the
years,
approximate changes, in points, from the week immediately preceding:
Daily average steel ingot production in April, 151,625 gross tons, was
17.8% higher than in March, and the largest since 158,057 tons in
April, 1930.
Total output in April was 3,942,254 tons, compared with
;
3,342,619
in
tons
March.
The
13,295,237
this year was 19% larger than
months
"Steel's"
decline
in
iron
and
steel
composite
the finished
scrap;
composite is down 38c.
to
is
index
steel
tons
in the
made
same
off
4c.
remains
in
the
45
+
59
U. S. Steel
—1
1935
four
89
1934
first
period last year.
to $32.96, due to
$52.20, while the
Industry
1936
+2
63
Independents
%
—
73%
41
+1
+2
-1%
48
45
%
70
+2
1933
scrap
34%
+2
29
+2
39%
1931
the
46
+1
48
+1
45
+ 1
%
+ %
80
72
—1
1930
$13.54.
1929
1928
Steel
ingot production for the week ended May 11 is
placed at a shade over 69% of capacity according to the
76
—-
97%
84%
—-
...s--
100%
I v+'+w
80
1927
,
—
+
2%
95
%
89
—1
80
—1
87
++
—1
+
—2
73
—1
Note—1932 figures not available.
Current Events and Discussions
The
Week with the
Federal
Reserve
Banks
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
The
daily average volume of Federal Reserve Bank credit
outstanding during the week ended May 13 as reported by
the Federal Reserve banks was
$2,475,000,000, a decrease of
$2,000,000 compared with the preceding week and of $10,000,000 compared with the corresponding week in 1935.
After
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business May 6:
noting these facts, the Board of Governors of the
Reserve"System proceeds as follows:
Federal
On
May 13 total Reserve bank
credit
decrease of $9,000,000 for the week.
amounted
to
$2,469,000,GOO,
in monetary
Treasury
$54,000,000
gold stock, offset in part by increases of $79,000,000 in member
bank reserve
Federal
were
a
This decrease corresponds with de¬
of $24,000,000 in money in circulation and
$14,000,000 in
cash and deposits with Federal Reserve banks and an
increase of
creases
balances and
Reserve
estimated
$4,000,000 in non-member deposits and other
accounts.
to
be
Member
bank
balances
reserve
approximately $2,770,000,000 in
on
May
13
of legal re¬
excess
The condition statement of weekly
quirements.
cities
Relatively small changes
purchased
bills,
industrial
reported
were
advances,
in
holdings of discounted and
and
United
States
and
Government
The statement in full for the week ended
May 13, in com¬
parison with the preceding week and with the corresponding
Loans to brokers and
loans
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
May 13, 1936, were as follows:
Increase
(+)
or
Decrease
May 6, 1936
$
$
Bills discounted
of
Bills bought
_
U. S. Government securities
Industrial
advances
(not
including
$26,000,000 commitm'ts—May 13)
Other Reserve bank credit
30,000,000
—24,000,000
+79,000,000
—14,000,000
than
of
and
Demand
district
+789,000,000
increased
$5,000,000,
"Other
securities"
$9,000,000
at
all
deposits-adjusted
and
$22,000,000
608,000,000
+4,000,000
and
to
in the
Holdings
declined $5,000,000,
banks
increased
real
$34,000,000
declined
$16,000,000
member
in
the
banks,
New
and
York
increased
$102,000,000
in
the
New
York
Minneapolis district, and declined $57,-
$20,000,000 in the Chicago district, all reporting member banks showing
Time deposits increased $20,000,000 in the Newdistrict,
at all
+82,000,000
reporting member banks.
$7,000,000 in the
San Francisco district and $29,000,000
Deposit balances of other domestic banks
increased $35,000,000 in the Chicago district and $60
000,000 at all report¬
ing member banks. Deposit balances of fioreign banks increased $25,000,000
City member
banks, for the cur¬
week, issued in advance of full statements of the mem¬
ber banks, which latter will not be
available until the
coming Monday.
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
in the New York district.
A summary of the
principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended May 6, 1936, follows:
Increase
-j-*
.•-1 ••
vi.-:.<v
.■
••
May 13
'
May 6
1936
■x
1936
^
Loans and investments—total—
^
8,550
Loans to brokers and dealers:
City
Chicago
May 15 May 13
1935
^
8,635
^
7,605
Accepts, and com'l paper bought
May 15
1935
:
^
1,867
Outside New York City
on
securities
to
(except banks)
Accpts. and com'l
on
paper
1,543
978
769
70
57
754
739
2
'
36
36
24
148
148
167
Obligations
fully guaranteed
United States government
Other securities
200
16
17
25
Cash in vault
128
15
15
17
68
72
Due from domestic banks
6
5
7
1,177
1,173
270
270
244
Demand deposits—adjusted.
3,618
3,581
3,198
995
1,003
737
Time deposits
United States govt, deposits
548
542
257
93
92
80
Obligations fully guaranteed by
United States government
Other securities
1,116
1,179
1,012
288
288
240
Reserve with F. R. Bank
2,212
2,119
1,749
639
622
612
53
50
45
36
35
71
81
71
187
186
505
569
73
73
deposits—adjusted
6,103
6,126
5,142
1,398
1,379
1,259
583
602
621
462
462
454
+20,000,000
—41,000,000
—5,000,000
—61,000,000
4,458,000,000
370,000,000
2,242,000,000
—10,000,000
+3,000,000
+201,000,000
+35,000,000
+5,000,000
+34,000,000
+28,000,000
—4,000,000
+24,000,000
+219,000,000
+45,000,000
+952,000,000
—3,000,000
—9,000,000
+496,000,000
+264,000,000
+42,000,000
+691,000,000
+71,000,000
+246,000,000
—12,000,000.
14,260,000,000
5,076,000,000
754,000,000
+2,000,000 +2,016,000,000
+29,000,000
+99,000,000
+2,000,000
—189,000,000
80
Time deposits
United States govt, deposits
2,083,000,000
341,000,000
1,146,000,000
101,000,000
3,509,000,000
8,847,000,000
245
502
—12,000,000
Liabilities—
1,179
S. Govt, direct obligations—
$
by
Reserve with Fed. Reserve banks.
153
133
67
<£
+102,000,000 +2,089,000,000-
1,278,000,000
3,360,000,000
bought--
Other loans
146
(—>
May 8, 1935
1,020,000,000
212,000,000
real estate
133
real estate
Loans to banks
Other loans
Decrease
or
Since
Apr, 29, 1936
others
Loans to banks.
^
1,874
21,897,000,000
Loans to brokers and dealers:
In New York City
(+)
'
$
Loans and investments—total
Loans
/.
71
750
(except banks)
■
U. S. govt, direct obligations
922
Outside New York City
Loans on securities to others
May 6
1936
1936
\,■
May 6, 1936
Assets
Loans
New York City
i
U.
loans
increased
rent
on
bought
reporting
in the
York
Federal Reserve System for the New York
banks and also for the
Chicago member
Loans
paper
little chapge for the week.
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
In New York
increased $16,000,000
000,000 in the Cleveland district, $33,000,000 in the San Francisco district
$500,000.
j&SxjCI/S
York City declined $12,000,000.
(except banks)
$9,000,000 in the Chicago district.
+260,000,000
Non-member deposits and other Fed*Less
loans
Holdings
+ 394,000,000
eral Reserve accounts
dealers in New
others
to
and commercial
acceptances
district
—9,000,000
—4,000,000
+54,000,000 +1,565,000,000
—1,000,000
—38,000,000
Treasury cash and deposits with Fed-
+
securities
reporting member banks.
+3,000,000
—5,000,000
—8,000,000
5,888,000,000
5,611,000,000
balances
Reserve
Federal
Holdings of United States Government direct obligations increased
$36,000,000 in the New York district, $15,000,000 in the Richmond district
$
3,161,000,000
reserve
with
and
*
eral Reserve banks
balances
$45,000,000 at all reporting member banks.
Holdings of obligations
fully guaranteed by the United States Government declined $3,000,000.
2,469,000,000
Monetary gold stock
10302,000,000
Treasury & National bank currency—2,496,000,000
Member bank
reserve
in the New York district, and "Other loans" increased
$13,000,000 in the
New York district and $24,000,000 at all
—2,000,000
Total Reserve bank credit
Money in circulation
on
estate
(—)
May 15, 1935
5,000,000
5,000,000
2,430,000,000
in
New York district and $20,000,000 at all reporting member banks.
SitlCC
May 13, 1936
$42,000,000
loans to brokers and dealers outside of New York increased
$3,000,000, and
3292 and 3293.
on pages
investments,
banks, $29,000,000 in time deposits, $60,000,000 in deposit balances
standing to the credit of domestic banks, and $26,000,000 in deposit bal¬
ances standing to the credit of foreign banks.
securities.
date last year, will be found
reporting member banks in 101 leading
May 6 shows increases for the week of $102,000,000 in total loans
on
Cash in vault
Due from domestic banks
Other assets—net
*'
35
Liabilities—
Demand
—
nter-bank
deposits:
196
196
429
101
101
31
2,318
2,291
1,923
571
581
509
351
Foreign banks.
347
176
4
4
3
364
356
267
34
32
35
Borrowings..,
Other liabilities
a
pital account
11
——
Domestic banks
1,473
1,472
1,470
232
231
224
5,491,000,000
Foreign banks
379,000,000
+60,000,000
+26,000,000
Borrowings
+774,000,000
+180,000,000
—2,000,000
.+.
Italian
'
Domestic banks
Inter-bank deposits:
Delegation
Forecast
of
Withdraws
Possible
from League—Action
Relinquishment of Member¬
ship—Italians Protested Continued Consideration
of
Ethiopian Question
The possible early withdrawal of
Italy from
in the League of Nations was forecast on
entire Italian
membership
May 12, when thedelegation to the League was ordered to return
Volume
Tto Rome.
Financial
142
This action
was taken because the League Council
had intimated that it would not
recognize the Italian annexa¬
tion of Ethiopia and also because of
predictions that the
League would continue to apply sanctions against Italy.
The Council, meeting on
May 11, rejected the Italian de¬
mand that the
Ethiopian question be removed from further
consideration. Instead the Council recognized the delegate
of Emperor Haile Selassie as still
representing Ethiopia.
The Italian delegate then walked out of the Council chamber.
The Council on May 12
adjourned until June 15, and
further consideration of the
Ethiopian problem will be de¬
ferred to that date.
follows in
a
Activities
on
May 11
described
were
as
Chronicle
Trip's report, surveying world monetary
and again returned
warningly to the rearmament factor in and its danger to
recovery.
The advices to the "Times" went on to say:
economic and financial conditions, again
He also warned that the world production of gold set a new record in
1935 in quantity for the fourth successive year, and even jumped 12%, the
fastest
of increase
rate
African increases
with
<of
Ethiopian question.
an
table of the
He protested against the presence at the Council
"so-called delegation of Ethiopia" and declined to take any
further part in
the proceedings so long
as
Trip also stressed
...
covering
area
an
on
without him and this implies tacit
recognition by
League of two conditions:
than 85%
more
full year enjoyed de facto exchange
a
the
re-establishment
terms.'
.
The
.
staff of the
of credit
stability."
is
World
volume of 79
a
clusion:
Second,
-remains
that
the
native Government in
a
Bank, with its unique
Its
pages.
Negus, despite his
exile
on
Italian
the
ends with this summary and con¬
survey
■
Ethiopia's sovereign and that his representatives
are
possession,
ments, but it has not been without
entitled to
of
-speak for their country.
.
primary
Delay Until June IAkcly
decided that
the Ethiopian question
at tomorrow's session, although it is
up
probable
no
will come
action will be taken
then except to adjourn the Council until
mid-June, meantime maintaining
the
existing sanctions against Italy.
It
should
be
recorded
that
the
general
toward
of League
attitude
maintaining the present sanctions against him
take much argument before the
League
as a
as
stiffened.
It will
whole will accept any puppet
Ethiopian delegation under Italian domination.
It
•
for
in
was
the
private session
succeeding
he had
Great
Council
that
held
Baron
to
Aloisi
adopt the agenda
being adopted when Baron Aloisi interposed to
In accordance with Council procedure, Anthony Eden
Britain, who
presiding,
was
immediately
called
the
concerning his country
was
a matter
under consideration.
I
have the honor to declare that the Italian
delegation cannot accept
the presence at this Council table of the
so-called delegation of Ethiopia.
There exists in
reality nothing like an organization of an Ethiopian State.
existing sovereignty in Ethiopia is Italy's.
All discussion on the
subject of the Italo-Ethiopian difference would in consequence be purpose¬
less and I am therefore under the
necessity of not taking part in it.
Mr.
Mariam
and
arose
not the aggressor
■of aggression, as the
of international law
the Council table.
said
that
Ethiopia,
a
member of the
in the dispute before the Council, but
League had agreed.
nor
any
Ethiopia had violated
League regulation.
She wished to remain
wras
difficult
created
but it
has also
only
concern
few
a
years
ago.
lower than
and gold production has risen to a degree
war,
even
creating the prospect of an abun¬
repercussions, needs
watching and handling.
"Technically the situation holds out hopes of better times.
these hopes materialize?
considerations alone
influenced
decisive
not
are
by political
But will
We all know that purely economic and financial
but
that
the turn of affairs will be
developments.
i
"In practically every country there is a rising tide of expenditure,
to increased
taxation, where the burdens
the position
on
borrowing, resulting in an increasing
have an adverse in¬
may
The increase in
of capital and money markets.
expenditure is largely for armaments and is
of the tense
consequence
a
situation which weighs so heavily on the minds of
As to the
leading
shouldered immediately and
are
weight of debt that mortgages the future and
fluence
It
was not
League,
extracts
are
no
peoples."
showing of the Bank the correspondent of the
the above
taken, said:
Net Profit Is Reduced
loyal and faithful to the League.
The
balance
the factors
that
the
of pessimism
backed today
9,193,671
and optimism
by the Assembly,
francs
Swiss
this
be suspended and
This
Later, the Council, without Italy, adopted a resolution agreeing to con¬
sanctions, at least until the extraordinary session in June, when the
its
a
showdown.
The resolution
follows:
approve
profit of only
net
a
13,046,008
last
The
year.
profit, the report explains, is due to the fact "that your Board,
\
means
that the bank, for the first time during the entire depression,
decreases its normal declared
secret
reserves
against
profit in order to increase more rapidly
Every
emergencies.
after
francs
This
allowance
an
for
13,000,000 Swiss
contingencies."
year's declared profit allowed the voting of the usual 6% dividend
fulfillment of
and
left
"making
hitherto the
months
12
bank has always declared a profit of slightly more than
tinue
Italo-Ethiopian question will be brought to
to
between
revealed by the Board's de¬
w as
against
year,
by implication,
mostly
having regard to prevailing conditions, increased the allowance for con¬
now
penalties
Ecuador announced flatly that she could not
participate in further appli•cation of sanctions.
struck,
report
tingencies."
financial
•
provision
for her to leave
Coincident with departure of the Italian
delegation, headed by Baron
Pompeo Aloisi, the League sanctions front began to crumble. Chile asked
and
have
problems, particularly with regard to unem¬
dance that, on account of its magnitude and possible
careful
reduced net
economic
levels,
low
struggling for these seven
helped to solve certain problems that caused
eliminating all fears of scarcity and
May 12 regarding the departure of the Italian delegation
from the League:
anti-Italian
been
Interest rates, with some temporary exceptions, are
they had been since the
cision,
all
unprecedented
to
have
we
"International indebtedness, both long and short term, has been greatly
reduced.
the victim
We also quote from the United Press Geneva advices of
that
fallen
1931.
the prices of
"Times". Clarence K. Streit, from whose account
He then left the Council chamber.
was
had
time since
any
of increasing, and
signs
wrhere mounting charges are met by
Baron Aloisi then read the
following declaration:
The only
has
years
Ethiopian
delegate, Wolde Mariam Ayeleu, to sit at the Council table while
which
shown
depression with which
ployment,
dramatic
his
made
declaration to make regarding Item 18, the dispute between
a
Italy and Ethiopia.
of
of the
public session
The program was
move.
say
a
"The
members
warring aggressor and
products,
has
begun to rise under the influence of reviving demands.
great
toward non-recognition of the success of the latest
trade
,
A greater degree
hopeful side.
a more
exchange stability has been maintained than at
"International
Incidentally, it has been
of confidential
sources
the President's report, which
'}
A
I
"The past year has been one of great difficulties and many disappoint¬
Ethiopia.
and
sufficient basis
a
v'.; .V
,
First, that there exists
of the
De facto
transactions," especially those of long
"</ 'i'
;
■
.
information, had been working for months
But the session went
the
"that
stability, he finds, however, does not "seem to provide
He
the Ethiopians remained.
■then left the room.
the continued record-breaking move¬
concern over
gold to the United States, which in 1935 reached "nearly
double the year's total production."
for
South
would be faced
abundance of gold greater than was ever experienced before.
an
Dr. Trip also showed
world trade for
continued existence
Russian and
during the next few years
faster
even
short time" the world's price structure
a
ment of the world's
Dr.
He said the
recorded.
ever
promised to rise
and that "within
Geneva dispatch to the New York "Times":
Baron Pompeo Aloisi of Italy refused to admit the
3263
York "Times" Dr.
open
legal
reserve
requirements,
with
500,000 francs
for distribution among the interested governments.
over
The Council of the
League of Nations, having met to consider the dispute
Italy and Ethiopia, recalls the conclusions reached and the de¬
taken by the League of Nations since Oct.
19, 1935. It is the opinion
between
cisions
Council decides to
resume
Quotas
case shall there be
any modifying of measures (sancPreviously adopted through collaboration of members of the League
Nations.
Chile
abstained
from
voting.
resolution with reservations.
the
new
League in
the
no
and
Ecuador
accepted
the
The resolution
may
wras
modify sanctions *'
designed to give the League
a
breathing spell in which
aggressor to the fullest extent.
"This moment is tragic for
Ethiopia," he said, "but it is
no
less tragic
for members of the
to condemn
Tlie
noted
League, and the Ethiopian delegation asks the Council
Italy vigorously and requests that Article 16 be fully applied.
taking
on
of Addis Ababa by Italian
page 3084 of our May 9 issue.
over
troops
was
Meeting
of Directors of Bank For Interna¬
tional Settlements—Greater Armaments
Budgets
Regarded By President Trip as Hampering Re¬
covery
Warns
American
State Department
on
—
Also
May 12 made public the text
of the reciprocal trade agreement between the United States
on May 6, as
9, page 3086.
The pact,
which will become effective June 15, reduces French rates
of
But Upward Movement of Business Seen—
Against Increasing Production of Gold
Greater armaments budgets, causing a heavier burden
on
and a lack of international understanding are
held by Dr. L. J. A. Trip, President of the Bank for Inter¬
national Settelments, as influences
retarding recovery.
Nevertheless, he reports "the cyclical movement of busi¬
ness at last seems to be in an
upward direction, and the loanterm tendency of prices, which for a decade had been under
the influence of a downward pull, also is
beginning to turn."
Dr. Trip thus reported at the annual
meeting of the direc¬
tors of the Bank held at Basle on
May 11.
According to
4he wireless message from Basle on that date to the New
taxpayers,
which was signed at Washington
duty and contains other concessions affecting American
whose exports to France last year totaled $24,while in return this country reduces,by 50% the
tariff rates on champagnes, brandies and other liquors, and
products
500,000,
grants concessions on other French products, many of which
classified
are
France,
as
"luxuries."
under
the
agreement,
reduces
the
duty
on
19
products, including a cut of 50% on passenger automobile
chasis and a greatly increased quota.
Grapefruit duties are
also lowered 50%, while smaller reductions are made on
such
Annual
on
described in the "Chronicle" of May
Italy's outright annexation of Ethiopia.
Mariam, Ethiopian delegate, urged the League to apply Article 16
Covenant, providing for economic, financial and military sanctions
an
Commodities
and France,
of the resolution, stating that members of the
Wolde
against
Duties
Machinery
last part
case
to consider future action in view of
•of the
Many
on
and
The Ecuadorian delegation said its Government "cannot
delay.
subscribe to
The
Argentina
Ruiz Guinazu, Argentine delegate, protested
Reduces
Foods
Import
Increased—
United States Lowers Rates on Wines, Liquors,
Laces, Perfumes and Other Luxuries
Automobiles,
step taken by the Italian Government.
The
deliberations on June 15 and considers that in
the meantime in no
•of
Pact with France
Trade
that further time is
necessary to permit members to consider the situation
■created by the serious new
products as unsweetened canned pineapples, sewing
heads, cash registers, spark plugs, fountain pens,
machine
dried prunes,
raisins and canned asparagus.
Many Amer¬
are
given an increased quota.
In ad¬
dition to wines and liquors, the principal French products
affected by the pact are laces and perfumes.
Further de¬
ican
commodities
tails of the agreement as given in a Washington dispatch of
May 12 to the New York "Herald Tribune" follow:
The American
the
following
50%
concessions
involve reduced
duties
of chief importance to general
are
reduction
on
brandy,
cordials and
on
71 items,
of which
consumers:
liquors,
or
about
90
cents "a
fifth."
50% reduction
on
champagne,
50% reduction
on
vermouth,
40% reduction
on
still wines containing not
about 10
cents "a
Substantial
tial
oils
that
or
about 60 cents "a fifth."
about 14 cents "a fifth."
more
than 14%
alcohol,
or
fifth."
reductions
go
or
on
French
perfumes
and
into cheaper American perfumes.
cosmetics and
on
essen¬
Financial
3264
Substantial reductions
silks,
woven
high
quality fabrics, including broad-
gloves, corsets and blocked
canned
papers,
the unconditional
most-favored-nation
countries, with
the notable
exception
still
wines
sherry,
will
eg joy
The tariff
the
principle,
of Germany,
the American
Among
cash
are
automobiles
and
grapefruit,
as
products which
various
asparagus,
dried
act of 1934,
The
than
Under the trade agreement act of 1934
most
commodities
important
special tax
1932.
further action is
no
re¬
In
excepted
by France
American coal and coke.
are
the
most-
for
many years
as
a
separate note to the French Ambassador,
Cordell Hull,
Finance Minister in the
was
Byrka served in Parliament
He is a prominent
liberal with Democratic views.
For the
most
part, the tariff reductions made by the United
which
commodities
essentially
are
non-competitive
States
are
domestic
with
in¬
making public the text of the agreement, Secretary Hull said:
It represents a long onward stride in the
development of the only type of policy
morass of economic distress
which it has been plunged by a short-sighted, futile
and disastrous search for national self-sufficiency through the erection of excessive
barriers to international trade.
that holds
promise of extricating the world from the
a
Mussolini
Premier Mussolini of
Sec¬
dustries.
German
Dirigible Hindenburg Completes First Flight
States with Passengers,
Freight and
Mail—Ten Round-Trips to Be Made This Summer
United
to
German dirigible Hindenburg on May 9 completed
the first commercial passenger flight from Europe to the
States, being moored at the Naval Air Station at
Lakehurst, N. J., 61 hours and 38 minutes after the take-off
from Friedrichshafen, Germany.
The Zeppelin left Lake¬
hurst on May 11 for the return flight, arriving at Frankfort
at 4.55 a. m., May 14 (11:55 p. m. May 13 New York time)
completing the return trip in about 48^ hours.
Regular
service between Germany and the United States is planned
for this summer, with ten round trips on which passengers,
freight and mail will be carried.
About 50 passengers were
carried on the initial crossing.
Dr. Hugo Eckener and other
officers of the Hindenburg visited President Roosevelt on
May 11, and described the first flight.
Dr. Eckener's com¬
ments were noted as follows in Associated Press Washing¬
ton advices of May 11:
Dr. Eckener said he would not attempt a record flight on the return to
Germany, "but, of course,
we
The decrees
80 miles)
an
hour and that with
airship would be able to
miles, in about 30 hours
or
a
30-mile wind from the wrest he estimated
cross to
the French coast,
a
distance of 3,000
less.
Questioned
I have
no
Alexandria, Va., had
a
consideration of Article 3, No.
fourth year of Fascism,
I
was
Secretary of State;
We have decreed and
we
decree:
Article I
been made
some
time
ago
and the are
Echener said, "we usually refer to that field
fett, who
was
to
was
was a
a
as
the
hereby placed under full and complete sovereignty of the Kingdom
are
of Italy.
The
of
title
successors
is assumed for himself and for
Emperor of Ethiopia
Ethiopia is ruled and represented by
title of
killed in the Akron disaster.
President Roosevelt, Dr. Eckener visited
Admiral William H. Standley, acting Secretary of the Navy; Rear Admiral
director of Naval Communications, and Captain
Director of Na^pl Intelligence, in whose office he
From the
General
Governor
Governor
The
decrees
General
was
W.
D.
Row-
Puleston,
Viceroy of Ethiopia is nominated by royal
and
the Minister and Secretary of State for the
State and
Colonies.
i
-
Article III
■
By royal decrees to be issued
the proposal of the head of the
on
Koc
Stating that the President of the Bank of Poland, Colonel
Adam Koc, had that day resigned, a wireless account from
Warsaw (Poland), May 8, to the New York "Times" of
May 9, also said:
decreed
was
today following the import
be relieved of his
a
fortnight
control
ago
duties
Article IV
be
presented
decree, which
to
Parliament
into effect
goes
for
conversion
decree, which
came
into
force this
Colonel Koc is
ardent advocate of the gold standard, deflation and
an
unrestricted foreign trade.
is authorized to present the necessary
known
as
the
One of the leaders of the "colonists' group,"
"guardian of the zloty."
control of imports, supplementing
To him the late Marshal
the exchange restrictions,
it
obligatory to observe it and
is
of the unrestricted
decree
DECREE
,
Italy, Cavaliere Pietro Badoglio, Marquis of Sabotino.
Governor
General
of
Ethiopia
with
the
title
of Viceroy,
with full powers.
A Rome dispatch of May 9 to the New York "Times"
reported Premier Mussolini's speech as follows:
Officers,
the
non-commissioned officers,
State in Africa and in
men
and
women
at
privates—all
the
armed forces of
Italy—Black Shirts of the Fascist revolution,
home and throughout the
world, listen!
With the decisions that will be known to you in a few minutes
have
been
been
accomplished.
acclaimed
by the
The
Frascist
destiny
Grand
Council
Ethiopia
of
has
a
great
been
and that
event has
sealed
today,
All knots have
been cut by our flaming sword and the victory in Africa
becomes part of
the
The decree
could
did
the
country.
necessarily
preventive measure.
result of fears of excessive purchases
mean
It was
further
explained
restrictions
our
country,
pure
and complete;
It is
a
as
the Legionaries who
Fascist empire because it bears
the indestructible sign of the will and power
and
of the lictors anf fasces of
officially that
but
was
the
merely
a
disciplined energies of the younger generation of Italians have been
bending.
It is
goods and was designed to fill the gap through which
leave
not
was a
history of
laid down their lives dreamed of it and wished it to be.
Rome, because this is the goal toward which for 14 years the vigorous
60% of the goods imported by Poland were already subject to
various restrictions.
money
nominated
and inserted
Kingdom of Italy, making
that it is observed.
see
Italy at last has her empire.
now
gives the government full control over the zloty.
About
bill.
We order the present decree sealed with the seal of State
in the official collection of laws and decrees of the
Josef Pilsudski entrusted the stability and security of the Polish currency.
The
head of the
The
law.
March 9 of the fourteenth year of the Fascist revolution.
morning.
was
the day of its date, will
on
into
Government, the Prime Minister and Secretary of State, its proponent,
immediately after
and he repeated his request
and
Secretary of State for Colonies, regulations for Ethiopia will be pro¬
vided for.
Italian
Koc had asked to
Govern¬
the Secretary of State and the Minister
the Prime Minister,
ment,
interviewed.
Resigns as President of Bank of
Poland—Reported Opposed to Recent Decree Con¬
trolling Imports—W. Byrka Appointed Successor
Colonel
placed under his jurisdiction.
of the bead of the Government, the Prime Minister,
proposal
on
Secretary of
depend all
Viceroy of Ethiopia will
and
SECOND
exchange control
Governor General who has the
the civil and military authorities of the territory
The Marshal of
Adam
a
Viceroy and from whom will depend also the Governors of Eritrea
and Somaliland.
The present
Ernest J. King, of the Bureau of Aeoronautics; Rear Admiral G. J.
Colonel
his
by the King of Italy.
Article II
strong fence around the field.
trip with the late Rear Admiral William A. Mof-
Before his appointment with
Ethiopia
and peoples which appertain to the Empire of
The territory
the
glad there
His reference
2 of the law of Jan. 31,
100; in consideration of the law of Dec.
No.
Bull Valley because on the trip I made down there a bull chased us off the
field.
of the kindgom;
1926, in the
9,
1928, in the seventh year of Fascism, No. 2693; having recognized the
urgency and absolute necessity of passing this provision; the Grand Council
of Fascism having considered it; the Council of Ministers having heard it;
on
proposal of the head of the Government, the Prime Minister, the
in
commercial Zeppelin air¬
found "suitable."
"You know," Dr.
DECREE
FIRST
port near Washington, he said that inspections of the Hybla Valley sec¬
near
contained in Associated Press advices
May 9, is given below:
knowledge of military values."
the possibility of developing
on
"Oh,
as
Premier Mussolini
A transla¬
Rome.
In consideration of Article 5 of the fundamental statutes
the
Asked what he thought of Zeppelins as military factors, he said:
I'm only a commercial pilot;
May 9 formally announced
annexing Ethiopia and proclaiming the King
tion of the decrees
from Rome
shall take all advantage of favorable gales."
The Zeppelin's motors, he said were capable of a speed of 70 knots (about
on
of
the Emperor of Ethiopia were read by
before an audience of many thousands in
The
United
Italy
Ethiopia and the assumption by King
Victor Emmanuel of the title of Emperor.
Marshal Pietro
Badoglio was appointed Viceroy of the conquered territory
and General Rodolfo Graziani was advanced to the rank
of Marshal.
This action followed the capture of Addis
Ababa by Italian troops (described in the "Chronicle" of
May 9, pages 3084-85), and Italian control of the railway
from Addis Ababa to the border of French Somaliland.
annexation
the
and political Instability into
he
He
1918.
Italy Annexes Ethiopia—King Victor Emmanuel Pro¬
claimed
Emperor and
Marshal Badoglio Made
Viceroy — Decrees
Read in
Rome
by Premier
This was because of
colonies.
cliff,
swing from the Left, since Byrka
a
coal imports from various countries in the Revenue Act
on
a
from
retary of State, promises to ask Congress to modify this provision of the
law
to
remove
discrimination against the coal of
France and French
tion
as
opponent of devaluation.
century.
a
Congress.
favored-nation provision
the
regarded
was
agreement requires ratification by the French Senate and Chamber of
quired of
In
The appointment
first Polish Government, organized in
and is the first comprehensive
more
Byrka, president of
Bank of Poland.
the Lwow Chamber of Commerce, to be Governor of the
13th to have been signed under
agreement between these two countries in
Deputies.
on
Moscicki today appointed Wladyslaw
President
ma¬
pears,
belongs to the Leftist Farmer's party.
agreement is the
The ad¬
pointed Wladyslaw Byrka to succeed Mr. Koc.
various rubber
prunes,
(United Press) advices of May
Moscicki, of Poland, had that day ap¬
vices stated:
tools.
the reciprocal trade agreement
The
14 that President
the French
from
spark plugs, logs and lumber, fresh apples and
Franco-American
The
benefits
obtain
Stockholm.
It is learned from Warsaw
port and
registers, typewriters, radios and radio tubes, passenger
pens,
and
envoy to
French
with
He is Anthony Roman, former
charge of foreign trade relations.
to take
favorable
affected.
Foreign Ministry has been appointed
A second Under-Secretary of the
i
canned salmon, canned
manufactures
of
equality
on
bodies, electrical refrigerators, silk hose, agricultural
chinery, fountain
the
rates,
American trade in particular may be
trade balance.
with which this
remains unchanged.
concessions
trade
tariff
lower
decree may be used by the government to bargain for a more
new
under which this
wines of higher alcoholic content, such
on
As regards those countries the
tries and British dominions are exceptions.
country no longer has a moet-favored-nation agreement.
Italy will be a particular beneficiary, since Italian liquors, vermouth and
products.
In fact, this new measure will not affect countries that have
However, the United States, France and several South American coun¬
mushrooms,
country operates, all the concessions granted to France will be enjoyed by
other
countries will be
quotas in trade agreements with foreign
import
reciprocal quotas and tariff reductions.
Roquefort cheese,
vanilla beans, maraschino cherries and other titbits.
Under
May 16, 1936
recently concluded trade conventions with Poland based on compensation,
and children's handseamed
trimmed straw hats.
or
cigarette
on
All
respected.
various kinds of lace, women's
on
Reductions
various
on
elastics and fine lame.
rayon,
Reductions
Chronicle
an
empire of peace because Italy wants peace for herself and for
every one and was induced to make
by
of
some
imperious
civilization
and
and
undeferable
humanity for all
war
only when she was driven to
necessity
of life.
It is
an
the populations of Ethiopia.
it
empire
This
Volume
Financial
142
is in the tradition of Rome, which after having
conquered people in her fate.
Here is law that closes
with
enormous
a
conquered, associated the
by Brazil for Payment of 40% of
Coupons on External 8% Bonds, due 1941,
and 7% Bonds, due 1952
history and opens a new one
future possibilities.
Dillon, Read & Co.,
Empire
the Kingdom of
of
special agent for the United States
gold loan 8% bonds, due 1941,
30-year 7% gold bonds, due 1952, announced this week
Brazil 20-year
and
Italy.
Secondly, the title of Emperor is assumed for himself and his heir by the
the King of Italy.
Officers,
of the
State
in Africa and
officers,
Italy,
all
privates,
Bleak Shirts,
forces
armed
the
Italian men and women:
an
They will
empire.
They will defend it against
with their weapons.
this
funds
certainty,
supreme
to salute the reappearance
have
coupons
lift
flags,
your
swords,
your
after 15 centuries of
an
hearts
your
as
external
remitted
been
for
the
payment
both issues at the rate of 40%
on
dollar face amount.
the
of
of the
Payment at this rate will be made
and after
on
June 1,
State
people have created with their blood
render it fertile and fruitful with their work.
any one
that
June 1
non-commissioned
Italian
3265
Remitted
June 1
our
First the territories and peoples that belonged to the Etbiopean
In
Funds
r
period of
have passed under the sole and exclusive sovereignty of
the
Chronicle
Maranhao
1936, at the New York office of Dillon,
Read & Co., but coupons surrendered must be accompanied
by a letter indicating that the holder agrees to accept such
payment in full satisfaction and discharge of such coupons.
empire on the fateful
♦
hills of Rome.
Will you be worthy of it?
ment
"Yes, yes!" shouted back the throng.
"Is this cry a scared oath?" demanded the
swelling
The
oath that binds you
an
"Yes!"
came
the
before God and man?" he demanded.
"Is it oath that bids you for life or
death?"
"Yes, yes!"
"Black Shirts and legionaries," ordered Mussolini, "salute the
"Long live the King!"
came
King."
the roaring response from thousands of
eager throats.
State
of
Maranhao,
Brazil, announces that it has
Trust Co., New York,
special agent, for the payment of the May 1, 1936, coupons
apertaining to the outstanding bonds of the external secured
sinking fund 7% issue of 1928, at the rate of 22%% of the
deposited
reply once again.
of
(Brazil) Deposits Funds for Pay¬
22 3^ % of May 1 Coupons on External 7%
Bonds, Issue of 1928
And again came the
Duce.
"Yes!"
response,
"Is it
of
funds with the
Bankers
dollar face amount of such
coupons.
/
+.
The Italian Chamber of
Deputies on May 14 unanimously
ratified the bill creating an Italian empire.
Premier Musso¬
lini first read the decree (of which the text is given above)
and the deputies voted immediately thereafter.
Meanwhile
demobilization of the Italian army continued late this week,
despite strained relations with the League and the con¬
tinuance of League sanctions:
"
\
Associated Press advices from Rome on May 14 outlined
the proceedings before the Chamber of Deputies as follows:
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The
monthly list of companies listed
the New York
on
Stock Exchange reporting changes in the reacquired holdings
of their own stock was issued by the Exchange on May 14.
A
previous list
given in our issue of April 18,
May 14 follows:
was
The following
companies have reported changes in the
acquired stock held
as
II Duce, speaking to the Deputies, declared:
decree
naming
Marshal Pietro
Badoglio
"Viceroy" of
Ethiopia, II Duce added:
".
Owing to the fact that this incontrovertible right, it is necessary
provide for the government of a new and great colony.
first Governor General of Ethiopia, with the title of Viceroy,
cannot be any other than he who
already has joined with the Government
of two bordering colonies the command or the armed forces which conquered
the Ethiopian empire.
"Marshal Badoglio has merited this
honor.
"On the Governor General are conferred the powers which will permit
.
.
to
"The
him to govern
Ethiopia in these first moments of the affirmation of our
and also whatever exceptional circumstances will have de¬
manded until the regulations which Rome is preparing to give Italian
Ethiopia shall have been established, so#that for barbarian disorders there
will be substituted organic, constructive, Fascist order."
,
Dominion,
Adjourning the Chamber session the President, Count Ciano, said:
"Italy, with her
Informed
arms
listeners
ready, now has changed her fighting front."
thought he meant that,
now
the Ethiopian war is
Italy's army again is ready for any European emergency.
over,
Bondholders of Two National Loans of Ireland Invited
to
Submit
Applications
for
Repayment
of
Sub¬
Applications of bondholders
tions
to
Ireland"
1936,
the
and
"First National
"Second
the
for repayment
Loan
External
of
Loan
of subscrip¬
the Republic of
of
the
Name—
the final
Allis-Chalmers Manufacturing Co. (common)
American Agricultural Chemical Co. (capital)
x
American Hide & Leather Co.
(common)
x American Hide & Leather Co.
(6% preferred)
Beatrice Creamery Co. (preferred)
Bucyrus-Erie Co. (preferred)
*
Byron-Jackson Co. (common)
Century Ribbon Mills, Inc. (preferred)
Commercial Investment Trust Corp. (common)
Curtis Publishing Co. (common)
Curtis Publishing Co. (preferred)
Detroit Edison Co. (common)
Eaton Manufacturing Co. (common)
Ire¬
30,
date for filing of claims,
according to an
announcement of the Repayment Office for Dail Eireann
External Loans.
The necessary forms, it is stated,
are
available at the office at 117 Liberty Street, New York City.
May 15 Coupons on 5% External Gold Bonds of Panama
Being Paid at Rate of 4% Per Annum
H. F. Alfaro,
Secretary of the Treasury of Panama, on May
Republic of Panama 25-year 5%
external secured sinking fund gold bonds, series A, dated
May 15, 1928, due May 15, 1963, that due to the failure
14 notified holders of the
of Panama to receive from the United States three payments
of Canal annuities due Feb. 26, 1934, 1935, and 1936, which
in accordance with the terms of the treaty
_
General Motors Corp. (common)
International Harvester Co. (common)
signed in March
$1,290,000, the Republic will not be able to assure
full service of its external debt.
The money will not be
available, the notice points out, until the new treaty is
ratified by the Panama Assembly and the United States
Senate.
Reference to the treaty was made in our issue
of March 7, page 1551.
In his communication to the bond¬
holders, Mr. Alfaro said that "in spite of these circum¬
stances, the Republic has decided to pay the interest on
coupons due May 15,1936, but at the rate of 4% per annum."
-+■
Payment of 22^% of May 15 Coupons Provided by City
of Sao Paulo (Brazil) on Bonds of 6^% External
of
_
International Printing Ink Corp. (common)
_
McGraw-Hill Publishing Co., Inc. (common)
Minneapolis-Honeywell Regulator Co. (common)
Natomas Co. (common)
*
Remington Rand, Inc. (5% prior preferred)
*
Remington Rand, Inc. (S6 preferred)
Safeway Stores, Inc. (6% preferred)
Schulte Retail Stores Corp. (preferred)
Sheaffer Pen Co. (W. A.) (common)
Spear & Co. (preferred)
Standard Oil Co. (Indiana) (capital)
Texas Corp. (capital)
Tide Water Associated Oil Co. (common)
United Biscuit Co. of America (common)
United Drug, Inc. (common)
Wheeling Steel Corp. (preferred) —
*
Initial
which
Shares per
Previously
Reported
41,589
2,004
680
520
100
6,608
None
100
160,143
9,535
34,501
2,161
1,903
50,925
35,073
730,522
163,412
3,502
33,006
20
2,200
None
None
510
7,777
3,205
1,477
85,022
511,192
327,532
41,615
18,251
1,396
...
—
of re¬
Stock List:
Latest
Report
40,279
4,105
384
446
300
6,620
8,996
167
159,893
9,531
34,500
1,975
1
38,848
35,183
573,989
164,399
3,402
33,318
63
3,300
9,701
16,800
640
7,767
3,494
None
75,767
511,186
323,970
39,320
31,268
1,496
report,
x Company also holds 1,513 shares 7% preferred stock (old)
exchangeable for 1,513 shares of 6% preferred stock (new) and 6,052
are
on New York Stock Exchange Dropped
42,534 Shares During April
Short Interest
short interest existing as of the opening of
April 30, as compiled from information secured
by the New York Stock Exchange from its members, was
1,132,817 shares,
the Exchange announced yesterday
(May 15).
This compares with 1,175,351 shares as of
March 31, a decrease of 42,534 shares.
The following tabulation shows the short interest existing
at the close of each month since the beginning of 1935:
1927
The
City of Sao Paulo, Brazil, annouced May 14 that it
has deposited with the First of Boston International Corp.
funds for the payment of the May 15, 1936 coupons apper¬
taining to the outstanding bonds of the 63^% external
secured sinking fund issue of 1927, due May 15, 1957, at
the rate of 22%% of the dollar face amount of such coupons.
total
The
business
on
1935—
1935—
Jan.
764,854
741,513
760,678
31
Feb. 28
Mar. 29
772,230
768,199
840,537
Apr. 30..
May 31
June 28.
New York Stock
Securities
in
amount to
Issue
__
Electric Auto-Lite Co. (common)_
Eureka Vacuum Cleaner Co. (common)
Republic of
be submitted up to and including June
may
2589.
shares of common stock.
scriptions
land"
on
Shares
undertaking was expressed
in the irrevocable affirmation by which, on Saturday, the Grand Council
of Fascism proclaimed
all Italians consecrated under the vow:
'The
territories and the people wheh appertained to the empire of Ethiopia
are placed under the whole and complete sovereignty of the Kingdom of
Italy.
The title of Emperor of Ethiopia is assumed for himself and his
successors by the King of Italy.'
"Let us now consecrate, in the law of the State, these solemn deter¬
minations of the Fascist people."
the
amount
heretofore reported by the Committee
"Honorable Comrades:
"The will of victorious Rome in its African
Presenting
page
The list made available
mittee oil
July
1936—
31
31
870,813
998,872
913,620
930,219
Nov. 29
Jan.
31..
Feb.
28
1,032,788
31
927,028
Aug. 30
Sept. 30
Oct.
Dec.
927,028
1,246,715
1,175,351
Apr. 30...... 1.132,817
Mar. 31.
Exchange Acts to Send All Dealings
to
Floor—Extends
Power
of
Com¬
Arrangements
The
Governing Committee of the New York Stock
Exchange on May 13 adopted an amendment to the con¬
stitution of the Exchange conferring on the Committee on
Arrangements
securities
ferred
on
similar
power
with respect to
dealings in
which it has jurisdication, as has been con¬
the Committee on Bonds in respect of dealings
over
bonds.
The
change, - which will become effective in
disapproved by the members and Governing
Members of the Exchange, gives the Committee on Arrange^
ments power to require that purchases or sales of securities
under its jurisdiction be made on the floor of the Exchange.
The change is made by omitting sub-section E of Article 10,
Section 1, third sub-division, and inserting the following two
in
two weeks unless
paragraphs.
"(c) To
referred to
v.
regulate dealings, except with respect to matters specifically
other Committees, whether upon the Exchange or otherwise,
in securities admitted to dealings upon the Exchange
and in connection
therewith may require that transactions in such securities be
executed upon
Financial
3266
"(f) To
make
and
order
decorum
rules and regulations for
and
foreign State that is presently
referred to in
was
,
issues of April 11, page 2418,
our
and March 28, Page 2076.
security exempted from the operation of Section 12(a) by
(a) of this Rule shall be exempt from the operation of Section
7(c)(2) for the period specified in said Paragraph (a) to the extent
necessary to render lawful any direct or indirect extension or maintenance
of credit on such security or any direct or indirect arrangement therefor
which would not have been unlawful if such security had been a security
(b) Any
Called Securities
The
New
York
on May
14 notified
Quotations and Commis¬
rescind its former ruling regarding
Stock
Exchange
members that the Committee
had
sions
decided
commissions
to
short
on
on
bonds
term
and
and
notes
called
(c)
in
tution,
the
that
all Bonds
on
Committee
on
Bonds
or
Notes have
a
any
any
be effective immediately
shall
Rule
This
Act Defining Gas Utility Companies
pany
announcing that it had amended the Rule 2A4-2 under
Holding Company Act of 1935, defining
In
the
Public Utility
gas
To Members
utility companies,
other than
To
other than
maturity or
Governing
Governing
redemption
Members
Members
and
'
7
Six months
{when a
sales
that
a
On stocks which pursuant to
mutually agreed
consumers
upon
selling not more
companies
at retail per year and primarily engaged in
gas utility
companies.
The new rule also
to industrial consumers for their own use are
is
not
as
a
not
sales
retail
at
has
company
regulation
May be
Lees than six months
provides that
the old,
are
that
clear
it
deemed
not
50c.
business
other
makes
up)
like
rule,
Securities and Exchange Com¬
the
8 said:
May
on
new
$100,000 worth of gas
some
principal
is given
given up)
80c.
$1.25
or more
than
Members
'
{.when a
not
The
Governing
/
principal is
Non-Members
mission
To Members
Time to run to
is
Utility Holding Com¬
SEC Amends Rule Under Public
of not less than 96% or more
.
12(a)
Section
of
publication.
upon
Bonds
Section 2, Paragraphs
110% of their redemption price, the following rates shall apply per
'
from the operation
of this Rule
(a)
by Paragraph
hereby prohibited'.
$1,000 of face value:
i
of the mails or of any facility
or
commerce
national securities exchange to use or employ any such device or
contrivance in connection with the purchase or sale of any security exempted
otherwise are to be redeemed within
current market price
(a)
or
instrumentality of interstate
of
(a), (b) and (c) of said Article XIX shall apply, except that when such
than
the operation of Section 12(a)
of this Rule which would have been unlawful under
rule or regulation heretofore or hereafter prescribed
thereunder, if done or omitted to be done with respect to a security regis¬
tered on a national securities exchange, and the use
of any means or
Quotations and Commissions has determined
twelve months, the rates of commissions specified in
manipulative or deceptive device or contrivance, as used
respect to any security exempted from
Section
2 of Article XIX of the Consti¬
Notes having five years or less to run, and on
or
and Notes which, pursuant to call or
national securities
a
on
(b), is hereby defined to include any act or omission to act
10
Paragraph
9(a),
by
ruling follows:
Pursuant to Paragraph (d), Section
registered
security)
exempted
an
term
The
Section
with
upon.
The text of the Committee's
than
(other
exchange.
securities, effective May 18.
For such securities with six
months or more to maturity or redemption, the commissions
to governing members and non-members will be $1.25; to
other members when a principal is not given up, 80 cents,
and to other members when a principal is given up, 50 cents.
For securities whose date of maturity or redemption is less
than six months, the commission may be mutually agreed
"1.
to which temporary
as
paragraph
Changes Ruling Regarding
Short Term Bonds,
Notes and
New York Stock Exchanges
on
(ii)
government.
+
Commissions
office
thereof by a regular government which has been
exemption from the operation of
Section 12(a) shall expire pursuant to the terms of Rule AN7 on May 15,
1936, and as to which registration shall not be effective on that date,
shall be exempt from the operation of said Section 12(a) to and including
the thirtieth day following the assumption of office by such elected regular
and
elected
The action of the Exchange in empowering the Committee
on
Bonds to send bond transactions to the floor of the
Exchange
which
governed by an interim government
office temporarily and which is to continue to hold such
only until the assumption
comfort of members thereon or
Exchange";
contrivances with respect
have been issued by any
or
is holding
the convenient
the Floor of the Exchange, and to secure good
the safety and
within the premises of the
devices
deceptive
or
Evidences of indebtedness (i) which
thereto.—(a)
thereof when adopted;
enforce
and
transaction of business upon
manipulative
of
use
Exchange, and may adopt rules or regulations with respect thereto and
the
shall require the observance
1936
16,
May
Chronicle
for
Thus the
the Act.
of
purposes
company
make
the parent
alone sufficient to
fact
mere
selling to industrial
pipeline
subsidiary
a
subject to
company
holding company.
public utility
call or otherwise are to be redeemed within
twelve months, the rates of commission may
be mutually agreed upon."
Many Foreign Issues Removed from List of New York
Stock
SEC
Eases
Rule
Permits
Certain
Securities Act—
Using Form A-2 to Omit
of Foreign Subsidiaries
Filing
on
Under
Financial Statements
The Securities
and Exchange Commission has amended
provide that issuers filing registration statements
on Form A-2 under the Securities Act of 1933 may, under
certain conditions, omit the financial statements of a foreign
subsidiary. An annoncement issued by the Commission on
May 14 said:
r
against loss
on
are
subsidiary directly
the
exemption from registration under the Securities Exchange
Act of 1934 accorded foreign securities, many of the securi¬
ties
indirectly during the last three fiscal years; and that
for
suant to the amendment, the
foreign subsidiary are omitted pur¬
registrant is required to state certain facts,
including the amount of the investment, the source of the reserve, and the
date when it
was
Securities
having securities listed on the Stock Exchange have applied
impede the
withdrawal of income.
a
to
up
issues.
Issuers Furnishing Financial Data
When Applying for
Registration Under Securities Exchange Act Exempt
by SEC from Filing Annual Reports for Period
7
Announcement
The
exemption
been filed,
thermore,
Form
is available only if the
the
7, 8-A
with which the annual report is required to be filed.
application
must
have
been
filed
on
a
form
other
Fur¬
than
)
♦
SEC Temporarily Exempts from Registration Securities
of Provisional Government About to Be Superseded
May 7 pro¬
mulgated a new rule under the Securities Exchange Act of
1934 granting an extension of the temporary exemption
from registration of securities of any foreign State which
at present is governed by an interim government that is
about to be superseded by a permanent government, already
elected.
The temporary exemption of these securities would
have expired yesterday (May 15).
Under the new rule the
securities will be exempt from registration until 30 days
after the permanent or regular government assumes office.
The following is the text of the rule published by the SEC
The Securities and Exchange Commission on
Rule
AN21.
Temporary exemption from Sections
evidences
of indebtedness
of
certain
12(a)
and 7(c)(2) of
prohibition of
foreign States;
up
to the
tered
The
other
foreign governments which have regis¬
are:
Argentine,
Chile,
China,
Republic,
Irish
superseded by a permanent government, already
The
State,
Costa
Finland,
Estonia,
Free
Italy,
Belgium,
Austria,
Australia,
Colombia,
Germany,
France,
Mexico,
Japan,
Dominican
Denmark,
Haiti,
Greece,
Norway,
Canada,
Bulgaria,
Brazil,
Czechoslovakia,
Rica,
Panama,
Hungary,
Poland,
Peru,
Rumania, Uruguay and Yugoslavia.
As noted in the "Chronicle" of May 9, page 3087, the SEC
announced
May 7 that the deadline of May 15 for the
on
foreign issuers to apply for permanent registration of their
on
extended
been
all
filed
the
national
beyond
securities
exchanges
inasmuch
date
that
as
The
filed
for
temporary
that
near
May 7 is
ehow
records
$2,850,000,000 out
which
the
be
not
had
the various exchanges.
on
that
May 7 said:
registration
statements
have
been
foreign securities having a market value as of Dec. 31,
than
stands
in
Commission
for
more
would
statements
covering approximately 91% in market value of
foreign securities listed
as
several
of
a
exemptions
who
issuers
future.
The
1935, of
total of approximately $3,146,000,000,
are
have
registration
in
effect.
not yet
filed
record for
The
are
Commission
planning to
foreign
securities
under¬
do
so
as
of
follows:
Foreign Central Governments
have registered all
(Form 18)—Thirty-one foreign central governments
(market value,
their securities
$1,750,000,000).
Four foreign
central governments have not registered their securities, which had a market value
of $68,632,000.
Of these four, one is the United Kingdom of Great Britain and
Northern
Ireland, whose only listed securities mature on Feb. 1, 1937.
Political
Subdivisions
of Foreign
Governments
divisions of foreign governments have registered
$370,000,000.
May 7:
certain
about to be
The announcement of the Commission of
by Permanent Government
on
registered
been
not
by
securities
8-B.
or
had
These bonds, however, are covered in a rule
the SEC (and referred to elsewhere in our
granting an extension of the exemption from
registration in cases where a provisional government is
adopted
application for registration has
prior to the date prescribed for filing the annual report, with
each exchange
works issue of 5%% sinking fund gold
1945,
issue of today)
elected.
made by the
Securities and Exchange
Commission on May 8 that it has exempted issuers of
securities registered under the Securities Exchange Act of
1934 from the requirement of filing an annual report for
any period for which financial statements are furnished
in an application for registration.
The Commission stated:
was
Cuba,
of
May 7, had registered four of its five listed
The public
May 7 date.
exception
the
with
registration
permanent
which,
bonds, maturing
allocated to the particular purpose.
Covered
re¬
Exchange's list as of the close of business
(May 15) for failure of the issuers to apply to
and Exchange Commission for permanent
registration.
Included are the securities of Great Britain,
Bolivia
and
El
Salvador;
all
the
other
governments
subsidiary be organized and do the principal part of its business in a
When the financial statements of
private
were
yesterday
the
been taken up from the
country where governmental restrictions prohibit or seriously
Exchange
Stock
York
New
the
on
and
municipalities
governments,
foreign
listed
from the
moved
that the registrant shall have set up a specific reserve
or
of
issuers
the investment in substantially the full amount at which the
investment is carried; that no income shall have
Temporary
Govern¬
for Per¬
of
Expiration
upon
Upon the expiration yesterday (May 15) of the temporary
its rules to
|p» The conditions
Exchange
Exemption
from
Registration—Several
ments
Among Those Failing to Apply
manent Registration
Issuers
The
securities
of
15
additional
(Form 18)—Fifty political sub¬
securities with a market value of
political subdivisions, having a
market value of $34,525,000, have not yet been registered.
American
(Form
Certificates Against Foreign Issues and for the
19)—Registration statements for six issues of these
Underlying Securities
certificates having a
Volume
Financial
142
market value of $17,086,000 have been filed.
certificates, having
Securities
Other
No statements for 13 issues
Chronicle
of these
report of the Board of Governors, covering the
operations for the year 1935, was made available yesterday
(May 15); since we are only briefly referring to it here, we
shall, another week, make room for more extended extracts
market value of $49,550,000, have been filed.
a
Than
Bonds
(Form 20)—Registration
of Foreign Private Issuers
statements for
three issues having
None remain to be filed.
filed.
market value of $5,696,000 have been
a
Bonds of Foreign Private Issuers (Form 21)—Registration statements for 50 issues
of these bonds having a market value of $672,000,000 have been filed. No statements
have been filed for 38 issues having a market value of
The
following
of
list
the
New
York
business yesterday
from the report.
$135,750,000.
Among other observations the Board of Governors make
special problem has been created for
as a group by the general abandon¬
ment elsewhere in the world of
previously existing exchange
parities and the introduction of exchange controls by several
countries that still
officially adhere to the old parties."
A part of the report is devoted to a "Record of
Policy
Actions of the Board of Governors" and a "Record of
Policy
Actions of the Federal
Open Market Committee, in accord¬
ance with the
requirements of the Banking Act of 1935." In
this part of the
report it is indicated that in August last the
Board directed, as called for under the Securities
Exchange
Act, that monthly reports be required, "from time to time,
as
necessary or appropriate"
"from all firms extending
credit of which any partner is a member of the New York"
Stock Exchange or of any other national securities
exchange
and which are
subject to the rules and regulations prescribed
by the Board."
the statement that "a
the gold-bloc countries
the foreign securities removed from the
are
Stock
(May 15)
Exchange
of the close of
as
:
Foreign Governments
Great
dom
Britain and
of
1937,
Great
and
Britain
United
funding loan,
Bolivia,
bonds,
Northern
Ireland, United Kingdom of—United King¬
Ireland
and
Kingdom
of
May
1947;
1,
7%
f.
s.
secured
July 1,
8%
bonds
bonds,
gold
March
due
Salvador, Republic of—Customs 1st lien 8%
due
Ireland
Northern
and
25-year secured refunding
external
1958, and 7% external secured
El
Britain
1960-1990.
Republic of—external
due
Feb. 1,
4%
20-year 6%% gold1 bonds, due
Great
s.
due
f. gold
July 1,
1969.
1,
f. gold bonds, series A,
s.
1948.
Foreign Municipalities
Graz,
Nov.
Municipality
(Austria)—8%
of
due
bonds,
gold
loan
mortgage
1, 1954.
Bremen, State of
Sept.
1,
(Germany)—10-year 7% external loan gold bonds, due
1935.
It is noted in United Press advices from
Washington that
the report noted that the Reserve banks' excess reserves had
increased from $800,000,000 to about $3,000,000,000
Montevideo, City of (Uruguay)—7%
s. f. gold bonds, due June 1, 1952,
6% gold bonds, series A, due Nov. 1, 1959 (Southern Boulevard loan).
and
Santa
f.
s.
Fe,
due Sept.
Cordoba, City of
1927,
due
external
(Argentine Republic)—Public credit external 7%
Province of
bonds,
Aug.
f.
s.
1,
(stamped and
1942
1957
and
unstamped),
1927,
due
Nov.
of
7%
(stamped
1937
15,
10-year
and
and
It is
of
1928,
series
due
March
A, due
Sept.
Bogota, City of
Oct.
1,
1,
1958,
secured
external
gold
of
loan
1929,
thus
Department
of
gold bonds,
Cauca
due Jan.
Valley,
30^-year
series due Oct.
external
1957;
1,
Eleven
secured'
1,
f.
of
(Colombia)—20-year
7%%
secured
s.
due Nov.
(Colombia)—External secured 6%%
(Colombia)—External 20-year
1947.
1,
7% secured
s.
f.
s.
f.
and
Steamship
Co.,
Ltd.
(Copenhagen)—15-year
6%
sinking
fund
March
Power
Corp.—let mortgage
1950,
1,
1,
and
1st
mortgage
s.
f.
f.
s.
gold bonds,
6^%
bonds,
gold
other
ceiverships
due
series,
Dividend
Mining
Corp.—6-year
6%
secured
1934.
notes,
March
due
1,
Steamship Line—10-year 6% gold bonds, due Oct. 1, 1939.
Ilseder Steel Corp.—Gold mortgage
6% bonds, series of 1928,
Aug. 1, 1948.
erships
due
Mill
Machinery Co.—7%
North
1st
mortgage
30-year
s.
f.
Lloyd
(Bremen)—American shares (representing
f.
1,
gold
gold
bonds,
due
Nov.
reichsmarks of
1,
1947, and
stock)
common
bonds
f.
s.
of
;
1936
''
Works, Inc.—1st
Unterelbe
April
Power
1,
&
Light
mortgage
20-year
f.
s.
7%
Co.—25-year 6%
f.
e.
gold
bonds,
series
A,
1953.
Co.
Co.—4%
shares
petroleum
Transport
ordinary shares
Farmers Nat. Bank,
Dec.
16 1930
First Nat.
Feb.
13 1929
Laurens, 8. C.
Bank, Manchester, Iowa
Bk., Oskaloosa, Iowax
First Nat. Bank, Indianola, Iowa._
(The)—15-year
4%%
guaranteedi
debentures,
debentures,
series
A,
due
April
1,
1945,
First Nat.
Unsecured
Depositors
$81,361.00
520,851.00
63.47
27.79
83.92
80.91
Bank, Mullens, W. Va— Jan.
Nat. Bank, Welch,
16 1928
Oct.
25 1932
70.4
70.4
85.85
75.6597
83.47
43.35
81.24
44.9
73.84
62.28
218,488.00
First Nat. Bank, Punta Gorda, Fla_ Aug. 24 1931
331,830.00
First Nat. Bank, Lincoln, Ala
Dec.
1 1932
37,310.00
First Nat. Bank, Sweet Springs, Mo. Aug. 24 1931
82,255.00
76.77
67.6154
72.37
67.24
of the
company).
i
n
Co.—30-year first mortgage
#
s.
f.
7%
gold bonds,
A, due April 1, 1957.
Power
Co.,
A,
Ltd.—1st
due March
A
mortgage
(Kansai
Division)
s.
banks
Tenders
at
Recent Year—Increase in Excess Reserves
During 1935, according to the annual report of the Board
System "the country's
banking structure showed a greater degree of stability than
in any other recent year and the number of
banking offices
was approximately the same at the end of the
year as at the
beginning." The report goes on to say:
of Governors of the Federal Reserve
According to preliminary figures, 149
were
suspended and 307 banks
liquidated, making
a net
new
banks
were
organized and 84
reopened during the
were
year,
while 34
merged, absorbed, consolidated,
decrease of 108 in the number of banks.
There
the other hand, an increase of 133 in the number of branches in
that the number of banking offices increased from 18,950 to 18,975
during the year.
terminated during
as
to receiverships of Na¬
was referred to in
March
of $313,548,000
of
Rate of
Two
0.188%
On
May 11, Henry Morgenthau Jr., Secretary of the
Treasury, announced that tenders aggregating $313,548,000
had
been received at the Federal Reserve banks and the
branches thereof hp to 2 p.m., Eastern Standard
Time, that
day, to the offering of two series of Treasury bills, dated
May 13, 1936, offered in amount of $100,000,000, or there¬
abouts.
Of the tenders received, it was stated,
$100,116,000
were accepted.
The offering of bills was referred to in our issue of
May 9,
page 3090.
Each issue of the bills was offered in amount
of $50,000,000, or thereabouts; one of the series was
216-day
bills, maturing Dec. 15, 1936, and the other 273-day bills,,
maturing Feb. 10, 1937.
Secretary Morgenthau issued on
May 11 the following details of the bids to the two series:
216-Day Treasury Bills, Maturing Dec. 15, 1936
on
so
67.72
Received to Offering of $100,Series of Treasury Bills Dated
May 13—$50,005,000 Accepted for 216-Day Bills at
Rate of 0.151% and $50,111,000 for
273-Day Bills
f.
Report of Board of Governors of Federal
Reserve System—Finds Banking Structure Show¬
ing Greater Degree of Stability than in Any Other
11.95
71.83
issue of April 11, page 2433.
1955.
Annual
suspended or unlicensed banks
by the Comptroller
report
tional
000,000
15,
65.58
Receiver
Japan
gold bonds, series
x
appointed to levy and collect stock assessment covering
deficiency
value of assets sold, or to complete unfinished liquidation.
x
our
were
to all
Creditors
176,874.00
and
(representing
ordinary
stock of
Royal
Dutch
for
wells).
& Trading
Co., Ltd.—American shares (representing
Electric
Electric
Paid
Offsets
Apr.
9 1930
70,403.00
Aug. 20 1932 392,370.00
National Bank of Lynwood, Calif-- May 29 1931
203,899.00
First Nat. Bank, Peetz, Colo
Sept. 24 1932 66,493.00
Italy
Meridionale
Dividends
Farmers Nat.
W. Va.
1942.
Dutch
Per Cent
Total
Returns
McDowell Co.
Petroleum
1,
York
1935,
Date of
guaranteed
Holland
Batavia
Per Cent
ments Incl.
'
Allowed
1946.
Toho
'■
'
Receiverships
Failure
Public
gold bonds, due Feb. 1, 1945, and general and refunding mort¬
guaranteed gold bonds, 6^% series, due May 1, 1951.
Silesia Electric Corp.—S. f. mortgage gold
bonds, 6%% series, due
Shell
'1
due
external
working
Total
Disburse¬
'
20-year
1933,
gage
Royal
liquidated during April:
NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
RESTORED TO SOLVENCY DURING THE MONTH OF
APRIL
1947.
Saxon
due Jan.
were
common
•
each share to represent 200
s.
$4,418,423, the
Comptroller said.
the creditors of all active receiver¬
1956.
1,
German
closed
to
INSOLVENT
OR
due June
aggregated
payments
ships since the banking holiday of March, 1933, aggregated
$721,240,382. The following are the 11 banks whose receiv¬
'
Hansa
Miag
of National Banks Liquidated
According to Comptroller of Cur¬
O'Connor
insolvent
6%% series, due
1953.
Gelsenkirchen
or
for
preventing
Dividend payments during April, 1936, by all receivers of
National banks to the creditors of all active re¬
Germany
Electric
was,
for
creditors of these 374 institutions, exclusive of
receiverships restored to solvency, aggregated $104,148,226, or an average return of 75.04% of total liabilities,
while unsecured depositors received dividends
amounting to
an average of 60.14% of their claims.
bonds, due May 1, 1937.
banks
instrument
the 42
Denmark
United
7%
additional
was made on May 8 by J. F. T. O'Connor,
Comptroller of the Currency, of the completion of the
liquidation of 11 receiverships during April, 1936, making a
total of 374 receiverships
finally closed or restored to solv¬
ency since the so-called banking holiday of March, 1933.
Total disbursements, including offsets
allowed, to depositors
f.
Foreign Private Issuers
series
an
Announcement
1959.
Department of
gold bonds,
New
power
requirements
Receiverships
rency
s.
1, 1946.
Department
due Nov.
Tolima,
Nov.
Board the
reserve
During April,
due
second series
(Colombia)—7%% 20-year external secured
Cundinamarca, Department of
gold bonds,
6%
increasing
injurious credit expansion.
gold bonds, due Oct. 1, 1946.
due
providing the Board with
1, 1957; third series due Oct. 1, 1957.
stock,
through
maximum of double the percentages prevailing in 1935,
f. gold bonds of 1924, due
s.
(Colombia)—7%
first
Caldas, Department of
bonds,
that Congress gave to the
reason
reserves
a
1945.
Antioquia,
April
excess
member banks to
1959, 6*&% bonds.
1,
(Colombia)—8% external
sinking fund gold bonds;
Oct.
and
f. gold bonds
s.
during
gold and silver
These advices quote from the
result of the increase of
a
partly for this
absorb
to
Geraes, State of (Brazil)—6%% secured external
as
report as follows:
unstamped).
Minas
1935
stocks held in this
country.
f. gold bonds of
s.
(stamped
bonds
gold
1934 and
unstamped).
(Argentine Republic)—7% external
1,
3267
The
For
this
amount
series,
applied for
which
was
was
for
$50,000,000,
or
thereabouts, the
$187,941,000, of which $50,005,000
was
total!
accepted..
3268
The
Financial
accepted bids ranged in price from 99.930, equivalent to
a
rate
of
about 0.117% per annum, to 99.901, equivalent to a rate of about 0.165%
bank discount basis.
per annum, on a
the latter
price
was
series to be issued is 99.909 and the average rate is about 0.151 % per annum
a
on
amount
The
which
for
was
S50.000.000,
or
the
was
accepted bids ranged in price from 99.939, equivalent to
annum,
on
99.843, equivalent to
bank discount
a
bills will be exempt, as to principal and interest, and
any
(.Attention is invited to
The
basis.
total
accepted.
a
rate
average
except estate and inheiritance taxes.
Decision 4550, ruling that Treasury bills are not exempt from
gift tax.)
shall
purposes
any
of
rate of about 0.207%
a
taxation,
bills
thereabouts,
applied for was $125,607,000, of which S50,lll,000
about 0.080% per annum, to
per
The Treasury
*
gain from the sale or other disposition thereof will also be exempt, from all
the
273-Day Treasury Bills, Maturing Feb. 10, 1937
this series,
bills allotted must be made at the Federal Reserve banks in cash or other
Treasury
bank discount basis.
For
May 16, 1936
immediately available funds on May 20,1936.
Only part of the amount bid for at
The average price of Treasury bills of this
accepted.
Chronicle
price of Treasury
be
no
loss from the sale or other disposition of the Treasury
allowed
as
deduction, or
a
otherwise recognized, for the
of any tax now or hereafter imposed by the United States or
of its possessions.
No.
Circular
Department
Treasury
418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditios of their
issue.
bills of this series to be issued is 99.858 and the average rate is about 0.188%
bank discount basis.
per annum on a
Treasury and Federal
lations
Increased
Surplus
Required]
by
New York State
Banks and Trust Companies Under Law Passed
by State Legislature.
State banks and trust companies in New York State
are
required under the provisions of the Stephens amendment
to the State banking act passed in the closing hours this
week of the Legislature to create a surplus fund equal to
64% of capital instead of 20% as previously.
We quote
from the Brooklyn "Daily Eagle" of last night (May 15)
which added:
Where surplus
is less than the required 65% the bill provides 10% of
net earnings as determined each dividend period shall be credited to surplus
fund until that fund attains its desired position.
The bill also gives the State Banking Board discretionary power to require
the
segregation of 10% of earnings to the surplus fund when capital surplus
and undivided
profits together do not equal 10% of net deposit liabilities.
Value of Commercial
Paper Outstanding as Reported
York Federal Reserve Bank—Total of
$173,700,000 April 30 Compares with $180,200,000
by
New
March 31
Reserve Bank of
New
York
issued by the
was
on
May 13,
Federal
showing the total
value of commercial paper outstanding as of April 30:
Reports received by this Bank from commercial paper dealers show
$173,700,000 of
This
compares
$173,000,000
with
open
.
Feb. 29...
.
31
.
1935—
Oct.
31-.
Sept. 30-.
Aug. 31..
July
31..
June 30..
31...
we
Sept. 30...
Aug
.
31...
July
31...
.
.
.
.
.
May 31-.
.
Apr. 30..
.
183.100,000
.
Feb.
28..
Jan.
31..
Mar. 31..
April 30, 1936.
.
.
.
Feb.
Mar. 31...
Feb.
28...
Jan.
31
.
—
.
188, ,100.000
J an.
168, 400.000
.
Nov. 30--.
.
surplus.
The
proposed regulations would seek to prevent corporations applying
for a larger amount of securities than they intend to purchase.
for securities greatly in excess of their requirements, allegedly
to
taking advantage of
of
31
84,200,000
84,600,000
—.
31..
81,100,000
Nov. 30..
109,500,000
139, 400,000
Oct.
31..
113,200.000
132, 890,000
117, 300,000
Sept. 30-.
Aug. 31..
110,100.000
108, 400,000
July
108,100.000
100,400,000
103,300,000
31-.
June 30-.
108,700.000
May 31-.
133,400,000
129,700,000
Apr. 30-.
31-.
Sept.30..
Aug. 31-.
July 31-.
122,900,000
107,400,000
96,900,000
Feb.
29..
Jan.
31..
72,700,000
Deo. 31..
May 31-.
Apr. 30-.
60,100,000
64,000,000
Oct.
any
May
Treasury made known, $25,974,349.50 was imports,
and $2,646,203.46 new domestic.
The gold
was received as follows during the week of May 8 by the
various mints and assay offices:
Denver
$4,746.10
24,999,300.00
910,720.96
-
New York
San Francisco
Nov. 30..
31..
59,159.44
New Orleans
423.00
.
to
Seattle
_
New
Secondary
Imports
117,714,784
173,684,384
210,000,000
1931—
Imports
8—$25,974,350
$25,974,349.50
Domestic
$1,125.64
$144,096.89
233,500.00
44,412.56
27,974.23
36,782.85
12,719.10
350,200.00
1,474,181.42
510.472.71
525.97
309.697.72
$2,646,203.46
$499,485.63
Amount
$100,000,000—$50,000,000
of $1,000,
of 209-Day Bills and
Bills—Both Series to be
$10,000,
$100,000, $500,000,
$285,602 of Hoarded Gold Received During Week of
May 6—$15,332 Coin and $270,270 Certificates
Receipts during the week of May 6 of gold coin and
certificates by the Federal Reserve banks and the Treasurer's
office under the order of Dec. 28, 1933, requiring all gold to
be returned to the
Treasury, were in amount of $285,601.92,
Treasury announced on May 11. The amount of hoarded
gold returned since the order was issued, and up to May 6,
totaled $141,579,533.27, it was made known. The Treasury
revealed that $15,331.92 of the amount received during the
week of May 6 was gold coin, and $270,270 gold certificates.
The data made available by the Treasury on May 11 are
the
as
V No tender for
an
must be in multiples
of $1,000.
AND
tions must not be used.
places, e. g., 99.125.
+4
Received by Federal Reserve banks:
Week ended May 6
$259,770.00
107,072,060.00
$31,526,027.27
$107,331,830.00
Week ended May 6
Received previously
~268,056"6o
$10,500.00
2,443,120.00
$268,056.00
$2,453,620.00
Total to May 6
Received by Treasurer's Office:
-
incorporated banks
*
Note—Gold bars deposited with the New York Assay
Tenders from others must be accompanied by a despoit of
accompanied by
an express
guaranty of payment by an incorporated
Previous reference to the
in
our
issue of
trust company.
all tenders received at the Federal Reserve baks or branches thereof up to
hour will be opened and public announcement of the acceptable
prices for each series will follow as soon as possible thereafter, probably on
the right to
morning.
The Secretary of the Treasury expressly reserves
reject any or all tenders or parts of tenders, and to allot less than
the amount
applied for, and his action in
any
such respect shall be final.
Any tender which does not specifically refer to a paraticular series will be
subject to rejection.
Those submitting tenders will be advised of the ac¬
ceptance or rejection thereof.
May 9,
receipts of hoarded gold
3091.
was
made
page
+
Immediately after the closing hour for recipt of tenders on May 18,1936,
the following
Office In the amount of
$200,572.69 previously reported.
10% of the face amount of Treasury bills applied for, unless the tenders
the closing
Gold Certificates
$15,331.92
31,510,695.35
i. Received previously--
Frac¬
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
'
TREASURER'S OFFICE
Gold Coin
(maturity
considered. Each tender
Tenders will be accepted without cash deposit from
THE
(Under Secretary's Order of Dec. 28, 1933)
The price offered must be expressed on the
basis of 100, with not more than three decimal
RECEIVED BY FEDERAL RESERVE BANKS
Total to May 6
and $1,000,000
amount less than $1,000 will be
follows:
GOLD
value).
or
view
the
Philadelphia.
The bills will be issued in bearer form only, and in amounts or denomina¬
bank
a
$499,485.63
102,818,000
107,902,000
Announcement of a new offering of two series of Treasury
bills, both to be dated May 20,1936, in amount of $100,000,000, or thereabouts, was made on May 14 by Henry Morgenthau, Jr., Secretary of the Treasury. Tenders to the offering
will be received at tbe Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
May 18, but not at the Treasury Department, Washington.
There is a maturity of Treasury bills on May 20 in amount
of $50,045,000.
Tbe new bills to be dated May 20 will be
209-day bills, maturing Dec. 15, 1936, and 273-day bills,
maturning Feb. 17,1937; each series will be offered in amount
of $50,000,000, or thereabouts.
The bills will be sold on a
discount basis to the highest bidders, and on their respective
maturity dates will be payable without interest at their face
amount. Bidders are required to specify the particular series
for which each tender is made, Secretary Morgenthau pointed
out. His announcement of May 11 also said:
are
applied
with
The various mints and assay offices received during the
week of May 8 a total of $29,120,038.59 of gold, it was
announced by the Treasury on May 11.
Of this amount,
111,100.000
107,800,000
105.606,000
Mar. 31..
Treasury Bills in Two Series
$50,000,000 of 273-day
Dated May 20, 1936
tions
It has been
rise in the market.
Total for week ended May 8,1936.
New Offering of
of
The
direction by limiting the sub¬
Gold Receipts by Mints and Assay Offices During Week
1932—
Dec.
Nov. 30..
1934—
Deo. 31...
Treasury already has taken steps in this
with
151, 300,000
141, 500.000
177,900,000
.
and
$71,900,000
28..
166.200,000
.
Oct.
181,900,000
176,700,000
170,900,000
.
31
Mar. 31..
192 ,000,000
Deo. 31-.
159,300.000
173,000.000
173,000,000
.
..
Apr. 30...
hold sub¬
record of the figures
a
June 30..
June 30._.
The discussions sought to arrive at additional precautions to
scriptions for Treasury issues to normal requirements of purchasers.
ascertained by the Treasury that in some cases corporations have
a
Oct. 31, 1931:
1933—
163,600,000
.
on
March
on
furnish
on
-$187, 700.000
176.800,000
.
31...
,
1933—
171,500,000
178,400,000
180,400,000
.
Nov. 30...
May 31.
Below
first reported by the Bank
.8173,700,000
180,200,000
175,600,000
177,721,250
Mar. 31...
Dec.
outstanding
1934—
Apr. 30...
Oct.
outstanding
paper
$180,200,000
1936—
Jan.
market
April 30, 1935.
on
since they were
Proposals for regulations to eliminate the large over¬
subscriptions on Government offerings of securities were dis¬
cussed at a conference held at the Treasury, in Washington,
May 12 and attended by officials of the Treasury Department
and of the Federal Reserve System. Under existing regula¬
tions, banks and trust companies are not permitted to sub¬
scribe for an amount in excess of 50% of their capital and
surplus; in the "Wall Street Journal" it is pointed out that
other types of bidders are limited only indirectly in that they
are required to post a cash deposit of 5% or $5,000, which¬
ever is the larger, when bidding for more than $5,000 worth
of a new issue. Bids for less than $5,000 must be accompanied
by payment in full.
Regarding the May 12 conference, Washington advices of
that date, to the NewYork "Journal of Commerce" of May
13, had the following to say:
scriptions of banks to not more than half of their combined capital and
The following announcement
total of
Reserve Officials Discuss Regu¬
Large Over-Subscriptions on
Financing
Eliminate
to
Government
Payment at the price offered for Treasury
Silver Transferred to United States Under Nationaliza¬
Order During Week of May 8 Amounted to
14,696.90 Fine Ounces
tion
The Treasury Department made known on May 11 that
14,696.90 fine ounces of silver were transferred during the
week of May 8 to the United States under the Executive
Order of Aug. 9, 1934, nationalizing the metal.
Since the
Order was issued, the Treasury revealed, 112,776,481.82
Volume
fine
ounces
Financial
142
Chronicle
of the metal have been transferred to the United
The order of Aug. 9 was given in our
issue of Aug. 11, 1934, page 858.
The following tabulation
was issued
by the Treasury Department on May 11:
TO
5c. piece
Fine Ounces
7,287.00
2,687.95
4,313.00
New York
San Francisco
lc. piece
15c.
,
Charges collected for the proofing of coins will be turned into the Treasury
as
miscellaneous receipts.
•
!
♦
408.95
Denver
President Roosevelt Entertains Chinese
New Orleans
Seattle
:
Total for week ended May
Conferring With Treasury Officials
Monetary Matters
14,696.90
112,776,481.82
8, 1936
Total receipts through May 8, 1936
In the
made
"Chronicle" of May 9, page 3091, reference was
silver transferred during the previous week
the
to
ended May 1.
♦
Receipts
Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 2,066,522.11 Fine Ounces During Week of May 8
of
According to a tabulation issued by the Treasury on
May 11, a total of 2,066,522.11 fine ounces of silver was
turned over by the Treasury Department to the various
mints and assay offices during the week of May 8.
The
silver was from purchases made by the Treasury in accord¬
ance
with the President's proclamation of Dec. 21, 1933,
which authorized the Department to absorb at least 24,421,410 fine ounces of newly mined silver annually.
Total
receipts since the issuance of the proclamation, which was
referred to in the "Chronicle" of Dec. 31, 1933, page 4441,
in amount of 81,765,356.06 fine ounces.
The tabulation
issued by the Treasury follows:
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
(Under Executive Proclamation of Dec. 21, 1933 as Amended)
Week Ended May 8, 1936—
Fine Ounces
Philadelphia
1,501,212.75
_—
San Francisco
545,883.51
19,425.85
Denver..
Total for week ended May 8, 1936
2,066,522.11
81,765,356.06
Total receipts through May 8, 1936.
The
receipts of newly mined silver during the week of
were noted in these columns of May 9, page 3091.
May 1
Treasury Awards Contract to Crane & Co. to Furnish
Paper for Currency and Public Debt Securities
Announcement
made
May 12 by Secretary of the
Treasury Morgenthau that the Treasury has awarded "to
Crane & Co., of Dalton, Mass., the contract to furnish
distinctive paper for printing currency and public debt se¬
curities of the United States for the fiscal year 1937.
Bids
were opened on
May 6 and Crane & Co. was the lowest
bidder. The Secretary said:
was
_
covers
a
pay
75% linen and 25% cotton content.
o7 cents
President
A total of
The quantity which
$10,000,000 in Taxes Found Due
More than $10,000,000 in taxes has been found t<Tbe due
as the result of operations to date of the
the United States
miscellaneous tax project, it was announced by the Treasury
Department on April 29. Collections far exceed the cost of
the project, the Treasury said. This project was inaugurated
Works Progress Administration
The announcement continued:
a
Revenue Service,
were
sporting
made of the
were
goods
subject to taxes
manufacturers,
on
books of furriers,
cosmetics
Intensive
manufacturing jewelers,
manufacturers
and
enterprises
admissions and dues.
Revenue,
covering operations in individual cities for periods
as
$10,351,614.94
2,436,527.16
(Salaries, rent and miscellaneous
The following is President Roosevelt's letter to Admiral
Grayson read to the convention:
Dear Admiral Grayson.
In greeting the delegates to the
full realization that I
very
Treasury
1,370,780.66
Authorized
Morgenthau1—Practice
by
Secretary of
Had
Been
Dis¬
ment said:
Proof coins will be issued only at the United States Mint at
are
of
men
and
so
the men and
with the
who stand
women
women
who come
You
be its cause.
are dedicating your hands and heads and
instances eradicating the causes of tljose wounds.
It is indeed fortunate that we have in this country of ours an organiza¬
tion such
as
yours,
entire people.
the
representing as it does the humanitarian instincts of
You who are meeting in Chicago in annual conference
an
are
representatives of more than 11,000,000 of our fellow citizens banded
together under a banner recognized universally as the symbol of mercy.
Those who march with you
walk of life.
every
children of every
under this flag of the Red Cross
Side by side in
your
ranks stand
men,
come
Yours is truly
a
from
and
women
religious creed, of every political preference, of
found in this nation.
every race
brotherhood of serfvice.
Perhaps one reason for the support, the respect, yes, even the love which
our
Red Cross inspires in all of us
is that it is
so
typically democratic.
It
everywhere, East and West, North and South; in the cities, in the small
towns and in the great rura areas.
Like the government
ington.
itself,
you
maintain national headquarters in Wash¬
Like the government, your organization is composed of the rank
and file of the people
Union.
in every county of
every
State and Territory in the
And, like the government, you exist only to
serve to
the best of
ability the people who created you.
During the last few years the
Red Cross, through 3,700 chapters and
9,000 branches, has had first-hand knowledge of the great
needs of our
people, and has done its part bravely to aid in meeting those needs.
more
than 750 communities, most of them in rural sections, the Red
Cross has been the only agency of relief except that given by the govern¬
In every community it has,
ment.
human suffering
from the
very
beginning, co-operated
created by unemployment and depression.
people have come a long
way
in their methods of meeting
Philadelphia.
Per¬
haps the American Red Cross, through its pioneer work in meeting the
problems caused by great disasters, has shown us the way.
America owes to the Red Cross a great debt.
There was
ber it,
a
If
so,
a
disaster,
time, and not so long ago but that some of you may remem¬
then as
now,
aroused quick sympathies.
into the afflicted community tons of food and old
For
who
a
There
Such
would pour
clothing, and some cash.
few days there would be food, clothing and a little money for all
applied.
come
then
when if disaster struck with all of its unexpected swiftness, leaving
widespread devastation in its wake, there was no modern Red Cross.
Then, when the first fervor had died, and those who had
from the outside to
help had departed, the town would be left to
shift for itself.
You in the
Red Cross would laugh at the idea of using such obsolete
relief methods to-day.
can
The charges for these coins, in addition to the face value and postage of 8c.,
follows:
a group
You
close to the heart of America.
The American
continued 20 Years Ago
as
Red Cross convention, I do
addressing
needs such as these since the days of breadlines and soup kitchens.
Secretary of the Treasury Morgenthau has authorized the
Mint to resume the practice of issuing proof coins to be sold
to the public either singly or in sets, it was announced
by the
Treasury Department on April 28. Proof coins are stamped
from polished disks with dies carefully cleaned to avoid any
possible flaws, and with the completed coins removed by
hand to eliminate possible mars. Such coins were previously
issued as collection pieces and souvenirs but the practice was
discontinued about 20 years ago. The Treasury's announce¬
will be
am
in daily contact with human need and suffering, wherever it may exist or
+
Coins
were
closely and most helpfully with the government in its efforts to lessen the
expenses)
Proof
There
Tornadoes seriously damaged or
destroyed 4,500 homes, and 140,000 families were flooded.
In
Total collections and assessments
Total collections to date
of
He added:
emergency."
500 deaths and over 9,000 injuries.
over
follows:
Issuance
every
fected 20 States and damaged the property of 649,000 people.
your
ranging from 33 to 35 weeks, summarizes operations to April 17, 1936,
Total expense
Red
Our great problems this spring were the floods and tornadoes which af¬
|*A report to Secretary of the Treasury Morgenthau by the Commissioner
of Internal
American
call "if the Red Cross is to maintain its readiness to act im¬
assigned to 22 Internal
Revenue collection districts, comprising 20 metropolitan areas.
inspections
of
letter read May 11 to
mediately in
is
Approximately 1,800 relief workers, trained and supervised by permanent
Internal
Work
to
the annual national convention
in Chicago, 111., of the American Red Cross, President Roose¬
velt lauded the organization which he called "America's
Legion of Mercy."
The letter, adressed to Admiral Gray¬
son, Chairman of the Red Cross, was read at the convention
by James B. Forgan, Jr., Chairman of the Chicago chapter
and temporary convention chairman.
President Roosevelt,
who is also President of the Red Cross, expressed his appre¬
ciation, and that of the nation, for the work being carried
on by the members of that organization.
The convention was informed on May 11 by Admiral
Grayson that during the depression the Red Cross had drawn
$3,800,000 from its reserves.
He expressed the opinion that
a membership of 5,000,000 must be reached in the Fall roll-
Government—
Delinquencies Revealed as Result of Operation of
Project
Miscellaneous Tax
employees of the
Praises
Letter
,
In
many
a
con¬
hearts to healing the wounds of humanity, and—which is better still—ill
+
during August, 1935, with
weeks been
Chicago Convention Calls
Organization "America's Legion of Mercy"—Ad¬
miral Grayson, Chairman, Sees Need of $5,000,000
Membership
whatever may
be needed for printing public debt securities has not been estimated.
allotment of $2,448,290.80.
Roosevelt
Cross—In
a
The contract
the entire supply that may be required by the Treasury.
825 tons is the estimated requirement for currency.
Over
some
.
In Under the terms of the contract the Government will
pound for paper with
The Chinese bankers who have for
on
ferring with Treasury officials on monetary matters, were
guests of President Roosevelt at tea on May 12, upon which
occasion Secretary of the Treasury Morgenthau and Alfred
Sze, Chinese Ambassador were also present.
Nothing was
divulged regarding the visit; on May 11 Secretary Morgen¬
thau indicated that until agreement was reached on the
subject of the conferences no statement would be made.
References to the earlier conversations appeared in these
columns April 11, page 2417; April 18, page 2604 and April
25, page 2749.
on
_
Bankers Who
Have been
*
■
may
15c.
authorized later.
Week Ended May 8, 1936—
Philadelphia
were
10c.
_
No proofs of silver dollars will be made unless a substantial coinage is
(Under Executive Proclamation ot Aug. 9, 1934)
i'.
25c.
10c. piece.
STATES
UNITED
25c.
25c. piece
States Government.
SILVER TRANSFERRED
3269
50c. piece
way
You do things differently and better.
The Ameri¬
people have given their full and complete approval to this modern
of meeting distress caused by disaster.
generous
made the
They have, with prompt and
contributions, furnished to the Red Cross the funds which have
present-day type of relief possible.
3270
Financial
May I take this opportunity to
well
your
individual communities
As leaders of the Red Cross in
resettlement jobs and that 14,000 families
various projects.
on
the
on
May 16, 1936
than 90% of whom were from relief rolls, were work¬
more
ing
contributing much to the im¬
are
you
as
faithful and untiring labors in be¬
suffering humanity everywhere.
own
sincere appreciation
express my own
that of the entire nation for your
as
half of
Chronicle
living
were
provement of public health; with the Red Cross Public Health nurse always
in the van, an ever-present "angel of mercy."
You
carrying
are
on a
vitally
work in the field of safety and accident prevention; you are
necessary
Naval Treaty Sent to Senate for Ratification—Senate
con¬
Finally,
I
may
Admiral Grayson, that under
say to you,
The Red Cross is America's legion
country a better place in which to live.
of mercy,
It has been faithful to its stewardship.
Roosevelt Endorses Move
Rules
Legal
r
Draft
to
no
Also Advocates
In
a
in
ROOSEVELT.
by American Law
Legislation
Correct
to
Longer Meeting Present Needs—
Improvement in Criminal Law
his endorsement of the Insti¬
"to draft statutes to be submitted to the legisla¬
tute's
move
tures
May
on
12
It
Senate
the-
believed that the treaty would
was
Committee
Relations
Foreign
to the
sent
signed at London by the United States, Great
Britain and France.
istration's
of Congress.
began
The Sen¬
hearings
of the various States,
$529,125,806 Navy Supply Bill without
The bill
vote.
had
the
on
it
passed
record
a
sent to conference with the House, which
was
with
appropriation of $531,068,707.
A
to the New York "Times"
an
Washington dispatch of May 8
described Senate
Frazier
Senator
Washington
President Roosevelt indicated
Bill
pact May 14. Meanwhile, as was indicated in these columns
May 9, page 3092, the Senate on May 8 approved the Admin¬
the American Law Institute, witli the
on May 7 of its annual meeting,
to
message
opening
State
Naval Treaty
ate
FRANKLIN D.
Institute
Appropriations
be ratified during the present session
Very sincerely yours,
President
Roosevelt
President
inspiring
your
National Chairman the American Red Cross is making this
as
Naval
and Sends Measure to Conference with House
wounds of the great war.
leadership
$529,125,806
Approves
tinuing your labors in behalf of the men who are still suffering from the
of
construction
voting
the
for
tures,
fight
to
His motion
strike
was
out
follows
as
$115,300,000
defeated
40
to
for
Those
12,
were;
McGill,
King,
Murphy, Murray,
Pope,
Thomas
(Utah),
Laborites.
ization
futile
a
warships.
motion
Clark, Donahey,
the object of which will be to
correct legal rules which no longer correspond to present
needs."
In stating that the work of correction and modern¬
approval of the measure in part
made
new
appeals
him,
to
President
the
added
that
he
as
is proposed to "attempt to state the law as
is, without attempting to correct it."
In his message the
President also voiced his
approval of the efforts undertaken
Frazier,
Senators Frazier, Benson
understands it
it
Capper,
Democrats;
but
advocates of
Urging his amendment, which
is
impossible."
tained in
letter to William
a
Institute, which
is
It
The
United
States
the
American
Law-
work
your
and
abroad,
is
be
to
submitted
will be
which
This
needs.
Legislatures
correct
work
logical outcome of
is
the
to
to
correction
of
of
have
legal scholars
among
and
care
high
modernization
and
writing to your last annual meeting I
Advisory
your
and
prepare
criminal
Committee
clear to undertake
council
your
I
and
is
this
of
to
us
leaders
that your
know
as
a
be
to
organization,
It
your
see
way
I understand that
this
for
arrange
successful.
that
proposed code of
a
would
you
and useful task.
necessary
may
recommended
of
parts
that
is
to
be
done.
I
which combines
in its membership
which
modern
a
administration
of
extend
I
you
my
justice,
broadest
its
in
sense,
is
membership
your
send
and
best wishes.
my
The
meeting
United
the
greetings to
ferred to
States
Supreme
by
Chief Justice Hughes of
Court, whose
remarks
are
re¬
continued
capital
to
aircraft
and Extent of
333
A resolution was passed by the Senate on May 8 request¬
ing the Resettlement Administration to report to the Senate
the expenditures and the extent and effect of projects made
proposed
or
be
to
made.
The
resolution,
naval
new
Other
at
items
vote of 32 to 30.
May 8
is
April 27.
approved:
be
verbatim
a
The following
is
the
text
of
Resolved, That the Resettlement Administration
the
Senate, at the earliest practicable
date,
that tabled
of
copy
on
resolution
the
as
is
requested to report to
the
(1)
nature and extent of
all
expenditures made or proposed to be made by such Administration;
(2) the nature and extent of projects undertaken by it, and the advisability
of undertaking future
projects; (3) the effect of each such project on
States
and
which
to
the
in
taxation
projects
circumstances
chasers
of
local
such
with
becoming such tenants
from
or
real
estate
and
will
on
the
such
securing
Washington,
(4)
values;
benefit
persons
the
the extent
labor;
as
effect
tenants
on
and
(5)
or
pur¬
such persons
purchasers.
May
reports made public
as
istration
the
that
of
projects, and
contained
were
said
local
benefited
relating to
connection
Advices
and
have
in
8,
to
Associated
the
effect
Press
that
dispatches
in
official
of April 1, the Resettlement Admin¬
total
amount
made
available
was
$278,347,171, and that of this, $151,228,477 had been spent
or obligated.
The balance of $127,118,693 was reported in
the allocation.
rural
It
also said that the report showed that
loans and grants totaled $63,266,689.
was
rehabilitation
(By May 1 this figure
loans
and
families
was
grants
who
have
are
or
increased to $79,638,086.)
The
made to more than 600,000 farm
was
are
about to
go
on
relief rolls.
It
further said that the record showed that 70,000
persons,
by
for
measure
peace-time
1
any
signatory
is
dependent
the London
submarines would be started and work
six
navy
power
heavy cruiser,
to
light cruisers,
3
20
de¬
Corps is increased1 by the bill from 16,000
from 93,500 to 100,000.
estimated
to
The bill
give the navy
1,259
provides
first-class
year.
include $1,800,000
for
model
a
ship
basin at the Washing¬
an
The Naval Treaty before the Senate was summarized asin a Washington dispatch of May 12 to the New
York "Herald Tribune":
Each
of
of
their
the
signatory nations must give advance notification each year
programs, and furnish specific information at least four
laid, and during construction of the vessel.
battleships (battleships and battle cruisers) would be divided
building
months before any keel is
Capital
into
two
categories: (a) They must be between 17,500 and 35,000 tons and
guns
(an escape clause provides that 16-inch guns may be
installed if Japan does not agree to that
limitation) ; (b) Ships must be
14-inch
to
8,000 tons with 10-inch
guns.
Light surface vessels would be classified
guns
as
(a) any ship carrying 8-inch
(b) ships between 3,000 and 8,000 tons with not
to 10,000 tons;
up
6.1-inch guns, and
(c) ships under 3,000 tons carrying not
limited
to
A
the
5.1-inch
2,000 tons.
Aircraft carriers would be limited to
A
over
v:
would be
six-year
than
holiday
8,000 tons
would!
be
23,000 tons and 6.1-inch guns.
declared
in
construction
17,500-ton
against
any
battleships
nation
of
all
cruisers
with
bigger than 6.1-inch guns.
"non-construction zone" would provide that no
ships
or
and
building
big cruisers
surprise
of
types,
10,000
such
be built between
tons,
insurance
as
Germany's
as
"pocket
battleships."
clauses
permit
developments,
any
war,
provisions
or
to
excessive
be
violated
in
the
construction
by
non-signatory
event
of
powers.
U.
S.
Senate
Passes
Bill
Amending
Bankruptcy Act
The resolution passed by the Senate on
said to
record
follows
unforseen
seeking details as to benefit payments of the Agricultural
Adjustment Administration, but was tabled on April 27 by
a
lighting facilities at the Naval Academy.
Senator Barbour of New Jersey, had previously been offered
an
amendment to the so-called Vandenberg resolution
a
$47,394,427 the
esatblished
ultimate cost of $3,500,000 ; $900,000 for dredging
Harbor, with a $2,000,000 limit of cost, and $270,000 for better
Escape
as
build two-
2 gunboats.
airplanes,
Navy Yard, with
Pearl
by
sponsored
order to
exceeds by
fighting planes in the next fiscal
more
Projects
in
bill
cruisers,
17,000 and that of the
for
Submarines
tures
Treaty
agriculture
capital ships at $51,000,000 each
ships
Enlisted strength of the Marine
guns.
United States Senate Requests Data from Resettlement
Administration—Seeks Information as to Expendi¬
two
destroyers and
2
on
the
4 submarines and
stroyers,
over
another item.
in
construc¬
new
itself
navy
which in
year,
of
Twelve
treaty.
limited
addressed
was
all
Frazier said the Government
declared.
of
building
carry
and cordial
warm
he
conference, the
last
for
of the
impossible.
eliminated
navy.
appropriations.
upon
encouraging for all
bench, the bar and law school faculties, is not only willing
but anxious to participate in the improvement of our criminal law, with¬
out
naval
ton
called attention to the report
time publish
earnestly endeavoring
sincerely hope their efforts
me
I understand it,
as
criminal justice which
on
expressed' the hope
most
to
it is, without attempting to correct it.
as
from time to
justice,
the object of
appeals
restatement of the law which,
your
attempt to state the law
In
you
States,
longer correspond to present
no
an
of
begun to draft statutes
now
various
the
legal rules which
sent to
law
restatement of the
tribute to the
eral
a
interested to learn that you
much
am
of war,"
Construction
the
on
it has aroused
scholarship that went into its preparation.
I
6ign
As
of
neglecting flood control and
are
Farmer-
ships costing $51,000,000 each and they will be rendered useless at the first
their annual meeting.
increasing recognition of
the
con¬
have
Senator
Cites Kellogg-Briand
"We
enacted
the members
by the courts, and! the interest which
in
was
Draper Lewis, Director of the
welcome again
Institute, assembled for
message
give herewith:
we
pleasure to
a
President's
The
would
neglecting vital activities in favor of the
was
Shipstead,
and King spoke against the large naval expendi¬
did not answer the criticisms.
tion, including two super-battleships,
improvement of our criminal law," without which,
said, "a modern administration of justice in its broadest
sense
Benson,
the bill
for "the
he
Republicans;
Section
77B
of
A bill
amending Section 77B of the Bankruptcy Act, was
passed on May 13 by the United States Senate; the bill
passed the House on Jan. 20 last, and differing provisions
of the two bills are to be
adjusted in conference.
Senator
Van Nuys, in
explaining in the Senate on May 13 pro¬
visions of the bill and amendments
proposed by the Senate
Committee on the Judiciary said:
The bill, which
to section
originated in the House,
proposes
certain amendments
77B of the Bankruptcy Act, which is the
corporate reorganization
provision of the act passed in the 73rd Congress.
Under the old law three
creditors holding an aggregate of over
$1,000 in debts against a corporation
could file a petition and
bring an action to reorganize the corporation.
The first material amendment
proposed by the House bill is that the three
creditors must be possessed of at least
5% of the total indebtedness of the
corporation.
The
Senate
Committee
on
the
Judiciary approve that
amendment and think it is very reasonable to
impose
irequirement
of the
possession
of at
least
5%
of the
a
total
limitation
or
indebtedness
before creditors may file a petition for
reorganization.
The second amendment to the
existing law proposed by the House bill
provides that the petition of creditors must set out in detail the status of
the
corporation and its indebtedness and the facts
showing the necessity for
the relief prayed.
form to the
same
This amendment requires the creditors'
petition to con¬
as in the case of a corporation in the event a
requisites
corporation had filed
a
petition.
The third material amendment
proposed by the House bill is to the effectthat if the manager, after the
petition has been
approved, shall continue in
possession of the property and be appointed trustee under the law, he shall
Volume
receive
only
salary
and
fee
one
has
manager
Financial
142
been
the
salary.
or
Experience
salary.
This
shown that
has
appointed trustee and has
manager's
drawn
amendment
both
the
often
trustee's
the
would
the
prevent
Chronicle
deficiency and supplemental appropriations for almost all the government
departments and agencies, including $187,800,000 for the Social Security
Board.
pyramiding of salaries.
Houses
Passes
A
Bill
of
Providing for Consolidation
Certain Agencies of Treasury Department
A bill
'
providing for the consolidation of certain agencies
Treasury Department was passed by the House of
Representatives on May 6.
The bill proposes to consoli¬
date the Secret Service Agency, the Customs agency, and
of the
the
Alcoholic Tax Unit, and the criminal division of the
Bureau of Narcotics.
In asking consideration of the bill
by the House
the
May 6.
Representative Doughton had
in explanation of the legislation:
on
following to
say
The purpose of the bill is to provide for a more efficient and more eco¬
nomical administration of these different
involved, because it provides for
a more
bill,
and
gestions
suggestions
some
have
been
were
as
incorporated
a
We held hearings on the
certain
to
in
amendments.
bill,
new
now
Those
before
us,
Washington
on
May 6
New
the
by
a
be
to
by the big
relief money for
penalties
will
"Times"
York
Service,
Alcohol
and
Customs
units
will
be
Democratic majority,
political purposes
it is all but certain
amendments
making the
of
use
criminal offense and putting heavy
a
Vandenberg also offered these amendments today, although he
emphatic in saying that what he really wanted to
broad
see
enacted
was
his.
relief plan.
Its main points are:
A
relief appropriation
of $1,500,000,000, plus unexpended balances of
previous appropriations, estimated at $1,800,000,000.
Of this $100,000,000
would be set aside to be allocated to the states to meet emergencies.
The
balance
determined
of the
by
money
relative
would be shared by the states on a basis
populations,
unemployment
The money w ould be spent in the states
prevailing,
of
costs
boards of relief trustees,
merged sixty
the
to
Senate
for
approved by administration officials.
Means Committee only two
days
and already
approval,
It
was
has been
reported by the Ways and
by state-appointed bi-partisan
custodians of Federal grants in aid.
as
To
would be required to put up $1 or more of
get
state
or
local funds for each $3 of Federal funds.
The states would decide
on
their
types of relief, and administer it
own
through the boards of trustees.
Relief
sent
was
The Vandenberg plan
as
be fought for.
was
organization will be headed
new
director of the Treasury Agency Service, whose salary will be $10,000
bill
the relief section of the bill
on
When it is killed,
the solicitation of political contributions from persons on relief
on
Senator
year.
The
Republican attack
will be the main rallying point.
the grants each state
Secret
days after the act is approved, and the
a
A concerted
expected when it is reported from committee.
living and ability to raise state taxes.
reported:
The
is
sug¬
and the
objections eliminated.
From
There is little opposition to the .bill in the senate except in the matter
of relief.
More or less economy is
effective collection of the revenue.
It has the unanimous report of the committee.
Washington dispatch of May 12 to the New York
Senator Vandenberg's plan as.
"Herald Tribune" described
follows:
bureaus; to consolidate them for
the purpose of better administration of the laAV.
3271
discriminations
heavily
made
penalized,
"This
ago.
and
because
political
of
race,
religion
politics
would
be
workers
would
be
or
of relief
assessment
crime.
a
substitute
primary
accepts
Federal
obligation
finance
to
the
major costs of feeding, sheltering and clothing all worthy Americans who
House
Passes
Contains
$2,364,229,712 Deficiency Bill—Measure
$1,425,000,000 for Relief in 1937 Fiscal
Year—Senator
Vandenberg
Proposes
Substitute
Plan
in
are
the
need," said Senator Vandenberg, "but it restores responsibility to
states
state
for
relief
Representatives on May 11 approved the
Deficiency
Appropriation
Bill
carrying
$1,425,000,000 for relief during the next fiscal year.
The
vote was 341 to 38, with most
Republicans joining in the
and
for
relief
It would demobilize
and
administration
enforces
expensive and often scandalous
bureaucracy in this field, and ultimately will bring
balanced budget.
The House of
decisions
co-operation.
Federal
us
in sight of
a
But it would multiply the dependable aids and hopes-
extended to the whole army of the unemployed and destitute."
$2,364/229,712
Details of the
provisions in the House bill
May 9, page 3094.
'
were
noted in
President Roosevelt Indicates That PWA and
Tugwell
issue
our
of
affirmative vote.
The measure went to the Senate, where
Vandenberg on May 12 immediately began a cam¬
paign against its passage.
He attacked the Works Progress
Administration's type of relief as "reckless, wasteful and
often corrupting and inadequate."
He proposed a substi¬
tute plan, under which the Federal Government would
pay
pay the cost of 75% of State-administered relief.
He sug¬
gested this plan as an amendment to be substituted bodily
for the relief section of the
Deficiency Bill.
House approval of the measure was described as follows
in a Washington dispatch of
May 11 to the New York
Senator
"Times":
The
House
to
send
to
defeated
amend it.
the
bill
motion by
a
back to the
Representative Taber of New York
from work relief, to be provided by Federal grants to
relief
Relief
as
distinguished
States, but only to
25% of the relief funds and that administered
through nonpartisan boards.
It
on this motion was 286 to 90; five
Democrats, Messrs. Duffy
York, Faddis of Pennsylvania, Ryan of Minnesota, and Gray and
Ludlow of Indiana joining the Republicans.
were
fearful after the vote that they might be con¬
that there
can't
vote
sense
of
a
was
Snell,
the
Republican leader,
assured them,
however,
WPA would furnish 45% of the fund.to pay the labor,
The
He
denied
some
that
the
wording meant direct relief in the
of his colleague were not
The taber amendment started out:
so
on
passage
poration of municipal securities, the proceeds of which are turned over to
In United Press
included
yea
Mr.
The bill
was
amended
chusetts
of
more
an
Dr.
many
on
Snell, Representative Martin of Massa¬
The
providing for the payment of the prevailing rate of wages but not
than present security wages, a provision that held
up the last relief
than
a
month.
written
came
as
Secretary Ickes was called before
a
new
funds it would be forced to suspend operations July 1. Mr.
already ordered
a
25% PWA personnel cut in anticipation of
a
stoppage of funds.
Roosevelt emphasized that
passage
the PWA functions will not
end with
of the new relief appropriation.
At the
same
time he gave assurance that four of the five principal func¬
tions of the Resettlement Administration will be continued almost intact.
The fifth, that of budding rural and semi-rural settlements, will
be
com¬
pleted to the extent of the present appropriations.
Amendments to provide that those to be helped by the WPA
program
need not come from relief rolls, although they must be
destitute, and to
bar from employment under the WPA all aliens
illegally in the country,
also
assurance
Tugwell told the Committee yesterday that unless his organization
Mr.
the floor in three important particulars.
more
was
Appropriations Subcommittee to present his plea for funds to keep
Ickes has
amendment by Representative Connery of Massa¬
appropriation bill in the Senate for
were
Roosevelt's
Senate
chusetts, and Representative Bacon of New York.
leadership accepted
(Washington) accounts yesterday it
noted:
"For the purpose of providing relief
of the bill, Republicans voting
fund.
Ickes's agency still had quite a large revolving
the PWA.
received
leaders of the party, such as Mr.
out of the PWA's revolving
I'resident said Mr.
Harry L. Hopkins's
he said, while the 55%
his PWA organization going.
sure.
in the United States."
On the vote
come
fund available for loans through sale by the Reconstruction Fiannce Cor¬
nothing in the motion to recommit that "any Republican
for."
dole, but
projects which have been carried out by Secretary Ickes's
PWA in the past would qulaify under the new relief bill.
against work relief.
as
Representative
yesterday (May
Responding to questions at his press conference, the President said that
certain municipal
sidered to have put themselves on record as
favoring direct relief or the
dole,
\
indicated by President Roosevelt
15) that the Public Works Administration and the Rural
Resettlement Administration, (the latter headed by Assistant
Secretary of Agriculture Rexford G. Tugwell) will be con¬
tinued under the work relief appropriation in the Deficiency
Appropriation bill now before the Senate Appropriations
Committee. From Associated Press advices from Washington
yesterday (May 15) we quote:
The vote
Many of the latter
was
loan would
of New
Appropriation In Pending Deficiency Bill-
Work However On Smaller Scale
Appropriations Committee with instructions
The Taber proposal called for direct relief
States that put up at least
Resettlement Administration Will Continue Under
Mr.
Roosevelt asserted that under the
new
relief bill it would be possible
proceed with certain forms of public works, despite the fact that he has
to
opposed earmarking any direct allocations or appropriation for the PWA.
in.
Prior to voting, the House got into a party fight over the
question of an
of remarks in the record made last week by
extension
Representative
The
adoption of the Deficiency Appropriation bill by the
House this week is noted in another item in this issue.
Martin of Colorado.
Representative
Taber
complained
that
he
had
been
represented
as
favoring the WPA.
Mr. Martin asserted that
to correct it
a
House
Previously
Approved
by
Appropriation for United States
Participation in Inter-American Conference
by unanimous consent, but Mr. Taber forced
a
roll call
on
his
motion to expunge the remarks.
The House
It lost 220 to 114, and when Mr. Martin again tried to correct the Recrod
by unanimous consent, Mr. Snell objected.
No
.
.
Democratic requests for extension of insertion
The
Goodwin,
Hancock,
Lord,
granted
after
Millard,
were
Reed,
Andrews,
Taber
and
Wadsworth of New York; Darrow, Ditter, Kinzer, Rich and Wolfenden of
Pennsylvania;
Higgins
and Merritt of Connecticut; Hoffman, Wolcott
Michigan; Hollister of Ohio; Halleck of Indiana; Gwynne
of Iowa; Holmes of Massachusetts; Knutson of Minnesota; McLean and
Perkins of New Jersey; Short of Missouri; Stewart of
They
Delaware, and Tink-
joined by 7 Democrats: Castellow, Paterson and Tarver of
Georgia; Burch,
Robertson and Smith of Virginia, and Taylor of South
Carolina.
The bill
as
passed by the House carries, besides the relief appropriation,
use of the Works Progress Administration,
appropriation of $75,000
the capital of another American republic, in 1936.
resolution, introduced in the Senate on April 6 by
Senator Pittman, of Nevada, was passed
by that body
The
on
April 8.
The text of the
joint resolution, as approved by Congress,
follows:
Resolved, &c.}
of
for
any
money
of
That
there is hereby authorized to be
not otherwise appropriated, the
participation by the United States in
pursuance
virtually all of which is for the
an
at
or
Treadway of Massachusetts.
were
May 4 passed and sent to the White House
provide for participation by the United States in an interAmerican conference to be held at Buenos Aires, Argentina,
and Woodruff of
ham and
on
joint resolution authorizing
to
were
Republicans who stood against the deficiency bill
Crowther,
the
.
this incident.
Cole,
Resolution
Passes
Senate Providing
mistake had been made, and he attempted
the
an
sum
States
dated
Jan.
30,
1936,
appropriated1, out
$75,000 to
be used!
inter-American conference,
of and for the purposes set forth in
United
of
to
a
in
letter from the President
be
held
at
Buenos Aires,
Argentina, or at the capital of another American republic, in 1936, includ-
Financial
3272
personal
mg
reference
of
Act
Classification
services
other
and
reporting
I
District
the
in
services
the
to
of Columbia or elsewhere without
1923, as amended; stenographic
deemed
if
contract
by
without
necessary
regard to'Section 3709 of the Revised Statutes (U. S. C., title 41, sec. 6);
rejnt; traveling expenses (and by indirect routes and1 by airplane if specifi¬
cally authorized by the Secretary of State) ; hire, maintenance, and opera¬
tion
of motor-propelled passenger-carrying vehicles;
equipment, purchase
of
necessary
books, documents, newspapers, periodicals, and maps; sta¬
tionery; official cards, entertainment; printing and binding; and such
other expenses as may be authorized by the Secretary of State, including
other appropriations from
reimbursement of
the
been
for
made
Previous
Feb.
15,
conference was made in
to proposed
1903 ; Feb. 22, page 1214, and
of March 21, page
1047.
page
Federal Land
Extension of Present Rate of Interest on
Approved by House—Bill Provides
Continuing 3jHj% Rate Until July 1, 1938
Loans
Bank
for
sponsored by Representative Gillette, of Iowa, was
adopted by the House on May 4 continuing for two years,
until July 1, 1938, the present Sy2% rate of interest on
loans made by the Federal Land banks.
The bill, which
was sent to the Senate, amends the Federal Farm Loan Act
A bill
1935.
the Farm Credit Act of
and
latter
this year,
and
a
Under the terms of the
3%% rate would have expired
the
measure
on
added:
:'
projects
flood-control
be voted
could'
tion
the Committee had sought
that
said
He
future
for
to set up
by requiring that
a
policy to
govern
congressional appropria¬
no
them unless they had been approved by the War
Department Board of Engineers.
of the favorable report of the Senate
the adoption
With
omnibus flood control bill, it was noted
the New York "Herald Tribune" that the
Committee on the
advices
in
similar
a
also
we
following:
the
Committee, by a vote of 10 to 6,
Senate
The
passed by
measure
From these advices
House at the last session.
take
of the recent floods
account
on
of
version
broader
the
from
to
had been revised
measure
rejected the unprecedented
Senate flood control and reclamation bloc to relieve the
States entirely of the usual cost of land damages and easements.
Further,
the Senate Committee rejected numerous projects, said to total $300,000,000
proposal of the
and
designed
authorized the
continue
to
primarily for the development of hydro-electric power, but
expenditure of $5,000,000 to permit the Corps of Engineers
a
these
of
survey
and the
purpose
power
if
projects
flood
control
their
was
main
development incidental.
Rejects Ship Canal Plea
Before
reaching
Senator Duncan U.
unsuccessful
attempt
to
have
been
$5,000,000 of Works Progress Administration funds
which more than
projects,
another
authorization for the $200,000,000 Florida ship canal,
upon
spent.
make
Florida,
of
obtain in the bill an
.
.
.
however, that two major flood
Copeland acknowledged,
Senator
Committee heard
decision, the
its
Democrat
Fletcher,
July 1,
rate of 4% instituted.
by attaching new projects to have their amend¬
printed for study by the Army engineers.
It was
amend it
ments
the
,
reference
issues
our
1937.
30,
have
may
of State, fiscal year 1936, to remain available
•the direction of the Secretary
until June
which payments
of the purposes herein specified, to be expended under
any
May 16, 1936
Chronicle
control
authorizing expenditure of $41,000,000 for the Yazoo River
and the other for $16,000,000 for the St. Francis River
one
basin in Mississippi
Approval by House Committee of Resolution Inviting
Participation of Foreign Nations in New York
World's Fair
basin
his
into the bill reported by
Arkansas, had been placed
and
Missouri
in
Committee.
Together they form a large item in the $272,000,000 Overton bill for
control on the lower Mississippi, which was recently passed by the
flood
Affairs Committee voted on May 12
The House Foreign
resolution
favorably a
report
Senate but may
not be considered! by the House before adjournment.
inviting participation
of
Re¬
porting this, United Press advices from Washington, May 12,
said:'
V
to
Mr. Roosevelt
foreign nations in the 1939 World's Fair in New York.
Appearing before the Committee to urge adoption
Grover
city
York
New
former
Whalen,
official
of the resolution was
and now heading the
corporation handling details of the Fair.
Whalen
Mr.
sition.
central
the
the
enterprise.
first
the balance to
in
the
remarked
and
proposed
for
site
on
the
steps taken by New York State and City to assist
outlined
will be made from it, he said.
"The
where the display will be held,
hospitals and churches.
No private profit
profit
goes
to the park
will be held
"The exhibition
when
the
Meadows,
Flushing
interest"
on
1,150-acre plot in
a
Queens," Mr. Whalen told the Committee.
Flushing Meadows
"After; the fall of 1939,
display is completed, this will be made into a park for the city
rights-of-way
Roosevelt had
sent
assertion
The
national
made by
was
Dealt
Roosevelt
with
Bill
Control
Flood
River
President
National
on
Passed
by
Senate—
Problem Should
Declares
Basis—Action
faces
The
entire
national
I
the
of
Taken
to
from public dams
the
the
9
of
Flood
of
matter
House
said,
Administration would
legislation defining rate policies incident to the sale
power
In
to
bill,
April 21 without
the bill
a
legislation,
on
May
2
by a vote, it is
Overton Mississippi River
Committee,
approved
4,
under construction.
control
Control
Flood
Control
flood
the
which
was
passed
the Senate
by
on
While it was stated that
record vote.
it passed the
Senate would authorize $272,000,000
for lower Mississippi flood control, Associated Press ac¬
counts from Washington, April 21, reported that no appro¬
priation is carried in the measure.
It was added that
Senator Overton of Louisiana indicated that about $50,as
009,000 would
through
be
required
subsequent
a
The Associated Press
The
bill
could
authorize
would
building designed
that at
so
the first year,
appropriation
to
be provided
measure.
advices, April 21, likewise said:
a
five-year
flood peak
be opened through the levees
and
reservoir
the big river, huge
spillways
program
on
of
levee
to empty surplus waters into floodways
paralleling the main channel.
The
Eudora
floodway to be provided would
through southeastern
Arkansas and
open
a
10-mile wide
halfway through Louisiana
passage
into
which
surplus waters could be diverted at flood times.
/ Senator
Senators
Vandenberg condemned
to
impose
upon
the
what
Federal
he
On May 2 the House
termed
Government
control, regardless of whether the problem
was
a
disposition by some
the
full
interstate
or
cost
of
flood
intrastate.
Committee, in approving the bill, is
said to have rejected all proposed amendments, among them
those
by Representatives Miller and Terry, Democrats, of
to include 26 reservoirs on the Arkansas and
Arkansas,
White Rivers
to cost about
$225,000,000.
A
favorable report on the $320,000,000 omnibus flood
control bill was voted by the Senate Commerce Committee
on
April 25, and
on
April 27 the Committee reported the
bill to the Senate floor and asked that action
dited.
from
ure,
on
it be expe¬
According to advices, April 27 (Associated Press),
Washington, to facilitate quick treatment of the meas¬
Chairman Copeland urged all Senators wishing to
flood
of
on
a
control
Rivers
and
"is
a
national basis"
as
Harbors
follows,
Congress,
those
April 27:
water
dealing with the
agencies
control and conservation
resources.
problem is a national one and should be dealt with
on a
basis.
have
every
send
the
success
well-being
of
of
and
hope
annual meeting
as
expectation
its
progress
towards
its
hearty
deliberations
on
felicitations,
a
with
problem of
Nation.
such
all
solution
of the thirty-
of the National Rivers and Harbors Congress.
Congress my
the
that
result of the forthcoming deliberations
a
good
;
wishes for
vital import to
the
^
Defeats
Frazier-Lamke" Farm-Mortgage Bill—
$3,000,000,000^Inflation Measure Opposed by A. F.
of
L.—Reintroduction of
Bill
Following House
Rejection—Substitute of
Representative
Jones
House
for
time he indicated that the
same
problem
National
the
be advanced
the
the
devastating floods have given tragic emphasis to the problem
all
of the Nation's
Eastern territory, which recently
sponsor
procedure would set in the exist¬
Be
rehabilitation work in the
suffered from disastrous
floods, was cited by President Roosevelt, at a White House
press conference on May 12 as one of the measures upon
which he hoped for congressional action at this session.
At
provide
to
a
Copeland calling atten¬
President Roosevelt in a message,
to
The recent
which
Expedite $320,000,000 Omnibus Flood Control Bill
Legislation
that
read to the latter on
I
Approval by House Committee of Overton Mississippi
such
for lands,
only after President
came
and should be dealt with
one
will
larger than Central Park."
the government
on
ing flood control method of Federal and State sharing of the costs.
iirst
which will be
^Objection
of objection to Senator
letter
a
Makes
of the proposal to saddle the costs
the unfortunate precedent
tion to
addressed
$2,000,000
Park
"keen
'
Whalen
Mr.
of
location
exposition.,
exhibited
President
the
and
easements
Roosevelt plane for the expo¬
later discussed with President
said
He
The Committee's rejection
Rejected
'
Another inflation threat
was averted, at least temporarily,
May 13, when the House of Representatives by a vote
of 235 to 142 defeated the Frazier-Lemke Farm Mortgage
Refinancing Bill, which would have directed the Administra¬
tion to embark upon a $3,000,000,000 program of currency
expansion.
Despite the rejection of the bill Representative
Lemke reintroduced the bill in the House on May 14; while
on
in amended form
the bill
as
presented
anew
issuance of $3,000,000,000 in new currency.
is quoted as saying:
calls for the
Mr. Lemke
My purpose in this is to give a clear copy of the legislation which
voted upon and to attempt to
clear
up
was
misrepresentations of the bill which
have been spread throughout the country.
Administration leaders interpreted the result of the House
as evidence that no inflation legislation would be
passed
vote
during this session of Congress. One of the most important
influences in preventing approval of the measure was the
publication of
a
letter from William Green, President of the
American Federation of Labor, who told Speaker
labor was opposed to the bill.
Byrns that
The Frazier-Lemke bill had been pending for several
months, but its opponents doubted that it would be con¬
sidered by the House at this session.
Nevertheless, on May
11, a House vote was assured when the farm-inflation bloc,
opposing the AdministrationTposition, voted by 220 to 153
to discharge the Rules Committee and bring the issue to
the floor.
Before the final vote on May 13, Mr. Byrns
spoke against inflation.
He was supported by Repre¬
sentatives Jones and Sumners of Texas, Chairmen of the
Agriculture and JudiciaryiCommittees. The letter from Mr.
Green which was read by Mr. Byrns to the House on May
13 follows:
£
t
..
American Federation of Labor,
^
Hon.
P*
Washington, D. C., May 13, 1936.
Joseph'W. Byrns,
Speaker, House of Representatives, Washington, D. C.
My Dear Congressman:
tion* of Labor, which is
consideration
to
the
The Executive Council of the American Federa¬
now
meeting here in Washington, gave special
provisions of the Frazier-Lemke Act.
The council
Volume
Financial
142
is in thorough accord with all practical
for
the
of relieving the
purpose
farmers of the nation.
Federal Government.
the
among
assisted by the
demonstrated when labor gave united
to
see
was
them helped and
3273
"This bill provides for an adequate system of credit through which farm
legislation which has been advanced
economic situation existing
We wish
This fact
Chronicle
indebtedness
and
farm
mortgages
existing
now
refinanced through the machinery of the Farm
be liquidated
may
and
Credit Administration, the
Board of Governors of the Federal Reserve system, and the national farm
support to the enactment of the processing tax which was embodied in the
loan associations.
Agricultural Adjustment Act.
tion plan at 1M% interest and 1H% on the principal per annum, secured
"The Executive Council of the American Federation of Labor, however,
is opposed to the Frazier-Lemke Act largely because
of the inflation feature
of this proposed legislation.
It provides for real estate mortgages on the amortiza¬
by first mortgages
farms
and
75%
farms to
on
amount equal to the fair value of such
an
of the value
buildings and improvements
of insurable
thereon.
"Labor knows and understands that the proposal to
"In
print and circulate
where the farm mortgages
cases
and other farm indebtedness exceed
billions of currency as proposed in the Frazier-Lemke
Act will very vitally
the fair value of the farm and 75% of the
affect the economic
well-being and status of labor.
We know quite well
ments, the mortgage and other indebtedness shall be scaled down in ac¬
that
of the
when
inflation
kind
"We cannot subscribe to this sort of economic philosophy.
suffer reduction in living standards, reduced buying power,
of unemployment would become more acute.
the bill which
to' 'For this
Frazier-
in the
embodied
and character
Lemke Act is adopted, commodity prices rise but wages stand
call
reason we
enactment of this
and the problem
refinanced by loans at 3%, secured by first mortgages on livestock to an
There are other features of
friends in Congress to vote against the
upon our
We are confident that the best interests of
legislation.
amount
theiFrazier-Lemke bill should be enacted into law.
"We sincerely hope and trust that the
proposed inflation
that the amount of the loan be reduced
Very sincerely
if secured by
Amid applause,
Federal
New York
13 to the
May
of
the bill
on
as
Reserve
at the outset, this bill involves the entire country as well as the
deeply interested
am as
■;/'
...
as
Representative
a
upon
the floor of this House, pledged
class
Reference to the
Act
in
asi against
clear
a
House
the shadow of
discrimination
in
favor
of
one
movement would fail if
brought
s*"It is the most reassuring
danger of inflation.
before adjournment."
up
that has been sent to the country,
message
It is the
"It proves there is no
big proof of the stable attitude of this
one
administration "
Lemke, disappointed, said however, that
"we
won
because there
will be eliminations in the November contests."
The farm problem will be
made
he declared,
issue
an
in
Congressional district,
every
will
as
the
Mr. Jones, who was in charge of the bill, offered his own farm
as*a substitute for the Frazier-Lemke
relief plan
that much currency
could be issued.
farm
Woodrum,
made by Frazier-
was
every
The only wide difference. he
Democratic
a
stalwart
who
presiding
was
intended to
stitute,
force
which
would
"strategy" of Mr. Jones.
"conservative
the
have
killed
Democrats to
further
consideration
They said
for
vote
of
his
Farm
of a mortgage on a 160-acre
by William Pamp, it was stated
St. Paul "Pioneer Press" of May 12, which added:
foreclosure
The foreclosure action began
in 1933 and was still in the courts when
May 27, 1935, United States Supreme Court held the original Frazier-
on
unconstitutional
Act
sub¬
Lemke bill.
gone
to the
order
Oct.
on
United States District Court at
1, 1935, allowing Mr. Pamp to retain his
"reasonable rental" semi-annually.
The appeal to the
United States Circuit Court was from the order granting
Mr. Pamp permission to retain
the farm.
reporting the conclusions of Judges Gardner, Van
Valkenburgh and Faris, the same paper had the following
to say:
The three
Senate,
judges wrote
the
the
26-page opinion, considering all questions of
a
by both parties to the action.
Their decision, however,
It said:
measure was
tied up in conference Congress would adjourn, killing the
proposal.
accepted,
only amendments favored by the farm bloc
on
administration leaders
and
centered
attention
on
the
were
job
of
defeat of the inflation bill
assure
"What will happen
when the city people
paid and want them put
100%
up
come
by Congress,"
Representative
He asked if
to
a
single person on the floor would "kid himself that
this
meet
problem"
if the
Frazier-Lemke
Farm
we
won't
Bill
Jones in summing
had been done in the last
up
declared that this administration has done
fifty
years.
the lowest, in fact, that
They
ever
now
mortgagees
Green letter,
Representative Withrow of Wisconsin
letter from the head of the Brotherhood of
That voting lines
of North
were
Railway Trainmen asking
closely drawn
Dakota put in
was
his first
shown when Representative
"perfecting" amendment by
a
teller vote of 120 to 118.
The change knocked out a provision for loans on farm
without
livestock, limiting
the scope of the measure to loans on real estate.
Representative Fish, foe of the bill, leaped to his feet with
a
denunciation
on
an
amendment to raise to 2M % the interest farmers would
their loans and the rate of interest
templated in the measure.
In advices from
"Herald
bill
was
Tribune"
It lost
on a
on
the farm-loan bonds
con¬
voice vote.
Washington May 11 to the New York
it
was
stated
to
the
that through
valuable rights in
that
the
the mortgaged property and
appellee.
"Appellants are denied during this moratory period the right they otherof the property and an application of the
proceeds of sale to their debt."
In
accord with
this
decision,
years
the three
Judges reversed the order
of
granting Mr. Pamp the farm property for three
and remanded the entire action for continuation of the foreclosure
proceedings.
was
estimated
there
are
approximately
100
suits
concerning
the
Frazier-Lemke Act in the six United States Court Districts in Minnesota,
and thousands in the United States.
On May 8 in the United States District Court at In¬
dianapolis Judge Robert C. Baltzell held invalid a subsection
of the Act, when, according to the Indianapolis "News,"
he sustained a motion of a mortgagee to dismiss a suit
by William Bennett Mullikan, Montgomery County farmer.
The "News" went
a
on
to say:
property right of the holder of the mortgage to determine the time of
He said his
opinion was based on a ruling of the United States Supreme
Court which held the original Subsection S unconstitutional.
Subsection provided a
Frazier-Lemke
described in detail by its sponsors as follows:
so
sale of the property.
though he will vote against its passage," Mr. Fish cried.
He submitted
If the
Judge Baltzell held that Subsection S of Section 75 of the Act violated
"It is the duty of a Congressman to legislate and try to perfect legislation,
pay
be had to proceedings by eminent domain;
compensation,
them
gives
of the Democratic leadership for refusing to try to perfect the bill.
even
compensation.
inescapable that the amended Act with its provision for a three-year
It
passage of the measure.
Lemke
wholly public use without just
The United States Court of Appeals decision continues: "The conclusion
crats, 7 Progressives and 3 Farmer-Laborites.
a
a
in order to relieve the necessities of individual mortgagors,
the Omaha Federal Court,
In the final balloting on the Frazier-Lemke measure 173 Democrats and
read
Act
by the public."
regard
the bill said in part:
62 Republicans joined to vote against the bill; in favor of it were 105 Demo¬
In rebuttal to the
Frazier-Lemke
(to the United States Constitution) commands
rise would have had to a sale
Associate Press advices from Washington May 13
on
must
resort
enjoy the lowest interest
existed, he said.
_______
ing the debate
original
stay, violates the Fifth Amendment because it takes from an appellant
in three years to put farmers on an equality with other business than
rate in years,
the
/
taken even for
is
Praises Previous Farm Aid
Mr.
in
that however great the Nation's need, private property shall not be thus
was
approved.
more
Court
taxation, the burden of relief afforded in the public interest may be borne
'
forced
Supreme
public interest requires, and permits, the taking of property of individual
and want their mortgage
Sumners asked the House.
be
States
"The Fifth Amendment
time
switching votes to
debts
United
was
closing words of the decision by Justice Brandeis of
summed up in the
Senator Frazier would have added further inflationary sections, and while
From that
This
procedure was provided for in the amended Act.
law raised
{%House leaders figured that if the Jones bill had
an
farm for three years by paying a
Frazier-
the
Mortgage
Paul
St.
In
time, sustained the point of order and rejected the Jones substitute.
Democrats explained tonight the
he
the bill
Omaha owned
Omaha made
that his plan involved $1,000,000,000 less.
Representative
at the
^
Mr. Jones insisted that his plan carried out in
the intention of the Frazier-Lemke bill.
Farm
by
Under the amended Act, however, the
point of order against the Jones proposal
Lemke supporters,
Act
near
Lemke
_____
was
on
Mortgage Moratorium Act,
subject of two adverse decisions
during the past week; on May 11 the Act was held uncon¬
stitutional at St. Paul, Minn., in the United States Court
of Appeals for the Eighth District.
The decision was given
by Judges A. K. Gardner of Huron, S. Dak.; A. B. Van
Valkenburgh, and Judge Charles B. Faris of St. Louis, in
an action brought by the United States National Bank of
Omaha.
The original suit from which the appeal was
Jones Substitute Is Barred
said,
proposed vote
2927.
page
Moratorium
Court—Provision
Declared Unconstitutional by Indianapolis
Frazier-Lemke
in the
measure.
$800,000,000 from the gold reserve, against which two and one-half times
way
the advice and consent
amended in 1935, was the
as
!*i It would provide for the refinancing of farm mortgages by setting aside
a
exceed
committee of the Board of Agri¬
for the
move
Invalid
Held
taken concerned
attitude of the American Federal of Labor.
"When
time
Federal Court
The
adjourned Mr. Byrns said that "this shows without
doubt that the House is not inflationary and that any such
a
said Chairman O'Connor of the Rules Committee.
Mr.
no
supervise the work of liquidating and
issue of May 2,
our
Frazier-Lemke
Amended
I represent
makes
neither want nor expect me to do so."
When the
at
Administration and Board of Governors of the Federal Reserve System."
to the farmers but all classes, I cannot.undertake to vote for a
which
shall
ancestors, almost without exception, were farmers, and I
my
other classes of our people in this country, and the people whom
bill
act
Agriculture is to be elected by the farmers and an executive
The duty of the executive
appeared in
always been interested in all legislation which looked to their best
interests; but
not|only
this
an
The outstanding
refinancing farm mortgages and farm indebtedness by the Farm Credit
the floor of the
as any man on
House
have
under
issued
notes
culture shall be to advise with and
Mr. Byrns said:
farmers, in whom I
Reserve notes to be issued in
committee of three to be chosen by said board with
of the Senate.
follows:
"I have read this communication to the members of the House because,
kSk"All of
delivered to the Federal Reserve Board to
equal to the par value of the bonds so held.
"A Board of
Washington dispatch
bonds bearing interest at 1 }4 %
$3,000,000,000.
President, American Federation of Labor.
"Times" described debate
a year.
farm mortgages and 3% if secured by mortgages on livestock,
the bonds to be sold at par or
amount
yours,
W. .GREEN,
asjl said
10%
"The funds to refinance the farm mortgages and other farm indebtedness
be held by them as security for Federal
legislation."
a
with privilege of renewal from year to year for ten years,
one year
shall be provided by the issuing of farm loan
Frazier-Lemke act wiU be defeated.
We rely upon the friends of labor to vote against this
A
of the fair market value, such loans to run for
equal to 65%
provided that depreciation in value be replaced by additional livestock and
greatly if by any chance
very
as
"Chattel mortgages and other farm indebtedness may be liquidated and
period of
thejwage-earners of the nation would suffer
of bankruptcy act,
•
Labor would
highly objectionable.
are
cordance with the provisions of the uniform system
amended.
still.
insurable buildings and improve¬
property
An
amended section
was
passed by Congress which reduced the re¬
demption period to three years.
today.
The original
five-year period in which the owner of the mortgaged
could redeem it.
It
was
this section that was held invalid
Financial Chronicle
3274
May 16, me
*
'
,
Several
courts,
rulings
have
been made
the rulings, Judge Baltzell said
Co., Newark, N. J., holder of a $7,500 mortgage on
imposed on the difference between the actual purchase price
and par value was an illegal tax on the principal and vio¬
lated the exemption clause of the Revenue Act of 1917, said:
his farm, in which
Two similar suits
Neel, Danville, 111., owner
County farm, and William H. Peterman, Lebanon, owner
advantage of Section S.
Mr. Mullikan sought to take
They were that of Martha E.
dismissed.
were
of
a
Vermillion
of
a
Boone County farm.
in denying the bank's claim that a tax
Judge Littleton,
against the Mutual Benefit Life Insurance
The suit was that of Mullikan
We
of opinion that a tax
are
the profit from a sale was not a
on
from Washington, May 6,
From Associated Press accounts
Hearing
Arguments
on
Act
Reserve
Constitutionality of Gold
jfor June Before United
to
Scheduled
as
the
A
June,
Banking Act of
Emergency
for
He
bond! in the pre-devaluation quantity of
bond.
value of the bonds,
par
or
rejected
the
involved
tax
the United States
Liberty
the
tax on the bonds,
a
income
settled
have
cases
not
is
sales
by
contention
second
a
the
bank
that if the
the bonds was not exempted from taxation by the
the amount claimed should be refunded on the ground that Congress
Previous
its
on
second question
in
the
that
at bar
case
tax
a
bond
in
profits
on
"and
fail to see how
be said to be a tax by
can
we
It is, therefore, unnecessary to discuss
bonds.
own
the United States.
point
the Court held,
raised by the plaintiff."
May 6 that William Cogger, associated
as attorney for the bank, said the
case would
be carried to the Supreme Court for a final
decision on that point.
The Associated Press reports that
Mr. Cogger also joined with George H. Foster of the Attor¬
ney General's office in describing the decision as important
because other government bonds, now being issued, carry
It was stated
gold specified in the
John
with
...
the Supreme Court on
in
the principal
that
without power to tax the bonds of
was
of the firm of Larkin,
Perry,
ground
sale of
the
on
statute
Rathbone & Perry, after the adverse
Feb. 18, 1935, filed with the Court of
Claims, on July 5, 1935, an amending petition, alleging the unconstitu¬
tionality of the Emergency Banking Act of March 9, 1933 ; the Act of
May 12, 1933, and the Gold Reserve Act of 1934.
He attacked the validity
of all proclamations and regulations issued under
them, and sought to
show actual damages suffered through decline in the purchasing power of
the dollar by the government's breach of the gold clause contract.
Mr.
decision
the
on
Court, also
The
profit
of May 5, which, in part,
is insisting on redemption of a $10,000 Fourth
Perry]
of the
terms
made
the
[Mr.
ixA%
computed in accord¬
paid and, in 1934, a claim for or refund of $5,529'
was
amounting to $687,000, was exempt from tax under the 1917 Revenue Act.
added:
Loan
of $7,372
tax
was
the court having fixed
York "Herald Tribune"
the New
purchased
trustee,
as
profit reported in an income tax return for 1931 and1
ance with the
Revenue Act then in force.
1933 has been
the time on
May 1, when John M. Perry (plaintiff in one of the four
gold clause suits on which the Supreme Court handed down
a ruling on Feb. 18, 1935) filed in the Court of Claims his
reply to the Treasury's objections to supplying certain in¬
formation and papers which Mr. Perry sought in the prose¬
cution of his suit against the government.
We quote from
and
said that the Central Hanover
case
in 1920, in the open market, First Liberty
Loan bonds of $687,000 par value for $637,515, the then market value.
In 1931 the bonds were sold for $698,791, a profit of $61,275, and the
Bank,
Hearing by the Court of Claims at Washington on argu¬
on the constitutionality of the Gold Reserve Act of
scheduled
finding of fact in the
Court's
The
at
ments
1934
quote:
we
Washington—Case
That of John M. Perry Involving Gold Payment
on
Fourth Liberty Loan Bonds
Claims
of
Court
States
here involved was,
legally collected.
therefore,
Court here.
exacted
the principal of the bonds, and the income tax
tax upon
Federal
There are 10 similar suits pending in
'
.
their par value.
chased below
No appeals
valid and others invalid.
holding the section
some
have been taken from
1
•
tax-exempt First Liberty Loan bonds pur¬
from the sale of
this question by Federal District
on
the
E.
on
Hughes
exempting the principal and interest
estate or inheritance taxes, im¬
provision
same
all taxation,
from
except
posed by the United States or other taxing authority.
Seeks Data and Charts
*
from the Treasury,
including data and charts on the exchange rates between the dollar and
the principal European countries; wholesale commodity prices in leading
countries; exports and imports from and to the United States; purchases
in foreign markets by the United States, and sales in domestic and foreign
markets by the United States and the Federal Reserve banks of gold coin
or
bullion, as well as purchases and sales of gold by individuals; licenses
permitting various types of transactions in gold and foreign exchange,
and, transactions in which the stabilization fund1 figured.
The government's objections to this request for information were that
many of the inquiries were too general in terms and lacked "the necessary
particularity which would enable an intelligent clerk in the ordinary dis¬
charge of his duty to find the records."
Some of the information sought,
said the government, could be obtained by the plaintiff himself;
other
information sought was "of a confidential nature relating to the activities
of the Treasury Department in its
monetary and fiscal policies, which
may not be supplied to the plaintiff without injury to the public interest."
plaintiff sought a wide variety of information
The
Against Use of Confidential Correspon¬
dence Between President Roosevelt and Secretary
Ickes
In
Action of
Utility Companies Against
PWA
The introduction of confidential
correspondence between
Secretary Ickes, in an action
brought by 5 utility companies against the Public WorksAdministration, was ruled out by Justice Alfred A. Wheat
in the District of Columbia Supreme Court on May 13.
Regarding the ruling Associated Press advices from Washing¬
ton May 13 said:
President
Roosevelt
and
He IJustice Wheat] upheld Jerome Frank,
to
Dean Acheson, counsel for private utility companies.
by
contended that the letters would disclose
local power rates without due
"I
objections, discussed at
length the contentions in his amended petition that the Emergency Banking
Act
Perry,
the
and
Gold
Act
April
on
government's
the
to
Reserve
existing
emergency
reply
his
in
May 24,
6 or
"There
unconstitutional.
were
was
of the
(the date his bond was
1934
gold
its
or
.
"I
bond)," he
the
govern
to
the
"This
the exercise of the
any
to
"Nothing is
delegated."
power
and prohibit dealings
regulate
gold
by
the
legislation
gold
it then
as
Mr.
for
gold, without pro¬
in
its
existed
action to
and
regulations,
clearly
more
which
well
as
its
information
gold! did not exist
paid
were
gold
for
gold
licenses
The
that
a
at
evidence
of the
power.
the
Treasury to show
Court
Refund
of
Tax
of
Be
to
held
York,
that the
as
on
the
majority
that
Paid
to
?
•-
Claims
Carried
Rules
on
Against
more
than
decided
temporary
more
a
wireless
understood, the
by
held
are
the
also from the "Times" wireless
been successfully carrying
50
years,
introduce
to
a
system
similar
Ethiopia's financial
on
has mo6t adequate
reserves.
own
to
Since
working
exchange rate
of
six
The Italians
system, but they
that
lire to
improved when the rate is officially fixed,
foreign banks
the
silver
which
is
prevailing
in
are
apparently quoting
natives
know
reserve,
the
no
other
a
a
will
be
thaler
it is understood, for
rate of 5.30.
thaler
and
currency,
will
be
used
since there is
with
indefinitely
an
the
enor¬
lira,
already being freely accepted.
Profit
from
Secretary Hull Explains Steps Taken to Protect Ameri¬
Claim
Sale
cans
motion
Below Par
States Supreme
Purchased
United
in
Ethiopia—Letter
Resolution—President
of
May 6, the United States Court of Claims
Central
Hanover Bank
$5,529 for income tax paid
is
It
shares
thought they would incorporate it into their
now
The
&
Trust
Co.
of New
trustee for Lillia Babbitt Hyde, is not entitled to a
refund of
Ababa.
in Addis
that
of
United
on
profits of $61,275
Is
Response
Roosevelt
States
to
House
Announces
Minister
Engert
Pro¬
and
Vice Consuls
Secretary of State Hull
decision,
Selassie, said
Haile
Libya, doubtless under the direction of the Bank of Italy.
Court
a
Reported
issue of July 6, 1935, page 50.
our
Tax-Exempt Liberty Bonds
—Case
Ethiopia
of
.
♦
States
Emperor
The following is
for
first
have
free
the prices
depreciation of the dollar and the decline
by
of
bank, which has
affairs
market prices of
show
to
Bank
dispatch:
He sought information on
in this country.
paid
by Mr. Perry was noted in
In
plants in ten cities now
conducted by British and French interests under
said,
British.
regulations."
on
Central
of
correspondent
advices
filing in the Court of Claims of the amended petition
for
of municipal power
account, May 11, to the New York "Times" of May 13, from
the conditions of the gold market
as
was
mous
United
in¬
never
•
direction
the
and!
the arbitrary nature
the actual prevailing
disclose
under his license
sought
purchasing
The
it was
A decree was issued by the Italian Government on May 11
ordering the liquidation of the Central Bank of Ethiopia,
even
prices
themselves
in
this
Perry
market
the
"brings out
the dates in question,
on
and
confidential,
Ordered by Italians
condemnatory of the autocratic power and bureaucratic
more
created
in
obviously
is
construction
Liquidation
Secretary of the Treasury's activities under the gold legislation than
refusal
public interest if it is;
public attention."
The delegation of power
delegation of legislative power.
"Nothing," he continued,
his
can see
.
brought by the power companies seeking to enjoin use of
was
PWA funds in
Railway cases."
of the
.
.
served by them.
of the
exercise of that power by the Secretary of the Treasury in his absolute
control of the gold market, transactions in
foreign exchange, and the
export of gold and currency," said Mr. Perry, "than the Supreme Court's
recent opinions in the Jones, Schechter, Panama Refining and Southern
despotism
to the
come
The suit
legislative standard by which his conduct should be governed,
unlawful
an
discussion."
by the President to say that he considers this document
correspondence
tended to
authorizing restrictions on
Act
I
why communications between the President and his-
foreign exchange and the export of currency is unconstitu¬
in
President
viding
was
authorized
this
over
produced in court," Mr. Frank said.
tional," he added, "no intelligible standard having been established therein
to
am
controversy
question of the personality
a
question of the 1'resident's office itself.
a
reason
.
peared in April and May, 1934."
•
"Section 2 of the Emergency Banking
transactions
in
prescribed
equivalent
much
so
privileged and that it would be prejudical to the
said, "or
thereafter, justifying an exercise of the power to regulate transactions in
foreign exchange and the export of currency granted by Section 2 of the
Emergency Banking Act.
.
The emergency conditions which re¬
quired the enactment of the Emergency Banking Act had long since disap¬
of
amount
be
"This is not
Cabinet members should be opened to public
and the latter the date he demanded payment in the
called for redemption
President, it is
conceivable
no
subpoena
a
Mr. Acheson
plan of two officials to regulate
a
authority.
surprised that there should
am
point," Chief Justice Wheat said.
no
PWA attorney, who refused
produce the letters from the government files in response to
Replies to Objections
Mr.
;
Rules
Court
to
Representative
on
May 11 made public
McReynolds,
Chairman
of
the
a
letter
House
Foreign Affairs Committee, in response to a resolution in¬
the House asking for information on the steps
troduced in
that had been taken to protect the
United States Legation
3275
Financial Chronicle
Volume 142
Ethiopia and American citizens in Addis Ababa.
Mr.
explained that the State Department last August had
-considered sending a warship to the Bed Sea to act as a
In
Hull
Selassie to protect Amer¬
Charge secured a promise from Emperor Haile
icans in all
possible ways.
doned the plan to
of the
added protection.
This
was
refused.
The British brought them
in anyway, with arms,
ammunition and supplies,
on
Sept. 7.
The French brought troops to
national
Dire
naval radio
had aban¬
relay station with Addis Ababa, but
avoid criticism at home and possible inter¬
friction. He also pointed out that warnings had
been issued to American citizens several times before the oc¬
Despite the publication of Mr. Hull's letter, the House
Foreign Affairs 'Committee on May 12 summoned before it
Murray, Chief of the State Department's Division
Affairs, to explain the attitude taken by
the United States during the Italo-Ethiopian war.
On the
Wallace
July,
Dawa
The
the
with
revolvers,
day
same
notified
Bossi, Italian Ambassador, formally
State Department of the annexation of Ethi¬
Augusto
the
not
The Department's attitude toward this step has
yet been announced.
opia.
President
Boosevelt
rifle
1,000
May
on
made public
9
it
the two Vice-Consuls at the legation.
The text of the President's message follows:
I want you
for
the
splendid
Addis Ababa
at
which
in
manner
and
conducted
you
that
during
yourself
trying period.
I cannot
the
of
I
speak too highly of
finest
also
traditions
wish to
your
the
of
and devotion to duty, worthy
courage
American
difficult circum¬
by the non-American
employees of the legation.
For the bravery and devotion of Mrs. Engert
I have only the greatest admiration.
I am happy to say that in recognition of the conspicuous and meritori¬
ous service rendered it has been recommended to me that you be promoted
•cooperation
stances,
Class
to
and
by Mr.
that
and
1
rendered
assistance,
Cramp and
Mr.
Mr.
be
Cramp
the
under
Hunter,
most
well
as
as
promoted
Class
to
have
I
and
8,
approved and shall send appropriate nominations to the Senate on Monday.
Hunter will be
Mr.
I
also desire to
States
Navy;
Navy;
John
and
for
Cecil
William
during the attack
first
radioman,
Cavanah,
to
radioman,
States
Finance Committee
Drastic
changes in the Administration's revenue bill, and
perhaps abandonment of the House measure which is based
taxes on undistributed corporate
dispatch
"Times"
In
his
summarized Mr. Hull's letter
3,000-word letter,
for
reasons
inform
Mr.
having abandoned
hearings on the bill were described in the " Chronicle" of
May 9, pages 3094-96.
In indicating that a revolt by Democratic and Republican
members of the Committee threatened the future of the bill,
the
Hull
defended
in
committee
tective
forces
in
the
same
followed
"It
the
offered
he
to
reliance
Ababa. and
pointed
British
on
that other
out
frequent
for
its
of
from
government,"
one
another
Willing to Raise $620,000,000
$620,000,000 requested by the President as being necessary for the
had
Legations
he
said,
"to
seek
because
which,
government
of
a
their
offices
where
in
this
consular
and
the universal practice
accordance with
good'
world
diplomatic
occasions
many
protecting
nationals
foreign
has outstanding
country
equipped for such services.
As
fact,
have used
of
parts
and where
is
it
the
well
in Addis Ababa."
United
The
but
he
It
said
not
secret
open
and to
give
openly
offer
conceded
Selassie had
the
at
"The dispatch of an American
distant, troubled
said,
"would
vessel
war
subjected
this
had
sent
troops,
Emperor, for
on
let
it
be
known
he
such
to
a
a
limited
charge
Defense Measures
described
included the
They
the
various
purpose," he
sending
of
small
of
quantities
taken
flagrantly
and
arms
for
defense.
with
Legation,
the
American
the
Legation, the
the
the
flag,
assurances
ment and of aid in
From
dispatch
an
Secretary
to
construction
Washington
reasons
Hull's
and
behind
May,
"Post"
letter detailed,
citizens
taken
each
to
by the
date
on
three
the
which
100-odd
they could
by
step,
territory,
to
...
a
shelter at
12
we
.
the
<
take
series of
many
the
the
Foreign
Ethiopia
and
warn¬
and
as
the
corporations.
Committee
corporations as a surtax.
on
net
on
under
income,
Mr.
All corporations would be taxed
Eccles' recommendation.
The undis¬
tributed income tax would be placed on top of this levy, with the rates
In order to temper the effect of these high rates
give preference to small concerns, $15,000 of income would be
ranging from 40 to 60 %.
to
completely exempt from the undistributed income surtax.
Douglas Opposes Plan
W. Douglas,
Lewis
former Director of the Budget in the
administration, declared against the principle of undistributed
Mr. Douglas was a visitor on Capitol Hill.
corporate income tax.
He
explained that he had not studied the house tax bill, so he could give no
direct
"I
comment.
am
opposed to the principle of taxing savings of
corporations," he said.
Explaining his
position, Mr. Douglas pointed out that for
of the
Secretaries
clusions have
Treasury
have studied
the
idea.
16 years
Their con¬
generally been, he said, that the proposal was not workable.
One of the most effective assaults on the bill was launched
May 11, when Senator Byrd made public a letter to Secretary
of the Treasury Morgenthau, in which he listed 11 large
corporations that would have paid no taxes whatever on their
1934 earnings and dividend distribution if the pending
revenue bill had been in effect.
Senator Byrd added that
he was unable to obtain the comparable figures for 1935
and he hoped that Mr. Morgenthau would supply them.
The text of Senator Byrd's letter is given below:
May 8, 1936.
Honorable Henry Morgenthau, Jr.,
Secretary of the
follows:
Office,
report the
The American Legation
evacuate.
on
measures
protection,
Treasury,
Washington, D. C.
the
Charge d'Affaires at Addis Ababa
in
tax
.
the British
with
missionaries
Americans, unmarried,
the long
establish
lengthy statement the steps taken
1935, after consultation
with
May
the
step
evacuate
Department instructed the American
consult
bomb-proof
a
of
Department
action.
Secretary Hull listed in
In
of
from the British Legation.
/
American
considered
four
of protection received' from the Ethiopian Govern¬
emergency
following:
ings
of
the tax plan of Chairman Eccles,
According to these members, it proposes inauguration of the undistributed
ammunition
naval radio operators there, the
painting of the roof of the Legation and other American-occupied property
to
announce
earnings
undistributed
an
income tax
various
been
had
spokesman
members, however, said that the Eccles proposal was read at the executive
Roosevelt
Listed
that
measures
Marriner S. Eccles,
session.
a
the spirit of the Neutrality Act and would undoubtedly and
rightfully have met with vigorous protest from the American people."
then
the
reported as one of the advisers who urged the President to
Meanwhile,
of
14
would
violating
He
suggest
did not
Harrison
has been
who
capital.
carrying American troops to
Government
May
fiscal affairs.
and
of
purposes
bureau
complexities of writing a bill, suggestion of another undis¬
by the Powers generally, would
tacitly
at such a time and for
zone
have
the
Britain sent forces to the
if Great
out, to send
assented to this step.
never
moves
had
Britain
Great
that
time
but
assent,
Mr. Hull pointed
that
discourage similar
his
objection
no
He
Emperor Haile
an
was
the record
treaty right,
no
Washington
chairman of the Federal Reserve Board and an Administration
15%
had
Ethiopia.
into
troops
States
its
tributed income tax plan for corporations was made by
40 foreign nationals
some
sought and received protection in the American Legation during the recent
crisis
stockholders will bear the full amount of the burden.
from
New York "Herald Tribune" stated in part:
Senator
United
the
of
those
in
interests
matter of
a
officers
of all nations,
Gov¬
expressed his opinion that whatever bill is brought out either
advices
In
given area, may be better prepared to render such assistance.
"On
corporation, is definitely out of the picture and the
However, he added that the Committee is perfectly willing to raise the
pro¬
large number of its nationals and the importance of its interests in
States, in
such, proposing only that high levies be placed upon undis¬
as
To add to
practice
nationals
Administration's
Committee's position on the legislation was that the
the
the corporations or the
British
Department's
E. C. as to
of the law on corporate issues, Chairman Harrison said that
agreement on a biU is reached in committee the
an
tributed profits of a
policy.
the
is
assistance
but
Secretary of Treasury Mor-
fight will be taken to the Senate floor.
did not give in detail
plan,
committee
meeting, during which the
supporting testimony from
genthau and an explanation from Chairman Landis of the S.
ernment and
on
8-hour executive
an
heard additional
issue is whether there shall be any undistributed profits tax at all.
confidence.
especially the
Addis
York
New
the
14 to the New York
May
Washington
"Journal of Commerce" said:
unless
follows:
He
warship
Defends Reliance
Mr.
from
account
an
defended his Department's
crisis.
the
to
as
Hull vigorously
in the Ethiopian
policies of protection
the
11
May
were con¬
likely late this week, as opposition to the measure
mounted in
the
Senate
Finance
Committee.
Previous
He revealed
of
surpluses,
sidered
the working
duty worthy of the best traditions of the Navy
Largest Corporations—Secretary Mor-
genthau Again Defends Schedules Before Senate
the legation.
upon
Washington
on
French and Italian missions, all of which have exten¬
Would Aid
House bill
A
and relied
United States had no long¬
that the
sufferance to maintain Legation guards in
natice guards as did all other Legations there
or
Important Revisions in Administration Revenue Bill
Believed Likely—Senator Byrd Charges Measure
States Navy,
United
usage
Native Guards
interests in Ethiopia.
States Navy,
United
class,
first
United
class,
by
except the British,
Following
Edgar Tanner, chief radioman, United
Pitts,
Lee
devotion
and
Walker
Anslow, radioman,, first class,
Williard
Franklin
valor
Addis Ababa,
promoted to junior clerk, Class 2.
commend
right
standing
on
pointed out
then
Secretary
upon
service.
foreign
appreciation and commendation for the excellent
add my
Relied
The
sincere admination
to express my
Government's un¬
because of the Ethiopian
willingness to allow such shipments.
regarding
to know with what interest I followed! your reports
recent situation
was
message
a
promoting him and
the
1,500 pistol cartridges and four bay¬
reported, would have been difficult to get
cartridges,
guns,
"even if requested,"
through,
sive
Engert, American Minister to Ethiopia,
to Cornelius van H.
additional arms and ammunition on Jan. 20,
this shipment, amounting to 10 rifles, 10
after
total,
Machine
onets.
6.
requested
Near Eastern
of
Government asked permission
British
the
1935,
Oct.
on
Charge
1936,
Addis Ababa.
of disturbances in
currence
in
Late
Ethiopian Government to bring in an Indian regiment for
to
earliest
consisted
of
ly
dear Mr,
It
has
Secretary.
been
stated
that
many
of our financially strong corporations,
especially those of substantial size, will pay little or no taxes to the Federal
Treasury if the pending bill is passed.
at that time.
I
am
checking the accuracy of these
statements, and I am likewise interested in the opportunities that may be
Immediate Evacuation
June
On
immediate
On
»
United
On
aries,
The
1935, the
Charge reported that he had recommended
by missionaries
of all
letters to all home boards
leave and addressed
States urging them
to withdraw
that lack
Department
of
funds
urged home
was
urge
of
holding
mission boards
up
to
a
all mission¬
in
the
Ethiopia.
advised all the mission¬
number of withdrawals.
supply
such
We must
of taxes.
guard carefully against giving these large corporations a greater
advantage and perhaps a stranglehold over their present smaller competitors.
missions
their personnel from
July 6, 1935, the Charge reported he had
but
an
outlying posts.
July 2, 1935, the,Department asked the Charge to
to
aries
29,
evacuation
afforded such corporations by the bill to avoid the payment
funds.
The
Frankly, I am concerned about the application of the proposed tax policies
to those
corporations which now have large surpluses and a strong cash or
credit position.
We
must
make
certain that legislation does
growth and expansion
upon
them
if their
not
prevent the healthy
of our smaller businesses by imposing a penalty
financial
position and their
business opportunities
3276
Financial
do not permit the payment in dividends of
I want
substantially all their profits.
assistance in appraising the situation.
your
I have selected from Moody's Manual a few of the
with
largest corporations,
view to determining the rate of tax which would be
imposed upon
a
them if the
available
pending bill should be enacted.
for
are
1934.
The
should appreciate
I
it
only statistics
very
I
have
much if you would
check the list I give you and let me have a similar list for
1935, if statistics
are available to you.
Chronicle
(Now Pay 15%)
V-.
.
'■■
Company—
Telephone &
American
American Tobacco
Net Income
After Tax
$121,748,729
24,084,280
Telegraph
Co
American Smelting & Refining
General Electric Co
Paid Out
$167,960,475
26,590,858
7,583,202
5,411,924
21,536,894
7,875,000
19,881,453
4,508,907
8,264,040
19,939,342
8,197,573
6,294,728
30,000,000
5.545,205
9.348.820
19,726,044
Goodyear Tire & Rubber Co
4,287,684
3,948,637
11,597,573
International Harvester
National Biscuit Co
National Dairy Products Co
Ohio Oil Co
-
6,551,930
-
R. J. Reynolds Tobacco Co
—,
Texas Company
The above list of financially
strong companies that can
taxation can be greatly expanded.
CORPORATIONS WHICH WOULD
PAY
LESS
Curtis Publishing Co
-
E. I. du Pont
Firestone Tire & Rubber.
General Foods
Great Western Sugar
Imperial Oil Co
Liggett & Myers Tobacco Co
Parks, Davis & Co./.-_____—
Pennsylvania Railroad Co.
United States Smelting & Refining
New Bill
Paid Out
{In %)
2.82
$3,737,142
15,703,374
1934 incomes if the proposed law had been in effect.
Morgenthau Is Heard
Much
2.45
4.00
4.40
5,370,000
Can
Co
General
Motors
Great Atlantic & Pacific Tea Co..
International Shoe Co
J. C. Penney Co
Phillips Petroleum Co
-
Proctor & Gamble
Socony-Vacuum Oil Co
Standard Oil Co.
(California)—
Standard Oil Co. (Indiana)
Standard Oil Co. (New Jersey)—
Texas Gulf Sulphur Co
United Fruit Co
F. W. Woolworth Co—-
13,415,169
17,200,227
4.16
detailed
for the last year for which the statistics
are
discussion
work
would
in
with
8,232,480
13,214,946
6,000,129
Secretary
to
showing how
the
New
Deal scheme
cor¬
-
Opponents of the Treasury plan privately declared their dissatisfaction,
the
statistics
on
have to
wait
said
until it
today it
their
presented.
They
maintained
that
when
they
asked
various aspects of the subject matter they were told they would
plan,
could
be
gathered.
Members of the "Byrd bloc"
evident Treasury officials had not
was
adding that they considered that
indications of
a
these
"fully thought out"
experts should
have-
The
Byrd's
New Bill
{In %)
6.63
am more
astrous to
''
Unchanged
advantage of the strongly entrenched
struggling corporations.
my contention
8.54
Views
"
,
convinced than ever," said Senator Byrd,"that this bill is
very much to the
8.84
company
and dis¬
The data presented prove to me that
that many of the prosperous companies would avoid taxes
is correct."
Despite the opposition in the committee at
6.78
asserted
5.72
numerous
7.78
6,671,742
11,307,108
4,153,008
10,512,866
18,652,561
13,069,479
15,371,229
54,204,193
5,730,000
8,717,985
23,288,676
It was explained
more.
1935 reports were not available for the purpose as yet.
Tax Under
5,899,830
1934 income tax returns of corpora¬
tions with taxable net earnings of $1,000,000 or
"I
10,499,086
73,621,710
16,430,796
the part of these experts to deal more
on
data reviewed today affected
.30
$15,256,321
Several declared that the statistics that had
lack of desire
.25
of
9.37
by Chairman Pat Harrison
conferences and
finally
a
the
6.90
looking to the raising of the
8.95
He said that he
did not
was
explaining that he
Treasury Department
$623,000,000 demanded by the
desire
5.63
6.08
it
would be
that there
-
Mr. Harrison yesterday advanced proposals to the
8.30
time,
present
(Dem., Miss.)
"meeting of minds" for the completion
compromise tax bill for the consideration of the Senate, perhaps the
a
latter part of next week.
8.30
that
this
be
called
President..
"Harrison
the
plan,"
merely trying to find legislation that would comply
was
with the President's requirements.
5.22
8.60
•Doubt
8.54
of all corporations
a
with
Then they went into-
of the taxable net income of the individual
respect
porations.-
are
1.50
available, had
view
a
h
fully and frankly with the subject.
1.40
Paid Out
names
'
Committee
devoted to consideration of how far they
was
been prepared were intended to support the Treasury plan and that there
3.50
Dividends
I also ask that you furnish me with the
morning session of the
could go in divulging secrets of corporate tax reports.
1.55
After Tax
$19,522,945
8,235,835
14,503,247
94,769,131
20,478,190
8,967,024
16,147,315
5,757,309
14,370,067
24,121,297
18,347,807
18,949,680
67,882,271
6,958,476
12,049,300
32,142,363
Armour & Co. (Delaware)
Eastman Kodak Co
the
at
thoroughly into the matter.
3,572,193
9,452,614
Income
American
time
Morgenthau and his aides
1.20
Net
;
,
dividend disbursements in
on
taxation altogether.
escape
time, experts said there were many other corporations that
same
would have had to pay much more in taxes than were assessed against their
CORPORATIONS WHICH WOULD PAY LESS THAN
10%
Company—
of
been able to produce charts and graphs on any feature had they gone more
5,400,000
40,788,914
6,052,968
138 might
283
taxes reduced
3.00
9,294,750
>
'-V--
discussed would have their
while of that number, based
more,
some
At the
for data
5%
Dividends
After Tax
$4,145,416
17,548,355
9,702,696
5,906,326
46,701,465
4,154,656
11,143,876
5,761,727
14,101,561
20,086,691
8,719,368
13,377,839
Allied Chemical & Dye Corp
Corn Products Refining Co
50% or
with
THAN
Tax Under
Income
Company—
Air Reduction
the 600 corporations which they
completely avoid
Net
-
V.'A
Secretary Morgenthau and his statistical aides admitted that
Dividends
■
on
follows:
1934,
>r'
1936
16,
May 11 voted to ask
Secretary Morgenthau to appear for testimony regarding the
subject raised by Senator Byrd.
Mr. Morgenthau testified
on May 13.
A Washington dispatch of that date to the New
York "Journal of Commerce" described the hearing as
,
A FEW OF THE CORPORATIONS WHICH WOULD PAY
NO TAX, BASED
".'I v "
v
ON 1934 RETURNS
May
The Senate Finance Committee
net
The
which,
income,
tax
Mississippi Senator is
plan
Excise
on
Issue
candidate for re-election and the New Deal
a
has become something in the nature of political
dynamite.
It
before Federal taxes, of more than
$1,000,000 and, based upon the actual
distributions for the year, will receive a tax reduction of
50 per cent or more
would appear that he will have to present the question of new excise taxes
under the
raising revenue, although he said today he
pending bill.
.
You will appreciate that the fundamental
purpose of my inquiry involves
not
only
competitive
restraints
which
or
we
advantages
heavy taxes
must
depend
to
the
strong
upon small and
largely for
so
corporations,
medium-sized
re-employment
but
the
and
for
It is unnecessary for me to add that the data must be available
promptly
serve a useful purpose.
I shall appreciate
very
much your assist¬
Cordially
it unless the request came from the Finance
Committee, or
from Senator Harrison, Chairman of that
Committee, or
from certain other authorities
specified by Section 257b of
the Revenue Act of 1926.
Mr.
;
:
Morgenthau's letter read:
States
A-*/'
•/o
a.
m.
your
p. m.
May 9th and received in
on
furnish
list
a
of corporations
with
my
of all corporations
1934, as
a
may
information
you
desire
must respectfully
law
call
"(B)
is
that
your
to
be
attention
derived from
to
the
income
tax
provisions of the
Section 257-b of the Revenue Act of 1926,
follows:
not
exceed
sum
from other plans that have been advanced,
of the following:
of the
14%
amount
of
;
the
undistributed
net
income
which
of the adjusted net income;
"Three-eighths of the
exceeds
"The Secretary and any officer or
employee of the Treasury Department#
the Committee on ways and Means of the House of
Representatives, the Committee on Finance of the Senate, or a select
committee of the Senate or House
specially authorized to investigate returns
by a resolution of the Senate or House, or a joint committee so authorized
upon request from
by concurrent resolution, shall furnish such committee sitting in executive
with any data of any character contained in or shown
by any
session
"
I have directed that data
bearing
on your
Anticipating such
a
request,
by which
the undistributed net
income
of the adjusted net income."
,
Treasury Department also suggested informally
a
$1,000 exemption,
for corporations with net income
up to $20,000-
Under date of May 14 the New York "Journal of Com¬
merce" reported the
following in its advices from Washington:
Secretary Morgenthau, according to
Chairman
Harrison,
came
before-
the Committee with his experts
again today to give further data requested
as to
effect of the House bill
on
certain types
of
corporations.
The Secretary estimated at the same time that the
Administration compromise, being sponsored by Senator
Harrison, would
raise
$626,000,000 in
The Harrison
new revenues
annually.
proposal, however, is but
by committee members.
one
.
.
.
of many which have been
Other programs call for flat rates of tax
on corporate income of 18 or
22% without any super tax
profits tax being imposed; another calls for a tax of 30%
new
income with
a
50% credit allowed
on
or undistributed
upon the entire
amounts distributed in the form
of dividends.
Senator Connally (Dem., Tex.) also has a
program which, it is said, isbeing given serious consideration, imposing a tax of 15 or 16% upon theentire
I shall be quite willing, on request of the Finance Committee and
under
the authorization of this section, to furnish
any and all information that the
Committee may desire, which is available.
amount
29% and does not exceed 45% of the adjusted net income; and
"One-half of the amount by which the undistributed net income exceeds
The
offered
,
return.
get that
Rate of tax in general—There shall be levied, collected, and paid'
equal to the
by Senators Black and Byrd
limiting the conditions under which the Treasury Department
furnish such information.
as
as we
for each taxable year upon the adjusted net income of
every corporation,
million
receive,a
pending bill.
revenue
long
■■■',.Y';
tax schedule:
of
which, for the last year for which statistics
available, have a net income before Federal taxes of more than
dollars and, based upon the actual distribution
for the year, will
tax reduction of fifty per cent or more
under the
reads
me—so
Treasury tomorrow when the experts also
On May 12 the Treasury submitted to the Senate Finance
Committee the following new corporate undistributed profits,
office at
the amount
are
I
with
withholding," he explained.
by committee members.
request
If the
flat tax upon all taxable cor¬
a
15% and could ease the gradu¬
45%
you
reported in Moody's Manual, and you ask that I check this list and let
you have a similar list for 1935 if such statistics are available.
You
returns,
scheme contemplating
on
Senate.
today.
names
equitable
"One-third of the amount by which the undistributed net income exceeds,
their net income and the amount of their dividends
paid out in
also the
an
of how to get
14% and does not exceed 29% of the adjusted net income;
of 5:00
letter
a
ations above that, it would be all right
does
This will acknowledge
receipt of your letter, dated May 8th, which was
In
on
"Two-sevenths
May 11,1936.
..
My dear Senator:
9:14
and work out
me a statement
"If they could start at a lower base rate than
a tax
Harry Flood Byrd,
as
$623,000,000
Treasury yesterday to give
will present estimates of yield
F. BYRD.
May 11, pointing
on
out that if the information desired was to be
derived from
income tax returns he would be prevented from
furnishing
postmarked
"I asked the
He expects to hear from the
HARRY
United
hopeful that the Treasury
was
super corporate tax rates
schedule that would raise needed revenue.
yours,
Morgenthau replied to this letter
Honorable
suggested
despite the unpopularity of this method of
vote,
money."
and co-operation.
•.
a
porate net income and graduated taxes based
if it is to
Mr.
his committee for
could take his
enterprises upon
of labor
healthy business growth.
ance
to
from
new
20%
withheld.
income with undistributed corporate levies superimposed
ranging
upon
The
the
second
$20,000 up to 40%
inquiries be assembled without
upon
the fifth
Treasury Department has been ordered
yield of this plan.
to
$20,000
estimate
the
1
Landis' Explanation Given
delay.
Sincerely
In his
yours,
HENRY
MORGENTHAU, JR.,
Secretary
of the
Treasury.
appearance before the committee Chairman Landis explained the
working of the law with respect to corporate issues and pointed out that
a
corporation wished to raise money from among its own stock¬
where
holders, after having declared out its taxable net profit, if the mails
were;
Volume
Financial
142
not used or interstate commerce was not
have
involved, the commission
would
jurisdiction.
no
it would not be a difficult
He gave the impression to the Senators that
matter, from the standpoint of securities issues,
for small corporations to
whether he
However, it is not known
obtain needed funds by this means.
corporations or those with
after declaring out dividends.
discussed the plight of the already debt-ridden
limited prospects in efforts to obtain funds
May 12 Secretary Wallace of agriculture appeared
the committee to urge retention of the 4'windfall"
levy on formerly impounded or uncollected agricultural
processing taxes.
We quote from the Washington advices
to the "limes" which also had the following to say in part:
On
before
of the invalidated process¬
He also suggested a revival of a modified form
[to Senator Harrison]
Mr. Jones' letter
mittee members to have given the
was
Mr.
did not
Jones
final argument, so
far
they were
as
changes he suggested in the
many
witnesses appearing at
based solely on the profits withheld from
tions to
and in so many
distribution, would cause corpora¬
fear
impairment of the
any
Reconstruction
went
be withheld for needed
distribute earnings which might properly
plant improvement and even for re-employment.
to
to
Mr. Jones did not seem
obligations owed by corporations
to the
His only suggestion for alterations
Finance Corporation.
the broader aspect
of the problem.
+■
Department of Interior Would Be Changed
to Department of Conservation and Works Under
Bill Passed by United States Senate
Name
of
On May 13 the United States Senate passed a bill pro¬
viding for the change in the name of the Department of
the Interior to "The Department of Conservation and
Works."
The head of the Department would become
the "Secretary of Conservation and Works."
Both the
President and Secretary of the Interior Harold L. Ickes are
indicated as
favoring the change.
At the ceremonies
April 16, incident to the laying of the cornerstone of the
new building of the Department of the Interior, Secretary
Ickes urged that Congress change the name to the "Con¬
servation Department."
The address was referred to in
our issue of April 18, page 2593.
Governor Lehman of New York Proclaims Week of May
17
to
23
Trade
Foreign
as
Committee, Herbert P. Howell; Chairman of the Organization Committee,
Jerome Thralls and Allan M.
Events
Week—Many
Planned
The
appropriate
Pope, with full power to take
action in closing the affairs of the Council.
While
the
and organization identity of the
general functions, services
American Acceptance Council will end on
viously compiled monthly
and
will
be reported
July 1, the statistical data pre¬
the volume of acceptances, will be
on
continued
published by the American Bankers
"Banking"
in
Association.
Secretary, Robert H. Bean, who has been the
The Executive
managing
since its creation, will remain in.
charge of the Council's headquarters until the affairs incident to its dissolu¬
tion
completed
are
July 1.
on
the
educational campaign
designed to inform the business people and bankers as to the merits of
bankers and trade acceptances, the method of their use in foreign and
domestic merchandising, also to aid in establishing a comprehensive open
discount market, and to assist in other matters that will improve the credit
system and strengthen the financial position of America."
Its membership had at all times included the largest and most important
accepting banks, private bankers, agencies of foreign banks, large corpora¬
tions with export departments and the Federal Reserve banks.
Outstanding bankers whose institutions have been the leaders in domestic
and foreign trade financing have been active in the Council's affairs as
The American
words, the
bill dove-tailed with complaints voiced by
the recent public hearings that a heavy tax,
it directly
put
A special committee was appointed consisting of the President, Robert
F. Loree; the Vice-President, Percy H. Johnston; Chairman of the Executive-
director of this important organization
.
said by some of the com¬
concerned, against the corporate provisions as now written.
While
"it was unanimously voted to recommend to a special meet¬
ing of the Council, to be held early in June, that the Organi¬
zation be dissolved."
Mr. Bean, who states that his future
plans are as yet undeveloped, also said:
the revenue
The Secretary's proposal was designed to make up
ing taxes.
deficiency left by the House in the pending bill.
3277
Chronicle
Acceptance Council was formed in January, 1919, for
of "conducting and directing a nation-wide
purpose
officers and members of its Executive Committee.
The dissolution of the Council at this time is due to
of unusual conditions resulting
tions of the discount market, the influence
in low money rates,
the lack of demand for credit and
the supporting member institutions to effect
Modification of
Institute
of
the large reduction
business, the stagnant condi¬
in the volume and activity of the acceptance
finally to a desire of
all possible economies.
Existing Law Advocated by American
Law to Permit
Publication of De¬
famatory Matter if True and in Public
A modification
Interest
existing law to permit publication
of
of
defamatory statements, if true, or "where the circumstances
such
are
to
as
induce
terest"
dispatch,
ington
May 9 by the American Insti¬
on
This means, it was stated in a Wash¬
9,
May
York "Times," that
New
the
to
could publish such matter provided they hon¬
newspapers
His announcement said:
that
Law, at the concluding session of its annual meet¬
ing in Washington.
that
reasonable belief
or
sufficiently important public in¬
a
recommended
was
tute of
coming week—May 17 -23—has been set aside as
"Foreign Trade Week." On April 30 Governor Lehman, of
New York State, issued a proclamation calling for its ob¬
servance, and Mayor La Guardia, of New York City,, has
urged citizens generally to give special consideration to
foreign trade matter during the week. The Mayor's plea was
contained in a letter sent to Louis K. Comstock, President
of the Merchants' Association of New York, which organized
a committee to direct the week's activities in New York City.
Following receipt of the letter, Mr. Comstock announced
(on May 11) that the program had been virtually completed.
correct
a
facts exist which affect
meeting.
estly believed it to be true and it concerned a public officer
or.candidate for public office.
In part, the dispatch added:
The long-prevailing rule in many jurisdictions requires that the facts
stated must be true, and if they are not true then the newspaper is liable
for damages regardless of good faith in printing them andi on honest belief
they
correct.
are
Dictum,
The
the
V.
libel
in the Institute's restatement of
connection with the subject of torts, prepared by Fowler
approved
the
at
The older and stricter rule
The program will be initiated at 5
o'clock
on
Sunday, May 17, when E.
P. Thomas, in an address over radio station WOR, will issue the call to
citizens to participate in the celebration. During the week there will be six
An Export-Import luncheon at the Hotel Astor
foreign trade luncheons.
on
Monday, May 18, will have
Thomas
J.
Division of Trade Agreements
Presdient
Watson,
of
Corporation, and Fred I. Kent.
the
of the
Henry F. Grady,
Department of State,
International
Business
On Tuesday, May 19, there
luncheon of the New York Lions Club at which Harry
Machines
will be
a
May 20, will be celebrated
Latin-American Day with
as
a
luncheon at
the Hotel Astor under the auspices of the Inter-American Advisory Com¬
James
S.
Carson,
Vice-President of the American and
the principal speaker, and a luncheon of the Brooklyn
Day.
will
come
on
Merchant's Association of New York will be held at the Hotel Astor with
will act
as
Hull,
as
the principal speaker.
Mr. Comstock
presdiing officer after the meeting has been called to order by
Mr. Farrell.
Other speakers will include Mayor La Guardia and Winthrop
W. Aldrich, Chairman of the Board of the Chase National Bank.
There
will
be
nine
radio
broadcasts
dealing with foreign trade during
the Aveek.
nationally,
was
Howard
Taft,
United States
former
Circuit
the
rule
to
as
editorial
comment and
private conduct or character
of the
"Criticism
a
of another who Is engaged in
in so far as his private conduct or character affects his
although defamatory, complies with
which a man of reasonable intelligence
public conduct, is privileged, if the criticism,
and, in addition, is one
might make."
the requirements,
and Judgment
The
in
foreign trade week, which will be
made in our issue of May 9, page
and
applicable
is
in danger."
offered before
public is
means
a
"when
any
of protecting the interest
recognized
interest
of
the
commissions and
other properly authorized investigating bodies is held to be "conditionally
privileged unless the investigation is a judicial proceeding, in which case
the testimony is absolutely privileged."
Formal or informal complaint to a prosecuting attorney or other law
investigating
Testimony
enforcement
As
ing
officer
concerning violations
privileged" under the
formulated
and
of
committees,
the criminal law
are
"abso¬
rule.
finally approved today, the draft provisions embody¬
will be at the future service and
American courts, which invariably in the past have
acted upon the restatements prepared and) issued by the
the new libel and defamatory rules
accepted
♦
publish
of the publication as
reasonableness
question,"
of
disposition
3101.
Belief'
defamatory matter is qualified as depending
reasonableness of the publisher's belief in the truth thereof and
privilege to
"the
on
lutely
Previous reference to
observed
broadened
also
by granting
activities of public concern,
the
May 22, which is National
A World Trade luncheon under the sponsorship of The
the Secretary of State Cordell
a
...
"Reasonableness of
The climax of the celebration
as
Foreign
Rotary Club with the Downtown Brooklyn Association.
Maritime
William
by
serving
privilege to make defamatory criticism as to a
person's activities which are of public concern, provided it "represents the
actual opinion of the critic and is not made solely for the purpose of
causing harm to another."
On this point it is stated:
On May 21, there will be a luncheon of the Advertising Club of New York
as
stated by the late Justice Oliver Wendell
and
while
Justice,
Power Company, will preside.
with Mr. Watson
was
Court
Supreme
Chief
and
restatement
criticism
Tipper, Vice-President
of the National Foreign Trade Association, will be the principal speaker.
mittee.
Judge.
The
the
of
President
its Chairman James A. Farrell, Chairman
as
of the National Foreign Trade Council, and as speakers
Chief of the
Holmes
at the University of Texas, which was pre¬
closing session of the Institute's annual
Professor of Law
and
sented
in
law
Harper,
Taft
by Holmes and
interpretation was expressed
new
and
all
Institute.
American Acceptance Council to Be Dissolved—Action
Due to Lessened Activity of Acceptance Business—
Compilation of Statistical Data to Be Continued
by A.B.A.
Announcement of the decision to dissolve, as of July 1,
next, the American Acceptance Council was made on May
14, by Robert H. Bean, Executive Secretary of the Council,
who indicated that the action "is due to the
large reduction
volume and activity of the acceptance business."
According to the announcement by Mr. Bean, at a largely
attended meeting of the Executive Committee of the Council
held May 13 at the Federal Reserve Bank of New York,
in
the
and
presided
over
by the
Chairman Herbert P.
Howell,
President of the Commercial National Bank & Trust Co.,
With Controversies
on
Every Subject, Unanimity Upon
Difficult Legal Questions
Should not Be Expected
Chief Justice Hughes of United States Su¬
preme Court In Addressing Meeting of American
Law Institute—Pays Tribute to Late George W.
Says
Wickersham
a reference to the divided decisions of the
Supreme Court, Chief Justice Charles E.
Hughes, in addressing the American Law Institute in Wash¬
ington on May 7 said: "Of course, it is expected that there
will be differences of opinion.
How amazing it is that, in
the midst of controversies on every conceivable subject, one
Regarded
United
as
States
3278
should
Financial
unanimity of opinion upon difficult legal
The Chief Justice went on to say:
In the highest ranges
of thought, in theology, philosophy and science,
find differences of view
on
the part of the most distinguished experts—
theologians, philosophers and scientists.
The history of
deal with
do not
Are
expect
questions."
we
Chronicle
scholarship is
record of disagreements.
a
And when
we
stratosphere of icy certainty.
a
asking too much when
we
government?
the
opinion
cooperation is
industrial
the
in
For,
constructive
we
that an attitude of friendly and
urge
toward business be adopted and maintained by the
constructive cooperation
the
thoughtful
of
friendly and
such
men,
thing needed to stimulate And quicken
one
activity of the Nation, and thus to eliminate the
unemployment.
questions relating to principles of law and their application, we
suddenly rise to
May 16, 1936
The full
implications of the Social Security Act have not
been brought home to the average man and woman,
Mr. Hughes
of
scourge
'
in the
incidently made the remark that "I am happy
to report that the Supreme Court is still
functioning," and
in adding that "the work of the current term has not suf¬
fered by illness or absence of any member he said "it is
opinion of M. A. Linton, President of the Provident Mutual
probable that when we finish the term the total number of
cases
disposed of will be somewhat greater than in the
previous term."
From a dispatch May 7 we take the following regarding
the further remarks of the Chief Justice, whose address
was delivered at the
opening of the annual meeting of the
to
Institute:
"a gratifying improvement
reporting
in
the speedy
disposition
of
on
than one-half of the workers in the United States are
be compelled
to
of
and
31 in 1934 in which business
was
required to reach the trial of
"There
still
are
some
a
spots," he said, "and where delays are most
sore
serious they are due to a failure to provide an adequate supply of judges to
attend the work of the courts.
District of New York.
additional
That is notably the case in the
Southern
The Judicial Council has repeatedly recommended
judges be provided.
is
than
that
various
the
or
will
From the
provisions
the
solution,
for
soundly
be
must
consequences
concerned,
persons
press
con¬
be quite different
may
Today the number is 7,500,000, and the estimate
15,100,000.
6% of the population.
in
that it should1 be under¬
country to the other.
the number of people in the United States aged 65
ago
hence is
years
be
to
years
3,100,000.
was
the
anticipated.
of
excess
Today those 65
Thirty-five
10%.
Prospective
older represent less
or
hence the figure is estimated
years
changes
of
magnitude
this
in
a
country where the electorate is becoming increasingly interested in old-age
pensions point to the conclusion that whether
of the courts,
survive the test
f
...
35
for
after issue had been joined.
case
over
or
the time
Its
properly coordinated
Thirty-five
'current' and
He continued:
consequences
of
problems
unprecedented.
is
end
one
of financial magnitude, of the number of
in the Federal District Courts, the Chief Justice said that there were
last year 46 districts against
from
administrative
the
what
from
has such far-reaching
discussed
point of view
going
to pay a tax upon their wages or salaries
support a Federal pension plan."
The program
stood and
program
that in only 15 districts was there a delay of over six months in
that
conference
ceived and
In
cases
Co. of Philadelphia, who in addressing the
May 13 said that in less than a year "more
Life Insurance
the old age
of
workers
our
or
practicable
some
not the present law
shall
will be found to, make
way
comfortable and happy.
more
"Crying Evil" is Cited
The Chief Justice said that designations of judges from other
are
made "so far
the
need," and declared it to be "a crying evil" when the
practicable," but that "such designations do
as
districts
not meet
interval
between
joinder of issue and trial approximates two years for civil jury cases, for
suits in equity and suits in admiralty.
fe "Perhaps some day there may be
and
some
a
readjustment of
ever,
our
Federal districts
of the existing divisions may be altered to secure a more scientific
distribution of judicial work," he said.
is the
natural
outgrowth
"The present arrangement, how¬
of our
support in history and sentiment.
political
system
Referring
to the first part of the old-age security pro¬
contributory Federal plan, requiring no State legis¬
lation to make it effective, and to be supported by payroll
taxes paid equally by employees and employers, and esti¬
mated to apply to some 25,000,000 workers, Mr. Linton said
gram, a
that it is set up
That is to say,
and finds strong
The pressing interest is that in
no
part
pensions
It was noted in the Washington "Post" of May 8 that
despite the statement by Mr. Hughes that a shortage of
Federal judges in 15 of 84 districts cons.ituted a "crying
evil."
The Senate a short time later rejected proposals for
creation of two additional Federal judgeships in the South¬
payroll taxes
District of New York.
From the
same
paper we
be
invested
Reserve
payments.
death
can come to a
That esteem is
lawyer is the esteem of his pro¬
"It cannot be purchased.
the
It cannot be artificially created.
It cannot
It is not
It
character and
.
.
commanded
esteem
an
by brains
fessional duty.
A
is
and skill
in the honorable
George Wickersham
.
solely
won
by
integrity
preformance
of
of pro¬
and held that esteem."
from President Roosevelt to the Institute is
message
United
Dependence
Glazier
Savings
Sacrifice
of
M. A. Linton
Greater
need
principles
of
before in
of
on
National
Banks, in
for
Ideal
Appeals
Federal
Government—
Association
of
Mutual
Discussing "Social Security"
of
Individual
Life Without
Principals of Thrift and Self Help—
on Dangers in Social Security
Program
exists
today
self-help
and
the century and
a
the time-honored
individual freedom than ever
half of our national life, was
to
preserve
the keynote sounded here on
May 13 by President Robert O.
Glazier in opening the annual conference of the National
Association of Mutual Savings Banks at Atlantic City.
This
organization represents 14,000,000 depositors scattered over
18
States,
with
total
$10,000,000,000,
about a
fourth of all bank deposits.
Mr. Glazier, also
President of the Society for Savings, Hartford, touched on
the improvement of business and generally took an encour¬
aging view of the future, tempered by a note of caution.
"As far as 'social security' legislation is concerned," he told
the conference, "it does not seem within the power of any
human being to assess the effect of this law on the indi¬
vidual
plications
deposits
the general
or
The whole
scheme is
of
economic
so
vast
the human mind
I
believe
security"
steps
welfare of the community.
and
so
far-reaching in its im¬
is not capable
of grasping the
for
there
is
agreement
government
a
tradition of
very
real
our
danger
In
another
way,
direction,
which,
after
it
activity.
is
years
manifesting itself in
industrial
some
measure
inevitable, and
people since the Nation
that too. much
government will weaken the fiber of
recovery,
is
that
that
of
"social
by
gradual
he found to bring about, not a milennium, but a better
all, without sacrificing the principles of thrift and self-help
a
a
Age
by
the
then
reach
to
approximately
billions
will
remaining
2.1
1.4
the
current
for pensions
be
3.5
provided
billions
by
by
the
our
then
finally,
no
pleasant to note
uncertain
is not contemplated that the
dangerous feature of the old
embodied
as
age
ac¬
program,
be
added
calculate
to the
every
account
reserve
Congress appropriate that amount to the account until,
the enormous interest-bearing fund of $47,000,-
hence,
years
have been
accumulated.
Suppose, however, that Congress is
impressed by actuarial theory and decides to follow some other course.
not
What
the
are
probable
increase in
of
will
alternatives?
the 6cale of
benefits
children
our
We
be
and
adopted
be
confident
30
years
year
in
each
belongs in
reach
The
the
total
a
a
of
in
the
thing.
one
to practice
a
likely
alternative
the probability
end
will
prove
of, dreams.
few
The
that
is
an
scale
a
unbearable
for the
program
self-denial by investing
fund
reserve
realm
of
which
quite
and
for
grandchildren.
may
lions
A
pension benefits,
the next
of
in the law is to have actuaries
theoretically needed to
have
to
45
000,000 will
billions.
into
mounting
The
After
the
fund1 possibly
that
the
Congresses
hundreds of
be
mil¬
billions,
of
tens
may
allowed
country will call
to
halt.
a
danger inherent, therefore, in
huge
the self-sufficiency plan is not that the
actually will be created, but that the excess of income over
reserve
outgo will lead either to
a
dangerous liberalization of the benefits
of unsound governmental
program
or
to
a
spending.
The
Social Security Act was described as "one of the
important measures ever enacted in our Nation's his¬
most
tory, affecting, with insignificant exceptions, all individuals
and industry—in fact, our national life and attitude of
mind," by Wilson G. Wing, President of the Providence
Institution for Savings, Providence, R. I., in
addressing the
conference on May 13.
Mr. Wing, who is Chairman of the
Committee on Federal Legislation of the
Association, con¬
tinued
:
Experience
lines
was
dependence
on
established.
a
paternal
the
now
manners
in
business
to be surely
many
branches
on
the
of our
other
countries
as
to
the
where
"social
has been
progress
security"
field has
made along
provided
the
conclusive
the
difficulty of compiling adequate laws dealing with this
exceedingly complex problem, and despite a long period of trial and error
legislation still is in the experimental stage.
the
undoubtedly
consequent
institutions
will
burden
cannot be
be
upon
constantly
taxpayers
measured
at
mated,
alone
in
under the law as drawn,
eventually might reach the
addition
thereto
the
that
made
and
the
enormous
effect
of
32
a
upon
and
savings
However, it is esti¬
for
reserves
sum
likewise will be provided
there
increase benefits,
to
ultimate
present time.
old-age
billion
large
annuities
dollars, and
reserve
in
the
unemployment fund.
Under
rising tide of
seems
in
contemplated in
evidence
national life.
of depression,
It
upon.
is to be invested in direct obligations of
obligations fully guaranteed by the United States.
affair.
According to estimates of the Senate Finance
small
no
be drawn
in
or
the amount
Efforts
general
may
that have been
Yet
:
is
by the
fostered
means
condition
there
the Old
as
almost
subject in its entirety, but most content itself with the vague
hope it is all for the best, and that the framers of this
legislation had good and sufficient reason for their action."
He further said
covered
eventually
and
3%
Reserve Account
States
Their plan
Warning Against Weakening of National Life Through
C.
least
Mr. Linton, is the anticipated large excess of
income over outgo and may "have consequences quite dif¬
ferent from what was planned by the framers of the Social
Security Act."
He added:
and
R.
be
produce interest.
have to
ever
The most
year
Much
fund1, known
is to
excess
at
cording to
referred to in another item.
Too
will
is to be
by pecuniary gains.
It
of
Committee, it will reach approximately $47,000,000,000 by 1980.
"It is the esteem which is born in sharp contests and thrives despite con¬
interests.
interest
important to keep in mind that the sole function of
account is to
reserve
The Old Age
in unique conditions and proceeds
won
impartial judgement of professional rivals.
be gained by artifice or contrivance to attract public attention.
flicting
The
payments.
Larger
meantime,
T
principal
measured
It is
the
approximately 40% of the benefit
about
account
reserve
In
Since the benefit payments
that
means
future.
earn
reserve
will
estimated
are
this
the
shall
cover
60%
remaining
distant
the
on
6% payroll tax.
a
year,
on
the
an
expected to provide all of
are
pension
which
estimated to
benefits
a
interest
"The highest reward that
fessional brethern.
is
The
receipts from
He had Mr. Wickersham in mind when he said:
from
fund
reserve
Account,
payroll taxes.
former institute leader.
'
a
rather
to/exceed
expected
are
in
the
for
Eventually the interest
year.
and
Mr. Hughes paid tribute to his friend, the late George W. Wickersham,
the proposed payroll taxes
reserved
are
billions
quote:
"theoretically self-supporting basis."
a
the benefits under the plan without resort to general revenue funds.
of the country should justice be denied because judges are not available.
ern
on
Continuing, he said:
invested
upon
an
present
in
future
plans
it
government
investment
aggregation
of
is
contemplated
obligations
problems.
funds
may
and
The
exert
absolutely impossible to estimate.
in
that
thus
these
have
moneys
an
are
important
to
be
effect
overwhelming influence that such
time
to
come
presents
a
factor
Financial
,Volume 142
B. M. Anderson of Chase National Bank of New York
Says Tax Bill Would Strike
Smaller Businesses—
at
Contends Measure Would Force Many to
corporate—Also Predicts Uncertain Yield
Disin¬
pluses
would
than
subject
$10,000
reinvested
in
a
small
corporations with
business
the
whether to retain
of
incomes
to such high tax rates on money
year
that
they
well consider
might
in an article in the "Chase Economic Bulletin," pub¬
lished May 12.
The Administration's tax bill is designed
says
reform
would
rather
than
Anderson
Dr.
revenue,
particularly
prove
to small
onerous
business would certainly
The underlying theory
He
result.
behind the measure, according to
Anderson, is the philosophy that excessive savings
responsible for
in
troubles.
our
After
are
analyzing the tax bill
think
corporations
the'
with
is
it
which
war-time
profits
their
accumulate
of
American
great surpluses in
partly
surpluses
multitude
a
American
of the
the
of
period
1916-20
which did not make such
Corp. and the Utah Copper Corp.,
well-managed businesses, used their
to -increase their
dividends
but
partly also to add
by paying down debt, (b) by expanding plant and
equipment, and (c) by building up reserves in the form of cash and! readily
(a)
marketable securities.
the
in
whole
1921
the
of
and
American
in
prices
found
and
but
farmers
and
more
them
their
lands
Professor Robey had not heard Mr. Eccles's speech, but he said he
supposed
"that you were told, since a
spokesman for the Administration was
It
enjoying the
in
had
not
additional
following the
its
expansion,
on
high
prices
and
young
taking
off
vigorous
older
process,
mortgage to the
and
war,
profits to pay
mortgage in the
on
lending
at
prices
used
great rise
same
younger
purchase
ones
year after next,
money
for a large part of the payment
presented this contrast between the financial policy of agriculture and
corporate industry in the "Chase Economic Bulletin" called "The Weak¬
Point
est
basis
in
for
the
some
Farmer's
Financial
suggestions
Policy,"
regarding
in
warning
to
the
judgment,
advocates
of
the
October
improvement
an
pplicy of agriculture and of country banks.
I
pending
of
present it
tax
law
1924,
in
the
Danger of Economic Disaster
endure
(1)
here again
which
would,
as
in
a
my
operate
powerfully
toward
forcing on
American
corporate
the unsound financial policies of American agriculture.
proposed law would drive many small corporations to disin¬
The
while it would operate to prevent all corporations from
reserves in prosperous times.
accumu¬
economic
quoted
A
sion
in
effects of the
One
The
of
of
generation
a
his
land
160-acre
common
The
comes.
incurs
Both
are
in
vital
a
growth
rather
shares
Exchange Act
the
upon
issue
of
to
way
son,
and
is
four
When
sons
the
could
owner
of
uneconomical, and the
at the time of the father's
death, to buy
buying them out, he gives them mortgages, start¬
stock
debt.
The
corporation, how¬
this problem when death
escapes
divided
are
business
among
the
heirs.
The
business
debt.
holding
capital.
than
excessive
land
each.
acres
further subdivision
family corporation,
of
of
acres
160
corporate organization and the retention of profits
by corpora¬
vital importance and should be
encouraged.
Both contribute
of
of
640
of
handicap of
burden of
no
the
tions
one
In
with
farms
today,
fearful
the small
even
itself
dies
three out.
a
ago
four
practice is for
other
ever,
into
farm
ing out with
Both
toward
savings,
excessively has,
have
and
the appalling handicaps of
agriculture, lacking the corporate
business, is the inevitable growth of debt through inheritance.
farmer
divide
the
Securities
stocks.
form
the
of
corporations for needed expan¬
particularly when taken in connection with the
times,
prosperous
hampering
new
its
and'
in
down
the
contribute
especially
no
merit
debt
of
in
relation
steadying the
The
the theory
judgment,
my
growth
toward
intensification.
theory
that
that
we
corporations
all.
at
Our
to
business
have
have
had
saved
financial troubles
continued,"
are
and to
indict
his
fellow-
public understand this.
far-reaching changes in our whole
that paper Mr. Eccles was
organization,"
follows:
as
belief
in
that
industry
would
have
voluntarily entered
capital
upon
expenditures in 1933 if the Government had restricted its expenditures and
It displays
comprehension of the considerations that influence
ning expenditures.
tures
can
be
There must be
arising from
to me, is
the
utter mis¬
in
man
As far
industry
as
preservation, to reduce
concerned, it
was
And
Increased demand could
depended upon increased disbursements by industry
by both.
was an
buying power.
consumer
of the matter.
about only as a result of increased incomes; and increased
come
plan¬
expendi¬
capacity generally
excess
increased
crux
an
business
undertaken.
are
needed to absorb
was
demand
seems
a
believe that capital
to
reason
profitably made before they
Obviously, what
increased
incomes
by Government or
or
being forced, in self-
was
and expenditures of all kinds, thus rapidly
wages
increasing the number of unemployed, further shrinking
consumer
buying
power and
accelerating the deflationary forces which threatened complete
collapse of the entire credit structure.
The
only
alternative,
under
the
circumstances,
intervention
was
by
Government.
Balance Sheet of Recovery
Tinning to the question of whether
Chairman Eccles sketched
a
the
3-year effort had succeeded,
rough balance sheet for the recovery
program.
On the liability side he placed an increase in the public debt from $20,935,-
000,000 to $31,459,000,000 and the continuation of unemployment which
he put at between
5,500,000 and 6,500,000
persons.
On the asset side he placed a rise in the national income from $40,000,000,-
000 in 1932 to
estimated $60,000,000,000 last year, a $10,000,000,000
an
gain in bank deposits,
$3,857,000,000,
a
an
increase in Federal revenues from $1,880,000,000
reduction in interest rates and
refunding of corporate
a
indebtedness, increased corporate earnings, and improved activity in the
heavy industries, construction, and the
use
of bank credit.
Reporting Robert Warren, economist of Case, Pomeroy
& Co. as stating that easy money "acts as a narcotic on
business, the "Times" thus quoted Mr. Warren:
Easy
is regarded
money
as a
stimulus, but I
t is not a stimulus but a narcotic.
that
must
be made.
community.
It acts
as
It
causes
narcotic
a
In view of the present
almost tempted to say
am
to put
us
on
unemployment
placency in the face of mounting security prices
If
fail to
we
now
gained in trying to get real solutions, all
we
Immediate
shall find
a
readily discernible.
we
financial
the
com¬
drugged and doped.
that monetary management is not a permanent
see
of events not
anything and
and
problem,
only be explained by
can
but only an expedient to gain time, we are due for
sequence
off readjustments
the business
the belief that the thinking of the business communities
the
cycle
rattier, from excessive creation of debt.
come,
policies
present
raised taxes in unrealistic to the highest degree.
to
lating adequate
(2) It would tend to increase the debt
the
In the "Wall Street Journal" it was observed that Mr.
Eccles undertook to explain the recovery program of the past
three years and why he believed it was the only solution
business many of
corporate,
if
economists for failure to make the
the
as
financial
the
and that the outlook is most briUiant."
Saying that he would overlook such "flights of the imagination as this,"
Professor Robey went on to declare that "our economic system cannot
mortgages
I
on
program, that everything is under control, that the budget will be balanced
here, it
break
same
for
farmers
far stronger position
a
hand,
land; and borrowing
conservative
selling
or
the
in
were
in 1915.
the other
on
margin
as
had been
difficulties.
great
buying
more
depression, and
they
experiencing
in
rather
a balanced budget and a satisfactory
"flights of the imagination," it was
by Ralph W. Robey, Professor of Banking at Colum¬
bia University.
Speaking before the Wharton Institute
on
May 8.> From the "Times" we also quote:
are
stated
able to continue paying dividends during
were
and
then
agriculture,
itself
debt
They
crisis
1922
enlightened body of
fc
According to the New York "Times" of May 10 Admin¬
;
economic outlook
agriculture,,
The United States Steel
only two of
name
to
did
position
accumulations.
to
interesting to contrast the position
very
said.
short of "fundamental and
detail, Mr. Anderson concluded:
I
he
said, and
businesses.
predicted that fiscal gains to the Treasury if the bill were
enacted might prove disappointing, while
grave trouble for
Dr.
coordination of monetary and fiscal policies and an
public opinion,
the corporate
form, B. M. Anderson Jr.,
Ph.D., Economist of the Chase National Bank of New York,
for
3279
istration predictions of
The proposed penalty tax on undistributed corporate sur¬
less
Chronicle
solution,
rude awakening by some
Unless
spend the time
we
expenditures will not avail
our
us
have spent a lot of money and bought nothing.
reduction
in
Government
expenditures
and
activities, Dr. Ernest Minor Patterson, Professor of Eco¬
nomics, was reported as saying in the "Herald Tribune"
that paper quoting him as follows:
Dr. Patterson, although he warned the audience not to become
"panicky,"
said the
decided.
Balanced
Budget Within Reasonable Period Looked
for by M. S. Eccles, Head of Federal
Reserve System
—Ralph W. Robey Disputes Mr. Eccles—Other
Speakers Before Wharton Institute
Pointing to an increase of more than $2,000,000,000 in
Government revenues from 1932 to 1935, and
gains in build¬
ing and heavy industries Marnner S. Eccles, Chairman of
the Board of Governors of the Federal
Reserve System
stated on May 8 that
"with bonus payments met and a
revision
in
accelerated
balanced
went
on
taxes
so
budget
this favorable trend should be
would have every reason to
expect a
within a reasonable period.
Mr. Eccles
we
to say:
both,
as
the national income is restored, is
or
an
element in the eventual and complete success of
a
,
May 9 stated:
money must be maintained and increased in
economy," Mr. Eccles said.
must
act
as
a
an
expanding
"If private capital fails to maintain and
pand the flow, and widespread unemployment exists
ment
or
ex¬
develops, Govern¬
compensatory factor."
The objective of the program should be the
maintenance of long-term
prosperity and the avoidance of the "twin evils" of inflation and
deflation,
he added.
as
cheaply
could private industry.
as
confused
too
easily,
and there is
constant
a
■
we
were
pressure
Government
are
Government to
on
and to spend money for the advantage of the party in
power.
"If
t
expenditure
The growth has been extremely rapid in the last several
the monetary and fiscal functions of the Federal
years;
,
•'
'
■
;
■
<
•'
wish to reduce Government activity and expenditure we should,
of course, do so," he said.
certainly be retarded.
"But
even if we do not,
Too rapid
an
the movement should
expansion within
so
short
a
period
necessarily creates confusion and waste.
Public outlays are not diminishing and the pressure for more expenditures
is heavy.
but
year
banks to
there is
speaking at the dinner,
York, of the 7th annual Wharton Institute of the
of Pennsylvania, sponsored by the Wharton
"The flow of
well or
make appointments
with
rej
School of Finance and Commerce.
In
indicating in part
what Mr. Eccles had to say the New York "Herald
Tribune"
of
important:
program of recovery
Mr. Eccles made these comments in
University
most
decreasing expenditures,
absolutely indispensable
quiring Government intervention which entails large
deficit-financing.
held in New
as
He said that three facts about government activity and
We
are
constantly assured that
by year it is postponed.
an
amount that is
a
balance will
soon
be secured,
The Government debt is held by our
extremely unwise and they cannot easily with¬
draw.
Balancing the budget through increasing taxes
or
It also should be determined, he said, whether government could
perform them
''
enacted,
that
question of what activities government should perform should be
The attainment of the
objective depended
upon
the effective
"Under these circumstances, with the low yield
large excess bank reserves and with
a
very
a
on
Government securities,
continuance of gold imports,
real danger that the situation will get out of control."
Charles R. Gay Predicts Continuance of Easy Interest
Rates—Tells Savings Bankers Basis Is Laid for
Huge Credit Expansion
Easy interest rates will continue
riod
over
a
considerable pe¬
of
time, Charles R. Gay, President of the New York
Stock Exchange, told the convention of the National Asso¬
ciation of Mutual Savings Banks at Atlantic City on
Mr. Gay, who spoke on "Our Abundant
May 14.
Credit," pointed out
that
excess
reserves
credit expansion
are
sufficient to provide the basis for
far beyond present
or prospective needs.
Nevertheless, he said, governmental policies have created
certain rigidities which will only
be eliminated by the
•
3280
Financial
Chronicle
May 16, 1936
commodity
adoption of sound programs with respect to money, capital,
and security markets, banking, business and
trade, and taxation and budget-balancing.
Reduction of
dispatch of May 11 to the New York "Times" reported his
speech in part as follows:
Government spending, he continued, would stimulate private
budgets of
Obviously, it
.prises of the nation were going through
spending, while termination of "pump-priming" experiments
would end uncertainty and restore confidence to business
and banking circles.
Business
is,
outside
our
We of the New York
institution
own
improvement.
with
I view statistical indices, making
as
cycle.
Stock
discover
to
evidence
the
of
During the last 18 months, he reports of
securities
in
the
list have
trading
into
uneven progress
Exchange do not have to
revealed
late
and
and
example, business enterprises paid out $9,000,000,000 more
In 1932, for
This condition was a dangerous threat to the future
than they produced.
of the country.
down of our
The growing strain probably would have meant the break¬
When everything else failed, the Federal
capitalistic system.
Government had to step into the
breach.
Today, for the first time in six years, business enterprise as a whole is
a
maintaining
go
current
and
operations
current
dividends
paying
drawing
without
capital or other resources to make up for deficits.
upon
;'v>
corporations
many
years of declining income
mounting deficits.
Savings bankers will probably not be able to lower oper¬
ating costs greatly in the near future, Mr. Gay said, but
they can enlarge the gross return on investments. He added:
recovery
impossible to balance the Federal budget when the
was
State and municipal governments and of the private enter-
>
Blames Depression's Demands
;
change.
The depression and its demands have resulted in misunderstandings and
Some have recorded greater improvement than others, which is the expected
misinterpretations by the business world because it has never before been
thing in
a
called upon by the government to assume such a large share of the responsi¬
building
construction,
and to
such
an
groping progress upward' from depression.
savings bank
however,
advancement casts
of
greater
activity
has been
noted
bility for recovery, Mr. Roper said.
this is especially significant because of the sidelight
upon the outlook for mortgage loans.
men
From the record
somewhat
encouraging
In the department of
Working together is certain to produce
savings bank deposits, which I have referred to, and
depositors, one of your problems is vested not in
the
little
money
easily be
found.
There are new
growing number of
too
axiomatic
that
with
ones,
As
has
savings
resultant
States.
It
"
not
are
the
to
and
be
on
cheap-money
in
will
be
add
to
very
But if
high
so
of.
care
held
by
an
which will
a
confront
a
mortgage
have
a
have
will
as
was
Mr.
to
their
United
already
loans
will
made,
become
stabilized
all
are
in the
same
The
at
they
As the
anxious
am
to
find
work
like to
feel
boat
for
deposits,
your
together when it
head of
business
always
'
of
fear
the
bigness" which he
in the economic phil¬
saw
country's natural big-scale business development.
Readjustments Held Necessary
element of your problems will
one
comes
take
though the
even
"Many lessons have been learned
.
"and
to seeking a satis¬
personal and
a
the New York
transacted
closely normal and traditional lines than
I would
"instinctive
itself with
responsible
the
see
from the unanimous support of a single political
he said,
larger number of responsible borrowers than
and in the repetition I shall
are,
selfish slant.
A situation which might
osophy of the day, Mr. Roper attributed to evils which have accompanied
a
the
upon
is the
now
Stock
floor
case.
solution
to carry
mean
he said,
of the jobless by industry
the unemployment
to
can
on
July 1, 1936."
those persons
are
constructive action which
operations which reflected! normal
afford
any
per¬
problem," he said, and "nothing
able to end relief
Local agencies, he added, would be unable
the burden.
"There
impulse at work in investment and trading
efforts to appraise values closely.
an
government and industry
which rise from bigness,"
and proper readjustments can be made without de¬
necessary
expenditures
more
By that I
bothfby the
problems
would please the national government more than to be
Exchange I
follow
the
to
"Only the absorption
manent
rather
a
now
relation
stroying the profit system which is essential to our economic organization.
factory return on invested money. I will repeat again that, from some
angles, I wish that credit rates might be higher, that is, reasonably higher,
than
be stampeded in
Roper made an appeal to business men not to
could result,
margin of profit be reduced.
We
.
political judgement by "generalized,>talk."
party by business interests.
prior
know,
I
and not con¬
restrictive measures intended in any way
lead to the overthrow of the democratic form of government in this country
-"''V.-'".'".".
been
as
competitive business functions.
to stulify
depres¬
conventional
.
should properly take the long-range viewpoint,
essential features
sider these
of
values
the
of
complicate the process of working out the problems which still
us.
Business
stronger
substantial
sections
many
interest rate
that
You
is
dollars
v
Concessions
era.
you
it
These co¬
coming campaign
be safeguarded, and during the
business should discourage all efforts to create unjustifiable political friction
mortgages in certain localities the savings banks
have had for several years, at least
taken
hands
understand,
I
as
new
possible
seems
increase,
facility for getting results once
a
definitely decided upon.
encouraging developments in this direction.
operative gains must
cannot
As incomes rise it is also
,
lower rate.
you
incomes
as
That normal accompaniment of the retreat of
going to get
it
for which work
improvement in the quality of millions of
investment portfolios
V iVv
be that
may
increases,
distressed
in
now
already worked,
bank
too much money
building should increase.
homes
existing mortgages.
sion
in
employment
that home
axiom
mere
to lend but
line of action has been
a
Roper continued,
today who hold to the theory that the most
could have been taken in the long run," Mr.
"would have
been to
allow
business
enterprise to go
through the process of complete, immediate liquidation and reorganization.
E.
W.
Kemmerer and Walter Spahr Submit Plank on
Money and Banking to Republican Platform Com¬
mittee—Calls
for
International
Return
Gold
to
Standard
While it is true that just prior to the depression many values were pyramided
far beyond their actual worth, yet neither
their real
with
Cooperation
mitted
to
a
nounced
The Committee has been conducting a
series of hearings this week in New York
City. The pro¬
posal on money and banking calls for a return to the gold
standard
ment
with
of
international
nonpartisan
a
banking laws.
cooperation
commission
to
and
the
appoint¬
modernize
Federal
It also condemned the Administration's "un¬
devaluation" of the dollar.
necessary
The text of the pro¬
posal follows:
"We
in
reaffirm
and
rency
its
the
Republican party's advocacy of
standard.
We advocate the maintenance
through gold
by statutory law of the value of all kinds
a
gold dollar consisting of
"We
tration
condemn
with
unnecessary
the
their
a
wasteful
"We
cur¬
devaluation
and
unsound
condemn
Federal
Federal
far
of
the
the
Reserve
silver
recent
par
with
of
with
time-honored1
people's
American
own
gold
money,
their
dollar,
their
gold contracts, and their
policy.
and
their
of the Democratic adminis-
political
exploitation
of
Reserve
System.
With the object of modernizing our Federal
we
advocate the appointment of a bipartisan commission,
adequately assisted by experts, to make a thorough study of our existing
banking system andi report to Congress its findings and recommendations."
A. Mitchell Palmer, Attorney
General in the Cabinet of
May 11 in Washington after a
was 64 years old.
Funeral services were
held on May 13 in Washington and interment on May 14
was at
Stroudsburg, Pa., his home.
Mr. Palmer, before
his appointment to the Wilson cabinet, was Alien Property
Custodian.
He had also been a Representative in Congress
from Pennsylvania.
As Alien Property Custodian he ad¬
ministered more than $800,000,000 worth of German-owned
steamships and other property. A brief outline of his career
is given below, as contained in the New York "Times"
of May 12:
President Wilson,
brief illness.
He
died
on
career
was
history of American Democratic politics.
of the first magnitude at the age
Business Men Urged Not to Support Only One Political
Party—Secretary of Commerce Roper Says Practice
Is Not in Accord with Democratic
System—Cites
The enemies he made by the seizure of German property as Alien
States
Mr.
sense
of the word, before he had reached
on
Palmer sprang into nation-wide prominence
not
unite
in
supporting
political party, Secretary of Commerce Daniel C.
Roper said in a radio address on May 11.
It is not in ac¬
our democratic sys¬
tem," he said, "to have any one of our dominant economic
groups concentrated in support of one political party."
He
added that unless major economic groups are represented in
both major parties there is likely to be "disruptive and de¬
structive sectional actions."
Mr.
Roper urged business
the
of
co-operate with the Government and to realize that
object of this Administration is to "assure the perpetuity
American system."
our
Bussiness recovery had proceeded on a sound basis, Mr.
Roper said, and there are many indications that it will con¬
tinue to gain this year, despite the usual practice of showing
a decline during a Presidential
campaign.
A Washington
as
United
the Wilson leader
the floor of the Democratic convention at Baltimore in 1912.
First, the
,
.
.
Clark leaders tried to buy him off by offering him the Vice-
Presidency.
Then, when it seemed apparent that
"dark horse" would be
a
needed to break the tie, he was called to a meeting of all the party "bosses"
Mr. Palmer refused uncondition¬
ally and declared that the Pennsylvania delegation and all the other Wilson
forces that could be commanded would be found
fighting for their
man on
the last roll-call.
Nomination Refused Him
When,
should
as
Attorney General, sent his political star practically into oblivion.
as
vention in
cordance "with the tested practices of
to
eclipsed by the fortunes of
speaking in the most literal
50.
once
any one
men
of the most meteoric in the
was
war,
Industrial Gains
men
one
From sudden political brilliance
of 40, he
and offered the Presidential nomination.
business
and financial deflation."
of A. Mitchell Palmer, Former United States
Attorney General and Alien Property Custodian
the
banking laws,
American
people's confidence in
Property Custodian, and by the seizure of "Red" sympathizers
monetary policies
authorities
serious challenge than economic
more
Alexander Mitchell Palmer's
the Democratic Adminis¬
the
of the
destruction
and in their government would in itself have been
Death
,
gold.
policies
experimentation
convertibility required
American money at
fixed weight of
recent monetary
rash
of
dishonorable repudiation of the Governhment's
the
gold standard
a
desire
that the United States cooperate with other nations
reasonable international effort to make the gold standard a better
every
a
May 13.
on
The
their democratic system
plank on money and banking has been sub¬
joint committee on a Republican platform by
Professor Edwin W. Kemmerer of Princeton University and
Professor Walter Spahr of New York University, it was an-
would not have been able to withstand the shock of such
liquidation.
complete
a
A proposed
did the depression level represent
worth.
"The country
a
seasoned party leader, he went before the Democratic
San Francisco eight years
spurned, he
Mr.
Palmer,
was
.
.
.
was
-
elected
Congress in
to
1908 from
Pennsylvania District, opposing the State Democratic machine.
he went out to
a
vote
of 41
con¬
later, seeking the nomination he had
refused.
the
26th
In 1911
fight the "Old Guard" of his party in Pennsylvania, and by
to
40 the "Reformers"
won
control.
During that term he
worked his way up to the Ways and Means Committee.
Although
war
was
Palmer refused the
not
imminent
when
Mr.
Wilson
again in 1915 he declined
a
seat
in
the
United
States
During his third term in Congress, he introduced
state commerce in the
States of
a
Although he generally
1914
he
was
office,
Mr.
a
Court
of Claims.
bill to prevent inter¬
was
passed in 1915.
joint resolution for the submission
constitutional amendment granting woman suffrage
was
regarded
a
dry, Mr. Palmer voted "No"
the Hobson resolution for the submission of
In
a
products of child labor, which
In 1914 he introduced in the House
to the
took
Secretaryship of War because of his religious beliefs and
nominated
as
the
a
on
prohibition amendment.
Democratic candidate for the Senate
from Pennsylvania, with the strong endorsement of President Wilson, but
he was defeated
by Senator Boies Penrose.
...
v
Volume
Financial
142
Chronicle
Retired From Politics
'
After
his
defeat
for
When Herbert Hoover
the
Democratic nomination for President, Mr.
Palmer retired from politics and took up private law practice in Washington
'with
the firm of Palmer,
briefly
Davis &
Scott.
He
came
into the public eye
several occasions, giving an opinion to Congress on the manner
on
in which the question of repeal should be handled in
regard to the
•and
offering his services to
and closed banks.
1932
he
served
national committee of depositors in
a
States
restricted
the
platform committee of the Democratic National
Convention.
was
born at
Moosehead, Pa., May 4, 1872,
Palmer and Caroline Albert Palmer.
of Samual B.
son
'
Strike Averted
in Pennsylvania, was agreed to on May 7 at the Hotel Vanderbilt, in New York City, by representatives of the anthra¬
cite operators and of the United Mine Workers of America.
accord is
new
dated April 30 and will remain in
effect
until April 30, 1938.
years
•contract
which
expired
It replaces a previous
March 31; the earlier contract,
on
however, had been extended past the March 31 date until a
new agreement could be reached so as to avert a threatened
strike
must
of
the
be
miners.
The
reached
pact
May 7, which
on
ratified by the union membership, provides
for
a
35-hour week, as against 48 hours under the
expired agree¬
ment, with the
In
Tribune" of
two
ended
extensions
to
of
three
original
insistence
final
days
continuous
The
months
New
the
of
United
of the negotiations
strike
a
"Herald
expired
States
March
31,
Department
Edward F.
be
which
during
represents
the
of
and,
is
it
McGrady,
called, kept the
Assistant
conference in
believed,
unemployed
miners,
be instrumental in
may
which
is
between
a
plete
the
check-off, which
The
no
major points in
the
that
means
for the
pay
during the
the
equalization
are
operators
deduct
union
dues
union.
from
*
In
1,
was
British
Schuster,
Banker
and
on
Great
before.
his
greatest
measure
attention
of international
Britain, however, attention had been focused on
He
as
an
banking and finance.
knighted in 1906, when he
was
him years
52 years old, and for a
was
number of years before that had been Governor and a member of the council
of the Union of London and Smiths Bank, Ltd., as well as a director of the
National Provincial Bank.
Felix's family, although in the mercantile and
banking business in
London for nearly a century, were Germans, and the preliminary education
obtained in the family home at Frankfort-on-Main.
was
attended schools in Geneva and later entered Owens College,
He entered the family firm at the age of 19.
He
Manchester.
Twenty-two years later,
in 1895, he was made Governor of the Union of London and Smiths and a
director of the National Provincial.
The first post he held until 1918 and
the second until his death.
same
of India.
.
.
year
that he
was
knighted he became
Previously, for two
.
member of the
Royal Commission
on
a
member of the Council
had been a
beginning in 1903, he
years
London Traffic, and as
the Board of Trade Committee had worked
member of
a
the amendments of company
on
law proposed in 1905.
Planned Railway Financing
to his government
Treasury Commission
His services also
He
were
included membership
on
the India Office
plan for Indian railway financing and on
a
Irish land purchase finance.
on
given freely to organizations of trade and finance.
Chairman of the council of the London Chamber of Commerce in
was
1905-06: President and Chairman of the council of the Institute of Bankers
in
a five-year agreement which went
1930, must be ratified by the union membership, but
expressed by
either side that the contract would be
Sept.
doubt
attained
authority
of available
proposed contract, which replaces
effect
Felix
committee which worked out
of the agreement, and a com¬
run
-
During the World War and the period immediately following, Sir Felix
Schuster
the
agreement
new
clause against strikes
miners'
into
Sir
P His services
Union Wins Check-Off
Other
of
30,000
40,000.
work,
coordinating member of the Capital
a
After the Armistice President Wilson made him Chair¬
committee to supervise food relief for Europe, and a director of
a
In the
victory,
number
of
the Food Administration representative
as
Sir Felix Schuster, British banker and financier, died on
May 14 in London, England, at the age of 82 years. A native
of Germany, Sir Felix became a naturalized citizen of Eng¬
land when he came of age. He was knighted by his adopted
country in 1906. The following summary of the deceased's
career is from the New York "Times" of
May 15:
session.
union
a
as
Financier—Was Knighted in 1906
were
Labor.
of
new
decreasing
coordinate the work of the
000,000 fund for relief work in Belgium.
In recognition of his work in the
latter capacity he was made an Officer of the Crown of Belgium.
Sir
York
agreement, dated April SO, provides for a seven-hour day, fiveday week at the same daily Tates of pay which were granted by the old
contract, under which the miners worked a 48-hour week.
This clause
and
committee set up to
a
the War Industries Board and
man
•
negotiations,
which
contract,
of
of
was one
Mr. Whitmarsh served further
on
of Sir Felix
Secretary of Labor, fearful lest
almost
the
agreement
almost
the
the
at
During the
the
-
May 8 said:
accord
agreed
rate of pay.
same
reporting
The
time he
Food Administration with that of the
Department of Agriculture and the
Bureau of Chemistry.
Death
Following nearly tliree months of negotiations, a new con¬
tract governing wages and working conditions of approxi¬
mately 106,000 anthracite miners, the majority of whom are
The
agencies.
Later, when Mr. Hoover went to France, Mr.
Whitmarsh became the acting United States Food Administrator.
At the
same
the American Relief Administration to supervise the spending of a $100
JNew Agreement Reached for Anthracite Miners—TwoYear Pact Lessens Hours with Pay Unchanged—
for two
distributing
Issues Committee.
Mr. Palmer
appointed United States Food Administrator
was
in 1917 he selected Mr. Whitmarsh to
organize and direct the Nation's food
In 1928 he endorsed Alfred Smith for President, and in
on
3281
Chairman of the Central Association of Bankers
1908-09;
Chairman of the London Clearing Bankers in
in
1913-15;
1913-15 and again in 1925.
That year he was also President of the British Bankers Association.
acceptable.
At
>
of
meeting last night at the
a
the miners
Committee.
document
was
to
Essex
House
the
full
ratify the agreement, decided
Scale
Committee
by the
on
Conference
The next step to complete the ratification will be to
place the
before the membership through a district convention or
by
referendum.
It
is expected that the convention
will be
a
April 30,
1938.
emergency a further exten¬
sion of the six-day week may be granted by a board set
up for that purpose,
to (2) The seven-hour day
applies to outside and inside company men paid by the
month, and provides that the
or
same dally rate will be
paid for seven
previously paid for eight hours.
>
(3) The complete check-off whereby operators collect union dues from the
payTolls for the mine workers, is granted.
I
(4) A clause providing for full responsibility on the part of district and
Interna¬
tional officers of the United Mine Workers of America to
prevent strikes in viola¬
hours that
discipline for violations, Is included.
The
principal
and
wages,
demands of
equal
cited
the fact that
stantly since 1923.
of
caused
•contended
that
Another
by
labor
factor
work
of
for
were
work.
consumption
$225,000,000.
is
miners
The
of
is
The
decreased
competition
should
the
from
bear its
share
30-hour
a
operators,
anthracite
are
in
coal
pits
and
fuels,
of
T.
F.
in
In
in
the
operators
he
as
the
Trammell
he
Florida
of
Florida
from
the
1899,
since
member
a
of
Labor,
and
followed
1913
to
he
year
Mayor of Lakeland,
reelected
was
State
Senate
the
Com¬
Interoceanic
closely,
proceedings
he
had
been
he
Representatives, and in
General
Attorney
of
when
Fla.
he
1904
Senate, being President of that body in 1905.
was
continuously in
graduated from law school,
Mayor of Lakeland in 1901; the next year
of
House
1917,
was
elected to
elected to
was
From
the
1909 to 1913
Florida.
Senator Trammell was born in Macon
Author
County, Ala.,
April 9, 1876.
on
.
.
.
Although
mined
one
Trammell introduced
Senator
few
With Chairman
Vinson of the House Naval
the naval construction bill
he
Jbuilding the Navy
regarded
was
Never
in
bills
time,
than
other
his
those
of
is associated
name
major piece of legislation.
Otherwise not
Hoover in Food
of Naval Bill
regional interest to his State from time to
*
Aide to Herber
Administration During World
Senator
elected)
was
He
unemployed
regularly
was
Washington advices, May 8, to the New York "Times"
Although
with
of expenses.
which
and
Education
rarely engaged in debate, exercising his influence in committee proceedings.
considerable
the
also Chairman of the Senate Com¬
con¬
Whitmarsh, Banker and Food Trade
Leader—Served
was
Claims,
on
of May 9 we take the following;
out for
♦
He
Naval Affairs
on
Canals, Patents, Post Offices and Post Roads, and Public
Buildings and Grounds.
lower
decreased
and
reduction
undersell
higher
for
member of
a
was
produced annually with
practice of bootleg mining,
abandoned1
had
consumption,
other
week,
asking
product.
Death
mittee
public life
At present 50,000,000 tons
value
measure,
a
the miners
distribution
Trammell, who became
1917,
pired in 1941.
mittees
Governor
Equalization Granted
(5) Equalization in a modified form Is granted.
(6) Some minor provisions, Including a provision that rate sheets
showing col¬
liery rates and conditions be brought up to date, are contained in the
agreement.
The agreement is subject to ratification
by convention of Districts 1, 7 and 9,
United Mine Workers of America, and will be
signed after such ratification.
Mr.
serving his fourth term, having last
been reelected in 1934.
His present term would have ex¬
was
tion of the agreement, and to impose
wages
Senator
Park
Trammell,
Democrat of
May 8 at his home in Washington of a
cerebral hemorrhage.
He was 60 years old and had been ill
on
the Senate in
The principal provisions of this agreement are as
follows:
I
(1) As of May 1, 1937, the mine workers are granted a seven-hour
day and a fiveday week, modified by a provision that the mines may be operated for six
days per
week on any 12 weeks throughout the year.
In cases of
Senator from
States
about six weeks,
the contract follows:
A new agreement between the anthracite
operators and the United Mine Workers
of America has been consummated.
The agreement runs until
hour, day
United
Florida, died
held.
Synopsis of Contract
The official outline of
Death of Park Trammell, United States
Florida
his
identified
as
career
a
bearing their
up
Committee, he
names
which is
37
being carried
to the limits of the. London naval treaty.
prominently with important
years
in
public
life
was
in
moves
political fixture from his strong hold
of
author of
was
now
he
on
Congress,
his
State.
defeated)
ever
for
office.
War
♦
i
r
Theodore Francis Whitmarsh, who served as one of the
•chief aides to Herbert Hoover under the Food
Administration
•during the World War, died in the New York Hospital, in
New York City, on May 12 of pneumonia at the
age of
At his death he was Chairman of the Board of
Francis H. Leggett & Co., wholesale grocers, a director of
the Irving Trust Co. and a trustee of the Greenwich
Savings
Bank, Brooklyn.
He was a former director of the Federal
66(years.
Reserve Bank of New York and also of the United States
Chamber
of
Commerce.
Regarding
Mr.
Whitmarsh's
career we
quote in part from the New York "Herald Tribune"
of May 13:
Death of Shelby S. Roberts, Chief of Security Section
of Interstate Commerce Commission
Shelby S. Roberts, civil engineer, lawyer and Chief of the
Security Section of the Bureau of Finance of the Interstate
Commerce Commission, died of a heart attack
his home in Washington.
Mr. Roberts, who
old, became connected with the ICO in 1920.
he
had
roads.
been
engaged
From the Washington "Post"
Roberts
was
the author
of
career
numerous
May 6 at
62 years
Prior to that
in civil engineering work
ing summary of Mr. Roberts's
Mr.
on
was
with rail¬
of May 8 the follow¬
is taken:
articles
on
technical
subjects.
3282
He
Financial
received
bachelor
of
and
arts
civil
engineering
Polytechnic Institute, Terre Haute, Ind., and
degrees
from
Chronicle
Rose
organization, stepped out of that
post on May 4 and was elected Chairman in lieu of Mr.
Whalen, he and Mr. Whalen thus exchanging positions.
Mr. McAneny's duties as President, it is said, required more
College of Law.
A
native
over
of
long
a
Louisville
to
for
1913
1920
he
He
1918
staff
States
he
of
he
master
division
a
of
the
engineer
time than his activities
of
American
Southern
Railway
engineer
of
division.
on recommendation of Harvey
Gibson, Chairman of the Finance Committee, the directors elected Bayard F. Pope, Treasurer.
Mr. Pope is Chair¬
D.
From 1918
I
of
man
Engineering Association
for
Whalen
Mr.
Former
of
Congressman
E.
B.
Vreeland—With
Late Senator Nelson W. Aldrich Framed
Emergency
Currency Act of 1908
Edward
B.
v
retired
a
banker, died at bis borne at Salamanca, N. Y., on May 8.
Mr. Vreeland, wbo bad served as Obairman of tbe House
Banking and Currency Committee, was coauthor witb the
Senator
Nelson
W.
Aldrich
of
tbe
so-called
Emergency Currency Act of 1908, drafted follow¬
ing the 1907 panic.
In August, 1914, following tbe outbreak
of tbe World War, the machinery for
supplying tbe $500,000,000
provided for under tbe Act
emergency currency
into
amend
motion.
the
Federal
statute book,
beyond
At
tbe
the
Reserve
Congress acted to
then (in 1914) on tbe
Act,
to permit the issuance of emergency
currency
fixed in tbe Aldrich-Vreeland Act.
In
Aldrich-Vreeland
Act
set
up
National
a
Monetary Commission to study problems and methods
banking in 1909, Senator Aldrich, acting as Chairman
the
Commission
Chairman,
until
1912,
Salamanca
a
with
(N.
Mr.
Y.)
New York "Herald Tribune" said:
The two
Vreeland
of
Vice-
as
dispatch, May 8,
of
Democratic leadership.
to the
Mr.
did
"Herald Tribune":
Vreeland
studied
not engage in
1882
and
nine
In
1899
the
the
on
old
Co.
He turned
the
of
age
bar
in
to
1881, but
banking in
President
of
tbe
elected to the Fifty-sixth
Congress to fill tbe
resignation of Warren B. Hooker, Representative
the
ticket
to
to
the
Mr.
Fifty-seventh
lasted
career
from
campaign again in
Vreeland
was
reelected
and
the five succeeding
7, 1899, to March 3,
Nov.
1912,
deciding that his private
business needed his entire attention.
The
the
attention
became
was
His legislative
refused'
to
his
34,
Thirty-fourth Congress District.
Congresses.
He
at
admitted
He also conducted oil and insurance
businesses.
by
Republican
1913.
later,
Vreeland
created
vacancy
from
Mr.
was
advices
same
report that an attack of pneumonia
Vreeland to retire on Jan. 1 as Presi¬
dent of the Salamanca Trust 'Co.
It is added that he appar¬
ently recovered from the illness but recently suffered a
relapse, yyy:
.'Y';v.-'
■
'V;.\
last
fall
forced Mr.
.
H. N. Heff
Appointed Chief of Newly-Created Division
Regulations of SEC
the
will
he had
of
of
that
"the
with
the
State,
Con¬
of
leaders
legislation to create
of
by
permanent
to act for the corpora¬
one
conferred
early
Secretaries
the
be established
opinion
Federal
a
and
Commerce
Agri¬
YY
wood
is
will
appropriations
The
in
basic
Whalen
said
State
land
the
Whalen
in
the
of
Lock-
C.
city
so
regarded this as
the
funds
estimated
be
would
it
"the
contractor
had!
passed
Fair;"
be
to
Robert
made
Moses,
to
up
enabling Act
an
had passed $2,125,000
by
and
the
had
$7,000,000
State
on
passed
an
for
the
Fair,
policy.
that
"an
Act
will be
with
has
State
the
passed this week
preparation
a
committed
for
itself
setting
plans
to
the
for
$4,125,000
as
Fair.
Zoning for the Area
Board
of
Estimate
had adopted
had
the contract,
announced
27 and
1."
bonds
commission
acquisition,
necessary
tracts
Charles
and
World's
issue
preparation for
said
certain
May
Legislature
improvements
to
New
Mr.
Mr.
received
Commissioner
city
and that the
the
that
Justice
vesting title
papers
meadows,
be
for the
pay-as-you-go
temporary
a
share
Court
city had approved
the
will
that the
Park
President
State exhibit,"
its
for
the
the
from
new
sign
work about June
by
permitting
exempt
the
the machinery
up
reported
Supreme
to
in
Bids
reported
plans prepared
Act
that
filling
go to
Whalen
"setting
in
for
tomorrow.
actually
Mr.
Whalen
proceedings."
recited
$2,250,000,
advertised
May 14
on
such
for
Whalen
Mr.
Mr.
acquired.
proceed with construction.
can
time
be
to
expected
it then
"record
at
achievements,
about
were
that
been
new
had
taken
zoning
appropriated
for
for
all
the
the
necessary
and
area,
Park
steps
that
Department
staff
required to supervise the filling-in contract.
Money also has been
provided for the department for the remainder of the year to complete all
basic
plans for
improvements to be made
by the city and
development of Flushing Meadows Park.
the complete
for
and
active practice.
years
Salamanca Trust
law
that
assurance
consisting
Reviewing
land)
all
Vreeland, who was 78 years of age, was born on
Dec. 7, 1957, at Cuba,
Allegany County, N. Y.
As to his
career, we quote the following from the Salamanca advices
affairs,
had received
; Y
toward
Mr.
"headquarters
ventured
Land Acquisition Rushed
up
men
the
that
he
and
governmental
and
culture.
to the
urged general reform of the currency and
banking systems,
currency to be issued on a broader base.
Senator AldTich early
perceived the need of eome form of central bank, and the measures
spon¬
sored by himself
and Mr. Vreeland to a considerable degree
paved the
way
for the Federal Reserve System, set up a few
years
later under
with
announced
week,"
commission
limit
stating that the
in
gress
was
time
same
the
of
organization will be functioning in 10 days."
He reported to the Board, as a committee of
Aldrich-
Vreeland
put
end
tion
Vreeland, former Congressman and
Corp. and has been active in
which
The New York "Times" of May 5, from
quote, continued, in part:
we
late
Marine Midland
the
relief work.
years.
Death
President of the Fair would per¬
as
At the May 4 meeting,
mit.
RR.
Administration,
the
road
was
was
private consulting engineer.
officer and senior assistant
a
engineering
Railroad
time
one
years
Central
was
civil engineer for several railroads
a
at
several
Illinois
director
was
several
to
was
He
years.
For
the
was
United
the
of
terminals.
construction
From
Louisville, Ky., he
period
1936
16,
of the corporation since its
law degree from Washington
a
May
Three
of
bills,
Governor
ures,
ate
providing
site for
a
the
Fair
for
in
the
New
financing
and acquiring
City, were signed by
15.
Two of the meas¬
York
Lehman
yesterday, May
by Senator John
introduced
J.
Dunnigan,
appropri¬
a
boat basin
in
$250,000 for the construction of
ing Bay
the State and
Flush¬
basic improvement on the site of the Fair at
Flushing Meadows in Queens County, and empower the
New York City Board of Estimate to issue bonds
up to
as a
$7,000,000 for financing the city's share of the Fair.
The
State (according to advices from Albany on
May 15 to the
New York "Sun," from which the
foregoing is taken) has
already appropriated $1,880,000 for the construction of
boulevards, roads and bridges at the Fair grounds.
The
third
introduced
by
Assemblyman
Herbert
City of New York to lease
the park lands at Flushing Meadows as the site for the
Fair, &c.
y^-yy,.; •'
;
"vy y, :'y
y'yy;y;;
measure,
Brownell
Jr.,
empowers
the
of Forms and
The Securities and Exchange Commission
announced on
May 9 that Harold H. Neff, Assistant General
Counsel, has
New York Stock
dent
new
agency
organized.
was
His
work
with
the
SEC
has
been, in the past, principally concerned with the
drafting
and preparation of the various
forms for the registration of
securities.
The
Commission's announcement of May
9
added:
Mr.
Neff
Paris.
born
was
in
Virginia
He
Harrisonburg,
and
for
was,
studied
time,
a
Va.,
abroad
in
at
Professor
of
1891.
the
He
attended
Universities
International
Law
the
Berlin
of
at
the
University of Virginia.
Mr.
Neff
Stanchfield
with
the
was
&
European representative for the law firm of
Chadbourne,
Levy, and
as
special adviser
trade
with
to
also
did
Match
International
of
Import
Co.
the
Russia,
State
and
considerable
work
reorganization.
Department
until
recently
on
was
abroad
He
the question
a
in
served
A.
Whalen
Fair,
Chairman
director
of
of
a
time
resumption
the
Export-
of
Elected
1939,
President
of
New
York
Inc.—George McAneny Made
Board
of
Directors—B.
F.
Pope,
Treasurer—Federal Commission of Three Cabinet
Members Planned—Governor Lehman
Signs Three
Fair
Bills
special meeting of the directors of the New
York
World's
on
Praised
as
Presi¬
Treasurer—E. H. H.
V.
second term
of
one
elected Treasurer.
of
10 official
as
members
year
and Benjamin H. Brinton
They had
no
was
opponents for office.
re¬
Nine
candidates and
of
the
one
independent were elected
Governing Committee for the term of
years.
The independent was Allen L. Lindley, of
Lindley & Co., a member of the Governing Committee since
1916, who had not been renominated by the Nominating
Committee, and who, along with Edward Roesler, of Laidlaw & Co., was nominated by petition.
Mr. Roesler (a mem¬
ber
of
the
elected,
Governing Committee since 1915), failed to be
received the smallest number of votes.
having
Under the constitution of the
Fair, 1939, Inc., held at 176 Broadway, this city,
May 4, Grover A. Whalen, who had been elected Chair¬
of the Board on April 22, was elected President of the
corporation and placed in direct charge of the organization
man
and activities
of the
Meadows Park.
forthcoming World's Fair at Flushing
George McAneny, who had been President
Stock Exchange the 10 receiv¬
ing the largest number of votes
Lindley, who served
World's
a
as
At the annual election of the New York Stock Exchange,
held May 12, Charles R. Gay was reelected President for a
connection
for
Bank.
Grover
At
Brinton
four
University of
and
H.
as
Vice-President—Changes in
Standing Committees—Services of President Gay
newly-created Division of Forms
Regulations.
Mr. Neff entered the government service
August of 1933 as Assistant Chief of the Securities
Division of the Federal Trade
Commission, and was trans¬
ferred to the SEC as Assistant General
Counsel when the
Exchange Reelects C. R. Gay
B.
Simmons Retained
been appointed Chief of the
and
in
and
as
were
declared elected.
Mr.
Vice-President of the Exchange from
1930 until last year, defeated H. Allen
Wardle, of Hubbard
Brothers & Co., the official candidate, for the office on the
Governing Committee.
Of those elected to the Governing
Committee, two are new
members; they
are Richard Pigeon, of Boston, a partner of
Co., and William P. O'Connor, a member of
McDonnell & Co.
Those reelected, in addition to Mr. Lind¬
ley, are Frank Altschul, of Lazard Freres; William McC*
Martin Jr.;
A. Heyward McAlpin, of Walker Brothers;
Estabrook
Herbert
&
L.
Mills, of Auchincloss, Mills & Bergen; R.
Oakley, of Maynard, Oakley & Lawrence; Ray¬
Sprague, and Blair S. Williams, of Blair S. Wil¬
Lawrence
mond
liams & Co.
Nelson I.
H.
Davis
,
Asiel, of Asiel & Co., and Paul H. Davis, of Paul
Co., Chicago, were reelected Governing Mem-
&
Volume
Financial
142
Chronicle
bers, for four-year terms.
Governing Members need not be
members of the Exchange.
Blair S. Williams and Richard
Whitney, of Richard Whitney & Co., former President of
the
Exchange, were elected to succeed themselves as Trus¬
tees of the
Gratuity Fund. Mr. Williams was chosen for a
term of five years and Mr.
Whitney for one of two years.
At a special meeting of the
Governing Committee, held
May 12, E. H. H. Simmons was reelected Vice-President of
the Exchange and Robert W.
Keelips, Assistant Treasurer.
Mr. Simmons, also a former
President, accepted the post of
Vice-President of
the
request of Mr. Gay.
A tellers' report
Exchange last
the
on
result
at
year
of
the
annual
and
Mr.
The
Brinton
votes
cast
Gratuity Fund
For Members of the
1,085
for
for the office
votes
the
Governors
announced
were
as
and
of
Treasurer.
Trustees
of
the
follows:
834
Raymond Sprague
839
H. Allen Wardle.
926
Blair S. Williams
A.| Hay ward McAlpln
989
Herbert L. Mills
For
999
_
It.
1,056
899
For Trustees of the
Blair S. Williams
Edward Roesler
624
Richard Whitney
680
Gratuity Fund
1,086
1,088
—
The'standing
committees of the Exchange for the ensuing
year (were appointed by the Governing Committee at its
meeting on May 13.
The personnel of the Committees on
Bonds, Customer's Men, Finance, Foreign Business, Law,
and
Specialists, and Stock List, remained un¬
Changes in the other committees were as follows:
Admissions.
R. Lawrence Oakley and Charles M.
Newcombe succeeded
Edward Roesler and
George P. Smith, (formerly Governors).
Arbitration. Harold Hartshorne and David W.
Smyth succeeded Messrs.
Roesler and Smith.
Arrangements. William P. O'Connor
Business Conduct. Maurice
H.
L.
succeeded Mr. Newcombe.
Farrell
Talmage, Jr. and filled
and
a
Robert
L.
Stott
succeeded
vacancy.
Constitution. Mr. O'Connor succeeded Mr.
Roesler.
Management and Personnel. Mr. Oakley succeeded E. H.
Public Relations. Louis E. Hatzfeld
G. Dominick and Peter J.
Maloney.
*Quotations and Commissions.
and
Mr.
H.
Simmons.
Oakley succeeded
Richard Pigeon filled
a
Gayer
vacancy.
Securities. Mr. O'Connor succeeded Mr.
Hartshorne.
Several of the committees
May
15,
elected
at
as
which
held
Chairmen
meetings
and
on
May 14 and
Vice-Chairmen
C.
Fiedler,
M.
Sidenberg,
Chairman,
and
Oliver
C.
Billings,
Constitution- -George
Chairman,
and
David
W.
Vice-Chairman.
Management
and1
Personnel—Warren
B.
Nash, Chairman
Benjamin H. Brinton, Vice-Chairman (reelected).
Securities—Walter L. Johnson, Chairman
(reelected), and
Mills, Vice-Chairman (reelected).
and
elected),
and
and
Commissions—Bertrand
Herbert
L.
Wellington,
L.
Taylor
Jr.,
Vice-Chairman
Smyth,
(reelected),
Herbert
Chairman
L.
(re¬
(reelected).
The Governing Committee at its
meeting May 13 also
adopted a resolution praising the services of Mr.
Gay dur¬
ing his first year as President of the Stock
Exchange. The
resolution was adopted as follows:
As
Charles R. Gay enters upon his second
year as President of the New
York Stock Exchange it is
appropriate that we, his colleagues, express our
appreciation of his distinguished service.
Each succeeding President finds
himself confronted with problems
peculiar to his Administration.
To
Mr. Gay fell the delicate and
difficult task of improving our public rela¬
tions.
To this work he
brought a fine intelligence and broad understand¬
ing.
With dignity and in the best traditions of the
Exchange, he has
sought, continually and aggressively and with demonstrable
success, to
remove
the
prejudices and misconceptions born of the depression.
he has accomplished much in this
direction, while at the
same
the
and
unselfish
That
time strength¬
ening the administrative machinery of the
Exchange, testifies to
of arduous
his
a
held
May 7, nine
new
are:
of the
Equitable Life Assurance
James Lyall Jr.,
Agent of Equitable Life Assurance
John Vanneck, banker
Society.
Robert H. Cory, President of
Lamont, Corliss & Co.
H. D. R. Burgess, Joint
Manager of the Bank of China.
Nelson A. Loomis, International
Publicity Associates.
B.
Colwell
Davis
Jr.,
Assistant
to
Executive
Vice-President
of
the
Chamber.
Reference to the recent annual meeting of the Chamber
of
Commerce was made in our issue of
May 9, page 3097.
Conference
on
Employment, Recovery and Private
Enterprise to Be Held in New York May 21 Under
Auspices of Commercial Placement Council
A new approach to the
problem of employment, in which
emphasis will be placed on private enterprise in
adjusting
personnel to the needs of industry, will be considered at an
all-day conference on employment, recovery and private
enterprise to be held under the auspices of the Commercial
Placement
co-operative
spirit,
trying circumstances,
his courtesy
we
have
had
and
encouraging
Council
of
New
York
Astoria, in New York City,
on
at
the
Hotel
May 21.
will be divided into three sessions.
educators and business men will
Waldorf-
The conference
At the
morning session
the question
consider
"Adjusting Education to the Personnel Needs of Business."
The afternoon session will be devoted to a discussion
of the
theme "Business Examines Present and Future
tunities
for
Oppor¬
Unemployment." The
evening
on "Private
Industry and Its
Reducing
meeting will focus attention
Responsibilities."
In addition to others,
the schedule speakers include
George McAneny, President of the Title Guaranty & Trust
Co., New York; Dr. John T. Madden, Dean of the School
of Commerce of the New York
University, and Peter Grimm,
President of William A. White & Sons, who
resigned recently
as
a
Special Assistant to Secretary
of the Treasury
Morgenthau.
'
L. S. Clark Elected President of New York
the American Institute of
Chapter of
Banking
Leroy S. Clark, Assistant Treasurer of the Marine Midland
Trust Co., New York, was elected President of the New
York
Chapter of the American Institute of Banking at its 36th
meeting on May 12.
J. Stanley Brown, of the
Chemical Bank & Trust Co., was elected First
Vice-Presi¬
dent; Harry C. Burgess, of the Bowery Savings Bank of
New York, Second Vice-President; Mark J.
Cook, of the
National City Bank of New York, Treasurer, and Everett
J.
Livesey, of the Dime Savings Bank of Brooklyn, Chief
annual
Counsel,
It
stated
is
that
Mr.
Clark
has
been
in
the
banking, business during his entire business life, with the
exception of the war period, when he served as an officer in
the navy.
He was the first President of the Fidelity Club,
the employees' club of the Marine Midland Trust
Co.,
formerly the Fidelity Trust Co.
♦
Election
Officers
of
of
Chicago Chapter,
Institute of Banking
American
At the annual election of officers of the
American
to
serve
Chicago Chapter,
Banking, the following were elected
Institute of
for
one
year:
record
activity in the interests of this institution
last year.
Be
York
They
Klingman, Vice-President
Society of the United States.
President, Earl C. Kratzer, of Pioneer Trust & Savings Bank.
Vice-President, Donald D. Magers, of Continental Illinois
and
investing public.
Of
under
New
were
follows:
Admissions—Edward
Vice-Chairman.
Quotations
of
elected.
of the Hanover* Fire Insurance Co.
Frederick S. Parker, Vice-President of the
Guaranty Trust Co.
994
1,076
1,087
_
840
Edward T.
State
Montgomery Clark, President
Governing Members
Nelson I. AsieL.
Paul H. Davis
Richard Pigeon
Lots
the
were
William W.
652
Lawrence Oakley
William P. O'Connor
Odd
of
members
Governing Committee
Frank Altschul
Allen L. Llndley
William McC. Martin Jr
changed.
At the regular monthly
meeting of the Chamber of Com¬
merce
election,
May 11, showed that 1,094 votes were cast with three de¬
Mr. Gay received 1,087 votes for the
Presidency,
Membership in New York State
Chamber of Commerce
^
the personal
fectives.
3283
Nine Elected to
cheerfulness,
Treasurer, Howard S, Alsip, of First National Bank.
daily evidence throughout the
Directors (for two-year terms):
It
Therefore Resolved that the Governing Committee record its
grati¬
tude to, and its admiration
for, Charles R. Gay; and that this committee
pledge him continued support in the maintenance of high
standards, in
repelling unfair criticism and in the wider diffusion of
knowledge pertaining
to the economic functions and
services of the Exchange.
Be It Further
Resolved, that a copy of this resolution, suitably
engrossed,
be presented to Mr.
Gay.
National
Bank & Trust Co.
F.
Carlton
Cooper,
Paul B. Brown, of First National
Bank;
Cole, of American National Bank &
Harris
of
Trust
&
Savings
Bank;
Illinois National Bank & Trust
Continental
Trust Co.;
Louis
H.
Laurence
Hammerstrom,
Co.; Rudolph
R.
of
Ostengaard, of
Live Stock National Bank, and WiUiam S. Turner, of Northern
Trust Co.
The American Institute of
ization
and
is
the
Bankers Association.
Banking is
educational
section
a
of
national organ¬
the American
Enrollment in the
Chicago Chapter is
employees.
Total registrations
it is announced, were almost 1,900.
limited to bank officers and
J. McD. Murray Nominated for
Presidency of New York
Produce Exchange
I
Tlie
nominating committee of
the
New
York
Produce
Exchange has nominated John McD. Murray for election
as
Vice-President
for
the Board
of
Managers to
serve
Official nominations
two
years,
six to be
elected, follow: Wallace Brindley, George Carmichael, George
R. Flach, Pembroke C. Hannon, Homer W.
Orvis, and
Charles J. Williams. Robert M. Morgan was nominated for
re-election to
the office of trustee of the
gratuity fund for
three years.
The annual election will be held on June 1.
Mr. Murray
is at present the Treasurer of the Exchange and Mr. Merritt
is a member of the Board of Managers.
♦
Model Savings
Draft of
President for the ensuing year, it was announced
May 9.
Robert F. Straub has been nominated for
and Clifford B. Merritt for Treasurer.
for the past year,
Bank Law Designed
to
Guide
Legislators in Framing Legislation
Announcement was made on May 13 that the draft of a
model mutual savings bank law will be available as a result
of studies conducted by the Committee on Extension of the
Savings Bank System, of the National Association of Mutual
Savings Banks.
Reporting at the annual Conference of the
Association at Atlantic
City on May 13 Harold J. Staples,
County Savings Bank, Biddeford,
Me., and Chairman of the Committee, said that the basis
Treasurer
of such
a
of
the
York
law had been drafted and would be available at the
Association's
headquarters, following the conference.
It is
stated that the 120-year record of mutual
savings banks in
the 18 States in which they operate, has aroused interest in
States which do not have enabling
legislation, and the
sug¬
gested model law is designed to guide legislators in framing
legislation—definite provisions for operating mutual banks
Financial
3284
being included for tbose States which do not have the longestablished precedents of the old "mutual States."
Mr, Staples referred to mutual investments, and tests
under which they should be made.
"There is the further
thought that our laws need broadening to permit a wider
field of investment in the future," he said.
"It has been
suggested that many industrial bonds are quite as safe as
some of our present investments, provided proper tests and
restrictions are devised.
Likewise, consideration may be
given to permitting small personal loans."/ Revision of in¬
vestment laws
is under consideration in several mutual
now
savings bank States, it is said, with committees of mutual
savings bankers working out plans to be recommended to
their legislatures.
.//■ /"''/./•'■•//■
..
ITEMS
ABOUT
TRUST
BANKS,
COMPANIES,
&c.
made May 14 for the transfer of a
New York Stock Exchange membership at $110,000.
The
previous transaction was at $101,000 May 13.
Arrangements
were
Arrangements were made May 15 for sale of a N. Y. Curb
Exchange seat at $26,000, off $10,000 from previous trans¬
action./;
Chronicle
1936
loans in its Personal Loan Department from 6% to
on new
During the short time the Department has been in
operation, Mr. Maguire said, it has shown a steady increase
4%.
in the volume of small loans made.
The Colonial Trust
Co., New York, has announced that it
Avenue, at
30th Street, on May 18.
The office, under the management
of John S. Everts, assisted by Walter E. Kolb and Samuel
I. Bateman, is active in conducting a general commercial
banking business, both foreign and domestic, dealing prin¬
will remove its Fifth Avenue office to 285 Fifth
cipally with the textile and allied industries.
'////
:/'
Rochester, N. Y., a unit of the
Marine Midland Corporation, announced yesterday, (May
15,) that it had acquired (subject to the approval of the
stockholders) the Wayne County Trust Co. of Palmyra,
N. Y.
In noting this, Rochester advices (Associated Press)
also stated:
/-.•//'"VX;
///:./
//
//'■':■.
' '•'■/■'/'
//■'
'
~.
'
'
..
The Union Trust Co. of
It is the second bank in
to be absorbed
area
Wayne County and the fourth in the Rochester
by the Rochester bank.
It has capital assets of $350,000.
deposits of $2,100,000 and resources of $2,500,000.
The Wayne County
Trust Co. is the result of
Bank of Palmyra,
State
established
more
a merger
than
in 1928 of the.
century ago, and the
a
■
♦
First National Bank of
Arrangements were completed May 11 for the sale of a
membership in the Chicago Stock Exchange at $4,500, off
$3,000 from the last previous sale.
D.
Albert
Palmyra, established in 1922.
Perry, Vice-President of the Rochester bank, said it
cash purchase.
The amount
V'/'/'' .'//
•■■/;,//
was
a
revealed.
was not
•
'v/-;/..!
'
'
/-■"
'■■■■'/. ■■■■■/'
♦
The
Commodity Exchange, Inc., announced May 14 that
meeting of its Board of Governors held May 13 it was
decided to close the Exchange for all business on Saturdays
from June 27 to Sept. 5,1936, inclusive.
/
■/■'•"•/■,>
:/:/.'
♦
•/■;;/,.
/:.'/■..., -■!/■
^.;-/'
Announcement was made on May 14 by E. Chester
Gersten, President of the Pubhc National Bank & Trust
Co., New York, of the following appointments as Assistant
Cashiers: Thomas V. Coyle, Harold A. Meriam, C. Edwin
Ewald, and John J. Geres.
v
at
Suburban
The
a
Commercial
The directors said
the
that
assets
the aid
further
that
to
justify
sufficient
were
without
when
a
Savings Bank on Forty-second Street near Fifth Avenue, in
New York City, formally opened on May 14 a large new
floor section.
It was explained that the enlargement of the
branch was made necessary by the increase in depositors
from 88,650 in 1932, when the branch opened, to 127,000
at present.
The office replaced in 1932 one formerly located
at Forty-third Street and Lexington Avenue.
4
At the
May meeting of the Board of Trustees of the Bank
for Savings, New York, Adolph Abresch and Llewellyn D.
Jordan
elected
were
Abresch
Jordan
continues
as
manager
Mr.
bank's
Comptroller and Mr.
of its uptown office.
Both have been
with the institution for
•
Malcolm Murrie,
Assistant Cashier of The National
City Bank of New York, Comptroller's Division, and for
some time a member of the bank's foreign inspection staff,
died May 12 at Southern Pines, N. C., in his 33rd year. Mr.
Murrie had spent much of the time since he became associated
with the bank in 1925 in its foreign branches and was widely
known abroad.
an
He returned to the head office of the bank
Born in Lancaster, Pa., Mr. Murrie was the son
F. R. Murrie, President of the Hershey Chocolate
in 1934.
of W.
Camden
Hershey,
and
Pa.
be taken
and
was
education in
graduated with the
Class of 1924 of Princeton University.
—-4
Church, Fifth Ave. and 37th St., May 27 at 8 p. m.
The speaker will be O. Howard Wolfe, Cashier of the
Philadelphia National Bank, of Philadelphia, Pa.
4
National Bank in 1925 he
was
First
of
the
from which
enlarged
reduction of interest from
Personal
credit plan.
existing
rates,
which
vary
according
to
the terms.
Perkins,
The following statement was issued by James H.
Chairman of the Board:
The National
the
very
round
out
a
was
stated
made
that
was
the
comprehensive banking service
some
started eight years ago.
purpose
to all
of the plan
classes."
was
At
"to
McGrath, formerly Assistant Cashier of the Marshall
Ilsley Bank of Milwaukee, Wis., was elected a VicePresident of the institution on May 12 to succeed J. H.
Daggett, who resigned to accept the position of Executive
Vice-President of the Old Line Insurance Co, Mr. Daggett,
who continues as a director of the bank, will take up his
new duties on
July 1.
Payment
Co., New York, announced May 13, that the Board
a
♦
third 5%
dividend to depositors holding
claims in the closed Bank of Bay Biscayne, Miami,
common
were
a
to begin on May 11, we learn from Associated
advices
The
paid
dividend,
to
out
from
that
amounting to
The closing
city
on
May
10, which
$350,000, will make
since liquidation
depositors
total of
a
Coral
of
1930,
added:
$1,050,000
began.
of this bank together with its three subsidi¬
aries in Miami—the Miami Beach Bank & Trust
Gables and
was noted
in
the Biscayne Trust Co.—on
our
Co., Bank
June 11,
issue of June 14,1930, page 4181.
We learn from the Dallas "News" of
May 6 that Tucker
Royall, President of the Royall National Bank of Palestine,
Texas, and a director of the old City National Bank & First
National Bank of Dallas, Texas, for more than 20 years,
elected
was
Chairman
of
the
First National Bank in Dallas
R.
H.
Stewart and will
He will
the
same
elected
We
reduction in the interest rate
Board
on
assume
Directors
of
of
the
May 5 to succeed the late
his
new
duties
on
June 1.
retain the
a
Presidency of the Palestine bank.
At
meeting of the directors, R. H. Stewart Jr. was
director to succeed his father in that capacity.
quote, in part, from the "News":
The
new
Chairman
served
as
Vice-President
and
Cashier
of
the
City
National Bank of Dallas for four months in 1916, being elected to succeed
J. Howard Ardrey, who joined a New York bank.
Ill health forced Mr.
Royall to resign.
After
has conducted the
1934
Mr.
his recovery he returned
business
Royall
of the
accepted
to Palestine, where
Royall National since.
the
chairmanship
Board of the State Railroad Commission to deal with
East Texas,
of
.
the
.
he
.
State
Tender
running of hot oil in
serving until November, 1935.
4
The Bank of America National Trust &
tion,
Savings Associa¬
San Francisco, extended its service to 270 California
communities
Jeremiah D. Maguire, President of the Federation Bank
of Directors had authorized
of
This aim we
It is evidenced by the fact that the Department
790,000 loans totaling $243,000,000.
♦
& Trust
Bank, the office
he retired.
J. L.
believe has been fulfilled.
has
Vice-President and
&
In
City personal credit plan
beginning it
a
National
♦
FHA loans for 13
36 months, the bank said, will continue to be made at
the
elected
4
6% to 4% on new loans in
Credit Department (formerly Personal Loan
Department) of not more than 12 months' maturity. These
are loans ranging from $50 to $2,000, to individuals having
incomes from salary, wages, commission, or own business.
In connection with such loans regular deposits are made in
monthly deposit accounts; the accumulated funds, on which
2% interest is credited quarterly, are used to pay the loans
at maturity.
The loans generally are secured by co-makers
or collateral, or are made under the Federal Housing Ad¬
to
_
President of the institution.
Upon
Centennial National Bank with the First
.
The National City Bank of New York announced on May
ministration modernization
//•;
elected
the merger of the
Fla.,
Brick
a
will meet
M.
unanimously
the Officers and Board of Governors
the American Institute of Banking that the Commence¬
ment Exercises of the Class of 1936 will be held at The
12
Stockholders
Co.
the proposed voluntary liquidation.
upon
.
of
its
Trust
&
Malpass has retired as a Vice-President of
the First National Bank of Philadelphia, Pa., after 54 years
of service in the banking business, it is learned from "Money
& Commerce" of May 9.
Mr. Malpass began his banking
career as a junior clerk in 1882 when he joined the old Cen¬
tennial National Bank of Philadelphia. By successive pro¬
motions, he filled various positions in the bank until he
was appointed Cashier in 1899.
Eight years later he was
advanced to the post of Vice-President and in 1916 was
Press
It is announced by
by the Haddon Heights branch'
over
Bank
National
would
•
Edward
his early
He received
Lawrenceville
They said
shareholders
the
their stock."
'
Co.,
Newman
complete,
was
director
than 30 years.
more
•
■
Vice-Presidents.
Executive
the
as
First
May 20 to pass
the depositors in full
Deposit Insurance Corporation.
liquidation
bank's business will
the
on
and added
immediately
business,"
in
continuance
to pay
of the Federal
receive "a substantial payment on
of
N.
Barrington,
they felt that the deposits could not be "increased to
sufficient
amount
an
The
Grand Central branch of the Immigrant Industrial
of
J.,
which had deposits of only $135,559 on May 5, was closed
on May 11, it is learned from Barrington advices on that
date to the New York "Times," which also supplied the
following details:
.
The
Bank
on May 4 with the purchase of the Bank
of
Milpitas, which became the Milpitas branch of the institu¬
tion. A. L. Crabb, formerly Cashier of the Bank of
Milpitas,
is
Manager of the
new
branch.
Volume
142
Financial
Chronicle
3285
from fractions to
point or more and extended to practically
in the list and included many shares usually
Outstanding among the recessions were American
Hard Rubber, 2 points to 30;
Chesebrough Manufacturing
Co., 3%_points to 108%; Cleveland Electric Illuminating
Co., 4 points to 41; Pittsburgh & Lake Erie, 3 points to"66%;
Pittsburgh Plate Glass,2% points to 122%; Sherwin Williams
2 points to 122% and Humble
Oil, 1 % points to 58%.
every
Bankers, manufacturers, merchants and
others
world-wide banking facilities.
MANUFACTURERS TRUST COMPANY
HEAD OFFICE: 55 BROAD
Transactions
STREET, NEW YORK
increase
Clearing House Association
FOREIGN EXCHANGE RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
EXCHANGE
BANKS TO
MAY
RATES
CERTIFIED
BY
TREASURY UNDER TARIFF
9,
1936, TO MAY 15,
FEDERAL
ACT
OF
RESERVE
1922
1936, INCLUSIVE
Unit
May
Europe—
Austria, schilling
Belgium, belga..
Bulgaria, lev..
Czecjoslo'kla, koruna
9
May 11
May 12
May 13
May 14
$
$
$
S
$
.187233*
May 15
$
.187300*
.187283*
.187266*
.187383*
.187350*
170230
.169819
.169611
.169476
.169373
.169307
013000*
.012825*
.012825*
.012825*
.012825*
.012825*
.041516
.041525
.041517
.041507
.041507
.041496
Denmark, krone
.222340
England, pound sterl'g 4.982750
Finland, markka
.021950
France, frano
.065830
.221666
.222008
.221970
.221458
.221562
.964125
.976000
.971166
.959583
1.963458
.021893
.021943
.021925
.021893
.021856
Germany, relchsmark.
Greece, drachma
Holland, guilder
Hungary, pengo
.065919
.065889
.065913
.066012
.065979
.404600
.403720
.403373
.403271
.403276
.402791
.009353
.009334
.009337
.009337
.009337
.009343
674600
.676871
.295066*
.675850
.675668
.677030
.676735
.294333*
.294366*
.294000*
.078550
.078550
.078550
.0/8533
.250320
.249458
.249895
.249829
.249286
.249350
.188250*
.188300*
.188300*
.188350*
.045300
.045170
.045195
.045320
.045157
.045097
.007316
.007491
.007316
.007300
.007316
.136414
Rumania, leu
Spain, peseta
Sweden, krona
.294466*
.078583
.007316
Norway, krone
Poland, zloty
Portugal, escudo
.294466*
078666
Italy, lira
.136535
.136560
.136521
.136707
.136689
.188400*
.188400*
.256879
Switzerland, frano...
Yugoslavia, dinar
.255995
.256375
.256362
.255770
.255875
.323021
.323732
.323335
.323321
.324239
.324057
022868
.022891
.022891
.022866
.022883
.022900
.297916
.297708
.297083
.296250
.296875
.298333
.298125
.297500
.297708
.296666
.297291
.298333
.297708
.297083
.297708
.296041
.296875
Asia—
China—
Chefoo
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.298333
.297291
Australia, pound
.298125
.297500
.297708
.296666
.297291
.326593
.325968
.325812
.325562
.325000
.325187
.376195
.374940
.375365
.375430
.374445
Public utilities and oil shares
the market continued the
also
were
in demand and
290547
.289960
.290280
.290610
.290587
The trend
the
of
volume
.581750
.582500
.583125
.582250
DAILY TRANSACTIONS AT THE NEW YORK
.581687
Stocks
3.967812*
May 15, 1936
.959250* 3.965156* 3.960625* 3.955375*3.957875*
.987625* 3.996562*3.991093* 3.983625*3.986125*
Shares)
Domestic
Government
$897,000
1,419,000
202,455
1,698,000
2,150,000
2,465,000
2,194,000
.998579
.997161
.997447
.999000
.999000
.999000
.999000
.999000
.999000
277625
.277625
.277625
.277675
.277625
.277625
$10,8231,000
$452,000
Friday
.997218
.996625
.996875
.996125
.994625
167,355
171,225
Wednesday
Thursday
Total
Corporate
197,000
56,000
94,000
1,036,382
.999289
$19,000
75,000
35,000
34,000
31,000
49,000
70,000
$947,000
1,498,000
1,803,000
.995000
260,022
Total
331650*
.331050*
.331300*
.331150*
.330650*
.085750*
.085750*
.085862*
.085862*
.085862*
2.381,000
2,552,000
2,337,000
$243,000 $11,518,000
.330725*
085850*
.050525*
.050000*
.050625*
.050625*
.050625*
.569800*
.569800*
.569800*
.569800*
.572300*
.797500*
.797500*
.797500*
.768875
Sales at
.050625*
.569800*
.797500*
.796875*
Nominal rates; firm rates not available.
Week Ended May 15
pesos and conversely, those for Uruguayan pesos were shown as being for
Colombian pesos. If in these issues the title "Colombia" is substituted for
and vice versa, the figures will appear correctly
"Uruguay"
Jan. 1 to May 15
New York Curb
Exchange
1936
Stocks—No. of shares.
Correction—In the "Chronicle" of April 11, April 18, April 25 and May 2 the
quotations for Colombian pesos were inadvertently represented as being for Uru¬
guayan
Value)
Foreign
$31,000
4,000
Tuesday...
.999147
South America—
*
Foreign
79,415
155,910
Monday
peso
Bonds (Par
of
999674
peso
CURB EXCHANGE
(Number
Week Ended
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland,
Uruguay,
active stocks
prices was again upward on Friday, and
of trading was higher, the
gains were
generally in small fiactions.
Specialties attracted some
buying during the late trading, Pittsburgh Plate Glass
advancing 2% points to 124 and Royal Typewriter gained
3% points to 60%. As compared with Friday of last week,
prices ranged slightly higher, Aluminum Co. of America
closing last night at 122 against 119 on Friday a week ago;
Atlas Corp. at 12% against
11%; Carrier Corp. at 8%
against 8%; Consolidated Gas of Baltimore at 90% against
87; Electric Bond & Share at 18% against 17%; Gulf Oil of
Pennsylvania at 83 against 82%; Hudson Bay Mining &
Smelting at 27 against 25%; National Bellas Hess at 2%
against 1%; New Jersey Zinc at 79% against 78%; Niagara
Hudson Power at 8% against 8; Pennroad
Corp. at 4%
against 3 % and Stand'rdOil of Kentucky at 17% against 17 %•
while
South Africa, pound.. 4.931458* 4.911041* 4.922500*4.916250*
4.905625*4.910000*
North America—
Chile,
more
gains, particularly Fisk Rubber pref.
which surged forward 5% points to 52.
Aluminum Co. of
American regained part of its loss of the fore
part of the
week as it forged ahead 7%
points to 123.
Babcock &
Wilcox advanced 4 points to 78 and Sherwin Williams im¬
proved 3% points to 120%. Humble Oil closed with a gain
of 3% points at 61% and Cities Service
pref. moved up
2% points to 51%.
Saturday
Colombia, peso
number of the
substantial
.290605
.583625
Zealand, pound. 3.998125*
Argentina, peso
Brazil, milrels
a
were
.374510
Africa—
dollar
modest
very
in demand on Thursday
upward swing that started
during the late trading of the preceding day.
Specialties
as
Australasia—
New
a
on
90; North American Match,
3% points to 48%; Pittsburgh & Lake Erie, 2% points to 69;
Wayne Pump, 1% points to 28% and Ainsworth Manu¬
facturing Co. (A 1 %), 2% points to 47%.
scored
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
the curb market showed
on
volume
gains were small and were restricted to a few of the more
active among the trading favorites,
including Consolidated
Gas of Baltimore, 1% points to
Member Federal Deposit Insurance Corporation
FOREIGN
in
Wednesday, but prices continued
irregular though the trend was inclined to higher levels. The
Member Federal Reserve System
Member New York
group
inactive.
interested in trade abroad will find it advanta¬
geous to use our
a
1935
1936
1935
1,036,382
1,644,073
67,492,124
17,818,768
$10,823,000
243,000
$27,652,000
249,000
246,000
$383,133,000
8,013,000
5,099,000
$472,307,000
7,465,000
4,798,000
$11,581,000
$28,147,000
$396,245,000
$484,570,000
Bonds
Domestic
Foreign
452,000
government..
Foreign corporate
.
Total
THE
CURB
EXCHANGE
Price movements on the New York Curb Exchange have
been extremely quiet and the volume of sales down to a low
level during most of the present week.
There has been con¬
siderable irregularity apparent throughout the trading wiih
a
strong tendency toward lower
levels, until Wednesday,
prices turned upward for the remainder
of the week.
Public utilities attracted some buying and so
did the miscellaneous specialties, but the trading
among
other groups was very light and without special significance.
Trading was fairly steady during the short session on
Saturday, but the volume of dealings was small and most of
the changes were in minor fractions.
There was a modest
upturn in the public utility group, United Light & Power A
pref. moving up 2 points to 42% while Empire Gas & Fuel
8 pref. advanced 2 points to 54.
Associates Investment also
attracted some buying and moved upward 2 points.
Indus¬
trial stocks were under pressure in spots and some of the
mining and metal issues were slightly higher. The turnover
for the day was approximately 79,415 shares.
Dullness and irregular price movements were the outstand¬
ing characteristics of the cufb market transactions on Monday
when the trend of
and
while there
were
a
few stocks that registered
gains, the trend of prices
shares eased off and
so
was
toward lower
modest
levels.
Oil
OF
BANK
CLEARINGS
com-
Eared with atelegraphic advices from figures compiled of the
ased
year ago. Preliminary the chief cities by us
upon
country indicate that for the week ended today (Saturday,
May 15, bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
4.0% above those for the corresponding week last year.
Our preliminary total stands at $5,683,117,536,
against $5,462,000,638 for the same week in 1935.
At this center there
is
a
tive
gain for the week ended Friday of 5.9 %.
summary for the week follows:
Clearings—Returns by Telegraph
Week Ending May 16
New York
Kansas City
,st. T.nnls
San Francisco
—
Pittsburgh
Detroit
Cleveland
Baltimore
N ew Orleans
$2,805,783,120
234,674,799
275,000,000
176,395,000
69,392,345
74,600,000
111,423,000
102,346,493
87,181,028
70,514,593
49,052,930
28,243,000
$2,648,377,414
218,404,852
278,000,000
173,000,000
78,392,982
$4,084,606,308
651,324,970
$3,882,841,733
635,901,835
+ 2.4
$4,518,743,568
943,257,070
+ 4.8
$5,683,117,536
Boston
1935
$4,735,931,278
947,186,258
-
Chicago
days
Other cities, five days..
Total all cities, five
compara¬
Per
Philadelphia
Twelve cities, five
Our
1936
$5,462,000,638
+ 4.0
did the miscellaneous industrials in¬
cluding stocks like Chesebrough Manufacturing Co. and
Singer Manufacturing Co.
Prominent among the stocks
closing on the side of the decline were such popular issues
as Aluminum Co. of America,
3% points to 115%; Babcock
& Wilcox, 2 points to 74; Chesebrough
Manufacturing Co.,
5 points to 105; General Tire & Rubber, 2
points to 75;
Sherwin Williams, 2% points to 119; Singer
Manufacturing
Co., 9 points to 335 and Todd Shipyard, 4% points to 35.
Transfers for the day were down to 155,500 shares.
Substantial declines from previous transactions were ap¬
parent all along the line on Tuesday. The recessions ranged
•"
COURSE
Bank clearings this week will again show an increase
-
days
All cities, one day
Total all cities for week
69,400,000
114,648,000
84,627,907
82,379,543
60,704,443
51,245,592
23,661,000
Cent
+ 5.9
+ 7.4
—1.1
+ 2.0
—11.5
+ 7.5
—2.8
+ 20.9
+ 5.8
+ 16.2
—4.3
+ 19.4
+ 5.2
+ 0.4
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
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
•
Financial
3286
In the elaborate detailed statement,
however, which
we
able to give final and complete
previous—the week ended May 9.
present further below, we are
results
week
the
for
May
Chronicle
Week Ended May 9
Clearings at—
Inc.
clearings for the whole country being $5,768,366,838,
against $5,035,590,441 in the same week in 1935.
Outside
of this city there is an increase of 15.2%, the bank clearings
at this center having recorded a gain of 14.1. %
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in both the
New York Reserve District, including this city, and the
Boston Reserve District the totals register an improvement
14.0% and in the Philadelphia Reserve District of 13.8%.
The Cleveland Reserve District is able to show an expansion
of
29.8%, the Richmond Reserve District of 19.1%, and the
Atlanta Reserve District of 25.9%.
In the Chicago Reserve
District the totals are larger by 11.2%, in the St. Louis
Reserve District by 17.4% and in the Minneapolis Reserve
District by 15.2%.
In the Kansas City Reserve District
the gain is 1.2%, in the Dallas Reserve District 22.6% and
of
District 13.6%.
in the San Francisco Reserve
In the following we
furnish
by Federal Reserve
a summary
BANK CLEARINGS
Federal
1936
$
Dlsts.
Reserve
1933
1934
S
1st
Boston
247,483,655
217,019,241
+14.0
226,743,781
194,464,593
New York._ 12
"
3,612,478,666
3,170,146,639
+ 14.0
3,556,895,289
3,226,264,304
3rd
Philadelphia 9
"
356,642,007
313,385,694 +13.8
306,644,035
228,196,681
4th
Cleveland._
5
"
257,879,203
198,661,907
188,907,409
143,333,620
6th
Richmond
6
"
115,929,286
6th
Atlanta
10
"
134,267,983
106,663,599
434,562,875
390,472,357
"
122,930,916
104,685,504
94,617,222
82,162,493
+29.8
+ 19.1
+25.9
+ 11.2
+ 17.4
+ 15.2
-
7th
Chicago ...18
8th
St. Louis...
9th
4
Minneapolis 7
"
10th KansasClty 10
11th Dallas
6
"
"
"
97,364,354
49,351,835
Fran.. 12
217,666,584
12thSan
70,561,475
94,469,998
97,094,586
69,101,241
337,768,790
230,583,303
93,885,281
79,197,848
72,725,511
+ 1.2
123,071,713
124,556,606
+ 14.9
+49.3
+9.8
+43.2
65,665,550
7,368,342
881,703
293,800
403,814
9,406,000
547,232
75,518,679
2,707,641
1,234,497
1,508,422
1,149,799
Indianapolis—
15,442,000
16,064,000
—3.9
12,316,000
Bend—
1,288,338
1,053,333
1,160,706
3,647,373
2,867,426
14,813,139
10,822,009
900,113
960,552
Terre Haute—
4.305,744
4,031,665
Wis.—Milwaukee
18,788,254
16,671,249
+22.3
+6.8
+ 12.7
Iowa—Ced. Raps.
1,103,221
1,270,226
-13.1
462,377
South
8,900,842
Sioux
City
9,885,622
-10.0
6,334,278
3,524,659
Des Moines
2,762,559
471,071
+27.6
253,568,455
643,095
2,483,411
475,900
221,678,900
380,053
111.—Bloomington
-19.3
902,257
631,221
1,393,229
1,076,718
Decatur
Peoria..
434,562,875
390,472,357
Springfield
Total (18 cities)
Eighth Federa
2,559,496
187,573,493
504,453
2,234,783
603,415
+ 11.2
Rockford
565,522
763,716
1,023,019
767,994
337,768.790
230,583,303
Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
77,800,000
67,500,000
hl5.3
60,900,000
28,331,386
24,551,568
bl5.4
21,411,434
52,800,000
16,254,418
16,195,530
12,139,936
b33.4
11,239,847
9,855,430
b
b
604,000
494,000
+22.3
334,000
288,000
Total (4 cities).
122,930,916
104,685,504
+17.4
93,885,281
79,197,848
2,034,629
48,598,809
1,851,318
43,994,186
12,972,795
1,452,124
475,742
b
b
b
Ninth Federal
Reserve Dis trict—Minne apolls-
2,132,486
+27.7
62,459,911
52,725,481
+ 18.5
23,977,503
21,898,479
2,117,811
588,494
1,776,491
594,088
+9.5
+ 19.2
592,216
495,784
+ 19.5
345,596
295,629
2,157,594
2,539.684
-15.1
1,830,480
2,304,789
94,617,222
82,162,493
+15.2
72,725,511
63,346,583
2,723,693
Minn.—Duluth..
Minneapolis
St. Paul
N.
D.—Fargo
S. D.—Aberdeen.
Mont.—Billings
_
17,859,396
1,654,505
—0.9
402,096
63,346,583
75,602,688
98,862,579
40,268,876 +22.6
38,891,822
31,647,605
+ 13.6
165,575,497
5,768,366,838
5,035,590,441 +14.6
5,278,464,578
4,558,483,782
1,967,836,498 +15.2
1,816,861,279
1,415,856,920
Helena
Total (7 cities).
146,183,841
2,266,639,800
191,688,064
Tenth Federal
Reserve Dis trict—Kans
„
City
as
Canada
..32
We
cities'
add
now
our
+ 57.7
347,669,490
548,381,000
284,107,716
317,458,629
detailed statement showing last week's
+4.7
90,380
-71.9
70,962
3,192,331
2,198,761
-45.2
2,156,811
Omaha
30,890,150
28,959,138
+6.7
26,945,922
Hastings
Inc.
1935
Dec.
1934
1933
$
+ 11.8
+ 12.4
1,490,206
1,805,677
—2.8
62,691,286
2,850,784
629,615
674,479
595,412
+9.1
+5.7
2,659,415
447,636
667,909
+ 1.0
530,628
2,413,412
586,743
509,194
124,556,606
123,071,713
+ 1.2
98,862,579
75,602,688
Joseph....
$
%
$
8
Total (10 cities)
Reserve Dist rict—Boston
Federal
590,056
2,021,562
211,567,345
Me.—Bangor
Portland
Mass.—Boston.
560,065
Fall River
391,391
627,557
Lowell
.
Springfield.
3,084,008
Worcester
1,889,201
Conn.—Hartford
13,579,770
4,041,568
687,157
1,572,874
183,714,192
608,973
311,736
597,582
2,625,000
1,219,592
14,643,288
N. H.—M anches 'r
454,432
2,987,003
7,556,400
495,444
Total (12 cities)
247,483,655
217,019,241
New Haven
R. I.—Providence
8,676,700
Eleventh Fede ral
478,375
501,090
1,555,594
199,245,065
751,347
849,863
170,696,762
560,541
277,867
280,977
Galveston
551,022
548,096
Wichita Falls..
—14.1
+28.5
+ 15.2
—8.0
+25.6
+5.0
+ 17.5
+54.9
2,572,866
-
1,335,923
9,339,924
3,037,017
—7.3
2,303,629
1,002,693
8,134,987
Reserve
_
1,172,263
37,563,703
6,088,621
1,863,000
a638,067
2,664,248
Total (5 cities).
49,351,835
Texas—Austin...
Dallas
Worth
Ft.
La.—Shreveport
District—Da lias—
933,528
31,416,843
4,683,026
1,517,000
—8.3
+ 14.0
226,743,781
194,464,593
York-
17,749,323
738,702
27,400,000
Wash.—Seattle
.
_
Yakima
—36.3
_
14,213,202
11,856,326
849,556
16,424,679
26,254,145
736,713
+40.3
21,912,784
25,617,784
+4.0
416,125
468,860
+27.8
415,364
246,730
+20.5
+ 14.1 3,461,603,299 3,142,626,862
6,142,544
5,675,931
+ 16.1
2,934,534
3,924,413
+ 12.1
2,222,548
2,679,191
+40.2
326,632
250,000
+ 12.5
14,380,987
+30.5
16,339,653
21,825,410
25,476,145
+21.1
cities) 3,612,478,666 3.170,146,639
+ 14.0 3,556,895,289 3,226,264,304
Binghamton...
Buffalo
552,414
434,391
3,501,727,038 3,067,753,943
Elmira
Jamestown
New York
7,394,402
3,637,298
Rochester.;
Syracuse
Conn.—Stamford
J.—Montclair
Newark
Northern N. J.
6,371,291
3,243,681
3,958,307
*450,000
21,426,860
31,804,616
2,824,070
Ore.—Portland.
Reserve Dist
Third Federal
Pa.—Altoona
435,562
Bethlehem
a630,330
Reading
Scranton._.___
321,668
1,240,699
345,000,000
1,385,839
2,457,071
Wilkes-Barre..
1,590,574
Chester.
Lancaster
Philadelphia
._
Total (9
Fourth
cities)
_
ict—Philad elphia-
427,536
a410,687
299,603
5,695,600
40,268,876
+22.6
38,891,822
31,647,605
LC'y
Calif.—Long B'ch
Pasadena
356,642,007
313,385,694
b
50,755,552
41,943,850
Cleveland
75,023,629
57,957,811
9,910,700
1,177,934
Mansfield
Youngstown
Total (5
b
..
Fifth
cities).
118,302,516
257,879,203
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
C.—Wash'g'n
Total (6 cities).
265,101
2,451,000
29,120,971
1,080,100
59,109,459
b
87,671,612
540,224
219,000,000
1,414,328
Francisco.
San Jose
Santa Barbara.
Stockton
Total (12 cities)
1,629,990
1,290,723
3,259,000
306,644,035
228,196,681
+ 15.4
b
b
b
38,650,260
54,908,324
32,399,138
38,332,855
9,715,700
6,942,900
831,145
1,125,726
b
b
84,507.399
,
b
64,827,582
143,333,620
128,271 + 106.7
115,948
70,415
—2.3
1,862,000
24,961,455
+29.8
971,069
51,414,700
+8.8
+ 11.2
+ 15.0
52,276,639
2,006,000
24,275,881
689,791
34,863,257
23.902,655
15,573,901
+53.5
14,539,634
8,656,131
115,929,286
97,364,354
+ 19.1
94,469,998
70,561,475
2,509,000
26,767,412
714,322
.
a—
3,607,671
13,625,313
+34.7
2,083,645
Nashville
12,928,046
+5.4
Ga.—Atlanta
43,200,000
35,400,000
+22.0
11,289,748
35,600,000
Tenn.—Knoxville
2,678,326
3,284,289
8,414,511
27,700,000
837.424
1,223,981
Augusta
Macon
Fla.—Jacksonville
Ala.—Birm'ham
_
Mobile
M iss.—J ackson
Vicksburg
965,591
-
+21.0
+29.4
+24.1
+27.4
+34.9
.
937,563
+ 30.5
850,836
856,148
27,507,000
742,798
14,506,000
+ 15.3
+89.6
449,553
514,949
11,864.000
7,537,069
15,553,508
1,354,898
15,243,425
1,075,086
+2.0
13,787,992
974,963
9,354,332
929,312
b
_
396,162
21,468,344
-12.6
19,609,712
11,447,295
12,7.09,963
3,839,060
3,192,833
6,879,000
-11.0
9,729,321
3,156,586
-21.6
2,543,013
2,758,852
1-15.7
2,536,787
19,524,789
3,820,000
252,602
19,916,012
7,829,732
2,960,313
2,525,877
6,604,682
5,760,210
-14.7
3,757,436
4,276,370
122,781,121
2,217,108
1,343,075
107,682,138
-14.0
94,774,313
82,190,054
1,742,038
939,634
-27.3
1,435,651
1,171,448
848,825
1,377,234
+31.0
217,666,584
191,688,064
+ 13.6
1,002,669
-43.9
-
1,069,547
867,819
165,575,497
146,183,841
+26.0
b
+ 14.6 5,278,464,578 4,558,483,782
+ 15.2 1,816,861,279 1,415,856,920
Week Ended May 7
Clearings at—
Inc. or
b
b
1936
1935
Dec.
1934
S
Canada—
$
%
8
161,886,753
157,562,153
Toronto
Montreal
81,768,965
19,827,856
71,418,518
Winnipeg
Vancouver
Ottawa
5,675,951
2,952,144
5,149,392
Quebec
Halifax....
Hamilton
8,012,516
2,323,350
1,986,316
Calgary
95,241,862
77,856,574
59,976,990
14,358,067
57,022,236
13,013,328
—4.8
4,781,221
4,213,008
4,055,997
75,054,404
3,765,455
-
-50.7
3,665,746
2,231,712
-
-32.3
2,309,153
3,538,610
4,414,874
-
^45.5
-
-81.5
/ 3,595,676
3,936,695
1,821,364
1,520,793
-27.3
1,824,682
-
1,521,364
-
-
4,520,675
3,688,807
-
Edmonton
-22.6
2,371,775
3,486,583
Regina
5,923,683
2,958,204 + 100.2
+ 11.6
320,753
4,596,112
312,842
...
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
357,849
500,878
1,694,973
714,422
1,228,893
519,744
782,954
442,198
668,525
+43.8
531,276
477,552
494,314
+44.2
489,571
444,339
208,199
+31.3
+22.5
+29.5
+4.2
+6.7
215,979
584,849
515,912
618,103
723,479
953,239
722,825
2,362,082
230,684
587,010
471,316
375,564
392,335
Peterborough
736,206
601,202
Sherbrooke
713,303
550,601
Kitchener
Windsor
Prince Albert
Moncton
1,261,821
2,275,938
491,550
777,980
722,475
-43.8
763,468
1,414,340
Medicine Hat
New Westminster
1-30.6
1,210,386
318,421
-54.4
3,316,688
276,768
588,312
-
-32.2
691,210
Sarnia
473,932
Sudbury
835,262
659,640
+24.6
+54.3
+ 18.7
+26.6
548,381,000
347.669,490
+57.7
Chatham
+4.4
116,753
20,077,096
89,485
10,439,870
Total (32 cities)
134,267,983
106,663,599
+25.9
97,094,586
69,101,241
a
Not included in totals,
353,028
1,271,407
-
2,133,072
614,033
562,753
Kingston
2,151,723
3,158,681
4,944,187
1,511,321
1,391,057
2,187,613
3,289,419
3,152,796
261,959
320,717
1,190,801
+28.3
+ 19.8
+82.1
+61.0
390,247
961,110
712,644
273,455
Fort William
$
118,658,188
80,400,233
81,493,584
2,737,850
London
1933
+58.0
+93.3
36,838,703 + 122.0
+52.7
12,983,893
102,452,086
3,937,183
St. John
Victoria
+ 18.2
-42.9
5,768,366,838 5,035,590,441
116,752
23,035,603
121,881
579,898
(110
27,217,583
....
La.—NewOrleans
b
total
cities)
965,093
1,878,197
1,398,410
1,181,946
4,384,000
188,907,409
198,661,907
Reserve Dist rict—Atlant
Sixth Federal
+10.8
+6.1
21,841,886
7,505,000
276,461
725,645
Reserve Dist rict— Richm ond—
Federal
W.Va.—Hunt'ton
D.
257,342
+ 13.8
Cincinnati
Pa.—Pittsburgh.
SCO
27,270,835
7,962,000
28,678
24,165,206
1,803,735
Sacramento
San
Francl
30,219,123
b
295,000,000
—50.2
12,297,100
1,500,406
b
2,080,154
269,599
b
+22.1
+43.9
+68.2
Feder al Reserve D istrict—Clev eland—
Columbus
404,167
+7.4
+26.0
+ 14.6
984,648
301,000,000
1,135,028
2,837,000
b
1,344,647
1,971,451
Outside New York 2,266,639,800 1,967,836,498
_
+ 1.9
+53.5
1,707,906
945,571
1,189,802
Ohio—Canton
b
—5.8
+55.0
'
400,000
1,373,594
York
N. J.—Trenton..
_
Utah—Salt
Grand
Total (12
1,310,000
a677,152
2,905,234
6,253,000
427,721
+ 14.8
Second Feder al Reserve D istrict—New
11,314,348
1,036,660
28,500,000
705,752
523,385
737,871
23,042,361
4,442,572
"
7,196,900
401,881
+35.3
Spokane
N. Y.—Albany..
670,482
30,250,692
4,689,197
+25.6
+ 19.6
+30.0
+22.8
1,718,479
Twelfth Feder alReserve D istrict—San
N.
1,382,826
1,647,356
47,295,365
2,144,506
2,373,829
or
1936
.
b
83,072,060
Pueblo
Clearings at—
39,744
1,760.529
19,967,519
2,398,263
2,669,366
Wichita
St.
64,036
80,711,379
3,111,154
Kan.—Topeka
Colo.—Colo.Spgs.
Week Ended May 9
New Bedford
118,934
Neb.—Fremont..
Mo.—Kan. City.
figure for each city separately for the four years:
First
124,549
155,320
Lincoln
110 cities
Total
Outside N. Y. City
312,487
2,577,856
+ 10.7
+23.3
K88.4
b42.9
+29.4
280,758,746
792,855
4,821,478
Chicago
b
3,544,597
1,987,022
S
2nd
12 cities
497,626
86,778,281
Rapids.
Lansing
Ind.—Ft.Wayne-
Quincy
Dec.
1935
$
394,063
1,813,449
1,123,828
802,930
Grand
111.—Jacksonville
Inc.or
1136
$
Seventh Feder al Reserve D istrict—Chic ago—
-44.5
524,761
290,981
..
Week Ended May 9,
1934
%
Mich.—Ann Arbor
Detroit
1933
Dec.
Ky.—Louisville
Tenn.—Memphis
districts:
SUMMARY OF
.
$
of
or
1935
8
1936
14.6%, the aggregate
For that week there is an increase of
1936
16,
579,635
397,880
b No clearings available.
578,381
406,196
816,241
170,168
434,433
340,502
642,365
464,565
317,458,629
284,107,716
* Estimated.
Volume
Financial
142
THE ENGLISH GOLD AND SILVER MARKETS
We
and
reprint
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 29 1936:
GOLD
The Bank of England gold reserve against notes amounted to £202,143,995
on
April 22
Purchases
compared with £201,629,685
as
bar
of
gold
announced by
as
the previous Wednesday.
on
amounted to £590,277.
The premium
shown little
gold
was
disposed of at the
franc parity included in the price has
over
change, but today's quotation of 140s. 9%d. was fixed on
parity with the dollar for the first time since the end of December last.
Quotations during the week:
Equivalent Value
Ounce
of £ Sterling
23
141s. 0.%d.
12
L2s. 0.56d.
24
1408. ll%d.
140s. lid.
12s. 0.65d.
25
27
140s.
-
12s. 0.69d.
12s. 0.73d.
12s. 0.73d.
12s. 0.82d.
12s. 0.70d.
10%d.
28--.
140s. 10%d.
29
140s.
Average
The
9%d.
140s.10.92d.
following
the United Kingdom imports and exports of gold
were
registered from mid-day on April 20 to mid-day
Imports
£1,035,885
16,174
8,093
378,872
99,938
365,608
20,170
508,088
9,618
Tanganyika Territory
Kenya
British India
Hongkong
Australia
Venezuela
France
Netherlands
Belgian Congo_
York
position,
it
was
ate
Life
Deventer, prizes.
on
Insurance
City.
on
Vice-President of the
as
March
11, was elected to that
Wednesday of this week, by the Company's Board of Directors,
announced
at
Company
>
nominated
was
the
following the regular monthly
Company's Home
Mr. Van Schaick
was
Office,
51
meeting
Madison
of the
Director¬
Avenue, New
Vork
formerly Superintendent of Insurance of the
At the Annual Election of officers, which also
was
held on Wednesday, Thomas A.
Buckner, President,
and all the other
Executive Officers of the Company were re-elcted for the coming
year.
Besides President Buckner and Vice-President Van Schaick, the Executive
Officers elected today are Vice-Presidents Walker
Buckner, Alfred L.
Aiken, L. Seton Lindsay, Arthur Hunter, Wilbur H. Pierson, William
Macfarlane, Charles H. Langmuir, Griffin M. Lovelace, and Walton P.
Kingsley; Alfred H. Meyers, Treasurer; and Secretaries Leo H. McCall,
Frederick M. Johnson, and William F. Rohlffs.
—The New York Financial Advertisers will hold their
monthly luncheon
British India
£110,200
598,358
23,898
7,000
1,780
United States of AmericaFrance
Belgium
Netherlands
Other countries.
453
on Wednesday, May 20, at the Lawyers Club at 12:15
p.m., it
announced by the May Luncheon Committee headed by James Ras-
was
II,
covar,
of
Albert
Knowlton of Kuhn,
Banking."
of Bank of the Manhattan
J.
/;
Frank-Guenther
G.
Co.
Inc.,
and
committee
as
chairman.
include
O.
Hugh
"Investment
on
G.
Alexander
Company and Ruel S. Smith of Time, Inc.
Ryan, formerly
White &
Law,
Loeb & Co., will address the Club
Other members of the
—Ralph T.
7,040
_;
Other countries
manager
of the retail sales department
previously with the National City Company
o
as
sales manager of the downtown office, has been made assistant
vice-president
of Hegarty, Conroy &
21,401
£2,470,887
The
and Ludlow Van
—George S. Van Schaick, who
meeting
Exports
British South Africa
Club pool.
James C. Campbell, Jr. and J. Winner Parker, golf; and Arthur R. Robin¬
son
April 27:
on
in the
The field day committee includes, in addition to Mr. Currier,
Foy W. Porter and Frank E. Quinby in charge of arrangements; Wright
D. Goss, Jr., Richard H. Monaghan and Edwin C.
Stengel, syndicate;
State of New York.
Per Fine
April
April
April
April
April
April
be held late in the afternoon
to
evening.
New
In the open market about £1,360,000 of bar
daily fixing.
3287
diving exhibition
Luncheon will be served from noon until 2 p. m. and dinner at 7:30.
The
syndicate announced that prizes will be awarded during the course of the
during the week
Bank
the
Chronicle
£741,689
\
SS. Maloja which sailed from Bombay on April 25 carries gold to
the value of about £409,000.
Co., Inc.
Erwin Hassemer, formerly of the syndicate
department of J. G. White & Co. and previously of the syndicate depart¬
ment of Chase Harris Forbes
Corporation, has become associated with
Hegarty, Conroy in their syndicate department.
SILVER
Continued buying by the Indian Bazaars and hesitation
sellers caused
a
made
on
the part
on
There have been
no
new
The
China account being
features, selling on China account and buying
VOLUNTARY
small speculative operations both ways.
market
maintenance
sufficiently high at the
appears
of which
depends
the
on
Amount
present
continued support
level,
the
Indian
of the
May 5—The First National Bank of Charter Oak, Charter Oak,
Iowa
.$40,000
Effective: May 4, 1936.
Liq. agent: E. H. Spiecker, care of the
liquidating bank.
Not absorbed or succeeded by any other
association.
Bazaars.
The following were the
United Kingdom imports and exports of silver
registered from mid-day on April 20 to mid-day
April 27:
on
Imports
Exports
Japan
British India
£38,924
8,630
3,831
4,050
Hongkong.
Norway
Netherlands
Belgium
£369,253
1,250
9,175
x5,000
x4,600
Ceylon
United States of America.
Malta
Gibraltar
15,596
6,499
1,606
France
Other coimtries.
France
400
Sweden
1,980
5,368
Other countries
£79,136
x
LIQUIDATIONS
„
The tone is quieter and whilst there is no indication of any important
the
National banks is
Comptroller of the Currency, Treasury
Department:
for the Indian Bazaars still being the principal factors, but there have been
change,
BANKS
following information regarding
from the office of the
freely, and by today prices had receded to 20 3-16d.
more
NATIONAL
of
slight recovery in prices, 20 7-16d. being quoted on April 24.
Subsequently the tendency became easier, offerings
£397.026
Coin at face value.
Quotations during the week:
IN
May 5—The First National Bank of Aransas Pass, Aransas Pass,
Tex—
Effective:
25,000
April 30,
1936.
Liq. committee: O. H.
Johnson,
Corpus Christi, Tex; F. N. Edwards, Ingleside, Tex.; A. H.
Moore, H. C. Mills, W. H. Young and L. T. Ayres (Secretary
to the committee), all of Aransas
Pass, Tex.
Absorbed by First
State Bank, Aransas Pass, Tex.
May 6—The First National Bank of Santa Ana, Santa Ana, Calif,-750,000
Effective: May 1, 1936.
Liq. agent: C. H. Chapman, 120 Bush,
Santa Ana, Calif.
Succeeded by First National Bank in Santa
Ana, Santa Ana, Calif., charter No. 14045.
May 7—National BankofYorkville in New York, New York, N. Y-500,000
Effective: May 2, 1936.
Liq. committee: Montgomery Schuyler,
Hugh R. Johnston, William Hagedorn, care of the liquidating
bank.
Absorbed by the Marine Midland Trust Co. of New
York, N. Y.
LONDON
-Bar
Silver Per Oz.
Cash
Std.-
IN
2 Mos.
Apr. 23—20%d.
Apr. 24—20 7-16d.
20%d.
Apr.
20%d.
20%d.
20%d.
Apr.
Apr.
20 7-16d.
25—20%d.
Apr. 27—20%d.
Apr. 28—20%d.
Apr. 29—.20 3-16d.
Average —20.333d.
Apr.
Apr.
-
Apr.
20 3-16d.
NEW
DIVIDENDS
YORK
(Per Ounce .999 Fine)
22
45% cents
23
45% cents
24
45% cents
25
no quot'tn
27
45 cents
28
45 cents
Apr.
20.333d.
Dividends
first
we
are
current week.
we
grouped in two separate tables.
bring together
show the
Then
we
all
the
dividends
follow with
dividends previously
announced, but which
The dividends announced this week
are:
Per
FINANCIAL
MARKET—PER
reported by cable, have been
Sat.,
May
Silver,
per oz„
as
follows the past week:
Mon.,
20%d.
Tues.,
Wed.,
May 11
9
May 12
May 13
20%d.
20%d.
Gold, p. fineoz.140s.2%d. 140s. 6d.
Consols, 2%%- Holiday
85%
Thurs.t
May 15
90 9-16d.
140s.
85 9-16
FrL,
May 14
20 7-16d.
140s. 6d.
150s. 3d.
85 9-16
20%d.
140s. 2d.
85 9-16
85%
Holiday
106%
106%
106%
106%
106
Holiday
117%
117%
117%
117%
117%
The
States
price of silver
on
the
same
per
ounce
days has been:
Closed
44%
44%
44%
45%
50.01
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
CURRENT
77.57
Jersey will be held
Ridgewood, N. J.,
Club of New
Friday, June 5, at the Ridgewood Country Club,
Cyrus R. Currier of Adams & Mueller, chairman
of
The annual spring golf tournament
comprising 18 holes of handicap medal play in three classes will bo held,
with prizes for low gross and first and second low net in each class.
This
tournament
will
constitute
the final round of competition
Club Trophy, which is awarded each year to the member
score
for 36 holes consisting of 18 holes in the
holes in
the previous
Fall tournament.
The
Van
Deventer
of
Van
Deventer,
having low net
trophy
Spear
a
&
was
won
play-off of
Co.,
Inc.
who have not competed before will be eligible for a special prize.
ments have been made for
Bond
spring tournament and 18
by William Reekie of Graham, Parsons & Co. in
Ludlow
for the
special entertainment in the form of
a
last
a
1 June
year
tie with
Members
Arrange¬
swimming
17
June 10 May 29
June
1 May 20
June
June
1 May 20
1 May 20
$1%
*$1
June
1 May 25
*$1
June
1 May 20
1 May 20
20c
(semi-ann.)
Ltd
June
12 May 30
$1%
25c
Works, Inc.—
$1.65 convertible preferred (quar.)
Avon Genesee & Mt, Morris Rr.,
3%% gtd
Brazilian Traction,
on
the field day committee announced.
75c
62 %c
50c
June
July
1 June 16
June 15
Light
& Power
May 21
41 %c
June
May 20
$1.45
$1%
July
July
July
June 22
18%c
SI*
June
May 31
July
June 30
&
preferred (quar.)
Biltmore Hats, Ltd., 7% preferred (quar.)
Black & Decker Mfg., 8% preferred
NOTICES
—The annual spring Field Day for members of the Bond
$2% preferred (quar.)
$2 preferred (quar.)
American Radiator & Standard Sanitary
Preferred (quar.)
1st
Treasury
(newly mined)
July
15c
(quar.)
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
Bayuk Cigars new (initial)
45%
U. S. Treasury.
Apr. 30 Apr. 28
5 May 20
June
50c
25c
Automotive Gear
(in cents) in the United
Bar N.Y. (for.)
U. S.
American General Corp. $3 preferred
Holders
Payable of Record
25c
Atlantic & Ohio Tel eg. Co. (quar.)
Atlantic Refining (quar.)
British 4%
1960-90
35c
(quar.)
Amalgamated Leather Cos. preferred
American Enka Corp
American Factors, Ltd. (monthly)
Anglo-Huronian,
When
Share
Advance Corp
Allen Industries
Andian National Corp.
Extra
British 3% %
War Loan—
Name of Company
CABLE
The daily closing quotations for securities, &c., at London,
as
th
second table in which
a
have not yet been paid.
The highest rate of exchange on New York recorded during the
period
from April 23 to April 29 was $4.94 and the lowest $4.93%.
ENGLISH
In the
announced
$1
_
50c
June
June
10
June
10
May 15
June
30c
July
June
5
Bridgeport Gas Light
50c
British Match Corp, Ltd
xw5%
Buffalo Niagara & Eastern Power, pref.
40c
(quar.)
1st preferred (quar.)__
$1%
Bullock's, Inc
25c
7% preferred
Burrnah Oil Co. (final)
16%
Calaveras Cement 7% preferred
California Art Tile Corp., class A
7i25c
Campe Corp
10c
June
June
16
June
15
July
15
11
^
July
Aug.
Juno
1 May
Aug.
1
July
1 June 15
June
1 May 25
June 1
May 15
June
June
May 15
May 16
May 16
July
July
June
12
June
May
May
May
May
15
15
15
23
June
June
20
Canadian Western Natural
Gas, Light, Heat &
Power. 6% preferred (quar.)
Carolina Power & Light, $7 preferred
$6 preferred
Case (J. I.) preferred
Preferred (guar.)
Light & Power
Chicago Corp. $3 preferred
Central Ohio
Co. $6 pref. (qu.)__
?
Cine. New Orl. & Tex. Pac. 5% pref. (quar.)_City Ice & Fuel, preferred (quar.)
Clayton & Lambert Mfg
June
June
June
June
Time
12
Financial
3288
Per
Per
Name oj
Coast
Name
Share
Company
County Gas & Electric, preferred (quar.)
June
uy
25c
Continental Oil
June
—
$3
Crow's Nest Pass Coal-Dakota Central Telep. Co., 6H%
Detroit Paper Products *.quar.).
pref. (quar.)_
6Mc
June
5c
June
Extra
15
10 May 29
10 May 29
May 20
June
,ixli
July
July
July
July
July
July
Extra.
(quar.)
40c
Empire Power Corp. participating stock
Empire Power Corp., $6 cum. pref
Equity Corp. $3 conv. pref. (quar.)
Federal Compress & Warehouse
Gates Rubber, preferred (quar.)
General Candy, class A (quar.) J
75c
-
June
5
5
June
5
June
16
June
15
June
June
$1K
June
June
35c
15
May 15
May 20
May 16
1
Tide Water Power, $6
'
«*
*•»
Ware River
June
15
June
18
June
81H
15c
June
Corp
Heyden Chemical Corp. (quar.)_
Honolulu Gas (monthly)
Honolulu Plantation (monthly)
Hutchinson Sugar Plantation (monthly)
Illinois Water Service, 6% preferred (quar.)
Imperial Oil Ltd. (semi-ann.)
,
Special
Indianapolis Water, preferred A (quar.)
International Mining
International Ocean Teleg. Co. (quar.)
International Petroleum Co. (semi-ann.)
Special
International Safety Razor (quar.)
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
-
25c
15c
15c
10c
sih
r25c
r37Hc
SI M
15c
sih
July
15 June
1
1 May
May 18 May
10 May
June
5 May
June
May
June
May
June
May
June
July
June 20 May
June
July
22
14
29
29
15
15
15
June
June
r 75c
June
r50c
June
60c
Sl.33'3
10c
-
Extra
2Hc
Intertype Corp. common
1st preferred (quar.)
2d preferred (quar.)
Kekaha Sugar Co. (monthly)
Monthly
Koloa Sugar Co. (monthly)
Koppers Gas & Coke preferred (quar.)
Lehigh Portland Cement, 4% preferred (quar.)
Little Miami RR., spec. gtd. (quar.)
Original capital
Loew's London Theatres, 7% preferred
Lynchburg & Abingdon Teleg. (s.-a.)
Mallory (P. R.) & Co., Inc
Manischewitz (B) & Co., 7% pref. (quar.)
Maryland Fund (quar.)
Stock dividend
12
29
30
May 22
May 22
May 15
June
July
July
July
June
15
June
5
June
5
15 June
1
25c
June
$2
S3
July
July
June
15
June
15
20c
June
May 25
20c
June 25
July
May 30 May 25
June 12
July
June 13
July
June 10 May 25
June 10 May 25
May 30 May 16
June 15
July
June 10 May 25
June 20
July
50c
SIH
SI
50c
SI .10
7i35c
S3
10c
SIM
10c
e3%
May Department Stores (quar.)
Quarterly
May Hosiery Mills, preferred
Mayflower Associates (quar.)
Merck & Co. (quar.)
Preferred (quar.)
Merrimac Hat Corp. (quar.)
Preferred (quar.)
June
15 May 31
June 15 May 31
50c
June
50c
Sept.
SI
75c
June
June
15 June
1
10c
July
July
June
15
June
15
June
May 26
May 26
May 25
SI
75c
(quarterly)
May 15
Aug. 15
May 22
June
June
•»
■■
$1
^7 5c
S3 y
75c
87 yc
si y
(semi-ann.)
SI H
50c
si y
37
c
25C
25c
7% preferred (quarterly)
Newberry (J. J.) (quar.)
Telegraph Co. (s.-a.)
SIM
New York & Harlem RR.
S2 y
S2 y
40c
New York Mutual
75c
give the dividends announced in previous weeks
we
and not yet paid.
This list does not include dividends an
nounced this week, these being given in the preceding table.
Name
of
Company
25c
Abbott's Dairies (quar.)
Agnew Surpass Shoe. pref.
SIH
(quar.).
Alabama Great Southern RR. preferred
Albany & Susquehanna RR. (semi-ann.)
Allegheny Steel (quar.)
7% preferred (quar.)
Allegheny Tfe Western Ry. (semi-ann.)
Allentown Bethlehem Gas Co., 7% pref. (quar.)
.
Allied Laboratories (quar )
—
25c
Sijk
87 yc
15c
87 He
50c
$3H convertible preferred (quar.)
Aluminum
<23
Manufacturing, Inc. (quarterly)
June
1 May
July
2 June
Aug. 15 July
July
1 June
July
1 June 20
May 11 Apr. 30
July
1 June 27
July
1 June 27
June 30 June
Sept. 30 Sept. 15
50c
Dec. 31 Dec.
June 30 June
SIH
SIH
$1K
25c
$2
—
S3H
2c
SIH
$1
7Hc
$1H
UK
SIH
Dec.
31 Dec.
June
(semi-ann.)
Preferred
June
June
July
June
15c
juarterly
Nov. 25
July
June
Oct.
Sept. 12
25c
--
Dec.
25c
25c
Jan.
Dec.
May 14
May 20
May 21
20c
American Paper Goods 7%
pref. (quar.)
7% preferred (quar.).
7% preferred (quar
American Smelting & Refining
American Steel Foundries, preferred
American Thread, preferred (semi-ann.)
June
31 He
June
744
June
UK.
SI H
UK
American Home Products (monthly)
American Investment Co. of Illinois (quar.)
American Metal Co., 6% cumulative preferred-
June
Dec.
June
May
June 15 May
June
May
June
May
June
May
30
29
13
13
13
25c
June
June
16
Special
Armstrong Cork
Artloom Corp
preferred
Art Metal Works (quar.)
Asbestos Mfg. preferred (quar.)
Preferred (quar.).
Preferred (quar
Associated Dry Goods Corp., 1st pref. (quar.).
Atlas Corp., $3 preferred A (quar.)
Atlas Imperial Diesel Engine, class A & B
Atlas Powder Co. (quar.)
June
June
12
May 18
15
20c
June
15 June
June
May 20
Baltimore Radio Shoe,
Preferred (quarterly)
16
10c
May
May
May
May 16 May
June
May
50c
June
50c
__
July
July
50c
15
15
15
4
20
May 20
June
41 2-3 c June
50c
Packard Motor Car
15c
Pathe
5
(P)
June
15
June
6
74 2
June
15c
_
May 22
1 May 15
May 25 May 22
75c
~_~
July
July
25c
25c
June
June
15 June
1
1 June 15
8
1 June
1
June 30 June
15
52 y
Pioneer Gold Mines of British Col.
(quar.)
Procter & Gamble 5% pref. (quar.)
15 June
51 y
July
July
20c
SIM
7% pref. (mo.)." 58 1-3 c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3 c
Pyrene Mfg. Co. common (special)
2%
Rainier Pulp & Paper Co., A. & B.
50c
(quar.)
Public Service Co. of Colorado
_
Reliance Insurance of Philadelphia
Reno Gold Mines (quarterly)
1
30c
3c
Rensselaer &
Saratoga RR. (s.-a.)
Richmond Fredericksburg & Potomac RR.—
Common voting and non-voting
(s.-a.)
Dividend obligation (semi-annual)
Rike-Kumler (quar.)
Royalite Oil, Ltd
June
June
June
June
10 June 30
2 May 30
15 May 25
1 May 15
1 May 15
1 May 15
June
1
15 June
June
1 May 20
June 15 May 25
July
July
2 June 10
1 June 15
S2
June 30 June 20
$2
June 30 June 20
25c
50c
Extra
June
11 May 28
June
May
May
May
May
25c
June
25c
__
June
25c
Rubinstein (Helena), $3 conv. pref
Russek's Fifth Ave. (quar.)
June
S2
SIM
SIM
741M
S2
40c
S2 y
15
15
19
20
si
July
July
June
15
June
15
July
July
June
15
June
15
July
June
15
June
May 15
June 30 June
15
June 30
June
,
30c
1
July
1 June 25
May 16
June
June
June
Inc.
-
1 July
20
Nov.
2 Oct.
20
Febl'37 Jan.
20
S3
75c
June
e3.3%
June
Class A and B (quar.)
Rouge Electric Co., $6 preferred (quar.)
Belding-Corticelli,Ltd. (quar.)
Preferred (quar.)
Belding-Heminway (quar.)
Bendix Aviation (quarterly)
Bethlehem Steel, 7% preferred (quarterly)
New 5% preferred (initial)
B-G Foods, Inc., 7% preferred
Bigelow-Sanford Carpet
Preferred (quar.)
Birmingham Water Works Co. 6% pref
Blackstone Valley Gas & Electric, pref. (s.-a.)__
Bloch Bros. Tobacco (quar.)
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Blue Ridge Corp., $3 conv. pref. (quar.)
Borden Co.. common (quar.)
Boston & Albany RR. Co
Boston Storage Warehouse (quar.)
Brach (E.J.) & Sons (quar.)
Brewer (C.) & Co. (monthly)
Baton
-
Extra
Bunte Bros. 5% preferred, initial (quar.)
June
July
May
June
June
32c
May
July
July
May
May
May
SI H
June
SI
1K&
15c
$1H
25c
25c
UK
25c
hUK
25c
si y
si y
S3
37 He
37S&C
16|May
1
9
May 15
15
Apr. 30
May 29
May 29
May 14
May 14
May 14
May 15
1 May
20
1
1
25
25
25
1
2 June 15
2 June 15
31 July
3
June 12 May 20
June
5
July
June
5
July
June 20
July
June
May 15
Juno
May 15
June
15 June
1
June
1 May 15
Aug. 14 Aug. 11
Nov. 15 Nov. 11
June 31 June 25
S1H
SI H
Sept. 30 Sept. 25
o75c
82 H
1 May
5
1 May 15
June 30 May 30
$1K
June 30
40c
Dec. 31
Dec. 24
June
June
June
$1
1 May
9
May 25 May 19
SI
June 25 June
30c
50c
50c
10c
7%
$2
75c
30c
75c
75c
50c
25c
SI K
Burroughs Adding Machine Co
15c
Butler Water Co. 7% pref. (quar.)
Calamba Sugar Estate (quarterly)
40c
7% preferred (quar.)
10 May 29
June 20
July
July
July
62c
Bankers National Investing Corp. (Del.) (qu.)__
Preferred (quar.)
Celanese. first preferred
June
5c
Preferred
1 May
8
1 May 20
May 19 May 13
10 May 29
50c
15c
Extra
11
15
Aug.
25c
Brooklyn Edison (quarterly)
Brooklyn Union Gas
Brown Fence & Wire, class B
Brown Shoe Co., common (quar.)
Buckeye Pipe Line Co
Bunker Hill & Sullivan Mining
15
21
21
35c
(initial)
Bridgeport Gas Light Co
Bristol-Myers Co. (quar.)
20
June 22 June 11
12!fc
Monthly
20
35c
(quar.)
-
1
35c
(monthly)
Bangor & Aroostook RR. Co., common
British
July
July
1 May
1 May
2 June
2 June
15 May
1 May
1 May
1 May
1 May
15c
Bandini Petroleum Co.
June
15
29
9a
37 y<
hSlh
Baer & Fuller
S2 y
July
58 l-3c June
May 29 May
75c
Extra
Automatic Voting Machine
5
July
25c
15 June 30
15
6
5
June 30 June
12Hc
SI K
S2H
,
July
July
1 May
1 June
16 Dec.
12
50c
American Tobacco Co., common & common B-.
si y
si y
$2
16 June
Sept. 16 Sept.
13
40c
Amoskeag Co., common
Preferred (semi-annual)
SIM
___
May 20
May 25
Aug. 25
Sept.
25c
15
15
20
1 June 20
1 June 15
1 May 15
1 May 15
1 June 12
June
Archer-Daniels-Midland (quarterly)
June
15
1 May
July
July
15
15
15
Sept. 30 Sept. 15
June
June
15
50c
juarterly
1
7% preferred (quarterly)
7 % preferred (quarterly)
7% preferred (quarterly)
American Arch Co. (quarterly)
American Asphalt Roof, preferred (quar.)
American Baking Co., 7% pref. (semi-ann.)
American Bus Shares, Inc
American Capital Corp., $5y pref. (quar.)
American Chicle (quar.)
American Electric Securities Corp.—
Participating preferred (quar.)
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Hardware Corp. (quar.)
June
June 30
15
15
13
15
June 16 June
1
June
1 May 15
25c
July
July
July
July
July
May 25
15
20
June
20
June 20 May 29
1 June 15
July
1 June 30
July
1 May 19
June
1
May 15 May
1 June 30
July
1 June 30
July
7
May 15 May
Aug. 15 July 28
Anaconda Wire & Cable
July
July
June
Class B
Lighting
1 May
1 May
15
June
62 yc
25c
Neiman-Marcus Co., preferred (quar.)
Neisner Bros, (quar.)
NewBedford Cordage
preferred-Stromberg-Carlson Teleg. Mfg.
pref
Thompson Products (resumed)
1
June
50c
June
743 H
Extra
Standard Oil Export, 5%
1
1 June
58 1-3 c
1
June
Spencer Kellogg & Sons, Inc. (quar.)
15
1 June
22
23
15
20
June
Sherwin-Williams, Ltd., pref
15
1 June
May
May
May
May
15c
(quarterly)
1 June
May 15
40c
Debenture C (quarterly)
Debenture D (quarterly)
July
July
July
July
June
National Pressure Cooker
Savannah Electric Power, deb. A
Debenture B (quarterly)
15
June
30c
National Life & Accident Insurance
National Standard (quar.)._
Film Corp
Patterson-Sargent (quar.)
Peabody Coal preferred (resumed)
Penick & Ford. Ltd. (quar.)
Peninsular Telegraph Co
Peoples Drug Stores (quar.)
Preferred (quar.)
Philadelphia Baltimore & Washington
Philadelphia & Trenton (quarterly)
5
1 June
June
July
(quar.)
National Grocers Co. 7% preferred
new
(semi-annual)
Northern Pipe Line
North Pennsylvania RR. (quar.)
Northern Oklahoma Gas 6% pref. (quar.)
Northwestern Telegraph Co. (semi-annual)
Northern Central Ry. (semi-annual)
Oahu Sugar (monthly)
Ogilvie Flour Mills preferred (quar.)
Ohio & Mississippi Telegraph Co
Ohio Public Service Co. 7% pref.
(monthly)
6% preferred (monthly)
'
5% preferred (monthly),Oriental Consolidated Mining
Oshkosh Overall (quarterly)
Preferred
(quarterly)
Pacific & Atlantic Tlegraph Co. (s.-a.).
Below
June 24 June
June
Light, preferred
Mobile & Birmingham RR., pref. (s.-a.)
15
25
14
1 May
1 May
June
July
50c
5% preferred (semi-annual)
Williams (J. B.) Co. (quarterly)
Zellers, Ltd., 6% preferred
1
15
20c
(monthly)
Hazeltine
Somerset Union & Middlesex
June 20
1 June
June
1 May
May 31 May
May 20 May
75c
—
Milwaukee Electric Ry. &
West New York & Penna. RR.
1 May1
June
50c
RR., guaranteed (semi-ann.)
(quar.)
June 30
15 June
25c
Hancock Oil of Calif. A & B (quar.)
Hawaiian Agricultural Co. (monthly)
Middlesex Water Co.
1
1
1
1
June 30 June 12
SI K
Western Auto Supply class A & B
Western Power Corp., preferred-
30c
July
July
July
July
June 30 June 12
10c
June
1H%
4%
Ward Baking Corp., preferred
10
sih
6% preferred (quar.)
Hawaiian Electric Co.
10
June 20 June
25c
_—
*•»
-
Virginia Electric & Power pref. (quar.)
June 20 June
50c
(quar.)__
75c
SIH
41 2-3 c
15c
—
40c
Gold & Stock Teieg. Co. (quar.)
Great Western Electro-Chemical pref.
Hammermill Paper (quar.)
si y
58 1-3 c
50c
6% preferred (monthly)
5% preferred (monthly)
Tri-State Telep. & Teleg., 6% pref. (quar.)
Tyre Rubber, 6% preferred (quar.)
Underwood Elliott Fisher
Preferred (quar.)
United Elastic Corp. (quar.)___
United Gas & Elec. Corp. pref. (quar.)
United Molasses, Ltd. (interim)
United States Gypsum (quar.)
Preferred (quar.)
Utah Power & Light, $6 preferred
$7 preferred
Veeder Root (quar.)
3Extr3i
Holders
When
PayabU of Record
9
15
15
June
9 May 15
1 May 15
June
May 15 May
9
si y
preferred (quar.)
Toledo Edison Co. 7% pref. (monthly)
15c
Glens Falls Insurance (quar.)
Godchaux Sugars class A (resumed)
Share
of Company
15c
Extra...
Murphy (G. C.)
10a
30
June
quar.)
East Tennessee Teleg. Co. (s.-a.)_
•
25
6
16
741
Dominion-Scottish Investors, 5% preferred
Eastman Kodak
Preferred
15 May
31 July
1 May
July
1 June
June
1 May
July
1 June
July
Corrugated Paper Box Co., 7% pref. (quar.)
Crown Cork International Corp. class A (quar.)_
1936
16
May
Chronicle
Apr. 30
May 29 May
8
1
July
1 June
May 29 May 15
June
1 May 20
June 15 May 29
June
1 May 15
June
1 May 15
June
1 May 25
June
5 May
2
June
35c
19
June 30 June 16
June
1 May 11
June
1 May 11
July
July
15 June
1
1 June 15
1 June 15
Volume
142
Financial
Per
Name of
Company
Cableo & Wireless Holding, pref.
(final)
California Packing (quarterly)
Calumet & Heel a Consolidated
June
37 He
25c
June
25c
June
June
1 May 15
May 25 May 15
Aug. 15 Aug.
5
Nov. 16 Nov.
5
June
1 May 18
1 June 15
July
July
June
15
May
9
9
1 May
Registered guaranteed (quar.)
Registered guaranteed (quar.)
20
21
July
1 June 20
Oct.
1
Sept. 19
Jan 1'37 Dec. 19
1 May 20
15 May 27
June
June
15 May 27
1 June 20
July
July
July
1 June 20
1 June 10
June
—
1
May
9
10
Sept.
Colgate-Palmolive-Peet (quar.)
12Hc
S1H
June
mm
rn rn mm
mm
May
mm
common
Conv. preference $4 H series of 1935
Conv. preference optional series of 1929
Commercial National Bank & Trust
(quar.)
Commonwealth Utilities, 6H% pref. O
(quar.)
Comos Imperial Mills
(quarterly)
Compo Shoe Machinery (quar.)
Confederation Life Association (quar.)__
si
50c
SI
690c
6
1 June
5
May
May
May
May
May
May
19
19
23
15
15
25
June
June
m May
Columbia Investment Corp.
(liquidating)
Columbian Carbon Co. (quar.)
mm
June 12
July
50c
(quarterly).
1 June 12
June 12
June 12
July
July
S3
Preferred (quar.)
Collins & Aikman
1 Nov. 10
July
July
Class A (semi-ann.)
Coca-Cola international (quar.)
Class A (semi-ann.)
1 Aug.
Dec.
Coca-Cola Co. (quar.)
mmm
July
31 July
June
(quar.)
1
1
July
Preferred (quar.)
Clearfield & Mahoning RR. (s.-a.)
Cleveland Electric Illuminating
(quar.)
Preferred (quarterly)
Cleveland & Pittsburgh Ry. reg. gtd.
25
June
1
June
1
June
10
July
1 June
5a
$1.06)4 July
1 June
1 June
5a
d$ 1)4
$2
July
July
S1H
June
$1)4
July
5a
1 June 24
1
May 15
15
June
2
May 20
12J|l
Quarterly
Connecticut Light & Power, 6H% pref.
(quar.)
5H% preferred (quarterly)—
Connecticut & Passumpsic Rivers RR
Connecticut Power Co. (quarterly)
Consolidated Cigar 7% pref. (quar.)
Consolidated Divers Standard Securities,
pref.
Consolidated Edison Co. of N. Y., Inc.
(quar.).
Cousolidated Oil Corp., $5 pref.
(quar.)_
June 30 June 25
$1
$1
Sept. 30 Sept. 25
Dec.
31 Dec.
$1H
$1H
6.6% preferred (quarterly).
7% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
25
15
June
June
1 May
1 May
S3
Aug.
1 July
62Hc
$1H
June
1
June
25c
June
15 May
25c
June
15 May
SI*
1
June
$1.65
$1H
15
1
May 15
May 15
15
8
May 15
June
25c
6$4
Consolidated Paper Co. (quar.)
Consolidated Retail Stores, preferred
Consumers Power Co.. $5 pref.
(quar.)
6% preferred (quarterly)._.
May 21
May 15
June
July
July
July
July
June
15
June
15
June 15
June 15
50c
Crown Cork & Seal Co.,
Inc., com. (quar.)
Preferred (quar.)
Crown Drug Co., common
June
55c
Creameries of Amer., Inc., $3H pref.
(quar.)..
June
55c
Quarterly
Quarterly
May 15
July
July
1 June
50c
20c
Copperweld Steel (quar.)
June
50c
Continental Steel
June
1
20c
20c
87 He
25c
68c
...
10c
Crown Zellerbach preferred A&B
Crum & Forster. preferred
h$lH
(quarterly)
Crum & Forster Insurance Shares A&B
(qu.)_.
7% preferred (quar.)_„_
Cuneo Press, Inc..6H% preferred
(quarterly).
Curtis Publishing. 7 % preferred
Cushman's Sons 7% pref. (quar.)
(no action).
25c
May 15
15
May 15
May 31 May 15
Aug. 31 Aug. 15
Nov. 30 Nov. 15
June
1 May 10
June
6 May 22
June 15 May 29
June
1 June 10
June
1 May 16
June 30 June 20
May 29 May 19
May 29 May 19
July
87 He
June
1
July
7 June 15
June
15 June
1
1 May 29
May 18
June
1
June
1
May 20
May 15
May 20 May 18
(quar.)
Delaware & Bound Brook RR. Co.
(quar.)
Delaware RR. Co. (s.-a.)
Dentist's Supply Co. of New York
July
1 June 15
June 30 June 20
Sept. 30 Sept. 19
Dec. 21 Dec. 11
(quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
15
$1H
S1H
h%l%
Dayton & Michigan RR. Co., 8% pref. (quar.).
Dayton Power & Light Co., 6% pref.
(monthly)
June 30
Sept. 30
Dec.
Detroit Hillsdale & Southwestern RR
1
1
June
1
1
June
15
15
15
15
15
15
1
Dec.
May
May
May
May
May
May
1
Sept.
1
July 20 June 30
July 20 June 30
1 June 15
July
May 28 May
5
1 June 15
July
1 June 15
July
I—
Dominion Coal, preferred
(quarterly).
Dunlop Rubber, common
Eastern Gas & Fuel Assoc., prior
pref. (quar.)..
6% preferred (quar.)
Eastern Shore Public Service Co.,
$6H pf. (qu.).
1
June
June
June
Dictaphone Corp
Preferred (quar.)
Doctor Pepper Co. (quar.)
Quarterly
Quarterly
Dome Mines, Ltd. (quarterly)
(quar.
".)
1
June
*
$6 preferred (quar.)
East Mahanoy RR. (semi-ann.
East St. Louis & Interburban Water Co.—
7% preferred (quar.)
1 June 20
June
Preferred (extra)
Extra
31
July
(quarterly)
Diamond Match Co., interim
Extra
6% preferred
1 June
1
Aug.
.
Dexter Co.
15
15
June 30 June
-I
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
City of New Castle Water 6% preferred (quar.).
Clark Equipment (quar.)
Deere & Co., preferred
8
June
1 May 20
May 28 May
8
Cincinnati Inter-Terminal RR—
1st guaranteed preferred
(s.-a.)
Cincinnati Northern RR.
(semi-ann.)
Cincinnati Union Terminal Co.—
$8 preferred
1 May
1 June
June
June
Chicago Yellow Cab (quar.)
Chile Copper
Chrysler Corp
»
4 May 20
July
July
Extra
m
1 June
June
6% preferred (quarterly)
Chicago Mail Order (quar.)
mm
16
May 15
June
Chicago Junction Rys. & Union Stockyards
mm
1
June 29
June 29
$6 preferred (quar.)
mm
10
June 30 June
.
(quar.)_
_
mm
15 June
May 22 May
9
May 29 May 15
1 June 20
July
1 June 16
July
Centrifugal Pipe Corp. (quar.)
Quarterly
Century Ribbon Mills, preferred (quarterly)..
Champion Paper & Fibre, preferred (quarterly).
Chesapeake & Ohio Ry., pref. (semi-annual)
Chestnut Hill RR. Co. (quar.)..
Chicago District Electric Generating—
mm
20
1 June 24
July
6% preferred..
—
1 June 20
1 Sept. 20
Oct.
Jan2 *37 Dec.
Central Miss. Valley El. Prop.
6% pref. (quar.).
Central Tube Co
Special
Columbus & Xenia RR. Co
Commercial Investment Trust
1
May 29 May
9
1 June 20
July
July
7% preferred (quar.)
7% preferred (quar.)
Carolina Telephone & Telegraph
(quarterly)
Carter (Wm.) Co., preferred
(quar.)
Catawissa RR. Co. 5% 1st & 2d
pref. (s.-a.)
Caterpillar Tractor (quar.)
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer.,
7% cumul. prior pref.
Central Illinois Light.
7% preferred-.
Apr. 21
1 May
•
June 30 June 20
June
1 May 15
Carman & Co.. class A
Carnation Co. 7% pref. (quar.)
7% cumul. 1st preferred
Central Arkansas Public Service,
pref.
2
15 May 29
June
June
June
June
SI %
June
$1H
June
1
May 10
1 May 10
15 June
1
3289
Holders
Payable of Record
xw5)4%
Copper
Campbell, Wyanfc & Cannon Foundry (qu.)
Canadian Oil Cos., preferred
(quar.)
Canfield Oil, preferred
(quar.)
Preferred
When
Share
Chronicle
5
May 20
1 May 20
Per
Share
Name of Company
El Dorado Oil Works
(quarterly)
Electric Shareholdings
Corp., preferred
Electrolux Corp. (quar.)
40c
...
Empire Capital Corp., A&B
(quar.)
Emporium Capwell (semi-ann.)
Fairbanks, Morse & Co., 6% conv. pref.
(qu.)..
Fajardo Sugar (initial)...
Falconbridge Nickel Mines, Ltd
Fansteel Metallurgical
Corp. $5 pref. (quar.)..
$5 preferred
(quar.).
$5 preferred (quar
Farmers & Traders Life Insurance
(quar.)
Quarterly
Federal Light &
Traction, preferred (quar.)
Ferro Enamel
(quarterly)
Firestone Tire & Rubber,
preferred (quar.)
First National Bank (N.
Y.) (quar.)
Fishman (M. H.)
(quar.)
Fitz-Simons & Connell
Dredging & Dock (qu.)._
Extra
Florida Power Corp.,
7% preferred (quar.)
7% preferred A (quar.)
Franklin Simon & Co.,
7% preferred
Freeport Texas (quar.)
Preferred (quar.)
SlS
June
July
$1
$1
$1
10c
87 He
87 He
87 He
80c
80c
80c
Dec.
1
Dec.
1 Nov. 30
3 Sept. 14
1 May 20
1
Oct.
50c
$1H
50c
r7Hc
$1)4
$1)4
$1H
$2H
$2H
S1H
June
June
$2H
$1H
$25
Sept. 30 Sept. 15
Dec. 31
July
1
1
June
1
lune 20
June
1
Sept. 10
May 15
1 June 15
June
June
1 May 21
June
1 May 21
1 May 15
1
June
May 15
1
May
May
May
1 July
15
16
14
15
1
June
1
Aug.
July
1 June 24
Oct."
1 Sept. 25
1 May 22
June
$1H
May 31 May 15
50c
75c
$1)4
June
12 May 14
June 12 May 14
$1H
Aug.
July
July
1 July
6
1 June 18
1 June 18
June
50c
Globe-Democrat Publishing Co., pref.
(quar.)__
Globe Wernecke Co., pref.
(quar.)
Preferred (quarterly)
Time 10
May 15
15c
iljf
Prior preferred (quar.)
Dec. 15
June 10
Oct.
12Hc
12Hc
87 He
tin
*1H
Preferred (quar.)
Glidden Co. (quar.)
May 12a
June
1 May 15
June 25 June
4
June 30 June 15
July
20c
25c
$3 cumulative prior preferred series A
(s-a)..
General Motors Corp.
(quar.)
Extra
Nov. 21
May 29 May 19
Oct.
5 Sept. 26
June 10 May 29
Sept. 10 *ug. 31
Dec. 10 Nov.80
Tune
1 May 29
Sept. 1 Aug. 31
June
7% preferred (quar.)
General Cigar, preferred
(quarterly)
General Investment Trust
Corp.—
1 May 20
1 June 20
1 Sept. 20
50c
50c
Oct.
50c
Preferred (quarterly)
Golden Cycle (quar.)
Janl '37 Dec. 20
July
40c
Extra
$1.60
$1
Goodyear Tire & Rubber, 1st pref. (quar.)
Grand Union. $3 preferred
Great Atlantic & Pacific Tea
Extra
25c
(quar.)
$1H
July
June
June
June
May
8
May 15
May 15
May 15
25c
June
$3
First preferred (quar.)
June
June
Greene R. R.
(semi-annual)
Greyhound Corp., preferred A (quar.)
Gulf States Utilities, $6
preferred (quar.)
$5H preferred (quarterly)
Hackensack Water Co.
(semi-annual)
Class A preferred
(quarterly)
Hale Bros. Stores, Inc.
(quarterly)
S1K
$1H
June
43 He
15c
$1%
h$ 2H
12Hc
(quar.)
(quarterly)
7% preferred (quarterly)
Hanna (M. A.) Co
5% preferred (quarterly)
Harbison-Walker Refractories Co.,
June
75c
July
June
June 17
June
May 15
July
June
May
9
May 20
May 20
June 20
May
9
May 15
May 15
May 15
July
6
May 15
June
25c
com.
(quar.)
July
May
$1H
June
25c
12Hc
$1H
Hart-Carter Co., $2 preferred
(quar.)
June
June
July
50c
2% preferred (semi-annual)
Hazel-Atlas Glass Co.
(quar.)
Heel a Mining
(quarterly)
Hibbard. Spencer. Bartlett & Co.
(mo.)
Monthly
Hires (Chas. E.) Co., class A common
(quar.)
Hobart Mfg., class A (quarterly)
Hollinger Consolidated Gold Mines, Ltd
June
$1
Hartford & Connecticut Western RR.—
10c
_
Aug.
July
May
May
10c
...
June
Tune
16
50c
June
15
18
4
4
11
20
20
15
June
May
May
May
May
May
May
May
May
May
May
July
July
June 20
Tune 20
$i£
373ic
5c
(Henry) partic. A
Homestake Mining (monthly)
,
May
May
$2
*1H
$1H
15c
62 He
37 He
Houdaille Hershey. class A
(quar.)
Class B (quarterly)
—
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)..
$1X
$1H
Illinois Central RR. Co., leased line
Imperial Chemical Industries, Ltd., Amer.
dep.
res. for ord. reg. (final)
xw
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Ingersoll-Rand
Inland Steel
International Harvester, preferred
(quar.)
International Nickel Co
Interstate Hosiery Mills
(quar.)
Mfg. (quar.).:
Quarterly
Quarterly
Jantzen Knitting Mills, preferred
(quarterly)..
Jar vis (W. B.) Co. (quar.)
Johnson Publishing, 8% preferred
Julian & Rokenge (semi-ann.)
Kalamazoo Vegetable Parchment Co.
(quar.)..
Quarterly
Quarterly
Kelvinator Corp. (quar.)
Kendall Co., cumul. partic. pref. ser. A
(quar.).
Cumul. partic. prer. ser. A (partic.)
Kentucky Utilities, jr. pref. (quar.)
Junior preferred
King Oil (initial)
King Royalty Co., 8% preferred
Klein (D. Emil) (quarterly)
Iron Fireman
..
Extra
(quar.)..
Class A preferred (quar.)
Kroger Grocery & Baking (quarterly)
6% preferred (quarterly)....
7% preferred (quarterly)
Krueger (G.) Brewing (quarterly)
Lake of the Woods Milling, preferred—
Lake Superior District Power,
7% pref. (quar.)
6% preferred (quarterly)
Apr.
25
May 19
June
$1
Extra
Hooven & Allison Co., 7% preferred
(quar.)
Horn & Hardart of N. Y., preferred
(quar.)
Hoover Steel Ball Co. (extra)
Aug. 20
June 17
June
10c
Extra
Kroehler Mfg. Co.. class A preferred
Class A preferred (quar.)
May 29
May 29
May 16
June
Common extra
Preferred (quarterly)
1
June 12
June 21
June
$1H
Haloid Co., preferred
Hamilton Watch, 6% preferred...
Hanes (P. H.) Knitting Co.
B
15 June 26
1 May 21
1 June 15
June
1 May 21
Sept. 1 Aug. 21
July
50c
June
Fuller Brush Co.
7% pref. (quar.)
Holt
10c
50c
25c
Co. 7% gtd. (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment
(quar.)
Guaranteed betterment (quar.)
Guaranteed betterment,
(quar.)
European & North American Ry.
(semi-ann.)..
Faber, Coe & Gregg, Inc. (quar.)
Class
June
1 May
5
June 15 May 15
June 15 May 15
June 15 June
5
Oct.
1 Sept. 20
Oct.
1 Sept. 20
40c
Elgin National Watch.
Elizabeth & Trenton RR. Co.
(semi-ann.)
5% preferred (semi-ann.)
El Paso Electric Co.
(Texas) $6 pref. (quar.)
Ely & Walker Dry Goods
(quarterly)
Emerson Dry Co., 8%
preferred (quarterly)
Empire & Bay State Telog.
Co., 4% guar, (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)..
Pittsburgh RR.
May 29 May 20
q$ 1)4
Extra
Erie &
When
Holders
Payable of Record
May
May
June
June
June
12
21
June
May 20
May 20
July
June 11
June
8 Apr. 17
1 June 30
Oct.
1 Sept. 30
Jan2 '37 Dec. 31
June
May 11
June
1 May 15
Tune
1 May
5
June 30 June
July
Aug. 15 Aug.
June
1 May
Sept. 1 Aug.
Dec.
June
1
Nov.
1
June
1
May 25
May 15
July
July
June
1
15 July
1
30 June 20
Sept. 30 Sept. 20
Dec.
Dec.
21
July
June
5
June
May 11a
May 11a
May
1
May
1
May 15
June
31
1
May 20
May 20
June
15
May 21
July
1 June 20
July
1 June 20
June 30 June 24
Sept. 30 Sept. 24
Dec.
31
June
1
Dec.
23
July
July
May
8
1 June 19
7
31 July
June
16 June
June
June
June
2
May 15
May 15
May 15
Financial
3290
Per
When
Payable
of Record
37Hc
Landis Machine Co.
(quar.).
Jan 1'37
25c
—
Quarterly.
Preferred
(quarterly).
Preferred (quarterly)..
Preferred (quarterly)
Lanston Monotype Machine (quar.)
Leath & Co
new, preferred (quarterly)
Lehigh Coal & Navigation (semi-annual)
Lehn & Fink Products Corp., common (s.-a.) —
Lessing's, Inc
— ---»
—
Le Tourneau (R. G.), Inc. (quarterly)
Lexington Water, 7% preferred----Libbey-Owens-Ford Glass (quarterly)-_
Life Savers (quarterly)
— —
Liggett & Myers Tobacco (quar.)
Common B (quarterly)
Lincoln National Life Insurance (quar.)
Quarterly
,
25c
Nov. 16 Nov.
"si
62 He
15c
62m
25c
15 June
Sept. 15 Sept.
Dec.
15 Dec.
June 10 June
7% preferred
1 May
1 May
Aug.
May
May
July
15
20
29
1
15
15
25
30c
Nov.
Oct.
27
Lincoln Stores (quarterly)
Preferred (quarterly)
25c
June
link Belt (quar.)
Preferred (quar.)
30c
n%
50c
40c
June
June 15 May
June
1 May
$1
June
$1
June
30c
May 25
May 25
May 15
June
June
$1H
July
June
r25c
June
July
May 12
July
1
Oct.
—
(quar.)
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quar.)
Loblaw Groceterias. A & B
Oct.
Lock-Joint Pipe Co.
15
June
July
June 20
Oct.
Sept. 21
Jan.2'37 Dec.
*.)
(quar
.
June
1 May
8
May 29 May 15
May 29 May 15
1
Aug. 15 Aug.
Macy (R. H.) & Co.
—
Magniu (I.) & Co., $6 preferred (quar.)
So preferred (quar.)
Mahon (R. C.) & Co., new preferred (quar.)
Manhattan Shirt (quar.)
Marconi Wireless Teleg., ordinary
Masonite Corp (extra)
Metak Textile Corp
xw^%
He
43 He
43 He
20c
June
June
3c
June
c
1 May
1 May
June
1
June
1 May
1 May
25c
June
40c
$3
SIM
$1H
25c
25c
S1H
S1H
Goods (quar.)—-
Morris Plan Insurance Society
(quar.)
M
_
SI
SI
Quarterly--.
Quarterly..
50c
(quar.)
Motors Products, new stock
Motor Wheel Corp. (quarterly)
Mueller Brass (quarterly)
preferred
pref. (quar.)
Muskogee Co., 6% cumulative pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (qu.)
6% preferred (quarterly)
—
6% preferred (quarterly
National Bearing Metals Corp., com. (increased)
National Biscuit (quarterly)
Preferred (quarterly)
—
10 May
June
1 May
July
1 June 20
June
June
June 15 May
June 15 May
July
1 July
15
15
1
Oct.
1 Oct.
1
Jn.2'37 Jn.2'37
June
Sept.
1 Nov. 26
June 30 June 20
Dec.
Dec. 28 Dec.
17
25c
June
20
(Ohio)
5 % pref. A (quar.)
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
Norfolk & Western Ry. (quar.)
;
Adj. preferred (quarterly)
North American Edison Co. pref. (quar.)
Northeastern Water & Electric Corp., $4 pref—
Northern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
4% guarantee*4 (quarterly)
North Pennsylvania RR. Co. (quarterly)
Northwestern Public Service, 7% preferred
(ZP/o preferred--.
Nova Scotia Light & Power Co., 6% pref. (qu.)_
—
new
50c
Nov. 14 Oct.
31
—
29
21
1
SI
SIM
S1H
SI H
Plymouth Fund, class A
Special
—
<*.«»M
■»
Portland & Ogdensburg Ry., gtd_ I
Potomac Electric Power Co., 6% pref. (quar.).
5H% preferred (quarterly).
Powdrell & Alexander (quar.).
Extra
Preferi ed (quarterly)
Prentice-Hall, Inc. (quar.)
'
.
Parker Rust-Proof Co., common (quarterly)
Preferred (semi-annual)
—
1
Pender (David) Grocery, class A (quar.)
Peninsular Telep. Co. 7% pref. (quar.)
7% preferred (quar.).
7% preferred (quar
Pennsylvania Gas & Elec. Corp. (Del.)
7% and $7 preferred (quar.)
Pennsylvania Power Co., 6% pref. (qu.)
6.60% preferred (monthly)
Pennsylvania State Water, $7 pref. (quar.)
Peoples Telephone Corp. 6% pref. (quar.)
Petroleum Corp. of America
Phelps Dodge
Phila. Germantown & Norristown RR. Co. (qu.)
Philadelphia Suburban Water Co., pref. (quar.).
Phillips Petroleum (quarterly)
a
25c
SIM
SIM
25c
25c
87 He
1
15 June
1 .Tune
1 May
1 May
1 May
1 May
1 June
30 May
1 May
29 May
1 June
1
15
June
June
S1H
June
Stores
Reliable
first
50c
luly
May
10c
June
SI H
May
July
preferred
Reliance Grain Co.,
6H % pref. (quar.).
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
Republic Insurance of Texas (quar.)
Reynolds Metals Co., common
5H% preferred (quarterly)
Rochester Gas & Electric, 6% pref. C & D (qu.)_
7% preferred B (quarterly)
Rochester & Genesee Valley RR. (s. a.)
Holland Paper, Ltd., pref. (quar.)
,.—
Rolls-Royce Ltd., ordinary (final)-!
SI H
60c
60c
—
Bonus
Ruud Mfg.
(quarterly)
1
18
Sept. 15 Sept.
15 Dec.
Dec.
50c
June 11
12Hc
S1H
h$5 H
S1H
el%
15c
S1H
31 He
25c
25c
_
May 21
31
31
July 16 luly 15
June 15 May 30
July
1 June 10
July
1 June 10
July
1 June 10
July
1 June 10
June 15 May
June 15 May
May 25 May
9
May 15
June
S1H
15%
May
May
8
8
luly
xw
June 20
June
SI
July
June
SI H
xw2 H%
15c
;
20
June 15 June
60c
-
20
20
20
22
June
15/
May 15
May 19 Apr.
9
May 19 Apr.
9
June
June
July
July
July
Safety Car Heating & Lighting
...
Bridge Co., 6% lstpf. (s.-a.)-.
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co., pref
St. Louis
_
15 June
5
1 June 15
1 June 15
1 June 15
June 30
Sept. 30
Preferred
Dec.
Preferred
San Francisco Remedial Loan Assoc.
31
June 30 June
(quar.)
15
Sept. 30 Sept.15
Quarterly
Quarterly
Dec. 31
-
Dec.
15
Seaboard Oil of Delaware (quarterly)
June
15 June
1
Sears, Roebuck & Co. (quar.)
June
15 May
Second
June
June
1 May
1 May
15
1
20
July
1
lune
20
Oct.
1
(Laura) Candy Shops (quar.)
Servel, Inc. (quarterly)
7% Cum. preferred (quar.)
-
7% cum. preferred (quar.)
—
7% cum. preferred (quar.)
Shenango Valley Water, 6% pref. (quar.)
Sherwin-Williams,5% preferred, initial (quar.)—
Simon (Wm.) Brewery (quar.)
Jan2'37
Dec.
19
June
June
Singer Mfg. Co., Amer. dep. rec. for ord. reg
Skelly Oil Co., 6% preferred (quar.)
(S. Morgan) Co. (quar.)
Quarterly
Sonotone Corp. preferred (quar.)
Soundview Pulp Co
Southern California Edison Co., Ltd.—
6% preferred, series B (quar.)
Spear & Co., 1st pref. initial (quar.)
Spiegel May Stern, preferred
1 May
1 May
June
1 May
Aug.
Aug.
Apr
24
Uuly 1
1 Aug.
1
Nov.
1
July
Smith
1 May 20
June
Extra
1 June 10
1 May 15
June
-
June
June
-
Aug.
Standard American Trust Shares
Standard
Sept. 19
Coosa-Thatcher,
Standard Oil of Indiana
July
7% pref. (quart.)-_
Standard Oil of Calif, (quarterly)
Extra-.
June
—
June
June
(quar.)
June
Extra.
(s.-a.j
Standard Oil Co. of N. J., $25 par
June
—
June
$25 par (extra)
$100 par (semi-annually)
$100 par (extra)
June
June
SI H
Stein (A.) &
95c
■nuy
June
25c
June
Nov.
15
11
11
1
May
May
•July
May
July
May
May
May
May
May
May
May
May
20
20
15
1
15
15
15
15
15
16
16
16
16
June
15
1 May
-
13
June
50c
5c
July
June
June
May 23
S1H
SI H
Aug.
Sept.
$2
June
SI %
27Hc
June
S1H
S1H
—
15
25
11
20
May
May
May
May
$2?c
„
June
May 15
May
7
June
June
June
July
July
July
July
5% preferred (quarterly
6% preferred (quarterly
7 % preferred (quarterly)
7.2% preferred (quarterly)-,
6% preferred (monthly),
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
May 20
May 20
May 20
June 15
June
15
15
June
15
June
June
May 15
July
June 15
5
Toburn Gold Mines
May 22 Apr. 30
May 21 Apr. 21
5
Troy & Green bush RR. Assn. (s.-a.)
June
15 June
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary (final)
Union Gas Co. of Canada, Ltd
June
Union Tank Car Co.
June
15 May 26
1 May 15
June
25c
15 June
Tuly
Nov. 16 Nov.
June
8,
June
June
June
37 He
15
15
37Hc
55C
S1H
SI H
37 He
12 He
$1*4
15
20
15
15
15
15
15
15
15
11
11
15
20
5
Sept.
3Il1?
43c
July
May 31 May
June
1 May
June
1 May
July
July
July
May
Aug.
May
May
May
May
15 Aug.
June
8l®
lljJ-
lc
June
July
Aug.
Aug.
Aug.
25c
Nov. 20
1 May
1 Juen
Tennessee Electric Power Co.—
25c
Parker Pen (quar.)
Aug. 20
1
—
7
26c
Preferred C (quar.)
Preferred D (quar.)
1
Dec.
June
50c
June
21
May 20 May 10
June
May
1
June
May
1
20c
Sept.
lHc
75c
3
1 Nov
9
19
22
June 15 May 25
30c
10
9 May 20
20c
June 15 June
16Mc
17 Mc
—
Dec.
June
Extra
16
21
21
15
18
Dec.
30
15
20c
2M%
(Del.) (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)----
May 25 May
June
1 May
June
1 May
June
1 May
June 15 May
May 19 Apr.
1 May
1 May
June
1 May
Sept
1 Aug.
June
SI
SI
$1
Sept.10
SI H
SI H
SI H
Co., preferred (quarterly)
Sterling Products, Inc
Stewart-Warner Corp. (semi-ann.)
StrawDridge & Clothier Co—
6% prior preferred series A (quar.)
Sun Oil (quar.)__—
Preferred (quar.)
Susquehanna Utilities Co., 6% 1st preferred
Sussex RR. (semi-annual)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, 7H% pref. (quar.)
7H% preferred
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quar.)
Telephone Investment Corp
June
S3
Ontario & Quebec Ry. (semi-ann.)
Debenture (semi-ann.)
Phoenix Hosiery, 7 % preferred
12
15
15
30c
Okl Dominion Co. (Me.)
Onomea Sugar Co, (monthly)
Extra
17
June 19 May 29
SIM
SIM
(quar.)
preferred (quarterly)
Power, 6%
Sept. 28 Sept. 17
50c
U
SIM
SIM
25c
Ohio Oil.__
15
18
29
14
14
30
16
31
40c
SIM
6% preferred (quar.)
1 May
June 27 June
1 May
July 15 June
May 29 May
June
1 May
June
1 May
June 15 May
June
1 May
June
1 May
June 15 May
June
1 May
June
1 May
June 10 May
June
1 May
Aug. 15 July
40c
15c
Nebraska Power 7 % pref. (quar.)
1
Juno
25c
(quarterly)-
June
20
20
1 May 13
S1H
S1H
S1H
SI H
SIM
(quarterly)
.
May 27
1 Aug. 27
1
June 15 June
50c
$2 conv. preferred (quarterly)
Pacific Finance Corp. of Calif.
Preferred A (quar.)
1 May 20
1 May 20
"!!
50c
National Container Corp
Newark Telephone Co.
May
20c
—
Mull ins Mfg. Corp., S7
National Power & Light Co.
National Transit (semi-ann.)
June
June 10 May
June
2 May
25c
—-
Muncie Water Works Co. 8%
1
20
15
20
15
20
20
20
30
1
81 He
10c
Quarterly_.
Quarterly
Parker-Wolverine.
15
1 May
1
15 June
June
Extra—
Newberry (J.J.)
15 May
June 15 May
June
May
June
pref. (s.-a.)
Minneapolis Gas Light, 7% preferred (quar.) —
6% preferred (quarterly)
Monsanto Chemical (quarterly)
15
15
30
31
Nov. 30 Nov. 30
50c
75c
Midland Grocery Co., 6%
Preferred
May 25 May
Aug.
1 July
May 30 May
Aug. 31 Aug.
SI H
43
;
National Lead, preferred A
National Oats Co. (quar.)
15 June 30
1 May 11
June
Participating preferred (quar.)
Participating dividend
Michigan Steel Tube Products
Mid-Continent Petroleum Corp
Moore (Wm. R.) Dry
15
July
—
Nov.
1
Nov
Maytag Co.. $6 1st preferred (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil (quarterly)Mclntyre Porcupine Mines (quar.)
McKenzie Red Lake Gold Mines—
McKesson & Robbins, S3 preferred (quar.)
McKinley Mines Securities
McWilliams Dredging
Mead Corp., 6% preferred
Ohio
21
lune
6
Pittsburgh Youngstown & Ashtabula Ry. Co.—
Purity Bakeries (quar.)
Quaker Oats, preferred (quar.)
Railway Equipment & Realty, new 1st pref. (qu.)
Rapid Electrotype (quarterly)
Quarterly..
Quarterly
Reading Co., 1st preferred (quarterly)
Reeves (Daniel) (quarterly)
6 H % preferred (quarterly)
June
10
7
Ian 5'37
(quarterly)
18a
Sept. 18
May 16
May
9
(quar.)
Garden (quar.)
—
Public Service Corp. of N. J., 6% pref. (mo.)
June
10
luly
Oct.
7% preferred (quarterly)
7% preferred (quarterly)
17
Oct.
June
Sept. 10
Ian2'37 Dec.
12
July
10
July
31
5% preferred (quarterly)
5% preferred (quarterly)-.
Lord & Taylor, 1st preferred (quar.)„
Ludlow Manufacturing Associates (quar.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.).
Madison Square
Extra—
Oct.
June
Tan2 '37 Dec.
Aug.
31
May 15
May 15
Sept.15
May 15
June
June 30 June
1 July
Dec
10*3'
June
Preferred (quarterly)
Public Electric Light 6% pref. (quar.)
Public National Bank & Trust fquar.)
1
Loose-Wiles Biscuit Co., common
Preferred
tan
Quarterly
Quarterly
June
10 June 30
10 Sept 30
Oct.
Oct.
May 29 May 19
July > 1 June 15
May 29 Apr. 30
June
1 May 15
4
Holders
When
Payable of Record
luly
8% pref. (qu.)
Pillsbury Flour Mills (quar.)
Pioneer Mill, Ltd. (monthly)
Pittsburgh Bessemer & Lake Erie (semi-ann.) —
6% preferred (semi-annually)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Aug. 15 Aug.
June
gig
Share
Name of Company
Phoenix Finance Corp..
Preferred (quarterly)
Preferred (quarterly)
Oct.
37Hc
Quarterly
Quarterly
July
37 He
Clark (quarterly).
Landers, Frary &
Per
Holders
Share
Name of Company
May 16, 1936
Chronicle
June
June
Aug.
Feb.
15 Feb.
1 May 20
1 June 20
June
1 May 20
June
1 May 20
June
1 May 20
June | 1 May|31
7
May 29 May
June 15 May 27
June
5 May 20
June
1 May 12a
June
1 May
1
June
1 May
1
June
1 May 18
June
July
Terre Haute Water Works
15c
May 15
July
Corp. 7% pref_
Tide Water Assoc. Oil (quar.)
Timken-Detroit Axle, preferred
Timken Roller Bearing
Extra
June
June
15
June
May
May
May
May
May
20
11
20
18
18
June
June
(quar.)
June
(quar.)
June
Tobacco Securities Trust Co., Ltd.—
Ordinary capital stock (interim)
(quar.)
1
Union Tobacco, class A (liquidating)
Common
(liquidating)
United Biscuit Co. of Amer. (quar.)
Preferred (quarterly)
United Dyewood, resumed
Preferred (quarterly)
Preferred
(quarterly)
Preferred (quarterly)
United Engineering & Foundry Co
June
—
Aug.
June
S1H
1 May
5
1 July 15
1 May 21
July
June 11
Oct.
Sept. 11
Janl'37 Dec.
11
May 19 May
9
Volume 142
Financial
When
Holder*>
Payable of Record,
Per
Name of
Company
Share
United Gas Improvement Co.,
(quar.)-Preferred (quarterly)
United Light & Rys. 7% preferred
jaiVWU
U
|
(monthly)-.
/q y
7 % preferred (monthly)
June
May 15
50c
July
July
June
25c
June
May
37Mc
July
June 30
37Mc
37Y>c
Oct.
Sept. 30
Dec.
Nov. 30
June
25c
Extra
United States Steel, 7% preferred
United Stores, preferred
United Verde Extension Mining Co. (quar.)
Utility Equities Corp. $53^ priority stock
Upper Michigan Power & Light Co.—
6% preferred (quar.)..
25c
,
15
June 20
21
25c
Aug.
June
Aug.
July
Oct.
Jan.
26
91 H
91H
June
May 20
May 14
May 14
91H
June
June
$1H
$134
Sept.
Sept.
1
Dec.
Dec.
1
July'
2 June
15
1
50c
June
25c
•
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Venezuelan Oil Consolidated, com. (final)
10c
June
1
25c
June
1
50c
._
SI H
Tuly
$m
.
Washington Railway & Electric,
6% preferred (serni-ann.)
June
June
25c
(quarterly)..
Waialua Agricultural Co
Warren (Northam) Co., $3 pref.
Oct.
40c
(quar.)
89
$2^
81X
8134
$1H
UH
,
May
May
May
May
July
1
20
15
15
31
15
10
20 Oct.
May 29 May
June
1 May
June, 1 May
June
1 May
June
1 May
June 15 May
May 29 May
Aug. 31 Aug.
75c
common
5% preferred (quar.)
Washington Water Power preferred (quar.)
Welch Grape Juice Co., preferred
(quar.)
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Con v. preferred (quar.)
Western Oar fridge. (j% preferred (quar.)
Western Public Service Co., $1preferred
Western Tablet & Stationery Co
)orp., 7% pref..
Westinghouse Electric & Mfg.
June
15
May
7
July
July
July
June 20
June 13
Williamsport Water, $6 preferred
Willington Fund, Inc. (quarterly)
June
Extra
Wilson & Co
WInstead Hosiery Co. (quarterly)
81
81 >4
3734c
75c
87 34c
81 >4
8134
10c
The
weekly statement issued by the
Clearing House is given in full below:
ASSOCIATION
MEMBERS OF
FOR
THE
THE
WEEK
NEW
ENDED
*Surplus
15
15
25
15
15
June
1 May
May 20 Apr*
1 May
1 June
July
May 29 May
May 29 May
1 June
July
June
1 May
June 15 May
15
11
11
11
New
CLEARING
SATURDAY,
MAY
held,
12,788, 600
62,597, 400
Corn Exch. Bank Tr. Co.
15,000,000
First National Bank
10,000,000
50,000,000
16,109, 900
91,781, 400
59,017, 400
497 ,489,000
4,000,000
3,812, 700
56 248,000
147 ,628,000
25,000,000
Title Guar. & Trust Co..
10,000,000
Marine Midland Tr. Co.
New York Trust Co
5,000,000
Com'l Nat. Bk. & Tr.Co.
Public N. B. & Tr. Co..
HOUSE
1936
708 ,090,000
238 ,137,000
3,600,000
422,000
1,655,000
81,543" 000
5,249, 700
16 ,090,000
86 ,053,000
12,500,000
8,067, 800
22,242, 300
7,000,000
7,907, 000
304 778,000
75 624,000
408,000
3,087,000
21,893,000
5,775,000
8,176, 200
79 ,055,000
1,622,000
42,477,000
743,339,100
9,557.556,000
Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
r
a
reduction of
Kress
s
(S. H.) stk. div. equal to 50c.,
4,
1936:
State,
March
27,
t Payable in special
l-20th sh. of
spec.
pref. stk.
preferred stock.
y
w
Less depositary
expenses
A deduction has been made for expenses
4
Per 100 shares
The
York
the close of business May 13 1936,
comparison with the previous week and the corresponding
in
date last year:
*
May 13, 1936 May
A suets
$
on
1936 May 15, 1935
$
$
hand and due from
United States Treasury.*
3,051,949,000 3,060,886,000 2,147,063,000
1,287,000
1,607,000
1,806,000
97,388,000
95,617,000
65,520,000
Redemption fund—F. R. notes
Other cash t
Total
6,
3,150,624,000 3,158,110,000 2,214,389,000
reserves
Bills discounted: y
Secured
by U.
S.
Govt, obligations,
guaranteed....
direct and (or) fully
1,296,000
1,642,000
1,176,000
1,887,000
1,702,000
2,206,000
2,938,000
2,878,000
4,093,000
1,735,000
7,513,000
1,734,000
1,814,000
7,682,000
6,182,000
68,473,000
480,834,000
180,076,000
68,473.000
113,215,000
481,258,000
179,652,000
468,467,000
729,383,000
729,383,000
744,318,000
741,569,000
741,677,000
756,407,000
.Other bills discounted
Total
bills discounted...
Bills bought In open market
Industrial advances
—
United States Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities..
162,636,000
Other securities
(a) $234,500,000; (b) $76,044,000;
Foreign loans on gold
(d) $28,204,000.
Total bills and securities
New
—
York "Times''
INSTITUTIONS
NOT
BUSINESS
IN THE
FOR
NATIONAL
THE
AND
Gold held abroad
97~666
Due from foreign banks
Federal Reserve notes of other banks—
Uncollected Items
—
Bank premises
All other assets
-
CLEARING HOUSE WITH THE CLOSING
WEEK
STATE
ENDED
FRIDAY,
MAY
8,
1936
Total assets
-
6,852,000
145,932,000
10,851,000
29,081,000
259~6O6
"""27l"to66
4,352,000
3,769,000
127,454,000
157,026,000
10,849,000
28,166,000
11,780,000
30,656,000
4,085,006,000 4,070,867,000 3,174,298,000
BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc, and
Investments
Manhattan—
$
Grace National
26,459,800
Sterling National
19,954,000
Trade Bank of N. Y.
4,678,835
Other
Notes
Res. Dep.,
N. Y. and
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
S
Cash,
Including
Bank
$
$
97,000
665,000
219,157
4,664,800
3,709,000
963,889
2,452,900
1,642,000
109,844
F. R. notes in actual circulation
$
29,949,100
22,983,000
4,903,408
Brooklyn—
People's National
3,221,000
95,000
1,352,000
TRUST COMPANIES—AVERAGE
698,000
4,821,000
FIGURES
777,855,000
786,980,000
650,083,000
Deposits—Member bank reserve acc't.. 2,561,117,000 2,524,216,000 2,044,960,000
U. S. Treasurer—General account...
228,066,000
263,145,000
2,257,000
30,689,000
Foreign bank
30,649,000
6,938,000
Other deposits
221,829,000
—
217,936,000
187,723,000
Total deposits
....———
Deferred availability items—
Loans
Res. Dep.
Cash
N.
Invest.
Manhattan—
$
Empire
Federation
Fiduciary
Fulton
Lawyers
United States
...
Y. and
Elsewhere
$
S
57,711,100
9,006,983
11,890,827
19,700,300
30,003,500
70,601,901
*4,217,400
164,319
*1,099,241
*2,716,100
*8,360,000
12,189,565
93,544,000
32,708,038
2,969,000
2,453,089
7,055,800
869,772
1,132,554
715,400
2,831,700
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
$
3,184,100
1,144,209
S
18,021,558
61,686,600
9,357,879
11,860,381
19,286,200
38,996,900
71,387,317
32,961,000
9,601,287
246,000 122,403,000
39,430,330
632~200
F.
of
total
reserves
7,744,000
8,849,000
3,979,000
59,376,000
49,964,000
6,064,000
7,500,000
5,351,000
4,085,006,000 4,070,867,000 3,174,298,000
to
deposit and
R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Industrial ad¬
vances
50,903,000
50,825,000
7,744,000
8,849,000
3,901,000
Total liabilities
Ratio
3,041,701,000 3,035,946,000 2,241,878,000
143,230,000
125,641,000
154.082,000
50,901,000
50,825,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies.
All other liabilities
Disc, and
82.5%
82.6%
76.6%
10,330,000
10,333,000
7,329,000
j
3.000
t "Other cash" does not include Federal Reserve notes
or a
bank'
own
Federa
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
*
Includes amount with Federal Reserve
%
follows:
These are certificates given by the United States Treasury fo i th 1 gold taken
from the Reserve banks when the dollar was on Jan 31, 1934, devalued from
over
cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as pro Jhby il1 Treasury
under the provisions of the Gold Reserve Act of 1934.
100
as
Empire, $2,745,000; Fidu¬
ciary, $788,505; Fulton, $2,504,800; Lawyers, $7,594,400.
.
following shows the condition of the Federal Reserve
1936;
publishes regularly each week
returns of a number of banks and trust
companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended May 8:
OF
or
for each 50c. of the amount of such div.
571,936,000
March
Includes deposits In foreign branches as follows:
The
Grand National Films for each
Electric Shareholdings Corp.,
86 conv. pfd. opt. div. ser. ww
«*ioooenths of one sh. of com. stk., or at the opt. of holder 8134 in cash.
48,745,000
45 ,939,000
d860 ,529,000
trust companies, March 27, 1936.
$87,588,000;
Corp., opt. 83 conv. pref. ser. 1929, l-32d of one sh. of com.
opt. of the holder 75c in cash.
New
38,010,000
84,598,000
14,308,000
21,662,000
464 ,325,000
3,435, 200
68,456, 900
(c)
accu¬
Printing pref. div. of 1-5 sh. of pref. stock for each share held
at the
or
Payable in U. S. funds,
5,646,000
32,487,000
157,243,000
12,530,000
67,625, 800 cl,918 615,000'
Bankers Trust Co
National,
h On account of
Blue Ridge
p Pathe Film Corp. stock div. of 1 sh. of
5 shs. of Pathe Film Corp. common held.
City
9,
497 ,416,000
10,929, 400.
612,480,000
Lincoln
n
o
stk.
Gold certificates
177,277, 300 &1.349 ,481,000
official reports:
j
Advance-Ruinely, liquidating stock div. of 34 sh. of Allis-Chalmers
stock on each share of Advance-Riimely capital stock held.
m
Less tax.
.
90,000,000
per
g Payable in scrip,
Payable in preferred stock.
common stock,
mulated dividends,
x
9
32,935,000
21,000,000
As
Payable in stock.
e
/ Payable in
Time
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
*
com¬
stock per share of convertible preference stock, optional series of 1929,
or, at the option of the holder, in cash at the rate of 81.50 for each
share of convertible pret rence stock, optional series of 1929, so held.
mon
so
u
Average
Guaranty Trust Co
Total
have been made:
Deposits,
370 ,600,000
25,431, 700)
40,707, 000 al,393 ,144,000
448 ,315,000
51,725, 400
500,000
The following corrections
c
d A regular quarterly dividend on the convertible preference stock,
optional series of 1929. of Commercial Investment Trust Corp. has been
15
Average
6,000,000
150,270,000
Transfer books not closed for this dividend.
a
30
Deposits,
and
20,000,000
127,500,000
20,000,000
Fifth Avenue Bank
20
June 20
Bank of New York at
YORK
Bank of Manhattan Co..
Chase National Bank
June
July
July
Condition of the Federal Reserve Bank of
York
Bank of N. Y. & Tr. Co.
Continental Bk. & Tr. Co
Apr. 20
May 20
June
...
b A special dividend payable in common stock at the rate of 1 share for
each 5 shares held has been declared on the common stock of Commercial
Investment Trust Corp., payable June 1 to holders of rec. May 18.
15
S
Irving Trust Co
Nov.
Nov.
June
Wrigley (Wm.) Jr. (monthly)
Monthly
Youngstown Sheet & Tube, preferred
19
Net Demand
Members
National City Bank
Chemical Bk. & Tr. Co..
15
20
15
15
15
Aug.
Aug.
guarterly
xtra...
30
June
Undivided
Capital
June
Wool worth (F. W.) (quar.).
10
20
15
15
Profits
♦
Clearing House
June
Extra
Weekly Return of the New York City
Clearing House
OF
June
May
May
May
May
June
(quar.)
q
Preferred (quarterly)
West Jersey & Seashore RR. (s.-a.)
6% special guaranteed
Westland Oil Royalty Co., class A (monthly)..
STATEMENT
16
June
declared payable in comm m stock at the rate of 3-104ths of 1 share of
2Hc
Virginia Coal & Iron (quarterly)
VogtMfg. (quarterly)
Vulcan Detinning, preferred (quarterly)
May 15
May 15
Weyenberg Shoe Mfg., 7% preferred
1
Is. fid.
Ventures, Ltd., initial
June
June
June
Wheeling Electric, 6% preferred (quar.)
Whitaker Paper, preferred (quarterly)
Whitman (Wm.) & Co., 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)
26
Feb 1'
June
July
Extra
26
Nov.
of Record
Weston Electrical Instrument, A (quar.)
Westvaco Chlorine (quar.)
June 20
$1 %
6% preferred (quar.)
6% preferred (quar.)
quar.)
15
May
4
May 27
July
3a
May 15
Vanadium-Alloys Steel Co.
Van Raalte Co., Inc., common
1st preferred (quarterly)
Holders
June 20
50c
July
July
May
h% 3
(quar.)..
United States Playing Card (quarterly)
June
$2X
Common
Preferred
15
May 15
July
50c
United New Jersey RR. & Canal
(quar.).
United States Freight Co. (quar.)
i
United States Pipe & Foundry Co. common
(qu.)
Common (quar.)
Extra
June
54c
3291
Name of Company
May 29
May 29
May 15
58 l-3c July
June
54c
_
Vick Chemical Co.
June
25c
June
91 H
58 1-3 c June
6.36% preferred (monthly).
6.36% preferred (monthly).
6% preferred (monthly).,
6% preferred (monthly).,
Chronicle
3292
Financial
Chronicle
May
1936
16
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the Board of Governors of the
Federal Reserve System on Thursday afternoon, May 14,
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
whole in comparison with the figures for the
seven
Wednesday.
on
The first table presents the results
preceding weeks and with those of the corresponding
The second table shows the
resources and liabilities separately for each of the twelve banks.
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
Reserve note statement (third table
returns
for the latest week
in
appear
our
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 13.
May 13, 1936 May 6,
on
$
Redemption fund (F. R. notes)
U.
by
$
12,451,000
324,928,000
....
Total reserves
—
Bills discounted:
Secured
1936 Apr. 15 1936 Apr.
1936 Apr.
8
1
1936 Mar. 25 1936 Mar 15, 1935
•>.'
$
$
hand & due from U.S.Treas.x 7,729,834,000 7,703,337,000 7,703,833,000 7.663.838,000 7.664,835.000 7,665,346,000 7.665,345.000 7,665,840.000 5,791,839,000
ASSETS
Gold ctfs.
1936 Apr. 29 1936 Apr. 22
1936
$
$
13,377,000
322,087,000
12,942,000
13,741,000
342,255,000
339,651,000
$
3
13,736,000
341,744,000
13,732.000
336,358,000
14,864,000
350,037,000
14,873,000
353,632.000
20,063,000
235,981,000
8,067,213,000 8,038,801,000 8,056,426,000 8,019,834,000 8,020,315,000 8,015,436.(100 8,030,246,000 8,034,345,000 6,047,883,000
»
S.
Govt,
obligations,
direct and(or) fully guaranteed.
3,531,000
2,292,000
2,489,000
_
--
U. S. Government securities—Bonds
Treasury notes
.......
Treasury bills.
...
Total U. S. Government securities
2,858,000
2,465,000
3,021,000
2,249,000
4,584,000
5,323,000
5,270,000
6,193,000
5,502,000
7,254,000
6,065,000
6,655,000
4,677,000
29,963,000
Total bills discounted...
Bills bought In open market
Industrial advances
2,097,000
2,487,000
4,781,000
:
Other bills discounted-
4,676,000
30,170,000
4,684,000
30,319,000
4,682,000
30,039,000
4,690,000
30,313,000
4,688,000
30,257,000
4,674.000
4,674,000
30,501,000
4,705,000
.1
3,713,000
2,480,000
2,886,000
2,616,000
3,338.000
2,727,000
4,489,000
2,765,000
30,363,000
3,124,000
26,546,000
333,542,000
265,708,000
265,693,000
265,723,000
265,785,000
265.691,000
265,687,000
265,711.000
265,687,000
1,547,849,000 1,549,461,000 1,554,889,000 1,554,889,000 1,554,895,000 1,554,894.000 1,554,889,000 1.554,893.000 1,541,653,000
555,160,000
615,167,000
609,667.000
616,717,000
609,667,000
609,667,000
609,667,000
609,667,000
609,667,000
2,430,259,000 2,430,336,000 2,430,279,000 2,430,341,000 2,430,249,000 2,430,252,000 2,430,243,000 2.430.271,000 2,430,355,000
*
Other securities.
181,000
181,000
181,000
181,000
181,000
181,000
181.000
181,000
Foreign loans on gold
Total bills and securities.....
2,469,861,000 2,469,947,000 2,470,786,000 2,470,513,000 2,471,626,000 2.470.880.000 2,472,715,000 2,471.692,000 2,468,261,000
Gold held abroad.....
"
24O~66O
Due from foreign banks..
Federal Reserve notes of other banks
Uncollected Items...™.
..........
Rank premififis
-
All other assets...—
Total assets
.
"""640",666
631T600
"~633~66O
633~566
034*000
650,656
650*666
694",000
22,936,000
595,188,000
48,050,000
39,764,000
19,813,000
519,305,000
48,048,000
38,495,000
19,664,000
522,097,000
48,031,000
38,093,000
22,870,000
564,780,000
48,017,000
36,731,000
22,125,000
696,196,000
48,006.000
36,286,000
16,762,000
501,570,000
48.004,000
37,396,000
17,690.000
558,332,000
47.885.000
36,868,000
19.311.000
16,506,000
527.356,000
47,865,000
35,973,000
582,111,000
49,690,000
44,077,000
U,243,252,000 11,135,049,000 11,155,728,000 11,163,378,000 11,295,187,000 11,090,682,000 11,164.386.000 11,137,192,000 9,209,222,000
-
LIABILITIES
F. R. notes In actual circulation.
3,762,028,000 3,778,880,000 3,741,690,000 3,748,576.000 3,761,762,000 3,781,039,000 3,772,016,000 3,732,333,000 3,154,374,000
....
Deposits—Member banks' reserve account 5,611,072,000 5,531,998,000 5,506,314,000 5,441,618,000 5,333,048,000 5,161,317,000 5,077,088,000 5.059,147,000 4,822,322,000
U. S. Treasurer—General account.....
34,693,000
621,759,000
679,209,000
712,424,000
577,985,000
964,390.000 1,085,687,000 1,146,565,000
829,731,000
18,733,000
Foreign banks......................
81,851,000
83,356,000
86,116,000
63,441,000
64,576,000
53,826,000
71.622,000
84,226,000
Other deposits
248,418,000
263,437,000
278,147,000
269,214,000
267,161,000
275.801,000
280.758,000
266,517,000
273,948.000
Total deposits
6,539,800,000 6,499,045,000 6,547,026,000 6,509,372,000 6,497,363,000 6,471,277,000 6,493,377,000 6.546,089,000 5,124,166,000
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
...
.....
Reserve for contingencies....
All other liabilities
Total liabilities..
Ratio
of
total
reserves
595,878,000
130,721,000
145,501,000
26,513,000
34,114,000
8,697,000
511,668,000
130,652,000
145,501,000
26,513,000
34,110,000
8,680,000
521,228.000
130,657,000
145,501,000
26,513,000
34,108,000
9,005,000
560,830,000
130,697,000
145,501.000
26,513,000
34,104,000
7,785,000
691,750,000
130,707.000
145,501,00<
26,513,001
34,102,00(
7.489,000
494,186,000
130,699.000
145,501.000
26,513,000
34,107,000
7.360,000
577,946,000
554,751,000
130,715,000
145,501,000
26,513,000
514,646,000
130.724.000
34,105.000
34,105,000
146,660,000
144,893,000
19,939,000
30,810,000
7,408,000
7,281,000
10,434,000
145.501,000
26,513.000
11,243,252,000 11,135,049,000 U,155,728,000 11,163,378,000 11,295,187,000 U,090,682,000 11,164,386,000 U,137,192,000 9,209,222,000
to
deposits and
F. R. note liabilities combined.....
78.3%
78.2%
78.3%
78.2%
78.2%
78.2%
78.2%
78.2%
73.1%
26,014,000
25,842,000
25,576,006
25,607,000
25.670,000
25,664,000
25,048,000
25,421,000
18,515,000
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
16,000
Maturity Distribution of Bills and
Short-term Securities—
$
$
$
-15 days bills discounted
6-30 days bills discounted
31-60 days bills discounted
3.044,000
615,000
782,000
86,000
254,000
4,781,000
5,323,000
394,000
3,282,000
445,000
401,000
3,274,000
671,000
280,000
3,339,000
4,676,000
1,652,000
255,000
521,000
760,000
26,775,000
1,669,000
232,000
557,000
767,000
26,945,000
29,963,000
Total bills discounted
-15 days bills bought in open market...
6-30 days bills bought in open market
1-60 days bills bought in open market...
1-90 days bills bought in open market
146,000
3,639,000
38,000
695,000
276,000
622,000
4,677,000
61-90 days bills discounted
Over 90 days bills discounted
4,584,000
574,000
315,000
506,000
556,000
$
3,670,000
28,000
756,000
2,877,000
32,000
709,000
740,000
226,000
30,170,000
$
$
S
$
4.099.000
252,000
253.000
S
5,008,000
920,000
925,000
5,181,000
403,000
125,000
985,000
568,000
583,000
560,000
546,000
938,000
319,000
222,000
5.270,000
6,193,000
5,502.000
7,254,000
6,065,000
6,655,000
775,000
639.000
380,000
3,062.000
368,000
2,798,000
529.000
777,000
697,000
575,000
1,567,000
449,000
2,998,000
483,000
554,000
2,083,000
364,000
750,000
1,410,000
2,150,000
282,000
420,000
1,009,000
2,994,000
4,684,000
4,682,000
4,690.000
4,688,000
4,674,000
4,674,000
4.705,000
1.716,000
267,000
424,000
584,000
27,328,000
1,676,000
251,000
440,000
581,000
27,091,000
1,580,000
343,000
372,000
537,000
27,481,000
1,580,000
1,676,000
161,000
1,243,000
479,000
356,000
486,000
27,699.000
252,000
27.303.000
1,609,000
329,000
311,000
499.000
27,615,000
24,291,000
30,319,000
30,039.000
30,313,000
30,257,000
30,363.000
30,501,000
26,546,000
723,000
-
4,530,000
128,000
47,000
3,714,000
221,000
59,000
915,000
168,000
Over 90 days bills bought in open market.
Total bills bought in open market
1-15 days industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
...
Total industrial advances
1-15 days U. S. Government securities..
16-30 days U. S. Government securities..
31-60 days U. S. Government securities..
61-90 days U. S. Government securities..
Over 90 days U. S. Government securities
Total U. S. Government securities
354,000
438,000
682.000
304,000
25,806,000
21,710,000
40,257,000
27,106,000
7,164,000
21,010,000
19,200,000
9,200,000
24,000,000
24,000,000
27,106,000
41,103,000
20,400,000
21,710,000
19,200,000
21,010,000
25,806,000
20,080,000
94,376,000
87,663,000
221,534,000
103,586,000
49.806,000
48.816,000
44,080,000
47,506,000
115,847,000
71,082,000
74,488,000
94,376.000
87.663,000
189,680,000
144,744,000
119,037,000
103,576,000
135,762,000
2,134,570,000 2,134,500,000 2,215,015,000 2.219,374,000 2,220,316,000 2.238,260,000 2,255.851,000 2,267,428,000 1,937,781,000
2,430,259,000 2,430,336,000 2,430,279,000 2,430,341,000 2,430.249,000 2.430.252,000 2,430,243,000 2,430.271,000 2,430,355,000
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities...
Over 90 days other securities
""
*"""181*666
isi~666
"""i8l"666
181*666
18 i~66o
"'*181*565
*181*660
181,000
Total other securities
"""l8l"666
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.. 4,042,174,000 4,037,156,000 4,012,215,000 4,031,692,000 4,041,109,000 4.050,111,000 4,029,102,000 4,009,450,000 3,420,316,000
Held by Federal Reserve Bank..
280,146,000
In aotual circulation
_
_
258,276,000
270,525.000
283,116,000
279,347,000
269,072,000
257.086,000
277.117.000
265,942,000
3,762,028,000 3,778,880,000 3,741,690,000 3,748,576,000 3,761,762,000 3,781,039,000 3,772,016,000 3,732,333.000 3,154,374,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfS.
on
hand & due from U.S. Treas.
By,'eligible paper
U. S. Government securities..
...........
.......
Total collateral
*
x
1,056,140,000 1,042,903,000 1.029,903,000 4,045.343,000 4,045.343,000 4,024,343,000 3,990,843,000 3,996,843,000 3,288,479,000
3,846,000
5,091,000
3,928,000
4,575,000
4,190,000
3,859,000
5,298,000
3,272,000
3,483,000
57,000,000
60,000,000
226,500,000
59,000,000
69,000,000
68,000,000
67,000,000
48,000,000
46,000,000
1,105,623,000 1,094,175,000 4,090,831,000
"Other cash" does not include Federal Reserve notes.
These
are
t Revised figure.
certificates given by the U. S. Treasury for the gold taken over
Jan. 31,1934, these certificates being worth less to the extent of the
of the
Gold Reserve Act of 1934.
4,109,1^9,000
4,118,918,000 4.096,202,000 4,063,141,000 4,060.033.000 3,520,070.000
.
from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents on
difference, the difference itself having been appropriated as profits by the Treasury under the provisions
Volume
Financial
142
Chronicle
Weekly Return of the Board of Governors
3293
of the Federal Reserve
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Phila.
RESOURCES
*
$
%
%
Gold certificates
from U.
on
Cleveland Richmond
$
BANKS
hand and due
Atlanta
Chicago
$
%
System (Concluded)
AT
$
St.
CLOSE
OF
BUSINESS
Louis Minneap. Kan. City
S
$
MAY 13 1936
Dallas
San Fran.
$
$
$
S. Treasury
7,729,834,0 503,070,0 3,051,949,0 389,942,0 551,729,0 260,068,0
199,457,0 1,510,183,0 216,957,0 165,764,0 224,249,0 139,543,0 516,905,0
Redemption fund—F. R. notes..
12,451,0
2,365,0
1,287,0
244,0
516,0
691,0
1,954,0
279,0
278,0
1,008,0
1,074,0
473,0
2,282,0
Other cash *
324,928,0 30,348,0
97,388,0 41,588,0 29,384,0
18,733,0
9,861,0
41,650,0
7,175,0 17,222,0
14,237,0
5,116,0
12,226,0
Total
reserves
Bills discounted:
Sec. by U. S. Govt, obligations,
direct & (or) fully guaranteed
8,067,213,0 535,783,0 3,150,624,0 431,774,0 581,629,0 279,492,0
211,290,0 1,552,112,0 232,202,0 173,217,0 242,545,0 145,132,0 531,413,0
2,292,0
2,489,0
Total bills discounted
Bills bought In open market
Industrial advances
U. S. Government securities:
298,0
1,296,0
64,0
1,642,0
4,781,0
Other bills discounted
362,0
2,938,0
46,0
346,0
60,0
46,0
350,0
1,735,0
473,0
441,0
2,845,0
7,513,0
5,249,0
1,809,0
68,473,0
20,755,0
23,973,0
12,834,0
480,834,0 116,163,0 143,602,0
180,076,0 40,202,0 50,450,0
76,874,0
27,008,0
265.693,0
17,956,0
1,547,849,0 103,395,0
616,717,0 36,326,0
Total IT. S. Govt, securities. 2,430,259,0 157,677,0
Other securities
181,0
Total bills and securities
foreign banks.
240,0
Uncollected items
22,936,0
595,188,0
48,050,0
39,764,0
„
Total resources
96,0
9,0
121,0
2,0
191,0
3,830,0
50,0
.
146,0
130,0
61,0
1,464,0
133,0
133,0
328,0
941,0
1,723,0
1,140,0
164,0
581,0
87,0
811,0
2,118,0
520,0
11,019,0
66,002,0
23,188,0
13,492,0
14,498,0
81,316,0
28,392,0
45,345,0
15,747,0
28,415,0
321,164,0 123,200,0
138,0
180,0
383,0
,
76,836,0
122,540,0
47,0
336,0
13,013,0
170,209,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
318,0
26,995,0
19,347,0 21,918,0
55,984,0 131,289,0
19,669,0 46,124,0
75,590,0 116,844,0
95,000,0 199,331,0
181,0
2,469,861,0 161,234,0
Fed. Res. notes of other banks
50,0
2,0
50,0
4,677,0
Treasury notes
Treasury bills
Bank premises
All other resources
60,0
29,963,0
Bonds
Due from
346,0
741,569,0 183,188,0 220,335,0 120,783,0 101,184,0
323,913,0 123,809,0
77,261,0 118,229,0
97,239,0 201,117,0
•
18,0
385,0
60,912,0
3,113,0
257,0
97,0
6,852,0
145,932,0
10,851,0
29,081,0
22,0
21,0
607,0
44,059,0
57,507,0
5,080,0
6,525,0
10,0
2,349,0
52,470,0
2,919,0
3,924,0
1,508,0
1,037,0
2,657,0
8,0
27,0
1,573,0
19,865,0
2,284,0
1,365,0
2,591,0
85,234,0
4,0
2,092,0
26,826,0
4,830,0
2,452,0
509,0
270,0
3,0
835,0
15,069,0
7,0
1,177,0
32,378,0
1,531,0
424,0
3,360,0
279,0
7,0
16,0
484,0
22,611,0
1,525,0
32,325,0
|
820,0
1,334,0
3,580,0
290,0
11243252,0 761,702,0 4,085,006,0 668,654,0 870,182,0 459,060,0
337,569,0 1,969,216,0 387,655,0 268,340,0 397,975,0 267,818,0 770,075,0
LIABILITIES
F. R. notes in actual circulation.
3,762,028,0 341,240,0
777,855,0 281,884,0 372,229,0 172,558,0 161,039,0
871,831,0 160,987,0 113,974,0 142,039,0
75,404,0 290,988,0
Deposits:
Member bank reserve account. 5,611,072,0 292,404,0
2,561,117,0 271,462,0 369,686,0 186,301,0 109,733,0
U. S. Treasurer—Gen'l acc't..
577,985,0
29,642,0
29,234,0
30,689,0
6,005,0
221,829,0
7,841,0
1,921,0
7,757,0
266,517,0
Total deposits
31,174,0
6,239,0
228,066,0
84,226,0
Foreign bank
Other deposits
595,878,0
130,721,0
60,786,0
143,230,0
57,831,0
49,281,0
9,372,0
9,902,0
2,874,0
50,901,0
12,322,0
12,561,0
4,655,0
50,825,0
13,406,0
4,231,0
14,371,0
1,413,0
293,0
8,849,0
3,901,0
3,000,0
3,111,0
5,186,0
3,448,0
1,268,0
813,0
612,0
204,0
145,501,0
26,513,0
34,114,0
Reserve for contingencies
AU other liabilities
8,697,0
Total liabilities
11243 252,0 761,702,0
Ratio of total res. to dep. & F. R.
note liabilities combined
9,780,0
3,091,0
1,881,0
7,744,0
42,132,0
1,007,0
2,529,0
7,437,0
93,374,0 176,526,0 123,729,0 368,261,0
32,274,0
29,148,0 31,373,0
2,024,0
2,443,0
5,818,0
2,445,0
30,318,0
4,411,0
2,090,0
1,803,0
12,408,0
968,916,0 188,740,0 130,127,0 213,333,0 157,125,0 417,860,0
18,847,0
4,229,0
84,794,0
12,023,0
5,616,0
21,350,0
754,0
15,397,0
1,391,0
27,682,0
3,763,0
4,655,0
546,0
2,516,0
7,573,0
893,0
178,0
1,338,0
389,0
1,470,0
232,0
2,988,0
3,149,0
1,003,0
32,874,0
3,951,0
3,613,0
24,874,0
38,150,0
3,796,0
10,160,0
3,783,0
9,645,0
1,142,0
1,252,0
844,0
179,0
1,328,0
256,0
1,121,0
1,849,0
302,0
4,085,006,0 668,654,0 870,182,0 459,060,0 337,569,0 1,969,216,0 387,655,0 268,340,0 397,975,0 267,818,0 770,075,0
78.3
79.1
82.5
72.8
74.5
70.8
69.2
84.3
66.4
71.0
68.3
62.4
75.0
26,014,0
2,917,0
10,330,0
326,0
1,522,0
2,398,0
374,0
79,0
1,929,0
94,0
590,0
582,0
4,873,0
to make Industrial
advances
*
913,976,0 144,503,0
42,069,0 34,271,0
29,825,0
2,951,0
6,539,800,0 335,822,0 3,041,701,0 310,866,0 408,460,0 222,460,0
144,390,0
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Commitments
1,783,0
30,591,0
3,710,0
1,858,0
"Other cash" does not include Federal Reserve
notes.
,
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Aoent at—
Total
Boston
New York
Phila.
$
$
Federal Reserve notes:
$
%
Issued to F.R. Bk. by F.R. Agt
4,042,174,0 358,114,0
Held by Fed'l Reserve Bank..
280,146,0
16,874,0
Chicago
%
$
St.
Louis Minneap. Kan. City
$
$
%
Dallas
San Fran
$
%
83,047,0 329,551,0
7,643,0 38,563,0
3,762,028,0 341,240,0
777,855,0 281,884,0 372,229,0 172,558,0 161,039,0
871,831,0 160,987,0 113,974,0 142,039,0
75,404,0 290,988,0
4,056,140,0 376,617,0
3,483.0
362,0
46,000,0
890,706,0 296,000,0 387,500,0 189,000,0 151,685,0
1,721,0
346,0
60,0
46,0
915,000,0 156,632,0 120,000,0 156,000,0
2,0
128,0
119,0
14,000,0
84,000,0 333,000.0
32",000*6
4.105.623,0 376,979,0
In actual circulation
on
892,427,0 296,346,0 387.560,0 189,046,0 183.685,0
915,000,0 170,634,0 120,128,0 156,119,0
84,381,0 333,318,0
hand and
due from U. S. Treasury
Eligible
Atlanta
%
908,137,0 168,786,0 118,129,0 154,486,0
36,306,0
7,799,0
4,155,0
12,447,0
held by Agent as se¬
curity for notes Issued to bks.
certificates
$
877,688,0 295,849,0 384,383,0 182,779,0 181,225,0
99,833,0
13,965,0
12,154,0
10,221,0 20,186,0
Collateral
Gold
Cleveland Richmond
paper
U. S. Government securities..
Total collateral
381,0
318,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
items of the resources and liabilities of the
reporting member banks in x01 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the
Reserve bhnks themselves.
The comment of the Board of Governors of
the Federal Reserve
System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks
for a week later.
The
statement
beginning with Nov. 6, 1935, covers reporting banks In 101
leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
so as to show additional Items.
The amount of "Loans to banks" was Included heretofore
partly In "Loans on securities—to others" and partly
deposits—adjusted" represents the total amount of demand deposits standing to the credit of
individuals, partnerships, corporations,
associations. States, counties, municipalities, &c., 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 domestic banks.
The Item "Borrowings"
represents funds received, on bills payable and
rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise
specified, less cash items reported as on hand or in process
of collection which have been deducted from demand
deposits.
also been revised further
In "Other loans."
The Item "Demand
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES,
Federal Reserve District—
Total
ASSETS
Loans and Investments—total
%
1,020
Outside New York City
on securities to others
•
Loans
(except
banks)
on
Phila.
Cleveland Richmond
212
$
S
1.218
9,512
1,177
10
991
72
900
Chicago
$
$
$
St.
$
11
26
BY DISTRICTS. ON MAY 6, 1936 (In Millions of
Atlanta
Louis Minneap. Kan. City
$
1,802
597
537
2,838
19
15
3
6
42
146
213
65
51
208
*
$
$
632
374
6
2
62
3
Dallas
San Fran.
$
627
Dollars,
$
445
2,138
3
2
16
41
2
3
2,083
Acceptances and com'l
Loans
New York
S
21,897
Loans to brokers and dealers:
In New York City
Boston
bought.
Loans to banks
154
29
44
341
43
162
21
6
7
5
32
10
7
24
1,146
paper
real estate
85
2
22
248
65
185
23
22
67
40
6
16
22
367
1
9
7
4
1
170
101
3
68
3
4
3,509
306
1,319
178
U. 8. Govt, direct obligations
207
106
136
412
107
124
129
8,847
402
125
360
3,815
321
845
Obligations fully
280
200
1,506
242
144
1,278
237
18
168
570
687
103
65
37
39
158
51
14
43
36
144
262
76
77
401
107
48
125
48
368
269
130
63
763
103
46
75
226
Other loans
guar,
by U. S. Govt.
1
Other securities
3,360
171
1,367
310
Reserve with Federal Reserve Bank..
Cash in vault.
4,458
228
2,246
194
370
122
64
14
Balance with domestic banks
31
16
10
58
11
5
11
2,242
134
9
19
190
146
215
148
143
392
118
87
1,383
264
77
171
234
575
89
111
39
39
106
24
18
25
27
253
Other assets—net
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
115
14,260
968
6,685
744
981
379
293
2,042
381
236
5,076
298
433
329
789
995
274
715
194
171
815
174
119
144
754
16
229
119
57
1,058
58
41
43
138
9
3
19
27
114
231
2,357
296
324
201
191
774
230
111
355
171
250
5,491
379
9
3
1
1
5
850
26
369
22
15
27
7
37
11
4
2
231
4
326
1,604
224
334
88
86
346
83
56
89
77
322
Borrowings.
348
-
-
-
-
1
-
11
—
Other liabilities
Capital account
3,540
May 16, 1936
3294
Stock and Bond Sales—New York Stock Exchange
YEARLY
DAILY, WEEKLY AND
Occupying Altogether Sixteen Pages—Page One
only transactions of the day. No account Is taken
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the
the range for the year.
of such sale In computing
United
States
Below
we
furnish
Home Owners'
bonds and
Securities
Government
York Stock
a
on
the
Transactions at the New York Stock Exchange,
New
Daily, Weekly and Yearly
Exchange
daily record
the transactions in
of
1
^
,
Monday
of
point.
a
■
Friday
117.23
117.23
Low.
117.21
117.21
Close
117.21
117.23
2
7
High
107.23
107.24
107.25
Low.
107.20
107.21
107.22
107.24
107.24
107.20
107.24
107.25
107.24
107.25
107.27
3
58
5
6
9
3
High
112.26
112.27
112.31
113.1
Low.
112.24
112.27
112.29
112.31
Close
112.26
112.27
112.31
113.1
:•
!
v.. ■.
3
40
Total sales in $1,000 units
4s, 1944-54
Total sales in $1,000 units...
117.26
117.29
346,000
486,000
6,688,000
7,079,000
528,000
903,000
1,171,000
571,000
7,924,000
1,095,000
600,000
7,219,000
9,935,000
9,619,000
$35,657,000
$5,675,000
$2,643,000
$43,975,000
993,000
.
117.30
117.20
117.26
117.27
117.28
Sales at
117.22
117.26
117.27
117.30
New York Stock
14
3
57
2
107.26
107.27
13
■ta.—'-.
107.26
Jan. 1 to May 15
Week Ended May 15
-
1935
1936
1935
1936
Exchange
4,581,090
8,264,005
230,019,873
89,942,134
Government
$2,643,000
$11,066,000
113.2
State and foreign
113.1
Railroad and industrial
5,675,000
35,657,000
49,363,000
$122,200,000
136,519.000
1,208,800,000
$355,383,000
151,505,000
799,914,000
111.3
111.3
$43,975,000
$69,825,000
$1,467,519,000
$1,306,802,000
111.3
111.3
Total. J
-------
9,396,000
111.8
Close
Bonds
111.11
111.2
Stocks—No. of shares.
6
53
111.3
Low.
High
3^s, 1946-56......
961,000
5,830,000
5,740,000
8,193,000
113.1
Total sales in $1,000 units
3Ks, 1943-45
Total...
107.27
Close
4Ms, 1947-52
117.21
Sales
$3,435,000
$112,000
$552,000
$2,771,000
5,199,000
4,581,090
Thursday-
High
Treasury
Bond
985,390
-
9 May 11 May 12 May 13 May 14 May 15
Daily Record of U. S. Bond Prices May
Total
States
Bonds
1,391,430
Tuesday
Wednesday
*■
.
United
State,
Miscell. Municipal &
For'n Bonds
Bonds
341,610
677,750
599,120
585,790
Saturday
Quotations after decimal point represent one or more 32ds
and
Number of
Shares
Week Ended
May 15 1936
Treasury certificates on the New York Stock
Exchange.
Railroad
Stocks,
Loan, Federal Farm Mortgage Corporation's
*.'\m
•mim
111.10
'm *»'-
r
"
1
6
Total sales in $1,000 units
23
W -,
*.
~
'
Stocks and Bond Averages
'
High
Low.
3^8. 1943-47--—
108.4
108.3
108.2
/
108.3
108.4
Close
;
Total sales in $1,000 units...
2
High
104.11
-
:
^
108.3
1
—
104.15
Below
108.6
^
—
m.
108.6
^
m
14
«
104". 15
108.6
mm>
-
104.18
104.18
104.21
Low.
104.11
104.11
104.12
104.15
104.16
104.18
Close
3s, 1951-55
104.11
104.15
104.15
104.16
104.18
15
16
9
5
104.31
105.1
105.3
105.5
105.7
Low.
104.30
105
105
105.5
105.6
104.31
105
105.1
105.5
105.7
105.8
Total sales in $1,000 units...
5
'
w—
_
—
1
15
65
High
108.21
of representative
Low.
'
1
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
108.18
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
"
Low.
-
Close
W
„
-
M
«.
1
—
—
108.18
1
May 15.
151.60
45.21
30.19
54.24
105.76
111.66
84.43
105.90
101.94
108.29
109.1
May 14.
151.49
44.99
30.18
54.16
105.51
111.51
84.41
106.03
101.87
109.1
May 13.
147.90
43.72
29.18
52.73
105.36
111.20
83.78
106.01
101.59
108.29
109.1
May 12.
146.70
43.29
29.01
52.30
105.39
111.14
83.38
105.80
101.43
May 11.
146.85
43.38
28.93
52.34
105.39
111.18
83.41
105.78
101.44
May
147.85
43.75
29.19
52.73
105.36
111.08
83.70
105.71
101.46
"
—
-
—
—
__
'
«.
—
_
—
'
108.27
108.27
\rn.m,
-
.
'
Total sales in $1,000 units...
2
Date
108.29
108~27
High
Total
20
108.18
108.21
Total sales in $1,000 units...
3Ma. 1941-43
10
30
-——
—
108.21
Close
2%B, 1940-43
10
113
26
Bonds
Stocks
—
■
■
m
—
*
1
1
-
High
105.28
105.28
105.27
105.30
106
Low.
105.25
105.25
105.26
105.27
106
Close
105.28
105.27
105.26
105.30
106
Total sales in $1,000 units...
7
3
3Hs, 1946-49...
,
•
;
13
105.24
105.25
Low.
105.22
105.24
105.24
105.25
2
26
Cllse
Total sales in $1,000 units...
wmmmw.
United Staftes Treasury
Rates
■
-
108*25
108.28
108.29
108.25
108.24
108.28
108.25
108.28
108.29
108.29
1
2
17
107.17
107.14
107.20
'
Total sales in $1,000 units
:
'
.
...
High
107.10
Low.
107.14
Bid
107.10
107.12
107.17
107.14
107.17
107.10
107.14
107.14
107.17
107.14
107.20
June
60
8
11
1
7
June
High
101.31
102
102.17
102.2
102.5
102.8
June 17 1936
Low.
101.28
101.29
101.31
101.30
102.4
102.4
JnnA ft4 1936
Close
101.29
102
102.1
102.2
102.5
102.5
July
1 1936
24
34
67
119
84
July
High
103.8
103.11
103.11
103.11
103.13
103.15
July
15 1936
Low.
103.4
103.10
103.10
103.10
103.10
103.12
July
22 1936
Close
103.8
103.11
103.11
103.10
103.13
103.13
July
29 1936
Total sales in $1,000 units...
2%B, 1945-47
Total sales in
22
$1,000 units...
4
High
101.28
102.2
23
73
21
52
34
102.3
102.2
8 1936
Aug.
5 1936
Aug. 12 1936
102.6
102.5
Low.
101.28
102
102
102
102.4
102.5
Aug. 19 1936
Close
101.28
102
102.2
102.3
102.4
102.5
Aug. 26 1936
$1,000 units...
5
2%B, 1948-51...
High
3^8. 1944-64
Total sales in
Federal Farm
104.6
104.11
104.9
104.13
104.14
Low.
Federal Farm Mortgage
104.6
104.11
104.9
104.13
104.14
Sept. 2 1936
Sept. 9 1936
Sept. 16 1936
Sept. 23 1936
Close
Total sales in
104.6
104.11
104.9
104.13
104.14
Sept. 30 1936
2
$1,000 units...
21
12
...
26
103.2
Low.
102.26
102.30
103
103.4
Close
102.26
103
103.2
103.4
$1,000 units...
2
Mortgage
High
Total sales in
102.26
103
High
3s, 1942-47
Total sales in
103.25
103.27
103.22
103.23
103.26
103.25
103.27
103.27
8
35
5
103.27
Low.
Mortgage
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
-
Nov.
Dec
Jan. 20 1937
0.20%
0.20%
Feb.
Nov. 18 1936
Nov. 25 1936
....
.
Dec.
2^8, 1942-47
_
Dec. 23 1936
Dec.
Total sales in
3
102.11
102.14
6 1937
Jan.
13 1937
Jan. 27 1937
102.11
102.9
102.12
102.14
102.12
102.14
102.11
25
102.9
15
113
27
103
102.22
102.25
102.27
102.29
102.29
102.20
102.22
102.25
102.25
102.28
102.29
102.22
102.24
102.26
102.29
102.28
102.29
$1,000 units...
2
55
71
17
11
84
High
101.17
101.19
101.19
101.21
101.23
101.24
Low.
101.13
101.15
101.17
101.18
101.20
101.16
101.19
101.19
101.21
101.21
37
53
116
44
15 1936...
Dec.
15 1939—.
101.15
Mar. 15 1941.„
June
15 1940...
Sept. 15 1936...
15 1940...
Dec.
Mar. 15 1940...
June
101.19
15 1939...
Rate
IX %
IX %
IX %
IX %
IX %
ix %
IX %
ix%
2X%
High
101.10
101.15
101.19
101.20
Low.
101.8
101.12
101.15
101.17
101.18
100.27
Asked
101.10
101.15
101.15
101.19
101.20
100.29
Sept. 15 1938
...
1 1938.__
Bid
5
23
1
92
8
1
•
104.11
104.18
2%%
2 X%
2%%
104.7
104.9
102
102.2
105.7
105.9
102.15
102.17
102.30
101.11
101.13
Feb.
101.26
101.28
Dec. 15 1936.—
101.9
101.11
June 15 1938
101.13
101.15
Feb.
15 1937—.
101.2
101.4
Apr.
15 1937...
3%
3%
101.11
101.13
Mar. 15 1938.-.
3%
105.4
105.6
101.31
102.1
Aug.
101.5
101.7
103.19
103.21
3^%
3M%
104.15
104.17
1 1936
Sept. 15 1937.
Bid and asked prices; no sales on this day.
t Companies reported in receivership.
a
above
table
includes
only
sales
of
coupon
Deferred delivery
n
New stock,
r
Transactions in registered bonds were:
Cash sale.
x
2
Treasury 3Ks, 1944-1946
6
Home Owners' Loan 3s,
Ex-dividend.
V
Ex-rights.
...107.13 to 107.13
1952
103.26 to 103.26
Asked
2X%
..
FOOTNOTES FOR NEW YORK STOCK PAGES
101.19
$1,000 units...
32ds of
Int.
Rate
Maturity
101.19
Close
bonds.
Bid
64
2AB, 1942-44
Note—The
or more
101.22
47
Home Owners' Loan
Tota* sales in
June
101.22
Close
$1,000 units...
2'Ab. series B, 1939-49..
Total sales in
•.
Int.
Maturity
Mar. 15 1939...
Low.
Home Owners' Loan
one
;
Close
Total sales in
1937—
....
[High
3s, series A, 1944-52
3
Feb. 10 1937----
0.20%
point.
a
102.15
$1,000 units...
Home Owners' Loan
30 1936
Jan.
2
30
102.11
Close
:
9 1936
16 1936
Figures after decimal point represent
103.26
103.26
Low.
Mortgage
2 1936
Dec.
Hi
Federal Farm
4 1936
Nov. 10 1936
Indebtedness, &c.—Friday, May 15
103.26
[High
$1,000 units...
28 1936
Quotations for United States Treasury Certificates of
103.7
103.5
1
Close
Federal Farm
103.5
103.5
11
21 1936
Oct.
103.7
103.6
28
14 1936.
Oct.
1
2
7
10
103.4
3s, 1944-49
11
108
Oct.
0.20%
0.20%
10 1936
2%B, 1955-60
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
31936
1
Asked
Bid
7 1936
Oct.
0.20%
0.20%
0.20%
0.20%
0.20%
May 27 1936
107.10
Close
:
Asked
0.20%
0.20%
0.20%
0.20%
May 20 1936
Total sales in $1,000 units...
3Ms, 1944-46
Bills—Friday, May 15
for discount at purchase.
3
107*15
are
108.26
Close
quoted
108.29
Low.
High
3Ks, 1941
9.
40
36
High
3Ks, 1949-52.
|
averages
the New York Stock Exchange
105.6
Close
.
on
compiled by Dow, Jones & Co.:
as
105.8
High
3s, 1946-48
(
daily closing
5
Total sales in $1,000 units
!
the
stocks and bonds listed
104.21
3
are
103
Abbott,
Proctor
consolidation of
Members
and other
in
Exchange
and
leading exchanges
NEW YORK
Volume
LIVINGSTON
CHICAGO
New York Stock
LOW
SALE
PRICES—PER
SHARE.
NOT PER
INDIANAPOLIS
May
Monday
Sales
CENT
*42
*113
*60%
Friday
the
May 13
May 14
May 15
$ per share
$ per share
$ per share
$ per share
Shares
*42
47%
*42
47%
115
*113
115
64
*61
66
10%
10%
*23%
*2484
*234
25%
27ft
*113
10%
10%
46
46
*43
*113
115
*113
47%
115
63
*61%
10%
47%
45%
46
115
115
*61
62
62%
*61%
10%
10%
10%
107ft
1034
107ft
24
*23%
23%
24%
27ft
23%
24%
234
23%
23%
24%
234
23%
25%
Lowest
10
-
*
Par
Abraham & Straus
No par
Preferred
100
Acme Steel Co
—
"4,200
Adams
25
Express
Preferred
59%
25
*23%
247ft
*23%
24%
24S4
*234
5934
24
25
3
*234
27ft
5834
4
4
95
*90
59
4
*90
14%
*3%
3
21%
5834
4%
14%
14%
434
*3%
3
3
3
22
20%
37ft
95
14
*90
14
14%
*3%
434
3
27ft
22
59%
37ft
*90
14%
484
*234
59%
37ft
95
24
*3%
27ft
.
21
20%
*21
22
*19
*21
22
*19
21
20%
31
31
32
31
31%
20%
20%
31
3384
30%
184
24%
8%
*70
34%
30%
185%
21
*18
31%
185% 185%
25
24%
8%
19%
*27
4084
*20%
*27S
4134
22%
3%
20%
*3
*34%
367ft
*35%
367ft
*27g
3%
367ft
96%
95
97
92
95.
*5034
52
425ft
51%
42%
51%
43%
5Q
43
51%
42%
*68%
*43%
70
069
47
126
127
127
43%
126
164% 164%
*3134
58
*46%
127
8884
*3284
*8
323ft
58%
47%
127
8884
57
9
24
24
22%
22%
90%
334
90%
11%
11%
4
7
7
31%
31%
*13
14
28
28
*153ft
16%
6
6
*35
38
*3884
*3%
39%
*19%
97ft
33g
127
42%
3
3
3%
3%
*35%
9134
37
*35%
36%
93%
50%
43
43
44
*21%
22
74%
21%
21%
10%
*10%
40
95ft
97ft
9%
50%
43%
19%
5084
49%
507ft
44
42%
43%
20%
197ft
1934
*
10
161
~26%
27%
*100
107% *100
103%
20
20%
*19%
*19%
*27
27%
27%
27%
74
7634
75%
76%
*144% 1447ft *144% 1447ft
IO684 IO684 *106
IO684
*62
24
*104
*29%
22%
22%
15534
*22%
15534
92
92
*92
9%
*
23
20
20%
*10134 110
77ft
77ft
24
19%
102
58
56%
78
1
*4%
4%
5%
4%
55
*26%
33%
29
337ft
27
70
44
75
75
62
62
..
24
2484
113
*107
112%
29%
29%
29%
52
52
51%
135
♦1327ft 135
2284
*22%
22%
156% 155% 156%
93
92
20%
8
56%
1
4%
4
4
55
*26%
327ft
93%
64
*137%
237ft
112
29%
52%
135
22%
156
9134
92%
64
29%
52%
135
22%
1567ft
93
29%
29%
129
129
42
*39
42
197ft
65
10%
5134
53
3,100
44%
45
5,100
18,800
20
161
1034
20%
161
2284
159
92
94%
65
*64
137
2284
162%
93
27
110
111%
900
54
54
2,200
136
136
200
28%
23
227ft
160% 162%
9234 9284
94
9484
144% *142
*141
*40
55
26%
32S4
26%
33%
*40
*24
327ft
55
28
337ft
*40
*24
3334
55
28
*40
*24
34%
35%
39
19%
97%
11%
97%
98
98%
97
97%
97
97
97
99
11%
*10
*10
11
1034
1034
3734
3784
106% 106%
5
*72
49%
107ft
*118
5%
*109
49%
11%
For footnotes see
3734
*118
page
115
48%
107ft
3294.
48%
11%
*109
49%
11%
3,200
2,000
2,000
300
2,000
700
1034
IO84
38
38
88
120
*118
120
*118
120
30
108
108
*196% 107
900
115
49%
1134
47ft
72
*109
38
5
5
7234
72%
115
51%
54
1134
12
*109
53%
11%
38%
5%
72%
5 Ji% conv
Feb 18
Feb 18
Feb 18
Feb 5
84
Apr
74
Sept
13U Oct
1% June
186
Apr
34 Mar
23ft Mar
Oct
7434 Nov
1178 Deo
100i2 Dec
3714 Nov
243ft Dec
Dec
83ft Feb
20%
173
Nov
23ft
Dec
Sept
g20% Jan
74
4
Dec
187
Apr
134 Mar
33ft
145ft
14%
143ft
65ft Apr
33% Deo
2
Mar
Dec
Dec
Deo
--50
3538 Jan 21
60i2 Apr 6
28i2Mar 11
55ft Jan 24
12
Mar
75%
3778
14
Mar
2234 Nov
1934May 13
2v8May
12,400
400
115
100
..No par
100
No par
"2" 600
12
2,800
3
2
11534 Feb 24
Feb 14
Apr 30
575ft Apr 27
31
Jan
11434
Jan 14
875ftMay 11
...No par
No par
preferred
10
1
Amer Hawaiian SSCo
non-cum
100
Corp-No par
Amer Power & Light—No par
$6 preferred
No par
$5 preferred
No par
Am Rad & Stand San'y-No par
Preferred
100
American Rolling Mill
25
Amer Safety Razor—-No par
American Seating v t c-No par
Amer Shipbuilding Co.No par
Amer Smelting & Refg-No par
Preferred
100
2d preferred 6% cum—-100
American Snuff
-25
Preferred
100
Amer Steel Foundries,.No par
Preferred
100
American Stores
No par
Amer Sugar Refining
100
Preferred
100
Am Sumatra Tobacco—No par
Amer Telep & Teleg—
100
10
27
124
Preferred
Preferred
Am Water Wks &
preferred
No par
Woolen..—No par
——100
Preferred
1
{Am Writing Paper
Preferred
Amer Zinc Lead &
...
No par
Smelt—1
--25
25
Copper Mining..50
pref
24
893ft jan 21
18
Apr 30
253ft Jan 2
Oct
Jan 14
178
14%
Oct
Oct
9
Mar
32
Mar
15
Feb 13
357ft Mar 20
Feb
18% Mar
4% Apr
13% Mar
6
72
Jan
z24
Jan
13% Mar 26
607ft Apr 7
527ft Apr 7
273ft jan 4
Apr
116i2Mar
27
6
Feb 19
Mar
5
5
5684 Jan
7
13612 Jan
3
104
Jan
9
108.
57i2 Mar
1333ft jan
6
7
143
20i2 Apr 30
4
1
48U Apr 30
6
205ft Mar 21
149i2 Apr 30
Mar 13
88t2 Mar 13
2
434 Apr 30
May 13
191ft Apr 28
9234 Jan 3
784 Apr 28
5484 Apr 30
7ft Apr 8
4ift Apr 30
37ft Apr 20
44
Jan
2
26
May
5
Mar 23
73i2 Jan 22
li2 Mar
10% Mar
83ft Mar
10% Mar
134% Mar
1584 Mar
66
Aug
Aug
67ft Nov
40
Nov
38% Nov
47ft Jan
37s4
113ft
2784
75%
33%
125ft
32%
130%
36%
Feb
Nov
Nov
Deo
Nov
Dec
Dec
Nov
Nov
95ft Nov
49% Aug
41% Aug
25% Deo
159
Sept
323ft Nov
Mar
9584 July
4% Mar
217ft Deo
26% Jan
20
Mar
3158 Apr
645ft
Deo
121
Feb
144
10158
Dec
117% Aug
May
Jan
76
June
Feb
143
July
88
Feb
113
Deo
32% Dec
50% Dec
43
Jan
36
Jan 29
6058 Mar
3
1417ft Jan 29
263ft Jan 28
178
Feb 14
102i2 Feb
6
104
6
150
Feb
Mar 17
8i2 Jan
35
2
Jan 10
63
124
Dec
18% Jan
9878 Mar
72% Apr
7484 Mar
129% Jan
2% Mar
9
Mar
2514 Apr
10478May
lli2 Feb
9
5
7084 Feb
1
47ft Mar
35% Mar
5
58 Mar
2
10
Feb
1
Jan 10
784 Mar
46
2
2684 Mar
par
97
Aug
30
Deo
16% Apr
37
107ft Sept
175ft
Feb 15
5
Jan
52
Aug
122% July
7
36
117
97
Jan
484 Jan
66I4 Jan
2
84
Jan 28
Aug
Apr
3% Apr
55% May
Jan 14
125
Jan 28
85
4
Dec
96% Oct
3% Mar
Jan 13
625ft Mar 23
578 Dec
109
110i2 Jan 20
738 jan 25
Mar
11'4 Deo
Mar
3
2
15
IO84 Sept
6884 Nov
25ft Dec
8
Jan
50
Deo
38% Deo
2284 Dec
94% Nov
49
Feb 17
122
Nov
Nov
10%
Mar
15
Apr 30
2% Mar
107
141
Mar
10i8 Apr 30
May 11
Mar
160% Nov
104% NOV
3
Jan 30
37
48
70% Feb
140% May
277ft Nov
31
111
118
7% Mar
25% Nov
2
May 13
9
17
38% Aug
15% Oct
Mar
8
7f2 Jan
9% Deo
9% Aug
42
12
Jan 20
47% Feb 24
34% Aug
9% Dec
3584 Nov,
19% Dec^
9234 Dec
378 Dec
125
28
109
Dec
4
Feb
73i2 Mar 2
31
Apr 2
3984 Apr 16
10514 Jan
33%
335ft Feb 19
117
Apr 14
Jan
Armstrong Cork Co—No par
Arnold Constable Corp
5
/29% Apr
4% Mar
15i2 Jan
100
7
133ft April
35
No par
Apr
Oct
par
$6 conv pref
8%
3
par
par
Mar
28
Anchor Cap—
7% preferred
100
Armour&Co(Del)pf 7 % gtdlOO
Armour of Illinois new
5
378 Mar
6
Anaconda W &
10
84 May
Jan 27
33U Apr 8
9112 Mar 20
15284 Mar 11
20
Mar
23ft Mar
36i4 Feb 28
95i2 Feb 27
297ft Jan 14
34
Jan
June
12
165
Jan
96
18i2 Apr 7
3714 Jan 28
I8I4 Mar 3
7
129
Feb
Mar
26U Apr 30
10784 Jan
27igMay
66
4212 Mar 13
Feb 20
Jan
Nov,
Mar
133
1834 Apr 30
157
136
American
Apr 30
Apr
365ft Feb 20
87
100
Elec.No par
9
Apr 28
7i2 Feb 20
43
—25
25
Founders—No par
May
x35% Jan
-100
Tobacco
Common class B
American
Anaconda
21
115
14
558 Jan 14
1714 Apr 23
95ft Apr 30
23ift Apr 28
66
Apr 28
Dec
Jan
Feb 17
83ft Mar
Dec
Jan
2
934 Mar 26
43
65
Oct
May
8
284 Apr
Mar
3378
38
3
95
Jan
100
168
Mar
5 May
2
145ft Feb 17
247ft Mar
3
pref
1495ft
Jan
10
22% Mar
6% Feb
72
Aug
4112 Mar
6% conv preferred
$5 prior
Jan 20
Jan
15134
25% Mar
Nov
42% Dec
30
Jan
Jan
Amer News. N Y
Preferred
13
34
1384 Feb 13
325ft Mar
37
Corp—No par
Locomotive—No par
Preferred
100
Amer Mach & Fdy Co.No par
Amer Mach & Metals..No par
Amer Metal Co Ltd..-No par
1st
6i2 Apr 30
2934 Jan
12
Apr 30
25
Apr 30
110
1
American
{Am Type
984 Jan
70
Jan
46
Amer Internat
Deo
Jan
Mar
534 Jan
3614 Apr 22
50
Dec
21
No par
American Ice
6%
8i2 Jan
4% Dec
5734 Feb
473s Nov
43
7314 Feb 19
5884 Apr 16
127i8May 12
95i2 Mar
Oct
Oct
48i2 Jan
41% June
128i2May 15
134i2 Jan 2
166i2 Jan 14
Feb 21
Nov
80
4
41
9
40
507ft Mar 28
Feb
245s Dec
June
72
Jan
Apr 28
May
3314 Mar 30
$6 preferred
218 Mar
26
13i2
65
Dec
3% Mar
55% Apr 15
2318 Apr 30
I6I4 Jan
89
Apr
3i2 Apr 30
2d
22i2
42^May 11
10
Corp—20
American Crystal Sugar
10
6% 1st pref.
100
Amer Encaustic Tiling New.l
Amer European Sees..No par
Co
5
Apr 20
6
(Alleg Co).25
Amer Colortype
Am Comm'l Alcohol
9% Mar
47i2 Jan 29
125i2Mar 29
63i4 Feb 11
Jan
30
American Chicle
Preferred
64
1
Apr 20
I
163
Chain
Dec
Sept
June
100
7% preferred
32
173
/49
Fdy—No par
Preferred
American
Jan
Mar
7414 Feb 27
40
25
21
125
283ft Mar 26
124
Preferred
American Car &
2
Jan 31
69
100
American Can
3914 Feb 11
Dec
2312 Mar 12
684 Jan 7
Fdy-No par
pref
Cable.-No
No
320
$6.50 conv preferred-No
400 Andes Copper Mining
1,100 Archer Daniels Mld'ld.No
1,500
11
106% 106% *106% 108%
5
5
47ft
47ft
72%
72% *72
7234
7234
115
3734
120
200
55,500
35%
19%
*10
17,200
"""206
39
11%
980
28
19%
99
1,400
55
39
*110
1,000
15,200
2,400
100
94lg
142
19%
73
80
29
a:3884
115
500
900
400
19
*72
'
14", 300
39
*110
17,900
65
19
119
90
28
♦37
3734
1,000
*137%
19
118
17,900
4,600
34%
121
10
2734
27%
25%
111% 111%
29%
29%
5384
52%
*136
24",400
10%
51%
44%
20%
161
"27%
600
94%
29
106%
2,600
1,800
2,500
*137%
112
500
2,700
129
10
Preferred
Am Brake Shoe &
1,600
IOS4
*39
7% preferred
conv pref
Amer Home Products
2284
*
Alpha Portland Cem__No par
Amalgam Leather Co
1
6%
1034
129
1978
Allis-Chalmers Mfg
Amer Hide & Leather
22%
10
25%
100
IO84
50
No par
100
No par
5% pref
2,200
22%
43
2678
800
1,100
29%
934
No par
Allied Stores Corp
12,000 Amer & For'n Power...No par
3,300
Preferred
No par
10%
21%
49%
42%
161
~26%
100
1,400
39
11
260
6,600
75
*18%
9734
49%
11%
10,600
29
22
Allied Mills Co Inc
Am Coal of N. J
500
2,300
74
*37
*48%
1,300
75
19
5%
300
300
37
5
1,900
3,000
19
38%
1,700
10%
27%
37
106
400
6,400
2O84
19
*119
10,200
26
39
*37
970
*140% 145
144%
*5
5
5
5
5
5
5%
5%
2284
20
22%
23%
24%
22% 24%
21%
21%
20
19%
20%
207ft
20%
20%
21%
*102% 106
102% 102% *102% 106
*102% 106
8%
8%
734
784
8%
77ft
8%
8%
55
55
58%
56
58%
58% 60
5734
%
78
%
%
78
%
%
78
*4%
4%
4%
4%
484
4%
484
4%
4
4
37ft
37ft
37g
37ft
37ft
37g
102
*43ft
92
9234
142
24
*45
19%
*
*19%
10%
18%
*37
10
500
127% 128%
129
1303ft
163% 163%
32
33%
267ft
2784
*100% 107% *100% 107% *100% 105
*100% 105
20
20
21%
20
20
20%
20% 21%
29
*29
29
29
29%
*28
29
28%
7634
78%
7334
75
753ft
763ft
78% 79%
*144% 1447ft 14434 145
145% 14578 *145
1467ft
107
107
*107
*106% 107
*106% 107
107%
*137%
*7ft
*43
20
161
2434
77ft
*55%
9%
49%
42%
42%
"26%
93
92%
92%
92%
*140% 145
*140% 145
*5
*5
5%
5%
23
9%
50%
50%
42%
19%
64
*137%
5234
*51%
51%
*1337ft 135
*1337g
155
20
10%
26%
28%
*128% 129
293ft
19%
10
257ft
10%
10
103ft
10%
28%
28%
28%
28S4
287ft
129
128% 12834 *128
129
*128
42
*39
42
*34%
*37
42
29
113
-
'
75
*29
200
*
75
*104
1,500
American Bank Note
1934
3034
29i2
29i2
457ft
4% Mar
6% Sept
10438 Mar
5212 Nov
116
Feb 14
4,400
10%
25%
Mar 25
45ft Jan 31
Apr
45
44
171ft Jan 23
5% Jan 27
195
103
44%
*68
Mar 25
208
45
70
2
91
7
50
47
2
Jan
617ft Apr 22
618 Apr 1
8
Am
12634 127%
Jan
9
Jan
3,000
*44
Jan
Feb
Allegheny Steel Co
27
51%
*68
Apr 28
Jan
June
Feb 28
98
66,500
131
127% 128% 128
130
131% 129
130%
*161
163% 164
16434 *161
16434 *162% 16434
33
32
31%
32%
3034
32%
31% 3184
58
58
60
60
62
58
62
59%
58
58%
47
48
46%
49%
47%
47%
*47% 48
46% 47
*126
127
*123
127
*123
128% 127
127
127% *123
89
87%
89
8834
88
8834 8834
8884 8834
8884
57
57
57
*3234
♦3234
57
*3234
*3284 57
*3234
*8
9
9
9
87ft
*8%
9
9%
87ft
*8%
24
24
24
247ft
24
23%
24%
24% 24%
2434
22
22%
23%
22%
22%
2234
21% 22%
22% 22%
90
90
90%
90% *90%
917ft
90
*90%
917ft
90%
4%
4%
4%
4%
484
4%
4%
4%
4%
4%
*12
*12
*11%
13% *11%
127ft
1334 *11
127ft
127ft
7
67ft
634
7%
6%
7%
7%
67ft
6%
67ft
33
33
3234
32%
3334
32
32
333ft
337ft
34%
14
*12
14
14
13
13%
13%
13
14%
*12%
28
29
29
287ft
28%
29%
29%
28%
28%
28%
*16
*16
16
16
17%
*15%
*16
16%
17%
16%
6
6
6%
6%
57ft
6%
6%
6%
5%
57ft
38
*35
*35
38
*36% 38
*36% 38
*35% 38
39%
40
39%
40
3934
40
*39%
3934
39%
*39%
3%
3%
3%
*3%
*3%
3%
3%
33ft
3%
3%
74%
21%
100
2 >6% prior conv pt..No par
51%
70
74
Pref A without warr
52%
44
74
100
warr...
75
127
10
100
$40
34
44
*19%
Pref A with $30 warr
Mar 25
2%
123ft
12U
12i2
50
127
20
No par
2
1312 Apr 28
318 Jan 2
No par
Agric Chem (Del) .No par
70
*19
{Allegheny Corp
Jan
Mar 25
195
Amerada Corp
47
20
10
2,800
126% 127
*68
Alaska Juneau Gold Min
2
8434
8
8
58
4% Mar
28
2
91
Apr
3584 Feb 14
Mar
98
*68
June
2H2 Jan
2
Apr 28
73ft Jan
96
*44
Jan
51
30
1,900
192% 194
2484 25
87ft
8%
72
7234
*35%
110
a:l% Jan 14
96
43%
24
64
*50%
50
10%
24%
95
6
32
1
Feb
Highest
share $ per share
Apr 20
157
3%
36%
9
23igMay
per
7434 Feb 10
137ft Feb 21
100i2 Jan 10
No par
*3
8%
71%
41%
20%
50
118
(
Alleg & West Ry 6% gtd.,100
3,200 Allied Chemical & Dye.iVo par
1,300
24
24
32%
21%
10
*62
317ft
Mar 31
llli2Mar 18
59
Apr 28
9% Apr 30
100% jan 2
share
Jan 2
Apr 28
Apr 29
21%
24
*137%
2,300
21
10%
27%
"""206
3234
21
24%
74%
2134
IO84
161
21%
32
per
No par
Affiliated Products Inc.iVb par
Pref A with
4384
10%
*26%
4,200
2134
43
24%
32%
69
127
21%
44
24
*
32
6,000
1,400
5,900
*19
*36
31
3%
42
$
28
A P W Paper Co
No par
Albany & Susque RR Co.. 100
73%
978
24%
10%
*2034 ,21%
47ft
$ per share
22'8 Jan 21
_
"MOO
14%
Year 1935
Lowest
Highest
10
•»
25
207ft
21
19%
31%
2134
27ft
207ft
*19%
*1934
w
8%
72%
4184
24%
*28
*20%
*3%
-
25
4034
1934
96
217ft
21
"14"
m
193
41
*34%
21
3
4
95
32
71
415ft
21
2034
434
Multigr Corp
5,200 Air Reduction Inc new.iVo par
2,600 Air Way El Appliance.iVo par
Ala & Vlcksburg RR Co. 100
60%
191
7078
413ft
207ft
27ft
3
14
Advance Rumely
31
8%
20%
3%
7034
40%
*3%
4
*
No par
1,000
234
188
24%
8%
71
137ft
14%
47g
60%
4
95
Adams Mlllls
Address
31
24%
8
*70
60%
4
*68
95
No par
100
3,500
188
188
24%
8%
*19
31%
185
25
8
71
22
5934
5934
37ft
27ft
600
25
Range for Previous
On Basis of 100-share Lots
EXCHANGE
40
115
62
*61%
10%
3295
Range Since Jan. 1
STOCK
Week
$ per share
$ per share
Thursday
May 11
9
Wednesday
NORFOLK, VA.
2
STOCKS
Tuesday
May 12
Stocks, Bonds, Commodities
RICHMOND, VA.
Record—Continued—Page
NEW YORK
Saturday
orders executed
for institutions and individuals
& COMPANY
CLEVELAND
MONTREAL
142
HIGH AND
Commission
ABBOTT, PROCTOR & PAINE
York Stock
New
Paine
&
Jan
2558 July
4
Mar
Apr
125ft Deo
109
6%
708ft
110
Deo
Jan
jan
Jan
5034
Deo
958
Dec
New York Stock Record—Continued—Page 3
3296
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
Monday
Tuesday
May
May 11
$ per share
9
$ per share
15
Thursday
Friday
the
May 12
May 13
May 14
May 15
Week
$ per share
$ per share
$ per share
$ per share
Shares
15
15
15
15
15U
16
15i4
16
1514
1514
16
108
108
*10478 108
*1047S 108
*94% IO6I4
*9414 106%
14
14
14%
*1312
1378
1334
14
14i4
1434
1412
1478
105
*100
105
10634 *100
*101
10634 *100
105
*101
105
14
*100
*95
115
*95
115
*95
115
*39
44
*38
44
38
38
70%
68i2 70
10012 101%
23
23i4
*11%
14
*13
69%
*11
14
71l2
100
100l2
2234
2334
*11%
14
*13
15
*13
100
100
2384
29
2384
6912
29l2
2878
60
*12514 128
*17l2
1912
32 *
32i2
*6%
7
*3512 3578
■514
538
15
*57i8
104
*37%
42
69%
6934
100% 10058
23
*95
104
*95
42
37
72%
73%
7034
100% 100%
285s
23
23%
*11%
14
*1114
14
15
*14
15%
2778
28%
28%
30
11,300
100% 101
24
2458
*11%
14%
29
29i2
2,400
2438
3,400
Associated
"""loo
4
3
125
*3
12518
*17i2
30i2
1912
32l4
37i2
5i2
3
3%
*5714
*17l2
1938
17%
175g
*17%
19%
*17%
2734
3H2
2778
28i4
2778
3084
31%
6%
*6%
*3514
33
7
53s
37%
5%
3
*3514
5%
3%
3%
27g
27g
33%
1634
33
33%
3
*32%
17%
23%
*57%
125%
7
I
3712
1
60
125
3%
6%
*3514
514
3%
3%
3%
34
*57
60
5718
57i8
125l2 125l2 *125l2 128
7
678
*3512
3%
34
60
7,100
125
Atch Topeka & Santa
Feb 21
Fe__100
59
..100
Atlantic Coast Line RR...100
100
Preferred
Atlantic Refining
25
3%
6%
35%
35%
50
5%
5%
534
5,400
3%
3%
3
*234
3
3
34
33%
17%
36
36
7
3%
1,100
12,600
3
700
37%
2,600
17%
17%
173g
18%
18%
18%
25
*22% 2334
23%
24%
25%
24%
*42
44
*42
43
*42
43
43%
43
43%
*112
114% *112
114
114% *112
114% *112
114% *112
114%
114%
*15
15
15
15%
1538
15%
15%
157g
1534
1534
1584
*15%
91
92
*90
*91% 94%
94% *90%
94%
*90
*90%
93%
93%
18
17%
1734
18
17%
1734
17%
17%
17%
17%
17%
18%
73
*71% 7234
7434
72% 74
73%
74%
73%
73%
72%
72%
*110% 110% *110% 110% *110% 110%
110% 110% *110% 110%
110% 110%
21
21
21
21
207g
*20%
*2034
*2034
21%
21%
*20%
21%
*109% 110%
109% 109% *109% 110% *10984 110% *10934 110% *10934110%
*35
*35
*35
38
38
*35
38
*35
3734
*35
37%
37%
90
*88
89
89
*87%
89
*87% 90
*87% 90
89%
89%
14
14
14
14
i4
14%
*137g
14%
14%
14% *14%
14%
*8884
*8834
*8834
*8884
*8884
8884
8834
27
26%
2634
27%
27% 27%
27%
2634
27%
283g
28%
27%
21
215g 21%
207g
21
21%
21%
21%
2034
21%
21%
21%
*51
51
51
*51%
52%
*50%
52%
52%
52%
52%
5234
5234
48
49
4884 4984
50%
4934
48%
48%
49%
51%
52%
5O84
*17
17
17
17% 17%
17
16%
17%
17%
173g
17%
17%
13,700
2,000
17%
*23%
42
1734
16%
24
42
24
23%
*42
.
300
20
600
20
17,700
111%
110
*110
111%
111
35%
36
*32
35%
*32
16
16
16%
19%
16
35%
16%
*32
16
*18%
19%
*111% 113
*80
90
110
*18%
*111% 113
*80
86
*80
90
*80
1,400
100
4,800
300
46,800
2,400
600
500
1634
2,000
20%
220
107
50
35
Feb 28
20
85
Feb
8
Preferred
5%
16% Apr 28
19
Blaw-Knox Co
No par
Bloomingdale Brothers .No
100
Blumenthal & Co pref
40%
40%
40
40
2734
27%
2734
9,400
Borden Co (The)..
70
72
72
72%
4,300
Borg-Warner
—
—
-
100
Boeing Airplane Co..
5
2,800
Bohn Aluminum & Br
-.5
570
620
Bon Ami class A
No par
Class B
No par
15
10
Corp..
6%
6%
*6%
6%
6%
6%
*6%
7%
300
Boston & Maine
1%
*1%
1%
*134
13%
1%
134
134
134
500
14%
134
14%
46%
46%
10934 Jan 24
85
Apr 28
16% Apr 30
46% Apr 30
93
May 14
39% Jan 3
25% Jan 2
64
Jan 21
6
Apr 27
14%
14%
14
14%
3,400
46
48%
47%
48
8,000
Briggs
53
*52
54
*54
55
53
54
400
Briggs & Stratton
No par
48
Jan
43%
*4234
7%
43
43
43
4234
43
700
Bristol-M y ers Co.
5
41
Jan 17
8
8%
800
Brooklyn & Queens Tr.No par
52%
44
*43%
*7%
4384
38%
38%
*35
4534
46%
101% 102
46
46
102
102
102
45
45
*53%
55
*52
4234
*778
8%
8%
38%
45%
45
8%
*8%
87g
10%
10%
10%
10%
10
14
14
14
14%
*14%
8%
.
8%
10
•
14%
*104
107
106% *104
*103% 110
15
1434
15%
14%
14%
15%
*95
108
*99
108
*101% 108
37
734
37
46%
102
45%
45%
54%
54%
8%
*10
14%
106
15
107
3%
3%
3%
9%
934
3%
9%
2334
9%
2334
24%
23%
24%
23%
24%
*23%
23%
23
7%
37%
*37
37%
46%
46%
46%
102
101% 102
45
453g
54
8%
3934
400
4634
3,800
102
Preferred
No par
33% Jan
40% Jan
2
9734 Feb
4
Brooklyn Union Gas...No par
44%May 11
Brown Shoe Co
52%May 15
45%
2,300
52%
53%
900
No par
834
884
8%
834
8%
1,500
Bruns-Balke-Collender.No par
10%
1434
103g
10%
10%
1,200
Bucyrus-Erie Co
14%
14%
15%
1,400
15%
107
106
*104
15%
*104
1534
15%
108
108% 109
106
15%
108
10
51,700
1,200
3%
934
3%
3%
3%
5,200
1034
10%
10%
25
25%
26%
26
26%
15,500
1,800
23%
23
23%
23%
23%
1,700
3%
934
26
25%
13%
*17%
4%
*17%
*56%
22
18
*10%
*1734
18%
4%
4%
4%
17%
577g
17
18%
*5%
14
*10%
4%
25%
25%
5%
5
5%
25%
5%
14
20
4%
17
438
24%
25%
*56%
24%
25%
31
31
*31%
31%
31%
31%
1
1
1
1
1
1
IO84
3O84
10%
1
11
11
31%
31%
10%
11
*49
*48%
12%
*37%
*12%
*
3034
39
37%
37%
3734
38%
38
150%
137
18
10
Preferred
7%
...5
1st paid rights
Budd Wheel
No par
146
Bulova Watch..
No par
70%
70
22%
22%
22%
*1978
56
*54
56
*54
27%
*3y
40%
26%
*39
27
26%
41
*6%
*39
*634
7%
*100
102
*97% 102
54
54%
54%
5384
13%
13%
*87
89
90
90%
*10184 103% *10134 103%
20
*1984 20%
*1984
102
5334
*13%
89
71%
23%
22%
7134
22%
*21
30%
31
31%
31%
700
1%
2,900
11
11
32
"l2%
38
12%
130
99
*94%
152% 154%
7.700
*137
140
100
Stamped
Preferred certificates
72%
7234
74%
5,000
Caterpillar Tractor
23
23%
23
23%
6,400
Celanese
23%
2334
24%
400
56
56
*54
57»4
60
263j
27%
27
27%
2,400
41%
*39
41%
200
39
7%
*39
734
*6%
*98% 102
7%
*684
107%
107% *101
54
54%
5414
55%
54
55
13%
13%
13%
14%
1334
14%
88
5434 Jan 16
100
Central Aguirre Assoc.No par
Central RR of New Jersey .100
Preferred
100
35
Apr 28
6% Apr 29
20
100
*48
54
300
*44%
52
*44
51
*4438
66
64
64
64
64
64
64%
64%
6434
1,000
5534
55%
55%
1%
55%
55%
56
56%
56%
56%
10,900
100
*1%
2%
*3
*1%
3%
1%
*5
5%
*6
9%
28
28
55%
*1%
*1%
1%
*llo
134
1%
1%
3%
1%
5%
*3
3%
1%
*3%
3%
*3%
3%
1%
1%
*1%
1%
100
*5
5%
5%
100
6
6
*6%
*6%
9%
*5%
*6%
9%
20
*27%
1%
28%
1%
3%
25%
2%
*1%
*3
3%
*3
*1%
1%
*1%
5%
5%
*5
9%
29%
1%
3%
3
3
*7%
1234
43%
1%
7%
1234
4334
134
334
3%
*6
*28
*1%
1%
*3%
3%
1%
3%
3
3
3
*7%
7%
7%
7%
13%
13%
13%
44%
184
4%
37g
3
1%
13%
44%
1%
*4%
4%
3%
25%
3%
25%
24%
24%
44%
44
I84
*334
*3%
*25
2334
For footnotes
27%
3%
384
*3%
*24%
24
see
paste
24
3294
26
24
*1%
*5
1%
*3%
3
7%
13%
*43
*1%
*3%
*3%
*24%
24
5%
9%
26%
1%
3%
Common
Checker
No par
Cab..
5
3
7%
13%
43%
1%
4%
3%
27%
24
Chesapeake Corp
No par
Chesapeake & Ohio
25
tChic & East 111 Ry Co
100
6%
preferred100
Chicago Great Western___100
Preferred
2% Mar
19%May 14
1,300
I84
2,600
JChic
3%
2,300
3%
7%
3%
3%
3%
2,900
7%
*784
8%
600
13%
14%
14%
14%
2,900
Chicago
44
46%
45%
45%
1,500
Conv
1,100
27
1%
1%
1%
4%
4
4
200
3%
3%
3%
eoo
*24*2
27%
*24%
27
100
24
24%
2384
24
1.300
11%
87g
1784
100
Dec
Dec
Dec
Dec
984 Nov
97% Dec
3
Nov
14% Nov
28% Apr 27
334 May
1434 Nov
31% Feb
384 Feb
4
7
8% Mar
24% Nov
284 Jan
33% Feb 13
13% Mar
9
Mar 23
19
Mar 24
24% Mar 23
Jan 10
% July
1
Apr
5% Apr
10
Mar
1% Mar
11% Mar
32
Mar
28
Nov
3% Jan
10% Jan
2?% Jan
3% Nov
20%
Jan
66
Dec
2534 Mar 17
37% Jan 13
30% Aug
1% Feb 10
% July
Apr 13
Feb 19
2% Mar
7% Mar
8% Sept
50
Apr
8%
Oct
June
107
58
Mar
7
Apr 14
Jan
Oct
Oct
Feb
88
Aug
Mar
82%
95
July
83% Apr
22%
Feb 21
Dec
Nov
35% Mar 13
934 Jan 17
17%
56%
1334
40%
Nov
55
57
Jan
14
71% Feb 18
6
1%
684 Oct
33% Nov
48
36% Jan
19% Apr
16% Nov
32% Jan
"42% "Feb
Feb
4% Mar
32%
31% Feb 19
Nov
34
Feb
Mar
6% July
96% Mar
8%
Dec
111% Nov
126% Nov
60
35%
Nov
Jan
21% Nov
6234 Nov
29
May
62% Aug
1238 Jan
109% Jan
Jan
6538
Dec
3% Mar
15%
Dec
88%
Dec
21
Dec
38%
23
Mar
4% Mar
22% Jan
2
59
Jan
2
69% Apr 17
74% Feb 4
51
Jan
2
61
1% Jan
2% Jan
2
3% Jan 13
1
4
6% Jan 15
78 June
% Feb
1% Feb
3%
2%
5%
Dec
1
Mar
9
Dec
19% June
% Mar
z35
Nov
2% Feb 11
3
Jan
5% Feb 11
84 Mar
434
Jan
4% Feb 21
1% June
3% July
5%
10%
Jan
4% Mar
20%
Dec
Mar
5434
Dec
Feb 19
6
3%
1%
Mar
7
tChic
Mar
% Sept
53gMar
3%May
14
8% Feb
1%
384
3% Mar
23
4
3%
*4
4% Mar
8% Mar
6234 Mar
100
_
1%
27
3% July
14% Feb 14
5
384
27
6334 Aug
2% Feb
1%
'
71% Aug
Mar
1% Apr 28
Ind & Louisv pref. .100
Chicago Mail Order Co
5
27
Mar
53
99% Apr 13
104% Mar 7
£21
Apr 29
Mar 13
Dec
4684 Aug
Aug
43
Mar 23
13
4
80% Feb
101
38
100
56% Jan 31
7%
preferred.
100
Champ Pap & Fib Co 6% pflOO
170
May
Dec
65% Jan 15
19% Mar 24
550
14
36% Mar
5%
Jan
1234 Apr 24
103
23%
90
97%May 2
4734 Jan 21
*62
55%
Dec
Cerro de Pasco Copper.No pai
52
65%
Oct
42
1% Apr
Certain-Teed Products.No par
65
50
7
'
*62
55
30% May
12% Mar 5
51% Mar 5
50% Mar 25
104
Apr 7
1,800
*1934
19%
Jan
48% Mar 11
12,400
92
88
103% 103%
19%
30
6
Dec
Dec
234 Dec
17% Nov
5533 Oct
24% Feb
4534 Mar
Jan
21%May 9
19
Apr 30
54
May
1
2538 Jan 6
preferred
8% Apr
70%
878
6
4
64% Mar
69
Apr
17284 Apr 16
142
Apr 22
7834 Apr 15
92% Jan
116
No par
No par
% June
Dec
4
6%May 13
Corp of Am..No par
JCelotex Co
2784 Nov
7
4
Jan
100
4784 July
Jan
334 Mar
85
Jan
91
Dec
Jan
July
Dec
100% Feb 21
934 Feb 19
87
100
Mar
30
8
22%
5978
21
43% Jan 11
18% Feb 24
52% Apr 18
96
Apr 1
Apr 30
Nov
2378 Aug
38
28%
37
8
1
100
Jan
16
1234May
Century Ribbon Mills.No par
103
89
8834
103% 103%
*1938
20%
4
11% Jan 30
3% Feb 14
18% Feb 13
90
10% Jan 20
4534 Jan
100
23
27
6
.1
Carolina Clinch & Ohio Ry.100
Carriers & General Corp
Case (J I) Co...
5%
Jan
10
Preferred A
tr/2
39
87
10
70
1,400
No par
2234
26%
89
137
99
100
7%
7
(Mills
23%
27
10134 10134
*1934 20%
*4478 51
Capital Adminis cl A
200
39%
7%
*100
Cannon
13%
54
54%
13%
500
49%
54
102
38%
49
100
25
16,600
*123,
7%
Canadian Pacillc
12%
13
100
6
83% Mar
40% Apr 2
16% Jan 2
5734 Mar 24
50
7
-Jan 15
30% Feb
6
13
*99
45
Jan
*40
*94%
100% Apr 13
54
13%
7
Dec
30
10% Apr 30
27% Sept
Dec
Canada Southern
100
1434 Mar
90
74
...
57% Nov
6% Mar
39% July
56%May 12
22
Apr 30
30% Apr 30
% Jan 2
1
Jan
Feb 28
.100
No par
15% Mar
34
26% Jan 29
63% Mar 7
99
6
-6% Mar 20
California Packing
Callahan Zinc-Lead
Sept
11% Mar
17
Jan
25% Feb 13
No par
79
114
113
2
Preferred.
108% June
33 % Sept
95
Sept
1434 Nov
117% Mar
24% Oct
2234 Dec
9% Mar
16% Apr 29
Byron Jackson Co
Jan
16% June
103% Jan
28% Mar
No par
2% Jan
Dec
20% Nov
21% Feb 11
Campbell W & C Fdy. .No par
Canada Dry Ginger Ale
5
1,500
4,100
49%
95%
100
8% Jan 2
14% Apr 29
Dec
May
20% Feb 19
13,400
11%
*38
120% Mar 26
48
Apr 6
14
32
383.
*38
Apr 27
2
2% Jan
1434
6634
115
Feb 28
6
11%
12%
5
2
8
Jan
*50
12%
6
Nov
Oct
11% Mar
4
6
11%
11%
Mar
Dec
15% Nov
88
Jan
100%
5
Calumet & Hecla Cons Cop.25
3134
32
10%
3,900
11%
11%
*50
56
*634
120
31
72
69%
22%
*19%
58
24%
137
6%
Byers Co (A M)
24%
150% 154%
100
1,300
*56%
1
25
100
18%
57%
1%
Burroughs Add Mach..No par
tBush Term
No par
Bush Term Bldg gu pf ctfs.100
Butte Copper & Zinc
5
190
24%
1%
1
3,600
57%
1%
No par
No par
? 16
14
113% Feb 24
1578May
114
Apr
Bullard Co
484
24%
139
136
*1234
49%
95%
14%
17
25
137
7
*136
4%
5% Mar
2
2% Jan 20
2% Apr 15
8% Apr 30
11% Jan 10
2034 Apr 28
June
37% Mar
7
8
Sept
10784
Mar
Jan
Jan
18
32
9% Jan
85
6%
25% Dec
49% Aug
106% Mar
3% Feb
20% Feb 14
100
Jan
Dec
7% Mar
7
100
G) Mfg.
7% preferredRights.
7
8%May 13
8% Jan 2
13%May
No par
100
preferred.
Budd (E
Debenture
56%
146% 148
101
7
22%
22%
47%
17%
136
95%
*96
69%
14
17%
138
*94%
16%
434
*1234
13%
50
49%
*94% 95%
*97% 100
7
7%
146
149%
4934
69
*13%
17
*10%
143g
4%
150%
*
21%
*21%
*55%
2634
8
20
31%
12
13%
*16
4%
*49
12%
*1284
20
*30%
10%
12
14
1,600
1034
12%
95%
*9634 101
7%
7%
*6%
10%
*49
~
5,100
5%
1034
12%
*93"
148
30%
10%
11
11
12%
50
*136
1034
11%
31%
26%
434
5%
1634
56%
*24%
*30%
56%
2434
26%
534
25%
*5%
*1034
*16%
167g
56%
*24%
58
26%
14%
25%
*5%
*11%
25%
4
Bklyn Manh Transit..No par
$6 preferred series A.No par
10%
14%
106
4% Jan
4
1,100
45
55%
Manufacturing.A'o par
1% Jan 9
13% Apr 30
43% Apr 30
Burns Bros class A
5%
3
46
46%
52%
*11
Jan
13%
14%
45%
*25%
Apr 30
1434 Apr 28
18%May 8
45%
*14%
54%
100
23
JBotany Cons Mills class A.50
Bridgeport Brass Co ...No par
14%
54%
par
110
Jan
5%
9% Mar
36% Mar
Feb
20
Sept
19% Dec
45% Oct
Dec
Nov
preferred
115
40
72
4584 Apr 30
7% preferred
100
BIgelow-Sanf Carp Inc.No par
Feb
33
(Del)-No par
,406
3
1%
6
May
May
48% Nov
14
90% Jan 28
37
Jan
63
7% Apr
Mar 11
new
£27%
"
6% Feb 24
334 Apr 22
54% Feb 28
24% Feb 21
34% Feb 19
49% Feb 28
117% Feb 3
2034 Mar 19
102
April
z20
Apr 8
76% Apr 8
114% Jan 15
243g Mar
57% Apr
6334 Apr
7
Mar
Mar
28
5% May
16% Mar
Jan
Oct
Dec
35% May
284 July
89%May 5
3134 Apr 15
48
Dec
Dec
Mar
4
9
Beth Steel
Dec
17%
1978
Mar
15
2
Jan 18
92%
37%
3234 Apr
10634 Jan
13% Jan
20
Dec
20%
215g Jan 20
Beneficial Indus Loan. .No par
Best & Co
No par
Dec
60
6
85% Jan
5
Aviation.
44
3
126% Apr 18
30% Feb 14
54% Mar 5
10% Jan 15
46% Jan 24
784 Mar 18
109%May
100
Feb
19% Apr
Bendix
Preferred
*111% 113
Jan
Mar
3534 Mar
66% Mar
Belding Heminway Co .No par
Belgian Nat Rys part pref
6984
53
23%
17,300
100
Beech-Nut Packing Co
Nov
80% Apr
2934
Feb 18
26
Beech Creek RR Co
100
"266
27%
46%
2334
Creamery
684
44%
63% Jan
Jan
Beatrice
40%
69
6
18
300
69
267g
70
3
Jan
Jan 10
Jan
May
27%
407g
27%
Apr
112%
13%
82%
14%
110
112
86
3
100
25
34%
*80
15% Apr 30
Apr 30
21
41% Jan
No par
40%
40%
14%
*23%
5
29% Apr 30
1st preferred...
69%
96%
3%
9%
100
Barn8dall Oil Co
27%
96%
53
9%
2384
100
No par
% conv preferred
40%
4834
46%
3%
6
93
68%
9%
50
Preferred.
Barker Brothers
93
27
3%
.100
Preferred
Bangor & Aroostook
94%
40%
60
100
Baltimore & Ohio
93
70
*53%
*8%
2%May 12
.100
Preferred
95
40%
27%
43%
46%
Apr 3(P
Assented
95
40
46%
3
4934
97
*38%
Baldwin Loco Works..No par
4S34
48
*101% 101%
45% 45%
Apr 30
Apr 9
49
49
8%
3
Bayuk Cigars Inc
1634
86
6% Apr 28
34
4834
48%
1734
48%
Jan 17
17% Apr 30
27»4May 12
Oct
978
90
1834 Nov
109
Sept
7% Mar
IO984 Apr 2
Apr 24
51% Feb 10
86% Apr 13
104% Apr 6
3534 Feb 21
16% Feb 6
18% Feb 6
35% Apr 1
s4 Apr 8
73
2
No par
18%
4934
4884
97%
*734
No par
18%
48%
97%
*43%
-No par
Jan
Del(The)new_3
18%
17%
*1 %
.
Prior A—;
Aviat Corp of
18
17%
21% Apr 24
11
Apr 22
13% Apr 24
27% Jan 2
3,6 Apr 27
30
34%
*19
-
Austin Nichols
*80
18
*6%
1%
20
19%
*111% 113
2
100 2:112
No par
Auburn Automobile
18
17%
6%
1%
112
111% 112
33%
33%
17
16%
9034 Jan
48
No par
86
lfe%
*95
111%
35%
16%
19%
*18%
19%
*111% 113
*111% 113
18
26%
69%
*6%
16%
*18%
2
Apr
48
6
106
Jan
1,700
....
*110
Feb 17
334 Mar
70
May 13
1734 Mar
May 15
Atlas Tack Corp
7%
22% Feb 27
108
37
Preferred
37i2
3
Jan 20
98
Atlas Powder...
12,600
95
106
Preferred
100
19
3134
$ per share
25
300
125
$ per share
100
100
Oil
100
60
Highest
$ per share
12% Apr 30
1
Rights
*57
Lowest
8% Jan
100
Preferred
Associated Dry Goods
At G & W I SS Lines..No par
14
14%
293g
Artloom Corp—i....No par
Highest
$ per share
Par
6% 1st preferred
7% 2d preferred
37
73
70
3,100
104
*37
*13
15
28
2938
*95
Lowest
4,100
*104% 108
Year 1935
EXCHANGE
Wednesday
|
Range for Previous
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
NEW YORK
for
Saturday
1936
16,
May
Jan
2
May 12
12
Jan 31
36
Mar
37% Mar
Apr
61% Nov
53% Dec
2% Jan
Jan
Dec
2538May 13
1% Apr 30
2% Apr 27
2% Apr 29
634May 1
12% Apr 30
31% Jan
56
Feb
6
3
Feb
8
34 July
2%
Jan
7%
preferred100
6%
preferred
100
Chicago Yellow Cab...No par
4034May 4
1% Apr 23
3% Apr 24
3% Apr 28
1934 Jan 2
8
Jan 11
1% Mar
4%
Dec
7% Jan 10
1% July
4
Dec
2 334May 11
9% July
Sept
1984
Chickasha
3134
Dec
Milw St P & Pac.No par
Preferred
100
Chicago & North
Western. 100
Preferred
tChic
100
Pneumat Tool.No par
preferred
No par
Rock Isl & Pacific.. 100
Cotton Oil.
10
6
12% Feb 21
20% Jan 2
3184 Apr
30% Jan
1
6
20
25
Jan
Jan
Volume
HIGH
New York Stock Record—Continued—Page 4
142
AND
LOW
SALE
PRICES—PER
Sales
SHARE, NOT PER\CENT
STOCKS
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May
May 11
May 12
May 13
May 14
May 15
$ per share
$ per share
$ per share
$ per share
Shares
9
$ per share
7*2
*28i4
94
7i2
30i2
95
*17l2
1778
*81
82
6*4
7U
*28i4
925g
17l4
82
65s
7U
714
*28i4
6i2
*83
....
*84
73g
7i8
17ig
30i2
9378
17i4
81
30i2
95i8
176s
8212
81
*28i4
92i4
17ig
*80i2
578
9184
6
658
/35i2
3512
87i4
*85i2
*47J2
...
7i2
*28i4
9312
17i2
7i2
•
30i2
9314
173g
82
6I4
33
32j8
33
10834 10834 *108
32
33
*3212 33i8
*10778 110i8 *10778 109i8
*35
37i2 *35
3734
82
7i2
75g
734
1,300
30i2
*28i4
95", 700
*17i4
30i2
96i4
1712
*81
8234
96
18
82
...
55g
27
558
3038
27
33i4
33i4
32
*2734
*19
*114
*3214
*43
17
30
317g
514
32
*86
89
5734
58l2
*112
11258
8034 8112
112
10812 10812
173g
17I2
2i2
2h
6234 6234
*75s
8i4
35
35ig
17i2
87
36
34ig
3458
36ig
3538
108i2
HOig *1083s 10834 *108
37
3512 3512
3714
3612
3612
*83
87
*83
*83
87
79
5l2
5i2
27
27
55s
27h
3284
33
3234
3234
27
27
28i2
28i2
20
878
29
*19
24
24
116
*116
116
116
33
4438
17
100
100
*86
89
5634
*86
5714
112
112
33
33
*32i8
*43
*43ig
4414
17
1634
17i8
*997g 10U2 *100
5684
89
*86
1134
8034
8112
112
108
108
10784 IO8I4
258
88
1113g
113
212
iooi4
11134 III84
80
7914
79
113
17i2
177g
57l2
8H2
17i4
44
5714
11178 1127g
10812 109
1714
175g
212
234
7934
33l2
1714
2i2
112
58i4
*11214 1127g
io8i4 108i2
18
17i2
25g
278
17i2
234
17
18
18
18
18
18
1,100
22
*17
10U
10U
21
21
9
9
87«
9
9
75
71
71
*6814
73
77
77
76
76
*76
77>2
8412
*70
84i2
*70
*70
8412
*45g
*16ig
17
434
1634
2812
29
8412
514
1714
29
285g
5
105u 10514
45g
45s
12
10514 10514
45g
45g
lia4
12ig
123g
*105
106
*105
714
7l2
*678
7J2
38
*2
%
h
*3ig
35s
195g
106
7
*70
514
17i2
2878
512
175g
1134
12
2914
105ig 10514
45g
45g
*105
38
h
h
3ig
3ig
3i2
18i2
13
33g
*1834
1584
1314
15s
176s
1784
1714
18
17ig
17j2
13
1284
1234
13
1314
13
168
1®4
185s
18
15s
134
168
77g
*7U
17
158
35
35
35
25
2534
53
52i4
52i2
46i2
46i2
46i2
*100
101
*15s
100
178
*1012
11
1s4
1034
1034
*96
97
97
*1012
37«4
11
3734
*18l2
1834
103i2 10312
6ig
143g
*48"
373g
18
8
8
100
102
1*4
6I4
6
1458
14
*48"
47I2
*7i2
4734
76
77
8U
4714
8l2
74
1034
1012
11
96
96l2
3714
1818
3714
18
10384 10334
6
63g
1434
2984
23
*37i2
1514
2312
38i4
155g
6
*5ig
135
*128
*2912
2234
37&g
*45g
8I4
"*5"
15
15
*52
56
*50
337g
2214
223g
2158
5518
5534
*8ig
834
5384
*8is
5438
55
553s
*3U8
*1134
7534
45g
*1384
*100
15
21
21
65s
103g
105g
6i4
6
1334
14
57
58
53
53
46
46
*101
105
6I4
*7i2
6ig
1434
54
48i2
8
*
54
49
49
*7l2
74l2
75
*2914
2984
23
38
15ig
63g
6I4
1514
143s
7384 *_
*48"
73
2314
39i2
8i2
*48"
37l2
13,600
4912
8i2
"""766
6,800
100
6I4
57
__.5
Continental Steel Corp.No par
Corn Exch Bank Trust Co .20
Corn Products Refining
Preferred
25
100
2
3
7
>3)6May 14
18
Preferred
(The)....
Cudahy
162
Class
102
78i2 Feb 20
I68i2 Apr 15
Mai 27
Jan 27
4
618 Jan
63i2 Jan
7
4
Jan 15
1012 Jan 6
Apr 23
No par
60
63g
2714
.
.
163
16334
16312 16334
3H2
32
*6
6l2
3358
337g
11178 11178
103g
10&8
6i8
6ig
133g
1334
55i2
56i4
50i2
3294.
51
*6l4
164
11434
22
6,
164i2
16312 16334
315s 3134
*6
3384
63s
3414
11134 112
IOI4
6
133g
55
505g
14114 143i2
12934 12934
11414 11434 *11412 II484
Co.
Preferred..
Corp
*21
63g
22
6l2
21
63g
21
63g
800
165i2 166
*163i4
33
3234
33~I2
638
*618
65g
3578
36
355g
2,900
1,010
4,500
16434 16512
164
32
63g
3414
164
*11134 112
105g
6ig
137g
105g
6512
5112
6lg
20
11
iii84 112
100
7,100
250
107g
iii4
7,800
6ig
6i4
2,000
42,900
5,400
4,100
14
6i8
1478
1414
147g
57l2
60
59
6o84
52
5412
54
5434
9914 Nov
7
Jan
2012
-Dec
Dec
287g Mar
84 Jan
15i8 Mar
4478 Dec
234 Nov
35
Dec
4I84 Mar
6984
Dec
105
Jan 30
1034Mar
41
115
4
Feb 18
60
Oct
783g July
165
148l4
4i8
3578
II84
23i2
43i2
74i2
3i2
Sept
Mar
Jan
Mar
Mar
48
Nov
100
Dec
14
Mar
38
Oct
Mar
Jan
Mar
9
6
44i2 Jan 14
2414 Apr 13
Feb
4
9i4 Mar 11
2118 Mar 9
90
47i2 Apr
5ig July
4012 Jan
37
Dec
15
Mar
89i2 Mar
2
Mar
6I4 Mar
Jan 21
73
Mar
May
75g Dec
3978 Mar
1938 Dec
4878 Nov
9ig
8i2
8034
47i2
2434
10514
45g
1214
Dec
Dec
Dec
Dec
Dec
May
May
Jan
Nov
June
Dec
Dec
*95
Nov
June
75
Nov
Mar
47
Dec
6
June
10i2 Dec
52
Jan
7
89i4 Apr
6
2234 Mar
27
Jan
2
31
Feb
7
19
10
1912 Apr 28
3684 Jan 20
1478 Apr 30
26
Mar
6
187g Dec
23i2 Mar
5834 Nov
28
Sept
24l2 Dec
43i2 Jan
.
pref .100
100
Detroit Edison
43g Jan
128
4
May 12
52
Feb 20
23i8 Feb 20
93g Feb 7
1918
Jan
Feb
5
Dec
Mar
130
Dec
65
May 12
45
Apr
45
Jan 24
Apr 29
Apr 7
Devoe & Raynolds A ..No par
Diamond Match
No par
42
Jan 10
3378May
2
40i2 Jan 25
Participating preferred—25
Distil Corp-Seagr's Ltd No par
38
8
42
Dome Mines Ltd
Dominion Stores Ltd.-No par
100
1
Dunhill International
I8I4 Apr 30
345g Jan
2
33
56*4May
Jan
5i2 Jan 10
78 Mar 11
Us Jan 6
5
May
1
Apr 30
6I4 Apr 30
156
Apr 28
158
Jan 27
2812 Jan 6
534 Apr 28
3
3084 Apr 27
IICI4 Jan 23
10
Apr 30
Electric Power & Light-No par
584 Apr 29
638 Jan 2
6
Preferred
100
Electric Boat
Elec & Mus Ind Am shares
$7
preferred
No par
$6
preferred
No par
3284 Jan
29i2 Jan
503s
41
Jan
Nov
7584 Jan 30
37
32
Dec
Mar 26
13i2 Mar
187g Mar 26
63g Mar
I84 Jan 15
i4 June
1
Dec
3
i4 June
13g
Dec
Jan 15
8i4Mar
9
Mar 11
Feb
Jan
Deo
34ig Jan
684 May
17i2 Mar
6
1178 Jan 23
18
Apr 30
Apr
6
19
41i2 May
38i2 Dec
445g Dec
125g Jan
5838 Dec
11534 Feb 14
8
100
No par
8
7
Feb
Eastman Kodak (N J) .No par
No par
Apr
Mar 23
133
129
(The)
68
112
I)&Co_20
Eitingon Schild.
213g Jan 31
I8I4 Jan 17
115i2 Jan 31
153
Apr 8
133i8 Apr 1
6% non-voting deb
.100
Duquesne Light 1st pref—100
5
2
6
14
6% cum preferred
Eaton Mig Co
3
Mar
114
Eastern Rolling Mills
Jan
Aug
518 Oct
35i2 Aug
26i2 Jan
343a Jan
100
Hosiery Mills pf.100
10
1*2
41i2 Jan 2
784 Apr 28
.
No par
Du P de Nemours(E
Mar
65
4
100
11
Feb 17
15
No par
Jan
153
60
Elec Auto-Lite
Jan
16
Delaware Lack & Western. .50
Denv <fe Rio Gr West
Durham
69
6234
61
Duplan Silk.
160
Dec
Dec
Dec
6
100
Preferred
300
23i8
1178
17g
®8 Apr
46U Jan
6
..No par
Duluth S S & Atlantic
ii'soo
Dec
4i2 Mar
Mar
Preferred..
129&S 1295g
22
984 Mar
6
*21
38 Aug
70i2 Jan 27
5
6
11434 *114
Dec
Dec
8I4 Dec
13g Nov
65
No par
Jan
14i2
Dec
Apr 15
4314 Jan 6
7H Apr 27
Inc
Jan
*137g
638
1214
10H8
20
Cutler-Hammer
Convertible class B__No par
*114
5
6334 Apr 15
477g Apr 28
104
29
....
27i4May
May 14
18
May 7
99i2 Mar 13
37
15
140l4 143
6
3778 Jan 10
102
*12
*137g
73gMar
7
15
*114
10518 Nov
Mar
1001? Dec
2i2 Jan
14
*11
1434
Feb
Jan
Mar
Jan
15
*100
7i2
Jan
2218 Feb
34s4 nov
5
50 &8
1434
July
May
May
Feb
4
Dresser(SR)Mfg conv ANo par
..
Mar
18i2 Feb
1414 Mar
Douglas Aircr Co Inc. .No par
2,400
7
Jan
100
184
2u2 nov
Nov
1
20,100
6i4
Feb
9
4
76
200
*114
6I4
Dec
1018 Apr 28
1
""700
184
Oct
11
4534 Nov
278 Feb
3278
63g
14l2
71
Mar
2
57i2
6
29ig Jan
578 Mar
10514
2i8
*3214
*114
Oct
Jan
Nov
27
6
33i2
134
3
Mar
571g
684
Jan 14
3
li2 Jan
—1
Davega Stores Corp
Deere &
3812 Feb 11
Apr 8
69
Apr 30
95i2 Apr 29
pref.-100
3414
3914
2534
5378
8i4
lh
235g
46
28
50
preferred
5
Jan 14
7i4May
No par
A
243g Mar
6
45i2 Jan 14
No par
Curtlss-Wright
9
19igMar 3
234 Feb 21
7734 Jan 11
87i4 Jan 13
2732May 4
30
414 Apr 30
10
Packing
26'4 Mar
Feb 11
100
Curtis Pub Co (The)
Preferred
6*8 Feb 10
15i4Mar 6
105i2Mar 11
1112 Feb 5
15g Jan 16
438 Apr 18
20io Apr 17
Mar 20
100
Preferred
108i2Mar 11
4
No par
5% non-cum preferred. .100
*78
105
58i2 Sept
1114 Nov
46
100
Det & Mackinac Ry Co... 100
H8
Oct
49
6
545g
*7g
58
119l2 Aug
72
Aug
11.5i2 Jan
33i2 Jan 3
1338 Jan 22
30
28
*3134
H2
Dec
977g July
16i2 Oct
84 Mar
Dec
145s Nov
30
3134
56
Oct
Feb
Oct
83
24
Jan
Det Hillsd &SWRRC0..IOC
57,400
7,000
4
Jan 10
35i2 Apr
2i8 Apr
2yig Apr
29i2May
5514 Apr
a:68i2 Jan
56U
*18
For footnotes see page
15g Jan
67i4 Jan
67i2May
20
1
5
7
May 12
1584May 14
103s Jan 6
100
2.50
2
3gMay
3i8May
No par
Preferred.
Jan
18
Container Corp of Amerlca.20
Continental Bak CI A ..No par
Class B
6
67g
100
v t c
Jan
3184
*1184
*7g
*114
*514
*1384
*114
5212
101
Consol RR of Cuba pref
100
fConsolidated Textile. .No par
Consol Coal Co (Del) v t c.25
5% preferred
3
55U
134
*100
14
No par
new
Jan
378 Apr 28
1H2 Apr 30
32i2
15
112
*u4
*514
*1334
65g
102
Consol Laundries Corp.No par
Consol Oil Corp
No par
5512
*1
3314
335s
11134 112
1012
10»4
No par
5234
*818
8I4
Feb 17
1214 Feb 27
44i2 Jan 8
Jan
56i4
IIOI4
Dec
7i8 Feb 13
20*8 Feb 13
385g Feb 17
1
Preferred..
10
531?
82
39i2
110
1534
Apr 30
Apr 30
Apr 30
Consol Film Indus
Consol Ed Co of N Y..No par
$5 preferred
'No par
60
25
5i2 Feb 17
Mar
50
S012 Dec
Feb
_
Jan
8ig
8l2
Apr 17
8234May 8
11534 Mar 3
110i2May 7
245g Feb 21
31
Dec
Mar
.
330
54
593gMay 15
115
40i4 Dec
48i2 Dec
338 Mar
35i2 Mar
21
17i2 Dec
IOH4 Nov
4978 Dec
74
1,600
26
5D4 Jan 23
2158 Apr
102
Apr 13
93
Apr 15
Jan
80
11,000
*8
a:45i2 Jan 22
7
82
165s
300
4
April
Jan
Dec
Oct
16
434
Feb
Mar
5i2
29
22i2 Dec
Mar
534
584
130i2 13384
18
Feb
72l2
314
1414
1578
72ig
li2
6i2
Delaware & Hudson
67
Mar
1034
Jan 11
Mar 25
Deisel-Wemmer-Gilb
434
*10i8
i2 Mar
5
36i4 Feb 20
85
500
5
938 Feb 19
49
97g Nov
Feb 13
4,200
1734
Dec
Jan
73i2
43g
1514
2714
4,400
*65
Dec
634
100
4078
67
Dec
50
109
Nov
23i2
*65
10714
Mar
69
2984
67
Jan
9
6934 Mar
62
39i2
500
2434 Mar 24
101
Jan 15
23U
584
3
Jan 15
Mar 24
*29i4
163s
5158 Feb
78
40i4
130
106i2 Feb 28
112
85
2334
*5
Dec
2
8%
49lg
*712
21
72i4 Jan 27
Cushman's Sons 7%
54
15ig June
6
67
155g Mar 16
435g Jan 7
27,600
Dec
Dec
2012 Jan
May
100
No par
63g
93
585g
100
No par
153g
7334
85g
27U
No par
Crown Cork & Seal
800
126
Preferred
Crosley Radio Corp
1,800
Aug
72i2 nov
533g Apr
Prior preferred
Prior pref ex-warrants
78i2
129
253g
535g
1934May 4
8i2 Apr 28
3,400
310
110
Dec
9714 Feb 17
57i2 Jan 15
20
35
6,900
5234
2534 Mar
No par
2,300
3914
2334
May
8
Cream of Wheat ctfs
19
*32
337g
*39
Jan
10
May
1,400
8,500
103
39
114
Consolidated Cigar
7612
153s
5i2
*45g
1784
16
100
773g
2914
I3O84
153g
103
34
114
Preferred
37
97
*39
1484
par
100
Connecticut Ry & Ltg
34
500
*34
534
par
105
11
30
30
28
20
Apr
214 Apr
59U Apr
7i2 Apr
No par
105
9612
37i2
1878
Jan 10
17
No par
105
3378
39i2
2514
5312
1*2
1»4
$6 preferred series
Conde Nast Pub Inc
Congoleum-Nairn Inc..No
Congress Cigar.
No
9
97
Crucible Steel of America. .100
1812
187g
10278 103
1458
HOSg Jan
$4.25conv pf ser of '35No par
Commercial Solvents..No par
Commonw'lth & Sou...No par
No par
54
56
9
37
23
54
8
1,000
*50
2H4
53i2
8ig
5412
9
Jan
Jan
3,800
8i2
5414
85g
Jan
55
32
8I4
*52
2212
553g
44
110
3714
I8I4
10312 10312
2934
34U
3914
2284
__10
5^% preferred
100
Comm'l Invest Trust. .No par
Conv preferred
No par
32
8I4
July
31i2 Apr 30
4412 Mar 26
Coty Inc
io884
June
20
65s Mar
32
io884 *101
Oct
48
70i2 Feb 7
127i2 Feb 26
7
4,600
900
87
No par
*37
138
137i2 13984
140
1295s 1295g *1293g 1295g *1293g 1295s
*6i8
1312
5512
51i2
30i4
100
48i2 Dec
Dec
36
100
May
6i2 Nov
2758 Dec
June
3778 Mar 11
5% preferred
Commercial Credit
247s May
100
48
134
90i2 Jan
8034 Jan
Dec
80
Jan
Jan
Dec
Nov
9378
275g July
Jan
14
9
26
8
16
19ig Jan
Highest
$ per share
Feb 2C
94
S2.75 conv pref
No par
Columbia Gas & Elec__No par
Preferred series A
100
113g
96i2
141
*55g
8i8
7,300
314 Apr
1214 May
No par
100
c
$2.70 preferred
..No par
Cr W'mette Pap 1st pf.No par
Crown Zellerbach v t c.No par
55
„
*6
5384
46
6
*6l4
6
612
65g
16212 I62i2 162l2 16314
I63i4 163i4 *163i2
31i2 3112
3h2 "32"
*3314 335g
*11H2 116
643g
18
138
*18
26
*458
*100
...
1395g 1413s
*1293s 12934
11414 IHI4
35ig
27ig
*52
*1184
*114
*5i2
*1334
35ig
*1018
15
6
35lg
26i2
18
15
*5
76i2
75&S
767g
166i2 *160
166i2
434
434
5i8
55
*315g
*1
120
*4l2
3234
134
900
60
*53
*11
H2
9,500
31i2
60
*10ig
*31l2
*ll4
32i2
3H2
59
177g
32
*1
32
31
6984 Sept
..100
t
v
Continental Oil of Del
32io
*160
4% 1st preferred
_
35g Mar 16
24
May
2H2 Jan
100
100
Continental Motors.
55
34
Preferred
96
~
_
JColorado Fuel & Iron.No par
Colorado & Southern
Continental Insurance
"884
*387g
No par
9612
*65
39
Colonial Beacon Oil
*95
65
34
_ioo
Cuba RR 6% pref...
Cuban-A merlcan Sugar
5i2
39
102i2 Mar 16
3912 Apr 30
107U Jan
8U Jan
No par
270
*125
34
Jan 31
Preferred.
1H2
113g
128
3378
Collins & Aikman
Jan 15
84
555g Jan 16
14i2May 14
100
Colgate-Palmolive-Peet
6% prel erred
124
No par
No par
Class A
4% 2d preferred
Columbian Carbon
Col Pict Corp v t c
28
No par
Coca-Cola Co (The)
ih4
128
3912
*39
Apr
11
65
*10
48
5,600
53
375g
15i2
& Co ..No par
Peabody
2,700
46
38 U
15
2
2,300
5234
23i4
6
13412
Mar
27g
19
39
4618 Mar 24
11034 Feb 14
May
1012
1034
6ig
10714 Jan
35
Apr 27
Rights
Continental Diamond Fibre. .5
19
Jan
50
Continental Can Inc.
3812
25g
Oct
87
76
35I8
2684
5418
7334
2934
19
12
8612 Feb 19
73gMar 5
46
7414
1,300
Feb
Mar
Feb 26
7284
22,200
29J2 295,000
9
31
Mar 30
IO84
1078
*47i2
*29l2
3,400
Jan
Jan
3i2 Mar
Mar 25
82
Cuba Co
48
2314
385s
156s
7,800
2,800
178
2
Jan
35
share
1037g Apr 13
1978 Feb 14
48
700
1414
8
7514
16i2
145s
1134 Jan 24
8
4% bet'm't stk_50
184
*47
*7i2
500
200
! per
100
guar
134
4714
73
1,100
Year 1935
Lowest
50
(The) _1
2
*48
8i2
5
*134
18
1514
727g
484
2334
100
Clark Equipment
No par
Clev El Ilium Co
pref. .No par
Clev Graph Bronze Co
Jan
Jan
85i2 Jan 21
No par
2
75
77
5
City Ice & Fuel
Preferred
Preferred
59
105
*184
IO84
1034
57
2984
155g
*5is
15
900
16ig
317g
3012
*48 ~
23
*130
6I4
14
t
3,900
28,800
*31
8
57
2934
38
1H2
97
373g
18i2
8
*28
3,900
14
1«4
10834
*102
134
1U4
11
75
57
102
184
10312 10378
74
8I4
29
*27l2
6,400
13,400
1612
463g
46
46i2
108s4 *101
20
180
14
234
2634
52'8
25^4
5214
600
*
17,500
38s
20
383g
27g
38
35
255g
29
%
33g
*1884
i884
35
8
h
33g
20
1878
1834
2834
834
1834
1812
35
8's
8
2632
185g
55g
183s
303s
10514
434
484
12i2
1284
*10334 106
73
25
29
105
7414
»16
2512
53i8
4612
8
512
18
297g
,316
18i2
73
77i2
84i2
73
23
25
29
8i4
*70
7234
7H2
2532
10834 *101
914
25J2
71
7214
2,32
*101
*9
77I2
71
71
70l4
35
105
130
72i2
71
7U4
2332
35
*98
100
32
71
38
3734 3734
38
38
38
387g 387g
25g
284
234
278
234
27g
234
27g
3178
32ig
3h2 32i4
31i2
317g
3034
31i4
32
30
*305s
30
305«
303g
*30'8
31i2
5912 60
60
59
59
5934
5834
5834
74
733g
745g
74
74
7484
75
745g
1657g 16578 *160
166i2 *160
166i2 *160
166l2
412
4»2
458
45g
4i2
434
484
47g
5234
*4578
10i2
2434
134
743g
916
69
*10334 106
*7ig
13
»7012
125s
7i8
3g
18
558
183S
3018
105
105U
45g
45g
'
900
10i2
*6814
2912
12
106
*314
18i2
I6I4
*18
53g
18
2,100
*2014
*70
®16
1834
48,800
18
*17
12l2
71
1,100
1,700
28,300
1,900
21
69
1,000
17,900
36i4
76
17j2
1U
16,800
36
8
*20i4
*8i8
71
88
5812
593s
iih4 iih4
81ig
8138
*112i8 H278
10734 I083g
1784
183g
234
27g
64
635g
8i4
8ig
63
*10ig
68i2
*86
36
10
1*4
9978 100l2
700
63
75
134
45,100
77g
357g
20
834
334
183s
8
6112
10
20
400
3384
4414
35l2
76
*31g
3334
*4314
177g
*75g
60-
*70
*18
190
700
35i2
2014
812
106
340
293g
26l4
116
8
78
*105
620
60
10l2
478
640
3514
2OI4
16
3,400
60
75
478
170
*7i2
3484
78
16
140
61
10
285g 2878
105i8 105i8
*4i4
434
12
12i4
400
3,400
8i4
3512
20
84i2
15,500
*734
*70
*70
100
7
25
25
City Stores
Cluett
$ per share
...No par
Corp
Preferred
~1~906
60
35
11
87g
28
*19
16l2
Chllds Co
Chile Copper Co
Chrysler
Highest
$ per share
Par
Spec
33
53s
Lowest
Cleveland & Pittsburgh
600
Range for Previous
On Basis of 100-share Lots
EXCHANGE
-
20
*10i2
500
5i2
2734
33
*113
*32ig
112
100
87
2712
1
31
*43
58
112
514
26
11484 115
87
563s
5i2
2634
34i2
29
*21
10h2 10H2
140
3,700
3,300
—
2612
32i4
283g
*11434 117
3312
32ig
32i8
44i2
*4284
4434
173g
1634
173g
101
17
29
*25
512
273g
3412
3078
116
101
112
*53g
2,300
7
65g
6
*47i2
*47l2
*47i2
*4712
*47l2
51
51
*50i4 52i2
51
51
51
51
52
53
~52i2 *52
*12 512 135
*127
135
*127
*12512 135
*125l2 135
13412 *125l2 13412
*8614 8634
88
*89
8634
91
8714
87l4 87i4
87l4
90i4
87l2
*57
58
*57
58
*57
58
*57
58
58
*5712
5738
573s
1512 1534
15
1512
1558
153s
155g
1478
1512
1412
15ig
15is
*10234 104l2 *102
103i2 *10278 103i2 103i2 103l2 10234 103i2 *10212 104
4334 4334
44
42i2
4378
4218 4234
42i2 43
4458
4312
4414
*11012 111
*110
*110i2 111
11012 111
11012
11012 110I2 110i2 110
19i4
1958
19i4
18
19i4
19
I8I4
1784
18
18U
*17i2
1914
^
Range Since Jan. 1
STOCK
Week
$ per share
NEW YORK
the
3297
25
Jan 13
2
June
1234 May
103
Mar
865g Mar
17i2
8I4
Nov
Dec
Dec
19
Aug
116
Nov
146l2 Nov
12678
Feb
132
Oct
104
Feb
115
Aug
12
Nov
27i2
Dec
978 Feb 11
170i2 Apr 1
384 Mar
110i2 Jan
172i4 Nov
166
141
164
Mar 13
37
Apr 6
9U Jan 30
4458 Feb 19
114
Feb
6
173s Feb
4
Jan
165g Jan
314 Mar
193s June
107
Jan
8
305g
Jan
July
Oct
83s Nov
3834
Oct
11312 Sept
1434 Dec
83g Feb
784 Feb 21
I63g Mar 17
378 Mar
55g Sept
li8 Mar
2
69i4 Mar 26
3
Mar
345g
Dec
2
645s Mar 26
2i2 Mar
3134
Dec
712 Aug
New York Stock Record—Continued—Page 5
3298
HIGH
AND
LOW
SALE PRICES—PER,
SHARE,
NOT PER CENT
May
9
$ per share
*46
Wednesday
Thursday
May 11
Tuesday
May 12
May 13
$ per share
$ per share
$ per share
Monday
4612
4558
7g
84
*84
2
*]5g
*61
63
46i2
34
184
63
13
12
*134
2
*61
64
64
46is
$ per share
$ per share
Shares
47
34
67
126
126
12
*58i2
6478
*5812
1234
100
50
Engineers Public Serv_.No par
*66
69
741?
6i8
6ig
3,000
1214
1214
13i8
1314
1,300
Erie
177g
183«
18is
18&S
1,400
125s
12io
13
1,500
69
*61
69
*7312
75
*7312
7512
*11&8
57g
1158
6
1134
1714
17h
I7ia
171?
12
12
12
12
1214
63l2
6
631?
100
$5 conv preferred
First
preferred
Second preferred
par
"l3&8
13i2
1312
303s
3118
30i2
*534
318
305S
11
IH4
15i8
3U
1314
45
45
46
46
*135
150
H8
45
3058
*534
I
135g
1358
1334
1314
1314
"1*666
*3058
3H4
714
31
31
325S
3258
327r
6,700
612
534
534
100
*534
714
*534
314
312
3U
7,680
14
15
14
1458
13
143«
4 260
46'4
4712
47l2
49l2
4834
4934
7,600
3i4
334
15l2
46is
*140
3l2
*147
150
150
31«
*145
150
'*3*,900
201?
1,000
140
371
3734
38i2
X38
38i2
19i8
193
*19l4
21
*2012
21
*9H?
95
4634
47
*46
48
700
76
76
76
100
90
91
46
46
48
48
*72
76
*72
77
*91i2
95
91
31
2'
914
312
278
23
40
9
*3
3
*23
23
'
*2314
*111
401
39l2
*23l4
251
♦111
113
*72
*
911?
128
'li
'128
"128
32
32
11
*63
68
12
!9l8
29l2
.v
3178
66
*63
412
1H2
13
1714
412
17g
4:
9
*101
Q
9
103
44
24;
ll2
lll2
t9i4 150
'7i2
8
in
*14914 150
*778
8
41?
*1158
2512
*23U
Filene's (Wm)
2014 Jan 27
25
27
27
271?
*111
2858
113
3U?
29
103i2 103i2
43
4434
28
28
i
100
*2*.200
180
32
*63
30
*121
32
68
30M
700
10
1,600
*63
65
*""il6
40
320
914
5i2
150
150
8
8
934
150
812
9i2
978
235g
2358
*81
89
*12
9i8
5&S
5,300
150
838
934
24i2
*81i2
150
83g
10
2434
178
17g
17g
2
178
2
No par
Rights
127
...
Fourth Nat Invest
w
1
w
Fkin Simon & Co Inc 7
Texas Co
Preferred
par
..No par
No par
5
10
5
$8 preferred..
No par
General Bronze
5
General Cable
"""366
40
No par
No par
97
42U Apr 30
22
Jan
2
1034 Apr 28
141
Jan 23
784 Apr 30
534 Jan 2
17
2
5
140
Jan 21
No par
34i2 Apr 30
333s Feb 18
No par
14
*621*8
310
143,300
*30l4
738
*4684
2,200
1,300
1,900
300
No par
No par
50
General Mills
No par
Preferred
100
General Motors Corp..
10
$5 preferred..
No par
Gen Outdoor Adv A
No par
Common
..No par
General Printing Ink..No par
$6 preferred
No par
Gen Public Service
No par
700
Gen Railway Signal
Preferred
No par
*115
"2",966
600
35i2
1,000
*3512
1512
*827g
5,600
9i8
18,100
1,300
190
700
2,900
290
100
Gen Realty & Utilities
.1
Steel
Feb
5
6
1134 Mar
738 Mar
11*4 Jan 11
155g Feb 11
33*4 Fen 10
95
Feb 13
58i2 Jan 14
145i2May 12
417g Feb 17
2
3
48
Feb
6
3
60
Feb
6
50
Feb
6
5
47 J8
Jan 27
1858 Jan
534 Jan
2
3
Mar 21
70i2 Jan 6
12U2May 13
71
Apr
6
l2184May 14
333g Apr 25
884 Mar 6
1
No par
1,100
Gotham Silk Hose
.No par
.
...100
1658
35i2
2is
2
35
*145i8
3458
353s
3478
35
17g
>14514
*50l2
*50i2
*2234
2258
*61
67
52i4
*238
4834
*238
*50l2
23
2212
*61
68
52
Jan 10
Apr 28
118i2Mar 14
378 Jan 21
Feb 21
2
Apr 18
684 Jan
Jan
6
6
8
7
*35
36
834
*15
*15
3478
36
355s
35
35
*33
107
36
36
834
85S
15
15i2
85
111
111
10912 110
*98
*98
102
*98
36
35
347g
3512
102
3478
*12258
For footnotes see page
3294
Us Mar
155s Mar
80
Jan
84
Apr
H84 Mar
1634
Jan
14
Apr
12
Mar
Jan
2I8 Mar
Mar
Jan
2
30
7i2 Feb 28
10U Feb 17
213g Jan 6
116
Feb 10
Feb 10
li8 Apr
143s May
104
40
2
9984 Feb 17
70
8i2 Apr 28
12igMarll
78
Jan
6
21*4 Jan 21
87
77
Jan
Jan
6
95
9
Apr
4
Mar 27
412 Feb 19
IU4 Mar 20
3i8 Apr 30
6*8 Jan 15
3
No par
16
Jan 15
Apr 2
Mar 25
Mar 9
Dec
7i2 Mar
237g Apr 15
98i2 Apr 15
3178 Apr 15
135s jan 21
Mar
15*4 Mar
Apr
2i2 Apr
20
Apr
1U June
514 Mar
214 Mar
143g May
109
Oct
4i2 Nov
4U4 Dec
109
Oct
3i8 Dec
39i8 Dec
33i2 Deo
51
Nov
1912 Aug
Aug
93
8*4
Deo
7534
Deo
49i2 Deo
111
4*4
Oct
Jan
22
Nov
105
Dec
14i2 Dec
82
Dec
267g
Jan
92
Jan
10i2 Dec
85
4i2
Dec
Oct
13&8 Nov
5
Jan
2984
Jan
2
Feb 19
914 Mar
16
Dec
44
Feb 21
9&8 Mar
35i8
Deo
78.300
Rights w i
Great Western Sugar..No par
178 Apr 28
3
Marl6
178
3618
2ig
3638
6,900
8,200
160
Conv pref series
Granite City Steel
Part paid rets
No par
No par
30*4 Jan 29
100
Preferred
100
Green Bay & West RR Co.100
*1*866
20
10,200
1,400
Green (H L) Co Inc
""166
700
100
20
....100
Gulf Mobile & Northern...100
Preferred
100
Gulf States Steel
Preferred
Hackensack
50
No par
100
Jan
7
136
Jan
6
60i2Mar 9
22
Apr 28
66
Apr 14
4834May 11
1*4 Jan
26i2
914
30i2
28%
105
Hanna (M A) Co $5 pf.No par
103
Harbison-Walk Refrac.No par
Preferred
100
120
6
"l",966
Preferred
Hat Corp of America cl A
6 )4% preferred
Hayes Body Corp
100
1
140
May
119
Jan
Feb
9
21
Apr
283gMar
2
255g Nov
2858 Dec
34
95
145i4May 12
55
95
Jan 23
8OI4 Jan 27
3i2 Feb 7
39
Mar 19
Feb
50
Dec
Dec
1
Feb
7412 Nov
234 May
19
Feb
43U May
4
Mar
1U2 Deo
3414 Dec
33i2 Nov
46i8 July
1984 Mar
4
55
Mar
3
6
Apr
48
Mar
6
12
Mar
Mar
108
Dec
Mar
6
48
34
May
6
2D4
Jan
30*4 Deo
36i8 Jan 16
1112 Apr 6
213s Feb 4
30
Jan
35
4
Mar
8
63
109l2May 12
Mar 30
30i8 Jan
12
3478 May
118
2
110
Jan
2
9
1,900
2658
4
Jan
35l2
9
Mar
Jan
Jan
103i2
Mar
26
Jan
6
110
39
18is Mar
22*4 Oct
35*8 Nov
3314 Nov
38U Sept
Jan 24
14
351
1087g
Jan
10
110
"3", 200
Jan
7
2
2
7
.25
1031
Ye'ig
Jan
7
No par
35
50
Jan
30
7% preferred class A
Hamilton Watch Co
31
35
Hall Printing
100
16
25
Water
600
16i2
1
Greene Cananea Copper... 100
Greyhound Corp (The)
6
Guantanamo Sugar
No par
Preferred
Apr 29
Apr 30
25
103
....
Dec
6I4 Dec
425g Nov
6
83
*1225g
*15
15
*15
15U
I5I4
15i8
153s
"15*58
*10612 1087g *106l2 1087g *106l2 1087g *10612 1087g
5i2
538
53g
*53s
514
538
*12258
NOV
21
Aug
Feb
153
*
120
Mar
3
233g
*14
15
Jan
10
Jan
36
834
x10712
1047g
1558May 11
593g Nov
32U Jan
34
36
36
265s Mar
Feb
28i2 Jan 16
107
*317g
34l2
Oct
Dec
Grant (W T)
No par
Gt Nor Iron Ore Prop_.No par
35
110
*31l2
72i2
Great Northern pref
15
371
*107
3412
61*4
Jan xl20i2
116
1,800
25
35
Oct
Feb
23,000
517
110
Jan
597s
1534
3034
68
*12U
3714
Mar
32
1738
36ig
221
1414
11
J5i2 Aug
18
Aug
18
Apr
167g
68
38
li2 Aug
Oct
65U Jan 14
116
Oct
4078 Nov
377fi July
Feb
U
114i2 Jan 27
apr
Nov
64i4 July
8
4
7
76
14512
3034
355g
1451;
*37
*111
*122l2
1714
36iS
2
36l2
17g
*1284
14i4
*3H2
31
17U
Jan
Sept
1053g Apr
4414 Apr 30
Aug
103s Nov
2358
35i2
333g
33l2
20i2
351
39U
*2012
*238
31
2
*34
*1234
3914
*107
49
3514
35i2
*1318
:
*61
68
234
*34
*31l2
22
50l4
3584
*107
*50l2
2212
258
*27
40
68
4878
25S
*27
*32
145
145lS 14514
68
3034
173g
30
Jan
Jan
2i2 Apr
300
3034
1271*
20i2
175s
2
146
1812 Nov
93i2
106
48i2 Deo
22i2 Nov
Oct
*1338
Mar
Mar 14
4
1314 Dec
1078 Dec
100's 8ept
Mar
Mar 21
Feb
Dec
47i2 Dec
538 Nov
4
60
50
Nov
55
19
40i2 Nov
108
6
Nov
63s Nov
Jan 17
63s Feb
70
125
Mar
Feb 17
3i2 Apr 28
32i2 Apr 28
Grand Union Co tr ctfs
500
173g
Jan
6I4 Mar
38
Graham-Paige Motors
1
Gr'by Con MSm&Pr stpd 100
1
Dec
2
105
2,900
30
115
Feb
1,600
1738
Mar
5i2 Mar
18
1,300
30
^s May
7
lli8 Mar 12
86i2Mar 6
Goodyear Tire & Rubb.No par
1st preferred
No par
8,400
Mar
484 Mar
143s Jan 6
150
MarlO
3
118
15
3434 Feb
63
39i2 Apr 23
43s Feb 5
5934 Mar 17
1171* Jan 13
537S Jan 6
11212 June
8434 Jan
32&8 Mar
Jan
69
Gold & Stock Tel'ph Co... 100
Goodrich Co (B F)
No par
Preferred
100
Preferred
Dec
70l2
Gold Dust Corp v t c
20
Dec
29
23
27
19
21
Mar
83
12*506
17,300
30
111
18&8 Jan 16
90
Jan 24
14,500
700
978 Mar
44t2 Apr
60i2 Feb
Gobel (Adolf)
Goebel Brewing Co
Dec
6038 Mar
15i2May
,_No par
...100
Prior preferred
Dec
5878 Aug
Jan
3v8 Jan
Glldden Co (The)
25i2
10278
Dec
53i2 Feb
6i2 Jan
18U Jan
121* Feb
104i2 Apr
19i2 Jan
No par
100
Preferred
Dec
63s
3314 Apr 30
32i2 Apr 30
10,500
3,000
Jan
19
No par
GImbel Brothers
114
Sept
July
7934
No par
Conv preferred
25
2U Mar
20U Jan
43
Castings pf.No par
Aug
45U
303s
2734 Apr 30
Gillette Safety Razor.-No par
3i8 Aug
25
Feb
No par
$6 preferred
General Refractories
Gen
78 Jan
39
Corp
500
*73
6
Apr 28
Jan
3
No par
No par
*11884
6338
120i8
*27i2
Jan
9
General Foods
1,100
*2l8
334
lli2May 11
2
$7 pref class A
*35
3H2 Apr 30
Jan
$8 pref class A
Apr
May
8i2 Dec
4i2 Jan
36i8 Nov
6378May
Gen Ital Edison Elec
72
95
305s Nov
General Electric.
55
Dec
215s Nov
x85
Aug
19*4 Mar
70i2 Jan
Gen'l Gas & Elec A
125
3014 Apr
17U Mar
15,400
6,800
Deo
39i2 Dec
1
100
100
Feb
7
No par
7% preferred
Nov
35g Deo
77i2 Feb 8
355s Feb 4
120 May 8 zl35
Apr 14
76
Feb 20
473s Jan 17
38
1
Jan 20
General Cigar Inc..
Class A
Feb 17
6
15
i8 Apr 24
46,100
50
334
8
28i2 Jan
$6 2d pref
No par
Gabriel Co (The) cl A ..No par
Gamewell Co (The)
No par
Gen Amer Investors
6
64
100
Fuller (G A) prior prefNo
May
303gMay
% pf 100
10
Conv pref series A
*107
105
'i2sMay
Preferred
7% cum preferred
1,000
89
57
57
56l2
*5534
551?
145l2
145l2 *140
*140
14538 *140
3738
36
3738
36l2
3614
357g
3834
38
3858
3884
383g
3778
5512
2
Mar
109i2 Apr 30
2418 Apr 30
Gen Amer Trans Corp
General Asphalt
-
210
6
8
19
47i2Mar 5
llli2 Apr 21
3884 Feb 17
General Baking
400
Jan
May
Feb 11
Feb 6
Jan 11
Jan 9
No par
Foster-Wheeler
3,900
1,700
34
100
2,400
4,500
3318
IO434
48*4
29i2
11*4
4 >8
No par
Food Machinery Corp new. 10
Preferred
125
2
Apr 30
25i2Mar21
Florshelm Shoe class A .No par
Free port
1137g Apr 22
40
No par
t Follansbee Bros
4
100i2 Feb 26
100
Preferred series A
16i8 Mar
28i2 Mar
16
Apr
IO6I4 Mar
13>8 May
84i2 Apr
443g Nov
Feb 28
z2478 Jan
Firestone Tire & Rubber...10
First National Stores.
4)43 conv pref
100
1'
*29
2,600
29
*28
*29
300
*36
578
56
178
600
66
12i2
87
*25l4
2,800
2,800
3812
914
2358
38
2
125
5lg
*81
36
*2514
t *28
2934
11&8
*55
t
68
914
*22
38i8
3H2
121?
10
3534
29i2
38
89
3812
31l2
*63
38l4
47g
24
3634
384 Mar
2
July
78 Feb
Jan
110
Dec
538 Mar
Jan
251?
113
Jan
Apr
Apr
25l2
*111
17
54
*23U
113
Mar
40
2i2 Jan 2
20i2 Jan 9
Apr 30
Sons Co .No par
6)4% preferred
100
h Mar
4
48
38
8584 Nov
147g Aug
Feb
Federal Water Serv A .No par
Jan
40i8 Dec
Mar
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y2..50
14
Apr
Mar
1,600
Nov
2
97
40l2
55
May
92
40i2
Nov
15
101
3
401«
*934
...
Jan
40i2 Apr 30
697g Mar 30
7h Jan 9
3
Apr 28
...100
Feb
50
10i2 Mar
115
9
Apr
41i2Mar 25
25
Apr 3
387g
2314
*77l2
*14512
84
No par
Federal Mln & Smelt Co.. 100
Federal Screw Works..No par
*102
103
1021? 102i2 *10178 103
45
45
4634
45l2
4434
44i8
26
2534
2558
2478
2478
2434
1168
1112
IU4
1118
1U4
IU4
912
155
900
330
*734
15
Mar
69i2
18ig Mar 25
5338 Apr 8
122i2 Jan 7
3158 Feb 24
1834 Apr 30
100
Fajardo Sug Co of Po Rico.20
Federal Light & Trac
Federal Motor Truck..No par
2,600
150
Fairbanks Morse & Co-No par
2,500
914
914
25
100
300
*3
958
12l2
Q
lll2 103
;4>4
4438
!434
247g
44:
*2414
IH4
38l4
458
1234
38
3
284 Jan 10
8i2
Apr 29
3434 Jan 7
43g Jan
1,200
*64
125
>6
Jan 15
15i2Mar 4
407g Jan 8
8I4 Mar 19
684 Mar 25
3i2
66
!1
Fairbanks Co
7
314
24i4
*121
38
69
Jan 10
Apr 24
3i8
125
66!
13i2 Dec
2378
68
125
634 Mar
3l2
29
65
19i2 Dec
Feb 15
31,8
2334
68
37
*120
8i2 Mar
19
75g Feb 2i
3
z29
*120
175a Feb 21
27$4 Feb 21
par
100
Exchange Buffet Corp .No par
Deo
55i2 Nov
7i2 Deo
Apr 27
Jan
Sept
8I4 Nov
14i2 Feb
15i2 Mar
4i2 Aug
7i8 Mar
Apr 13
78
12
178 Aug
66
134
14
75
68
6884 Nov
78 Jan
7U2 Apr 13
23l2
*3ig
9U
38,900
V 3118
U8 Mar
3
3i2
9l2
-
68
30
29l2
1558 Apr 17
Jan
29
Preferred
4
Jan
5
Preferred
7
Jan
5*4 Apr
11
Apr 30
16
Apr 29
1134 Jan 3
50
.
Feb
231?,
39l2
914
8
734
8I4
734
7i2
71?
36
36
35l2 35l2
*34i2
*35i2
*10934 114
*10914 114
*109i4 114
27
2634
2714
26l4
2534
2534
*105
10634 10634 10634
'128
69
134
55
Eureka Vacuum Cleaner....5
Mar
14 Mar
58 Apr
5284 Jan
12584 Jan
48
Evans Products Co
Preferred.
39
7
6
6
5514 Jan
15g Feb
378 Feb
1214 Mar
578 Mar
4i2 Feb
25J2Mar
49i2 Feb 14
914
2834
2838
28i4
281?
10334
10414 104i4 *102
433g
4338
43lg 44
*2612
38U
20i8
2
par
100
100
6% conv preferred
38l2
37
$ per share
par
Erie & Pittsburgh..
*13
"I33g T3~l2
*1312
3 per share
2
li2 Jan 4
62i8 Jan 31
125
Apr 29
7i2 Jan
45i2 Jan 14
100
Preferred...*
*73i2
*60
75
6I4
lla4
.
90
Highest
3 per share
i2 Jan
50
61,s
69
*73l2
12
300
6% part preferred
Endlcott-Johnson Corp
No
$5)4 preferred
No
86 preferred
No
Equitable Office BIdg__No
*61
6
200
Lowest
4478May
Battery ..No par
t Elk Horn Coal Corp. .No par
67
126
6478
Elec Storage
300
126
*64i2
*12
1
2,000
7g
Highest
$ per share
Par
2
*178
Year 1935
Lowest
4714
*34
17«
*62
67
4634
84
17g
12534 12584
12
*1134
12534 12534
*1134
1214
*5812 6478
May 15
Week
47
Range for Previous
100-share Lots
EXCHANGE
the
34
2
On Basis of
NEW YORK STOCK
Friday
May 14
«4
78
*134
63
46
46is
*34
134
*12534 126
*12534 126
*1184
1212 *1134
1212
*60
6478
*5812 6478
*66
69
69
*64l2
75
*73i2
75l2 *73l2
658
578
6
6i8
II84
1258
1258
II84
17
1714
1678
1714
*12
*46
Range Since Jan. 1
STOCKS
Sales
for
Saturday
May 16, 1936
Jan
119
Feb
3
105i2Marl8
4158 Apr 1
3
126
Jan 20
6i2 Apr
Dec
10012 Sept
105
Nov
16
Mar
Jan
163s Mar 25
5i2
Feb
I04i8 Feb 17
115
Jan
9
45s Apr 30
9
Mar
5
Oct
112
9934
2
Deo
Jan
Apr 23
100
8
14i2 Nov
81
Feb
is8 Mar
303s
121
1418
Deo
Dec
Dec
113i2 Dec
6t2 Oct
Volume
HIGH
New York Stock Record—Continued—Page 6
142
AND
SALE PRICES—PER
LOW
Sales
SHARE, NOT PER CENT
STOCKS
NEW
Monday
May
9
Tuesday
Wednesday
Thursday
Friday
the
May 11
Saturday
May 12
May 13
May 14
May 15
Shares
$ per share
$ per share
$ per share
*110% 122
*110i8 122
*10512 120
11812 118l2 11784 118l2 *11534 118
*1055s 120
*110
120
*117
118
117
117
118
118
*151
163
163
*151
163
*151
163
*151
*26
27
26
*26
27
27
*87
8914
87
163
*151
26
26
26
*87
130% 130%
*87
89l4
130U 13014 *130
*74
7534
*74
*113
114l2
75
87
8918
130% *130
74
11412 11412 *113
74
*74
$ per share
27
267g
*87is
87
130U
*105% 120
130
74
Lowest
75
200
74
May 12
80
113
Apr 29
119
*70
3414
34
*112
113
*112
113
*112
*450
499
*450
490
*455
489
884
*50i2
Silo
5H2
*338
*9
378
1014
*9
1484
1478
*75
85g
51l2
*33g
14i2
27g
15
1434
147g
15
1512
3
20
145g
25g
19l4
15
19
23g
1914
19i2
2i2
1912
2038
*32
33
32
32
*61
63
*31
33
61i2
6H2
6H2
13
11
11
1112
1034
III4
27i2
273g
273s
*105
195g
11%
2714
*105s
2714
108
106
106i2
*130
«•«* •+*»
II84
*11
91
9084
10l2
lOU
10>4
10U
10l2
*53s
6
*538
6
*5%
6
12i2
1278
12l2
1284
12%
1212
*5%
6l2
63a
63s
03s
*434
fii8
*5
30%
31
10%
30l4
3i8
105s
*3I2
358
2
*2238
*38i2
*10618
*23
*48
1584
*53iS
13
*11
*85
44
3i8
3
514
*484
70l2
90
1234
13
1,100
7
870
3
3
4484
44l2
162
45
4434
81
82
83
*150
152
*150
815g
7
7*8
534
46%
847g
19,300
3
*86
88
88
*86
20i2
2012
20i2
2078
27lg
*26i2
271g
*2634
27is
21%
*26%
92
12H2 *113
70i2
*70%
9H4
9314
*124
153
~79%
125
♦
71
*114I2 120
*113
*70ig
120
*86
*113
70i2
70l2
92
92
*125
125
*124
153
*
917g
125
153
"79"
7912
120
88
♦_
7914
~79%
____
*114l2
7912
120
*113
71
70i2
"
79i"2
95
95
95
*124
125
*
18l2
197g
1934
2H2
21U
2134
31
31
31
32
3312
33%
34
1934
1912
1912
*19ig
19l2
1912
19l2
19i2
*2712
2734
27l2
27%
27
27i2
92l2
*86
*86
2714
92l2
27
*88
27l2
92l2
1978
2834
*86
91
*2014
22
*20U
2I84
*2012
2IS4
*20l2
22
1914
*18
19i8
*18
19
19
31
19%
1912
19&8
1912
19%
19%
18%
195s
*90
96i4
90U
90l4
*90%
9614
*90i2
96t4
36
363«
3518
19l2
36i8
3534
36i2
36
75io
*72
75
75
75
7434
36i2
7484
27i2
*2714
28
*27U
27%
27%
2714
*114i2
*86
........
79%
*114%
21
900
18l2
1934
19i2
20%
*91
96
800
*19
20%
*91
"MOO
1984
2,700
207g
12,900
96
10
Kimberly-Clark
Kinney Co
4
307s
3H2
213g
2188
5
5
*76
89
*76
81
*76
81
*80
81
*77
80
*77
82
*65
7034
*65
7034
*65
7034
*65
7034
*65
70
*65
70
2234
2284
23
23i2
2258
*201g
2234
*18
23
2284
217g
2234
*2084
35
*18
35
*18
20i8
20i8
20i8
10%
*814
101o
13i8
*12i2
13
17
17
20%
*814
1213
*1558
20
*20
35
*17
*15
1934
2014
*8i4
*12%
17
17
*95
96%
9%
2i8
*934
1
*95
9
914
2i8
95
96%
9i8
2%
2i8
lOU
978
90i4
90i4
89
15;%
*40i2
153s
41l2
*40
5038
5058
9
35
150
21%
4,900
104% 104%
5%
5%
90
514
2284
23
2178
217g
*25
35
227g
23
23
23
*25%
20%
9
9
1212
16%
12i8
15I2
12l«
12l2
1234
*8%
127g
13
16i2
1734
1784
18
18%
95
95
95
9
9
9
914
9%
2i8
2i4
214
2'8
23g
*10i2
1112
15l2
40
40l2
5078
50-%
51
11
91
9i2
*95
2012
98
11
11
90i2
91
93
15i2
*95
9%
2%
10%
95%
400
20%
834
98
No
20
300
2,000
1,400
20
5
100
4% conv preferred
.
50
No par
50
Preferred
56
56%
8,900
7l2
73s
714
7i2
7l2
7ia
778
*714
*75g
784
*7%
25
25
2512
*25i2
25%
2578
25i2
25i2 25i2
*25i8
*25%
27%
107
106
*104
106
106
106
109
*103i4 105
£108% 108% *106
109
£109
109
109
109
10512 10584 108
*10378 10512 105U 106
*163
168
*163
168
*162
♦160H 168
170
*163
170
*160i4 168
21
*20l2
20l2 20%
2078
2078
*20i8
21%
20i2 20i2
2078
*20%
1,700
*108
114
223g
147
2212
147
27
22U
147
32i2
27
*20l2
21
2012
*63
64l4
62
2412
37
*2884
4034
13i8
37i2
*ll2
*103s
2238
2212
147
25g
123g
25
*112
22%
2058
30%
2034
32l2
2034
6212
02
62
25
-
*36%
*984
114
146% 147
34%
2434
3614
37i8
*128ig
135
*128i8 135
29
2834
29i8
2912
4058
4078
4H2
41i4
12i2
*1212
13i8
13i8
37
37%
373s
37i2
24l2
37
*128i2
*108
25g
12
For footnotes see page
25
36U
*108
2238
*144
28l2
*20l2
*9%
12
*11
9784 Mar 13
102i2 Feb 7
19
Apr 29
47%
4,900
Loew's Inc
No par
43
107
23g
6
*1067g 107%
200
Preferred
No par
*2%
2%
1,100
Loft Inc
No par
6
6%
2,000
Long Bell Lumber A
No
1,000
Loose-Wiles Biscuit
42
42
42
42
*108
114
*108
114
"2",700
170
par
25
5% preferred
Lorlllard (P) Co
100
10
2,900
Ludlum Steel
35
1
Mac Andrews & Forbes..... 10
6% preferred
100
29i2
30
30%
30%
3O84
41lg
1314
41U
42
4I84
42
6,300
xl3
133g
13%
39%
*2%
13%
4078
2%
1,000
Macy (R H) Co Inc—No par
Madison Sq Gard v t c-No par
2,700
Magma Copper
39
12
12
123s
258
*10
12
200
70
t Manatl Sugar.
Preferred
No par
.
10
100
100
Feb
93
Nov
Dec
384 Mar
14i2
Dec
65s Mar
22
Dec
7>2
Feb
20U Nov
1584
Jan
30
Mar 10
34
Mar
Jan
2
6
Jan
Jan
2
Oct
10U Aug
90'8 Oct
3H4 Nov
28I4 Nov
1814 Jan
Feb 11
84
96
Apr 14
Mar 20
3U Mar
Mar
July
1334 Mar
303s
Dec
97i2 Feb 25
29i2 Apr 24
783 Jan 8
10
21
Nov
43
23
Jan
8
2514 Jan 2
110 3a Feb 10
07sMar
3378
47%
2684
10%
Jan
Mar
25s
Oct
Mar
103i2
Apr
May
Apr
7
113
Dec
Apr
6i2 Nov
80
Oct
80
Nov
12
Mar 24
Dec
2734 Nov
Jan
19U Mar
213s Oct
6
6'a
41
Apr
Jan 31
16% Mar 17
23
1984 Mar
Jan 31
Feb
257S Jan
2
4
Apr 21
104i2 Feb 28
2
4
Apr 23
33s Jan 2
40i 2 Mar 13
109is Jan 30
2H8 Apr 28
115
Feb
Mar
5
May
8i2 Mar
1058 Mar
32is Aug
27i2 Deo
46
Aug
281* Jan
9
Jan
14% Deo
173s
Jan
lli2
Jan
9
6
Mar
6
Jan
6
Jan 29
Jan 16
110i2 Jan 15
165 /
Feb 28
2314 Feb
39% Feb 21
5078 Feb 19
4414 Apr 6
5478 Jan 8
IO8I4 Jan 15
35s Feb 11
83s Mar 24
45
67% Jan 2
223s Apr 28
35 May 14
127i8
273s
40>8
8%
3412
Jan 9
Jan 30
Apr 30
Jan 2
Jan
1% Jan
7U Jan
6
2
2
5
Mar
10i2
Oot
17U
Jan
Apr 28
Jan 17
2U2 Mal¬
e's Sept
21
Ma'
9414
Apr
Apr
9384
15H2
I5i2
120
122
Aug
Aug
Oct
1312 Mar
2758 Nov
17i8 Mar
24i2 Mar
43
3114
Feb
102
Feb
1
Mar
U4 Mar
33
Apr
10734 Nov
18i2 Mar
151
124
Jan 30
49% Oct
103g Nov
295s Nov
1671* May
2834 Nov
Jan
11278 Apr 11
26i2 Jan 27
4
2578
130
120U
2
May
35
37i2
2l2
Apr
20
25
3712
23g
Apr
Aug
99i2 Nov
12612 Dec
Mar 3
Feb 25
34i2May 11
35
Two
Feb
50
Jan
37
Mar 24
3
25I2
Mack Trucks Ino
38% Mar
1171* Mar
Nov
39
7
35
*128%
26
Jan
36
**
Mar
10
36
120i2 Apr
21%
33U
91i4
283a
2478
2558
91*4
41%
Jan
25
700
49
II514 Mar
13
Louisville 4 Nashville....100
21%
Jan
6
142
800
21
4,980
110
Apr
100
7% preferred
1,300
*12818
Mar 16
47
66
-
May
May
21%
65%
M.
7i8May
May 12
6414
25
*1%
97
2O84
64l4
25U
21
*3514
29%
4Hg
25
t Louisiana Oil pref
100
Louisville Gas & El A—No par
63
4714 Jan
37
584
90i2 Feb 21
121
4214
6318
lli8
3D8
34
223g
22i2 2258
22% 2284
14634 *144
14634 *144
14634
27
29
31
3012
27%
63
*12818
*2914
405s
13
*12i2
37%
3678
25g
*15g
3294
114
2
No par
23g
70i2 June
0'8 Mar
24i2 Oct
9534 Nov
Jan
No par
47i2
5
Feb 21
126i4 Feb 24
1658 Sept
90
Aug
67 '8 Mar
May 11
12
3878May
Liquid Carbonic
4634
77% Feb
129
Dec
878 May
Feb 24
Oct
14
89
Link Belt Co.-
4612
123
Jan
78
3% Aug
1534 Nov
1,700
46
28
Dec
558 Mar
li2 Mar
2,800
4638
July
5658
Jan 30
5i2 May
36%
46
16
67
6
Liggett & Myers Tobacco..25
100
Deo
163a Feb 6
10034 Apr 8
1578 Apr 27
Libby McNeill & Llbby No par
Life Savers Corp
.5
Preferred
4234 Dec
110
102i2 Apr
14-% Mar
500
25
13
Apr 30
Apr 30
Jan 2
Apr 30
9^8 Aor 29
Dec
1512
9412
8I2
2i8
300
Series B
28
29
2
39
46U
114
5
Corp
No par
Libbey Owens Ford Gl.No par
30
27
36%
36
*108
No par
Lerner Stores
Mar 16
39
35i2
107
Apr 28
387S
38
35i2
10634 10684
2I2
*23g
558
53g
41U
4114
378May 11
36%
38
35%
10678 *106
10678 *106
10678
23g
2%
23s
2I2
2%
55g
5i2
534
512
5%
42
42
*4H4
*4114 42
*4H4
7
Lima Locomot Works.-No par
38
5i2
7
Apr 30
Lily Tulip Cup Corp—No par
35
212
Feb 28
1,400
35%
*106
7
205s Apr 30
18i2May 4
1434 Jan 2
"""400
38i8
46
2
29%
38
4612
2
28
3518
46
Jan
19U Jan
5
3% Deo
238 Dec
2878 Dec
36'4 May
49i2 Nov
130
28
26U
35
38i4
4
Jan 11
Oct
47U Dec
130t2 Nov
4214 Mar
Dec
22U May
Lee Rubber & Tire
Dec
25
8
57
2734
*38i4
77>2May
30
367b Nov
655s Nov
154
29% Feb 27
28
54
2614
5
4i2 Mar
2H2 Jan
98i2 Jan
223s Apr
2012 Apr
3414 Apr
1912 Apr
7i8 Jan
12i8May
53i2
7%
2714
Feb 10
par
Lehman Corp (The)--
37
Mar 26
2
Lehn & Fink Prod Corp
*2634
44
111
6618
1,500
27%
38 May
42
2,600
2714
38 July
3
15%
27i8
38i2
35U
1'8 Mar
Mar 18
3i8 Feb 10
363a Feb
3
96
27i8
73s Feb
77i2 Jan
41
1,900
Jan
8H4 Apr 23
15
50i2
2278 Mar
3418 Mar
135
66
41
5078
Nov
747s Feb 26
15
600
8
par
41
1514
5812 Jan 18
May 7
88
12184 Feb
I8I2 Jan
Lehigh Portland Cement...25
Lehigh Valley RR
600
Jan
Dec
22U Jan
12378 July
82
par
No par
No par
Lane Bryant
Lehigh Valley Coal
42»4
100i2
612
14i2Mar
Jan
Jan
June
434 Aug
103s Apr 30
73
100
Lambert Co (The)
1,900
20
149i2 Jan
358 Mar
100
41
90i2
*40
4718 Jan
par
Laclede Gas Lt Co St Louis 100
2,400
Dec
5
No par
Co
No
Kroger Groo & Bak—No
9%
Jan
133s
2% July
103i2 Mar 16
4% Apr 29
Xl5
1512
Apr 30
80
Jan
178 June
4
Jan
Jan
13
5
20i2 Deo
3
2012 Apr 28
42
1538
334 Apr 30
118
83s Oct
712 Deo
235a Sept
43s Jan
li2 May
414 Mar
100
7% preferred
Kresge Dept Stores
2%
10%
914 May
10
5% preferred
"3^566
Mar
li4 Mar
Apr 29
No par
Feb
4
Feb 21
512 Jan
113
No par
Preferred
Kresge (S S) Co
Preferred
"3",300
7
3
8
2234 Apr
29»4 Feb 19
No par
Kress (S H) &
35
10i2
20i8
500
32%
21
2014
4034
89
217g
514
4%
32
21i2
20U
*8l4
2ig
*978
*8938
15U
10
6
*484
*37g
34
Apr
2i2
54i4 Feb 19
129i2 Mar
43i4May
125U Feb
28I4 Jan
100
3078
160
8
412 Jan
Kennecott Copper
27%
*25%
Mar 23
89i2 Apr
5058 Jan
214
1%
20ig
3714
41
4934 Mar 24
3512 Jan
14812 Jan 23
284 Apr 30
87
Keystone Steel & W Co No
*3%
6
185% Apr 11
8878 Jan 18
1
500
104
2034May 14
Apr 28
160
Jan
No par
77
104
578Mar 11
Kendall Co pt pf ser A .No par
377S
21%
213(2
104i2 104% *10334 10434
*434
Class B
Kelvinator Corp
75
47«
3i8May 13
Jan
5
Kelth-Albee-Orpheum
pf.100
Kelsey Hayes Wheel conv cl A1
37%
*378
9
2
97g Apr 3C
1914 Jan
212 Jan
Apr 29
100
Preferred
75
*3H2
2114
Oct
Feb 14
15
L pf ser B No par
Kansas City Southern
100
514 Deo
363s Oct
Oct
147
27
Joliet & Ch RR Co 7% gtd 100
Jones & Laugh Steel pref.. 100
3712
2714
7
1
75
24,600
Dec
34% Apr
2% Mar
23i2 May
60i2 Mar
1'4
May 13
91
Dec
15
2
9
27
22%
Deo
59U
884 Mar
Jan
Kayser (J) & Co
21%
38 U
414 Mar
8% Feb 14
05s Feb 14
365s Feb 14
5% Feb 14
1584 Mar 4
3
1,500
*86
Apr
Mar
1
Kan City P &
"4,300
15
par
..100
17i2 Oct
37g Jan
2214 Deo
40
,1914 Feb 17
No par
Apr
84
9i2 Mar
6038 Dee
5i2 Jan
1384 Dec
Feb 18
Apr 29
Preferred
Feb
Feb 19
I8I4 Feb 24
13i2 Apr 17
15
Johns-Manvllle
Jan
234
70
52%May
12'8 Apr 30
No par
43
45
100
Jewel Tea Inc
Nov
6!4 Mar
100
100
Nov
7
1984 Mar 6
314 Feb 19
2878 Feb 19
7% preferred—
No
73
6i2 Mar
International Silver
Intertype Corp
Deo
Jan
1% Mar
6
173s Feb
5312 Feb 21
23i2 Jan 30
Inter Telep & Teleg
No par
Interstate Dept Stores-No par
49
1878 Jan 11
6
2834
3078
104
.No par
July
3ls8
nov
6i« Jan
Apr 28
par
Deo
42
Nov
23
Preferred
"326
578 Jan 23
495
fti2 Mar
July
Jan 30
Apr 27
Preferred
7,400
Apr 17
1214 Jan 16
5778 Feb 19
Feb
3078 Mar
338
108
107
Island Creek Coal
------
4
130
No par
International Shoe
600
8
Mar
121
100
International Salt
600
1
Feb
Deo
Jan
Jan 27
4
104
100
Corp .No
Preferred
3678
*24
par
July
46U Mar
17
315s
4
Preferred
Int Printing Ink
Apr
Dec
109
Kaufmann Dept Stores $12.50
213s
*37g
cl A ..No
118
114i2 Feb 20
1334 Apr 13
778 Jan 18
9034May 13
1,400
315g
378
Inter Pap & Pow
100
400
80
6
1,300
2114
4i8
Preferred
No par
600
Jan
May 12
4% Jan
2
2034May 8
106 May 12
197g
32i2
4%
25
.No par
27,200
1,100
2
34
2114
2H2
10412 10412
5i8
5i8
32
Int Hydro-El Sys cl A
Class B
40
4
28%
91
223(5
100
Class C
300
Jan
1978
*33%
'
2112
Preferred
100
.
21%
International Cement. .No par
Internat Harvester
No par
2,000
9,200
153
"7914
7912
19
....
Int Business Machines .No par
Internat Carriers Ltd
1
Int Nickel of Canada. .No par
71
125
100
35,600
120
153
9278
Preferred
Int Mercantile Marine.No par
100
1
11% Apr 30
384 Jan 7
No par
400
21%
27%
*86
32
19
1,800
88
20i2
*2612
19l2
19
200
434
*114l2
193s
1834
*72i2
*27i4
3,800
86%
15134 152
*1934
153
*2912
46%
8378
46i2
152
19%
*
79i2
900
166
13i2May
tlnterboro Rap Tr v t c..100
Internal Rys of Cent Am. 100
No par
100
2,000
27
166
8t2 Apr 27
S^May 13
Certificates
Jan
1918
75
.1
Internat Agricul
Prior preferred.
29%
27
Insuranshares Ctfs Inc
Interlake Iron
3,400
11,100
May 13
100
No par
No par
334
65U Jan 14
0*8 Jan 7
4884 Jan 21
314 Apr 30
11
Intercont'l Rubber
1034
33
58
1,200
3%
6
44U Feb 20
4
22%May
100
3
10%
104
Jan
Jan
100
1,430
314
5
8134
Dec
Leased lines
Preferred
Deo
Apr
7314
36i2 Deo
223s
RR Sec ctfs series A...100
Indian Refining......
10
Ingersoll Rand
Oct
131
36
6% pref series A
No par
No par
90
Feb
19i4 Jan 13
185s Apr 30
31
Apr 30
36
88
*124
*11412 120
80
1034
166
10
100
No par
1,800 Inland Steel...
3,100 Inspiration Cons Copper...20
534
27i2
70
70i2
9034
*7938
400
19i2
*85
125
*
6
*26i2
27l8
121i2 *113
*124
11
57g
3612
162
-
10%
3
IOI4
3ig
2634
—
ll's
27g
10l2
3i4
27%
3i8
mm
91
584
35%
27g
10i2
800
"
~92~"
No par
3,900 Industrial Rayon.
117
*131
13
33
28
3
3
3
3
3
27g
3%
5
5
5
5
478
*4%
514
46
4534
44i2
45U
47
44% 4514
4478
47%
4578
46%
12814 *126
12814 *126
12814 *126
128l4 *126
128%
12814 *126
4
4
*4
*4
4%
4i2
4i2
434
43s
43g
4%
3
*2l2
278
2l2
*2%
*2l2
27g
27g
27g
*284
*234
2
2
2
2
2
2
178
1%
*134
178
1%
26
225s
25
2234
2278
2214 23
227g
2314
2334
257g
39
*38l2
3912
*38% 3834
38ig
38%
38i8
3812
38i2
38%
IO8I4 *10712 IO8I4
10714 107% *107i2 IO8I4
IO8I4 IO8I4
108% 108%
23
23
*23
24
24
24
25
25
25
23l2
*2434
*48
48
48i2
4812
4712 48
48%
*4712 48
4812
48%
16
16
16
1584
1512
15i2
16
1612
*1538
15%
15%
53
*53
*53
53
543})
5318
53i8
5318
543g
53%
5438
13
13
1314
133s
1278
13i8
13i8
14%
1314
14l8
137g
*11
11
1034
1112
Ills
113(2
IH4
11%
11%
11%
11%
19
♦113
*112
700
92"
5i2
3534
27
5
112
*131
2734
1284
684
162
3
1)2
28
5i2
3514
28
152
*1034
678
162
4434
103g
1234
162
4412
430
6
*27
80
8034
8134
8212
151
*150
15212 *150
86
19
*26l2
27i2
190
12%
11%
1284
10%
33g
33s
*16014 163
44
2l2
10%
27i2
29
1034
312
61%
12
*57g
33l2
234
3i2
61
1212
5i2
32
200
34
61%
5i2
512
lOU
*32%
6,300 Hudson Motor Car
76,900 Hupp Motor Car Corp
10,100 Illinois Central
61l2
11%
6
234
34
15%
234
2034
*in2
103s
2714
10U
512
33s
2%
20
£91%
1012
6l2
*284
15
234
9H2
1038
*5
32
*32
1134
*130
9078
5i2
25„
27ig
267g
106i2 10812
9158
*4
Howe Sound Co
5
Hudson & Manhattan....100
Preferred
100
Jan
Mar
11
Apr
544
50
11
71
122
30'4
Apr 22
1,400
200
Feb
Deo
684 Mar
Apr 28
25
June
6% Mar
40
v t o new
162
12
470
partlc pf
June
Jan
Jan 13
112
par
120
141
142i2
4478 Feb 19
Jan
Feb 17
No par
Jan
Jan
2
9
100
cl A No
85
127
2
3018 Jan
108
Houston Oil of Tex
200
2512 Apr 30
100
7,400
37g
51%
No par
Class B
Household Fin
.
5
9%
5184
10%
9158
4514
78
10%
*130
12814
9
*3%
93
*458
*76
~
3i2
*915s
10i2
"*3~
4,000
IOI4
3i8
Holly Sugar Corp
7% pref
Homeetake Mining
"400 Houdaille-Hershey
3i2
*914
51i4
384
No par
237g
51l2
6H2
8134
9
No par
_
4034
312
IOI4
*1112
44
*76
87«
—
Conv preferred
Holland Furnace
Hollander & Sons (A)..
23%
5H2
13
*
mm
484
cum
*403g
24
*9
63
*27%
76
*455
40S4
233g
23U
85g
484
40l2
IOI4
33
*160i4 165
*460
4034
*33g
*lli2
lli2
27i8
3%
488
m
*9
1984
109
23
—
lOU
*338
*61%
109
*403g
4.
.
9%
5134
I9*2
*32
*130
26,800
87g
513g
3i2
3
23s
914
5H2
500
.....
*75
*7438
9i8
100
4,300
$7
$ per share
6
Jan 27
Mar
16312 Mar 24
3584 Jan 2
105i2 Feb 17
135
Apr 17
Jan 30
3334
*460
150% Jan 27
Jan 23
34
23
100
84
34
9
Preferred
128
1141-j *113U li4l2 *11314 H7i, *113
117%
34
31
3058
333g
30i8
315g 33
*10
*10
10%
1038
103g
1012
10%
36
36
37
36ig
3434
3578
3514
113
*111
*11112 114
*llli2 114
4084
133
141
No par
*10
2234
8
May 14
No par
10i8
*4038
May
117
preferred
100
Hershey Chocolate ....IVo par
3H2
2314
115
25
Highest
$ per share
$ per share
$ per share
25
Helme (G W)
Hercules Powder
10
40l2
Par
Hazel-Atlas Glass Co
Hercules Motors
30i4
23
-
60
10
4012
—
—
500
200
3114
40l2
23i2
-
""400
10
30l4
m
"
Lowest
Highest
87
74
75
m
Year 1935
of 100-share Lot
*12812 130
267g
89i4
130
30%
*40*8
2314
*7438
On Basis
EXCHANGE
163
*151
$ per share
Range for Previous
Range Since Jan. 1
STOCK
Week
$ per share
YORK
3299
Oct
37% Dec
55% Nov
10834 Oct
25s Oct
43s
Dec
415a July
112
Deo
26i2 Nov
Apr xl49% Dec
4i2 June
15
Deo
233s Jan 28
103s Mar
23
Aug
77i2 Apr
34
Mar
64
Dec
Sept
9
35
Feb 19
1284 Mar
26
42
Jan 21
3778 Nov
46
Feb
130
May
130i2Mar 16
37
113
Feb
Apr
6
185a June
3084
493gMar
4
30% Apr
14i8 Apr 18
42
Feb 17
378 Feb
17i2 Feb
Deo
5i2
185s
Jan
57U Nov
IH4 Dec
Jan
3784
78
Feb
4
Jan
Deo
214 May
10
May
New York Stock Record—Continued—Page 7
3300
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
Saturday
Monday
Tuesday
Wednesday
Thursday
May
May 11
May 12
May 13
May 14
Friday
May 15
$ per share
$ per share
$ per share
$ per share
$ per share
9
$ per share
*8
10
*8
9
*8
9
*35
41
*35
41
*35
16
16
*15
171
181.
*1778
181
*18,
9
9
9
41
*35
41
*35
16
16
*1534
1714
177
*1734
185g
*334
834
17g
185)
4
17h
187)
41)
87)
4
4
4
4
*378
9
878
*178
9
834
87
2
2
17
*5i2
23
24
17g
*512
2112
*2i2
3l)
437{
*2i2
437g
15
15
Si;
3
*23S
*42
433^
*41
15
1458
*6
1478
*618
7
29
2914
*155
159
*45i2
*16i4
*45
W
-
7
159
4534
*163s
50
*45
-
16l2
-»
,
81 2
4514
I6I4
*4912
4
414
1,700
9
87g
9
6,100
2
*17g
43
*41
43
M512
16
1558
3lf
7
2934
*155
4514
71)
2934
293g
*155
7lg
30
159
4614
16l2
w'*.
—
1,600
2~300
10934 10934
1093g 10938 *109i2 10978
109i2 1097g
"180
*11018 110*8
29*8 295g
11018 110l8 *11018 110&8 *110
11058 *110
llOSg
29l2 29l2
*2938 2912
*2914
29i2 I29i2 2912
1214
1214
13
1214
123s
1214
1238
IIOI4 IIOI4
2912
29i2
1278
13
1,600
3,800
12*8
*92
98i2
2078
45i2
*18l2
45
106
106
^12l2
*92
*1812
96
*103
9
914
4212 4234
1218
12ia
*96i2 105
96
*92
20i8
4434
4214
*92
*1812
2018
4234
42l2
1214
1214
*96i2 105
43
107l2
87g
4H4 4178
12ig
12ig
*96l2 105
87g
*14
15
14
14
*13
*105
107
*105
107
*105
70
*68i4
714
*5H8
*32*8
4458
9i8
2012
36
*126
70
*6878
*94
*94
~6~9~34
*69
278
*4i2
*2134
8312
39i4
*45l4
67I4
1*8
*2934
1912
3
4*8
22i4
8412
3934
48
6714
1*8
6934
"6934
187S
7i2
*5014
5418
36i2
4458
445g
9
9
1914
1934
36
3534
127i2 12734
234
*4i2
2134
84i2
39i8
*4514
*6684
*94
*15g
134
3ig
318
412
19
7i2
193g
*278
1834
7i2
1834
234
*234
43g
458
22
85i2
4018
67l2
67
1
67
29i2
19
1938
30j8
187g
12%
*1178
123g
*117S
1134
1134
*12
12l2
*12
76
*73
*2434
*4512
*100
*
75
*25
2534
*4512
2534
47
104
47
"l55g
*45
17
155g
47ig
1738
22
21
21
*21
2H2
*153
1334
13l8
1012
33*8
160
23
23i8
2212
2314
*153
23is
2234
15ig
13
*97g
1314
10i2
3412
13
IOI4
34
3312
*153
160
158
2258
23l2
22 7g
2314
23ig
2314
110
110
109i4 10934 *109
*10834 111
*108i2 111
110
*108l2 111
*11
*11
11*8
1134
*lHg
1134
29
29i2
287g
293g
2934
295g
*3014 3234 *30l4 32i2
*30i4
3234
*250
259
*250
258i2 258i2 260
30
10
1,900
2,700
9,600
4,200
*2\
4i2
22
8434
30
Mission Corp
No par
Mo-Kan-Texas RR
Wo par
1214
74
73
70
'
10
110
*3238
33
*94
98
*95U
9
*87S
11*8
11 s4
*33i2
3712
33
*3158
94
97l2
87g
87g
1112
*3412
37i2
8i2
117g
IH4
*34
■
*43l2
*106i4
*30
4412
39
*4312
*106l4
*30
44I2
39
*43i2
*106i4
9*8
9*8
958
3512
3512
36
3378
24i2
*3512
32*8
36
3338
3438
325S
9*8
*23i2
*23l2
60»g
3134
9512
858
1112
3712
44
39
*30
9i2
,
*1
95g
36
3358
60
*321g
95
*858
IH4
*34i2
43i2
*106l4
*30
914
103g
*1
ll2
*l2
58
.
134
*12
IOI4
15g
7% pref class A
100
95
96
97i2
97
98
884
834
IH4
!3712
IH2
37i2
,
J
938
44
44
*>105
39
*30
9l2
-
-
-
OO
1114
*36i4
44l2
-
39
97g
*30
97g
37i2
38
38
335g
34
3514
2514
25l2
263g
26l2
52
2512
*24
2512
49
*48
50
47
48i2
50
52
4
4
*4
514
*4
5
700
00
*105
36
3314
2514
900
1138
38
4412
*38
345g
3,400
1,700
3858
1,000
3534
51,600
1,200
1U2
lll2
1U2
*1014
1134
*103g
1134
1134
1134
IH4
IH4
*130
132l2 *130
132l2 *130
13212 *129
13212
132l2 *129
13212 *129
l's
1'8
li4
1'4
114
ll4
114
*li8
114
114
*n8
H4
98
98
*96i2 98
*9634
98
*9634
98
*9634
*9634
98
*9634
314
314
314
338
3ia
33g
33g
314
338
3ig
314
314
150
*4
514
*4i8
m2
77g
778
778
8
8
*438
4i2
414
414
4i2
3
3
3
*2U
3's
1034
934
3
*234
*10l4
*60
*87U
*100
*1*8
*222
61
8734
102
134
228
106i2 106i2
2412
*5412
8*8
*105
2434
55
8I4
105is
*634
714
9914
"2634
27i8
*52
5334
*_
*234
*20
3
135g
25l2
1384
49
49
60
384
10
60
8is
4l2
*8
8I4
*438
412
3
3
*3
*234
334
10
*3
958
*59
61
8lS
934
*59
314
4
*4l2
27g
*52
*278
*20
133g
2512
1334
48
48
*52
27g
*20
13i2
47i2
For footnotes see page 3294.
54
27g
25i2
1334
48i2
52
*234
*20
1358
*47
3
4
*234
IOI4
1034
105g
61
59
59
5714
89
89
8734
3
27g
8I4
4l2
*234
102
54
5
10
89
89
89
*87l4
89
102
*101
10112 101l2 *101
*13g
134
*13g
134
1»4
*138
*138
225
225
*224
228
22834 22834 230
*105
106
105
106
10512 10512
105l2
24
24
24
24l4
2434
2458
2438
55
55
55
55
5434
5434
a5538
8
81*
8
8i4
77g
778
8ig
105
105
al04
105
105
10434
*10338
012
612
*634
714
634
*684
7*4
*
98
*97
*96i4
9978
9914
27
"201~2 2712
26l2
273g
27i2
2714
8734
*100
8I4
1
52
*52
102
1®4
102
13g
8i2
-4i2
3ig
4
1034
2,500
2,300
400
Tex
&
Mex..100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
Preferred.
N Y & Harlem.
50
Conv preferred
Wo
100
100
par
...100
1
310
Northwestern
Norwalk Tire & Rub. .Wo par
Preferred
..50
X1334
48
47l2
4934
49
5078
Apr 30
...
Telegraph
12,400
6,300
Oliver Farm
Ea new..Wo par
4
84
4
Jan
Mar 27
9i2 Aug
02
Sept
13U Mar
May
Dec
Dec
Oo
1584 Nov
81»4 Novt
20i2 Dec
48
May 14
May 5
2234 Mar 6
5H4 Mar 11
2178 Feb 19
3012 Apr 6
17i2 Feb 19
1558 Mar 9
3884 Jan 9
10214 Jan 24
30
Feb 11
2514 Mar
11234 Mar
111
6
2
Feb 28
15i4Mar 11
3338 Mar 6
434 Mar
30
Jan
11
Apr
14
Mar
412 Mar
034 Feb
2214 Apr
14H2 Mar
13i2 Mar
1278 Mar
108
Sept
a: 100
Sept
U2 Mar
23i8 May
21
May
1478 Feb 17
3
Feb 11
Ha Feb 11
478 Mar
i2 July
14 Mar
4038 Mar
75
Jan
2
40
Apr
0
9
Mar
Apr 13
30
Mar
Jan 17
X8I4 Mar
Jan 24
Mar 5
Jan 3
7i2 Jan
2D4 June
117b
1314
3878
59U
105
43
Apr
218s
47i2
19i2
27i2
14*8
1414
3038
Nov
Oct
Jan
Jan
Dec
Dec
Nov
158i8
2312
2218
II314
Nov
108
Aug
4*8
Dec
Dec
Dec
Jan
34i2 Nov
32i2 July
43i2
Jan
3*8 July
1334 Feb
6
438 Mar
8
42U Mar
4
2
2
2
42U Apr 13
35i2 Feb 21
0314 Mar 0
0i2Mar 4
17U Feb 17
18i2 Mar
1214 Mar
Jan
Jan
Jan
0
Jan
2
135
Feb 28
2U Feb
98
4
558 Feb
6
14i2 Feb 7
712 Feb 24
Deo
4
Mar
112
Mar
i4 May
90
Nov
2
Jan
22i8May
0
4
1212 Apr 30
24i8 Jan 0
June
Dec
May
5*8
Oct
105s Aug
2*8 Mar
0i2 Nov
3«4 Deo
2>8 Nov
i8 Mar
14 May
Oct
414 Jan 17
114
99
Oct
June
0
139
2*8
51
Jan
Deo
Dec
09
05s Jan
Nov
6U Dec
1678 Dec
Feb 17
May 12
23*8 Apr 30
5284 Feb 0
Deo
Dec
Dec
Mar
5*8 Feb 24
Jan 31
lli2
1078
30i2
2934
2
6
Mar
107
Jan
Dec
Oct
39
90
2
Nov
Aug
Aug
978 Mar
57i4May 15
Jan
84 Nov
8334
2078
773s
113a
13ig
4184
6h4
19
83
9312 Apr 23
li4 Apr 21
1438 Aug
li2 Nov
Mar
6
5i2 Feb 24
15*8 Mar 13
7312 Feb 5
Mar 17
Deo
1
Apr 14
Jan
Apr 21
IOI2 Apr 20
119
5
Jan
97i2 Apr 7
2418 Jan 2
5114 Jan 10
50
400
14U
9
4
Northern Central
52
14
1014 Feb
98
52
1378
838May 4
lli8 Mar 14
3234 Apr 29
41
Apr 15
104ia Apr 7
No Amer Edison pref..Wo par
No German Lloyd Amer shs..
100
1778 Mar
108
Jan
105
53
*20
74ia
100
Wo par
...50
2878
*20
57U Apr 29
197a Jan
210
28lg
25l2
9&8May 11
?s Jan
ia Jan 10
..100
Northern Pacific
May
162i2 May
140i2 July
738 Apr 28
Wo par
1,500
Feb
65i2
1>8
33i8
153s
10u
206
100
7% preferred
Preferred
7i8 Mar
914 Aug
4
66
Jan
100
N Y Ontario & Western
North Amer Aviation
Dec
i4 Apr
3134 Dec
Jan
Apr 24
Ad J us 4% pref
North American Co
00
9484 Nov
407s Deo
Jan
3
310
Feb
12158
100
N Y Steam $6 pref
21,300
2184 Mar
417g Dec
Nov
150
I N YH&Hartford.
30
*98
55
7
Jan
4i2 Dec
145
9i2 Apr 27
1,200
0
6
3
23
Mar 17
Wo par
19,500
1
July
li2 Mar
io84 Mar
Mar 19
Jan 10
Norfolk & Western
Apr
July
May
Deo
4
July
4i2 Dec
1734 Dec
03s Nov
10i4 Dec
Mar
1
100
Mar
108
90
700
Mar
II4
103s
2i2
578
2*8
143
100
Preferred stamped
♦
1
Nov
84 Nov
84 Apr
Mar
Feb 25
7*8 Nov
08
*8 Mar
305
Wo par
$7 1st preferred
t Norfolk Southern
Jan 1iih4 June
Mar
I
Jan
N Y Shipbldg Corp part stk.-l
13g
7
8
3778 Apr 14
4
100
JNY Investors Inc
Oct
104U Apr 14
13734 Jan 21
204
100
New York Dock
28i2
278
2884 Jan
100
40
7
Apr 30
1081a Jan
1071a Jan
10
Apr 28
2738 Apr 30
32ia
2784
1784
30ia
N Y Chic & St Louis Co—.lOO
Preferred series A
Jan
Apr 30
N Y Railways pref
600
6
2
1,400
13,500
7
..Wo par
Wo par
250
232
Apr 30
1,500
10314 10312
9978
No par
Natomas Co
Orl
Feb
4
71
418 Apr 29
2ia Jan 7
z2&s Jan 17
IO6I4 IO6I4
2458
2514
5514
5514
8ig
8i«
83g
National Tea Co
110»8
37» Mar
5984 Feb
N Y Lacka & Western
10534
5538
100
5714
278
25i2
14
234
—
1,100
230
105
25
25
90i2
102
234
25i2
3
...
230
2514
...100
Preferred
t New
20
434
No par
4% pf 100
Newberry Co (J J)
No par
6% preferred series A
100
...
514
*4
4812
100
500
—
1,200
49
100
Preferred B
Nelsner Bros
39
97g
Wo par
Nat Enam & Stamping.Wo par
National Lead
100
100
26l2
5314
49
7% pref class B
100
t Nat Depart Stores..No par
Preferred A
4,100
,884
7% cum pref
190
4,200
247* Sept
45U Apr
21
6034
20<8 Apr 14
103
84 Jan
21
3578
Feb 7
Feb 10
Feb 8
Apr 14
Feb 21
784 Feb 11
Jan
153
3514
234
5U
0i8
2018
958
x283a Apr
0Oia Jan
100
35
ii38
44
Wo par
6H4
Oct
20i2 Dec
8U Mar
0Ois Mar
31
No par
33l2
3712
4312
par
10
2d preferred
National Steel Corp
National Supply of Del
684
9i2 Mar
105
28
Wo
National Pow & Lt
2i2 Mar
103
National Biscuit
Nat Rys of Mex 1st
0o34 Oct
33i2 Dec
42*8 Dec
7018 Mar 24
18s Feb 10
Nat Cash Register
Nat Dairy Prod
3278
30
Jan
1097s Mar 10
123s Mar 23
0ia Jan 0
57i4 Jan 17
«s Jan 7
Ha Jan 2
234 Mar 27
2>4 Jan 2
17ia Jan
5ia Jan
14ia Jan
2i8May
20ioMay
1212 Apr 30
912 Apr 30
3lis Apr 30
6034
13 Ha Mar
Apr
Dec
Nashv Chatt & St Louis..100
National Acme
1
60
0
22
Nov
Jan
61
4712 Apr
2084 Mar
24<8
97'2 Dec
65i4 Nov
83s Nov
85
Apr 30
600
Mar
Jan
Dec
150
10i8 Apr 24
10,000
Jan
3
Dec
Jan
14
....—
6884 Mar 17
3784 Apr 3
5034 Apr 11
1214 Apr 13
23
Apr 0
Dec
41
Deo
Dec
153s
115*8
1484
Nov
43
Nat Distil Prod
97i2
5
Nov
io84
40
58
10
■
1038 Mar
Dec
131
85
Wo par
!2
12
Apr 22
7412 Apr 8
11
Dec
Apr 13
5,000
14,100
105g
*1
58
:
108
85i2 Mar
143s
llli2 Deo
1984 Deo
45>8 Sept
Feb 20
Wo par
40
Mar 24
3334 Nov
901a Jan
578 May
38i2 Dec
8i2 Apr
35i2 June
75
Nash Motors Co
500
19
Mar
6*2 Apr
57U Feb
714 Mar
97
Murray Corp of Amer
Myers F & E Bros..
....
15U Mar 20
108
Apr 23
28
Apr 8
106i2May 14
z65
7,200
160
Feb 17
46
7
100
Corp
Oct
9
6,300
140
498s Jan 24
Jan
Wo par
300
Jan 31
1181a Jan 3
ii84 Feb 14
21
No par
5% preferred
140
24
4478May 4
10278May 13
Munsingwear Ino
*145
June
6
1
Murphy Co (G C)
2,900
103
8
May
100
13,600
Jan
1578 Mar 11
117 May
4
70
500
10
84i2
1338May
11
300
100
Oct
9
Mar
32U Jan
No par
Aviation
Nov
54
110i4May 15
1
48
Nat
20
55
1734 Mar
26i4
400
5784 Nov
Jan
Jan
llU Apr 30
*47
1,600
Nov
32i8
283s Apr 30
I5i8 Jan 2
*25i2
9,900
357b Mar
5i2
Dec
337S Nov
150
8
5
Class B
11
June
Jan
Deo
45U Dec
14U Nov
Jan
7.50
Mulllns Mfg Co class A
26i4
410
4
Dec
Deo
Dec
33
178 Feb 10
3778 Mar 4
22i2Mar 3
48
*260
60
10
....Wo par
Preferred
Mar
2334 Mar
Feb 28
110
378 Jan
47
141
Mar
20ia Jan
83'sMay
3584 Jan
2534
163
9
Feb 21
20
2514
305
61
Morrel ( J) & Co.
Morris & Essex
21*8 Jan
100
Mont Ward & Co Inc..No par
40
73
141
6078
100
Conv preferred
100
1,200
1234
*145
97g
t Missouri Paclflo
Mohawk Carpet Mills
Monsanto Chem Co
900
6,000
10278 10278 *101l4 104
*10H4 104
16
15I4
I5I4
1514
I6I4
I6I4
*45
*46
*46
4634
4634
47i2
17
1714
171g
1712
1734
1778
23 ig
2II4
22l2
2234
22i2
23
1314
1314
135g
1312
1358
13lg
*97g
IOI4
*107g
1014
10i2
ID4
34
33i2 3378
345g
3358
3414
*153ig 158
158i4 158i4 *15318 160
24
23ig
23ig
243g
23i2 2418
225g
2312
2278
23l2
23l8
23l2
*109
110
109
110
110
10914
109
109
*10812 HI
*108i2 111
12
IBs
IDs
123g
121g
lis4
295g
30i4
3038
30i8
30lg
3038
*31
3234
*30l4
3234 :*30i4
3234
i2
100
Motor Wheel
*260
10
Hi
Preferred series A
300
165
/
100
100
1,000
270
h
7% preferred
4% leased line ctfs
4,000
140
97g
No par
1978
140
*1
88
1258
*145
58
110
1134
160
ll2
100
195g
142
978
8% cum 1st pref
31
*150
*l2
6OI4
3134
Wo par
125g
*140
9*8
xl7U Apr 30
Midland Steel Prod
1934
165
*1
5
Miami Copper
Mid-Continent Petrol
31
1278
1238 Jan
10
100
Merch & Mln Trans Co Wo par
Mesta Machine Co...
5
3,400
29,800
lli2 Apr 29
978s Jan 7
55U Jan 31
7
Apr 30
50
May 13
31 ia Jan
9
*0&8 Jan 0
584 Jan 3
1
...
Minn St Paul & SS Marie. 100
2,300
3
Jan
..Wo par
Mengel Co (The)
7% preferred
200
500
Apr 30
2
97ia Jan 10
t Minneapolis & St Louis.. 100
12,600
Apr 28
Mar 25
Mar 27
Wo par
Wo par
19i4
142
*8
3784
100
0
Jan
Wo par
Mead Corp
$6 pref series A
Melville Shoe
9
Apr 13
17«4
39»8
103is
8%
30i2
*150
1*4
108
*12i4
19
*140
10
100
..50
Mother Lode Coalition-Wo par
Motor Products Corp..Wo par
1
n8
165
*8
6034
12
1
2
Feb 24
12i4May
5
6% pref series A
100
May
29
No par
Mclntyre Porcupine Mines..5
McKeesport Tin Plate-Wo par
2
Jan
109
No par
tMcCrory Stores Corp new.l
Minn Moline Pow ImplWo par
Preferred
Wo par
46,400
47
67l2
lig
3Hg
142
978
103
1,900
42
*4514
67i2
*140
"
5012 Apr
100
863g
4138
46
*150
*1
Feb 13
500
5,500
2234
42
6712
45
Ry & Lt 6% pf.100
Minn-Honeywell Regu.No par
80
•
87i4
par
178
10
2384
37g
Mar
130
3
65
47
*46
270
'
120
8
2138
27g
4i2
1
74
2514
w*
900
800
784
20l2
*6634
74
17i2
a
""loo
53ia Jan
4
May
978 Dec
684 Mar
2Ha Feb 28
1st pref called
McCall Corp
1
20
Dec
Oct
Sept
3
2i2 Oct
384 Mar
5
Feb 28
ADr 28
6% conv pref
314
1834
234
1/8 512
4038
74
4712
IOI4
1
Prior preferred
$3 conv pref.
McLeilan Stores
"260
Mar
13ta Apr 30
ex-warrs.-Wo
2,900
'
12
Feb
Apr
®8 June
301a Feb 19
100
12U
601s
Mar
1
4ia Mar 18
5084 Mar 6
J9i8 Mar 5
49
McKesson & Robbins
1.600
43i4May
No par
-
6,700
72
314
1834
4t2
2258
12ig
*73ig
17
34*8
*6612
7134
1878
'*4514
12l2
*45
'
88
4012
4612
6712
Us
46i2
1178
17l2
900
Jan 17
Apr
Apr
514
6
No par
Preferred
Milw El
8»s
2058
43g
1158
48
1514
87
3934
,
"
43g
2212
30
17l8
*2012
*1312
10l4
3414
1512
22
187g
IDs
*45
15l4
22
30
*25ig
2534
4534
4534
*10278 104
*102
734
*234
438
70
*314
18i2
77g
19is
234
1212
19
7,200
6
6I2 Apr 28
2712 Apr 27
1637«
May Department Stores—10
Maytag Co
No par
McGraw-Hill Pub Co.-Wo par
L
m
106l2 106l2 *106i4 1073g
9
914
858
914
64
64
6334
6334
*12
58
*12
5g
2
*158
112
15g
*25g
3l2
*25g
312
19l2
27g
43g
100
19*2 Nov
3084 Apr
May 5
IDs Jan 22
No par
6% conv preferred..
:
sr.
18
712
87
48
*1158
75
18
40is
39i2
*4514
48
96
*94
70
3
1834
4l2
Hs
30
19l2
1258
*74
1*94
1?8
3l2
3
23
114
30ig
19i4
30i2
95
*158
*25g
278
*22
85
*92
,
697g
70
6934
6934
10734 10734 *106i2 10738
834
9
834
834
63
*60i2 63i2
63i4
*12
58
5g
1034
1
70i2
*7ig
*94
*106l2 108
*1O012 108
834
83g
834
87g
*61
64
*6012 6358
*4
*12
*12
5S
2
2
*1*8
*1*8
*3 >8
33g
338
*3i8
27g
3i4
3l4
3ig
19i2
*1912 1934
1914
758
712
7i2
7i2
1938
14l2
*34
96
,
107
*687g
7U
*714
7i2
5834
5112 5H2
*32*8
36i2
3678
4434
44i2 45
9
934
914
1934 2034
2034
3638
3534
36i2
12734 *125
12734
96
20ig ^*18i2
20
1934 *19
44
4338 f43i4
4314
43I4
107
107
,10712 107i2 10784 108
834
87g
93g
9
9i«
• 914
4114 41i2 ? 4134
4212
4258
4278
*12
1212 #1214
1212
12U
1258
*96i2 104
l*96i2 104
*9612 104
14
*13
#14i2 14i2 *1334
1414
*105
107
*1035g 107
*103i2 107
*687g
6934 *69
6934
69i2
69i2
714
714
734
7i2
75g
734
50
50
*52
59
5318
53i8
36
36
*36
36l2 *36
36i2
45
46
46
4512
*45l2
46i2
914
914
97g
914
10
97g
19
19i2
1934 20
1978
2OI4
36
37
39
3634
38iS
39
127
127
12712 12734
12712 127i2
43
107
9ig
._
10
Mar 17
3i8 Mar 19
IOI2 Mar 18
41
Mathelson Alkali Wks.No par
Class B
*18l2
107
87g
4218
50
21* Jan
30
3
084 Mar 17
1034 Jan 14
3
Jan
1314 Mar
23
3
Jan
29
23U Feb
I884 Jan 10
No par
Martin-Parry Corp
Preferred
*109*8 110
12U
preferred
Marlin-Rock well
400
400
7
100
100
Marshall Field & Co—No par
*46
—
214
3
10ia Jan 3
57U Jan 10
38
100
Prior preferred
Preferred
4614
1612
$ per share
8i2 Apr 30
li« Jan 7
"
497)
46i4
16i2
4978
4958
*46
300
8I4
30
% per share
Maracalbo Oil Explor
1
Marine Midland Corp (Del).5
Market Street Ry
100
2d
5,000
$ pet share
25
Manhattan Shirt
3lfi
"""166
Highest
$ per share
8I4 Apr 29
Apr 25
14i4 Apr 30
17i2May 4
Preferred
157g
Lowest
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
"140
44
Year 1935
Highest
No pur
Man del Bros
81;
221)
*155
159
50
*46
*512
22
3l<
4614 ;X4614
I63g *1638
495g
50
10912 1095g
81.
211)
*5
2934
159
4578
163g
16l2
50
*5i2
2H8
*278
130
21)
*212
*43i2
153)
15ig
*618
300
4
23.
81;
""960
19
*512
*2H8
*212
*45
-
'
2
100
9
19
*41
3ij
437)
15i<
7
298<
159
*155
46
*49
4
834
*178
211
*6ig
2914
283,
2834
*155
4614
16i2
4934
*49
81
*5i2
24
Par
41
*16
177g
2
*8
*35
153
Range for Previous
On Basis of 100-share Lots
Lou est
Shares
41
*8i2
Range Since Jan. 1
STOCK
YORK
1936
16
EXCHANGE
Week
1534
878
*178
*23
the
May
0ig Mar
8i2
Jan
10is
Jan
87
Jan
92i2 July
10218 Deo
2i2 Deo
79
May
84 Aug
5
158
Mar
218
Deo
108i2 Apr 21
30U Jan 8
50
Apr 10
99
Jan
108
June
9
Mar
28
Nov
27b Jan 14
235
Mar
35i2 Mar
55
1034 Mar 19
105i2 Apr 7
12i2 Feb 21
2
Mar
57
Jan
101
3
8012 Mar
99
3034 Feb 20
13i8 Mar
357a Jan
2514
52i2
214
32i2
14U
2714
Dec
57
Mar
Mar 24
4i2Mar
30
0
Jan 22
17if Jan 16
54*8May
5
314 Nov
li8 July
z20
Mar
914 Mar
10i4 Oct
738 Dec
102
Nov
10ia Nov
Aug
Deo
Deo
Jan
Jan
Deo
Deo
Volume
HIGH
New York Stock Record—Continued—Page 8
142
AND LOW
Monday
May 11
$ per share
$ per share
*18»2
19
18%
Tuesday
Sales
SHARE, NOT PER CENT
STOCKS
for
SALE PRICES—PER
Saturday
May 9
NEW YORK STOCK
the
Friday
*10i2
50
113%
11
50
*115
110
10
May 12
May 14
May 16
Week
Lowest
Highest
Lowest
Highest
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
$ per share
$ per share
3is July
$ per share
*49
1,200
Oppenbelm Coll A Co—No
7,000
Otis Elevator...
50
50
50
*115
13%
150
50
*50
*149
150
137
1534
6
138%
16%
6
6
170
*115
143
13912 142
16
600
53
*50
53
*116
----
6,800
17
143"
2"700
17%
6,900
6X2
20
1634
*5
6
12
12
*1184
684
684
684
33%
3384
3414
49% 49%
4914 4934
14%
14%
14l2
14%
123% 124% *123% 125
*10%
20
12
*10%
684
*6X2
684
130
33%
34%
34%
3,400
49%
14%
2,200
1,500
*149
150
49%
14%
125
125
100
10
150
150
*149
150
14
1334
1334
13%
13%
14
14
14
14
900
984
*13%
234
10
934
9%
9%
10
IOS4
1034
11
79,300
*13%
*2%
15
65
65
65
74
71
71
9%
*13U
*2%
64%
*71%
10
*13%
*2%
15
*64
*71
3
9%
73
73
10%
2434
10%
2434
334
9
70%
15
278
15
234
64%
72
878
9%
73
9%
70
71
984
*22%
24
*13%
2%
15
63
*71%
884
69
*13%
*2%
15
64
65
65
64
64
72
72
7314
7334
74
2%
8%
8%
*70
69%
3
9%
9
100
600
16,900
9%
Preferred
Otis Steel
100
384
10%
23%
334
*43
45
43
24%
634
24
24
*6%
8%
*68%
75%
70
68
7584
75%
*4%
6%
2984
30
29%
678
8%
11%
2%
68%
75%
478
6%
36%
30%
40
40
40
40
5
6%
*33
8%
11%
2%
5
61*
36%
11%
2%
*33
*44
24
3%
43%
24%
■
24%
*6%
8%
984
*22%
384
4484
3%
44
24%
684
8%
*11%
2%
9%
24
6%
8%
12
*11%
*2
67%
73%
2%
67%
74%
*4%
5
634
6%
6%
8%
*11%
*2
*67
7384
*4%
6%
*31
*33
35%
29%
*39%
30
29%
40
*39%
24
44
44
44
24%
6%
24%
6%
25
7%
8%
11%
9%
11%
11%
2
2%
6984
75%
12
2%
69%
*67%
334
5
.10
——
25i8
7%
9
9i2 Jan
4x4 Jan
6% preferred
Pao Western Oil
100
Corp—No
Packard Motor Car
N
Par
par
29%
3012
40%
40
27
*24
28
*68
75
*68
75
62%
22%
13%
*60
68
*60
*20%
23
*20%
*13
13%
16%
33%
46%
*13
16%
33
46%
*86
*8%
1134
*2
85
*8%
*70%
42%
*6
91
14%
32%
75
*60
62%
*60
*21%
23
13
13
16%
14
14%
14
32%
33
33%
91
*88
91
85
2
*8%
*75%
41%
*6%
9
8%
*7
*11
11
2%
87%
9%
85
86
*8%
2
83
75
9%
75%
42%
41
41%
7%
*6
7
*80
80
80
13%
12%
13%
12%
1234
1%
1%
1%
1%
3234
3234
75%
1%
3284
75%
9%
*784
*25
9%
38
*180% 182
3284
*50
*7%
*34% 38
*180% 182
*46
*87
11%
2%
*7%
12
13%
*49
22%
12%
33
*86
2%
86%
*80
75
46%
*8
7%
75%
*46%
*11%
83
30
4678
9
42%
*25
*46
11%
10%
26%
26%
72%
40
2
32
32
*50
75%
9%
*7%
*35
38
*180% 182
2%
83%
*8%
*71%
41
*6%
2812
*75
61%
22%
12%
14%
33X2
61%
*22
12%
14
34
47
46%
*86%
90
*7
8i2
11%
7
75
42
7%
*6%
*80
12%
1%
32%
*50
*7%
*35
12%
2
1%
*30%
32%
*50
75%
9X2
-
62
*21%
22l2
100
13
13%
1,800
14
14%
34%
3434
46X8
46t2
*86%
714
4612
*11
12
75
83
2%
2,000
14,300
10
100
75
50
16,200
42%
7
7
100
20
*80
12%
2
1%
33i2
75%
912
38
31%
*50
*8
3812
*179io
*179%
8
8
8
8%
66
66
66%
1%
1534
778
65%
1%
1534
70%
30%
15%
7%
70%
30%
*1%
134
*1%
*1334
*7%
1%
*1%
1534
*1334
7%
7%
70
70
70
31%
31%
31%
2
*1%
1%
1484
22%
14%
14%
14%
22
22
14%
14%
14%
6%
2%
*5%
*1%
7%
*5%
*1%
8
8
2%
*20
284
24
13%
*21%
2%
20%
41%
41%
4034
*118% 118% *118%
39%
3934 40
*106
107
*106%
*118% 119
118%
*131
133
*131%
*148
152
*149%
*113%
*113%
42
42
43%
18%
18%
18%
....
104
104
92%
9%
9%
92%
105
92
9%
10%
9%
9%
558832 558832
5534
*94
96
70%
70%
6%
31%
6%
*39
31%
*94
70%
8%
67
1%
7%
70
30%
*1%
*8
13%
14%
*8
6434
*1%
*1334
*7%
*69%
*30%
*1%
1384
8%
8i2
6434
8%
6312
6484
I84
*184
1%
16%
7X2
7014
31%
1%
13%
*1334
15%
7%
72X4
32%
*20
712
70%
31
*1%
13%
1%
14i8
*20
22
*20
22
*14%
14%
6%
2%
*14%
*5%
1%
1484
7%
234
20%
*7%
234
*21%
2%
2%
23%
22i2
22i2
4034
4084
41
42
6%
2%
7%
284
20%
*5%
*1%
*7%
2%
20%
41%
40%
40%
118% *118% 118%
40%
39%
39%
107
106% 106%
118% 118% 118%
133
*131% 133
152
*149% 153
*113%
43%
42%
43%
19
19%
I884
105
103% 106
22
10
10
5534
96
6
7034
6%
31%
31%
—
—
Preferred
-
-
-
—
-
934
934
5534
*9384
70%
5%
31%
2
8i8
234
8X4
2%
49%
*45
4912
*45
*39%
12%
40
12%
39%
*12%
39X2
13%
*12%
13%
*76%
*178
80
*76%
80
*76%
80
*76%
80
*105
112
6%
584
2
2
14
*11
2
23
*105
98
23
112
23%
112
I884
18
584
I8S4
5%
18%
18%
*77
81
79
79
80
80
*78%
81
*79%
82
*11
12%
12
*24
27
lil
*24
18%
*91% 100
25% 25%
5%
*11
21%
97
9778
23
*105
*2
14
20%
27
*91% 100
26
26
*108
110
109
110
44
44
44
52%
52%
52
584
*79% 8I84
*10%
12%
26
*23%
*91% 100
2534 26
109
44%
52%
20%
97
23
*105
5%
18%
39
*2
2%
15
*12%
21%
20%
9712
98
23%
2312
*
110
"5%
684
18%
81%
1034
*23%
8112
79%
82i2
26%
*108
44
5284
•
1034
*11
27i2
*23%
*92
100
26%
£2612
*108
110
44%
5314
40X2
49X2
39
2%
1,100
400
2984
*25i8
100
26X2
110
4534
48
53
5384
*92
2612
*108
48X2
5314
135
500
100
M
•»
~
-
-
13,300
31,900
360
2,500
8,400
96,300
4,200
800
12.000
4,500
1.100
400
2%
5%
19%
84X2
82i2
10%
"""266
2634
110
48X2
5334
*60
61
*60
61
*60
61
*60
61
*60
61
13%
*1278
1384
13%
*12%
13%
*12%
14
*12%
~
*27
29
*3634
56%
38%
28%
37%
*27
38%
28%
37%
57%
*27
*37%
57
67
56%
For footnotes see page
57
3294.
*36%
57
57
*37
57%
*37%
57%
57%
2812
3
Mar
18
Mar
39
Feb 21
1714 Mar
43
Mar 27
30
Feb
114%
IIIX4
49%
7%
3534
Jan 9
Apr 25
Feb 17
Feb 19
108%
88
Feb 19
Feb 19
No par
-No par
100
——100
.100
Pub Ser El A Gas pf $5-No par
-
Pullman Ino———No par
Pure Oil (The)
No par
8% conv preferred
6% preferred
Purity Bakeries
No
Radio Corp of Amer—No
Preferred
100
100
par
Preferred B
Feb
5
19% Mar
4
93
Feb 17
12
Mar 13
16% Mar 13
3% Jan 13
15% Feb
88
Mar
i
5
Apr 23
49% Apr 2
9% Jan 10
Jan 31
84
Feb 21
2
17
Jan 15
Jan
2i2 Feb
37% Jan
«.
6
4
61
Feb 21
12
Feb
176
155
Jan
6
Apr 29
2
11% Jan 31
180
160
Feb
7i2 Apr 30
Jan
2
lx4May
4
3
1534May 12
21
49
3
Jan
Jan
2
1% Apr 24
IDs Jan 6
22 May 6
12
5
40% Feb
3
Mar 25
Jan
2
214 Apr 29
Apr 30
*.
Eels (Robt) A Co
—No par
preferred..———100
-
20,800
"
Reo Motor Car
18
..—5
1,200
23
Feb
Deo
Deo
July
Nov
Nov
10
Nov
38ia
1%
3i2
I84
3514
5is
63i2
13%
Mar
July
Apr
85
Deo
Mar
40
Dec
3
Mar
IOI4 Deo
78ia Nov
50
July
Mar
Mar
Mar
July
2% July
% July
31
Apr
65% Aug
7
Mar
26>4June
172
4%
Jan
£68% Deo
14«4 Dec
8
Nov
I84 Dec
38
Nov
76is Jan
12% Aug
44% Aug
Feb
180
Aug
5% Mar
22i8 Mar
10
Deo
55
Oot
May
851b Mar
5
Jan 17
1
Mar
2% Nov
IOI4
U4
24i2
6%
Apr
16is Deo
3% Sept
Apr
62
Nov
June
25
Nov
6
1
Mar
2
3
6X2 Mar
13
19
4
11
6i8 Mar
1% Mar
14 Feb
4% June
%May
6X2 May
12'4 Nov
Jan
8
9% Apr
91i8 Apr
41x4 Apr
334 Feb
16% Apr
26% Mar
1934 Feb
934 Mar
3% Jan
12% Feb
6% Jan
11
8
4
6
16
36
Jan 16
49
Jan
2
48% Jan 15
Mar
42% Jan1
115
Jan
2% Aug
Deo
5% Nov
2% Nov
16% Jan
414 Deo
26x2
Dec
53% July
121
Nov
20% Mar
62% Feb
104is Deo
73
Mar
117
Dec
85is Mar
46'4 Nov
132
Deo
Feb 27
100
Mar
148
Dec
112
Jan
7
114
Apr
1
99
Jan
113
36% Jan
2
48% Mar
24% Mar
133% Apr
117% Mar
17% Jan
1414 Jan
56% Mar
3
20
16% Jan
May
2
91i4May
9%May
4
103
1
9
5
IO434 Apr
17
27
6
4
Mar
Mar
6
3
38X4 Apr 14
39
Jan
37
Jan
9% Jan
Deo
Deo
17% Oct
13% Deo
6212 Jan
3514 Mar
92
Deo
114 Mar
I6i2 Mar
6
Oct
3014 Deo
43>8 Jan
43x8 Nov
29% Mar
7
48% Feb 24
45%May 15
4
41
33
16% Jan 30
Apr
3i8 Apr
38
2
11
Aug
4
88
20i8 Apr
72
Nov
1% Apr 28
12%May 7
19% Apr 28
851b Jan 3
22% Mar 12
Feb 20
May
5
Feb 17
3% Jan 14
22
Mar
7
June
114
Apr 15
8I4 Mar 25
26% Feb 19
99
Feb 19
95
Jan 13
10
Apr 20
16% Feb 17
36
Jan 10
Apr 28
120
Jan 23
2478 Apr 30
Apr 27
117
Feb 17
50
Apr 29
Jan 2
Mar
8
4
4
27
1
Apr
Jan 14
4% Jan 2
1678 Apr 30
26X4 Apr 27
36
23% Jan 15
9934 Apr 15
24% Jan 23
77
34
Feb
5
Jan 13
55X4
58%
66%
13%
Apr 14
Feb 28
Feb 10
Jan 9
85
MarlO
69
Aug
2U8 Oct
98i2 June
214 Mar
9
Mar
28% Mar
78i2 Oct
6i2 Apr
13
Apr
75
Apr
17ia Apr
101
June
Rhine Westphalia El A Pow__
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
10% Jan
191b Feb
3
2
32
Jan
3
38is Feb 17
Royal Dutch Co (N
48% Jan
2
67%Mav
29X2 Mar
60
17
73%May 15
287s Jan
3512 Jan
May
78i4May
8% Feb
50
914 Feb 19
110
103
June
9
8
2
Jan
119% Deo
65
17
Jan
70
July
52% Jan
29ia Oct
5% Mar
49% Mar
1214
43%
65x4
11%
5X4
21%
Y shs)
Deo
1914
28i8
45i8
8514
4%
156
4
105
100
Oct
Deo
19% May
Apr
1,400 Reynolds Metals Co. —No par
600
5H% conv pref...
-.100
1,700 Reynolds Spring
...——.1
6,900 Reynolds (R J) Tob class B.10
Class A.........———10
11
12% Mar
Nov
Apr 14
90
-
4
128
17,400 Republic Steel Corp
No par
1,200
6% conv preferred..
100
800
6% conv prior pref ser A. 100
200 Revere Copper A Brass—....6
Class A
10
Preferred
100
...
34ia Nov
6484 Deo
146
934May 12
100
43i2 Aug
914 Mar
I6is Mar
5
7%May 2
35% Apr 28
60
54i8 Feb 3
831b Jan 2
68i2 Apr 28
No par
116% Mar
87i4May 11
50
$3.60 conv 1st pref-No par
t Radlo-Kelth-Orph
No par
Raybestos Manhattan-No par
Reading.
—50
1st preferred
50
2d preferred
50
Real Silk Hosiery
10
Oct
40>4 Apr 11
49% Jan 11
Mar 28
July
17% Mar
2% Feb
25%
45X2
81%
3X4
8x8
par
-
Apr
Mar
May
ia4 Nov
81
14
7
Remington-Rand
— 1
$6 preferred
3,200
—25
6,000
Prior preferred
—25
Rensselaer A Sar'ga RR Co 100
39
57%
6% preferred
7% preferred
8% preferred
1st
.
14
29
*12%
*27%
*3684
*27
lOisMar 24
48X4 Mar 24
84«4 sept
6is Aug
61b Aug
30% Nov
32i2 Deo
39% Apr
Feb 21
15
54
2
11,500
28%
100
Pub Ser Corp of N J
$5 preferred
Preferred
80
61
28X2
38%
79
Jan 2
6% Jan 28
73
107i8May 8
12H2May 15
136% Jan 27
200
1,300
4% Deo
8I4 Dec
Oct
103x2 Feb 21
113x8 Apr 3
4,900
107
>4 Apr
Mar
1% Jan 2
3lx2May 15
Apr
Feb
July
Feb
122% Feb 26
121%
6
13l2 Oct
7% Mar
7
Nov
....
13
734 Apr 29
75 May 12
38% Jan 6
Oct
Deo
80% Dee
12
Sept
101% Sept
14>4 Sept
21% Nov
18
68% Jan
100
Preferred
20
72«4 Feb 27
Jan
Jan
Jan
Deo
1% Dec
24
6
21
Pond Creek Pocahon.. No par
No par
-.-.
21
;
Jan 13
100
Poor A Co class B
Nov
9% Aug
May
2X4 Mar
11
7%
Nov
8I4
84
64x2
6714
214
40%Mayl2
*12%
29
Plymouth Oil Co
14
684 July
12%May 13
14 May 12
100
No par
.5
66
4%
117% Ap
7
39
Apr 29
*60
,
—25
Preferred
514 Jan 23
47% Mar 10
26% Apr 22
10
Apr 1
11% Apr 2
17x4 Jan 24
2% Mar 17
6% pf (ser of Feb l *29). 100
110
8212
1012
2
3
Procter A Gamble.——No par
14
1112
Jan
Apr
100
2134
97%
24%
83X2
4
Feb 13
3,900
20%
*97X2
19i8
5
Apr 20
Apr 27
Apr
9
6
4
42
118%
4012
*12
"514
Mar
1
300
*80
Feb 19
2
2
400
5%
19%
Apr 30
4% Jan 2
2884 Jan 2
28X4 Apr 29
1x4 Jan
300
82
Mar 13
7i8May
12%
24
6
Jan
300
14
98
7% Jan
10»4 Apr 27
1% Jan 2
64% Mar 13
19
23
21%
24
67
1
4i8 Jan
40
*2
7
28
t Postal Tel A Cable 7% pf 100
t Pressed Stee Car
No par
4512
*76X2
87«4 Feb
1284 Jan
Porto-Rio-Am Tob cl A .No par
Class B
No par
45
12%
6
700
39
*39
Feb
3,600
2,600
39
110
18%
44
5234
*39%
79
109
43%
52%
39
*78
*92
200
6X2
2
*45
21%
10,800
6i2
12%
2034
9534
14X8
8%
40
*11
Plttston Co (The)
2
50
1%
100
6%
*39%
*12%
15
1%
7%
*45
21%
97%
2384
Pittsburgh A West Va
2
50
2034
*96%
2234
180
22
1
100
690
-
39
6% preferred..
Pittsburgh United
1,300
6
40
39
30
....
7%
2
*39
*11
16
6
*45
81
1%
734
39
Pitts Term Coal Corp
1,600
65
152
152
*14934 152
*151% 155
*113Xo
*11312
*113%
43
4334
42% 42%
43l2
44%
19
1984
1834
19%
19%
1934
*105
106
*105X2 106% 106l2 107
92
95
92%
9134
9234 9234
9284
10
10%
9%
9%
$9%
9% 10%
10
10
10X2
10%
11%
934 10%
5534
5584 5584
5534 5534 552%2 552632
96
96
96
96
99
*93% 9534
70
70% 71X2
7334
70%
7012
71i8
6
6
6%
6%
6i8
6%
6I4
32
33%
31%
31% 31%
33%
33%
92
170
Pittsb Screw A Bolt.-No par
Pitts Steel 7% cum pref
100
300
884
32
42
12
7
67
8
Pitts Ft Wayne A Chic pf 100
Common
100
7234
*118% 118% *118% 118% 118%
39% 40i8
40% 40X2
3934
*106
107
*106
107
10684
121
11834 119%
119% 120i8
133
133
135
132% 132%
Jan
Apr
Mar 24
1% Jan
72
25
734
*22
20%
4x4
74x2
97is
3i2 Mar
1084: Jan
is June
6l2 Mar
71% Dec
8
Aug
100
...No par
Pillsbury Flour Mills
.
15%
3
Feb 19
..100
Corp pref
31
13%
13
2
Mar 13
72is
134
18
6% Jan
2
500
3914
—
14%
42
*76%
1%
16
*20
*39
12%
134
II84 Apr 30
Jan
Pirelli Co of Italy Am sharesPittsburgh Coal of Pa
100
Preferred
100
75i8
914
15%
42
12%
65
142% Deo
16
700
31%
15
---
92
8%
Jan
56
.
*63
Jan
Deo
HUb
66
Pierce Oil
Deo
Apr 27
Feb 10
No par
Pierce Petroleum
5% Deo
31% Dec
Mar
150
Phillip Morris & Co Ltd10
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum.
No par
Phoenix Hosiery
6
3.300
2
10
1
8
7
3
7
Jan 3
Jan 2
Apr 24
2,600
12%
3i2 Apr
13is Mar
Jan
No par
Phlla A Read C A I
Nov
17% Nov
3% Dec
140
—--..100
50
60
129
21
25i8 Apr 28
64Xf Jan 3
No par
Mar
123
Pere Marquette.———100
Prior preferred
—100
I Phlla Rapid Tran Co
7% preferred
6
Aug
1
Jan
38
Preferred
Feb 11
9% Feb 10
Mar
14
Dec
Mar
110
Petroleum
17
39% Apr
56% Feb
80
Dee
65
115is Mar
June
G L A C (Chic)
100
Peoria A Eastern...—.100
Pet Milk
164% Mar 4
17% Mar 25
984 Feb 11
92
Mar
12
30
s
38
19
111
$6 preferred
50
80
42%
"13"
People
8
70
par
Corp of Am
—5
15,200 Pfelffer Brewing Co
No par
8,200 Phelps-Dodge Corp
—25
500 Philadelphia Co 6% pref...50
7%
2%
81%
*8%
100
91
*71l2
4284
7%
38
38
-
w
*60
*8
*17884 182
^
22%
13%
14%
34%
*80
*12%
«»*
61%
2i8
84%
912
*71%
41%
T.666
Feb
Jan
414 Mar
2284 Jan
Nov
11% Nov
26% Dec
125
July
17% Sept
4
6
100
Preferred
700
8X2
50
Pref called
76
91
—100
—
76
77
Preferred series A
9,700 Pennsylvania
500 Peoples Drug Stores—No
300
11%
9%
9%
100
34i2
30
2%
82lz
2%
Penney (J C)
No par
Penn Coal A Coke Corp.... 10
3,100 Penn-Dixle Cement. —No par
*25
28X2
11%
85
Penlck & Ford——No par
53
106
2084 Deo
107
Feb 27
4
800
Feb 24
Apr 27
Mar 2
Feb 19
Jan
4*4 Apr
lli8 Apr
130
18% Jan 3
Apr 28
7% Apr 20
6OX4 Apr 25
8% Apr 20
17% Jan 13
3% Apr 28
4084May 4
23
Apr 28
4>s Jan 2
400
3234
134%
20%
95%
75
3
8% conv preferred
100
Paraffins Co Ino.—No par
Paramount Pictures Ino—...1
Parmelee Transporta'n.No par
Pathe Film Corp
No par
Mar 25
Jan
14
Patino Mines A Enterpr No par
Peerless Motor Car——..3
800
484
*114% H684 *114% 11684 *114% 11634 *114% II684 *114% 11634 *114% 11634
*111
11134 *111
11134 ♦111
11134 *111
III84 *111
11184 *111
11134
38
38
41
39
41
39
38% 38%
3884
38%
39% 40%
5
5
5
5
5
5
*434
*484
*4%
*4%
*4%
*4%
*24
2
2
4
8
11
30
15
Pan-Amer Petr & Trans—.5
Panhandle Prod A Ref. No par
Park Utah O M
1
Parke Davis A Co.....No par
Parker Rust Proof Co
2.50
14
118
69
40
40
7
Jan 20
80% Jan
47% Apr
14%May
...
200
30
*34
Jan
1st preferred
.No par
2d preferred..——No par
1,900
434
684
36i4
61*
6%
35%
29%
Jan
3% Jan
7,800
6912
74X?.
*4l2
684
34l2
75%
*4%
434
14
76
*2
2
25% Mar 30
115% Feb 24
114l2 Mar
9%
12%
2lS
69%
29%
74
2,300
1,200
1,900
1,600
43X2
Jan
Pacific Gas & Electric
25
Pacific Ltg Corp
-.No Par
Pacific Mills.
.——No par
Pacific Telep & Teleg—
100
First preferred..———100
384
3%
43»4
2434
123
128
Pacific Amer Fisheries Ino
Second preferred.
—10
Park-Til ford Ino.1
100
24% Apr 27
Owens-Illinois Glass Co..—25
Pacific Coast.
1,700
24
2
47
4,300
7%
9
3%
9%
2
Jan
No par
—.100
Outlet Co
71
9%
*22%
9%
*22%
3%
9%
4
Jan
8
13
Apr 30
7278May 14
'
9%
*22%
3%
17%May
107
No par
100
Prior preferred--...
10i8
70
71
400
3
par
No par
Preferred
"
1384
13%
9%
9%
*149
50
*115
I43" 138
139"
14284 139
15
14%
1538
15%
15%
15%
7
7
*5
6
*584
*5%
12
*12%
1284
11%
11% *10
7
6%
634
6%
*6%
6%
33
3384 3334
33%
33%
33%
48% 4834
48% 48%
48% 48%
15
15%
15%
14%
*14%
15%
*123% 125
*123% 125
*123% 125
150
Omnibus Corp(The) vtciVo par
Preferred A
-..-100
100
*10
143
*149
Par
~
6,300
18%
*107
10%
25%
*115
100-share Lots
Thursday
187g
110
Range tor Previous
Year 1935
Range Since Jan. 1
On Basis of
EXCHANGE
Wednesday
May 13
20%
18%
19%
19%
18%
18%
18%
113% *110% 113
*110% 113
*110% 113
10
10
11%
11%
11% *10X2
10%
27%
25i4 25%
25%
25%
25%
25% 25%
27X2
2534 27%
*133
133% *133
13312
133% *133
133X2 *133
133% *133
133% *133
14% 1434
14%
15i8
14%
14%
1384
1484
13%
13%
14%
1434
*71
76
73
*71
73
73
74
73i2
*70% 72%
72% 73
*110
3301
6
Mar
Mar
Apr
Dec
Mar
Feb
Dec
3
Oct
18
Nov
20>4 Deo
88
Nov
2514 Nov
110
Mar
5% Deo
20»4 Nov
97
Nov
95X2 Nov
16
Dec
37i8 Deo
115'
Nov
32
Deo
113t4 Dec
31>4 Deo
58% Nov
67
Nov
13X2 Mar
20Xb Dee
33
Deo
48's Deo
New York Stock Record—Continued—Page 9
3302
HIGH
AND
SALE
LOW
PRICES—PER
SHARE, NOT PER CENT
STOCKS
Sales
NEW
Monday
Saturday
May 11
9
May
$ per share
85
*76
Wednesday
May 13
Thursday
May 14
Friday
May 15
$ per share
$ per share
$ per share
$ per share
$ per share
7634
*5
6%
*76
85
*5
*5%
23%
23%
2284
2234
2
*2%
2%
2%
384
2%
384
*2
3%
3084
3034
9%
23
*8
23
99%
234
31
31
3034
111% *110
111%
111% 111% *111% 112
*11%
12% *11%
12%
44
4338
4234 44
100
99%
234
234
*12
30%
14%
68%
112
112
44
*214
284
13%
1%
2
%
%
1
284
2%
2%
2%
34%
*33%
35%
3384
2%
34%
*4%
6%
*4%
6
2%
33%
6%
*4%
65
64%
66%
64%
19%
13%
65%
334
63%
19%
13%
23%
23%
-
-
-
64%
66
*3%
*3%
62
62
62
61%
3%
61%
19%
*13%
19%
19%
19%
19%
19%
14
13%
1334
14%
22%
23%
23
13%
23%
*22%
94
*93
3%
3%
62
94
6%
*6%
6%
*48%
49%
25%
49%
3134
17%
116
10%
25%
434
434
*30%
17%
*115%
*10%
23%
*122
23%
125
1
6%
65%
3%
'
*6%
*48
234
30%
30%
1734
17%
116% 116%
10%
10%
6%
49%
*30%
6%
23
96%
6%
6%
116
*49
50
31%
17%
17%
*30%
31%
17%
116
10%
10%
25%
25
4%
5%
5
25%
5%
17%
25%
25%
5
5%
23%
23
23
125
*122
3%
63%
*62%
19%
14%
23%
*94
6%
20%
14%
24
96%
6%
50
*31%
31%
18
1784
115% 115%
10%
10%
27
2534
5
24
5%
24%
124% *122
124%
23
*120
22%
66%
*3%
50
115% 115%
*10
10%
125
22%
*2
2%
4
*8%
*15
23
l",506
120
111% 111%
110
12%
12%
300
45
46%
18,000
1003g 10038
2%
234
1,100
1,700
1,000
1234
65
1234
65%
640
1
1,900
2%
*14
24
*94
6%
400
2%
35
20%
14%
24%
15,100
95
100
684
1,700
31%
300
20
18
15,800
1,000
3,600
15,200
115% 11534
10%
11%
5%
24%
*122
68
68
68
*60
68
68
*69
70
*69
90
*88
90
88
88
86
90%
*90%
44
44
44
45
*90%
46%
24%
24%
24%
25
12%
13
13
12%
13
*24%
12%
:
*111% 112
24%
13%
Sloss-Sheff Steel & Iron.
.100
5%
11
11%
*24
26
*27%
28
*3%
3%
112% 112%
38% 38%
35%
35%
534
534
*534
6
11
11
11
11
26
*24
27
*24
27
28
28
27%
3%
2738
3%
112% 112%
2734
3%
27%
3%
112% 112%
38
38%
*3%
11%
3%
112% 112%
8%
2%
*2%
234
8%
8%
*8%
9
48%
17%
1584
48%
48%
18
48%
1838
6834
18
*46
1734
49
*46
49
68
234
*8%
*46
10
2,900
9,700
8,200
500
Solvay Am Invt Tr pref
100
100
100
8,000
500
100
19,100
500
170
1,600
"
800
16,500
130
1,000
27
300
400
200
49
100
11%
1134
11%
79
79
80
80
80
400
121
121
*121
124
120
121
120
121
121
121
*121
125
130
*29
32
*31
33
*28
4%
10%
*26
31%
11
11
11%
11%
*26%
26%
8%
26%
26%
26%
*7%
7%
7%
21%
21%
21%
21%
22
30%
30%
*30.
21%
30%
30%
*1%
7%
30%
1%
7%
30%
1%
30%
7%
8%
7
7
7
634
7
*7%
21%
29%
1%
8%
6%
7
7
7
7
3334
33%>
33%
33%
35%
35
10
35%
10%
35%
10%
9%
35%
3534
9%
34%
35%
7
*1%
1%
*612
6%
7%
6%
34%
3234
33%
34%
934
3538
*9%
10
10%
10
*1%
*6%
6%
634
32%
35%
1%
7%
934
9%
*9%
10%
*33%
*33%
*32%
*33%
3534
34%
35
*3334
*60
60%
*60
60%
*60
35
9
9
9
9434
9%
*92%
94%
*9
9%
6
6
*534
6
*22%
*9%
26%
25%
10%
25%
*9%
25%
1038
27
2734
27%
5%
10
35
36%
34%
60%
9
*534
*24
9
24
24
33%
33%
10%
70
484
87%
87%
*126% 12934
4034
4034
%
%
1434
15
6134
12%
12%
1934
20%
*10%
7%
11%
102
8
10234
10%
36%
60%
35%
*60
50
16%
534
534
1634
104% 104%
*55
60
28%
6%
29
534
*28
55
*52
1434
14%
14%
15%
15%
16%
16
5934
12%
*1934
60%
60%
61
62%
0:62%
1238
2038
12%
12%
12%
20%
20%
21
*10%
734
11%
12%
1934
*10%
61%
12%
11%
10%
11
102
8
102
*7%
23%
*7%
23%
2434
33%
34%
34%
958
69
4%
87%
9%
126
4%
4%
4%
87%
87%
126
41
126% 126%
41%
%
For footnotes see page 3294.
%
41
41%
%
9%
10%
*67%
69
87%
*87
126% 126%
9%
69
%
69
4%
5
88
8884
126% 127
41
40%
332
316
24%
34%
934
*67%
8,400
1,500
10
5%
87%
127
40%
rh 2
5% Apr 30
91* Jan
$7
cum
No par
No par
2434 Apr 28
2634 Apr 30
prior pref
prior pref
of
Indiana
Standard Oil of Kansas
Sterling Securities cl A.No
Preferred
par
No par
Convertible preferred
Stewart-Warner
50
5% July
Feb 20
7
July
15
July
May
7
4
Jan
2
Mat 27
5
Mar
Feb
42
Apr
109%
934
12%
3634
2378
Feb
Apr
59% Apr
3% Mar
3% June
Jan 25
31
U84 Feb
Mar
Jan 29
24%
5334
7784
103%
Mar 20
Mar 20
Apr 13
Jan
9
18
Feb 24
129
Feb 24
1334
9%
17%
3612
39%
384
113%
47%
40%
30
Mar 17
Feb 17
6
Mar
Jan 24
Feb 8
23
Mar
20
Oct
25
Preferred
Timken Detroit Axle
7
7134 Mar 19
2%May 11
8%May 8
48%May 12
4% Jan 28
1284 Jan 8
1% Mar
3% Mar
Jan
16% Apr 30
14% Jan 2
9% Jan
Mar 12
2
12434May 15
Jan 11
40% Mar 18
2
634 Mar 12
984 Apr 30
3
Jan
Jan
3
14% Feb 19
29% Apr 20
6% Jan
4
9% Feb 14
23
57g Jan
2
634May 14
5% Apr 27
Jan
7% Jan 6
9% Apr 27
284 Feb 11
1134 Feb 19
9% Jan
8
10% Mar 11
39%
3884
15%
143S
Apr
Feb
7
3
Feb 29
Mar
6
Apr 13
No par
3378 Apr 27
Jan
No par
59
Mar 25
62
Jan 15
9
Apr 30
94%May 14
8% Jan 18
14% Mar
110
8
5
Feb 28
12% Mar
5
36
Mar
6% Mar
2% Mar
2% Apr
60% Mar
115% Jan
ill
1%
5
Apr
Jan
Mar
17% Oct
3% Mar
15
Sept
32% Dec
% Apr
1% Apr
6% Sept
4
Mar
16% Mar
2834 Apr
3% Jan
8%
Jan
14
Apr
13% May
50
68
4
Nov
Dec
10
Dec
50
Dec
18%
Dec
15% Dec
1034 Nov
77
Nov
121
Mar
30% Dec
3% Dec
1234 Aug
25
Dec.
9
Sept
2234 Dec
33% Deo
1% Nov
6%
Deo
9% Jan
834 Dec
30% Dec
3634
9%
Feb
Oct
12% May
281* Dec
4438 Dec
May
61
5% Apr
61% Jan
2% Mar
100
12%
Nov
Oct
Oct
10% Dec
100
3% Jan
2
June
5
Jan
25%May
8% Jan
24% Jan
1
3
9% Feb 18
29% Feb 13
12% Feb 14
2
1
16
Mar
29
Nov
Jan
8% Nov
2
32% Mar
6
13% Mar
2634 Nov
Mar 23
5
Dec
28
Dec
No par
No par
..No par
10
478 Jan 21
26
Apr 30
1484 Jan
100% Jan
52
6
3
Jan 20
12% Jan
6
11
Apr 30
147* Jan 2
10% Apr 29
7% Jan 3
400
6% preferred
No par
800
Truax Traer Coal
No par
10
3,400
1,900
20th Cen Fox Film.CorpNo par
Preferred
...-.No par
1,000
Twin City
Rap Trans.No par
100
5%
1,400
Ulen & Co
88%
1,700
Under Elliott Fisher Co No par
Preferred
100
200
6
42
Transue <fc Williams St'l No par
TrI-Continental Corp..No par
4,800
Jan
44
Jan
Transcon & Western Air Inc.5
51,900
40% Dec
33% dec
65
300
Preferred
Deo
Apr
Feb
2,800
20
Deo
Nov
Dec
10,400
Truscon Steel
116
Deo
Aug
Aug
52%
2
100
Tide Water Oil
12%
9%
1138
26%
28%
2%
Jan
Apr
32% Nov
1
pref
19%
130
32
100
Tidewater Assoc Oil
Oct
12% Mar
5834 Jan
No par
cum
Nov
84
105% Nov
3584 Mar
28
$3.50
18% Dec
15% Oct
48
Mar 19
6
Third Avenue
Oct
36% May
3384 Feb 10
6
Tbermold Co
8%
70
33
Preferred
Dec
8% Dec
9
287* Jan
100
Nov
70% Nov
107
6
Gulf Sulphur...No par
Texas Pacific Coal & Oil..-.10
Texas Pacific Land Trust
1
Texas
Jan
Dec
Dec
61% Jan
2434May
Jan
Tennessee Corp
Texas Corp (The)
27s4 Mar
6
27
5
5
Jan
5
118
Telautograph Corp
111
Feb
100
No par
% July
Feb
Superheater Co (The)..No par
Superior Oil
..1
Class A
Sept
Jan 27
91
10
"12%
122% June
Jan 17
2
100
43% Mar
10134 July
Feb 17
Jan 30
6
1
Feb
Mar
Mar
Mar
Mar
Jan
Preferred
8% Mar
33%
2%
1%
184
434
72
No par
t Studebaker Corp (The)
Sun Oil
Nov
7% Mar
Dec
31% Apr 13
No par
Stone & Webster
5
34%
10%
40%
316
Feb 26
HUgMay
Feb 21
Feb 20
49
Dec
Nov
25%
16%
21%
3384
834
53% Jan 28
24% Apr 16
21% Apr 8
14% Mar 4
2434
127
2
Timken Roller Bearing.No par
Transamerlca Corp
No par
6,700
10
69
Apr 27
No par
Thompson-Starrett Co.No par
300
7,600
*7io
10
cum
4,900
8
734
8%
8%
8%
8%
104% *103% 104%
*102% 104% *102
5%
*5%
5%
5%
5%
5%
33
9%
2184 Apr 27
14% Apr 19
1207* Jan 10
$6
3,000
10S4
23%
69
60
Jan 22
Preferred
Third Nat Investors
1034
9
t Stand Gas <fc El Co..No par
Thompson (J R)
25
Thompson Prods Inc..No par
21
9
1
100
10,900
33%
538
No par
100
16%
62%
12%
21%
23%
5%
6%
30
28%
16
16%
1634
16%
104% 104% *10434 105
55
No par
Preferred
Stand Comm Tobacco
The Fair
60%
28
27%
29%
Standard Brands
Texas <fe Pacific Ry Co
Thatcher Mfg.;
$3.60 conv pref
27%
534
Mar 13
Mar 12
700
6%
25%
10%
27%
63
99
600
*9%
*27
133s Jan
Spiegel-May Stern Co.-No par
GH% preferred
..100
Square D Co
No par
37
*24%
27%
157s Apr 30
44
36
91"
33%
1,500
25%
23%
%
10%
7,800
534
33%
41%
7,100
10
300
24
%
17,600
10%
3,700
9
41
34%
36%
9%
*7%
434
33%
35%
IO84
9%
9
10
11,800
*6
*7%
23%
33%
69%
8
9%
5%
*934
7
6
*5%
*67%
4%
87%
2,800
6
27%
2934May
Oct
283g May
27
35% Jan 30
7
*36
Jan
112
152
28% Apr 28
1% Jan 3
834
9%
2734
6%
Nov
1534 May
Feb
78
10U* Mar 18
684 Apr 30
No par
No par
8%
*24
Conv preferred A
No par
8%
10%
3
..100
t Symington Co
10
26
77* Jan
6434 Jan
1st preferred
Spang Chalfant <fe Co Inc pf 100
Sparks Wlthlngton
No par
Spear & Co
l
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
Swift Internat Ltd
200
1,100
94%
534
3
1,300
1%
8%
*92%
*9%
Jan
30%
94%
*24
34
30
1234 Mar
25
94%
1038
Mobile & Ohio stk tr ctfs 100
70% Nov
68% Dec
10% Mar
20% Apr 28
94%
26
Jan 21
20% Dec
116% Dec
65% Dec
Feb 17
Feb 19
25
*92%
*9%
19
Swift & Co
200
9
100
4,900
91"
6
100
Railway
Preferred
22
94%
*92%
Southern
132
Mar 26
2834
3878
20%
327g
50
*884
*55
60%
11%
160
Jan
Feb 20
231* Jan
1234 Apr 27
Jan
Jan
Sutherland Paper Co
Sweets Co of Amer (The)
919
*49
14%
14%
60%
61%
12%
12%
20
1934
*10%
11%
734
7%
*10284 104%
5%
5%
*60
25
15% Apr
10% Aug
20
Superior Steel
*9%
*45
60
*60
36%
34%
60%
7%
34%
Jan
107%
800
200
9
16%
104% 104%
16%
*35
*3334
10
1%
60
112%May 1
7% Feb 29
3434 Mar
900
'
9
5%
534
27% 27%
1534
16%
104% 104%
30
9%
434
9
*834
5%
5%
*26% 29%
15%
163s
104% 10434
484
11%
26%
734
*10%
8%
35
10%
7,300
11
3434
*66
4%
26%
4%
15,900
434
*26%
*7%
21%
7%
*7%
434
*10
434
13,800
200
7%
2134
4%
4,300
32%
10%
7%
5%
434
*32
26%
7%
6%
*27
31%
10%
25%
6%
33%
9%
31%
17
10%
26%
8%
1%
7%
*834
*92%
16%
11%
4%
*1%
*634
*10
,
16
11%
4%
21%
30%
7
32%
1138
4%
*7%
21%
30%
v
*28
16%
11
150
25
Standard Oil of New Jersey .25
9
4
100
Starrett Co (The) L S._No par
Sterling Products Inc
10
2,000
68%
234
Mar
45s Apr 28
Apr 27
26
100
Calif Edison
600
28
*78
11%
110
Southern Pacific Co
28,700
61%
79
1634
Preferred
Southern
Spalding (A G) & Bros.No par
__
*78
16%
11%
Jan
Jan
4
80
16%
11%
Dec
6%
17
*78
11
18%
Apr
I884
1278May 11
80
16%
19%
17%
19%
Socony Vacuum Oil Co Inc.. 15
Feb
Dec
Nov
20%
Mar
*78
18%
16%
Jan 16
111
Oct
6
19%
17%
11%
18%
Mar
Julv
16% Dec
Mar
6
28% Jan
25
68%
234
2io
3184 Mar 30
132
Apr 11
584 Nov
434
Mar
3234
8%
69
2%
9
14% Jan 25
3234 Apr
684 Jan 15
63% Mar
8% Feb
13
37
60%
Mar
5% Mar
46% Nov
10
*27
120
Dec
24
25
27
Jan
Jan 31
Standard Oil
268%
*2%
6834
2%
*8%
*4334
17%
68
Standard Oil of Calif..No par
69
6884
234
9
26
112
10,000
61%
68%
68%
*2%
59%
191* Jan
13,300
27
25%
4%May
10,200
260%
60
25%
68%
19% Feb 20
Stand Investing Corp..No par
Standard Oil Export pref.. 100
26
59%
25%
1434 Apr 30
1,000
61
59%
25%
50
2934
3%
*18
»
34%
29%
27
Z
29%
29%
3%
35%
Mar
2
100
38%
12% Deo
2584 Nov
4% Nov
34
12%
*20
May 12
Dec
7% Mar
3
Nov
17
3% Mar
2634
a;35
58%
3434
Mar
70
7% Mar
Jan 16
4012 Nov
12
112% 112%
73
4% Jan
69% Nov
4
2634
3%
Oct
Mar
Dec
1% May
40
Apr
4
1134
z3734
2434
2434
37%
*21
*3%
2%
31
8% Feb
27
6
Jan 17
69% Apr
4% Feb
3
36% Dec
50% Feb
1101* Jan 2
984 Apr 28
19»4 Jan
Nov
1% Deo
484 Jan
43i« Jan
30i4 Apr
1,400
2,700
2,300
6%
2084 Mar
Apr 17
33,100
10%
6%
35%
60
59%
3538
27
29%
10%
38%
25
35
5%
1134
*26
1034
27
38%
35%
25
*17
*10
7
Apr 17
200
112% 112%
38%
3834
34%
34%
35
27
18
558
11
*24
38%
*21%
*8%
*4334
5%
10
4i* Feb 7
43% Mar 12
47,000
105
105
*103% 10o% *103% 106
*103% 106% *103% 106% *103% 106%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
7%
7%
*8
*8
*8%
8%
8%
9%
9%
8%
8%
834
*8%
9%
31
32
31
31
*30%
31
31
*30%
30%
30% *30%
*30^2
17
17
I684
16%
16%
16%
163,1
16%
1634
18%
18%
1734
*19
20
20
*1834
20%
*21
20%
*1834
*19%
20%
21%
21%
*48
49
*48
49% *48
50
49% 49%
4938
49% 49%
49%
68
6734
*67%
6834
6834
67%
6734
6734
68%
69%
*6834
6934
*101% 103% *101% 103% *101% 103% *101% 103% *101% 103% *101% 103%
23
24
23
24
23%
23% 23%
*22%
*22%
2434
24%
24%
15%
15%
15%
15%
15%
15%
15%
15%
15%
1534
15%
1534
*124
12634 *124
12634 *124% 12634
12634 *124
124% 125
12434 12434
10
% June
% Aug
72
So Porto Rico Sugar...No par
10
May 13
H4 Feb 7
75
South Am Gold & Platinum..1
10
May 12
91
2
95
3,000
10
Jan
800
13%
Jan
4% Nov
20% Jan
55
Apr 27
221* Feb 18
100
26,200
10
7
Mar 31
42
7% preferred
5%
10%
5%
76
94
26%
*10
384 Jan 9
69% Jan 21
94
100
46
56% Nov
657s Jan
«i,
-
2
2
Apr 23
3214 Apr 27
No par
25
23% Nov
IS4 Apr
8
Apr
9
100
Jan
Jan
Oct
Smith (A O) Corp
No par
Snider Packing Corp...No par
340
1,400
*111%
*111%
113
*111%
111% 111% *111
5
5~
5%
5%
434
4% "5%
4%
5%
4%
5%
27
2634
29
29
26%
29
26%
26%
2734
28%
29%
*153
159
*153
159
*153
159
*153
15834 *153
159
15834 15834
26
2534
26
2534
26
25%
25%
25%
2534
25%
26%
2634
30
31
31%
30%
2934
2934
30%
301.1
3034
32%
31%
32%
14
14
14
14
14
1334
14%
14%
14%
15%
1434
15%
24
22%
2234
2134
2134
23%
22%
2134
22%
23%
23%
24%
40
*37
40
*38
40
40
*35% 40
*37%
46
41%
*42%
10
*9
10
10
*9%
10%
10
*9
*914
*9%
*9%
934
68%
*67
*65%
68%
*65%
*65%
68%
66%
66%
687g
*66%
68%
«.
% Jan
$5 conv pref
Sharpe & Dohme
preferred
Jan
Nov
Mar
32
Sheaffer (W A) Pen Co.No par
Shell Union Oil. .No par
2
3
14
6
22% Mar 26
I684 Apr 4
No par
Conv preferred serA .No par
Dec
22
7
No par
No par
Preferred
140
4% Feb
20% Feb
Deo
10
2534 Dec
113% June
114% June
13% Deo
109
Feb 29
2% Apr 30
II84 Apr 28
53% Jan 6
l%May 13
102
7
6U4May 13
15*8 Jan
IDs Jan
2084 Jan
1
Skelly Oil Co
25
13%
67%
52
IOI84 Mar
Mar
31% Dec
10484 Mar
1
Preferred
2,200
9484
46%
13
46%
24%
12%
9434
47%
25
4534
24%
46%
25
44%
24%
12%
Jan 20
3%May 11
Silver King Coalition Mlnes.5
Simmons Co
No par
Simms Petroleum
10
70
*88
35% Jan
1
97% Feb
Shattuck (F G)
Sharon Steel Corp
Servel Inc
Conv
22% Feb
Apr
Apr
1
7,300
27%
5%
24%
124%
*42
*67
100
Seagrave Corp
..No par
Sears, Roebuck & Co..No par
*31
26%
114% Mar 11
16% Jan 13
200
55
17%
2
11% Apr 27
383s Apr 30
6
12
Jan
5
100
Apr
1
683 Mar
111
par
Nov
3
10% Mar
84 June
1284 Feb 11
100
36",400
*50
2
113
3%
63%
2,100
2
2
7% Jan
82
Feb 19
Feb 19
Feb 28
Mar
2
66%
1,400
1% Jan
2% Jan
117%
10%
2984
3%
Jan
Seaboard Oil Co of Del.No par
120
7484 Apr 28
584 Apr 24
2284May 9
Jan 24
100
Second Natl Investors
$ per share
Mar 25
No par
Preferred
$ per share
18
3,200
6
$ per share
30
Rights
X Seaboard Air Line—.No par
2
Highest
$ per share
109
1
Preferred
Lowest
100
Scott Paper Co
%
*4%
6 584
*3%
63%
19%
Schulte Retail Stores
Highest
par
100
Safeway Stores
No
6% preferred
7% preferred
Savage Arms Corp
No
Schenley Distillers Corp
5H% preferred
200
1%
34
t St Louis-San Francisco-.100
1st preferred
100
t St Louis Southwestern
100
Preferred
"
30%
30%
Par
Rutland RR 7% pre!..—100
St Joseph Lead
10
1,100
Year 1935
Lowest
Ruber'dCo (The) cap stkiVo par
2,400
Range for Previous
On Basis of 100-share Lots
200
4%
9%
1936
16,
EXCHANGE
"3",200
110% 110%
1
a;65%
49%
24%
*117
12%
4584
46%
100% 100%
284
284
12%
12%
65%
6534
2
1%
66
33%
*3%
31
*12
*2%
33%
*62
23
1/65%
r*4%
2%
9%
14
6%
34
2%
4
68%
*4
34
12
100
'
6%
2334
2%
110%
111% 112
45%
100
the
78
*5%
23%
110
12
*1184
30%
78
6%
23%
68%
1
%
*15
3084
110
----
1
2%
3%
*8%
85
%
13%
%
%
334
10%
23
110
234
2%
*68%
14%
69
99%
*5
2234
2%
*15
*30%
100
23
334
*8%
10%
*15
*110
111% 111%
12%
*11%
4284
42%
99%
284
*12%
68%
*8
*15
110
110
4
384
3%
10%
23
*77%
6%
23
2
•
85
*76%
7
2284
*8
Range Since Jan. 1
STOCK
Shares
2234
*15
YORK
Week
7634
7
*5
Tuesday
May 12
May
No par
Union Bag A Pap Corp .No par
Rights.
56
93
Apr 27
Jan
6
47* Jan
6
7% Apr 30
22%
31%
9%
65%
Jan
2
Apr 27
60
1784
72%
1484
27%
16%
Feb
4
1% Mar
17
Apr
7% Mar
Mar
3
84
Feb 25
Mar 11
Feb 19
Feb 18
Feb 25
Apr
4
Jan
2
Feb
4
4% Mar
7% Mar
14
16
2
2
24%
Feb 29
10% Feb 18
Mar
1234 Jan 31
83
Mar
6
8% Jan 20
3
99
125% Apr 23
40%May 15
332May 14
133
Jan 13
Oct
21* June
18
Mar
1% June
5384 Mar
Jan 17
125
Dec
5234 Feb 19
29
May
1
Apr 24
104% Nov
48
41
7
15% Deo
2684 Mar
4% Mar
283s Mar
32% Mar
12
107% Mar 11
Jan 22
Jan
Jan
5% Mar
1% Mar
69
Apr
3% Oct
3% Mar
13
Aug
Jan 21
4% Apr 28
86
8%
3934
19%
106%
5%
Dec
13% Dec
72% Nov
Dec
15% Nov
Deo
8% Nov
97% Nov
6% May
8%
24%
33%
12%
73
Nov
Dec
Dec
Nov
Dec
5% Nov
87% Deo
133
Apr
50% Jan
New York Stock
Volume 142
HIGH
AND
Monday
May 11
9
$ per share
7914
*22%
$ per share
8038
23
*123
*2412
21%
1634
*17l2
26%
23
17
21
22%
217g
1714
21
16lg
*1712
1684
16%
2034
*1734
26i8
26ig
26U
73i2
26
57„
147g
7%
53s
70
60
15612
*12
83
23
6
57g
42
4134
42%
3,400
13%
127g
13%
8,800
2234
2284
22%
22%
22%
2234
*100
5%
14%
110
74
147g
5%
*69
S16
716
3%
95
1%
*26
14%
110
7%
5%
82i4
12ig
83
84
*69
834
297g
911-
74
68
557g
*69
75
300
60
60
400
*92
*92
95
1%
80
95
180
1%
1%
*15%
17
120
34%
35%
37
6,600
r«i6
916 114,470
3%
13% ""356
1.200
2634
816
716
%
3%
*2%
3%
13
13
14
13%
26
27
27
26
1478
163
11%
15%
15%
96
87%
88%
163
*11%
47%
7%
11%
12%
84
*82
1,900
100
2,300
*160% 163
12
20
*11%
117g
48%
457g
48%
~9~406
7%
*6%
7%
200
1,300
13
*12%
13%
84
*82
84
8%
28%
29%
68%
3,700
96
8734
47
*82
*2%
15%
*160
7%
1%
97
857g
12
46%
♦6%
8%
147g
*96
96%
84%
,
*11
84
8%
8%
834
287g
29%
30%
68
6884
69%
90
91%
7378
S178
73
884
1,800
40,900
72%
17,400
93
73
3034
70
92%
*70%
55%
884
500
30
7034
90
74
89%
*70%
547g
2,100
156% 156%
26
1334
7%
1134
67
60
*16
467g
8%
28%
75
*59
5!
156% 156%
*2%
12%
12
*82
5%
1634
160% *160
712
584
800
700
87g
35
84
467g
17,800
110
*7%
1634
*14%
*6i2
1134
15
110
7%
1%
*96
4512
15
110
■
100
4,300
17
84
*11%
45%
*684
1134
15%
75
34
97
160
12%
"l~6o6
34
84
97
1,400
5%
34%
75%
5%
*34
5%
95
1%
2234
7%
75
20,500
*16
26%
147g
14%
163
90
1478
95
95%
1%
*96
14i2
74
75
110
*69
*2%
11%
9012
34%
74%
60
*58%
*58% 60
156% 156% *156
156%
516
90
34%
74%
5%
80
*22
5%
*684
5%
3U
1112
2612
834
5%
34%
110
712
6
*100
5%
14%
110
*6%
*100
5%
*33%
74%
34
73%
U
*2i4
lUg
2612
14i2
28i4
6684
*72
584
127g
*33
68
300
41%
34i2
72i4
67
26%
*26
584
5
287g
10
1,400
41%
13
17
13
~3~6OO
75%
5%
34%
*12
26%
115
7434
93
2,400
74
300
*73%
56l2
54%
573g
568g
56%
567g
59%
5778
59% 113,900
120
12012 1207g
120
12012
120
120%
120% 121
122%
122% 12234
3,500
*130
13314 *130
13314 *130
133%
133% 133% *133
135%
300
135% 135%
*162l2
*162l2
*162%
*162%
*162%
*162%
412
412
4i2
43g
4%
4%
4%
5%
~7~566
47g "5
1 4
13g
13g
13g
1%
l»g
1%
1%
1%
1%
1%
1%
2,500
*35
36
36
377g
*36
377g
37
39
*35% 37?g
100
*35% 42
*18'g
I8I4
17%
I8I4
*17%
18%
18
1784
1784
19
19%
18%
3,500
*35
35U
35
35
34%
3434
35
J34% 34%
35
34%
35%
2,400
*
112
*41
112
112
4212
*70
♦ill's
112
4312
43%
*70
*
43%
*
112
*4314
*70
43%
*70
112
242%
42%
*70
512
5% "Ht
5
5%
5%
"5%
5% "5%
*36
35
35
3634
34%
35
33% 33%
33% 34%
*13314 1333g *13314 133%
133% 133% *133% 133% *133% 133%
*11314 11384 *1131- 11334 *113% H384 *113% 11334
113% 11334
5
*4lg
5
*4%
*4%
5
5
4%
4%
*4%
*
112
"il"
*17
*75
20
*17
*135
78
*75
80
*75
145
135
135
137g
3114
*11
2ig
*56
97g
*40
*2%
6i2
73g
*3
13i2
3
*2%
3
634
*6%
*234
7
73g
13l2
58
ldg
48
57
984
*40
57
*59
10
48
9%
112
13g
1%
8'g
23i2
2314
2212
8ig
18%
83g
I8I4
*63g
7
*80
*U2
35%
*80
8I2
*141-
23U
22
*6%
1%
36
36
811-
...
8i2
17
2
2
6
6
75
7612
3614
3612
1051? 107i2
*112
1%
39
2112
13
*40
13g
60
48
23g
934
9%
1%
*U-
*35%
3
119
114
114
8%
*1412
5.%
884
8%
17
2
678
-
*3784
2II4
39
215g
*14%
1%
102%
17
5 34
37
105% 107
137
1%
7
1%
1%
93
94
8%
76
487g
27
60
8%
'75
*1478
*2
5«4
77
37%
17
75
62
*26
62%
53%
62
55
617g
52%
*70%
72
71
71
*70
71
70
70
35
35
*33%
177g
1812
5312
52%
*70%
70
2,300
soo
200
25,400
22
27%
89
100
(H) Good & W Ltd No
Preferred
par
No par
Ward Baking class A..No par
Class B
No par
Preferred
100
Warner Bros Pictures
5
$3.85 conv pref .....No par
t Warner Qulnlan
No par
Warren Bros
No par
£22%
28
*86%
9
2
9
1,300
17
100
2
SOO
112% 114%
18,200
39
38%
*137
140%
24
24
*3734
*22%
6,100
80
39
28%
*2734
95
*
2234
23%
23
14%
1434
*14%
4%
*17%
4
19%
*18i.i
4%
4%
8%
75%
487R
27%
62
£8
4
19
434
8%
28%
95
22%
4
400
"i'ioo
4%
8%
10
1,000
300
23%
14%
16,200
4%
500
900
19
1,000
11,700
27%
27
27
800
63
63
880
52%
54
54
54
55
1,100
73
73
*70%
73%
20
18%
49
2,500
140
2,500
7,400
17" 720
3,000
100
Preferred
100
Westlngbouse El & Mfg
1st preferred
50
50
Weston Elec Instrum't.No par
Class A
No par
115
Apr 7
3% Mar 24
22% Mar 23
38% Apr 6
«16May 13
3% Apr
46
Apr
51
Mar
133%
Feb
29
Aug
197g Jan 23
39% Jan 2
20
99
'
Feb 17
Mar
5
110% Feb 16
169% Feb 18
14% Feb 21
59
Apr 2
97g Jan 27
47
131
2
Jan
84%
68%
46%
115%
Feb 25
Jan
3
Jan 21
Jan 7
Apr 27
160% Feb
6
3% Jan 2
1% Apr 29
3484 Apr 22
17% Apr 29
28% Jan 16
40
Apr 30
72
May 6
4% Jan 7
32
Jan
6
13
Mar 12
Jan
132% Apr 11
143% Jan 21
163% Mar 20
6% Mar 2
2% Jan 18
50
Jan 18
27% Feb 19
36% Mar 3
1434 Mar
22% Deo
% June
3% Oct
20% Oct
39% Deo
5
July
11
Mar
4% Mar
65% Mar
4%
Mar
143
Jan
5
Feb
35% Mar
3% Mar
7% Mar
53
Jan
3
Mar
9% Mar
24% Mar
91«4 Dec
627g Jan
27% Mar
73% Mar
119% Jan
149% Feb
1
Mar
10
100
Wortblngton P & W
Apr
Apr
6
8% Mar 16
63
Dec
2% Mar
17% June
Dec
Dec
47g
Dec
Jan 23
Mar 24
114%May 15
72%
Apr 27
9% Feb
8
2
June
30% Feb
7
15
Feb
33
Nov
63% Mar
83
May
14
May
4
130
Apr
30
Feb 19
Mar 11
7% Mar
157S Feb 11
_
Apr 30
34% Jan
118
115% Apr
5% Jan
26% Aor 17
177g Apr 17
Jan 16
10
Feb 28
19
107g Jan
18
70
19% Apr 28
6%May
109%
Feb
78
Feb 25
3% Nov
4%
May
4% Mar
26% June
114
1%
8% Apr 27
Apr 30
2
Apr 25
2
72%May 4
3434 Jan 13
94% Jan 6
123% Jan 7
22% Apr 28
36% Jan 14
Apr 30
Jan 24
3% Jan 24
Jan
Feb
6% Nov
5
Mar
11
Deo
1%
Feb
3
Dec
Jan 24
28%
47
Dec
14% Feb 19
5778 Feb
2%
14%
27g Feb 29
10% Mar 31
2%
Jan
Mar
Mar
Mar
Mar
25»4 Apr 11
77g Mar
17
Aug
2S% Feb 19
29% Jan 2
20% Aug
25% Dec
32
Sept
11% Feb
6
2% Jan 13
46% Jan 2
82% Feb 7
8
Apr 21
%
4
Mar
Apr
1
Jan
30%
Jan
10% Deo
52
1%
6%
30%
Dec
Dec
Jan
Dec
784 Nov
90
Feb
3
Nov
55% Nov
84% Oct
91% Dec
99% Nov
36
Mar
92
Nov
Feb 21
104%
Jan
120%
Dec
Mar 23
95
Jan
11434
Deo
98% Apr 23
12% Feb 21
20% Feb 2 4
Feb
7
97g Feb
7
5% Mar
7% Mar
1% July
2% Feb
Feb 13
20% Mar
4
95
48% Mar 3
1227g Feb 10
145% Apr 18
3384 Jan 25
39
1
3
Jan
3
28% Jan 10
May
Mar
Feb
10
Mar
29
Jan
16'4 Mar
9
18
Jan
25
Mar
37% Jan 10
109% Feb 19
28% Mar 4
17
18
32% Mar
90
Mar 24
Mar
14% Mar
46% Jan
67g Mar
10% Dec
1934 Deo
77% Nov
3534 Dec
9834 Nov
3%
778
126
Jan
Jan
Dec
33% Deo
38%
Dec
25% Nov
35% Sept
50
Nov
32% Nov
102% Nov
19% Deo
24% Jan
2?
28
28
24% Jan 10
6
Jan
20% Dec
7
5% Mar 30
1
Mar
3% Dec
9% Nov
29
23
23
30
30
6
5% Jan 13
11
Jan 14
87
Jan 15
56% Feb
6
Apr
79
51
Nov
25% Nov
25% Mar
20
Apr
35% Mar
7334 Mar
17% Apr
61
Mar 23
Mar 23
Mar 11
May 15
33% Apr 28
8% Jan 3
79
Feb 10
45
Jan 23
6
58
65% June
66
11% Jan 28
578 Apr 28
378 Apr
484 Dec
Jan
75
83% Jan 6
44% Jan 21
41>4 Jan 6
Oct
1% Mar
11% Mar
106
66
12%
35% Mar 23
6
Jan
Dec
33% Dec
120
Apr
Feb 25
4
105
584 Dec
97g Nov
121
15
Jan
117% Deo
116
116% Jan
111% Jan
5%
784 Nov
1
85
1
120% Oct
112% Dec
34% Feb 21
2% Apr 29
47% Jan
Apr 30
Jan
Jan
Deo
1
Apr
1'4 Mar
4% Feb
10% Mar
Jan
85
37
May 15
135
70% Feb
124
86
Jan 16
Jan
1
Nov
•
4
47
No par
63
105
62% Jan
Zenith Radio Corp
Zonite Products Corp
Nov
44%
109
par
100
Nov
48% Mar 19
133% Apr 28
100
Preferred
2
56% Nov
21s4 Jan
May
100
Young Spring & Wire..No par
Youngstown S & T
No par
5H preferred
100
14084 May
165
Aug
4% Aug
72
Preferred B
Wrigley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B.10
Dec
73% July
50% Nov
119% Nov
33
Preferred A
Wright Aeronautical...No
48
124% Apr
114
3u
100
73
Sept
11% Dec
17% Jan
Feb
23% Apr
86 May
18% Feb
14% Apr
3% Apr
16
Apr
2% Jan
7% Apr
71% Apr
4434 Apr
23% Apr
56
Apr
No par
9% Sept
16% Sept
Feb
Wheeling Steel Corp
$6 preferred
Dec
10% Nov
50% Nov
May
70
Woolworth (F W) Co
Nov
165
% Mar
19%
11%
11%
Nov
Nov
91
90
...5
15
96
87
34
4
No par
Nov
2% Jan
19% Mar
5
Jan 14
50
73
Oct
2
Jan
100
Oct
Dec
Oct
Feb
21
Preferred
78
73% Nov
xl69%
Mar
50
White Rk Mln Spr ctf. No par
White Sewing Mach..No par
Nov
11% Dec
7% Jan
46
34
White Motor
18% Nov
110
114
Wheeling & L Erie Ry Co. 100
6% non-cum preferred..100
No par
Jan
92% May
7g
4
Apr 15
8034 Apr 9
96% Jan 24
76% Apr 9
723g Apr 9
Deo
7%
9%
Jan 23
5
Westvaco Chlor Prod..No par
Wilson & Co Inc
75%
4978
..100
Western Union Telegraph. 100
Westingh'se Air Brake.No par
13,300
75
49%
100
Western Pacific
8%
76
49%
100
100
2d preferred
~~3~806
75
129
100
pref
6% preferred
Western Maryland..
434
75
18%
100
Conv preferred
Wilcox Oil & Gas
487g
27%
62%
63%
8
Jan
Feb 20
3,500
22%.
Feb
2%
87
West Penn Power
80
19,900
138
80
69% Jan 10
159% Jan 24
100
6% preferred
530
6%
109% 115
137
5
-No par
Preferred
270
30,900
For footnotes sea page 3294.
100
914 Mar
87% Mar
Oct
Jan
14%
48
Preferred
8
Feb 10
127» Feb 7
7% Mar 26
35
100 xll4%
100
19% Jan
113
60%
Mar
18
I884
18%
129% *129% 131
49%
48%
48%
5034
48% 50
49% 50%
5034
5234
53
52%
*109
114
*110l2 114
*110
114
*110% 114
110% 113%
167g
17
167g
17%
187g
187g
19%
18%
19%
6%
6%
6%
6%
6%
6%
634
7
684
1778
48
100
4
72
22%
*129% 133
5% preferred
Virginia Ry Co pref
Vulcan Det inning
Feb
34
600
48%
Va El <fc Pow $6 pf
No par
Virginia Iron Coal & Coke. 100
79
Mar
24% Dec
784 Nov
3% July
3978 Mar
440
35%
129
Va-Carollna Chem_....No par
6% preferred
100
7% preferred
100
96
4
2
Apr 23
7% Apr
1
35%May 5
100% Apr
•
70
48
Vlcks Shr & Pac Ry Co com 100
No par
35
129
5
66
16% Feb
25% Apr
102
7% Apr 30
16% Jan 2
100 xllO% Feb 17
6 J4% preferred
t Walworth Co
66
4812
7% lstpref
Vlck Chemical Ino
Walk
50
70
132
100
11,500
34%
49
No par
Preferred
Vanadium Corp of Am.No par
Van Raalte Co Ino
5
12.600
70
48%
Vadsco Sales
Walgreen Co
7O0
34%
131
1
No par
No par
34%
*32
Utilities Pow & Lt A..
4584 Nov
1384 Dec
20% Deo
85
4% Jan
9% Jan
70
3478
18%
1734
100
17% Oct
1% Feb
2084 Mar
884 June
4% Mar
110
*1434
24
27%
Preferred
297S Apr 13
9% Feb 17
47% Feb 17
18% Jan 28
100
S07g
38%
39
27
27
100
100
No par
Nov
8
Preferred B
57g
24
S
Corp
Preferred
U S Tobacco
Aug
78
8
W aldorf System
79%
*37-%
48%
50
Jan
118
6% Apr 30
~1~3O6
6
24
*7434
50
26%
Oct
Jan
71
Jan
Dec
Deo
Nov
46
Jan
119
119%
113% 113%
2%
39
4834
100
Smelting Ref & Min
20% May
30%
111
ll%May
5
80
*23
48%
1st preferred
Preferred
6
Dec
Jan 11
96
80
76
No par
3
2% Jan
100
48i4
par
U S Rubber
2
Feb
Jan
7584 Nov
24
111% Jan
90% July
26% July
76% Apr 14
91% Jan
*65
8
No par
No par
Prior preferred v t c
100
U S Realty & jmpt...No
U 8 Steel
39
117
Mar
West Penn El class A ..No par
*70
8
t c
5
par
7
10
9834
9834
102% 102%
94
92%
80
4%
Class A
t c
6
1% Jan
34% Apr 30
100
19%
v
Mar
7
Wells Fargo & Co
Wesson Oil & Snowdrift No par
Conv preferred
No par
*65
434
U S Leather
6
13%
20
4
Feb
900
*70
191
100
4
8
Mar
Mar
Apr
Feb 18
500
80
*17%
4i2
7% preferred
U S Hoff Mach
Corp
U S Industrial Alcohol.No
Jan
80%May
160 May
8% Jan
Mar
Oct
Jan
Feb
Mar
36
100
4
91
20
44
1484
82%
79%
20%
97g
4%
80%
*65
14%
Preferred
Apr 29
100
"~1% ""'240
*70
2134
No par
25% Apr 28
13
Apr 30
8
7
80%
80
145g
4U
10
par
U S Gypsum
31%
32%
21%
28%
28%
9
No par
U S & Foreign Secur
U S
4
Jan
100
Freight..........No
v
2
No par
Preferred
U S
7
7
7
6
88% Apr
28% Feb
138% Mar 6
97% Feb 26
36
36
100
22
20
Corp
Preferred
*65
HI4
Pipe <fc Foundry
Rights
Jan
1% Apr
13% Apr
21% Jan
»l6May
100
7%
*70
*4
50
100
Mar 23
Webster Elsenlohr
*3734
2178
27%
*86%
21%
14%
*384
*17%
4%
57% Apr 29
153
Preferred A
*80
95
87
Apr 30
67%May
1
700
21%
7%
100
27%
6
.100
Preferred
7
Jan
6% Apr 30
700
7
*80
*70
86%
21%
*14%
378
*17%
4%
Preferred
14% Apr 30
109
Universal Pictures 1st pref.100
t Universal Pipe <fe Rad
1
t Wabash
22
*70
87
Preferred class A
No par
Universal Leaf Tob...No par
4% Jan 3
34%May 14
66% Jan 2
22
70
28%
par
9
21
100
*8612
21%
t United Paper board
100
United Stores class A_.No
Jan 15
No par
70
27
United Gas Improve—.No
par
Preferred
..No par
Jan
"""900
48
*70
*271-
United Eng & Fdy..
United Fruit..........No
par
15
93
No par
118% 118%
*113% 114%
9
8%
8%
757g
36
6% Apr 30
40% Apr 29
1034 Apr 27
Convertible pref
114
534
74%
*
par
6
Warren Fdy & Pipe
Waukesha Motor Co
36
2
36%
37%
105% 10634
134% 134%
23
23%
*3734
39
*21% 2134
22% Jan
200
*40
£80%
2
76%
10%
par
600
36
57„
74
7%
Jan 21
23%
80
2%
5%
77U
37
8%
15
*2
6
75
36i4
8%
15
20
3
Jan 18
68
2134
92% 93%
118% 119
114
30
113
2234
100% 102
93%
118% 119
113% 114
7734
145
16% Apr 27
24% Mar 18
100
Preferred
No par
United Drug Ino
5
United Dyewood
Corp
10
Preferred
100
United Electric Coal...No par
U S
2
*18%
*22%
102
103
92%
97g
"""266
Jan
22%
23%
*98% 100
92U
119U
20
13
No par
United-Carr Fast Corp No
United Corp..
No
U 8 Distrib
2
20% Apr 30
22%
*1%
102
102
7
10%
48
*98% 100
92U
*2%
7
102
80
*75
*130
20
No par
22% Jan
5.500
21
80%
140
United Biscuit
Preferred
United Carbon
par
3
T,306
21
35
114% 114%
5
*4%
Bosch..No
71% Jan
207g Apr 30
108% Jan 7
90% Jan 2
1%
22
80%
100
v t c__5
$ per share
9%
20%
35
2,000
5
Transp
Amer
I per share
1%
22%
w
37%
124
Un Air Lines
$ per share
834
22%
-
34%
133% 133%
100
No par
Highest
t per share
1%
23%
-
~3~6o6
124
Preferred
Lowest
9%
9
*20
1%
*6%
"57g
*17%
Year 1935
Highest
9% Apr 30
44
Apr 29
1% Jan
4% Jan
157g Jan
*40
87g
*80
5%
*284
7%
*234
7%
141
14%
14%
14%
307g
31
3078
3078
116% 117
*116% 117
67g
7%
7%
7%
307g
31%
30%
30%
18%
18
18%
18%
13
*10%
13
*10%
2%
2%
23g
2%
60
59%
*60%
6134
1%
8%
20%
7
7734
145
80%
*98% 100
106
10812
134% *133
134l2
*24i4. 2434
*23%
24
21%
18%
7
20
130
8H2
*98% 100
*133
*3784
6?g
31%
*2%
*5834
9%
8%
*1%
36
117
684
*80
*80'g
3078
*2%
2134
*6%
*80
*9812 100
10112 10112
*9112 94
119l2 120
*114
*22i4
*2034
7%
14
28%
18%
*10%
934
8%
*17%
*22%
*2034
*22i4
*2012
117
48
1%
8ig
27g
*234
137g
*30%
60
*40
7734
*130
684
1334
137g
30"g
307g
30%
307«
117
*116% 117
*116% 117
7
7
7
634
67g
28
2814
28
28i4
2734
18lg
18'g
18U
18%
18%
13
13
13
*1014
*10%
214
214
214
2%
2%
*1%
*17
*2%
73g
*17%
*122
78
*135
13%
18ig
19?g
130
145
7
7
*17%
*122
*75
3
*28
20
130
*135
*612
*234
*11612
*16
*122
145
*23g
*307g
20
*122% 130
80
30
*70
*53g
*12134
200
41
100
Union Tank Car
United Aircraft Corp
United
407g
1234
17
1212
46i4
7%
6,500
584
34%
8H4
1734
2I84
26%
26
1%
17
*96
23%
41%
13
514
145g
1434
*10978 110
6i2
684
514
5i2
70i4
70i4
5934
5934
*160
1,600
1,300
17,800
*112
26
3312
98
26%
115
26
1%
16i2
817g
24%
17%
21
*25
3314
163
26%
Union Pacific
14,000
*18%
17%
*112
3,600
2,100
22?8
23%
17
74%
1%
1612
3334
%
22%
*17%
Par
24%
9634
Range for Previous
Lowest
23%
23%
24%
737g
96
4
115
96%
x24%
737g
96
11%
Range Since Jan. 1
On Basis of 100-share Lots
125% 125%
96%
96%
2384
8234
3303
EXCHANGE
Union Carbide & Carb.ATo
par
Union Oil California
25
81%
127
*73
*100
514
23%
125
the
5%
40%
1284
133g
8312
884
2912
834
*112
96
1414
*6i2
23
23
82%
26
*25
57g
41
"80%
80%
Friday
73%
156
27
453g
2512
26%
115
727g
Thursday
123?g 124
96%
96%
2484
2478
22%
22%
I684
17%
*17%
2034
26%
26%
2238
156
1414
*lll2
73i2
25i2
5%
4034
127g
7214
27
8034
26%
115
73%
*34
110
53g
*96
79%
227g
247g
*100
1484
*160
22S4
247g
2134
*6%
%
*214
Shares
2414
223g
65s
110
*11
$ per share
2414
72
13g
$ per share
26
35
3334
$ per share
79%
80
2234
2234
1247g 125
96
71
*16
$ per share
803g
96
*34
STOCKS
NEW YORK STOCK
10
Week
96
*5i4
95
May 15
125
*100
60
May 14
96
41%
1314
2312
13
*156
7834
22%
May 13
*114
*41
Sales
Wednesday
125
*114
73i2
*25l2
584
SHARE, NOT PER CENT
Record—Concluded—Page
Tuesday
May 12
96
125%
96
70
SALE PRICES—PER
for
Saturday
May
LOW
20% Mar 26
138
May
5
55
Apr 6
61% Apr 11
116
Feb 19
1978 Apr
9% Jan
2% June
Nov
51% Nov
68
Dec
8234 Apr
35% Nov
9%
Dec
31% May
96
Nov
18
Mar
53%
Dec
13
Mar
3
38% Apr
1% May
4
2% June
467g Dec
105
Dec
14% Nov
784
Dec
New York Stock Exchange- Bond Record, Friday, Weekly and Yearly
3304
On Jan. 1 1909 the
Exchange method of quoting bonds was changed and prices are
NOTICE—Cash and deferred delivery sales are disregarded In the
regular weekly range are shown in a footnote In the week In which they
Friday
EXCHANGE
STOCK
Ended
Week
15
May
if
Range or
Sale
Friday's
Price
Bid
A
the only transactions of the week, and when selling outside of
No account Is taken of suoh sales In computing the range for the year.
occur.
Asked
Low
U. S. Government
Friday
BONDS
Range
I3
N. Y.
Since
High
No.
117.30
8b
115.3
107.27
84
105.24108
♦Chinese (Hukuang Ry) 5s
111
113.5
♦Cologne (City) Germany 6 %s_ 1950 IVI
109
111.13
High
Treasury 4s
Dec
15 1944-1954 J
Treasury 3%s
111.11
Treasury 3s
111.2
15 1946-1956 M S
108.2
15 1943-1947 J D
15 1951-1955 M S 104.21 104.11
104.30
June 15 1946-1948 J D 105.8
Treasury 3%s
June 15 1940-1943 J
108.18 108.18
108.21
2
107.19109
Treasury 3%s
Mar
109.1
108.27
109.1
4
108
105.25
113.1
112.24
Mar
Treasury 3%s_—June
Sept
Treasury 3s
15 1941-1943 M
D
S
113.2
115
30
118.8
108.6
17
106.17108.12
104.21
53
102.20104.21
105.8
225
102.29105.8
109.8
106
99
103.24106.2
105.25
28
103.19105.25
Copenhagen (City) 5s
25-year gold 4%s
108.29
23
108.5
♦Cordoba (City) extl s f 7s
15 1944-1946 A O 107.20 107.10
101.28
15 1955-1960 M S 102.5
107.20
88
105.12107.20
3%s
Mar
15 1944-1964 M
S
3s
May 15 1944-1949 M N
3s
Jan
103.13 103.4
102.5
101.28
102.8
350
103.15
207
100.31103 15
102.6
183
101.7
104.14 104.6
104.14
103.7
103.7
102.26
109.12
22
82
102.8
100
102.8
102.20104.15
103.27
43
101.20103.27
102.15
180
100.15102.16
15 1942-1947 J
J
Mar
2%s series G
A
1942-1944
103
240
101.22 101.13
101.24
361
99.16 101.29
101.20
130
99.17101.29'
100.17103.1
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupod on_1947 F
A
*18
19
17%
♦Sink fund 6s Apr coup on_-_1948 A O
Akershus (Dept) ext 5s
1963 M N
*18
20%
18%
J
100%
*9%
100%
9%
f 7s series B
1945 J
1945
J
9
♦External
s
f 7s series C
1945
J
9
♦External
s
f 7s series D
1945
J
9
9
♦External
s
f 7s 1st serises—.1957
O
8
8
♦External
sec s
f 7s 2d erles.-1957
O
8
8
♦External
sec s
f 7s 3d series. 1957
o
7%
9
Antwerp (City) external 5s
1958
Argentine Govt Pub Wks 6s...I960
D
98
O
100
Argentine 6s of June 1925
1959
D
Extl S f 6s of Oct 1925
1959
O
External
1957
s
External 6s series B
1958
D
Extl
1960 M N
♦Artloqula (Dept) coll 7s A
♦External
s
s
f 6s series A
s
f 6s of May 1926
External
Extl 6s
s f 6s (State Ry)_-.1960 M
Sanitary Works
1961 F
98
8%
3
7%
10%
10%
5
7%
10
9
8
7%
10
23
99%
100
18
95%
97%
97%
97%
99%
100%
31
97% 100%
100
38
97% 100%
100%
29
97% 100%
97% 100%
100%
99%
99%
29
18
100
100
81
100
39
100%
99%
99%
99M
Austrian (Govt) s f 7s.
♦Bavaria (Free State) 6%s
19
42
101%
100%
100%
100%
97% 100%
97% 100%
99%
94%
104% 106
105%
105%
105%
35
105%
105%
105%
27
100 %
100%
100%
102
104% 106
98% 101
91%
90%
91%
31
97
.1957 J
1945 F
Belgium 25-yr extl 6%s
J
A
1955 J
-1955 J
f 5s
D
13
107%
22
105% 109%
17
100
20%
20%
20
20%
16
102%
20%
28%
20
27%
15
15%
10
13
10
26
1
21%
N
9M
J
7s
1958 J
♦External sinking fund 7s__.1969 M S
♦Brazil (U Sof) external 8s
1941 J D
6M
6%
6%
9
6%
6%
6%
6%
10
6%
9%
28
35%
32
33
8%
♦External
s
f 6%s of 1926—.1957 A
O
24
%
24%
25
46
27%
22%
♦External
s
f 6%s of 1927—-1957 A
O
25%
24%
25%
20
22
1952 J D
1936 M S
.1957 M S
26%
27
11
21%
'98%
♦7s (Central Ry)
♦JBremen (State of) extl 7s
Brisbane (City) s f 5s
Sinking fund gold 5s
*
98 %
1958 F
20-year
27
1950 J
f 6s
s
Budapest (City of)—
♦6s July 1 1935 coupon
on
1962 J
f 6s ser C-3
s
s
Refunding
10-year 2%s—
25-year 3Us
93
99
22
92%
63%
.
100%
99
78
1
70
79
67
57
55
67
71
80
55%
67
63%
63%
62
64%
64
57%
64%
64%
J
39%
43
14%
13
16
15%
13
16%
10%
108
108%
112%
98%
100%
38%
113%
A
98%
101
......
10%
98%
101%
38%
13%
9%
105% 109
111% 115
99
96%
94% 101%
38%
9
32%
30%
30
30%
15 1960
1942 M N
1960 A O
F
31
27%
36
30
30
27
34%
32%
33%
28%
37
14%
14%
14%
14
16
14%
14%
14%
14%
14%
14%
12%
14%
13%
15%
14%
14
14%
13%
15%
14%
14%
14
13%
15%
15%
14%
14
15%
12%
12%
13%
13%
13%
13%
14%
♦External sinking fund 6s
14M
14%
14M
12%
12%
12%
O
12%
12%
12%
12%
12%
12%
12%
1962 M N
1961 J
1961 A
56
60
73%
24
72%
80%
29%
30%
31
23
34%
1
64%
1
88%
-1959 M N
1951 A O
—
g
A
A
O
Deutsche Bk Am
Apr 15 1962
part ctf 6s
1932
§*Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5%s—1942 Ml S
1st ser 5%s of 1926
1940 A O
10
99% 103
99% 100%
2
100%
92
2
96%
100
175
56
52%
98%
101
37%
56
10
13%
10%
24
102%
103%
103%
3
103%
1
105
104%
105%
29
100% 105%
100% 105%
104% 106%
101%
101
101%
18
100% 102%
98%
98
98%
98
93%
99
40%
40%
40%
4
40%
48%
67%
10
10%
102%
J
1955 F
4%s
100%
O
1942 J
Denmark 20-year extl 6s
External gold 5%s
External
1952 A
2
100%
100
96
,
1
69
28
61%
62
2
1940 A O
♦Dresden (City) external 7s—.1945 M N
*60%
65
♦El Salvador (Republic) 8s A„1948 J
J
♦Certificates of deposit.—
Estonia (Republic of) 7s
1967 J
*65%
67%
2d series sink fund 5%s
67
71
61%
61%
68
J
66
J
24%
61%
3
97
41%
64%
70%
4
"66%
96%
"
3
24%
24%
J
68%
30%
93
97
106
107%
7
105% 108%
103
104
5
102
20
21
8
149%
168
105
167
151
167
27
151
D
175
167
175
7
167
7s unstamped.-1949
German Govt International—
♦5%s of 1930 stamped
1965 J D
♦5%s unstamped
1965
♦German Rep extl 7s stamped. 1949 A O
174
173%
175
30
171
Finland (Republic) ext 6s
1945 M S
External sink fund 6%s
1956 M S
♦Frankfort (City of) s f 6%s-_1953 Ml N
French Republic 7%s stamped. 1941 J D
7%s
1941
unstamped
External 7s stamped
-
-.1949 J
m
-
.
♦7s
unstamped..
106
103
„
D
33%
29%
39%
27
27
German Prov & Communal Bks
♦(Cons Agrlc Loan) 6%s
1958 J
22%
46
15
27
34
7
32
24
25
~29%
1949
27
172%
182%
177%
106
25%
*
""36""
104%
32%
22%
22%
;
20
149% 183
35%
33%
29%
29
45%
(Municipality of)—
♦7s part paid
♦Sink fund secured 6s
*
106%
......
105%
«116%
*35%
106%
99
25
10
117
—
106
104% 108
114% 118%
28%
34%
*35%
1968 F
A
28
—1968
37%
25%
36
30%
1964
♦6s part paid
110
31%
28
26
31%
28%
27%
23%
♦7s unmatured coupon on
s f
1944
96%
96%
93%
O
20
20%
20
J
*16
20
19
O
105
18
18
J
F
16ol J
Italian Cred Consortium 7s A.-1937 IVI
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7s—.1952 J
24%
104% 110
105%
20
20
18
30
20
20
25%
24%
32%
25%
26
50
38
45
18
N
N
A
*40%
.I960 M N
5s
Italy (Kingdom of) extl 7s
D
114
72%
72%
*87
8
8
97
26%
27
J
1946
♦Hungarian Land M Inst 7%s.l961 M
♦Sinking fund 7%s ser B
1961 IVI
Hungary (Kingdom of)—
Irish Free State extl
O
"70~"
4
114
76
92%
68
152
113% 115
60%
76%
83%
23
70
97
53
70
64%
J
62
62
63%
31
51%
Japanese Govt 30-yr s f 6%s—.1954 F A
Extl sinking fund 5%s
1965 IVI N
Jugoslavia State Mtge Bank—
98
96%
98
80
91% 100
84
83%
84%
113
78
89%
31%
31%
31%
4
25
32%
25
6
24
'31%
♦7s with all unmat coup
A
O
1947 F
A
1957
♦Leipzig (Germany) s f 7s
Lower Austria (Province of)—
♦7%s June 1 1935 coup on.
1950
♦Medellln (Colombia) 6%s
1954
♦Mexican Irrlg assenting 4 %s—1943
♦Mexico (US) extl 5s of 1899 £-1945
♦Assenting 5s of 1899
1945
♦Assenting 5s large
♦Assenting 5s small—
♦4s of 1904
J
J
D
98
9%
Q
J
7%
8%
8%
"61
6
*6%
"25
6
1954 J
D
D
100% 101
7%
10%
5%
7%
10%
10%
7%
12%
8%
12%
5
*4%
6%
6%
5%
5%
25
4%
4%
♦STreas 6s of '13 assent (large) '33 J
J
Milan (City, Italy) extl 6%s—1952 A
Mlnas Geraes (State of, Brazil)—
♦6 %s Sept coupon off
♦6 %s Sept coupon off—
9%
*3%
J
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small..
♦5 Small
9
M N
Q
-.1954 J
♦Assenting 4s of 1904
24
D
1958 IVI
J
6%
7%
5%
J
O
61%
8
17%
61
63""
7%
7%
7%
9%
9
50
71
64
17%
17%
4
15%
17
18
7
14%
19%
19%
47
53
15%
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
1963 M N
1957 J D
30%
9%
14%
14%
3309.
45
12%
37%
9
A
59
10M
32%
For footnotes see page
42%
113
15 1938
-
65%
40%
108%
A Apr
f 6s
61%
J
"~3o""
♦Chile Mtge Bank 6 Ms
♦Sink fund 6%s of 1926
59%
53
O
15 1960
Feb 1961
15
65%
14%
"42%
64%
*13%
64
63%
62
A O
1950
6s..July
♦Ext sinking fund 6s
6s
25
38%
99%
58
f 6s—Oct
♦Chile (Rep)—Extl sf 7s
♦External sinking fund 6s
s f
95
"38
Aug 15 1945 F
1961
♦Cent Agrlc Bank (Ger) 7s
s
30%
194
♦Carlsbad (City) sf 8s
1954
♦Cauca Val (Dept) Colom 7 Ms. 1946
♦Guar
3
98%
64%
1952 M N
♦Guar
21
63%
1984 J
5s
ser
101% 104
~67~~
♦Caldas Dept of (Colombia) 7 Ms '46 J
Canada (Domof) 30-yr4s
1960 A
♦Farm Loan 6s
31%
99
*72
♦Sink fund 7s July coup off ..1967 J
J
♦Sink fund 7 Ms May coup off 1968 M N
s
1
61
1976
s f $
♦Farm Loan s f
100
10
63%
F
1975
♦Farm Loan
95
99
35%
1976 F
f 4%-4%s
4%-4%s
s
bonds
(Kingdom of)—
Bulgaria
66 %
1961 F
4%-4%s
3% external
100
98
78
1961 M
1961 M
1961
f 4%-4%s
Extl re-adj
♦Cundinamarca 6%s
Czechoslovakia (Rep of) 8s
Sinking fuDd 8s ser B
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on
1945
1977 M
f 6%s
s
♦6 %s stamped
Extl
June 30 1945
30
95
102%
30%
98%
56
56
29%
30%
26%
98
98
1960 A
♦Buenos Aires (Prov) extl 6s
♦6s stamped
♦External
98 M
44%
64%
"l66%
♦7%s February coupon on
Buenos Aires (City) 6%s B-2..1955 J
External s f 6s ser C-2
..I960 A
External
J
Haiti (Republic) s f 6s ser A
1952 A
♦Hamburg (State) 6s
1946 A
♦Heidelberg (German) extl 7%s '50 J
Helslngfors (City) ext 6%s
1960 A
9%
99
102%
5
8
25
16%
31%
98%
98%
51
45
^
D
t4% fund loan £opt I960—-1990 Ml N
♦Greek Government s f ser 7s_-1964 M N
32
113%
33
1
44%
V 64%
2
93%
100
m
J
♦8s unmatured coupons on-.1954 M N
Gr Brit & Ire (U K of) 5%s
1937 F A
9%
19%
17%
17%
92%
2
19%
19%
100%
m
Sinking fund 5%s—Jan 15 1953 J
♦Public wks 5%s
Graz
25
100%
♦External secured
25%
25%
17
72%
A
101% 109%
109
118%
15M
19
:
A
F
1949
105% 110
O
19
21
20
51
S
1949 F
8
100
O
1944 Ml
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
3
D
42
—-
20
20%
12%
98
29%
4
107%
(Germany) s f 6%s—1950 A
♦External sinking fund 6s
1958 J
♦Bogota (City) extl s f 8s
1945 A
♦Bolivia (Republic of) extl 8s. .1947 M
27%
51
"44%
♦7s Nov 1 1936 coupon on—-1951
29
113
20
97%
92%
J
104%
107%
♦Berlin
♦7s stamped
1937
Cordoba (Prov) Argentina 7s. .1942 J
Costa Rica (Republic of)—
107
100
S
7
20
20%
99%
97
83%
55%
70
k
1937 M N
♦External sink fund 7s.
52
20
19%
*16%
19%
19%
97%
92%
<*«■
j
25
1960 M
Stabilization loan 7s
1957
107
m%
1956 M N
External 30-year s f 7s
s
J
—
11%
43
56
D
101%
25
1949 M S
f 6s
High
1
2
10
5
8
1956 M N
External g 4%s of 1928
Bergen (Norway) ext
9
J
1955 J
1957 M S
Australia 30-year 5s
External 5s of 1927
s
10%
10%
10
99%
99%
Extl 6s pub wks May 1927—-1961 M N
Public Works extl 5%s
1962 F A
External
7%
21%
100%
9M
100
99%
S
A
98
21
9%
.
100
♦7s stamped
20
1953 Ml N
1957 F A
External loan 4%s
101.19 101.8
1 1939-1949 F
2Kb series B__Aug
Low
12
51%
100.26103.10
103.26 103.22
1 1942-1947 M S 102.14 102.9
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N 102.29 102.20
2%s
1952 J
High
19
19%
J
1946 M N
1947 F A
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
105.22
Treasury 2%s
Mar
Treasury 2%s—Sept 15 1945-1947 M S
Treasury 2%s
Sept 15 1948-1951 M S
Federal Farm Mortgage Corp—
No.
Since
Jan. 1
20
s
O
108.29 108.24
Treasury 3%s—-Apr
Range
Bonds Sold
Asked
12
O
A
1 1941 F
A
51%
D
♦6s July 1 1935 coup on.Jan
D
Aug
Bid
Low
1951 J
on—Oct 1961 A
1961 J
♦6s Apr 1 1935 coup
D
Dec
Price
—I960 M S
♦Colombia Mtge Bank 6%s—1947 A
15 1949-1952 J
Treasury 3%s
Friday's
Foreign Govt. & Mun. (Concl.)
♦Chilean Cons Munic 7s
Treasury 3%s___June 15 1946-1949 J
Treasury 3%s
Range or
Sale
Colombia (Republic of)—
Low
15 1947-1952 A O 117.30 117.20
15 1943-1945 A O 107.27 107.20
D
the
Week's
Last
Inter st Period
STOCK EXCHANGE
Week Ended May 15
Jan. 1
Treasury 3%s.—Oct
Treasury 4%s—Oct
M*y 16>1936
except for income and defaulted bonds.
"and interest"
Week's
Last
BONDS
N. y
now
week's range, unless they are
D
12
♦Montevideo (City of)
7s
♦External s f 6s series A
1959 M S
1952 J
D
1959 M N
New So Wales (State) extl 5s—1957 F
External 8 f 5s
.Apr 1958 A
A
47%
101%
O
101%
51%
47%
101%
101%
51%
8
/ 47%
10
102
102
10
43
48%
100% 103
44
101
103
Volume 142
New York Bond
BONDS
N. Y. STOCK
EXCHANGE
Week
Ended May
15
Friday
Last
Sale
Price
Record—Continued-Page
2
Week's
Ranoe
or
Friday's
Bid
&
Asked
Range
Since
Jan. 1
N. y.
BONDS
STOCK EXCHANGE
Week
Ended
May
15
109
109
102732
3234
IO2932
3334
*32
104
24
40
104J4
25
7 1 34
10134
10434
9734
71 34
10134
104J4
9754
106 54
113 H
106 34
11534
10934
11034
11054
1HJ4
10734
1073*
107
107
106
106
11054
111M
10654
10654
1123*
11134
11254
111
*118
10534
10534
107
107
96
7834
8334
96
9634
7934
8534
97
46
48
4334
4534
6754
10434
8534
68
10434
93
104
104
103
104
*10334
10654
8154
108
111
112
9334
102
10254
For footnotes see page 3309
84
9434
10234
10334
.
Week's
Friday
Hewlett Hros. & Johnson
<saa~.U~-
ZM embers
|
Bid
St L Div 1st coll trg4s—_—1990
A
J
98
100
M
Spr A Col Dlv 1st g 4s
1940
1940 J
104
S
J
*100%
Cleve-Cliffs Iron 1st mtge 4%s_1950 M N
106%
J
3%s—1965 J
4%s ser B.1942 A O
1942 A O
J
Series A 4%s guar
1942 J
Series C 3%s guar
—1948 M N
A F
Series D 3%s guar
1950
A
gcd 4%s ser A
1977
J
Gen A ref mtg 4%s ser B
1981
O
Cleve Short Line 1st gu 4%s—1961
O
Cleve Union Term gu 5%s
1972
110%
Cleve Elec Ilium 1st M
"BONDS
HYork,
Chicago, 111.
T.
133 So. La Salle St.
'Private Wire
One Wall Street
Randolph 7711
Connections
Dlgby 4-5200
r. 1-761 •+ Hell Syttem
Teletype •>- Czo. 343
Last
BONDS
Range or
Week Ended May
Price
15
Friday's
Bid
A
u
Low
{♦Car Cent let guar g 4s
*50
J
1949
Caro Clinch A O 1st 5s
1938
D
107
D
*110
151952
Carriers & Gen Corp deb 5s w w 1950
Cart A Ad lnt gu g 4s
1981
♦Cent Branch U P 1st g 4s
1948
Cent Dlst Tel 1st 30-yr 5s
1943
J
J
D
J
D
1051,6
{♦Central of Ga lstg 5s._ _Novl945
♦Consol gold 5s
1945
♦Ref & gen 5 %s series B
1959
F
A
*63
1st A cons g 0s ser A..Dec
M N
J
A
1946 J
Cent Hud G & E 1st A ref 3
>48-1965
M
1951 F
Cent 111 Elec & Gas 1st 5s
1961 J
1987 J
{♦Cent New Engl 1st gu 4s
Central N J gen g 5s
General 4s
1987 J
1949 F
Cert Pac 1st ref gu g 4s
104%
85
*28
1—
M N
Through Short L 1st gu 4s_..1954 A
Guaranteed g 5s
1960 F
27%
12%
O
♦Ref & gen 5s series C
1959 A O
♦Chatt Dlv pur money g 4s_.1951 J D
J
♦Mac & Nor Dlv 1st g 5s
1946 J
J
♦Mid Ga A Atl Dlv pur m 58.1947 J
♦Mobile Dlv 1st g 5s
105 %
D
"l2%
12
*21
1948 M
Champion Pap A Fibre deb 4 %sl950
Range
*107
Ches A Ohio 1st
con g
J
1992
1993
Ref A lmpt 4 %s ser B
1995
Craig Valley 1st 5s._May__.1940
M
12%
12%
1
108%
44
102%
102
102%
190
1945
D
*109%
"81"
27
A
91%
108
108 >6
O
98%
*79
D
S
3
General
1971
1937 J
ChGLA Coke 1st gu g 5s
"_2
15
112%
125%
111%
22
113%
53
113%
Cumb T A T 1st A gen 5s
111
17
20
112%
112
117%
23
11
112
93%
3
82
96
16%
4
14
23
15%
16%
10
14
21%
117%
6
116
118%
105
30%
44
41
92
.6
103
8
5
45
22
♦
56
F
{♦Secured
1936 IVI N
May 1 2037 J
D
♦1st A ref 4 >4s stpd..May 1 2037 J D
♦1st A ref 4>4sserC._May 1 2037 J
D
♦Conv 4%s series A
1949 M N
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
{♦Chic RIA P Ry gen 4s
1988
June 15 1951 J
—June 15 1951 J
1951 J
D
g 4s
Inc gu 5s
56
67%
45%
46%
O
J
16
25%
25%
Erie RR 1st
12%
11%
12%
10%
17
4s 4s prior.
1st corsol gen lien g 4s
Penn coll trust gold 4s
Corv 4s series A
1968 A
O
70
80
32%
46%
31%
5
31%
43%
Gen
16%
16%
16%
30
15
20%
15
14%
15
31
13%
19%
22%
20%
Genessee River 1st
11%
*89
Cleve Cin Chi A St L gen 4a
General 5s serial B
Ref A impt 6s ser C
J
2020 J
1940 J
83%
94
3
74
95%
76
78
61
84
1993
107%
107%
14
105%
111
103%
106%
106%
79
102%
'9
J
nOAA
1939
104%
107%
99% 105%
36
106
108
3
106
108
86%
22
30
"63
73
100% 103
35
47
95
IO73I32UI
110% 113
83
85
101%
117
*104
91%
97%
90%
106%
105%
98%
91%
106%
Mi —
96% 104%
111% 117
103% 106%
89
101%
78%
105
108
'
*108%
"25%
112%
109
*105%
*105%
.
—
.
-
84%
A
O
O
O
83
12
104
82
84%
106%
83%
2
83%
82%
82%
83%
26
*81%
5
88
75%
1
74%
75%
181
75%
O
J
103%
106%
74
75%
225
"57
1
lis""
118 %
1947 IVI N
*110%
112%
1938 IVI
8
*101%
Ernesto Breda 7s
1954 F
Federal Light A Tr 1st 5s__—_1942 IVI
A
s
102
1942 IVI
8
*99%
3d mtge
s
f 6s
4%s
5s International series
1st lien s f 5s stamped
1st lien 0s stamped
30-year deb 6s series B
1942 IVI
___1942 IVI
J
OOl jk:
57
102
102
102%
"9
102
102%
21
J
1943 J
{♦Florida East Coast 1st 4%s__ 1959 J
98%
J
D
f g 7s
{♦Fla Cent A Penin 5s
6
102
1946 J
s
1
102
8
D
Flat deb
"57""
8
1954 J
75%
98%
4
72
75%
12
*54
60
♦Certificates of deposit
Fonda Johns A Glov 4%s
58
60
"8
8%
8
8%
27
7%
1974 M S
♦1st A ref 5s series A
7%
8
29
1952
MN
{{♦Proof of claim filed by owner.
cons 2-4s
1982
*8%
_
(Amended) 1st
{{♦Proof of claim filed by
owner MN
....
1941 J
1961 J
s
D
J
J
*4%
3%
1942
J
1942 IVI N
Galv Hous A Hend 1st 5 %s A. 1938 A O
Gas A El of Berg Co cons g 5s. .1949 J D
♦{Gelsenklrchen Mining 6s
1934 IVI 8
{♦Francisco Sug 1st
f 7%s
_
Gen Cable 1st
117
98%
F
Gen Amer Investors deb 5s A—1952 F
100%
110%
*107%
J
1955 J
1957 J
Ft W A DeD C 1st g 5%s
Framerican Ind Dev 20-yr 7%8
*75%
*103%
101%
20
20
*110
m
J
1975 A
102% 102
106%
110%
"69%
18
*103%
1967 IVI N
♦Certificates of deposit
Fort St U D Co 1st g 4%s
107%
110%
4s series D
101% 106
101% 103
106
1081,6
*80
109
105% 108%
108% 112
108
110%
J
58
105%
107%
1073132
J
.1993
OO An
104
*106
107%
24
48
*100%
1941
Cairo Dlv 1st gold 4s
4
1051332 108%
1943
Ref A lmpt 5s ser D
1963
Ref A impt 4%s ser E——— 1977
6
91
105's32 108
1940
AAA
90%
15
1957 IVI N
Series B (small)
IP/V.
89%
30
__
Clearfield A Mah 1st gu 4s
110
Series B
conv
114%
103%
19
J
1953 A
N Y A Erie RR ext 1st 4s
105
63%
J
*105%
108%
♦20-year
s
f 5% A
f deb 6s
Gen Pub Serv deb 5%s
D
1948 IVI N
...1939 J
J
108
106"
11
108%
75
70
88%
18
75
87%
88%
2
*120
______
65
"~3
"65
104%
34
104%
104%
104%
16
104%
23
33%
J
s
5
3%
*105
A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
♦Sinking fund deb 6%s...
1940 J
3%
33%
4
34
34
4
33%
33%
102
1
5
103
94%
106%
113
108%
108%
50
40
20
J
1996 J
1951
Ref A impt 5s of 1927
Ref A Impt 5s of 1930
Erie A Jersey 1st s f 6s
*108%
*20%
*20%
114%
103%
*107%
1953 A
10
57
"104%
"69%
O
1996 J
_
"25
111%
■
1953 A
71%
34
7
111%
15
116
109%
*105%
J
1940 J
1940 J
cons g
32%
31%
J
1937 J
Aug 2 1936 Q F
gu 4s.
1942 MN
103%
O
1965
16
Cin H A D 2d gold 4 >4s
CI St L A C 1st g 4s
D
J
1965 A
17
4
06
*30%
El Paso A S W 1st 5s
16%
14%
115%
31%
13%
108%
*30%
56
4
78%
111%
42%
57
5
109%
43
23
101%
23
*109
8
19
*
32
112%
17
102
26%
4%
O
17%
"78%
13
24%
1941 IVI N
17
1952 IVI N
58
1953 A
17
106%
15%
♦1st sinking fund 6%s
Elgin Joliet A East 1st g 5s
17%
106%
14
8
19
106%
21
IVI
17
103%
17:1"
*130%
24%
24%
*24%
17%
90%
15%
115%
1995 J
5s stamped
Erie A Pitts g gu 3 %s ser B
Series C 3%s
30
32%
75
1939 J
61%
27
105%
"37
33
1995
(Germany) 6%s.l950
105%
105%
31%
East Ry Minn Nor Dlv 1st 4s..1948 A O
East T Va A Ga Dlv 1st 6s
1956 M N
42
94
11
31%
*4
J
1937 J
f 7%s.l937 M S
44
172
102%
32%
19%
s
43
109%
1947 J
Clearfield Bit Coal 1st 4s
♦{East Cuba Sug 15-yr
♦Ctfs of deposit
45
209
105
25%
1937 A
42
7%
1
103
32%
16%
15%
1995
*40
17%
15%
105%
*105
Detroit Term A Tunnel 4%s__1961 M N
J
Donner Steel 1st ref 7s
1942 J
♦El Pow Corp
7
98
105%
J
1995 J
Dul A Iron Range 1st 5s
Dul Sou Shore A Atl g 5s
104%
78%
10
1995
♦Second gold 4s
♦2d 4s assented
65%
15
"34
106
160
*100%
1965
F
ser
40
15%
4
63%
103%
84%
J
Gen A ref M 4s
2
17%
49%
49%
46%
102%
14
100%
83%
1961
♦Detroit A Mao 1st lien g 4s
♦
1st 4s assented
40
15%
55%
12
100
1952
40
130
105%
1969 J
Ed El 111 Bklyn 1st cods 4s
Ed Elec (N Y) 1st cons g 5s
56
63
*102%
1937 IVI N
J
1971 J
Gen A ref 4%s series D
Gen A ref 5s series E.
54%
"45%
63%
105%
{♦Des Plaines Val 1st gu 4%s._1947
Detroit Edison gen A ref 5s ser C '62
38%
43
~26
65%
♦Assented (subj to plan)
♦Re! A impt 5s ser B
Apr '78
{♦Des M A Ft Dodge 4s ctfs
1935
15
103%
1943 A
1st guar 6s series C
25
51%
62
96
102
103%
56%
57
107%
40
"iii""
2020
17%
105%
{♦Choc Okla A Gulf
Cin Union Term 1st 4%s A
1st mtge 5s series B
502
*102%
D
3
107%
39%
107%
Chile Copper Co deb 5s
Cin Leb A Nor 1st con
68
105i332 io51332 105'5,6
105'®32 1059,6
105'532
1962
1962 M S
Cin G A E 1st M 4s A
68
47%
49%
104
107%
39%
1963
cons 5s
47%
8
103%
3
*106%
9%
48%
1952
1st A ref 5>4s series C
Chllds Co deb 5s
4
11
7
105
1951 IVI N
6
1944
1st ref 5>4s series A
58%
S
105%
52%
f 5s
103
100%
105%
1969 J
s
36
"78"
1944
1st mtge 4s series D
43
90
1963
Chic A West Indiana con 4s
65%
21
102
101%
65%
1st mortgage 4%s
2
D
4>4s A—1963
Guaranteed g 5s
Guararteed 4a
46%
104%
101
Stamped as to Penna tax
1951 IVI 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
Den Gas A El 1st A ref
240
1960
Dec 1 1960
Chic Un Sta'n 1st gu
1st 5s series B
29
16%
92% 102%
111% 111%
104
4
104%
'105%
J
1936
19%
7%
D
Gold 3>4s
Memphis Dlv 1st
56%
56%
58
28
41
101%
1937
47
i960 MN
Chic T H A So East 1st 5s
35
16%
107
105%
1952
71%
1934 A O
♦Certificates of deposit..
{♦Secured 4>4s series A.__..1952 m"s
♦Certificates of deposit
Ch St L A N O 5s
47
104% 105%
26%
39%
49
28%
29
48%
46%
28%
9
105
57%
52%
Gold 5%s
Del Power A Light 1st 4%s
1st A ret 4%a
102%
12
—1936
1st ref 7 %s series A
1st hen A ref 6s ser B
17%
6%
33%
{♦Refunding gold 4s
4>4s
""32
117%
1942 J
Cuba Nor Ry 1st 5%s
Cuba RR 1st 5s g
47
♦Certificates of deposit
♦Conv g
15
52
108% 113
107% 113%
106% 113%
1950 M N
f 4s
47
7%
N
♦4>4s stamped
♦1st ref g 5s
100%
56%
18 J*
A
1987 M N
1987 MN
6%s._
16
55%
58
1987 M N
Stpd 4s nop-p Fed inc tax 1987 M N
♦Gen 4%s stpd Fed Inc tax..1987 M N
g
23%
47
47
General 4a__
♦Gen 58 stpd Fed inc tax
"*22
100%
*110%
51%
J
{♦Chic A No West gen g 3>4s._ 1987 M
23%
23
♦Gen 4>4s series C__May 1—1989 J
♦Gen 4>4s series E—May 1—1989 J
4%s series F__May 1—1989
{♦Chic Milw St P A Pac 5s A—1975
♦ConvadJ 5s
.—Jan. 1.2000
41
55%
104% 107%
18
112
41
♦Gen
110
51%
107%
*41
1980 J
1989 J
I62""
Dayton PowALt 1st A ref .3%a 1960
Del A Hudson 1st A ref 4s
1943 IVI N
120%
47
s
20
56
102%
109%
102%
104
A
35
41
1969 J
D
Telep 5s Feb 15—.1954 F
125%
1966 M N
4>4s
1943 J
warr
137
28%
24
15
58
108%
D
181
1947 J
♦Chic M A St P gen 4s ser A
♦Gen g 3>4s ser B May 1
1946 J
127%
115%
111%
117%
104%
23
56
56
Crown Willamette Paper 6s .—1951 J
Crown Zellerbach deb 5s w w._ 1940 IVI
1947 J
Chic L S A East 1st
f 5s
Copenhagen
43 %
J
s
Crown Cork A Seal
5s ser B
♦1st A gen 6s series B_May._1966 J
Chic Ird A Sou 50-year 4s
1956 J
20%
106
♦1st A gen 5s series A
g
20
22
Container Corp 1st 6s
15-year deb 5s with
124
85
♦Refunding 4s series C
♦Refunding
22%
*20%
105%
30%
1947 J
{♦Chic Ind A Loulsv ref 6s
*20%
May 1 1965 IVI N
15
J
{♦Chicago Great West 1st 4s._.1959 M
38
IO32I32 IO32I32
23%
93
1982 IVI N
Chicago A Erie 1st gold 5s__
103",6
106%
103H32
1
117
16%
15%
103'
*20%
112%
110%
F
25
14
26
25
1956 J
1960 J
107
112
15
1037,6
107%
1957 J
100
50%
107
♦Debenture 4s
111
{{Chicago A East 111 1st 6s
1934 A O
{♦C A E 111 Ry (new Co) gen 5s. 1951 IVI N
♦Certificates of deposit
107%
1
34%
110
107%
1958 M
1977 F
4s
1st A ref 4 >48 ser B
1st A ref 5s ser A
1951
103i3j2
J
*20%
112% 116%
108% 109%
50%
Chic Burl A Q—111 Dlv 3%s_—1949 J
Illinois Division 4s
1949 J
25
1945 F
1955 A
*110
1949 A
Chic A Alton RR ref g 5s
1
1
♦Debenture 4s
*109%
1989 J
104%
109%
33
*112
5s___.1941 M
g
3
111% "l9
non-conv deb 4s__1954 J
♦Debenture 4a
1955 J
*107
Spring V 1st
112
107%
104%
126%
Potts Creek Branch 1st 4s.__ 1946 J
R A A Dlv 1st con g 4s
1989 J
204
107%
1st mtge 3%s
110i532ll0%
15
104
109%
1949
111%
111%
76
105%
1951 J
124%
1101532
105
1943 A
10
"l25%
104
102%
111%
104%
91
124%
114%
110%
25
*110%
91%
114%
93
71
F
109%
96%
69
1955 F
102%
124
13
104%
69
112
Consumers Gas of Chic gu 5s_.1936 J
Consumers Power 3%s__May 11965 IVI N
99%
"si" "~3
66%
104%
Consolidation Coal
105
"l27~"
104%
'l03%
Jan 15 1901 J
—.1948 A
Debenture 5s
*109
2d consol gold 4s
70%
1
93
J
Warm
"68%
79%
104
55
102%
105
J
A
63
123%
95
A
J
A
{♦Consol Ry
*106%
A
S
60
1938
s
Consol Gas (N Y) deb 6%s
Debenture 4%s
30
101%
J
20
25
21%
60
J
24
110%
107%
o
Stamped guar 4%s.__
.1951 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956 J
2
103%
1939 IVI N
6s
General gold 4%s
Ref A Impt 4%s
28
102%
110
1977
Conn Ry A L 1st A ref 4%s
65
107
—
Comm'I Invest Tr deb 5%s
Conn A Passum Riv 1st 4s
29%
*14
-____
*107
110%
f 5s__ 1943
{♦Colon Oil conv deb 6s
{♦Colo Fuel A Ir Co gen
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
105532
*20
M S
1944 J
10-year conv coll 5s
3
9
110%
I
104
94% 101%
101% 107
108% 111
*109%
Apr 15 1952
"21
104
"63
108
s
Deberture 5s
85 >£
*20
103
"16
110%
106
106%
A
NO.
1
104
—
107
High
93% 100%
96
104%
*105%
Colo A South 4%s ser A
1980 IVI N
Columbia G A E deb 5s___May 1952 IVI N
A O
Debenture 5s
Since
Jan. 1
60
107 %
S
1947 M N
Chesap Corp conv 5s
High
J
CeDt RR & Bkg of Ga coll 5s.—1937 IW N
Central Steel 1st g s f 8s
1941 M N
Certaln-teed Prod 5%s A
Asked
6
*112
{{♦Col Indus 1st A coll 5s gu__1934
Sale
N. Y. STOCK EXCHANGE
Low
10
o
f 4 %s series C
Coal River Ry 1st gu 4s
1st
Week's
No.
98
100%
___1973
1st s f 5s series B guar
Friday
CQ<
*104
Series B 3%s guar
Hew
110%
*110
Cleve A Pgh gen gu
Asked
High
Low
M N
W W Val Dlv 1st g 4s
^€jr York Curb Exchange
Friday's
Sale
Price
15
Clev Cin Chic A St L (Concluded)—
Cin Wabash A M Dlv 1st 4a_1991 J
f ^ew r°rk Stock Change
Range or
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended May
1936
16,
May
New York Bond Record-Continued—Page 3
3306
Volume
New York Bond Record—Continued—Page 4
142
BONDS
Last
N. Y. STOCK EXCHANGE
Week
Ended
May
15
Sale
sa,
Price
J
{{♦Gen Theatres Equip deb 08.1940 A O
♦Certificates of deposit
{♦Ga & Ala Ry 1st cons 6s
1945 J
J
{{♦Ga Caro & Nor 1st ext 0s. .1934 J
J
♦Good Hope Steel A Ir sec 7s. .1945 A O
Goodrich (B F) Co 1st 6 %s___ 1947 J
Range
Range or
Since
Friday's
Bid
A
Jan. 1
Asked
No.
82
83%
49
70
98
26
24
26
40
19
30%
25%
12%
24
26
168
19
30
12
12%
6
12
20%
20
IN BONDS
BROKERS
High
High
82%
32
Low
Gen Steel Cast 5%s with warr.1949 J
3307
Week's
Friday
*20
33
28
....
30
33
108%
J
Low
108%
8
FOR BANKS AND DEALERS
35%
D. H. SlLBERBERG & Co
107% 108%
D
105 H
105
105%
58
104
Goodyear Tire & Rub 1st 5s_._1957 M N
Gotham Silk Hosiery deb 5s w wl946 M S
{{♦Gould Coupler lsts f 0s
1940 F A
Gouv & Oswegatchle 1st 5s
1942 J D
Gr R & I ext 1st gu g 4%s
1941 J
J
Grand Trunk Ry of Can g 0s..1930 M S
Grays Point Term 1st gu 5s...1947 J D
104 %
104
104%
42
103% 100
99 X
99
99%
18
99
100
74%
70
74%
9
56
88
*104
105%
100
100
108
110
Conv deb 0s
1945 J
General
General
88%
83%
89%
40
82%
100%
110
Stamped
101%
100%
81
109%
110%
783
100%
104%
100%
105%
595
105%
*51
*8%
*107%
95
90%
103%
1942 J
110
1952 J
L 6s (Oct 1 *33 coup) *39
♦6s (Oct '30- coupoD on)
1939
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4%s...l999
♦Hoe (R) & Co 1st mtge
1944
{♦Housatonic Ry cons g 5s
1937
46%
A
122
46
121%
54%
*67%
N
D
A
M
..1952 J
1953 M
1955 M
1936 J
1952
1955
15-year secured 6%s g
40-year 4%s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Illinois Steel deb 4 %s
1940 A
♦Ilseder Steel Corp mtge 6s ...1948 F
Ind Bloom A West 1st ext 4s
1940 A
Ind 111 A Iowa 1st g 4s
1950 J
30
106%
37%
Lehigh Val (Pa)
44%
64%
77%
43
64%
89
119% 123
80%
89%
83%
31%
30
39%
107%
104
107%
4 %s
General cons 5s
1944 A
Little Miami gen 4s series A
Loews Inc s f deb 3%s
1946 F
A
Lombard Elec 7s ser A
1952 J
Long Dock Co 3%s ext to
Long Island gen gold 4s
1950 A
D
108
90
102%
64%
84%
103% 105
85%
O
"_9
....
'96%
9%
o
40%
J
'"9§"
s
80%
Int Rys Cent Amer 1st 5s B..1972 M N
1st coll trust 6% g notes
1941 M N
"95""
F
A
J
J
"80~"
J
92%
..1955 F
A
83%
{♦Iowa Central Ry 1st A ref 48.1951 M 8
James Frank A Clear 1st 4a...1959 J
Kan A M 1st gu g 4s
1990 A
'"93%
{♦K C Ft 8 A M Ry ref
""•43%
84
116
31
108
14
29
101%
37
103%
112"
101%
131%
121%
-
97
71%
67%
92%
88
100% 108%
26
33%
99%
21%
103%
106%
103%
89%
101%
ser
D
Atl Knoxv A CIn Dlv 4s
1955 IVI N
♦Lower Austria Hydro El 6%s_1944 F A
McKesson A Robblns deb 5%s.l950 IVI N
{{♦Manati Sugar 1st
39%
110%
107%
108%
92%
35%
9
40%
42%
64
73
14
93
51
80%
81
87
95
a88
3
39%
15
9%
18
36
14
Meridionals Elec 1st 7s A
1957 A
1968 IVI
s
A
♦Miag Mill Mach 1st
s
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
20
80
90
Mid of N J 1st ext 5s
19
88%
96
Mtlw El Ry A Lt 1st 5s B
22
84%
176
11
186
101
31
60%
25
56%
*
—
— —
38
38
-
-
— —
*90
100
""82%
4
96%
105%
40%
57%
53%
37%
111
113%
85
74%
67
89%
107
109%
102% 106%
84%
..1940 A
*73%
1st
cons
83
1st
cons
103
102
105
61%
108%
10
108%
101
102
15
60
60%
------
102
--- — -
*1%
*26
90
J
D
85%
103%
103%
♦
—
36%
38%
♦Ctfs with warr (par $925)..1943
Keith (B F) Corp 1st 6s
1946
27
95
60%
88
35
49%
—
70
79
----
24
— —
-
9
6
1
2%
36%
36%
60
32%
32
34
4
5
29
46%
42%
43%
19
38
52
27
14
13
23%
18%
39
25
91%
18
81%
37
37%
86%
30%
93%
83
83
12
36
89%
189
70
49%
89%
-
—
-
-
"27"
27
32
*93%
102%
94%
102%
92
90%
Mo-K-T RR pr lien 5s ser A—.1902 J
J
75%
72%
75%
117
59%
78%
102
104%
40-year 4s series B
1962 J
J
65
62
65
52
49%
69
110
1948
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4%s.__ 1961
110
107
115
Prior lien 4 %s series D
♦Cum adjust 5s ser A
1978 J
J
68
65%
68
19
55
O
51
45
51
75
A
1965 F
♦Certificates of deposit...
A
29%
28%
29%
66
27%
36
26%
33%
99
89
100
1901
*100
102
98
103%
Plain..'.
1961
*105
106
102
1937
*105%
105%
103%
105% 106%
♦General 4s
1997
*156%
160
155
♦1st A ref 5s series F
104%
*115%
105%
*100
101
100
106%
39%
104% 112
105%
1954
160
103% 108%
112% 115%
121
119
1954
106%
39%
101
66%
106
38%
100%
101
102%
27%
99
41
102%
66
67%
00
67
67
60
80%
80%
68
67%
87
77
77
Coll tr 6s series A
1942
*64
Coll tr 6s series B
1942
*64
'
70
JaD 1967 A
52%
30%
Stamped
98%
88%
101% 105
70%
....
{♦Mo-Ill RR 1st 5s series A—1959 J
Mo Kan A Tex 1st gold 4s
1990 J
*32
D
94
104% 109
98% 106
67%
95
101% 104%
2%
*87
------
102% 103%
1%
------
J
3%
29%
5
91
33
1%
14
23%
1st Chicago Term sf4s
37
3
25
39
36
6
42
37%
2
104
104%
2%
2%
25
35
104%
85%
75
42%
*26
64
40%
110%
100% 102
18%
12%
90
....
37%
J
——————
....
92
108
28%
90
-----
*5%
------
2
....
81
J
stmp (par $645).. 1943
stmp (par $925).. 1943
104%
35%
*
3
—
81
— — — —
""35%
1940 J
1st ref 5%s series B
*
88
1938 J
42
-
31
*83"
J
41
-
79%
95
------
—
11
12%
12%
-
J
43
97% 100
22
103%
..1949 IVI s
J
1978 J
1941 M N
6
36%
104
103%
F
8
73%
36
98
61
103
------
S
83
103%
4s int gu.1938 J
25-year 5 %s
50%
74
100
J
1949 IVI
1962 Q
58 gu as to iDt
68
100
21
O
1939
1st A ref 6s series A
38
41%
41%
71%
83%
100%
1938 J
con g
22
100%
1939
5s
99
100%
D
{♦Mil Spar A N W 1st gu 4s... 1947 M~8
J
{♦Milw A State Line 1st 3%s..1941 J
{♦Minn A St Louis 5s ctfs
1934 M N
2
----
43%
97%
""83%
1971 J
M St P A SS M
23
91
78
*
1961 J
♦1st A refunding gold 4s
♦Ref A ext 50-yr 5s ser A
5
82%
82%
103%
102
40%
112%
58%
J
95
"43%
9
35
1979 J
1st ext 4%s
Con ext 4%s
88
63
-
88
102% 104%
35
Ref A lmpt 4 %s series C
79
42%
-
108%
108% 113
58%
56%
80%
{{♦MilwANorlstext4%s(1880) 1934
10
....
81
111% 112
80
90%
34%
——
-
—
*108%
114
'"28
-
*103%
84
1%
6
J
91%
99%
4
105
37
1951 M S
1952 Ml N
91%
....
103% 110%
104% 107%
101% 102%
35
Jack Lans A Sag 3 %8
1st gold 3%s
73%
94
59
79%
98%
1st mtge 5s
52
104
1977 M S
1956 J D
f 7s
69
86%
107%
103%
{{♦Met West Side El (Chic) 4s. 1938 F
♦Mex Internat 1st 4s asstd
36%
65%
90%
75%
81%
93%
O
45
66
92
A
1950
29
----
____
99
107
103% 106
107% 111%
37
O
Metrop Ed 1st 4%s ser D
Metrop Wat Sew A D 5%s
34
2%
103%
103%
107% 109%
'
97%
102%
115% 141%
35%
47%
14%
9%
33%
46%
1
111%
*
------
•
16
7
88
95
113
15
i
108
-----
111**
107% 109
103%
------
S
94%
99
103
80
f 5s
1943 J D
Marion Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser A.April...1940 Q
J
Mead Corp 1st 6s with warr... 1945 IVI N
92%
77%
89%
81%
*2%
J~D
1953 M
Mfrs Tr Co ctfs of partic In
A I Namm A Son 1st 6s
36
161
2013
s
1
92%
111%
92%
60%
♦Certificates of deposit
♦2d 4s
14
35
O
95
94%
87%
86%
4s. 1990 A
cons g
107%
------
♦Certificates of deposit
Manila RR (South Lines) 4s...1939 IVI N
1st ext 4s
1959 IVI N
J
{♦Man G B A N W 1st 3%s___1941 J
104%
102%
O
108
60%
6
f 7%s..l942 A
Manila Elec RR A Lt
90
62
s
106%
45%
93
122%
84
*87%
48%
100%
131%
118
102%
103%
109%
*113%
16
99%
127%
38%
9%
34%
34%
133%
1
118
102%
104%
107%
104%
102
93%
107%
104%
108%
103%
110%
108%
106%
------
103%
99% 102%
121%
107%
——————
98
131
112
—
111
97%
90%
63
45%
104% 100
104% 105%
101
51
137
5
*104%
--
2
132
111%
112
--
----
101%
92%
93%
...2003 A
*38
(Rudolph) 1st 6s...1943 MN
----
S
11
103
102
A
66
82%
41
*101%
—- —— —
1945 M S
J
1952 J
94%
85%
107%
103
1980 IVI
51
46%
88%
104%
101%
1946 F
93%
107%
-----
104%
Mob A Montg 1st g 4 %s
South Ry Joint Monon 4s
49%
Apr 1950
Laclede Gas Light ref A ext 58.1939
Coll A ref 5%s series C
1953 F
Coll A ref 5%s series D
1960
*105%
—
——
-
2003 AO
O
1st A ref 5s series B
2
101%
-
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
93%
65%
112
J
O
90
97%
60
58%
121% 126
108
59%
*
131
111
97
90%
82
91%
100% 101
87%
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4%s...l980
{♦Kreuger A Toll cl A 5s ctfs.. 1959
"97%
1st A ref 4s
52
84%
Kinney (G R) A Co 7% % notes 19.36
Kresge Foundation coll tr 4s..1945
5
72%
122
40%
1949
8
O
348
*104
♦Certificates of deposit
K C Pow A Lt 1st mtge 4%s..l901
Kan City Sou 1st gold 3s
1950
13
132
123%
2003 A
91%
088
..1939 J
4s...1936
119
123
*108
97
103% 100%
115
119%
131
O
93%
91%
76%
85%
93%
2003 A
8
123%
1941 A
87
72
130%
39%
8
1st A ref 4%s series C
104%
91%
106%
Gold 5s
92%
92%
""99%
64%
70%
106%
98%
85
45%
92
40
94
91
94%
41
75
81%
1
161%
52%
A
...1940 J
09%
34
91%
{♦Manhat Ry (N Y)
93
1941
Unified gold 4s
1st refund 5%s series A
100
17
O
1951 F
6s
68
98
96%
93%
—
87
23
81%
78%
107%
100%
100
73
98%
*25
~
O
J
1944
1944 A
Louis A Jeff Bdge Co gu 5 4s—-1945 IVI s
Louisville A Nashville 5s......1937 IVI N
79%
1956
Guar ref gold 4s
Lorillard (P) Co deb 7s
85%
50%
A
deb 5s
58
"132""
S
68%
100%
—
O
1938 J
60
2
118
'
—
D
78%
95%
J
O
■'
1951 F A
1962 M N
5s
69%
O
For footnotes see page 3309.
106%
82%
J
First and ref 6%a
51%
*79
83%
O
Kings County Elev 1st g 4s
Kings Co Lighting 1st 6s
51%
6
22
82%
81%
33%
""43%
J
Louisiana A Ark 1st 5s ser A...1969 J
Louisville Gas A El (Ky) 5s... 1952 M N
88%
...1956
Purchase money 6s
48
89
*81%
A—July 1952
Kings County El L A P 5s
47
91%
80
1932 M S
Kendall Co 6%s
48
81%
*100%
96%
F
Internat Paper 6s ser A A B..1947
Ref 8 f 6s series A
1955
w w
100
80
81%
♦Certificates of deposit
♦Ctfs
93%
44%
83%
85%
98
Interlake Iron lst5sB
1951 M N
Int Agrlo Corp 5s stamped 1942
M N
M N
I n ter Da t Cement corv deb 4s..l945 ""
J
{♦Int-Grt Nor 1st 0s ser A
1962
w w
42%
J
1940 J
2003 M N
2003 IVI N
4s
84
♦Certificates of deposit
♦Ctfs
13
85%
*99%
*93%
{Interboro Rap Tran 1st 6s...1960 J
♦Certificates of deposit..
♦Karstadt
94%
83
*106%
104%
103%
1947
cons g
A
89%
82%
71
6
99%
95%
101% 102%
94%
100%
67
----
99%
*100
73
3
----
J
1937 M N
1949 M S
77%
98
60%
20-year p
"78""
71
*97%
27%
104%
104%
104% 105%
57
80%
97
101%
72%
64%
98
61
102% 102%
O
N
J
N
N
J
*66
21
98
58
*102%
89%
9
27
102%
104%
1938 J
1954 F
cons
m
7
167
65%
1949 IVI
87%
"102%
104
100% 104
99% 105%
60
Unified gold 4s
89%
104%
25%
104%
High
102
A
105% 112
..1965 J
Ref A lmpt 6s
37
31%
General
103%
24%
103%
102%
104%
Low
-
5
A
83~"
103%
g
31
57
—
— —
A
122%
*34%
Debenture 5s
40
122
—
No.
104
1974 F
f 5s
122%
82%
J
4%s__1952
f
8
43
{♦Ind A Louisville 1st gu 48...1956 ■>
1st Hen A ref 6%s
Int Telep A Teleg deb g
Conv deb 4 %s
s
1st A ref
49%
116
m
Since
Jan. 1
1964 F
5s.I
1st A ref
103
104
Bonds Sold
1954 F
1st A ref s f 5s.
39
122""
—
""25%
Lehigh A New Eng RR 4s A...1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 5s. 1944 F A
101%
40%
Ind Union Ry gen 5s ser A
Gen A ref 5s series B
♦1st g 6s series C
Internat Hydro El deb 6s.
Int Merc Marine s f 6s
J
*106
Western Lines 1st g 4s
1951 F
III Cent and Chic St L A N O—
Joint 1st ref 6s series A
1963 J
1st A ref 4%s series C
1963 J
ser
1954 J
Cons sink fund 4%s ser C
46%
107% 110
High
*102
------
J
4%s A
Liggett A Myers Tobacco 7s
Springfield Dlv 1st g 3%s_._1951 J
♦1st 5s series B
J
f
Secured 6% gold notes.
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 4%s
110
Price
D
1954 J
s
105
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s...l951 J
Gold 3%s
1951 J
1932
1997 J
Lehigh C A Nav
105%
Litchfield Dlv 1st gold 3s...1951 J
Loulsv Dlv A Term g 3%s..l953 J
1961
Lake Sh A Mich So g 3%s
♦Lautaro Nitrate Co Ltd 6s... 1954 J
104
S
♦Adjustment 6s
72
102% 104%
103%
J
J
1951
7% Dotes
94%
77%
Friday's
Bid
&
Asked
J
1941 J
100% 103
38%
48%
o
conv
98%
81%
69
21
1937 J
104
31%
1951
{♦10-year
90
77%
91
Range or
Sale
Low
Lake Erie A West 1st g 5s
2d gold 5s
Range
Last
Inter s Ptre iod
104%
107%
Extended 1st gold 3%s
1st gold 3s sterling
{♦10-year 6s...
"95""
15
102%
J
Inland Steel 3%s series D
9%
Week Ended May
104
102%
O
1951
1965
104% 107%
60
70
7%
14%
106% 107
,
*103%
104
1st gold 3%s
Refunding 6s
110
96% 105
109% 115
99% 101%
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
2003 M N
Leh Val Term Ry 1st gu g 5s.._1941 A O
Lex A East 1st 50-yr 5s gu
1965 A O
O
N
O
♦Adjustment Income 5s.Feb 1957
Illinois Bell Telep 3%s ser B..1970
Illinois Central 1st gold 4s
1951
Collateral trust gold 4s
*74%
*74%
103%
391
75
*30
Hudson Co Gas 1st g 5s
..1949 M N
Hud A Manhat 1st 5s ser A...1957 F A
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 %8
90
*34%
J
J
A
M
H A T C 1st g 5s Int
guar
1937 J
Houston Belt A Term 1st 5s... 1937 J
Houston Oil sink fund 5%s A..1940 M
Hudson Coal 1st s f 5s ser A.-.1962 J
35
101
J
♦Hansa SS
107%
103%
96%
100%
J
Feb
Greenbrier Ry 1st gu 4s
1940 M N
Gulf Mob & Nor 1st 5%s B...1950 A O
1st mtge 5s series C
1950 A
Gulf & 8 I 1st ref & ter 5s.Feb 1952 J
Gulf States Steel deb 5%s
Hackensack Water 1st 4s
114%
108%
48
102%
113
116
112%
105
107%
100
Feb
♦Debentures ctfs B
42
109%
1946 J
99
91
100' hi
112
100%
NEW YORK
Telephone Whitehall 4-2900
95
90
5
50
Members New York Stock Exchange
63 Wall St.
101% 103%
5
93%
101%
1940 J
Units (equal amts of G & H).1940
♦Green Bay & West deb ctfs A
6
95
93
100«32 100«32
112
111%
114%
113%
108%
107%
4%s series A......1901 J
5%a series B
...1952 J
5s series C...
1973 J
4%s series D__
1976 J
4%s series E
1977 J
Gen mtge. 4s ser G
Gen mtge 4s ser H
101%
95
89 X
1st & ref
General
101%
....
108
93%
Gt Cons El Pow (Japan) 7s... 1944 F
1st & gen s f 6%s
1950 J
Great Northern gen 7s ser A.. 1930 J
General
108
105%
{♦Mo Pac 1st A ref 5s
ser
*26%
"IS"" ""66
.1975 IVI
s
12
11
1977 IVI
s
29%
27%
29%
171
26%
26%
3
20%
28%
26%
29
20
♦Certificates of deposit
♦1st A ref 5b series G
1978 M N
♦Certificates of deposit
152
29%
85
28
27
7%
27%
26%
32%
29%
27%
26%
27%
29%
86
27
35%
27
27
27
1
27
33%
9%
♦1st A ref g
♦Certificates of deposit
♦1st A ref 5s series I
A
O
29%
28
1981 FA
27%
20%
2
9%
MN
♦Certificates of deposit
16%
35%
33%
35%
32%
26%
------
♦Codv gold 5%s
1949
5s series H.....1980
10%
27
8
12%
35%
New York Bond Record—Continued—Page 5
3308
May 16, 1936
Week's
Friday
BONDS
RAILROAD
Bought
-
Sold
Last
N. Y. STOCK EXCHANGE
Week Ended May 15
BONDS
Price
Range
Sale
A
Quoted
-
Low
Niagara Share (Mo) deb 5%s..l950
Members New York Stock
,
48 Wall
St., New York
Exchange
123
HAnover 2-1720
A. T. & T.:
NY 1-735
Friday
BONDS
N.
Y
Ended
May
4% July..1938
♦92
{♦Mobile A Ohio gen gold 4s
1938
♦Montgomery DIv 1st g 5s. .1947
♦Ref & impt 4%s
1977
♦Sec 5% notes
1938
*
*15""
11%
104%
108%
104%
104%
107
107%
1962
106% 107%
103
102%
103%
86%
102%
97% 103%
66%
88
Montecatlnl Mln & Agrlc deb 7s '37
Montreal Tram 1st A ret 5a
1941
Gen A ret s f 5s series A
1955
s f
f
5s series B
86
101%
84
100% 104%
83%
87
84
1955
19551A
85%
82%
O
1939
2000 J
Constr M 5s series A
105%
D
__1955 M N
ConstrM4^8seriesB
1955 M N
Mutual Fuel Gas 1st gu g 5s
1947 M N
Mut Un Tel gtd 6s ext at 5%-.1941IVI N
Namm (A I) A Son—See Mfrs Tr—
Nash Chatt A St L 4s ser A
1978
Nash Flo A 8 1st gu g 5s
1937
Nassau Elec gu g 4s stpd
1951
a
101%
4%s series C—.T955[
Gen A ret s f 5s series D
Morris A Co 1st s f 4 Ha
Morris A Essex 1st gu 3%s
Nat Acme 1st
16s
,-1948
90
98
90
945
98%
84
92%
87%
Newark Consol Gas
g
67
104%
...1965
66
102%
246
104
3%
105
92%
104%
73%
102
103%
102% 104%
101% 102%
28
57%
103
106
3%
*3%
5s
4%
3%
2%
3%
4%
4
4%
12
*2%
6%
4%
6%
2%
6%
123%
124%
122
122%
119%
100
102
106
122%
101%
106%
4%
6%
107
77%
121
83%
77%
124%
122%
*81
82%
*58%
95%
63
3
3
105
106
103%
*61%
1948
66
*120
1945
78
*62
124%
101%
106%
96%
120%
79%
58
69
45%
105% 107%
75
88%
...
52
97
74
88%
97
95%
97
89
97
90
90%
80%
92
29%
96%
90%
lno 5s.. 1935
30
36
42
42
1954
35
1956
♦1st 68 series B
♦1st 5s series C
♦1st 4%s series D
♦1st 5%s series A
36
24%
32%
33%
33
30
41
35
32%
43
1966
1954
N A C Bdge gen guar
4%s
N Y Cent RR conv 6s
37%
1945
1944
Consol 4s series A.
1998
Ref A Impt 4%s series A
2013
Ref A Impt 5s series C
2013
N Y Cent A Hud River M 3
Ha. 1997
Debenture 4s
*109
112%
97%
85
91%
90%
100%
105%
83%
1942
Ref A Impt 4 Ha ser A.
2013
Lake Shore coll gold 3
Ha
1998
Mich Cent coll gold
3H8....1998
N Y Chic A St L 1st
g 4s
1937
Refunding 6 Ha series A
Ref 4 Ha series C___
3-year 6s
Oct 1
N Y Connect 1st
gu 4Hb A
1st guar 68 series B
85%
97
96%
95
94%
103%
103%
119
97%
89
100
85%
74%
80%
92%
101
98
100
105%
85%
97%
95
74%
22
9
94%
102
1978
83%
82%
84%
366
1938
90
89
90
108
108%
1963
47
108%
*108%
65
65%
..1938!
65%
107
125
116
115%
*97%
*103%
98
98%
105
67
66
58
107
107%
99
"98%
94% 100%
*106%
*99%
100% 100%
.1*105%
28%
*25
25
{♦N Y Rys Corp Jnc 6s
♦Inc 6s assented
Prior Hen 6s series A
Prior Hen 6s assented
N Y A Rlchm Gas 1st 6s
A
N Y Steam 6s series A
Jan 1965
1965
*.1965
26%
26%
27%
37
38%
37%
37%
37%
27
30
30
41
41
38%
51%
16
"30%
31
38%
1957
N Y A Putnam 1st con
gu 4s... 1993
N Y Queens El Lt A
Pow 3 H8.1965
25
27%
27%
27%
40%
t*N Y Providence A Boston 4s.l942
28%
25
27
"30%
1955
28%
26%
1948
June 1992
39
27%
1940
♦1st A ref 4 Ha ser of
1927... 1967
♦Harlem RAPt Ches 1st 4s. 1954
27
27
1956
_
16
16
26%
40%
30
30%
29%
95
93%
95
89
44% 1
43%
44%
42%
38
38
35%
103
*103%
86%
"87%
82%
106
101
56%
49%
103
93%
109%
110
106%
106%
107
104% 106%
31%
48%
31%
47%
99% 104%
99% 104%
107% 108%
108% 111
106
107%
107
106
105%
42%
4-9
43%
43%
1965
104%
104%
104%
104%
1951
1*107%
108%
1947
1st mortgage 5s...
...1951
1st mortgage 5s...
1956
N Y Susq A West 1st
ref 5s
1937
2d gold 4 Ha
1937
General gold 5s...
...1940
Terminal 1st gold 5s
_._1943!
N YTelep 1st A gen s
f4Ha..-1939'
N Y Trap Rock 1st 6s
108
73%
*63
55
101%
110%
107
75
54
89%
74%
45
83
55
46
72
100
102
101%
111
20
110% 111%
1946
68 stamped
80
80
80
..1946
80
81%
80
96
16%
107%
15
22%
{♦N Y Westch A B 1st ser I4Hs.'46
Nlag Lock A O Pow 1st 5s A... 1955'
For footnotes see page 3309.
15%
107
93
106% 108
%l
107%
106
107
115
121
106%
103%
102%
103%
101%
107%
106%
105%
106
107
120
121%
112% 115
65%
70%
101%
100%
111
110%
80
65
105%
105%
110%
81%
101%
111%
106%
73
104% 112%
74%
86%
93
103%
107
111%
109%
100
107
99% 109
108
104%
104%
104%
106
105%
107%
107%
*105%
1941
102
1957
1948
102
29
29%
1943
108
i04%|
104% 106
105
104% 107
106%|
108%
I
102"
29% I
104% 107%
107% 109
"99%
102%
26%
39%
*109%
112%
112%
112% 113%
112
112
111
100%
103%
101% 101%
*102%
112
*112%
112%
112%
102
113%
103%
111% 114%
111% 115
112%
120%
119
122%
105
108%
1946
112
112
109
Ore Short Line 1st cons
g 5s
Guar stpd cons 5s
1946
120%
121%
107%
120%
122%
107%
101%
102%
118
1946
Ore-Wash RR A Nav 4s
...1961
Oslo Gas A El Wks extl 5s
1963
Otis Steel 1st mtge 6s ser
122%
107%
*100
102% |
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El gen A ref 5s A. 1942 J
1st A ref 4s series G
1964 J
Pac RR of Mo 1st ext
g 4s
1938 F
♦2d extended gold 5s
1938 J
Pacific Tel A Tel 1st 5s
1937 J
Paducab A III 1st s f g
102%
62%,
62%
3
8
f g 3s loan ctfs
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
{♦Park-Lexington 6%s
ctfs
1955 J
91
1968 IVI
1953 J
Pa Ohio A Det 1st A ref 4
%s A. 1977 A
4%s series B._
1981 J
Pennsylvania P A L 1st 4%s..l981 A
118%|
~
D
1968 J
~
g 4%s
1970 A
General 4%s series
D...*... 1981 A O
Gen mtge 4%s ser E
1984 J
J
Peop Gas L A C 1st cons 6s... 1943 A
O)
Refunding gold 6s
1947 M
Peoria A Eastern 1st cons
4s.. 1940 A
♦Income 4s
April 1990 Apr)
Peoria A Pekln Un 1st 5
..
104%
.....
.....
*102%
*105%
103%
92%
105
106%
112
113%
113
112
119%
104%
108%
118%
103%
11
S
97%
96%
112%
112%
73
101
102%
104% 106
104
104"
104%
94%
105%
102%
101%
90%
103%
108%
106%
104%
106%
106
107%
110%
111%
111%
118%
112%
109
114
ell2
113%
121%
113%
119%
104%
111%!
87%
11
1*109%
102
93%
122%
103%
95%
97%
99
107%
108%
114
113%
121%
115% 120%
99% 104%
76
92
9
17
108% 111%
98% 104
89
95%
89
98
112%
122%
111
113
120
124
110
*113
113
115%
115%
103% 106
112%
112%
106
A
I ref 5S..1973 J
105
106
106%
104%
106%
107% |
105
103%
43%
105
103% 108%
43% 55
23
32%
25% 34
106% 109
44%
24%
1949 IVI
J
30%
O
A
IVI N
A O
A O
M N
Series D 4s guar
1949 F
107
....
23
30%
106%
*71%
46% I
25%
32
107
85
70
109
70
*111%
111% 112%
*112
...
111
114
111
113%
110%
1*112
1945 M N
Series E 3%s guar gold
Series F 4s guar gold
Series G 4s guar
*110
112
110
*
1953 J
1957 M N
Series H cons guar 4s
Series I cons 4%s
1960 F
Series J cons guar
4%s
General M 5s series A
1964 IVI Nl
1970 J
Gen mtge 5s
1975 A
*
1963 F
Gen 4%s series C__
1977
Pitts Va A Char 1st 4s
guar... 1943
♦Pitts AW Va 1st 4
%s ser A.. 1958
1st M 4%s series B
1958
1st gen 5s series C
1st 4%s series D
60
112%
1967 J
1st M 4 %8 series C
Pitts Y A Ash 1st 4s ser A
1st gen 58 series B
119% 122
105% 111%
1943 M N
1971 F
ser B
72
65%
105% 111%
116% 118
106% 111%
1980 IVI
4%s...l967 M N
Conv deb 6s
42
109
103%
Phllllpplne Ry 1st s f 4s
1937
PUlsbury Flour MUls20-yr 6s.. 1943
Pirelli Co (Italy) conv 7s
1962
Pitts C C A St L
4%s A
1940
Series B 4%s guar
1942
Series C 4%s guar
1942
97%
151%
108% |
1956 J
1st A ref 4s
59%
61
118
87%
A
61%
108
111
1977 J
105
108%
117%
J
J
1974 F
101
*103%
:
1981 J
46%
91%
118%
32%
73
*113%
121%
120%
108%
48
61
123
A
%8._.1974 F
A 5s... 1956 J
General g 4%s series C
General 4%s series D
49
*101
106%
1943 M N rll4
1965 J
latg 4 %s series C
Phlla Bait A Wash 1st
g 4s
General 5s series B
"49%
*106
.....
93
102% 104%
105
*108%
Debenture
ser
102%
73
May 1.1948 M N
Consol sinking fund
4%s
1960 F A
Reading C A
59%
89%
112%
32%
62
4s sterl stpd dollar
Pere Marquette 1st
1st 4s series B
100%
100%
106% 108%
99% 101%
1*120
..1948 IVI N
General 4 %s series A
General 5s series B
73
108%
100
61
1955 F
28-year 4s
1963 F A
Penn-Dlxle Cement 1st 6s A...1941 M S
4s
104
102% 104%
102%
*105%
49%
48
48%
46%
Penn Co gu 3%s coll tr A
1937 M
Guar 3%s coll trust ser B...1941 F
Guar 3%s trust ctfs C
1942 J
Guar 3%s trust ctfs D
1944 J
Guar 4s ser E trust ctfs
1952 IVI N
cons g
103%
55
100
...
Parmelee Trans deb 6s
1944 A
Pat A Passaic G A E cons
5s. .1949 IVI
♦Paullsta Ry 1st ref s f 7s
1942 IVI
Pennsylvania RR
101
101
103
102%
...
♦1st M
62% |
102%
107%
102%
108%
4%s.__1955 J
#{*Pan-Am Pet Co(Cal)conv 6s *40 J
♦Certificates of deposit
Paramount Broadway Corp—
Phlla A
104
100% 102%
104% 105%
105% 105%
3 Ha. .1954
1955
♦Collateral trust 6s
♦Debenture 4s
75
109%
63%
4s
com g
Phlla Co sec 5s series A
Phlla Elec Co 1st A
ref
103
105
3H8..1947
1956
77%
110
Ontario Power N F 1st 5s
1943
Ontario Transmission 1st 5s...1945
102
116
*25
4s
90
22%
21%
51
*65%
Ohio Indiana A West 5s—Apr 11938
Ohio Public Service 7%s A
1946
1st A ref 7s series B
19471
Ohio River RR 1st g 5s
1936
General gold 5s
1937
Oregon RR A Nav
155
13%
12%
105% I
105%
110%
81%
1941
Norweg Hydro-El Nit 6%a
Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
120
*66
cpns..
Ref mtge 4%s ser B
1961
Ref mtge 5s
1964
Northwestern Teleg 4%s ext.. 1944
122% 125%
113% 116%
92% 100%
125
1947
♦Conv debenture 3 Ha
♦Conv debenture 6s
95%
101%
106%
86%
96%
101% 104%
82
97%
70%
87%
88
94%
105% 109
106% 108%
65
*100%
Term) 4sl939|
4s
90
90
103%
6Ha A...1941
N Y O A W ref
g 48
General 48
109
93
N Y A Erie—See Erie
RR.
N Y Gas El Lt H A Pow
g 5s—. 1948
Purchase money gold 4s
1949
N Y Greenwood L
gu g 5s
1946
N Y A Harlem
gold 3Hs
2000
N Y Lack A West 4s ser
A
1973
4Ha series B
..1973
N Y L E A W Coal A
RR 5Ha.l942
N Y L E A W Dock
A Impt 6s. 1943
NY A Long Branch
gen 4s
1941
{♦N Y A N Eng (Bost
4s
112%
94
1953
Nor ,States Pow 5s ser A
1st A ref 6s ser B
|
13
120
104%
106%
guar g 5s... 19451
Apr'33-Oct'33-Apr'34
50
127 %
15
*120%
*113%
*65%
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons
North Pacific prior Hen 4s
1997
Gen Hen ry A Id g 3s Jan
2047
Ref A Impt 4 %s series A
2047
Reg A Impt 6s series B„
2047
Ref A Impt 5s series C
2047
Ref A Impt 6s series D
2047
Nor Ry of Calif guar g 5s
1938
Consol gold 4s
1974!
.1951
{♦N Y N H A H n-c deb
♦Non-conv debenture
♦Non-conv debenture
♦Non-conv debenture
♦Non-conv debenture
110%
96%
83%
104%
106%
A...1941'
3%
5%
3%
*2%
1954
New Orl Pub Serv lBt 5s
A9...1952
First A ref 5s series B
1955
New Orleans Term 1st
gu 4s... 1953
N Y Dock 1st gold 48
Serial 6% notes
N Y Edison 1st A ref
1022932 103*32
*3
1945
New England Tel A Tel 5s A—.1952
1st g 4 %s series B
1961 IVI N
N J Junction RR guar 1st 4s_.. 1986 F
*
N J Pow A Light 1st
4Ha
I960' *
New Orl Great Nor 5s A
1983
NO A NE 1st refAlmpt 4%s A. 1952
n-c
26
1957)
♦New England RR guar 5s
♦Consol guar 4s.
t#*N O Tex A Mex
86
103
68%
*103%
1022932
102%
1945
4s
cons
109% 114%
108% 110%
*88%
*104%
67
♦4s Apr 1914 coupon off
1951
Assent cash war ret No 4 on.
{♦Naugatuck RR 1st
87%
*115
*110
♦Assent cash war ret No 4 on
♦4s Apr coupon on
1977
♦Assent cash war ret No 5 on
Nat RR Mex pr lien 4 %s
1926
♦Assent cash war ret No 4 on
Nat Steel 1st coll s 14s
1053
92%
98
1951
w
Nat Distillers Prod deb 4%s
Nat Ry of Mex pr Hen 4%s
♦Jan 1914 coupon on
04"
105
88
83
92%
...1942
Nat Dairy Prod deb 5%s
Debentures 3Ms w
25"
Hioh
96% 102%
88%
96%
48%
67%
105%
105%
105%
1957
{♦North Ohio 1st
♦Ex
11%
12%
107%
A
I Low
Hioh
102%
93%
119%
107%
105%
119%
1941
93%
14%
91
104%
1996
1961
High
98%
97%
20%
10%
11%
ser
Since
Jan. 1
Asked\
80
12%
Aug 15 1963
Nov 15 1969
North Cent gen A ref 5s A
1974
Gen A ref 4%s series A...1.1974
104%
107%
108%
14%
Deb 6 %s series B
Deb 5s series C
9
14%
9%
15%
96
85%
105% 109
103% 105%
103% 104%
1937
Montana Power 1st 5s A
Deb 5s series A
s
No Am Edison deb 5s
Since
1943
1st guar gold 5s...
Gen A ret
Range
Jan. 1
Hioh
91
12 H
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A.'60
Mont Cent 1st gu 6s
1937
Gen A ref
or
Bid
Low
♦Mo Pac 3d 7s ext at
49%
120
♦Certificates of deposit
N A W Ry 1st cons g 4s.
Pocah C A C joint 4s
North Amer Co deb 5s..
Friday's
A
Asked\
Price
50
I {♦Norfolk A South lstg 5a...l941
Range
Sale
15
127%
101%
93%
f {♦Norfolk South 1st A ref 6s.. 1961
Week's
Last
STOCK EXCHANGE
Week
S._Broad St., Phila.
Kingsley 1030
102 %
♦Norddeutsche Lloyd 20-yr s f 6s *47
New 4-6%
1947
Nord Ry ext sink sunf 6%s
1950
LOBDELL & CO.
Range
or
Friday's
Bid
~
J
M N
J
~
A
1960 A
1948 J
120%
120%
109%
*118%
*118%
119%
119%
109
115% 121
116
120%
107
110
*109
86%
*86%
84%
3"
5
4
92%
91%
91%
.
1962 F
1974 J
1977 J
Port Arthur Can A Dk 6s A.-.1953 F
1st mtge 6s series B
1953 F
Port Gen Elec 1st 4%s ser C..1960 M
1st 5s 1935 extended to 1950..
J
96
97
77%
79%
69%
105
99
98%
80%
104% 108
Porto Rlcan Am Tob conv 6s.. 1942 J
75%
64%
{♦Postal Teleg A Cable coll 6s. 1953
5 {♦Pressed Steel Car conv g 6s. 1933
{♦Providence Sec guar deb 4s..1957
{♦Providence Term 1st 4s
1956
Pub Serv El A G 1st A ref 4s__1971
29%
89%
28
82
41%
80
94
Pure Oil Co
s f 4%s w w
4%s without warrants
Purity Bakeries s f deb 5s
J
J
IVI N
IVI
~
*9%
12%
21%
*94
79
103
103
1950 J
116%
1950 J
103%
110% 131%
102% 104
1948 J
91%
A
92%
109%
91% 103
Volume
New York Bond
142
bonds
Last
N. Y. STOCK EXCHANGE
Week End_d May 15
Range
Friday's
Since
Bid
Price
d
atk(65% pd)...
(♦Debenture gold 6b
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4%s series A
1997
Gen A ref 4%s series B
Rem Rand deb 5Ms with
6 Ms without warrants
Deb
68
100
99
j
108
107
100 M
108
j
108
107%
108
65
warr.1947 m n
1947 mn
1956 M
8
♦Cons mtge 6s of 1928
j
*104
j
j
96
him
109%
lllm
284
97 m
97 m
107 m
97 m
98
108%
68
103 %
104
32
1953 f
♦Cons M 6s of 1930 with
m n
Rlchm Term Ry 1st
gu 5s
♦Rlma Steel 1st 8 f 7s
♦Rio Grande June 1st
gu 6s
1952 j
27
15
23%
25
4
& coll trust 4s A
Roch G & E 4mb series D
40%
j
25%
2
40%
17
41%
104
104
3
95
78
78
80
42
41
1977 m s
1962 M
6s
46
49%
({♦R I Ark & Louis 1st 4Ms..-1934
Royal Dutch 4s with warrants. 1945
41
41%
16
*112M
108k
108 %
18
108%
18
16%
20
1st 68 dollar series..
105% 108
35! t°rhl? £®nt ref 4 lmP 3%s 1960
Tol Rt L A W 1st 4s
Tol W V A Ohio 48
113%
1950 A
I!0..
i07%
Toronto Ham A Buff 1st g 4s.. 1946
Trenton G A El 1st g 5s
..1949
I rl-Cont
Corp 5s conv deb A.. 1953
Truax-Traer Coal conv 6%s... 1943
126
96% 100%
106
109%
102% 105
34
29%
23
28%
27
33%
33%
28
25%
ifVJ6? 4 ref 5s
Gold 48
90
H°Red Biscuit
43
JSSfS 88£° 16-year 6s
1937
U*D«iteeJ Works Corp 6%s A..1951
2
*80
42%
27%
107% 109%
103
105%
88
85
80
.°®°» 8 ' 6 %s series C
1990
J
{♦8tPauI
19%
36
15%
26
73
14%
16
17%
17%
17
18%
32
15
17%
16%
17%
82
15%
39
87
88%
13
14%
13%
76%
91
va,
53%
20
J.
35
33%
35
29
J
*107
D
*105
105
105
J
*17
20
*102
A
J
17%
D
J
J
105
104%
*103%
106%
119
1943
98 %
1952
109 %
98%
109%
119%
99
74
109%
*55
3
113
58%
50
66
*13
*12%
12%
12%
*3%
5%
I
13 m
12 m
♦Certlfs of deposit
stamped
...
5s
Oct 1949
(♦Refunding 4s
1959
♦Certificates of deposit
16
12%
3%
11%
8
12%
5
5
5
7%
8%
94
6%
7
50
*15%
17
3%
*3%
2105%
5
105%
"14
95%
96%
361
1933 m
{♦Seaboard All Fla 6s A ctfs
♦Scries B certificates
1935 A
1935 f
Sharon Steel
deb 4 Ms
8hell Union Oil deb 3
Ms
1951 M N
1951 m
Shlnyetsu El Pow 1st 6 Ms
♦(Siemens A Halske s f 7s
♦Debenture s f 6 Ms
1952 J
1935 J
o
sj
96 m
D
1950
llO'Sje
Sou A Nor Ala cons gu
g 5s
1936
79 M
98%
104%
1951
Gen cons guar 60-year 5s
1963
South Bell Tel A Tel 1st s f
5s.. 1941
Southern Colo Power 6s A
1947|
So Pac coll 48 (Cent Pao
coll).. 1949
1st 4 Ms (Oregon Lines) A
1968 M
1
50%
6
HO'%2
lll'u
21
27
*77~
97%
104%
10.0%
79%
"19
98%
42
21
105
100%
60
80%
97%
93%
98%
64
98
203
89%
92
126
91%
347
91
274
91%
90%
112%
89
88%
111%
*105%
105%
147
J
105%
j
'103%
105
103%
143
ser
J
ser
D
32%
34%
"l07%
105%
107%
J
S
1953 J
J
J
95%
20
85
98%
..1951
J
85
85
78
89%
Tenn Cent 1st 6s A or B
..1947
Tenn Coal Iron A RR gen 5s.. 1951
Tenn Cop A Chem deb 6s B
1944
A
1947
Term Assn of St L 1st g 4 Ms. -1939
1st cons gold 6s............1944
Tex A N O con gold 5s....
Texas A Pao 1st gold 5s
22%
"22%
94%
98%
105%
"29
100%
193
lbl"
94%
*122%
103%
97%
96%
97%
111%
111%
'l05% "105%
96
118"
118
107%
104
118
31
108
102
102%
102%
102%
147
124%
"38
*
70
*102%
123
r
105
94
102
110% 111%
116
118%
105% 111%
87% 102%
102% 105
99% 103%
117% 124%
1977
104
103%
104
58
98
1979
104%
104%
103
105
68
97
105
103
104%
96
97
104%
108%
108%
2
11
81
92
104
105
*105
....
111%
J
53
J
107% 112
122
90
21
107%
100%
101%
J
110%
110%
110%
J
19%
18%
21%
21%
10
J
67
106% 107%
99% 102
107
110%
15% 25%
15%
25%
9
15%
9
14%
11
11
*10
J
O
31
31%
45
107%
101%
101%
20%
20%
21%
53%
J
99% 101%
1059,6
1059,6 1052'32
106,3i6 1061332 1062932
104% 106%
104
107
104
-105% 109%
Cash Sales transacted during the current week and not Included In the
yearly
Penn. RR. 4s 1943, May 15 at 114.
107%
Gen A ref 5s series B
Tex Pac-Mo Pac Ter 5Ms A...1964
«
74% 100%
121%
103
82
100%
'124%
105
Gen A ref 6s series C
Gen A ref 5s series D__
1980
96
86
7
range.
120
"161%
1943
..2000
33%
85
11
1970 A
B
108
23%
38
84%
J
IVI N
J
104
92
*96
97%
-
Gen refund s f g 4s
1953
Texarkana A Ft 8 gu 5 Ms A—1950
Texas Corp conv deb 5s..—..1944
(♦Sup A Dul dlv A term 1st 4s '36
(♦Certificates of deposit
♦Wor A Conn East 1st 4 %s
1943
Youngstown Sheet A Tube 5s.. 1978
19%
28%
81% 117
100% 100%
103
24%
16
95%
143
107
103% 106%
100%
j
ser
108
101% 103%
89%
♦Certificates of deposit
1st mtge s f 5s
103
7
21
20%
20%
1996
44
42%
35
100%
1949 J
110
33
32%
23%
♦Ctfs for col A ref conv 7s A. 1935 MN
Wllk A East 1st gu g 58
1942 J D
Will A S F 1st gold 5s
1938 J D
4s
106
114
106
20%
{♦Wis Cer 150-yr 1st
102% 104%
107%
101%
100%
68
109
107
1940 MN
85
110
96% 101%
7
111%
101%
53
108
106
105
100
68%
71%
119
105*J2
100%
108%
109%
112
124%
122%
106%
7
101%
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
83
94%
105%
109%
110%
121%
6
45
106
A
F
47
({♦Stevens Hotels 6s series A.. 1945
♦Studebaker Corp conv deb 6s. 1945
Sunbury A Lewlston 1st 4s
1936
Swift A Co 1st M 3%s
1950
107
1949 M S
51
1943
105%
106%
"92"
1966 M S
59%
Staten Island Ry 1st 4 Ms
"l05%
J
2361 J
..
101%
A
D
78%
104%
J
1950 IVI N
A—Il966
White Sew Mach deb 6s
104% 107%
34
14%
104% 104%
102%
109%
32%
75
104%
102%
108%
35
*2361
RR 1st consol 4s
97% 102%
76%
57%
10
33
I960 IVI
gen
104
33%
J
1951 J
Wheeling Steel 4%s series
88
100%
107%
99%
"l09%
5s..1.1938
4 %s
12
107
s
77
1946
107%
O
57 M
19
'160%
1936 F
Wheeling A L E Ry 4s
116%
1946 IVI
74%
37
O
.1946
est g
108%
*108%
110%
30
77
100%
1937 J
1943 A
A
78
"64
83
83
100%
*108%
J
1952 A
75
107%
25%
66%
J
1977
O
1955
46%
68
41%
1
o
S'west Bell Tel 3 Ms ser B
{♦Spokane Internat 1st g 5s
Staley (A E) Mfg 1st M 4g
41%
18
108%
D
J
o
*102%
64
63%
107%
106%
20
25%
30
63
108%'
Il961
1956
1938 m si
d
1964 J
30
65
62
1
1956
1938 m si
32
63%
5
Registered
92% 104
122
31
65
S
2
1956
6s....
Devel A gen 6 Ms
Mem Dlv 1st g 5s
St Louis Dlv 1st g 48
East Tenn reor lien g 5s
Mobile A Ohio coll tr 4s
.102%
92%
98%
105*32
Wilson A Co 1st M 4s series A. .1955 J
Winston-Salem S B 1st 4s
1960 J
1994
86
105%2
1956 J
♦Westphalia Un El Power 6s.
West Shore 1st 4s guar
1955
Southern Ry 1st cons g 5s
Devel A gen 4s series A..
71
105*32
5s series G
15-year 6%a
25-year gold 5s
30-year 5s
99% 106%
j
84
6
122
Funding A real
103% 108%
83
123
Western Union coll trust
98%
93
77
91%
76%
91%
106% 117%
106% 106%
61
93%
123
1939 J
♦5s assented
76%
112%
106%
83
122
{♦Western Pao 1st 5s
90
31
26
70
122"
f 5s
Western Maryland 1st 4s
98%
106%
25%
26%
43
110%
s
West NY A Pa 1st g 5s
Gen gold 4s
87%
92
"55
73%
J
sec
38
31
36%
32%
35%
32%
36%
31%
S
FA
^lst A ref 5 %s series A
93%
93
S
4
%a."r2666
1st mtge 4s ser H
102%
116%
108%
106%
105%
26%
166%
1st
7%
96%
88%
95
51%
I10'*32 112%
24% 31%
105%
91%
15
Westchester Ltg 5s stpd gtd...I960 J
D
West Penn Power 1st 5s ser E__ 1963 IVI S
94%
81%
59%
42%
75
1
Wash Water Power
9%
13%
11%
24%
96%
103%
100%
114%
106%
102%
16
107
92
"92%
77
96
26%
62%
Warren RR 1st ref gu g 3
6%
105% 105%
108
1937 m n
So Pac RR 1st ref guar 4s
1st 4s stamped
95
S
82%
27
27
82%
O
92%
27
25%
27%
73
105
25
27
105%
73%
20%
26%
Washington Cent 1st gold 4s... 1948 Q IVI
Wash Term 1st gu
3%s
1945 F A
1st 40-year guar 4s
1945 F A
8%
3%
107%
1969 m n
...1981 m n
1950 a O
1937 J
1955 i
83
*116%
1977
Gold 4 Ms
1
50%
►
1941
Socony-Vacuum Oil 3 Ms
5
95
50 M
1946
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s
"31
83
J,
1951 m s
1949 f a
Sierra A San Fran Power 5s
♦Silesia Elec Corp s f 6
Ms
4%
7%
6%
16%
3%
106%
28
28
27
27%
O
1939 M
69
89
26%
26%
25%
O
1956 A
60
85%
95%
106% 108
107% 107%
6%
3%
60
28%
*22
♦Deposit receipts
10%
..
,
conv
5
96
27
"27%
O
{♦Warner-Quinland Co deb 6s.. 1939 M
♦Warner Bros Co deb 6s
1941 M
21
3%
15
6
6s debentures
33
72
66%
95%
27%
of deposit
Warner Bros Pict deb 6s
21
66%
95%
*22
(Hiram) GA Wdeb 4%s 1945
Walworth Co 1st M 4s
1955 A
19%
9
7
1945 m s
♦Certificates of deposit
{♦Atl A Blrm 1st g 4s
San Fran Term 1st 4s
So Pac of Cal 1st con gu g 5s
So Pac Coast 1st gu g 4s
16%
"13%
Certificates
"80
*75
of deposit
1980 A
26
95%
99%
97% 101%
64
72%
98% 104%
84%
96%
67%
67%
100% 100%
81
*79
26%
FA
Walker
114% 120
19
20%
8%
I
♦1st A* cons 6s series A
Gold 4 Ms
Gold 4 Ms
51
120
1976
Ref 4 gen 5s series D
66
51
1950
Certificates
66
119%
gen 6s series B
33%
42%
81
*101%
J
Certificates of deposit...
Rcf 4 Ken 4
%s series C
1978 A
62%
50
A
33
29%
104
102%
87%
86%
J
J
8
*
118
101% 104%
106% 109%
98
103%
111
112%
25
35%
103% 107%
100% 102%
29
33%
106% 108%
61%
70
88
101%
87%
A
1939
122
111% 123
111% 114%
107% 111%
102'5,6 108%
"li"
16%
108%
104%
87
102%
8
99%
110%
108% 112
47
88
:.1941
13
65
104%
O
89
55%
14%
107%
"104%
A
108
62
J
1939 F
34
*
O
1941 IVI
122%
60
108%
119
*2%
8
{ Wabash Ry ref A gen 6Ms A. 1975 IVI
Certificates of deposit
106%
*55%
15%
I""~1954
50
87
*3
D
IVI
72%
68%
*108%
J
1941
104
68
J
1939 IVI N
4s
4
109
101
72
J
87%
98%
105% 107%
104% 106%
17%
21
28
99
85%
*108%
99%
91
28%
16
26
100%
"68"
1958 A
g
104%
38
26
1955 M Is
£et 4 Chic Ext 1st 5s
r?®8 ^Iol?e8 Dlv 1st g 4s
?K?a A Chic Dlv
Toledo ?^l8t K 3^8
107 %
29%
36%
101
2003
♦2d gold 5s
1st lien g term 4s
27
17
104%
103%
104%
117%
28
29%
1942 J
t WabashRR 1st gold 5s
70
29%
28
28
J
gu gs
107
101
29%
..1957 M N
1st g 5s... 1949
13
105%
*100
130
84%
.82%
89%
109
"60
-34
105%
105%
85%
4%s__.1934
1st cons 58
..
*50
1946
♦Certificates of deposit
(♦Gold 48 stamped
ser
6
73
103%
*112
Scioto V A N E 1st gu 4s
1989 m n
({♦Seaboard Air Line 1st g 4s_.1950; a o
Tenn Elec Pow 1st 6s
17%
105
1946
Stamped
s f 6 Ms series B
Stamped
Devel A gen
20
1942
Guar
♦Adjustment
1
L°ns s f 4s series B
(Vera Cruz A P 1st gu
S a: SouthwestCoke
If00 Coal A
1st
81
1972 j
Santa Fe Pres A Phen 1st
5s
Schulco Co guar 6 Ms
.
50
70%
59
39%
41%
28%
100% 102%
101% 102%
J
107%
100%
5^11941
(July coupon off
8ugar 78 ctfi}
Virginia El A Pow 4s ser A
15
23%
27%
24%
22%
20%
"87"
101%
1955
17%
60
1940
1st 6s
conv
49
107%
99%
IVI N
1959
Vadium Corp of Am
59
103
*31
1944
Van da 11a cons
g 4s series A
78
*112
1947
22
18%
53
1937 j
j
8 A"A Ar Pass 1st
gu g 4s
San Antonio Pub Serv
86
80
114%
108%
107%
100%
1944
tIPower 4 Light 5%s
16%
60
f
l8t 4 re 15s
Debenture 5a
78
75
108%
102i516
"99"
81
51%
"6
113%
112%
102%
1951
20%
19%
1943 J
t Pacific ext gu 4s
(large)
St Paul Un Dep 5s
guar..
10
53%
Ms—1947
AKCShLgu4%s._1941
85
67%
38%
♦
1937 j
Guaranteed 5s
1937 j
8t Paul A Duluth 1st con
j
g 4s.. 1968
{♦8t Paul E Gr Trk 1st 4
|J
St Paul Minn A Man 5s
Mont ext 1st gold 4s
39
85
Novl989 ♦
unifying 5s_.1952
♦Gen A ref g 5s ser A
8t Paul City Cable cons 5s
76%
18%
120%
114%
113%
"36%
ttss Power &
Utah b & Trac
71
♦Certificates of deposit
♦Con M 4M8 series A
..1978 M
♦Ctfs of deposit
stamped
„
{♦St L 8 W 1st 4s bond ctfs
1989 M 14
♦2s g 4s lnc bond ctfs
♦1st terminal A
60
75%
3
"l02%
ser A... 1947
Light 1st 5s
39
25
*109%
rrtah3?* l6J?ower 4 L*ht 6a.. 1953
87
•
-
~22
1950
♦Certificates of deposit
♦Prior lien 5s series B
food deb 6%s
f^TTn.
7
95%
107%
106%
119%
108%
102,5i6
♦r£?'versa! Pipe a Rad deb 6s. 1936
92
85
\
;
1950 J
{♦St L-San Fran pr Hen 4s A
J
4 ref 6s ser A.. 1947
35
6
85
120%
114%
114%
1944
159
77%
86%
99% 105%
96% 101
90%
89%
95
1953
27
Hioh
57%
71%
22% 43
100% 103%
91%
96
115
98%
94%
*75-
Rys St L 1st g4s.... 1934
114
*78
\
\
1955
(Del> 6a
£ Can gen 48
1
31m
97%
*17%
J
Low
101% 105%
120% 122
120"
♦
deb" 6s"11950
S"!??'
n
5
,
115
97%
IVI N
June 2008
of Am
31
107
%s
54
37%
112% 112%
107% 109
13
21%
2
106%
y®ar 48 conv deb
..1947
1 °*D,.
C RR l8t 4 ld gr 48... 1947
"i',e?4 ref 4s
June 2008
4
47%
104
107%
52%
41%
90
94%
__
Rocky Mt A P 5s stpd
M N
,
"I
103%
76 M
*120
120
£?. E,ev Ry <Ch'c) 6s... 1946
to11011 of Cal,f 68 series A... 1942
37
78
J
ttJ.
49
10
105"
*104
S
J
96
91
105%
98%
97
Sn^TEief>Lt 4 Pr (M<» 5S...1957
t?«TT^ £(III)
5%s A...1954
33%
38
D
J
M
81
*109
Tyrol Hydro-EIec Pow 7%s._1955 IVI N
♦Guar
f*5 8 1 7s
1952 F A
Uljigawa Elec Power s f 7s.
1945 IVI S
34
23%
104
S
No.
79
78%
"98%
O
1942 M
C
ser
28
31m
103 %
92%
D
107
Since
Jan. 1
68%
34%
102%
92%
102%
79
Range
Askea
Hiah
33
"92%
D
153
*108 m
103 %
1941
J
1996 iJ
2d gold 6s
1996 a o
St LoUls Iron Mt & Southern—
♦IRlv & G Dlv 1st g 4s
1933 M N
St L
8
...1953
104
A
67
34
J
1955 M
32%
1947
1937 m n
♦Certificates of deposit
{♦St L Peor A N W 1st gu 6s._.1948
1937 J
28
28
1949
Rutland RR 1st con 4 Ms
St Joe A Grand Island 1st
4s
St Jos Ry Lt Ht A Pr 1st
6s
St Lawr & Adr 1st g 5s
RR 1st g 5s
153
1948
4s
gu g
Ave
Toho Elec Power 1st 7s A
Tokyo Elec Light Co Ltd—
rr
*9l"
1949
Gen mtge 5s series E
3
25%
39 %
39
1955
con
9
32
*23%
40%
1939,
{♦Rio Grande West 1st gold 4s. 1939
s f
23m
27
a
'55 a o
1944 iv1 n
29%
23
23
warr
| J*Richfield Oil of Calif 6s
♦Certificates of deposit
42
29%
"23%
63
J
O
104% 113%
...
104"
m n
Third
82%
96% 100%
109%
Bid
Low
106% 108%
104
108
Price
Third Ave Ry 1st ref 4s
..I960 J
Adj lnc 5s tax-ex N Y_.Jan 1960 A
158
62
8
Sale
High
29
108 %
j
m n
5
68
%
109 %
4Ms. 1956
♦Rhelnelbe Union s f 7s
1946
♦Rhine-Ruhr Water series 6s—1953
♦Rhelne-Westphalla El Pr 7S..1950
♦Direct mtge 6s
1952
Rut-Canadan 1st
Low
158
O
1997
4mb with warrants.
♦Ruhr Chemical
No.
100 M
D
Rensselaer A Saratoga 6s gu
1941 m n
Republic Steel Corp 4 Ms ser A-1950 m s
Gen mtge 4mb series B
1961 f A
Purcb money 1st M conv 5
Ms '54 !m n
Revere Cop & Br 1st mtge
j
j
♦1st
High
Range or
Friday's
1
Week's
Last
BONDS
STOCK EXCHA NGE
Week Ended May 15
pt pd ctfa
for deb 6b A com
3309
N. Y.
Jan. 1
Asked\
a
Low
{♦Radlo-Kelth-Orph
6
Friday
Range or
Sale
no.
Record—Concluded—Page
Week's
Friday
Cash sale only transaction during current week
transaction
during ourrent week,
current week.
n
Under-the-rule
a Deferred
sale only
( Negotiability Impaired by maturity,
delivery sale only
transaction
during
t Accrued Interest payable
at exchange rate of $4 8665.
'
{ Companies reported
as being In
bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed
♦
Friday's bid and asked price.
by suoh companies.
♦ Bonds selling flat.
sDeferred Delivery Sales transacted during the ourrent week and not Included
|n the yearly range.
Sharon Steel 4%s
1951, May 14 at 106.
3310
New York Curb
Exchange—Weekly and Yearly Record
May 16~1936
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when
regular weekly range
In the
are
shown In
a
footnote In the week In which they occur.
selling outside of the
No account is taken of such sales In oomputlng the range for the year.
following extensive list
we furnish a complete record of the transactions on the New York Curb Exchange for
Saturday last (May 9,1936) and ending the present Friday (May 15,1936). It is compiled entirely
the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
the week beginning on
from
which any
dealings occurred during the week covered:
Friday
Acme Wire
v
.Sale
Par Price
t c com
Adams Mlllls
7% 1st pf 100
Air Investors
3%
Conv preferred...
*
Apr
Apr
""266
44% May
Jan
2%
27
70%
63 X
Tl"
64
122
114
16 X
"26"
190
li"
T,o66
*
com
Feb]
Jan
19
Apr]
Apr
Jan
Jan
109
Jan
15
Feb
121%
16%
13%
"~3X "3%
"200
700
45
2%
71
Jan
Feb
Feb
Feb
6%
10c
32
46
100
46X
5%
1,000
"34% ~36%
9:600
124*
5%
l.
n-v_i
32 X
""166
5X
325
-
*35%
10
Amer Dist Tel N J com._*i7% conv preferred.
__100|Amer Equities Co com___l
Amer Fork & Hoe
Co com*
Amer Foreign Pow
21X
Amer Gas & Elec
com...
35%
3%
warr
*
American General
Corp 10c
$2 preferred...
1
52.50 preferred
Amer Hard Rubber
~~8%
3X
3%
35
35%
110% 111
8%
9
34% 35%
"loo
300
'20%
...25
.100
"l~X
1
Amer Meter Co
Amer Pneumatic
*
Service.*
Amer Potash &
Chemical. *
Superpower Corp
1st preferred
4,100
400
1,100
150
Feb
Jan
Jan
Jan
Canadian Car & Fdy Ltd—
Preferred
26
2%
Feb
24%
6
Feb
Feb
43%
Feb
Feb
114
39%
43%
46
100
Feb
30%
Jan
100
14
Jan
24%
1%
39%
2%
Mar
50
2%
2
22%
11,900
2
Apr
Apr
100
82
Jan
2,400
32
May
34%
4%
4%
1%
Angostura Wupperman._l
Apex Elec Mfg Co com..*
*i
Preferred
10
Arkansas P & L $7 pref..*
Art Metal Works
com...5
Associated Elec Industries
1%
"l% "l%
6X
6
6
5%
7%
6%
6X
8X
10%
TJOO
1,500
7,900
800
18%
1%
4%
13
"l2X
32
1,400
%
200
41
1%
3,450
"9% 16m
""900
1%
Atlas Corp
common...._*
$3 preference A
*
400
3
100
"11%
53
12%
54
2%
3
MOO
500
1,300
6%
Jan
'32
Jan
X
Feb
3i6 May
26%
Jan
1%
Jan
92
Apr
9
Apr
Jan
11% May
51
1%
~
9%
"lX "1X
8%
8
Mach.
9%
8X
MOO
1,100
200
Jan
2% May
7%
*
1
20%
Jan
Jan
Jan
2%
3%
14%
%
%
Feb
%
Feb
May
3%
Feb
10
93
74
%
warr.
Baumann(L)ACo7%pfdl00
60
Hedges com
Convertible pref
conv
110
46
May
70
Jan
400
%
55%
2%
Apr]
60
2%
2%
142 % 142%
14X
14
38%
38
22
21%
Mar
3
46%
16
16
Bohack (H C) Co com...-
100
Bourjois Inc
Brartlian Tr Lt A Pow..
-
preferred
X
3%
1^4 r-t
22
15%
7
2,500
1,900
400
500
Jan
35
May
Jan
%
3% May
12% Apr]
20% May
9%
Jan
13%
Jan
I*
Mar
Class A
23
23
100
1%
6%
18
54
Feb
Jan
44
Feb
17
May
*4% May
Feb
18%
105
May
May
Jan
Jan
22
124%
38
Mar
Jan
Jan
1% May
Feb
7%
Feb
59%
10
50
47%
3% May
"IB" T,906
""% "'% ""600
400
«H
11%
12
200
Mar
66%
19%
3%
Mar
Jan
Jan
1%
Feb
May
62%
11
Apr]
Feb
3%
"1% ~T% ""600
1% May
7
Feb
Feb
58
Jan
45
6%
64
Jan
11
41
Apr
Mar
Mar
41%
42%
3%
"1%
Feb
Mar
Jan
44% May
Tix
Feb
6%
25%
Jan
300
47%
30%
Jan
May
7%
Apr]
6
Jan
Jan
Feb
Feb
3%
8%
Jan
12
Apr
Mar
4
Mar
6,100
44%
Apr]
73
Jan
1,050
3,400
2%
46
1%
1,500
93
Jan
114
Feb
36
2%
45%
Jan
16%
Apr
102%
3%
100% 103
3%
4
Mar
45
97
Jan
112
%
250
Jan
%
5%
Jan
Jan
Jan
%
Apr
13
Mar
Feb
Mar
32
Apr
Jan
3%
1%
Compo Shoe Machtoeiv"l
Connecticut Gas A Coke^-
13%
13%
300
16
Feb
46%
46%
46% May
49
Apr
16
17%
1,800
15%
Apr
23%
Jan
5%
6,800
4% May
6%
Apr
Secur $3 pref.
*
Consolidated Aircraft.:"]
Consol Copper Mines
„5
Consol GEL P Bait com*
6% preferred
A
17%
5
4%
90%
87
75
4
94'
G&E7%pr,or-,"ioo
113
Jan
116
Mar
56
May
3%
May
57% May
6%
105
Mar
Mar
40
Jan
2
May
25
97
90
400
2%
97
Apr
10
200
95
2
92
84
625
4
Jan
Jan
2,800
91
115% 115%
56
57%
100
Conso
88
Jan
99
Apr
% May
6%
Jan
9%
Jan
2
Feb
200
%
""500
3%
Jan
10
Apr
19
Mar
49%
Mar
Cooper Bessemer com
♦3 preferred A-
*
Copper Rftogo (jo
Cord Corp
*
7%
7%
300
6%
Jan
9
Jan
5%
5,100
4%
Apr
8
Apr
Mar
Corroon A
"""5
Reynolds^-
4%
Feb
5%
400
8
Feb
Mar
Mar
Feb
Feb
29%
15%
20%
Mar
97
Mar
Feb
Apr
Common
13%
5%
4%
1
70
2%
100
4% May
77%
Feb
1%
Jan
4%
Feb
100
6%
Jan
17
Mar
15
200
2%
10
Jan
800
70
2%
10
65
Feb
Courtauld's Ltd
Am dep rets ord
Jan
Jan
24%
26
..".""lOO
Preferred
Feb
Mar
Crocker Wheeler
Elec""
Croft Brewing Co
Crowley mliner
H
27%
25%
125
28%
4,000
125
Feb
2%
31
Apr
130
Mar
25
120%
Jan
27%
28%
3,600
19%
Jan
34%
10%
1%
9%
10%
1%
Apr
16
6,400
.
.
.
*
1
a'co""
1
"2%
2%
1,400
9
*
IOI
"
1
1 01 01
>-»
%
Jan
1%
5%
1
Jan
Feb
Apr
24
28%
Creole Petroleum
Apr
Apr
Jan
12%
70
com.::
Preferred
14
34
1
$6 preferred A
Cosden Oil
14
*
Crown Cent Petroleum..
For footnotes see page 3315
Jan
May
Jan
Feb
Mar
Feb
Feb
Jan
%
11%
53%
8%
29%
27%
Jan
Apr
3%
31%
1%
Crane Co com.
Apr|
62%
3%
Jan
100
Feb
7%
26%
16%
20%
Feb
Apr
1%
18%
31%
76,700
Feb
Jan
42%
1%
27%
1%
9t6
4%
8%
Jan
Jan
Feb
s*
reg..£l
Cramp Shp a Engine ..100
29
J
50
17%
74
%
Apr
""26
Apr]
Apr
1
25%
9%
Jan
Jan
102
41%
45
*14"
15
Ltd p^f *
Water Serv..*
53
15%
Jan
2,900
4%
3%
Community P A
Jan
100
Jan
55
14%
14,800
Apr
Feb
16%
11,400
33,200
"16
44%
Mar
Jan
Jan
Jan
116
34%
%
26%
1%
700
Jan
Apr]
116%
59
%
600
Jan
99% May
Febl
10% May
107%
Jan
51%
4%
49
Continental Oil of Mex_..l
Continental Securities...*
100
Registered
Jan
Jan
Jan
CrrSaltUS0Uthera
Feb
97
Brit Amer Oil coup...
121
9%
24
50
900
27
300
2%
4%
Jan
Feb
34%
47%
1%
4%
99%
Jan
MOO
4%
Jan
""Ioo
30
97%
13%
2%
3%
2
400
99%
C«at
500
13
16%
Feb
Jan
4%
600
Edls6n"l6o
Feb
"20% "22%
10%
15%
Feb
148
Feb
'"450
•
80
100
Class A
7%
X
13
Brill Corp class B
Brlllo Mfg Co com
3
4%
Jan
Mar
*
Apr
25
Bearing... "
Preferred
5% preferred..100
20
I
"41" "41"
~
-
Borne-Scymser Co
Bridgeport Machine
Conv
Feb
1,500
46
2%
70
18%
4%
109
45
2
Jan
Jan
Mar
13,500
575
%
46
39
75
3%
11%
13%
85%
500
47
♦
Jan
18%
16
55%
103
Mar
Columbia Gas A Elec—
Jan
500
17%
2%
46
Jan
""400
30
Min a Smelt new 5
Consol Retail Stores..
5
8% preferred
ioo
Consol Royalty Oil.
" 10
1,100
Blue Ridge Corp com
S3 opt conv pref
Apr|
800
'*
4%
14%
19%
14%
38%
22%
Blumentha! (S) A Co
com
142
121
pref
Black A Decker
Mfg Co..
Bliss (E W) A Co
com
Bower Roller
25
'
com
7% 1st preferred
Botany Consol Mills
10
400
150
40
16%
Cojf's Patent Fire Armies
Commonwealth
12%
200
575
300
Rosenberger.. "»
Colon Oil Corp com
5
Jan
*
com
Feb
43% May
16% Mar
7%
38
p"i^f'»
Ciinchfield Coal Corp. 100
CI"b Alum Utensil Co.
*
Feb
21
Apr
35
105
108%
3%
Cleve Elec Ilium com
*
Cleveland Tractor com."*
Feb
Feb
Mar
4%
Feb
50
4%
*
_
Jan
22
12%
21
"17"
"18%
*
City Auto Stamping
*
City A Suburban Homes'lO
CaudeNeon LightsInc__l
Jan
20
Preferred B
Feb
1% May
May
2%
Apr
32%
"§5"
4%
Columbia Oil a Gas vto
Columbia Pictures..
Jan
17
Feb
21
50%
Jan
11
78
%
60
Bellanca Aircraft com.._l
Bell Tel of Canada
100
Bell Tel of Pa 6%% pf.100
Benson A
,
1%
2
1%
»
65
11
2%
90
900
15%
1%
Mining Co..l
Apr
Jan
Feb
Feb
4%
Apr
Apr
2,600
"58% "59%
"2"
*
Cohn A
Feb
Jan
1%
75
12
15%
Preferred
16%
38%
16%
8
46%
46
52.50
""25
Chesebrough Mfg
Cockshutt Plow Co
Mar
12%
11%
68
15%
«
Prefened BB
Cities Serv PAL $7
$6 preferred
15%
Apr
Apr
92
100
ser '29.100
Mar
98
Valve Mfg...25
Charts Corporation..
10
Como Mines.
Babcock A Wilcox
Co....*
Baldwin Locomotive
Blckfords Inc
warr
Centrifugal Pipe
Consol
Axton-FIsher Tobacco—
Class A common
pref without
Jan
32
Mar
34%
1
1
Jan
22%
1,900
99% 103
108% 109
10%
10%
^U
Cities Service com
41
Feb
6%
Jan
11%
7% pf
7% pref.._100|
Mar
Feb
Feb
Feb
Feb
1%
»tt
Feb
Jan
41
SWvet.4M^-*
Ch'lds Co pref
lop
Jan
96
1% May
8%
Apr
May
"»
'*
1st preferred
Cent Hud GAE vtc
Apr
Mar
Mar
Mar
Mar
18%
»
Feb
7%
7%
9%
10%
2%
86
9
43%
8%
15
87 div preferred
noSl* pr®f
Feb
Apr
3
80
100
Ch cago Flexible Shaft Co f
Feb
4
34
Warrants
99%
108%
prior Preferred..100
Feb
6
Feb
316
38%
"lO%
Feb
Apr
8
Atlantic Coast
Fisheries..*
Atlantic Coast Line
Co—50
18%
2%
Feb
12%
1,C
*16
7% 1st partic pref...100
Celluloid Corp com
22%
100
12%
8
11%
Conv preferred
Jan
8
43%
™
Apr
%
30
Castle (A M) A Co.... 10
Catalin Corp of Amer... 1
Ceianese Corp of America
Jan
Jan
*
2,600
81
clnl ^&lnr
3%
7
14%
7%
3
77
100
Jan
Jan
Apr
Jan
200
80%
8%
7% preferred
Jan
Jan
1
«
2,800
22%
SO
Feb
3%
7%
2,800
-
300
3%
3%
87%
4%
99%
63%
4%
9%
IX
-
"""566
17
17
3%
90
Feb
109
Jan
-
*
29
Jan
1
7%
IX
" "»
com
Carolina PAL $7 pref""*
$6 preferred
*
Carrier Corporation..:"*
Cent A South West Util
Cent States Elec com
10%
1
Class B
Carnation Co
Jan
Jan
16%
26c
®
104%
%
3%
1,100
9%
7%
2
8%.
-
Convertible class A
Cent P & L
1,500
1%
1%
41
Mar
1,300
1,300
«.
Marconi..*.."l
Feb
Jan
200
2%
8%
1%
*i«
*
Feb
'""900
IX
*
Jan
Jan
Jan
Mar
11%
IX
1%
Option warrants
Assoc Laundries
of Amer.*
Apr]
Mar
"9% "l0%
U%
£1
Associates Investment Co *
Associated Rayon com
*
Atlanta Gas Light
pref. 100
""266
4%
85
Assoc Gas & Elec—
1
2,200
"19% "19%
Appalachian El Pow pref.*
Aroturus Radio Tube
1
Arkansas Nat Gas
com...*
Common class A
2
200
'27%
175
Ltd—"
^rmoSjldAcate
Carman & Co—
„
Jan
""8%
Capital City Products....*
Mar
Feb
150
62
72%
2%
8%
1%
t c..—*
v
B non-voting
Jan
Jan]
25
32
55 preferred
12
Jan
Jan
4%
Class A..
Jan
20%
28%
20
IX
25
34%
Common
7%
30%
70
Canadian Indus Alcohol A*
Feb
10%
28 X
*
Automatic-Voting
Mar
Jan
5
Austin Silver Mines
Automatic Products
36%
40%
19%
17%
25%
85
Corp.
Jan
Feb
300
85
common
9
23
85
Amsterdam Trading—
American shares _.___.*
Anchor Post Fence
*
Amer deposit rets
48%
Apr
*
Preferred
Mar
Feb
Feb
Jan
48
5%
24%
May
Jan
Feb
1%
Cables & Wireless
Jan
7
Apr
Mar
107
Amer dep rets prefshs £1
Calamba Sugar Estate. .20
Cable Elec Prod
125
1%
21%
25%
Jan
Warrants
£ur™a Brothers... r'cts"
Corp Am dep
Butler
10
118
18
Jan
60
103
Jan
*72%
pref..""*
Mar
29
200
400
Am dep rets A ord shs.jEl
Am dep rets B ord she £1
61%
Mar
Jan
5,300
Apr
105
Mar
250
19%
1*A
24%
104
Mar
2%
7%
%
Apr
32
1,500
Jan
23%
Mar
Jan
Jan
Jan
39%
800
Mar
10%
16%
%
Feb
33%
Mar|
"60
24%
24%
31
Mar
116
108
Apr
Jan
40
Feb
91%
Mar|
Apr]
27%
6%
15%
700
Jan
32
22%
com*
Amer Thread Co
pref
2
36%
8X
Jan
7QO
33%
22 X
32%
25
6% preferred
Amer Mfg Co com
Amer Maracaibo Co
9
Jan
Jan
28
Apr
Jan
Mar
"42""
"42"
24%
pref."*
$3%
$3 convertible
Feb
Mar
4%
77%
Jan
19
300
16%
34%
Mar
38
35%
com.50
com
Atlas Plywood
"21% Tl X
Apr
31%
28%
9%
28
9
Bunker Hill & SullJvan_.10
Burco Inc com
._„_.*
Mar
44% Marj
5% May
31% Jan
Jan
29%
31%
28%
._*
Buckeye Pipe Line
50
Buff NJag & East Pr pref 26
J5 1st preferred
*
Bulova Watch
8
2%
*
preferred
Jan
29%
100
85
75
27
3%
_._i
Laundry Mach___20
Amer L & Tr
Class A
3%
Jan
8%
8%
29%
62
115
125
li.:::::
Preferred
Brown Fence <fc wire B
Apr
28
100
Jan
Jan
101
Jan
Jan
6% pref
Brown Forman Distillery. 1
Bruck Silk Mills Ltd
*
Canadian
Amer Cynamld class A..10
Class B
800
4%
*t<
Brown Co
Mar
86%
55.50 prior pref
*
Am Cities Pow & Lt—
Class A
...25
Class B.
200
1
1
*
6%
Feb
Mar
Jan
Jan
May
32%
30%
.61%
1%
Feb
Jan
Mar
Jan
Mar
Feb
350
9H
28%
Am dep rets ord reg._10s
British Col Pow cl A
*
Feb
Mar
Feb
152
900
High
28
Am dep rets ord reg__£l
Mar
1
4%
25%
Jan
1,100
Low
British Ceianese Ltd—
2%
87
13X
53
Range Since Jan. 1 1936
Am dep rets ord bearer jfl
Jan
Apr
Apr
1,100
16 X
for
Range;
Week
of Prices
Low
High Shares
Price
Mar
Jan
Jan
16
Week's
British Amer Tobacco-
Mar
Feb
76
115
21
87
10c
Common class B
$3 preferred
c
58
Jan
1% Mar
48%
82%
500
100
3%
Sale
Par
Capital—
Class A
V t
Feb
3\H
22%
2\X
10%
51%
American Beverage com.l
American Book Co
100
Am
Jan
46%
113%
18%
4%
15%
62%
115% 124
114
114%
22%
*
com
62
90
Jan
2%
6% preference
100
Aluminum Goods Mfg..1*
6% preferred
69
Apr
37%
07%
2%
X
Allied Internatl Invest ..*
Alliance Investment com.*1
Allied Products cl A com 25
Aluminum Co common
*
com
25
115
*
Allegheny Steel 7% pref 100
Allen Industries com
1
Alles & Fisher Inc com...*
Amer
Jan
"360
40%
70%
40%
..*
$6 preferred
200
""A "»16
f
50
pref
3
3
_
Warrants
Aluminum Ind
Aluminum Ltd
15
47X
45%
...*i-
Alabama Gt Southern
Ala Power $7
300
2,000
li
10
com
Apr
17%
3%
3
Last
High
108%, May
16
*
Agfa Ansco Corp com
Alnsworth Mfg Corp
Low
43%
*
stocks
0Continued)
Range Since Jan. 1 1936
High Shares
Low
Sales
Friday\
for
Week
of Prices
20.
Aero Supply Mfg cl A
Class B
American
Sales
Week's*Range]
Last
STOCKS
Apr
7
1%
Jan
2%
Feb
Feb
Feb
Mar
Jan
New York Curb Exchange—Continued—Page 2
Volume 142
STOCKS
Last
Sale
(Continued)
Par
Price
Week's Range
High
Crown Cork Internatl A.
15
Crown Drug Co com.—26c
Preferred
25
23 X
5
-
Cuban Tobacco
Cuneo Press
Range Since Jan. 1
for
15X
5X
23X
Shares
1,100
2,700
50
11*
4*
37*
Cusl Mexican Mining. .50c
Darby Petroleum com
•
IX
Class A..
35
10
10
Davenport Hosiery Mills. 6
Dayton Rubber Mfg com.*
IX
15
15
IX
10*
Mar
15*
5*
11*
42*
Feb
Mar
Mar
Mar
Feb
109
1*
12
Feb
Mar
Apr
Apr
Apr
Apr
800
x9
100
15
12
Jan
Apr
14*
Mar
Apr
25
Mar
11X
300
11
23
23
200
22*
16*
Am Dep Rec ord Reg £1
Dennlson Mfg 7% pref.100
16%
16%
100
16* May
19*
Mar
64
67
310
50
Feb
70
Mar
Detroit Gray Iron Fdy...5
10%
10*
100
8*
Jan
14*
Mar
1*
Jan
"§8* _38*
"""50
25*
Mar
Mar
May
Mar
4*
49*
Apr
Apr
Apr
Apr
Derby OH & Rcf Corp eom*
*
Detroit Paper Prod
1
Diamond Shoe Corp com.*
Dictograph Products..-.2
,
8*
11*
Distilled Liquors Corp...6
9
11
11
~ir
"""25
11X
"15"
1,700
500
11
15
5*
11
Jan
10*
19
13
12*
Apr
Jan
Distillers Co Ltd—
25
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel A Coal B 25
25
29
30
30*
100
1,100
Dow Chemical...........*
100
25*
35*
Jan
Jan
500
$94*
Apr
69
69
100
65*
Jan
28 X
102
.....*
preferred—..
7*
Feb
Mar
Feb
30
300
28* May
102
Jan
39
110
Feb
Jan
6
Mar
80
Jan
Jan
71X
71%
10 x
Eagle Plcher Lead .....10
71X
900
10 x
*
7*
Jan
*
6*
75 X
4*% prior preferred. 100
6% preferred.,
100
64
6%
73X
61X
6%
75X
1,000
300
825
64
""i'x ~~i* """700
Eastern States Corp.—.*
16 preferred series B
30
30
30
30
11*
*
30
11*
lix
*
17 preferred series A
Easy Washing Mach "B"_*
Economy Grocery Stores. *
40
3X
18X
67 X
77 X
Elec Bond <1: Share com
5
*5 preferred..........*
*
1
"~7~X
AIIII»
6H
Hazeltine Corp.
Hecla Mining Co
Helena Rubenstein
Heyden Chemical
200
84*
5,500
'""206
17%
Hires (CE) Co cl A
.*
Holllnger Consol G M...5
Holophane Co com
...»
Jan
59*
41*
I*
11*
Apr
Jan
Jan
98
Apr
91
Mar
Feb
Mar
Jan
Jan
84*
Jan
Jan
8*
Apr
Jan
5*
8*
72*
2*
6*
14*
17*
Mar
Jan
Mar
Feb
Jan
85
Jan
Jan
83
Mar
42*
3*
Feb
43
Jan
Apr
May
7%
*,
preferred
Common
Jan
Illuminating Shares cl
Imperial
Chem
Amer deposit rets
com
Imperial 011 (Can) coup..*
Registered
*
Imperial Tob of Canada.6
Jan
Jan
13*
Apr
23*
Mar
100
36
Jan
42*
Apr
3%
4,700
2*
15*
Apr
Feb
4*
25*
Mar
Mar
Apr
79
Ma
Ind'polls P AL6*% pflOO
Jan
87
Mar
Eureka Pipe Line
Apr
Apr
Mar
9*
Jan
Jan
51*
Mar
Jan
8*
Mar
700
77*
2,700
1,000
3,000
10
7M
45
175
7
1,200
150
91
64*
74*
9*
6*
18*
2
Non-voting
class
A
Apr
May
Jan
98
Jan
29*
Feb
Feb
Jan
19*
Apr
37
Feb
Jan
51*
Feb
Pref $3.60 series..
60
Intl Metal Indus A
...*
Internat Mining Corp
1
62
Feb
Feb
47
Jan
07*
Feb
50
21
Jan
24
200
15
Jan
2
Jan
21*
3*
Apr
Feb
Jan
44
Feb
Class A..—...
Class B
Feb
Warrants
54
150
24
17*
2*
18*
2*
15,200
X
100
%
X
200
"l4~X ~16%
2~700
Feb
May
si6
*
5
.1
"13 H
Ferro Enamel Corp com..*
"32*
7*
6*
900
1,600
14*
100
13*
13
300
Jan
Jan
Jan
14*
7
Apr
Jan
4*
13*
12
Jan
Jan
May
25
*
1*
21
"§2*
"~*
*
X
16
5~600
100
19
23*
10*
7*
16*
17
*
*
31*
40*
*
Jan
1*
*
May
Mar
19
700
1,500
Jan
Jan
Feb
Feb
Jan
Apr
Jan
May
28*
Feb
Feb
77*
"29"
19
Film Inspection Mach.—*
Fire Association fPhiial.10
20
Jan
Mar
Feb
1*
89
Feb
Feb
Feb
First National Stores—
Apr
117
Jan
Apr
9
Feb
70
Feb
36
May
May
45
Apr
41
Apr
60
Feb
112
7% 1st preferred—.100
Corp
...1
FlBk Rubber
5
Am dep rets ord reg—£1
36
37
3,100
42*
"36*
Florida P A L $7 pref....*
Ford Motor Co Ltd—
5*
52
3,400
46*
5*
100
*
42*
100
7*
1,500
7*
22*
22
7*
22*
25*
Ford Motor of Can cl A—*
Class B
.*
25*
26
125
2,700
75
4*
46
7* May
20*
Apr
25*
Apr
9*
28*
Feb
Feb
32
Feb
American dep rets...100
Fort Worth Stk Yds Co..*
2*
Internat'l
17*
General Alloys Co
....*
Gen Electric Co Ltd—
2*
Am dep rets ord reg._£l
Gen Flreprooflng com...-*
Gen Gas A Elec—
19*
17*
2*
2*
100
2*
May
IX
*
1*
49*
Warrants
17*
2*
400
400
*
19*
15*
1,700
1*
49*
*
500
4*
76
76~
1*
15*
1*
15*
*77"
6% preferred A—...100
Georgia Power $6 pref.—*
$5 preferred
*
Feb
10
Feb
14*
100
32
425
109
10
27
7,200
57*
61*
6,800
20*
22*
Vitamin.—1
Interestate Hos Mills
*
Interstate Power $7 pref.*
Investors Royalty new_—l
4*
33*
"7* ""7*
4*
4*
300
""lob
300
Jersey Central Pow A Lt5%% preferred..
100
6% preferred...—100
7% preferred.......100
Jonas A Naumburg
2.50
Jones A Laughlln Steel. 100
Kansas City Pub Service—
Common
v
19
Mar
18*
12*
Jan
Jan
Jan
100
*
40
200
'ti
May
Apr
4*
20*
18*
""16
~76
Feb
Feb
Jan
49* May
2*
49
*
Jan
Jan
85
67
Jan
Feb
May
Feb
Jan
Jan
81*
2*
15*
49*
12*
Jan
18*
Feb
Jan
Mar
600
47
Jan
52*
Mar
75
77
525
69
82*
50
1
Apr
81
May
79 *
Apr
93
102
90*
Jan
Koppers Gas A Coke Co—
6% preferred——100
Kress (S. H.) A Co pref.100
Kreuger Brewing..
...1
La kawanna RR of NJ 10T
Lake Shore Mines Ltd
1
22*
9*
23
10,300
22*
22*
400
Class a..
Lefcourt
com
6*
6*
100
"16* "16*
Mar
2*
40*
Feb
Feb
30
Apr
9*
7*
Feb
Jan
40
Jan
Jan
53*
Feb
Jan
Feb
55
Feb
53*
Feb
Jan
9*
20
Jan
20*
Jan
24*
24*
Apr
Feb
Feb
Apr
14*
Mar
Mar
39*
Jan
Feb
Lehigh Coal A Nav
Jan
Leonard
Feb
._*
3*
3*
~~50
Lion OH Development...*
Feb
Lit Brothers com
13*
2*
Apr
Jan
18*
8*
Feb
Feb
24
Jan
39*
18*
•is
4*
25*
Mar
300
*
200
Godchaux Sugars class A.*
8
16
Gorham Inc class A com.*
33 preferred..........*
Gorham Mfg Co—
16
97
Apr
16* May
May
Jan
3*
200
200
Jan
Jan
6*
3*
3*
8*
Jan
Feb
6*
Jan
Jan
10* May
3*
20*
Jan
Jan
69
Apr
84
Feb
29
10*
25
71*
74*
950
Apr
34
Jan
Apr
1*
3*
14*
7*
14*
8*
330
7
Apr
5*
8
"n* "II*
""400
11
Feb
Apr
Apr
7*
"lix
Feb
37*
.....
3*
36*
37*
4
4
38*
37*
4*
1,300
3*
5*
9,500
33 *
Jan
39*
Apr
100
86*
3*
May
May
38*
Feb
7*
Jan
500
64
"I* ""l*
Jan
*
2*
Jan
21
Jan
Apr
8*
""loo
64
Jan
Jan
1*
Jan
2*
Jan
4
1*
1
1*
"""* ""*
7*
28*
8*
29*
22
7*
23
Jan
14*
2*
'ti
Feb
Feb
Jan
•l«
2,300
Jan
Jan
"""260
3,500
600
130
Apr
20
*
*
82
Jan
Apr
33* Mar
* May
1*
Feb
31*
Feb
26* Mar
1*
Feb
*
Feb
"l6
1,800
* May
""400
23* May
20*
1
500
Jan
15
Jan
Jan
*
*
1,300
Feb
Apr
Feb
*
"24"
*
9*
Jan
*16
7
27*
20*
"24*
916
81*
550
Jan
83*
85
88
600
76
Jan
91
94
96
100
86
May
98
3*
31*
80*
"94
3*
31*
500
*
*
3*
400
79*
*
3*
100
100
70*
1*
JaD
Jan
30
*
1*
111*
1*
"2* ""2*
"300
4*
2,900
200
*
100
Mar
Jan
Jan
Jan
2*
*
18*
74
4*
16
20
20
Jan
*
800
100* 102*
650
"22* "23*
""600
*
102
"22*
10
76
"56*
76
56*
57*
3,700
6*
700
6
78
78
10
8*
8
8*
*
*
1*
10*
10*
11*
4,300
9,600
4*
44
*
14
Jan
Feb
Feb
Apr
Mar
Mar
3*
74
5*
•it
11*
96*
Apr
10* May
Feb
Mar
6*
24
Mar
Mar
Jan
1*
113
Jan
8
*
-
Jan
Jan
Jan
3*
Jan
6*% preferred
100
.*
Class B
5
4*
5
200
2,800
6
Apr
Mar
Jan
Jan
Jan
Mar
Apr
Mar
1
Feb
107
Feb
12* Mar
24* May
Mar
74*
Jan
78
51
Jan
59*
Jan
Jan
8*
Mar
May
5*
Mar
78
12*
Jan
2*
Apr
17* May
6*
Jan
*
Jan
25
70
Lockheed Air Corp
1
Apr
Lone Star Gas Corp..—.*
Feb
Feb
Feb
107*
7*
Feb
Jan
3
Mar
15*
4*
11*
2
Jan
Jan
Jan
Jan
Feb
6*
11*
88
Mar
Jan
76
Mar
Apr
Jan
15*
6* May
7*
900
1,800
9*
1,000
Mar
Apr
Jan
Jan
Apr
12*
Apr
15
Jan
18*
7*
12*
ill
5*
20*
18*
10*
14*
17*
*
Apr
Feb
Feb
Jan
Mar
Long Island Ltg—
Common..
7%
.......
84
69*
140
3*
72*
67
300
64
14*
13*
14*
9,200
41
41
*
preferred—..100
84
Preferred class B—100
16*
16*
100
16*
21*
Jan
Loudon Packing
14
14
100
10
Jan
10
19*
19*
200
18*
Apr
32*
Apr
Jan
Louisiana Land A Explor.l
Louisiana L P A L Co—
Mar
Jan
Jan
Feb
Feb
Loblaw Groceterias cl A..*
1,000
20
92*
10*
74*
Oil Develop...25
Feb
2*
9*
Jan
Feb
Lerner Stores
73
14*
5*
25
93
93
93
♦
45
$6 preferred
6X% pref
w w
3*
82*
4
6*
....._.*
94
•
Lucky Tiger Comb G M10
Lynch Corp common....5
Mangel Stores Corp.....*
http://fraser.stlouisfed.org/
I
Federal Reserve Bank of St. Louis
Feb
76*
10
1
Feb
3315
28*
Jan
13*
..*
Realty
Preferred
Apr
Apr
page
Jan
Apr
Jan
May
37
Lakey Foundry A Mach—1
Lane Bryant 7% pref..100
Langendorf United Bak—
5
19*
6
2*
9*
9*
21*
Knott Corp common.....!
Kolster Brandes Ltd—.£1
45
V t c agreement extended
Grand Rapids Varnish...*
Gray Telep Pay Station.-*
Jan
35
Apr
500
40
39*
750
*39*
38*
38*
Klein (Emil)
♦
Klelnert Rubber.......10
Jan
100
Class B—......___...*
Goldfield Consol Mines. 10
22*
Jan
110
Apr
May
5,200
34
*
t c
Jan
2*
400
14*
2*
*
19
36*
88*
62*
33
V t c preferred A
*
Kansas G A E 7% pref.100
Kingsbury Breweries
1
Kings County Lighting...
16
68*
14*
Feb
17*
57* May
83
350
Irving Air Chute
1
Italian Superpower A—..*
Warrants
Preferred.............*
2
Apr
Jan
Jan
30
Iron Cap Copper com...10
Iron Fireman Mfg v t o.lO
Gilbert (A C) com.—*
Glen Alden Coal._..„._*
3
14* May
29*
105
22*
400
Klrkland Lake G M Ltd.l
1*
82
10
25*
""*
New warrants
International
7% preferred B.....100
5% preferred D
100
Klrby Petroleum
1
49
33 convertible pref....*
Jan
Mar
*
Jan
73
Gen Rayon Co A stock..*
General Telephone com.20
Feb
•
1
30
600
Gen Outdoor Adv
6% pflOO
Gen Pub Serv $6 pref....*
"11% "15*
...
Jao
13
$6 conv pref B—....*
Gen Investment com.....1
19*
15*
Jan
23
'""360
Feb
Mar
Jan
UtiUty—
30
Froedtert Grain A Malt—
Conv preferred
..15
55
,21*
13*
61*
0% preferred..
100
Internatl Safety Razor B. *
Feb
Ford Motor of France—
General Tire A Rubber..25
Warrants.
International Petroleum..*
Registered
International Products.—*
...... ...
7*
6*
14*
Apr
Internal Hydro Elec—
Jan
39
7X
""166
Internat Holding A Inv—*
9*
65*
H
Faneteel Metallurgical.—*
Fedders Mfg Co com..—.*
Fiat Amer dep rcets—
Fldello Brewery....—1
88
57*
50
6*
"44""
1*
Jan
24
1
Apr
V tc common
JaD
250
53
16 H
Jan
11*
1*
43*
"27"
*
Insurance Co of N Amer. 10
International Cigar Mach *
Jan
49
*
10*
31
Class B
44
7% preferred—
.100
Ex-oell-0 Air A Tool.....3
FairchJId Aviation—.....1
3*
3,900
2,000
Industrial Finance—
43*
47*
European Electric Corp—
Option warrants.....—
2,000
Imperial Tobacco of Great
Britain and Ireland.—£1
43
2X
Feb
Indian Ter Ilium OH—
12
66,500
19
Jan
15
18 X
Apr
Jan
14*
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred
100
43*
42
10c
Apr
1
109
32
_£1
30*
Emsco Derrick A Equip..5
68
500
A..*
Apr
Jan
6*
48 X
150
1*
4*
14*
14
Industries
17
68 X
6*
14*
100
24*
6*
74*
9*
.1
70*
"44"
Mar
Jan
10
Empire Power Part Stk—»
see
Jan
Jan
Mar
Feb
6*
9*
13*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co
•
100
67
88*
6% preferred..
—100
6X% preferred..—.100
7% preferred...—..100
8% preferred
—100
footnotes
128
72
May
7*
—.10
200
Empire District E16%.100
Empire Gas A Fuel Co—
For
130*
31*
10*
3*
1*
Apr
1*
4*
12*
13*
*
800
-
Electrographlc Corp com.l
Elgin Nat Watch Co...15
Globe Underwriters
Feb
24*
6*
69*
14*
.25
23
1
$6 conv pref w w
*
Elec Shovel Coal *4 pref..*
Faistaff Browing..
Fanny Farmer Candy
High
Mar
124
76
7% preferred..—...100
Wallower Lead
6*
7*
Am dep rets pref
8 sb
Hartford Electric Llght-25
Hart man Tobacco Co.—.1*
Harvard Brewing C0.....I
100
40
3%
44
45
Option warrants
Electric Shareholding—
$6 conv pref class B
Gulf States Util $6 pref—•
$5.50 preferred...
♦
Hall Lamp Co
*
17x
11
Edison Bros Stores com..*
Eisler Electric Corp new. 1
1
4
30
Eastern Malleable Iron—25
preferred
Fllntkote Co com
81*
Illinois P A L $6 pref.——*
6% preferred..
100
East Gas A Fuel Assoc—
$0
83
"7*
Jan
Evans
110*
*
Hydro Electric Securities.*
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
1*
10*
15*
Equity Corp
300
2
Jan
Mar
Jan
Mar
Common..
50
27
"16
1
A
127
25*
6*
22*
7
Cliuw*
Low
81
Greenfield Tap A Die
»
Grocery Sts Prod com ..25c
Guardian Investors......1
Gulf Oil Corp of Penna. J25
180
114*
127
1
"~7X ~"7% """loo
Elec P A L 2d pre f
Range Since Jan. 1 1936
for
Week
Shares
113
114
"27"
7% pref stamped....100
7% pref unstamped..100
66
com
of Prices
High
Huylers of Delaware Inc—
125
preferred
*
Hud Bay Mln A Smelt—♦
Humble Oil A Ref
•
"~3% ~~3~X """loo
$6
stock
com
Mar
Jan
Dublller Condenser Corp. 1
Elec Power Assoc
Non-vot
7% 1st preferred—.100
Gt Northern Paper
25
Jan
124*
73*
Feb
106
100
25
Duke Powr Co.
10
Durham Hosiery class B_.*
Duval Texas Sulphur.—*
Common
Week's Range
Low
Great Atl A Pac Tea—
Horn A Hardart
22
Driver Harris Co.......10
7%
28
Mar
Jan
23*
4*
Douglas (W L) Shoe Co—.
7% preferred
100
Draper Corp
Price
Handley Page Ltd—
De Havlll Aircraft Ltd—
Preferred
Sale
Par
Feb
25
Jan
Mar
*
5,100
11X
"23"
Jan
Jan
23
106
100
Last
{.Continued)
High
L010
4*
com vtc.
com
6% % preferred
STOCKS
1930
Week
of Prices
Low
3311
Sales
Friday
Sales
Friday
100
2*
5
4*
46
94
25
2*
300
41*
200
5*
700
50
130
9*
*
94
May
2* May
34*
Jan
4
42*
6*
8*
95
Apr
2*
55*
9*
Apr
66
Feb
Feb
Mar
Jan
Mar
Feb
Jan
Feb
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Price
Range Since Jan. 1 1930
Low
Mapes Consol Mfg
Week
Par
27%
Feb
7%
Apr
9%
Jan
14
Mar
22%
Mar
Apr
Apr
8%
5%
Jan
Pacific Eastern Corp
Jan
Price
Pacific GAE0% 1st pf-25
6
Masonlte Corp common..*
Mass Utll Assoc v t c
1
84 %
6
200
5
3%
3%
700
3%
1,150
62%
3%
80
86
1
Low
2%
Oldetyme Distillers
Class A conv pref
Securities
Low
7,000
»
2%
2%
300
16%
700
11
Jan
500
6
Jan
6
1
3%
32%
3%
32
6
4
900
32%
1,300
29%
IX
3%
29%
Jan
100%
Mar
25
29
300
26%
2%
2%
100
1 %
Jan
4
Feb
106
25
104%
5%
2,000
4%
May
7%
Jan
Pacific Ltg $6 pref.......*
Pacific P & L 7% pref-.100
106
4%
Massey-Harrls common..*
77
77
30
Apr
Pacific Pub Serv
Mayflower Associates..
May Hosiery Mills—
56
Apr
04
5%% 1st pref
•
$1.30 1st preferred
W
42
Mfg_BlI.»
Feb
49
May
5%
300
6%
21
21
39
38%
57%
5%
55%
Jan
8%
May
3%
17%
Mar
Jan
Apr
Feb
Jan
32%
May
29%
May
Jan
Jan
107
May
77
Mar
8%
0%
83
5% May
100
20
Apr
39
150
30%
85
Apr
Apr
57%
400
45%
Jan
5%
6%
17,000
3%
4
*
*
Pacific Tin spec stk
High
7% May
14%
•
Overseas
Range Since Jan. 1 1936
Shares
High
8
8%
Outboard Motors B com..*
.1
W
for
of Prices
Jan
.
*
Maryland Casualty
nrpf
Week's Range
Sale
24 %
Marlon Steam Shovel
McCord Rad &
Last
High
Marconi Internat Marine—
1936
16,
Sales
STOCKS
(Continued)
Shares
American dep receipts.#
Margay Oil Corp
*
May
Friday
Week
Par
fl
=3=1
New York Curb Exchange—Continued—Page 3
3312
4%
200
Feb
Feb
7%
Mar
23%
51%
Apr
85
Apr
66%
Feb
6%
May
7%
Mar
Jan
11%
11%
100
McWilliams Dredging
*
75
78
550
59
Mead Johnson & Co
*
91
91%
300
Jan
105%
8%
Mar
Apr
Pantepec Oil of Venez
400
79%
5%
Feb
6%
Paramount Motor
1
4
Jan
May
76
Apr
82%
Mar
Parker Pen Co...
50
20
Apr
25
Feb
20%
89%
Jan
30%
Mar
Parker Rust-Proof new 2.50
24
Apr
28%
Apr
Feb
90
Plymouth....*
Pender D Grocery A
*
35
Feb
00
Feb
Mar
11%
Memphis Nat Gas com..6
5%
Memphis PAL 7% pref.
Mercantile Stores com..
29 %
26%
"29%
""806
25
7% preferred
..100
Merchants & Mfg cl A...1
90
Participating preferred.*
Merrltt Chapman <fe Scott*
28
28
50
8
9
5,500
90
6
6%
1,500
6%% A preferred...100
8%
5%
Apr
3%
40
8%
Jan
31%
10%
Mar
Jan
Jan
Jan
4%
"5 %
3,800
IX
5%
200
1%
»i6
Jan
1%
Feb
100
5%
Jan
0%
Jan
v
v
t c
3
*
IX
24
24
.*
IX
Jan
Jan
Pa Water 4 Power Co
2%
Feb
Pepperell Mfg Co
'
Pet Milk Co 7%
19
Jan
28%
Apr
Molybdenum Corp
Montgomery Ward A
IX
500
42% May
1% May
62
IX
1%
Jan
28X
28X
150
22
Jan
33%
Mar
91%
Jan
1
109
Jan
Feb
91%
114
Jan
Feb
""8 X
93
Feb
Pie Bakeries Inc com
Jan
70
Jan
Piedmont & Nor Ry
7%
May
13%
Feb
Pierce Governor
Jan
Pines Wlnterfront Co
5%
Jan
152
34
Feb
40
Apr
35
Feb
Apr
Apr
150
Apr
Jan
Apr
8%
150
Feb
35%
Feb
Jan
15%
Mar
Potrero Sugar com
"§7%
""260
35
Apr
47
Mar
Apr
17", 500
2%
Jan
49%
Mar
Premier Gold Mining
14% May
Prentice-Hall. Inc
Jan
31
Producers Royalty
200
14X
100
13
36
36
""1% ~~2X
*
24%
50
18%
17%
18 X
49
48
49
3,200
400
2X
Warrants
2X
1
1,500
IX
1,400
48
2
Jan
Jan
"Y%
*
1
Jan
1%
Jan
Jan
IX
100
"956
7
5%
200
5%
1,600
4%
%
IX
77 X
»i«
~~74~X ~78~~
Nat
Nat Service common
17%
Apr
May
May
2
*
Nat Rubber Mach
33
80
2%
1
Mfg A Stores com
*
National P A L $6 pref
*
National Refining oom._25
6%
4X
.....
5%
Feb
""266
•l«
Feb
39% May
23
Jan
57
Apr
Feb
4%
89
Feb
1%
2%
Apr
6
Feb
Jan
80%
Feb
Jan
8%
Mar
Apr
8%
Feb
Jan
X
Feb
74% May
-----
Conv part preferred...*
National Steel Car Ltd...*
Jan
2%
Feb
14
"27"
"27%
National Sugar Refining..*
Nat Tea Co 5%% pf
10
"27 x
National Transit
12.50
Nat Union Radio Corp
1
Nebel (Oscar) Co com....*
"io%" "io~X 'ibx
"800
Apr
17%
Jan
23
Jan
30
Apr
Feb
9
Jan
8%
7A
X
x
'316
""766
10
800
Apr
15%
2
Feb
X
112
6X
8%
Mar
4%
Jan
Jan
115
Apr
Jan
3%
113
8%
Providence
Gas
Pub Serv of Colo—
6% 1st preferred
7% 1st preferred
$6 preferred
.?*
74
2%
123
3%
79%
1,350
Apr
May
Common
6%
preferred
7% preferred
6% prior lien pref
7% prior Hen pref
24
09%
Jan
21%
Apr
Mar
Jan
Apr
Jan
76%
4%
128
Mar
0%
Feb
9%
Jan
Jan
96%
Jan
24
25
600
24
May
Feb
2IU
Jan
52
30%
17
120%
15
17
120% 120%
8%
7%
5,c
6
Apr
5
2%
Noma Electric
1
5%
37
*
.3%
Jan
14%
Feb
630
06%
May
900
98%
300
1%
Feb
Red Bank
Reed Roller Bit Co
v t 0
7%
14%
Apr
11%
Jan
Reliable Stores
Apr
20%
Jan
Reybarn Co Inc.
Jan
121%
Reynolds Investing
Rice Stlx Dry Goods
Richfield Oil pref
Jan
6%
Apr
Feb
Apr
75%
Feb
16
1,000
300
si6 May
l%.May
35%
2%
11%
Feb
% May
2%
Feb
5%
2X
5%
700
7%
Jan
13%
Feb
200
9%
37
28 %
Mar
2%
3%
Apr
Jan
44%
1,800
3%
Jan
Jan
7%
Mar
400
4
41%
800
3%
Feb
5%
350
36%
Apr
49%
Feb
45
48%
150
35
Feb
48%
May
Jan
Jan
16
200
3%
3%
3%
5
1
Jan
6%
Jan
8%
3)6 May
98%
Jan
7i6
900
3%
200
23%
Jan
6%
34%
Jan
14
14
50
11%
Jan
18%
Feb
32
2%
2%
"28"
Rad
6% preferred
102
21
51%
51%
113
113
95
95
Jan
Apr
63
Feb
14%
Jan
48
Apr
27%
60%
Feb
Apr
60
Feb
111
Apr
114
Apr
Apr
117%
Apr
100
100
10
95
"~7X
125
1
•
6%
137%
Jan
Jan
149
Apr
14%
18%
Feb
Feb
19
19
19
75
Feb
%
2%
Jan
%
May
1%
Feb
Feb
I
%
300
12
12
200
%
Jan
%
25
5%
Feb
19%
12
Feb
36
2%
Jan
3
Jan
0%
15%
25
"9"
8%
Apr
Feb
Apr
Mar
10%
4,600
39%
24
23%
8%
Jan
75
24
1,400
22%
Apr
26%
Apr
100
0%
Jan
8%
*i«
12%
4%
Jan
1%
Mar
Mar
Jan
20%
Jan
7
1%
Jan
3%
May
8%
%
*"'2%
*
7
%
1,400
15%
16%
2,100
5%
16%
5%
2%
300
2%
6%
7
1,700
700
11
Apr
Feb
Apr
Mar
500
6%
1%
Apr
2%
.Ian
400
4
Apr
6%
Mar
ser
104%
Apr
D..100
104% 104%
5
3
3
50
100
20
14%
16%
18%
"is
15%
*
Rustless Iron A Steel
♦
Ryan Consol Petrol
18%
100
%
7% preferred
59
"3%
57
60%
3%
400
4%
1,600
4
1,200
74
3%
73
Jan
7%
100
3%
58
3%
59
2,600
Seeman Bros Inc..
May
35
Jan
Segal Lock A Hardware..*
Feb
Feb
Jan
Seiberling Rubber
Selby Shoe Co
com
*
*16
Jan
23
Jan
1%
39%
Mar
Apr
Mar
Feb
3%
1%
70
Jan
70
Apr
Jan
38%
19
Mar
Jan
Jan
6%
Feb
4%
Apr
Apr
92
Feb
Jan
71«
5%
73%
Feb
Apr
7%
7
Jan
10
Feb
Jan
6%
34%
Apr
3%
110
7%
1,000
26
%
%
16
30
42
4
Jan
May
7
1,300
Manufacturing.25
Scranton Spring
Brook
Water Co. $6 pref
*
Securities Corp General..*
14%
105% May
Feb
4%
19%
Apr
1%
10
Feb
Jan
*16
3%
58%
com
Jan
4%
8
100
Producers
2
600
5,500
35
•
Safety Car Heat A LightlOO
8t Anthony Gold Mines.. 1
St Regis Paper com
5
Apr
Feb
21%
Jan
5
%
5
Mar
Mar
Jan
%
17
1%
48
15%
Jan
4%
Jan
Jan
Mar
Apr
141
»
112%
9
125
30
1%
Schlff Co
100
Jan
10
145
Scoville
Jan
5%
Jan
4%
Royal Typewriter
Feb
Feb
Feb
125
*
Mar
Feb
110
0%
145
*
87%
109%
Feb
Feb
Apr
1
$1.20 conv pref
108%
100%
97
110
2%
*
Jan
Jan
Jan
25
25
com
Savoy Oil
JaD
Feb
125
*
Jan
104%
92
98
"~2% "2%
*
79
13%
3315
103
105
Jan
115
21
Jan
Mar
37%
48
"46"
"23
20
21
10
Royalite Oil
Jan
26%
100
103%
"46"
*
com
Jan
Jan
Feb
Jan
1%
Feb
Apr
41%
Feb
Jan
55
Mar
1,400
2%
Jan
5%
100
Apr
46%
Jan
3%
6,800
41%
1%
Jan
Mar
2%
300
4%
4%
2%
85%
1,700
84
*
4%
41%
2%
3
3%
41%
2%
2%
41%
86
88
*
2
Jan
30%
Jan
2%
Jan
40
Feb
Feb
Mar
Selected Industries Inc—
Common
$5.50 prior stock
Allotment certificates
pattf1
100
102
40
600
Salt Creek
9%
Apr
7%
26%
40
Feb
Mar
Jan
98%
101%
..5
11%
102%
Apr
Jan
Jan
101%
Ohio Power 6% pref... 100
Ohio PS 7% 1st pref...100
10%
Apr
9
98%
34%
15%
38
740
Apr
May
100
Feb
Feb
Jan
Jan
108%
110% 111
107
Feb
Jan
Jan
*
100
9%
14
May
75
Apr
Jan
22
Rossla International
Apr
1,000
•
Apr
100
5%
42%
28
Jan
X
800
15%
39%
27%
%
"16
300
30%
»,«
1%
Apr
1,500
14%
21%
41
800
%
25
400
21
Jan
Mar
May
14%
1,100
1,200
6X
27%
21
2%
9%
%
Schulte Real Estate com..*
5%
25%
19%
37
40
Jan
28%
%
%
*
Roosevelt Field, Inc
77%
21
Jan
May
Jan
Rochester Gas A Elec Corp
Apr
103
May
1%
Apr
3%
8%
28%
*
New wl
71
27 X
2%
4,000
37%
*
Reeves (Daniel) com
Reiter-Foster OH
Apr
5
29
50c
Oil Co
Jan
7%
4%
1%
$3 convertible preferred*
Raytheon Mfg
Jan
9,800
Feb
27%
4%
*
Feb
55
77%
140
Jan
May
Jan
•
Common
38
116%
4%
71%
125
1%
22%
Class B
110
260
66%
120
Raymond Concrete Pile-
104
Northern N Y Utilities
Jan
*
Jan
Nor Pennsy RR__
50
Norlnd Pub Ser 6% pfd 100
7% preferred..
100
loom*
7%
24%
Class A
Jan
40
North American Match..*
No Amer Utility Securities*
K01
Feb
600
67
Rus8eks Fifth Ave
Nor Amer Lt A Pr—
com
39
9%
29
*
com
Jan
IX
9
♦
Niplssing Mines
% pref
Jan
Apr
8%
Jan
Root Petroleum Co
Ohio Brass Co cl B com
Ohio Edison $6 pref
Jan
10%
*
90%
"260
"55% "56
516
•
12%
Jan
100
300
101%
1%
Novadel-Agene Corp
Mar
50%
♦
com
20
105
7% 1st preferred
100
Northern Pipe Line
10
Nor Sts Pow com class A100
Northwest Engineering
*
3%
725
Ry A Light Secur
Jan
101
Nlles-Bement Pond
Nor Cent Texas Oil Co
Nor European Oil com
Apr
May
Rainbow Luminous Prod—
92%
36
1
Feb
Ry A Utll Invest cl A....1
Richmond
Common
18%
59%
Feb
Corp—
30 preferred
Jan
54%
Feb
Apr
Rosarioio
Jan
Jan
7%
58%
Mar
1%
2%
N YPr ALt7% pref...100
$6 preferred
*
N Y Shipbuilding
60
*
6% preferred
Quebec Power Co
74%
,.*
Feb
Jan
7%
1%
100
100
«♦
$5 preferred
Quaker Oats
700
N Y Auction Co com.....*
Apr
13%
"466
100
Feb
2,100
3%
7%
40
Jan
1,700
100
Feb
85
3X
Jan
Mar
9%
Pub Service of Okla—
4%
6%
Class A opt warr
Class B opt warrants
12%
00
Jan
81X
*
Newmont Mining Corp. 10
4%
2~600
70%
*
Feb
__15
100
9%
Public Serv Nor 111 com..*
16
77
Apr
10%
100
100
19
78 X
Mar
15
8%
125
Pub Serv of Indiana$7 pref*
Jan
__5
Feb
36
.
Apr
Founders shares
1
N Y Steam Corp
com..
*
N Y Telep 6%%
pref.. 100
NY Transit
...5
N Y Wat Serv 6%
pfd.. 100
3,500
*
12%
*
6%
10
*
$0 preferred
10%
...100
com
5%
»
Prudential Investors
*
New
116%
Feb
May
Puget Sound P A L—
111%
1,600
Apr
11
"9%
1
$0 preferred
*
Pyle-National Co
5
Pyrene Manufacturing..10
1
900
12
*
5
New Mex A Ariz Land
New Haven Clock Co
Jan
Propper McCallum Hos'y *
Prosperity Co class B
*
Jan
1,200
20
112
Nestle-Le Mur Co cl A
»
Nev Calif Elec com ....100
Ollstocks Ltd
Pratt A Lambert Co
Pub Utll Secur $7 pref
Jan
Nelsner Bros 7% pref.. 100
England T A T Co 100
New Jersey Zinc
25
18
36%
5
Feb
%
%
110%
X
Nebraska Power 7% pf.100
Nehl Corp com
._.*
Nelson (Herman) Corp
Neptune Meter class A
Apr
CO 01 01
1
Jan
9%
Pressed Metals of Amer..*
*
com
12
"14"
*
45
14%
$5.50 preferred
Feb
9%
1
Jan
43 X
14%
National Gypsum cl A
5
National Investors com._l
117
2%
9%
Power Corp of Can com..*
"2%
*
Apr
1
8%
Powdrell A Alexander....*
45
National Fuel Gas
Jan
115
12%
Pleasant Valley Wine Co.l
23%
National Candy Co com..*
National Container Corp—
pref
41
50
Pittsburgh Plate Glass..25
Apr
1,100
T.S66
Nat Bond A 8hare Corp..*
Common
70%
36
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie.60
Feb
1%
Jan
1%
42% May
$2
93%
10
*
11%
1
Jan
Pitts Bessemer & L E RR50
4% May
5
Meter
*37%
com
Mar
Apr
Pltney-Bowee Postage
Jan
6
37X
Mar
34
Pioneer Gold Mines Ltd..!
Feb
138
t c
44
Apr
Apr
.5
"26^ "29
National Baking Co com.l
Mar
112%
»
com
"28"
1
com
Nachman-Sprinfllled Corp*
Ohio Oil
conv
4%
Mountain Sts Tel A Tel 100
Mar
Apr
100
150
130
111
87
1
*
$3
May
6
107%
Jan
55%
31%
10
Jan
35
Jan
50
6%
pref ser A
81
"~25
Jan
103
150
1
Common
250
142
106%
Phoenix Securities—
84%
320
Jan
Feb
Apr
500
11
84%
3,700
Mar
92
*11%
Apr
8%
147 X 148
Mar
8%
5%
22%
60
*
29%
7%
112
May
Jan
36
*
Phlla Elec Co $5 pref
Jan
100
Niagara Share—
Class B common.
10
Phila El Pow 8% pref...25
Phillips Packing Co
15%
28
Mtge Bank of Col Am shs.*
Mountain Producers
10
Niagara Hud Pow—
Common
240
17
Mar
59
12%
100
'"§7% ~37%
148
91
"11"
23%
Montreal Lt Ht A Pow...*
N Y A Honduras
106
3%
Mar
36
36
*
41%
84%
*
Merchandise..
100
108
18%
108%
pref... 100
23%
Moody's Invest Service..*
Moore Corp Ltd com
*
New Process
*
Philadelphia Co com
125
44
Feb
1%
Voehrlnger.*
7% preferred
New Bradford Oil
17,500
44
*
13
28 %
Moh A Hud Pow 1st pref.*
2d preferred
*
Natl Bellas Hess
3%
18%
Jan
6
20
114%
100
Jan
Minn Pow & Lt 7% pf 100
Miss River Pow 6% pfd 100
v
6
Jan
800
100
24
43
*
Mining Corp of Can
*
Minnesota Mining & Mfg *
Preferred A
108%
*
50
10%
Mldvale Co
Nat Auto Fibre A
*
$0 preferred
Penn Salt Mfg Co
Perfect Circle Co
Midland Steel Prod
Mueller Brass Co
*
4%
106
4%
Pennsylvania Sugar Co..20
t c...
Class B
N Y
Pa Pr & Lt $7 pref
Petrol—
Class A
Nat Leather
Mar
5%
..1
Pa Gas & Elec class A
17%
110
...1
Corp vtc
Mar
Jan
200
20
100
Penn Mex Fuel Co
4%
5%
Preferred..
19%
Feb
Jan
5
»
37
Jan
33%
»
Class B
Peninsular Telep com
Pennroad
4
1
Patchogue
Feb
200
*
10
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
Feb
2%
Midland oil Corp—
$2 conv pref
conv
Apr
%
102
IX
*
Preferred
1%
62
Jan
Apr
Apr
2%
*
Michigan Gas & Oil
Michigan Sugar Co
Feb
Apr
*16
Mexico-Ohio Oil
Mock Judson
Apr
89
100%
Metrop Edison $6 pref..
Middle States
13%
Jan
May
28
Messabl Iron Co
Jan
1
25
88
4%
Feb
100
81
Jan
90
Mar
250
78
Jan
95
Mar
=v
Volume
3313
New York Curb Exchange—Continued—Page 4
142
Sales
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Week's
Low
Ranoe Since Jan. 1
for
Ranoe
1930
Week
of Prices
Specialists in Curb Bonds
High
L010
Shares
High
Selfrldge Prov Stores—
Amer dep rec
2H
£1
Sentry Safety Control
Seton Leather
%
10%
com
Shattuck Denn Mining.
Shawlnlgan Wat & Pow__
"20%
8henandoah Corp com..
S3 conv pref
......25
Sherwin-Williams
com. .26
20%
%
Apr
7%
4%
Feb
8%
Apr
Members New York Stock Exchange
200
.
19%
Jan
23%
Feb
Members New York Curb Exchange
Apt
4%
Jan
200
2
100
49%
121%
114
1,200
114
"335"
5% cum preferred...100
Sherwln-Willlama of Can.
335'
200
1%
47%
117
Jan
Jan
May
110%
Mar
17
"""26
Apr
331
Apr
15
Apr
55
100
22
v t c com
Sonotone Corp
Calif Edison—
2%
2%
5% original preferred.26
0% preferred B
25
5%% prefserlesC
26
38
Jan
400
22%
2%
19
1%
2,700
5%
28%
26%
34%
3%
Mar
Feb
for
of Prices
Week
Mar
28%
May
25%
Jan
May
May
27
Apr
5%
Jan
Feb
149
7%
Feb
U S Int'l Securities
Apr
1
Jan
2%
Feb
United Verde Exten
0%
32%
Jan
Mar
Jan
11%
40%
Mar
United Wall Paper
Universal Consol Oil
Jan
58
Mar
Universal
%
300
31%
400
%
%
29
Jan
2%
1
100
1
36%
50
36%
Standard Dredging Co—
Common
Feb
Jan
Aprj
Feb
%
% Feb
Feb
33%
4%
Jan
preferred
Stand Investing $5.60 pf.
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
6% preferred
100
Standard P A L new...
17%
36%
17%
"10% "16%
Utah Apex Mining Co
5
1%
1%
*
62%
61%
36%
50
*
Utility Equities Corp....*
Priority stock
*
Utility A Ind Corp
94%
103
Co..II6c
105
50
22%
23%
850
Jan
6%
Jan
3
Feb
3
100
2%
Apr
1%
700
1%
Jan
81%
81%
10
97
Jan
105
Apr
100
Vogt Manufacturing
2%
100
2%
Apr
4%
Feb
Waco Aircraft Co
Wahl (The) Co common
*
Waitt A Bond class A
Apr!
41
1%
18
Jan
7%
7%
300
7%
32%
81
Apr
Jan
■
Feb
,3%
Jpn
19
*
Feb
§1%
»
Mar
'
3
/ 87
27
Feb
Feb
Feb
6% May
10%
Mar
Feb
6%
Feb
5%
%
Jan
Mar
10%
Jan
63
Feb
*
1%
1%
1%
100
1%
Jan
2%
Feb
Jan
18%
Apr
Walker Mining Co
1
1%
2%
300
1%
Jan
2%
Jan
Wayne Pump common
1
1%
28%
Jan
32%
Apr
7%
Feb
Western Air Express
1
8%
29%
8%
3,500
Jan
Jan
10%
Feb
Apr
Western Auto Supply A
♦
Western Cartridge pref.100
%
1,900
Jan
Marl
300
3%
32%
7%
Apr
7Vs
Apr
5%
6
700
4%
Jan
Mar
17%
Apr
6%
25%
2%
29%
4%
22%
9%
Apr
Western Tab A Sta v 10..*
Apr
West Texas UMl $0 pref..*
Westvaco Chlorine Prod—
17%
18
112
28
"""266
~~4%
5%
Technicolor Inc common.*
30
3%
5%
2%
17%
3,200
1%
Jan
400
3%
18
"4% "4%
4%
15%
Feb
Jan
2%
17%
5%
Jan
14* 200
7,800
200
4,800
4%
"66"
5%
104
6%
Jan
Apr
Feb
24%
6%
5
100%
3%
Jan
Jan
Wil-low Cafeterias Inc
1
66
May
Mar
Conv preferred
Wilson-Jones Co
102
Mar
Wise Pr A Lt
Jan
8%
39%
4%
Mar
9,200
4%
17%
Apr
4%
Mar
66
66
50
6%
Jan
May
6
Jan
Apr
32%
6%
79
Mar
Jan
Woodley
6%
6
Jan
9%
Feb
Apr
68%
Mar
1%
7%
105
3%
__
3%
3%
5,500
Feb
Am dep rets ord
reg_.£l
Am dep rets def
19%
5%
82%
"~8% ""8% "8%
—
-
W —
1
Apr
1st A ref 5s
Jan
1st A ref 5s
Jan
1st A ref 5s
1968
1907
21%
5%
48%
Feb
Aluminum Co
Jan
Aluminum Ltd deb 6s 1948
s
f deb 5s '52
35
35
100
Feb
Amer Com'lty Pow 5 %s *53
106
50
103
Jan
106
Apr
Am El Pow Corp deb 6s *57
110
110
10
107
Mar
113
Apr
Amer G A El deb 5S..2028
Trl Continental warrants.,
3
4%
3%
5,200
1,300
_
Tri-State TAT 6% pref 10
TTunz Pork Stores
._»
Tublze Chatlllon Corp
1
Class A
3%
900
6%
1
Tung-Sol Lamp Works
1
pref new
'12%
Twin Coach Co
Unexcelled Mfg Co
10
Union American Inv'g...*
Union Gas of Canada
*
9
9%
1,300
12%
9%
*
12%
200
12
12%
1,500
2%
200
2%
10%
10%
100
10%
United Chemicals com...*
$3 cum A part pref
United Corp warrants
1%
United Elastic Corp
United Gas Corp com
1%
2,100
7%
United G A E 7% pref.100
United Lt A Pow com A__*
99
2%
.»
warrants
7%
101%
2
2%
5%
5%
5%
8% 178,600
102%
5,500
9
42%
53
40%
12%
43%
12%
Arkansas Pr A Lt 6s..1956
100%
100% 100%
106%
108
Debenture
6s
------
53
53
25
ShoeMaqh com..25
86%
3%
3%
400
86%
725
1
1
18"
17"
3315
1
18%
200
31600
95
79%
106%
103%
3%
13%
100
Feb
91%
Feb
Apr
108%
Mar
Feb
105%
Apr
Jan
10%
Feb
Jan
28%
Feb
Jan
108%
Mar
92%
Jan
99 *4
102%
103%
Jan
105%
Jan
105
103
Apr
May
Apr
Jan
Mar
May
107%
Feb
104%
Apr
106%
May
107%
113%
leb
108%
Feb
117
Jan
Apr
69,000
98
Feb
102%
Mar
Feb
62 B.
Feb
Feb
Conv deb 4%s C...1948
36%
35
36%
4,000
Mar
?8 *4
Feb
Feb
Conv deb 4%s
1949
36%
343%
Mar
39%
Conv deb 5s
1950
39%
37%
36% 114,000
39% 106,000
1968
38%
37%
16%
16%
Mar
4%
30%
12%
Feb
Debenture
Feb
Registered
Conv deb 6%s
Mar
5s
------
Mar
85
1950
84%
4%s..l955
„
_
40%
85
22,000
83
84%
30,000
100% 100%
99% 100
9,000
80
81%
82
82
Mar|
79%
76
79%
9%
104%
2%
Mar
79
79
79
Atlas
Plywood 6%s..l943
6s with
warrants
6s stamped x w
Mar
Mar
1st M 5s series A...1955
Feb
Mar
9%
Mar
5,000
30
Jan
29
Mar
41
33
Mar
45%
40%
Feb
Feb
May
leb
30%
Jan
38
May
75
Jan
85
May
78
Jan
100% May
Jar
96%
91%
101%
Mar
Apr
101
Apr
108
Mar
Baldwin Locom Works—
1938
Bell Telep of Canada—
V.
2,000
40%
84%
1977
Assoc T A T deb 5 %8 A '55
38
39% 131,000
38
2,000
82
115
120%
1st M 5s series B...1957
6s
series
C
1960
Bethlehem Steel 0s
1998
-
-
M
—
-
-
------
107
115%
120
120%
122% 123%
139% 140
107
24,000
1,000
79,000
2,000
4,000
29,000
11,000
5,000
77%
Apr
79
Apr
73%
Apr
75
Apr
93
Apr
Jan
117
Mar
114%
90
100%
Apr
Mar
Mar
116
Jan
121
116%
Jan
123%
134
Jan
145
Mar
107
Apr
May
54
Mar
Blnghamton L H A P 5s *46
2,000
105%
Feb
14
Mar
Birmingham Elec 4%s 196*
91%
91%
92%
67,000
89%
Jan
53
May
Birmingham Gas 5s...1959
Boston Consol Gas 68.1947
82%
82
82%
16,000
76
Jan
105% 105%
3,000
105%
May
109
Jan
Apr
6%
1%
10
------
107
94%
87%
Feb
Feb
Jan
Broad River Pow 6s.. 1954
99
99
3,000
89%
Jan
102
Jan
Buffalo Gen Elec 5s.. 1939
106
106
15,000
7,000
35,000
31,000
105%
Apr
109
Jan
Apr
108
Feb
104%
Apr
Feb
3% May
83
Jan
90
Jan
Jan
42
May
May
100
65%
81
17
100%
Feb
Mar
Jan
1938
%
Apr
4% May
Mar
Feb
96
84
96%
Apr
6s stamped w W..1938
*
Mar
36%
28%
27%
6s without warrants 1938
Apr
% 7Jan
105%
47%
Jan
1
107
Jan
56
38%
85
25
Feb
Apr
102%
10,000
Jan
Jan
May
86,000
Mar
3% May
32
57%
10%
8
3%
Jan
29
56
42%
2%
Jan
JaD
Mar
46%
Feb
Jan
11
57%
Apr
43
Jan
47%
1%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5%
Conv deb 5%s.._..1938
Mar
Mar
Jan
Jan
7
Associated Elec 4%s..l953
Associated Gas A El Co—
Feb
9%
37%
14%
10
5%
1%
1
1,000
Apr
6%
10
For footnotes see pag>
6,000
Mar
25
7,700
£1
l
9
22
22
115%
Appalachian El Pr 58.1956
United Molasses Co—
U S Finishing common...*
Preferred
.100
5,000
22
6,000
1
•
preferred
104% 105
Apr
81%
%
86%
3%
6%
29%
2,700
_
*
2,000
2024
107%
Feb
7%
106% 106%
8%
------
Apr
Mar
13
44,000
104%
66,000
99% 100%
14,000
98%
99%
83,000
85%
86%
79%
80% 108,000
104
12
Jan
Jan
Feb
5%
11%
4
Mar
Feb
22%
Mar
9%
100
32
7%
35%
100
13%
83
9%
Amer Seating 6s stp ..1946
Atlanta Gas Lt
13%
400
59,000
107% 108%
97
98% 210,000
103
46,000
103%
104
13,000
104%
103
10,000
103%
106
31,000
106%
107% 108
8,000
1,000
115% 115%
Assoc Rayon 5s
Warrants
Jan
Feb
4%
Jan
Mar
Mar
40
Jan
97%
5%
7
Feb
15%
Mav
Mar
103%
Union Traction Co (Pa)—
($17.60 paid In)
.60
United Aircraft Transport
Feb
Mav
30%
1%
Amer Radiator 4%s..l947
Am RoU Mill deb 5s..1948
2%
25% May
8%
Jan
3
Feb
Apr
Mar
7%
Am Pow A Lt deb 6S..2016
Apr
Apr
Apr
Apr
13%
Mar
1,300
Feb
Jan
Jan
8%
12%
11%
10
7,300
Feb
Jan
5%
8%
%
May
23%
Jan
104%
2%
1%
6
100% May
3% May
7% Mar
10% Mar
1
Apr
2%
Jan
8%
1%
10
0
Feb
8
Apr
21%
11%
4%
Feb
70
32
Appalachian Power 6s .1941
1
Triplex Safety Glass CoAm dep rets for ord reg.
%
%
L900
Jan
23%
104
1956
4
104
15,
78
Jan
"
104%
99%
99%
86%
80%
106%
104%
1951
66
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev__l
16
Apr
Mar
—
—
8
2%
1946
Toledo Edison 6% pref. 100
'S16
Feb
Apr
$
Mar
Mar
Mar
Jan
46
101%
3%
100
1942
reg._£l
Todd Shipyards Corp
•
Trans Lux Plct Screen—
Common
500
32
BONDS—
Abbot's Dairy 0s
Alabama Power Co—
Jan
2%
Jan
Jan
Feb
May
Apr
1
65
1%
15%
80
5
1st A ref 4 %s
Tobacco Prod Exports
Tobacco Securities Trust
800
3%
66
64
7
.1
1st A ref 5s
55%
4%
Feb
Jan
Thermold 7% pref
100
Tishman Realty A ConstTobacco Allied Stocks....*
3%
1%
Amer deposit rets
5s
Wright-Hargreaves Ltd..*
Apr
800
25
100% 100%
7% pref. .100
Yukon Gold Co
%
Apr
19
(F W) Ltd—
4%
100%
20
75
32
*
Petroleum
Wool worth
300
5%
105
-
100
Wolverine Port! Cement 10
7,200
%
5%
104
Apr
66
-
69%
*
0
Feb
8,300
1,100
—
2l""
69%
•
Jan
Mar
2%
5
69%
•
preferred
Mar
4%
-
2l"
"
»
35%
4%
100
..100
300
30%
1st preferred
Jan
62
1,500
37%
Williams (R C) A Co
Williams Oil-O-Mat Ht
4,400
900
7%
7%
100
West Va Coal A Coke
3%
6
7%
27
Ry—
Feb
6
3%
Western Maryland
Apr
5
36%
5%
36
j
Tenn Products Corp com.*
Apr
34
Mar
27%
4%
1
Producing... *
Texas P A L 7% pref.. 100
Texon Oil A Land Co
•
Feb
102
36%
Texas Gulf
Jan
18
0%
2%
17%
4%
7% 1st pf.100
Apr
1
"26"
28
8
*
B
4%
....1
Teck-Hugbes Mines
Class
4%
19%
U S Foil Co class B...
2,900
3
Jan
May
1%
preferred
Jan
66
Preferred
1%
%
Jan
2%
3
7%
4%
18%
__
United
1%
5%
Jan
Venezuelan Petrol new.__l
Va Pub Serv 7% pref. .100
1%
22%
May
65
U S Dairy Prod class A..
Class B
3%
800
Feb
83
300
3
101
Apr
May
Venezuela Mex Oil Co. .10
Jan
3%
.1
2%
65%
_
1
May
3%
75
Feb
common.
400
16
_
75
1
"~75~"
94%
Apr
Utll Pow A Lt
2%
100
Preferred
75
75
4
*
2%
19
United Shipyards com B
200
Feb
13%
i
Am dep rets ord reg
United Profit Bhartng
4
4
23%
14%
69
Tampa Electric Co com..
Tasty east Inc class A
1
Taylor Distilling Co
1
$3
10
94%
Anr
36%
preferred
Jan
Apr
Apr
Jan
Jan
17%
11%
21%
Conv
Jan
60
Feb
200
~~2%
2%
Jan
49%
4,900
5%
1st pref
Jan
46
Jan
2,400
20
Milk Products
%
3%
100
63
35%
17%
12%
'16
Syracuse Ltg 6% pref.. 100
Taggart Corp common
conv
Mar
32
Apr
30%
_
Sunray
$6
Jan
12%
Apr
18%
12%
Investing common...*
United
11
22%
4%
1,200
1%
Mar
Jan
Jan
22%
200
Feb
Feb
7%
18
'
Jan
29
Inc
Common class B
5%
Jan
%
Apr
12%
I
8tetson (J B) Co com
Stlnnes (Hugo) Corp
5
Stroock (S) A Co
•
Stutz Motor Car.....HI*
Sullivan Machinery
*
Option
Mar
3%
...
Utica Gas A Elec 7% pf 100
100
Pref non-voting
Mar
6%
3
8,700
%
6%
29%
Sterchi Bros Stores....
1st preferred
..50
80c div
4%
1,900
2,800
I
Mar
25
Swan Finch Oil Corp
Swiss Am Elec pref
Jan
1
Utah Pow A Lt $7 pref
Utah Radio Prod
2%
2d preferred
Feb
Jan
1%
1%
3%
%
3%
1
Feb
May
1,200
*
Feb
Apr
%
Universal Products
1%
Jan
4%
1
4%
Jan
41 %
,n
19
8
41%
May
200
1,400
10
Jan
7*4
4%
1
.._*
com
Apr
19%
5
50c
Insurance
Feb
Feb
4
%
Feb
35%
19
%
Feb
3%
May
4%
•
c
74% May
Jan
1%
30
4%
3%
84
Jan
13%
Common class B
Preferred
preferred
3,300
1%
3%
Conv
Standard Silver Lead
Steel Co of Can Ltd
Stein (A) A Co common.
200
2%
<
Jan
%
33
74%
2
10
4%
1,100
1,200
74%
2
7% preferred
100
U S Rubber Reclaiming..*
U S Stores Corp com
..*
t
1,700
2%
High
Low
Shares
2%
*
U S Radiator Corp com
v
High
74%
1st pref with warr
TJ S Lines pref
U S Playing Card
United Stores
Low
2%
100
35
Price
Pa
200
5%
1 %
7t6
31
31
Standard Brewing Co
Standard Cap A Seal com
Tenn El Pow
Week's Rangt
Sale
Universal Pictures
Square D class A pref..
Stahl Meyer Ino com....
Corp..
Apr
84%
27%
50
Am dep rets ord bear_£l
Am dep rets ord reg__£]
Swiss Oil
41%
500
8%
34%
.26
Oil
Sunshine Mining
Range Since Jan. 1 1936
Last
64
5%
S
8%
Penn Oil
Feb
600
38%
28%
26%
1%
So'west Pa Pipe Line
Spanish <fc Gen Corp—
50
141
Southern Union Gas
Southland Royalty Co
8un
Sales
STOCKS
Feb
Jan
YORK
NEW
-
4-7140
Fridai
Feb
Jan
2%
"28%
Southern Colo Pow cl A.25
Southern N E Telep___100
Southern Pipe Line
10
Sterling Brewers
-
-
DIgby
Apr
20%
865
Southern
6%%
BROADWAY
Apr
116
Jan
3%
Amer dep rec ord reg_£l
Smith (L C) A Corona
8outh
39
Apr
145%
(Concluded)
Singer Mfg Co
Singer Mfg Co Ltd—
Typewriter
Peter P. McDermott Sl Co.
Feb
700
20%
6
1%
1%
Mar
800
11
49%
2%
800
%
10%
6%
117
121
Jan
1956
106
106
106
Canada Northern Pr 5s *53
104
104
104%
111
111
Gen A ref 5s..
Canadian Pac Ry 6s.. 1942
1956
101%
M A P 5s '53
------
Feb
Cent Ariz Lt A Pr 5s I960
105%
Jan
111%
101% 102%
112% 112%
105% 106
102%
Mar
109%
Apr
116%
Mar
62,000
98%
Jan
102%
May
7,000
111%
105%
Jan
113%
Feb
Jan
107%
Mar
28%
pr
33%
Mar
Central German Power
2%
1%
1%
Feb
6%
24%
Mar
Jan
Carolina Pr A Lt 6s
104
Cedar Rapids
6s partlc ctfs...
.1934
8,000
If
New York Curb Exchange—Continued—Page 5
3314
Sales
Friday
Last
Week's Range
for
BONDS
Sale
Price
Low
$
E........1956
1st A rel 4%s ser F.1967
6s series G
1968
4%% series H
1981
Cent Maine Pr 4kb E 1957
Cent Ohio Lt A Pr Ss.1950
Cent Power 6s ser D..1957
Cent Pow & Lt 1st 58.1956
Cent States Elec 5s...1948
5%s ex-warrants... 1954
Cent States P A L 5%s '53
Chic Dlst Elee Gen 4%s '70
103
98%
102
99 M
102 M 103
20,000
99 % 113,000
51,000
101M 102 %
99 M
98 M
25,000
98
104 % 104 %
*~98
89 %
88 M
62%
64%
68 M
61
15,000
16,000
5,000
88 % 115,000
63
92,000
63
65
98 M
97
90 %
89
87%
134,000
100%
Jan
94
Jan
99%
93%
Jan
Jan
162%
105%
100%
103%
100%
104%
(Continued)
Mar
Mar
Feb
Mar
Chlo Rys 6s ctfs
1927
Cincinnati St Ry 5%s A '52
6s series B
1955
Cities Service 5s
1966
110
3,000
109%
Jan
102 M
72 M
5,000
19,000
101%
92 M
97
8,000
86%
Apr
Apr
Jan
93
Jan
96%
98%
69%
69%
97%
Jan
7,000
102
71%
91%
96 M
104 H
103% 104%
73
71
73 M 101,000
73 M
71X
45%
73 M
46
1st 4Mb series D...1957
1st M 4s series F
1981
3%s series H.
1965
Com'wealth Subsid 5%s *48
Community Pr & Lt 5s *57
Connecticut Light & Power
7a series A
77
77%
75,000
5,000
65
104%
111M
lllM
110% lllM
5,000
111% 111M
1,000
112
112
lllM
107 M
iosk
70 M
1,000
111% 111%
11,000
106% 108 %
104% 105M
56,000
103 % 104
71
70
30,000
76,000
ser
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
Cumberld Co P & L 4%s'56
Feb
6%b series B
107
5s series C
1951
5s 1st series B
1950
Apr
Mar
Jan
Mar
Aug 1 1952
Certificates of deposit.
Deb 7s
Aug 1 1952
103%
99
33,000
1,000
104
102%
106
105%
6
ser A__
*57
Intercontlnents
Pow 6s *48
7%
Mar
104%
76%
76%
Feb
Mar
Jan
34
Feb
Jan
46
110%
110%
110%
110%
105%
103%
102%
63%
Arp
Feb
May
Mar
Jan
Jan
Jan
112%
113%
113%
Mar
113
Mar
Feb
Jan
Jan
108% May
Jan
106%
Apr
105
Jan
77
124% May
127%
Mar
109
May
109
120
Jan
123
108
9,000
106
Mar
110
6,000
8,000
34%
99
99
1,000
88%
89% 220,000
11,000
101% 102
103
5,000
103%
97
99
25,000
88
Jan
107
97%
36
85%
Feb
85M
92M
"lH
106
7%
Jan
Jan
109
Jan
105%
Apr
103% May
100% Mar
Jan
Jan
104% May
110
May
95%
Feb
Apr
108%
101%
Apr
Feb
107
Feb
111%
Feb
Jan
75%
Feb
10,000
24,000
34,000
3,000
63
Jan
74
Feb
90
Mar
104%
4%
5,000
5,000
4,000
66%
93%
105%
7%
60%
.63
1955
7s series E
1957
66
66
1952
62
62
Jan
Jan
96%
106%
Jan
Feb
17
Feb
Interstate Power 5s_.1957
Debenture 6s
1952
50
Jan
76
Mar
64
Feb
75
Mar
53%
Feb
76
Mar
107
International Salt 5s.. 1951
Jan
109%
Apr
103
Feb
Apr
88
Feb
100%
48
Jan
Jan
Apr
May
Feb
Mar
"99%
99%
29~666
77
78%
80,000
98%
74%
70
71%
16,000
67%
Apr
79%
5s series D
1956
Jan
85%
85
85%
80%
23,000
81%
Apr
92
Feb
4%s series F
Apr
87%
Jan
Mar
102%
Apr
99
31,000
78
100
79%
1958
Apr
101
Feb
104
May
104% May
104%
Apr
106
Jan
Feb
Mar
May
Invest Co of Amer—
5s series A
1947
w w
Without
warrants
105%
104
1961
104%
104% 104%
1958
5s series B
105
105
105
104
104%
60%
106
23,000
1,000
106%
97 %
"89 M
look
44
Jan
60%
83
1,000
78
Jan
90
48%
49
50,000
39%
Jan
53%
49%
50
7,000
1942
Italian Superpower 6s. 1963
Jacksonville Gas 5s... 1942
Stamped
....
Jan
Jan
93
Feb
4Mb series C
1961
Kansas Gas & Elec 6S.2022
101% May
104
Jan
Kansas Power 5s
102
Mar
104
Apr
Jan
99
Apr
1st mtge 5s ser H..1961
83%
Apr
88%
Jan
100%
Apr
58 series B
106
108
May
Kimberly-Clark 5s... 1943
103
Jan
105%
Apr
Koppers G & C deb 5s 1947
Jan
109
Jan
37,000
107%
99%
105%
102%
103%
107%
105%
I
4,000
4%
Jan
11
Feb
Lone Star Gas 5s
5%
9,000
2,000
1,000
4%
%
%
Jan
Jan
10%
Feb
Long Island Ltg 6s... 1945
Los Angeles Gas & Elec—
1%
104
1,000
1,000
Jan
Jan
Feb
Apr
Mar
Jan
101%
74
99%
102%
3
Jan
2%
Jan
103%
88%
Feb
Mar
Mar
105
Mar
Jan
105
Feb
Jan
Jan
Jan
55
85
106%
105%
98%
80%
Jan
119
May
Mar
Jan
Jan
117
Apr
102
Feb
92
Jan
3,000
40%
105%
Jan
Jan
56
May
6,000
75%
Jan
23,000
32,000
6,000
68,000
3,000
1,000
1,000
26,000
11,000
4,000
8,000
102"
84*666
103%
91%
93% 220,000
93%
97%
89%
89%
97%
94%
58
64
98
89%
89%
97%
100
100%
84%
84%
33% May
102% May
1% Apr
75%
Jan
99%
Feb
102% Apr
103% May
Jan
100
Jan
90%
Apr
28,000
81,000
88%
92%
Jan
1,000
52,000
83%
Jan
82
Jan
1,000
3,000
28,000
97%
3,000
5,000
98
107%
Mar
92% May
Jan
Jab
May
29%
29%
87
88
Grand Trunk West 4s. 1950
Gt Nor Pow 6s stmp..l950
look
Memphis P & L 5s A.. 1948
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
Midland Valley 5s....1943
Milw Gas Light 4%s._1967
Minneap Gas Lt 4%s.l950
Minn P & L4%s—.1978
5s
1955
Feb
5%s
96%
Jan
Munson
Narragansett Elec 5s A '57
Feb
5s series B
1957
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 68 A
2026
Deb 5s series B.;
2030
Nat Pub Serv 5s ctfs. 1978
99% Mar
90% Mar
89% May
102% Mar
102% Mar
Feb
89%
May
1950
67%
67%
108%
Jan
Apr
82%
Mar
2,000
10,000
44
Jan
60
Mar
56%
Feb
105
Jan
Apr
Apr
Jan
Jan
Jan
75
4,000
12.,000
10,000
1,000
42^666
72
Jan
1,000
25
May
29
Mar
103
May
1938
Hood Rubber 7s
1936
Houston Gulf Gas 6S..1943
103
6Mb with warranta.1943
Houston Light A Power—
1st 6s series A
1953
98
103
103% 104
99
4,000
19,000
3,000
103% May
97%
Jan
103% 103%
105
Hydraulic Pow 5s....1950
105%
4,000
4,000
3315
May
103%
Jan
Feb
49,000
103%
105%
75%
Jan
99
2i"666
104
12,000
101%
5%
5%
102% 103%
102% 103%
103%
100
100%
87%
88%
24
26
109% 110%
120% 120%
93% 94%
112% 113%
68
69%
67%
67%
Jan
Jan
Jan
96
Jan
Mar
May
104%
Apr
Feb
105%
104%
107%
Apr
Mar
Jan
107%
106% May
Feb
107%
83%
106%
62
Mar
Mar
Mar
Mar
101
Feb
7,000
103%
Feb
107% May
6,000
91%
Jan
103
78
Jan
18,000
19,000
68,000
54,000
25,000
47,000
50,000
24,000
8,000
5,000
27,000
9,000
2,000
43,000
30,000
7,000
39,000
28,000
65,000
6,000
1,000
68~666
94%
Jan
111%
101%
104%
Jan
Mar
Jan
Feb
May
103% May
98%
Jan
93%
106%
Mar
105%
102%
Apr
102%
105
102%
Mar
84k
Apr
189%
Mar
95%
96%
Jan
Jan
Feb
Jan
105
Jan
107
107
Feb
108% May
Jan
108%
Feb
68%
106%
Mar
57%
Jan
Feb
93%
Jan
5% May
102%
Apr
102% May
101% May
Feb
11%
107%
Jan
103
May
100
Feb
97
85%
Apr
Apr
18
Jan
108%
Feb
117%
Jan
105% May
86%
Jan
109%
Jan
106
Jan
Feb
102%
Feb
93%
27% May
112
May
122
May
109
Feb
66
Apr
85%
64%
Apr
95%
113%
79%
79%
Apr
79%
Feb
36,000
85
Jan
88%
Jan
99%
102%
Mar
59,000
88%
Feb
10,000
58,000
32,000
95%
98%
..1942
85%
83%
86%
82,000
Income 6s series A. .1949
N Y Central Elec 5%s '50
New York Penn A Ohio—
Ext 4%s stamped.. 1950
77%
77%
77%
3,000
Feb
Apr
Feb
Feb
Mar
New Orl Pub Serv—
6s
stamped..
N Y PAL Corp 1st 4%s *67
N Y State E & G 4%s.l980
Feb
1st 5%s
1962
N Y A Westch'r Ltg 4s 2004
Debenture 5s
..1954
Mar
109%
Apr
107%
93%
43%
Jan
32%
104%
Jan
Jan
5%s series A.
1956
Nor Cont Utll 5%s—.1948
No Indiana G A E 68.1952
21,000
Jan
81
Jan
Feb
104
Feb
107%
110%
107%
103%
108%
105%
112%
108%
108% 108%
105% 106%
102% 103%
25,000
106
Jan
Apr
77,000
102%
Jan
103% 103%
1,000
105%
101%
Mar
103%
Mar
Apr
Jan
Jan
Feb
Mar
No Amer Lt & Pow—
Jan
Jan
69
103%
106
Nippon El Pow 6%s..l953
Feb
74%
101
Niagara Falls Pow 8s. 1950
107
101%
Feb
Feb
Mar
Mar
108
Mar
103
Mar
104
Mar
107%
106%
Mar
Mar
112% May
106% Apr
1951
Apr
104 %
105
96%
107%
106%
103%
104%
103%
104%
106
5,000
94%
108
Jan
Apr
102% May
98
Apr
Apr
103%
102%
103% May
Feb
108%
Jan
102%
94%
102%
Apr
102% May
58,000
Mar
90
102%
97%
Feb
106% 107%
100%
86%
87%
104
104%
103% 104
100% 101%
104
104%
85%
89%
93%
93%
106% 106%
107% 108%
106% 106%
64%
66%
Jan
Feb
Apr
98%
Jan
Apr
95%
105
106%
Apr
97%
107%
1,000
68
Jan
Feb
Mar
7,000
43,000
67
90
Feb
88%
24
109%
1948
Mar
Jan
100%
Conv deb 5s
103
101
102%
103
Conv deb 5s
Mar
Apr
Apr
Mar
103
"94"
Debenture 5 %s.. ..1954
38%
90%
45,000
2,000
42,000
Apr
12,000
104
101
New Amsterdam Gas 5s '48
N E Gas A El Assn 5s. 1947
New Eng Pow Assn 5s. 1948
70
26%
89
Nevada-Calif Elec 5s. 1956
Jan
104%
102%
108%
105%
104%
120%
Feb
85
87%
104%
103%
101%
Nebraska Power 4%s.l981
6s series A
2022
Nelsner Bros Realty 6s '48
93
29%
99%
88 6%sww.l937
Mar
Feb
1,000
90
14,000
3,000
104% 104%
104
1944
09%
Mar
"99"
"64%
98
103% 104%
110% 111%
103% 103%
54,000
14,000
Jan
59
Missouri Pow A Lt 5%s '55
Missouri Pub Serv 5s. 1947
Montana Dakota Utilities
Feb
Apr
106%
26%
106%
118%
103%
Mar
Feb
11,000
106
"86k "85% "86%
Jau
115%
100%
i8~666
93
109k
103%
1,000
1,000
105% 105%
Mar
100%
105%
106%
95%
105%
Apr
Apr
88
...1977
Mar
"80% "81%
106%
Feb
29 M
51%
65%
105%
105%
102%
109%
106
"80%
...
107%
94
1953
Glen Alden Coal 4s... 1965
Gobel (Adolf) 414s...1941
Great Western Pow 5s 1946
Apr
105%
1946
McCallum Hosiery 6 %s'41
McCord Rad & Mfg 6s 1943
Mississippi Riv Fuel 6s '44
27
Gesfurel 6s
16',000
103%
Manitoba Power 5%s.l951
Miss River Pow 1st 5s 1951
27
79
look 101"
Jau
9,000
47,000
Maas Gas 5Mb
Jan
5%
89
Jan
83
76,000
Jan
108
107
106%
1957
Mar
99% 142,000
5%s series E
1947
Louisiana Pow A Lt 5s 1957
Louisville G&E 4%s C *61
105%
104% 104%
104% 104%
102% 102%
104
1955
Mar
82
7,000
8,000
61
Feb
Mar
49% May
106%
Jan
105% 107%
104%
1942
Miss Pow & Lt 5s
22%
98%
Lexington Utilities 5s. 1952
Libby McN & Llbby 5s '42
110%
Mississippi Pow 5s
64
83
103%
Jan
Jan
99 M
102%
Apr
Feb
Jan
Georgia Pow A Lt 5s.. 1978
1947
Sink fund deb 5%s.l950
Lehigh Pow Seem* 6s..2026
39%
79
86%
95%
42^000
5s called
104%
104%
80
89
102%
109%
105
94%
94%
4,000
105%
92%
9n
92%
33%
33%
102% 102%
1%
1%
105
93%
1969
92%
63%
105%
118
5s series I
23%
65%
105%
101% 101%
1947
Jan
87%
Gulf OiJ of Pa 5s
1947
Gulf States Utll 5s... 1956
4 Ms series B
1961
105
118
105%
110
100%
84%
86
51%
104% 104%
194/
Apr
Mar
15,000
101%
Jan
Kentucky Utilities Co—
23
Grocery Store Prod 6s 1945
Guantanamo A West 6s '58
48%
1,000
8,000
Jamaica Wat Sup 5%s '55
Jersey Central Pow & Lt—
Jan
Jan
22
"64"
16,000
83
1957
96
91
93
57%
Isotta Fraschinl 7s
106
100%
103% 104%
104% 105
103 M
Jan
106%
105%
Iowa Pow A Lt 4%s
Iowa Pub Serv 5s
99
20,000
Feb
99%
77%
70%
Interstate Public Service—
29%
88 %
105
Feb
Apr
65
99
Certificates of deposits
For footnotes see page
65%
90%
97%
"66% ~5~5"O66
6%s series C
85%
Gen Wat Wks A El 5a. 1943
Georgia Power ref 6s. .1967
Ref Almpr 5s
"66"
1955
100
1940
1st 4%s series D...1978
1st 4M» series E
1981
3,000
1948
1%
5,000
102% 102%
83%
86% 564,000
83
Gen Vending Corp 6s. 1937
A St Ry 5 Ms
105
6%
6
54%
5s ex-warr stamped. 1944
Hall Print 6s 8tmp...l947
Feb
7s series F
Feb
Mar
Gary Electric A Gas—
Hamburg Elec 7s
1935
Hamburg El Underground
Feb
97
6%s series D
5%s series F
7,000
4,000
41,000
104
Firestone Cot Mills 5s 1948
Firestone Tire A Rub 5s *42
5s series A
104
Jan
Feb
103% 103%
Finland Residential Mtge
Banks 6s-5s stmpd.1961
Hackensack Water 6s. 1938
Jan
86%
107%
107
106% 107%
106% 106%
104
104%
107% 107%
102% 102%
105% 106
105% 105%
1%
1%
Ercole Marelli Elec Mfg—
6%s series A
1953
Erie Lighting 5s
1967
Guardian Investors 5s. 1948
Jan
100
90
89%
Mar
100
General Pub Serv 6s.. 1953
Gen Pub Utll 6%s A. 1956
General Rayon 6s A.. 1948
1C2
105%
1,000
100 M
General Bronze 6s
1963
Ind'polis P L 5s
9,000
108M
1941
1st lien & ret 5s
66%
Apr
112%
1938
Deb 6s series B
1950
Feb
Jan
Empire Dlst El 5s....1952
Empire Oil A Ref 6%s 1942
Gatlneau Power 1st 6s 1956
Deb gold 6s June 15 1941
5s
80%
111%
117% 119
108% 109
First Bohemian Glass 7s *57
Fla Power Corp
5%s.l979
Florida Power A Lt 5s 1954
Jan
1957
5s
Indiana Service
102%
1,000
5
6M with warrants.. 1943
Federal Sugar Ref 6s.. 1933
Federal Water Serv 5%s*54
Jan
96
91
Jan
El Paso Natural Gas—
European Elec Corp Ltd—
6MB
,1965
European Mtge Inv 7s C'67
Fairbanks Morse 5s.. 1942
86
15,000
5,000
17,000
105
Jan
65%
66%
70
Elmlra Wat Lt A RR 5s *56
El Paso Elec 5s A
I960
Deb 6 Mb
21,000
Hydro-Elec 6s *58
91%
105%
28~6oo
106% 106%
Certificates of deposit
Dixie Gulf Gas 6%s..l937
Elec Power A Light 58.2030
Indiana
Indianapolis Gas 5s A. 1952
Detroit Internet Bridge—
6Mb
"90"
Indiana A Mich Elec 5s '55
80%
106%
97%
Denver Gas A Elec 5s. 1949
Derby Gas & Elec 5s. .1946
Det City Gas 6s ser A. 1947
92
99%
98%
100% 100%
1953
Jan
Apr
Apr
122% 123
Dallas Pow & Lt 6s A. 1949
5s series C
1952
Delaware El Pow 5%a 1959
80
112% 112%
Aug 11940
1940
99
101%
Jan
Isarco Hydro Elec 78.1952
106"
A.. 1943
Crucible Steel 5s
67
111%
103%
106%
Conv deb 6Hsw w.1943
Consol Pub 7Mb stmp.1939
Cont'l Gas A El 5S....1958
Crane Co 5s
Jan
92
s f deb
Iowa-Neb LAP 5s... 1957
124% 124%
5s series D
1962
Consol Gas (Bait City)—
5s
...1939
Gen mtge 4%a
1954
1st & coll 6s
5Mb —May 1957
Indiana Electric Corp—
6s series A
1947
International Sec 5s.. 1947
1956
Consol Gas EI Lt A P (Bait)
1st refs f 4s.......1981
Consol Gas Utll Co—
Jan
95
82%
81%
109
International Power Sec—
1951
4Mb series C.
99
89,000
107
Indiana Gen Serv 5s..1948
Cities Serv P A L 5 Mb 1952
1st M 5s series B...1954
lBt 4Mb series C
1956
103
99% 100
107
104% 105%
Jan
Feb
106
111 Northern Utll 5s... 1967
102
Jan
82
2,000
95,000
34,000
Illinois Central RR 6s 1937
102%
Feb
High
Jan
Jan
105%
89%
75%
78%
80%
106%
Low
56%
Mar
1st A ref 6%s ser B.1954
1st A ret 5s ser C
1956
Apr
May
Apr
Apr
8,000
4,000
58
111 Pow A L 1st 6s ser A '53
61
Range Since Jan. 1 1936
$
107
Feb
63
for
Week
4,000
47,000
67
67%
107% 107%
95
95%
Idaho Power 5s...—1947
Feb
102
101
Commerz A Privat 5 Mb '87
Commonwealth Edison—
1st M 5s series A...1953
68
Apr
110
Conv deb 5a
1950
Cities Service Gas 5Mb *42
Cities
Service
Gas
Pipe
Line 6s
..1943
1949
67
95
110
17,000
77
76 %
9,000
76 %
77% 294,000
100 M 101M
39,000
6%s
68
101
Apr
May
May
82%
Jan
Chic Jet Ry A Union Stock
Yards 6s
.....1940
Chio Pneu Tools 5 Ms. 1942
Hygrade Food 6s A...1949
6s series B
1949
96
65 M
68 M
104% 104M
13,000
Price
of Prices
Low
High
89
104%
70,000
Week's Range
Sale
High
Central 111 Pub Service—
5a series
Last
bonds
Range Since Jan. 1 1936
1936
16,
Sales
Friday
Week
(Continued)
of Prices
Low
High
May
114
Jan
108
Jan
6s series A
1959
111
105% 105%
107%
4,000
14,000
85%
85%
1,000
94
94
94
56,000
56%
55
57
14,000
107%
106
Mar
Apr
105%
Apr
105% May
84% Mar
90%
53
106%
Jan
Apr
Mar
Jan
109
Jan
90
Feb
97
Mar
64%
108
Jan
Jan
Volume
New York Curb
142
Exchange—Concluded—Page 6
Friday
Sales
Friday
Last
Week's Range
for
BONDS
Sale
of Prices
Price
Range Since Jan. 1
Low
BONDS
1966
103%
5s series D
...-.I960
104%
4 Ha seriesE
1970
No States Pow 5%s...l940
N'western Elec fis
1945
101%
104%
102%
N* western Power 6s A. 1960
Certificates of deposit
N'western Pub Serv 5s 1957
..1945
1960
Ohio Power 1st 5s B..1952
Service
Jan
104%
Feb
104% May
101 %
Feb
104% Mar
104%
Feb
Standard Telep 5%s..l943
Stinne8 (Hugo) Corp—
102%
102%
56,000
5,000
23,000
103%
Feb
100%
Mar
21,000
4,000
51
Jan
50%
Jan
68%
67%
98%
103%
Jan
102%
20,000
Jan
108
Tennessee Elec Pow 5s 1956
93
17,000
105%
Mar
107
104
Apr
107%
Mar
Tenn Public Service 5s 1970
Terni Hydro Elec 6%s 1953
78
15,000
7,000
103%
Apr
107
Mar
Texas Elec Service 5s. 1960
6,000
109
Jan
112
Feb
11,000
66
66
105
Jan
107
May
11,000
104% 105
98
,
Jan
Jan
Apr
Apr
Feb
Apr
Jan
7-4% stamped
1936
7-4% stamped
1946
Super Power of 111 4%s '88
1st 4%s
1970
Syracuse Ltg 5%s
1954
5s series B__
Texas Gas Util 68
Co—
C
1953
D
...1954
106
106
5 Ha series E
1961
Okla Gas & Elec 5s... 1950
107
107
107
2,000
106
Apr
107%
Jan
104%
104
104%
36,000
104
May
107
Feb
102% 102%
1,000
102
Mar
105
Feb
r__2022
Thermoid Co 6s stpd.1937
Tide Water Power 5s. 197$
Tietz (Leonard) 7%s.l946
24,000
86
Apr
Jan
Toledo Edison 5s
Twin City Rap Tr 5%s
Ulen Co—
6s
series
A.
109% 109%
1940
Okla Power & Water 5s '48
"88%
Oswego Falls 6s
_.1947
Pacific Coast Power 5s 1940
98%
87%
98%
107
89
98%
94%
93%
Jan
100
Jan
105%
5,000
Apr
107
Jan
Pacific Gas & El Co—
1st 6s series
B.I...1941
1st & ref 4 Ha E
1st & ref 4Hs F
120
1957
1960
"i65%
Palmer Corp 6s
i~66o
Mar
107%
107%
102%
Jan
Jan
Mar
98%
Jan
10,000
2,000
114
Jan
79,000
80
Mar
46,000
100
ip3%
"99%
102% 103%
104% 105
99% 100
104%
97%
5,000
25,000
Apr
99%
1936
Penn Cent L & P 4 Ha 1977
5s
1979
Penn Electric 4s F....1971
121%
101%
85
1938
Park & Tllford 6s
105%
99%
99%
115% 115%
82%
85
Jan
May
105% May
119%
105%
"
Pacific Invest 5s
ser A. 1948
Pacific Ltg & Pow 5S..1942
Pacific Pow A Ltg 5s.. 1955
11,000
120%
Apr
116% May
94%
Feb
103% May
100%
Jan
Jan
105
Apr
Jan
101%
107%
Mar
Apr
Feb
Penn Ohio Edison—
1950
Deb 5 Ha series B... 1959
Pennsylvania Power 5s *50
103%
58 series D
105% 105%
102% 103%
105% 106
107% 107%
105% 105%
Penn Pub 8erv 6s C.. 1947
21,000
101%
Mar
106
May
40,000
14,000
98%
Mar
Jan
103%
107%
May
105
106%
Feb
108
2,000
series
B
1981
6s series
C
1957
Peoples Lt & Pr 5s
1979
Phi la Electric Co 5s. .1966
Phlla Elec Pow 6HS..1972
Phlla Rapid Transit 6s 1962
Pbll 8ub Co G & E 4 Ha '57
111%
110%
110% 111%
107%
106%
Elec 6s..l953
..1939
Portland Gas & Coke 5s '40
Potomac Edison 5s... 1958
74%
4 Ha series F
1961
Potomac Elec Pow 58.1936
Potrero 8ug 7s stmp__1947
108%
Prussian
1st & ref 58
"99%
143%
107
94
107%
56%
54%
105% 106
106% 106%
102% 102%
21%
21%
104% 104%
76
73%
106% 106%
108% 108%
6s series A
1952
6s series A
.1973
86%
103%
Jan
100
Mar
Utah Pow & Lt 6s A..2022
Jan
106%
Feb
Mar
Mar
Mar
16%
16,000
110%
Apr
18,000
86%
Jan
5,000
21,000
105%
Mar
41%
Jan
18,000
103
Jan
56% May
106% Mar
4,000
2,000
10,000
14,000
14,000
7,000
106
Jan
108
Mar
96%
Jan
105
21%
103%
May
Apr
Mar
73 %
May
105%
Mar
6,000
106%
Jan
Mar
Fen
108%'
27%
106
83%
107
Apr
Jan
Jan
Jan
Feb
108%
102%
Mar
Jan
4%S
84
1959
1st ref 5s
106% 107
80
60%
101
115%
West Penn Elec 5s
115% 115%
59%
26
Wheeling Elec Co 5s.
110
108 %
Jan
1,000
104
Feb
107
4,000
101%
Jan
102
Jan
Apr
Mar
102
Jan
103%
Apr
101
Feb
104%
104%
104%
105%
103%
103%
86%
83%
78%
Jan
96%
10.000
14,000
32,000
9,000
26,000
90
91% 131,000
88
20,000
87%
57,000
84%
83%
4,000
104% 104%
"3,000
105
1941
Wisc-Mlnn Lt & Pow 5s '44
Wise Pow & Lt 5s E..1956
111%
103
Apr
Apr
93%
89%
106%
106%
103
Jan
105%
Jan
Feb
Jan
Safe Harbor Water 4Ha *79
St. Louis Gas <Sr Coke 6s '47
San Antonio P S 5s B_.'58
"106%
5s series F
13
Jan
Feb
Mar
Jan
Apr
89
104% 106
Apr
112
Jan
May
33
Feb
Mar
27
Feb
Apr
3,000
5,000
13,000
19
19%
124
108%
Feb
19%
Jan
105
Jan
Mar
1935
19%
Scrtpp (E W) Co 5 Hs-1943
Seattle Lighting 5s... 1949
102%
Second Int'l Sec 5s...1948
Serve! Inc 6s
...1948
"99%
Shawlnlgan W & P 4Hs '67
4Hs series B
1968
1st 4Hs series D...1970
Sheridan Wyo Coal 6s. 1947
103%
19%
102% 102%
103%
103%
65%
Sou Carolina Pow 5s. 1957
"l07"
103% 103%
103% 103%
103% 103%
65
65%
*5*666
25"66O
14,000
3,000
9,000
15,000
98%
99%
105% 107% 150,000
(Province)—
7s stamped
...1952
7%s stamped
...1947
Cauca Valley 7s......1948
1945
105%
1960
103%
RefM3%sB July 11960
103%
109
Am*
Jan
127
Jan
110
33
18%
Jan
30%
Mar
Danzig Port & Waterways
External 6%s
1952
18
Jan
30
Feb
German Cons Munlo 7s '47
May
104
Jan
101%
Jsn
J
n
98
106%
100%
100%
100%
68 series A
75
103
26,000
105%
103% 120,000
20,000
103% 103%
27,000
108% 109%
106
15,000
106%
1955
5s
Secured 6s
1947
Feb
Mar
108
Feb
Lima
Jan
Jan
Jan
68
Jan
97
Apr
101
Feb
105%
105%
105%
70
Feb
Mar
S'western Assoc Tel 5s.'61
161%
S'western Nat Gas 68.1945
"97%
S'west Pub Serv 6s... 1945
Mar
105%
Jan
100%
Jan
104%
104%
106%
105%
Mar
101% 102
Stand Gas & Elec 6s.. 1935
69
70
67%
67%
Convertible 6s
69
69
Certificates of deposit.
Debenture 6s
1951
67%
66%
65%
67%
67%
66%
67%
66
100
100
101
85
2,000
13,000
13,000
6,000
60% May
100
84%
Feb
Jan
Jan
Mar
102
Apr
Jan
110
Feb
25% May
Apr
58*666
76
Jan
43,000
23,000
80
Jan
100%
Jan
Jan
125,000
81%
Jan
91%
Apr
16,000
23,000
104%
75%
Jan
111%
Feb
Jan
86%
Feb
Jan
105
May
105%
106%
100%
Feb
97
105
1,000
12,000
Feb
Feb
Jan
92%
Mar
98
Apr
107
96%
16,000
90%
Jan
100
Feb
100% May
97%
96%
104
Jan
Jan
38,000
20,000
101%
Jan
97%
Mar
7,000
95%
91%
83%
Jan
85%
98%
94%
89
Apr
Mar
Jan
94
19%
19%
5,000
18%
Apr
27
104% 104%
107% 107%
6,000
104%
105%
Mar
98
94%
94
1,000
106
106% 106%
92%
10,000
101
107
13,000
101
106% 107
91%
92%
55%
56%
105% 106%
4.000
Jan
89,000
32,000
Apr
Jan
104% May
99
103%
88%
33%
Jan
Jan
Jan
Jan
107
107%
107
107%
103%
108%
94%
66
Jan
Jan
Feb
Mar
Feb
Mar
Mar
7,000
Mar
Apr
106%
106% 106%
103% 104
50,000
9,000
7,000
105
Mar
106%
107
105%
11,000
55,000
66,000
8,000
15,000
9,000
11,000
2,000
15,000
2,000
12,000
1,000
10,000
30,000
7,000
103%
103% 103%
106
106
106
9,000
Feb
107%
Feb
106
Jan
107
Feb
101%
Jan
105
Feb
Jan
104%
107%
107%
Feb
Feb
Mar
Apr
104%
Jan
101
105%
106
'103%
103"
103%
1*7*656
19
19
*21"
*2l"
"l"666
Mar
102%
Jan
Jan
Jan
21%
Jan
17
5,000
68
65%
68
68
64
68
76,000
134,000
8
14,000
7%
Jan
21
May
21%
26%
Jan
Feb
18%
Mar
Mendoza 7%s
Apr
Mar
Mar
109% May
100
95%
100
95%
5,000
7,000
71%
71%
20
20
22
12,000
20%
20%
21%
30,000
71%
6,000
4s stamped
Issue of Oct 1927
Mtge Bk of Chile 6S...1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6%s..l959
107%
56%
Feb
108
Jan
Jan
82
Feb
101
Jan
104
Jan
Feb
92%
Jan
Apr
Mar
91
Jan
101% May
Jan
103%
99
105%
83%
Feb
95%
89%
Jan
Mar
33%
Jan
100%
97%
Jan
69%
Jan
May
20% May
20
9
14%
10%
*76"
18%
13%
14%
3,000
10%
11%
14,000
*75*
"76*"
10*666
Santiago 7s
18%
21%
14%
1%
15%
1%
5,000
5,000
1%
1%
1
24,000
15,000
11,000
13%
1
6%s certificates....1919
1921
5%8 certificates....1921
7s Stamped
18
3,000
3,000
1,000
35,000
1
14%
5%s
Santa Fe 7s
18%
13%
1%
Vl"
Russian Govt 6%s...l919
99
May
May
Feb
34
Mar
Jan
Apr
Mar
73
Apr
28%
Feb
28%
Feb
Apr
Mar
32%
26%
Jan
May
12%
Feb
Jan
Jan
12
Jan
17%
Jan
14
Mar
Feb
85
May
63
Feb
76
Apr
18
..1951
Jan
103
11
22%
May 1927
Jan
Jan
68
Jan
20
Apr
Mar
22
8%
13%
9%
71%
Mar
Jan
Mtge Bk of Bogota 7s. 1947
107
Jan
68
Jan
7% May
27
1951
107
99
Jan
57%
28
100
1958
Medellln 7s series E..1951
Feb
92%
55%
31%
Certificates of deposits
Maranho 7s.
Apr
69
7%
(City) Peru 6%s..'58
Mar
Mar
100% Mar
107% May
101
75
87%
105%
1953
103
103%
72%
Jan
Jan
Hanover (City) 7s
1939
Hanover (Prov) 6%s..l949
72%
103
102% 103%
98
96%
101% 102%
100
102%
97
97%
Mar
76%
1952
Danish 5%s
Apr
Apr
105
107% 107%
1951
Southern Nat Gas 6s. 1944
108
42,000
Prov Banks 6s B...1951
103
Sou Counties Gas 4Hs.'68
Sou Indiana G & E 5%s '57
Mar
Apr
106%
21,000
Feb
34
Cent Bk of German State &
Issue of
Ref M 3%s May 1
Mar
101%
88
87
95%
1951
Apr
Sou Calif Edison Ltd—
Debenture 3%s
100
May
22*000
1947
28
61
"99% *99%
20-year 7s
109
Schulte Reai Estate—
warrants... 1935
Jan
Mar
Buenos Aires
26%
12%
101%
29
1958
Baden 7s
7,000
21,000
1,000
1,000
1,000
127
May
93%
JaD
Jan
110
AND MUNICIPALITIES—
Jan
13%
109
93
40
106%
110% 111
82%
84
105
97%
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
Feb
Mar
29
Apr
Jan
FOREIGN GOVERNMENT
9
105%
109
1955
Wks 6s... 193^
Mar
104
Apr
10S
74
~9_,000
127
Joaquin L & P 6s B *52
104%
Feb
Mar
Jan
Feb
Jan
99% May
106%
103% 104
1,000
19,000
.
Wise Pub Serv 6s A...1952
Yadkin Rlv Pow 5s... 1941
York Rys Co 5s
1937
25
13%
4,000
34,000
8,000
105
104
88
110%
83%
Newspaper Un 6s '44
110%
*1*666
99%
82%
Jan
Feb
Feb
Jan
99 %
29
27
87%
87
90%
2030
West Penn Traction 6s '60
West Texas Utll 6s A. 1957
Feb
May
65
101%
58
Wash Ry & Elect 4s_.1951
Wash Water Power 5s. 1960
Apr
143%
81%
25%
Ward Baking 6s
1937
Wash Gas Light 5s.:. 1958
25%
132%
Jan
80,000
106%
7s with warrants..-1954
West United G & E 5 %s' 5*
~7j)66
55% May
Waldorf-Astoria Corp—
West
"26% *26%
60%
1946
Jan
Ruhr Gas Corp 6HS..1953
Ruhr Housing 6HS...1958
Debenture 6s.Dec 11966
Standard Invests 5Hsl 939
1950
Apr
2,000
7,000
Certificates of deposit.
1935
B
Mar
99%
83%
So'west Pow & Lt 6s .2022
ser
6s
91%
96%
105% 105%
Reliance Managemt 5s 1954
Rochester Cent Pow 5s 1953
Rochester Ry. & Lt 5s 1954
S'weetern Lt & Pr 5s. .1957
81%
Valvollne OH 7s
1937
Vamma Water Pow 5%s*57
Va Public Serv 5 %s A. 1946
100%
143%
90
Jan
Utlca Gas & Elec 5s D. 1956
5s Series E
...1952
Jan
141"
98
41%
74
167"
1944
Jan
32
Jan
77% May
U S Rubber Co—
Jan
Queens Boro G & E 4 Ha '58
Sou Indiana Ry 4s
Un Lt A Rys (Del)
5%s '52
United Lt & Rys (Me)—
58,000
39,000
113%
112%
94%
89
17,000
25,000
25
6%% serial notes...1939
6 % % serial notes.
194(1
105
87%
1968
1st & ref mtge 4s...1960
Sou Calif Gas Co 4Hs 1961
1959
97%
"91%
Southeast P & L 6s...2025
Apr
90%
Pub Serv Subsld 5%s.l949
Puget Sound P A L 5 Ha *49
6s with
5%S
Jan
104% 104%
101% 102%
6s ex warrants
1974
108
Jan
24,000
Jan
Feb
59% May
32%
Jan
33%
Jan
89%
Apr
93%
Apr
106% May
Feb
May
Apr
116%
1,000
6
108
Jan
Jan
111%
3,000
Jan
Jan
Jan
United Industrial 6%s 1941
1st s f 6s
-.1945
United Lt & Pow 6s... 1975
Jan
4,000
Apr
45%
United Elec N J 4s....1949
United EI Serv 7s ex-w 1956
106%
28,000
QQ
100% 100%
Apr
105%
Apr
Mar
107% May
107%
Feb
66%
104%
Pub
93
100%
104
65
60%
106%
106%
110%
109%
Apr
8,000
11,000
i960
San
94
Jan
Apr
Mar
"7",000
4Ha series I
Saxon
93
Feb
45
105
99%
103
1980
Sauda Falls 5s
108
49
104
104%
113%
95%
103
103%
5 Ha series A
107
4,000
7,000
12,000
5,000
Apr
1957
87%
103%
105%
1978
Quebec Power 5s
10,000
62
Jan
1967
99
1st & ref 4 Ha ser F. 1981
110%
1966
4
1st & ref 5s series C.1950
1st & ref 4 Ha ser D. 1950
63% 65
57
56%
104% 105
104
104%
Feb
46%
...1954
85
110%
105% 105%
103% 103%
103% 103%
1956
6b series C
H aeries D
4 Ha series E
2,000
5s series B
114%
Electric 6s.. 1954
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—
60%
High
76%
4%s
95%
""85"
Corp(Can)4 Ha B '59
Power Securities 6s... 1949
165%
Low
62% May
5s series A
Jan
100%
92%
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s... 1948
6s
97%
105% 105%
11%
10%
111% 111%
106"
Poor &
97%
66,000
65
78
77%
55
53%
102% 102%
30%
30%
105% 105%
107% 108
Range Since Jan. 1 1936
%
62%
..
97%
105%
Pledm't Hydra El 6%s '60
Power
1944
Union Amer Inv 5s A .1948
Union Elec Lt & Power—
May
107
Piedmont & Nor 5s... 1954
Pomeranian
'52
for
Week
1944
104 %
5,000
1,000
107
Feb
Apr
Peoples Gas L & Coke—
Co.
6s 2nd stamped
68 3d stamped
112%
105%
112% 112%
1954
Penn Water Pow 5s._.1940
4 Ha series B
196S
4s
1962
6%s
6s series A xw
54%
102%
6s
.
High
108
194q
Texas Power & Lt 5S..1956
6s series
of Prices
107
56%
105
1957
5s series
Week's' Range
Low
60%
64%
33,000
48,000
100% 101
10%
106
106 H
106%
105%
105% 106%
105% 106%
106%
1st & ref. 4%s ser D 1956
Public
103% 104%
104% 104%
100% 101%
104% 104%
102% 103
64%
65%
..
Ohio Edison 1st 5s
Price
Standard Pow & Lt 6s. 1957
5s series C
Ogden Gas 5s
Sale
{Concluded)
High
Low
s
High
Northern Indiana P S—
Ohio
Last
1936
Week
(<Continued)
3315
Sales
Jan
92%
10%
Jan
Jan
12%
Jan
1% May
1
May
1% May
1
May
14%
98%
23%
17%
2%
2%
2%
2%
58
50%
12%
1961
7s
12
Feb
71
60
Feb
14,000
11%
Jan
1,000
11%
Jan
*50% *50% *8*666
12%
12%
12%
12%
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
60
1945
....1945
1949
17%
Ma
Apr
12% May
12%
Jan
Feb
Feb
67% May
81
69
84%
Feb
81
Feb
80
Feb
76
Feb
May
66
May
64
May
63% May
97
Jan
102%
Feb
Feb
*
No par value,
a
Deferred delivery sales not included In year's range.
» Under
r Cash sales not included in year's
the rule sales not included in year's range,
range,
s
Ex-dividend.
Abbreviations Used Above—"cod," certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t 0," voting trust certificates; "w i," when issued; "w w," with warrants; "xw."
without warrants.
•
Financial
3316
Chronicle
May 16, 1936
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1 1936
Last
New York Real Estate Securities
from official sales lists
May 9 to May 15, both inclsuive, compiled
Stocks (Concluded)
29
--
-
Unlisted
Stone & Webster
*
45
47%
Slocks—
34%
37%
City & Suburban Homes..
3%
4%
Llncqln Bldg Corp v t c...
5
59
62
39 Bway Inc units
7
72
75
Tudor City—
3
93
93
11%
17%
3%
95%
Drake (The)
1939
6s
33
1939
PennsylvanlM Ride 6s
11%
11
Established 1853
and
Baltimore
May 9 to May 15, both inclusive,
Bait Trans t Co com v t c_*
1st preferred vtc
*
Black & Decker com
of Prices
Jan
90%
70c
1,825
.25
Preferred
5%
100
preferred.
67c
67c
1
130
Waldorf System Inc
13%
*
*
*
144
135
14%
9%
386
8
8%
23
1948
81
82
1948
94
94
701
16%
Apr
%
Jan
2%
Jan
107
20%
Apr
Feb
7%
Last
Sale
27
May
36
84
Jan
92
Apr
114
115%
13%
99
114
Jan
116
263
11
Jan
94%
95%
46
88
Jan
17%
105%
39%
40%
214
39%
Apr
115
^-
95%
13%
10%
10%
141
16%
17
425
1
9
1
26%
26
26%
50
48
283
85
50
New Amsterdam Cas
5
12
11%
12%
Northern Central Ry
50
99
97%
99
35
Feb
Par
Stocks—
Abbott Laboratories com.*
84
Apr
94
May
Apr
CHICAGO
Week's Range
for
of Prices
Week
Adams (J D) Mfg com...*
Range Since Jan. 1 1936
7%
7%
1,050
11%
Jan
Asbestos Mfg Co com
Apr
Jan
2
Mar
May
600
160
40
Jan
46
Feb
110
20
May
32%
Feb
5
5%
150
4%
Apr
Jan
May
3%
40%
Automatic Products com
10
Backstay Welt Co com...*
Jan
Bastian-Blessing Co com.*
Bendix Aviation com
*
Jan
Apr
Binks Mfg Co A conv
13%
Apr
17%
Feb
Bliss & Laughlln Inc
Jan
36%
Apr
8%
15%
9%
26%
pref *
cap.5
750
3%
Apr
3,850
27%
Jan
41%
10
2,150
7%
Feb
11
4
15%
30
10%
28%
800
6%
Jan
6,450
Jan
2,750
21%
7%
11
12
6%
210
25%
1,600
69%
72
28%
28%
5%
15%
41%
5%
23%
1
Berghoff Brewing Co
87
13%
92%
Jan
115
988
34
"io%
3%
48%
May
7%
5%
31%
1%
15
5%
Associates Invest Co com.*
14%
36%
12
12%
45
91%
36%
Mar
23%
1%
36%
8%
12
13%
May
Jan
22
91%
1%
5%
44
2
450
Mar
7% May
*
Penna Water & Pow com. *
1%
May
Jan
10
Amer Pub Serv
Feb
16%
18%
6
Co pref. 100
Common
Altorfer Bros conv pref
Feb
55
100
123
Allied Products Corp—
Armour & Co common—5
Apr
9%
95
Feb
7%
Jan
40
15%
Advance Alum Castings..5
Mar
Feb
30
Feb
1%
23%
Jan
700
Feb
37%
26%
High
97%
7%
Jan
Jan
Low
250
6%
Jan
May
121% 122%
16%
16%
Shares
'""7%
Apr
May
High
Co com..*
11%
%
121%
Low
Adams Royalty
20%
8%
Price
Mar
50
31
1,973
Feb
Jan
%
18
8%
30
Jan
9%
15
245
25
Western National Bank .20
78
Jan
Apr
Feb
41
1
1
Jan
70
Sales
Friday
135
36
IT 8 Fid A Guar
70
9Q
inclusive, compiled from official sales lists
Jan
6
90%
1
Owings Mills Distillery
$2,000
Chicago Stock Exchange
Feb
22%
87
36
Mt V-Woodb Mills pref 100
Jan
Ch'cago Stock Exchange
Chicago Curb Exchange
Exchange
(Associate)
May 9 to May 15, both
27
36
PS7<£ pf25
High
814
.25
25
Monon W Penn
Apr
SECURITIES
10 So. La Salle St.,
90%
3%
MercU <fc Miners Transp.. *
preferred
10%
29%
Members;
Low
111
8
1st preferred.
Jan
Paaf R Davis & @o.
Range Since Jan. 1 1936
for
8
2nd
Feb
Listed, and Unlisted
Week
Shares
2%
2
*
Mire Finance com v t
16
Mar
4H
May
Jan
21
135
2,000
1,000
77%
-.1948
CHICAGO
27
17
10
pref
5
23
Jan
Jan
9%
75
Feb
90o
Jan
%
124
Eastern Mass St Railway—
Stock Exchanges
17%
16%
21
Finance Co of Am cl A—*
Houston Oil
High
Low
4%
Kastern Sugar Assoc com. 1
Fidelity & Deooslt.....20
Fid & Guar Fire Corp ..10
Mar
9%
Jan
Bonds—
4%
22%
27%
*
Consol G E L & Pow...._*
Mar
104
Jan
90%
Sales
Week's Range
16%
2%
190
compiled from official sales lists
Friday
_*
Feb
4
.
Baltimore Stock Exchange
Arundei Corp—
5%
83
New York Curb
Sale
May
105
New York Stock
Last
2%
1,207
Utah Metal & Tunnel
39 Broadway
NEW YORK
York, Pa.
Louisville, Ky.
Hagerstown, Md.
Price
May
8%
Chicago Board of Trade and Commodity Exchange, Inc.
Par
Apr
3%
86%
Series A 4%s
BALTIMORE, MD.
Stocks—
21%
Jan
Baltimore Stock Exchange
on
York
Feb
7%
Vermont & Mass
STEIN BROS. &> BOYCE
New
14%
1%
83%
Series C 6s...
f embers
413
2,750
1,225
8%
Series B 5s._._
6. S. Calvert St.
13%
-
35%
Orders Executed
Jan
12
8
9th Unit Inc units
10%
Oliver Cromwell ctfs
4th Unit Inc units
Feb
11
86%
Warren Bros Co
-
High
577
Corp. 25
Warren (S D ) Co
—
Low
Shares
1
United Shoe Mach
«...
Ath Avfe42«th St Corn 6s'48
Natl Tower Bide 6%s.l944
2%
2%
1
*
High
11%
15%
3%
United Gas Corp
44
Low
17%
Suburban El Secure com..*
Torrington Co
36
31%
5%s. 1940. 17th series..
61 Bway Bldg 5%s
1950
Week
11%
Texla Oil Corp
6%s, 1934. 3d series
Dorset ctfs of deposit
Ask
Bid
Prudence Bonds Corp—
44
1941
Alden 6s
Unlisted Bonds (Concluded)
AS*
Bid
Bonds
for
of Prices
Price
Par
Shawmut Assn tr ctfs—
Unlisted
Week's Range
Sale
Exchange
14
3
Feb
Jan
Jan
18
■12%
Feb
Jan
Feb
Jan
32
Mar
Apr
12%
Mar
7
Mar
Borg Warner Corp com. 10
22%
Apr
30%
Mar
850
64
Jan
83%
Mar
250
27
Apr
30%
Mar
31
28%
31%
100
26%
Jan
34%
Mar
13%
25%
14
150
13
Jan
18%
32%
Apr
Brown Fence & Wire—
Honda—
Class A
Baltimore City—
4%s Sewer Serial...1947
-
-
-
113% 113%
$500
24%
32,150
113% May
113% May
*
Class B
23%
16 %
Jan
1975
B 5s flat
Read Drug & Chem
27%
18%
9,800
17
Jan
1976
68 flat
A
23%
97
97
1,000
84
Jan
1,000
100
100% 100%
5%s'45
Boston Stock
Par
Stocks-
Price
40
33
Rutler Brothers
...10
8%
3,650
7%
Jan
10%
Mar
Apr
43%
8%
40%
8
Castle & Co (A M) com.. 10
43%
1,350
38%
Jan
43% May
61%
59%
62
370
57
Jan
66
1
Jan
13%
1%
13%
100
13
450
13
May
1%
1,850
Feb
Bruce Co (E L) com
32%
Feb
Bucyrus Monighan cl A._*
100
101%
Convertible preferred.. *
official sales lists
Week's Range
of Prices
Low
High
Range Since Jan. 1 1936
for
Low
High
1%
6% preferred
__50
1st preferred
50
Amer Tel & Tel
100
Blgelow-Sanf Carpet pf 100
Boston & Albany
100
Boston Elevated
-.100
1%
30
4
25
Common
4%
110
20%
20%
154% 162%
20
1%
Jan
3%
Mar
20
Mar
2%
Apr
5%
Apr
25
133
66%
100
100
20
Feb
Apr
Chicago Towel Co
2,935
149%
Apr
178
15
97%
117%
Jan
107%
62
Jan
143
Feb
67
245
May
70
Feb
Cities Service Co
CI A 1st pref stpd
100
100
"~8X
CI C 1st pref stpd...100
7%
13%
25
Copper Range
East Boston Co
5%
Apr
May
10%
41
Jan
Feb
*
6
270
5%
8%
160
6%
May
17
Jan
Compressed Ind Gases cap*
Congress Hotel Co com. 100
7%
26
7
May
15
Feb
13%
149
May
May
14%
Feb
6
13%
144%
Jan
16%
156%
10%
11%
345
5%
Jan
14%
Apr
7%
594
6%
Jan
9%
Apr
1
215
%
Jan
1%
Feb
13%
140
140
351
Jan
Apr
100
63%
60%
63%
188
4%% Prior pref
100
75
72%
75
189
60
6%
200
11%
Mar
Jan
83
Mar
Jan
6% cum pref
3%
41%
84
Mar
Jan
Jan
100
3%
1st preferred
100
56 %
56
56%
Jan
3%
62%
Preferred B
100
17%
17%
18
180
8%
Feb
18
6%
6%
7
290
3
Feb
195
*
10%
3%
33
8%
10%
11
52
21
51
17
100
17
159
160
800
21
180
20
37%
140
16%
346
100
159%
Employers Group
General Capital Corp
*
20%
*
37%
20%
36%
Razor
*
16%
15%
Gillette Safety
183
1%
17
preferred
*
Economy Grocery Stores.*
Edison Elec Ilium
3%
51
2d
Jan
May
Apr
7%
14%
60
23%
Apr
Class B
Apr
Loew's Theatres..
1%
j
Mass Utilities v t c
Feb
220
35
Jan
54 %
50
Jan
50
4
50
4%
5,750
49
Jan
20%
40%
4
600
43%
21%
10
44%
250
21%
33%
26
28
100
26
103
103
10
100
25%
4%
4%
1%
"31%
450
26
4%
1%
May
Arp
21%
Apr
May
Jan
48
Feb
31
Jan
Jan
105
FeD
6,950
19%
2%
Mar
100
1%
Apr
Jan
110%
Jan
51
50%
51
200
50%
May
59%
Apr
8
80
May
18
40
Common
Jan
1%
12%
Feb
8
%
5
6% prior pref A
%
8
1,450
%
Feb
7
7%
120
5%
Jan
31%
30
*31%
250
29%
May
99
99
100
140
99
May
100
Common
*
Preferred
100
Cord Corp cap stock
Crane Co common
5
25
Preferred
5%
28
Cum class A pref
Decker & Cobn—
11%
35
25%
28%
900
24
Apr
30%
70
120
Jan
11%
23%
10%
Jan
131%
14%
Mar
400
100
19%
Jan
25%
Mar
4%
Jan
9%
Mar
9%
Jan
7%
15%
15%
14
19%
39%
60
50
350
39% May
150
550
23
Apr
30
Jan
1,250
15%
Apr
250
Jan
18%
37%
Feb
150
36%
41
Apr
FltzSims & Con DAD com*
19%
150
Jan
23
Apr
15%
May
19%
Feb
Gardner Denver Co com..*
19%
45%
27%
16%
47
100
39
Jan
47
15%
16
550
11%
Jan
16
Apr
May
Jan
General Candy A
5
Gen Household Util com.*
10%
100
9%
Jan
11
Feb
10%
125
Jan
18
Mar
1%
May
2%
10%
Util cop.5
Godchaux Sugars Inc—
Class A.
»
8%
34
7%
33%
20
8%
35
3,350
650
50
3
22%
Jan
Jan
IS
38%
Jan
51
Feb
117%
Mar
130
Mar
2%
Apr
1,130
May
58e
May
70%
1%
293
31
470
56c
14%
1%
14%
29%
18%
30%
18%
369
2
21
5%
3lo
34
2
Feb
160
34c
1
3%
598
31c
31
Jan
Jan
Feb
Jan
Mar
16
16
26%
26
26%
1,660
8%
22%
Jan
Goldblatt Bros tno com..*
124
Jan
35
25
3%
Mar
35%
Feb
3
20
15
Apr
39
39%
120% 125
May
19% May
Elgin Nat Watch Co
1%
402
14
18% May
38% May
16%
Jan
Feb
2%
2
Mar
27%
169
Jan
2
Apr
11%
Eleo Household
Class A
19%
Apr
23%
Mar
*
com
Apr
4,000
7
10
Common
Dexter Co (The) com....5
Jan
8
5%
4%
Apr
117%
4%
125% 127
100
Dayton Rubber Mfg com.*
47
Apr
May
Jan
Jan
9
Feb
Continental Steel—
15%
35%
155%
%
footnotes see page 3319
Jan
Jan
17
M
Pennsylvania RR
60
Reece Butfn Hole Mach 10
Reece Folding Mach—..10
Feb
May
96%
25%
50
"lie
38
31%
17
195
39%
Apr
Feb
180
24%
1%
123%
31%
7%
3%
850
39%
1%
*
Feb
25
Jan
May
32%
"24%
60c
Linotype. .*
100
N Y N H & Hartford. .100
North Butte
*
Old Colony RR
100
Old Dominion
25
Pacific Mills
*
Mar
99
*
1%
2
52
A pr
May
31%
97%
Econ Cunnghm Drug com *
Eddy Paper Corp (The)..*
1%
100
5%
Feb
99
Jan
60c
Mergenthaler
22%
Mar
1
New Eng Tel & Tel
For
Jan
13%
19%
39%
Maine Central—
Common,
Feb
8
Dixie-Vortex Co
.26
*
Isle Royal Copper
40
10%
53%
Apr
Feb
May
Hathaway Bakeries—
Helvetia Oil Co T C
70
20
230
Apr
Consumers Co—
7
6
*
Adjustment
Coleman Dept Store com.*
Commonwealth Edison. 100
8%
20
East Gas & Fuel Assn—
Eastern S S Lines com
*
331
1
11
Feb
21%
43
pf *
21
20
7%
140
25
Eastern Mass St Ry—
Common
conv
com
5%
Boston Personal Prop Tr_ *
Boston & Providence.. 100
Calumet & Hecla
82
Jan
3%
68%
50
4%
Chic Yellow Cab Inc cap.*
66
6%
1%
56
47
133
6%
Common
Feb
1%
53%
10
Preferred
129
65
Feb
50
56
Club Aluminum Uten Co.*
Prior preferred
Common
*
Chicago Elec Mfg cl A...*
Chicago Flex Shaft com. .5
Chicago Mail Order com.5
Jan
Boston & Maine—
C1B 1st pref stpd
preferred
105% 105%
161%
1 %
Preferred
Cherry-Burrell Corp com.*
Chicago Corp common...*
Amer Pneumatic Serv Co—
2%
18
20%
1
Common
Cent States Pow & Lt pfd. *
Chain Belt Co com
Week
Shares
1%
Central S W—
Prior lien
Sales
Friday
Sale
33
Apr
27 %
Exchange
May 9 to May 15, both inclusive, compiled from
Last
Apr
33
Mar
May
Cent 111 Pub Serv pref...*
Cent III Secur common—.1
Bait Transit Co 4s flat 1975
Great Lakes DAD com..*
28%
27%
28%
800
26%
Apr
Class B
*
*
Hall Printing Co com
Harnlschfeger Corp
com.
Helleman Brew Co G
Heller (W E) pref—
With warrants
Hordere Inc
9
9
10
13
13
13%
12%
12%
12%
25
25
27
100
25
500
11
cap.l
25
17
Apr
Jan
13%
Apr
May
Apr
29
Jan
13%
Feb
16% May
22
22%
May
32%
Mar
May
12%
Jan
109%
13
50
23
24%
1.200
9%
100
8
106% 106%
30
100
Feb
50
24
May
Jan
Houdallle-Hershey cl B..*
Illinois Brick Co
18% May
2
Jan
8%
16%
Feb
Jan
9%
16%
17%
Jan
Jan
90
1,900
11%
39
15%
Jan
Jan
25
111 North Util Co Dref-.lOO
Iron Fireman Mfg v t c ..*
23%
9%
9%
24%
24%
Apr
6
*
com
Apr
1%
150
Hormel A Co Geo A com.*
14% May
100
9
Apr
28%
245
16
8%
39% Mar
18%
Apr
26% May
33%
Apr
11% Apr
31
Jan
Jan
Feb
Volume
Financial
142
Last
Jarvis (W B) Co cap
.1
Week's Range
of Prices
Week
Price
Low
19%
18%
Range Since Jan. 1 1936
19%
High
Low
Feb
18%
3,650
Stocks
*
Warrants
Katz Drug Co com
Mar
24
Baldwin
1
Common
Burger Brewing
Champ Coated.
53
710
43
Jan
70
Mar
17
22
2,210
17
May
23
May
39 %
37%
40
1,600
32
Feb
40
Apr
10%
Feb
Apr
14
Jan
Feb
43
Jan
Cin Telephone
Coca Cola A__
May
90
Feb
Cohen
5%
Ken-Rad T & Lamp com A *
Kingsbury Brew cap
10%
11
50
—*
com
4%
3%
Cumulative preferred..*
23
76
400
190
210
Jan
1%
28%
3%
21
20
Feb
Apr
Jan
Feb
7
*
Jan
*
35%
Jan
46
Apr
11%
400
7%
Jan
15
Mar
7%
500
7
Apr
31
29%
31
1,850
27
Jan
56
56
58
20
55
Jan
61
Julian & Kokenge....
Kroger...
*
Mar
Apr
20
1%
Jan
1,700
Jan
19
Mar
200
11%
62%
Jan
100
Mar
11,650
5%
Apr
8
Jan
Jan
34
Jan
6
7%
27
"
29
120
26
Jan
3%
Mlckelberry's Food Prod—
5
Stock purchase warrants
3%
850
%
%
2%
2,180
•
Conv preferred A
*
2%
137
85
50
44
85
11%
27
130
16
Mar
8
55
7%
Jan
11%
10
8
Jan
15
8%
IK
1K
20
100
l
1
10
IK
7% prior lien—....100
Modlne Mfg Co com
70
l%
42
*
1%
%
42
24
5
38%
92
Mar
Jan
65
Mar
13
Feb
27
May
.1734
Jan
IB
105%
May
293%
29%
100
29%
285
9
Jan
28
Jan
25
May
30
Mar
13
7
Jan
40
Feb
45
Jan
24
65
23
May
28
Feb
23
115
27%
Jan
9
330
8
8%
22%
Feb
41
42
57
41
May
48%
220
220
2
215
Mar
220
__*
18
18
65
16
Jan
Apr
5%
41%
100
Randall A
May
11
23
21
8%
*
preferred
Feb
106%
117
8
*
B
5%
*
Playing
150
11
Feb
Mar
Card
10
9
May
May
Mar
Jan
May
Jan
9
Jan
4%
30
106
30%
Jan
4%
45
7
30
6
40
5%
7
30
22% May
Jan
Feb
35%
Mar
55
25
10%
Mar
Feb
Feb
1
100
Jan
Jan
4%
2%
10 %
Feb
Ohio Listed and Unlisted Securities
Members Cleveland Stock
100
7% preferred A
Jan
Mar
23
._*
Midland Utll—
6% prior lien
8%
42%
Meteor
Feb
3%
Jan
1
110
Jan
42
P & G
Midland United Co—
Common
5%
Feb
Jan
%
%
%
Jan
3%
7%
Mar
3%
3%
Jan
Mar
5,300
7
4%
10%
May
2%
25
Feb
Feb
Apr
1.250
7%
2%
8
2%
7%
Feb
Jan
105% 105%
A___
Moores Coney A
U S
J
Common
Jan
105
100%
12%
10%
10%
*
1%
6%
105
62
8
*
Feb
1%
Mer & Mfre Sec cl A com.l
Apr
Mar
102
197
6%
May
6%
25
26%
.....100
Hobart
14%
82
20
Feb
33
84 %
35
Jan
Apr
91
*
160
10 %
*
3%
19%
90
11%
*
Gibson Art
43
16%
84%
47
372
High
May
90
*
Goldsmith
44
"ie"
90
62
11%
*
com—6
Middle West Corp cap
Radio..-..
Drug
Preferred
Jan
Preferred.
Dow
Fyr-Fyter A
7
♦
91
Low
10
90
6
*
__*
Apr
7%
300
34
Masonite Corp com
__50
Jan
450
150
.
6
11%
7%
10%
44%
42
.
..50
Jan
7%
10%
41%
Manbatt-Dearborn com
104
May
"~7%
~42
McQuay-Norrls Mfg com. *
100
Range Since Jan. 1 1936
Shares
4%
5
20%
20%
102% 103
104
104%
102%
(Dan)
High
90
100
Eagle-Picher Lead.
Early & Daniel-.
5
Marshall Field common—*
Low
Feb
8%
54%
Lynch Corp com
Week
100
1st preferred
Cin Gas & Elec pref
Cin Street Ry__
Crosley
for
of Prices
.__*
35%
11%
7%
$3 % preferred
Lion Oil Refining Co com
Electric
Mar
3%
32
10%
—
London Packing Co com.
McGraw
34%
10%
Llbby McNeil & Llbby—10
Lincoln Printing CoCommon
2%
30%
4%
23%
2%
30
100
.
10
190
77
Apr
4%
1,050
38
76 %
77
1
Corp 6% pfd
5H
37
Ky Utll Jrcum pre!-—--60
100
100
Price
Week's Range
■
100
47 %
10
6% preferred
Par
pref
53
Kellogg 8wltchbd—
Leath & Co
(Concluded)
21 J*
Kalamazoo Stove com
Lawbeck
Last
Sale
Shares
High
Sales
Friday
for
Sale
Par
3317
Sales
Friday
Stocks (Concluded)
Chronicle
Exchange
Jan
Monroe Chem Co—
Common
*
30
7
May
49%
20
49
May
18%
550
17
Jan
7%
49%
17
Preferred.—
Muskegon Mot Spec cl A.*
Nachman-Sprgfilled com
18 %
7%
Jan
13
13
50
11
Jan
li%
30%
28
Apr
48%
1%
31%
49%
100
49 %
500
Jan
65
1%
350
38%
1%
1%
National Rep Invest Trust
Cumul conv pref
*
7
•
%
com
Noblitt-Sparks Ind com—*
*
com
Northwest Bancorp com
•
80
5%
Jan
10
550
32%
Jan
42%
May
%
500
%
Jan
1%
27%
4
3%
Jan
1,750
10%
20
26
300
4%
9%
9%
Northwest Eng Co com—*
250
28
4
&
T. CLEV. 595
Cleveland Stock
Exchange
Feb
%
28
A. T.
Jan
42%
,
Union Trust Building/ Cleveland
Telephone CHerry 5050
Feb
7%
40
42%
Nafl Union Radio com—1
North Amer Car
Jan
52
Jan
25%
15% Mar
32% May
*
_
National Battery Co pref
Natl Gypsum cl A com..6
National Leather com.—10
National Standard
10%
21
Apr
35
May 9 to May 15, both inclusive, compiled from official sales lists
Last
Jan
Jan
26%
Apr
Stocks—•
Par
Week's Range
for
Sale
Jan
14
Sales
Friday
Feb
6%
Apr
9%
15%
900
Feb
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
High
Northwest Utll—
7% preferred
Prior lien pref
Oshkosh Overall
11
230
25%
27
110
10
100
*
10
*
com
Convertible pref
Parker Pen Co
9%
10
50
9
Jan
10
27
Mar
200
19
Apr
100
27%
27%
27%
21
.10
com
24
Jan
25
20
Feb
Apr
7%
40
Feb
11%
Apr
29
Feb
27%
Jan
1%
10
27%
Jan
*
Potter Co (The) com
Apr
2%
300
4
4%
900
4%
1%
2%
150
1%
»
com
Corp com
*
20%
Apex Elec Mfg pr pref. .100
City Ice & Fuel-.
__*
Cleve-Cliffs Iron pref
*
Cleve Elec 111 $4.50 pref..*
20%
105
100
100
5
17
17
25
62
64%
108% 108%
108%
100
66
843
176
66
5
Certificates of depositlOO
Cliffs Corp vtc
"63%
63%
64%
247
19%
18%
Jan
41
35
36K
2%
36%
Jan
20%
Feb
38
32
35
36
100
com
Pines Winterfront com—6
Process
150
1%
4
6% preferred
Perfect Circle Co
.Prima Co
IK
6
1
Cleveland Ry
Peabody CoaJ—
Class B com
Allen Industries, Inc
Commercial Bookbinding. *
7
Dow Chemical pref.. —100
112%
47%
Feb
3%
2%
Mar
3%
Jan
Jan
5%
Apr
500
2%
2%
Jan
50
1%
May
2%
Feb
6
Mar
Electric Controller & Mfg *
Foote-Burt...
Goodrich
Common
*
52
51
52
150
Apr
61%
Feb
Common
60
52
52
52
50
49
May
61%
Feb
160
103
Jan
115
Mar
112%
Jan
123
Interiake Steamship
Jaeger Machine
Jan
90
Jan
105
Apr
15%
Jan
54
Jan
Feb
19%
71%
Feb
107% Mar
Jan
61%
Jan
59%
18% May
Feb
6%
110
Feb
66
Mar
69
Feb
8
Apr
Feb
19%
825
7%
128
112
112%
52
110
Apr
123
225
45
May
70
45
50
Feb
24%
Jan
11%
11%
20
10
Jan
15
Mar
90
90
Great Lakes Towing pfd 100
Public Service of Nor 1U—
24
7
_*
(B F) pref...100
Apr
18%
90
50
90
May
90
May
50
50
12
Jan
30
49
49
116
34%
Jan
55
Apr
15
*
16
617
10
Jan
16
May
40
Mar
Mar
100
111
112%
100
6% preferred
7% preferred
Quaker Oats Co—
112 HI
117 %
116
118
Common..—.
*
Preferred
123
70
12534
146
124%
100
49%
146
370
122
May
140
Jan
10
142
Jan
147
Apr
60c
5%
6% preferred v t c
5
Reliance Mfg Co com.-10
14 %
v
t c
Ross Gear & Tool
Lamson & Sessions
5%
5%
1,250
2%
500
13
14%
750
20
2%
2%
com
*
20
8angamo Electric Co
*
46
46
66%
66%
Sears Roebuck & Co com.*
Jan
2%
6%
Apr
Jan
3%
Feb
May
15%
Jan
1%
11
20
17
26
Feb
35
Jan
55
Mar
65%
50
100
Feb
66% May
Jan
Slgnode Steel Strap Co—
30
Preferred
Slvyer Steel Castings
29}4
29%
100
*
25%
25%
com
Sou'west G & E 7% pfd 100
Southwest Lt & Pow pref. *
101
3%
3%
100
McKee (AG) class B
*
Medusa Portland Cement *
20%
20%
_
Myers (F E) & Bro
National Refining
Preferred
100
National Tile
___*
Packer Corp
!
32%
Mar
70
15%
Jan
Apr
Patterson-Sargent
70
99
Feb
28%
103%
67%
10
61
Feb
Jan
Richman
Apr
70
_
Seiberling Rubber
*
*
*
_*
8% cum preferred... 100
1
4%
4%
50
3%
Mar
7
Apr
13%
14%
600
13%
Jan
Feb
Stouffer class A.
Swift International
16
30%
30
30%
1,650
28%
Apr
18%
35%
Swift <k Co—
25
21%
21%
1,950
20%
Apr
25
10%
10%
150
8%
Jan
12%
2%
2%
450
2%
Mar
4%
150
%
2
Jan
3%
650
2%
May
May
5%
Jan
Mar
15
17%
Mar
16%
10
4%
216
12%
47
11
19
82
7
Feb
15
Mar
18%
Apr
Apr
45%
Apr
45% May
45%
45%
20
6%
72
Mar
May
4%
6%
400
5
41
72
Jan
26
Feb
8%
Mar
55
Jan
5%
170
5
May
30%
27%
30%
150
30
Feb
30%
28
36
27
Apr
35
Jan
13
13
10
Jan
15
Mar
20%
21
170
20
Apr
27
Jan
60%
62
566
56%
Jan
68
Feb
2%
3
.130
74%
5
5%
"28~~
"20%
61
2%
11
11
11
10
9%
2
Jan
Jan
8%
15
15
10
14
May
34
_*
34
20
37
Jan
77
Mar
12
Jan
Jan
4%
Feb
25
Feb
19%
Feb
35
Apr
Feb
1
27%
Feb
2%
20% May
Jan
Thompson (J R) com...25
21%
10%
Jan
25
18%
SMACorp
14 %
4%
16%
12%
18%
*
25
Nineteen Hundred Corp A*
Ohio Brass B
Jan
67%
*
Convertible preferred—*
Murray Ohio Mfg
28
Standard Dredge—
Common
*
*
Mar
3%
4%
12%
Metropolitan Pav Brick. _*
10134
101
16
*
;
Miller Wholesale Drug
Raytheon Mfg—
Common
_*
Utah Radio Product
com. *
Utll A Ind Corp
*
*
Convertible pref
1
3%
%
2%
Jan
Watling, Lerchen fit Hayes
Members
Viking Pump Co—
1934
20
15%
Jan
24
Feb
40%
40
4034!
60
39%
Mar
41
Jan
•
4%
4
4%
31
400
*
-
Preferred
Wahl Co
19%
*
Common
com
Walgreen Co common----*
31
Ward (Montg) & Co cl A.*
Wieboldt Stores Inc com.*
30%
148
"17%
30
Apr
100
142
Jan
17%
Wisconsin Bankshares com*
17%
250
16
Apr
10%
Wtlllams-Oil-O-Matlc com*
Zenith Radio Corp com—*
Apr
650
148
4
11
150
10
Mar
34%
Jan
152
Jan
5%
5%
400
Jan
8%
12,800
11
Jan
19%
72
72
$2,000
72
May
79
Jan
22%
Apr
24
Apr
DETROIT
Telephone, Randolph 5530
Apr
22%
1927
5s series A
Chicago Stock Exchange
Jan
19%
New York Curb Associate
Building
Mar
5%
Bonds—
Chicago Ry 5s ctfs—1927
Exchange
Exchange
Buhl
Feb
16%
19
Detroit Stock
Jan
6%
22%
13%
New York Stock
22%
1,000
Detroit Stock
Exchange
May 9 to May 15, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks-
BALLINGER fit CO.
UNION
TRUST
Stock
Auto City Brew com
BLDG., CINCINNATI
1
Burroughs Add Mach
Exchange
1
Baldwin Rubber com
Members Cincinnati
50c
Continental Motors
Stocks and Bonds
com.
Crowley Milner com
_
Det
100
com
May 9 to May 15, both inclusive, compiled from official sales lists
Last
Sale
Week's Range
of Prices
High
for
Range Since Jan. 1 1936
Week
Shares
Det Paper Prod com
1
Industries
Amer Laundry
For
*
Mach_._20
fortnotes see
page
10%
22%
3319
13
2234
22%
Low
1%
High
Jan
2%
10%
25%
2%
11
2,705
3,429
25%
415
16
17
1,510
13
Apr
17
120
17
May
10
Apr
25%
May
9%
2%
5%
460
3
240
3%
350
154
128
Jan
110
2
Apr
700
2%
Jan
2%
5%
2%
3%
8%
9%
100
1,0*0
Jan
2%
5% May
Jan
2%
2% May
7%
Jan
Low
24
24
470
Dolphin Paint B
*
Federal Mogul common..*
1%
15%
535
%
230
63
Goebel Brewing com
1%
15%
63%
8%
2%
12%
350
.9%
54%
6%
2%
Apr
100
11
Jan
23
400
23
May
Det Steel Prod
common.
_*
1,336
9%
Jan
13%
Mar
Hoover Ball & Bear com. 10
8%
2%
12%
25
19%
Jan
27
Mar
Houdaille-Hershey
23
High
1
Graham-Paige common. _1
Aluminum
Range Since Jan. 1 1936
General Motors common 10
Sales
Low
*
Det-Mich Stove com._...l
Cincinnati Stock Exchange
High. Shares
128% 130
2%
2%
5%
6%
2%
1
Detroit Forging com
Low
17
"l7"
*
Cripple Creek
Detroit Edison
Price
2%
10%
1
Det & Clev Nav com...10
Wire System—First Boston Corporation
Par
Week
Price
Capital City Prod com—*
Specialists in Ohio Listed and Unlisted
Stocks—
for
of Prices
*
Burry Biscuit.
Friday
Week's Range
Sale
B
*
2%
1,161
8,047
23
Mar
Feb
Jan
Jan
Jan
3%
14
32%
17
24%
3%
7%
4%
Feb
Apr
Feb
May
Jan
Mar
Mar
Feb
4
Apr
152%
4%
7%
Apr
10%
26%
4
18%
70%
10%
4%
15%
31%
Feb
Jan
Apr
Apr
Mar
Apr
Apr
Feb
Feb
Mar
Mar
Financial
3318
Last
Week's Range
of Prices
Week
Low
Price
Par
High
14%
Hudson Motor Car com..*
Lakey Fdy & Macb com..l
6%
6
McAleer Mfg common
5
Mich
*
Low
480
14
Apr
852
6
| Jan
5
200
18
300
Jan
Apr
3%
20
Kennecott Copper
Mar
1%
19%
19%
1%
1,905
4%
1,522
19%
15%
135
15%
15%
540
15
9%
43%
44
574
24%
17%
20')
Jan
6%
41% May
Apr
24%
17
*
Sugar common
353
17
14
15
2,614
14
Jan
4%
Jan
5%
4% May
4
Mid-West Abrasive com50c
Motor Wheel common—5
Murray Corp common..10
Packard MotorCar com..*
10%
43%
*
Parke-Davis common
24%
Parker Rust Proof com 2.50
Parker Wolv common
*
Pfeiffer Brewing com
*
14%
-5
5%
2
Paper com..*
5%
5%
4%
27%
30%
Rickel (H W) com
River Raisin
Timken-Det Axle com..10
10%
8%
1
Tivoli Brewing com
United Shirt Dist com
*
Universal Cooler A
3
3
28%
*
Warner Aircraft com —.
_
2
2
1
37
500
37
41%
24%
200
11
11
740
13i6fl Jan
4
Mar
Jan
Apr
1%
5%
21%
22%
12%
Feb
Jan
Standard Brands Inc
Feb
Standard OilCo (NJ) —25
Radio Corp
6%
....
Mar
U S Rubber Co
15%
59%
28%
Feb
U S Steel Corp
59
50
Feb
Warner Bros Pictures Inc. 5
10
28%
May
17%
200
500
100
100
Jan
Jan
29
Feb
Jan
33%
Feb
17%
Feb
Jan
11%
Apr
Jan
Mar
Jan
12%
9%
3%
100
Jan
30%
9,569
,5ifi
5,958
1,200
365
1,667
10
320
1
1,200
120
Jan
Jan
00
\o. oa\ May
Jan
"16
15
Jan
NEW YORK
1415 Walnut Street
30 Broad Street
Apr
Apr
Mar
3
11%
Philadelphia Stock Exchange
Mar
1%
Mar
20
Apr
Maj/
compiled from official sales lists
9 to May 15, both inclusive,
Par
Stocks-
Sales
Range Since Jan. 1 1936
1st paid
Rights
"16%
Budd Wheel Co
General As phalt
10
95%
47%
25%
General Motors
10
63%
Chrysler
Elec
Angeles Stock Exchange
inclusive, compiled from official sales list
1,1
of Prices
Week
Price
Low
High
Storage Battery.. 100
Horn & Hard (Ph)
Range Since Jan. 1 1936
for
Horn & Hard
Low
High
Bandini Petroleum
Corp
Bolsa-Chica Oil A
3%
15%
Co—1
*
10
6
25
27
15
*
Consolidated Oil Corp
*
Consolidated Steel com—*
Preferred
*
District Bond Co
-25
Claude Neon Elec Prod
15
General Motors Corp. —10
6%
18%
63%
Gladding-McBean & Co..*
Globe Grain & Mill Co..25
15%
10%
Co—5
11%
19%
67%c
20
General Paint B
*
Hancock Oil A com
Holly Development Co—1
98
1,000
1,000
11c
2
200
Jan
12c
May
11c
Apr
22
j-Jan
1
Jan
95
95
27%
12%
12%
4%
115
25
200
95
[ May
27%
12%
12%
4%
350
27
300
12
Apr
300
Apr
Miay
3%
3%
3%
95
3%
Jan
15% May
5%
Apr
10C
13c
11c
11c
Chapman's Ice Cream
*
Chrysler Corp
5
Citizens Nat T & S Bk..20
Emsco Der & Equip
13c
13c
100
Central Investment
20C
90C
3%
15%
6%
101
99
101
B'way Dept Store pref.100
Buckeye Union Oil pref—1
Preferred vtc
1
3%
15%
5%
12%
12%
.
6%
18
63%
14%
10%
1,700
15
4
11%
3%
100
14%
6%
18%
63%
15%
10%
202
300
200
300
100
12
11
19%
62%c
1,100
200
19%
85c
13,200
May
Jan
6% May
14%
Feb
54%
Jan
11%
Jan
8%
Jan
8%
Apr
18%
Jan
46c
Jan
5
) Jan
20
Mar
8%
104%
Apr
Feb
Phila Elec
12
Apr
Phila Insulated
Phila
Jan
1.50
.....
11%
2%
18%
50
10
179
2,426
20
57
610
712
86
477
44% May
22%
Jan
160
Jan
Jan
36
177%
6%
Feb
Feb
Feb
50
125% Mar
15% May
112% Apr
3% May
14%
Mar
103%
55%
Apr
34%
70%
Mar
Apr
Jan
2,784
54
Jan
Philadelphia Traction...50
Apr
31%
7
119
May
30
Apr
34
Jan
Jan
110
May
85
28
105%
6%
8%
1%
9%
3%
28%
113%
77
112
20
8%
1,007
5%
4%
9%
)%
9%
3%
4%
29% 30%
122% 123
114% 116
34
34%
21% 21%
8
8%
10%
12%
1%
2%
18%
19%
5%
782
200
3,409
1,098
480
70
136
11%
14%
Jan
Jan
Jan
Feb
Mar
8
Jan
Feb
14%
Feb
Jan
Apr
5%
Feb
39
Feb
Feb
130%
Apr
116
Apr
May
35%
Mar
Feb
23
Mar
Jan
12%
Mar
Jan
33%
21%
2%
8%
1%
10%
262
Jan
131
16%
Mar
Jan
Reo Motor Car Co
Apr
Jan
3%
19% May
7% Apr
125
Phila & Read Coal & Iron*
17%
Jan
30%
118
57
Jan
75
177
1,150
Apr
Jan
5
50
Feb
Mar
Apr
Apr
Mar
Feb
Apr
Apr
Jan
1
May
31
Mar
1
1
140
26
26
300
26
14%
14%
14%
200
14% May
...10c
10c
10c
10c
6,000
9c
Jan
16c
Feb
48c
Apr
95c
Feb
50c
*
Feb
..*
Jade Oil Co
Wire
preferred
7%
34%
Transit...50
Rapid
Mar
May
24%
50
pref. .25
Power
Apr
1
Hudson Motors
30%
Phila Elec of Pa $5 pref..*
May
75c
4%
*
50
Apr
70%
19%
13%
891
2
Light...
Pennroad Corp v t c
26
—5
Holly Oil Co
Honolulu Oil Corp
Nat'l Power &
Jan
Feb
4%
27%
Apr
149%
Apr
2% Apr
33% May
119%
Jan
9%
Jan
85%
Jan
2%
Apr
8%
Apr
400
109
7%
Navig...*
50
Mitten Bk Sec Corp pref 25
30c
32%
16%
15%
5%
19%
8%
20%
409
Valley
30c
101
High
Low
Shares
122
31
Pennsylvania RR
Penna Salt Mfg
28
123
14%
15%
107% 107%
3%
3%
9%
10%
92%
96%
46
47%
24% 25%
62
64%
108
100
Lehigh Coal &
Lehigh
Barker Bros
28% 29%
154% 162%
3
3%
33% 33%
122
com.
(NY) com
Preferred
Shares
High
»
Sales
Sale
Par
5
Corp
Low
122
15%
107%
(E G) Mfg Co.. Preferred
..100
Budd
LOS ANGELES
Week's Rangt
3%
100
Preferred
Bell Tel Co of Pa pref.100
Angeles Stock Exchange
Last
Week
162
*
Baldwin Locomotive
Dobbs-Crowe-Wagenseller & Durst
for
of Prices
28%
Stores
American
Week's Range
Price
American Tel & Tel—100
Stocks—
Feb
Philadelphia Stock Exchange
PHILADELPHIA
Apr
Listed and Unlisted
Friday
Apr
14%
New York Stock Exchange
Jan
490
LOS ANGELES SECURITIES
May 9 to May 15, both
71
Members
31%
!2%
5%
7%
6%
2%
23%
Sale
Los
Apr
May
May
DeHaven & Townsend
7
25
20
St.,
59%
28%
Established 1874
Feb
Last
626 So. Spring
15% May
53%
Jan
28% May
58% May
9%
Jan
300
Feb
Jan
Apr
Mar
JO
Friday
Member Los
13
Apr
Mar
8%
7%
6
Apr
Apr
May
14%
7%
16%
Jan
9% May
100
10
27%
May
18%
7
900
1,000
6%
15%
59%
28%
59
May
Apr
May
11
11
100
200
9%
7%
3%
28%
2%
40%
44%
36%
Jan
24% May
of America
Radio-Keith-Orpheum
Apr
High
Low
37
369
1
10
1
*
Wolverine Tube com.
1,298
20
Wayne Screw Prod com..4
Wolverine Brew com
1,939
11
8
7%
*
Walker & Co units
5%
5%
5%
27%
30%
15%
*
B
4,064
10%
30%
*
Square D "A"..
11
15
4%
10
Scotten-Dillon com
16
1936
Week
41%
24%
10%
9%
6%
15%
59%
28%
58%
Packard Motor Car
17%
1%
2.50
Reo Motor com
Shares
41%
24%
Montgomery Ward & Co..
North American Co
Feb
for
of Prices
Low
High
37
Corp—
Mar
19%
8%
6%
Week's Range
Price
Par
(Concluded)
Stocks
High
Steel Tube Prod—
Common
Mich
Range Since Jan. 1 1936
Shares
15%
6%
5
Range Since Jan. 1
Last
Sale
for
Sale
1936
Sales
Friday
Sales
Friday
Stocks (Concluded)
May 16,
Chronicle
14% May
1
52% c
52% c
4,400
lc
lc
4c
4,537
lc
May
13c
Lincoln Petroleum Corp__l
10c
12c
21,600
8c
Feb
29c
Feb
7%
600
6% May
11%
116%
1
Scott
*
Paper
66%
2
35
Rights
202
71
Sun Oil Co
Tacony-Palmyra Bridge. _*
300
1
Tonopah Mining
Traction..
_.*
Preferred
Jan
Feb
1,323
5%
41%
14%
109%
*
United Gas Impt
Preferred
com...*
*
1
Jan
%
3%
5%
40%
14%
108%
7%
598
50
United Corp com
Union
he
90
Tonopah-Belmont Devel 1
262
3,922
859
550
Jan
1%
8%
9%
47%
19%
Apr
Apr
Apr
Apr
Apr
May
2% May
90% Mar
38% Mar
1% May
71%
Jan
29%
Jan
2,148
Apr
Feb
Mar
Feb
Feb
113
8%
Jan
Feb
Apr
Apr
12c
Salt Dome Oil Corp
Jan
Feb
Kinner Airpl &
Motor
Warrants
7
Lockheed Aircraft Corp._l
L A Gas & El 6 %
6%
113%
3%
5%
pref. 100
Los Ang Industries Inc
2
Los Angeles Invest Co. .10
_
11
11
111
1.
Mar
Jan
Jan
4
Jan
6%
Jan
6%
Mar
500
17c
Jan
1,500
32c
Jan
1%
5%
3%.
5%
1,200
4%
4%
4%
1,900
Merchants Petroleum Co.l
30c
30c
30c
Mt Diablo Oil M & Dev.. 1
62% c
60c
62% c
Co---
1
*
Elec & Peoples tr ctfs rs
2%
10u
20
17
'45
10
560,800
20
Jan
Mar
35c
82%
Apr
c
Momho,0
Mar
Apr
5
20c
20c
20c
4,500
15c
Jan
28c
Occidental Petroleum
1
25c
25c
26c
2,350
25c
Jan
43c
1
70c
70c
75c
2,800
50c
Jan
85c
Feb
8
Jan
14
Mar
18%
Jan
31% Feb
29%
Jan
18% Mar
48% May
105%
Jan
12% May
2%
Jan
23
Apr
39%
Members
Feb
Oceanic OilCo....
CO.
H. S. EDWARDS &
'
Menasco Mfg
Coal
Bonds—
Jan
2%
Westmoreland
J Pittsburgh Stock Exchange
j
New York Curb Exchange
a
(Associate)
Apr
Nordon Corp
11%
11%
300
21
400
34%
200
Pacific Finance Corp
*
10
Pacific Gas & Elec Co
25
34%
20%
34%
25
32
32
32
100
10
20%
49%
20%
48%
20%
49%
100
Pacific Clay Products
6% 1st pref
Pacific Indemnity Co
Pacfic Lighting
Corp
*
*
Preferred
Pacific Western Oil
21
107
107
13%
*
6
6
1
21
21
Rice Ranch Oil Co
Samson Corp B com
27
107
13%
Republic Petroleum Co._l
100
13%
6%
21
100
■
3,800
1,400
10
Jan
75c
*
75c
75c
5
50c
Feb
2%
51%
51%
2%
100
1%
Jan
32
May
Feb
21%
Feb
55%
107% Feb
Feb
17%
6% May
40
Apr
Sec Co Units of Ben Int..*
Jan
3%
54%
Security-First Nat Bank_20
52%
53%
1,100
50%
Jan
60
Sierra Trading Corp.__25c
2c
2c
2c
1,000
2c
Mar
26%
38%
28%
26%
27%
25%
38%
28%
26%
26%
38%
28%
1,700
500
27%
26%
400
26
Signal Oil & Gas A com
So Calif Edison Co
Original pref..
*
..25
6% preferred..
25
25
5%% pref
25
Southern Pacific Co
Standard Oil of Calif
100
*
•
28
32
38%
29%
38%
142
53
28
300
32
120
1,000
38%
800
45
11% May
25%
Jan
35
24
Jan
Mar
Jan
Jan
37% May
Tel
Specialists in Pittsburgh Listed and Unlisted
Taylor Milling Corp
Union Oil of Calif.
*
__*
25
Universal Cons Oil Co... 10
Weber Showcase & F pref *
Wellington Oil Co
Western Air Express
...1
1
Western Pipe & Steel Co. 10
15%
12%
23%
14%
9%
8
14% May
15%
12%
23%
5,600
11
2,000
20%
Apr
14
15
1,900
7%
5%
4%
5%
28%
Jan
9%
8
8%
31%
100
15%
12%
22%
9%
200
300
8
8%
31%
8%
31%
200
100
Apr
Feb
Jan
Jan
Jan
Last
Apr
Mar
Sale
30%
Apr
28% May
38% May
Jan
28%
27
Apr
38%
Feb
47
Feb
19%
14%
28%
15%
10%
9%
10%
34%
40c
38c
43c
Cardinal Gold
10c
5c
5c
5c
7,000
2,000
1.30
1.25
1.35
6,400
22c
Armstrong Cork Co
Blaw-Knox Co
3%c
1.00
10
*18"
Co.
Oil
pref..100
Fort Pittsburgh Brewing..
Mar
Apr
Mar
Apr
Follansbee
Apr
Mar
3%c
Jan
Feb
1.40
Jan
Bendix Aviation Corp
50
5
Cities Service Co
General Electric Co
fonta-iw
20%
20%
20%
161%
23%
177%
rvwe
Bros
3
1%
"l2"
"5%
17%
19
240
11%
26%
1%
235
25%
1%
11%
Apr
Renner
pref.100
.
3
"28%
28
122
"~8%
258
150
May
Feb
Ruud
35
35
100
35
May
39
Apr
Shamrock
28%
4%
28%
28%
4%
100
Jan
30
Apr
200
26%
3%
Jan
Feb
37
37
100
37
7%:
41%
Fdry...
United States Glass Co.25
Feb
Victor Brewing Co.
Mfg Co
Gas
*
United Engine &
1
Apr
20
Feb
Apr
Jan
4%
21%
Apr
Jan
20
Feb
14
16%
7%
15%
1%
Feb
Jan
Mar
Mar
10
Jan
46%
180
41
Jan
5%
4%
1,410
3
122
18
18
4
4
33%
4%
34%
50
207
458
Jan
Jan
Jan
408
300
25
Apr
98%
Jan
7% May
13% May
2,500
1
Jan
50
15
Jan
706
149
3%
30
Jan
11%
1,022
28%
Apr
40
12
4%
Mar
Jan
Jan
100
9
Jan
97
8%
14%
1%
1
62%
75
7%
13%
1%
14
38%
389
18
5
Co
Oil &
5
626
210
Mar
Apr
Feb
Feb
30%
7%
47%
14%
2%
31
35%
1 1936
High
Low
103
4%
Pittsburgh Brewing Co..*
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.*
75
2,660
18
44%
5
Preferred
135
424
Koppers Gas & Coke pf 100
Lone Star Gas Co
*
155
May
400
53%
16%
2%
16%
35
35
4%
18
8
101
Mesta Machine Co
Range Since Jan.
for
Week
Shares
32
32
49%
Refrac com..*
Harb-Walk
161
3319
High
Feb
Feb
20% May
of Prices
11
1
Columbia Gas & Elec Co.*
Carnegie Metals
Week's Range
Low
16
*
37
Tel."—100
Anaconda Copper
100
"53%
official sales lists
Sales
8
2%
Plymouth Oil Co
Amer Radiator & St Sani__
32
Duquesne Brewing com..5
^Unlisted—
For
com.*
Feb
63c
Jan
Price
pref.100
Arkansas Nat Gas
Mountain Fuel Supply Co.
1
Calumet Gold—
*
Allegheny Steel com
Apr
Mining—
American Tel &
Par
Stocks-
Nat'l Fireprooflng
Black Mammoth Cons. 10c
inclusive, compiled from
Friday
Feb
Jan
2c
Stocks and Bonds
Pittsburgh Stock Exchange
May 9 to May 15, both
Devonian
Transamerica Corp
BLDG.,
60c May
2%
52%
10
6% pref ann
PITTSBURGH, PA.
Court-6800
A. T. & T. Tel. Pitb-391
120 BROADWAY, NEW YORK
UNION BANK
Jan
Jan
1%
41%
106%
14%
50%
7%
5%
4
Jan
Mar
Feb
Mar
Apr
Feb
Apr
Feb
28% May
140
11%
16%
1%
20
5%
40
Apr
Jan
Apr
Jan
Mar
Jan
Mar
2
2
125
1%
Jan
2%
Feb
70c
7Qc
400
60c
Jan
90c
Jan
Financial
Volume 142
Week's Range
for
Sale
of Prices
Week
Low
Price
Westinghouse Air Brake.*
36
Westingh Elec & Mfg..60
1
Stocks
High
Low
219
34%
97
47%
122%
Jan
102
38%
105% HI
Range Since Jan. 1 1936
Last
Jan
(Concluded)
Lyons-Magnus Inc
Magnavox
Unlisted—
(I) Magnin & Co
Week
Price
100
Low
114
A
High
Shares
1149
113
Low
220
111
High
Mar
*
5%
5%
5%
150
5%
Apr
2%
Ltd
Co
for
of Prices
Par
L A Gas & Elec
pref
Mar
Apr
Week's Range
Sale
Shares
High
Sales
Friday
Range Since Jan. 1 1936
Last
Par
3319
Sales
Friday
Stocks (Concluded)
Chronicle
2%
16%
2%
16%
2%
378
2%
10
Jan
16
Jan
116%
Feb
Feb
33*
*
3%
,
11
3%
3%
5%
Jan
Feb
16%
620
Jan
18
Apr
Marchant Cal Mach com 10
Natl Automotive Fibres._*
17%
17%
18%
1,214
13
Jan
203*
Apr
37
37
37
250
33?*
Jan
473* May
Natomas Co
Pennroad Corp vtc
11%
11?*
11%
260
113* May
300
*
Nor Amer Inv
ST. LOUIS MARKETS
*
com
100
com
53*% preferred
100
13%
North Amer Oil Cons...10
Occidental Ins Co.
10
i. m. simon &co.
Oliver United Filters B
Paauhau Sugar
Business Established 1874
Enquiriei Invited
all
on
Pacific G & E
Mid-Western and Southern Securities
13%
70
70
153*
558
143*
32
275
28
8
265
73*
123*
Jan
17
Mar
15
Apr
17?*
Mar
8
15%
15%
15%
50
16%
16%
150
New
St.
Chloago
Louis
Stock
Exchange
Curb
York
(Associate)
Board
315 North Fourth St., St.
Trade
of
Louis, Mo.
St. Louis Stock
Exchange
343*
1,170
31
Feb
2,184
293*
Jan
323*
1,414
26?-*
Jan
29
5
104?*
Jan
4,090
3,836
43*
Jan
73*
Feb
18?*
Jan
243*
Apr
Sales
Friday
Week's Range
Last
Sale
Stocks—
Par
of Prices
High
Low
Price
B.__
Range Since Jan. 1 1936
for
Week
125
150
...1
S J L & P 7% pr pref.,100
Schlesinger&Sons (BF) pf 100
*
Signa Gas Co
Southern Pacific Co...100
Low
Century Electric Co
62
High
Sou Pac Golden Gate A..*
282
53
140
48?*
Elsenstadt
62
42%
45
45
55
Feb
55%
58
*
Mfg pref
100
Ely & Walker D G 2d pi 100
Falstaff Brewing com
1
27
92
Feb
24
42%
100
Peppercorn
55
29
39
53
53%
*
Burkart Mfg com
35
23%
*
com
30
Apr
28
May
Jan
133*
May
77
Jan
423* May
6% preferred..
Transamerica Corp
45
Mty
Union Oil Co of Calif...25
May
Union Sugar Co com
May
United Air
116
Apr
100
100
5
97
Feb
100
765
7
2%
2%
20
9%
130
11%
11%
200
Jan
Lines Trans..5
Wells-Fargo Bk & U T.100
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
Jap
1
81
50c
Jan
13*
8
25
4
Jan
9
23* May
Jan
6?*
9?*
Apr
Apr
16
16
16%
120
153*
Apr
18
48%
48
48%
288
Jan
533*
13%
13%
25
473*
8?*
Jan
14?*
9%
25
63*
Jan
103*
Common
50
23
Apr
30 3*
58%
10
56
Feb
61
11%
10
Jan
133*
Feb
105
4
101
Feb
105
May
15
280
Feb
15
May
102
45
Jan
102
May
*
com
Mo Portl Cement com..25
Nat Bearing Metals pf.100
Nat Candy com
*
2d
preferred
100
Rice-Stix Dry Goods com.*
11%
105
14%
14%
102
102
40c
Scruggs-V-B DG com...25
Scullin Steel pref
*
Souwestern Bell Tel preflOO
125
15
ll"
29%
15
173*
Jan
24
Feb
75
803*
Jan
913*
Apr
24%
3%
17%
28%
3%
17%
27%
32%
2%
1%
8%
38%
30
40c
107
Mar
LEASED
33*
1273*
103*
Feb
425
Apr
343*
Feb
$9,000
32%
28%
Jan
35 %
Beverly Hills
Honolulu
Stockton
York
Chicago
Stock
Board
Chicago
Stock
of
Trade
Exchange
York Curb Ex.
York
(Asso.)
Exchange
New York Coffee t SugarEx.
Commodity Exchange,
Inc.
Seattle
Taooma
Honolulu
Fresno
Cotton
Stock
Exchange
1 %
100
83*
175
60
3
Friday
Week's Range
Sale
Par
Exchange
of Prices
Low
High
Price
for
Amer Toll
Par
Feb
Jan
11
Apr
14?*
22%
233*
21
Apr
283*
Feb
16
18 3*
3,427
10
Jan
18 3*
May
17%
173*
138
153*
Jan
20?*
Apr
153*
15
Mar
1063*
Feb
14
15
300
300
300
5
32
32
32
160
26?*
Jan
34 3*
Apr
Apr
Apr
41%
41
42
450
23 3*
Jan
42 3*
Mar
1,753
13%
Apr
Anglo Cal Nat Bk of S F.20
203*
20 3*
203*
325
17
Jan
43*
43*
43*
929
3?*
Apr
Atlas Imp Diesel Eng A..5
Bank of California N A .100
*
Calaveras Cement com...*
27
California Packing Corp.. *
24
192 3*
%
31?*
1033*
*
pf 100
733*
102?*
*
303*
103
20?*
Price
z
Exchange—San Francisco Stock
Curb
Exchange—Chicago
58c
16%
27
5
46
Jan
243
43*
Jan
1
600
%
Jan
46
300
30?*
31?*
1033* 1033*
73 3*
733*
102 3* 103 3*
303*
303*
101?* 103
8
20
pref---100
46
34
192 3*
Feb
May
253* May
7
13*
Mar
51
May
Feb
99?*
Jan
Apr
Jan
1043*
783*
106 3*
31?*
Apr
109
Feb
246
55
Jan
80
101
Mar
29?*
100
25
75
May
84
Mar
30
63
Jan
85
Feb
1.25
1.35
6,345
4%
4%
1,053
77c
86c
600
11%
110
5%
100
5%
77
30
Apr
1.00
1.00
14
1.05
May
1
4~90
4.75
4.90
1,666
3.15
Jan
International Cinema.__1
1.40
1.35
1.45
2,350
1.35 May
Maryland
1
2.95
1,560
Airplane & Mot.l
54c
50c
55c
3,460
50c May
95c
Feb
lc
3c
4,570
lc May
11c
Apr
373*
373*
50
Kennecott
10
1
143*
285
97
33*
40
20c
100
15c
Jan
28o
31c
8,200
13c
Jan
35C
Feb
4.75
430
2.65
Jan
63*
Mar
3.65
25
3.50
Apr
3.50
41?*
350
36?*
Jan
44?*
Apr
1,500
4.10
Jan
6?*
Apr
20c
Montgomery Ward
Mountain City Copper
5%
National Distillers
6
29%
35
25C
40
25c
10%
13%
13%
11
183*
Apr
Pacific
21
Apr
Pacific
112
Feb
Pacific Eastern Corp
Jan
Pac Portland Cement.. 100
43*
48?*
Jan
Apr
Associates
—
Clay Products
3%
11
43
100
Preferred
3%
43
70?*
Apr
383* May
11?*
Jan
12
May
Gladding McBean
153*
143*
153*
410
Aor
18
Apr
Shasta Water
93*
93*
93*
346
Apr
113*
Jan
Southern Calif Edison—25
25%
25
25
26%
26%
28%
28%
38%
38
15
15
Home F & M Ins Co
10
48
Radio
Corp (Del)
Radio-Keith-Orpheum
Republic Petroleum
1
6%
32
18
Feb
193* May
23?*
Apr
26
Jan
Apr
80
46?*
Jan
30 3*
54
Feb
United States
...
35c
30c
"52%
10%
7%
Pete.....
Honolulu Oil Corp Ltd...*
Island Pine Co Ltd pref.25
26?*
263*
303*
27
445
213*
Jan
31?*
Feb
303*
303*
100
27
Jan
30?*
Feb
Waialua Agriculture
Langendorf Utd Bak A...*
11
11
11
105
11
Apr
163*
Jan
Leslie-Calif Salt Co
303*
26 3*
28?*
303*
805
253*
Apr
33
Apr
Western Air Express
26 3*
26?*
1,603
253*
Apr
29 3*
Apr
Apr
113*
Jan
Letourneau
1
7
63*
7
680
6?*
*
No par value,
c
Jan
3?*
Apr
14
6?*
Feb
41
63*
10
50
Jan
123*
Mar
Feb
Mar
Feb
14?*
Jan
Apr
93*
Feb
1,378
3
Jan
6?* May
32
25
31
May
36
Jan
26
566
243*
Feb
28?*
Feb
67
25?*
Feb
27
Apr
28%
640
273*
230
38
May
28 3*
44
Jan
38%
45
15
May
153*
Apr
25c
Jan
55c
Feb
Mar
Jan
20
1
Cash sale,
x
38c
1,200
3.65
Warner Bros Pictures
*
Feb
Feb
Apr
6
32
Victor Equipment com
48
44c
53*
100
6%
5%% preferred
6% preferred
Super Port Cement A
Taylor Milling
Jan
11
168
Jan
333*
5?*
143*
143*
133* May
11
10%
54?*
549
12
120
Feb
10
467
9%
905
38 3*
225
14
1,830
64
1,490
Apr
Jan
10%
10 J*
193*
36
Jan
63*
9%
38
16
Jan
21c
160
10
64
30
273*
1,100
200
3%
383*
193*
Apr
Feb
64
16
Feb
•
10
Gen Paint Corp A com...*
B common
*
9
58c
11
29%
35
20
Sugar
Occidental Pete
Feb
May
Feb
4.50
29c
1
May
Jan
1.60
39%
Menasco Mfg Co
Monolith Port Cement
250
22
3.65
Motors
NJ&M&MOil
613
Mar
Feb
3.90
2.80
18?*
14
Feb
Jan
1
2
973* May
May
75
2.90
Feb
Mar
5
Jan
1,745
Warrants
Klelber
1.05 May
2.95
39
Preferred
Kinner
Apr
35
Feb
May
Jan
Apr
17
Apr
103*
98
•
44
1.55
Emporium Capwell Corp.*
91
35
Feb
Italo Petroleum
2
57
50c
17
28 3*
48
Jan
Mar
17,000
Jan
16
93*
80c
23?*
193*
29?*
87
60c
175
*
Jan
68c
26
*
May
May
4?*
Apr
Apr
26
5
May
53*
22?*
26
Pineapple
11?*
75
26 3*
*
Hawaiian
Feb
Feb
1%
15% Mar
53* May
Jan
Oahu
Hancock Oil Co
Jan
73*
Jan
Apr
O'Connor Moffatt
*
1.35
Jan
65c
17
2
3,279
210
Feb
3
1.00
21
Mar
Apr
10
Jan
77%
78%
Jan
5
Mar
Jan
913*
25
17
675
83*
73*
260
40
May
Apr
Mar
21%
47 3*
30 3*
2,00)
40
12
73*
22%
Idaho
2
Feb
10
40
225
93*
21%
General Metals
pref-20
2 Holly
Development
1
Holly Oil Co.
5
Jan
Galland Merc Laundry _._*
85
21%
Jan
37?*
1,100
Jan
57
83%
Gt West Elec Chem
Jan
43*
52
57?*
Apr
83?* May
Jan
1%
75
40
33*
43*
100
Jan
32 3*
10
May
2,435
5%
Apr
261
Foster & Kleiser com
Jan
5?*
8%
72%
72
205
100
63*
Jan
Mar
38
53*
17
Jan
55
383*
183*
183*
Jan
Mar
80
37
97
657
14?*
73*
33?*
37%
53*
383*
183*
Feb
'83%
T>i Giorgio Fruit Cp com 10
100
Mar
5?*
20
35%
973*
25
10?*
40
150
83%
97
Equip. .5
350
5%
77
Plantation
963*
Fireman's Fund Ins
Jan
6%
83*
963*
53*
153*
preferred
*
973*
205
11%
5%
2
Apr
55
16%
12%
16
80c
Oil..
*
8?*
Apr
1.30
1
Cord
Preferred B
98
Feb
71c
77%
1
Feb
30?*
190
177?*
Jan
77%
pref...100
Feb
Apr
39c
13
6% preferred 1927
20c
270
4%
Calif Ore Pr 6%
High
Feb
2,127
12
"I2"
Calif Art Tile A
9c
64c
56c
7%
5%
72%
8%
10
Low
10
27
10
Bunker Hill-Sullivan
Jan
1,410
441
7c
24
1
Bancamerica-Blair
Shares
155% 162 %
5%
5
Range Since Jan. 1 1936
for
Week
High
12
5
Bolsa Chlca Oil A
53*
Jan
153*
25
Exchange
Sales
7c
161%
Atlas Imp Diesel B
Preferred A__
100
327
Francisco
Low
Arkansas Natural Gas A
17%
223*
Jan
180?*
53*
%
46
787
1,134
1923*
24%
preflOO
Crown Willamette pref-.-*
Crown Zellerbach vtc...*
27
179
24?*
53*
10
*
Apr
FRANCISCO
of Prices
1
Foster & Kleiser
High
125
10
Jan
73*
290
MONTGOMERY STREET
Week's Range
100
Anglo National Corp
Argonaut Mining
Ewa
Low
14
Lockheed Aircraft
Feb
19
101
5
Bridge
Consolidated
Week
Shares
14
Hale Bros Stores Inc
Feb
473*
43*
Range Since Jan. 1 1936
14
Golden State Co Ltd
Mar
932
Sale
2d
Alaska Juneau Gold M..10
General Motors com
Jan
Jan
9
27,120
104
12%
18%
17%
14%
General Electric
Emsco Derrick &
Jan
143*
Feb
23*
123*
104
12%
23%
San Francisco Curb
Sales
Last
Works
210
163*
16%
May
% May
Jan
63*
373*
Apr
Jan
23*
601
38?*
3
Crown Willamette
Oi
Apr
Jan
2
May 9 to May 15, both inclusive, compiled from official sales lists
Claude Neon Lights
May 9 to May 15, both inclusive, compiled from official sales lists
Eldorado
293*
383*
33*
1,450
8%
37%
104
Cities Service
preferred
Jan
550
1,800
Direct Private Wire
Cardinal Gold
$3
Feb
Board of Trade—New York Curb Exchange (Associate)
Amer Tel & Tel..
Exchange
New
San Francisco Stock
Cons Chem Indus A
19
23*
Exchange—San
Mar
San Francisco StockEzchange
San Francisco CurbExchange
WIRES
Portland
Sacramento
Caterpillar Tractor
Apr
28%
Members: New York Stock
Jan
New
Los Angeles
Oakland
Cost Cos G & E 6 % 1st
163*
233*
23?*
(Since 1880)
Mar
Jan
Mar
13*
123
New
Calif Water Service
Feb
Feb
93*
283*
128
Corporation Bonds
San Francisco
Calif Ink Co Acorn
Jan
8
May
5
33* May
101
□ean Witter & Co.
California Copper
119
May
1%
3
Feb
293*
Mar
2?*
32%
.
Apr
233*
113
1,042
3%
17%
2
16%
Jan
103*
Mar
Members
'
20
226
116
115
SAN
Alaska Mexican
Byron Jackson Co.
153
24%
24%
115
STRASSBURGER & CO.
Stocks—
Assoc Ins Fund Inc
Feb
20
Last
Stocks—
Apr
73*
85%
Friday
New York
152
JaD
Feb
Mar
Bonds—
t United Railways 4s. 1934
PRIVATE
Feb
Jan
43-*
20
133
73* May
25c
15
31
32%
100
6
40c
4
3%
2%
2%
124% 125%
9%
10%
Stix, Baer <fc Fuller com..*
93*
25
7%
7%
St Louis Pub Serv pref A.*
Municipal and
130
1393*
85%
Apr
60
20
com
Jan
25
270
53*
20
Feb
*
Wagner Electric
Jan
Apr
24%
10
Feb
9%
24%
58%
Key Boiler Equlpt com..*
McQuay-Norris
Apr
1073*
Mar
com..*
com
119
Apr
May
85%
Laclede-Christy Clay Prod
Laclede Steel
200
393*
Feb
8
Hyde Park Brew
International Shoe
25
Universal Consol Oil
75c
*
com
Preferred
*
Feb
100
6%
45*
100
Feb
73*
3?*
113*
11?*
Preferred
Hydr Pressed Brick
*
com.
5
5%
*
Tide Water Ass'd Oil
Jan
100
Hussmann-Ligonler
Standard Oil Co of Calif..*
Thomas-Allec Corp A
Feb
5
6%
Feb
Spring Valley Water Co..*
303*
117% 117%
9%
Feb
643*
118
com
May
*
35
13
100
com.*
Hamilton-Brown Shoe
22%
124
Shell Union Oil com..
Shares
55
29
*
Brown Shoe
Dr
65
21
149
B
Amer Credit Indemnlty.10
American Inv A
*
106% 106%
6%
5%
149
Roos Bros com
May 9 to May 15, both inclusive, compiled from official sales lists
Jan
32
125
.*
Feb
29
6% preferred
100
Railway Eq & Rlty com..*
100
143*
33%
22%
6%
33?*
31%
28%
28%
106%
6%
5%
Mar
19?*
Jan
32
Pacific Tel & Tel com..100
Telephone Central 3350
Apr
Apr
34%
25
Non-voting preferred..*
New York Stook Exchange
Apr
Feb
14%
Pacific P S non-vot com..*
MEMBERS
17 3*
82
31%
8
16%
com
Jan
Jan
Jan
65%
15%
15
6% 1st preferred
25
5%% preferred
25
Pac Light Corp
6% pref..*
9
20
32
*
Pacific Fish Co
•
13%
70
■
13
3.90
530
3.55
May
4.50
Apr
52%
52%
10
423*
Jan
54 3*
Apr
10%
7%
100
93*
May
143*
Feb
100
5
Jan
93*
Feb
Ex-dividend,
y
Ex-rights,
z
Listed.
+ In default.
3320
May 16, 1936
Financial Chronicle
Canadian Markets
LISTED AND UNLISTED
Provincial and
Bid
Province ol Alberta—
Province of Ontario—
5a
Jan
11948
79
82
5%s
4%s.
Oct
1 1956
77
79
6s
July 12 1949
-Oct
1 1953
Province of Manitoba—
97
4%s
93
1 1941
103
.June 15 1954
Deo
2 1959
105
4%s._
Aug
5s
5s
98%
94 %
Last
Weeks Range
112
Sale
of Prices
5s
May
11959
103%
112%
116% 117%
116% 117%
4s
..June
1 1962
105
106
Crow's Nest Coal
15 1965
110
111
Distillers-Seagrams
Sept 161943
Jan
Province of Quebec—
434 s
Mar
2 1950
Feb
11958
4 Ms-
May
1 1961
113% 114%
109% 110%
113% 114%
Prov of Saskatchewan—
Stocks (Concluded)
*
Easy Washing com
*
111
112
4%s
Sept 15 1952
110
111
Ford A
5s
Mar
11960
116
117
Goodyear Tire...
June 15 1943
Nov
Oct
15 1946
1 1951
98%
99%
99% 101
Fanny Farmer
94
..*
*
*
"5§"
.
*
5
12%
13%
_
Bid
4s perpetual debentures.
6s
Sept 15 1942
4%s
Deo
July
6s
15 1944
1 1944
91
91%
111
112
100% 102
115
July
11960
104%
107
107%
104
104%
Dominion Government Guaranteed Bonds
Bid
4%s
4%s
4%s
Ask
4%s
1 1956
..Feb
5s
July
....July
5s
....Oct
5s
Feb
Bid
Ask
Canadian Northern Ry—
Sept
1 1951
June 15 1955
1 1957
i 1969
1 1969
1 1970
113% 114%
116% 117
114
114%
111% 112
116% 117%
118% 119
118% 119%
6%s
July
11946
Grand Trunk Pacifio Ry—
4s
Jan
1 1962
3s
...Jan
11962
125% 126%
109
107
99% 100%
6s
11936
.Sept
101% 102
King Street West, Toronto.
Feb
5%
Jan
Feb
8%
Jan
Jan
12% May
13% Apr
May
43% May
Jan
3%
101
Feb
4
Apr
29%
53
May
Feb
15%
14%
Apr
105%
Feb
Feb
54
1,050
40c
Jan
6%
7%
105
6%
Jan
9
Mar
Jan
22
Feb
Jan
69
Mar
Jan
20%
18%
Mar
19
162
19
68
19%
17%
50
35
17
21
19%
17%
65
50
;
749
125
14
18%
17%
50
Mar
May
Feb
14%
Feb
2.25
Feb
50
May
4
Feb
3%
3%
3%
20
2%
Mar
1.25
1.25
1.90
611
1.00
Apr
2.25
5%
5%
1,025
4% May
29% May
7%
Monarch Knitting Co
Preferred-
Moore Corp com..
A...
31
5
30
15%
100
100
35
31
15
15%
102% 103%
4%
4%
86
*
33%
151
280
40
17%
Jan
Jan
Mar
Feb
12%
Jan
95
97
Jan
105
Jan
30
3
Jan
5
Mar
86
15
85
Apr
36
1,509
27%
Jan
39
Jan
165
1,337
151
6
146
90%
Feb
Mar
Mar
*
""5%
5%
5%
125
*
100
17%
17%
17%
50
16%
Jan
20
75
Jan
10
Jan
Orange Crush 1st pref.. 100
Page-Hersey
*
Pantepea Oil
1
"l5"
5%
40
6
Jan
15
May
120
79
Jan
95
Feb
National Sewer Pipe A
Ontario Equitable
7
""5%
12
5%
22%
13%
*
28%
27
Riverside Silk A
*
30
"73"
100
Standard Chemical
Steel of Canada
9
*
*
....25
"36"
*
10%
3
30%
18%
»
11%
Jan
18%
Feb
28%
256
19
Jan
29%
Apr
29
Jan
31
Mar
73
May
80
Feb
Jan
10
Apr
57
Jan
49%
Jan
67%
60%
27
Apr
30
Mar
11
Jan
106
Apr
Feb
190
77
28
30
105
25
8%
105
6%
8%
Banks—
Canada
Apr
Apr
May
95
102
Jan
25
9%
10%
Jan
40
100
9
9
Apr
12%
Jan
12%
4%
34%
Feb
19
Feb
1,658
3
31%
22% May
30
30
•74%
700
7,702
2,796
18
18%
37
15
13%
14
963
99
"l4"
..100
Apr
6%
27
70
36
*
Mar
280
57
9%
10%
2%
27%
Jan
3%
Feb
7%
14
63%
105
.*
2,490
5% May
23
62%
56%
8%
*
New preferred
73
7
62%
/l
15
88%
6%
13%
*
Simpsons Ltd pref
7
86
....*
Photo Engravers
Power Corp
Preferred..
WA. 3401-8
Feb
3
6% May
Jan
2%
99
75
9
2% May
26%
17%
Apr
Mar
36
May
13%
Apr
99
Apr
51%
Jan
New York Curb {.Associate)
15
Apr
16%
28%
Jan
1
Mar
70
Feb
20
Mar
50
135
23
59
27
410
Apr
Mar
5
13
Feb
72%
25
13%
Feb
2%
64% Jan
63% Mar
3% May
356
102
11%
1.00
Western Can Flour pref 100
Westons (Geo) com....
*
Exchange
Canadian Commodity Exchange, Inc.
Apr
Feb
24
.*
United Steel com
Walker (Hiram) com
STOCK BROKERS
Jan
Jan
Mar
8
90c
Tip Top Tailors pref.-.100
Members Toronto Stock
8
18
13%
20%
3%
67
Twin City
Union Gas
Co.
Jan
May
May
May
;
18,515
Standard Steel Con pref...
Tip Top Tailors
*
&
May
1%
28%
53
13%
8
20
1,070
53
12%
Jan
4%
May
34%
17%
Massey-Harris com......*
Preferred
i;
100
McColl-Frontenac
*
Preferred
100
Preferred
Duncanson, White
300
Apr
May
6%
19%
Pressed Metals
Grand Trunk Ry—
100
2
14
47%
10%
........
Canadian National Ry—
66
3%
17%
National Grocers.
116
56
18%
32
44%
9%
10%
Maple Leaf Gardens
*
Maple Leaf Gardens pfd.10
104
2,348
90
*
B
Ask
9
14%
23
.*
Loblaw Groc A....
Bid
Canadian Pacific Ry—
4%s_.
Sept
11946
5s.
Deo
1 1954
4%s
"46%
Lake of the Woods.......*
Laura Secord
*
Ask
20
620
High
Apr
*
...
Maple Leaf Mill
Canadian Pacifio Ry—
80
Low
30
*
Kelvlnator
Railway Bonds
173
875
6%
3%
28%
101
*
B
Private wires to Toronto and Montreal
21%
2
6%
3%
Hlnde & Dauch
Inc.
635
20
3%
2
:*
*
Internatl Utilities A
Co.,
1,080
20%
14
55
Imperial Tobacco
&
36,576
23
...50
Internatl Milling pref-.100
Internatl Nickel com.....*
New York
8%
23
5
68
Hamilton Cottons pref.-30
Ham United Theatres pf100
14 Wall St.
4%
—*
Gypsum.
Harding Carpets..
Gundy
26%
16%
4%
8%
2%
20
14%
22%
...*
Great West Saddlery
Bonds
21%
14%
20%
English Elec Co, of Can..*
*
Gen Steel Wares com
Canadian
32
2
"23"
Famous Players
93
Preferred.
Wood,
25%
116
* 4%
« 8%
Range Since Jan. 1 1936
for
Week
High Shares
32
*
Economic Investment...50
5s
Low
100
Dominion Stores
100 %
5%s..
4%s
Price
Par
Dominion Coal pref
.25
Dominion Steel & Coal B 25
100
109% 110H
Sales
103
11942
June 15 1636
Apr 15 1960
4148.-----Apr 15 1961
Province of Nova Scotia—
4%s_
4%s
Exchange
Friday
3 1937
4s
106 % 108
Prov of New Brunswick-
Ask
Jan
4%s
104%
106%
Bid
..Oct
6s..
Prov of British Columbia—
6s
Toronto Stock
Municipal Issues
Ash
Feb
Jan
65
Jan
Jan
17%
102
Mar
58
52
68
Apr
152
154
84
149
Jan
170
Feb
Dominion
100
200
205
41
190
Jan
222%
Imperial
100
200% 203
39
198
May
221
Toronto Stock Exchange
Feb
50
57
57
Commerce...........100
154
...
Montreal
Feb
Sales
Friday
Last
Sale
Stocks-
Par
Price
Abltibi
Week's Range
of Prices
High
Low
1.50
6% preferred
.100
Alberta -Pacific Grain
Beauharnola Power
*
Bell Telephone.
Blue Ribbon
8%
4%
2%
*
144
100
6%%
pref.50
Brantford Cord 1st pref.25
Brazilian
__*
Brewing Corp of Can
30%
30%
12%
2%
30
Jan
8%
6%
4%
2%
71
3
245
13%
3%
16%
Preferred
17
Apr
150
Jan
31
Apr
30
31%
9%
Jan
Jan
16%
4%
Feb
2%
Apr
18%
Mar
Mar
1.40
Jan
16%
28% May
27%
32%
37%
47%
Mar
815
22%
22%
28%
23%
28%
6,829
Building Products A
*
34%
40%
4%
35
1st preferred
Jan
33
85
37%
Jan
415
4%
Apr
6
Feb
Jan
Feb
94
94
5
90
Jan
95
33
155
30
May
44
Jan
8
Feb
*
*
Canada Steamships pf .100
*
80%
*
pref 100
Canadian Canners
*
Canadian Cannerslst pref
Conv preferred
*
Canadian Car
*
Preferred
_25
Canadian Oil
*
6
66
69
58
Jan
76
Feb
80%
82
55
80
May
93
Feb
6%
7%
25%
9%
7%
100
6%
Apr
15
Feb
25%
5
20%
Jan
27
Mar
43
4%
98
97%
6
5%
13%
Carnation Milk 1st predlOO
Canadian Dredge
*
Canadian Gen Electric. .50
Canadian ind Alcohol A. .♦
Cndn Industrial Alcohol B*
306
65
43
7%
Canada Wire & Cable A—*
13
8%
4%
98
6%
6
13%
13%
100% 100%
45
44%
152% 156%
7%
6%
13"
9%
75
9
Feb
10
43
May
10
4
Mar
311
261
210
Preferred
Cockshutt Plow
Consolidated Bakeries
145
10
9%
12,395
8%
250
13
13
75
127
58
25
12
Consolidated Smelters-.25
Consumers Gas
Cosmos Imperial.
Preferred
12%
6%
100
*
100
16
56%
201
55
199
12%
7
16%
57%
201
19%
19%
102% 102%
5%
Apr
13% May
100% May
Jan
37%
125
*
Jan
Mar
6
5
100
..*
88%
30
v
Canadian Pacific
Apr
Jan
6%
66
Feb
286
286
288
31
271
Jan
300
Feb
172
169% 172
150
164
Jan
182
Feb
230
231
15
225
Jan
235
Mar
153
152
153
39
137%
Jan
160
Feb
79
79
79
15
79
May
90
Mar
12
12
25
12
May
14%
55
55
5
196
Apr
201
112
....100
112
3
109
Jan
112%
..100
Trust—
Canada Permanent
.100
Huron & Erie
100
Huron & Erie 20% pref.—*
Landed Banking
100
Ontario Loan & Deb....50
Toronto Gen Trusts
Toronto Mortgage
•
Jan
Feb
Mar
100
84
84
84
12
84
May
95
Feb
50
120
120
120
3
115
Mar
120
May
Jan
150
7%
Apr
6% May
13
May
123
Jan
12%
Jan
57
Feb
5%
98
8%
8
17%
Feb
Apr
Feb
Feb
Feb
100% May
Apr
49%
165
Apr
12%
Feb
11
Jan
18
Jan
127
May
15%
Feb
4,872
10%
Jan
290
6%
15%
May
8%
Feb
Apr
18%
Mar
1,999
51
May
110
189
Jan
71
316
14
17%
102
.
Jan
Apr
57% May
Apr
205%
22%
103
Toronto Stock Exchange—Curb Section
May 9 to May IS, both inclusive, compiled from official sales lists
Feb
Apr
Sales
Friday
Apr
30
Canada Packers
Bakeries
85c
100
100
Canadian
18
185
13
Feb
...50
B preferred..
Canada Cement
Preferred
213
Mar
1,815
*
41%
4%
Apr
Jan
3,102
23,450
British American Oil
B C Power A
"~4%
182%
Feb
4,030
*
Jan
Jan
Mar
1.05
25
6
3%
27
95c
Canada Bread..
12%
141
95c
Burt (F N)
Mar
Feb
Feb
140
*
"34%
Jan
2%
2%
347
Brewers & Distillers
»
High
Jan
30%
89
Loan and
Low
1.25
10%
2%
16%
Week
Shares
50
30%
198
Toronto
500
145
190
Range Since Jan. 1 1936
for
1.50
30
197%
Royal......
May 9 to May 15, both inclusive, compiled from official sales lists
..........100
Nova Scotia
100
Range Since Jan. 1 1936
Last
Stocks—
Par
Bruck Silk.
_._*
Canada Bud
Ill*
Canada Malting..... III*
Canada Vinegars..
III*
Weeks Range
for
Sale
of Prices
Week
Low
Price
Consol S & G pref
Crown-Dominion Oil.
.100
19%
-
-
—
-
-
-
"
2"
*
DeHaviland Aircraft.. -II*
Dominion Bridge
.-I*
*
Dom Tar & Chemical.
5%
.
Imperial Oil
...»
22%
Int Metal Indust
Ill*
5%
Preferred-
37
...
International Petroleum
Langleys pref
Montreal Power
North Star Oil
Preferred
.
.
Prairie Cities Oil A
*
—5
24
20
21
Jan
24
78%
82
44
77
Apr
90
Jan
35
25
33
Mar
35
May
2
2
225
2
May
1,476
6%
Mar
9%
750
80% May
35
148
19% May
27%
35
2
Jan
273
32
Jan
2%
7
Apr
Feb
Jan
May
Jan
Mar
3%
36%
5%
72%
3%
37%
5%
72%
80
4
Jan
35
56
Jan
79
Apr
37
30
30
Jan
37
Feb
7
Mar
10
10%
21%
23
5
35%
5%
37
400
20%
Jan
40%
7%
4
Jan
24%
7%
155
30
Jan
42
Jan
Feb
10% May
315
11,509
Feb
Apr
Apr
Jan
37
38%
43
5
43
31%
31%
32
123
31
May
Apr
34%
Feb
1
Jan
1%
Mar
Jan
4.00
Mar
♦
Standard Paving
*
.100
8,834
1.55
___
-----
*
Shawlnlgan
♦No par value
19%
9%
31%
20%
43
------
*
Rogers-Majestic
Preferred
Mar
8%
30%
16%
43
*
-.5
.
High
May
35
-
"16%
Honey Dew pref
Low
11
13
35
------
.
Preferred..
.100
Hamilton Bridge Pref .100
120
12%
24
......
Canadian Wire Box A. II"*
Corrugated Box pref.. .100
High Shares
1.55
65
3,60
3.60
10
1.50
4
4%
20%
2%
20
20
13
/ Flat price.
2%
83%
3.15
Apr
Feb
Jan
2.50
Mar
Apr
21
493
19%
Jan
6%
23%
Mar
3
1,610
1.15
Jan
3.00
Mar
20
23
Jan
22
2.00
200
4%
1,086
1.25
39%
50
4
11
Jan
Feb
Volume
Financial
142
Chronicle
3321
Canadian Markets—Listed and Unlisted
Toronto Stock
Par
Stocks (Concluded)
High
Low
Shares
34
35
*
Supertest Pete ord
High
35
50
30
Jan
Tashota Goldfields
Week
Price
Par
Feb
38
for
of Prices
Low
High
1
32c
32c
,
33
34H
25
32
Jan
36
Apr
Teok-Hughes Gold
*
4.70
4.60
*
39
5
32
Jan
40
Mar
Texas-Canadian
*
2.20
2.00
2.30
100
112
112
112
5
110
114
Mar
Toburn Gold..
1
1.35
1.30
1.35
110
110
25
109
Apr
May
21
22
100
20
Apr
29
Tamblyns (G)
Preferred
...
-
Toronto Elevators pref. 100
United Fuel pref
Walkervllle Brew
21
100
Feb
Towagamac Exploration. 1
Treadwell Yukon
1
May
3H
Feb
Ventures..
«■
1.25 May
2.25
Mar
Waite-Amulet
Feb
119
*
2H
40
1.25
25
2H
40c
L95
1.80
1.95
*
1.15
1.13
1.18
13 He
Last
Sale
Price
1.50
1.57
7Mc
4Hc
8Hc
5Mc
8c
10c
5Hc
7He
for
21,825
22,900
47,600
Barry-Hollinger
1.43
67c
66c
70c
15c
1
1
Bobjo Mines
1.32
14c
17c
19,270
21c
.....
Big Missouri
33c
1.40
—*
Base Metals......
93,150
350,525
33,650
8,475
7,400
25,617
9Hc
5Hc
sales lists
18c 24 He
40c
Range Since Jan. 1 1936
Week
Shares
38c
Bagamac Rouyn
Bear Exploration
Beattie Gold Mines
of Prices
High
5c
1
1
—1
1
Ashley Gold
Astoria-Rouyn
Week's Range
Low
1.50
Argosy Gold Mines Ltd...
*
*
Bunker Hill
*
8.00
8.00
8.25
53c
65c
12,300
Low
1.15
High
Toronto Stock
Exchange—Mining Curb Section
Apr
6H0 May
Jan
2Hc
5 He
Jan
3 He
Mar
Feb
ll%c
Feb
7 Ho May
Stocks—
Par
Jan
50o
Jan
Feb
76o
Jan
Apr
23o
Jan
1.30
Mar
55c
13o
40o
*
lOHc
26c
25c
6c
81,700
2c
llHc
Jan
7Hc
2.60
Apr
4.50
Feb
2Hc
2c
2 He
67,300
lHc
Jan
3%c
Mar
*
44c
44c
45c
4,164
40c
Jan
78c
Feb
8Hc
6Hc
Jan
13 He
Feb
45c May
70Hc
Coast Copper
2.25
—.5
Cobalt Contact.....
Apr
Mar
East Crest Oil
*
8c
9c
3,900
16,111
FebH
Foothills Oil
*
50c
50c
1,100
7Hc
8Hc 431,700
12c 14Hc
27,900
2o
Jan
11 He
Apr
Grozelle-Kirkland
1
4Hc
4Hc
Home Oil..
2,500
1,450
6c
Jan
18c
Feb
1.02
1.10
2,650
73c
Jan
1.39
Feb
9Mc
1,000
5c
Jan
14c
*
*
Mar
1.40
Feb
Lake Mar on
Jan
1.60
Mar
Malrobio Mines
1.24
Jan
1.69
Jan
Mandy Mines
*
2.41
Mar
3.55
Apr
Night Hawk
1
3Hc
3Hc
1.02
1.02
1.10
1,550
Chibougamau Pros......*
1.22
1.22
1.36
20,305
7Hc
lie 194,925
5c
3.10
3.10
Coniaurum
*
2.40
2.10
Dome Mines
»
54
53
Dom
1
6%C
5Hc
1
1.00
95c
1,000
1,494
2.60
7,149
55 H
2,678
1.00
8.20
7c
8.20
7.76
1
6c
5c
19,800
13,491
6,845
8c 136,100
——1
5Hc
5c
5Mc 111,200
Falconbridge.
Federal-Kirkland
Franklin Gold
90c
Jan
1.60
Feb
1.22 May
3c
Jan
1.67
14c
Apr
May
4Hc
Jan
10Mo
Feb
2.80
Jan
1.80
3.45
Feb
Pawnee-Kir kland
7c
Feb
1.38
Mar
9.50
Mar
3c
Jan
10c
Feb
Wood-Kir kland
4 He
Mar
lie
1.45
76c
Mar
53,035
14HC
Jan
54c
32c
Jan
17c
20c
3,700
70,950
6c
Jan
7 He 12Hc 150,900
19c
20c
21.299
3Hc
Jan
May
1
20c
10c 13Hc
Grandoro
*
1
62c
58c
1
1.15
1.05
30c
5Ho
Jan
21c
Jan
75c
Jan
3c
3o
4Hc
10,200
2o
Jan
1
1.50
1.95
363,803
37c
Jan
Harker Gold
1
16c
15c 18 He 323,750
15C
15c
2,500
7c
Jan
5c
13c
Jan
18Hc
14H
15M
2,228
6Hc
1
49c
73.300
Howey Gold
...1
J M Consolidated.......!
74c
680 75 He
55c
61c
71,855
55 Ho
Mar
290
Jan
63e
54c
59c
30o
Jan
..1
43c
43c
46c
1
56H
55 M
57 H
Lamaq ue-Oon t act
1
11c
Lava Cap Gold
1
1
1.25
1.20
24Hc
19c
7,856
6,900
21,715
Jan
41c May
4,417
91,800
13,450
51H
5o
Jan
1.03
Apr
26c 367,957
12o
Jan
7Hc llHc
1.28
Jan
59 H
19c
Feb
4c
4c
4Hc
Mar
6Hc
Feb
7.05
61,800
11,715
2Hc
6.65
6.05
Mar
7.75
Feb
Lowery Petrol
*
13c
13Hc
4,500
9c
Jan
14Hc
Feb
4.05
18,592
3.12
Jan
4.73
Feb
25c 225,050
20c 23 He
50,300
5Hc
5Ho
Jan
25c
...1
3.82
3.81
*
21c
21c
.1
23c
4.40
5.05
62,710
42H
4.40
McLeodCockshutt Mines 10
45H
1,950
Mclntyre Porcupine
5
McKenzie Red Lake
1
1~59
1.43
McMillan Gold
1
2J*C
2Mc
McVittle-Graham
1
25 He
24c
McWatters Gold
*
1.31
1.28
Merland
*
19c
17c
~
1.60
98.505
4Mc 268,800
28c
24,550
1.35
20,350
19Hc
8,500
Jan
May
25o May
5.05 May
4.40 May
Mar
49 H
40
Jan
1.22
Mar
1.67
Apr
2Ho
Jan
15c
Feb
21o
Jan
42c
1.19
Apr
1.65
Jan
13c
Jan
24c
Feb
Jan
Mining Corp..
*
1.27
1.21
1.27
6,096
1.11
Apr
1.50
Jan
Minto Gold...
*
69c
65c
79c
7 Ho
Jan
1.00
Mar
Moneta-Porcupine
1
14c
13c
10,700
20,500
Morris-Klrkland
1
73c
65c
Mo
Newbec Mines.
1
*
3c
Nipissing
5
2.55
2.50
Noranda
*
54M
52H
Northern Canada Mining *
40c
40c
74c
26,762
5Hc 801,100
3Hc 32,200
2.55
2,170
65
4,733
44c
8.450
580
4Mo
3Mc
2Hc
1
1.68
1.00
Olga Oil & Gas New
*
Omega Gold
1
Pamour-Porcupine
*
Paymaster Consolidated.. 1
13Mc
8M0
15c
1.91
368,455
15c 334,160
64c
60c
76c
61,604
3.99
3.95
4.00
16,702
1.13
1.00
1.18 503,569
1.54
1.42
1.60
29,645
3Mc
2Ho
3 He
.1
6M0
Jan
150
Mar
Jan
8O0
Feb
Jan
4HC
2o
Jan
2.40
Apr
3.05
Jan
44H
Jan
55H
Apr
28 He
Jan
440
Apr
34o
Jan
8c May
40c Mar
3.50
Mar
50Hc
Jan
1.12
Jan
2Ho
Jan
3.95
Premier Gold
1
2.43
2.30
2.44
Prospectors Airways
Preston (new)
*
*
2.35
2.20
2.50
49 He
40c
50c
Quebec Gold Mines......)
1.32
1.25
1.34
27,760
90o
Mar
Read-Authler
1.90
1.82
1.89
11,875
1.20
1.28
11,525
1.11
1.22
32,200
18c 25 He 366,857
1.44
Jan
1
Pickle Crow
1
6.15
5.75
6.50
Pioneer Gold
1
9.75
9.75
10
1
1
1.24
.*
1.17
Roche-Long Lac
1
20 He
Royallte Oil..
*
30
San Antonio......... ...1
.50c
2.45
29
300
30
Jan
50c
May
1.00
Mar
50o
Jan
5Ho
27
Mar
South Ttblemont..... ...*
4Hc
4Hc
5c
_*
35c
34c
37c
IZ.i
85c
78o 88HC
50c
52c
Sladen Malartic
1
50o
St Anthony Gold
1
20 He
3.75
....
1
15o
20 He 22 He
3.80
3.65
11 He
16c
24,445
40,360
43,300
104,150
91,570
11,700
31,600
1.31
Apr
May
1.23 May
280 May
39H
Feb
3.45
Jan
1.00
Jan
79o May
1.40
Apr
2.87
Jan
3.58
Apr
3Ho Mar
Jan
I8H0
8H0
Feb
88Ho
Feb
750
Apr
90o
50c May
18o
Jan
38Ho
Apr
52c May
Feb
2,905
3.00
Jan
4.95
Feb
60
Jan
18Ho
Feb
830
Mar
1.15
Feb
2.25
Mar
2.90
Feb
1
1.00
97c
1.05
26,600
29,900
...1
2.55
2.50
2.85
13,120
1.40 May
2.20
May
Jan
1.24
Sullivan Consolidated.
Mar
3.25
Mar
3.50
Feb
2.48
660
1.10
4Ho
2.15 May
21c Mar
2.15
3.26
'1.18 May
1.74
Feb
Jan
700
1*19
Jan
Apr
11,540
3.45
4.85
6.95
65c
...J
May
150 May
79c
Feb
12.00
2.45
...1
1.91
Fen
Mar
2.26
Sherrltt-Gordon
4c
9.50 May
1.80
Jan
65o
"
Slsooe Gold...
Sudbury Contact.....
Jan
4Hc
Feb
26c
Apr
Jan
7c
Jan
Jan
81 He
Feb
2Hc
Jan
10Ho May
84c
3,300
12Hc 132,100
80c
May
4c
Jan
lo
Jan
6c
5%c 123,800
6c
43,700
8c
11,450
1.20
Feb
16c
Mar
12 He May
4c
Apr
9c
Feb
3Ho
Jan
7Hc
Mar
2c
Jan
6c May
4c
Jan
8c
Feb
Montreal Curb Market
Commodity Exchange Inc.
MONTREAL
HARBOUR
Exchange
Sales
Friday
Last
Week's Range
Sale
Stocks—
of Prices
Price
Par
*
Agnew-Surpass Shoe pref.*
Alberta Pas Grain pref. 100
Amal Elec Dorp pref
50
Ang-CdnT pf7%Canreg.50
-
—
—
..
.
......
.
15
...
106
14
Bell
100
Telephone
Brazilian Tr, Lt & Pr
146
*
12H
British Col Power Corp A_*
29 H
*
Bruck Silk Mills
30
8
8
125
Building Products A
29
10
15
15
20
53
53
5
H
10
106
106
14H
143H 146
13 H
10H
28 H
29 H
13H
4
12H
12H
13H
34 H
34 H
35
6H
6H
23 H
.»
*
Canada Cement
Canada
100
Preferred
ClAnadiftn Rrnnzfl
217
23
Jan
64 H
9H May
May
104
10H
Mar
141
Feb
Feb
Feb
320
11
May
52
33
Jan
526
154
58
220
22 H
159
1.25
7H
140
6M
123
Jan
Mar
21
28
10
23%
Jan
30
49
49
100
48
Jan
50
Jan
100
29 H
Feb
28
49
18
101
15
99
Jan
105
Jan
30
255
23H
Jan
34
Mar
47
151H
May
165
Mar
Apr
Apr
May
48
Jan
12 H
Feb
29
H
151H 151H
6H
25
12H
8H
12H
3,370
*
6H
10H
6H
Con Mining & Smelt new 25
Crown Cork
.*
56H
4,309
15H
15
15H
775
Dist Corp Seagrams.
Dominion Bridge
25H
21H
36 H
14H
26 H
14,565
37 H
16H
111H 112
144H 145H
30
37
16H
111H
12
6H
55
6H
57H
485
26
Jan
Jan
15H
Feb
9H
Feb
51
May
May
15
Mar
17
Feb
Apr
34 H
661
32
Jan
40 H
Feb
2,007
14
Apr
17H
Feb
91
H
Jan
4H
70
106
Jan
115
Feb
50
136H
Jan
146
Feb
5
1,140
4H
Jan
8
Feb
68
70
377
65
May
146
145H
146
18
144
Apr
4H
4H
5
925
4H
Eastern Dairies
*
2
2
2
100
2
Electrolux Corp
1
23
23
No par vat 15
57% May
18 H
4H
♦
Jan
11H
6H
*
Paper
Feb
35
7H
Dryden
Feb
19H
*
*
100
17M
31H
19H
7H
Textile
Jan
May
451
Preferred
Feb
112
115
7,995
1,435
Dominion
Feb
15H
122
115
100
-.100
3H
Feb
180
9H
Glass
Feb
25 H
Apr
May
30 H
Preferred
74
Jan
Apr
Apr
8
31
7H
Dominon
Feb
41
1,410
Dominion Steel & Coal B 25
Jan
8
Jan
104
720
14
pref....100
Jan
Jan
48
6
29 H
Dominion Coal
37 H
102H May
Apr
5M
13
May
25H May
5
37
104
27
•
16
Jan
6H
8H
Cockshutt Plow
Feb
5M
9H
Candn Industrial Alcohol.*
Canadian Pacific Ry
150
Feb
Apr
13 H
25H
Canadian Gen Electric..50
Class B
Jan
Feb
17 H
4
14
100
15
110
265
37
100
Candn Hydro-Elee pref
Mar
Jan
Jan
Mar
15H
27
Candn Foreign Investm't.*
Jan
32 H
5H
100
Preferred
14
51H
Jan
6
Canadian Converters-.100
Canadian Cottons
38H
Jan
100
—*
Rights
Mar
Jan
1.45
112
Jan
107
27
23H
7
Apr
10
Jan
28
*
7%
8
104 H
946
19,302
25
Celanese
Preferred
.295
104
100
Preferred
Canadian
7
_*
_
(New preferred
Canadian Car & Foundry.*
5
»
High
15
Apr
May
6H
66 H
24 H
65H
*
Steamship.
166
!
Low
15
1.40
100
Preferred-.
Can North Power Corp.
30
104H 104H
4
*
B
15
9
___100
Bathurst Power & Paper A *
Preferred
Range Since Jan. 1 1936
for
Week
Shares
High
29
.
*
Associated Breweries
Low
15
Acme Glove Works Ltd..*
Agnew-Surpass Shoe
12M
compiled from official sales lists
Feb
36,240
44,553
2,250
15,028
2,870
135,700
Stadacona-Rouy n
lHc
Montreal Stock
Feb
6.65
Shawkey Gold Mines.
4c 112,200
21c
6,850
Mar
May 9 to May 15, both inclusive,
Mar
*
Sheep Creek
8c
1.28 May
29Hc
1
Reno Gold........
Mar
14c
4Hc
3Hc
5Hc
PHONE
May
Little Long Lac
Read Lake-Gold Shore
Feb
34c
360 ST. JAMES ST. W.,
Apr
Jan
58o May
93o May
Lee Gold Mines
........
6c
Canadian
65c May
58c
Jan
"l5
1
Perron Gold
5Hc
1
1
...
17 H
43c
13 H
lie
Mar
45c
O'Brien Gold
Feb
7c
Jan
Members
Jan
1
Highwood Sarcee
*
Hdinger Consolidated ...6
Murphy Mines...
9Hc
Jan
12o
Montreal Stock Exchange
2.00 May
18 He May
.
Jan
lHc
Drury & Thompson
1.20 May
1.67
Maple Leaf Mines
3Hc
4,320
22c
CANADIAN SECURITIES
13Ho May
72o May
1
Manitoba & Eastern
7Hc 1581600
5Hc 211,300
4Hc
10c
8C
Robb Mont bray
Jan
18,000
72c 363,803
1.17
31,665
Hard Rock
Mac ass a Mines...
Feb
Feb
12He May
17c
Ritchie Gold
29 Ho May
54c May
26Ho Feb
Granada Gold...
Lebel Oro
Feb
22o
Jan
45,582
28c
Greene-Stabell
Lake Shore Mines
28 H
Feb
1.00
10c
Kirk Hudson Bay
Jan
Jan
18Hc
80c
llMc
Sudbury Mines
Temiskaming
90c
"~18c
Klrkland-Lake
1.430
22 H
14Hc
7Hc 13Hc 1115525
6 He
90,500
5Hc
....1
Jan
9,950
10,500
18C
10c
Porcupine-Crown
95c May
6.90
Jan
968
19c
4Hc
1
Pend-Orellle
4Hc
Apr
May
43c
1
...
72 Ho
Apr
Jan
20c 21 He
21,000
4Hc 10 He 699,696
18c
2.75
26c
1
Homestead Oil
20c
20c
56
93c
Graharn-Bousquet
H alcrow-vS way ze.....
3Hc
*
Par khill Gold
Jan
28c
Goodfish Mining
...
6c
4c
Nordon Corp
Jan
1
50c
Gold Belt
6c
20c
1
.
Oil Selections
42
*
God's Lake
Goldale
*
1.15
3.49
Explorers.
90C
26 H
16Hc
95Hc
3.30
4Hc
26
26 H
18Hc
.
61.504
2,400
3.35
1.20
Klrkland Townsite.
24,900
41,230
1
*
Eldorado
90c
90c
4c
Feb
5Ho Mar
Feb
1.40
"3" 10
May
320 May
Dalhousie Oil
7.85
5.55
Feb
80
Jan
32c 178,600
460
2.50
16c
Jan
6.50
1.59
5
Feb
High
7o
16c 256,912
25Hc
1.39
Sylvanlte Gold
14Hc
7Hc
Jan
1.06
Coniagas
Jan
Low
Shares
High
Jan
1.36
Sudbury Basin
Low
Jan
8Hc
71c
Week
Central Manitoba...
May
for
of Prices
Price
Brett-Trethewey
1.84
Week's Range
Sale
Aldermao Mines
18o May
28c Mar
9Hc
*
Mar
Range Since Jan. 1 1936
Last
He
9c
1.47
....
Feb
Jan
Sales
Friday
1.57 May
25o Feb
6
3.80
1.38
Clertcy Consolidated
Commonwealth Pete
Feb
9 Ho
9.00
Mar
3o
May 9 to May 15, both inclusive, compiled from official sales lists
855
1.19
Chemical Research
Feb
*
4.600
1
Central-Patricia.
20Ho
5Ho
Ymir Yankee Girl
16c
.*
Castle Tretliewey
1.37
llo May
3c
Jan
7c
6.50
14c
Jan
Feb
Apr
5c
7.30
7.10
...1
Cariboo Gold
Peterson-Cobalt.
38o
Feb
40c May
2,50
6c
16c
...1
Canadian-M alartlc
Gunnar Gold.
Jan
7.55
Feb
37c
Jan
Apr
5.40
1.02
—
Jan
Feb
1
12c 16 He
3o
4Hc
4Hc
Hudson Bay
Calgary & Edmonton
Calmont Oils
1.20
20c
8Hc
Buffalo Ajokerite.
Buffalo Canadian
Jan
Apr
25c
15c
50c
5.40
2.50
1.50
1,60
1.00
6.20
7.15
*
Bralorne Mines
BEX Gold Mines
Mar
Sales
Friday
Par
4.30
2.00 May
Wlltaey-Coghlan
Wright-Hargreaves
Exchange—Mining Section
May 9 to May 15, both inclusive, compiled from official
Jan
25,465
5,500
99,000
8,100
17,900
4,365
White Eagle.
Toronto Stock
High
620
28o
500
23c 32 He
40c
31c
~
Wayside Consolidated .50c
Waterloo Mfg A
2H
1.25
2H
*
Stocks—
12,100
10,225
35,675
1,420
20,800
'4.85
39
...
Low
Shares
36o
39
*
Common
Range Since Jan. 1 1936
Week's Range
Sale
Week
Low
Price
Sales
Last
Range Since Jan. 1 1936
for
of Prices
Sale
Friday
Sales
Week's Range
Last
Stocks (Concluded)
Toronto Stock Exchange—Mining Section
Exchange—Curb Section
Friday
24 H
650
19 H
79
Jan
146H
Jan
7
Feb
Jan
3M
Feb
Jan
28 H
Feb
May
3322
Financial
Chronicle
May 16, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Week's Range
Sale
Stocks (Concluded)
Par
English Electric A
Price
of Prices
High
Low
*
B
21
*
*
9
General Steel Wares
*
Gurd
56
"m
Charles
Hamilton Bridge
Hamilton
10
15%
7%
*
Hollinger Gold Mines
5
*
100
Preferred
Last
Stocks (Concluded)
High
Jan
7
24
Week's Range
19
Apr
13
Mar
12%
21%
18%
May
5%
Jan
11
3%
55
High
Low
Shares
Feb
Alton Mines Ltd—
1
82c
82c
100
61c
Barry-Hollinger Gold
1
Base Metals Mining Corp*
6%c
7%c
12,500
4%c
19c
19c
200
19c
Apr
May
31c 39 %c
19,500
30c
Jan
45c
65c 67 %c
6,250
550
Apr
75o
Jan
17c
500
40c
Jan
33%
500
Beaufort
Jan
8%
Mar
Big Missouri Mines
6%
Jan
Brazil Gold A Diamond.. 1
Jan
BuloloGold Dredging....6
Gold
4%
10
4%
25%
Apr
15
15%
10 %
15
15%
11
1,300
13 60
Mar
17%
Jan
Cartler-Malartlo Gold
1
10%
601
Apr
14%
Mar
Cent Manitoba Mines
1
90
89
90
82
12*
88
Mar
Consol Chib Gold Flelds_.l
13 %
13%
7%
44%
3%
13%
7%
47%
4
929
13%
Mar
80
82%
19
119
Jan
Mar
33c
67c
Mar
6%
Apr
37c
1
58%
35
36
May
7%c May
....1
Jan
7%
Feb
82o
Jan
Apr
36%
4%
High
Mines—
Feb
60
440
Low
Range Since Jan. 1 1936
for
Week
of Prices
Price
Feb
Jan
10%
Par
35
Bridge pref.. 100
Howard Smith Paper
20
Low
480
56
Market
Sales
Sale
30
3%
Goodyr T pfd lnc 1927 .100
Range Since Jan. 1 1936
for
Week
20
15
15%
3%
Curb
Friday
Shares
21
20
Famous Players C Corp..*
Foundation Co of Can
Montreal
Sales
Friday
17c
17c
33
33
7c
17C May
31
5c 10 %c 366,407
27c
2,500
2c
1.24
1.35
Jan
18%c
37
Apr
10,490
Jan
10%c May
Jan
1.10
27c
T.24
Apr
27c
2.30
May
Mar
Dome Mines.
Imperial Tobacco of Can .5
£1
Preferred
7%
Int Nickel of Canada
*
International
Power
*
3%
International
Power pf. 100
82 %
19
l.afce of the Woods.
*
...
Landsay (C W)
47
17%
10
10.454
165
1,015
286
*
60
"I in
McCoH-Front.enac < >11
Montreal Cottons pref. 100
Montreal L HSPr Cous
Montreal Tramways...100
National Breweries
*
3,744
5
93
126
43
1,520
39
33
43
45
14%
38
4,378
45
Feb
Francoeur Gold—..
*
24c
20c
25c
34,900
190
Apr
440
Feb
28c
28c
22 %c
23c
28c May
72c
1,000
23,425
49,680
Apr
62c
Jan
72c
May
28%o
Jan
63c
May
54
6
Feb
Goldale Mines
Feb
Greene-Stabell Mines
Feb
J-M Consol Gold
Jan
Lake Shore Mines
Feb
Lamaque Contact Gold M*
100
Feb
Lebel Oro Mines Ltd
43
140
55
1
1
66c
...1
58c
1
55 %c 61 %c
57
56
May
315
10c
8c
10c
11,200
6c
Jan
18c
Feb
24%c
19%c
25c
13c
Jan
29c
Mar
1.20
9,166
1.88 142,650
35c
Jan
1.03
May
3.95
4.00
3.75
Jan
4.70
18%o
Jan
31%
Feb
1.12
Jan
1.75
Feb
3.95
Mar
6.95
Apr
86
Jan
31
Apr
34
Jan
O'Brien Gold Mines Ltd. .1
65%
Apr
60
Jan
Pamour
Apr
103
Jan
Park hill Gold
I
'"20c
Jan
44
Feb
Perron Gold
I
1.55
1.45
1.58
Mar
43
Feb
Pickle-Crow
1
6.30
5.75
6.30
20,700
2,600
5,200
Feb
Quebec Gold Mining Corpl
17%
13
May
34
Jan
55
44%
Jan
55%
1
1.66
Porcupine M Ltd *
Gold
Jan
57%
Jan
52
59
56%
12%
39%
Jan
Feb
Jan
85
55
Feb
7%
4
56
53
9.50
Jan
32
14
Jan
Apr
3
10
53
6.90
22
95
53
930
88%
42%
National steel Car Corp.
8.20
Jan
91
25
Preferred
7.80
Jan
56
43
8.15
16%
31%
"93"
*
67
94
~3i>i
53
Falconbridge Nickel
Apr
15%
1,302
54
Mar
43%
3%
15
40
Montreal Telegraph
7
*
14%
2,300
20c. 20 %c
Jan
Jan
*
..-*
54%
17%
Mar
*
225
225
15
199%
Jan
240
Mar
Ontario Steel Products
*
6
6
10
6
Jan
8
Jan
Ottawa L H & Power... 100
94
94
6
88
Feb
95
Mar
107% 110
21
101%
Feb
110
122
20
118
Jan
125
Preferred
100
no"
100
*
'"11%
122
13%
119
282
Jan
4%
135
4%
May
25
Preferred
14%
100
12%
Feb
1.85
1.145
10%
1,079
8t Lawrence Corp
*
A preferred
1.85
1.65
9
St Lawrence Paper pref. 100
30
29
30%
1,927
Shawlnigan W & Power
*
21
1,810
16%
17
140
118
35
Jan
2.20
Apr
1
3.43
3.45
3.50
5,780
2.88
Mar
3.60
Apr
83o
Mar
1
15
Feb
1
1.03
97c
1.03
12,660
50c
49c
53c
6,700
Teck-Hughes Gold
I
4.65
4.65
4.85
79^
Thompson-Cad
1
42c
Towagmac Exploration.. 1
Ventures Ltd
...»
37 %o 51 %c 286,500
24c
24c
500
"l".95
1.80
52c May
49c May
4.30 Mar
37%c May
24c May
1.60
Jan
5.35
Jan
51 %c
35c
May
2.50
Feb
Feb
1.95
4,600
Feb
Wavslde Cons Gold
50c
13%
12
16%
25.400
11 %c
May
21c
Feb
Feb
White Eagle Silver
*
3%c
3%c
3%c
1,000
3%c
Mar
5c
Mar
15
Wright-Hargreaves
*
8.10
8.10
8.25
650
7.65
Jan
8.90
Feb
9c
6,780
Mar
2%
Feb
11%
Jar
31
Apr
Apr
Jan
16%
May
1.43
*
23%
Apr
19%
*
20%
16%
20%
Sherwin vvtniams of Can
8
1.40
988
Sullivan Consol
Jan
10
Mar
1.85
Sunloch Mines
Feb
6%
1.65 May
50
93c
1.81
Jan
18
4%
14%
K nittlng
5,600
Til
Apr
18%
17%
11%
14%
Jan
16%
Power
Regent
13%
*
Quebec
1.30
1
Apr
Ogllvle Flour Mills
Penmans pref
Power Corp of Canada
1.25
Read Authier Mine
Slscoe Gold
Niagara Wire Weaving
Noranda Mines
20
Unlisted Mines—
100
115
Simon (H) & Sons
*
10
Southern t
*
12%
12%
62
63
56%
56%
68
2%
2%
75
an
Power
8teel Co of Canada
*
Prefer -ed
Vlau
Biscuit
62%
25
Viau Biscuit
..*
"2%
pref.....100
Wabasso Cotton.
Western Grocers Ltd
*
Jan
12c
Apr
8%c
1,500
8%c May
1.20
2,755
98c
Mar
24 %c
1.42
Feb
1.13
Central Patricia Gold
1
3.40
3.32
3.45
2.43
Mar
3 52
Apr
1
6%c
7c
1,500
16,525
10%c
Jan
Eldorado Gold
1
96c
1.00
1.70C
Apr
96c May
1.38
Mar
Granada Gold..
1
Mar
31c
Jan
Jan
Jan
127%
Cndn
*
1
,
Malartto Gold
Jan
12
Jan
12
Jau
14
Mar
57
Jan
67%
Howey Gold
1
7Cc
70c
Mar
91o
May
49 %
Jan
60%
Apr
Apr
2,000
10,000
19%c
418
Macassa Mines Ltd
1
3.85
3.75
4.05
2,250
3.18
Jan
4.73
Feb
2
Jan
3%
Feb
San Antonio GokLi
1
2.37
2.33
2.37
200
2.20
Mar
3.40
Jan
1.10
1.20
2,225
1.00
Jan
1.40
Apr
34 %c 36 %c
62,260
18%o
Jan
39c
Feb
19%c 19%c
70
18
Jan
38
Mar
Sherritt-Gordon Mines... 1
1.17
20
20
20
May
32
Jan
Stadaconna-Rouyn Mines *
35%c
50
17
51
Apr
Sylvanlte Gold
48
Feb
3
185
15
43
2%
11%
Jan
15
Jan
18
Mar
57
51%
Jan
58
Mar
Abitibl ctf of
Jan
140
Feb
2.60
57%
138%
58
97
138% 139
30
133
Canadienne
100
Commerce
100
152%
152
153
Montreal
100
198
189
198%
100
283
..100
169
Royal
\
pref
...
25
148
Apr
170
Feb
160
184
May
214
Feb
285
22
271
Jan
300
Feb
Canada Malting Co Ltd..
173
129
164
Jan
181
Feb
Cndn Pow & P Inv pref
Brewing Corp of Can
*
Preferred
»
HANSON BROS
Canadian Government
i
INCORPORATED
2.89
Feb
1.75
2 50
Feb
pref. 100
Price Bros Co T td
No par value
May
385
13
Feb
26
6%
6%
Jan
8
Jan
12%
Feb
80c
Mar
1.40
Jan
Mar
1.00
500
3
""3
390
2%
Jan
315
13%
Jan
4%
18%
115
30%
4%
Apr
16%
31%
16%
3%
16%
30%
31%
5
5
150
""2%
2%
3
2,416
4
100%
22%
50
Last
Par
Asbestos Corp voting tr.. *
Bathurst Pow A Pap cl B_*
Beauharuoln Power Corp
*
Week's Range
Sale
of Prices
Price
Low
Brit Amer oil Co Ltd
Brit Col Packers (new!.
*
High
Range Since Jan. 1 1936
for
Week
Shares
Low
26
3
3
2%
2%
135
"23%
22%
28
334
3
285
2%
424
135
23%
16
2,215
17%
Jan
3%
Ma'
2%
Mar
130
Jan
16%
Jan
8%
30
5%
3%
135
9
9
76
May
13
10
105
Jan
118
Apr
110
110
11
107%
Feb
1.11
*
Ltd
*
Can Gen Invest Trust. .100
Canadian Vickers Ltd
*
Catelli Mac Prods pref A 30
City Gas A Elec Corp
*
Commercial Alcohols Ltd. *
20
44%
7%
44%
'
7%
1.75
20
May
27%
Jan
Asbestos Corp of Can 5s '42
37
Jan
48%
Apr
BeauharnoisLH&P 5 %s '73
7%
100
7% May
8%
Feb
4
Feb
Beauharnois Pr Corp 5s "73
Bell Tel Co of Can 5s. 1955
115
Jan
Brltlsh-Amer Oil Co 5s '45
102%
Feb
Brit Col Power
1.50
Apr
175
18%
Feb
2
25
1.75
Jan
2,390
65c
May
455
26%
70c
1.75
1.00
24%
3
1.35
Feb
5s
5%s..l960
Mar
1
1960
33%
8%
5%
75
6%
72%
36
8%
50
5%
240
75
190
Jan
36
Feb
8
Apr
12
4%
Feb
50
Mar
7%
80
Feb
Calgary Power Co 5s..I960
Feb
Canada Bread 6s
CorpIIII*
1.00
1.00
50
85c
Jan
2.75
Apr
11%
12
9
Jan
19%
Feb
Canada Cement Co 5 %s '47
Cana Canners Ltd 6s. 1950
Canadian Inter Pap 6s '49
Jan
19
Feb
Can North Power 5s__1953
70c
Jan
1.46
Feb
Can Lt A Pow Co 5s-.1949
20%
Jan
24%
Apr
Canadian Vickers Co 6s '47
19
Jan
30
Apr
Cedar Rapids M & P 5s *53
Jan
Consol Pap
Voting trust ctfs.._I_
Home Oil Co Ltd
12
92c
Imperial Oil Ltd
38
7,312
80
3%
15
2%
Apr
37
38%
3,013
33%
Jan
9%
12
6
Corporation
•
•
HAnover 2-6363
Page-Hersey Tubes Ltd--*
39%
14%
Feb
Dominion Canners 6s. 1940
Jan
2.25
Feb
1.05
1,300
9%
3%
6%
25
Apr
13%
Feb
10
9%
3%
Dominion Coal 5s__i_1940
Dom Gas A Elec 6 %s_1945
Apr
5%
Feb
Dominion Tar 6s
50
5
Apr
8
Jan
25
79
Jan
Donnaconna Paper 5 %s *48
East Kootenay Pow 7s 1942
89
89
99
Sou Can P Co Ltd pref. 100
99%
98%
pref. 100
99%
20
97%
94%
Feb
Mar
101
Feb
Jan
100
Mar
2
2
100
1.50
Jan
3
Feb
60c
95c
9,640
50c
Apr
95c May
3
31%
395
740
2%
26%
Apr
30
2%
27%
18%
18%
18%
271
17%
*
United Distillers of Can..*
2%
147
98
Utility Bonds
Lake St John Pr A Pap Co
6 %s
Feb
1 1942
Ask
50
1 1947
/49
/9 5%
MacLaren-Que Pr 5%s *61
82%
96%
82%
80%
80%
48
50
6%s
Feb
Maple Leaf Milling—
96%
2%s to '38—5%s to *49
Massey-Harrls Co 5s. .1947
M0C0II Frontenac Oil 6s '49
Minn A Ont Paper 6s_ 1945
Montreal Island Pr 5 %s '57
Montreal LH4P ($50
97%
par value)
Eastern Dairies 6s
1949
50
Montreal Tramway 5s 1941
109
101
Northwestern Pow 6s. 1960
66
66%
Certificates of deposit
Nova Scotia L A P 58.1958
66
66%
-
89
90
112% 112%
32%
/32
109%
104%
90%
Ottawa Lt Ht & Pr 5s. 1957
Ottawa Traction 5 %s.1955
Ottawa Valley Pow 5 %s '70
85
109
112
105
Apr
Feb
General Steel wares 68.1962
Gt Lakes Pap Co 1st 6s '50
Jan
19
Feb
Int Pr A Pap of Nfld 5s *68
Corp of Can 4%s '59
Deo
1 1957
1943
Certificates of deposit...
91
104% 105%
76%
77%
97%
97%
Power
Price Bros A Co 6s
102
Feb
50%
101%
105%
85%
84%
103% 104%
101% 102%
Fraser Co 6s unstpd_.1950
6s stamped
1950
3%
34%
104%
New Brunswick Pr 5s. 1937
'
84
1956
103%
105% 106%
1949
Gatineau Power 5s
89%
90%
104% 105%
31
/30%
..1939
3s
5s
Corp 5%s_1961
Jan
60c
3%
6%
~--
Apr
4
95c
(Robtj
23
25
8
9%
3%
Walkerville Brewery Ltd.*
Walker-Good A Worts.
2,930
21%
9%
*
B
95c
245
3
.
Melchere Dlst Ltd A
90c
12
25
22%
Inter City Baking Ltd._100
Int Paints (Can) Ltd A.
*
Int Petroleum Co Ltd
*
Inter Utilities Corp cl A-.*
Inter Util Corp class B ..1
11
115%
83
1941
Mar
159
27
102% 103%
106
106%
Burns & Co 5 %s-3 %s_1948
35c
12
26%
Jan
Mar
.
Feb
'
35c
Preferred..
39%
Jan
Manitoba Power 5%s.l951
104%
25
20
2
60
Thrift Stores Ltd
Apr
Bid
45
5
35c
cum
Mar
Ask
97% 100
103%
81%
82%
70
35c
Fraser Cos Ltd
Power of Can
6%
York, Montreal and Toronto
New York
20%
44%
20
95c
Apr
*
_
•
Bid
Abltibl P A Pap ctfs 5s *53
Alberta Pao Grain 6s. .1946
Brit Columbia Tel 5s. 1960
Dom Eng Works Ltd
Dominion Stores Ltd
*
Dom Tar A Chemical Ltd *
Cum pref
100
Mitchell A Co Ltd
May
SECURITIES
Municipal
Industrial and Public
Jan
112
_
Mar
Jan
27%
112
Foreign Pow Sec
,26%
Jan
May
Feb
9
_
490
10
28%
65
104%
102%
Jan
Royal Securities Corporation
Apr
Apr
112
warr A
Apr
May
375
21%
48%
96%
100%
2%
75
35
May
•
Canada Vinegars Ltd
•
Private wire connection between New
30 Broad Street
High
Canada Paper Co pref. 1100
Can Nor P Corp Ltd
pf loo
European Elec
Feb
Feb
Feb
Bell System Tele. NY 1-208
28
preflOO
Dredge A Dk
7%
16%
/ Flat Price.
Government
Sales
Friday
Cndn
Feb
Jan
Industrial Bonds
May 9 to May 15, both inclusive, compiled from official sales lists
cum
Apr
3%
2%
508
102% 103
100% 100%
3
2%
29
29%
CANADIAN
Beld-Cortl Ltd
Feb
6
Jan
330 Bay St., Teronta
Montreal Curb Market
Stocks-
35
Jan
11% May
55
49
"l02%
Feb
2
10
12
22
"22%
4
11%
100
•
1.30
8
7%
95c
Royalite Oil Ltd..
Public Utility and
1883
McColl Frontenac oiipfioo
1,075
8
1.60
'"7%
General Steel Wares pf 100
Nova Scotia. & P
Municipa
255 St. James St., Montreal
Sparks St, Ottawa
Mar
*
Eastern Dairies pref
100
Ford Motor of Can A...
56
2.38
100
dep 6% pf 100
Consolidated Paper Ltd..*
Donnaconna Paper B
*
ESTABLISHED
700
Brewers A Dlst of Van...*
Cum 6%
Nova Scotia
2.65
1.45
1
Unlisted Stocks—
Abltibl Pow & Paper Co..*
50
55c
Mar
4%
Banks—
Canada
Feb
10
38
2%
6c
5
50
"56"
100
20
60
10
20
*
Preferred....
May
7%c
8%c
Tie
Arno Mines
Ashley Gold.
Mar
35
_*
Winnipeg Electric.
115
7%c
1
Duparquet Mining
Preferred..
20%
Provincial Pap Ltd 5%s *47
Quebec Power 5s
1968
Saguenay Power 4%s_1966
Shawlnigan W & P 4 %s '67
Simpsons Ltd 6s
1949
90
100%
106%
100% 101%
79
77%
-
95
-
-
95%
100%
124% 125%
124% 125%
101%
104% 105
98%
99%
103%
103%
Smith H Pa Mills 5%s *53
104% 105%
104% 105%
Southern Can Pow 5s. 1955
105%
Steel of Canada Ltd 6s '40
112%
«
-
-
~
-m
m.
97%
100% 101%
United Grain Grow 5s. 1948
/51%
United Securs Ltd 5%s '52
98% 100
83%
84%
Winnipeg FJeo 6s
82%
51%
103% 104
Oct 2 '54
83
Financial
Volume 142
Over-the-Counter
3323
Chronicle
Coca-Cola Bottling
STOCKS & BONDS
of New York
South Coast Corp.
Established 1914
74
Trinity PI., N. T.
Members New
Quotations
New York
Bid
111
1' 1
a4a
Nov
1
111
111%(
a 48
May
111
111%
o4s
May
1 1959
1 1977...
o4a
Oct
1 1980
111%
1 1960
1 1962.
1 1964..
114%
114% 114%
114% 114%
Hn Sept
o4%s Mar
a4%s Mar
103% 104%
106% 107
a4%sJan
114 %
1966
1972
1974.......
1976—
112
1 1977-
04 Ha May 1 & Nov
o4 Ha Mar 1 1963
o4%s June 1
a4%sJuly 1
o4 Ha Deo 15
«4%s Dec
1
o6s
11957
116%
117
MUNDS, WINSLOW & POTTER
40 Wall Street, New York
ii?S
117%
1965.......
1967-.
...
1971
—J
1979...
118 %
Whitehall 4-5500
Members New York, Cblcago and other Stock and Commodity Exchanges
118% 119%
120% 121%
103% 103%
25 1937
Jan
Bought, Sold and Quoted
115% 115%
115% 116%
116
116%
116% 117
116% 117%
New York Bank Stocks
New York State Bonds
Bid
Canal A Highway—
6s Jan & Mar 1946 to *71 b
Highway Imp 4 Ha Sept *63
Par
World War Bonus—
—
132 H
Canal Imp 4 Ha Jan 1964..
132%
Can A Imp High 4 Ha '65
130
.
Ask
Bid
Ask
2.90
—
4 Ha
AprU 1940 to 1949..
Highway Improvement—
4s Mar A Sept 1958 to '67
Canal Imp 4a JAJ '60 to '67
42 to '46
Barge CT4Ha Jan 1 1945.
Barge C T 4s Jan
Bid
25%
26%
Merchants Bank
Bank of Yorktown..66 2-3
50
60
National Bronx Bank
50
85
National Safety Bank. 12%
38%
32%
38%
34%
Penn
Bensonhuret
125H
125 H
114H
117H
National..50
Chase
13.55
City (National)
12 H
Commercial National.. 100
Port of New York—
169
175
Fifth Avenue
955
985
100
First National of N Y—100 1905
Flatbusb National
Bid
Ask
Par
Ask
Bank of Manhattan Co. 10
2.10
b
Port of New York Authority Bonds
Bid
27
National...100
Klngsboro
Ask
100
1945
Bid
Ask
100
75
85
50
20
25
15
17
Exchange
10
9%
10%
Peoples National..
50
52
Public National
25
39%
41%
32
33%
18
20
Sterling Nat Bank A Tr.25
12%
Trade Bank
60
---
George Washington Bridge
Gen A ref 4s Mar 1 1975.
Gen A ref 2d ser 8%s '65
106% 107
104% 105
4s
1938-53
JAJ 3
ser
1936-50. .JAD
B
4Ha ser B 1939-53.MAN
Inland Terminal 4 %s ser D
105
106
101 %
112% 113%
MAS
108
113
Now York Trust
109
Holland Tunnel 4HB aer E
1936-60
MAS
114
1936-60
Bayonne Bridge 4s series C
Par
Bid
Companies
Par
Ask
Italians. 100
105
115
Empire
Bk of New York A Tr. .100
500
509
Fulton
Banca Comm
United States insular Bonds
Philippine uoverumeut—
tfUl
4a 1946
100
4 Ha Oct
4 Ha July
•
Bank and Insurance Stocks
114%
114% 115%
114% 115%
a4 Ha Nov 15 1978
%. a4%s Mar 1 1981
114H
Private wires to principal cities in United States and Canada.
Bid
a4%s April 1
a4%s Apr 15
a4%s June 1
a4%s Feb 15
105H 105%
104H 104%
111% 111%
•
City Bonds
Ask
102 H 103
105 H 105%
1968.
Pkitadelpma.
Over-the-Counter Securities—Friday May 15
on
o3%s July 1 1975—
d3%sMay 1 1954a3 Hj8 Nov 1 1954...
<»3He Mar 1 1980...
03 Hs J ad 16 1976
o3Ha July 1 1975...
a4s
May 1 1957...
04
Bought & Sold
York Security Dealers Association
Open-end telephones wire to Baltimore, Boston, Newark and
•
aaaa
Whitehall 4-3700
Bid
Ask
101%
Honolulu 5s
Aprl
5s
Feb
1952...
U S Panama 3s June 11961
106
5a
3.00
4
107% 109
5s July
112
114
55%
-20
Bank of Slcilly
Bronx County..
Brooklyn
118% U9%
8%
-20
Central Hanover
112
1948
113%
109
%s July 1958
111
113
57%
Guaranty
12
Irving—
Kings County
9%
116
110
Manufacturers
114
48
47
49
25
116
119
52%
54%
New
80
Title Guarantee A Tr. —20
York
-.25
13
18
19%
Underwriters
59
60
United States
9%
10%
15
Continental Bank A Tr.10
Colonial Trust
...
15%
1720
...20
75
Corn Exch Bk A Tr.. -20
Conversion 3s 1947
114% 116%
14%
45
Chemical Bank A Trust. 10
...
293
100 1680
Lawyers
107
„10
24
214
288
.......
Clinton Trust
114
113
U S conversion 3s 1946
10
Ask
23
111
......
Govt of Puerto Rico—
107
101 % 103%
5 Ha Aug
1941..
HawaU 4 Ha Oct 1956
Ask
3.50
106% 107%
1959
1952
1955
Bankers
Bid
208
...
.100
70
80
.100 1955
2005
Federal Land Bank Bonds
Bid
3s
1955 opt
1956 Opt
100%
JAJ /100%
3s 1956 opt 1946
MAN /100H
3%s 1955 opt 1945..MAN 102 %
4s 1946 opt 1944.....JAJ
109%
juwys
3s
4s 1957 opt
1945
JAJ
1946
MAN1
1937
Bid
Ask
iOOH
100H
100 %
102%
110H
4a 1958 opt
4
Ha
4 H8
4 Ha
4Ha
1938.—.MAN
1956 opt 1936
JAJ
1957 opt 1937--JAJ
1957 opt 1937..MAN
1958 opt 1938—MAN
Ask
105H 105 %
101
101H
102 H 102H
103H 103%
107H 107 H
104H 104 %
Chicago Bank Stocks
Par
Bid
Bid
Ask
FirsfNatlonal
210
230
Continental Illinois Bank A
Trust
33 1-3
144
100
277
285
Harris Trust A
Savings. 100
365
395
Northern Trust Co.—100
..100
780
825
149
1
JOINT STOCK LAND BANK BONDS & STOCKS
Par
Ask
American National Bank A
Trust
MUNICIPAL BONDS
Bought—Sold—Quoted
Pffcfandem
Ihsurance
VPPfnc,
MUNICIPAL BOND DEALERSCOUNSELORS
120 So. La Salle St., Chicago
Bid
Teletype CGO. 437
State 0540
Aetna Fire
10
Aetna Life
........10
Agricultural
Joint Stock Land Bank Bonds
Bid
Atlanta
6s
Atlantic
5e_
98% 100
99% 100%
99% 100%
Burlington 5s
California
5s
...
/H%
Dallas 5s
100
101
67
70
First Carollnas 5s
Llnooln 5s
99
American of Newark
Louisville 5s
100
12%
.
14%
72%
15%
Mass
42
45
75%
30%
49%
37%
Bonding A Ins
25
Merch Fire Assur com.2H
56
60
Merch A Mfrs Fire New'k 6
National Casualty...... 10
National Fire
...10
9%
17%
20
.2 H
98%
100
Automobile............ 10
99
100
35%
8%
99
Baltimore Amer
101
First of Montgomery 5s...
First of New Orleans 5s...
86
89
loo"
90
93
Pac Coast of San Fran 5s..
100
First Texas of Houston 5s.
98
100
Pennsylvania
Fremont 5s__
86
90
St Louis 5s..............
100
101
San Antonio 5s..........
100
101
Greensboro
Phoenix
5s
........
Potomac 5s.—........
...
25
98
102
National Union Fire
100
648
663
New Amsterdam Cas
5
20
22
29%
30%
26
27%
New
46
48
New York Fire
Continental Casualty
24
26
Northern
Camden
Greenbrier 5s
101%
2H
Fire........
10
Carolina
99% 100%
106% 108%
99% 100%
34
/32
104
29
Bankers A Shippers
Boston..
99
67
Pacific Coast of Los Ang 5s
Pao Coast of Salt Lake 5a.
6s_.
10
5
City of New York
...10
Connecticut Gen Life...10
97
Pacific Coast of Portland 5s
100
Maryland Casualty......1
New York 6s
91
Chicago 5s..
15
47%
101
Fletcher 6s
15H
13
10
American Reserve
87
First Trust of
75
13H
3%
3%
American Re-Insurance .10
100
Wayne
73
Knickerbocker—........5
Lincoln Fire
American Surety .......25
/62
6H
Ins Co of North Amer..10
101
5s..
First of Fort
8
83%
101
North Carolina 5s
6
26%
33%
100
Ohio-Pennsylvania 5s
Oregon-Washington 6s
Importers A Exporters—10
28
80
100
.....
36
H
24%
Mary land-Virginia 5s
.....
Ask
5
26
30%
Mississippi-Tennessee 6s..
100
Chicago 5s
Denver 5s__
Ask
Bid
Security—..10
Homestead Fire— ......10
5
American Equitable
American Home
Bid
Par
Home Fire
.10
......25
American Alllanoe
97
AsK
Ask
99% 103%
54% 56%
34
Companies
6
Eagle Fire
—.2H
Employers Re-Insurance 10
5
Exoess..
3%
40
9%
4%
National Liberty..—.
2
20
71H
9%
11%
New Brunswick Fire....10
New Hampshire Fire.
10
32H
44 H
43 H
19 H
20
5
12.50
North River....
42
Northwestern
Pacific Fire...
Phoenix..
2.50
National.25
11%
74 H
10%
125 H 131
5
Jersey
4H
3%
12%
34H
46
46 H
22 H
95
99 H
24 H
25%
127 H 132
100
101
72
75
Illinois of Montlcello 5s...
98
100
Southwest
5s...
10
44
Fidelity A Dep of Md...20
Fire Assn of Philadelphia 10
93
97
Preferred
Accident—....5
17 H
19
75'
79
40H
42 %
Firemen's of Newark
5
10
24
25H
Franklin Fire
5
31
34
1
31%
20%
Rochester American.... 10
General
11%
33%
22%
Providence-Washington 10
Republic (Dallas)......10
12 H
13%
25
27
St Paul Fire A Marine. .25
41%
13%
43%
15%
Seaboard Fire A Marine. .5
—10
21H
23
Globe A Rutgers Fire... 15
5s
Illinois Midwest 5s
11%
48%
42
47
Security New Haven... 10
36 H
38
2d preferred.—.
Great American
15
65
70
Southern Fire..
25
27
..5
28
29%
Springfield Fire A Mar..25
Stuyvesant
5
130
Sun Lite Assurance.... 100
Travelers
100
405
415
570
580
Federal
...
100
90
94
32
100
101
Union of Detroit 5s.......
100
68
97
99
Virginia-Carolina 5s
Virginian 5s
99% 100%
98
Georgia Home.........10
Glens Falls Fire
Iowa of Sioux City 5s
Kentucky of Lexington
La Fayette 5s
60
/29
5
Globe A Republic
5
Southern Minnesota 5s....
Tennessee
Joint Stock Land
Par
5s
.........
99
Bank Stocks
Alliance
Bid
Ask
1(M)
15
25'
Lincoln
7
11
100
33
38
North
22
26
Great Amer Indemnity
KM)
65
70
Pennsylvania.—..
20
24
Halifax Fire
KM)
1
4
Potomac
24
28
Hamilton
Par
Carolina
...100
.....
100
75
80
100
3
7
Virginia
KM)
4
8
Virginia-Carolina
Bid
San Antonio..
54
Ask
57
%
..
30
-1
10
Harmonia
Hartford Fire
page
3326.
12
23%
20
30
10
39%
41%
10
27
28%
76%
.10
Hartford Steam Boiler.. 10
For footnotes see
9
21%
Fire.........10
Hanover Fire
%
35
.
9%
73%
73%
35%
76%
37%
...25
10
...
.
Rossia
'
Seaboard Surety
^
10
126 H 131
87 H
91H
205 H 211
11
5H
13
H
133
6H
U S Fidelity A Guar Co..2
U 8 Fire
4
U S Guarantee—......10
14
15H
61H
52
63 H
55
Westchester
34 %
36%
—
Fire
2.50
Financial
3324
Quotations
Chronicle
May 16, m6
Over-the-Counter Securities—Friday May 15—Continued
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stoeks
Offerings Wanted
3oscpb Itlalkers Sons
DUNNE&CO.
Mmbm Nrw York Sieth Excbangt
Members New York Security Dealers Ass'n.
Dealer* in
120 Broadway
Tel* RE ctor
20
Pine
GUARANTEED
NEW YORK
Street, New York
JOhn 4-Dm
2-6600
STOCKS
[^**1853,
RAILROAD
BONDS
Bought — Sold
Guaranteed Railroad Stocks
—
Quoted
Earnings and Special Studies
(Guarantor in Parentheals)
John
Dividend
Par in Dollars
Bid
Asked
.100
6.00
90
94
Albany & Susquehanna (Delaware A Hudson)..— .100
.100
Allegheny & Western (Buff Roch A Pitts)
10.50
190
100
Request
Sloane
& Co.
York Security Dealers Association
/
.
196
6.00
E.
Members New
on
Alabama <fc Vicksburg (Illinois
Beech Creek
Central)
Boston A Providence
38
131
135
8.60
(New Haven)
36
8.76
.100
(New York Central)..
HAnover 2-2455
•
•
Bell System Teletype NY 1-624
105
2.00
(New York Central)
Boston & Albany
41 BrocH St.. New York
140
148
-100
3.00
53
4.00
96
99
Common 6% stamped..
Chicago Cleve Clno & St Louis pref (N Y Central). .100
-.60
Cleveland A Pittsburgh (Pennsylvania)
6.00
98
101
6.00
95
100
3.60
85
8734
Betterman
2.00
48
51
2.00
45
47
Asked
Bid-
57
4%... -100
Bonds
Railroad
Canada Southern (New York Central)
Carolina CUnchfleld A Ohio (L A N-A
C L)
stock
Delaware (Pennsylvania).
—
—
Y Central)
5.50
86
90
Georgia RR & Banking (L <fe N-A CL)
Lackawanna RR of N J (Del Lack & Western)— .100
10.00
187
192
.100
60.00
Fort Wayne & Jaokson pref (N
Michigan Central (New York Central)
Morris & Essex (Del Lack A Western)
4.00
-.50
79
7634
Akron Canton A Youngs town
6s. 1945
Augusta Union Station 1st 4s. 1953
78
-
9134
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 434s. April 11943
Boston A Maine 3s, I960—
Prior lien 4s, 1942
Prior lien 434s, 1944
Convertible 6s,
3.875
66
New York Lackawanna <fc Western (D L & W)_._ .100
6.00
96
100
Northern Central (Pennsylvania)
4.00
97
100
68
--
99
.
_
_
10434
10434
67
63
81
85
82
84
85
1940-45
Buffalo Creek 1st ref 5s, 1961
950
73
69
534s, 1945
95
10134
83
Chateaugay Ore <fe Iron, 1st ref 4s, 1942—
87
9934
10034
10634
10634
7.00
31
Oswego A Syracuse (Del Lack A Western)
..60
4.60
65
70
Pittsburgh Bessemer & Lake Erie (U S Steel)
-50
1.50
3734
40
3.00
76
86
7.00
162
167
Chesapeake & Ohio 394s, series D, 1996
Chicago Union Station 334s, series E, 1963
Choctaw A Memphis, 1st 6s, 1952..
Cincinnati Indianapolis A Western 1st 5s, 1965
Cincinnati Union Terminal 334s, series D, 1971
Cleveland Terminal & Valley 1st 4s, 1995
Georgia Southern A Florida 1st 5s, 1945
7.00
180
183
Goshen & Deckertown 1st
.100
6.90
106
110
Hoboken Ferry 1st 5s, 1946
.100
6.00
146
150
10234
73
75
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma A Gulf 1st 5s, 1978
10134
3.00
10234
10334
Little Rock & Hot Springs Western 1st 4s, 1939
Macon Terminal 1st 5e, 1965
/40
43
103
104
70
73
Hartford)
Old Colony (N Y N H &
Preferred
—
Pittsburgh Fort Wayne A Chicago (Pennsylvania). .100
Preferred
Rensselaer &
Saratoga (Delaware & Hudson)
(Terminal RR)._
St Louis Bridge 1st pref
Second
—
preferred
35
.100
3.00
146
150
United New Jersey RR & Canal (Pennsylvania)... .100
10.00
253
257
.100
6.00
90
94
6.00
100
105
Tunnel RR St Louis (Terminal RR)
Utica Chenango &
Susquehanna (DL&W)
.100
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport A Pacific (Ullnois Central).. .100
5.00
73
77
100
5.00
78
82
50
3.50
50
53
50
3.00
64
67
Preferred.
Warren RR of N J (Del
Lack A Western)
.
West Jersey A Sea Shore (Pennsylvania)
Quotations—Appraisals Upon Request
Stroud & Company Inc.
Private
Wirea to
106
96
95
60
5834
102
Maryland A Pennsylvania 1st 4s. 1951
Meridian Terminal 1st 4s, 1955
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949..
Montgomery A Erie let 5s, 1966
New York Central secured 3 94s, 1946
New York & Hoboken Ferry general 6s, 1946......
Pennsylvania RR 3348, series C, 1970
Portland RR 1st 3348, 1951
Consolidated 5s, 1945
105
88
85
....
90
„
_
68
56
95
...
_
98
_
9834
80
77
101
10134
69
71
90
92
91
434s. 1957
St Clair Madison A St Louis 1st 4s, 1951
Shreveport Bridge A Terminal 1st 5s, 1955
somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
Toledo Terminal RR 4J4s, 1957
Toronto Hamilton & Buffalo 434s. 1966
Union Pacific debenture 334s, 1971
EQUIPMENT TRUST CERTIFICATES
9834
9734
10534
534s, 1978
Rook Island-Frlsoo Terminal
69
/66
...
93
92
....
87
68
65
...
91
8934
111
110
9734
9934
9634
9934
Virginian Railway 1st lien A ref 334s, series A, 1966
Washington County Ry 1st 334s, 1954..
104
10334
66
69
Philadelphia, Pa.
New York
ROESER & PENDLETON, INC.
Railroad
Equipment Bonds
Bid
Atlantic Coast Line
&4.65
Analysis upon Request
3.00
04.50
3.00
434s_.
05.00
4.00
New York Central 434s.—
03.10
2.00
03.10
robinson, miller & co
3.25
04.50
2.00
61.75
1.25
63.25
2.00
5s
63.25
2.00
5^8—.
63.90
49£s-.
Baltimore & Ohio 43$s
(a producing oil company)
Ask
Bid
Ask
2.75
New Orl Tex A Mex
Missouri Pacific 494 s
....
•
.
5s
Boston & Maine
4>^s
5s
63.90
2.76
3^8 Deo 1 1936-1944..
63.50
2.00
Canadian National 4^s—
63.10
2.00
63.10
2.00
Canadian Pacific 4j^s
Cent RR New Jer 43£s„.
63.00
2.00
62.50
1.75
Chesapeake & Ohio 534s..
61.50
1.00
61.00
0.50
5s
2.00
4s series E due
_
58
N Y
6s
434s._
62.75
6s
62.00
65.25
6.00
66.75
6.00
;
6s
Chicago RI & Pac 4J^s...
Par
02.00
1.25
02.00
1.00
Alabama Power $7 pref..*
Arkansas Pr & Lt $7 pref.*
1.00
Assoc Gas & EJ orig
03.00
2.00
$7 preferred
*
Atlantic City El $6 pref..*
$6.50
1936-49
434s
Reading Co 49£s
02.75
2.00
03.00
non-call Dec 1 1936-60
Pere Marquette
2.00
02.75
5s
78
02.75
St Louis-San Fran 4s__.
2%
2%
65.50
6s
86
81
86
5s
4.50
4^s..
81
494s„_._
Denver & R G West
81
86
St Louis Southwestern 5s.
65.50
4.50
5Hs
RRfi^s
65.50
4.50
Erie
63.00
2.50
6s
62.25
1.50
4^8
63.
2.75
03.75
3.00
5s
63.1
2.50
5s
03.50
2.50
62.00
1.25
53*8
03.50
2.50
62.00
1.25
03.00
2.00
Great Northern 4>£s
6s
5s
_
Texas Pacific 4s
4.50
1.75
02.75
Southern Ry 434s
4.50
02.75
.....
05.50
05.50
534s
Southern Pacific 434s
1.75
Hocking Valley 5s
62.00
1.25
494s.
03.00
2.00
Illinois Central 4>$s
63.10
2.00
5s
03.00
2.00
62.75
2.00
02.00
1.00
62.00
1.00
02.00
1.00
5s
'
5Ks-
__
Internat Great Nor 4^s.
Long Island 4^8
65.00
63.25
Louisv & Nashv
6s
6^s
4^8
65.00
5
4
634
734
New Eng G & E 534% P*-*
N E Pow Assn 6% pf.-lOO
90
78)4
80
Cent Ark Pub Ser pref.100
Cent Maine Pow 6% pf 100
98
61
66
69
59
61
34
4534
-
-
4.00
4.00
-
47 34
105
104
100
10434 10534
100
100
107
100
1.00
1.00
Derby Gas A Elec $7 pref. *
98
96
111
-
-
10934
-
111
52
56
Essex-Hudson
100
192
198
100
102
Foreign Lt A Pow units..*
95
10034
10234
103
Gas A Elec of Bergen..100
Hamilton Gas Co v t c
122
101
Hudson County Gas...100
Idaho Power $6 pref
*
192
198
105
106
110
111
4348
5s
2.00
2.00
05.50
4.50
05.50
,
Western Paclflo 5s......
03.00
63.00
Western Maryland 434a--
4.50
Gas
7% preferred
100
—
34
-
_
-
_
1
Bid
Bond A Mortgage Guar_20
Empire Title A Guar...100
For footnotes see page
3326.
Ask
94
7
12
Par
i
H\
Lawyers Mortgage
Bid
34
20
Lawyers Title A Guar. .100
1
4034
2434
26 34
22
2234
Jer Cent P A L
Realty, Surety and Mortgage Companies
Par
3934
Interstate Power $7 pref.*
Jamaica Water Sup pref.50
534a
Illinois Pr A Lt 1st pref. *
Interstate Natural Gas..*
_
7% pf.,100
Kan Gas & El 7% pf—.100
Ask
134
2
Kings Co Ltg 7% pref.100
Long Island Ltg 6 % pf.100
7% preferred
—100
Los Ang G A E 6% pf—100
Memphis Pr & Lt S7 pref. *
Mississippi P A L S6 pf
*
53
93
33
35
31
-
34
34
11134 11334
121
125
21
22
6834
39
1
6934
40
Ohio Edison $6 pref
87 preferred
107 34
*
....*
95
11134
95
97
7034
72 34
82
84
10134 103 H
10934
11134
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf__100
110
7% preferred...
100
7% pref...100
Paclflo Pow & Lt 7% pf 100
Penn Pow & Lt $7 pref
*
Philadelphia Co $5 pref
*
Pub Serv of Colo 7% pf 100
Queens Borough G & E—
6% preferred
100
Rochester G <fe E 7% B 100
6% preferred C
100
Sioux City G & E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas & El. 100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow & Lt 7% pf.100
Toledo Edison 7% pf A 100
United G & E(Conn)7% pf
United G & E (N J) pf.100
Utah Pow A Lt $7 pref
*
Utica Gas & El 7% pf.-lOO
102 34 104
105
10734
Okla G A E
Continental Gas A El—
Dallas Pr & Lt 7% pref. 100
Dayton Pr& Lt 6% pf. 100
-
10334 105
45
43 34
100
10134
10834 110
103 34
84 34
8734
New Orl Pub Serv $7
10934 111
106
-
Jersey Pr & Lt $6 pf-*
pf._*
N Y Pow & Lt $6 cum pf. *
7% cum preferred. ..100
NY&Queens ELPpf 100
Nor States Pr $7 pref.. 100
-
-
-
*
New
64
$7 preferred
100
Cent Pr & Lt 7% pref.. 100
Columbus Ry Pr & Lt—
New Eng Pub Serv Co—
$7 prior lien pref
102
02.00
..100
64
87
7% preferred
preferred
62
Carolina Pr & Lt $7 pref.. *
6% preferred
6.60% preferred
7%
Nassau & Suff Ltg pf—100
Nebraska Pow 7% pf—100
Newark Consol Gas...100
2434
Consol Traction (N J). 100
Consumers Pow $5 pref..*
5
8
2334
1st $6 preferred A...100
$6.50 preferred B...100
14
3
113
116
*
Ask
12
7
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Nlag & E pr pref ...25
6% preferred
Bid
11234
111
6s
3.25
65.00
Minn St P & S S M 4s...
8534
634s
3.25
64.00
70 34
84
Miss Rlv Pow 6% pref.100
Mo Pub Serv $7 pref...l00
Mountain States Pr com.*
6834
99
5s
Wabash Ry
1.00
64.00
-
02.00
pref..*
preferred.
*
Par
Ask
Bid
5s
1.00
61.75
Maine Central 5s.
434s
...
Virginian Ry 434s
2.00
61.75
434s
5s
2.00
63.25
6s
Union Pacific
4%
Public Utility Stocks
3.75
3.75
02.00
Jan & July
Teletype
N.Y. 1-905
2.25
2.25
04.50
224 s series G
78
72
5s
72-
03.10
04.50
4Hs—-
Northern Pacific 43£s
Pennsylvania RR 43$s
4.25
66.76
6s
Chic Mllw & St Paul 4^s.
L
5s
4.25
Chicago & Nor West 4}$s.
4^s 1111
03.10
1.00
65.25
"Chic"&~St
5s
N Y N H & Hartf
INC.
HAnovJrh2ni0282 52 William Street, N.Y.
96 34
77 34
108
80 34
98
7934
10894
83
104
7934
...
80H
106
10334 10434
86
28
192
5834
6634
89
2894
198
5994
68
102
104
109
11034
91
93
68
-
-
-
6134
6294
9334
95
110
82
Virginia Ry....
100
Washington Ry A Eleo—
5% preferred
..100
106
79
110
112
72
74
Western Power $7 nref.100
100
112
-
-
-
.
•
•
•
Volume
Financial
142
I
\
Quotations
Over-the-Counter Securities—Friday May 15—Continued
on
Specialists in —
Securities of the
Associated Gas & Electric
Members New York Curb
COrtlandt 7-1868
Telephone between New York
Bell System Teletype—N.Y. 1074
68 M
102 M
101
Water Bonds
Kansas Elec Pow 1st 6s
Kan Pow A Lt 1st
Ask
*37
4Mb '65
5MS-1955
Bid
105 X
98
108 k 108 M
101
94 M
Long Island Ltg 5s_»1956
Ark Missouri Pow 1st 6s '53
67
Los
Associated Electric 5s_1961
65 M
66 M
Metrop Edison 4s ser G '65
107 k
Assoc Gas & El Co
34 M
36
Monongahela W P Pub Ser
1st & gen 4Ms
1960
Mtn States Pow 1st 6s 1938
104 H 105 H
88
4Ms '58
Assoc Gas A Elec Corp—
Income deb
29 M
1978
Income deb 3Ms
30 M
1978
29 k
32
32 M
35 M
1978
Conv deb 4s
1973
59
60 M
Newport N & Ham 5s. 1944
G & E 5s—1962
New York Cent Elec 5s *52
Conv deb
1973
59 M
61
N Y Edison 3ks
Income deb
4Mb
4Ms
Conv deb 5s
1973
.
Ms—1983
36 k
Sink fund Income 5s 1983
39 k
41X
Sink fund lnc 4
Sink fund lnc 5Ms~1983
•
..
*
-
...
...
105 H 105 M
102 H 103 k
Okla Nat Gas 6s A...1946
5s
series
1948
B
Pacific Gas A El
108 M
109
Parr Shoals Power 58.1952
100
105
5s
1951
5 Ms series A
1951
City of New Castle Water
101
102M
City
103 k
Ohio Water Service 5s. 1958
Ore-Wash Wat Serv 5s 1957
Penna State Water 5Ms
102
101
1st 5s series C
«...
1957
105M
...
Clinton W Wks Co 5s. 1939
101M
...
Commonwealth Wat (N J)
5s series C_—
1957
106
Community Water Service
72
70
5 Ms series A
104 M 105M
105 k
6s series A
Central G & E
75 M
78
76 M
Public Serv of Colo 6s.l961
79 M
Pub Serv of N H 354s C
1947
5 Ms series B
/65M 67 M
105 H 106 M
105 H
105
103 M 103 H
'60
102
5a B—1954
w" (Chat)
106
Newport Water Co 5s .1953
Ohio Cities Water 5 Ms '63
Ohio Valley Water 5s_1954
1941
gg
Peoples L4P5H8 —1941
Pub Serv of Okla 4s A. 1966
104 k
5 Ms
1951
New York Wat Serv 5s '51
...
97 M
99 M
101M
San Diego Cons GAE 4s '65
109M
Scranton Electric 5s__1937
104
104 M
5s series A
1942
104k 105M
104 M 104 M
Sioux City Gas A El 6s '47
105
106 M
6s series B
...1942
104 k
Sou Calif Gas 1st 4s..1965
104 M 104 H
5s series D
...1960
104
102 %
54 M
Sou Cities Utll 5s A..1958
Consol E & G 5-6s A.. 1962
102 M
53
S'western Gas A El 4s. 1960
103
Consumers Pow 3Ms. 1970
103 % 104 X
Tel Bond & Share 5s.. 1958
82
1956
Duqueene Light 3M8-1965
107M 108k
106 M 106 M
Edison El 111 (Bos)
3Ms '65
Federal Pub Serv 1st 6s '47
Federated Utll 5M8--1957
Green Mountain Pow 5s *48
103 M
84
71M
1942
WashA Suburban 5 Ms 1941
Western Mass Cos 4s.1939
126
5s serels A
...1952
5s series B.
1952
73 M
West Penn Pr 3 Ms ser I '66
Wisconsin G & El 3ks'66
106M 106 H
Wisconsin Pub Ser 5 Ms '59
105k 106
99M 101
102 M
42 k
41
90
88 M
...
...
98 M 100 H
97
...
106
...
108
102
.
-
...
6s
1954
102 M
5s._
1962
104 M
...
Indianapolis Water 4 Ms *40
105
106
AMOTT,
2360
Bid
/41M
44 M
/52M
/30
/30M
54 M
B'way Barclay 1st 6s. 1941
Certificates of deposit..
32
31M
1st leasehold 6Ms.. 1944
Broadway Motors Bldg6s stamped
...1948
Chanin Bldg lnc 4s... 1945
/28 k
1948
91
40 M
Ask
59
Munson Bldg 1st
63 M
66
92
Chesebrough Bldg 1st 6s '48
69
70 M
Chrysler Bldg 1st 6s. .1948
Court & Remsen St Off Bid
87 M
90 M
93
...
N Y Athletic Club—
1st 6s
Apr 28 1940
6s...1941
1st A ref 5 Ms
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
60 Bway Bldg 1st 3s lnc '46
.
/45M
49 M
31
34
1947
40 Wall St Corp 6s....1958
42 Bway 1st 6s
1939
stamped...1948
Oct 1 1941
Fuller Bldg deb 6s
1944
6 Ms unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
/31
/47M
33
74 k
76"
69
76 M
43 M
1936
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
Lincoln Bldg lnc 5 Ms.
1963
104
105 M
/44
46
70
68
Western N Y Water Co—
102
106
63
...
104 M
104 M
101M 103
...
102
104""
102
1949
104 M
103
1952
5s series C
103
1960
105"
165 Bway Bldg 1st 5 Ms '51
Co
45 M
Nat Union Mtge Corp—
Series A 2-6s
1954
Arundel Bond Corp 2-5s *53
78
...
55
---
46
44
1953
2-6s
Cont'l Inv Bd Corp 2-5s '53
75
43
Home
Corp
77
(all
1953
75
Potomao Cons Deb Corp—
...
1953
2-6s
Potomac Deb Corp 2-6s '63
45
42 M
44 M
44M
42 M
44 M
42
M
Potomao Franklin Deb Co
Mtge Co 5 Ms A
1934-43
/54
Mortgage Bond Co of Md
lnc 2-5s
1953
77
—
1953
2-6s
Potomac Maryland Deben¬
—
Nat Bondholders part ctfs
(Central Funding series)
Bond
Ask
51M
1954
Series B2-5s
Potomac
Issues) 2-5s
Associated Mtge Cos lnc—
Debenture
Bid
Ask
76
39
/37
Nat Bondholders part ctfs
(Mtge Guarantee series).
Nat Bondholders part ctfs
/39
(Mtge Security series) _.
Nat Cons Bd Corp 2-5a '53
/31
Nat Deben Corp 2-68.1953
42
—
1953
Potomac
Realty Atlantic
Debenture Corp 2~6s '53
Realty Bond A Mortgage
ture
Corp 2-6s
deb
2-6s
1953
Union Mtge Co 5 MsA 6s'37
Universal Mtg Co 6s '34-'39
75
67
42M
44 M
*2M
/54
/54
44M
...
M
44 M
5 Ms double stpd—1961
1943
(N J) com.*
100
Bid
114
Canada..100
Bell Telep of Pa pref—100
121
Cuban Telep
7% pref..100
43
Emp A Bay State Tel.. 100
Franklin Telegraph
100
62
Gen Tel Allied Corp
$6 pf.
95M
97
Reaity ext 1st 5M8.1945
1945
6s
/19
20
/19
/22
82 M
86 M
61 Bway Bldg 1st 5 Ms 1950
General 7s
—1945
/45M
/9M
65 M
...
115
137
New England
Tel A Tel 100
Pac A Atl Telegraph
Bid
25
M
104
...
141
Ask
29
117M 119
25
19
110
Roch Telep $6.50 1st pf.100
21
112
So A Atl Telegraph
19 X
20 M
111k
25"
25
21
Sou New Engl Telep
100
S'western Bell Tel pref. 100
141
145
124
125 M
Trl States Tel A Tel—
10
Preferred
Wisconsin Telep 7%
pf.100
10 M
Ilk
114M 116
123k 125k
24
M
100
% 100
21M
1st 5 Ms
May 151948
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6Ms'38
Int Ocean Telegraph... 100
Mtn States Tel A Tel.. 100
Savoy Plaza Corp—
...
47
Lincoln Tel A Telegraph..*
36
/34
...
42
N'west Bell Tel pf 6 M
Peninsular Telephone com*
Preferred A
.100
91
51
Roxy Theatre—
New York Mutual Tel.100
123
90
57
/49M
Par
Ask
118
123 M 125M
142 M 146
Clncln A Sub Bell Telep .50
47"
Realty Assoc Sec Corp—
income
Am Dist Teleg
Sherry Netherland Hotel—
57
/54
59
Federal Intermediate Credit
/54M
/18
47 M
12 M
Bid
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
Textile Bldg 1st 6s
60 M
/60
62"
1939
98 k
1st 5 Ms
93 X
46
Walbrldge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
65
'
100 k
67
.30%
...
15 1936 6 .30%
...
FIC IMS- -Aug
15 1936
74 k
6.30%
15 1936 6.30%
31M
/72 k
15 1936 6
FIC IMS- .July
FIC IMS.. .Sept
/26M
15 1936 6.30%
Westinghouse Bldg—
70
72 M
...
1st fee A leasehold 6s '39
Bid
Ask
For footnotes see page 3326.
...
...
FIC lMs- _Oct
F I C IMS- .Nov
15 1936 6.35%
16 1936 6 .40%
FIC 1 Ms— .Dec
15 1936 6
F I C 1 Ms.. .Jan
FIC 1 Ms.. -Feb
15 1937 6 .50%
15 1937 6 .50%
FIG lMs- .Apr
FIC 1M8-. .May
FIC 1M3- .June
/44M
2 Park Ave Bldg 1st 4s 1941
Bank Debentures
Ask
—
1958
Trinity Bldgs Corp—
/51
Ludwlg Bauman—
100
1950
6s series A
Arundel Deb Corp 2-6s '53
Bell Telep of
93
/43M
1942
1936
100
98
101
Wichita Water Co 5s B_ '56
...
1957
Par
60
London Terrace Apts 6s '40
(Bklyn)
98
1951
1st mtge 58
99
97
94
1st mtge 5 Ms
1950
Westmoreland Water 5s '52
5s series B
1958
Preferred
M
92 X
1st 6 Ms (LI)
10 M
90 M
57
1947
1st 6s
103 M
102
101M 103M
Telephone and Telegraph Stocks
10
69
Loew's Theatre Realt Corp
1st 6s
/8
/84
July 7 1939
1st fee A l'hold 6 Ms.1940
8
67
102
29 M
1st 6s
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
5s
/39M
103
32 k
Prudence
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
41
1 Park Ave 6s. .Nov 6 1939
42 M
101
West Virginia Water 5s '61
19th A Walnut Sts (Phlla)
Kelth-Albee Bldg (New
Rochelle) 1st 6s
COO
/26M
Q
M
105k
47 M
41
F-l
Fox Theatre A Off Bldg—
1st 6 Ms
rH
/39 k
/31k
/46M
/39
5 Ms series
1400 Broadway Bldg—
1st 6Ms
5M8 series BK
5 Ms series
62d A Madison Off Bldg—
N 'V
36 k
36 k
CO
N Y Title & Mtge Co—
8
BOX
40
6s
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
72
73
49
1949
Film Center Bldg 1st 6s '43
76 k
30 M
103 E 57th St 1st 6S..1941
/6
70M
602 Park Ave 1st 6s.. 1941
unstamped
74 k
/28 k
5 Ms series C-2
600 Fifth Avenue—
6Ms
1945
6M8-1939
N Y Eve Journal 6 Ms. 1937
/29M
102
.1949
105M
Cont'l InvDebCorp 2-6s '53
30
Metropol Playhouses lnc—
J 57
East Ambassador Hotels—
1960
5s series B
6s series A
104
6s
1947
/36M
Dorset (The) 1st
102
Water Serv Cos lnc 5s. 1942
Bid
Metropolitan Corp (Can)
S f deb 5s
81
79
Sou Pittsburgh Wat 5s '55
5s series A
1960
W'msport Water 5s
Bid
6s
B'way & 41st Street—
99k 100k
101M
Surety Guaranteed Mortgage Bonds and Debentures
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
6s
1967
106
Bell System Tel.
N Y 1-588
Ask
Jan 1 1941
1st A ref 5s A
Sedalia Water Co 5 Ms '47
South Bay Cons Wat 5s '50
104
Lexington Wat Co 5 Ms '40
Real Estate Bonds and Title Co. Mortgage Certificates
Broadmoor (The) 1st 6s '41
100 H 102k
1970
Allied Mtge Cos lnc—
All series
2-5s
1953
Alden 1st 6s
102 K 103 k
Scranton Spring Brook
Water Serv 5s
1961
1st lien A ref 5s
Joplin W W Co 5s
BAKER & CO.
103 M 104M
1958
Union Water Serv 5 Ms '51
Kokomo WW Co 5s__1958
Y.
1966
4 Ms
105 M
Jamaica Water Sup 5 Ms '55
INCORPORATED
150 Broadway, N.
100
1960
Public Utilities—Industrials—Railroads
BArclay 7
93
91
St Joseph Water 5s___ 1941
1st lien A ref 5s
Interstate Water 6s A. 1940
Reports—Markets
105 M
Texarkana Wat 1st 5s .1958
101M 103 M
5s
Estate Securities
100M
104
100M
1st lien A ref 5 Ms..1954
I
107M
98 M
Terre Haute Water 5s B '56
Illinois Water Serv 5s A '52
Indianapolis W W Secure—
Real
1950
Roanoke W W 5s
1st Hen Aref 5M8..1953
102k
103
Roch A L Ont Wat 5s_1938
series A
1977
6 Ms series B...
106
101M
104
Scranton Gas A Water Co
103 M 105
Huntington Water 5s B *54
92 M
94 M
101k 102 X
Western Pub Serv 5 Ma '60
1G2 M
101
3s. 1951
124
107
45
/40
Iowa Sou Utll 6Ms—1950
Kan City Pub Serv
...
Utlca Gas & El Co 58.1957
Virginia Power 5s
102 M
...
Greenwich Water A Gas—
Hackensack Wat Co 5s '77
Dayton Ltg Co 5s
1937
Duke Price Power 6s__1966
106
E St L A Interurb Water—
57
1948
Richmond W W Co 58.1957
95 M
1958
Davenport Water Co 5s '61
105 M 105k
55 M
101
Prior lien 5s
107M
105k
Debenture 3 Ms
99 M
1948
Plalnfield Union Wat 5s '61
101
100
Colorado Power 5s... 1953
Consol Edison NY 3ks'46
100 M 102 M
..1948
102
Columbus Ry P & L 4s '65
Conn River Pr 3 k s A. 1961
1950
1st A ref 5s
Pittsburgh Sub Wat 5s '58
102 X
103 X
Peoria Water Works Co—
Pinellas Water Co 5 Ms '59
1958
1st mtge 5s
106k
87M
Consol Water of Utlca—
4Mb
90 M
98k
92 M
102 M 104
85M
Cent Maine Pr 4s ser G '60
78
76 M
94
110
85 M
105 M 105 X
90 M
89
Pub Utll Cons 5Ms—1948
91
96 M
83
1946
101M
103
108
Phlla Suburb Wat 4s. .1965
103
93
91
99 M
100
1st consol 4s
..1946
Connellsville Water 5s. 1939
'62
Penna Water Co 5s___1940
102 M
1st consol 5s
Cent 111 Light 3Ms> —1966
Cent Ind Pow 1st 6s A 1947
...
...
103 k 104 M
Pennsylvania Elec 5s. 1962
Penn Telep Corp lBt 4s '65
1946
101M 103 M
90 M
88
950
New Rochelle Wat 5s B '51
Chester Wat Serv 4 Ms '58
Citizens Water Co (Wash)
96 M
1st lien coll tr 6s
104M
New Jersey Water 5s_i
California Wat Serv 5s '58
95 M
5Ms—1946
Muncle Water Works 5s '65
103
101M 103
Cent Ark Pub Serv 5s 1948
...
103
103 % 103 M
102 H 102 %
101
Old Dom Pow 5s May 15'51
101
Bklyn Man Trans 4 Ms '66
102 M
Ohio Ed 1st & cons 4S.1965
102 M
Blacks tone V G & E 4s '65
103
101
102 H
3ks H '61
Pacific Tel & Tel 3 k s B '66
99
98
Participating 8s
1940
Bellows Falls Hy El 5s 1958
69
71
35
Sink fund Income 4s 1983
106 M
66
Northern N Y Utll 5s. 1955
65
63 M
69
1973
Conv deb
5Ms
100 M
105
New Eng
D—1965
100 H
Monongahela Valley Water
5 Ms
1950
Morgan town Water 5s 1965
102
100
Butler Water Co 5s... 1957
34 M
Income deb 4s
Monmouth Consol W 5s '56
..
...
108 M
99
Ask
103 M 105 M
105M 107 M
Middlesex Wat Co 5 Ms' 57
105 k 105 %
30 M
1978
354 s
Angeles G & E 4s. 1970
Long Island Wat 5 Ms-1955
...
.
103
103
Keystone Telep
92 M
65 M
1st 6s series A
Bid
Ask
100
105M
106 M
88M
1945
>1948
Ariz Edison 1st 5s
PLACE, NEW YORK
Teletype: New York 1-1078
EXCHANGE
Tel.: HAnover 2-0510
Bid
Ask
66 M
5MS.1948
Amer Wat Wks & El 5s »75
INCORPORATED
40
and Boston
Utility Bonds
Bid
Invited
S^art.Brent&Co.
Exchange
Direct Private
Amer States P S
Complete Statistical Information—Inquiries
CO.
75 FEDERAL ST., BOSTON
Hancock 8920
BROADWAY, NEW YORK
Public
Water Works Securities
System
S. A. O'BRIEN &
150
3325
Chronicle
15 1937 6 .55%
.40%
...
...
...
...
...
Financial Chronicle
3326
May 16, 1936
Quotations on Over-the-Counter Securities- Friday May 15—Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
30
DISTRIBUTORS
NEW YORK
STREET
BROAD
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
Investing Companies
RIGHTS
Par
Bid
Ask
2234
2334
1.09
1.19
Investment Tr of N Y___*
Amer & Continental Corp
Established 1919
New York Security Dealers Assn.
25 BROAD ST., N. Y.
Members of the
1134
1234
Investm't Banking Corps
1.00
l.ll
434
Bancamerlca-Blair Corp
634
Schoellkopf, Hutton &
Pomeroy Ino com
Major Shares Corp
.*
Maryland Fund Ino com
534
634
2H
18.51
20.02
Mass Investors Trust
24.73
26.88
Amer General Equities Inc
Am Insurance Stock Corp*
Teletype N Y 1-1397
Assoc Stand OH Shares...2
Angeles, Cal.
334
6
Bancshares Ltd part shs50c
.50
334
British Type Invest
Molybdenum Co.
Sylvania Industrial Corp.
Bullock Fund
.
_
61
Central Nat Corp ol A...*
Class B
*
Century Trust Shares
*
Commercial Nat'l Corp
Corporate Trust Shares..
62
4234
14
Teletype N. Y. 1-1666
Series ACC mod
100
10
37
100
7% preferred
110
5.64
vtc_.
Arch
*
American
Book
100
1920
*
1034
2934
73
Mallinson (H R) Inc com.
10334
3134
2234
100
18
21
100
69
73
American Republics com.41
Andian National Corp
*
4
Construction. 10
47 K
14 H
Beneficial Indus Loan pf_*
51K
*
Preferred
434
49 H
16 K
54
Hotels
2
Maytag warrants
Merck & Co Inc com-
6%
1
..100
preferred
934
9.24
4.80
25c
1.58
1.71
28.58
30.71
*
25.24
*
11.51
.*
9.56
21.52
23.62
5.82
6.38
B
5234
Dictaphone Corp
5534
*
100 a;118
Dixon (Jos) Crucible... 100
Doehler Die Casting pref.*
41
5534
5834
122
3.66
B
BB_
2.38
—
Building shares..
1.80
1.95
C
6.51
6.51
Chemical shares—.
14.02
2.43
2.38
D
1.61
1.48
12.90
new
Trustee Standard Oil Shs A
6.90
Food shares
51
1.22
1.36
1.58
Trusteed Amer Bank Shs B
1.01
1.13
1.15
1.26
1.49
1.46
1.59
Trusteed Industry Shares.
Trusteed N Y Bank Shares
1.35
Mining shares
116
1.12
Investing shares
Merchandise shares
114
1.47
1,67
Petroleum
1.26
Pharmacal
5
36
38
Incorporated Investors..*
*
20
22
Investors Fund of Amer
*
*
preferred
100
Remington Arms com
*
Scovill Mfg
25
Singer Manufacturing.. 100
Sparta Foundry common..
Standard Cap & Seal
5
100
1.37
1.54
United Gold Equities (Can)
Standard Shares._
1
1.29
2.66
2.96
1734
18 K
2.65
2.75
1.04
U S El Lt & Pr Shares A—
B
1.12
102
40
5.93
B.
1.14
1.28
_
1.04
1.42
shares
RR Equipment shares.
Steel shares..
1%
Huron Holding Corp
43
Norwich
PatheFilm7% pref
$7 1st
.100
Standard Screw
Taylor Milling Corp
—*
Taylor Whar I & S com—*
71
109
2.38
AA
D
80
18"
69
3.47
Tobacco shares
103
3%
4*4
32J4 34
348
331
2354 24%
36 K
125
7 )4
26
134
Voting trust ctfs
154
24
22
.45
.60
21.36
22.97
1.02
Un N Y Bank Trust C 3..
Un N Y Tr Shs so rF
4
3
1.12
Wellington
134
117.26
Fund...
IK
18.95
BURR & COMPANY INC.
38
135
Chicago
NEW YORK
-
834
2634
Boston
-
57 William St.
50
106
Super Corp of Am Tr Shs A
Supervised Shares
75
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Douglas Shoe preferred. 100
Draper Corp
*
Driver-Harris pref
100
94.62
Corp
Trustee Standard Invest C
100
45
100
50
1.02
*
State Street Inv
1.58
Northwestern Yeast
Publication Corp com
52 H
3.90
.94
Standard Utilities Inc...*
2.18
Guardian Inv Trust com.*
Preferred
3934
1134
2234
oOK
20.36
3.65
1.45
52"
3834
934
10634
27.19
1734
19.15
2.01
3334
19
pf
conv
Automobile shares
4)*
3K
Ohio Leather.
100
Selected Industries
Spencer Trask Fund...
Standard Am Trust Shares
45
Group Securities—
Agricultural shares
-
23
47
Dentists' Supply Co of N Y
3
31 J4
41
5.54
21
87
49
42
53 K
3.54
Selected Cumulative Shs..
Selected Income Shares
6~29
110
preferred
Carrier Corp 7% pref._100
5334
1.65
7.30
100
New Haven Clock pf.—100
North Amer Match Corp. ♦
5%
118
5134
51K
7H
50
3)4
*
Casket
114
Columbia Broadcasting A *
Class B_.......
_*
Crowell Pub Co com
*
.65
1.52
Selected Amer Shares Ino
Selected American Shares
5.73
102
Preferred
100
20 M
4.80
.40
4".65
General Investors Trust
34
Nat Paper & Type com
27
*
Ask
6K
48
100
*
Preferred
25
334
12.52
4.50
6.60
Fidelity Fund Inc
Fixed Trust Shares A
Mock Judson & Voehringer
National
4.65
Equit Inv Corp (Mass)..5
Equity Corp cv pref
1
*
100
1st preferred.
100
Canadian Celanese com..41
Columbia Baking com
$1 cum pre!
Bid
Macfadden Publlca com.. *
70
3034
2034
3.60
Fundamental Investors Inc
934
2634
99 %
25
12.02
3.87
Fundamental Tr Shares A.
Par
Preferred
8% cumul preferred
1.68
4.35
Dividend Shares
Ask
American Hard Rubber
1.06
1.53
D
B
American
2*50
334
.95
C
Industrial Stocks
Bid
Plymouth Fund Inc A. 10c
Quarterly Inc Shares..25c
Representative Trust Shs.
Republio Investors Fund.5
Royalties Management...
40
2.25
3
Class B
3134
115
Deposited Bank Shs ser A
Deposited Insur Shs A
Deposited Insur Sh ser B.
'
Par
2934
3.24
Series 1958
3.21
Cumulative Trust Shares.*
Tel. BArclay 7-0700
Bell System Teletype NY 1-1493
Preferred
3.20
Series 1956
13
Established
Preferred
2.66
773?
2.50
3.24
40
Members New York Security Dealers Association
preferred
Series 1955
Pacific Southern Inv pref.*
Class A
*
Series
115 Broadway, N. Y.
87
No Amer Tr Shares 1953..
3.21
AA
mod
BOwllng Green 9-3565
Diversified Trustee Shs B
Climax Molybdenum
28.23
34
1.84
334
7334
55
Bristol & Willett
Preferred
N Y Bank Trust Shares...
No Amer Bond Trust ctfs
Northern Securities... 100
Over-the-Counter Market
Bowman-Biltmore
6
1.59
4.24
2.56
in the
Art Meta
43
4
1.46
4.14
1.74
Voting trust certificates
40
26.25
8K
48 %
2.56
A COMPREHENSIVE SERVICE
Preferred
1
Mutual Invest Trust
1
Nation Wide Securities.. 1
734
4734
Accumulative series
Common B shares
American Mfg
4.40
6
Series AA
Exchange, Inc.
8% preferred
American Hardware
1834
96~.39
j Commodity
Cram & Forster Ins com 10
Amer Maize Products
94.49
/New York Security Dealers Association
Broadway, New York
Amer Air Lines Ino
"58
30.43
1734
4.00
.1
Canadian Inv Fund Ltd
C. E. UNTERBERG & CO.
.38
28.45
A—.1
Ltd
41
First Boston Corp
434
44
41
*
Investors Fund C
4.46
Broad St Invest Co Ino.
Climax
10
com.
7% preferred—
.75
Bankers Nat Invest Corp *
Basic Industry Shares...*
M embers
Ask
1.96
Fund
Invest Co of Amer
Bid
17.09
1.78
Amerex Holding Corp...*
Amer Business Shares... 1
M. S. Wien Gl Co.
.
Par
16.06
Affiliated Fund Ino com..
Administered
Los
Incorporated
BOwling Green 9-1420
Kneeland 8C Co.—Western Trading Correspondent
ISSUED SECURITIES
HAnover 2-8780
GROUP,
Street, New York
REORGANIZATION SECURITIES
WHEN
Company Securities
15
*
1
134
Trlco Products Corp...—*
Tublze Chatillon cum pf.10
Foreign shares
*
434
American
*
634
534
734
654
U S Finishing pref
Warren Northam—
Flour Mills of America.
Foundation Co—
Unexcelled Mfg Co
shares
Galr (Robert) Co com
Preferred
*
*
Gen Fireproofing $7 pf.100
Golden Cycle Corp
.10
Graton & Knight com
*
Preferred..
...100
534
35
101
5034
38
105
5334
Un Piece Dye Wks
10
pf—100
100
5
45
Great Northern Paper..25
Herr-Hall-Marv Safe.. 100
26 K
2734
White (S S) Dental Mfg.20
White Rock Min Spring—
Jacobs (FL) Co..
Klldun Mining Corp..
16K
1734
Wlloox-Gibbs
2d 8% preferred
100
Preferred
$7 1st
2K
1434
200
234
1634
118
100
common.
95
Par
100
100
28
1953
9534
9534
97
101
1st
354s
1955
Deep Rook Oil 7s.—..1937
10234 10234
10034 10054
/7134 7334
101.4
101.7
/1634
1834
Jones & Laughlin Steel—
434s.
1961
Journal of Comm 634s 1037
14
15
*
38
104
15
Bid
Ask
12 K
10
11K
100
10934
100
111)4 112K
Melville Shoe—
434%
preferred
118
♦
---
6
3934
7K
43
Miller (I) & Sons com
*
634% preferred
Murphy(G C) $5 pf
108
100
6
8
36
38
Nelsner Bros pref.....100
58
Flshman (M H) Stores
Preferred
131
16
34
Kobacker
101K 104
109K 113
Reeves
105
100
(Daniel) pref... 100
100
Green (H L) 7% pref. .100
*
Katz Drug preferred..
Bid
Kress (S H) 6% pref
Lerner Stores pref
38)4
pref
Edison Bros Stores pref 100
30
125
Rose 5-10-25C Stores.....5
95
100
Schiff Co preferred
.100
United Cigar Sts 6%pt_100
108
*
Stores
104
10534
7
-
85
-
6% pref ctfs
-
...
Ask
...
U S Stores preferred—.100
20
23
20
23
3
6
134s
Aug
134b—...Aug
100.10 100.15
2s
102.26 102.30
15 1936
15 1937
15 1938
134s
.June 15 1939
Merchants Refrlg 6s.. 1937
Nat Dairy Prod deb 3 34 s'5l
Aug
101.25 101.29
101.5
^9934
Nat Radiator 5s_.
1946
N Y Shipbuilding 5s..1946
No Amer Refrao 6348-1944
/34
Otis Steel 6s ctfs
Sugar Stocks
101.8
Par
101
36"
Cache La Poudre Co.....20
Eastern Sugar Assoc... ..1
Bid
Ask
2234
23 K
1334
2134
14
Par
Savannah Sugar Ref—_*
Bid
Ask
115
102 K
1941
Preferred
95
92
8934
92 34
Penn-Mary Steel 5s... 1937
Reynolds Investing 5s 1948
106
/1134
/58
/17
9854
99 K
Witherbee Sherman 6s '44
77
82
Woodward Iron fig
1052
73
/61
*
d
107
13
34
-
-
-
-
...1
Haytlan Corp Amer...
102 34 103
84
82
Sooville Mfg 534s
1945
Std Tex Prod 1st 634s as *42
Strath Wells Titus 634s '43
Willys-Overi'd 1st 634s *33
Federal Farm Mtge Corp—
134s
Sept 11939
Haytlan Corp 8s
1938
Par
....
Home Owners' Loan Corp
100
Chicago Stock Yds 5s. 196)
Cudahy Pack conv 4s. 1950
Ask
*
7%
120
127
100
conv
734
90
Blckfords Inc
52.50
Bid
.100
preferred
(H C) common..*
.100
preferred
Diamond Shoe pref... .100
24
WJR The Goodwill Station
7%
Bohack
100
Worcester Salt
*
Borland Shoe Stores..
7% preferred
Bear Mountain-Hudson
River Bridge 7s
Chain Store Stocks
434
1734
101)4 10334
13 54
1434
.50
Ask
111
/9334
/9334
Securities
10
...
10434
American Tobacco 4s. 1951
Store
3
8
3 )4
Miscellaneous Bonds
Bid
Chain
934
115
2K
100
preferred
Young (J S) Co com
7% preferred
112
105
preferred
* z44
Welch Grape Juice pref.100 zlOO
West Va Pulp & Pap com. *
15 H
43
1
18
4534
$3 conv
4
Lawrence Port! Cement 100
Lord & Taylor com
100
1st 6% preferred....100
15
8)4
44
No
par value,
Coupon,
a
♦
54
K
23
7%
preferred
100
West Indies Sugar Corp..1
w < When
234
3)4
134
Interchangeable, ft Basis price,
f Flat price,
115
issued,
t
c
Registered
Ex-divtdend.
y
coupon
(serial).
Now selling on New
York Curb Exchange.
«.-
19
63
t Now listed
on
New York Stock Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
Volume
Financial
142
Chronicle
3327
f
Quotations
THE
Over-the-Counter SecuritiesFriday May 15—Concluded
on
Bid
Anhalt 7s to
1946
Antloquia
1946
8%
7% .1947
Bank of Colombia 7% .1948
Barranqullla 8s'35-40-46-48
Bavaria 6%s to
Bavarian
British
7 Ma
Brown
6 Ma
19
19
16
26
Cons
Clt 7% to
1945
Bogota (Colombia) 6 %s *47
Bolivia 6%
1940
Brandenburg Eleo 6s. .1953
Brazil funding 5%.1931-51
Brazil funding scrip
Hungarian
21
25
68
/27
Munic Bk Hessen 7s to '45
mmm
■
/25
/42
m
Municipal Gas & Eleo Corp
Recklinghausen 7a-.1947
Nassau Landbank 6%s '38
Natl Bank Panama 6%%
mm
Buenos Aires scrip
Burmelster <fc Wain 6s. 1940 A09
Call (Colombia) 7%.. 1947
AO
44
Callao
(Peru) 7%%__1944
Ceara (Brazil) 8%
1947
City Savings Bank, Buda¬
A0%
/2%
11%
pest, 7s
.1953
Columbia scrip Issue of '33
/24
/61
63
48
mmm
11
mmm
4%
-
...
A6%
Costa Rica funding 5% '51
/51%
53
Costa Rica Pac Ry 7 Ma *49
5a
1949
f22
25
/51
53
/24
/20
27
Panama 5% scrip—
Porto Alegre 7%
24
Protestant
Duisburg 7% to
1945
East Prussian Pow 6s. 1953
/20
/2 2
24
European
Mortgage & In¬
vestment 7 Ms
Frankfurt 7s to
24
28
23
/23
AO
/30
/30
1946
25
15%
141
146
R C Church Welfare 7s '46
/25
27
Saarbruecken M Bk 6s '47
German Building &
bank 6)4%
Salvador
27
German defaulted coupons
July to Dec 1933
Jan to June 1934
July 1934 to Mar 1936
..
German scrip
German called bonds
German
/45
/35
f'2'S
f 7%
/20-40
•
Santa
25
stamped
1935
Guatemala 8s 1948
1,430
1,320
A7
18%
/ 72
■mmm
607
611
613
558
544
543
840
840
728
717
730
987
1,000
A9
20
13
Serbian coupons
Siem & Halske deb 68.2930 /270
7s
1940
/45
16
Stettin Pub Utll 7s.
1,010
--
"mmm
mmm
/75
/6 7
/93
_.
27
12
13
1,171
1,191
67.60
67.60
69.00
68.30
68.50
67.90
67.70
67.90
68.60
68.10
69.40
71.90
71.90
70.75
72.60
71.60
92.10
74.10
2,640
1,262
1,105
2,670
48
47
67.30
67.30
91.50
91.90
72.25
71.30
92.00
2,620
1,311
2,650
1,258
1,095
2,670
1,285
1,108
70.80
.
1,110
36
35
34
1,256
1950
1,250
/93
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s *37
<24
27
Vesten Elec Ry 7s
1947
f22
24
/24
Wurtemberg 7s to
1945
/23
26
m
m
m~
67
66
420
416
46
45
45
THE
EXCHANGE
STOCK
BERLIN
Closing prices of representative stocks
each
9
Allgemelne Elektrizltaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
.
Bia
14
13
38
38
15
38
38
116
116
117
116
117
.147
147
147
147
147
149
87
88
90
90
91
91
.132
134
133
132
132
132
89
89
92
92
93
Deutsche Erdoel (4%)
.121
Deutsche Reichsbahn (German Rys) pf 7% .127
Dresdner Bank..
89
122
121
120
121
122
127
127
127
128
129
u. Licht (8%).
Commerz'und Prlvat-Bank A. G
.
93
89
92
92
93
93
Farbenlndustrie I G (7%)
.170
171
171
171
174
175
Gesfuerel
.138
139
138
138
139
141
.139
140
139
139
139
141
.
(6%)
15
Ask
Norddeutscher Lloyd
Reichsbank (8%)
1
87.61
(8%)
15
15
15
15
96
96
96
97
97
17
17
17
17
17
184
.
15
95
185
185
184
185
186
236
.
Rheinische Braunkohle
1942
12
11
39
37
.115
Berliner Kraft
Mannesmann Roehren
Union of Soviet Soo Repub
10% gold rouble
received by cable
as
w^ek:
day of the past
Hapag
91.35
530
67
422
47
Hamburg Electric Werke (8%)
tSoviet Government Bonds
87.61
529
531
70
422
pref
Dessauer Gas (7%)
94
Ask
73.25
94.10
35
1,285
531
Tublze Artificial Silk,
Union d'EelectricItie
47
49
48
1,250
70.10
mmm
1951
Bid
1,188
68.50
Deutsche Bank und DIsconto-Gesellschaft.
City 7s
Union of Soviet Soc Repub
368
365
12
12
1,200
mmm
Tucuman Prov 7s
—
365
362
360
_
860
-Per Cent of Par
...
/23
Tucuman
•
1946
Stlnnes 7s unstamped-1936
7s unstamped
1946
45
93
1,270
840
760
1,420
546
860
Closed
15%
24
239
239
238
238
237
17
following securities
were
Salzdetfurth (7%%)
.182
182
182
182
183
181
Siemens <fe Halske (7%)
...
3326.
AUCTION
The
1,370
1,250
418
29
39%
/20
1943
1,390
1,270
419
/II %
A0%
1957
For footnotes see page
422
612
---
Serbian 5s
6%
1953
Hanover Harz Water Wks
7% gold rouble
1,390
1,270
416
110
192
475
12
10
/9M
Haiti
6%..—
193
478
•'
/25
-.1956
/38
A4-55
Coupons
12-1-34
June 1
195
482
1,002
35%
A4%
mmm
110
120
199
475
_.
Wagon-Llts
Saxon State Mtge 6s__1947
-
19
23
/9
(Brazil)
1947
110
110
Courrieres
Soclete Marseillaise
35
/34%
Santa Fe scrip
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 68.1943
8%
824
Schneider & Cie
Societe Francaise Ford
Soclete Generale Fonciere
Societe Lyonnaise
/12M
fl5
AO
Coupons
Dec 1934 stamped
April 15 1935
Young
Catharlna
8%
24%
Dawes
German
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
--
823
Saint Gobain C & C
/38
/25
1933
Cath Church 6 %s '46
7%
820
15%
34
155
Land1948
410
820
1,180
1,170
20
395
Rentes 5%, 1920
Royal Dutch
50
French Govt 5 Ma
1937
French Nat Mall S3 6s '52
German Atl Cable 7 s._ 1945
Rom
1,140
18
400
75
A4%
/23
/21
/24
«.
1,150
18
395
Pechiney
Rentes. Perpetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%%, 1932 A
Rentes 4%%, 1932 B
/22
Rio de Janeiro 6%
«.
1,180
18
Pathe Capital
/20
/65
A4%
/22
«•
"201
19,000
765
NordRy
27
/32%
~~
191
19,100
757
d'Electricitie
...
1945
-
189
19,300
Transatlantique...
...
1966
25
190
765
Citroen B
Cie Generale
Lyon(PLM)
.
6,500
19,500
Kuhlmann..
27
/25
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Eleo 7% '36
767
350
196
Eaux Lyonnaise
Energie Electriquedu Nord_-__.
Energle Electrique du Littoral..
28
(Ger¬
many) 7s
25
28
/25
770
348
780
Orleans Ry..
1968
Church
775
345
781
350
19,700
Credit Commercial de France
Credit Lyonnaise
25
/84
/79
1945
1945
Dortmund Mun Utll 6s '48
Duesseklorf 7s to
—
30
/23
Oberpfals Elec 7%—1946
Oldenburg-Free State 7%
to
6,400
L'Alr Liqulde
0%8 (A A B)__ 1940-1947
Nat Central Savings Bk of
Hungary 7%s
1962
National Hungarian <fc Ind
Mtge 7%
1948
'
Issue of 1934
27
/24
1948-1949
C C & D 7
Francs
6,500
Comptolr Nationale d'Escompte
Coty S A
...
/24
/25
/24
/20
1945
Munich 7s to
1962
Coal Ind Corp—
1953
Cle Generale
39%
/29
/2 5
Mannheim <fc Palat 78-1941
Bank
Francs
6,400
Banque de Paris et Des Pays Bas
Banque de l'Union Parislenne..
Canal de Suez
Cie Distr. d'Electricitie
83
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
Water 7%
1948
11
Francs
6,100
.
Canadian Pacific
Land M Bk Warsaw 8s '41
15
/16
A3
/8
/2 2
/67%
/ 70
Ask
Hungarian Discount & Ex¬
change Bank 7s
1963 f25
Hungarian defaulted coups f20-40
/24
Hungarian Ital Bk 7 %s '32
38%
Jugoslavia 5s
1956
A4-55
Coupons
Koholyt 6%s
1943 /25
34
A4%
/24
1945
Palatinate
30
/20
/31
/17
/17
Bank of Colombia
Bid
As*
Bank of France
Francs
Francs
Francs
Foreign Unlisted Dollar Bonds
received by cable
as
May 11 May 12 May 13 May 14 May 15
May 9
German and
BOURSE
PARIS
Quotations of representative stocks
each day of the past week:
.186
187
186
185
187
193
NOTICES
CURRENT
SALES
sold at auction
on
—Significant demand in the South and Southwest for municipal bonds
Wednesday
of the current week:
originating in these localities is reported by George E. Lockwood of Lockwood, Sims & Company, New York Municipal bond dealers, who has just
By Adrian H. Muller & Son, New York:
Shares
returned
Stocks
Assets of the Long Island National Bank of New York in
liquidation, to wit:
Loans and discounts (claim balance)—166 items of
promissory notes and (or)
Judgments (among these
may
be claims
on
or
otherwise, about which the bank's records are
$559,466.12.
Securities—5 shares stock Newtown National
not
&
South
and
Mr. Lockwood also announced
company's activity in the obligations of municipalities in Ohio, Virginia,
Florida,
Keano, Higbie & Co., announces the formation of the Carlton M. Higbie
Corporation, to do
100%
io%
1.05
26 Tolman Print, Inc., par $100
1
Co., A
an
underwriting and general investment business, with
offices in the Buhl Building, Detroit.
Associated with Mr. Higbie
as
vice-
been
associated
Higbie & Co.. and
with
of Keane,
founders
Mr.
Higbie for
as
secretary, E.J. Garvey, who has
the past
15 years.
As
one
of the
Higbie & Co., Mr. Higbie directed his house in the
organization and underwriting of many well known and successful industrial
companies.
2
65 Moxie Co., B
Bonds—
26c
per cent
$1,000 Waltham Watch & Clock 6s, June, 1943
$4,000 Wiggin Terminals, Inc., 5Ms, Sept., 1945, ctf. of dep
101>4 & int
12% flat
By Crockett & Co., Boston:
Stocks
(Mass.)
5
20 Farr Alpaca Co., par $50
232 Continental Shares, Incorporated
n
$1.50 lot
10 Boston Chamber of Commerce Realty
20 Piscataquis Land Co..
Trust, 1st pref.,
par $100
,.
$3 75 lot
i6
10 Old Colony Trust Associates
12%
74 Kreuger & Toll
Co., American certificates
Shares, Incorporated
Heywood-Wakefield Co., common, par $25
5 Kinney Manufacturing Co., common
$1.25 lot
Continental
70c. lot
6
12
25c
By Barnes & Lofland, Philadelphia:
Stocks
$ per share
155 Chester-Cambridge Bank & Trust
Co., Chester, Pa.,
par $20
5 Third National Bank & Trust Co., Camden, N. J.,
capital, par $75
14 Pennsylvania Co. for Insurances on Lives & Granting
Annuities,
100 Land Title Bank & Trust Co., par $5
30 Philadelphia National Bank, par $20
par
$10
19%
par
Ill
$10..I
25
35%
7
I.IIII"l02%
11111103%
By A. J. Wright & Co., Buffalo:
Stocks
10 Zenda Gold Mines
—The investment
the general
Distributors Group,
of ten
companies common stock price index declined with
market last week, as evidenced by the
Incorporated.
average
iqc
compiled by
common
stocks
May 8 compared with 17.91
on
May 1.
The
of the mutual funds closed at 13.74 on May 8 compared with 13.71
at the close of the
previous week.
—Amott, Baker & Co., Incorporated announce that Henry K. Astwood,
formerly associated with J. Arthur Warner & Co.; George A. Flett, pre¬
viously with Van Alstyne, Noel & Co., Inc.; and C. John Swan, formerly
with
Hearst
Enterprises,
have
become
associated
with
them
as
sales
representatives.
—Charles H.
Co.
Newton &
announce
that Horace C.
George B. Daniels are now associated with
the firm.
O'Sullivan and
Mr. Daniels
was
formerly in charge of the New York office of Edward Lowber Stokes & Co,
and before that was connected with Chase Securities Company.
—Hendrickson & Co., members of the New York
Stock Exchange,
30
Pine St., New York City, have compiled a special list of Convertible Bonds
and Preferred Stocks arranged to show relative attractiveness of the
version privileges at current
—J.
larger
$ peT share
averages
The average for the
leading management companies influenced by ther leverage factor
stood at 17.33 at the close of
$ per Share
,
40 First National Bank in Revere
Shares
This local
presents a marked contrast to the
the primary market for
house of Alison & Co., and former president and chairman of the board of
$ perShare
;
150 Atlantic Works, stamped $57 per share paid, par $100
Co.,
when
appointment of his firm as exclusive Eastern representatives of Callihan
treasurer of Keane,
Stocks
25 Girard Trust
interview,
ago,
president and treasurer will be Duncan J. McNabb, former president and
10 Ware River Road, par $100
15 units Converse Rubber Co
Shares
an
—Carlton M.Higbie, recently retired partner in the Detroit StockExchange
By R. L. Day & Co., Boston:
88
trip of observation through that territory.
months
North Carolina, South Carolina, Texas, Louisiana, Mississippi and
$54,114 lot
Shares
a
Jackson, municipal bond specialists of Dallas, Texas, which supplements
the
agreement dated Aug. 8, 1930.
Also all other property and assets of every
kind and character and wheresoever situate, if any, of the
Long Island
National Bank of New York not otherwise disposed of
21 Moxie
several
the
clear),
Bank
and
First mortgages (balance due thereon)—
689,693 Steinway St., Astoria, N. Y., $13,975; 45-47 Isabella Place, Astoria,
N. Y., $4,625; 16 Newtown Avenue, Astoria, N. Y., $8,800; 72
Burroughs
Avenue, Winfleld, L. I., $2,680; ; total $30,080.
Sundry assets (claim
balance)— Claremont Investing Corp. account receivable, $3.56; Mary
Dragotta, account receivable, $142.50; Frank and Lizzie Worlicek, claim
for bonds, $500; participation In claim, if any, of American
Surety Co. under
Shares
he stated in
Southwestern municipals was in the East.
parties discharged through bank¬
ruptcy
rights for 30 shs. Rudolf Karstadt.
from
demand,
situation
$ per Share
Street.
S.
prices.
Bache & Co. announce the removal of their Detroit offices to
quarters in the Old
This
manager.
con¬
branch
will
Security Trust Co. Building at 735 Griswold
be under
the
direction
of
F.
W.
Pritchard,
Financial
3328
General Corporation
RAILROAD—PUBLIC
UNDER
SECURITIES ACT
and Exchange Commission on May 12
announced the filing of 20 additional registration statements
Securities
The
2133-21*52, inclusive) under the Securities Act. The
$213,997,514.48, of which $213,318,914.48
represents new issues.
The securities involved are grouped as follows:
(Nos.
total involved is
No.
Type
of Issues
The total
have been
Total
'
$213,318,914
id
Commercial and industrial
Voting trust certificates
19
678,600
T-
includes the following
of $100 par value
(See details in V. 142, p. 3165).
Light Co.—100,000 shares
No.
preferred stock, 43^ % series.
'2-2134, Form A-2, included
in
cumula¬
Docket
clodso jjo, 77X*)
769.)
Hearn Department Stores, Inc.—45,000 shares ($50 par) 6% cumu¬
lative convertible preferred stock and 500,000 shares ($5 par) common stock.
(See details in V. 142, p. 3172.)
(Docket No. 2-2135, Form A-2, included
in Release No.
Co., Inc.—$55,000,000 of consolidated mortgage
Series of 1936, due May 15, 1971.
(See details in V. 142,
(Docket No. 2-2145, Form A-2, included m Release
Edison
Brooklvn
bonds, 3H%.
3157.)
p.
No. 774.)
mortgage sinking
$2,450,000 of serial
(See details in V. 142,
included in Release No. 777.)
Other securities included in the total are as follows:
International Television Radio Corp. (2-2133, Form A-l) of Jersey
City
N J
has filed a registration statement covering 1,000,000 shares
($1 par) common stock, to be offered at $1.60 a share.
The proceeds from
the sale of stock are to be used for the purchase of equipment and the
development of apparatus.
William H. Priess, of N. Y. City, is President.
Montana-Dakota Utilities Co.—$12,500,000 of first
bonds, 4^%, Series A, due May 1, 1956, and
debentures, due serially May 1, 1937-May 1, 1943.
p. 3179.)
(Docket No. 2-2148. Form A-2,
fund
Filed April
Racing Association,
Inc. (2-2136, Form A-l) of Paw-
registration statement covering 274,750 shares
(no par) common stock of which 150,000 shares are presently to be offered
to the public.
All the stock being registered is outstanding in the hands
of stockholders.
The public offering price, it is stated, will not exceed
$9.50 a share.
Walter E. OHara, of Providence, R. I., is President.
(2-2137, Form A-l) of Jefferson, Ohio, has
50,000 shares (no par) class A com¬
statement covering
stock. The class A
share of class B
each share of class
be used for
corporation
stock and 50,000 shares (no par) class B common
stock is to be offered the public at $5 a share and one
stock is to be issued concurrently to the promoters as
A stock is sold.
The proceeds from the sale of the stock are to
the construction and equipment of a factory and for other
D. McMahon,
F
purposes
of Cleveland, Ohio, is President.
Filed
April 30, 1936.
Shamrock Oil
has filed a
& Gas Corp. (2-2138, Form A-l) of Amarillo, Texas,
registration statement covering 114,500 shares ($10 par) 6%
at par. The proceeds from the
redemption of outstanding first
mortgage bonds, to the payment of notes and to additional working capital.
S)hn J. Sheerin, of Amarillo, is President. Filed April 30, 1936.
*
Colonial Mortgage Co. (2-2139, Form A-l) of Baltimore, Md„ has
filed a registration statement covering 7,500 shares ($20 par) class A com¬
mon stock and 5,000 shares ($20 par) class B common stock.
Of the stock
being registered, 3,750 shares of class A and 2,500 shares of class B have
been recently issued to the Finance Co. of America and are to be offered to
stockholders of that company in the ratio of one share of class A stock for
each 20 shares of class A common of that company held and one share of
class B stock for each 20 shares of class B common held.
The price to the
stockholders is $20 a share.
The Colonial Mortgage Co. will offer its
stockholders one share of each class of stock for every share of each class
outstanding through the Finance Co. of America, the underwriter, at $20
share.
The underwriter proposes to make an additional offering to its
stockholders of any additional shares it may acquire under the under¬
writing agreement.
The proceeds from the sale of the stock will be used
by the Colonial Mortgage Co. for general corporate purposes.
Filed
cumulative preferred stock, to be offered
sale of the stock are to be applied to the
a
May 1, 1936.
Union Compress
has
filed
a
& Warehouse Co. (2-2140, Form A-2) of Memphis,
registration statement covering $1,100,000 of first
serially from 1937 to 1951. The
to the registration statement.
The proceeds from the sale of the bonds together with other funds of the
company are to be applied to the redemption of $1,126,000 of outstanding
first mortgage 6% gold bonds, series A, due serially from 1936 to 1943.
D. W. Brooks, of Memphis, is President.
Filed May 1, 1936.
Lisarbo Andreas, S. A. (2-2141, Form A-l) of Rio de Janeiro, Brazil,
has filed a registration statement covering 11,500 shares of common stock
of 100 milreis (Brazilian currency) par value a share, to be offered at $50
(U. S. currency) a share.
The stock is to be deposited with voting trustees
mortgage bonds, series A, to mature
interest rate is to be furnished by amendment
voting trust agreement dated July 18, 1935, and subscribers are
to receive voting trust certificates representing the number of shares pur¬
chased.
The proceeds from the sale of the stock are to be used for fixed
a
capital investments, for
a
filed for 10 issues under Rule 202, which
registration certain classes of offerings not
exceeding $100,000.
The act of filing does not indicate that
the exemption is available or that the Commission has made
any finding to that effect.
A brief description of these new
filings is given below:
Prospectuses were
exempts from
Consolidated
& Brass Co. (File 3-3-624), Toronto, Can.
of beneficial interest ($10 par) at par. The trustees
Copper
Offering 70,000 shares
Alan Francis, Douglas Atkinson, Walter Olsen Martindale, Edward Neilson, Frank Cyril Birchall and Sherburne Tupper Bigelow,
all of Toronto, Can.
No underwriter is named.
of the company are
American Sisters Mining
de Janeiro, is President.
Auchincloss, et al, Voting Trustees
(2-2142, Form F-l) of N. Y. City has filed a
James C.
of Lisarbo Andreas,
registration statement
covering the issuance of voting trust certificates for 30,000 shares of 100
milreis (Brazilian currency) par value a share common stock of Lisarbo
Andreas, S. A., of Rio de Janiero, Brazil.
Sherman B. Joost and Archbold
Van Beuren,
both of N. Y. City, are the
Casco Products
National Bank Bldg.,
No underwriter is named.
First
other trustees.
Filed May 2, 1936.
Corp. (2-2143, Form A-2) of Bridgeport, Conn.,
has
Radiator Corp.
Comet
the
Colorado Springs, Colo., is President.
ing is to be made
Mid-West Oil
Offering 80.000 shares
Mont.
Barcham, Kansas City, Kan.,
Warren,
stock (no par) at $5 per
is President. The offer¬
(File 3-3-627), 651 N. Park Avenue,
Offering 20,000 shares of class A common
William M. Andrews, Youngstown, Ohio,
Ohio.
through W. A. Kissel & Co., 82 Wall St., New York.
Co. of America (File 3-3-628), 100 East Rayen Ave.,
Youngstown. Ohio. Offering 1OO.OO0 shares class A common stock ($1 par).
at par.
William E. Elliott, 4427 Rush Boulevard, Youngstown, Ohio,
is President.
The offering is to be made through W. A. Kissel & Co., 82
Wall St., New York.
& Son, Inc. (File 3-3-630), 52 William St., New
of common stock ($1 par) in units of 50
Albert Kellermann, 52 William St., New York, is
Albert Kellermann
Offering 50,000 shares
York.
shares at $1 per share.
President and is named as
is
underwriter.
Oils, Ltd. (File 3-3-631), 714 Lancaster
Moose
Offering to brokers and
($1 par) at par.
E. B.
Bldg., Calgary, Alberta.
security dealers 100,000 shares of common stock
Clark, Vancouver, is President. No underwriter
named.
Pixie Corporation
(File 3-3-632), 567 Seventh Ave., New York. Offer¬
at par. Michael E. Reiburn,
ing 100,000 shares of common stock ($1 par)
567 Seventh Ave., New York, is President.
No underwriter is named.
Mining Corp. (File 3-3-633), Mt. Ida, Ark.
Offering to
brokers, and security dealers 980 shares of class A stock of ($100 par) at
par.
L. E. Cress, 610 Orpheum Bldg., Wichita, Ivan., is President.
No
Ouachita
underwriter is named.
Sugar Pine
American
Co.
(File 3-3-634), 925-929 Market St.,
Wil¬
mington, Del.
Offering to brokers and security dealers 100,000 shares of
common stock
($1 par) at par.
W. R. Phelps, 1700 North Marengo,
Pasadena, Calif., is President.
No underwriter is named
registration statements also were filed with
regarding which will be found on subse¬
quent pages under the company mentioned:
Peoples Gas Light & Coke Co.—-$22,000,000 of first and refunding
The following
the SEC, details
mortgage 4%
sequent page.)
bonds, Series D, dje June 1, 1961.
(See details on sub¬
(Docket No. 2-2151, Form A-2, included in Release No.
Standard Oil Co. (New Jersey)—$85,000,000 of
Form
El Paso Natural Gas Co. (2-2162, Form
mtge. bonds series A,
debentures, due 1946.
In
In
25-year 3% debentures,
(See details on subsequent page.)
A-2, included in Release No. 782.)
due June 1, 1961.
(Docket No. 2-2152,
A-l), covering $7,500,000 1st
4K%, due 1951, and $3,750,000 4^%
Filed May 13, 1936.
does the act of filing with the
The last
in
convertible
making available the above list the Commission
no case
our
said:
Commission give to any security
its approval or indicate that the Commission has passed on
the issue or that the registration statement itself is correct.
the merits of
previous list of registration statements was given
3152.
issue of May 9, page
Monthly Gross Earnings of Railroads—The following
comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
are
registration statement covering 155,000 shares (no par) common stock
all of which is owned by J. H. Cohen.
It is stated that 50,000 shares of
filed
Co. (File 3-3-625), Colorado Springs, Colo.
stock ($1 par) at par. Nathan L. Jones.
Offering 35,000 shares common
working capital to operate properties and for other
Lester S. Thompson, of Rio
corporate purposes.
Filed May 2, 1936.
S. A.
Corp. (2-2150, Form A-l) of Wilmington, Del. has
registration statement covering an undetermined number of shares
($1 par) common stock and full and fractional subscription certificates for
the common stock.
The stock is to be offered prorata to the.stockholders
of the corporation through the subscription certificates which are trans¬
ferable.
The number of shares to be offered, the price to the stockholders,
tbe basis of subscription and the date of expiration of the certificates are
to be furnished by amendment to the registration statement.
The proceeds
from the sale of the stock are to be used for general corporate purposes.
Guy W. Vauglian, of N. Y. City, is President.
Filed May 6, 1936.
filed
share.
Standard Tractor Corp.
President.
,
40, 1936.
mon
under
C. P. Mills, of Jeanette, is
Liberty Metals Co. (File 3-3-626), Troy,
common stock ($1 par) at par.
Dr. D. H.
is President.
No underwriter is named.
filed a registration
Tenn.,
underwriters.
.
Metropolitan Personal Loan Co. (2-2149, Form A-l) of Allentown,
Pa
has filed a registration statement covering 26,146 shares (no par)
class A common stock, 47,500 shares (no par) class B common stock and
$1 000,000 of 25-year 7% debenture bonds due June 1, 1961.
The class
A stock is to be offered at $25 a share and is convertible into class B stock
as follows: prior to Jan.
1, 1937, share for share; thereafter and prior to
Jan. 1, 1939, five shares of class A for four shares of class B; and thereafter,
five shares of class A for three shares of class B.
Of the class B stock being
registered, 40,074 shares are reserved for conversion of the class A stock.
The debentures are to be offered at par.
The proceeds are to be used
for the operation and expenasion of the business and to pay off bank loans.
W. H. Cobb & Co., Inc., of N. Y. City, is the principal underwriter, and
James W. Meyer, of Allentown, is President.
Filed May 6, 1936.
I., has filed a
R
Filed April
City are the principal
Filed May 5, 1936.
331
29, 1936.
Narragansett
tucket
and Investment News
Curtiss Wright
issues, for which releases
published:
Dayton Power &
tive
16, 1936
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION STATEMENTS
OF
FILING
May
Chronicle
a
stock being
registered will be sold to the underwriter, Carlton M.
inc.
1935
McDowell Mines, Inc. (2-2144, Form A-l) of Denver, Colo., has filed
registration statement covering 121,686 shares C$1 par) common stock,
be offered at par.
The proceeds from the sale of the stock are to be
used for the improvement of property, the installation of new equipment
and for working capital.
N. C. Anderson, of Denver, is President. Filed
May 2, 1936.
1
'
January.-.
263,877,395
February..
June.
254,566,767
280,492,018
274,185,053
279,153,707
280,975,503
Mining Co. (2-2146, Form A-l) of Black Hawk, Colo.,
has filed a registration statement covering 1,650,000 shares ($1 par) com¬
mon stock of which 203,700 shares are presently to be offered at 62 H
cents a share.
The remaining shares are presently outstanding.
The
proceeds from the sale of the stock are to be used for improvements to
property and for working capital.
Douglas M. Todd, of Black Hawk, is
July
274,963,381
August
293,606,520
to
March
President.
April
May
September.
October
...
November
.
December..
Filed May 5, 1936.
Jeanette Glass Co. (2-2147, Form A-2) of Jeanette, Pa., has filed a
registration statement covering 90,000 shares (no par) common stock, of
which 54,000 shares owned by stockholders are to be offered publicly.
Stemmler & Co., and Herrick, Heinzelmann & Ripley, Inc., both of N. Y.
(+)
or
of Road
Per
Dec.
(—)
Cent
306,566,997
340,591,477
300,916,282
295,880,873
1936
January
...
February..
March
298,704,814
300,049,784
307,833,663
257,728,677
248,122,284
292,798,746
265,037,296
281,642,980
282,406,506
275,610,064
282,324,620
275,158,450
292,495,988
256,637,723
257,201,455
+6,148,718
+6,444,483
—12,306,728
+ 9,147,757
—2,489,273
—1,431,003
—646,683
+ 11,281,900
--31.408,547
--48,095,489
--44,278,559
-38,679,418
280,484,056
1934
Miles
+2.39
238,245
T2.60
238,162
—4.20
238,011
+3.45
237,995
—0.88
237,951
—0.51
237,800
—0.23
237,700
238,629
+4.00
+ 11.41
237,431
+ 16.44
237,385
+ 17.25
+ 15.04
237,306
+ 13.20
+ 17.87
+9.75
237,078
237,051
237,074
1936
1935
263,862,336
254,555,005
1935
Miles
1934
$
a
Gregory Bates
Length
Gross Earnings
Month
Higbie Corp., of Detroit, at $13 a share and offered publicly at the market.
The 50,000 shares of common constitute part of the 155,000 shares being
registered, any or all of which may.be offered to the public.
J. H. Cohen,
of Bridgeport, is President.
Filed May 2, 1936.
+34,842,478
+45,494,779
+27,349,607
237,054
239,506
239,433
239,246
239,129
238,980
239,020
239,000
238,955
238,819
238,791
238,668
238,436
1935
238,393
238,280
238,226
Volume
Financial
142
Net Earnings
Inc.
(+)
or
Chronicle
3329
Dec. (—)
'
1935
January.
February
1934
$51,351,024
54,896,705
67,659,321
65,305,735
70,416,370
64,920,431
57,478,685
72,794,807
88,955,493
108,551,920
82,747,438
70,445,503
March
April
May
June
July
August
September
October..
November
December
59,927,200
—5,030,495
—16,283,565
+53,730
+0.08
—2.31
—1,666,850
—9,608,823
—10,108,077
+ 1,108,150
+ 16,564,585
—12.89
+ 1.55
+22.88
+33.95
/New York Stock Exchange
York Curb Exchanffe
,
+37.77
+ 15,478,511
+9,199.020
+ 3,506,818
62,786,896
McDonnell & Co.
—14.96
+27,512,645
+22,685,802
+7,658,607
60,061,636
+29.82
+ 16.60
+ 5.14
Member8|New
+ 12.20
120
BROADWAY,
TEL.
1935
51,905,000
55,402,531
68,205,090
v'
,4
..
•
•'
1934
1935
operations
and
$99,396
7,802
$304,354
6,308
credits
Gross income
Cash discounts on sales, provision for uncollectible
notes, acceptances and accounts, &c
$310,663
$107,197
41,272
51,739
41,205
•
15,678
52,589
4,587
equipment.32,459,363 32,792,735
Misc. phys. prop-.
5,829
4,511
1,573,557
1,573,557
Bonds
481
Provision for Federal & State income taxes
298,923
512,726
298,923
515,738
Advances.
Other
investments
50,532
x57,750
$3.05
y57,750
$0.59
Loans and bills
1935
a
1934
$333,474
Notes,
$368,523
Int. mat'd unpaid.
Divs. mat'd unpd.
7,593
163,243
87,679
accepts.
& accts.
receiv
_
Advance payments
to
Inventories
146,517
233,814
233,679
9,327
13,774
584,097
7,882
-
151
525,735
Fed.
mach.
Res.
& equip.
charges.
19,015
48,011
9,338
&
profit
e
reduc.
to
$20
Total
203,150
$1,478,356
$1,287,5221
Total
Alabama Water Service Co. (& Subs.)
—Earning i
1936
revenues
1935
Alamo
Petroleum
Corp.-
$1,478,356 $1,287,522
-Withdraws
p.
3152.
Registration State-
ment—
Securities
and
Exchange Commission, upon the request of the
23, has consented to the withdrawal of the regis¬
137, p. 4531.
company received April
tration statement.—V.
The ICC on May 4 issued a certificate permitting the
company to aban¬
don, as to interstate and foreign commerce, its entire line of railroad, ex¬
tending from a connection with the Atlantic Coast Line RR. at Alcolu
in a northeasterly direction to Olanta, 25 miles, all in Clarendon and Flor¬
ence counties, S. O.—V. 122,
p. 3078.
Alabama Great Southern RR.—Annual
Report—
1934
315
$515,178
239,755
2,292
1,460
27,588
104,544
$393,401
210,692
1,945
Net income before preferred stock dividends and
interest on 5% debs, subordinated thereto
$139,536
$89,268
Gross corporate income
Interest on funded debt.
Miscellaneous interest-Amortization of debt discount and expense
Provision for Federal income tax
1934
$3,954,780
521,212
421,037
Dr8,679
$5,260,872
$4,888,350
$4,497,665
$4,090,650
977,798
1,222,241
134,225
1,773,368
35,907
183,502
871,435
1,088,273
1,618,400
29,547
169,763
569,816
1,018,176
119,515
1,485,642
22,815
171,604
640,659
1,244,525
130,989
1,531,962
33,388
201,934
207
19
104
44
1933
1932
$3,707,765
381,366
Drl7,974
$3,185,511
526,064
377,094
Crl,980
426,505
March 31, 1936 interest on the debentures, unpaid and not
accured,
$62,000.
At May 31, 1935 the cumulative preferred divi¬
dends, not accrued and not declared, .amounted to $101,850.
Preferred
dividends since June
1, 1935 have been accrued and paid
quarterly dividend date.
1936
Transportation
Miscell. operations
General
Transp. forinv.—Cr
129,884
Total oper. expenses--
$4,326,836
$3,907,283
$3,387,463
$3,783,412
from operations
$934,036
333,391
1,277
Dr28,188
141,633
$981,067
278,798
$1,110,202
418,456
$307,237
414,941
397
877
457
92,642
132,606
101,411
130,743
99,830
117,478
$429,547
$661,908
18,560
17,645
Taxes
Uncollectible revenuesHire of equipment—Cr.
-
rents——_
~
Operating income
Non-Oper. Income—
Miscell. rent income
Misc. non-op. phys. prop
Dividend income
$661,538 def$125,808
136
Dr25
Drl51
333,124
334,099
247,895
Income from funded and
unfunded securities
Miscellaneous income-
18,904
2,275
131,067
21,563
-
25,433
70,063
351
-
500
75
$801,282
$1,039,560
$997,049
Gross income
3,282
139,587
y
Earned surplus.--
rev
16,266
93,194
11,232
Materials & suppl.
55,687
25,468
Accr'd unbilled
Commis. on capital
stock
rents
unfunded debt—
Miscell. income charges.
Int. on funded debt
equip, obligations
Net corporate incomedividends
Preferred
18,744
19,636
19,635
19,635
937
940
948
932
22,437
5,336
1,050
423,840
41,062
423,840
51,223
984
423,840/
30,902
$303,436
202,821
Ordinary dividends
Bal. carried to profit
and loss
14,236
97,809
$100,615
Common
stock-
600,000
636,043
326,498
600,000
$9,610,871
$7,960,632
Capital surplus..-
541,240
212,546
20,878
49,334
accounts
Total
$9,610,871
26,143
•
814
423,840
61,383
$547,695
202,821
313,200
$484,467 def$408,499
101,411
202,821
313,200
$31,674
$69,856 def$611,320
65,439
$7,960,6321
Represented by 6,790 no
shares.—V. 142, p. 2980.
par
Total
shares,
y
Represented by 6,000
no par
Allegheny Steel Co.—Earnings—
3 Mos. End. Mar. 31—
Gross sales..
1936
1935
1934
$6,286,386
5,577,964
$5 973.081
5,256,471
$4,339,236
3,635.833
196,519
207,469
103,653
154*819
180,769
15,611
189,682
$408,251
2,831
Cost of sales
$354,322
1933
$1,699,470
1,534,612
Selling, adminis. & gen.
expense
losses
Depreciation
Profit for period
Other income
Net profit
20 530
139.129
14
189,396
$317,341 loss$163,681
19 382
31 743
$411 082
$374,852
Federal taxes.
74,118
50,707
$336,723 loss$131,937
42,769
Net profit..
$336,964
58,396
$324,146
58,496
$293,954 loss$131,937
58,495
$278,568
$265,651
$235,459 def$131,937
612,685
$0.45
610,695
$0.43
Surplus.
Shares
common
(no par)
Earnings per share
—V. 142, p.
16,412
525
1935
14,236
32,899
of amor
Defd. chgs & repd.
Allen
Deductions—
Rent for leased road
Miscellaneous
21,492
244,843
1936
$4,901,000 $4,192,500
872,000
872,000
Notes & accts. pay
30,678
18,807
Accrued items
175,306
156,852
Defd. liab. & inc.88,520
94,442
Reserves
1,301,824
593,242
x $6 cum.
pf. stock
679,000
679,000
warrants receiv.
$124,249
_
Liabilities—
Convertible deben.
4,022
Preferred dividends
17,630
the regular
Funded debt
Working funds—
Accts., notes and
Miscellaneous
Joint facility
20,118
226,335
special depositsCash in banks
in proc's
Operating Expenses—
Traffic
1935
Miscell. inves'ts &
x
Maint. of way & struc—
Maintenance of equip—
on
Debt disct. & exp.
441,459
Drl5,025
Total oper. revenues..
959
9,685
80,849
amounted to
Plant, prop., rights
franchises, &c. .$9,052,384 $7,460,565
1932
Corporate Income Statement for Calendar Years
Freight
Passenger
Mail, express, &c
Incid.& jt.facil. (net)—
$389,763
3,638
Net earnings
Other income
Assets—
1933
315
Average miles operated315
Passengers carried
352,512
333,366
227,422
119,873
Passengers carried 1 mile 32,956,665
30,272,382
23,096,536
22,905,236
Rate per pass, per mile..
i.66cts.
1.72 cts.
1.85 cts.
2.30 cts.
Revenue tons carried--.
2,937,030
2,816,211
2,675,261
1,988,295
Rev. tons carried 1 mile.446,797,535 412,745,199 386,896,793
312,789,575
Rate per ton per mile--.
0.96 cts.
0.96 cts.
0.96 cts.
1.02 cts.
Av. train load, rev. tons
582.74
570.65
573.31
542.00
Oper. revenue per mile..
$16,694
$15,511
$14,271
$12,980
1935
$4,288,052
546,384
$511,104
4,073
Provision for uncollectible accounts
Maintenance
Consolidated Balance Sheet March 31
Traffic Statistics for Calendar Years
Operativr Revenues—
$784,745
275,023
Cr4,687
9,439
10,098
32,250
72,857
Notes—Interest on $372,000 5% debentures, owned by Ffederal Water
Service Corp., is subordinated to the payment of preferred dividends.
At
Alcolu RR.—Abandonment—
1935
315
$980,042
316,377
Cr 7,608
10,383
8,123
39,894
101,768
General taxes
125,915
deducting deficit at Dec. 31 1934 of $203,150.—V. 142,
on
38.380,332 39.025.247
General expenses charged to construction
Rent for leased property
85,599
a After reserve of
$14,125 in 1935 and $6,950 in 1934.
b After reserve
for depreciation of $1,106,884 in 1935 and $1,059,082 in 1934.
c Repre¬
sented by shares of $20 par.
d Represented by shares of $25 par.
e After
Int.
Total
2980.
Operation
a
Earned surp. since
Jan. 1 1935
on
thru inc.&sur._
52,147
51,633
362,937 Profit & loss bal—12,660,696 12,618,569
2,901,546
595,253
Prov. for retirem'ts & replacem'ts in lieu of deprec-
$25
Int.
4,220
417,391
102,430
76,706
38,380,332 39,025,247
Operating
share
rev.
81,302
12 Months Ended March 31—
In
Deficit
Net
486
78,419
10,165
Deferred liabilities
412,378
508 Taxes
136,657
262,475 Operating reserves
83,268
255,860 Accrued
deprec'n
on
7,456
equipment-. 2,874,669
497 Oth. unadj. credits
457,914
75,835 Add'ns to property
unadjusted
Total
1935 of par val.
of com. stk. from
The
—
debts
—V. 142. p.
Cap. surp. aris'g
from
486
accr.
Other current liab.
235,043
curr. assets.
Deferred assets.
2,809
1,683
cl,155,000 dl ,443,750
Common stock
mat'd
300,329
5,784
1,478
75,024
Int. & divs. receiv.
Other
on
spools
debt
6,776
Inc.
&c
for
2,528
unreturned reels
13,510
150,322
2,059
298,204
Mat'ls & supplies-
17,445
State
&
Payroll,
144,284
Misc. accts. receiv.
Other
on
271,577
32,463
2,828
318,760
unpaid
Unmat'd int.
car serv.
tors' balances
6,856
billings
& other taxes.__
(long-term)
Land, buildings,
Deferred
$19,738
acct. of contracts
44,621
Notes & accts. rec.
b
1934
$24,561
balances
Adv.
suppliers
1935
payable..
Misc. accts. pay__
Fund,
re¬
Agents' & conduc¬
Liabilities—
Accounts payable.
Customers'
credit
1,958
48,774
237,346
34,403
1,958
10,153
50
ceivable
Traffic &
Consolidated Balance Sheet Dec. 31
Assets—
1,958
29,363
car-serv.
bal. payable
162,800
2,243,322
317,088
bal. receivable..
Cash
Traffic &
Audited accts. and
Special deposits
-
570,000
construction-
wages
Cash
par.
of
2.459,601
$34,344
Dividends
$25 per share
9,518,000
Equip, trust oblig.
Govt, grants in aid
50
-
$176,447
Shares capital stock outstanding
Earnings per share
y
Funded debt
U. S. Government
securities
Net income for the year
$20 per share par.
Preferred stock
7,830,000
3,380,350
9,518,000
771,000
481
Inv. in affil. cos.:
Notes
Depreciation
x
1934
7,830,000
3,380,350
Liabilities-
Ordinary stock
Stocks
Income
,"
1934
Investment in road
1935
i
Balance Sheet Dec. 31
Assets—
(& Subs.)—Earnings
Calendar Years—
Profit from
NEW YORK
RECTOR 2-7815
.
1935
Acme Wire Co.
in
Rights and Scrip
—19.40
65,252,005
72,083,220
74,529,254
67,586,762
71,686,657
72,390,908
81,039,275
67,383,511
64,601,551
71,711,908
March
All
—8.30
83,942,886
1936
January
February-
—17.50
—$10,907,615
$62,258,639
Specialists
Per Cent
Amount
V.i
f
•
Month
stock
610,695
$0.38
610.695
Nil
3153.
Industries, Inc.—25-Cent Dividend—
The directors have declared a quarterly dividend of 25 cents per share
the common stock, par $1, payable June 5 to holders of record May 20.
on
An initial dividend of like amount was
paid
on
March
5 last.—V.
142,
p.2653.
Aluminum Industries, Inc.—Gets Ford Order—
it is reported, has received an aluminum piston contract
Motor Co. of sufficiently large proportions to keep its Cin¬
Ohio, foundry department operating at or close to capacity for
the rest of the year.
Aluminum's valve department and some sections
of the automatic department are working two shifts a day and other
divisions of the company's operations are up to normal.—V. 142, p. 1972.
The company,
from
Ford
cinnati,
Financial
3330
American Steel Foundries
Aluminium Ltd.—Tenders—
The Union Trust Co. of Pittsburgh, trustee, will until noon, May 22,
receive bids for the sale to it of sufficient 5% sinking fund debenture gold
bonds to exhaust the sura of $300,746 at prices not exceeding 105 and
interest.—V
May 16,
Chronicle
Co.—Earnings—
1934
1933
$24,637 loss$285.257
Net earnings
1936
$766,496
1935
$86,615
Depreciation
209.210
225.078
220.773
243.246
:prof$557.286
$196,136
Drl2,913
$138,463
Dr7.077
Dr2,923
$528,503
34.151
prof$544,373
$145,540
$199,059
$494,352
2,903
1,304
1,968
1.180
80,250
14,000
3 Mos. End. Mar. 31—
140, p. 4222.
Amalgamated Leather Cos., Inc.—Accumulated Div.—
Loss
Other income
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $7 cum. pref. stock, par $50, payable July 1 to
holders of record June
Similar distributions were made each
19.
quarter
1, 1934, this latter payment being the first made since Oct. 1,
1920, when the regular quarterly distribution of $1.75 per share was made.
—V. 142. P. 2143.
since April
..
Deficit
Net
appertain¬
subs,
of
ing to min. stock,
Federal taxes..
&c.
$461,220 def$160,S44 def$201,027 def$495,532
Net profit
American Can Co.—New Chairman—
142, p. 3154.
—V.
Phelps, former Pr sident, has been elected Chairman of the
Board, succeeding the late P. S. Wheeler.
C. E
Green, former VicePresident and Comptroller, has been elected President, and W. O. Starr,
formerly Auditor, has been made Comptroller.—V. 142, p. 2982.
W.
H.
American Gas & Electric
*
Calendar Years—
Flatten
Homer
of this
on
and of the
company
American
was
income
1932
Net oper
income
Other income
$32 349.697 $30,952,076 $30,223,704 $31,454,046
728.672
731.508
814.126
756.136
Total income..
$33,078,369 $31,683,584 $31,037,830 $32,210,182
239.201
362.001
336.280
43,199
342,372
386.106
120.902
7.697.587
7.029.416
11.162,796
5,004,074
11.581.553
4,822,549
$8,192,671
$7,216,025
$7,173,373
$8,776,665
$7,17^.373
$8,776,665
Pref. stock dividends
$6,480,290
$5,694,335
$3,454,168
1,186,538
437,061
2,118.016
1,201,416
390,164
1,885.998
403,143
1,053,932
1,176.028
289,912
1,551.156
Balance
ket
development exp_
Int. and discount paid..
Peprec and depletion.
_
622,201
income tax
for
8.270.676
11,185,787
5.011.095
Int. & other deductions.
Research, process & mar¬
Prov.
8.730.973
11,140.333
5,014.392
Depreciation
122,338
$8,539,697
income
Total
expense
$64,936,195 $61,399,572 $57,011,387 $58,225,694
32.586.498 30.447.496
26.787.683 26.771.648
$3,094,064
378.888
& discount..
foreign exch..
(net)
on
,732.718
421,983
Pi vs., int.
Other
1933
$4,849,612
1934
1935
$7,738,826
operating profit
302,521
1,609,631
171,196
3,346
Minor, stockholders' int.
113,722
103,926
89.373
84,000
$4,062,160
1,134.166
$2,495,644
874,626
$2,467,682
$349,725
in net inc. of subs____
American Gas & Flee.—
B£to ^gTeLcJ!.0'
,
$8,192,670
$7,216,025
5.114.208
279.629
5.105.499
311.374
^msu^'cos^.^I8.'
Other income
..$13,586.508 $12,632,899
Total income
income.
$2,927,994
Surplus
$1,621,018
$2,467,682
2,520,370
$0.99
2,490,373
$0.99
2.470,137
$0.14
par)
Earnings per share
Consolidated Surplus Accounts
for the Year Ended Dec. 31, 1935
Earned
4,062,159
4,062,159
income for year 1935, as above..
Excess of equity in net assets of subs,
1935 over
in such subs
in
Capital
Surplus
Total
$6,556,434 $14,191,264
Net
vestment
2,562.801
2.133.738
164,559
164,559
169.654
$73,145,478 $71,576,206 $70,844,008
160.000
disc.
unamort
306,441
& exp. on bds. redeem.
Elimination of credit bal.
surplus
7
2.165
—
Total surplus
$75,073,163
Transf. to res. for deurec
&
61,076.836
4.553
64,006.237
10.458
250.000
Other credits
Prem.
5.363.449
732 938
$12,696,285 $14.8/3 052
440.282
544.043
2.562.754
2.602.306
2.133,738
2,133.738
$7,559,511
$9.592 965
5.126.224
396.688
65,410.225
19.458
Transf. from other res__
in
of in¬
cost
$7.463 631
88.422.704
Balance
Surp. bal. begin, of year 66,609.598
Sundry credits
40.861
y
Surplus
$7,634,829
Surplus as at Pec. 31, 1934---
acquired
472,728
2.562.801
2.133.738
Expense
$349,725
2,520,368
$1.61
Shs. combined class A &
B stock outst. (no
467.265
Int. & other deductions.
Pref. stk. divs. to public
Net
Pividends
1932
1933
1934
1935
Subsidiarii Comvanies—
Operating revenue
Operating
141, p. 580.
Brill Corp.—V.
Cyanamid Co. (& Subs.)- -Earning s-
Calendar Years—
Profit
May 6 e ected to the Executive Committees
Co.—Earnings—
Comparative Statement of Consolidated Income
Corp.—New Official—
American Car & Foundry Motors
J.
Net
1936
of
accts.
47,611
subs,
liquidated
of book
val.
of
stocks & bonds of other
Adj
(45c. per
acquired in
Pividends
declared
Intangible
assets
off
written
>,720,994 $18,417,983
1,134,166
.--$11,696,989
share)
1,134,166
Total
1935,
75.000
-$10,562,823
Surplus as at Pec. 31, 1935
75.000
$6,645,994 $17,208,817
Financing in 1935—W. B. Bell, President, says: "Because conditions
during the year favored such an operation, the directors deemed it advisable
to refund
the funded debt and short-term bank loans of the company
and its subsidiaries.
Accordingly, $6,400,000 4% sinking fund deben¬
tures. maturing in 1955, were sold at 98 in a private transaction, and
bank loans aggregating $2,600,000, maturing in annual instalments over
a
period of five years, were arranged; following which the previously
existing funded and bank indebtedness was paid off.
The 6% purchase
money notes, due in 1938, which were not callable, were paid under an
arrangement which retains to the former holders their right, expiring on
Nov. 1, 1938, to acquire class B common stock on the same basis as when
they held such purchase money notes.
The average cost of the new
funds (including interest, discount, and all accrued and estimated future
expenses) is approximately 4}4% per annum."
1936
income
Total
Pepreciation & depletion
Research & development expense
$1,687,485
Divs.
on com.
100,529
113,142
22.488
293,789
95,925
96.285
22.842
$638,305
$479,070
2,520,368
$0.29
2,520,370
$0.25
2,490,373
$0.19
Minority interest
Net income
combined
Shares
464.114
525.048
287.973
$738,015
Federal taxes
class
A
&
B
1935
y
during the year,
&
Marketable secur.
174,612
660,253
Other inv. & adv.
Inv.
in
So.
4,588,857
6,524,284
249,567
1,075,058
Alkali
Dividends
3,724,000
Inventories
3,675,000
12,555,446 10,465,068
pinch,
Preferred
400,429
847,390
5,000,000
Goodwill
396,579
1
1
1,448,635
60,435,742 55,388,902
money
280,770
pay.,
wages
Notes
accr.
and taxes 4,354,529
3,448.599
667,000
1,500,000
payable bks
int.
on
funded debt
Res.
for contlng..
Prov. for Fed. tax
Divs.
82,302
112,914
2,193,526
632,872
payable
2,010,911
401,972
252,037
7,634,830
6,556,434
Total
60,435,742 55,388,902
2,454,425 (2,454.427 in 1934) shares of class B common (no par),
including shares reserved for stocks not yet presented for exchange but
excluding 157,674 (157,672 in 1934) shares in B stock held by a subsidiary
company,
c Called
for redemption 40 shares,
d Includes unamortized
debt discount and expenses.—V. 141, p. 3682.
Mill
Co.—Profit
Sharing
Plan for
Executives—
Surplus, beginning of year
Sundry credits
The company, in a letter sent to stockholders, proposes the setting up
of an "incentive compensation fund" as additional compensation for
executives and important officials, such as department heads and their
assistants, which would give participants a share in the company's profits
in excess of specified earnings.
The plan, which would be effective for the current year, will be voted
at the stockholders' annual meeting on May 21.
Under its terms,
directors would not participate, but officers who are directors would be
on
each
440,479
2.500,000
$8,189,343
40,812.678
$8,602,491
40,313,379
62,801
participant
.$50,267,399 $49,002 021 $48,915,870
Loss in re: subsidiary
liquidated
would receive
186.009
„
2,133,738
5.325.455
877.489
2.133,738
6,267,073
Common stock dividends in shares.a-
Surplus, end of
... —
------
2,l.)3,7,)S
4,263.796
1,705.b57
would
be
deter¬
mined
by the management, subject to approval of the board.
After preferred dividends and $1.50 a share on common had
been de¬
be regarded
as
net surplus income.
Out of this would be deducted 15 cents on the
first $1.50 per common share of net surplus income; 10 cents on the next
dollar, and 5 cents on the next and each succeeding $1 per share of net
surplus income for the compensation fund.
However, it is specified
that the fund deduction in no year would exceed 8% of net profits.—
V. 142, p. 1455.
$41,866,588 $40,479,329 $40,812,678
year
Issued at $10 per share.
Consolidated Balance Sheet Dec. 31
[Inter-company
Securities and Accounts EliminatedJ
1935
1935
Liabilities—
Fixed capital...399,455,039
393,088,972
498,528
2,179,967
2,230,073
267,911
319,710
23,155,998
68,310
23,330,471
96,752
Fed.,
State
&
municipal sec. 11,547,833
Municipal
war¬
13,041,251
debentures
of other cos..
Adv.
to
Sinking
Cash
Sub.
cos...
fund &
deposits
incl.
time
deposits
Municipal scrip.
77,199
&c
89,757
202,608
185,092
10,302,712
9,738,012
2,207
Accts. receivable
2,325
int.,
3,635,874
197,313
2,110,741
2,020,651
9,032,768
8,938,605
268,804
429,144
37,506.548
33.072.628
163,632
divs.
taxes, &c
Contract, liabll.
206,809
475.230
Other reserves..
12,992,135
y
$6 pref. stock.
33,715,837
12,688,521
33,715,837
y
Common stock 44,827,377
44,827,377
_
Preferred stock
own.
companies
for ex¬
&c
(SI00 par)
24,859,900
Preferred stock
24,859,900
(no par)
23,838,279
Net excess stated
Employees accts.
receivable, ad¬
penses,
Accr.
Subsidiary cos.—
Accts. receivable
vances
2,410,075
payable..
Accts. payable—
Jointly owned
companies
Cust deposits..
Deprec. reserve.
Notes receivable
Jointly
cos
Accts.
UnadJ. credits..
notes,
rants,
50,000,000
50,000,000
*140,337,900 144.246.400
due2028...
Jointly
owned
&
Elec.Co.5%
1,843,569
3,079,354
bonds
&
Gas
Amer.
1,480,482
struction
$
Funded debt—
Contractual ConStocks
1934
S
1934
A ssets
23,838,279
.
57,194
109,965
value of sec. of
4,477,929
3,884,523
subs, over the
12,517,759
UnadJust. debits
1,425,283
13,314,275
1,633,739
Mat. & supplies.
debt
amt. at which
Unamort.
discount &
such
ex¬
pense.......
sec.
are
carried by the
American
Gas
& Elec. Co-..
Acquired
ducted from the year's net profits, the sum remaining would
472.728
2,500,000
62.801
$9,767,639
40,479.329
20,430
-—
Total
—
amount
467,265
Balance carried to surplus
313,915
oblig'ns.
and
The
396,885
2.500.000
62,801
Taxes and expenses (net)
Interest on debentures
Tr. accept. & pur.
After depreciation and depletion of $34,126,639 in 1935 and $32,263,859
1934.
b Represented by 65,943 shares of class A common (no par)
included.
Sll.605.772
Amortization of debt disc. & expense.
6,548,000
1,432,200
8,333,000
a
Rolling
$11,208,887
.$12,797,706 $11,224,873
Total income-
spec,
American
3,071.322
i.£r»
153,979
i.ghU
122,601
...$12,518,076 $10,913,499
279.629
311,373
Total from subsidiary cos—
Other income
4.000
stock.
debt
Min.int.lnsub.cos.
10,562,823
Capital surplus... 6,645,994
in
o
3.073,535
3,065,869
1.280
137,008
receivable
*6,082.615
n??'ooo
$£.807,999
LjH)? 9$e
1.910,050
S
$
Earned surplus
Total
_00
$7,403,868
bonds
on
on notes
a
Funded
Accrued
con¬
License, pats., &c. 5,000.000
Deferred charges._
d762,688
tract
1935
preferred stocks
on
Interest
25,203.680 25,203,700
Capital stock
Accts.
Corp
Stock
b
c
4,770,476
9,650,221
1934
1935
Liabilities—
accounts
receivable
Cash
{.Parent Company)
1934
1933
Comparalivt Statement of Income and Surplus
Calendar Years—
Income from sub. companies—
Dividends on common stocks
dividends
Common stock dividends in rash
1934
$
Land, bldgs., &C.22.737.616 22,567,098
Notes
5.739.283
$66,609,598 $65,410,225 $64,006,237
Elimination of debit balance in surplus account of company liquidated
Preferred stock
Consolidated Balance Sheet Dec. 31
.AS$6tS~~~~
5,969,455
6.202.945
6,267.073
Surp. bal. end of year _$68,329,728
stock
outstanding (no par)..
Earnings per share
a
83.564
1.014.925
stk. Amer.
Gas & Elec. Co
$1,452,025
21,598
Interest
38.462
Cr 1.936
1934
127,293
_-----
account of sub. co._
$1,324,732
128.304
$1,959,081
572.203
354.618
103,190
169,457
...
1935
$1,559,181
169.996
——
--
186,009
83,472
63.454
-
33.495
1,417
Interest on loans.
$1,789,085
Profit after expenses
Other income
87.397
companies
Lossinre:sub.liquidat'n
for prior years.
Sundry debits..-...-.Adjust, of fixed capital
Tax pay.
Interest
Consolidated Earnings for the 3 Months Ended March 31
,
16,842,896
16,706.017
surpl.
of subsidiaries
Total
x
467,699,447 466,005,359
Includes $2,500,000 bonds due in
only balance sheet.
4,253,832
Earned surplus.
company
4,235,889
64,093,838
62,355,766
467,699,447 466,005,359
Total
1936.
y
See note attached to parent
Volume
Financial
142
Chronicle
Balance Sheet Dec. 31 (Company Only)
1934
1935
Assets—
Sec. of sub.
cos_
140,083,748
310,833
Adv.
to
sub.
jointly
140,256,621
1,650,150
A
Accts.
companies
6,615,710
1,940,169
Cash
Including
time deposits- 14,408,083
Fed.,
State
&
Accts. receivable
TJnadJ. credits..
Contingent liab.
Ac
1,351,650
Employees accts.
recivable, ad¬
vances
2,569.976
33,715,837
44,827,377
Earned surplus.
41,866,588
33,715,837
44,827.377
40,479,330
10,011
13,624
5,798,690
discount A exp
Total
173,534,877
173,534,877 172,584,426
Total-
and interest of $8,920,000 of
Preferred stock, no par value $6 cumulative dividends (entitled to prefer¬
ence over
common
stock, in
liquidation, to $100
accrued dividends):
case
$141,187
95,556
$143,836
78.706
$259,161
76.841
84.000
84.000
80.250
$109,983
59,072
75.000
4.936
7.360
15.050
$43,305
$26,230
prof$87.020
600.000
390.559
40.936
355,623
8,000.000
4,488.866 41-50
6.129 10-50
4,482,737 31-50
x
p.
American Sisters Mining
Co.—Registers with
SEC—
135.062
127,997
£104.029
122,385
166.016
107.186
74,170
33,016
141.600
104,000
Operating expenses
Operating taxes
Net operating income.
$2,124,929
$1,388,400
Corp. (& Subs.)—Earnings—
1935
1934
$5,661,375
1933
taxes
14.239,491
12.330,218
10.502.485
11.666.768
$5,679,757
425,544
$5,421,510
285,317
$5,516,152
225,874
$6,105,301
794,340
$5,706,828
794,340
$5,742,026
799,320
520,616
547.191
619,242
1,382,219
898,697
1,136,546
oper.
revenue...
$6,2)3,952
Interest on funded debt.
794.340
Int on floating debt and
discount
456.942
Prop, of loss of controlled
for year
Approp. for replacement
619.627
company
and
depletion
2.028,435
Preferred
1,901,409
1.518,051
$2,394,609
$1,506,716
$1,948,549
$3,186,918
$2,394,609
13,180.280
Net income
$1,506,716
10,792,519
$1,948,549
9,440,500
$2,858,191
7,520,246
dividends—
328.727
$3,857,353
Balance, surplus
Earned surplus
Type Founders, Inc.—Reorganized Company
Ready in a Few Days—Interest on
Consolidated Income Account Three Months Ended March
31
Will Have New Securities
Debentures—
1936
$6,505,117
Gross operating revenue
special meeting of the reconstituted board of directors of
(formerly American Type Founders Co.) Thomas R. Jones,
President, announced May 12 that preparations were being made for
the delivery of new securities, to be issued under the
reorganization plan,
Operating
a
expenses,
maintenance and taxes
3.883.184
this company
to
Net
new
securities
participation
in
Jersey approved the forms
provided for in the plan, and the proposed method of
plan, and directed that the cissets and property of
The reconstituted
board of directors consists of Frederick Baker, Frank
Ferguson, Harold K. Ferguson, Albert W. Finlay, Thomas R. Jones,
Kriegsman, Raymond D. McGrath, Cleveland H. Storrs, Ernest
Sturm, William M. Vermilye, H. Eugene Wheeler and Edward G. Williams.
"Preparations are now substantially completed," Mr. Jones said, "for
the delivery of new securities under the
plan to creditors and stockholders
C.
participation, with appropriate
old securities and claims which are
be surrendered, will be
mailed, it is expected, within the next 24 hours
letters
to
of
transmittal
creditors
to
and
to
accompany
Jan.
15,
1936,
"Definitive
for
coupon
debentures
(No.
1).
are
in
1935
plan; namely, in the ratio of
cipal amount of debentures.
one
share of capital stock for each $10
prin¬
"Holders of old securities and of claims
against the company are urged
own interest to send them to the
distributing agent at the earliest
possible date after the receipt of the notice and appropriate forms of trans¬
mittal letters.
Security holders or claimants who do not receive the
necessary forms in the mails should apply to the agent for them."—V.
Assets—
Output—
Water Works & Electric
tem, Ac
Investments
Sink,
i
Liabilities—
6%
...
Gas
Rock
Fuel
y
76,439
Funded
616,163
730,204
347^)00
150,196
to
within
69,062
53,034
830,417
66,955
100,674
Re¬
......
2,290,840
3,638
5,245
82,928
91,711
not
pro¬
ceeds of leases
sold,
recover¬
able solely out
future pro¬
duction
Total
to
affil.
32,519
17,600
190,005
190,005
449,387
619,278
on
income taxes.
Ac. payable..
Notes payable to
18,773
3,676.
97,511
35,190
479,980
19,027,283
Capital surplus. 22,406,832
Earned surplus. 13,180,279
447,660
18,242,951
22,406,832
10,792,519
&
3,474
5,242
5,594
7,771
725,454
801,437
105,535,150 103,433,666
166,580
matur¬
ing after 1-yr.
Drill'gcosts pay.
of
future
production
Customers' deps.
Notes & accounts
employees
Deferred charges
1.304,608
pay¬
companies
Accrued int.
out
of
rec.,
1,557,527
no to-,
others
curr., less res.
Unliquidated
&
Other notes accts.
Notes and accts.
receiv.,
■
funded debt..
Pro v. for Federal
Balance in closed
res.
562,657
Current accounts
able
Loui¬
banks, less
683,950
and
taxes
109,802
768,745
insur¬
Corp.
one yr
pay.
accr. expenses,
inch interest &
rentals,
Oil
others, due
Accts.
100,329
with affil. cos.
funding
6,000,000
z4,320,000
Current accounts
siana
de¬
Notes payable to
218,554
receiv.,
Due from
on
Note payable to
bank (secured)
Notes and other
ance,
6,241
13,239,000
Notes payable to
banks (unsec.)
1,022,184
counts rec., in¬
Ac
5,898
13,239,000
mand
cluding instal¬
Prepaid
3,522,271
to
Service
Co. due
ac¬
and parent co.
Inventories
3,522,271
ex¬
pay
Cities
un¬
less reserve
500
4,082,439
pro-
debt...
Notes
Customers' accts.
ment contracts
..
to
for
company
6,011,342
807,344
billed revenue.
less reserve
500
4,082,472
com.
change of stk.
of predecessor
9,175,405
accts.
A
vide
Corp. & subs.
Merchandise
Class
Reserve
120,188
Cash in banks &
incl.
Common stock
x
slana Oil Ref'g
rec.
stock
Gas A Fuel Co.
stock..
hand
21,893,650
of Little Rock
83,912,851
7,681,037
25,000
(net)
1934
$
(parsiO) 21,893,960
Preferred
84,683,553
7,615,999
&
Co
$
pref.
cum.
stock
fund, Little
Special cash dep.'
Due< from Loui-
Co., Inc.—Weekly
Output of electric energy for the week ended May 9 totaled
44,766,000
kwh., an increase of 17.2% over the output of 38,207,000 kwh. for the
corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
1QQO
Wk. End—
1935
1936
1934
1932
Apr. 18
38,874,000
45.251,000
35,224,000
28,319,000
28,835,000
Apr. 25
45,791,000
37,100,000
35,957,000
24,232,000
28.123,000
May
2
44,433,000
37,658,000
35,278,000
30,357,000
26,545,000
May
9
44,766,000
38,207,000
35,691,000
31,288,000
27,665,000
—V. 142, p. 3155.
$827,241
1935
$
pipe lines, dis¬
tributing sys¬
142,
American
$
ing properties,
in their
p. 3154.
152.393
493,171
1934
Gas & oil produc¬
the
"Under the provisions of the plan, the debentures will be
convertible
into capital stock at any time after
issuance, at the rate provided in the
171.536
307,431
of discount..
Consolidated Balance Sheet Dec. 31
"Interest
The amount of such consolidated net
earnings (which, in accordance with
Indenture, are computed before deduction of interest and income
taxes) for the six-months' period ended Sept. 30,
1935, as determined by
Messrs.
Lybrand, Ross Brothers & Montgomery, the company's ac¬
countants, is $l,3i9; and that amount being less than l-10th of
1% of the
debentures reserved for distribution under the
plan, the board of directors
t today'8 meeting determined and has declared that no
interest is payable
in respect of the Jan. 15, 1936,
coupon, which will be attached to the
temporary debentures.
At the same meeting such consolidated net
earnings
for the six-months' period
ending March 31, 1936, were determined by
the accountants as $174,971, and the board of
directors has determined
and declares that the full amount of the
July 15, 1936, coupon, which will
be attached to the definitive
debentures, will be payable in the amount
of 2 M %.
$1,954,775
179,422
7,732
$1,815,552
-
Net income
date
payable on the debentures, as provided in the plan, is con¬
tingent upon the available amount of consolidated net
earnings of the
company and
wholly owned subsidiaries, as defined in the indenture.
$2,773,654
115,269
655,677
-
Reserves for depletion and depreciation
on
course of preparation and will be
ready
delivery in exchange for temporary debentures before July 15, the due
of Coupon No. 2.
$1,821,936
132.839
discount
amortization
new
the
of
1935
$5,292,120
3.4 7 0.184
151.721
Proportion of loss of Louisiana Oil Refining Corp..
Arkansas Natural Gas Corp., interest
charges and
stockholders.
"Application for the listing on the New York Stock Exchange of the
15-year convertible sinking fund debentures and new capital stock
(par $10) on official notice of issuance, has been approved.
"Delivery of the new securities will be made in the form of temporary
debentures in
the denominations of $1,000, $500 and
$100, fractional
debenture scrip certificates, permanent stock certific tes
and fractional
stock scrip certificates.
The temporary debentures will have attached
$2,621,933
.
Total income.
zation
Edwin
of the company, and it is expected that the new securities
will be ready
for delivery on and after May 15 at the office of the Chase
National Bank,
which has been appointed agent to distribute
new securities and make
certain payments called for by the plan.
"A notice setting forth the method of
revenue
Subsidiary deductions, interest charges and amorti¬
the
the company and its trustees in
reorganization be revested in the company
as of the close of business
The plan of reorganization previously
May 14.
had been confirmed by the Court.
operating
Other income
creditors and stockholders of the
company.
On May 11 the U. S. District Court in New
of
1932
19,895,683 $18,009,975 $15,923,996 $17,182,921
$5,596,192
Non-operating income..
697,760
Net
Pine Co.—Registers with SEC—
-V. 142, p. 2814.
142,
maintenance
exps.,
and all
Telephone & Telegraph Co.—Earning
Operating revenues
Uncollectible oper. rev..
the basis of £7 0s. 6d. per ounce
on
Total income..
1936—Monlh—1935
1936—3 Mos.—1935
$9,309,632
$7,911,056 $26,480,748 $23,138,169
29,665
44,925
105.083
136.743
6,340,567
5,939,870
18,446,148
17.644,138
814.471
537,861
2,268,142
1,499.935
Profit
£135.808
257.447
294.013
Each of which is incorporated in the Union of South
Africa.—V.
Oper.
first page of this department.
Period End. Mar. 31
Costs
£239,837
2655.
Calendar Years—
Gross oper revenue
See list given on first page of this
department.
American Sugar
African Currency
124.500
fine.
P.
See list given on
South
136 000
Arkansas Natural Gas
Small, President of the company, on May 10 announced that
Ralph T. Reed, who has been Vice-President and Comptroller, has been
elected Executive Vice-President, and that Paul R. Ross has been
ap¬
pointed Comptroller.—V. 140, p. 1299
^
Capital—
Revenue
Note—Revenue has been calculated
8,000,000
4,488.866 41-50
6,129 10-50
4,482,737 31-50
$24,089
Total
Milled
Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines. Ltd
West Springs, Ltd
x
American Express Co.—Personnel—
Following
$101,735
8,248
1933
Anglo-American Corp. of South Africa, Ltd.—Results
of Operations for the Month of April, 1936—
3154.
American
$255,619
3.542
—In
40,936
Held by public
American
$138,824
5,012
Tons
Shares
355,623
Reacquired
F.
$644,629
542.894
The stockholders on May 25 will consider a
proposed reduction in capital
represented by outstanding capital stock from $83,369,425 to $71,647,580
and change in par value from no
par to $20 per share.—V. 142, p. 2145.
value:
Authorized
Issued...
142, p.
1,385,045
of
$600,000
396,559
Reacquired
—V.
$1,640,664
Income Account 12 Months Ended March 31, 1936
sales, $7,709,502; cost of goods sold,
$7,269,604; gross profit on
sales, $439,898: other income, $26,694; total income, $466,592; expenses,
&c., $360,753; depreciation and depletion, $337,083; Federal taxes,
$4,981;
net loss, $236,225.—V
142 p. 2655.
" ,''
Shares
Issued.
no par
$1,548,046
1.409,222
share and
per
Authorized
Held by public
Common stock,
1934
Andes Copper Mining Co.—To Reduce
172,584,426 V
The company guarantees the
principal
bonds of subsidiary companies,
b Represented by:
a
(& Subs.)-
Co.
Net
5,861,491
debt
Smelting
$136,097
5.090
_
116,330
152,036
2,088,390
b Common stock
Ac
sales.
Net loss
reserves
&
1935
Federal taxes
1
al
Federal
b 86 pref. stock.
for ex¬
penses,
Unamort.
201
Income taxes.
Conting.
on
Exps. & interest (net)
Deprec. and depletion..
871,959
865,838
Reserve
1,152,421
Gross profit
Other income
1,655
(affil. cos.)
6,827,816
64,747
24,732
50,000,000
1,961
Accrued Interest,
dlvs. A taxes,
Accts. receivable
(affil. cos.)
50,000,000
18,608
.
Lead
Zinc,
3 Mos. End. Mar. 31—
1936
Net sales
$1,921,364
Cost of goods sold
1,785,267
payable
14,618,155
5,130,648
sec.
$
debentures
due 2028
Accts. payable.
owned
municipal
5%
1934
$
Liabilities—
Mlsc.stks. A bds
American
1935
$
3331
line
exten¬
sion deposits.
Reserves
Total
105,535,150 103,433,666
x Represented by 4,082,472 no par shares in
1935 and 4,082,439 in
1934.
Represented by 3,522,271 no par shares,
z Consists
of current note
payable to bank (secured) of $1,080,000 and note payable to bank
not
current (secured) $3,240,000 due 1937 $1,320,000 and
1938 $1,920 000
The note payable to bank of $4,320,000 is secured
by a demand note
receivable, from a wholly-owned subsidiary, of alike amount
.eliminated in
y
consolidation.—V. 141.
p.
3371./
Financial
3332
Chronicle
May 16, 1936
trailers are then hauled by rail to destination cities, where they are
up by
The
Atlantic Refining Co. Conv. 4% Pfd. Stock
proved economy and efficiency of the motor truck for the handling
freight in terminals and of the railroad for the long haul, are, therefore,
of
and the coordinated service
advantage of,
taken
Philadelphia Electric Co. Common Stock
picked
to individual consignees.
motor units for delivery of goods
assures
speed and cer¬
tainty to the shipper and safety for his goods.
It also means that many of the trucks now running on the public high¬
Pennsylvania Sugar Co. Common Stock
effect, be traveling over the steel rails instead, and that
congestion and inconvenience for the private car driver,
ways will, in
road hazards,
BOUGHT, SOLD AND QUOTED
will be decreased.
The new service will be performed at rates now in effect for the allhighway haul, and offers the only effective method yet proposed for meeting
truck competition.
It covers the entire B&O system, including New York City, to reach
which the B&O utilizes the tracks of the Reading and Central RR. of
New Jersey.
The service will not include local traffic on either of these
YARNALL & CO.
Walnut
1528
Street
Philadelphia
A. T. & T. Teletype—Phila. 22
lines.
addition
In
Andian National Corp., Ltd.—$1 Extra
Dividend—
dividend of $1 per share in addition
semi-annual dividend of like amount on the capital stock
1 to holders of record May 20.
Similar distributions
Dec. 2 and June 1, 1935.—V. 141, p. 3217.
The directors have declared an extra
the regular
to
of the ICC.
made
on
Anglo-Huronian, Ltd.—Treasury Stock Sold—
"The Lehman
at
$5 per share.
"John B. Huffard, representing the Lehman Corp.,
of treasury stock.
^
^
,
and Dorsay Richard¬
representing Lehman Brothers, have joined the board of this company
it is proposed that another representative of the Lehman interests
shall join after the next annual general meeting of shareholders.
The
present English directors who represent a large and influential body of
English shareholders remain upon the board.
son,
and
20-Cent Dividend—
The
directors
common
declared
have
a
dividend of 20 cents per share on the
stock, no par value, payable June 12 to
holders of record May 30.
-
■
The ICC has authorized the company to issue not exceeding $3,086,000
ref. & gen. mtge. 6% bonds, series E, upon the deposit with the trustees
of that mortgage
Ingram, Secretary, in a letter to stockholders May 9, said in part:
Corp. and Lehman Brothers, New York, have acquired
from present shareholders a substantial block of Anglo-Huronian shares.
In addition to this private purchase the board of directors, at a meeting
held in London, England, on May 6, 1936, sold to the Lehman Corp. and
Lehman Brothers 50,000 shares of treasury stock at $5 per share and
J.
granted an option for a period of one year on 150,000 shares
o
Bonds Authorized—
both payable June
were
this new road-rail service, which will be furnished by
to
the B&O and Keeshin, the B&O will also have its own pick-up and delivery
service in operation May 25, following the recently announced approval
of $2,890,000 of Pittsburgh Lake Erie & West Virginia
system ref.-mtge. 4% bonds and $196,000 of Baltimore & Ohio Chicago
Terminal RR. 1st mtge. 4% bonds; (b) to issue not exceeding $2,890,000
Pittsburgh Lake Erie & West Virginia system ref .-mtge. 4% bonds
the deposit with the trustees of that mortgage of $2,000,000 of Ohio
of
upon
River RR. 1st mtge. 5% bonds and $890,000 of Cleveland Lorain & Wheel¬
Ry. gen.-mtge. 6% bonds; (c) to pledge not exceeding $2,890,000
Pittsburgh Lake Erie & Weist Virginia system ref .-mtge. 4% bonds and
exceeding $196,000 of Baltimore & Ohio Chicago Terminal RR. 1st.
mtge. 4% bonds under its ref. & gen. mtge., and (d) to pledge and repledge
from time to time to and including June 30, 1938, all or any part of the
$3,086,000 of the ref. & gen. mtge. 6% bonds, series E, as collateral se¬
curity (1) for any note or notes issued under the provisions of Section 20-A(9)
of the Interstate Commerce Act; (2) in substitution for or in equalization
of existing collateral under existing loans maturing within two years;
(3) for loans maturing more than two years from date; (4) for loans in
respect of which the applicant has assumed obligation and liability, as
guarantor, under authority of the Commission; or (5) for several of these
purposes.—V. 142, p. 2983.
ing
not
,
made on Dec. 2, 1935, and an initial dividend of
share was paid on Dec. 1, 1934.—V. 141, p. 2267.;
A similar payment was
40 cents per
Artloom
Bangor Hydro-Electric Co.—EarningsPeriod Ehd. April 30—
Corp.—-Earnings—
1936—Month—1935
Gross earnings
Quar. End. Mar. 31—
1936
1935
1934
1933
Net
loss
after
deprec.
.■
and all charges
prof.$6,533
$6,151
$28,185
$56,261
Shipments in the initial quarter of 1936 are 27% ahead of the similar
1935 quarter.
•••>
;v''
"^vi:
-'.V-:'
In a statement accompanying the quarterly report, H. J. Adair, Chair¬
_
_
.
reveals that this is the first time since 1930 that the company has
reported a profit in the first quarter of the year.
The directors have declared a dividend of $1.75 on the preferred stock,
$172,295
66,984
18,100
19,369
26,986
25,482
14,481
Operating expenses
Taxes accrued
Depreciation
charges
Dividend on pref. stock
Fixed
Dividend
_
stock.
on com.
1936—12 Mos,—1935
$2,105,932
$2 ,052,575
705,727
748,018
289,650
279,250
148,474
159,575
354,762
345,402
305,800
305,792
238,937
173,772
$166,064
58,395
24,300
10,307
32,219
25,483
14,481
man,
Balance
Barnsdall Oil
Co.—Weekly Output—
Associated Gas & Electric System reports
net electric output of 74,361,222 units (kwh.), which is 9.6% above the
comparable week a year ago.
^Reports from the operating properties show that the improved output is
general throughout the territory served and results from greater residential
and industrial use.'—V. 142, p. 3155.
& Santa Fe Ry.—Acquisitions—
Boston
Stock Exchange,
Bayuk Cigars, Inc.—Listing—
The New York Stock Exchange has authorized the listing
of (a) 393,060
upon official notice of issuance in sub¬
outstanding shares of common stock (no par)
previously listed pursuant to a 4 for 1 stock split-up; and (b) 131,020
meeting held on April 23 the acquisition of
At the annual stockholders
the Southern Kansas Stage Lines Co. and the capital
stock and bonds and
for
stock (no par)
common
stitution
•
Co.—Trading—
unlisted
of
shares of
Atchison Topeka
$9,223
Exchange Commission has issued an order granting
trading privileges in the common stock on the
Philadelphia Stock Exchange and San Franciscto
Curb Exchange.
The Commission found that the stock had been admitted
to such privileges prior to March 1, 1934.—V. 142, p. 2983.
continuance
For the week ended May 2,
$94,120
942.
Securities and
The
Associated Gas & Electric
$877
p."2489,1974,1806,
-V. 142,
The preferred stock has
payable June 1 to holders of record May 15.
arrears of $5.25.—V. 142, p. 3155.
the
98,265
additional shares of common stock on official notice of issuance and pay¬
in full upon the exercise of stock purchase warrants to be issued
indebtedness for advances of Fort Worth & Rio Grande Railway Co. were
ment
approved.—V. 142, p. 2983.
to
Atlantic
& West
Gulf
Indies SS.
Lines— To Change
Directorate—
Atlantic Refining
The directors on
as
Net
Co.—New Vice-President—
May 5 elected Robert H. Colley Vice-President.
x$66,979
1,336,053
$1,470,760
56,189
$1,403,032
56,195
—
i
surplus
23,832
—
on common
Before depreciation,
$1,254,444
y
$1,235,280
Before depreciation and Federal income tax.
1935
Cash
$245,116
Notes & accts.*pay
$635,067
1,727,207
1,742,156
1,602,319
28,995
Other assets
797,768
28,000
8,354
4,952
Deferred charges to
future operat'ns
1935
Accounts
1934
payable-
$139,997
$94,525
expenses.
Federal income tax
48,149
53,485
Accrued
(current)
Mortgage
Deferred
Res. for
23,832
50,000
-
payable
credit
63,847
__
100,500
conting's.
117,019
119,004
Preferred stock.,.
1,806,100
Common
1,070,293
279,212
1,254,444
1,858,600
1,070,293
278,576
1,235,280
stock
Capital surplus...
Earned surplus
Total
x
$4,852,895 $4,810,2641
After
reserve
for
Total
$4,852,895 $4,810,264
depreciation of $1,308,394 in
1935 and
$1,276,410
in 1934.—V. 141, p. 4159.
Baldwin Locomotive
Works—Bookings—
The dollar value of orders taken in April by The Baldwin Locomotive
and subsidiary companies, including The* Mid vale Co., was an¬
Works
nounced
on
May 21 as $3,642,330
as
compared
with $2,086,769 for April,
1935.
These bookings brought the total for the first four months in the year to
$10,771,034 as compared with $6,735,456 in the same period last year.
Consolidated shipments, including Mid vale, in April aggregated $1,965497 as compared with $2,055,215 in April of last year. Consolidated ship¬
ments for the first four months of 1936 were $5,914,426 as compared with
$8,224,851 for the first four months of 1935.
On April 30,
1936, consolidated unfilled orders, including Midvale,
amounted to $11,527,594 as compared with $6,689,081 on Jan. 1, 1936 and
with $7,882,517 on April 30, 1935.
All figures are without intercompany eliminations.—V. 142, p. 3156.
Baltimore & Ohio
RR.—Trucking Agreement—
Reports indicating that this company and the
Keeshin
Trans-Conti¬
nental Freight Lines, Inc., largest motor truck operators in the country,
planning a joint road-rail service for less than carload freight, were
confirmed on May 9 by officers of the railroad in Baltimore.
are
The
project calls for the picking up of package freight at the shipper's
door by motor trucks, and hauling it to local depots, where it is classified
for destination points and loaded on trailers.
Placed on flat cars, the
on or
directors
."
The corporation has filed
Securities Act of 1933,
~ "
1
r
-
*■. '■
*
with the SEC
a registration statement under
amended, with respect to 131,020 of the
shares of common stock herein sought to be listed, and the stock purchase
warrants in connection therewith.
It is expected that the registration
statement will become effective on or about May 15.
If the registration
statement becomes effective at some later date the common stock pur¬
the
as
expire not earlier than 20 days after
offering
No
is made.
underwriting commitment
has been made for the sale of common
stock not subscribed for by common shareholders.
The entire net pro¬
ceeds from the sale of the 131,020 shares of common stock are to be applied
toward the redemption of the 21,794 outstanding shares of 1st preferred
stock of the corporation.
It is estimated that approximately $2,500,000
will be realized from the sale of said stock.
on
New Stock—
have declared a dividend of 18^ cents per share on the
stock, no par value, payable June 15 to holders of record
May 31.
The common stock was recently split on a four-to-one basis.
Stockholders of record May 15 will receive on May 21 three additional
new
common
shares of
A
common
dividend
stock for each share held.
75
paid on the old common
50 cents paid on Sept. 15
Dec. 15, 1934.
This latter was
the first cash distribution made since Jan. 15, 1932, when 373^ cents per
share was paid.
From Jan. 15, 1930, to and including Oct. 15, 1931,
quarterly payments of 75 cents were made.
In addition a stock dividend
of 4% was paid in common stock on March 15, 1935, and on June 15, 1934.
The directors have taken no action authorizing the issuance and sale of
additional shares of common stock at the present time, the company
announced, May 14.
and
Liabilities—
1,956,902
Plant & equipm't
886,319
Inventories
x
1934
will
before June 11 to shares of common stock in the
ratio of one share for each three shares of common stock held.
The price
at which the rights to subscribe may be exercised will be fixed by the
stock
Consolidated Balance Sheet Dec, 31
Assets—
to subscribe to 131,020 shares of common
offer to shareholders of record May 21 the
rights
warrants
The directors
111,557
26,756
stock—
Balance earned surplus
x
evidencing
The
stock.
Dividend
320
109,218
Adjustment of depreciation prior years
Dividends on preferred stock
Dividends
1934
y$235,480
1,235,280
—
Added to depreciation reserve
Federal income tax
stock, making the total amount applied for
common
have approved the issuance of common stock purchase
right to subscribe
the
1935
■
profit
of
holders
directors
chase warrants referred to above will
(& Subs.)—Earnings—
Years—•
Previous earned surplus
Total
He
Treasurer.—V. 142, p. 3156.
Baldwin Co.
Calendar
The
warrants
The stockholders on May 26 will consider amending the certificate of
organization to provide that the number of directors shall be not less than
three nor more than 15.
They will also consider a proposal to repeal
present by-laws and to adopt new by-laws to become effective upon the
effective date of amendment of the certificate of organization and to deter¬
mine that upon such date the board of directors shall consist of nine persons.
—V. 142, p. 2816.
will continue
the
524,080 shares.
of
March
on
June
15
cents
15 last.
per
share had been
This compares with
1935 and $1
per
share
on
New Treasurer—
Harry C. Carr has been elected Treasurer of the company.—V. 142, p.
3156.
Beauharnois Power
Corp., Ltd.—Meeting Adjourned—
The meeting of collateral trust sinking fund bondholders scheduled for
April 29 was adjourned until June 25 due to lack of a quorum.
Repre¬
sented at the meeting were $5,871,000 out of a total $36,000,000 bonds
outstanding.—V. 142, p. 1279.
Beech Creek Coal & Coke Co.—Bonds Called—
A total of $66,000 1st mtge. 5% 40-year sinking fund gold bonds, due
June 1,1944, have been called for redemption on June 1 at par and interest.
Payment will be made at the Irving Trust Co., 1 Wall St., N. Y. City.—
V. 140, p. 3380.
Bell
Telephone Co. of Pa.—Earnings—
Period End. Mar. 31—
Operating
revenues
Uncoil, oper. revenues._
Operating expenses
Operating taxesNet oper. income.
— -
$5,317,234
11,718
3,646,528
367,186
1936—6 Mos.—1935
$5,037,041 $15,957,462 $15,107,944
15,571
38,329
54,889
3,584,434
10,799,704
10,694,743
298,893
1,127,864
890,789
$1,291,802
$1,138,143
1936—Month—1935
$3,991,565
$3,467,523
-V. 142, p. 3156.
Bendix Aviation
The company
Corp.—Acquisition—
has purchased
a
substantial interest in the Jaeger Watch
Co. of New York, it was announced May 13.
The development, it is said
will assure valuable cooperation in design and manufacture of precision
instruments between Jaeger, New York., the Pioneer Instrument Co., a
wholly-owned Bendix subsidiary, and the Jaeger Co. of Fran,ce and Switzer¬
land, suppliers of precision instruments to the French army and to European
Volume
Financial
142
automobile
manufacturers.
The European Jaeger
its interest in Jaeger, New York.—Y.
142, p. 2984.
company
will
Chronicle
British Match
1935
1934
$1,236,517
$1,116,627
1,133,809
L
Engineering and development expense
Selling, general and administrative expenses
1,213,382
35,279
V. 137,
a
final
dividend of 5%, making
All these payments are less tax —
common
691.
p.
Buffalo General Electric Co.
111,704
Period End. Mar. 31—
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
31,937
Operating revenues
$4,619,920
Oper. revenue deduct'ns
2,942,053
$4,206,413 $16,435,472 $15,623,291
x2,791,919
11,491,161 xlO,882,132
$351,010
20,649
$235,746
23,751
Operating income
$1,677,866
Non-oper. income, net__
245
$1,414,494
$4,944,311
62
177
867
$330,361
Deduct'ns from gross inc
$1,678,112
525,447
$1,414,556
535,013
$4,944,489
2,107,397
$4,742,026
2,135,982
3,438
$211,995
5,086
8,895
$1,152,665
x$879,543
$2,837,091
x$2,606,043
$333,800
$225,977
Depreciation
Operating loss
Other income
Net loss
Organization
Sundry—
expenses
Gross income
Net income
Net loss
Earnings for Three Months Ended March 31
$4,741,158
x
Changed to give effect to major adjustments made later in the year
1935.—V. 142, p. 2310.
1935
1936
Consolidated net loss after taxes, depreciation, &c_
$41,469
$213,262
Sales and other income for quarter ended March 31, last, totaled $803,640,
cost of sales, operating expenses and other deductions were $823,220 and
allowance for depreciation amounted to $21,889, leaving net loss for quarter
of
vacancy.—V. 141,
a
Corp., Ltd.—Final Dividend—
announced
company
7J^% for 1935, against 6% in 1934.
74,923
249,213
3,500
86,153
j
Provision for doubtful accounts
The
—4 Mos.—
—Year—
Cost of sales
director to fill
a
p. 425.
Boeing Airplane Co. (& Subs.)—Earnings—
Period Ended Dec. 31—
Gross sales, less discounts, returns & allowances...
3333
J. Homer Platten has been elected
retain
Buffalo Niagara & Eastern Power
Period End. Mar. 31—
Corp. (& Subs.)—
1936—3 Mos.—1935
Operating revenues
$8,413,641
Oper. revenue deducts..
4,983,380
1936—12 Mos.—1935
$7,918 776 $31,546,118 $30,518,415
x4.520,043
19,108,974 x17,758,009
Operating income
$3,430,261
Non-oper. income, net..
6,229
$3,398,733 $12,437,143
17,018
39,173
$41,469.
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
Notes A accts.
1934
$714,419 SI,102,284
215,131
581,336
rec.
Inventories
1,350,273
Notes & accts.
Liabilities—
720,614
rec.
mat'g after 1936
assets
$71,723
$104,181
3,038
6,000
Note payable
34,405
1,171,130
34,809
1,233,935
Fixed assets
40,417
21,868
Def. chrgs—Insur.
Ac
_
over
of
net
Norge division, makers of refrigerators and other
Subsidiary Personnel Changes—
serve as General Manager and Treasurer.
C. M. Kaltwasser was named President of Marvel Carbureter Co., an¬
other Borg subsidiary, and was also elected to the board of directors taking
the late Mr. Ekstrom's post.
named Vice-President and Assistant General Manager.
—V. 142, p. 2985.
Boston Elevated
Month of March—
$2,337,904
1,524,535
132,376
$2,303,124
1,443,423
134,931
103,363
235,675
312,657
8,938
103.363
Subway, tunnel and rapid transit line rentals
234,911
316,527
7,838
bonds and notes
Miscellaneous items
Excess of receipts over cost of service.
$18,350
$64,134
-V. 142, p. 2659.
and
shareholders
at
are
a
to be authorized to the amount of 50,000 shares,
of
which 49,175 shares are to be immediately issued for distribution.
The rate of distribution to the bondholders is 15 new shares with respect
to each $1,000 bond, to the preferred shareholders five new shares for each
preferred share,
one
common
Brazilian
and to the common shareholders
share.—V. 141, p. 425.
one
new
share for
Traction, Light & Power Co., Ltd.—Resumes
Burmah Oil Co., Ltd.—Final Dividend—
stock, making
15% for 1934—V. 141,
The
a
p.
Bush Terminal
a final dividend of 16K%, less tax, on the
total dividend of 20% for 1935, compared with
2730.
Buildings Co.—Earnings—
Year Ended Dec. 31—
1935
Interest, &c
Depreciation
Reserve against advances
$2,306,917
916,890
$1,258,811
449,889
218,737
129,000
$1,390,027
67,700
420,480
470,810
229,564
204,000
Crl09,998
Crl95,426
19,000
Operating revenues
Provision for bad debts
Real estate tax, &c
1933
$2,239,203
980,392
$1,211,498
10,490
469,064
452,923
218,644
175,000
Expenses
1934
$2,167,367
955,869
revenues
Net loss
22,000
3,356
453,961
x
directors
have declared a dividend of 30 cents per share on the
stock, payable July 15 to holders of record June 5.
This will be
1, 1932 when a stock dividend of 2% was
prof$94,866prof$170,899
Does not include net income of Bush House, Ltd., of
£18,884 in 1935,
and £17,737 in 1933.
Balance Sheet Dec. 31
1935
1934
S
Assets—
S
1935
Liabilities—
Land Aland impt.,
2,644,355
bldgs.,
Brooklyn
c
Office
2,644,355
York
181,886
185,379
plants,
expenses
Real est., franch. A
Federal taxes
802,139
2,266,725
2,030
7,603
2,266,725
2,030
13,911
Co., adv. 1,971,057
Bush Term. RR.,
rentals & ad vs.. 1,398,379
1,936,185
Ac.
Inv.lnBushHouse,
Miscell.
deposits
accounts.
Bush Ter.
Exhibition
receivers
to
mtge.
of
5,310
in
possess'nofprop.
of
Exhibition
Buildings, Inc..
6,281
6,217
1,000,000
1,000,000
11,727
11,545
11,448
7,000,000
50,000
10,274
7,000,000
50,000
Surplus
3,098,622
3,218,244
Total
20,171,665
19,873,999
3,586,171
reserve
obsolescence
for
of
properties, Ac..
for injuries
Prov.
and damages
Provision for taxes
trustees
in dispute
Terminal
7%pref.stock
149
27,251
46,020
36,221
110,423
412,022
debtor
Maint. A operating
supplies
52,307
103,969
2,513
Bush Term. Co.
Due
General
3,485,481
Capital stock
104,500
104,500
Reserve
Cr4,018.000Cr3,843,000
Cash
728,864
215,404
Accts. A notes rec.
129,990
120,887
Bush
Due
1,362,566
Bldg.,
Inc.—advances.
Due from
53,592
502,729
103,969
3,092
debt
Prepaid rentals...
Ltd
Statutory
32,916
assess.
8,296,000
64,029
Acer. int. on fund.
768,908
equipment,
$
8,296,000
54,882
Accts. pay. A accr.
9,942,605 10,101,941
bldg.,New
d Steam
Streetimpt.
1934
$
Funded debt
Brooklyn
...
Com. stk. (par $5)
Prepaid expenses A
deferred
charges
Total
Bridgeport Brass Co.—Stock Increase Voted—
The stockholders have voted to increase the authorized
capitalization
from 700,000 to 1,000,000 shares (no par), and a certificate has been filed
with the Securities
and Exchange Commission
for the registration of
$114,622
_
£18,133 in 1934
Co.,
the first dividend paid since Sept.
distributed—V. 142, p. 2818.
new
The company has declared
Dividend—
common
installing two
2820.
p.
common
recent
meeting approved the
rearrangement of the capital structure of the company as outlined in a
plan of reorganization dated April 2, 1936.
The plan contemplates the payment of the 1st mtge. bonds at maturity
and the replacement of the outstanding $825,000 existing consol. mtge.
bonds maturing 1939 (together with arrears of interest) with a new issue
of an equal principal amount to mature June 1, 1956, and bearing interest
on a
non-cumulative income basis untul June 1, 1941, then on a cumu¬
lative income basis for the next five years, and thereafter at the fixed
rate of 6% per annum.
each
a
dredges.—V. 142,
b Industrial
Brandram-Henderson, Ltd.-—Reorganization Plan Voted
one
Dredging, Ltd.—Rights—
proposed issue of 60,000 additional shares, instead of being offered to the
1935
Rent for leased roads
shares
x$7,257.250
Federal taxes
1936
Operating expenses
Federal, State and municipal tax accruals
common
$7,166,459
Excess of par over cost of bonds pur¬
chased and retired
Ry.—Earnings—
Total receipts
New
$2,121,448 x$2.055,185
Buiolo Gold
will also
bondholders
$7,670,682
413,432
The company in a letter sent to stockholders on April 30 stated that the
Gross
Emil C. Traner has been named President of Mechanics Universal Joint
Division of Borg-Warner Corp., succeeding the late Eric Ekstrom.
He
The
$7,285,647
119,187
Proceeds will be used to pay cost of constructing and
193,870 units, a gain of 62.1% over the corresponding period of 1935.
Refrigerator sales in April set a new high mark, 12% above the March
total, the previous record and 39.5% over April, 1935.
Washing machine
sales were up 149.5%, gas ranges were up
842.5% and electric ranges were
146.8% higher than in April last year.
on
84,583
Net income
une
Sales of the company's
Interest
$2,139,768
x
Changed to give effect to major adjustments made later in the year
1935.—V. 142, p. 2659.
household appliances, totaled 58,280 units in April, reported to be a new
record for tne company and 41.7% ahead of April last year, Howard E.
Blood, President.
Sales for the first four months this year amounted to
was
$2,121,448
Sublic10 at be made available for subscription by stockholders of record
will $20 share, in proportion one share for each 16 shares held.
Borg-Warner Corp.—Norge Sales Up 62.1%—
David Firth
$3,415,752 $12,476,316 $12,835,050
1,275,983
5,190,669
5,164,368
Divs.on pfd. stk. of subs.
$3,535,825 $3,694,848
Total
assets
acquired by Boeing Airplane
the par value of capital stock issued therefor
excess
$12,760,405
74,645
$3,436,491
1,315,042
Balance
88,864
110,566
39,055
39,801
Adv. on sales contr
66,671
Cap. stk. (par $5). 2,609,415
2,609,415
Capital surplus
1,111,020 xl, 111,020
Earned surp. (def.)
514,121
225,977
.$3,535,825 $3,694,848
Representing the
Co. at Aug. 31. 1934
—V. 141, p. 3218.
x
Gross income
Deducts, from gross inc.
Reserves
,,
Total
Accounts payable.
Bank overdrafts..
Acer, wages, taxes,
&c_
10,050
Investments & oth.
1934
1935
20,171,665 19,873,999
b After
depreciation of $1,592,284 in 1935 and $1,432,948 in 1934.
depreciation of $20,533 in 1935 and $17,039 in 1934.
d After
depreciation of $725,524 in 1935 and $673,024 in 1934.—V. 142, p. 2820.
c
After
81,288 additional shares.
The issuance of
at the rate of
to
new
shares is expected to
yield the corporation $1,219,320
It is proposed to retire outstanding obligations
to use $450,000 for plant expansion and
The balance will be used for general corporate purposes.—
$15
a
share.
the amount of $400,000 and
improvement.
V. 142, p. 2985.
(J. G.) Brill Co.—Receiver Asked—
'
A suit has been filed in the U. S. District Court at
Wilmington, Del.,
asking the Court to separate the corporate relationship of the American
Car & Foundry Co., the American Car & Foundry Securities Corp., the
Brill Corp. and the J. G. Brill Co.
The bill, filed May 2 by W. Richard Brill and G. Martin
Brill, also
asked appointment of a receiver for the Brill concerns to continue them in
business independent of the other companies.
It asked the Court for an
accounting of profits alleged to have been withheld from the Brill com¬
panies and a return of assets it contended were illegally transfererd from
the Brill companies to the American Car interests without
compensation.
The petitioners charged violation of the anti-trust laws and domination
of the Brill companies by American Car & Foundry, preventing the former
from competing for business.
Earnings and Bookings Ahead—New Director—
Charles J.
no difficulty
Hardy, President, told
May 2.
Mr.
Hardy
said
threatened
litigation
might
cause
some
temporary
embarrassment.
Mr. Hardy said that in the first three months of 1936 the J. G. Brill Co.
a profit of about $20,600, contrasted with a net loss of
$179,638 in
earned
the same period last year.
Orders booked to April 27 amounted to $2,265,000. against $2,788,000 a year previously.
The latter total included a
$1,365,000 order for cars to be used on the bridge over the Delasware
River between Philadelphia and Camden.
a dividend of 25 cents per share on account
on the $1.75 cum.
conv. class A stock, no par value,
payable June 1 to holders of record May 25.
A like payment was made
on March 1 last, this latter being the first distribution made since
April 1,
1930, when a regular quarterly pividend of 43 % cents per share was paid.
—V. 142, p. 1281.
Calaveras Cement Co.—Accumulated Dividend—
The directors
have declared
a
dividend of $1
share on account of
$100, payable July 1 to
on May 1, March 2
and Jan. 16 last, Nov. 15 and Aug. 12, 1935, this latter
being the first
distribution made on this issue since Jan. 15,1934, when a regular quarterly
payment of $1.75 per share was made.—Y. 142, p. 2490.
accumulations
on
the
7%
holders of record June 15.
Bush Terminal
cum.
pref. stock,
Co.—Earnings—
Years Ended Dec. 31—
1935
Provision for bad debts.
$1,755,726
3,856
554,378
51,507
431,930
34,621
27,159
270,358
98,000
1.611
Real estate taxes
Federal taxes, &c
Interest on funded debt
Interest due Bush Terminal
$3,372,357
1,616,631
$1,555,916
Expenses.
1934
$3,046,770
1,490,854
Gross earnings.
Building.
Other interest charges
Depreciation
Reserve against advances, Ac
Loss on sale of equipment
Net profit.
per
par
A similar payment was made
Operating profit
In view of business in sight, the J. G. Brill Co. should have
in obtaining banking accommodation,
stockholders at the annual meeting
California Art Tile Corp.—Accumulated Dividend—
The directors have declared
of accumulations
544,013
41,563
431,023
34,872
7,621
249,206
121,600
26,782
$97,625
$283,917
3334
Financial
Chronicle
Surplus Account for tie Year Ended Dec. 31, 1935
Capital surplus—
Appreciation of land in Brooklyn
Proceeds from issuance of
value of $15 per share
$7,493,840
stock in
common
excess
of stated
2,190,580
Total
Reduction in year 1915 of book value ascribed to investment
in Bush Terminal Buildings Co. and Bush Terminal RR.
Co. in year 1906 (such value included discount of
$759,410
on bond issues of Bush Terminal
Co.)
Common stock (137,790 shares at stated
Terminal Co
per
as
2,066,850
1,063,203
_
Capital surplus
$9,684,420
at Dec. 31, 1934 and 1935
$4,564,367
Earned surplus—
Deficit as at Dec. 31, 1934
4,079,646
Additional
provision for Federal income
prior years and interest thereon,
in
tax
respect
of
on
prior
sale
of steam
locomotives
retired
from
service
in
years
42,344
Total
Net income for year ended Dec. 31, 1935
Excess of par value over cost of bonds purchased and retired
through sinking fund
Adjustment of reserve for depreciation for prior years
Excess provision for injury and damage claims at Dec. 31. '34Deficit
at Dec. 31,1935---
as
Central Illinois Electric & Gas
Co.—Earnings—
12 Months Ended March 31—
1936
operating revenue
Operation
—
Maintenance
.
Uncollectible accounts
_
Combined surplus as at Dec. 31, 1935——
$4,174,991
97,624
15,082
11,062
4,892
4,046,328
$518,038
1935
$4,365,412
1,787,071
220,959
15,386
Total
$3,945,103
1,659,612
Taxes (incl. Federal income taxes)
Net revenues before prov. for retirements
$1,923,090
2,700
$1,646,747
Non-operating income—net
Provision for retirements.
$1,925,791
300,000
$1,649,263
300.000
$1,625,791
852,721
4,488
11,814
$1,349,263
875.511
7,325
5,178
13,818
$751,587
623,278
$447,429
532,572
Drl,570
100,826
31,439
Gross income
*
Funded debt interest
Other interest net
Amortization of debt disc. & expense on 6% bonds.
Federal and State taxes on debt interest
Assets
'
*,
Land and land improvements, Brooklyn
i
1935
1934
$8,955,490
6,137.020
$8,955,490
6,288,404
2,262,053
1.742,577
174,211
2,440,063
1,798,644
174,651
•
Steamship piers & stor. warehouses in Brooklyn
y4Steam plant, railroad facilities, marine, motor &
other movable equip. & furniture & fixtures
Advance to & investment in subsidiary
Miscell. investments, claims & accts., less reserve.
Statutory deposits with State authorities—U. S.
Govt, bonds & City of N. Y. corporate stock._
Cash in banks & on hand (incl. special trust funds
on deposit)
Accts. & notes rec.—rentals, storage, freight &
other charges, less reserve for bad debts
Due to trustees by Bush Terminal RR. Co
Maintenance & operating supplies, including fuel..
Prepaid expenses and deferred charges
x
__
_
Net income
Earned surplus at beginning of the period
Reversal of provision for Illinois Retailers'
70,990
207,546
1,622
76,217
74,045
3,000,000
Goodwill
Total
87,079
1,377,787
256,485
88,249
30,662
3,000,000
\£24,497,224 $24,497,520
Liabilities—
1935
Funded debt
1934
$9,050,000
91.479
:
Equipment purchase obligations
$9,141,000
141.093
Receivers and trustees:
Accounts payable & accrued expenses
Bush Terminal
106,041
86~852
178,708
21,941
7,149
51,541
26,965
33,290
1.971,057
90,200
70,412
31,200
1,023,070
898,869
6,889,986
3,642,906
518,039
1.936,185
90,200
74,764
3,200
893,790
907,043
6,889,986
3,642,905
484,720
Buildings Co
149
Bush Terminal RR. Co
Real estate, franchise, city & Federal taxes
Prov. for storage withdrawal exp., adv. storage
billings and rentals
Obligations arising prior to receivership:
Bush Terminal Buildings Co. open account
Notes payable
:
Accounts payable and accrued expenses
Discount (prem.) on bonds retired, net
Additional Fed. income taxes of predecessor com¬
Past due and accrued interest
on
panies transferred to capital surplus
funded debt..
Reserves
Debenture stock 7% cumulative
Common stock
z
Surplus
$1,373,295
Total
$24,497,224 $24,497,520
After reserve for depreciation of $1,235,969 in 1935 and
$1,084,584 in
1934.
y After reserve for depreciation of $1,049,164 in 1935 and $1,064,210 in 1934.
z Represented by 242,860 no par shares.—V.
142, p. 3158.
California Water & Telephone
Co.—Pref. Stock Offered
71,726 shares of 6 % cum. pref. stock was offered
May 15 for public subscription by a banking syndicate
beaded by E. H. Rolbns & Sons, Inc., and
including Central
Republic Co., H. M. Byllesby & Co., Inc., and Banks,
Huntley & Co. and William Cavalier & Co.
The offering
price was $24 per share flat.
—An issue of
The stock is already an outstanding security of the
company,
$571,482
Net income before interest and Federal taxes was
$403,644 in 1933;
$452,204 in 1934; and $517,098 in 1935.
Interest charges on the first
mortgage bonds and other prior charges are stated in the offering prospectus
to aggregate approximately $261,375 annuaUy.
On the basis of 1935 figures,
the
balance
available
$255,723
V. 142, p. 3159.
as
for dividends on this preferred stock and Federal
against stated dividend requirements of $108,000.—
was made during the years ended March
fixed amount of $300,000, considered by the manage¬
ment of the company to be adequate.
The amounts so provided are less
than the depreciation deductions claimed, or to be claimed, in Federal
income tax returns, which are based on a straight-line method, and the
resulting reserve is less than a depreciation reserve would be, based on such
straight-line method.
Comparative Balance Sheet March 31
1936
$3,467,285
in
1935, $1,029)
9,829
Accts. receivable--
564,603
11,872
631,655
500
~4~U7
3,899
275,266
342,446
85,062
1QQ£
$3,010,016
antic,
warr'ts
(at cost)
Acer, interest
cos.
mat'ls
&
supplies
Appl. on rental
$457,269
Earnings of System, for First Week of May
1
7,424,200
16,741,000 17,169,000
Funded debt
Accts. payable, tr.
and sundry
150,228
Due to affil. cos..
159,218
69
133
dep..
107,656
Accrued accounts.
496,312
97,407
461,585
17,182
175,688
3,963,602
357,438
571,482
4,380,932
598,126
623,278
Consumers'
Service exten. dep.,
refund, over long
term
Def. credit items--
Reserves
Earned surplus
18,079
162.061
&c
45,984
2,481
39,409
2,327
special deposits.
43,748
67,389
Cash In closed bks.
1,405
11,297
83,728
88,907
53,813
9,537
57,381
8,185
»
Misc.
_
.
_—:
investments
Sink, fund & other
Unamortized
debt
exp.
6% bonds
on
Imrpove. to lease.
property
Other def. items
Total
x
..
-—30,004,859 31,094,023
Represented by 74,242
Central Ohio
no par
Total
30,004,859 31,094,023
shares.—'V. 142, p. 2821.
Light & Power Co.—Earnings
Three Months Ended March 31—
1936
expenses.
1935
$341,225
215,009
$309,975
205,077
$126,215
Operating
$104,898
Non-operating revenue—net.
511
554
$126,727
45,000
Interest—Long term debt
Unfunded debt
;
j.»
Taxes refunded to bondholders
Amortization of debt discount and expense-
$105,453
45,000
Ttiptph^p
$404,000
112
274
46
244
4,532
4,537
$76,808
$55,625
Net
income before provision for renewals, re¬
placements (deprec.), Federal income tax, &c_
Note—It is t.ie company's policy to make an appropriation to the reserve
(depreciation) at the end of each calendar
year; therefore the above statement for the first three months of 1936 and
1935 show results before providing sucn appropriation.
for renewals and replacements
Condensed Balance Sheet March 31
Assets—
Property,
1936
1935
Liabilities—
plant &
Long-term
equip., franch. &
oth.
intangibles.$6,377,805 $6,340,915 Accounts payable-
ated company.-
Subscriptions
Accrued items
12,000
102,741
111,195
12,000 Consumers' depos.
—refundable
68,621
112,817 Reserves
44,034
14,488
41,002
11,211
rec.
3,909
1935
$3,585,000 $3,600,000
63,740
54,090
56,528
61,317
8,118
7,996
720,073
4,784
766,917
Sub. to $6 prf. st'k
x $6
cum.
pref.
stock
y
pref. shares
x
1936
debt
outstanding
Investment—affili¬
Total
%
$2,153,000
$
7,424,200
Prep'd ins., taxes,
Common shares.
Surplus
1,060,830
1,000,000
384,270
1,073,880
1,000,000
349,679
debt
Suspense
1
1935
$
Common stock--
Capital surplus
106,330
&suppl., at cost
Prepayments
Twcvpn<\P
Ry,—Earnings—
$2,557,000
255
rec.
Due from aflil.
discount & exp.
Gross earnings..
—V. 142, p. 3159.
Liabilities—
x
6,078
Tax
Unamortized
Canadian Pacific
1936
Inventories: mat'ls
Earnings of System for First Week of May
Gross earnings..
—V. 142, p. 3159.
1935
$
I
S
Prop.,
plant and
equip, (incl. in¬
tangibles)
28,172,604 28,954,632
Cash
69,908
76,231
U. S. Treas. bills..
561,000
706,993
Notes rec. (less res.
Accts. receivable
Rys.—Earnings—
1QQ A
a
Assets—
Cash
Canadian National
$623,278
Note—Provision for retirements
45,788 shs
being owned by Central Illinois Securities Corp. and 25,938 shs. by H. M.
Byllesby & Co.
It was issued in November 1935 and paid a dividend of
16 Y\ cents per share on Jan. 1, 1936, and another of 37H cents per share
on April 1. 1936.
The company is engaged in the water and telephone business
wholly
within the State of California, 67 % of its revenue
being derived from water
service and the remainder from its telephone business.
The water proper¬
ties serve a combined population estimated at 65,000 and the
telephone
properties more than 80,000.
Outstanding capitalization of the company consists of $5,000,000 first
mortgage 5% bonds; 72,000 shares cumulative preferred stock (par $25)
and 84,328 shares of common stock (par $25).
The balance sheet as of
March 31, last, shows total assets of $11,859,824, with current assets of
$403,612 as against current liabilities of $179,467.
taxes was
801,813
$1,128,124
504,845
Common stock dividends.
discount &
x
15,856
Total
Merch.,
Federal taxes
*
Occu¬
pational tax (incl. int.)—tax declared unconstit.
31,1936 and 1935 in
1,795,453
2.515
5.179
—
Balance Sheet Dec. 31
198,038
44,901
395,802
418,903
53,000
_
Loss
The stockholders on May 13 voted to increase the common stock from
1,000,000 shares (no par) to 1,200,000 shares (no par).
Stockholders also
approved the amending of the certificate of incorporation to grant holders
of prior preferred stock the right to vote for not more than two directors
on default in payment of six quarterly dividends on the prior preferred stock
and fixing the provision with respect to the preferences and rights of the
7% cumulative series prior preferred stock in order to conform with the
certificate of incorporation.—V. 142, p. 2821.
1,990,000
value of $15
share) issued in year 1925 under capital adjustment plan..
Discount on preferred stock of Bush Terminal Buildings Co.
sold; and premium on retirement of preferred stock of Bush
May 16, 1936
Celanese Corp. of America—Stock Increase Voted—
262,242
281,344
897
....$6,925,405 $6,871,8221
Total
$6,925,405 $6,871,822
Represented by 11,787 no-par shares in 1936 and lx.932 no-par shares
y Represented by 20,000 no-par shares.—V. 142, p. 1977.
in 1935.
Chesapeake Corp.—Collateral Retired—
Carolina Power &
The directors
Light Co.—Preferred Dividends—
have declared
a
dividend
of $1.75
share on the $7
cum. pref. stock, no par value, and a dividend of
$1.50 per share on the
$6 cum. pref. stock, no par value, both payable June 1 to holders of record
May 16.
Similar payments were made on April 1, March 2 and Jan. 2
last, Oct. 1, July 1, April 1 and Jan. 2, 1935.
Company paid 87 and 75
cents per share, respectively, on these issues on July 2 and Jan. 2, 1934 and
on July 1, 1933, while on Oct. 1 and April
2, 1934 and on April 1 and Oct. 2,
1933 dividends of 88 cents per share on the $7 pref. and 75 cents per share
on the $6 pref. stock were paid.
(The last regular quarterly payments on
these issues of $1.75 and $1.50 per share, respectively, were made on
Jan. 3,1933.)—V. 142, p. 2988.
Casco Products
See list
given
on
Corp.—Registers with SEC—
first page of this department.
per
The Guaranty Trust Co. of New
York, as trustee for the 20-year con¬
gold bonds due May 15, 1947, has advised the
New York Stock Exchange that
during the period from April 4, 1936 to
vertible collateral trust 5%
April 30, 1936, inclusive, $1,115,000 of the bonds were converted, canceled
and retired, and as a result thereof,
25,358 shares of the Chesapeake & Ohio
Ry. common stock were withdrawn from the collateral pledged with it, as
trustee.—Y. 142, p. 2822.
Chicago
Burlington
&
Quincy
RR.—Directorate Re¬
duced—
The stockholders at their recent annual
meeting amended the by-laws
so as to provide for a board of
directors of 15 members, a reduction from
the 17 heretofore required.
Two directors, General Robert E. Wood,
and Charles L. Jenks, resigned their
board to 15.—V. 142, p. 3159.
posts,
automatically reducing the
Volume
Financial
142
Checker Cab Mfg.
1935
Sales of cabs
Cost of cabs sold
$2,072,825
1,596,851
Gross profit on cabs
1935
$341,042
341,222
$85,998
267.409
$2,270,784
1,831,430
977,056
258 869
1,258,80*
$28
100,239
prof$40,177
83,412
$66,360
793,620
$151,143
1,182,636
81,246
78,141
739,577
853,086
Other deferred assets...
Rents & ins. prems. paid
$18,993
494.939
101.562
182,546
132,187
$5,270
45,267
58,533
$54,043
427.037
73.925
305,135
243,687
$329,550
loss3,004
121,880
383,366
Other unadjusted debits
from other
expenses
Gen. & admin, expenses.
Depreciation
Operating profit
inc.,
principally
181.979
128,008
253,767
$78,645 loss$323,252 loss$195,711 loss$762,018
Other
disc'ts, earned interest
and dividends
Bad
Misc. physical property.
Inv. in affil. companies.
Other investments
Cash and spec, deposits.
Loans & bills receivable.
55,670
120,983
14,670
48,397
$134,315 loss$202,269 loss$147,314 loss$747,347
59,892
68,942
62.062
30.639
—.
debts
written1 off
& additions to reserve
Materials and supplies._
Other current assets
Total
18,995
53,032
Other deductions-
Specia litems
20,717
62,955
90.697
Net loss
prof$2,396
Shs.com.stk.out.(par $5)
$354,884
108,361
$707,931
108,361
$821,105
108,362
Nil
108,361
$0.04
Earned per share
„§»99Q
37,427
407,857
—
Nil
Nil
Consolidated Earnings for the Quarter Ended March 31
1936
Net profit after deprec.
int. &c. chgs. but be¬
fore Federal taxes
1935
$199,224
1934
loss$92,983
loss$36.383
1933
•
loss$77,274
Assets—•
mach. &
1935
1934
Cash.
Accts. & notes
1,018,464
198,663
rec.
Inventories.
1,506,963
240,798
Inv. in and adv. to
&
25,115,900
notes
1,157,018
35,149
30,133
42,053
and
1,046,205
investments
3,039
acceptances pay¬
Other notes receiv.
1,033,563 Accrued liabilities.
57,538
35,415
215,400
Mtge. note receiv¬
Cust.
deposits
on
orders in produc.
40,029
Def. int. receivable
able due monthly
1937-1940
66,623
Dep. in closed bks.
1,712
83,279
2,464
1
12,132
2,838
247,100
1,898,175
411,595
1
31,943
Other
Goodwill
Deferred charges..
15b~302
reserves
Paid-in surplus
Earned surplus
1,898,175
413,992
—
.$3,942,669 $4,330,7171
Total
$3,942,669 $4,330,717
y After depreciation of $840,722 in 1935 and $769,268 in 1934.
resented by shares of $5 par value.—V. 141,
p. 3220.
z
Rep¬
Chesebrough Mfg. Co. Consol.—New Director, &c.—
Cyril Y. Emery was elected
a
retired.
Joseph A. Eber
director, succeeding Frederick H. Williams,
was elected Treasurer to succeed Mr.
p.2311.
Williams.—V. 142,
-
Chicago Corp.—75-Cent Accumulated Dividend—
The directors have declared a dividend of 75 cents
per share on account
of accumulations on the $3 cum. conv.
preference stock, no
par value,
payable June 1 to holders of record May 15.
A like payment was made
March 1 last, against a dividend of $1
paid on Dec. 1, 1935, and divi¬
dends of 25 cents per share paid each quarter from March
1, 1933 to Sept. 1,
1935, inclusive.
In addition a dividend of 50 cents was paid on Dec.
21,
1934.
Accumulations after the payment of the current dividend will
amount to $5.50 per share.—V. 142,
p. 1114.
on
Chicago Rock Island & Pacific Ry.—Annual Report—
1935
8,297
19,949,039
1934
8,318
1933
8,333
19,582,715
18,449,703
8,340
19,754.162
$5,819,977
Average miles operatedTons carried
$6,862,710
1.89c.
2.20c.
1932
Rev. for tons carried
$53,991,903 $54,599,416 $53,158,815 $57,089,607
1
f\An
Av. rate per tons per m_
1
1 flr»
1.01c.
1.01c.
1.04c.
1.10c.
Av. load in tons per mile
436.05
438.64
438.47
430.43
Rev. Pass. Traffic—
No. of pass, carried
7,337,966
7,128,663
6,558,667
7,375,253
Rev. for pass, carried
$6,336,239
$5,935,350
-
-
Av. rate per mi. per pass.
1.69c.
1.66c.
Consolidated Income Account for Calendar Years
Operating Revenues—
1935
Freight 1 VT
Olguv revenue
Passenger revenue
1934
1933
3,477
17,466,421
3,487
17,715,657
14,125,000
5,989,508
20,148,899
167,224,000
1,163,201
Misc. current payable..
2,143,538
2,725.028
Other deferred liabilities
779,501
807,092
Tax liability
3,095,118
3,489,392
Accr. deprec.—Equip.. 48,341,147
52,099,516
Other unadj. credits
1,519,152
1,259,410
Addit. to prop, through
income and surplus...
1,362,850
1,406,139
Approp. surplus not spe¬
cifically invested
Profit & loss—Debit bal. 26,536,711
9,115,842
6,644,847
7,330,574
6,465,189
1,581,959
Audited
wages
accounts
and
payable
—
— — — —
C
-
Total ry. oper. rev...$67 ,116,854
$66,961,688 $64,848,448 $70,780,027
Operating Expenses—
8 ,338,438
-
15 ,087,512
2 ,465,278
Transportation
29 ,278,539
Miscellaneous operations
947,867
General
3 ,792,261
Transp. for invest.—Cr.
79,406
7,297,779
14,869,516
2,347,738
27,491,219
839,393
4,089,387
59,844
6,939,186
13,816,068
2,191,740
25,473,852
744,094
3,293,062
22,608
6,730,416
13,821,332
2,542,874
28,802,295
897,056
3.591,514
44,066
Total ry. oper. exps..$59,830,490
Net rev from ry. oper..
7,286,365
$56,875,189 $52,435,395 $56,341,423
10,086,500
12,413,053
14,438,604
4,160,000
4,355,000
5.340,000
29,623
26,775
22,5y4
20,10^
Railway tax accruals—
Uncoil, ry. revenue
5-8^'9§8
$5,704,724
2,926,626
1,099,298
$7,050,459
2,966,643
1,086,250
Net yr. oper. income.def$939,198
Non-oper. Income—
$1,678,800
$2,997,566 ' $4,048,230
Rentals
328,617
175,583
314,337
180,621
41,533
def$393,464
3,489",404
3,509,896
2,025,652
730,752
6,702,423
50,798,670
1,939,672
1,829,045
804,005
4,910,661
47,866,134
2,073,636
1,387,372
1,371,400
88,053
181,630)
Cr8,058,029Crl9,900,379:
529,543,054 539,211,024 548,712,145
547,751,097
The committee for equipment trust
certificates, series I, L, M. N. O, P
Q (Philip A. Benson, Chairman) in a letter dated
May 13, to the
holders, states in part:
and
The committee submits the
following report as to:
(1) Motion to Strike Paragraph 2 of Order Dated
March 27, 1935—The
Federal District Court in
Chicago having charge of the reorganization
proceedings entered an order on March 27, 1935,
directing the trustees to
make no payments on account of
principal of the
equipment certificates,
of the Court, to
continue the
outstanding equipment certificates,
been over-due since Dec.
1, 1934.
As stated in the committee's letter of
March 27, 1935, the
Court, by the
same order, further directed that
the trustees under the
equipment trusts—
"need not
but
authorizing them, until further
order
payment of dividend warrants on all
some of which dividend warrants
had
intervene herein or make any demand for
the return of the
equip¬
subject to the respective equipment
trusts, or make any claim or
application in this proceeding or otherwise for the
enforcement of any lien
or right in respect of the
rents, earnings, income, tolls, issues
and profits
of the equipment subject to the
respective equipment trusts in
order to
preserve their rights under the equipment
trusts; all rights of the said
trustees under the respective
equipment trusts will be determined as
if due
demand, for the return of the equipment
subject to the respective
equip¬
ment trusts, had been made at the
earliest date or dates
were
entitled
to
make
573
$2,174,331
$3,644,746
$4,555,999
155,286
7,717
48,714
155,286
8,020
60,794
155,286
6,286
119,208
155,286
7,192
128,091
11,851,456
1,422,065
1,145,723
11,851,401
1,422,065
777,455
11,847,333
1,488,253
1,083,595
11,844,059
1,681,155
$15,024,425 $12,100,691 $11,055,216
$9,956,801
Deducs. from Income—
Rent for leased roads
rents
Other income charges
Int. on bonds and longnotes..
equip, notes
bills pay. & accts.
Net loss..
such
demand
under
the
when the trustees
of the
terms
respective
equipment trusts and as if such demand had been
refused except in so far
as the rentals hereby ordered are
paid; or, if it should be
ultimately deter¬
mined that such demand would have been
properly refused, the rights of
the trustees under the respective
equipment trusts shall be
determined
as if a claim or
application, as described above, had been
made at the
earliest date or dates when the trustees were
entitled to make such
claim
or application under the terms of the
respective equipment trusts."
On
May
1,
1935,
counsel
representing certain
committees moved to strike out this
mortgage
bondholders'
paragraph of the order.
argument and the submission of briefs, the
court, on Oct. 19,
an opinion in which it denied the
motion of the
After oral
1935, filed
mortgage bondholders'
committees, and referred to the forbearance
agreements
affecting the
equipment trust principal maturities
accruing between Dec. 1, 1933
and
Nov. 30, 1934, and said:
certificate holders complied with the
extension
arrangement in
every respect, and in so doing refrained from the
assertion of their
right to
demand return of the equipment.
The trustees have not been
able, follow¬
ing Nov. 30, 1934, to carry out the condition that
maturities of
after that date would be
principal
paid.
Under these circumstances it is
considered
only fair and equitable that the rights that were thus
waived by the certifi¬
cate holders should be restored to
them, so far as that can be done
at the
present time.
That is the purpose of
paragraph 2 of Order No.
42-A.
The paragraph means that the certificate
holders, in any issue of
substance
that might arise in the future where the
time for the assertionof remedies
under the equipment trusts
may be material, shall not be
obliged to suffer
the penalty of being deprived of the
period from Dec. 1, 1933, to
Nov. 30,
1934, in exchange for their willingness to cooperate with
the trustees in the
effort to protect the operation of the trust
estate."
Subsequently,
to the entry on
upon advice of counsel, the committee
made
Dec. 10, 1935, of an order
directing that
no
objection
nothing contained
in the order of March 27, 1935—
"shall be construed as an adoption
by the trustees of the debtor of
the
equipment trusts or of the obligations of the debtor
created thereunder."
The railway trustees have since
continued to make
payment of dividend
on all
outstanding equipment certificates.
(2) Maintenance of Equipment—The
railway trustees have
warrants
the
committee
statements
as
to
furnished
the
to
condition of equipment
under the
as of Feb. 1, 1936.
It appears that about
13% of the locomotives
% of the freight cars subject to the trusts were out of
service for repairs.
(3) Appointment of Edward M. Durham Jr., as
Chief Executive Officer—On
Dec. 1, 1935, Edward M. Durham
Jr.,
and 3
formerly Senior
Vice-President of
Missouri Pacific RR. and Executive
Assistant to the railroad
trustees of
that railroad company, assumed the duties
of chief executive
officer.
The
committee believes that Mr. Durham's
management
should prove beneficial
equipment certificate holders.
(4) Extension of Time in which to File Plan
of Reorganization—On Jan. 21,
1936, the debtor filed with the Court its petition for
an extension of
time
in which to file a reorganization plan.
On Feb. 11, 1936, the Court entered an
order
extending for a period of
six months the time of the debtor
to the system and to the
,
to file
a
plan but further provided
that if
plan shall have been filed by the debtor prior to June
1, 1936. the
railway
to prepare and file a
plan not later than
July 15,
1936, unless before that date a plan had been filed
by the debtor.
The
committee and its counsel will
give careful consideration to
any plan pro¬
posed and any provision thereof affecting the
rights of the holders of the
trustees were directed
equipment certificates.
(5) Proposed Issuance and Sale of $4,500,000
of Railway Trustees'
Certifi¬
May 5, 1936, there came on for
hearing the petition of the
railway trustees in which it was estimated that the
cumulated deficiency
in expenditures for maintenance of
cates—On
348,304
Total income
Miscellaneous
$8,525,472
3,303,035
1,174,208
341,501
227,301
78,378
Interest and dividends._
Miscellaneous income
on
4,000
Committee for Equipment Trust
Ctfs. Issues Statement—
no
Total ry. oper. income $3,096,741
Equip, rents, debit bal..
2,924,879
Jt. facil. rents, deb. bal.
1,111,059
on
3,544
trusts
Maint. of "way & structMaintenance of equip..
Traffic
term
5,798,243
...
Interest matured unpaid 32,244,256
Fund, debt mat. unpaid. 174,981,000
Unmat. int. & rents accr.
1,115,155
1922
$53,991,903 $54,599,416 $53,158,815 $57,089,607
OOC
oon
K OQk
f; K1Q Q77
6,336,239
fi 862.710
5.935,350
5,819,977
6,862,710
Mail revenue—
2,416,241
2,365,049
2.428,888
2,677,547
Express revenue
1,184,621
1,127,401
962,125
1,238,380
Other transport, revenue
1,414,311
1,312,627
1,164,362
1,318,109
Miscellaneous revenue.
1,773,539
1,621,845
1,314,281
1,593,674
VMMV-
—
Int.
Int.
19,598
1,078,044
"The
General Statistics for Calendar Years
Freight Traffic—
J-' A
125,989
6,196,178
3,669,792
213,667
ment
Total
Rev.
i 13,117
1,185,493
850,203
2,146,944
17,756,960
660,160
3,417,548
29,416,889
29,422,189
29,422,189
25,115,900
25,127,300
25,127,300
74,359,722
74,359,722
74,359,722
2,341,170
2,330,965
393,358
143,311,100 310,532,885 313,846.540
Common stock
74,359,722
Governmental grants.._
2,406,876
Funded debt
135,553,250
Non-negotiable debt to
affiliated companies..
3,467
Loans and bills payable.
17,843,700
$541,805
863,218
payable
Trade
29,010
1,053,337
29,416,889
6% preferred stock
1934
$541,805
accounts
able
controlled co.—
Other
1935
Capital stock—
Notes
142,267,802 146,927,991
529,543,054 539,211,024 548,712,145 547,751,097
Total
LiabilUies—
z
_
equip..$1,187,609 $1,266,857
192,822
71,895
$
Liabilities—
Consolidated Balance Sheet Dec. 31
yLand, buildings,
1932
,
754,704
2,091,656
17,623,323
2,772,839
4,889,102
21,794
5,532,359
4,014,739
668,562
787,742
17,135,640
2,601,401
28,065
1,201,083
7% preferred stock
'
„
$
3,122,747
12,810
5,059,097
3,539,232
2,243,108
916,801
17,032,617
2,382,955
5,070,749
7,365
5,066,169
3,165,903
2,591,761
in advance
operation
Combined gross profit-.
1933
$
•
Equipment
127,657,188 136,798,192
Improvements on leased
railway property
717,875
747,724
700.856
Sqio'697 10Sl$io7',726
910,
1934
$
•
equipment—Road-.-363,704,522 366,080,983 366,876,655 364,688,022
741,033
other operation-
Total income
Interest paid
Assets—
Investment in road and
505.636
Gross loss on service
and miscell. sales
Rev. from other oper
Direct expenses against
Selling
1932
1 933
$475,974
505,608
-
Service and miscell. sales
Service & misc. sales cost
Gross inc.
1934
3335
Consolidated Condensed General Balance Sheet
Corp. (& Subs.)—Earnings—
Consolidated Income Account (Excl. Parmelee Transportation Co.)
Calendar Years—
Chronicle
157,014
2,451
697,017
way and structures
amounted from
$12,000,000 to $15,000,000 and for maintenance of
equipment to not less
than $5,000,000; that the forecast of revenues
and expenses for 1936
(after
providing $2,500,000 for deferred maintenance of
way and $850,000 for
deferred maintenance of equipment)
indicated that there would
be a
deficit of approximately $4,772,000; that the
proposed expenditures for
deferred maintenance could not be obtained
from current income from
the
properties; and, that therefore it was necessary for the
railway trustees to
borrow not to exceed $4,500,000 and to issue
therefor, as such trustees,
their certificates of indebtedness.
The order entered
by the District Court
on May 5, 1936, authorized the
railway trustees to make application to the
Interstate Commerce Commission for an order
authorizing the issue by
such railway trustees of not to exceed
$4,500,000 3H % trustees' certificates
to become due June 1, 1939, and to be
secured by a first and
paramount
Financial
3336
certain exceptions) upon the franchises, properties and
(but not upon the estate of any subsidiary debtor) and
all the earnings and income, therefrom.
The certificates and the
order provide that such lien shall be subject to the rights of the trustees
under the respective equipment trusts in respect of the equipment subject
thereto.
After the ICC has taken action upon such application as may be
filed, a further hearing will be held before the Court.
(6) Amount of Equipment Trust Certificates for which Authorizations Have
Been Filed—Committee now represents through authorizations, some of
which are qualified, $22,120,500 principal amount of equipment trust
certificates or slightly less than 72% of all outstanding certificates.
As of May 1, 1936, of the $30,883,000 of outstanding equipment certifi¬
cates, $8,511,000 were matured and unpaid.
lien
(subject to
assets of the debtor
upon
Directors—
New
The stockholders on May 7 elected two new
on
directors to fill vacancies
The new directors are M. J. Healey and Carl Nyquist.
the board.
Interstate Commerce Com¬
General Manager for the trustees.—V. 142, p. 3160.
Claude J. Brown has been authorized by the
mission to serve as
Chronicle
May 16, 1936
cating that all expenses had been paid and all matters necessary to con¬
summate the plan had been carried out, the Court on Jan. 31,1936 entered
an order closing the case.
sH
In connection with the reorganization plan stockholders were advised
that the new stock issued under the plan would be available for exchange
on and after April 16, 1935.
To assist holders of scrip certificates to either
dispose of their scrip, or purchase additional scrip in order to have a full
common stock certificate issued, arrangements have been made by
share
whereby the holders of such scrip certificates may, up to the
1, 1936, sell their common stock scrip certificates or
the company
close of business July
purchase additional common stock scrip certificates based on the par value
of $5 a share for the new common stock.
To those stockholders who have
not yet made the exchange, attention is called to their right to send their
stock and (or) voting trust certificates to the Central Hanover Bank &
Trust Co., 70 Broadway, N. Y. City, for exchange under the plan of
reorganization, together with transmittal letter.
The new stock is the
only stock listed on the New York Stock Exchange.
Comparative Consolidated Income Account for Years Ended Jan. 31
1936
Chicago Milwaukee St. Paul & Pacific RR.—Trustees'
1935
1933
1934
•
(incl. sales of
Net sales
Equipment-Trust Certificates—
After filing the necessary final report, indi¬
Delaware.
for the District of
departments)..$33,557,665 $32,088,321 $29,524,559 $29,516,634
goods sold
22,013,055 20,985.456
18,887,162
19,746,077
leased
The Interstate Commerce Commission recently authorized the company
obligation and liability, as guarantor, severally and jointly with
Henry A. Scandrett, Waiter J. Cummings and George I. Haight, as trustees
of the property of the road in respect of not exceeding $3,840,000 equipmenttrust certificates, series O, to be issued by the New York Trust Co., as
trustee, and sold at par and div. to the Reconstruction Finance Corporation
in connection witn the procurement of certain equipment.—V. 142, p. 2990.
Cost of
to assume
1934
$0.16
$0.04
$1,168,092
612,514
468,572
484,577
430,080
$2,159,912
$1,636,664
$1,385,389
$163,489
452,975
506,141
524,061
539,478
300,115
398,697
121,696
207,776
461,908
38,236
253,882
401,022
3,766
280,532
417,653
914
$886,430
$422,604
stks. of subs, not own'd Drl93,093
Drl30,233
Int.
Nil
Nil
&
intges.
on
notes
payable, &c., of subs.
Prov. for doubtful accts.,
Ry.—Earns.
bad debts written off,
&c.
Traffic Statistics for Calendar Years
1935
Operations—
337
318,442
Miles operated
No. of pass, carried
Pass, carried 1 mile
1932
1933
337
249,838
1934
337
329,039
338
225,300
46,625,637
46,354,918
40,877,869
29,509,954
1.78 cts.
1.74 cts.
i.73cts.
2.59 cts.
5,089,513
4,703,13 1
4,383,191
3,778,243
Tons frt. carried 1 mile.1138137407 1047115,632 974,302,149 820,274,421
Rev. per ton per mile-_
1.05 cts.
1.02 cts.
1.05 cts.
1.06 cts.
Av. train load (rev.) tons
544
532
537
509
Earns, per pass train m.
$1.36
$1.35
$1.19
$1.13
Gross earns, per mile
$40,256
$36,461
$34,499
$29,970
Income Account for Calendar Years
1935
1934
1933
$11,914,418 $10,716,653 $10,243,492
828,692
807,370
705,748
690,029
643,749
570,600
116,131
104,229
102,888
Operating Revenues—
FreightPassenger
Mail, express, &c_.
Incidental, &c
— .
(net)
Prov .for deprec.& amort
Fed. income taxes of subs
Rev. pass, per mile
Tons rev. freight carried
1932
$8,682,399
763,457
576,794
103,452
Profit for period
revenue--$13,549,270 $12,272,002 $11,622,730 $10,126,102
applic. to pref. & com.
Prof,
applic.
1,968,303
2,474,256
301,795
3,456,305
57,091
454,828
Traffic expenses
Transportation
Miscellaneous operations
General expenses
1,321,142
2,728,989
287,175
1,184,450
2,133,539
279,437
2,965,887
1,598,479
2,256,821
289,950
3,209,658
53,661
428,360
2,949,157
54,186
510,426
48,813
438,104
Cr723
Cr82
Cr85
Dr7
$8,711,856
$7,836,848
4,435,154
731,995
$7,050,143
4,572,587
897,747
$7,851,083
2,275,019
620,019
786
Transport'n for invest--
Stores Co. before de¬
ducting fund, debt
charges
Int. & charges on parent
$693,337
$292,371
company's fund, debt-
390,000
816,699
4,837,414
913,347
1,617
Taxes
736
178,386
160,754
289,827
155,238
2,474
192,567
125,575
Crl48,554
65,708
$3,583,309
1,257,307
$3,354,223
$1,737,111
Uncollectible revenues,Hire of equipment
Joint facility rents
528
15,344
1,419
13,918
1,419
18,003
-—
814
808
35,684
Inc. from funded secur-
35,684
65,692
1,419
1,284
30,526
172,525
Miscell. rent income
property
120,930
custom 6,561,877
Accts. rec.,
Accts.
1936
2,408
&
5,628,456
Mdse. Inventories.
146,613
4,701,528
Marketable secur's
49,046
95,413
ants,
&c
Goerke-Kirch
70,569
564
12,710
120,199
$3,706,016
Gross income
128,395
13,411
5,196
4,644
1,591,392
$3,384,902
$2,032,175
1,636,576
1,673,499
14,910
1,689,949
14,926
1,645,948
14,926
55,066
12,042
14,926
67,894
15,974
212
237
$1,633,279
divs. (5%)-122,670
122,670
dividends
(11)986,700 (11)986,700
$1,863,173
122,670
(8)717,600
Miscellaneous
Int.
on
equip, obligat'ns
29,409
42,237
Int.
on
unfunded debt-_
11,450
124
4,299
Miscell. income charges.
Preferred
Common
of profit and loss
of common out¬
Int.
28,076
110,428
340,923
340,923
Obllg. for
from
for
inc. in 1st mtge.
Sundry
counts
notes,
10-yr.
117,513
1,878
6%
844
89,700
$16.84
717,655
16,298
3,000,000
896,352
1,368
4,337,253
Deferred income..
4,337,453
984,332
319,562
719,051
Minority interests:
Pref. stk. of subs
Acer, undeclared
assets
divs.
values).. 19,496,455 18,524,731
1
1
363,672
343,066
Goodwill
Deferred charges..
Jan.
to
31, 1936—
—
Com. stk.—Subs
Surplus
x
$296,546
122,670
(4)358,800
116,196
Capital surplus
Par $5 per share.—V.
142,
p.
166.568
6,047,277
Capital stock
33,952,981 32,375,073
319,762
applicable
Earned surplus...
x
3,500,000
3,000,000
gen.
Reserves
Stk. of City Stores
$1,022,903 def$184,924
$523,909
89,700
$20.67
3,500,000
1944..
coll.conv.notes
192,321
40,210
Lit
6%
stk. coll. conv.
ac¬
Claims agst. closed
banks
(book
....
co.:
10-yr.
300,000
225,420
237,819
172,203
Permanent
3,610
9,375,000
de¬
rec.,
1,055,395
2,888
assessments
360,000
__
investm'ts
Sundry notes &
800,505
bldg
Mtges.pay.by subs 9,425,000
Fund. dt. of parent
rec.
mtge.
new
& fixtures..
Deferred real estate
gagee
be
555.857
Fed. inc. taxes
26,714
192,707
on
dep. for
repl't of fixtures
to
96,112
mtges.,
on
taxes, &c., incl
life insurance-..
Total
$867,252
130,000
126,000
Cash
carried to credit
Bal.
130,000
oblig'ns to
be retired
thereto
$1,976,622
Net income
1,863,419
Int on
259
Rent from leased roads-
2,015,971
Accrued accounts:
Co.
Co.owned by sub
Deductions
10,059
Accounts payable.
Int. on fund, dt.
posits, &c
securities & accounts.
636
Cash surrender val.
unfunded
from
equip.
1
notes & accts. rec
92,000
fix¬
store
tures &
Co.
Goerke-Kirch
455,000
sidiaries)
For
ten¬
110,547
4,693,481
$
payable:
Bks., for borrow¬
ed money (sub¬
from
rec.
vendors
Notes
1935
S
Liabilities—
Liabilities—
$
1,662,802
Unsettled claims
Dividend income-—
Income
31,777
physical
859,677
$1,798,349
1935
$
1,013,040
Cash.-.
Cash
Non-Operating Income—
Income from lease of road
881,094
$750,811
Consolidated Balance Sheet Jan. 31
1936
Cash held by mort¬
Operating income
$130,283 loss$938,672
$524,329 '•
prof$303,337
Lossforperiod
capital stock
Total .oper. expensesNet revenue from oper-
Crl36,416
Dr72,376
City
to
Notes rec., custom
Operating Expenses—
Maintenance of way, &c.
Maint. of equipment—
$202,659loss$1075088
Amt. of net prof, of subs,
Assets—
Misc. non-oper.
$900,813 loss$266,592
$1,547,398
Total income
Cincinnati New Orleans & Texas Pacific
Total oper.
43,449
$24,761 loss$187,539
$165,423
stock
$9,814,007
10,080,598
Int., rents., divs., &c
$191,427
Earns, per sh. on 199,469
no par shs. com.
—V. 142, p. 1978.
$11,544,610 $11,102,864 $10,664,849
exps—
9,997,212
9,934,772
9,764,036
Total gross profit
Balance—-
1933
Net profit after deprec.,
interest and taxes
$9,770,557
instalment contracts--
Sell., adm.& gen.
Subs.)—Earnings—
Chicago Pneumatic Tool Co. (&
Quar, End. Mar. 31—
1936
1935
profit.—
$11,544,610 $11,102,864 $10,637,397
gross profit in
27,451
Gross
Realized
5,738,000
215,403
1,058,257
1,325*809
.33,952,981 32,375,073
Total
3162.
Shares
standing (par $100)-Earns. per sh. on com__
89,700
$19.40
89,700
$1.94
1935
$
^Lss^S"~""
1935
1934
$
$
Liabilities—
8,970,000
2,401,853 Common stock
2,403,840
2,453,400
equipl9,170,864 18,499,695 Preferred stock.
Equipment
trust
Improve, on leased
540,000
obligations
railway prop
24,461,933 24,473,044
1,100
Misc. phys. prop-202,261 Governm. grants.
202,260
Investm't in
—
-
7,106,697
1,650,355
243,507
1,500,157
115,714
7,678,036
and
balances
36,987
594,372
recelv.
due
1,165,923
34,413
8,527
500,655
658,239
30,782
8,554
& supp.
curr. assets.
23,326
Deferred assets
Unadjusted
$
8,970,000
2,453,400
.$12,046,518 $11,428,848
Net operating revenue
388,179
Other income
Interest
Audited accounts.
1,016,385
889,843
payable.
Int. mat'd unpaid.
116,662
163,316
Reserve for depreciation
33,454
amortization of discount
ac¬
counts
10,223
103,750
536,423
liablls.
14,651
15,077
680,769
Other
curr.
395,126
debits
30,880
10,223
98,754
529,948
15,357
8,121
711,982
97,450
5,523 Taxes
94,565
488,328 Operating reserves
757,060 Accr'd depreciat'n
5,170,489
on
equipment-. 4,961,347
19,882
468,084
485,717
8,035 Other unadj. cred.
35,700 Add'ns to property
through income
291,665
and surplus
29,390,251 29,181,810
Total
bal..11,096,063 10,386,853
..60,585,086 60,069,751
-V. 142, p. 2991.
City Stores Co. (& Subs.)—Annual Report—
P. H. Saunders, President, says in part:
Completion of Reorganization—-During the year the necessary steps were
of reorganization which had been submitted to
and approved by stockholders, noteholders and the U. S. District Court
taken to complete the plan
1,611,788
227,752
1,886,047
1,818,833
1,835,704
$2,165,627
Net income
—V. 142, p.
$1,664,024
2148.
Colonial Mortgage
See list
given
on
Co.—Registers with SEC—
first page of this department.
'
Colorado Power Co.—Tenders—
The Irving Trust
Co., trustee, will until 11 a. m. May 21 receive bids
gold bonds, due May 1, 1953,
at prices not exceeding 105 and interest.
for the sale to it of sufficient 1st mtge. 5%
exhaust the sum of $50,143
—V. 130, p. 3708.
to
(Dan) Cohen Co.—Earnings—
Years
Net
60,585,086 60,069.751
4,853,797
1,611,027
276,956
33
Unmat. int. accr'd
Unmat. divs. decl.
4,762,126
1,800,127
charges and amortization of discount
Preferred dividends paid and accrued
Earnings applicable to minority interests
Cities Service Pow. & Lt. Co. int. charges and
Miscellaneous
650,267
$12,434,698 $12,079,115
Total income
783,800
99,410
Profit & loss,
Total
1936
1935
$28,072,557 $25,789,911
16,026,038 14.361,063
65,215
Deferred liabilities
Int. & divs. receiv.
Other
498,600
from
agents & condu.
Misc. accts. recelv.
Materials
maintenance and taxes
balances payable
Unmat. rents accr.
deposits
Special deposits
Traffic & car serv.
Balance
expenses,
Divs. mat'd unp'd
1,650,355
Bonds
243,507
Advances
2,972,844
Other Investments
116,214
Stocks
drafts
Operating
Traffic & car serv.
Inv. in affil. cos.—
Cash
1934
(& Subs.)—Earnings
h
Gross operating revenue
Invetm't in road--
Time
Cities Service Power & Light Co.
6 Months Ended March 31—
General Balance Sheet Dec. 31
1936
31—
Dividends paid
Balance
Adjustments
Total earned surplus
per
sh.
on
38,000 shs. cap. stk.
$63,437
60,800
$2,637
176,848
2,760
182,245
Dr 1,349
Previous earned surplus
Earns,
1935
$24,057
39,900
def$15,843
Ended Jan.
profit after all charges
(no par)
$165,053
$0.63
$182,245
$1.67
Volume
Financial
142
Chronicle
3337
Balance Sheet Jan. 31
Assets—
1936
Accts.
receivable.
Inventories
1935
$42,791
12,839
Cash
$24,444
7,134
484,168
16,571
513,429
14,654
Mdse. in transit-_
Def. claims receiv.
11,277
1935
$25,000
72,842
14,257
57,236
15,774
3,806
10,113
304,000
banks.
payable,
vendors
Accrued accounts.
Prov.
(net)
1936
$75,000
Liabilities—
Notes pay.
Accounts
11,798
for
Community Public Service Co.
First Mortgage 5s, Jan.,
Federal
income taxes
Depos. with public
utility cos
Regis, inc. debs..
1,500
1,500
Paid-in surplus—
31,774
Prepaid
accounts.
8,579
10,555
Earned surplus—
165,053
304,000
31,774
182,245
Furn. & fixtures
26,717
34,500
40,620
$666,733
$626,143
$666,733
$626,143
in_1935
b After
a
b Leasehold
c
445
impts.
445
Common
capital
stock
BOUGHT
SOLD
1960
QUOTED
Eastman, Dillon & Co.
28,908
MEMBERS NEW YORK STOCK EXCHANGE
Total
Total
a"After depreciation of $31,535 in 1936 and $26,407
amortization of $37,892 in 1936 and $31,492 in 1935.
38,000
no
par
Colon
shares.—V.
15
-New
See Colon Oil Corp. below.
has
been
operative by the
board of directors
of the
should surrender the
same to Equitable Trust Co., 25 Broad St., N.
Y.
City; Lloyds Bank, Ltd., 39 Threadneedle St., London, E.C. 2, England,
and Nederlandsche Handel Maatschappij, Post Box 669, Amsterdam, The
Netherlands.—V. 142, p. 1978.
Columbia Gas & Electric Corp. (& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
revenues a
.$27,887,408 $24,019,571 $85,037,264 $77,670,925
Oper. expenses & taxes.. 15,827,274
13,714,295
51,930,184
49,978,736
Prov. for retires. & depl.
2,899,957
2,400,473
8,921,577
7,884,421
.
2 shares preferred stock Kansas Utilities Co.
—V. 142, p. 2991, 2312; V. 139, p. 1081.
Community Public Service Co .—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935
Total oper. revenues
Taxes
eral
$7,904,801 $24,185,503 $19,807,767
8,479
100,305
64,701
$9,174,266
divs.
of
subs.
minority interests.
1,062,935
3,976,069
686,509
_
669,558
2,632,271
48,897
replacements,
$6,180,786 $17,677,468 $13,046,271
175,779
$942,993
$782,336
1,496
1,452
31,655
37,142
$217,645
88,871
&c_.
$189,116
90,000
$974,648
357,923
$819,479
90,000
paid public
& inter-co. interest
Prov.
for
renewals
2,002
1,821
6,544
7,209
50,171
52,702
234,609
221,579
456,099
$76,600
$44,591
$375,570
$44,591
and
replacements
Predecessor earnings
Net earnings
Surplus balance begin¬
ning of period
Disct. on bds. reacquired
330,514
Total
$407,115
Divs.
on
Divs.
on com.
pref. stock
4,892
42,868
stock
$359,354
Dr20,387
188,870
165,627
289,103
797,372
equip., incl. wk.
Miscell.
12 134,897 12,224,432
1,367,885
5,433,222
5,395,914
per share on com. shares
end of respective periods
unfd.
43,707
on
con¬
deposits
1,348,124
106,000
368,137
295", 905
3,967
8,634
Pref. divs. payable
Consumers' depos.
12,759
12,759
282,038
286,707
Accts. pay. to sub.
27,393
6,755
companies
Unred. ice coupons
565
463
$0.54
taxes (other than
$0.21
-
in¬
surance, &C-_._
outstanding at
It is the general practice of the corporation and its subsidiaries, when a
rate is being contested, to show as gross revenues only such portion of the
credited to surplus.
Due to certain settlements made in 1935,
as reported above, for the three-months and 12 months
31, 1935, are less than the amounts actually received and
revenues,
March
retained by such subsidiaries pursuant to such settlements.
b In refunding the 5% bonds due June 1, 1941 of the Dayton Power &
Acer. Insur., wages
Consumers' line
tension
Rental equipment.
were re¬
27,731
Fed. inc. tax)..
Insur. & other dep.
Letter of credit for
$2,466,373
policy the billings of certain subsidiaries
90,000
63,520
261,933
fund.
on
Acer. int.
sumers'
a
are
on
044,990
and supplies
Prepaid taxes,
is represented by the lower of the disputed rates.
7,200,000
debt
21,278
1
$9,370,081
6,903,708
corded in gross revenues at rates lower than those ultimately fixed
by settle¬
ment of the rate cases.
All credits to gross revenues arising from any such
settlement, applicable to the years prior to the year in which settlement is
7,109,750
59,192
exp. pay.
debt
Accts. receivable
$6,291,307
Earnings
$
88,871
Reorgan.
Acer. Int.
Special deposit
$5,081,617 $13,230,488
6,939,181
Balance
ended
1960
Acer. int.
Inventory of mat'l
$6,367,779
1935
$
Accounts payable.
182,253
_
hand
1936
material & suppl
Preferred dividends paid
gross
$39,306
17,000
by trust indent.
on
$6,449,503 $18,663,711 $14,765,996
Bal. applic. to capital
stocks of C. G. & E.
made,
$359,354
99,739
28,498
67,622
17,000
invest'ts.
Funds depos. with
y
1,364,378
amount billed as
$39,306
1st mtge. 5% bds
ser. A due Jan. 1
Bank depos. & cash
Int. chgs., &c., of C. G.
In accordance with this
$44,591
5,285
Liabilities—
Prop., plant and
Notes receivable.
total
$422,970
20,747
42,868
1935
$
trustee as requir.
plicable to fixed chgs
of C. G. & E. Corp. $7,732,158
$44,591
5,285
Balance Sheet March 31
Assets—
1,554,097
ap¬
39,306
8,092
operations.
E.
Corp
186,494
$187,664
Defd. contracts rec
136,258
earns,
46,275
$216,149
bonds
on
Sundry int.
Invest'tsinsub.cos
Corp
Combined
1,273.238
151,320
income)
Interest
2,586.213
Drl9,711
Corp
1,227,600
156,284
miscell. operations
4,239,984
Bal. applic. to Colum¬
of C. G. &
275,626
30,050
Bal. available for int.,
prov. for renewals &
x
bia Gas & El. Corp. $7,615,611
Inc. of other subs, applic.
to C. G. & E.
$2,382,675
291,156
41,881
Net inc. from oper
Net from merch. & other
in progress
Net rev.
$2,513,372
1936
872,145
&
__
$539,617
(other than Fed¬
$7,913,280 $24,285,809 $19,872,469
Int. of subs, to public &
other fixed charges b.
1936—12 Mos.—x 1935
$598,083
Oper. (incl. receivership
trusteeship exps. dur¬
ing predecessor oper.)
Maintenance
Balance end of period
$9,160,176
14,090
•
(par $1) common stock Michigan Steel Corp.
(A liquida¬
tion dividend of $2,896 was
paid thereon prior to the organ¬
ization of this company.)
Period End. Mar. 31—
Gross
stock and 425 warrants Ameri¬
Electric Co.
800 shares class B common stock United Light & Power Co.
Certificates of beneficial interest representing 6,734 shares
.
surrendered.
The new securities deliverable pursuant to the plan are now available for
distribution to all creditors and stockholders of the old company.
Holders of debentures, notes, or stock of the old company, or allowed
claims against the old company represented
by instruments in writing
com.
8.260H shares common stock General Public Utilities Co.
$577,722 demand notes Interstate Fuel & Light Co.
27,512 voting trust ctfs. for common stock National Gas &
old
The order provides for the surrender and cancelation of all claims and
rights of the old company and its trustee against Colon Development Co.,
Ltd. (the new company), and the transfer and conveyance of remaining
assets and property of the old company and the trustee to the new company
and directs the new company to issue, and deliver on behalf of the old com¬
pany to creditors and stockholders of the old company, the securities of the
new company deliverable pursuant; to the plan, as follows:
'
^
(a) Each holder of a debenture or note of the old company or of a general
claim against the old company which has been allowed in the reorganiza¬
tion proceedings shall be entitled to receive, upon surrender of his deben¬
tures, notes or such general claims, redeemable income stock of the new
company in a principal amount equal (at the rate of $5 to the pound sterling)
to the principal or face amount of such debentures, notes or
general claims
and interest thereon to April 1, 1936: and.
(b) each owner of shares of capital stock of the old company shall be
entitled to receive, upon surrender of his stock certificates or certificates of
deposit for said shares,
/
(i) one-fourth of an ordinary share of the new company and
(ii) a subscription warrant (expiring July 1, 1936) entitling the bearer
to subscribe for 6 shillings principal amount of 6% redeemable convertible
preference stock and three-fourths of an ordinary share of the new com¬
pany at the price of 6 shillings (or $1.50),
in respect of each one share of capital stock of the old
company so
Pref.
York
Gas & Power Co.
can
company.
Other income.
New
$49,786
Securities—16,287H shs.
Corp.—Reorganization Plan Operative—
declared
Street
Cash.
Company—
The plan of reorganization, dated Feb.
28, 1936 has been finally con¬
firmed by order dated May 5, 1936 of the United States for the Southern
District of New York under Section 77-B of the Bankruptcy Act, and the
plan
Broad
A. T. & T. Teletype N. Y. 1-752
Represented by
142, p. 1978.
Development Co., Ltd.-
Colon Oil
c
55,421
4,892
52,157
209,979
191,340
5,285
ex¬
deposit.
2,779
1,627
1,004
1,703
1,149
1,800,424
Pref. stk. (par $50)
242,550
Com.stk.(par$25) 4,286,825
Earned surplus
359,354
1,846,340
Reserves
264,250
4,286,825
39,306
Total
...14,247,625 14,350,299
Total
14,247,625 14,350,299
reserve for retirements of $2,862,817 in 1936 and
$2,806,505 in
After reserve for uncollectible accounts of $52,949 in 1936 and
$40,778 in 1935.—V. 142, p. 1283.
x
After
1935.
y
Consolidated Aircraft Corp.—New Issue
Approved—
The stockholders, at a special meeting recently, ratified the authoriza¬
tion of 60,000 shares (no par) $3 non-cumulative preferred
stock, convertible
into common at the rate of two shares of common for each share of
pre¬
ferred,
and
agreed to
waive their preemptive right to subscribe
than 22,976 shares of this new issue.
The company proposes to offer 24,000 shares of the
Light Co., it was necessary to complete the sale of the refunding issue prior
to calling the then existing issue for redemption.
This sale was made in
October, 1935, and interest on both issues for approximately 40 days and
amortization of debt discount and expense on both issues for two months
share,
to
any
more
charged to current expenses, which are thereby increased by ap¬
proximately $117,000 over the amount chargeable for the new 3)4% issue
alone.—V. 142, p. 2663.
were
Comet Radiator
Corp.—Registers with SEC—
Distribution, Inc.—Listing—
The New York Curb Exchange has approved the
listing of 208,131 shares
of capital stock (par $1) (including 79,591 fully-paid shares
for debentures of American Commonwealths Power
Corp.
by the holders thereof) out of
a
exchangeable
upon surrender
total authorized issue of 225,000 shares.
The company was organized June 29, 1934, in Delaware with an author¬
ized capitalization of 225,000 shares of capital stock (par
$1), as the medium
of distribution of the receivership estate of American
Commonwealths
Power Corp. under a plan of distribution approved June
Chancery
Court of the
State
27, 1934, by the
of
Delaware,
The receivers of American
Commonwealths Power Corp. held a residue of miscellaneous
assets, in¬
cluding substantial blocks of securities in other utility companies.
In¬
stead of liquidating the
receivershijp estate at sactifice prices, the plan of
distribution provided that the receivers transfer all
remaining receivership
assets to the company and that the receivers distribute the
company's
stock to receivership creditors pro rata in the ratio of one share for
each
$100 of proven claims.
The assets thus acquired by the
company are still
of the same general nature, except as to some which have been
liquidated
for cash and
as
to others which have been
changed in form as the result of
reorganization proceedings under Section 77-B of the Bankruptcy Act.
As of March 1, 1936, the company's
principal assets consisted of the folowing:
with 22,976 shares offered to present
for each 25 of common.
share of preferred
Receives
Large Order—
The company has received an order for twin-motored
flying boats
amounting to $870,000 from a South American republic.
The name of
the republic and the number of planes ordered was not disclosed.—Y.
142.
p.2663.
See list given on first page of this department.
Commonwealths
one
stock at $50 a
stockholders at the rate of
new
Congress Cigar Co., Inc-.—Earnings—
Calendar Years—
1935
Gross sales.
1934
1933
$2,989,165
$3,643,210
2,752,943
$236,222
227,064
$463,286
96,761
159,699
20,875
1932
$3,661,149
$5,620,235
3,544,813
3,676,132
5,258,186
$98,397
151,892
loss$14,983
85,976
$362,049
82,200
$250,290
100,762
131,867
$70,993
114,287
127,677
$444,249
126,652
43,370
$17,406 loss$170,971
164,700
329,500
$274,228
335,800
Returns, allowances, dis¬
counts, &c., cost, sell¬
ing, gen. admin. &c.,
expenses
Net profit
Other income
Total income
Deprec. & amortization.
Deduct, from income
Prov. for Fed., &c., tax.
Net
Cash
income
$185,951
dividends
x208,480
Balance, deficit
Profit and loss surplus.
Shs.cap.stk.out.(no par)
Earnings per share
_
x
Excludes
dividends
American Tobacco Co.
$22,529
1,221,802
302,900
254
$147,294
1,641,848
315.000
$0.61
paid
of $397 ,320
$0.05
in 6%
$500,471
1,779,190
329,400
Nil
bonds
of
$61,57
2,289,04
330,60
$0.8
Rica;
Porto
Financial
3338
Chronicle
1934
1935
stock
$129,116
1,250,000 shares and the creation
to
of 200,000 shares
preferred
stock, convertible or with warrants, par $50 per share.—V. 142, P. 2664.
Continental-Diamond Fibre Co. (& Subs.)- -Earnings
Liabilities—
|
1936
16,
The stockholders on June 1 will vote on increasing the authorized common
1933
Balance Sheet Dec. 31
Assets—
May
Container Corp. of America—To Vote on Stock Increase—
Earnings for 3 Months Ended March 31
1936
1935
1934
Net loss after all charges
Incl. Federal taxes
$15,082
$32,824
$44,405
1934
1935
I a Capital stock
bldgs. and
$4,846,400 $5,040,000
10,000
equip.,less depr.Sl ,350,407 $1,438,729 Drafts payable...
Cash..
bl ,565,951
2,224,459 Accounts payable.
152,915
79,785
Accts. receivable..
459,171
480,243 Accrued
salaries,
,
1 ,625.987
Inventories
1,211,722
wages, &c
20,307
22,713
Adv on tob. purch
245,422
118,243 Res:
for
Federal
Adv. to growers..
38,106
'
and State taxes.
24,591
U. S. Treas. notes.
134,408
597,500
517,500 Capital surplus...
182,819
Notes rec. affil. co.
100,000 Earned surplus-.. 1,221,802
1,641,849
Land,
1933
1936
1935
1934
$1,532,222
$1,355,901
$1,010,008
1,162.157
1,052,682
234,416
196,693
795.901
185,452
$135,649
4,379
$106,526
10,460
$28,655
6,528
loss $33,807
$140,028
76.869
7,440
$116,986
$35,183
10*1,814
572
loss$30,738
107,716
10,000
7,000
3 Mos. End. Mar. 31—
Sales, less returns, allow¬
ances, &c_
Cost of sales
-
Sell., admin. & gen. exps
Operating profit
Other income, net
—
$632,860
522,120
144,548
3,069
..
Accts.rec.,affil.cos.
Accrued Interest
96,905
A
16,786
560,716
711,798
_
_
Prov. for foreign inc.tax.
Res for adv. to partially
2,369
2,549
13,025
......
Goodwill
Depreciation.
on
notes receivable.
Deferred charges.
Other assets
Profit..
owned sub.
trade
Net profit
names.....
a
$6,458,834 $6,918,755
Total...
Represented by 302,900 no-par shares in
$6,458,834 $6,918,755
1935 and 315,000 in 1934.
p. 3223.
204,000, of which
—V. 142, p. 2664.
b,Includes cash in escrow released Feb. 6,1936, of $29,889.—V. 141,
Consolidated Copper & Brass
Co.—Registers with SEC—
Coppermines
loss$70,203 loss$lo8,454
$15,215
1936 amounted to approximately $3,and government bonds.
$1,322,000 represents cash
Continental Gas & Electric Corp. (& Subs.)—Earnings
12 Months Ended March 31—
1936
:
1935
earnings of subs, (after eliminating
intercompany transfers)
$33,500,816 $31,105,684
General operating expenses.
13,328,973
12,282,962
Maintenance
1,564.630
1,492.593
Provision for retirement
<„
4,252,326
4,212,886
General taxes & estimated Fed. income taxes
3,384,126
3,406,438
Gross operating
See list given on first page of this department.
Consolidated
1,700
$45,719
-
Net current assets on March 31,
Total
93,071
Corp.—To
Resume Opera¬
tions—New Directors—
—
The company will start operating its properties soon after the settlement
of
litigation. C. K. Blandin, Vice-President, told stockholders at their
annual meeting held May 5.
He said the company had not resumed
operations because of the shortage of funds and legal difficulties now
nearing settlement.
Counsel hoped, he said, that final settlement of
the suit with the Nevada Consolidated Copper Co. would be made by
next month.
The stockholders authorized the management to resume operations and
to
buy new equipment and treating plants for the production of copper
settling the suit against Nevada Consolidated Copper.
Harold K. Hochschild was elected a director to succeed George S. Brown.
After the annual meeting directors elected I. W. Burnham to the board
to succeed E. L. Bradley, resigned.—V.
141, p. 1091.
after
Consolidated Film Industries, Inc. (& Subs.)—Earns.
Net earnings from operations of subs
Non-operating income of subs—
Total income of subs.
Calendar Years—
1935
3,918,404
277.253
1,069,551
14,596
3,976,204
300.133
1,070,219
Equity of Cont. Gas & El. Corp. in earns, of subs $6,531,359
Inc. of Cone. Gas & El. Corp, (excl. of inc. received
from subsidiaries)
40,807
$5,173,680
$6,572,166
..
1934
1933
1932
$8,095,532
6,723,255
$8,372,612
6.978,250
Net operating income.
Other income
$1,281,024
369, 43
$1,174,801
346,925
$1,372,277
222,326
$1,394,362
233,540
$1,650,167
Depreciation
231,326
Prov. for doubtful accts.
16,832
Federal ta^es
100,000
$1,521,726
3 6,383
55,209
115,000
$.,594,603
208.207
281,316
75,000
59,275
20,282
59*650
41" 133
$1,627,902
199,097
239,824
60,000
51,266
32,641
58,322
79,559
Balance for stock
$1,077,451
Earns, per sh. on 524.973
$917,161
$909,388
$862,228
$0.22
$0.21
$0.12
37,133
160,309
$5,210,814
154,340
$6,411,857
$5,056,474
2,600,000
—
2,600,000
167,615
Total
Loss
on sate
of
secur
Interest
Other deduction
Oper. loss sub. not consol
*
7,687
_ ..
Total income—.
$8,424,662
7,249,861
$9,710,803
817,122
$11,811,165 $10,527,925
— ....
Int., amortiz. & pref. divs. of subs.:
Interest on bonds, notes, &c
Amortization of bond disct. & pref. stock expense
Dividends on preferred stocks
Proportion of earns., attributable to min. com. stk.
Consolidated Income Account for Calendar Years
Sales (net)
$9,262,930
Cost of sales & expense.
7,981,906
$16,970,760
840,405
_
shs.
com.
Earnings for 3 months Ended March 31
1936
1935
$290,429
<
$0.17
stk
Holding company deductions:
Interest on 5% debentures, due 1958
Amortization of debenture discount & expense..
164,172
164,172
Balance transferred to consolidated surplus.—_
Dividends on prior preference stock-.
$3,647,685
1,320,053
$2,292,302
1,320,053
$2,327,632
$972,249
$10.85
$4.53
Balance
Earnings
per
1933
1934
$317,781
$0.22
$212,536
$0.02
$265,400
$0.12
Comparative Co solidated Balance Sheet Dec. 31
1935
Cash
Copper Range Co. (& Subs.)—Earnings—
xlncome Account Year Ended Dec. 31, 1935
secur
Interest receivable
114,876
Notes and accts.
receiv. and trade
accept, receiv-.
Inventories
Note
rec.
sec.
real est.
Cash
by
mtge..
value
of
1,800,000
life
d
insurance
Ihv.
in
1,114,162 Notes payable
1,335,619
126,312 Accts. & vouchers
payable..
559,087
e99,161
Divs. payable
100,000
Accruals...
175,093
13.291
3,440,104 Sundry liabilities..
248,386
477,950 Taxes
Mortgage payable
15,000
1,700,000 c Preferred stock.. 6,000,000
89,190
and
80.027 Capital surplus
Earned surplus
advs.
to subs, not cons
320,863
Misc. securities
Common stock.
Loss from copper operations
Sales of timber
$
1,543,782
524,973
101.751
101,781
4,044,456
3,593,731
Interest
1
13,117,687 12,887,978
Net income for year
x
The
companies consolidated are:
Mines and lands, timber tracts, mineral rights and developments have
by depletion charges, as the book value of the properties
standing timber.
Consolidated Balance Sheet Dec. 31, 1935 (See a)
Assets—
13,117,687 12,887.978
Total
e Includes dividends
receivable.—V. 142, p.
Consolidated Mining & Smelting Co. of
—Admitted to Unlisted Trading—
Canada, Ltd.
The New York Curb Exchange has admitted
to unlisted trading privi¬
leges the new capital stock, $5 par, in lieu of old capital stock, $25 par,
issuable in exchange for old capital stock on the basis of five shares of
new capital stock for each share of old capital stock.—V.
142, p. 2992.
Consolidated Retail Stores, Inc.—Sales—
January
February
April
—V.
_
142,
p.
1935
$517,572
527.142
759,365
717,350
1936
$556,759
644.800
835,828
735.600
March
Liabilities—
Royalty Oil Co.—Earnings—
3 Months Ended March 31—
Net profit after Federal taxes and charges.
Earns, per share on 552,925 shares of capital stock
.
1936
1935
$81,685
$0.15
$80,611
$0.14
—V. 141, p. 1433.
Consolidated Textile
Corp.—Special Master Named—
Federal Judge Henry W. Goddard on May 13 appointed Peter B.
Olney
Jr. special master In reorganization proceedings in behalf of the corporation.
He ordered another hearing in the case on June 16.
Judge Goddard also denied a motion for representation by a minority
bondholders' committee on the ground that he wished to save the stock¬
holders money.
Pointing out that one committee already represents 70%
of the security holders, he explained he would give a hearing to the minority
at any time they wished and that therefore they did not need to
organize formally.—V. 142, p. 3164.
group
Consumers Power
Co.—Listing—
The New York Stock Exchange has authorized the listing of $55,709,000
first mortgage bonds, 3H% series of 1936 due Nov. 1, 1970. all of which
have been sold and are outstanding in the hands of the public.—V. 142, p.
2992.
$30,739
Marketable bonds
8,537
Accts. receivable (less reserve)
125,033
Copper sold & not delivered—
Copper on hand <& consigned.
Supplies Inventory
479,201
Interest
c
Notes payable—To banks
To Railroad Credit Corp...
$200,000
39,968
80,115
Accounts payable (trade)
Acer, wages, tax. & other exps
77,414
140,195 Capital stock.
303,129 Capital surplus
25,000 Deficit in earned surplus
3,675,118
.
receivable
Investments.
8,231,072
1,009,579
164,301
b Mines & lands, timber tracts,
&c
3,622,457
Buildings & machy. at smelter
and mines, &c
1,033,025
Notes rec. from empl. & others
23,781
Sundry accts. receivable
1,162
Prepaid expenses
6,469
Total—
1934
$494,434
515,089
849,202
606,439
2992.
Consolidated
$54,464
Copper Range Co., Copper Range
is believed to be less than the fair value of ore content and
After deducting reserves of $330,067 in 1935 and $223,919 in 1934.
b After deducting reserve for depreciation of $2,211,372 in 1935 and $2,010,983 in 1934.
c Represented by 400,000 no par shares,
d Represented
Month of—
1,397
13,029
4,687
not been reduced
a
by^shares of $1 par value,
50.000
Motor Bus Co., St. Mary's Canal Mineral Land Co. and Champion Copper
Co., the last two being inactive.
Copper Range RR. Co. is not consolidated
as at Dec. 31, 1935 due to its having filed a petition for
reorganization under
Cash..
Total
77,727
...
Interest paid on notes & other indebtedness
Excess of cost over proceeds of securities sold
1
_
Goodwill, &c
C. G. Hussey & Co. preferred stock..
Copper District Power Co. notes.
on
on
Section 77 of the Bankruptcy Act.
5,127,802
225,202
308,650
Deferred charges.
$56,944
Other dividends & interest..*—
y
5,301,242
225,214
334,882
896
..
Non-operating income
6,000,000
524,973
19,932
b Property & plant
Prints & negatives
$65,280
7,171
2,062
land, rentals, &c., less expenses—
Balance loss
2,100
16,456
<x
stores, & sundry income, less costs & expenses._
co.
Dividends
516,281
200,000
218,990
21,276
150,165
17,000
168,676
Cash in closed bks.
2,096.170
55,277
1934
$
-
3,857,983
635,998
$2,086,166
..
Cost of copper sold, including mine operating expense, smelt¬
ing, taxes, freight, depreciation of mine machinery & struc¬
tures ($56,2481 & depreciation of smelter plant ($22,551).
Selling & administrative expenses
y
Net loss from bus company operation
1935
Liabilities—
$
418,883
Marketable
a
1934
$
share
—V. 142. p. 2313.
Sales from
Assets-
:
Sales of copper
$0.53
Net profit after deprec.,
Federal taxes, &c__-.
on com.
Balance
15,230
stk. (par $1)
Earns. per sh.
Expenses of Continental Gas & Electric Corp—-
a
$9,473,8481
The companies consolidated are:
Total
$9,473,848
Copper Range Co., Copper Range
Motor Bus Co., St. Mary's Canal Mineral Land Co. and Champion Copper
Co.
The Copper Range RR. Co. is not consolidated as at Dec. 31, 1935
due to its having filed a petition for reorganization under Section 77 of the
Bankruptcy Act.
b Mines and lands, timber tracts, mineral rights and developments have
not been reduced by depletion charges, as the book value of the properties
is believed to be less than the fair value of ore content and standing timber.
cC, G. Hussey & Co., 40,000 shares 6% cum. pref. stock, representing
voting control, at cost, $400,000, and 3,500 shares common stock, at cost,
$30,030; total, $430,030.
Copper District Power Co., 34,000 common
voting trust shares, at cost, $635,103 and demand notes at par and
cost,
$984,075; total,
$1,619,178.
Copper Range RR. Co., 20,000
shares, at value determined by directors as at April 21, 1932, $600,000 and
$1,005,000 first mortgage 5% bonds due Oct. 1, 1949 of which $400,000
are pledged
to secure note payable to Railroad Credit Corp., at cost,
$985,129; total, $1,585,129.
Sundry investments in other companies,
at cost or no:t inal values, $40,780.
d Represented by 550,000 no par shares, less 8,094 shares held in treasury.
—V. 140, p. 4396.
Copper Range RR .—Reorganization—
The
Interstate Commerce
Commission
on
April 7 approved
a
plan of
reorganization pursuant to Section 77 of the Bankruptcy Act, as amended.
The report of the Commission says in part:
Company on March 26, 1935, filed a petition in the U. S. District Court
for the Western District of Michigan, Northern Division, stating that it
was unable to pay its debts as they matured and that it desired to effect a
plan of reorganization under Section 77 of the Bankruptcy Act.
Volume
Financial
142
A public hearing was held before the Commission
Washington, D. C., at which
the
a
1, 1935, at
plan of reorganization was submitted by
July
on
debtor.
The debtor's balance sheet
of June 29, 1935, indicated assets consistproperty, improvements upon leased railway property, and
physical property of $4,814,873; investments in affiliated
companies and other invastments of $63,614; current assets of $189,365,
including cash and material and supplies of $92,298; and deferred
asets
and
unadjusted debits of $1,201,692, of which $1,160,539 represented
discount on capital stock.
The investments in affiliated companies con¬
as
of plant,
ng
miscellaneous
sisted
principally of
note
a
of the
Copper
Range Co.
$53,500.
in
the amount of
as
of
the
date were 20,000 shares of common stock
($100 par), all of which, except a few qualifying shares, are held by the
Copper Range Co.; long-term debt of $2,153,500, consisting of $2,100,000
first mortgage bonds
actually outstanding and $53,500 debt to the Finance
Corporation: current liabilities totaling $170,667, the principal item of
was
Finance
Corporation was evidenced by a promissory note made by the
debtor to the Finance Corporation under date of
Oct. 28, 1932, in the prin¬
cipal amount of $53,500, with interest at the rate of
6% per annum, and
payable on or before Oct. 28, 1935.
This note was collaterally secured by
$200,000 of debtor's first mortgage 5% bonds and
$100,000 of Conner Dis¬
trict Power Co.'s 7% notes.
The Copper Range Co. also unconditionally
guaranteed the payment of the principal and interest on this note.
On
Nov. 25. 1935, the Court entered an order
exnunging from the records and
files this claim of the Finance
Corporation, stating in the order that this
note, together with interest thereon, was paid in full on Oct.
16, 1935.
Debtor's Plan of Roorgani:al
The plan of reorganization submitted bv the
debtor contemplates the
exchange of its present outstanding first mortgage bonds for a like
principal
first mortgage income bonds of the debtor due
Oct. 1. 1949,
bearing int. at rate of 5% per annum, beginning Jan. 1, 1935, and secured
by
the present mortgage
covering all the properties embraced therein, but the
interest thereon to be paid only if earned and to be
non-cumulative.
To
the extent that earnings are available for
interest, it will be paid, but only
in units of
multiples thereof- any earnings not so
paid out as interest
the new issue of bonds will be retained
and added to the amount of earn¬
or
ings available for payment of interest on the next
succeeding interest pay¬
ment date.
The interest paying date of the coupons will
be April 1,
and
will be computed for the calendar
year preceding each interestpaying date, and the computation of earnings available for the
payment of
interest will be in accordance with the
accounting rules of the ISC, with this
exception: The charge for depreciation on the
property of the debtor will
be applied only on
roadway and equipment used in producing the income in
interest
3uestion.100.
The bonds will be callable in whole
ate
at
The
plan further contemplates that
no
or in part on any interest
further coupon
interest
present bonds will be paid excepting one-half the
amount due Oct.
and on this the debtor will not
pay the 2% Federal tax.
It is also proposed that the
on
5% bond interest will be accumulated
for the
bonds.
earnings in excess of
retiring the
purpose of
The debtor's indebtedness to the
Finance Corporation, in the amount of
$53,500. would be paid in full under the plan, with
accrued and unpaid
interest thereon, if any,
according to its terms.
[Payment of this note has been heretofore
noted.1
The plan contemplates that the
present authorized capital stock shall be
reduced to $1,000,000, divided into
20,000 shares, with $50 a
share
oar
value.
No dividends are to be
paid on the stock until all the
outstanding
bonds have been retired.
The Copper Range Co. is the
present owner of all the debtor's
20,000
shares of capital stock except director's
qualifying shares.
It is prooosed
under the plan that 11,400 shares of this
stock be surrendered
by the Copper
Range Co. and issued to the bondholders on the basis of
five shares for each
$1,000, par value, bond.
The debtor states on brief that the
Copper Range
Co. has agreed to this feature of the
plan.
The plan does not
contemplate the creation of a new
company, nor any
change in the management, officers or control of the
debtor,
existing.
The debtor proposes to meet the
expenses of the
out
of cash
mined.
No
on
hand.
provision
The amount
is made
either through the sale of
new
in
of such
the
securities
plan
or
expenses
has
as
presently
reorganization
been deter¬
not
for securing additional
cash,
assessments.
Representatives of
the.debtor's reorganization committee
testified that
was the con lusion of that
committee that there was
sufficient promise
for the future to warrant the debtor in
continuing in business; and although
at the present time the volume of
business does not
permit it to earn its
bond interest, it was the committee's
belief that the future
would see a
sufficient resumption of business to enable the
debtor to pay a return on its
bonded indebtedness.
For this reason
the committee
recommended a
plan which provided for the issue of bonds
carrying non-cumulative con¬
tingent interest rather than fixed interest.
Thus, under the debtor's plan, its funded
indebtedness after reorganiza¬
tion would bo $2,280,000 and
capital stock $1,000,000, a total
capitaliza¬
tion of $3,280,000.
Contingent interest charges on the funded debt
would
it
amount
stock and the right to dividends thereon, and a
preference amount¬
on the assets of the debtor ahead of the common stock
of the future liquidation of the debtor's
business, and shall be re¬
deemable in whole or in part on
any dividend payment date at par, plus
common
ing to its par value
in
case
unpaid
to
$114,000 annually.
The provision creating a
sinking fund suf¬
ficient to retire the bonds at
maturity would require $152,000
annually
The debtor'8
present outstanding
bonded in debtedness amounts to
$2,100,000 of 5% first mortgage bonds, with
annual interest
charges of
$105,000.
No reduction in the
principal amount of these bonds is
proposed
by the debtor under its plan, but it does
propose to eliminate all fixed
interest charges.
In view of the present limited traffic
and the uncertain
traffic possibilities for the
future, it is apparent that the debtor's
probable
future earnings will not
justify any substantial fixed charges.
In this
respect, therefore, the debtor's plan conforms to
the requirements of the
statute.
At the same time, the debtor's
prospective earnings are so con¬
jectural that it is not believed that they will
support the debt structure
proposed by it.
While interest is non-cumulative and is
to be paid
only if
earned, the principal matures in 1949, and there
does not
seem
to
reorganization at that time would be
quite probable
The debtor suggests that this
criticism of its plan
may be eliminated by
advancing the maturity date of the bonds for an
additional 25 or 30 years
Funded debt under the debtor's
plan, however, would represent more
than
two-thirds of the debtor's
capitalization, since the debtor also proposes
reduce the present par value of
$100
stock to $50 a share.
to
a
share of its 20,000 shares
of common
Furthermore, the debtor, with all its
property mortgaged, would be
tically precluded from raising any new or additional
additions and betterments
record does not support a
financially advisable or compatible with the public
interest.
>
'
j
Financial reorganization should
provide a capital structure
and cash
resources which will
give the debtor the best available basis
to function
continuously as a going concern.
Experience has shown that the real se¬
curity of a railway mortgage rests less upon
property than upon earnings
although the creation of the property precedes the
development of earnings'
The earnings of the debtor
depend upon the activity of the
copper and lum¬
ber companies served
by it.
While the record shows a
slightly increased
movement of the products of these
industries, it does not justify a finding
that the debtor's traffic will return to
the point where its
earnings will
enable it to pay regularly
any substantial amount of interest or
to establish
a reserve for the
purpose of retiring any substantial
amount of indebtedness
within a reasonable period in the future.
Terms of Reorganization
Proposed by ICC
Under these circumstances, we are of the
view that the interests
of the
debtor's bondholders and of the debtor
would be best served
by a reorganzation providing for the
exchange of the existing bonds of the
debtor for
preferred stock.
Such requirement should not
preclude the debtor's directors from setting
aside in the fund for redemption of
preferred stock n ore than the percentage
stated.
However, the authority of the board of directors to declare or
co.i ji.on stock should be restricted so as to
preclude
such dividends until all the
preferred stock has been redeen ed and retired.
Net inco.i e should be computed according to the
accounting rules of this
Commission.
The preferred stock should have equal
voting power and
privileges with the co.iji on stock.
The plan should be further modified to
specifically provide that no mort¬
gage may be placed on the debtor's property without the consent of the
holder^of two-thirds of its outstanding preferred stock.
In addition to preferred
stock, the holder of each $1,000 par value bond
should receive five shares of co.iU) on stock, $50 a share
par value, to be
issued by the debtor.
For this purpose, the Copper Range Co. should
surrender to the debtor 11,400 shares of the debtor's common stock.
The
pay dividends on the
par
value of the debtor's
$50
a
share,
as
co.iji-on
stock should
be reduced from
$100 to
proposed in the debtor's plan.
In view of the fact that the
District Court authorized the debtor to pay,
and the
Copper Range Co. has paid, the Finance Corporation's claim, it is
necessary to make any provision in the plan with respect of this
<1
Under the foregoing modification of the debtor's
plan there would result
an elimination of all funded debt; (2) an issue of
$2,280,000 of
(1)
5%
cumulative preferred
non-
stock of $100 a share par value; and (3) an issue of
common stock of $50 a share par value.
While the expenses and fees incident to the
reorganization have not been
disclosed, the debtor's proposal that they be paid out of cash on hand
$1,000,000 of
ap-
Eears to be reasonable, and should be approved; such expenses andbe fixed
fees to
approved if reasonable and within such maximum limits
shall
e
as
by
us.
We find that, as above modified, the
plan submitted by the debtor will
the requira,.ents of subsoctions (b) and
(e) of Section 77 of the
as
amended, and will be compatible with the public
meet with
Bankruptcy Act,
interest.
Income Account for Calendar Years
1935
Operating
Operating
revenues
1934
$240,975
225,913
expenses
Net operating revenues
$228,501
228,402
$15,062
$99
4,496
7,718
$10,565
5,809
loss$7,619
11,481
$16,374
105,000
17,580
$3,861
105,000
18,722
$106,206
310,810
$119,861
565,548
$204,603
117,046
$445,687
134,877
$87,557
$310,810
Taxes
.-L
Operating income
Rents received & other income
Total income
Bond interest
R ents paid & other charges
Loss for year--
Surplus beginning of
year
Net surplus
Adjustments affecting prior periods
-
Surplus Dec. 31
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
|
Cash
$106,366
-
Accounts
receivable
Accounts
payable
$189,794
38,317
30,746
Unamortized discount
on
1st mtge. 5% bonds due Oct.
1,
3,147,883
11,991
-
Unadjusted debits
Discount on capital stock
Accrued liabilities.--
91,016
Materials & supplies
Investment in road & equipm't
Other assets..
9,151
1949
Surplus—Appropriated
1,160,539
bonds
32,653
Total
2,100,000
2,000,000
—
Capital stock (par $100)
$4,590,347 i
for
tirement of bonds
Unappropriated
Total
re-
174,678
87,557
$4,590,347
—V. 142, p. 3165.
Cosden Oil
Corp.—Reorganization—
The bondholders' reorganization committee has sent a letter
to holders of
the general lien 6% bonds due in 1938,
asking them to sign proxies in favor
of the committee.
The company has been in bankruptcy under Section
77-B of the Bank¬
ruptcy Act in the United States District Court of Texas since
July 1935.
A. Barclay Ulman, 597 Madison Ave.,
secretary of the committee, said the
committee represented, as owner or otherwise, in excess
of $300,000 of the
$1,622,000 general lien bonds outstanding.
"So far as this committee is advised." says the
letter, "no constructive
has been presented for the reorganization of the
company.
The
present increase in the earnings for the company in
bankruptcy and the
future possibilities of an improvement thereof would
indicate that the
company should be promptly reorganized."
plan
The committee states that it is
developing a plan to be presented upon
to the Court.
The committee comprises James H.
Kann,
chairman; Henry Offerman and A. Barclay Ulman, Secretary.—V.
142,
p. 1463.
completion
Crane &
Co., Dalton, Mass.—Gets Paper Currency Contrft
The Treasury
Department has announced the award of a contract to
to furnish the paper used for printing
currency and public
debt securities of the Federal Government for the fiscal
year 1937.
The
company submitted the lowest bid, 37 cents a pound.
The Treasury
estimated 825 tons will be required for
printing currency alone.—V. 138,
this
p.
company
153.
Crescent Public Service Co.
(& Subs.)—Earnings—
Years End. Dec. 31—
Operating
Operating
1935
re venue.
xl934
$2,138,744
1,573,562
$2,083,676
$565,182
expenses
$561,453
1,522,223
prac¬
capital in the future for
other improvements of a
capital nature
The
finding that the debtor's plan, as
submitted is
or
less than 5% of the par value of the authorized pre¬
ferred stock, remaining after
payn ent of any dividend for the year on such
preferred stock, shall be set aside in a fund to be used for the
redemption of
preferred stock, and for no other purpose.
be
any
prospect that the debtor will be able
consistently to pay any
substantial portion of the interest on its
bonds, much less to accumulate
a sufficient reserve in a
sinking fund, as it proposes, with which to retire
the bonds on date of
maturity.
Thus, prospects of refunding the bonds
on
that date are extremely doubtful.
Under the circumstances
the necessity
of another
reasonable
dividends.
A further provision should be made that
any net income of the debtor in
any year, equal to or
the
1, 1934,
present indenture securing the
outstanding
bonds be modified to conform with this
plan of reorganization, and that
provisions be made for a sinking fund into which all
the
non-cumulative, and payable only in units of H of 1% or multiples thereof.
not now
amount of new
on
Provision should be made that the
preferred stock and the right to divi¬
dends thereon shall have a preference on the debtor's
earnings ahead of the
claim.
on
3339
exchange should be
the basis of 10 shares of preferred stock, $100
a share
par value, for each $1,000 par value bond.
The preferred stock
should provide for the payment of an annual dividend of
5% of such por¬
tion thereof as may be
earned, from the date of issue, the dividend to be
same
interest matured and unoaid of $105,775: deferred liabilities of
$240; unadjusted credits $1,644,496,
representing principally accrued de¬
preciation on road and equipment; sinking fund reserve, $174,678;
profit
and loss balance, $125,962, and total
corporate surplus, $300,640.
For the purposes of the plan and its
acceptance under the classification
order of the Court entered June
17, 1935, the debtor's creditors and stock¬
holders consist of three classes: (1) Holders of the
debtor's first mortgage
bonds; (2) the Finance Corporation, as the holder
of the debtor's promissory
note: and (3> the holders of the debtor's common
stock.
The claim of the
on
The
any
Liabilities
which
Chronicle
Net income from operations
Non-operating revenue—net
10,967
Depreciation and depletion
Long-term debt
Unfunded debt
Annual dividend requirement on pref. stock
Federal and State taxes on bond interest
8,536
$576,149
Gross income.
$569,989
163,394
222,287
153,211
221,315
_
_
Amortization of debt discount and expense
Net income (see note)
Annual interest requirements on coll. trust bonds-_
Net income for the year before Fed. income tax.
_
4.576
89,388
3,364
18,151
4,626
59,580
4,102
$86,141
54,555
$97,848
7,644
$31,587
$90,204
18,151
x Includes operations of Crescent Public
Service Co. for the three months
ended Dec. 31, 1934; operations of subsidiaries for the
year ended that date
irrespective of date of acquisition by the company, fixed charges of sub¬
sidiaries on obligations in hands of the public
including annual dividend
requirements on pref. stock of subsidiary, whether or not
paid and (or)
accrued, and annual interest requirements on long-term debt of Crescent
Public Service Co., exclusing collateral trust
6% income bonds, seiries B.
3340
Financial
Consolidated Earnings for the 3 Months Ended March 31
—
Operation——
income „/,
Fixed charges of subs, on obligs. in hands of public.
Long-term debt
1,911
39,388
Net corporate
55,431
1,425
14,898
4,537
1,354
Income deductions....—
Int.
on
20,542
38,520
4,909
46,210
4,035
Net income
before provision for renewals and
replacements (deprec.) and Fed. income tax..
$94,889
Mar. 31 '36 Dec. 31 '35
$63,559
15,121
Accountsreceiv—
248,464
Accrd. int. receiv.
352
Mat'ls & supplies-
75,496
24,447
73,127
27,747
262,242
5,081
1,600,501
1,583,703
99,530
14,954
619
.219,811
1,092,520
60,610
497,438
Deficit......
400,422
10,734,6371
Total
10,844,570 10,734,637
Includes warrants.—V. 140, p. 2351,
2,259,508
Net revenue from oper-.
Tax accruals
4,808,762
1,784,000
7,620
Uncollectible revenues-.
$14,645,261 $11,887,424 $12,710,507
4,601,589
5,225,370
4,850,114
1,860,000
1,760,000
1,905,000
4,048
5,691
5,362
$3,017,142
$2,737,541
$3,459,679
$2,939,752
861,661
103,635
496,977
89,161
751
50,640
685,242
634,112
97,462
504,128
93,937
757
47,475
675,864
90,246
508,727
95,820
1,694
75,960
7,591
152,381
1,477
10,209
349,220
1,878
14,119
3,481
1,220
22,385
3,481
1,457
inc— $1,764,276
4,781,418
$1,799,337
4,536,878
$1,396,691
4,856,370
$1,475,634
4,415,386
1,263,392
58,683
739,364
247,434
1,216,362
28,091
496,344
180,933
1,097,824
35,082
204,832
102,194
1,168,958
26,316
205,046
102,194
Rent from equipment—.
Miscell. rent income
Misc. non-op. phys. prop
Income from funded sec.
from
Income
Total
America, Inc. (& Subs.)—Earnings—
income
non-oper.
.
1936
1935
maintenance,
$7,334
$51,199
Rent for equipment-
—
Joint facility rents
Rent for leased roads—
Crown Cork International Corp.—25-Cent Class A Div.
the
on
dividend of 25 cents per share on account
cum. class A stock, no par value, payable
$1
a
July 1 to holders of record June 10. A similar payment was made April 1,
last, Dec. 20, Aug. 30 and May 22,1935 and on Dec. 21,1934, and compares
with 50 cents paid on March 20, 1934 and Nov. 1, 1933.
The last regular
quarterly dividend of 25 cents per share was paid on April 1,1931.—V. 142,
1814.
473
353
353
360
5,394,589
181,561
14,518
5,381,398
156,349
17,290
5,324,009
154,780
17,933
$3,268,799
Int.
on
bds., ctfs. & mtg.
on
unfunded debt—
Misc. income charges—.
Net deficit
$2,975,872
$2,138,953
$2,584,210
General Balance Sheet Dec. 31
1935
1934
$
Assets—
$
equipment.210,625,971 210,539,779
have declared
Inc.—Larger Dividend—
ry.
403,887
property..
dividend of $3 per share on the capital
stock,
par $100, payable June 1 to holders of record May 15.
This com¬
with $2 per share paid on Feb. 15 last, Sept. 14, June 1 and Feb. 1,
1935; June 1 and Oct. 5, 1934, and on Sept. 1 and Dec. 11, 1933.
A
erty sold
dividend of $1.50 per share was paid on Dec. 1, 1932, $1 on Sept.
and 75 cents per share in each of the two
2586.
1, 1932,
preceding quarters.—V. 141,
.
>
Aeroplane & Motor Co.—New President—
Wright has been elected President of this company.
Mr,
Wright succeeds Ralph S. Damon, who resigned Dec. 31, 1935.—V. 142,
p. 124.
first
page
of this department.—V. 142,
p.
serv.
bals.
3165.
Cutler-Hammer, Inc.—Earnings—
rec.
Other curr.assets
Work, fund advs
Earnings for 3 Months Ended March 31,1936
Net profit after Federal taxes, deprec. & other deductions
Earnings per share on 329,999 shares capital stock (no par)
—Y. 142, p. 981.
$232,343
$0.70
188,416
Other def. assets
Rents
Corp.—Earnings—
3 Months Ended March 31—
Net profit after depreciation, Federal taxes, &c
Shares common stock (par $10)
-
Earnings
per
share.
Other
1935
1936
$87,777
196,942
$0.35
$59,523
197,092
$0.20
—Y. 142, p. 1981.
800,313
330,872
Misc. accts. pay.
Int. mat'd unpd.
7,442,683
3,111,658
15,116
2,891,469
16,946
ma¬
accrued
35,690
7,285 Other curr. llabs.
8,710 Def'd liabilities.
451,194 Tax liability—
2,003,000
1,072,135
2,003,000
1,058,194
93,912
77,096
19,073
369,572
1,106,788
21,648
370,623
1,167,980
10,101,422
4,436,931
8,955,785
1,411,518
420,553
1,529,261
407,137
5,852,532
Accrued deprec.,
equipment-
paid in
3,190
2,167
10,313,744
3,131,684
_
.
Other unadj.cred
Add'ns to
unadjust¬
ed debts
>
6,876,763
tured unpaid.
95,587
1,649,860 Unmat. int. accr
2,443,161 Unmatured rents
insur.
&
prem.
78,934
1,712,981
2,600,882
33,141
5,721
8,464
161,408
800,313
payable
Fund, debt
advance
Deisel-Wemmer-Gilbert
103,912
rec.
.
16,200
120,541,000 121,150,340
bills pay
6,964,589
6,997,967
.....
501,800
wages
from agents &
Mat'l & supplies
Rents receivable
matured
190,458 Grants in aid of
construction..
15,507,448
1,032,951 Traf. & car serv.
bals. payable.
202,143
81,240 Aud. accts. and
car
Net balances
15,600
for
llab.
Loans &
155,032
15,523,645
Cash
1,257,943
Special deposits.
7,407
Loans & bills rec.
81,240
property
Inv. in affil. cos.
conductors
Misc. accts. rec.
Curtiss-Wright Corp.—Registers with SEC—
See list given on
37,875
Miscell. physical
and
$
62,457,539
16,429,400
Funded debt un¬
37,875
Traffic
r:
62,457,539
16,430,000
conversion, pf.
stock—
of mtgd. prop¬
pares
5,143
Deposits in lieu
a
1934
$
stock.
Preferred stock.
Stock
Impt. on leased
Crow's Nest Pass Coal Co.,
1935
Liabilities—
Common
road
in
Invest,
&
Curtiss
90,461
1,099'
31,650
5,362,290
366,079
12,498
Miscellaneous rents
Int.
The directors have declared
Burdette S.
136,032
493,546
unfunded
securities & accounts.
Dividend
Gross income
—V. 141, p. 3687.
P.
1,822,743
3,619,224
556,850
5,690,025
103,418
927,945
9,699
Non-Operating Income—
Hire of frt. cars.—rec'ts
Hire of frt .cars—paym'ts
Creameries of
The directors
1,640,960
3,460,148
519,978
5,366,293
57,572
857,173
14,699
4,309,191
552,992
6,364,088
86,072
1,098,593
25,183
Deductions—
3 Months Ended March 31—
Net loss after taxes, depreciation,
interest and other charges
P.
Total oper. expenses..$16,135,468
Miscellaneous income.
—V. 140, P. 2351.
of accumulations
invest.—Cr.
for
Transp.
Total oper. income-.
Unrealized profit-_
219,810
Pref. stk.(sub. co.) 1,076,570
Common stock
60,610
"""309
10,844,570
Transportation
Miscell. operations
Joint facil. rent income-
Deferred liabilities
267,731
Leasehold lmprov.
x
16,496
84~,518
Consumers deposits
Unamort. debt dis¬
Total.
""i02
6,132
Reserves
2,797
$19,246,850 $17,112,793 $17,560,621
2,491,669
4,861,413
601,383
7,140,623
127,226
963,815
50,663
-
101,252
Interest on bonds.
Miscell. liabilities.
~6~509
count & expense
102
refundable
Service &ins. deps
Cash in closed bk_
Suspense
7,894,300
78,615
93,687
5,434
81,242
_
Miscell. interest..
75
Misc. curr. assets.
116,830
89,816
Unredeemed coups
Taxes
Maint. of way & strucMaint. of equipment—-
8
Accounts payable.
Consumers deps..
485
Prepayments
Dec. 31 '35
$
Long-term debt-.. 7,879,300
Notes receivable—
1935
1934
1933
1932
$18,470,420 $17,168,316 $15,228,413 $15,357,545
1,301,958
990,731
891,110
1,035,979
734,935
695,957
650,373
742,662
99,832
71,877
50,546
92,998
337,084
319,968
292,352
331,437
General
Afar. 31'36
Liabilities—
9,845,989
5,794
12,005
221,056
xl6,988
254,097
—
Traffic-
Condensed Consolidated Balance Sheet
Plant, property &
equipment
9,888,194
6,859
Special deposits—
Investments
12,005
Cash
307,229
—
Operating Expenses—
—
$
Freight
Passenger.
Mail, express, &c
Dining, hotel, &c
Total oper. revenues. .$20,944,230
computed in accordance with formula in in^.;>'
Assets—
-
Income Account for Calendar Years
Miscellaneous
coll. trust 6% bonds, series A
coll. trust 6% income bonds, series B,
on
denture
1935
1934
1933
1932
Average miles operated2,593
2,560
2,497
2,532
Passengers carried
337,537
259,874
207,312
232,718
Pass, carried one mile... 83,952,156
61,237,609
52,123,310
57,274,579
Rate per pass, per mile..
1.55 cts.
1.62 cts.
1.71 cts.
1.81 cts.
Revenue freight (tons)..
7,179,025
6,306,358
5,824,343
5,863,091
Rev. frt. 1 mile (tons).. 1722,027000 1611,357000 1446,569000 1335,840000
Rate per tons mile per.
1.073 cts.
1.065 cts.
1.053 cts.
1.150 cts.
Operating Revenues—
Unfunded debt
Dividends on pref. shares....
Amortization of debt discount & expense
Fixed charges of Crescent Public Service Co.—
Int.
Traffic Statistics for Years Ended Dec. 31
$162,305
55,099
1,649
14,898
4,532
Depletion
Taxes, exclusing Federal income tax—
$567,227
311,246
$211,812
-
Maintenance
$565,422
1,805
$626,034
316,125
40,510
4,584
49,813
3,187
.
Report—
1935
$622,781
3,252
Gross revenue
May 16, 1936
Denver & Rio Grande Western RR.—Annual
1936
Operating revenue.
Non-operating revenue
Chronicle
prop,
through inc. &
surplus......
Profit and loss.
Total—.....243,199,883
235,526,2891
.
Total—.. ...243,199,883 235,526,289
-V. 142, p. 2992.
Delaware Power & Light Co.—Earnings—
Period End. Mar. 31—
inc. after deprec.,
1936—3 Mos.—1935
1936—12 Mos.-
-1935
Net
int., amort., Fed.taxes
& other deductions...
—V. 142, p. 297.
Detroit Paper
t
$343,298
$318,556
$1,226,456
$1,270,916
Products Co.;—Extra Dividend—
The directors have declared an extra dividend of 6 cents per share in
addition to the regular quarterly dividend of 6M cents per share on the new
stock, par $1, both payable June 10 to holders of record May 29.
An initial dividend of 6 M cents per share was paid on March 2, last.—V. 142,
common
p.
2993.
Dictaphone Corp.—New Presidentfames L. Mcintosh will become President of this company on June 1,
succeeding L. C. Stowell who is retiring to become executive vice-president
and a director of Underwood-Elliott-Fisher Co.
Mr. Stowell will remain
a
director
Mr.
ceeded
of Dictaphone.
Mcintosh is now the
by O.
Secretary and Treasurer.
E. Hallenborg.—V. 142, p. 3166.
Distillers Corp.-Seagrams,
Exchange
be
suc¬
Ltd.—Govt. Claims Settled—
The company, through its counsel, White & Case, has
York Stock
He will
notified the New
the complete settlement and release of the company
from certain claims arising out of the prohibition era, which the United
States Government might have against it, upon the payment to the United
States Government of the sum of $1,500,000, payable $250,000 in cash and
the balance of $1,250,000 in instalments (without interest), payable con¬
currently with the importation of American type liquors owned by the
company in Canada, with the right in the company to anticipate any
unpaid balance of the settlement.—V. 142, P. 2825.
or
Dominion & Scottish Investments,
The directors have declared
Ltd.—Accum. Div.
dividend of $1 per share on account of
red. preference stock, par $50, payable
June 1 to holders of record May 20.
This compares with 25 cents paid
on March 2, last, Dec. 1 and Sept. 1.1935; 50 cents paid on June 1, 1935; 25
cents per share paid on March 1, 1935, and Dec. 1 and Sept .1 1934; 33 1-3
cents per share on June 1, 1934, 25 cents per share paid quar. from Aug. 1,
1932, to and incl. Feb. 1,1934, and 50 cents per share paid on May 1.1932,
prior to which the company made regular quarterly distributions of 62 H
cents per share.
Accruals after the June 1 payment amounted to $5.25
per share.—V. 142, p. 1119.
accumulations
on
the
5%
a
cum.
Domestic Finance Corp.—Stock Offered—Hammons &
Co., Inc., New York, on May 12 offered at $28 per share
50,000 shares cumulative preference stock (no par), dividend
$2 per share per annum.
A prospectus dated April 30 affords
the following:
History and Business—Corporation
was
incorp. in Delaware,
April
11,
1930.
On Aug. 14, 1930 company was merged and consolidated with First
Industrial Bankers, Inc. (Del.), under an agreement of merger and consolida¬
tion whereby Domestic Finance Corp. remained as the corporation result¬
ing from such merger.
Corporation owns and operates, through wholly
owned subsidiaries, loan companies organized and (or) operating under the
Uniform Small Loan Laws or various States.
The following is a complete
list of such subsidiaries and of the cities in which they operate offices, viz.;
Domestic Finance Corp. (Ind.); Domestic Finance Corp. of Maryland
(Del.), formerly First Industrial Bankers, Inc. (Del.); Domestic Finance
Corp. of New York (New York); Domestic Finance Corp., A Small Loan
Co. (Va.), formerly American Small Loan Go. of Virginia, Inc. (Va.);
Illinois Domestic Finance Corp.; Industrial Loan & Thrift Corp. (Minn.)
now in process of liquidation.
Purpose of Issue—Net proceeds which may be realized from the sale of
cumulative preference stock may be used by the company for any or all of
the following purposes:
Payment of bank loans and other obligations,
expansion of business of the company and its subsidiaries, affording funds
for the use of subsidiaries in opening of additional offices, expansion of their
present outstanding loan balances, and other corporate purposes.
Terms of Offering and Proceeds of issue—The $96,848 shares of cumulative
preference stock covered by this prospectus, as are sold, and of which 50,000
shares of presently offered, will be sold to the public at a price of not more
than $28.50 per share, and not less than $25 per share.
The issuer may pay
or allow to its own employees (not including any officer or director of the
issued for their services in distributing such securities amounts not exceed¬
ing $3.50 per share or issuer may make such arrangements with salesmen
or other persons,
firms or corporations acting in the capacity of under¬
writers as will result in their being compensated in connection with the sale
or distribution of any of such shares of stock in amounts not exceeding
$3.50 per share.
If all the
shares covered by this prospectus
are
sold it is estimated that the total net proceeds of such sale will consist of
approximately $2,385,000 in cash.
Under an underwriting agreement entered into with Hammons & Co.,
Inc., the underwriter is entitled to purchase up to 50,000 shs. of cumulative
preference stock at $25 per share for re-sale at not exceeding $28.50 per
share.
Volume
Financial
142
Capitalization—
Cumulative prefernce stock (no par)Common stock (no par)
v
Outstanding
96,815 shs.
48,000 shs.
Authorized
250,000 shs.
260,000 shs.
Registrar—Continental Illinois National Bank & Trust Co. of Chicago,
Chicago. Transfer Agent—American National Bank & Trust Co., Chicago.
— -.--
__
Provision
for
Federal
income
prior years)
!
tax
$1,235,929
693,216
24,570
(less adjustment of $4,812
63,629
-
$454,514
194,119
$648,633
93,150
.
—
96,000
-
Balance, March 31, 1936
$459,482
Consolidated Balance Sheet March 31,1936
Assets—
company, announced that all negotia¬
Mining & Royalty holdings in tri-state
field have been
definitely discontinued.
Eagle Picher some time ago paid
$250,000 for an option on these properties, but forfeited
same, and later
price under $12,000,000. the
a
first price agreed upon.—V.
141, p. 1768.
and
co-maker
$702,411
33,880
loans
receivable
Notes payable to banks—
Accounts payable
11,657
Cumul.
Equipment-.—-
59,732
22,740
1,026,764
preference stock-
Common stock (no par)
48,000
—
—
Earned surplus
-$4,503,047
68,442
684,665
Capital surplus
Total
Total
767,228
459,482
$4,503,047
-V. 139, p. 1082.
Denver & Salt Lake
Calendar Years—
Mail
1932
44,378
42,517
71,586
11,554
39,602
101,189
8,939
29,825
$1,710,668
64,917
102,229
13,410
$2,234,882
$1,620,006
$1,657,331
$261,026
423,916
23,127
514,719
116,482
CY62.589
$93,941
251,474
18,474
332,965
134,365
Crl6,369
120,153
Cr42,343
$246,893
294,125
20,150
321,236
116,466
Crl9,177
$1,276,681
958,201
179,634
$814,851
805,155
166,470
$889,160
768,172
166,811
$979,699
935,769
162,176
5
39
302
149
36,595
Cr518,732
5,363
0110,290
Cr38,980
Cr279,839
$1,260,698
$913,122
$711,348
$812,425
_
-
Transportation
Genral
Transp. for investmentTotal oper. expenses.Net operating revenueTax accruals
Uncollectible
revenue—
Hire of equip.—net
Jt. facility rent income.
-
Net railway oper. inc.
"
ItlCTCCISB
Operating Subsidaries—
1936
American Power & Light Co.-105,368,000
Electric Power & Light Corp.- 42,532,000
1935
78,491,000
Amount
88,779,000
34,677,000
16.589,000
7,855.000
11,038,000
67,453.000
18.7
22.6
16.4
Electric
Illuminating
Co.
of
Boston—New
Vice-President—
47,737
24,244
$1,915,469
Operating Expenses—
Maint. of way & struct—
Maint. of equipment-—
Traffic
Inc.—Weekly Input—
For the week ended
May 7, 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
compared with the corresponding week during 1935, was as follows:
Edison
1933
$1,469,642
————
Total oper. revenues.
1934
.,454,747
Express...—
Allother-—----------
142, p. 2497.
Ebasco Services
Ry.—Earnings—
$2,074,823
49,003
57,773
8,905
—
on May 13 declared an extra dividend of 25 cents
per share
a regular
quarterly dividend of $1.25 per share on the common
value, both payable July 1 to holders of record June 5. Similar
National Power & Light Co—
—V. 142, p. 3167.
1935
Operating Revenues—
FreightPassenger
no par
payments were made on April 1, Jan. 2 and Oct. 1, last.
Previous extra
distributions were as follows: 75 cents on Jan.
2, 1935, and $3 per share
each Jan. 2 from 1925 to
1932, inclusive. See V. 140, p. 1144, for detailed
48,466
Due parent company
Other assets
Deferred assets
stock,
$1,400,000
Provision for Federal inc. tax.
3,672,627
The directors
in addition to
dividend record.—V.
Liabilities—
.
.
deposit and in transit-
On hand
Chattel
Dropped—
George Potter, Vice-President of the
tions for the purchase of Commerce
Eastman Kodak Co.—25-Cent Extra Dividend—
Total.
Dividend paid and accrued on preference stock
Dividend paid on common stock--
on
Purchase
began fresh negotiations to buy, this time at
Consolidated net profit
Previous earned surplus-----.,,...--
Cash
3341
Upon consummation of the plan the new company is to have an initial
cash working capital of
$6,000.
All of the capital stock of the new com¬
pany is to be acquired by Dorwood Realty
Corp. in connection with the
acquisition of the furnishings by the new company.—V. 140, p. 3715.
Eagle Picher Mining & Smelting Co.—Negotiations for
Consolidated Income Account Year Ended March 31, 1936
Gross earnings, from interest, &cCost of financial services
Other deductions (net)
Chronicle
$214,820
276,358
18,192
301,981
Directors
on
May 5 elected Thomas H. Carens, Vice-President in charge
of the public relations activities of the
company.—V. 142, p. 2994.'
Electric Auto-Lite
Co.—Acquisition—
The company has purchased
through its subsidiary.
the Wildman Rubber Co. plant in
Bay City, Mich.,
Bay City Mfg. Co.,
and will adapt the
factory to make a new automotive product to be introduced this fall.
Auto-Lite already manufactures 101 different automotive
parts and products
—V. 142, p.
2826.
Elgin Joliet & Eastern Ry.—Earnings—
Calendar Years—
Operating revenues
Operating expenses
Tax
1935
$14,203,429
10,123,781
1,135,238
accruals
Operating income-.-Equipment rents
1934
1933
1932
$9,985,608
7,563,736
1.001,588
$10,289,344
8,344,359
886,938
$7,764,089
7,173,469
1,195,154
$1,058,046
396,221
$1,420,284 def$604,534
491,482
410,467
$2,871,016
75,953
Net railway
$2,944,410
73,394
$661,825
62,397
$928,802df$l ,015,001
101,406
136,958
$2,946,969
1,827,489
$724,222
1,113,283
$1,030,207 loss$878,043
1,562.355
1,563,863
prof$1,119,480
34,368
8,121,947
$389,059
50,092
8,480,715
$532,148
129,743
8,895,325
$2,441,906
$9,275,795
29,886
$8,141,748
$8,492,920
12,206
$9,029,570
19,801
$9,245,909
$8,121,947
$8,480,715
$8,895,325
income..
Other income
Olher Income—
Miscellaneous income—
Inc. from funded
Income
from
5,343
59,100
secur._
9,151
85,095
16,619
97,555
28,752
101,966
Gross income
Deductions
unfunded
securities and accounts
1,876
5,584
19,806
30,994
Total oper. & oth.inc-
$1,327,018
$1,012,952
$845,328
$974,137
Net deficit
Other credits
Previous surplus
17.526
11,453,950
Deductions—
Total surplus
Rent for leased roads:
Moffat Tunnel
Northwestern
345,900
345,900
345,900
345,900
71,269
56,843
57,378
51,120
RR. Co..---
Miscellaneous rents
151
161
150,000
150,000
660,000
440,000
unfund. debt
124
97
Miscell. income charges.
9,747
$1,237,191
Interest
debits
.
151
Profit & loss surplus..
on
Balance Sheet Dec. 31
_
150,000
412,500
7,458
150,000
275,000
3,360
9,392
$1,000,459
$841,181
$970,191
7
1935
1934
1935
Liabilities—
Prop, investment.32,827,469
to
bal.
income
10,513
trans.
profit and loss
89,826
1935
12,494
4,146
3,946
$
Impt.
leased
on
railway property
404,571
Invest, in affll. cos.
29,666
Other
1935
investments
Cash
820,924
142,350
Special deposits.— 1,977,725
327,242
31,892
2,080,046
652,194
73,631
Traffic & car serv.
balances
receiv.
155,125
1934
$
103,941
Net balance receiv.
Capital stock
$
5,393,082
5,110,035
Long-term debt...13,500,000 13,500,000
Traffic &
balance
car serv
25,837
9,545
Audited accts. and
wages
payable-.
Miscell. accts. pay
Int. matured unpd
Unmatured interest
Accrued int. receiv
6,411
10,944
Rents receivable..
32,473
16,500
1,390
1,177
40,902
369
curr. assets-
28,142
Unadjusted
-V.
101,984
debits
20,505,364 21,280,992
Total
erty
thru
(3854 Corporation),
in¬
28,878
28,593
1,009,839
20,505,364 21,280,992
N.
Y.
City- -Reor-
A plan
of reorganization dated May 14, 1935 (modified Dec. 5, 1935)
approved April 16, 1936 by the New York Supreme Court.
plan provides for the readjustment of the interests of the holders
of the first mortgage fee 6% serial gold bonds, secured by a
mortgage upon
the premises known as The Dorset, located at 26-40 West 54th St., N. Y.
City.
The plan has been adopted and approved by the committee con¬
stituted and acting as the real estate bondholders' protective committee
(known as the Roosevelt Committee).
This
Treatment of Outstanding Bonds
its
treatment
of outstanding
bonds,
the plan provides that bond¬
assenting to the plan are to receive in exchange for such bonds
an equal principal amount of new first mortgage
20-year 2% bonds (with
contingent additional interest)
The new bonds to be issued to bondholders assenting to the plan are to
holders
.
be entitled to receive fixed interest at the rate of 2% per annum and in
addition contingent additional interest (without limit as to amount)
equal
one-third of the earnings of the new company available for that
purpose.
Such new bonds are also to be entitled to the benefits of a sinking
fund, to
be used to purchase or redeem bonds, equal to the second third of such
to
earnings, subject to certain permitted deductions for the im¬
provement of the mortgaged property.
The principal amount of the bonds remaining unpaid to be dealt with
by
available
the
plan is $2,478,333.
The funded debt and capitalization of the new company, based
upon the
the plan by the holders of all of the outstanding bonds, are to
assent to
be substantially as follows:
(1) New bonds
(2)
$2,478,067
Subordinated note (principal and interest payable only out of
one-third of "available earnings")
(3)
203,261
125,173
730,922
153,612
985,226
1,865
8,969
371,379
209
assets
931,905
136,968
178,444
curr.
22,475
&
liabils.
315,213
144,375
liabilities
115,717
Unadjusted liabils. 8,501,215
8,110,739
Deferred
115,597
Add'ns to property
through income.
623,820
622,794
9,245,909
Profit and loss
8,121,947
sur¬
plus.-
•V.
42,697,029 40,734,508
Total
42,697,029 40,734,508
142, p. 2994.
Paso
Natural
Gas
Co.—Files
with
SEC-
■To
Issue
$11,250,000 New Bonds for Refunding Purposes—
The company on May 13 filed with the Securities and
Exchange Com¬
mission a registration statement (No. 2-2162, Form A-l) under the Securities
Act of 1933 covering $7,500,000 of 1st mtge. bonds, series A,
4K%, due
June 1, 1951, and $3,750,000 of 4H % convertible debentures, due June
1,
1946.
Company is also registering no par common stock for conversion
of the debentures and scrip for fractional shares of the common stock.
According to the registration statement, the net proceeds from the sale
are to be applied as follows:
$2,576,700 to the redemption of $2,454,000 principal amount of 6K%
1st mtge. sinking fund gold bonds, due Dec. 1, 1943, of the
company, at
105%; •
$523,950 to the redemption of $499,000 of 6H% 10-year convertible
gold4ebentures, due Dec. 1, 1938, of the company, at 105%; the amount
required for the redemption of these debentures may be reduced by the
conversion of all or part of them into preferred and common
stock;
of the bonds and debentures
was
In
21,901
166,430
Mat'ls & supplies.
curr.
Unmatured int.
Other
29,292
agents & cond'rs
Misc. accts. rec_.
Total
927,755
142, p. 2992.
(The) Dorset
ganization—
vice balance due
994,263
771,276
17,407
20,768
261,232
Misc. accts. pay—
Matured int. accr
rents accrued.—
Net bal. due from
EI
&surp—
Profit and Joss—def467,488
Total
ser¬
1,714,472
-
payable--
9,644
Addit'ns to prop¬
come
car
8,886
Corporate surplus:
Deferred assets
Traffic &
403,351
65,837
4,370
30,951
4,313
rec—
413,927
413,608
Other
Special deposits—
Int. & divs
Deferred assets—
Other current liab.
7,318
2,385,278
cos
Audited accts. and
wages
Unadjusted debits
491,053
rec_
1,418,404
&
440,000
10,646
136,738
352,132
conductors
loans
Other
Material & supplies
Miscell. accts.
other
135,049
36,901
73,631
accrued
and
ser¬
vice balance due
619,485
199,222
31,128
101,725
660,000
11,024
Deferred liabilities
5,737
Unadjusted credits 1,016,216
from agents
car
270,551
619,557
from other cos..
payable
&
$
10,000,000 10,000,000
11,110,000 11,355,000
1,129,163
Cash,.-
deposits
Liabilities—
16,306,104 17,029,152
Capital stock
225,459
Demand
1934
♦$
ASSBtSmm^m
Traffic
Corp
1934
$
Funded debt
Other investments
Comparative Balance Sheet Dec. 31
Road & equip
32,206,297
Leaseholds invest- 4,000,000
4,000,000
Adv.to RR. Credit
Total deductions
Net
134,244
151
funded debt:
on
First mtge. bonds
Income mtge. bonds.
Interest
Other
Terminal
Capital stock (par $1 per share)
356,000
1,000
$_
to the
payment
of $2,975,000
principal amount of 1st
mtge. 5Vi% bonds, due Jan. 1, 1944, of Western Gas Co.;
$5,300,000 to the redemption of $5,300,000 principal
amount of 2d
mtge. 6% bonds, due Jan. 1, 1944, of Western Gas Co., at 100%.
The balance of the proceeds is to be used for other
corporate purposes.
Accrued interest on the issues to be retired will be paid out of
treasury
funds.
The series A bonds
whole
or
are redeemable at the
option of the company as a
in part at any time after 30 days' notice at the
following prices
interest:
If redeemed on or before May 31, 1939,
105%;
May 31, 1942, 104%; thereafter and incl. May 31,
103%; thereafter and incl. May 31, 1947, 102%; thereafter and
incl. May 31, 1949, 101%; thereafter and incl. May
31, 1951, 100^%;
and thereafter at 100%.
The debentures are redeemable at the option of the
company as a whole
at any time or in part from time to time on any interest
payment date
after 30 days' notice at the following prices plus accrued interest:
If
redeemed on or before May 31, 1938, 105%; thereafter and incl.
May 31,
1940, 104%: thereafter and inlc. May 31, 1942, 103%; thereafter and
incl. May 31, 1944, 102%; thereafter and incl. May 31,
1945, 101%;
and thereafter at 100%.
The conversion provisions of the debentures, the
price to the public
of the bonds and debentures, the principal underwriters and the under¬
writing discounts or commissioners are to be supplied by amendment to
the registration statement.—V. 142, p. 2826.
plus accrued
thereafter and incl.
1945,
3342
Financial
'
1936
1935
$19,786,837 $16,256,148
11,942,129
9,544,073
Operating expenses, maintenance and taxes
!
Net operating revenue--
$7,844,707
768,582
$7,651,984
1,489,151
253,678
1,047,850
2,969,201
$1,687,779
zation of discount
Reserves
depletion and depreciation:
for
Net income
—V.
142.
-
2497.
P.
-
'
'
have declared
directors
a
dividend
of 40
cents
share on the
$2.25 cum. partic. stock, no par value, payable July 1 to holders of record
June 15.
A like payment was made on March 16, last and compares with
75 cents paid on Nov. 9, 1935 and 50 cents paid on May 20, 1935, and on
Nov. 10, 1934.
Quarterly distributions of 56 cents per share were made on
this issue
when
per
Jan.
1 and April 1, 1932, none thereafter until May 10, 1934
dividend of 50 cents per share was made.
A record of dividends paid
a
on
the partic.
stock follows:
July 1926, 40c.; Oct. 1926 to Oct. 1927, 50c. quar.; July 1928 to April
1930, 50c. quar.; July 1930, $3.04; Oct. 1930, 56c.; year 1931, $2.25 year
1932, $1.12.—V. 142, p. 1465.
on
Ferro Enamel
Engineers Public Service Co.—Listing—
Exchange has authorized the listing of 1,909,968
shares of common stock (par $1), in substitution for, share for share, a like
aggregate number of shares of common stock (no par) previously authorized
to be listed and now outstanding.
196,934 shares of common stock (par
$1) on official notice of issuance upon exercise of common stock purchase
warrants at $68 per share on or before Nov. 1, 1938 and, 237,120 shares of
common stock (par $1) on official notice of issuance on conversion of $5
dividend convertible preferred stock at any time before July 1, 1938 on
Exchange recently authorized the listing of 15,250
(no par) common stock, upon official notice of issuance
date
the
150,000 shares.
to
holders of record of its outstanding com¬
shares, as of the close of business on the seventh day following the
of the registration statement under the Securities Act of
1933, as amended, the privilege of subscribing for one common share for
each eight common shares held at $23 per share, with respect to the above
15,250 shares.
The corporation will offer to the
mon
effective date
Consolidated
Statement
Income
has been advised by this
company
year 6J^% debentures, series due 1965, will be purchased under the terms
of the offer at a price of $922.50 flat per $1,000 of debentures with the
Aug. 1, 1935 and subsequent coupons attached, from May 11, 1936 to May
25. 1936.
As heretofore, purchase of the debentures will be made at the
office of City Bank Farmers Trust Co. pursuant to the terms of the offer.
2826.
$674,557
30,268
$570,227
21,726
$398,088
17,268
$704,826
427,984
11,427
$591,954
361,750
18,110
$415,356
Selling, general & admin, expenses
Provision for doubtful accounts
$265,414
40,563
$212,094
33,647
$167,871
$305,977
29,243
36,985
$245,741
18,385
33,186
$188,091
23,098
23,246
$239,748
$194,168
$141,747
Profit from operations
Provision for income taxes
Net income.
-V.
142,
P.
announced
on
May
11
that
Robert
N.
Flintkote Co.—New Director—
Ry.—Annual Report—
Rose,
Presi¬
1639.
Pass, carried one mile..
96,656,601
1.972 cts.
Av.
rev. per pass.
p.
(& Subs.)—Earnings—
1933
1Q39
238,361
$4,259,596
1,545,508
666,863
248,827
$7,729,029
$7,609,612
$6,693,546
2,733,525
1,430,914
1,676,884
852,884
2,388,843
1,336.501
1,594,653
822,291
1,931,930
1,287,840
1,564,765
754,402
1,987,904
1,301.742
1,612.033
799,372
$6,694,208
1,034,821
805,362
56,142,288
1,467,324
766,762
$5,538,937
1,154.608
859,567
$5,701,051
1.019,743
866,626
Expenses—
Transportation
Total oper. expenses.
93
TftXGS
Uncollectible
Railway
Mar. 31 '36 Dec. 31 '35
Cash in banks and
hand
$199,413
$230,471
143,277
Accts. & notes
Mar. 31 '36 Dec. 31 '35
Accts. payable and
accrued expenses
$57,934
6,374
1,593
763
462,875
165,134
14,353
461,829
165,134
11,406
40,246
3,500
437,860
40,246
3,500
437,860
ser. gold notes
current
Pro v. for State tax.
—at cost
617,469
629,569
400,000
Goodwill
400,000
6%
ser.
8%
expenses-
Plant & equipm't
cum.
gold notes
1st pref.
stock (par $100) 1,000,000
8% cum. pref. stk.
(par $100)
2,000,000
Com. stk. (par $25)
Deficit
$2,002,523 $2,002,516
reserve
for
Total
1,500,000
3,040,544
1,000,000
2,000,000
1,500,000
3,038,619
$2,002,523 $2,002,516
depreciation of $1,544,593 in 1936 and $1,534,833 in
1935—V. 142, p. 2498.*
Fairmont Hotel
The
Co., San Francisco—Plan Effective•—
bondholders
have been notified that upon presentation of their
certificates of deposit to the American Trust Co. they will receive
their modified bonds and checks for interest now due in the amount of
2% of the face amount of the bonds.
is
in
73
$294,239
75,113
$153,044
97,852
$772,957
$369,352
$250,896
429,314
21,974
2,966,354
118,573
Hire of equipment
Joint facility rents
Int.
on
funded debt
Total deductions
421,444
53,121
3,012,454
92,529
383,584
386,015
48,804
3,027,767
104,939
accordance with the plan of reorganization proposed
to. the
bondholders about a year ago by the bondholders' protective committee
under the Fairmont Hotel Co. bondholders' deposit agreement, and placed
in effect through proceedings under Section 77-B of the amended Bankruptcy
Act.
■
,
•
Under the reorganization plan holders of the bonds will be paid fixed
interest in a somewhat reduced amount for a 4-year period commencing
Oct. 16, 1934, after wiich the bonds are to pay the full interest of 5H%Under the plan all past due interest and deficiency below the full 5H%
rate, if not paid, will be funded until final maturity of the bonds in 1949.
—V. 142, p. 622.
Farmers Title
45,566
3,027,447
98,389
$3,579,548' $3,554,986' $3,567,525
2,806,591
3,185.635
3.316,630
General Balance Sheet Dec. 31
1935
1934
$
$
Assets—
equipment--.113,320,859
Dep.
lieu
in
113,414,750
101,388
311,605
Impts on leased
railway prop.
85,160
301,678
25,737
25,737
781,823
602,001
375,400
37,236
1,647,678
14,285
13,235
Other investm'ts
Cash
Special depositsLoans & bills
rec
Equip. obligat..
3,951,000
627,075
12,000,000
lstmtge. bonds,
lst&ref. m.bds 45,000,000
Govt, grants...
34,169
Loans & bills pay
781,823
Inv. in affil. cos.:
Advances
balances
171,048
459,774
Int.matd.unpd 10,192,930
pay.
602,001
Aud. accts., &c.
359,291
x
37,236
1,677,103
34,467
13,097
Misc. accts. pay.
Funded debt
y
4,228,000
627,075
12,000,000
45,000,000
30,565
1,900,000
10,696
375,000
accrued
35,917
133,098
Other
40,642
193,656
50,279
162,396
Accr.
1,422,396
1,202
4,600
Other def. assets 11,915,555
Oth. curr. assets
4,429
Unadjust. debits
2,546,851
1,458,223
rec.
Mat'l & suppl—
rec.
1,057
Work, fund adv.
4,900
10,765,126
4,282
2,637,513
curr.
llab.
Other def. liab..
depr. road
Acer, depr .equip
Tax liability...
Oth. unad). cred
Addns. to
125,000
848,676
3,766
11,800,025
2,881,983
7,306,520
1,012,681
328,599
848,980
1,072
10,660,742
2,660,292
6,783,455
1,056,618
177,320
915,999
3,923,446
611,705
prop,
through inc. &
surplus
Profit & loss df.
.133,396,496 132,549,216
141,827
376,191
7,938,002
163,928
Unmatured int
bal. receivable
-
$
ma¬
tured unpaid,
Agts. & conduct.
Int. & divs.
1,900,000
1934
37,500,000
Traf. & car serv.
Traf. & car serv.
Misc. accts.
$
37,500,000
RFC loan
of
property
Misc. phys. prop
..
1935
Liabilities—
Common stock-
Inv. in road and
Total..
Guaranty & Mortgage Co.—Liquidated—
Supreme Court Justice Alfred Frankenthaler on May 8 confirmed the
first and final report of Superintendent of Insurance Louis H. Pink as liquida¬
tor of the company, one of 28 title and mortgage guaranty companies taken
over by the Insurance Department.
This report winds up the liquidation
$3,536,215
3,222,759
Deficit
Stocks
or
This
802
84.761
Bonds
bonds
520
$700,041
72,916
$313,456
income.
Miscellaneous charges.-
serial gold notes
6%
and products
After
$55,085
Accrued interest on
1st pf.stk.s. fund.
x
$6,720,794
Deduct—
Liabilities—
104,104
rec.
less reserve
Merch'dise., mat'ls
Total.
1,381,893
611,708
232,073
$228,695
revenue..
oper.
Gross income
Consolidated Balance Sheet
x
2.963 cts.
for Calendar Years
$1,925
Assets—
Prepaid
52,162,119
2.495 cts.
$4,467,872
Other income
on
55,383,327
1934
-
Total oper. revenues..
Net earnings
$14,376
11,613
4,781
Net loss.
84,173,933
2.049 cts.
$4,864,024
1,724,852
730,498
290,236
Traffic, &c
after
charging manufacturing, selling, ad¬
ministrative and idle plant expenses and provision for bad
debts, but before charging depreciation of plant and equipm't
Depreciation of plant and equipment
Interest on serial gold notes
Miscellaneous credits (net)
1932
$4,794,371
1,905,752
790,545
Freight
Passenger
Mail, express., &c
Incidentals, &c
Maint. of equipment-..
Earnings for the Quarter Ended March 31, 1936
profit
Operating
mile
Maint. of way, &c
Fairbanks Co.
1933
779
1,157,227
1935
formerly
the
President of the company since March of this year, has been elected
1934
859
822
839
938,544
1,267,923
1,067,485
Tons carried one mile
274,402,288 276,067.838 210,157,423 203,799,932
2.090 cts.
Av. rev. per ton p. mile.
1.747 cts.
1.762 cts.
2.126 cts.
213,979
Passengers carried
435,823
383,65 1
234,966
Average miles operatedTons freight carried
Income Account
dent in place of James Gibbs, who has resigned.
At the same time it was
announced that Lewis F. Koppang, has been elected Secretary and Treas¬
urer in place of W.
D. McLoughlin, who has resigned those positions.—
p.
142,
General Statistics for Calendar Years
Insurance Department of the State of New York during
the administration of George S. Van Schaick and Louis H. Pink, and Vice-
142,
20,220
2827.
Excess Insurance Co. of America—New President—
to
235,485
12.000
John M. Hancock of Lehman Bros, has been elected a director.- -V.
p.
1935
directors
220,190
2666.
-Abandon-
The Interstate Commerce Commission on April 28 issued a certificate
permitting (a) the New York Central RR. and the Evansville, Indianapolis
& Terre Haute Ry. to abandon operation under trackage rights over a line
of railraod of the Southern Railway and the Southern Railway of Indiana,
and (b) the Evansville, Indianapolis & Terre Haute Ry. to abandon ap¬
purtenant tracks and the New York Central RR. to abandon operation
thereof, all in Gibson County, Ind.—V. 128, p. 724.
>
The
1933
Commission earned.
ment—
counsel
31
1934
$618,279
expenses
Florida East Coast
Evansville Indianapolis & Terre Haute Ry.-
Dec.
Ended
$885,680
315,452
Net profit-------—---------.
Total income deductions
European Electric Corp., Ltd.—Time Extended—
Years
1935
$1,013,156
338,598
profit
Total manufacturing
Other income
The City Bank Farmers Trust Co.
1936, authorized the
Prior to such action and upon the
shareholders authorized amendment of the corporation's
amended articles of incorporation to provide for an increase in the number
of the corporation's authorized no par common shares from 122,000 shares
issuance of the 15,250 common shares.
same
that in accordance with the right reserved by it under the terms of its offer
of April 20, 1936, it has elected to extend the time during which the 35-
142, p.
Corp.—Listing, (fee.—
The New York Curb
additional shares
the basis of 15 shares of common stock for each 10 shares of said preferred
stock surrendered for conversion, making the total amount applied for
2,344,022 shares.—Y. 142, p. 3167.
1936
16,
for liquidation on Feb. 5,
over
Gross
The New York Stock
—V.
was
for cash, making the total applied for 137,250 shares.
The directors at a special meeting held on Feb. 24,
Empire Power Corp.—40-Cent Participation Dividend—
The
taken
1936, and
liquidation of its affairs was completed in three months.
An interesting
fact about the proceeding is that in liquidation the company's assets have
been increased from $262,885. at Feb. 5 to the amount now available for
distribution plus a small reserve for liquidation expenses. This appreciation
was achieved largely by sale of bond holdings in excess of their book value.
The company was organized March 6, 1924 and began business the
following year with its principal office at Woodridge, N. Y.
In 1930, its
main office was moved to N. Y. City.
The company sold some $152,000 of guaranteed mortgages, largely certi¬
ficated, and its liability on title insurance policies amounted to about
$550,000.
Its liability on both mortgages and title insurance.was dis¬
charged completely.—V. 142, p. 1119.
1,272,243
2,949,131
$2,936,141
Total income
Subsidiary deductions: Int. chgs. & amort, of disc.
Earnings applicable to minority interests
Empire Gas & Fuel Co.—int. charges and amorti¬
$6,712,074
939,910
$8,613,290
1,672,549
Ci 12,452
Other income, incl. income from affil. pipeline cos-
May
The Farmers Title
Empire Gas & Fuel Co. Del. (& Subs.)—Earnings—
Quarter Ended Feb. 29—
Gross operating revenue
Chronicle
Total
941,855
133,396,496 132,549,216
Includes interest due Sept. 1, 1931 and subsequent interest dates, and
unpaid on 1st & ref. mtge. 5% gold bonds, series A. amounting to $10,125,000 at Dec. 31, 1935 and $7,875,000 at Dec. 31, 1934.
y Includes
x
interest
accrued
since
Sept. 1 on 1st & ref. mtge. 5%
$750,000.—V. 142, p. 3169.
bonds,
series A
of the company.
In the Farmers Title liquidation, all purchasers of guaranteed mortgages
and title insurance were previously paid in full and Justice Frankenthaler's
amounting in each
order
The company has announced an increase in discount to dealers on passen¬
ger cars to 24% from 22%.
The discount, effective immediately, is the
first change in dealers' percentage profit since 1931, when discounts were
increased to 22% from 20%.
permits
holders.
to
the
a payment at the rate of 88.6 cents on the dollar to all stock¬
Stockholders have been requested to present their stock certificates
department properly endorsed,
effected checks will be mailed to them.
and
as
Assets
rapidly
on
as
this
transfer is
hand for distribution to
stockholders aggregate $266,001 or an average of $88.6671 as hare to the
148 individuals holding the 3.000 ($100 par) shares outstanding.
year to
Ford Motor Co.
(Detroit)—Dealer Discounts Raised—
Retail prices continue
unchanged.
remain at 22 % —V. 142, p. 2498.
Commercial car and truck discounts
Volume
Financial
142
Florida Power Corp. (&
Chronicle
Gannett Co., Inc
Subs.)—Earnings—
12 Months Ended March 31—
1935
1936
Operating revenue—Electric
Operating expenses
Maintenance
Prov. for retirements, renewals &
replaces, of fixed
3343
$2,613,524
941,797
126,814
Calendar Years—
1933
1932
$5,750,861
$5,027,252
$5,438,910
188,962
4,812" 184
4,614~062
144,601
142,238
3,822,038
147,092
195,211
4,307,11&
162,853
$885,891
138,872
230,605
$994,561
94,890
245,343
253,943
108,977
$1,334,793
354,797
127,244
"l'.m
"3", 828
$848,925
$654,415
$655,893
187,214
162,129
116,479
28,717
Commissions, rebates, al¬
162,969
,
.
1934
$5,842,675
$891,316
855,701
revenues
lowances & discounts-
Expenses
capital
266,804
33,475
212,278
205,959
50,122
188,433
$1,032,353
53,875
$996,251
53.898
$1,086,229
608,600
44,250
47,964
$1,050,149
Interest & amortization.
608,600
38,466
47,964
Cr 1,475
8,373
Reserve for taxes
Res. for contingencies._
Miscell. deductions
Federal income taxes
Other taxes.
Depreciation.
Net oper.
revenue
Other income
Operating income
:
_
_.
—
Other income
Gross income
Interest
Interest
funded debt
on
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
on
Cr577
Miscellaneous deductions from income
263
Balance of income.
Dividends
on
$385,728
222,124
$348,219
222,041
$163,603
Divs.
Period End. April 30—
Operating
Operating
Tax
expenses
accruals
Operating income
1936—4 Mos.—1935
$211,491
183,093
10,692
$212,322
180,835
10,014
profits of control'd
$5,870
655
def579
1.815
Gross income.
$7,658
57,049
$24,275
56,401
$6,254
Net deficit
$8,395
$37,528
Formica Insulation
-Stated
Value
$29,765
$0.16
Consol.
earned
amounted
to
$338,336,
and
were anticipated in the
year-end adjustments.
On the basis of opera¬
for 1935, the disposal of this real estate will
eliminate an annual
operating loss in connection therewith of approximately $24,500, after
allowing for payment of the rent for the offices presently occupied, which
tions
leased from the
new
owners.
During November, 1935, company organized, under the laws of
Maryand. the Foundation Construction Corp., a wholly owned
subsidiary with
an authorized capital stock of
10,000 shares without par value.
5,400 shares
of this stock have been issued to
company for cash and construction
plant,
having
an
value
aggregate
of
$270,000.
Income Account for Calendar Years
1935
Gross (incl. other inc.)._
Expenses, &C—_
1934
$119,234
248,320
'
:$3,099,588
891,316
848,925
14,834
654,415
58,088
655,892
141,173
$4,470,141
132,712
22,500
$3,745,660
:$3,896,655
276,408
40,000
131,942
100,040
1,125
1,500
1,500
1,500
$4,313,429
$3-,589,718
1,795,115
1933
$184,126
Consolidated Balance Sheet Dec. 31
1935
Land,
equipment,
&c_
Current assets
Cash
1935
Liabilities—
surr.
x
2,364,307
y
adv.
to
invest,
z
ness of
1,622,125
subs
607,116
Mtges
2,522,500
470,431
paid
in advance
600,299
80,608
payable
81,564
282,404
Earned surplus
mem¬
-
1,915,400
521,471
Current liabilities.
157,028
Subscriptions
berships,
circu¬
lation, good-will
& franchises, &c. 6,401,364
Deferred charges
56,527
Total.
H
9,070
2,597,000
6% sk. fd. gold deb
and
-
25,000
but not issued—
Long-termindebted-
2,287,100
107,720
long-term notes.
Assoc. Press
$
2,227.730
1,031,178
Pref. stk. of subs.
124,668
7,013
See
con¬
trolled cos
1934
$
6% cum. pf. stk. 4,911,380
Class Acom.stk.
733,282
Pref. stock subscr.
zl,268,060
policies..
Sinking fund cash.
&
2,431,350
1,741,378
value of
insur.
Inv.
1934
$
buildings,
4,647,649
4,313~429
6,399,940
194,097
.13,092,195 13,277 901
Total
13,092,195 13,277,901
Represented by 71,000 shares no par stock in 1935 and 25,852 in 1934.
y Represented by 80,000 no par shares in 1935 and 112,500 no par shares
in 1934.
z Includes cash surrender value of insurance policies of $155,224.
—V. 141, p. 2434.
x
1932
$134,478
240,527
278.775
22,500
sur¬
plus Dec. 31
Other
have been
Dr765,577
$3,033,157
$4,647,649
$38,161
$0.21
Reduced—Deficit Elimi-
transactions
Cr727
$3,606,382
sub. companies.
Real estate at cost
these
15,559
$4,965,182
estate.
in
Dr2.25&
»
Assets—
losses
3,620
Dr 19,000
profit for year (as
above)
Disc, on 15-yr. 6% debs.
paid-in surplus of the company on Dec. 31, 1935, amounted to
$827,114.
Deducting therefrom the accumulated deficit in earned surplus
to
Dec. 31, 1935, and certain adjustments, leaves a
capital deficit of
$150,614•
Stockholders, at their meeting on May 25, 1936, will take the
necessary
action reducing the stated capital from
$2,000,000 to $1,000,000 and
changing the statements respecting the capital contained in its certificate
of incorporation as heretofore amended.
Since Jan. 1, 1936, the company has disposed of its New
York real
book
379
$3,120,845-
$4,073,866
nated—
The
1932
1,795,115
2,894
Dr242,457
1935
The
1933
!,589,718
-
years
1936
Earns, per sh.on 180,000 shs. cap. stock
(no par)_.
—V. 142. P. 2318.
Co.-
previous years
Reserve for investments
»
3 Months Ended March 31—
Net income after depreciation and Federal taxes..
$1,081,789
375,872
50,024
33,069
42,931
265,130
Adjustment of reserve for
deoubtful accts., prior
Preferred dividends
CI. A common stock divs
Divs. on pref. stock of
Co.—Earnings-
$1,103,149
345,664
1934
1935
.
$32,126
—V. 142, p. 2827.
Foundation
cos
Net
$5,291
13,686
$19,521
13,912
Deductions
$773,726
70,000
Miscellaneous
$17,706
$869,160
43,169
190,819
1
Consolidated Earned Surplus Dec. 31
$21,472
2,802
$7,002
Other income
cos_
Previous surplus
$4,313,429
Adjustment of taxes—
RR.—Earnings-
1936—Month—1935
$53,090
$49,581
43,433
41,210
2,653
2,501
revenues
fr. contr.
Equity of Gannett Co.,
Inc., in undistributed
^
Fonda Johnstown & Gloversville
rec.
$126,178
preferred stock
Balance
—V. 142, p. 459.
-Earnings1935
$1,255,368
Gross
$2,459,437
$268,331
Genesee Falls
304.098
Ry.—Control, &c.—
The Interstate Commerce Commission
Net loss
$129,086
-
t.649
$106,048
$35,768
Balance Sheet Dec. 31
Assets—
1935
d Cash
1934
$139,390
$172,025
Notes receivable—
587
46~750
34,679
169,312
7,382
156,400
412,868
Accts. receivable—
Partic.
ctf.
of
the
secure.
Deferred assets
98,022
South Amer. accts.
& notes receiv—
hand-
Trust fund--
16,925
Prep. & def. accts.
35,692
b
on
500,045
306,040
Real estate and
Other assets
Capital stock
Due
to
officers
1934
1935
$2,000,000 $2,000,000
41,627
76,574
160,438
163,042
440,526
448,302
&
8,775
pursuant to a leasehold agreement under the terms of which the Genesee
Falls receives rental of $1 a year.
The outstanding capital stock of the
66,725
103,809
Genesee Falls, consisting of 540 shares (par $100) is said to have no sub¬
stantial value at the present time.
About half of this stock is owned by
the Central and the remainder is owned by several industries served by
completion of
contract
Liab. under tr. fd.
thp line.
16,925
to
comm.,
taxes, &c__
61,710
69,963
Res. for foreign ex¬
change adjust—
1,749,766
605,746
586,534
52,956
Other accr'd accts.
41,724
342,639
18,686
Mortgage on Foun¬
dation Building.
e372,054
349,500
Paid-in surplus
Earned deficit
..$3,449,811
$3,982,5261
e338,336
827,115
977,728
827,115
425,879
Total
—S3,449,811 $3,982,526
par value,
b After depreciation
been provided for in the above balance sheet.—V.
141, p. 4166.
Fraser Companies, Ltd.—Interest Plan
j
Approved—
Approval of the company's plan for liquidation of arrears of bond interest
was given
at a meeting of the shareholders and voting trust
certificate
holders held April 29.
Bondholders had approved the
Final endorsement
tors.—V.
142,
P.
given at
2827.
was
a
plan on April 28.
meeting of the company's board of direc¬
A special meeting of stockholders has been called for
May 18 to vote on
shares to 300,000 shares
In addition it is proposed to reduce
the stated value of the class A stock from $5 to $1 a share and
exchange
the outstanding 2,000 shares of class B
stock, which now have exclusive
voting rights, for 40,000 shares of class A stock on a 20 to 1 basis.
The
increasing the authorized class A stock from 198,000
exclusive
voting rights.
class B stock then would be canceled.
j
Stockholders also will be asked to authorized directors to
give options to
employees for purchase of not in excess of 2,200 shares of class A stock and
authorize the issuance of warrants to present holders of class A
stock
to
purchase
before July 1 one class A share for each 10 shares of class A
a share.
An option will be given to Shields &
Co.,
New York, to purchase 20,000 shares of the class A stock and the
balance of
stock
on or
now
held at $4
the stock not taken up by stockholders at $4 a share.
Proceeds from sale of the additional stock will be used to increase
working
capital.—V.
General
The
board
142,
p.
1983.
Asphalt Co.—New Chairman, &c.—
of directors
at
a
meeting held May
Sewall Chairman of the Board, and J. E. Auten
of the company.—V. 142, p. 2995.
a
soon
the stock
as
ranchises of the Genesee Falls.
General Baking
Co.—Earnings—Bank Loan PaidMar. 28 '36
Mar. 30 '35
Federal taxes, &c
Shs.com.stk.out. (par $5)
Mar. 31 '34
Apr. 1 '33
$394,973
$464,396
$426,665
$424,643
1,588,697
1,588,697
1,588,697
1,594,799
4.18
Earnings per share
$0.14
$0.15
$0.15
The report states that since the close of 1935 the company has paid the
remaining $2,000,000 of bnak loans then outstanding and currently has
neither funded debt or bank loans.—V. 142, p. 1467.
^
"
General Equities,
Inc.—SEC Refuses Registration-
An order has been issued by the Securities and Exchange Commission
refunding to permit the registration statement filed by the company, to
become effective until such time as the company amends its statement to
comply with requirements of the Securities Act of 1933.
On April 6,
company sought to register 88,549 shs. of class A common stock and 9,938
shs. of class B common stock.
A hearing was called and the company waived
notice of hearing and consented to the entry of an order refusing to permit
the registration to become effective.—V. 142, p. 2667.
General Motors
Alfred P.
Sloan Jr.,
Corp.—Quarterly Report—
President,
says
in part:
Net earnings of corporation, including equities in the undivided profits
or losses of subsidiary and affiliated companies not
consolidated, for the
first quarter ended March 31, 1936 amounted to $52,464,174. compared
Gabriel Co.—To Increase Class A Stock—
vested with
As
Net profit after deprec.,
Represented by 100.000 shares of no
1935 and $754,100 in 1934.
c After reserves,
d Includes
America,
e
Subsequent to Dec. 31. 1935, the company
disposed of its real estate and buildings in New York City carried in the
balance sheet at Dec. 31, 1935, at the net amount of
$744,361.
Obligations
in connection therewith at Dec.
31, 1935. including mortgages, accrued
interest and taxes amounting to $372,954 were assumed or
discharged by
the purchasers.
The loss resulting therefrom amounting to $338,336 has
a
of $725,994 in
cash in South
without charge, under certain conditions with respect to
acquired, it is proposed to merge the Genesee Falls into the Central,
thereby vesting in the latter all the properties, rights, privileges, and
13 Weeks Ended—
loss onN. Y. real
estate & bldgs—
The owners have agreed to transfer their holdings of such stock
the Central,
continued service to be rendered those industries.
is
Res. for anticipated
Total
^
7,402
employees
Accrd. comm. pay.
Accrued
~36~988
buildings, plant
and equipment, 1,678,414
c
a
Accounts payableNotes payable
on
465,027
213,745
Materials
1
Bank loans
State of La
Marketable
Liabilities—
,
on May 6 approved the acquisition
by New York Central RR. of control of this company by acquisition of
its capital stock.
The ICC also approved the merger of the properties of the
New York Central RR. and the Genesee company into one corporation
for ownership, management, and operation.
**
*4
The report of the Commission says in part:
<
The Genesee Falls owns 1.92 miles of industrial tracks, all in the!City
of Rochester, N. Y.
These tracks, connecting with the Central's main
line, have been maintained and operated by the latter for many years
12 elected Arthur W.
director and president
with net earnings
of $31,510,371 for the first quarter ended March 31, 1935.
These earnings were participated in by
more than 350,000 stockholders.
of $2,294,555 on the preferred stock there re¬
being the amount earned on the common shares out¬
After deducting dividends
mains
$50,169,619,
standing, which compares with earnings on the common stock of $29,215,816
for the first quarter ended March 31, 1935.
This is equivalent to $1.17
per share on the average common shares outstanding during this quarter
and compares with earnings of $0.68 per share for the first quarter ended!
March 31, 1935.
i
Net earnings for the 12 months ended March 31, 1936 amounted to $188,180,313.
After deducting dividends of $9,178,220 on the preferred stock,
there remains $179,002,093, being the amount earned on the common
shares outstanding during this period.
This is equivalent to $4.18 per
share on the average common shares outstanding during this period.
i
Cash, U. S. Government and other marketable securities at March 31,
1936 amounted to $218,034,223, compared with $166,369,122 at March 31,
1935 and $199,435,663 at Dec. 31,1935.
Net working capital at March 31,
1936 amounted to $355,248,902. compared with $294,786,133 at March 31,
1935 and $319,961,219 at Dec. 31, 1935.
Net sales of General Motors Corp., excluding inter-divisional transactions
for the first quarter ended March 31, 1936, amounted to $341,306,605»-
Financial
3344
compared with $251,674,903 for the first quarter ended March 31, 1935.
Net sales of General Motors Corp., excluding inter-divisional transactions,
for the 12 months ended March 31, 1936, amounted to $1,245,272,673.
►
Total sales to dealers, including Canadian sales, overseas shipments and
production from foreign sources, during the first quarter ended March 31,
1936 amounted to 500,167 cars and trucks, compared with 388,716 cars
and trucks in the first quarter ended March 31, 1935—a gain of 111,451
units, or 28.7%.
General Motors dealers in the United States delivered
to consumers 379,950 cars and trucks during the first quarter ended March
31, 1936, compared with 258,093 cars and trucks in the first quarter ended
March 31, 1935—a gain of 121,857 units, or 47.2%.
Sales by General
Motors operating divisions to dealers within the United States during the
first quarter ended March 31, 1936 amounted to 410,314 cars and trucks,
compared with 301.256 cars and trucks in the first quarter ended March 31,
1935—a gain of 109,058 units, or 36.2%.
For the 12 months ended March 31, 1936, total sales to dealers, including
Canadian sales, overseas shipments and production from foreign sources
amounted to 1,827,139 cars and trucks.
General Motors dealers in the
United States delivered to consumers 1,400,853 cars and trucks, and sales
by General Motors operating divisions to dealers within the United States
amounted to 1,479,992 cars and trucks during this period.
12 Mos.
3 Months
—
1936
Period Ended Mar. 31—
1935
1936
and trucks—units:
cars
500,167
388,716
1,827,139
379,950
410,314
258,093
301,256
1,400,853
1,479,992
Retail sales by dealers to consumers
—United States
Gen'l Motors sales to dealers—U.S.
251,674,903 1245,272673
Net sales—value..
341,306,065
Profit from oper'ns & income from in¬
vestments
(incl. divs. received from
sub. & affil. cos. not consolidated)
after all expenses incident thereto,
but before providing for deprec'n of j
real estate, plants and equipment.. 70,758,665
Provision for deprec'n of real estate,
plants and equipment
9,287,807
r
Balance after depreciation
Gen'l Motors Corp .'s equity in the un¬
divided profits or losses of sub. and
affil.
Taxes, payrolls and
crued items.
1,701,327
4,266,997
777,986
169,052
281,440
fund
272,972,681
2,518,956
254,456,537
541,318
10,440,523
1,933,000
23,711,552
11,342,206
9,095,658
5,677,893
20,344,214
890,000
24,004,117
187,536,600
435,000,000
187,536,600
435,000,000
187,536,600
435,000,000
2,126,124
360,393,212
2,126,540
331,680,319
2,054,482
288,601,249
able subsequent to one year
Employees bonus
Sundry and contingencies
x
Preferred stock
-
par)
stockholders in
subsidiary company with re¬
spect to capital and surplus. _
Earned surplus
Common stock ($10
—
-
1,434,612,313 1,414,266.298 1,303,436,496
1,875,366 shares no par value,
y In 1936 573,989
$5 series no par preferred.
Note—The following changes in classification have been made in the
balance sheet in order to conform with the report to the Securities and
Exchange Commission for the year 1934: (a) Prepaid expenses have been
transferred from current assets to deferred charges; (b) special tools, dies,
&c., applicable to current models have been transferred from deferred
charges to real estate, plants and equipment; and (c) the investment in
General Motors Management Corp. on common stock has been segregated
from investments in subsidiary and affiliated companies not consolidated,
x
Represented by
shares common, 39,722 shares
May 8 made the fol¬
April Car Sales—The company on
lowing announcement:
April sales of General Motors cars to
dealers in the United States and
Canada, together with shipments overseas, totaled 229,467, compared
184,059 in April a year ago.
Sales in March were 196,721. Sales
for the first four months of 1936 totaled 729,634, compared with 572,775
for the same four months of 1935.
Sales of General Motors cars to consumers
802,720
in the United States totaled
200,117 in April, compared with 143,909 in April a year ago.
Sales in
March were 181,782.
Sales for the first four months of 1936 totaled
580,067, compared with 402,002 in the same four months of 1935.
Sales of General Motors cars to dealers in the United States totaled
194,695 in April, compared with 152,946 in April a year ago.
Sales in
March were 162,418.
Sales for the first four months of 1936 totaled
605,009, compared with 454,202 for the same four months of 1935.
2,555,502
4,991,109
256,706def2,435,607
1,780,000
82,900
196,721
*
58,018
184,059
134,597
153,954
132,837
86,967
98,205
82,117
59,614
181,188
146,881
113,701
167,790
124,680
39,152
134,324
109,278
71,888
106,918
97,614
81,148
127,054
182,754
185,698
72,050
61,037
41,594
53,054
10,384
21,295
1,715,688
1,240,447
869,035
September
6,512
20
2,126,118
11,418,999
October.
November..
December
"
Total
36,588,993 222,531,78?
62,224,288
Sales to Consumers in
United States
,
5,035,000
January.
February
March.
Divs. on pref. capital stock—$5 series
(less dividends applicable to stock
held in treasury)
2,294,555
Amt. earned on com. capital stk.
50,169,619
181,782
April
May
31,510,371 188,180,313
54,105
77,297
102,034
96,134
200,117
126,691
•
1933
1934
1935
1936
34,127.897
31,553,993 188,403,886
52,527,288
52,464,174
portion of net income
153,250
July
August.
■
9,697,000
profits taxes.
Net income for the period
General Motors Corporation's propor-
169,302
•
June...
Net income before income and ex¬
cess profits taxes._
Provision for U. S. and foreign income
_
April
May
412,800
62,506
100,848
229,467
March.
13,441,786
1933
1934
98,268
121,146
1936
L—
January
February
1935
158,572
144,874
,
3,885,670
Total....
United States and Canada Plus Overseas Shipments
Total Sales to Dealers in
Employees savs. &inv. fund—net defll0,030
Employees bonus and payment to
Gen'l Motors Management Corp.
3,866,000
Amts provided for employees bonus
payments by certain foreign subs.
having separate bonus plans
129,700
Special payment to employees under
stock subscription plan
excess
890,000
1,562,805
279,808,414
Depreciation of real estate,
plants and equipment
Employees investment fund. _
Employees savings funds .pay¬
class
maturities
and
1,677,893
1,562,805
rever¬
before
withdrawn
7,263,232
1,933,000
1,562,805
Reserves:
sions account of employees sav¬
ings
17,121,908
10,077,267
Management Corp..
Accrued divs. on pref. cap. stock
def281,440
1,059,426
279,082
Total
investment
29,599,585
5,907,348
Motors
2,836,942
169,052
Dec. 31, 1935
Deduct
32,403,992
Contractual liability to General
maturing
class,
23,989,063
able within one year
'
Guaranteed settlement of 1930 infund
31,873,542
U. S. and foreign income and
excess profits taxes
Employees savings funds, pay¬
investm'ts 66,109,958 38,715,111 233,950,782
Lessjpro vision for:
Employees savings & investm't fund
vestment
50,429,527
36,423,634
sundry ac¬
with
4,639,100
not consolidated
cos.
Net profit from oper'ns &
36,169,536
34,448,114 232,249,455
61,470,858
70,275,797
and miscellaneous.
i
42,927,390 268,418,991
8,479,276
Dec. 31, '35
$
55,432,109
1
Total—.2
Canadian sales and overseas ship¬
_
Mar. 31, '35
$
Mar. 31, *36
$
II
Liabilii ie* —^
Accounts payable
Gen'l Motors sales to dealers, incl.
ments
1936
Int. of minority
Consolidated Income Account for Stated Periods
Sales of
May 16,
Chronicle
143,909
109,051
23,438
58,911
98,174
106.349
95,253
50,653
42,280
47,436
71,599
85,969
June
Average number of shs. of com. capital
stock outstanding during the period 42,919,019
Amt. earned per sh. of com. cap'l stl._
42,875,194
$4.18
42,878,089
$0.68
$1.17
Note—Net sales value have been adjusted to conform
112,847
101,827
108,645
127,346
66,547
101,243
86,258
71,648
87.298
86,372
71,458
October
29,215,816 179,002,093
137,782
July
August.
September
9,178,220
2,294,555
68,566
136,589
122,198
69,090
62,752
41,530
63,518
35,417
11,951
1,278,996
927,493
755,778
November
December
with sales as re¬
ported to the Securities and Exchange Commission for the year
Total
1934.
Sales to Dealers in United States
Summary of Consolidated Surplus for the Three Months Ended March
fe,
1936
1935
Earned surplus at beginning of period
General Motors Corporation's proportion
Common capital stock:
March 12 ($0.50 on 43,500,000
.
2,344,207
...
Total cash dividends paid or accrued
or
accrued by General Motors
Corp. on capital stock held in treasury:
Preferred capital stock—$5 series
2,344,207
,
accrued
13,219,207
49,652
Other marketable
securs.
201,308
Notes
23,751,281
2,243,738
cos
Management
1,675,960
Gen'l
Motors
stock
held
corporate
in
982,574
61,7l7,903
193,755,259
56,600,244
196,325,118
250,401,731
245,641,384
239,366,929
Total
yl5,022,840
593,063,149
4,831,626
50,325,458
23,549,722
592,150,300
38,428,396
Oldsmobile, Buick, LaSalle and Cadillac
figures
in
the
new
Cadillac and LaSalle cars in
April exceeded pro¬
the month by approximately 50% despite a substantial
month's manufacturing schedule, according to Nicholas
April Sales Set Record—
April totaled 134,431 cars and trucks, a new high
single month in company's history and nearly 35% over
April, 1935, according to W. E. Holler, Vice-President and General Sales
Manager.
Sales for year to May 1 total 406,620, also a new all-time
record for first four months' period and 48% over corresponding period
for
sales in
any
of 1935.
Sales
of used
months. *
cars
were
197,270 in April and 679,104 in the first four
Both figures represent new all-time
Chevrolet
1
33,553,555
during
Chevrolet
45,134,098
170,035,659
highs.
April Production—
Chevrolet produced
143,315
cars
and trucks in April, a total exceeded
only in four 1929 months, the industry's peak year.
13.8% over the April, 1935, total of 125,888.
This
gain of
was a
„
„
„
Total production for the first four months was 472,199, against 360,561
in the corresponding 1935 period.
The April total includes 127,713 units
8,303 made in the United States for export,
7,299 units made in Canada.
for sale in the United States,
capital
for
Prepaid exps.& deferred charges
Goodwill, patents, &c
729,201
Chevrolet
1,133,773
treasury
Real estate, plants & equipment
959,494
mark
12,480,016
32,055,719
purposes
1,370,934
~~
and commercial cars are included in the above
year ago.
890,000
10,008,549
not consoli-
Corp
Corp.
41,982
3,483
11,191
Dreystadt, General Sales Manager of Cadillac Motor Car Co.
Retail deliveries were higher than in any April since 1930, were 21%
over March and 32.2%
ahead of April, 1935.
Deliveries in the last 10
days of the month were the highest in that period since before the depression.
Gains have been general throughout the line.
The company is now building
about five times as many of the higher priced Cadillac-Fleetwoods as a
2,000,643
Investments and Miscellaneous—
Sub. & affil.
50,514
39,048
28,344
increase
139,516,687
24,851,792
738,960
h* dated, and miscellaneous._
Investment in General Motors
97,746
147,849
150,010
Cadillac Sales and Production—
Mar. 31, '35
$
185,450,398
11,741,527
1,933,000
Accts.rec. & trade acceptances.
Inventories..
92,546
84,504
67,733
—
Dealer orders for
13,017,899
12,732,445
receivable
99,956
107,554
87,429
53,738
duction
Amount due from Gen'l Motors
Management Corp., Mar. 15,
1937 (in 1935,due Mar.15,*36)
Sights drafts with bills of lading
attached, and C.O.D. items..
118,789
139,121
103,098
22,986
Total
(short
term)
150,863
—
passenger
49,652
4,592,559
U. S. Government securities.__
74,242
85,980
151,656
Dec. 31, '35
$
$
L
121,964
103,844
Unit sales of Chevrolet, Pontiac,
201,708,085
11,733,579
Mar. 31, '36
Assets—
152,946
105,159
December—
Condensed Consolidated Balance Sheet
Cash
45,098
194,695
October
360,393,212 288,601,249
Earned surplus at end of period
1
119.858
i.
24,094,207
342,926
Total
or
132.622
July
August
September
10,875,000
293,274
^Common capital stock
*
B Net cash dividends paid
162,418
November
shares in 1936)
|j|^f
Less amount received
46,190
82.222
June...
384,144,493 301,619 , 48
21,750,000
75,727
92,907
April
May
of net
Cash dividends paid or accrued:
Preferred capital stock—$5 series
72,274
50,212
131,134
116,762
March
331,680,319 270,108,777
Earned surplus before dividends..
1933
1934"
1935
1936
January
February
of consolidated income— 52,464,174 31,510,371
^ income, per summary
J®
31
$
$
_
4,017,587
50,325,642
„■
16,592,768
556,525,810
4,643,154
51,836,771
1,434,612,313 1,414,266,298 1,303,436,496
and
Patent
Suit Filed Against
Company—
Richardson & Co. of Lockland, Ohio, has filed patent
infringement suit
Wilmington, Del., Federal Court against this company, charging in¬
fringement of two patents of Louis W. Hoteel for forming plastic articles
and molding press for hollow articles.—V. 142, p. 3169.
n
Volume
142
General
Candy Corp.—Extra Dividend—
Financial
Chronicle
The directors have declared an extra dividend of 15 cents
per share in
addition to the regular quarterly dividend of like amount on the class A
stock, both payable June 20 to holders of record June 10.—V. 142, p. 1983.
1935
Printing Ink Corp. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1935
1934
1933
Net sales.
$8,610,366
Cost of goods sold, sell. &
$7,538,742
1932
$6,256,727
7,655,986
Profit from operations
Other income credits
6,692,604
Sinking
fund
for
retirement of deMisc. phys. prop..
__
.
Adj.
of
inc.
for
reserve
on
$954,380
221,680
$846,139
83,840
$308,039
91,723
$639,658
77,278
$1,176,060
99.888
11,457
$929,979
81,322
$399,762
72,095
74,389
$716,936
73,220
52,735
24,834
def.
instal. sales
5,797
Loss
on
on
Advances
32,992
Other investments
Cash
Loss
on
foreign exchange
disposal of plant
4,000
'
'"304
1~,225
"2,580
17,204
123,148
Net income for year..
Preferred dividends
8,009
6,009
73,431
684,000
1,084,000
6,419,699
342,000
1,084,000
6,419,699
427,000
1,300,000
debt
Equip, trust oblig.
Loans & bills pay. 1,300,000
Traffic & car serv¬
60,550
105,272
52,711
44,535
payable..
617,713
Misc. accts. pay..
Int. mat'd unpaid,
24,752
555,892
36,372
463,947
384,417
wages
incl.
55,007
35,833
agents & conduc.
Misc. accts.receiv.
1,873
153,529
107,941
1,152
160,250
186,177
625
625
1,132
5,519
1,127
6,407
736,416
639,027
..
Int. and dividends
receivable
Jan.
int.
due
1
Divs. mat'd unpd.
Unmat. int. accr'd
Other
curr.
Earned per share
curr. assets.
Deferred assets
Unadjusted debits
1,012,758
1935
$301,589
127,513
23,450
122,462
40,068
reserves
Accrued deprec. on
equipment
Accrued deprec. on
rail
leased
to
other
cos
June
30,
1907,
thro. inc. & surp.
Total
185,489
Nil
.
Liabilities—
58,479
2,091,304
58,479
2,317,543
def $75,657
$244,755
184,320
$1.47
183.990
$2.64
1934
$1 ,120,899
1,089,354
Deferred liabilities
Operating
Add'n to prop. since
$237,460
52,224
$233,330
Fed. income taxes.
146,911
171,209
145.937
Total
17,057,445 17,255,153
Georgia & Florida RR.—Earnings—
1934
1935
Accounts payable.
Divs. payable
17,057,445 17,255,153
-V. 142, p. 2996.
Consolidated Balance Sheet Dec. 31
Assets—
51,444
9,245
588,947
35,543
59,516
Other unadj. cred.
214,753
183,990
678
14,020
Taxes accrued
$213,223
242,630
46,250
$700,332
$346,717
183,990
$3.88
stock-
678
13,494
7,342
665,541
liabils.
Profit and loss
Balance, surplus
Cash
684,000
26". 800
$503,684
231,255
27,674
108,460
$924,060
209,363
367,980
Common dividends
common
2,013
3,524
~
1st pref. stock
2d pref. stock....
car serv¬
ice bals., receiv.
Balances due from
Other
property
Miscellaneous
Federal capital stock tax
Prov. for Fed. inc. tax..
Shares of
"3",719
2,000,000
1
97,865
104,802
»•'
2,000,000
ice bals. payable
73,865
38,265 Audited accts. and
1
Special deposits
Mat'l & supplies
2,245
3,032
sales of securities
Loss
16,478
cos.:
1934
$
Common stock...
Funded
148,588
57,932
73,865
Traffic &
Gross income
'
174,043
Inv. in affil.
5,948,688
5,886,985
1935
Liabilities—
12,781,636
in equip...
2, 785,625
2,958,447
Stocks
general expense
Cash discount on sales..
Prov. for doubtful accts
$
12, 709,731
bentures
$6,526,643
1934
$
Assess—
Invest, in road
Invest,
General
3345
General Balance Sheet Dec. 31
—Fourth Week of April—
1936
1935
-Jan.
1
to
April 30—
306,291
$650,231
309,484
895,499
49.879
718,050
12.880
1,486,252
261,670
27,576
33,465
—V. 141, p. 3691.
45,000
11,751
mach. & equip..
1 ,573,088
Deferred charges..
114,198
1,535,795
228,156
The company in an amendment filed with the SEC stated that the
offering
of its 200,000 shares of 4
convertible preferred stock will be
May 23.
The shares will first be offered to stockholders up to June 12.
—V. 142, p. 3170.
Notes & accept, rec
Custom, accts. rec.
310,794
970,749
Other accts.receiv.
64,385
Market securities.
169,255
Accrued Int. receiv
5,559
Inventories
1 ,644,017
Investments
Deposits with
tual
mu¬
insur., &c._
Deps.
in
Deferred income.,
8,279
3,431,600
y Common stock..
183,990
Capital surplus
323,736
Prof. & loss surp.. 1,801,362
z
$6 pref. stock...
135.938
24,205
3,526,100
183,990
325,343
1,565,227
retire,
Land,
provision
Earnings
$6,356,772
After
share
per
Glidden
S6,193,1121
1936
$352,496
on
1935 <(
$335,148
Corp.—Earnings—
119,810
common
shares
$49,303
$0.41
Co.—Offering Date Set—
Godchaux
1
Total
$6,356,772 $6,193,112
of depreciation of
reserves
$2,438,179 in 1935 and $2,455,158 in
par shares, less 1,499 shares in treasury.
1934.
z
Gleaner Harvester
-
$22,184
date
buildings,
Total
x
$24,725
Earnings for Three Months Ended March 31, 1936
Net income after depreciation and other
charges
4,961
for pur.
res.
of pref.stk. under
x
Gross earnings
—V. 142, p. 2995.
closed
banks
Cash
Other accruals
53,042
Period—
y Represented by 185,489 no
Represented by 34,520 no par shares in 1935 and 35,261 shares in 1934.
Sugars, Inc.—To Resume Class A Dividends—
The directors
have declared a dividend of 50 cents per share on the class A
stock, payable July 1 to holders of record June 18.
This will be the first
dividend paid on this issue since Jan. 1, 1932 when a similar
payment
was made.—V.
142, p. 1290.
—V. 142, p. 2828.
Goebel Brewing
General Steel Castings
3 Mos. End. Mar. 31—
Loss after expenses
Corp.—Earnings—
1936
1935
1934
1933
Depreciation
$103,025 profSl7,167
290,646
290,176
$231,446
290,933
$154,088
304,824
Other income-
$393,671
4,909
$522,379
33,182
$458,912
64,505
$273,009
8,995
Co.—Earnings—
12 Months Ended—
Mar. 31, '36 Dec. 31, '35
Net profit after deprec.. Fed. taxes & other
charges $1,188,832
$1,344,885
Shares common stock stock (par
$1)_
1,311,380
1,323,140
Earnings
share
per
$0.90
$1.01
—V. 142, p. 2322.
(B. F.) Goodrich Co.—New Director—
William A.
Evans
has
been
elected
a
director
for the
preferred stock
—V. 142, p. 3170.
Interest & amortization.
Provision
for
$264,014
234,221
$489,197
234,221
$394,407
236,667
shrinkage
in marketable
Net
$388,762
234,221
loss..
Grand National
Films, Inc.—Stock Being Distributed to
Offered Stock¬
Obtain Additional Capital—See Pathe Film Corp.
Pathe Film Stockholders—Additional Stock to Be
sees..
52,020
$622,983
$498,235
—V. 142, p. 1290.
$723,418
holders to
Transfer Agent—City Bank Farmers Trust Co. has been appointed trans¬
$683,094
fer
agent
for
an
authorized issue
of
1,000,000 shares of
common
stock.
Afar.31, '36 AJTar.30, '35 Afar.31, '34 Apr.
1, '33
—V. 142, p. 2828.
General Telephone Corp.—Gain in Stations—
The company reports for its subsidiaries a
gain of company-owned
stations of 1,932 for the month of April,
1936, or 0.62%, compared to a gain
of 1,289 stations, or 0.43 %, fdr the month of
April, 1935.
The gain for the
first four months of 1936 totals 6,905
stations, or 2.21%, compared with a
gain of 3,959 stations, or 1.31% for the first four months of 1935.—V.
142,
p. 3170
Georua Southern & Florida Ry.—Earnings-
Grand Union Co.
Quarter Ended—
Net profit after deprec.,
taxes, &c
Shares com. stock out¬
1935
1934
398
Great Lakes Power Co.,
1933
398
1932
398
398
Passengers carried
154,594
151,075
72,139
60,792
Passengers carr. 1 mile.. 17,868,010
18,028,558
11,224,071
9,803.708
Receipts per pass. perm.
1.761 cts.
1.783 cts.
2.069 cts.
2.627 cts.
Tons freight carried
880,673
736,663
719 738
813 815
Tons freight carr. 1 m__123 779,331 113,531,327
106,581,304 110,025,215
Rates per ton per mile..
Gross
earns,
1.137 cts.
1.144 cts.
1.123 cts.
1.296 cts.
$4,870
$4,626
$4,109
1935
1933
$1,196,512
232,246
183,386
18,703
$1,425,832
257,571
3,096
$1,298,517
321,388
190,953
26,972
3,176
3.598
161,678
27,529
4,009
$1,937,997
$1,841,006
$1,634,447
Joint
318,511
284,210
400,687
20,702
686,278
22,938
27,445
26,344
facility
Total oper. revenues..
Net earnings before interest
on funded debt
Transp. for invest.—Cr_
6
8
12
Total oper. expenses..
Net revenue from oper.
$1,685,096
252,902
138,612
$1,655,554
185,452
$1,442,247
192,199
143,420
1,574,239
302,379
174,289
Traffic..
Transportation
Miscellaneous operations
General
_
Taxes
Uncollectible revenues..
Hire of equipment
19,680
829,320
26,177
29,879
141,493
338
462
541
292
234
9,202
Cr73,060
1,313
7,347
2,452
Cr72,132
Cr5,594
$104,514
$115,244
$38,440
$205,525
4,193
2,463
1,767
3,535
1,148
1,767
4,419
2,477
2,609
5,861
3,563
4,293
Joint facility rents
Operating income
Non-Oper. Income—
Miscell. rent income
Misc. non-op. phys. prop.
Dividend income
Income
from
unfunded
securities and accounts
100
134
246
931
$113,037
$121,827
$48,192
$220,174
Deductions—
Miscellaneous rents
Int.
on
240
unfunded debt..
Misc. income charges
Int. on funded debt
Int.
on
equip, obligations
Deficit
1
240
315
2,765
2,090
293,625
17,632
3,185
2,132
295,534
21,458
1,914
2,036
295,915
25,298
1,949
297,295
29.153
$203,316
$200,722
$277,286
$109,266
390
654
...
—
Net income before preferred dividends.
Preferred stock dividends
Balance
An
to this
$184,712
24,629
4,105
30,016
12,556
1,914
$131,045
$111,491
1,039
$131,199
21,352
71,801
$112,531
23,295
73,686
$38,045
13,125
$15,549
13,125
$24,920
..
Interest
x
348,631
493,572
21,235
653,112
30,597
28,155
1,062
431,994
earnings from operations
General interest..
Operating Expenses—
Maint. of way <Sr struct..
Maint. of equipment
xl935
153
Provision for retirement
Provincial, local, &c., taxes
Dominion and provincial income taxes
$1,876,618
350,474
397,946
20,743
858,394
26,988
30,554
Incidental
282,817
278,067
$0.01
Nil
week's "Chronicle."—
1936
Maintenance
Net
$12,144
$210,708
24,295
5,911
30,015
13,238
6,201
Operation
1932
$1,407,616
314,687
186,253
Passenger
Mail, express, &c
1934
122,034
Ltd.—Earnings—
Other income
Income Statement for Calendar Years
Operating Revenue—
Freight
$10,786
3 Months Ended March 31—
Total gross earnings
$4,633
per mile...
$54,452
standing (no par)
286,867
286,367
Earnings per share
Nil
Nil
The foregoing corrects item appearing in last
V. 142, p. 3171.
Traffic Statistics for Calendar Years
Miles operated
(& Subs.)—Earnings—
$2,424
adjustment made subsequent to March 31, 1935, but applicable
period, has been given effect to in this column.—V. 142, p. 2828.
Great Lakes Utilities
Corp.—Plan Abandoned—
The protective committee for the holders of 1st lien coll. trust gold 5M %
bonds (E. W. Hughes, Chairman), in a letter dated May 8, addressed to
the holders of the above bonds, states:
"Theplanof reorganization for the National Public Utilities Corp., which
involved the exchange of Great Lakes Utilities Corp. 1st lien 5H% bonds
into a bond paying only a fixed rate of interest of 2 H% has been abandoned.
"This was one of the original objectives of this committee and we are
pleased to advise you of its acceptance by the trustees for the National
Public Utilities
Corp.
"While the foregoing improvement in the status of Great Lakes Utilities
bonds is very gratifying, we are of the opinion that further work is neces¬
sary to protect your interest in this situation in the future.
"We are studying the new proposed plan of reorganization in relation
to the financial condition of the company, and we are conferring with the
proponents of the plan in order to secure an assurance to the Great Lakes
bondholders of a sound management in the future, so as to prevent a
recurrence of the corporation's financial difficulties."
The other members of the committee are:
Howard Buffett, C. T.
Williams Jr., and W. L. Adams, with Robert H. Snyder, Sec., 27 Cedar
St., N. Y., and Lowell M. Birrell, counsel, 27 Cedar St., N. Y.—Y. 142,
624.
p.
Gregory-Bates Mining Co.—Registers with SEC—
See list given on
Gulf Oil
first page of this department.
Corp.—-iTrading Continued—
The Securities and Exchange Commission has issued an order granting a
continuance of unlisted trading privileges on the New York Curb Exchange
in the capital stock and 5% sinking fund debenture bonds of the corpora-
3346
tlon.
Financial
The Commission fund that these securities
were
Chronicle
admitted to unlisted
Hoskins Manufacturing Co.- -Earnings-
trading privilege prior to March 1, 1934.
Tax
Net
The
Department of Revenue on May 8 ordered the company to pay
$705,000 claimed by the State of Pennsylvania as the remainder due on
the 1933 capital stock tax.
The corporation had paid $48,000, based on
its report which showed an investment of $186,000,000 in the Gulf Re¬
fining Corp.
The Revenue Department said an investigation disclosed the
corporation held $15,000,000 in Gulf Refining stock and the remainder of
the investment—$171,000,000—was a loan and therefore taxable.—V.
142, p. 3171.
N:-:;
$3,711
120,050
1.94
$0.88
$0.03
$0.53
stk.(no par)
Current assets as of March 31, 1935, including $962,172 cash and market¬
able securities at market, totaled $1,250,868 and current liabilities were
$167,610.
This compares with cash and marketable securities of $852,674
current assets of $1,124,438 and current liabilities of $141,685 on March 31,
1935.—V. 142, p. 1471.
$113,021
shs. cap.
Houdaille-Hershey Corp. (& Subs.)- -Earnings-
Owing to the embargo on the transfer of funds from Germany, the com¬
pany is offering to extend the maturity of its debentures until Nov. 1,1938,
at a reduced interest rate of 6%, or to accept payment in blocked reichsmarks as the only medium of payment permitted by the riech's
foreign
exchange regulations.
The debenture loan matured Nov. 1, 1935.
The
embargo prevents the company from paying the debenture holders in New
York in dollars.
Unless extended by the company, the offer will expire,
on May 31, 1936.
1
The Bank of the Manhattan Co., 40 Wall St., has been appointed de¬
pository under the offer.—V. 141, p. 3074.
of the
6%
1933
$2,515,031
$1,210,341
190,330
102,237
379,799
89,657
$3,544,104
46,695
$1,736,303
49,303
$550,555
64,792
$92,753
62,783
$3,590,799
664,827
421,562
$1,785,606
681,699
159,732
$615,347
729,812
$155,536
755,197
12,773
Cr565
9,137
1935
profit from oper..
Sell. & advertising expsv
Operating profit.
Other income
Total profit
Depreciation
Federal taxes
Harvard
after
int.,
1936
1935
-
1934
$90,059
526,839
$0.17
def$37,658
9,565,872
9,734,019
281,907
709,444
267.085
•ffl
Capital stock...
z Treasury stock..
Accounts payable-
2,293,050
Federal tax......
428,358
159,732
Accruals
229,757
Marketable secur.
Nil
Notes & accts. rec.
15,000
1,455,003
1,160,517
Fed. tax reserve..
313,696
21,332
2,192,684
1,380,321
Miscell. reserves..
17,572
29,931
405*855
7,817
416,500
1,193,766
427,064
-
46,473
assets
Mining Co.—Earnings—
1935
1934
1933
Total..
$713,537
200,000
Surplus
out.
(par 25c.)
Earns, per share on com.
$429,352
400,000
$513,537
1,000,000
$0.71
—
Includes
x$887,350
710.328
70,132
31,153
125,000
$29,352
1,000,000
$231,550
100,000
def$49,264
100,000
$131,550 def$149,264
1,000,000
1,000,000
$0.23
Nil
$0.43
of Union Mine operations of $22,665 in 1933 and
Includes non-operating income of $51,994 and after
loss of Union Mine operations of $9,446.
z Includes
other income of
$327,720.
a Less metal inventory increase of $102,064.
in
profit
1932.
y
Household Finance Corp.
Period End. Mar. 31—
Gross inc. from oper
Quar. End. Mar. 31—
1936
$309,710
210,519
22,600
19,592
66,882
$424,381
224,593
23,713
23,426
80,089
$197,075
165,060
7,600
16,130
loss$9,882
$72,560
$8,286
.17
Nil
$0.07
$0.01
24.438
_
Net profit
on 1,000,000 shs. cap. stk. out¬
standing (par 25c.)
1,699,195
6,928.216
7.427.427
$1,827,948
$5,995,090
55,172
$4,769,626
35.897
$4,805,523
293,686
817,237
15,000
5,384
Total income———..
$1,833,332
$1,361,433
$6,050,262
Interest—....———..
50,493
333,677
49,959
202,394
915,433
400,000
45,428
3,205
Assets—
1935
1934
Cash in banks.
$608,113
Ore in transit
181,285
Accts. receivable-_
92,406
Notes receivable.
205,209
Interest accrued
6,277
U. S. Govt, secure.
583,714
Mat'ls & supplies248,932
Deferred expenses45,474
Investments
4,038,689
x Pl't &
equip.,&c.
816,161
Ore reserves
2,027,800
$76,530
131,565
13,774
3,766
9,558
882,481
148,494
_
__
Total
x
10,780
4,021,334
884,647
y
$173,734
$69,540
wages...
29,206
Accounts payable.
52,465
R4.11Q
o*,n»
Capital stock
16,337
8,325
262,534
625,000
250,000
250,542
625,000
250,000
Earned surplus
5,463,679
Accrued
Pers.
inj.
awards,
&c
Other liabilities-—
Res. for add'l taxes
Res. for conting..
y
12,966
255,044
15,000
6,007
1,761
864
$1,314,435
386,113
137.898
309.001
$1,034,559
186,113
137,898
120.000
Prov. for contingencies.
Other charges
Minority interest
Net income
Partic. preferred divs...
Class A common divs...
common
divs...
$681,423
Surplus
Current
assets
as
of March
15,730
13,781
4,950,143
2,256,391
2,312,317, Property surplus.. 1,972,777
$8,854,059 $8,495,246
Total.
Represented by 1,000,000 shares,
par
value 25 cents.
-V. 142, p. 2668.
March 31. 1935.
2997.
Texas—Earnings—
[Including Houston Pipe Line Co.]
1936
Quar. End. Mar. 31-
$1,601,445
845,350
$1,570.534
800.961
$1,103,283
723,259
$709,029
65,013
$756,095
32,977
$769,572
Other income credits
$380,024
23,586
$774,042
156,474
304,438
178,205
$789,072
166,402
$809,539
Int., amort. & Fed. taxes
Deprec. and depletion._
Prop, ret'd & abandoned
168.208
$403,610
172,877
406,105
401.506
408.594
94,480
64,217
177,432
$134,925
$122,083
1,098,618
1,098,618
Oper. & gen. exp. & taxes
Income from opera'ns.
Net
Shs.
income
com.
Manufacturing profit
Sell., gen. & admin, exp.
1932
Gross
$1,055,998
513,378
$747,121
$508,995
$286,194
439.163
276.969
308.048
$542,620
$307,958
62,781
87,015
$232,025
42,948
def$21,854
48,733
$605,401
140,906
$394,973
151,873
28,594
$274,973
147,002
11,651
39,804
$26,878
Operating income
■Other income
Total income..
Depreciation
Federal income taxes
Other deductions
64,057
156,692
Balance, surplus
Shs.com.stk.out.(no par)
Earnings per share
$76,516 loss$129,814
186.060
62,020
$152,358
310.100
$1.29
$76,516 def$191.834
310.100
310,100
$28,446
310.100
$0.69
$0.25
Nil
Balance Sheet Dec. 31
'Assets—
1935
Cash
Receiv.
1935
1934
\ccounts payable-
$377,384
$264,384
Unpaid payroll—
$251,62?
secure.
(at cost)
x
Liabilities—
1934
$43,682
Marketable
77,218
75,461
36",088
579,341
652,982
Accrued taxes
726,924
479,397
Misc.
1,249.211
(cust.).
Inventory....
911,301
Res.
exps..
3,390
for conting..
15.000
accr.
Other assets
21,344
49,759
z
Land
89,548
82,713
Profit & loss surp.
patterns, dies,&c
699,169
21,281
$3,122,483
1,315,738
1,640,240
1,487,882
lb", 135
$3,486,042
1,315,738
684,571
Construe, in prog.
Deferred charges
y
Bldgs.,
Total
r"
x'After
Capital stock
maeh'y,
reserve
of $20,000.
y
1n 1935 and $1,001,232 in 1934.
—V. 142, p. 955.
Nil
Nil
1,098,618
1,098,618
$0.03
Nil
earnings
from
operations,
$6,464,476;
operating
and
general
expenses, including taxes, $3,469,872; income from operations, $2,994,604;
other income, $134,108; amount available for interest, depreciation, de¬
pletion, and Federal taxes, $3,128,712: interest on bonds and notes. $487,931; amount available for depreciation, depletion, and
Federal taxes,
$2,640,781; amortization and Federal income tax, &c., $207,486: balance
before depreciation, depletion, &c., $2,433,295; depreciation and depletion,
$1,184,655; balance after operating and general expenses, taxes, interest,
amortization, depreciation and depletion, $1,248,639; property retired and
abandoned, $499,971; net profit, $748,668.—V. 142, p. 1471.
Bay Mining & Smelting Co.—New Director—
J. H. C. Waite
was
elected
a
director at the annual meeting
replacing James P. Watson.
R. H. Channing, President, said that there was
the daily tonnage this year.—V. 141, p. 3229.
Hupp
Fight—
Motor
Car
Corp.—Andrews
no
held May 12,
expectation of raising
Loses
Stock Options
Archie M. Andrews, former Chairman of the Board on May 8
lost in the
United
States Circuit Court of Appeals his fight to have declared valid
certain contracts which he held with the motor concern.
The Court, upholding a decision of Federal Judge Arthur J. Tuttle of
Detroit, that the contracts were "unconscionable and fraudulent," asserted
the evidence showed that Mr. Andrews was guilty of "waste and
mismanagement" during the time he headed the company.
The present group of directors announced that the company would take
that
Erompt steps to resume operations, which were suspended late last year
55,540
.
$175,607 loss$355,294
stk. outstand¬
Hudson
$214,506
$400,439
248,080
Dividends declared.
39.966
Earnings for 12 Months Ended March 31, 1936
1933
-
1933
1934
1935
$1,608,945
899,917
varus® earnings
Hercules Motors Corp.—Earnings—
1934
$418,820
$1,088,916
$1,061,453
1936, including $6,010,829 cash and
Bank notes payable at close of March this year, totaled $13,350,000
against $8,900,000 a year ealier and instalment notes receivable after re¬
serve for losses, aggregated $41,014,737 against $34,709,758.—V. 142, p.
ing (par $25)
1935
2,480
$3,643,177
743,879
575,571
1,262,274
903,205, current assets of $40,625,877 and current liabilities of $10,732,825
Earns, per sh. on com..
Calendar Years—
31,
291.728
$4,483,802
1,005,012
744.649
1,645,225
33.943
fovernment securities, amounted to cash and government securities of were
15,168,352.
This compares with $47,025,566 and current liabilities $5,-
1934
1935
Liabilities—
Taxes accrued
$8,854,059 $8,495,2461
Less reserves,
Federal taxes, &c
Houston Oil Co. of
Balance Sheet Dec. 31
1936—12 Mos.—1935
$3,047,642 $12,923,306 $12,197,053
$1,348,447
12,986
on
Earns, per sh.
(& Subs.)—Earnings—
1,602.713
Operating income
1933
$176,660
Depreciation
Depletion of ore bodies.
1934
73,812
expenses
Taxes accrued
1935
$499,939
211,070
13,960
Gross income
12,373,990 11,328,384
Total
1936—3 Mos—1935
$3,430,661
Operating expenses
Class B
Earnings for 3 Months Ended March 31
Operating
Surplus—
12,373,990.11,328,3841
Other income.
Net income...
Dividends...—........
x
int. in subs.
x Represented
by 174,480 no par shares of class A stock and 801,986
(800,723 in 1934) no par shares of class B stock,
y After depreciation of
$5,457,796 in 1935 and $5,137,426 in 1934.
z Represented by 480 shares
of class A (49 in 1934) and 17,030 shares of class B stock (17,027 in 1934).
—V. 142, p. 2830.
1932
z$l,959,324 y$1.469,109 x$l,108.825
a914,783
860,480
732,696
92,295
81,257
69,224
Taxes
83,245
98,021
75,355
Reserve for contingencies
Income deductions—
155,465
Operating expenses
Depreciation & depletion
53,721
Min.
325,302
129,362
150,586
charges.
Deferred
21,332
Long-term lndebt.
Invests. & miscell.
have
.....;
no par
Calendar Years—
Gross revenue
com.
569,315
526,839
declared a dividend of 75 cents per share on the
value, payable June 15 to holders of record June 1.
quarterly dividends of 25 cents per share had been
distributed. In addition a!n extra dividend of 25 cents was paid on March 14,
last, 50 cents on Dec. 16, 1935, an extra of 25 cents paid on Sept. 15, 1935,
and a special distribution of $2.37Y per share was made on June
15,1934.—
V. 142, p. 1470.
Shs.
x
2,755,918
Previously regular
Hecla
Liabilities—
$
6,039,830
Cash—
Hazeltine Corp.—Dividend Increased—
directors
1934
1935
1934
$
Assets—
5,758,323
Fixed assets
Patents and good¬
y
Inventories
Earnings per share
—V. 141, p. 4168.
The
$496,626 def$113,900 def$716,708
will———..
-
Shares outstanding
capital stock,
....
$931,401 loss$113,900 loss$608,797
434,776
107,911
1935
$76,701
539,197
$0.14
219,494
Consolidated Balance Sheet Dec. 31
depreciation,
and provision for taxes, &c
239,933
383,696
$2,456,196
1,196,258
490,603
Surplus
3172.
6 Months Ended March 31—
Net income
$935,876
$769,335
Net profit..........
Dividends—Class A
Class. B
Brewing Co. (Del.) (& Subs.)—Earnings—
454,542
48,214
(net)
subs,
in
sinking fund gold debentures due
p.
221,949
Deduct for minority int.
Feb. 1, 1943 have been called for redemption on June 6 at 103 and interest.
Payment will be made at the Chemical Bank & Trust Co., trustee, 165
Broadway, New York City.—Y. 142,
1932
1934
$4,390,312
231,242
Admin. & gen. expense^
554,170
Other deductions
—t
60,796
Calendar Years—
Gross
Inc.—Bonds Called—
outstanding 15-year
$63,787
$105,835
Earns, per sh. on
Hamburg Electric Co.—Maturity Extended—
Hartford Times,
1933
1934
profit after deprec.
and Federal taxes
Co.—Merger Approved—
A merger of this company and its wholly-owned subsidiaries,
Boiling
Springs Water Co. and Rutherford Water Co. was approved by stock¬
holders of the Hackensack company at a special meeting held May 11.
—V. 142, p. 2996.
All
1935
1936
3 Mos. End. Mar. 31—
Payment—
Hackensack Water
May 16, 1936
Total
$3,486,042 $3,122,483
After reserve for depreciation of $469,764
z Represented by 310,100 no par shares.
ecause of inadequate working capital.
Alex J. Groesbeck, a director and counsel for the present board in their
fight to nullify the contracts for bonus payments and stock options held by
Mr. Andrews, said at Detroit that the company expected to have no
difficulty arranging for new working capital and would be in a position to
resume operations within 30 days after the capital was obtained.
The company has pending an application for a $1,500,000 loan from the
Federal Reserve Bank of Chicago and fori permission from the Securities
Volume
and
Financial
142
Exchange Commission
to issue
about 900
31, 1936 there were outstanding purchase warrants entitling
the holders to purchase
523,945 shares of common stock of the corporation
at $10 per share on or before
Sept. 1, 1939.
If all of these warrants had
been exercised on March
31, 1936, the corporation would have received
$5,239,450 additional capital: the number of shares of common stock out¬
standing would then have been 924,000 and the net asset value at March 31.
1936 would have been approximately $15.27 per share.—V. 142,
p. 2502.
cir¬
surrounding Mr. Andrews's bonus-payment contract indicated
"utter disregard" by him and other members of the old Hupp board
interests of Hupp."
In criticized Mr. Andrews's action in
an
"for the true
entering into
a contract to offer 300 Hupp cars as prizes in a contest.
The decision was the climax of more than two
years of litigation between
Mr. Andrews and the present officers.—V.
142. p. 1644.
International Nickel Co. of Canada, Ltd. (& Subs.)—
Illinois Bell Telephone Co.—Earnings—
Quar. End. Mar. 31—
1936
1935
depreciation. &c
Earns, per share on 1,500,000 shares
capital stock
—V. 142, p. 2501.
$2,930,630
$1,838,824
$2,454,433
$1.95
$1.22
$1.63
141,
director.—V.
$893,585
$692,880
521,502
67,852
75,087
439.043
50,524
34,369
Net ry. oper. income.
$229,144
1,981
$168,944
5,095
$1,106,376
224,615
57,355
88,893
p.
reserves
1,641,735
1,388,079
1,2x8,336
815,671
$8,386,787
Surplus begin, of period- 44,094,494
$4,917,627
30,990,016
$5,049,276
22,767,570
loss$80,158
14,825,560
3229.
Total surplus
--$52,481,281 $35,907,643 $27,816,846 $14,745,402
483,475
483,475
483,475
483,475
3,644,542
2,186,725
1,457,817
Preferred dividends
Common dividends
142, p. 2997.
Surplus end of period.$48,353,264 $33,237,443 $25,875,555 $14,261,927
Shs.
com. stk.
(no par)
outstanding
14,584,025
Earns, per share after
$2,402,729
1,586,476
158,344
225,685
$2,047,951
1,324,920
142,710
107,199
$432,224
$473,122
9,257
14,584,025
14,584,025
preferred dividends.$0.54
1936—3 Mos.—1935
oper. revenues.
$7,507,815
352,238
768,936
119,029
&c.,
Indiana Harbor Belt RR.—Earnings—
Railway oper. expenses.
Railway tax accruals
Equip. & jt. facil. rents.
$7,674,277
357,243
939,707
71,618
Net profit..
Incorporated Investors—New Director—
Railway
$1,098,631
7,744
1936
Prov. for deprec., depl.
Imperial Oil Co., Ltd.—Extra Dividend—
1936—Month—1935
1933
$7,463,766
44,049
Other income
The directors have declared an extra dividend of 37
H cents per share
in addition to the
regular semi-annual dividend of 25 cents per share on the
capital stock, both payable June 1 to holders of record May 15.
Similar
distributions were made on Dec. 2 and June 1. 1935. An extra dividend of
15 cents per share was paid on Dec. 1 and June 1. 1934.—V.
Period End. Mar. 31—
1934
$7,609,375
64,902
Total income
$11,972,301
Admin, and gen. expense
445,464
Provision for taxes
1,498,314
Interest paid and accrd-
1934
a
1935
$11,901,862
70,439
Earnings
3 Months Ended March 31—
Net
income
after
taxes,
interest,
Raymond Emerson, has been elected
3347
As of March
It produced
193,463 shares of stock.
cars a month in 1935.
Circuit Court,, in upholding Judge Tuttle's opinion, said that
The
cumstances
Chronicle
$0.30
$0.31
Total income
Miscell. ded uctions
Fixed
$231,125
3,317
38.306
charges
Net
—V.
income
142,
$174,039
3,341
38,999
$189,502
$131,699
6.519
$438,743
9,826
114,932
Assets—
Accounts & bills
10.025
receivable
116.233
$313,985
E.
paid, &c
Murray Jr., Receiver of the company, will until
10
a.
I
Liabilities—
1935
$
$
7% pref.stock.. 27,627,825
x Common stock 60,766,771
Deben. stock of
|
British subs-.
6,165,882 Accts. payable.. y4,189,416
1,762,434 Tax reserves...
5,998,184
! Pref. divs.
& time loans..
35,511,205
Insurance
pre¬
Interborough Rapid Transit Co.—Tenders—
Thomas
6,831,495
2,246,869
Govt, securities.
Cash & demand
$356,121
1936
I
$
147,385,802 138,541,079
3,142,622
13,203,034
21,223,427
20,018,725
Investments
Inventories
$482,379
1935
S
Property
2669.
p.
Nil
Balance Sheet March 31
1936
Other income
14,584,025
22,031,652
Ins.,
483,475
pay..
204,606
121,002
60,766,771
5,050.914
2,678,820
3,667,660
483,475
contingent
& other res
8,520,593
Capital surplus
60,606,500
7,489,675
60,841,225
48,353,264
.
Earned surplus.
m.,
27,627,825
33,237.443
May 19 receive bids for the sale
to him of $500,000 face amount of 1st and
ref. mtge. 5% gold bonds, due Jan. 1. 1966.—V.
142, p. 2998.
International Cigar Machinery Co.—Earning
Calendar Years—
Gross revenue
1935
1932
149,078
140.023
142.392
214.503
34,724
200.314
198,269
$1,279,655
1,321,876
Drl .336
$1.248.651
1,010.890
D/-37.665
$1,305,580
1,305.011
Dr44,862
$2,221,876
900,000
$2,565,729
1,200.000
354,839
taxes._
corporate
1933
$2,503,570
914.258
$2,522,533
897,378
165,315
154,259
U. S. income tax
Other
1934
x$2.937.431 x$2,782,907
1,203,489
1,135,404
$1,335,636
1,400,195
Mg. costs & expenses
Deprec. & amortization.
Net profits
Previous surplus
Adjust, acct. prior
years
Total.......216,546,026 201,843.808 \
Total
...216,546,026 201,843,808
x Represented
by 14,584,025 shares (no par value).
y Includes payrolls.
—V. 142, p. 3173.
27,512
International Petroleum Co.,Ltd.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular semi-annual dividend of 75 cents per share on the
common stock both payable June 1 to holders of record
May 22.
Similar
payments were made on Dec. 2 and June 1. 1935.
The company on June 1
and Dec. 1, 1934 paid semi-annual dividends of 56 cents fer share and
extra dividends of 44 cents per share.
cents per share were distributed to and
Regular quarterly dividends of 28
including March 15, 1934.—V. 141,
3693.
p.
3*.
Total
$2,735,831
1,200,000
Dividends paid
Exploit, of foreign mark
$2,600,195
1,200,000
Surplus
$1,535,831
$1,400,195
$1,321,876
$1,010,890
600,000
600,000
600,000
600.000
$2.23
$2.13
$2.08
$2.18
Includes interest earned of $6,143 in 1935 and $6,707 in 1934.
Shs.cap.stk.out.(no par)
Earnings
x
share
per
Balance
1935
Assets—
Cash
U.
Treas.
745,146
200,000
98,973
378,698
80,845
179,470
28,761
178,392
Dep.
Notes & accts. rec.-
maturing 1
more
210,643
104,632
224,912
111,278
Capital stock... 10,000,000
113,143
10,000,000
on
contracts
for cigar mach'y
for con¬
z
Surplus..
76,223
29,356
-
1,535,831
1,400,195
12,021,309
11,900,722
At
deducting
the
annual
Television
See list
Refuses
Effective—
to
Fund
Registration
System,
Statement
Inc.—SEC
to
Become
given
on
first page of this department.—V. 133, p. 2937.
Years Ended Jan. 31—r
1936
sales
$23,938,449
Net
Operating profit
Irving Trust Co., trustee in bankruptcy for the corporation,
says in
the fifth intermediate report and
account, covering 1935. that with respect
to pending settlements between former
Kreuger companies it can say no
more at this time but it
expects in the near future to be able to present the
matter to the court and creditors for
consideration.
The Trust company says that on April 13, 1932. when it was
appointed
receiver in equity of the corporation, the amount of cash
actually available
for the administration of the estate was
$9,871, on deposit in a New York
Total income
Interest.
the
with
bankruptcy
of the trustee
at
the financial
.
.
Dec.
.
a
Net
$450,787 loss$259,087
6,956
7,148
$732,822
197,246
$764,732
189,765
$457,743 loss$251.939
184,077
189,463
7,541
2,597
—
-
_
-
13,510
92,912
101,096
_
Dr226
—
dividends
•
_
_
23,084
_
$474,087
128.331
Cr 199
Cr215
$442,438
y260,400
_
67,886
............
profit-
Preferred
1933
writ¬
exps.,
Minority interest
Crl ,345
$184,926 loss$594,068
43,400
x219,625
x217,000
funds
Surplus
31.
"Attention
filed
1934
ten off
It continues:
position of the estate at the inception
in United States dollars in the
custody
1935, for the account of International Match
Oorp. and in custody of its wholly owned subsidiary—Continental Invest¬
ment A. G.—were in excess of
$10,000,000, although in 1935 a dividend
aggregating $5,000,000 was paid to creditors.
"It is pointed out, however, that
(a) $2,555,891 of such funds belong
to Continental Investment A. G.,
against which claims have been asserted
by Swedish Match Co. and A B Kreuger & Toll, the validity of these claims
being contested by the trustee.
"(b) $1,453,273 represents dividends and the balance of the proceeds
of sale of 350,000 shares of Diamond Match Co. common stock
held subject
to an agreement of June 23, 1932, between various claimants
to the fund.
"(c) $10,500 is held for the account of the Esthonian Match
Monopoly
o. and is not a part of the general funds of the estate.
of
(& Subs.)—Earns.
1935
$738,457
26,275
-—
Federal taxes
Other deductions
bank, other deposits being withheld by the depositaries for various
legal
"In contrast
—
Depreciation
Pre-opening
$1, both
$687,280
45,542
Other income
International Match Corp.— Trustee
Reports—
par
$23,585,656 $21,310,834 $21,959,580
23,251.169
22,847,199
20,860,047
22,218,667
Costs and expenses
promulgated thereunder.
reasons.
initial dividend of 10 cents per share and
an
an extra dividend of 2K cents per share on the
capital stock,
payable July 1 to holders of record June 5.—V. 142, p. 2670.
Interstate Department Stores, Inc.
The Securities and
Exchange Commission has ordered that the regis¬
tration statement filed by this
company shall not become effective until
such time as the registration statement is
amended to conform with the
requirements of the Securities Act of 1933 and the rules and regulations
The
Corp.—Registers with
International Vitamin Corp.—Initial and Extra Div.—
The directors have declared
Investors
Permit
Radio
SEC—
reserve
International
Corp.—Three
meeting held May 13 the following new
directors were elected:
Frank C. Page, Gordon Rentschler, and William
F. Repp.
An amendment to the by-laws was passed changing the date of
subsequent annual meetings from the second to the fourth Wednesday in
May.
Directly following the regular meeting, a special meeting was held at
which a proposition to restate the amount of capital represented by each
share of stock from $33 1-3 to $20 was passed.
A resolution authorizing
the corporation to acquire and retire 206,808 shares held by trustees for
employees stock purchase plans and 36,698 shares held in the treasury of the
corporation was also adopted.
Stockholders at this special meeting also
voted to amend the charter of the corporation so as to provide that
any
action, including the making of future charter amendments, may be taken
by the affirmative vote of the holders of a majority of shares outstanding
and entitled to vote.—V. 142, p. 3174.
for amortization of $3,423,258 in 1935 and
$3,308,983 in 1934.
y After depreciation of $107,326 in 1935 and $534,126
in 1934.
2 600,000 no par shares.—V.
141, p. 2437.
Order
& Telegraph
stockholders
International
Total
Telephone
New Directors—Stated Value Reduced—
19,195
12,021,309 11,900,7231
After
70,525
9,969,930
70,982
21,214
charges.
Total
28,484
242,700
accrued—
tingencies
assets
Deferred
co
taxes
yr. or
after date.
y" Fixed
60,974
payable
Reserves
338,450
Pats., pat.rights,
licenses, devel.,
goodwill, &c
9,994,102
x
Accounts
affll.
.
$
Fed., State <fe other
363,468
Inventories
1934
$
Accounts payable-
200,000
ctfs.
Paper
Accts.
receivable.
x
Liabilities—
commercial
Notes receivable.
31
1935
$
767,535
S.
Prime
International
Sheet Dec.
1934
S
International Rys. of Central America—Plan Operative
Acceptance having been received from holders of 79% of dividend notes
outstanding and due June 15, 1936, the company has declared operative a
plan whereby there will be offered on maturity date a cash payment of
10% of principal amount of each note, and new debentures of company
for 90% of the principal amount.
Notes now outstanding and maturing
next month total $2.391.100.—V. 142. d. 3x74.
is further directed to the fact that the United
claim for income tax for the year 1931 in the amount of
States
has
$1,043,456,
plus interest, and that although this claim is contested the trustee
a reserve in connection therewith."—V.
141, p. 4169.
must
maintain
International Mining Corp.—New Assets—
outstanding at close of period.
at
market
com.
stock
x
Five
quarterly
$257,087
216,762
$1.24
203,602
$1.47
$141,526 def$813,693
out¬
standing (no par)
Earnings per share
dividends,
y
Six
quarterly
•
203,602
Land,
1936
1935
buildings,
leaseholds, &c.-$1,740,922 $1,700,207
Cash
1,342,491 al,632,072
Accts. receiv., &c_
509,776
338,205
Inventories
2,978,038
2,588,368
-
Deposits in closed
banks.z
accounts
Total
Nil
1
Liabilities—
1936
1935
Preferred stock—$2,480,000 $2,480,000
y Common
stock. 1,083,810
1,018,010
Current liabilities.
1,348,777
1,271,725
Notes pay. on real
estate
30,000
65,000
bonds, series A.
270,000
Acer, add'l comp.
14,150
285,000
15,800
5,757
1st mtge. 5% gold
5,820
Notes receivable..
Adv. to employees
Misc. other assets
203,602
$0.05
dividends.
Consolidated Balance Sheet Jan.
Assets—
x
Deferred
The corporation reports net assets as of March 31, 1936
ofT$8,871,056,
after reserve for mining venture losses and after provision for
Federal taxes
•onfcmrealized appreciation of listed securities.
This is equivalent to $22.17
a share on the 400,055 shares of common stock
Infarriving at the above figures listed securities were valued
■quotations and those not listed were valued at cost.
Shares
$182,038
947
30,382
164,262
10,714
2,204
1,942
28,909
146,553
Minority interest.
5,983
Surplus
1,539,918
1,307,881
$6,772,639 $6,449,174
Total
$6,772,639 $6,449,174
depreciation
and
amortization,
y Represented
by 216,762
shares in 1936 (203,602 in 1935).
z After reserve,
a Includes
cash with trustee for payment of 1st mtge. 5% gold bonds, series A.—
V. 142, p. 3174.
x
no
After
par
Financial
3348
Lake
Intertype Corp.—Common Dividend Raised—
have declared a dividend of 25 cents per share on the
stock., no par value, payable July 1 to holders of record June 15.
This compares with 20 cents paid on Dec. 16, and July 1, 1935, this latter
payment being the first made since Aug. 15,1931, when a quarterly dividend
of 25 cents per share was paid.
A dividend of 25 cents was also paid on
May 15. 1931, while dividends of 50 cents per share were distributed in
each of the five preceding quarters.—V. 142, p. 3174.
The
directors
common
(Byron) Jackson Co. (& Subs.)—Earnings—
3 Months Ende# March 31—•
Net prof, after taxes, deprec. & int.
Shares capital stock
...
1936
1935
$136,221
346,356
$0.61
347,481
$0.39
347,481
$0.22
...
President E. S. Dulin stated that sales in theTfirstT quarter showed an
increase of approximately 36% over the same period in 1935.
Current assets as of March 31, 1936, were $1,636,971, including $206,583
cash.
Current liabilities were $385,820. Net current.assets amounted to
$1,251,150.—V. 142,
2503.
p.
Jeannette Glass
earnings
Operation. 'J.
Power
Taxes—State, local, &c
Federal 3% on electricity
.
_.
$2,052,097
Par)
Earnings
1,156,831
$0.54
share
—V. 142, p. 1820.
per
1936
6 Mos.—1935
$66,975
Kennecott Copper Corp .—New Director—
was
on
Retirement
the
same
of these
sinking fund, debenture bonds, dated June
outstanding of
an
company has elected to redeem
date and at the
bonds
same
will leave
137,949
4,541
515
$108,606
$74,521
$131,394
The statement for the 12 months ended March 31, 1936, follows: Net
Net loss
sales, $11,799,223: profit before charges, $1,639,326: interest, $796: depre¬
ciation, $601,647; Federal income taxes, &c., $155,532; net profit, $881,351.
For 12 months ended March 31, last, the net profit of $881,351 is equiv¬
1934
1933
$4,223,129
4,200,078
$3,463,900
3,552,176
$3,736,188
3,816,440
$120,970
82,974
$23,051
107,880
def$88,276
116,072
def$80,252
109,932
$203,944
26,811
2,895
$130,931
29,312
2,825
$27,796
53,837
$29,680
53,958
37,408
12",800
Operating profit
Total income
Depreciation
Interest paid
Other deductions
Prov. for Fed. inc. tax.
$136,829
$85,993
with SEC—
Lit Brothers
(& Subs.), Phila., Pa.- -Earnings—
Jan. 31 *36
Years Ended—
Profit for year
Previous surplus
$429,521
3,095,750
[,525,271
Jan. 31 '34
Jan. 1 '35
$3,095,750
$3,115,221
$2,923,182
294,948
Dividends paid
for shrinkage
Prov. res.
of
value
in
secured
accts., trading stamps,
&c
57,233
Adjust .of res .for deprec.,
Fed.
inc.
tax,
&c.,
prior years
Approp. for special exp.
084,016
140,000
.
loss$29,151
Jan. 31 '33
$76,128 loss$436,439
2,847,054
3,551,660
$314,451
2,781,299
Additional Federal taxes
3,111
Net profit
Lisarbo Andreas, S. A.—Registers
See list given on first page of this department.
Balance
1935
$4,776,082
4,655,112
Other income
net
$7,500,000
1936
_____
Cost of sales & expenses.
to $2.52 a share on 350,000 shares of capital stock, comparing with
profit of $594,737, or $1.70 a share, in the 12 months ended March 31,
alent
price.
about
Kresge Department Stores, Inc. (& Subs.)—Earnings—
Years End. Jan. 31—
527
Income taxes
1,
$8,000,000 of the bonds
original issue of $25,000,000.—V. 140, p. 3863.
Net sales
$0.04
1935—V. 141, p. 3694.
1927, have been notified by the Union Trust Co. of Pittsburgh, trustee,
that $974,000 of the bonds has been drawn for redemption on June 1 at
102>£ and interest, and that the
43,426
146,964
a
Koppers Gas & Coke Co.—Bonds Called—Tenders—
of the bonds
1934
L, 916,168
13,559
2,116
141,002
1,835
Depreciation
1,110,068
$0.06
He
1935
$2,096,842
63,943
1936
$2,612,964
t.
Profit before charges
Interest
1.156,831
$0.41
1,110,068
$0.32
$6,317
Liquid Carbonic Corp.—Earnings—
$479,486
S. Parker Gilbert has been elected a director to fill a
vacancy.
appointed to the board a few months ago.—V. 142, p. 2163.
Holders of 20-year 5%
60,000 common shs_
3176.
Net sales
(no
_
_
142, p.
$19,345
$0.26
$7,655
$0.06
.
Earns, per sh. on
—V.
1934
1935
1936
taxes & other
charges
3 Months Ended March 31—
Kelvinator Corp.- —Earnings—
stock
of this department.
3 Months Ended March 31—
(Albert) Kellermann & Son, Inc.—Registers with SEC—
$357,297
$32,824
2832.
Net inc. after deprec.,
See list given on first page of this department.
com.
142, p.
Lindsay Light & Chemical Co.—Earnings—
158,369
117,993
Current assets as of March 31, 1936, including $992,632|cash, amounted
to $2,381,481 and current liabilities were $319,672.—V.
142, p. 2503.
Shares
$54,810
__
Liberty Metals Co.—Registers with SEC—
1935
$2,109,886
1936—3 Mos.—1935
$92,003
59,179
Amortization of debt discount and expense
Amortization of pref. stock commissions and exp.
Balance
Net profit after depreciation, &c., but before Fed.
income taxes
$632,488
$113,989
59,179
General interest
Net income before preferred dividends
1936
_
$172,652
66,400
1,939
10,183
2,126
Funded debt interest
See list given on first page
_
64,725
1,910
10,764
2,126
Net earnings before interest
$169,454
3,198
$193,516
Other income (net)
—V.
13,645
$182,180
11,335
Net earnings from operation
Co.—Earnings—
Period End. Mar. 31—
Net prof.after all charges
incl. deprec. and int__
5,125
16,143
45,151
44,575
5,919
13,231
purchased
Provision for retirement
Kansas City Southern Ry.—New Directors—
_
1935
$397,047
100,722
5,920
12,549
45,239
44,169
5,347
114,125
Preferred stock dividends
Three new directors were elected at the annual meeting of stockholders
held May 12. They are Dwight S. Brigham, J. A. McDonough and Kenneth
D. Steere.—V. 142, p. 3174.
3 Months Ended March 31—
Net sales
-
-
-
Maintenance
Co.—Registers with SEC—
See list given on first page of this department.
Katz Drug
1936
$426,451
March 31—
Total gross
1934
$76,855
Earnings per share
Superior District Power Co.—Earnings-
Three Months Ended
Federal income
$213,125
..
May 16, 1936
Chronicle
prior years...
loss$24,278
1,883
— _ —
1,525,271
Total surplus—
—V. 142, p. 2833
$2,7S1,299
$3,095,750
$2,847,054
Consolidated Balance Sheet Jan. 31
Assess—
a
1936
Furniture, fixt.,
equipment, &c__
1935
Land
Improve, to leased
properties
53,691
150,000
Goodwill
Liabilities—
1936
tax
150,000
37,739
Sundry investment
8,300
8,300
Notes rec.accruing
fr. sale of assets
810,222
1,711,531
65,000
Earned surplus
1,498,000
Inventories
647,804
c Accts. receivable
856,596
Cash..
486,440
Deferred charges..
12,249
1,498,000
Capital surplus
Res.
Notes receiv. from
assoc.
a
to
1936—44 Weeks—1935
$13,656,238 $13,062,228
67,056
& income taxes
689,157
61,145
668,579
—V. 142, p. 3000.
Lockheed Aircraft Corp.—Stock
Offering—
amendment filed with the Securities and Exchange
stock¬
holders of record as of a date five days after the effectiveness of its regis¬
tration statement entitling them to purchase 63,535 shares of common
stock on the basis of one new share for each seven held.
The offering price
is $6 a share.
It is expected that certificates evidencing rights will be mailed
to stockholders of record May 20 and will expire 20 days thereafter.
The company states that it plans to sell Hall L. Hibbard 5,000 shares of
its common stock at not less than $5 per share over a period of three years
for his services.—V. 142, p. 3176.
';
The corporation in an
14,227
193,671
2 ,398,158
Total
1936—4 Weeks—1935
$1,233,370
$1,310,522
profit after charges
Commission states that it will issue 444,744 subscription rights to
10,267
56,842
2,178,434
635,176
530,736
194,643
14,594
$4,963,813 $5,297,6541
Net
12,800
cus¬
tomers
cos
Total
charged
instalments
Groceterias, Ltd.—Earnings-
Period Ended April <1—
Sales
for unearned
int.
J Inv. In The Fair
Loblaw
1935
8% pref. stock
$1 ,749,180 $2,462,880
$352,538 b Common stock.
243,525
243,525
75,291 Accts. pay., &c___
302,314
232,905
Notes payable
25,000
100,000
61,843 Res. for Fed. inc.
$365,221
75,291
$4,963,815 $5,297,654
Loew's London Theatres, Ltd.—Accumulated Div.—
After depreciation of $154,390 in 1936 and $168,418 in 1935.
b Repreby shares of $1 par value,
c After reserves of $6,000 in 1936 and
$40,000 in 1935.
d 166,500 shares of common stock.—V. 142, p. 3175.
s en ted
The directors have declared a dividend of 35 cents per
share on account
7% cumulative preferred stock, par $10. payable
holders of record May 16.
Similar distributions were made
Dec. 10 and May 15, 1934.
Accumulations after the payment of the
of accumulations on the
May 30 to
(S. H.) Kress & Co .—Stock Increase Voted—
on
The stockholders at the annual
meeting May 12 authorized an increase
the authorized common shares to 2,500,000 from
current dividend will amount to $2.10 per share.—V.
An
in
Net income after taxes, depreciation, interest, &c_
—V. 142, p. 2833.
1,500,000 and also
voted to exchange the 1,178,787 issued shares and the 34,217 unissued shares
reserved for sale to employees for new common on a two for one basis.
other
location
proposal which received favorable action
^of the offices of the
was
the change
in
company to New York City from Eddyville,
Lehigh Portland Cement Co .—Initial Preferred Div.—
The directors
May 14 declared an initial dividend of $1 per share on
4% cumulative preferred stock, par $100, payable July 1 to holders
of record June 13—V. 142, p. 2672.
the
on
new
Los Angeles Gas
1936
Net profit after depreciation. Federal taxes and other deductions
Shares common stock outstanding.
_
Earnings
per
share
$297,496
189,539
$1.57
Laclede Gas Light
Co.-—Earnings—
12 Months Ended March 31—
Gross operating revenue
1936
_
expense
Maintenance.
Net operating income
Non-operating income.
Net income before other deductions
on funded debt.
Interest
unfunded debt
Interest during construction
Amortization of debt discount & exp.
Normal & State taxes on bond interest
and other charges
Provision for income taxes.
Net income.
-V. 142, p. 1992.
1934
$6,983,254
3,619,078
$6,774,600
3,371,409
284,995
748,951
496,469
$6,752,465
3.103.514
264,315
641,560
487,715
$1,872,777
$2,255,361
451,160
477,694
790,040
497,808
1,754,910
426,982
_
on
1935
321.416
__
Taxes—exclusive of income taxes.-.
Provision for retirements
Interest
3694.
$3,763,097
1935
$3,557,588
Lynch Corp.—Earnings—
Earnings for 3 Months Ended March 31, 1936
Federal taxes, &c
Earnings per share on 134,977 shares capital stock (par $5)
—V. 142, p. 2328.
Net profit after depreciation,
McKesson & Robbins,
$102,169
$0.75
Inc.—Mismanagement Action—
Temporary restraining orders against the company and its directors
have been signed by Judge Samuel K. Dennis of Baltimore Circuit Court
at the request of Louis H. Charsky, a stockholder, charging mismanage¬
.....
$2,181,893
1,942,847
6,778
Cr5,670
173,018
$2,323,937
1,930,000
6,893
Cr5,192
161,113
$2,733,057
1,930,000
4,117
18,353
7,330
26,337
23,247
25,273
92,681
$39,238
$181,538
$581,917
99,067
ment.
The Judge ordered the company to file an answer by May 26.'—
V.
—V. 142, p. 3000.
Operating
p.
1936
12 Months Ended March 31—
Lily-Tulip Cup Corp.—Earnings—
12 Months Ended March 31—
141,
& Electric Corp .—Earnings—
p.
142,
3177.
McDowell Mines,
Inc.—Registers with SEC—
See list given on first page of this department.
Mack Trucks,
Inc. —Earnings—
3 Mos. End. Mar.31—
Net profit after deprec.,
maintenance, repairs &
est. Federal taxes.—
1936
$107,477 loss$187,018
Earns, per sh. on 597,335
shs. com. stk. (no par)
The
1934
1935
1933
loss$29,647 Ioss$366,908
Nil
Nil
appearing in last week's "Chronicle."Nil
$0.18
foregoing corrects item
V. 142, p. 3178.
Magma Copper Co.—■New Director—
William Keener
was
elected
a
director
on
May 12.- -V. 142, p. 2673.
Maple Leaf Asbestos Corp., Ltd.—Bonds Called—
All of the outstanding 20-year
7% closed 1st mtge.
s.
f. gold bonds have
been called for redemption on June 1 at 102 and interest.
Payment will
be made at the Canadian Bank of Commerce, Montreal, Canada, or the
Irving Trust Co., N. Y. City.—V. 135, p. 4393.
Volume
Financial
142
McLellan Stores Co.
The directors have declared
$21,001,363 $19,944,550
_
19,446,889
18,395,257
$1,554,474
$1,549,293
227,717
215,226
150,000
Gross
income
Sept. 1, 1934; $1 per share paid on Dec. 1 and Sept. 1, 1933; 25 cents per
share in each of the four preceding quarters; 50 cents
per share in June
and March 1932 and December
1931, and regular quarterly dividends of
150,000
"
Deduct—Deprec. of bldgs. & fixtures &
a dividend of $1 per share on account of
on the $4 cum. pref. stock, no par value, payable June 1 to
holders of record May 22.
Previous disbursements were as follows: $1 on
March 1, last; $1.50 on Dec. 1, 1935; $1 on Sept
1 and June 1, 1935;
$1.25 on March 1, 1935; $1.50 per share Dec. 1, 1934; $3.25 per share
accumulations
Jan. 1,'35 to Feb. 1, '35 to
Jan. 31, '36 Jan. 31, '36
Cost of sales, selling & administrative expenses,
t,-interest, &c., less other income
per share from Dec .1,
927 to and incl. Sept. 1, 1931.
Accruals after the payment of the June 1 dividend will
142. p. 1295.
amortiza¬
tion of investment in leasehold improvementsProvision for Federal income taxes
3349
May Hosiery Mills, Inc.—Accumulated Dividend—
(Del.)—Earnings—
Income Account for Period Jan. 1, 1935 and Ended Jan. 31, 1936
Net sales
Chronicle
Net profit for the period..
Statement of Capital Surplus
$1,176,757
$1,184,067
and Earned Surplus Jan. 1, 1935Jan. 31, 1936
Capital surplus—Balance as at Jan. 1,1935
$34,317
Additions to capital surplus through giving effect to plan of
recapitalization as approved by the stockholders at a special
meeting held Nov. 20,1935
3,942,783
-
-
$3,977,100
Charges against capital surplus consisting of deficit at Dec.
31, 1934, expenses in connection with the settlement of
landlords' claims, expenses incidental to bankruptcy, and
adjustment of value of fixed assets to appraisal values
amount
to
$1
per share.—V.
Merchants & Miners Transportation Co.—Earnings—
3 Months Ended March 31—
Total revenue
1936
Earnings
per
share
on
236,902
1935
1934
$2,068,070
107,219
Net inc. after rents, taxes & depr., &c.
$1,843,022
50,255
$2,056,154
l7l,591
no par
shares of capital stock
$0.45
$0.21
$0.72
For the 12 months ended March 31 last net income was $698,094 after
taxes and charges, equal to $2.95 a share.
Total revenues for the 12 months
period
were
$8,000,860.—V.
142,
p.
3001.
Merchants' National Properties, Inc.—Plan Amended—
3,453,188
A majority of the committee for the 6% sinking fund gold bonds due
1958 (Robert L. Rooke, Chairman) has notified the holders of certificates
deposit under date of May 12. that the trustees under Section 77-B of
the Bankruptcy Act have filed in the pending proceedings an offer made
of
Capital surplus as at Jan. 31,1936
Earned surplus—since Jan. 1,1935:
Net profit for the period commenced Jan. 1, 1935 and ended
Jan. 31, 1936
$523,911
1,176,757
j
-
Less: Dividends of $2 per share declared & paid on issued &
outstanding preferred stock for the period—Oct. 1, 1935
to Jan. 31,1936
60,000
Earned surplus as at Jan. 31,1936
Capital surplus and earned surplus
1,116,757
as at
Jan. 31, 1936
$1,640,669
Balance Sheet Jan. 31, 1936
Assets—
c
Cash
on
transit
Liabilities—
hand, in bants & in
§1,238,040
d Mdse. inventories & mdse. in
transit
Miscell.
-
&
notes
ceivable, less
2,868,901
-
accounts
re¬
61,404
reserve
Oth. notes & accts. receivable,
fc. less
reserve
Real
estate
190,170
1,190,178
f Furniture & fixtures
Leasehold
Res. for Fed. Income tax
Res. for scrip retlrem't fundReserve for tort claims
24,601
1
valuations
1
Investment in leasehold impts
Prepaid insurance, taxes, store
supplies, &o
—
-
Total
698,798
191,283
$6,463,377
payable
Notes & mortgages payable.—
Accrued expenses
Notes
Securities (nominal value)
e
Accounts
&
mortgages
$366,693
1,500
396,317
150,000
1,243
10,000
payable
(non-current)
Accts. payable (non-current)-.
Reserve for contingencies
17,500
70,500
75,000
Prepaid sub-rents receivable—
750
6% cum. conv. pref. stock
(par $100)—
3,000,000
b Common stock (par $1)
733,205
Capital surplus
523,911
Earned surplus since Jan. 1/35 1,116,757
by S. S. Kresge Co. to provide the company with funds to retire $145,000
of the outstanding 6% sinking fund gold debentures, 1958 (or, in lieu there¬
of, new debentures and class A stock provided under the amended plan of
reorganization to be issued in exchange for an equal principal amount
thereof), such amount in no event, however, to exceed the sum of $145,000,
in consideration of the cancellation of all liability of S. S. Kresge Co. under
the lease of the premises at Union City, N.J.
The trustees have also filed an offer of "W. T. Grant Co. (Mass.) to
lease the premises at an annual net rental of $7,000 until June 30, 1968,
with right of assignment of the lease to W. T. Grant Co. (Del.).
Merchants' National Properties, Inc. has filed an amendment to the
amended plan of reorganization dated as of Jan. 1, 1936^-providing for
the acceptance of the offer of S. S. Kresge Co. and the leasing to W. T.
Grant Co., as above set forth.
This has been done with the feeling that by
amending the plan, this offer can be more expeditiously accepted than by
waiting for the reorganization to be completed and the affirmative vote
obtained of 60% of the holders of the debentures under the machinery
provided for the operation of the reorganized company.
A majority of the protective committee has
accordingly amended the
committee plan dated as of April 8, 1933, to give effect to the abovementioned modification of the debtor's amended plan dated as of Jan. 1,
1936, subject to the same being found approved by and the amended plan,
as so modified,
being confirmed by Henry W. Goddard, U. S. District
Judge for the Southern District of New York.—Y. 142, p. 1993.
a
Total
$6,463,377
a The
outstanding preferred stock is shown upon the basis of treating as
though issued, 1,810 shares of new preferred stock for 1,810 shares of old
series A 6% preferred stock, and 166 shares of new
preferred stock for
interim
receipts for a like number of shares of old series A 6% preferred
stock, not yet converted,
b The outstanding common stock is shown upon
the basis of treating as though issued, 1,641 shares of new common
stock
for 1,641 shares of old class A common stock, not
yet converted; 6 shares of
stock for 6 shares of old class B common stock, not
yet con¬
verted; and 2,964 shares of new common stock to be issued in connection
with the conversion of 1,810 shares of old series A
6% preferred stock and
Metropolitan Personal Loan Co.—Registers with SEC—
See list given on first page of this department.
Michigan Bell Telephone Co.—EarningsPeriod End. Mar. 31—
Operating
revenues
Uncollectible oper. rev_.
Operating expenses
Operating taxes
1936—Month—1935
$2,927,986
$2,663,543
6,044
12,059
1,825,182
1,743,465
349,957
319,275
Net oper. income
$746,803
$588,744
1936—3 Mos.—1935
$8,656,750
15,613
5,442,535
1,053,493
$7,861,525
36,772
5,236,607
918,384
$2,145,109
$1,669,762
-V. 142, p. 2329.
new common
interim receipts for 166 shares of old series A 6%
preferred stock, not yet
converted.
The outstanding common stock also includes 38 shares to be
applied to the conversion of 75 scrip certificates of one-half share each now
outstanding,
c Exclusive
of $165,997 withheld
by Irving Trust Co.,
trustee, for possible additional fees and contingencies of the bankrupt estate,
any excess being returnable to McLellan Stores Co.
d After reserve for
depreciation and obsolescence of $150,228.
e Less reserve for depreciation
(of which $66,000 is subject to mortgages of $19,000).
f Less reserve for
depreciation, plus subsequent additions at cost.—V. 142, p. 3177
Marchant Calculating Machine
Co.—Earnings3
Period Ended March 31—
Net inc. after deprec., & other charges
Shares common stock outstanding
—V. 142, p. 2165.
Marion Steam Shovel
3 Mos.End. Mar. 31—
Net loss after taxes and
reserve
Months-
1936
$142,303
194,270
12 Mos.
1936
1935
$69,653
188,046
$467,391
194,270
1935
1934
$119,552
$131,711
lar. 31—
Gross earnings
1936
Subs.)—Earnings—
1935
1934
1933
$350,144
38,685
100,172
$255,380
57,576
88,420
$54,302
58,715
78,914
$211,287
18,627
$109,384
9,902
loss$83,327
29,531
$291,229
Other income-
$404,196
23,700
112,366
$268,130
23,099
—
$57,490
57,949
$229,914
8,837
30,923
$119,286
loss$53,796
Net earnings before interest
Funded debt interestGeneral interest
343
_
$190,154
$99,380
267,958
$245,063
169,622
Surplus
Shares
169,622
19,906
com.
stock
78,812
339,244
339,745
$0.72
$0.56
out¬
Co.—Earnings—
Mid-Continent Petroleum Corp.
(& Subs.)—Earnings
1935
1934
--$34,277,667 $29,131,060]
Cost of sales
23,841,148
19,383,384
Selling & gen. & adminis.
Years—
5,321,739
Net profit from sales-.
Other income credits, net
1933
1932
5,995,820
$5,114,779
$3,751,857
1,383,491
1,587,353
Not available
$6,702,133
364,145
April 1 to holders of record March 20.—V. 141,
595,706
$4,942,143
2,365,611
911,822
$3,353,500
2,955,980
862,839
$2,915,272
2,523,468
998,376
1,219,295
836,617
1,301,119
976,854
498,475
Income charges
Nil
Net
p.
$5,135,3471
193,204J
$6,702,133
2,180,180
Total income
315,245
$0.31
income
Provision for deprec
The company paid an initial dividend of 40 cents per share on the
common
on
636
2,736
$20,532 def$168,578 def$132,608
(M.) Marsh & Son—Pays Initial Dividend—
stock,
636
loss$6,013
loss$53,796
$75,441
standing (par $1)
Earnings per share
—V. 142, p. 2165.
4,573
Gross sales
expenses
Net profitCommon dividends
524
4,575
(As Reported to the Massachusetts Dept. of Public Utilities)
3 Mos. End. Mar. 31—
1936
1 935
1934
1933
Rev. passengers carried2,547,272
2,493,700
2,521,860
2,223,111
Average fare
9.3 cts.
9.4 cts.
9.4 cts.
9.33 cts.
Net profit..
$3,962
$3,314
$4,474
$16,676
—V. 141, P. 3232.
,
2,731
43,435
$66,450
57,980
Federal income
Net earnings from operation.
Other income (net)
Calendar
Other chargesFederal taxes.
$65,332
1,118
Taxes—State, local, &c.
Federal 3% on electricity.
Middlesex & Boston Street Ry.
Marlin-Rockwell Corp. (&
Quar. End.
$55,772
1,718
Provision for retirement
$206,499
—V. 142, p. 1647.
Depreciation
Expenses, &c—
43,129
12,360
15,571
32,012
19,989
3,930
1,088
Maintenance
Net income before prior lien and pref. dividends.
—V. 142, p. 3002.
$54,102
1935
$283,571
95,811
36,815
12,878
15,445
31,664
20,806
3,804
1,015
103.307
1933
for
deprecia¬
tion, obsolescence, &c.
1936
$287,159
OperationPower purchased
Gas purchased
Amortization of debt discount and expense
Amortization of prior lien and preferred stock com¬
missions and expenses
Co.—Earnings-
1936
Michigan Gas & Electric Co.—Earning
Three Months Ended March 31—
Total gross earnings
1774.
(Glenn L.) Martin Co.—Receives Plane Contract—
Depletion reserve
Leaseholds abandoned &
surrendered, &c
Adj't of crude oil invent.
289,776
Fed. & State income tax.
The company
has been awarded a contract for 13 planes involving an
expenditure of $1,500,000 by the Netherlands Government.
Plans are
already under construction with first shipment to be ready for delivery
by
Aug. 1, the remaining 12 to be delivered during August and September.
—V. 140, P. 3393.
Maryland Fund, Inc.—3% Stock Dividend—
The directors
May 13 declared a 3 % stock dividend in addition to the
regular quarterly cash dividend of 10 cents per share on the capital
stock,
both payable June 15 to holders of record May 31.
Similar stock distri¬
butions were made on Dec. 15, 1935 and on June 15, 1935.
In addition an
extra cash dividene of 10 cents per share was paid on March 15
last, and
extra dividends of 5 cents were paid in each of the first three
quarters of
1935.—V. 142, p. 1294.
on
May Department Stores Co.—Two Regular Divs. Declared
quarterly dividends of 50 cents
Net income.
Divs.
on common
Deficit
Shares
stock-
-
com.
stock
$2,417,176
737,243
sur$l,679,933
$828,0931oss$1766,4381oss$2081901
921.545
$93,452
$1,766,438
$2,081.901
1,843,872
1,857,912
1,857,912
out¬
standing
Earnings per share—__
1,843,872
$1.31
$0.45
Nil
Nil
Consolidated Earnings for 3 Months Ended March 31
1936
1
Costs and expenses
Q'.* K
Other income (net).
$8,067,194
6,195,440
1934
$6,930,450
6,463.167
$1,871,754
Sales
$467,283
292,013
340,274
The directors have declared two regular
share each,
on the common stock, par $10. payable June 1 and Sept. 1
15 respectively. A dividend of 50
paid on March 2, last, as against dividends of 40 cents per
share paid in each quarter of 1935 and 1934. Dividends of
10% were paid in
1933, 5.6% in 1932 and 10% in 1931.
In addition an extra dividend of
25 cents per share was paid on Dec. 2, 1935.—V. 142, p. 2673.
per
to holders
of record May 15 and Aug.
cents was also
Depreciation
Depletion
Leaseholds surrendered, &c.
Net income
$2,212,028
550,283
159,105
559,981
$759,296
599,3621
$1,350,484
864,004
238,504/
194,487
176,449
$942,659 loss$273,057
$310,031
Financial
3350
Consolidated Balance Sheet Dec.
'
aOll
reserves
&
b
$
2,260,588
2,289,411
general taxes...
in¬
522,981
234,563
20,270,020 19,585,676
Deferred credit
Refin's, casinghd
items
873,544
624,917
interests
83,000
85,215
Capital stock...18,579,120 18,579,120
Surplus from oper¬
gasoline
plants,
pipelines,
stor¬
—
Minority
d
tanks, &c__-16,392,579 17,361,842
Stks. & bds. (cost) 3,478,737
3,560,671
age
Cash
ations.
4,390,891
1,034,895
6,746,991
1,012,560
U. S. Treas'y bills.
Notes
and
accts.
14,563,421 13,123,889
Cap'l arising from
reduc'n in stated
2,797,646
8,236,302
1,122,438
Materials & suppl.
Del. debit items..
value
2,699,508
8,256,998
1,275,025
573,050
rec., lass reserve
Refin. & crude oils
of
541,369
capital
stk. to par
value.23,747,670 23,769,760
Total
Missouri Pacific RR.—Repprt Recommends
Committee Be Denied Permission to
Security Holders—
of the
tion and
Southwestern
RR.—Acquisi¬
Operation—
Interstate
The
&
Commerce
Commission
issued
recently
authorizing the company to acquire and operate a line of railroad, formerly
by the Rutland Toluca & Northern RR., extending from Granville
Toluca, 20.86 miles, all in Putnam and Marshall counties, 111.
Authority also was granted the company to issue $100,000 common
stock (par $100), for the purchase of road and equipment.
That part of the application which sought authority to issue $100,000
6% first mortgage gold bonds was denied, and that part of the application
which sought authority to issue $100,000 of 4% 5-year notes to the Recon¬
struction Finance Corporation, was dismissed.—V. 141, p. 1600.
to
Minneapolis Brewing Co.—Income Account Year Ended
Dec. 31, 1935—
employ
or
act under or pursuant to
such authorizations.—V. 142, p. 3002.
Corp.—Earnings—
Mobile Gas Service
Operation.
$518,727
323,938
-
18,672
Net oper. revenues
(net)
4,721
-
$399,306
191,353
46,500
depreciation & income taxes
(estimated)
Net profit.
$161,454
Balance Sheet Dec. 31, 1935
Assefs—
—
—-—
;
$173,569
Notes & accts. receiv. (net)
191,916
125,452
Cash
LiabilitiesLiabilities—
1935
1936
Assets—
plant &
(incl. in■
J,567,027 S2,546,414
tangibles)
$2,567,027 S2.546.414
Cash
37,508
40,927
Notes receivable..
4,158
7,300
Property,
a
Inventories
Other assets
Prop., plant & equipment
Contracts for signs (monthly)
25,620
Applic.
64,729
(nominal
46,500
Curr. mat. of long-term debt
Earned
$2,401,4501
364,000
96,000
c
rental..
Minneapolis & St. Louis RR.—Receivers' Certificates—
The Interstate Commerce Commission on May 5 authorized the issuance
of $1,185,000 of receivers' certificates to renew or extend matured and
maturing certificates of like principal amount.—V. 142, p. 3178.
Co.—Hearing May 25—
enjoined from selling or transferring two year
6% mortgage gold bonds of Kentucky Natural Gas Co. which are collateral
to notes of "Mokan" and guaranteed by "Mokan."
The order, pending further hearing, enjoins creditors of "Mokan," and
holding promissory notes issued by "Mokan," and holding Kentucky gold
bonds as collateral security for the notes guaranteed by "Mokan," from
selling or transferring bonds separate from the notes.—V. 142, p. 3179.
Missouri-Kansas-Texas RR.—Annual Report—
The pamphlet report for
1935 has just been issued.
The following figures
supplemental to those published in V. 142, p. 2166.
(Company and Controlled Cos.)
Years Ended Dec. 31
3935
1933
1934
3,294
452,647
86,748,192
Average miles operated.
3,294
3,294
Passenger carried
623,829 •
586,896
Pass, carried one mile...103,846,578 100,418,446
Rev. per pass, per mile..
Revenue tons carried
do
1 m.(000 omitted)
Rev. per ton per mile...
Rev. per mile of road...
1932
3,294
560,450
106,569,881
1.89 cts.
1.91 cts.
2.12 cts.
2.14 cts.
7,410,396
2,015,738
7,398,581
1,937,114
7,113,442
1,827,697
7,327,853
1.810,323
1.12 cts.
1.11 cts.
1.17 cts.
1.22 cts.
$8,325
$7,993
$7,801
$8,270
The income account for 1935
was
given in V. 142, p. 2166.
Liabilities—
Inv.in rd.
&
eq.246,563,706 246,752,076
Depos. in lieu o£
9 719
919
2,015;096
2,083,734
mtg.prop. sold
Misc.
phys.prop
Inv.in
affil.cos.:
Pledged
527,001
Unpledged...
1,627,752
Other investm'ts
527,000
1,672,005
113,044
122,120
5,900,117
Cash
Special deposits.
1,886
Loans & bills rec
59,146
3,491,058
6,439
59,285
274,746
226,371
404,545
946,202
Traf. &
bals.
receiv..
rec.
fr.
agents & cond.
439,570
Misc. accts. rec.
836,765
Mat'l & suppl's.
2,717,986
10,385
Int. & divs. rec.
Common stock
Stock
liabil.
1934
$
$
66,672,953
66,672,748
66,672,921
66,672,748
for
47,519
47,551
Mortgage bonds 93,094,179
Coll. trust notes
2,294,149
Eq. tr. obliga'ns
Inc. mtge. bonds 13,577,567
93,094,179
conversion
84,100
13,577,567
62,020
L'ns & bills pay.
Traf. & car serv.
bals. payable-
610,987
514,298
2,495,960
1,981,269
Audited acc'ts &
car. serv.
Net bals.
Pref. stock ser.A
x
Other curr.assets
Deferred assets.
13,145
63,626
Unadjust. debits
201,916
3,201,678
6,055
wages
Misc. accts. pay
Int. mat., unpd.
Divs. mat. unpd
Funded debt
52,848
43.548
1,614,292
16,170
1,615,521
int.
16,170
ma
1,406
accr
1,446
114,425
unpaid
tured,
13,456 Unmat.
284,611
payable
452,333
Unmatur'd rents
87,241
cur.
liabils.
99,740
299,410
Oth.
I
79,979
Oth.
199,245!
def.
liabil.
1,052,953
429,130
262,501
accrued
Tax
liability
Accr.depr. (road)
595,085
136,649
136,649
(eq.) 11,590,611
Oth. unadj. cred
533,500
10,592,896
481,152
Accr. depr.
Add'ns
to
prop,
through inc. &
102,588
Profit and loss..
Total..
x
261,368,602 259,996,0951
Represented by 808,939
no par
Total
shares.—V. 142,
98,539
78,246
surplus
2,606,946
261,368,602 259,996,095
p.
Service
14,071
extension
6,053
6,103
412,168
399,808
42,460
35,497
deposits
26,728 Interest on income
bonds.......—
13,905
Surplus---—--i-i
Nil
Nil
8
8
49
158
17,024
1,866
18,769
taxes, &c
2,520
Other def. items..
Total
x
—.$2,789,415 $2,766,2621
-
Represented by 5,000 no par
Monroe Loan Society
$2,789,415 $2,766,262
Total
shares.—-V. 142, p. 1647.
(& Subs.)—Earnings—
Earnings for 2 Months Ended Jan.
Profit after expenses, interest
31, 1936
$25,453
and other deductions.
—V. 142, p. 2675.
Monsanto Chemical
Co.—Listing—
Exchange has authorized the listing of 101,310
stock on official notice of issuance upon
exercise of rights by stockholders or sale to underwriters
(making the
total amount applied for 1,114,448).
Pursuant to resolutions adopted by the directors at a meeting held April
20, the company was authorized to issue;
101,310 additional shares of its
common stock (par $10), upon the registration of the 101,310 shares and
warrants
therefor being effective under the Securities Act of 1933, as
amended, the listing and registration of the stock and warrants being
effective on the New York Stock Exchange, and stock and warrants being
otherwise available for issuance on or before May 16, which the company
will offer for sale to stockholders of record May 16, or their assigns at $60
per share on the basis of
one share for each ten shares held.
The subscription period will terminate at 3 o clock p. m. (Eastern Daylight
Saving Time), on June 4.
'
■
Subscriptions will be exercisable and payable at Guaranty Trust Co.,
140 Broadway, New York, or at London office of the Guaranty Trust Co.,
32 Lombard St., London, E. C. 3, England.
The company has made arrangements under which the members of an
underwriting group have agreed to purchase such new shares as are not
subscribed and paid for by the stockholders or their assigns.—V. 142.
p. 3179.
The
New
additional
York
shares
Stock
of
common
,,
,
....
(H. A.) Montgomery Co.—Stock Offered—Link, Gorman
Inc., Chicago, on May 5 offered 13,000 shares of
common stock (par $5).at $9.50 per share.
& Co.,
Registrar,
Continental
1935
1934
942
17,255
Transfer Agent, City National Bank & Trust Co., Chicago.
Illinois National Bank & Trust Co., Chicago.
Consolidated General Balance Sheet Dec. 31
1935
28,883
2.060
18,388
14,054
depos.
t
Chancellor Wolcott has fixed May 25 for hearing on petition of receivers
to have certain noteholders
are
1,660
23,073
9,401
Special deposits
$2,401,450
-
charges for returnable containers of $138,689 and allowance
$21,000.
b After allowance for depreciation of $782,981.
After allowance for depreciation of $104,543.—V. 141, p. 3696.
General Statistics for
Consumers'
Prepaid insurance,
After
taken therefrom
29,664
payable-
Due to affil. co
valua¬
doubtful
Missouri-Kansas Pipe Line
1,833,000
500,000
1,117,843
80,396
surplus
Total
9,000
32,453
Liability for containers
on
Accounts
1935
$430,701
$430,701
1,833,000
865
debt
Funded debt
Notes payable
Notes payable
Funded
Reserves
tions)
Capital stock (par $1).
Capital surplus
a
1,349
Miscell. investm'ts
mortgage 6^s
Federal industrial loan
for
882
3,251
ma¬
terials &suppl..
1936
Common stock..
x Common stock..
x
Accrued accounts.
anticipation
cost)
42,994
expenses
General
Total.-..-—
$21,915
108,920
122,765
warrants (at
Accounts payable
Prov. for Income taxes (est.).
213,046
134,764
Kegs, cases & bottles
Deferred charges
c
Tax
Accrued
15,886
1,546,816
—...
Accounts receiv—
Merchandise,
Notes & acceptances payable-
$117,537
Comparative Balance Sheet March 31
Due from affil.cos.
Liabilities—
$142,726
25,189
$109,936
-
equip,
Provision for depreciation
Provision for income taxes for current year
$139,266
3,460
$130,169
20,232
,
-
Gross income
$394,585
before
707
before prov. for retirements.
Non-operating income—net
643,625
Balance
Miscellaneous income
Profit
$129,461
--------------------
before providing for depreciation. $1,038,210
delivery, adminis. & gen. exps., $583,308; doubtful
chgd. off & provided for, $25,474; interest paid, $34,842
10,456
3,870
44,815
Uncollectible accounts
_
$502,621
304,213
Crl98
46,853
Maintenance
Tfl.Tes-
Balance.
1935
1936
12 Months Ended March 31—
Total operating revenue
Provision for retirements
Gross profit from operations
accts.
as a
to solicit authorizations
certificate
a
owned
Selling,
Kemper and A. J. Sevin for an order authorzing
protective committee for the holders of certain junior securities,
to represent holders of such securities and to use,
H. Thornton, James M.
this department.
them,
Rockford
Milwaukee
that Protective
Represent Certain Junior
A report proposed by the Bureau of Finance recommends that division 4
Interstate Commerce Commission deny the application of Charles
America—-Registers with SEC—
See list given on first page of
Inc., the
60,630,324 58,706,875
a After reserve for depreciation and depletion of $28,262,833 in 1935 and
$29,598,005 in 1934.
b After depreciation of $23,480,231 in 1935 and
$22,455,810 in 1934.
c Represented by 1,857,912 no par shares,
d Repre¬
sented by i ,857,912 shares, $10 par.—V. 142, p. 2166.
Mid-West Oil Co. of
Although holders of more than $5,500,000 principal amount of 1st mtge.
gold bonds,
series due 1950, have accepted or have indicated their
intention to accept the offer to exchange dated April 24, 1936, the terms
of the offer have been extended to May 18,1936, F. W. Seymour, President,
announced on May 10.
Under the offer, holders of the company's 4K%
bonds may exchange these bonds for an equal principal amount of a new
issue of 1st mtge. 4% bonds, series of 1950, plus a cash payment of $27.92
for each $1,000 bond.
This cash settlement represents the difference
between the call price of the 4 % bonds and the exchange offering price of
the 4% bonds amounting to $6.25, a payment of $2.92 which in effect
continues interest at the rate of 4K% through the calendar year of 1936,
and $18.75 to cover interest from Jan. 1 to June 1, 1936, the date of the
new 4% bonds.
Mr. Seymour indicated that public offering of the issue
of 1st mtge. 4% bonds, series of 1950 of the company not reserved for
exchange will be made shortly after termination or the exchange period.
The Continental Bank & Trust Co. of New York, 30 Broad St., New
York, is depository under the offer and G. L. Ohrstrom & Co.,
underwtiter.—Y. 142, p. 3002.
60,630,324 58,706,8751
Total
1934
$
Accounts payable.
Accrued
int.
and
under
tangibles
May 16, 1936
Minneapolis Gas Light Co.—Offer Extended—
1935
Liabilities—
$
leaseholds
31
1934
1935
Assets—
Chronicle
2835.
dated May 5 affords the following:
Organization—Company was incorp. in Michigan, Oct. 20, 1924,rand
upon that date acquired the assets and business of its predecessor partner¬
ship which was principally owned, controlled and managed by H. A.
Montgomery, who is now the president and principal stockholder. Principal
executive offices and plant of corporation are located at 17191 Swift Ave.,
Detroit, Mich.
The business in which the company engages brings it under
the classification of "Manufacturing Chemists."
It is engaged primarily
in manufacturing drawing compounds, cleaning compounds, anti-rust oils
and products obtained from crude oil %
Capital Securities and Securities Being Registered.—As of Dec. 31, 1935,
the company's authorized capital consisted of 15,000 shs. of common stock
(par $10) of which 9,000 shs. were issued and outstanding.
On March 19,
1936, the company amended its charter by reason of which ic is authorized
to issue a total of 45,000 shares of common stock (par $5).
27,000 shs4of
this stock have been issued in exchange for the 9,000 shs. of old stock.
13,000 of the newly authorized common shares are under contract of sale
to Link, Gorman & Co., Inc., Chicago, and are a portion of the shares con¬
stituting the issue covered by this prospectus.
The remaining 5,000
authorized but unissued new shares are subject to an option running to the
underwriter.
4
A prospectus
Purpose—The purpose is to defray the cost of the erection of the refinery
Findlay, Ohio, and to provide the company with additional working
The $8 per share received by the company will be allocated.by
crediting $5 to stated capital and $3 to paid-in surplus.
-nn ,4
Underwriting—Company has entered into a written contract, dated
Jan. 24, 1936, with Link, Gorman & Co., Inc., under the terms of which
Link, Gorman & Co., Inc., have agreed to buy 13,000 shs. of new common
stock at $8 per share.
Under this contract the underwriter agrees to offer
the 13,000 shs. for sale to the public at a $9.50 per share.
In the event the
underwriter purchases the 13,000 shs. of stock within the period, as provided
in the contract, the underwriter is given an irrevocable option for a period
of, three years to purchase any part or all of an additional 5,000 shs. of the
new common stock at
$12 per share during the first year, the price of
$17 per share during the second year, and the price of $22 per share during,
the third year of the option period which commences upon the date when.
at
capital.
Volume
Financial
142
the stock certificates representing the 13,000 shs. of stock, are
escrow agent under the terms of the underwriting contract
to the underwriter for payment therefor.
an
delivered to
for delivery
Chronicle
(G.
C.)
Murphy
Gross sales
(net)__
Cost of sales
1933
1934
1935
$429,668
$276,553
189,742
$410,287
314.221
291,499
__
Selling,
general and administrative
expenses, deprec. and taxes
Net profit
Other income
90,154
,
83,696
58,863
$25,293
4,408
...
$35,092
2,423
$27,949
1,896
on
Increased
May 12 declared a dividend of 30 cents per share on the
value, payable June 1 to holders of record May 22.
increased stock.
On Feb. 19,
last, the company paid a stock dividend of 200%.
The additional stock
did not participate in the 75 cent dividend paid on the common stock on
March 2, last.
Prior to the March 2 payment the company distributed
regular quarterly dividends of 40 cents per share.—V. 142, p. 3180.
common
for Years Ended Dec. 31
Dividend
Co.—Initial
Common Stock—
The directors
Incomt Statement
3351
stock,
This will
on
no par
be the first dividend paid on the
Munson
Steamship Lines—Trading Continued—
The Securities & Exchange Commission has issued an order granting the
on the New York Curb Exchange of unlisted trading privileges
in certificates of deposit for the 6 H % debenture bonds, due 1937.—V. 142,
continuance
Net profit....
Net
.
5,083
"$25,117
profit
$29,844
648
4,213
$37,515
$29,701
361
4,223
Other charges
Provision for Federal income tax
$24,983
$32,431
—V. 142, p. 2835.
3180
2508.
Narragansett Electric Co.—Seeks Exemption—
The company, a subsidiary of New England Power Association, a regis¬
holding company, has applied (File No. 32-18) under Section 6(b) of
the. Public Utility Holding Company Act of 1935 for exemption from the
requirement of filing a declaration under the Act, in connection with the
proposed issue and sale of $34,000,000 3-year notes.
The notes, which
may be issued under a so-called stand-by bank credit agreement with
certain banks, are to bear interest at not more than 3%, it is stated.
If the loans are made, the proceeds are to be applied on or about June 30,
1936, to the redemption of the following outstanding first mortgage bonds
tered
(Tom) Moore Distillery Co. (& Subs.)—Earnings—
Earnings for 3 Months Ended March 31, 1936
Profit after depreciation, interest, &c., but before Fed. inc. taxes
—V. 142, p. 2835.
Moose
p.
$139,854
Oils, Ltd.—Registers with SEC—
of the company:
See list given on first page of this department.
Motor Transit
$26,504,500 of first mortgage gold bonds, series A. 30-year, sinking fund,
5%, due Jan. 1, 1957;
3,691,000 of first mortgage gold bonds, series B, 5%, due Jan. 1, 1957;
2,960,000 of first mortgage bonds, series C, 5%, due June 1, 1958.
T
,
Co.—Earnings-
Period End. April 30—
1936—12 Mos.—1935
1936—Month—1935
$53,721
$50,897
27,380
27,697
7,804
7,240
6,044
6,884
Gross earnings-
Operation
Maintenance.
Taxes
Interest
883
625
The notes will not be issued, it is stated,
$576,066
$590,429
340,711
90,718
66,237
9,014
337,387
84,519
75,502
9,761
if
long-term bond issue or
a
other permanent refinancing is completed prior to the redemption date of
the above bonds.
The issue and sale of the notes are solely for the purpose
of
financing the business of the company and must be approved by the
of Public Utilities of the State of Rhode Island, the applica¬
Division
tion states.
$83,746
83,853
$8,506
$68,895
89,073
$106
Balance
$11,550
Reserve for retirements (accrued)
$20,178
Deficit
—V. 142, p. 2674.
Narrangansett
Quar. End. Mar. 31—
$775,085
45,402
$316,708 loss$303,276
111,417
53,498
$688,385
173,140
-
$820,487
168,333
42,410
$428,125 loss$249,778
156,700
153,346
42,815
42,564
$609,744
3,878
77,875
$228,610 loss$445,688
$630,169
247,344
66,117
loss$72,923
208,675
21,678
'
Profit
Other income
Profit
Depreciation.
Interest
profit
National Acme
1933
1934
1935
$1,078,293
279,531
23,677
$643,453
44,932
Selling & gen. expense..
Exps. of idle prop., &c-
$515,245
J. W. M. Mfg. pf. divs
Federal taxes
67,725
■■
See list given on first page
-Earnings
1936
$922,686
254,540
24,693
Profit after costs
of this department.
Co.—Earnings—
Calendar Years—
79,505
Other deductions
Depreciation
Interest charges, &c
147,524
113,661
30,000
Prov. for Fed. inc. tax..
$174,099
83,309
Net profit:
$64,663 def$388,473def$l,021425
75,666
77,417
125,967
$257,408
Balance, profit
Other income
3,878
Surplus
$140,329 def$311,056 def$895,458
Earnings for the Quarter Ended March 31
$447,520
$527,991
930,271
$0.48
768,732
$0.68
$224,732 def$445,688
stk. outstand¬
com.
ing (par $10)-.Earnings per share
$303,2721oss$104,926
348,757
448,357
66,256
82,202
151,268
257,033
125,464
128,906
$865,225
451,762
80,643
139,081
120,776
8,300
profit
$1,033,394
Admin., sales, &c., exp.
488,605
1932
1933
1934
1935
Operating
1935
1934
$140,016
$33,004
$58,144 loss$154,794
$0.28
$0.06
1936
Shs.
Inc.—Registers
Association,
Racing
with SEC—
Murray Corp. of America (& Subs.)-
Net
Opportunity for hearing in the above matter will be given by the Securities
Exchange Commission May 28.—V. 141, p. 759.
and
Net prof, after all chges.
Earns, per sh. on 500,000
768,331
768,331
$0.29
shs. cap.
stk. (par $1).
1933
Nil
$0.11
Nil
Balance Sheet Dec. 31
The earnings for the calendar year were
"Chronicle" of March 21, page 1994.
published in the
Assets—
$
1935
i 8,904,171
9,423,361
1
Fixed assets
1
Goodwill
Other assets
275,984
Prep.
223,584
exp.
& misc.
1934
S
$
Liabilities—
x
Common stock..
9,302,710
Pref. stock of subs.
Funded debt
506,138
230,920
Purch.
Co. owned dies and
1,750,000
ob¬
money
ligations
Res. for conting..
88^,177
355,494
1,544,559
1,503,046
2,869,132
ing amortized..
Cash
Notes & sects, rec.
Inventories
yl99,846
110,361
118,366
Accounts payable.
patterns
Dies & patterns be¬
1,090,432
1,389,617
Current pur.money
563,101
319,344
1,480,452
2,298,557
obligations
Federal
202,140
income
&
229,000
36,923
cap.stk.taxes..
Accruals
Operating deficit..
180,077
Capital surplus
4,997,137
Total
x
7,687,310
193,900
15,675,971
Represented
by $10
14,910,053
par
Total
shares.
y
15,675,971
Includes
for
reserve
18,800
69,153
1,591,214
4,961,620
14,910,053
operations.
668,999
486,257
2,257,554
Misc. secur. owned
43,902
Ins. & water dep.,
salesm's adv.,&c
26,000
2,135,805
43,902
Deps.
Calendar
1935
1933
11,929,219;
Gross profit from oper.
Other income
$1,828,801
105,835
$1,934,636
Selling, adm. & gen. exps
354,056
Loss on sale of secur's, &c
11,250
Provision for deprec'n..
218,221
Prov. for contingencies.
60,000
Interest paid
1,468
Prov. for loss on deposits
1932
Unavailable
$663,195
102,579
$298,681
100,977
$765,775
327,449
250
6,128
273,809
258,150
209,813
45,000
22,377
$60,241
270,602
9,666
297,979
Profit for period
687
6,188
$1,079,640
782,508
outstanding
1,815,234
Patents & goodwill
Unamort.
of
bond
1
1
36,939
48,302
4,808
$135,385 loss$179,238 loss$518,007
286,478
x$5.52
$0.69
Nil
Nil
disc.
6,401
&
expense..
Prepaid insurance,
taxes, &c
Total....
$5,324,928 $4,965,802
1935
rec.,
(net)..
Inventories
rec
2,485,028
37,324
$32,788
1935
$705,355
Taxes payable
1934
$99,000 1st mtge. 6%
s.
Par $1.
f. gold bonds due Nov. 1, 1942 have
National Automotive
Fibres, Inc.—Earnings—1936
1935
1934
Net inc. after deprec. & other charges.
x$207,914
$263,880
$147,404
Equivalent to 84 cents a share on 247,290 class A common shares out¬
standing, and compares with $263,880 equal after dividends on preferred
stock, since converted into class A stock to $1.17 a share on 217,051 class A
shares in first quarter of 1935.—V. 142, p. 2675.
x
a dividend of $3.50 per share on account
the 7% cum. pref. stock, par $100, payable June 1
May 23, this compares with $1.75 paid on April 1 and
Jan. 2, last, Octr. 1 and July 1, 1935; $3.50 paid on May 1, 1935, $1.75
paid on April 1 and Jan. 21, 1935 and on Oct. 1, 1934; $3.50 per share
paid on Sept. 1, $1.75 on July 2, May 1 and April 2, and $2.61 per share on
Jan. 1, 1934.
After the payment of the current dividend, accumulations will amount to
$33.25 per share.—Y. 142, p. 1995.
on
1,201,134
1,180,031
Cash divs. declared
758,921
881,311
36,870
3,626,424
99,554
& income taxes.
Res.
for
Can.
cess
Fed.
inc.
&
222,659
391,254
22,699
par).
$7,740,998 $7,457,805
' l.Total.
71.715
83,517
$376,063
72,183
$564,048
49,415
Profit before Federal income tax
Provision for estimated Federal income tax
210,081
105,000
4~5~666
1,956,270
$303,880
56,661
$613,463
$360,541
39,000
81,000
1,956,270
$532,463
Balance
808,274
1,363,135
The operations of Universal Gypsum
.$7,740,998 $7,457,805
$321,541
179,827
$141,714
& Lime Co. have been consoli¬
1935 through Dec. 30, 1935, and the
minority interest in the subsidiary's loss of $11,660 for that period has not
been segregated as it is not significant.
The loss of a subsidiary (Epley
Building Supply Corp.), not consolidated since acquisition of control as of
Sept. 1, 1935 and not taken up in the above profit and loss statement,
amounted to $229.
x
dated for
3,766,602
1,010,893
752,184
def$219,721
Dividends on preferred stock.
Dec. 9, *35 to be
issued Feb. 1, '36 1,956,270
Earned surplus
$447,778
4
$647,565
Other income.
Stock div. declared
Capital surplus
1934
$759,067
111,502
31,580
Capital stk. (195,-
-V. 142, p. 3005.
xl935
Depreciation & depletion
179,176
&
Res. for conting's.
no
Gypsum Co.- -Earnings—
Years—
Other deductions.
ex¬
profits taxes
627shs.
National
$450,893
Res. for capital stk.
Dep. in closed bks.
36,422
Properties (net).. 2,411,204
Deferred charges..
67,203
Total
z
been called for redemption on June 1 at 102 M and interest.
Payment will
be made at the Cleveland Trust Co., Cleveland, O. or the Guaranty Trust
17,388
Acer.payrolls,int.,
2,021,935
insurance, &
trade
.
.....$5,324,928 $4,965,802
Profit from oper., after sell., adm. & other expenses
Liabilities—
Accounts payable.
$322,652
& other securities
Accts.
1934
hand & in
Munic.,Can.Govt.
Acer, bond int.
Total
After depreciation of $936,312 in 1935 and $802,421 in 1934.
Calendar
Balance Sheet Dec. 31
on
surplus
portion
of accumulations
391,254 shares.
banks
2,515,084
6,188
Land, bldgs.,ma¬
chinery & equip. 1,751,806
Dep. in closed bks.
stock...
loss
and
The directors have declared
25,500
x Before payment of
100% stock dividend declared Dec. 9, 1935 payable
Feb. 1, 1936 (195,627 shares stated value of $10 per share).
After giving
effect to the stock dividend the net profit was equal to $2.76 per share on
Cash
2,772,492
Capital stock
to holders of record
Dividends paid
Assets—
14,000
500,000
tingencies
z
National Grocer's Co., Ltd.—Accumulated Dividend—
40,809
210,000
Earns, per sh. on 195,627
shs.
62,000
500,000
con¬
Co., N. Y. City.—V. 142, p. 1478.
loss$48,227
108,469
$399,658
in closed banks
Provision for taxes
1,766,500
com¬
pensation &
Profit
3 Months Ended March 31—
Total
1,676,000
bonds
Workmen's
126,413
304
A total of
1934
$13,758,0201
Cost of sales
8,832
39,064
6% gold
Bonds Called—
Corp.—Earnings-
Years—
Net sales
8,380
72,120
1st mtge.
German
Treasury
y
85,652
Accrued payroll-__
23,893
restricted
by German Govt
y
Products
in
bank
$61,950
60,370
$148,284
Accrd. bond int—
and
accts. receivable
1934
1935
Accounts payable.
Accrued taxes
Inventories
-V. 142, p.3005.
Motor
Liabilities—
$399,131
notes,
acceptances
1934
$
1934
$402,016
Customers'
Consolidated Balance Sheet Dec. 31
1935
Assets—
1935
Cash
the period from
Sept. 1,
Financial
3352
Dec.
Balance Sheet
deposit,
plus interest
U. 8. Treas. notes
(market
value,
$386,290.60) ...
State of W. Va. bds
100,250
--
Other assets.
Gypsum & lime dep
Land-.--
add'ns
License agreement
19,827
809,000
430,000
306,503
45,011
non-cum. 2d.
pf.stk. ($20 par)
CI. A
common
Class B
Idle plant
66,425
147,807
.
Pats.,
1935—3 Mos.—1934
$1,304,276
$2,516,077
5,849
14,029
1935—12 Mos —1934
$6,187,408
$6,975,363
58,775
86,530
Total
$1,310,125
$2,530,106
106,738
337,402
$6,246,183
337,341
1,355.957
$7,061,893
195,298
1,356,016
$923,472
$2,085,966
$4,718,644
$5,510,579
49,312
Expenses, incl. taxes
Int. & other deductions.
($1
com.
Balance, surplus
27,000
2,629,567
Summary of Surplus
503,690
1,043,977
12 Months Ended Dec. 31, 1935—Earned surplus,
1, 1935, $7,410,057; balance from 1935 (as above), $4,718,644; total,
$12,128,701; dividends on $6 preferred stock, $1,678,280; dividends on
common stock, $4,092,087; earned surplus, Dec. 31, 1935, $6,358,333.
15,000
134,889
769,547
232,764
Comparative Statement of Consolidated Income (Incl. Sub. Cos.)
652,316
15,000
Period End. Dec. 31—
Total...
-
_
Subsidaries—
'. 1935—3 Mos.—1934
-
$8,163,012
Dr20,958
$8,389,884 $32,194,762 $32,617,434
18,012
Dr10,232
121,050
inc.. $8,142,054
and
3,098,794
Int. chgd. to construe._
Cr4,160
Prop, retire, res. approp.
1,444,303
$8,407,896 $32,184,530 $32,738,484
Net rev. from oper
Other income (net)
Gross corporate
Quar. End. Mar.
taxes,
x
31
1935
Interest
com.stk.
x$116,153
$0.43
$91,940
$0.29
$84,874
$0.26
loss$22,602
Nil
L.
Balance
12,849,781
Oil,139
6,019,013
12,447,737
025,038
3,182,221
Cr2,502
1,772,984
5,920,278
$3,455,193 $13,841,553 $13,880,829
$3,603,117
Pref. divs. to public (full
Estimated.—V. 142, p. 1296.
div. require,
applic. to
periods
repective
National Malleable & Steel Castings Co. (& Subs.)—
whether
earn,
or
un¬
Por. applic. to min. int.
2,743
1,515,853
3,929
6,063,399
12,555
6,063,383
19,685
27,000
Net equity of Nat. P.
& L. Co. in inc. of subs
$2,084,523
$1,935,411
$7,765,599
$7,797,761
$186,005
$0.39
Net equity of Nat. Pow.
& Lt. Co. in income of
2,084,523
5,849
1,935,411
14,029
7,765.599
58,775
7.797,761
86,530
$2,090,372
49,312
$1,949,440
106,738
$7,824,374
171.582
$7,884,291
195,298
1,515,851
earned)
Earnings for 3 Months Ended March 3', 1936
$313,170
profit--DepreciationGross
Federal taxes
public
to
other deductions
1933
1934
deprec.,
Federal
&c
Earns.per sh.on
1936
1935—12 Mos.—1934
'
.
Operating revenues
$18,714,689 $18,333,414 $72,229,741 $71,515,452
Oper. exp., incl. taxes-. 10,551,677
9,943,530
40,034,979
38,898,018
$6,501,816 $4,570,899
depreciation of $468,237 in 1935 and $400,046 in
National Candy Co. (& Subs.)—Earnings—
Net profit after
allowance for
171,582
Jan.
stock
par)
42,234 Capital surplus
75,649 Operating deficit
..-..--$6,501,816 $4,570,899
After allowance for
i
1934. _v. 142. n. 3005.
Other
stk.
($5 par)
Deferred charges.-
27,000
3,510,966
1,153,945 5%
un-
33,064
of Income and Surplus (Company Only)
Reserve for general
contingencies
1,839,656
51,692 7% cum. 1st pref.
Furn. & fixtures-.
Total
payable
($100 par).
trademarks,
copyrights, &c_.
Statement
Period End. Dec. 31—
48,370
40,000
6%
sinking fund
gold bds., 1943.
614,760
completed
sideration.
43,736
Mortgage
May 16, 1936
confirmed, pending final action by the P. S. Commission
The Commission has issued an order disapproving the
plans but has granted a re-hearing and will give the subject further con¬
have not yet been
of Pennsylvania.
Gross income: From subs
31,342
50,502
949,122
215,251
Chronicle
14,960
466,103
equipment----- 2,606,532
Plant
32,800
85,200
365,278
aBldgs., machy. &
1
$88,127
45,041
stk. tax., est'd..
365,278
937,932
Inventory
65,238
&c
taxes,
1934
$254,227
Fed. Inc. & capital
Notes & accts. rec.,
less reserves
1935
$113,252 Accounts payableDividends payable
80,230 Accrued Int., local
$414,889
of
Ctfs.
Liabilities—
1934
1935
Assets—
Cash
31
100,165
—
Nat. Pow. & Lt. Co.—
Netprofit
Earns, per share on 472,461 no par shares-
1935year net amounted to $109,592, or 23 cents per share.
1935 the company had current assets of $5,486,769 with
of $752,674.
Cash amounted to $1,116,743 and Govern¬
securities totaled $706,940.—V 118 p. 211,
subs. (as shown above)
For the entire
At the end of
Other income
current liabilities
ment
National Pressure Cooker Co.—15-Cent Dividend—
May 8 declared a quarterly dividend of 15 cents per
$2 payable June 1 to holders of record
May 15.
An initial dividend of like amount was paid on March 1, last.—
V. 142, p. 1478.
Total income
Expenses, incl. taxes
Int. to public and other
337,341
337,402
1,355,957
1,356,016
$1,703,719
deductions
The directors on
share on
$1,505,300
$6,296,835
$6,332,977
1,678,275
4,364,863
$0.85
the common stock, par
National Rubber Machinery Co.—Listing Approved—
York Curb Exchange has approved the listing of 11,500 addi¬
tional shares of common stock, no par.—V. 142, p. 1995.
The New
National Standard Co.—Extra Dividend—
Balance, surplus
Preferred dividends
1,678,280
Common dividends
4,092,088
$0.85
Earns.per sh.on com.stk.
Notes—All intercompany transactions have ben eliminated from the above
statement.
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods (whether paid or not
paid) on securities held by the public.
The "portion applicable to minority
declared an extra dividend of 25 cents per share in
to a regular quarterly dividend of 62 H cents per share on the
stock, both payable July 1 to holders of record June 15. An extra
dividend of 12 Y cents was paid on April 1, last; at the same time the regular
quarterly dividend was increased from 50 cents to 623^ cents per share.
See also V. 142, p. 1649.
interests" is the calculated portion of the
Neisner Brothers, Inc.—Dividend Increased—
have reconsidered the declaration made on May 11 of a
share on the no-par common stock, and
will pay instead, a dividend of 37Y cents per share according to an a
nouncement made on May 12.
The dividend will be paid on June 15 to
holders of record May 29.
Previously, regular dividends of 25 cents per
share had been distributed each three months from March 15, 1935 to
March 14. 1936, inclusive.
In addition, the extra dividend of 50 each was
paid on March 15, 1935.
The March 15, 1935 distributions were the first
made on the common stock since Jan. 1, 1931 when a regular quarterly
dividend of 40 cents per share was paid.—V. 142, p. 3181.
where income accounts of individual subsidiaries have resulted in deficits
The directors have
addition
common
The directors
quarterly dividend of 25 cents per
National Power & Light Co.—Annual Report 1935—
in part:
Operations of Subsidiaries—Operating revenues of subsidiaries for 1935
were $72,229,741, an increase of $714,289, or 1%, over 1934.
Operating
revenues were derived as follows; $61,110,844, or 85%, from electric power
and light sales: $3,415,182, or 5%, from natural gas sales; $1,390,679, or
2% from manufactured gas sales: $5,462,038, or 7%, from transportation,
and $850,998, or 1% from miscellaneous services.
Operating exp. for the year were $32,285,163 and taxes were $7,749,816,
a total of $40,034,979. an increase of $1,136,961, or 3%, over 1934.
Of this
increase, $518,017 was for operating expenses other than taxes and $618,944
P. B. Sawyer, President, says
for taxes only.
Because operating
was
revenues,
than
for
balance of income available for
minority holdings by the public of common stock of subsidiaries. Minority
have not been charged with deficits where income accounts of
subsidiaries have so resulted.
The "net equity of National Power & Light
Co. in income of subsidiaries" includes interest and preferred dividends
paid or earned on securities held, plus the proportion of earnings which
accrued to common stocks held by National Power & Light Co., less losses
interests
for the respective periods.
The above statement does not include the operations since Dec. 1, 1934,
of the Memphis Street Railway Co.
Following receivership that company
reorganized and since Jan. 31, 1935, has been operated by non-affiliated
voting trustees.
Consolidated Balance Sheet Dec. 31,1935
was
Liabilities—
Assets—
Plant,
franchises, &c.$506,975,472
prop.,
Invest, (securities, long-term
ad vs., &c.—ledger value).
Cash in banks, on demand.Cash in banks, time deposits
U.
S.
and taxes increased more than operating
operation were smaller by $422,672, or 1%,
expenses
,
,
Expenditures for maintenance were $4,578,237 and appropriations for
property retirement and depletion reserves were $5,920,278, a total of
$10,498,515 for these two items.
The aggregate electric output of subsidiaries for the year was 3,532,087,000
k.w.h., an increase over 1934 of about 2%.
All of the subsidiarias except
increased their output.
A decrease of about
to abnormally low water conditions
which that company operates. As
the company's sources of power are almost entirely hydro-electric, the
company for a part of 1935 had less surplus power for sale to other com¬
panies whose transmission lines are interconnected with its own than it had
in the previous year.
Because of unusually warm weather in Pennsylvania
during the last two months of 1935, the output of Pennsylvania Power &
Light Co. for the year was larger by only approximately 3%.
Net Equity of the Company in Income of Subsidiaries—The net equity of
Power & Light Co. for the year in the income of subsidiaries was $7,765,599
and other income of the company was $58,775, giving a total of $7,824,374.
After the deduction of expenses, taxes and interest there was a balance of
$6,296,835 carried to consolidated earned surplus.
This balance, after
dividends on the company's $6 preferred stock, was equal to 85 cents a
share on the company's common stock.
The net equity of the company in income of subsidiaries ($7,765,599) is
the amount applicable to the company on its holdings of securities and
which it would have received if all subsidiaries had paid to the company
the full amount applicable to it.
However, not all of the subsidiaries were
in a position, for various reasons, to pay to the company these amounts and
accordingly the company received from its subsidiaries a total of only $6,187,408, instead of the net equity amount of $7,765,599.
Financing—^Company did no financing during i935. It issued three shares
of its $6 preferred stock in exchange for an equal number of shares of out¬
standing $6 preferred stock of its subsidiary Lehigh Power Securities Corp.
No subisidary did any financing.
Long-term debt in the hands of the
public was reduced $767,500 during the year through payment of principal
or through the operation of sinking funds.
ket quotations $4,522,058)
Accounts
Dividends declared
Notes
4,483,147
Reacq.
Accrued
4,993,857
1,023,314
Miscell. current assets
funds
Mat'd &
sees,
Consignments (contra)
Reserves
Undeclared
for
Consigned mat'ls (contra)-Deferred charges
pref.
2,010,812
395,891
268,000
13,303
10,406,028
by
cum.
divs.
of subs,
stks.
1,279,603
62,672
268,000
13,303
184,095
43,972,271
on
held
1,405,023
public-...
Minority int. in surplus (and
deficits) of subs, (net)
Surplus—Appropriated
Earned, less amt. accruing
to minority Interest
S586,568,325|
Total
...
Sundry credits
pledged
security
surety bonds, &c.)
Notes & accts. rec., not curr.
Sees. guar, by subs, (contra)
7,400
5,107,000
2,406,207
12,040,749
37,513
long-
Notes & accts. pay., not our.
Sees. guar, by subs, (contra)
1,450,302
as
on
(cash in special deposits).
(incl. $460,000 prin. amt.
subs,
int.
*
term debt & redem. accts.
(14,013 shs.
by them)
by
accr.
241,412
Special deps. & redemp. fds.
U. S. Govt.
accounts
Miscell. current liabilities.-
2,029,526
-
secure.
Mtge. bonds of subsidiaries.
Customers' deposits
8,731,512
receivable
Materials and supplies
Reserve
payable
mortgage
90,555
Prepayments
$221,917,785
266,617,500
1,936,903
1,844,574
22,100
payable
Contracts pay. & real estate
receivable
1 % in output of that company was due
for a portion of the year in territory in
68,687
152,159
27,224,778
$586,568,325
Total
Represented by National Power & Light Co. (no par value): $7 pref.
(entitled upon liquidation to $100 a share); pari passu with
9,063 shares; issued, none.
$6 pref., cum. (entitled
upon liquidation to $100 a share); pari passu with $7 pref.; authorized,
500,000 shares: issued and outstanding, 279,716 shares.
Common, author¬
ized, 7,500,000 shares; outstanding (less 12,810 shares held in treasury),
5,456,117 shares.
Subsidiaries: Preferred, 958,855 18-100 shares, based
on priority in liquidation; common, 12,078 shares.
x
cumulative
$6 pref.; authorized,
Balance
1935
Assets—
Sheet
__
& other shortterm securities
425,916
Accts. receivable
190,520
4,581
22,713
Contlng. right to
of Blrm'm
& expense
Deferred charges
Total
9,500,000
15,000,000
23,616
128,672
stock
div. payable.
int.
671,539
419,574
.
in
secur.
2,663,459
285,000
Junior
of Blrm.
500,000
281,378
Reserve
Surplus
6,358,334
....
671,539
281,378
7,410,057
139,856
158,299,339 159,511,126
Total
158,299,339 159,511,126
Dec.
x
237,500
cash
Electric Co
2,635,242
285,000
141,142
419,569
237,500
on
long-term debt
Contlng. liability
inv.
500,000
dlsc't
Special deposits-
9,500,000
debs.
for add'l
Junior
125,838,795
15,000,000
Accts. payable..
33,684
Accr'd accounts129,774
gold
Accrued
—others
Electric Co...
$
$
series A
5%
Preferred
185,781
Accts. receivable
sec.
1934
1935
Capital stock. 125,839,095
6% gold debens.
x
series B
State, municipal
Unamort.
31
Liabilities—
140,764,962 140,606,021
Cash...
7,939,879
10,922,290
U.S.Treas. bills210,341
516,223
Time deposit.
6,050,000
2,650,000
—subsidiaries.
Dec.
1934
$
Investments
receive
principal amount of the bonds and (,he extension of the balance to Dec.
1, 1945.
A total of 78% of the outstanding bonds was deposited.
Plans
for the extension of bonds aggregating $655,000 maturing between July 1,
1936, and July 1, 1942, of subsidiaries of Lehigh Valley Transit Co. were
also submitted to holders of these bonds and more than 79% of each of four
issues was deposited under agreements which called for the payment of
25%* on the principal amount of bonds of each issue and extension of the
balance to dates subsequent to Dec. 1, 1945.
Lehigh Valley Transit Co.
and one of its subsidaries in connection with these extension agreements
filed petitions for reorganization under Section 77B of the Federal Bank¬
ruptcy Act.
The plans with amendments are acceptable to the Court but
Accounts
term secure, (val. at mar¬
Carolina Power & Light Co.
4,525,141
31,378,932
7,551,117
Govt. & other short-
Notes
Capital stock
Long-term debt----—-
of subs.* pref. stks. reacq.
net revenues from
1934.
x
31
'34
Dec. 31
'34
Represented by:
$6 pref. stock (value in liquidation $100 ash.).
Common stock
*
279,716 shs.
279,713 shs.
5,456,117 shs. 5,456,117 shs.
Volume
Financial
142
Chronicle
Earnings for 3 and 12 Months Ended Feb. 29
3 Months
•
Period Ended—
Feb.
29
'36 Feb.
28
'35 Feb.
3353
New England Power
12 Months- ■
29 '36 Feb. 28
-
Consolidated
Income Account
Subsidiaries—
from operat'n
$8,660,858
Z>r32,714
$8,678,333 $32,250,526 $32,719,919
13,932
£>r23,737
112,807
Gross corporate inc... $8,628,144
Int. to public & other
$8,692,265 $32,226,789 $32,832,726
Other income (net)
oper.
deductions
Int. charged to construe.
Prop. retire.
res. approp.
Balance
$4,121,115
Pref. divs. to public (full
12,776,846
0*16,927
6,074,357
12,436,143
020,722
6,015,883
3,106,973
Cr8,458
1,713,672
respective
Depreciation
Net before int. & divs_$17,755,167
Int. pd. & amort, of disc.
Other charges
$3,880,078 $13,795,485 $13,998,450
Min.int.in
whether earned
Pref. & cl. A div. of
Net consol.
or un¬
earned)
1,515,831
1,515,853
4,109
4,178
Net equity of Nat. P.
& L. Co. in inc. of subs $2,601,175
Nat. Pow. & LI. Co.—
Net equity of Nat. P. &
L. Co. in inc. of subs.
(as shown above)
Total income
3,835,149
3,783,343
3.796,174
$5,162,868
$5,934,987
$6,276,564
2,651,783
3,977,642
699.457
earns..,.
3,977,934
1,865,218
3,977,770
1,865,239
$485,769
$91,835
$433,554
$1.27
$2.09
$2.46
Balance, surplus
$2,113,553
per sh. on aver¬
number outst'd'g.
$0.84
Earns,
$7,917,148
96,932
54,780
$2,389,449
58,628
$7,758,063
179,316
337,133
1,355,931
$1,993,688
$6,222,816
in
rec.
terest
&
6,035,202
Pref.
3,268,789
574,139
14,613,599
14,624,355
117,155
70,204
Prepaid
Restricted
charges
232,204
Accts. and notes
currently due)
of subsidiaries have so resulted.
The "net equity of National
Power & Light Co. in income of subsidiaries" includes interest and preferred
dividends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by National Power & Light Co.,
Def.
from
due 1948
disc.&expenses
Unadjust. debits
6,774,793
7,236,180
24,420,000
24,631,500
99,064,100
______
97,940,300
3,000,000
2,160,000
notes
debt
of
Notes payable of
subsidiaries
1,175,096
5^%
1,173,200
..
serial
sec.
(curr.).
notes
\
The above statements do not include the operations since Dec. 1, 1934,
the Memphis Street Ry. Co.
Following receivership that company
24,058,000
24,522,500
Int.
subsid. cos
bond
have resulted
15,104,296
51,117,413
Hydro-El. Sys
20-yr. 5% debs,
Funded
60,249
expenses._
Unamort.
Adv.
14,816,954
51,086,579
A
class
5%% gold debs.
5}i% sec. serial
receivable (not
counts
surp.
stocks of subs.
12,124
Securs. owned..
transactions have been eliminated from the
Interest and preferred dividend deductions of subsidi¬
full requirements for the respective periods (whether paid
or not
paid) on securities held by the public.
The "portion applicable to
minority interests is the calculated portion of the balance of income avail¬
able for minority holdings by the public of common stocks of subsidiaries.
Minority interests have not been charged with deficits where income ac¬
&
of subsidiaries
5,874,848
dep.
Mat'is & suppl.
intercompany
622,304
Min. int. in com.
15,829
3,211,836
555,811
260,435
aries represent
was
50,614,617
x
in¬
accrued
above statement.
.
Common stock 50,614,617
stock
stock
(less res.)
Dividends
less losses where income accounts of individual subsidiaries
in deficits for the
respective periods.
64,016,405
1,746,728
Accts. and notes
Bal. carried to consol.
surplus
64,016,405
622,304
4,642,406
1,819,598
7,102,346
progress
Cash
$
$
Liabilities—
$2 pref.
$6,463,886
.
deductions
1934
1935
$
Pref. stock
orders
31
1934
$
Work
1,355,995
$2,214,863
1935
Assets—
Capital assets..362,237,877 364,507,780
$8,014,080
194,199
337,129
taxes
Int. to public and other
of
1,203,831
3,851,726
$4,765,336
subs,,
land Power Assn
$7,917,148
$7,720,127
37,936
$2,360,047
29,402
$2,606,772
Expenses, incl.
Notes—All
1,269,479
age
$2,601,175
5,597
9,059.635
1,119,951
Consolidated Balance Sheet as at Dec,
Other income
$20,336",204
$18,512,911 $19,572,069
8,584,261
8,394,944
Common dividends
$7,720,127
$2,360,047
_
Pref. divs. of New Eng¬
6,063,421
17,881
6,063,349
12,009
8,140,909
87,372
909,823
of subs.
earns
periods
Por. applic. to min. int.
earned
expenses
Taxes.
div. require, applicable
to
„
Purchased electric energy
Maintenance
3,086,450
C»4,328
1,424,907
1932
$49,176,049 $48,134,125 $48,961,581
1,978,058
2,042,213
2,495,099
..$51,893,567 $51,154,107 $50,176,338 $51,456,680
16,394,625
16,911,130
16,172,629
15,186.284
2,053,472
1,817,107
3,262,951
2,866,687
3,413,895
3,263,672
4,306,476
4,336,832
4,369,346
4,436,854
6,639,919
7,006,125
8.129,058
7,937,278
Total income
Operating
1933
1934
(after
rev.
elim. of inter-co. sales)$49,972,829
Other income....
1,920,739
.
rev.
{Incl. Sub. Co.) for Calendar Years
1935
Gross
Operating revenues
$19,794,975 $18,572,772 $73,035,428 $71,732,100
Oper. exp., incl. taxes.. 11,134,117
9,894,439
40,784,902
39,012,181
Net
Association—Report—
-
'35
258,000
1,499,000
Notes payable to
4,006,000
banks.
reorganized and since Jan. 31, 1935, has been operated by non-affil¬
oting trustees.—V. 141, p. 4172.
Notes
iated
&
accts.
Mass.
pay. to
Utilities Assoc.
Continental Bank &
Trust Co.
of New
registrar of 100,000 shares of $1 par value
National
York has
$775,099
122,497
$4,786,545
650,779
$1,606,770
429,267
$897,597
480,807
$5,437,325
1,780,877
$4,304,912
1,863,351
320,359
164,661
262,613
55,260
1,204,731
386,051
1,032,009
275,897
Net inc. from oper'ns.
Other income
$1,492,079
114,691
Total income
...
Depreciation
x
Int.,
discounts,
& miscellaneous
Net
Other
Total
x
$692,481
$98,915
$2,065,664
$1,133,653
stock.
3,343
owned
On
5,014
18,387
25,075
195,856
782,953
$493,281 loss$ 100,422
$1,264,324
781,598
1936
1935
$
S
I
$326,979
Plant & equipm,t25,268,817 24,703,575
2,922,041
4,632,897
2,468,427
2,468,427
Notes &accts.rec. 7,737,748
5,854,665
Mdse. inventories. 19,191,653 16,606,421
Investments.
5,439,232
5,418,298
b Mktable. secure.
88,909
Accts. recelv. from
offic. & employ-
205,099
221,115
Deferred charges.
Patents & licenses.
165,224
30,625
90,750
44,437
$7,714,921
expenses
Interest
S
16,621,500
9,567,925
9,566,250
Minority interest106,076
122,698
Underlying capital
obligations
19,510,900 20,316,300
Accounts payable. 1,949,276
1,461,197
Notes payable
1,800,000
Insur.
&
&c. reserves, &c.
Capital surplus
134,850
19,458
8,370
11,262
adv. from International
Hydro-Elec. Sy._
1934 &
accr.
inc
as
in 1933
preferred shares
on pref. shares of this Association held
by a sub. co., and excluded from div. inc. above.
872,746
647,114
220,739
on common
699,456
shares
2,252,817
5,194,747
4,978,498
2,143,533
Balance Sheet Dec. 31, 1935
3,964,113
4,977,141
Including New England Power Securities Co., a Fully Owned Subsidiary
Iji (i hi H %i
Ass€ts~~~~'
Cash in banks
Notes & accts. rec. from sub.
receivable
Other current assets
Investments
Unamortized
$1,632,295
1,495,578
205,940
2,656
168,226,953
and expenses
Carroll
1934
2,281,071
27,589
$4,677,112
1,917,094
2,000,187
$4,319,551
1,551,152
2,000,187
$302,760
$83,093
$449,034
$1.31
$1.27
$1.44
$1.16
on
x
been
elected
a
director.—V.
142,
p.
1825,
$173,872,083
Represented by 932,609
New Jersey
1,499,000
24,058,000
24,522,500
Reserves
cum.
598,551
preferred stock
...
x
-
1,500,000
1,910,461
$173,872,083
Total
shares.—Y. 142,
p.
2836.
1936
1935
1934
$1,074,179
981,632
Total income
Dividends (2%)
Surplus
no par
surplus
64,196,605
860,800
50,614,617
Zinc Co.—Earnings—
Ouar. End. Mar. 31—
$1,060,889
981,632
$1,092,207
981,632
-
$92,547
$79,257
1,963,264
$0.55
1,963,264
$0.54
1933
$437,378
981,632
$110,574 def$544,254
Shares capital stock out¬
standing (par $25)-.-
Earnings
Mining Co.—New Director—
serial notes due or
Paid-in surplus
Total..
$3,500,000
30,388
581,159
called for red. Feb. 15 '36.
Earned
1933
$4,444,931
1,697,427
2,000,187
sec.
accruals._
xCommonstock
x
has
5>£ %
payable &
$2 cum. div. preferred stock
$17,161,396 $16,426,740 $16,441,057 $15,931,158
12,429,351
11,981,809
11,763,945
11,611,607
$248,569
Searls
Accts.
5% debs, due April 1, 1948.
5H % debs due Dec. 1, 1954
discounts
debt
Notes payable to banks
Accts. payable to a sub
6%
2,000,187
Newmont
25,718
$3,977,642
After portions of dividends paid from surplus of subsidiaries at dates
acquisition by this Association, credited to investment accounts, of
Other assets
Deficit
17,145
$30 320.
England Telephone & Telegraph Co.—Earnings—
Earnings per share
capital stock.
—V. 142, p. 2675.
$4,003,360
Less divs.
Co.—Options—
Dividends
$4,699,969
3,949,560
53,800
$2,668,928
$2 dividends
reported to the SEC that options on 24,500 shares of
its common stock are held by the purchasers of its
5% sinking fund notes
exercisable at $15 per share up to and including Dec. 15, 1937.—V.
142,
p. 3181.
expenses
$4,571,064
2,633,040
35,888
Net income to surplus
Dividends (in cash)—6% preferred shares.
company
Net operating revenue $4,732,045
Net after charges.
1,751,618
362,998
-
x
Total
1935
^5,062,967
$4,571,064
Net income
Dividend
63,428,868 60,040,584
Total
63,428,868 60,040,584
a After
depreciation of $13,093,289 in 1936 and $11,912,428 in 1935
b Market value, $1,011,636 in 1936 and $447,081 in 1935.—V.
142, p. 1995.'
1936
139,375
±02,406
on
Dividends
3 Mos. End. Mar. 31—
2,210
2,750,381
Other charges against income
Int.
of
pension,
Earned surplus
funded debt
.
Other interest
194,910
372,772
income taxes
on
82,242
121,620
2,031
2,674,581
136,748
funded debt
Reserve for Federal
revenue
$8,302,017
81,026
116.343
...
$2,651,783
Divs. pay. on pref.
stk.
of
Spang,
Chalf. & Co. Inc
on
Amortization of discounts
Common stock
Acer, taxes, wages,
&c
Operating
Operating
92.321
381,646
1935
$
Preferred stock. ..16,628,200
,
$6,458,745
1,369,305
305,723
Taxes refunded to security holders or paid at source
in January,
1936
•
1934
1935
x$6,370,134
950,154
Less divs. incl. in the foregoing net inc. rec. early
Liabilities—
Cash....
New
.
Other taxes
Consolidated Balance Sheet March 31
National Tea
A shares of such subsidiaries.
Corporate and legal
194,323
x Includes $45,277 flood loss in 1936.
Note—For comparative purposes in the foregoing statement full
provision
has been made for the cumulative dividends on the
preferred stock of Spang,
Chalfant & Co., Inc., for the periods indicated, and
previous quarterly
statements which provided for such dividends
only as earned have been
adjusted in this respect.
.
shs. of subs. incl. in consol. financial
Total
by Nat. Supply
Assets—
common
Int. & other income from subsidiary companies..
Consolidated net prof_
The
of Income and Surplus Years Ended Dec. 31
On pref. and class
On other shares
stks. not
Co. of Delaware
a
value.
no par
statements
Inc. applying to Spang,
Chalfant & Co., Inc.
com.
194,789
402,804,732 403,964,854
Total.
Represented by 932,609 shares of
Statement
tional-Superior Co. pf.
pref. &
..
(Not including the Association's share of undistributed earnings of its subs.)
the Na¬
on
402,804,732 403,964,854
reserves
Income from cash dividends—
income..
divs.
1,500,000
14,084,746
payable..
for deprec.
taxes
Prov. for Fed. inc. taxes
Guar.
44,474,127
1,669,045
174,036
Suspense credits
1,500,000
Surplus paid InSurplus earned. 11,615,891
$3,784,369
520,542
1,018,504
698,771
341,619
46,443,772
1,855,679
Res.
$7,849,764
4,065,394
1,148,763
731,566
364,922
Divs.
1936—12 Mos —1935
$9,314,467
4,527,921
gen. expenses..
for inc.
prov.
tax)
Consumers, &c.,
deposits
[Including Spang, Chalfant & Co., Inc.]
Selling &
4,885,009
and
(includ'g
pay.
accr.
Supply Co. of Del. (& Subs.)—Earnings—
Period End. Mar, 31—
1936—3 Mos —1935
Gross income from oper. $2,640,843
$1,793,604
1,058,712
5,316,133
Accts.
been appointed
stock.—V. 142, p. 3006
common
496,272
& its subs
National Printing Appliance Corp.—Registrar—
The
per
share—--
This item, which incl.
divs. from sub.
cos.
1,963,264
$0.56
1,963,264
$0.22
is shown after deductions
for expenses, taxes, maintenance, repairs, depreciation and contingencies.
—V. 142, p. 1129.
3354
Financial
New Orleans & Northeastern RR.Calendar Years—
1933
1932
$2,349,430
1,718,888
$2,195,949
1,654,778
$1,949,880
1,580 276
$1,960,873
1,887,607
Taxes, uncoil, rev., &c__
$630,541
436,030
$541,171
459,562
$369,603
552,218
$73,266
489,006
Operating income
Non-operating income—
$194,511
•27,181
$81,609 loss$182,615 loss$415,740
27,976
36,538
63,296
Total gross income
Deduct, from gross inc—
$221,692
400,167
$109,585 loss$146,077 loss$352,445
397,292
398,442
405,794
Total oper. expenses
Net
from oper—
rev.
$287,707
$178,474
$544,519
$758,239
General Balance Sheet Dec. 31
1935
1934
$
1934
1935
$
Liabilities—
Assets—'
Invest, in road and
Capital stock
-.18 ,620,664 18,796,592
61,782
39,446
equipment
6,000,000
8,566,000
12,072
Funded debt
Misc. phys. prop.
Gov'tai grants
Inv. in alfil.
Traffic &
cos.:
Stocks
20,800
51,532
20,800
43,753
Advances
6,000,000
8,566,000
662
car serv.
balances payable
58,836
56,713
274,246
113,013
223,710
Audited accts. and
Other investments:
wages
payable.
_
1
1
Cash
255,293
234,551
Special deposits
162,912
163,807
incl. interest due
79,086
90,049
Divs. mat'd unpd.
Unmat. int. accr'd
Stocks
Traffic &
Misc. accts. pay—
Int. mat'd
Jan.
car serv.
balances receiv.
Bals. due fr. agts.
and conductors.
Misc. accts.
856
1,793
229,673
Materials & suppl's
Int. &divs. receiv.
Other
182,774
166,465
190,804
rec
Deferred assets
.
82,856
142,897
Unadjusted debits
1
162,912
* 26,823
24,911
1,874
17,138
50,356
66,536
24,911
6,844
38,365
50,354
71,159
768,869
356,015
143,338
3,168,706
857,124
365,476
143,338
3,358,981
liabll—
4,375
80,296
103,106
Deferred liabilities
Operating reserves
Accrued deprec. on
equipment
Oth. unadj. credits
Special appropria'n
Profit and loss
Total
163,807
26,823
...
curr.
19,811,649 20,021,1531
.
.19,811,649 20,021,153
Total
—V. 142, p. 3006.
Sales—net
1933
1932
$3,413,006
$2,798,835
$2,364,160
$1,745,367
2,715,068
2,201,505
2,154,586
1,865,951
$697,938
179,685
xll,911
$597,330
195,009
xl 1,494
8,287
158,954
47,454
6,247
200,505
30,200
Net prof, bef. oth. inc.
Profit from sale of stock
Dividends receivable
$291,647
$153,875
Miscellaneous other inc_
3",470
7,743
$295,117
y$161,619
Cost
—__
of sales,
selling &
gen.expenses
Net profit before depr.
Provision for deprec'n„
Int. & oth. chgs.—net-
Charges
for
equip,
$199,574 loss$120,584
194,668
199,806
1,183
10,460
dis¬
Miscellaneous expenses
Prov. for Fed. inc. tax_
8,234
Net profit.
Exclusive
of idle
in investment in
to
deficit
x
25.042
100
34,946
36,282
61,580
54,530
52,722
56,635
63,714
59,114
56,949
77
77
444
70
84
62
426
66
406
69
77
88
88
79
83 J*
85
384
366
1,510
1,433
72
70
68
67
123
1,573
172 M
353
84
62
77
88
88
78
84
87 34
Acquisition, Guaranty and Sale of Bonds of Lessor Companies—In accord¬
ance
with the provisions of the respective leases under which the company
operates the properties of the Boston & Albany RR. and the Toldeo &
Ohio
received during the year from such lessor com¬
panies the following securities, for the purposes indicated, namely:
From the Boston & Albany RR., $9,000,000 main line 1st mtge. bonds,
4 Yi% series A, due April 1,1943 (subject to lease to New York Central RR.),
which were delivered to the company in discharge of the Boston & Albany
RR. obligations under the lease in respect to making provision for payment
and refunding of $2,000,000 of that company's 4% improvement bonds of
1910. due May 1. 1935, and $7,000,000 of its 6% ref. bonds of 1933 which
were called for redemption.
From Toledo & Ohio Central Ry., $12,500,000 of that company's ref. &
imp. mtge. 3M % bonds, series A, due June 1,1960, $7,500,000 of which were
delivered to tne company in reimbursement for advances made and cash
deposited for payment at maturity of the following bonds of Toledo & Ohio
Central Ry. Co.:
$2,000,000 General mtge. 5% bonds, due June 1, 1935.
3,000,000 1st. mtge. 5% bonds, due July 1, 1935.
2,500,000 1st mtge., western Division, 5% bonds, due Oct. 1, 1935.
Ohio Central Ry.
Albany RR. and from Toledo &
Ohio Central Ry. were guaranteed as to payment of principal and interest
by endorsement by the company and were sold.
Termination of New York Central RR. Equipment Trust of 1920—New York
Central RR. equip, trust of 1920 having expired on April 15, 1935, the title
to the equipment was transferred by the trustee to the several railroad
companies entitled thereto under the terms of the lease and sub-leases
67,622
covering the equipment.
Termination of Company's Equipment Trust No. 43—Company's equipment
Issue
loss$4,511 loss$398,472
25,872
2,420
5,471
44,778
*$26,832
*$351,274
plant expenses amounting to $39,487 in 1933 and
only,
y Before provision for reduction
Interest net
Armstrong-Newport Co. (50% interest) which is charged
account.
Consolidated Earnings for 3 and 12 Months Ended March 31
1936—12 Mos —1935
1936—3 Mos.—1935
Net sales..
$857,922
$722,862
$3,548,066
$2,820,540
728,018
50,075
598,740
43,212
3,011,588
186,548
2,444,563
186,400
$79,829
2,134
$80,910
1,323
$349,930
4,282
$189,577
1,367
$81,963
2,514
12,010
$82,233
3,419
11,250
$354,212
11,006
48,214
$190,944
11,889
27,450
$67,439
$67,564
$294,992
$151,605
Costs, expense, ord. tax,
&c
Depreciation
Operating profit
Other income
expired on Jan. 15, 1935, and the title to the equipment was
transferred by the trustee to the company.
of 4% Registered Serial Collateral Notes, Issue of 1935—Company
issued
-
*
Hold'g
64
trust No. 43
mantled
$45,719 in 1932.
No.
Holding
2,772
•
the company to the properties of Toledo &
The bonds so received from the Boston &
Calendar Years
1934
1935
Aver.
Aver.
No.
and $5,000,000 of which were delivered to the company in reimbursement
for that amount of the cost of additions and betterments previously made by
Newport Industries, Inc. (&Subs.)—Earnings—
Consolidated Income Account for
104
-22,270
.34,502
Dec. 31,1924.. .35,856
-61,174
-54.146
-52,356
.56,282
.62,204
Dec. 31,1934.
-57,681
Dec. 31,1935.
-55,376
Total
-Abroad
Aver.
Holding
Central Ry.* the company
Taxes
21
"s",813
Oth. current assets
66,884
unpaid,
U. S.
In
No.
Date—
Net loss
1936
16.
from Gross Income—Deductions from gross income were
$59,326,135, a decrease of $933,733.
Interest on funded debt amounted to $28,549,102, a decrease of $195,783.
A decrease of $459,842, due to the retirement of maturing obligations is
offset by the following: $184,345, resulting from the higher interest rate on
the company's 10-year 6% conv. secured bonds, issued during 1934, as
compared with interest on issues refunded; $109,282 due to a full year's
interest on additional borrowings from the Reconstruction Finance Corpora¬
tion during 1934 and from the Federal Emergency Administrator of Public
"Works; and there was a net decrease of $29,568 in other items.
Stockholders—The number of stockholders of the company at the end of
Deductions
-Earnings—
1934
1935
Total oper. revenues
May
Chronicle
during the year $1,450,000 4% registered serial coll. notes, issue of
1935, due June 1, 1937-1944, secured by pledge of $3,000,000, ref. & imp.
5% bonds, series C.
These notes were issued to the Federal Emergency
Administrator of Public Works in return for a loan of like amount under the
provisions of the National Industrial Recovery Act to profide for the pur¬
chase and installatiin of 20,000 tons of rail and the necessary fastenings.
Loans from RFC Reduced—The indebtedness of the company to RFC,
aggregating $27,499,000, evidenced by 3-year notes due at various dates in
1935, 1936 and 1937, was reduced to $11,899,000. principal amount, by
payment out of available cash resources of the $15,600,000 of the notes
which became due in 1935.
In connection with this payment it is con¬
templated, subject to the Interstate Commerce Commission's approval,
that the balance of $11,899,000 of the loans, due in 1936 and 1937, will be
extended to July 1, 1941.
Loans from Railroad Credit Corporation—-The loans obtained by the com-
Sany from the R.C.C. in 1932 and 1933, originally amounting to $5,710,000,
ad been reduced by credits thereon and repayments to a balance of $2,474,059
Dec. 29. 1935,
on
as
of which date the company gave its renewal note
for the then outstanding balance.
The R.C.C. made a 1 % distribution on
Dec. 31, 1935, the company's share of which, $73,297, was credited on the
renewal note, reducing the principal amount thereof to $2,400,762 at the
close
of the year.
Sale of Canada
Total income
Interest (net)
Federal taxes
Net profit
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
$226,953
Trade
accts.,
reserve
467,151
843,383
Ld., bldgs.
machinery
&
Purchase
22,747
$153,192
34,013
149,500
168,000
711,250
750,000
2,994
30,200
money
obligation in con¬
with
ac¬
quisition of pref.
16,254
& com. stock of
and
2,115,429
18,523
1,935,986
18,592
subsidiary
c
Reserves—Taxes
Miscell. reserves.
pro¬
cesses
Investments,
Purchase
&c.
(at cost)..
Deferred charges..
480,512
90,892
5.087
_
49,000
Res. for Fed. taxes
16,188
499,872
61,389
oblig'n
money
current.
Cap. stk. (par $1).
Surplus
$4,281,778 $4,085,7831
18,500
519,347
(paid-in). 3,007,186
370,740
Deficit
Total...
1934
$160,383
32,264
payable-
nection
Pat. & trade mks.
Formulae
394,274
886,008
cur¬
rent assets
a
Accounts
Accrued liabilities.
Inventories
Sundry other
1935
Liabilities—
1934
b$273,408
less
18,500
519,347
2,998,685
589,148
$4,281,778 $4,085,78
Total
After
depreciation of $1,649,997 in 1935 and $1,552,000 in 1934.
an aggregate of $70,434 in foreign currencies at slightly less than
current rates of exchange, c Subject to such adjustment, if any, as may be
required upon final determination of the Federal and State tax liability of
predecessor companies assumed by this company at its inception, the
amount of which cannot at this time be accurately forecast.—V. 141, p.
2897.
a
b Includes
New York Honduras Rosario Mining
3 Months Ended March 31—
Net inc. after deprec., and other chgs.
Earnings
per
—V. 142, p.
New
share
2509.
York
on
188,367 shares
1936
$182,530
$0.97
Co.—Earnings—
1934
1935
$220,643
$1.17
branches where the traffic has continued to decline.
West Side Improvements, N. Y. City—These improvements have been
progressed without interruption during the year and work on all sections
of the depressed roadway between the 30th and 60th street yards is now
under way.
The work of covering the tracks by the construction of the
city's express highway between 70th and 79th streets has also progressed.
Air Conditioned Equipment—During the year air conditioning equipment
was installed by the company in 11 dining cars and 46 coaches and arrange¬
ments were made with the Pullman Company for air conditioning of 194
Pullman cars.
Necessary additional facilities for servicing the air condi¬
tioning equipment were installed at New York, Pittsburgh, Columbus,
Detroit and Chicago.
$204,556
$1.09
Traffic Statistics for Calendar Years
[Including Boston & Albany RR., Ohio Central Lines, Michigan Central Lines,
Big Four Lines and all Other Leased Lines]
Central
RR.—Annual
Report
Year
Ended
Dec. 31, 1935—Extracts from the remarks of F. E. William¬
President, together with the corporate income account
statement, are cited under "Reports and Documents" on a
subsequent page.
President Williamson further says in part:
son,
Railway Tax Accruals—Railway tax accruals were $20,619,432, a decrease
of $4,217,549.
Reductions in assessed valuations and decreases in rates of
taxation in certain taxing districts together with the adjustments in respect
to taxes on
buildings in the Grand Central Terminal area resulted in a de¬
crease of $3,825,704 in taxes on real and personal property.
Federal and
State capital stock taxes, decreased $489,843, mainly due to credit adjust¬
ments in Pennsylvania capital stock taxes, and special franchise and trans¬
portation taxes decreased $150,701.
These decreases were partly offset by the following:
Canadian and
Federal income taxes, and taxes on gross earnings in the several States,
increased $81,198 and $85,442, respectively, the result of a larger taxable
income; emergency and special taxes increased $69,477, and sundry items
of taxation increased $12,581.
Southern Ry. Bonds—$6,735,000 Canada Southern Ry.
guar. 50-year 5% bonds, series A, due Oct. 1, 1962, owned by
Michigan Central RR. and included in that company 's lease of its properties
to the company were sold in May, 1935, in accordance with the provisions of
the lease.
The bonds are guaranteed, as to payment of principal and
interest, by endorsement by Michigan Central RR.
The proceeds of sale,
amounting to $7,071,750 (exclusive of accrued interest), were applied to
reimburse the company for the payment and retirement by it of a like
amount of the installments representing principal of Michigan Central RR.
equipment trust obligations for the payment of which funds had been ad¬
vanced by the company.
'
Hotel and Other Properties in Grand Central Terminal Area—The earnings
of the hotels and apartment houses located in the Grand Central Terminal
area, N. Y. City, showed improvement as compared with the previous year's
earnings, with consequent increase in their rental payments.
Two of the
lessee companies effected reorganizations during the year and reorganiza¬
tion proceedings in the case of three other lessee companies are under way.
One of the Park Avenue apartment house properties was acquired in the
interests of this company and another in the interest of this company and the
New York, New Haven & Hartford RR.
Line Abandonments—During the year authority was obtained from the
ICC for the abandonment of tne Battle Creek & Sturgis Ry.
Applications
are pending before the Public Authorities for authority to abandon that por¬
tion of the Chenango Branch between Cazenovia and Earlville, N. Y., and
that portion of the Ottawa Division between Tupper Lake Jet. and Helena,
N. Y.
Investigation of possible abandonment is being made of other
consol.
1935
Av. mileage rd. oper.
1934
1932
1933
11,214.92
11,399,04
11,413.82
11,438.32
44,381,459
45,495,809
45,018,512
50,781,188
2,245,951,995
$55,292,024
2,299,954,622
$54,752,612
2,238,325,113
$53,231,808
2,276,744,358
$60,151,922
2.462c.
2.381c.
2.378c.
$1.86
$1.83
$1.82
$1.93
104,482,468
x99,865,lll
91,248,346
86,322,846
PCLSS671Q6T
Total
rev.pass.carr'd
Total
rev.
pass,
car¬
ried one mile—.
—
Total pass, revenue—
Aver.
rev.
per
mile
Aver,
per
pass.
.
2.642c.
pas.serv.train
per train mile.
rev.
Freight—
Tons rev. frt. carried
Tons rev. frt. carried
one
mile.
22,935,043,493 21,973,818,783 20,691,649,978 19,785,544,147
$218,260,324
$204,155,074
$194,286,544
$193,328,132
Total freight revenue
Aver. rev. per ton per
mile
A v. rev. per tr. mile.
x
0.952c.
0.929c.
0.939c.
0.978c.
$7.08
$6.77
$6.78
$6.72
Restated for comparative purposes.
Volume
The
Financial
142
income
account
for
calendar
years
I
1935
$
143,372,898
239,319,736
151,289,788
16,552
33,817,324
Impts, on leased railway prop-Dep. inlieu of mtgd. prop, soldMiscell. physical property
Inv. in affiliated companies:
i
Stocks
158,664,847
17,332,468
35,189,932
157,460,266
Bonds.
Notes-.
Advances
Other investments:
Stocks..
Bonds
26,075,868
5,529,450
1,104,851
14,148,170
541,643
23,467,303
Advances.
Miscellaneous
-Cash
Demand loans and deposits
Time drafts and deposits
70,000
4,944,020
59,281
2,130,933
4,452,529
13,120,266
24,504,103
4,490,105
343,599
202,127
193,724
3,490,303
25,739,421
42,164
Special deposits
Loans and bills receivable
Traf. & car-serv. bals.receivable
Net bal.rec. fr. agts. & cond'rs.
Miscell. accounts receivable
Materials and supplies
Interest & dividends receivableRents receivable
Other current assets
Working fund advances
Insurance and other funds
Other deferred assets
Rents & ins. prem. pd. in adv..
1 85,042,101
197,836,261
157,574,810
31,987
30,383,775
*156,663,805
16,742,115
35,232,932
158,460,222
x28,056,322
12,610,665
1,101,704
17,893,775
1,119,312
19,867,569
5,000
46,845
1,567,602
74,331
1,937,302
4,076,944
15,613,883
27,783,199
184,078,814
228,994,804
158,501,681
21,825
29,459,762
156,103,350
8,991,115
35,398,550
158,284,446
28,056,320
8,059,812
1,101,704
17,365,023
465,928
20,682,205
5,000
63,300
399,693
60,441
1,499,676
3,624,331
13,048,393
30,902,263
|4,520,723
3,976,774
336,931
6,432,368
203,779
3,489,256
27,535,987
51,453
334,423
118,601
199,546
4,030,218
24,541,547
96,911
(See y)
9,835,996
from lessor
companies (per contra)-.
9,877,087
Total
125,001
10,722,114
1,799,406,096 1,820,138,278 1,825,792,793
-
Liabilities—
Capital stock.
Premium on capital stock..
Equipment obligations
Mortgage bonds
504.139,930
40,736,000
520,901,000
5,500,000
5,821,757
16,475,022
1,681,185
2,505,596
157,076
308,890
5,438,257
2,960,192
6,096,164
14,715,322
39,717,721
16,826,098
4,483,538
2,436,383
164,940,491
4,350,341
2,533,790
155,581,063
176,101
4,351,124
2,551,845
161,685,915
3,503,580
3,503,580
3,501,802
93,999,690
(See z)
90,581,562
125,001
70,779,508
7,246,555
1,701,055
195,968,343
Collateral trust bonds
7,139,017
1,701,055
199,899,462
7,110,622
1,701,055
225,981,639
75,760,100
85,382
payable—65,300,762
Traf. & car-serv. bals. payable.
Aud. accts. & wages payable
accounts
payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid__
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities.
Liability to lessor
cos.
for equip.
Other deferred liabilities
Tax liability
Premium on funded debt
Insurance and casualty reserves
Accrued depreciation—road....
Accrued depreciation—equip.-.
ccrued
58,868,735
49,827,867
520,901,000
17,560,200
89,910,100
(See z)
67,859
66,280,329
4,882,151
14,420,751
2,074,700
2,500,555
158,082
234,490
5,686,591
2,689,42 1
7,708,651
14,715,323
x33,487,726
17,602,681
Miscellaneous obligations
Non-negot. debttoaffil. cos
Miscellaneous
499,259,690
4,880,241
Debenture bonds
Loans and bills
504,139,930
568,901,000
17,560,200
Liability to lessor companies for
securs. acquired (per
contra).
Other unadjusted credits.
Add'ns to prop, through income
and surplus
Miscellaneous fund
reserves
Profit and loss—balance
Total..
Y.
Cons. mtge. 5s,'79
Cent. RR. of N. J.,
538,000
538,000
489
adv. for construe
95,036
93,693
385
245
95,316
94,951
60
114
37,193
57,236
55,409
39,240
39,588
47,866
97,072
97,072
70,839
70,839
Co.
Pa.
balances
Pa.
rec
rec.
agents
Misc. accts.
Traffic &
Pa. RR.—rental__
of real estate
$3,092,486
2,199,484
$4,966,175
114,330
4,800,910
$5,291,970
138,894
4,932,940
Miscell. deductions
Fixed charges
$50,935
Control of
$220,136
$7,604,326
5,743,075
$13,647,729 $13,347,401
382,236
296,185
14,306,674
14,736,065
$1,041,181
$1,684,849
3006.
Total
Period End. Mar. 31—
New York
1936—12 Mos.—1935
$2,446,313
1.480,284
$2,577,575
1,352,601
Operating income
Non-operating inc., net-
$966,028
52,674
$1,224,973
54,811
$4,775,867
203,072
$5,280,122
174,071
$1,018,703
454,481
$1,279,785
462,337
$4,978,939
1,823,029
$5,454,194
1,862,354
$564,221
$817,448
$3,155,910
$3,591,840
Gross income
Deducts, from gross inc.
Net income
$10,442,575 $15,544,077
5,666,708
5,263,954
New York &
Calendar
Years—
1935
Joint facility rent income.
$410,772
Railway tax accruals
Gross
Miscellaneous rents
Interest
tax accruals
150
671
768
128,820
128,820
430
Miscellaneous income charges.
476
"""264
$280,225
280,000
New York Water Service
Dividends (7%)
Balance transferred to credit of profit & loss
Previous surplus
$280,000
280,000
52,643
548
Total surplus
Surplus, Dec. 31
1936
Rate
case
expense
Other regulatory commission expense
General expenses transferred to construction
Provision for uncollectible accounts.
_
Maintenance
Real property taxes
Excise taxes
Corporate taxes
-
Net earnings before prov. for retire.
ments and Federal income tax
1935
$2,864,893
838,216
8,595
4,669
Crl7,814
24,840
91,856
268,261
42,830
19,065
858,918
22,128
12,766
Crl3,883
24,050
124,854
302,771
58,079
23,134
-
& replace¬
$1,464,996
Other income
$1,584,372
48,030
33,271
Gross corporate income..
Interest
on
on
$1,498,267
783,687
18,172
15,994
35,913
mortgage debt
Interest
gold notes
$1,632,402
785,905
56,142
6,614
40,183
Cr2,986
182,500
62,932
•
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction
Cr715
Provision for retirements and replacements
Provision for Federal income tax
Prov. for int. on Federal income tax of prior years.
Exps. in connection with debt refunding—not con¬
200,250
45,164
7,287
summated
15,526
20,403
Net income
$372,109
$485,582
Consolidated Balance Sheet March 31
1936
1935
$
$
1936
..27,434,304 27,543,495
consol. herein, at
cost2,609,598
inves'ts and
—
2,609,598
Sewer & pay. asses.
portion
13,585
15,217
4,632
Accrued liabilities.
8,000
..-
special deposits-
Consumers' depos.
671,500
40,301
345,754
61,811
36,304
743,720
24,701
345,039
111,849
11,050
7,650
2,124,709
—curr't
4,430
Cash held by trust.
sub.
to
Unearned
co.
387,200
251,750
Cash in banks and
x
.
57,726
325,086
Miscellaneous
335,636
Reserves
12,359
78,272
102,951
17,874
Due fr. sub. & affil
cos.
consol.
not
Acer, unbilled rev.
from
City
76,991
109,675
of
sale
2,133,675
6% cum. pref. stk.
(par $100)
4,653,200
Common stock (par
S100)__
2,601,500
Cap. & paid-in sur 2,889,470
Earned surplus
110,822
4,653,200
2,601,500
2,888,220
2,148,161
498,482
183,811
2,609,483
74,406
139,721
498,482
220,383
58,105
on
revenue
Extension deposits
Sewer & pav. assess
312,115
_
Accts .& notes rec
$
15,538,500 16,389,400
Mtge. bonds assum
6,000
6,000
Notes pay.,banks.
190,000
30,000
Accounts payable.
48,041
38,909
Misc.
not consol.herein
1935
$
Liabilities—
Funded debt
61,356
of
Debt disct. & exp.
in proc's of amort
Prepd. accts., defd
chgs.,
& unadj.
31,850,180 32,202,6851
Total
x
After
reserves
Total
of $56,612 in 1936 and
31,850,180 32,202,685
$56,059 in 1935 —V. 142,
p.
2676.
Niagara Lockport & Ontario Power Co. (& Subs.)—
Period End. Mar. 31—
1936—3 Mos.—1935
1936—12 Mos.—1935
$2,403,338
1,654,400
$2,285,067
xl,568,390
$9,394,644
6,739,524
$9,343,969
x6,643,424
$748,938
3,038
$716,676
1,975
1,655,119
18,093
$2,700,545
13,414
$751,977
383,484
$718,652
401,793
$2,673,212
1,560,276
$2,713,959
1,693,258
$368,493
x$316,858
$1,112,935
x$l,020,701
..
Gross income.
Net income..-
x Changed
to give effect to major adjustments made later in the year
1935 —V. 142, p. 2511.
Niles-Bement-Pond
Co.—Merger Plan—
Fielder in Chancery Court in Jersey City on
May 11 signed an order discharging
an
the stockholders of the company from
order issued
taking
any
on April 20, enjoining
action on a plan for a
46
$53,462
$52,689
225
-
Corp. (& Subs.)—Earnings—
$2,877,816
the
plan.—V. 142, p. 3007.
Northern New York
Debt discount extinguished through surplus
■Wants to Place Bus Assets
merger with the General Machine Co. of Del.
Counsel for Niles-BementPond informed the Court that on May 4 the directors had voted to abandon
$225
52,689
Sundry net credits
$7,785,639 $7,644,964
Operating revenues
General operation
Vice-Chancellor James F.
Net income.
Total
$410,002
150
*_
funded debt
Interest on unfunded debt
on
17,189
52,689
12 Months Ended March 31—
Deducts, from gross inc.
income
Miscellaneous
$673,687
263,685
17,189
53,237
This action is proposed in order to make the bus
franchises, which
were issued to New York
City Omnibus to replace the street car franchises,
perfect and uncontestable.
I
Judge Goddard set May 20 as the date when security holders could
be heard on the petition.—V. 142,
p. 2675.
Operating income.
Non-oper. inc., net
1934
$672,086
261,315
98,370
52,231
In order that security holders
may be protected and at the same time
railway franchises abandoned, the corporation has petitioned Federal
Judge Henry W. Goddard to order substitution of the assets of New York
City Omnibus Corp.—proposed successor to New York Rys., which is
in the process of reorganization under Section 77-B of the Federal Bank¬
ruptcy Act—as security for New York Rys.' bonds.
These issues are now
partly secured by the street railway franchises which would be abandoned.
The petition requested the court to order the
company to file declara¬
tions of this abandonment and finally discontinue and
liquidate the street
railway properties.
In addition to this, the court was asked to confirm
formally the company's reorganization plan, which it already has approved.
Operating revenues
Oper. revenue deducts..
Long Branch RR.—Earnings—
780
151,082
street
debits
—V. 142, p. 2675.
percent¬
due contr's
liability
37,777
Railways Corp.-
New York
1936—3 Mos.—1935
ages
.$7,785,639 $7,644,964
pref. capital stk.
rev. deducts..
revenues
12,342
38,936
13,695
33,973
Behind Its Bonds—
Comm.
Operating
Operating
7,565
13,835
33,973
—Y. 142, p. 3182.
Due
Niagara Falls Power Co. (& Subs.)—Earnings—
56,386
inc. & surplus..
Mat'ls & supplies.
Genesee Falls Ry. Authorized—
See latter company above.—V.
142, p.
Retained
Tax
Profit and loss
herein
Net income
100
11,730
9,034
Invest, in subs.not
$8,775,989
4,871,740
42,507
Oth. unadj. credits
Add. to prop, thru
working funds
Total income.
Misc. accts. pay..
Int. matured unpd
Unmat'd int. accr'd
100
2,814
28,435
Oth. unadj. debits
1936—3 Mos.—1935
$3,398,319
1.567,856
62,665
154,181
payable..
contributions
18,700
Wkg. fund advanc.
Oth. def'd assets..
Loan
Net ry. oper. income.
wages
purchase
&c
[Including all leased lines]
car-serv.
balances payable
RR. retirement fd.
N. J.—rental
Assefs—
Railway oper. revenues_$29,093,942 $25,738,390 $85,286,163 $75,271,457
Railway oper. expenses. 22,060,101
19,572,085
65,973,806
57,632,122
Railway tax accruals...
2,206,755
1,663,431
6,214,811
5,885,004
Equip. & jt. facil. rents.
1,428,767
1,410,388
4,321,557
4,150,005
25,000
Audited accounts &
Plant, prop.,equip.
Earnings for Month of March and Year to Date
RR., adv. for
purch. of real est
from
rec
Mat'l & supplies..
Central
RR.
of
for
RR., adv. for
construction
Traffic & car-serv.
734,391
7,593
69,200,000
4,586,124
15,577,118
1,759,943
2,442,855
158,435
135,690
5,594,396
2,838,653
7,419,413
14,715,323
31,177,780
16,931,862
Trust
Net bal.
1,799,406,096 1,820,138,278 1,825,792,793
Other income.
1934
97,154
dep. int. fd
spec.
x Restated for
comparative purposes,
y Included in stocks of affiliated
companies and other investments,
z Included in other deferred liabilities.
1936—Month—1935
1935
8,709
126,229
Cash
25,078,737
depreciation—miscell.
physical property
owned
(bk. & tr. cos.)_
Securities acquired
Other unadjusted debits
Liabilities—
Securities
1933
$
■
696,479,221
Adv.
Notes
1934
Cap.8tk.(par $100)54,000,000 $4,000,000
Gen. mtge. 5s, '41.
192,000
192,000
Gen. mtge. 4s, *41. 2,308,000
2,308,000
N.
Trust
1935
..$7, 230,562 $7,225,729
7,989
7,989
Misc. phys. prop
17,671
24,004
Gen. expenditures.
1934
$
698,009,322
698,415,332
Owned...
,
Assets—
Road
Comparative Condensed General Balance Sheet Dec. 31
Investment in road.
Investment in equipment—
3355
General Balance Sheet Dec. 31
given in
was
"Chronicle" of April 4, page 2331.
yl.sects
Chronicle
$53,237
E. H. Rollins & Sons,
Utilities, Inc.—-Tenders—
Inc., 44 Wall St., N. Y. City, will until 10.30
a. m.
June 24 receive bids for the sale to them of sufficient 1st lien & ref. mtge.
6% bonds, series C, to exhaust the sum of $36,590 at prices not exceeding
$52,689
103H and interest.—V. 142, p. 3182.
Financial
3356
Chronicle
May
Noblitt~Sparks Industries, Inc.—Earnings—
1936
r
3 Months Ended March 31—
Net profit after deprec., Fed. tax,
Earnings per share on
of capital stock
1936
1934
1935,
;
$107,900
&c150,000 shares
$49,790
$108,630
$0.33
$0.72
$0.72
—V. 142, p. 1129.
Northern Pacific Ry.—Earnings—
,
983,205
967,336
748,810
1932
768,775
213,390,695
201,141,324
165,142,886
155,891,317
1.672 cts.
1.943 cts.
2.340 cts.
12,922,016
12,464,110
3,939,247,066 3,568,371,982
!,087,635,028
No. pass, carried
1 mile
vge. rate per
1.652 cts.
mile.
pass, per
Matls. & suppl's
Short-term notes
11,503,689
No. of pass.carr.
tons rev. frt.
carried
13,741,823
No. tons revenue
1 mile
4,382,753,092
28,190,399 Notes payable..
5,040,911 Acots. payable.
3,459,294 Tax reserve
Def. liabilities-
& re¬
products 20,828,033
1,820,433
fined
1933
1934
Investments
21,771,997
2,002,609
2,245,823
2,979,569
5,996,009
Marketable bds.
—
Treasury stock.
Other assets
1,101*213
847,954
Deferred assets.
$
54,807,700 58,094,300
59,235,791 100,000,000
33,250
33,250
2,176,250
2,208,310
1,527,609
1,174,602
1,468,942
1,295,887
Preferred stockto Common stock
5,208,779
4,055,236
1935
8
Liabilities—
v.
94,652,311
Goodwill,
fran¬
chise, &c
Crude oil
Passenger and Freight Statistics for Calendar Years
$
Prop, account 93,120,488
Cash
1936
1935
$
Assets—
a
Accts. receivable
1935
1936
16,
Consolidated Balance Sheet March 31
6,053~6Ii
Minority int. in
subs
99,650
Capital surplus- 10,432,351
Earned surplus.
8,915,996
108,664
10,582",882
6,314,133
c4,998,158
1,049,092
459,982
o.
Av.
receipts per
1.033 cts.
1.097 cts.
1.127 cts.
v,Y
■'
$7,783
$7,421
$6,901
Income Account for
Operating Revenue<—
1935
Frefghtrevenue
-—$45,262,826
Passenger revenue
3,525,510
Other transport'n re V-_3,554,732
Incidental & joint facil'y
1,502,585
a
After
depletion,
b Represented by 6,563,377 no
6,648,052 in 1934.
c Consists of 28,721 shares
shares of common.—V. 142, p. 3182.
depreciation
and
par shares in 1935 and
of preferred and 84,675
I
per ton per m.
freight
Rev. per mile of
road (av. mile)
1.256 cts.
$6,821
Calendar Years
1934
1933
1932
$43,205,825 $40,224,392 $38,789,246
3,362,558
3,208,871, 3,648,156
3,340,653
3,081,856
3,503,923
1,498,739
1,063,558
1,142,852
Oklahoma Natural Gas
.$53,845,654 $51,407,775 $47,578,677 $47,084,176
Total oper. revenues
...
_
$6,181,163
11,991,446
$5,494,005
10,686,932
$5,180,413
10,877,086
1,841,788
1,731,882
1,731,035
Transportation.--MiscelL operations
20,532,072
867,403
19,386,074
740,606
17,630,188
647,090
General
*2,731,472
~ 51,745
x3,538,951
2,975,2.90
27,637
47,610
Traffic----
Transp. for invest.—Cr_
$5,736,210
11,481,244
1,904,494
18,566,525
762,874
3,120,933
139,102
Total oper. expenses
$44,093,600
Net oper. revenues
9,752,054
Taxes & uncollec. revs-5,301,686
$41,550,813 $38,993,492 $41,433,180
5,650,997
9,856,962
8,585,185
$4,450,368
767,600
2,508,373
$4,527,795 $2,678.086def$l,049,567
842,055
729,898
573,561
2,545,359
2,567,989
2,466,395
By. oper. income- - - Equipment rents, net—
Joint facility rents, net.
-
Net ry. oper. income— $7,726,342
Non-operating income.7,233,302
Gross Income
Int.
funded debt
on
5,329,167
5,907,098
$7,915,209
$5,975,973
8,892,909
7,537,548
6,700,564
$1,990,389
10,603,628
—$14,959,644 $15,452,756 $14,868,882 $12,594,017
14,231,311
14,230,453
14,241,028
14,264,259
296,551
322,897
323,875
321,164
Other deduc. from inc._
.
Co.—Postpones Offering—
The company in an amendment filed with the Securities and Exchange
Commission, has postponed the proposed offering date of its $20,000,000
4H% bonds and $10,000,000 convertible debentures to May 25.—V. 142
p. 2677.
'
Old
Colony Trust Associates—Earnings—
1936
1935
1934
1933
Net profit after all chgs.
and interest
$78,304
$76,060
$64,819
$94,717
Earns, per sh. on 376.208
shares capital stock-.-
$0.21
$0.22
$0.17
$0.25
3 Mos. End. Mar. 31—
—
Operating Expenses—
Way and structures
Equipment
138,203,537 173,991,897
Total
_
■•••
revenue
138,203,537 173,991,897
Total
$9,388,204,
stocks of 11 banks amounted to $8,338,584,
against $8,294,211 at the close of 1935.
In addition, 20,006 shares of
First National Bank of Boston were carried at $920,000 for both periods.
The balance sheet as of March 31,1936, shows total assets of
of which investment in capital
—V.
142]
p.
2512.
Oldetyme Distillers
Registration—
The New York Curb
Corp.—Admitted
Shs. outst'dg (par
$431,782
2,480,000
-
$100)-
$0.17
Earned per share
x
Pensions included in
Retirement Act,
1934,
1934.
included.
was
1934
$899,406
$303,979df$l,991,406
2,480,000
2,480,000
2,480,000
$0 .36
$0.12
Nil
charge of $460,425 account of Kailroad
In 1935 a credit of $460,425, to offset charge in
a
1934
Assets—
1935
1934
sc
®
Tj1 chUmpS-—
$
Oliver United
Filters, Inc.—Earnings—
3 Months Ended March 31-—
Net profit after charges and taxes
Otis Elevator Co.
$9,377
equipment- - .600,301,591 603,233,298
Deposits in lieu
ofmtged. prop
52,884
132,643
Misc. phys. prop 11,926,246
11,789,251
$0.16
$0.44
repairs
Depreciation.
Expenses
Net
1935
1936
$3,927,331
2,077,338
107,596
189,730
Cost of sales—
1,380,532
$2,938,811
1,474,596
100,935
186,108
1,347,338
$172,135 loss$170,166
354,828
306,947
operating profit
Profit--—
Capital stock---248,000,000 248,000,000
$25,420
(& Subs.)- -Earnings—
3 Months Ended March 31—
Maintenance and
1935
1936
Earnings per share on 57,950 shares class A conv.
stock (no par)
—V. 142, p. 1999.
•
——
-
$526,963
21,600
82,872
$136,781
$422,491
$0.16
—
Federal taxes
Inv. in road and
and
Exchange has admitted to listing and registration
Other income
General Balance Sheet Dec. 31
1935
Listing
the capital stock, $1 par.—V. 142, p. 2678.
Net sales
Net income-.-
to
$53,538
Nil
Grants in aid of
Inv. in affil. cos.:
146,246,380 146,246,380
Stocks
...
Advances
34,116,447
33,684,798
2,486,867
5,151,606
2,482,367
5,022,558
Other investm't:
Stock
U. S. Tr. notes
for
of
land
54,349
rec.
799,472
agts.
487,730
3,845,446
6,088,304
717,668
3,852,377
6,054,056
receiv..
57,281
26,480
2,606,672
30,254
414,054
30,455
568,179
2,189,820
Other def. assets
fd. debt
Oth. unad]. debts
68,738
...834,950,636 836,981,841
142,
P.
297,535
8,106
76,616
106,622
4,305,300
61,519,915
783,594
1,463,531
1,422,967
17,707,059
17,707,059
630
630
Fund. dt. retired
through inc. &
surplus-----fund
2,533
2,105,781
Other curr.assets
Wkg. fund advs.
Total
294,451
prop,
through Inc. &
surplus
reserve
Profit
and
-
loss
balance
Total...
Net profit
Earnings
per
-
share on 2,000,000 shs. com, stock
.182,029,802 182,338,815
834,950,636 836,981,841
3007.
Northern Pipe Line Co.—Dividend Reduced■—
The directors have declared a dividend of 15 cents per share on the
capital stock, par $10, payable July 1 to holders of record June 12. This
compares with semi-annual dividends of 25 cents per share distributed from
July 1,1932 to and including Jan. 2 last. The July 1,1932 dividend was the
initial payment on this class of stock.—V. 142, p. 2838.
83.243
—V. 142, p. 3182.
Ouachita Mining
See list given on
Owens
Corp.—Registers with SEC—
first page of this department.
Illinois
Glass
Expansion—
8,106
Miscell.
Interest, divs. &
-V.
5,271,374
52,252
Add'ns to
& conductors.
on
5,281,286
Interest matured
59,568
■
Material & suppl
Disc,
1,105,431
Tax
978,031
Misc. accts. rec.
rents
2,913,035
373,832
accounts
payable
Oth. def. liabils.
car serv.
bals. receiv.
from
3,235,382
wages .
Misc.
345,948
liability
4,174,603
Accrued deprec.
of equipment- 60,949,675
2,143,065
6,100,386 Other unadjust¬
ed credits
53,458
563,470
95,000
5,284,122
deposits
Special deposits.
Rec.
Vouch.
302,416
Oth. curr. liabil_
Time drafts and
Traf. &
car'
6,078,680
2,153,419
10,537,312
Loans & bills
and
bals. pay
2,638,010
grant
lands-
571,391
debt---309,788,500 310,207,500
Traffic
accrued
sale
Cash..
666,071
-
unpaid
8,711 Unmatured int.
accrued.
27,531
103,120 Unmatur'd rents
9,189
2,051,285
798,186
Bonds
Contr.
Funded
serv.
Bonds
Notes
construction
Miscellaneous deductions
The
company
Co.—Will
Issue
Stock for
Plant
>
has registered with the Securities and Exchange Com¬
mission 63,380 shares of common stock, (par $25) with warrants. Proceeds
will be used to further plant improvements and expansion involving around
$12,500,000 during the next two or three years.
The stockholders will receive warrants granting the right to subscribe
to 20 shares of new stock for each 100 shares held at $100 a share.
The
warrants will be mailed to shareholders about June 13.
The shares will be
issued thereafter as subscriptions are received and fully paid until about
Dec. 15, 1936. No shares will be issued July 25 and July 30.
There will be no underwriters for the issue and details of use of the
proceeds will be furnished by amendment.
The company lists the expenditures as follows:
(1) Improvement to the Streator, 111., glass container plant, $2,500,000.
(2) Improvement of facilities of other glass container manufacturing
plants, $2,500,000.
(3) Expansion of facilities of the company for production of industrial
materials such as glass blocks and glass fibre, $2,000,000.
(4) To be expended by Owens Illinois Pacific Coast Co. for construction of
a new glass container plant at Oakland, Calif., $2,500,000.
(5) To be expended by Liberty Glass Co. for expanding its facilities for
the manufacture of thin brown tumblers and stem ware and other glass
ware, $1,000,000.
(6) To be expended by Owens Illinois Can Co. for expanding its facilities,
$2,000,000.
The company states it is now contemplated that the expansions and
improvements to be made by subsidiaries will be paid out of funds of the
particular subsidiaries insofar as they are available and adequate for the
purpose.
The company
Gas Co.
i
also expects to purchase the
142, p. 3009.
gas
properties of Berney Bond
for $379,327.—V.
Pacific Coast
Co.—Earnings—
[Includes Pacific Coast Cement Corp., in which company has an 83%
ownership.]
stock
Noxzema
Chemical
Period End. Mar. 31—
Net sales
Net inc. after all charges
Earns, per sh. on 400,000
shs. combined common
142,
p.
$91,877
$62,332
$1,357,055
258,174
$1,148,564
216.376
$0.16
$0.65
$0.54
3 Mos. End. Mar. 31—
Sales
of sales..
Subs.)- -Earnings—
1936
1935
1934
1933
Net loss for period.
18,806,266
..
Total income.,
..
Taxes.
..
Deprec. & depletion.-.
Minority interest
..
Net profit
Preferred dividends.-.
..
Surplus..
$4,586,451
234,164
$2,990,745
74,435
$4,820,615
x471,790
2,092,454
1,232
$3,065,180
529,040
1,913.399
$2,255,139
822,115
$3,647,864
278.279
$405,457
279,429
$684,886
537,755
1,565.376
591
$3,926,143
812,336
1,696,612
1,019
x
(no par)
$622,150
828,783
$1,416,176
841,833
$1,418,245
852,395
$1,433,024 def$206,633
Does not include
$0.22
$83,060
77,880
8,808
$23,418
79,476
8,013
$3,628
$64,070
-V. 142, p. 2678.
Telephone & Telegraph Co.- -Earnings-
Period End. Mar. 31-
Operating revenues
Uncollect, oper. revenue
Operating expenses
1936—Month—1935
$5,131,483
$4,611,107
18,200
14,000
3,475,164
3,157,533
1936—3 Mos.
-1935
$14,980,644 $13,588,597
52,192
49,000
10,276,602
9,423,539
Rent from lease of oper.
prop
Operating taxes
Net oper. income
70
654,269
91
514,373
232
1.910,984
232
1,514,264
$983,920
$925,292
$2,741,098
$2,602,026
Listing—
$574,343def$2,270,640
Earns, per share on com¬
mon
$12,610
10,807
583,988
8,400,809
Pacific
Gross profit..
Other income..
$68,000
15,059
$10,619
profit
Bond and other interest.
Other deductions
$540,026
527,416
$103,150
78,008
35,761
Net profit from operations
..$11,978,475 $10,277,978 $10,255,982
7,392,024
7,287,233
6,608,118
1934
1935
$600,402
$532,401
$83,490
19,661
Oper. exps. (incl. depr., depl. & tax.).
^Total
1936
$667,478
Gross earnings
Additions to income.
032.
Ohio Oil Co. (&
Cost
3 Months Ended March 31—
1936—12 Mos.—1935
).23
and class B shares
—V.
Co.—Earnings
1936—3 Mos.—1935
Nil
provision for Federal income tax.
$0.08
Nil
The New York Stock Exchange has authorized the listing of $30,000,000
refunding mortgage 3K% bonds, series B, dated April 1, 1936, and due
April 1, 1966, which are now outstanding and in the hands of the public.
—V. 142, p. 3183.
Volume 142
Financial
Pacific Gas & Electric
Earnings for 12 Months Ended March 31.
1935
1936
Maint.,
oper.
$93,688,474 $89,147,793
taxes (excl. Federal income
and reserves for casualties and uncollect¬
taxes)
expenses,
ible accounts
Balance
Provision for gas revenue in dispute
Balance
Balance
Earns, per share
x
This
$22,185,580 $18,221,346
8,114,513
8,108,047
9,395,646
9,406,173
item
preferred stock
on
on common
on
6,261,254
represents
stock
$707,126
$1.62
$4,675,421
shs. (par $25)$2.25
com.
billed
amount
against
natura.
gas
consumers
during the 12 months period in excess of rates fixed by the State Railroad
Commission.—V. 142, p. 3008.
Pacific Western Oil
3 Mos. End. Mar. 31—
Gross income
Corp. (& Subs ,)—Earnings—
1936
1935
$986,489
322,175
Expenses.
Prov. for abandonments
50,264
138,766
Amort,
of
drill
&
oper.
1933
$1,067,065
357,427
27,092
393,452
40,000
127,146
130,479
59,242
Deplet. & lease amortizDepreciation
1934
$1,094,385
$1,090,284
381,707
88,361
97,383
267,306
89,224
156,411
•
contract
28,794
6,362
25,477
6,903
25,000
16,922
5,414
31,942
169,276
25,473
21,193
6,038
35,378
172,209
4,463
39,807
172.321
$323,506
$154,281
$202,090
,042
Insurance
Taxes
Interest...
Federal taxes
Net profit
Earns, per sh. on 1,000,000 shs. cap. stock (no
$0.32
39,978
$0.15
Nil
$0.20
,
Packard Motor Car Co.—Dividend Increased—
The company announced on May 13 that its directors had
declared a
dividend of 15 cents per share on the common
stock, no par value, payable
July 1 to holders of record June 6.
A dividend of 10 cents per share was
?aid on Feb. 11, last,regular quarterly dividend of 10 cents per sharesince
this latter being the first distribution made was
)ec. 12, 1931 when
a
paid.—V. 142, p. 3183.
Tilford, Inc. (& Subs.)—Earning,
Consolidated Income Account for Calendar
Years
1935
1933
1932
$9,546,030
9,089,524
$3,554,397
3,181,306
$3,511,929
3,386,741
$450,447
36,960
$456,506
110,692
$373,091
1,435,287
$125,188
D/-22.414
$487,407
60,151
159,461
Costs and expenses
1934
$8,547,183
8,096.736
Sales...
$567,198
62,225
158,940
21.624
$1,808,379
72,091
142,759
adequate
management for the operation of the business of First Division
Exchanges,
Inc., and it could not acquire new management familiar with the dis¬
tribution of motion pictures which was
willing to take over the operation
of First Division
Exchanges, Inc., and which would furnish adequate
additional capital.
Therefore, the board determined to liquidate First
Division Exchanges, Inc., and to
organize Grand National Films, Inc.,
as an
independent motion picture production and distribution company
for the purpose of
providing an outlet for the laboratory business of Pathe
Film Corp. and
incidentally for the purpose of distributing the motion
pictures now under contract for distribution
by First Division Exchanges,
Inc.
Edward L. Alperson agreed to assume the
presidency of Grand National
Films, Inc., provided adequate financing for its business could be
pro¬
cured.
Mr. Alperson has been elected President and had purchased for
himself and associates 66,667 shares out of the
200,000 shares of Grand
National Films, Inc., which are now
outstanding.
The dividend declared
by Pathe Film Corp. will require approximately 117,000 shares of Grand
Films, Inc., stock, reducing Pathe Film Corp.'s holdings to
approximately 16,333 shares.
The orderly and economical
liquidation of First Division Exchanges.
Inc., has been made possible by the arrangement under which Grand
National Films, Inc., will take over the distribution of the motion
pictures
National
under contract for distribution
by First Division Exchanges, Inc.
It is expected that Grand National
Films, Inc., will furnish a substantial
now
Other income (net)
Total income
Interest
Loss on leasehold oper._
Loss re. can cell, of lease.
Loss through sale of se¬
curities.
as
dividend substantially all of the stock of Grand National Films,
Inc.,
a
which it had acquired.
Provision has been made
by Grand National Films, Inc., to obtain
additional capital by offering to its stockholders
rights to subscribe for
additional shares out of the
presently authorized and unissued shares
capital stock.
Warrants covering the additional stock to be offered
will be distributed to stockholders of record of
Grand National Films,
Inc., as of a date after the company has duly complied with the
require¬
ments of the Securities Act in
respect of such additional stock.
of
Stockholders of Pathe Film Corp. who desire to receive the dividend
of stock of Grand National
Films, Inc., must tender their stock of Pathe
Film Clrp. to their names and become stockholders of
record prior to
May 22.—V. 142,
13,147
Federal taxes
23,571
35,046
5,825
Net profit
com. stk. outst'g..
paid on 1935 profits.
Deprec. & depletion.
loss
on
share
per
sale
on
of
Park
Res.
575,000
91,742
$210,525
210,189
$1.01
&
Tilford,
sale of company stock.
Inc.,
1933
1932
£1,213,620
640,452
£1,151,936
914,822
£686,562
£573,168
2,010
£237,114
7,790
£686,562
£575,177
£244,904
304",957
303",846
302",518
Includes $521,013
y
-
tax
exchangedeprec. of
against
bonds
$280,228 loss$399,652
218,722
218,722
$1.28
Nil
stock,
tax
___
Franchise
72,653
56,581
$225,251
210,189
$1.07
Shs.
1934
£1,610,075
923,513
£920,769
272,925
12,836
Gross income
Add'l Bolivian inc.
Prov. for taxes &
Loss
1935
£1,933,065
1,012,296
Provision for
deductions
Enterprises Consol. (Inc.)- -Earnings
Calendar Years—
£920,769
y561,069
12,836
Payment in cancellation
of royalty contract
x
3183.
138.420
Depreciation
re candy departm't
liquidation
Loss
Earnings
p.
Patino Mines &
Prof, from stores at mine
x9,325
12,931
...
laboratory of Pathe Film Corp. and that
the relations between the two
companies will be mutually profitable.
The board of directors,
however, believe that it is desirable that Pathe
Film Corp. should sever itself
completely from the management of Grand
National Films, Inc., and for that reason have determined to distribute
$102,773
78,243
Balance
Other
It
substantial interest in the stock of the du Pont Film Manu¬
raw motion picture film.
In an effort to
develop the laboratory business of the company, the
former
management sought contracts with producers and distributors
requiring advances by Pathe Film Corp.
A number of these advances
were made to First
Division Exchanges, Inc., a distributing
organization.
That corporation became involved In
financial difficulties and in order
to protect the
company's advances Pathe Film Corp., through the formation
of First International
Pictures, Inc., and further advances, acquired
control of First Division
Exchanges, Inc.
The board of directors,
however, felt that it did not have
a
facturing Corp., which produced
amount of business to the film
bar)
—V. 142, p. 2169.
Park &
Inc., recently organized in Delaware, has an
stock of 1,000,000 shares (par $1).
There are now
outstanding 200,000 shares, for which Grand National Films, Inc., re¬
ceived $800,000.
Pathe Film Corp. prior to 1934 was
engaged in the business of operating
also held
$24,478,580 $20,250,346
x2,293,000
2,029,000
a
Dividends accrued
Dividends accrued
Films,
a, laboratory for the developing and printing of motion picture film.
38,376,229
12,523,924
15,514,359
2,482,935
40,363,504
12,412,446
14,615,331
1,818,613
Reserve for depreciation
Bond interest and discount
Provision for Federal income taxes
3357
Grand National
authorized capital
Co.—Earnings—
Gross revenue, incl. miscellaneous income
Chronicle
Loss
con ting
railroad oper—
Provision for taxes
116,886
306,212
1,270
381,529
1,243
246,000
9,597
34,000
52,500
14,048
40,000
11,971
£81,862
£205,310
on
Net income.
42",666
£29,272
def£57,614
Balance Sheet Dec. 31
Earnings for 3 Months Ended March 31
1936
Net profit after charges
x Estimated.
1935
x$42,187
Assets—
1934
$20,779
1933
$156,376
1935
Cash
1934
$374,506
1,145,074
Notes &accts. rec.
Adv. for mdse
149,589
1,806,070
55,223
38,222
Inventories
Investments
Other assets
Park & Tilford 6%
deb. bds. purch.
Liabilities—
$292,719
1,451,701
1,834" 134
76,829
1935
Accounts payable.
$922,121
$765,073
49,379
425,000
34,699
Reserve for taxes.
estate
gages
61,977
23,235
23,571
910,610
Mach. & equipm't
1,046,686
1
1
2,000,000
2,000,000
42,447
29*852
marks
Deferred charges..
Accounts payable.
Accrued liabilities.
Other
Inventories
1,355,174
314,569
Investments
2,193,239
611,033
2,206,853
(net).. 2,842,059
3,122,375
Properties
MachacamarcaUncia
Notes payable
Res.
Statutory
1,050,000
Capital stock...
218,722
Capital surplus... 3,480,763
Earned surplus...
896,498
y Treasury stock..
Dr87,186
1,050,000
218,722
3,480,763
672,639
Dr87,186
exch.
£251,544
88,771
229,993
183,677
731,529
737,545
854,322
886,442
11,847
deferred charges
712,725
82,221
6,250,000
569,898
569,897
63,239
issued
138,351
shs.
treasury
58,787
in
Surplus
Total
-V.
.£9,167,625 £8,793,493
142, p.
86,951
446,415
350,000
61,429
for conting..
Capital stock—
1,380,316 shares
7,700
Prepaid expense &
£171,072
65,424
6,250,000
reserve.
Res.
RR
30-year 6% deben¬
x
liabils.
curr.
for for.
1934
1935
101,765
1,285,929
69,655
64,104
Good-will & trade¬
Liabilities-
£571,397
119,768
125,000
ture bonds
buildings
35,046
mort¬
payable..
Deferred income..
Real estate, land &
1934
Notes payable
Accrued charges..
Real
1934
£1,476,646
Accts. & notes rec.
Other curr. assets.
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
*
loss$28,460
Total..
£9,167,625 £8,793,493
134.
Peabody Coal Co.—To Pay Preferred Dividend—
The directors have declared a dividend of $2 per share on account of
on the 6%
cumulative preferred stock, par $100, payable
May 25 to holders of record May 22.
This will be the first dividend paid
since Nov. 2, 1931 when a regular quarterly dividend of $1.50
per share was
distributed.—V. 142, p. 2335.
accumulations
Total
x
$6,583,720 S6,789,412
Represented
by
Total
218,722 shares $1
141, p. 3225.
$6,583,720
par.
Represented
y
shares $1 par at cost.—V.
Park Utah Consol. Mines Co. (&
Calendar Years—
Total income.
1935
____
$6,789,412
by
Subs.)—Earnings—
1934
1933
1932
$131,588
$53,870
$57,470
$73,510
224,472
18,545
126,924
10,207
134,950
9,918
234,571
12,160
Operating, adminis. and
general expenses
.
Depreciation
Res. for losses
on
doubt¬
ful notes & accounts..
Dr1,327
$88,726
$83,262
Cr3~6~,732
$136,490
Consolidated Balance Sheet Dec. 31
1935
1934
Liabilities—
Prop. & equip..$5,219,193 $5,234,545
26,821
40,784
Notes &accts. rec.
96,492
68,618
Invests in bonds..
865,879
960,994
x
1935
1934
y
Cash
Minority
Invest, in other
cos
377,745
376,863
Deferred charges..
42,582
27,003
Total
1936
1935
1934
$13,964,419 $12,924,114 $12,440,233
13,692,430
12,040,899
11,741,901
16,282,456
15,511,ol4
16,4*4,080
19,759,157
17,591,998
15,475,133
March
April.
142,
p.
S6,628,714 $6,708,8061
After depreciation of $563,605 in
value $1.—V. 142, p. 2513.
x
2513.
Capital stock...$2,090,653 $2,090,507
stock...
2,847
2,992
Accounts payable.
38,201
13,702
Unclaimed divs
Years Ended Dec. 31—
1935
Operating revenue
$8,744,249
Expenses.
7,369,785
Deprec. & amortization.
1,049,258
Loss
prof $325,205
128,318
Other income
25,469
Profit
5,120,286
544,151
Interest
on
647,580
Loss
--..$6,628,714
$6,708,806
Subs.)—Earnings—
1934
1933
1932
$9,182,345
7,910,949
1,284,357
$9,002,944
8,175,420
1,403,585
$9,279,232
9,042,400
1,424,628
$12,961
282,483
$576,061
146,397
$1,187,796
187,017
sale of securities
Paid-in surplus...
Deficit
Total
24,307
5,120,286
Parmelee Transportation Co. (&
1935 and $546,548 in 1934.
y
Par
on
debentures..
$453,523
182,761
$269,522 loss$429,6641oss$1000779
183,300
183,300
188,175
& prov. for revaluation
of securities owned
Loss
account
on
637,264
Corp.- -Distribution of Grand National Films
W.
Loss
on
sale
488,114
of
realty
owned by sub
Federal taxes
Inc. Stock—
Robert
Atkins,
Executive
Vice-President,
in
a
letter
to
common
stockholders states:
On
May 5, 1936, directors declared a dividend of one share of the capital
of Grand National Films, Inc., for each five shares of common
stock of Pathe Film Corp., payable to holders of record May 22.
It is
expected that certificates representing such dividend will be available
for delivery on or about June 5.
stock
906,318
of dis¬
continued operation of
companies
Pathe Film
1933
$8,689,376
8,455,073
10,234,073
14,591,329
8,000
$119,429
Assets—
(J. C.) Penney Co.—Sales—
Month of—
January
February
—V.
Non-oper. items (net)..
Net loss
8,533
Loss
on
Loss
on
14,716
19,326
4,335
61,024
19,654
824,982
26,136
83,310
318,365
8,642
221,133
175,863
185,093
prof$151,488
$308,514
$2,146,616
$2,616,377
-
dispos'n of cabs.
unoccupied prop
—;
16,636
33",217
Other interest & miscell.
charges
Minority interests—Cr.
Net
loss....
-
170,151
Financial
3358
Consolidated, Balance Sheet Dec.
f
Earnings for the first quarter as compared with the corresponding
adversely affected by the increased provision made for
31, 1935
of 1935 were
Liabilities—
Assets—
$420,906
Marketable securities
13,893
a Accounts receivable, &c
83,300
Invent, of materials & supplies
60,672
Deps. in closed banks
2,254
Invest, in allied co. (at cost).. 2,573,383
Equity
Res. for Federal
in
.
Accrued payrolls-
Sundry accrued expenses
Other current liabilities
404,656
6,610
Deposits on leases
Mfg.
4,550
1,579,707
179,719
2,084,206
ing fund conv. debentures..
Intangible assets
&
notes
payable
b Fixed assets
proceedings will be prosecuted diligently
50,000
of the
3,045,000
Res. for workmen's compensa¬
injury
and
119,948
4,682,328
5,572,519
7,287,723
property damage claims
Common stock
Paid-in surplus
Earned deficit
by the company.
Meeting—Stockholders were informed under date of April 20
of the refunding operation proposed by the management.
A special meeting of stockholders has been called for May 20 to consider
action necessary in connection with this refunding.
Stockholders
218,200
6% sink, fund conv. debs
personal
before the Illinois
public utility
relief from the 3% Illinois
(sales tax) paid by the company on its domestic and commercial sales.
We have submitted a major portion of the direct evidence in this case. These
594,739
payable (not current)..
payable...
tion,
State,
tax
Real estate mtges.
c
is proceeding with its rate case
Commerce Commission to secure
to
taxicabs)
Notes
last year.
Rate Case—Company
accrued int.
Checker Cab
Corp.
(secured
by
Equip,
Cash in8ink. fund for 6% sink¬
Deferred charges.
income taxes.
period
Of this increase $223,600
of $351,658.
represented the 3% Illinois public utility tax (sales tax) and $128,058
represented an increase in accruals for other taxes necessitated principally
by a possible increase in tax rates for 1936.
The provision for State, local and other taxes for the first quarter of 1936
was equivalent to $1.69 per share of the company's outstanding stock as of
March 31, 1936, as against $1.14 per share for the corresponding period
45,675
79,756
19,326
4,212
Accrued interest on debentures
under insur-
deps.
ance agreements
,
Notes pay.
hand
on
local and other taxes in the amount
$10,084
70,000
80,517
99,273
(secured by trucks)
Note payable (unsecured)
Current trade accts. payable.
Cash in banks and
May 16, 1936
Chronicle
Result
details
of Investigation to
This investigation
Determine the Amount of Intangibles in the
Provcvtv Account
has been
completed and the results
are
Company's
submitted to
the stockholders.
used in this company s business, such as land, gas plants
underground mains and service pipes, meters and similar
The property
After
a
Total
$7,403,857
Total
of
depreciation
doubtful
for
reserve
$3,668,600.
c
accounts
and
$7,403,857
b After reserve for
721,905 no par shares.
Represented by
sub¬
nized.
Corp.—Co-registrar—
Pennsylvania Glass Sand
Light & Coke Co. was created on Feb. 12, 1855, by spe¬
Assembly of the State of Illinois, which granted the
franchise without limit as to time, to manufacture, distribute
and sell gas, and with the consent of the Common Council of Chicago to
use any of the streets, alleys,
&c.. for that purpose.
This consent was
granted by the Common Council of the City of Chicago by an ordinance
passed on Aug. 30, 1858.
As Chicago grew, many gas companies were organized and were operating
independently of each other in the city.
In 1897 company absorbed, by consolidation or merger, the Chicago
Gas Light & Coke Co., Consumers Gas Co., Equitable Gas Light & Fuel
Co., Illinois Light Heat & Power Co., Chicago Economic Fuel Gas Co.,
Lake Gas Co. and Suburban Gas Co.
In the following year the Mutual
Fuel Gas Co., the Hyde Park Gas Co. and the Calumet Gas Co. were also
The Peoples Gas
been appointed co-registrar for
444,077 shares of common stock issued under
voting trust agreement dated June 21, 1927, and registrar for certificates
representing 28,814 shares of $7 cum. conv. pref. stock without par value.
The'Guaranty Trust Co. of New York has
cial Act of the General
voting trust certificates for
—V.|142, p. 3184.
company a
m
Peoples DrugStores, Inc.
(&Subs.)—Earnings—
Calendar Years
1934
1933
1932
...$19,217,064 $16,879,395 $15,477,078 $16,180,162
xl8,l79,183 xl5,740,485
14,914,392 15,724,465
Consolidated Income Account for
1935
Net"sales
Cost of
goods sold
269,961
$1,138,910
253,803
$1,392,713
$794,936
42,199
109,147
$1,037,881
_.
$455,697
242,350
$562,686
232,250
$1,307,842
Operating income.
Other income
Deductions
1~8~6~476
197*775
$1,121,364
125,483
$1,194,937
Federal income tax.
.
absorbed in a similar manner.
In 1907 company
$698,048
99,457
86,795
129,860
356,510
$643,589
135,996
119,112
$511,795
427,404
Balance, surplus..!..
Earnings per share on
common
outstanding
$568,477
$708,567
$388,481
$245,077
at close of each year..
$4.06
$4.48
$4.27
$3.00
Net profit
Dividends on pref. stock
Common dividends
Includes
x
depreciation and amortization of $297,574 in
143,981
112,737
1935 and $306,211
Months Ended March 31
1933
1934
1935
1936
$4,844,333
69,151
1,445,775
65,132
1,017,795
61,513
!,758,919
60,512
$4,913,484
307,901
Crl0,221
47,718
$4,510,907
239,707
3,648
32,777
$4,079,308
272,138
3,238
39,663
$3,819,431
130,665
7,529
17,855
$270,404
31,369
61,331
$203,282
31,369
59,419
$229,237
33,786
29,709
$105,281
$177,704
$112,494
$165,742
$41,216
Net sales
Other store income
I
'
sessed any
Operating profit
Deducts., less other inc.
x
Federal taxes
Net
profit_|
...
dividends
Preferred
Common dividends.
_
_
...
34,081
to the
facilities for the distribution
29,984
Shares
com.
stock
x
118,837
$1.64
245,324
237,674
$0.97
$0.72
depreciation.
119,937
^$0.59
After costs, expenses and
Consolidated Balance Sheet Dec. 31
Land, buildings,
machinery, &c_$2 ,723,746
Goodwill
&
Liabilities—
1934
1935
Assets—
a
Cum.
$2,309,081
trade¬
marks
2 ,377,892
Cash
Accts.
125,211
receivable.
2,122,753
128,735
Income taxes pay.
200,739
186,476
183,993
207,965
24,300
Miscell. reserve
Cash.surr. value of
28,978
,841,716
26,850
policies..
Inventories
Invent, of
$2,050,000 $2,125,000
c Common stock..
2,454,740
2,454,740
Accounts
payable
1,168,510
and accruals.__ 1,333,098
Mortgages payable
28,000
than customers.
1934
1935
pref.
Dividends payable
Notes receiv. other
insur.
6}4%
stock
supplies
26,626
70,790
20,688
Earned surplus
2,299,797
1,614,592
2,736,683
20,969
Cash in banks un¬
12,763
10,029
reorganiz'n.
8,558
Contract deposits.
10,059
123,527
66,299
128,818
194,576
925
48,100
154,609
139,919
der
Invest, and loans.
stock..
bCom.stk. intreas
Deferred
charges
$8,578,893 $7,816,534
Total
a
.
and
paid by this company for such properties embraced both tangible
intangible values.
The problem facing the company in its recent investigation of its property
245,474
In cases where no records were available,
dates of installation were made.
made possible the segregation of the company's
property account as between tangible and intangible property costs and
disclosed, among other things:
(1) A substantial amount of tangible property cost which had not been
included in the company's property accounts; and
(2) Instances where tangible property was abandoned and such aban¬
donments were either not recognized or were reflected by deductions from
the property accounts in insufficient amounts.
Giving effect to the necessary adjustments, this investigation developed
that the cost, at time of installation, of the tangible property owned by the
company and all of its subsidiaries as of Dec. 31, 1935, after making proper
Total
$8,578,893 $7,816,534
c
Repre¬
May 7 filed a registration statement (No. 2-2151, Form
Securities Act of 1933 covering $22,000,000 of 1st & ref.
The company on
D, due June 1, 1961.
According to the prospectus,
the sale of the bonds, together with bank loans
amounting to $7,500,000 and other funds of the company, /are to be
as follows:
For the redemption of $18,659,000 1st & ref. mtge. 6%
used
gold
1, 1957, to be redeemed at 105% and interest;
$14,939,000 to be applied to the payment or pin-chase on or before maturity
of $4,188,000 of Consumers Gas Co. 1st mtge. 5% gold bonds, due Dec.
1, 1936; $9,904,000 of Chicago Gas Light & Coke Co. 1st mtge. 5% gold
bonds due July 1, 1937; and to the payment of interest maturing on July 1,
1936, and thereafter to maturity on all of said bonds.
The series D bonds are redeemable at the option of the company in whole
or in part after 30 days' notice at the following prices plus accrued interest:
If redeemed on or before May 31, 1941, 104%; thereafter and incl. May 31,
1946, 103%; thereafter and incl. May 31, 1951, 102%; thereafter and incl.
May 31, 1956, 101%; and thereafter to maturity, 100%.
The price to the public, the names of the underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
bonds, series C, due June
Report for First Quarter of
1936—
George A. Ranney, Chairman, says in part:
Sales of gas during the first quarter of 1936 to general customers for resi¬
dential, commercial and industrial uses exceeded the corresponding sales
for the first quarter of 1935 by 6,761,402 therms, or 10.92%.
This in-*
crease resulted from the severe low temperatures experienced in Chicago
during the months of January and
company to increase gas sales.
February and from the activities of the
industries for boiler fuel and other industrial pur¬
poses on
an interruptible supply basis increased 8,961,363 therms, or
20.76%, while sales of gas to other gas utility corporations increased 12.400,888 therms or 27.24%.
Sales of natural gas to
merger
consolidation.
or
careful estimates of costs at
investigation
deductions for property abandoned, was
The directors have reviewed the facts
$13°,060,336.
disclosed by this investigation and
adjustments on the books of account
as of March 31, 1936, to reflect them.
At its direction, reserves have been
established to meet the loss which it is anticipated the company will sus¬
tain when it pays the bonds of the Ogden Gas Co. not due until 1945.
The
board of directors has also authorized application of the balance of the com¬
pany s capital surplus account, together with certain additional earned sur¬
plus arising out of the investigation of the company s property accounts,
in reduction of the total amount of intangibles developed by this investi¬
gation.
This action on the part of the board did not represent or result
from any attempt on its part to appraise the value of the intangible assets
have authorized the making of proper
It today
has intangible assets of a very sub¬
has more than 800,000 meters attached to its
It has developed at substantial costs a growing business.
without competition the City of Chicago, which is still growing
no par
mtge. 4% bonds, series
the net proceeds from
the time of installation, of.
cost,
lines.
Peoples Gas Light & Coke Co.—Files with SEC—To Issue
$22,000,000 1st & Ref. Mtge. 4s for Refunding Purposes—
A-2) under the
determination of the cost, at
tangible property acquired through consolidation or merger and the
at the time of installation, of the tangible property constructed or
otherwise acquired by Peoples Gas Light & Coke Co., less, of course, any
property removed or abandoned in the meantime as a result of obsolescence,
replacements or other causes.
The investigation of this subject covered a period of more than two years.
Every available record of the company was reviewed, as were also the limited
available records of the old companies from which properties were acquired
the
stantial value.
b Consists of 150 shares (7,800 in 1934).
shares.:—V. 142, p. 3184.
After depreciation,
sented by
the properties acquired by
to have a value in excess
Therefore the considera¬
of the company.
Directors believe that the company
Sink. fund. pref. &
common
most, if not all, of
and 1898 were considered by it
physical or tangible properties.
tion
This
out¬
standing (no par)
Earns, per share
Co.'s
north side
of gas, and the Ogden Gas
public in the City of Chicago.
The records indicate that
by
Surplus.
the Universal Gas Co. and the
property was confined to a comparatively small area on the near
of the city.
Should the city exercise its option to purchase these properties
it would have little effect on the operations of this company.
Since Jan. 1. 1907, company has been the only company supplying gas
accounts was the
Total store income.
leased the properties of
Ogden Gas Co. for the remaining terms of their franchises, that expire in
1944 and 1945, respectively.
Company has title to all of the stock of the
two companies named and has assumed and agreed to pay $6,000,000 1st
mtge. 5% bonds of the Ogden Gas Co. at their maturity in 1945.
The City
of Chicago has an option to purchase the properties of these two companies
at the expiration of their franchises, at their then appraised values.
The Universal Gas Co., located on the south side of the city, never pos¬
company in 1897
of the cost of the
in 1934.
Consolidated Earnings for 3
The cost of such tangible property
The going value of any business is intangible but may have a very
stantial value, and in the acquisition of a going concern such value is recog¬
—V. 142, p. 2680.
f
holders,
facilities, constitute tangible property.
includes many items.
of $1,212.
It serves
in popula¬
operations and it also has val¬
uable contractual rights.
All of these while intangible possess very sub¬
stantial elements of value in the conduct of its business.
Practically all of the amount of intangible values shown represent the
costs incurred by the company and its subsidiaries many years ago, as evi¬
denced by securities issued or cash paid, in acquiring intangible values which
resulted from consolidations, mergers and other transactions by which the
gas business in Chicago came to be unified under a single management.
As these adjustments referred to affect many of the balance sheet ac¬
counts, there is set forth below a consolidated balance sheet of the company
and its subsidiaries as of Dec. 31, 1935, wherein are set forth, in condensed
form, for comparative purposes, the balance sheet as of that date published
in the 1935 annual report to stockholders and comparable balance sheet
figures as they would have appeared at that date if the adjustments above
described had then been ascertained and reflected in the books of account.
Tangible Property Values—In connection with the company's present
rate case before the Illinois Commerce Commission, the company retained
an independent firm of nationally known engineers, as well as experienced
local appraisers of real estate and building values, to determine the cost of
reproducing the tangible property of the company used and useful in the
manufacture, transmission and distribution of gas to its customers in
tion.
It has
a
trained staff to carry on its
Chicago.
This appraisal included that part of the tangible property of the Ogden
Gas Co. and the Universal Gas Co. which is so used by the company.
The
appraisal excluded the Peoples Gas Building, in which the company's main
maintained, and other tangible property not directly used or
the manufacture, transmission and distribution
City of Chicago.
The appraisal did not include any allow¬
ance for working capital or going value.
The purpose of this appraisal is to establish before the Illinois Commerce
Commission the present value of the company's tangible property that forms
a part of the company's rate base.
Under the law it is upon the rate base
and the rate of return allowed upon said rate base that the company's rates
for gas to its customers in Chicago are established.
This independent appraisal has been completed and has been presented
as
evidence in the rate case before the Illinois Commerce Commission.
It placed the reproduction cost of such property as of Jan. 1, 1936, at $152,642,746.
Deducting the engineers' estimate of depreciation existing at
that time, in the amount of $22,082,115, leaves the reproduction cost less
existing depreciation of property used and useful in the manufacture,
transmission and distribution of gas in the City of Chicago at $130,560,631.
.offices
are
useful by the company in
of gas in the
Volume
To
Financial
142
Chronicle
3359
Consolidated Earnings for 12 Months Ended March 31
fully appreciate the significance of this appraisal, attention is directed
which are excluded the cost or value of all
the following figures, from
to
abandoned
property:
1936
Net
of the company and its subsidiaries as stated above is
$130,060,336
14,393,206
&
expenses,
incl.
deprec. & depletion.. 40,629,825
Other
customers in Chicago at
.$115,667,130
The independent consulting engineers estimate that to repro¬
duce this property new as of Jan. 1,
1936, would cost
$152,642,746
sales
Other
$10,836,680
rev—net..
oper.
$9,901,330 $37,116,468 $34,543,061
215,930
773,661
822.831
180,150
39,888,307
36,410,278
$263,980
314,534
*$2,095,689
314,284
$1,738,467
303,277
$895,496 prof$50,554pf$2,409,973
3,122,357
3,170,130
3,221,110
841,713
731,937
656,351
$1,435,190
2,984,464
838,906
$1,467,488
$5,258,560
250,544
.....
Interest
Consolidated. Income Accounts for 3 and 12 Months Ended March 31
Period End. Mar. 31—
1936—3 Mos.—1935
1936—12 Mos.—1935
38,597,499
$1,146,040
Other income..
Total loss
And that, after making allowance for their estimate of existing
depreciation, the net reproduction cost of this property as
of Jan. 1, 1936, is
$130,560,631
...
charges
Net
x
...
loss.
Of this
activities
$4,859,566 x$3,851,513
,
net
loss, $710,097
of the
$10,117,260 $37,890,130 $35,365,893
3,268,514
12,826,477
10,658,660
2,990,243
3,143,111
11,767,341
11,778,028
566,529
345,471
1,785,809
1,438,278
950.956
599,298
3,047,513
2,232,507
171,838
174,219
217,831
287,073
832,239
755,081
3,251,636
3,039,259
Operation
Maintenance.
State, local & other taxes
Federal income taxes...
Depreciation
Consolidated Balance Sheet Dec. 31
1935
Assets—
a
County
Liabilities—
$
&
72,777,464
3,288,244
81,680,947
3,985,399
552,404
Employ.
1,421,803
3,530,597
1,790,356
Cash
$1,709,038
$1,831,564
206,906
192,616
$4,993,521
810,396
$5,932,085
958,618
Coal
hand
on
Iron
and
5,600,000
39,719,012
57,185,866
30,000
Acer. int. & tax.
1,322,236
80,445
1,537,536
30,140
1,025,465
Miscell. liabil
Work. comp. res
Min. int. in sub.
4,668,004
11,985
2,580,458
5,555,244
64,124
3,691,527
2,231,335
56,590
1,253,453
2,588,732
229,316
2,950,504
Other
1,730,713
40,000
1,487 538
104,909
1,377,897
403,135
3,297,437
reserve
steel
prods., mat. &
Net
earnings
$1,901,654
1,087,969
44,529
$2,038,471
1,087,506
$5,803,917
37,189
173,622
$6,890,703
4,422,331
118,731
and expense
Amort. of intangibles of
34,381
42.582
150,607
201,182
subsidiary companies.
52,319
52,319
209,276
209,276
258
1,547
016,851
Cr 578
$682,196
664,421
$817,326
675,712
$1.21
$935,859
664,421
$1.41
$1,939,760
Interest
Int.
funded debt.
on
unfunded debt..
Amort, of debt discount
x
165,454
Notes and accts.
receivable
1,586,781
payable
Mtges. payable1,921,544
Special deposits.
debt
5,600,000
26,775,847
54,986,867
Accts. and wages
comp.
fund, &c
x
Funded
local
& accrued int.
$
S
Capital stock.
Surplus
546,683
1,598,603
Securities
1934
1935
1934
$
Property acct.
Acer. int. rec...
Net earns, from oper.
Other income.
iron manufacturing
assignable to the
* Profit.
was
corporation.
tax refunds rec
Total gross earnings..$11,016,831
Gas purchased.
3,795,986
1933
1934
$39,483,785 $38,333,519 $41,983,996 $34,671,811
Cost
*
property used and useful in the manufacture, trans¬
mission and distribution of gas to the company's cus-
1935
other
income
Loss from operations.
(3) Leaves the cost at the time of installation of the tangible
Gas
and
operating
(1) The cost at time of installation of all the tangible property
(2) Deducting the cost at time of installation of tangible prop¬
erty, not directly used, and useful in the manufacture,
transmission and distribution of gas to the company's
customers in Chicago, amounting to
sales
on
income.
Shares in hands of public
_
x
ing
share
per
_
$1.03
675,712
$2.87
This item arises, in consolidation, out of
prepayments made in the leas¬
of properties of companies
which
and is in process of amortization
over
later became subsidiary companies
remaining periods of leases.
Per Annual
Assets—
Report
As Adjusted
$130,060,336
23,629,310
Current assets
Total
;.i
.
-
••
•
Report
As Adjusted
$66,663,700
85,254,200
Funded debt
Deferred liabilities....
Current liabilities...
Depreciation reserve
Reserve for contingencies
$66,663,700
85,254,200
1,682,326
12,445,542
21,768,702
1.419,699
1,117,693
1,682,326
12,445,542
29,272,808
1,419,699
Insurance and miscellaneous
reserves
1,523,754
6,629,892
6.464,964
Capital surplus
Earned surplus
Total
6,464,964
$211,356,889 $196,816,829
Note—The foregoing balance sheet does not contain certain
detailed figures
contained in the consolidated balance sheet as
published in the compant's
1935 annual report, nor does it contain certain notes which were
made a
part of the consolidated balance sheet of the Peoples Gas
Light & Coke Co.
and subsidiary companies as published.
The balance sheet is here stated
in condensed form in order to illustrate more
clearly, through the elimina¬
tion of details unnecessary for the present
purpose, the effect of the
ments hereinabove referred
adjust¬
to.—V. 142, p. 3184.
Petroleum Conversion
Earnings
per
Co.—Earnings—
1936
1935
$78,822
share.
$174,391
390,412
375 412
$0.20
142, p. 1653.
■
J
$0.46
a
Philadelphia & Reading Coal & Iron Corp. (& Subs.
Consolidated Income Account for Calendar Years
1935
1934
1933
1932
$36,057,806 $43,303,709 $33,607,041 $34,435,701
,
Net sales
Costs, deprec., depletion
and operating tax
36,643,980
39,037,863
33,309,381
34,053,061
Gross prof, from sales loss$586,174
Other operating income.
607,293
$4,265,847
835,259
$297,660
811,379
$382,640
900,860
Gross profit from oper.
Sell., admin. & gen. exps
$5,101,106
2,444,247
$1,109,039
2,348,392
$1,283,500
2,796,820
$2,457,765pf$2,656,859
$1,239,354
333,176
$1,513,320
345,254
Loss from operations.
Other income
$6,100,791
39,719,012
1,566,469
loss
Total surplus..
abandoned
Prov. for invent, adjust.
Add'l prov. for doubtful
accounts prior years..
Fed. tax previous years.
Int. on unexpended cash
on
prop,
3,961,821
4,522
$906,178
3,915,663
12,631
$1,168,066
3,942,802
Cr.4,995
...
Previous surplus
Profit and loss credits..
Loss
322,950
$2,162,983pf$2,979,809
Income charges
Minority interest
Net
$21,120
2,478,885
294,782
Gross loss.
$986,534
41,158,784
225,853
$4,834,472
45,980,828
884,446
$4,868,603
57,772.033
123,049
3,695,366
5,170
$35,184,689 $40,398,103 $42,030,802 $53,026,479
7,555,256
4,016,357
1,684,649
;
356,500
335,697
277,208
Approp.for contingencies
Other
deductions
Miscellaneous
600,000
844,820
8,766
Profit & loss surplus..$26,775,847
Corp.—New Director—
elected
a
class A
director to fill
a
vacancy.—V.
Brit.
Col., Ltd.—Earnings—
before
deprec.,
Month of—
Gross
April 1936 March 1936
$206,000
$220,000
Net
profit after expenses,
depletion and taxes
—V. 142, p. 2514.
but
136,000
150,000
Philippine Ry.—Philippines Make Bid for Control of Road
Predicting that the company will be unable to pay the principal of its
outstanding $8,549,000 of 1st mtge. 4% 30-year sinking fund bonds at
their maturity on July 1, 1937, J. H. Pardee, President of the company,
in a letter mailed to holders of the company's securities outlined a plan for
the company to negotiate, on behalf of its security holders, an agreement
with the Commonwealth of the Philippines whereby the latter would pur¬
a substantial amount of the company's outstanding bonds and stock.
The Philippine Government several years ago purchased the Manila
Railways and when it completes purchase of the Philippine Ry., which
operates 133 miles of lines on the Islands of Cebu and Panay, the entire
railroad facilities of the Commonwealth will be government-owned.
To carry out the plan, the company requests security holders to deposit
their bonds and stock under a deposit agreement giving the company,
either directly or through an agent, the authority to negotiate with the
Commonwealth of the Philippines or any other prospective purchaser, for
the sale of the securities on terms not less favorable than those stated below:
chase
(1) Payment before Jan. 1, 1937, of $350 for each $1,000 principal
of bonds, not including the coupon maturing Jan. 1, 1937, and
July 1, 1937;
(2) payment of the full face amount of each such coupon at
or before its respective maturity; (3) payment of $1 for each share of stock,
amount
(4) payment by the purchaser of $50,000 to the company to provide
expenses, including transfer taxes, in connection with the sale of the
deposited bonds and stock.
The coupon maturing July 1, 1936, should be detached and retained by
the depositor for payment on July 1, 1936, in the usual manner.
In commenting on the offer of $350 for each $1,000 bond, the letter
points out that the bonds currently are selling on the New York Stock
Exchange at approximately $300 and that the highest price on the Ex¬
change since Jan. 1, 1934, was $340.
As the next session of the National Assembly of the Philippines convenes
on June
16, 1936, and any offer to purchase must be authorized by the
Assembly, it is important that deposits be made promptly with the com¬
pany at Chase National Bank, New York, depositary, 11 Broad St., N. Y.
CiThe
officers of the company are informed that the Commonwealth of the
Philippines is prepared to consider the purchase of a substantial amount
of the bonds and capital stock provided it is able to purchase at one time a
sufficient amount of the bonds to give it, with the bonds already held by it,
substantially more than a majority of the bonds, and substantially more than
a majority of the stock.
The Commonwealth, however, will not consider
purchase of the bonds unless it is able simultaneously to acquire sub¬
stantially more than a majority of the stock.
As of Jan. 1, 1936, $8,549,000 principal amount of the bonds (of which
$1,273,000 were held by the Commonwealth) and 50,000 shares of capital
stock ($100 par) were outstanding.
Payment of interest on the bonds was guaranteed by the former Governof the Philippines and this obligation, among others, has been assumed by
the present Government of the Commonwealth of the Philippines.
Pay¬
ment of the principal of the bonds, however, is not guaranteed and at the
present time it seems that it will be impossible for the company to pay
the principal of the bonds at maturity.
Since commencement of operation of its railroad the company has earned
less than an average of 50% of interest on outstanding bonds and during
the last five years earnings averaged only 44% of such interest.
As of
Dec. 31, 1935, the company was indebted to the Commonwealth of the
Philippines in the amount of $6,095,927 for advances made to the company
to pay the coupons on the bonds as they severally matured and for other
purposes.
Holders of a substantial amount of bonds and stock already have advised
the company that they intend to deposit their securities.
Traffic Statistics for Calendar Years
1935
475,000
balance of construction
fund
Siesfeld has been
for
3 Months Ended March 31—
Net profit after depreciation and Federal taxes
Shares common stock
—V.
Pierce Petroleum
Leo
and
Corp.—Reorganization—
Approval of plans for reorganization of the company was given
recently
by Chancellor Josiah Wolcott at Wilmington. Del., on petition of Clarence
A. Southerland and James C.
Bennett, receivers.—V. 142, p. 2680.
Pfeiffer Brewing
situation making such action necessary.
are:
Mayor S. Davis Wilson; John A. McCarthy, President
Estate Trust Co. and one of the voting trustees; Albert M.
Pioneer Gold Mines of
16,729,085
716,079
9,073,260
326,752
16,282.005
P&v Annual
■
stock
a
Real
Greenfield, former congressman James J. Connolly; former United States
attorney Edward AV. AVells; and David E. Kaussman, former United
States Ambassador to Siam.
He fixed a joint bond of $150,000 to be entered
by the trustees.
They are to take over the management and control of the
business until May 27 when Judge Welsh will hold a hearing to determine
whether he will name permanent trustees.—V. 142, p. 8240.
$211,356,889 $196,816,829
Liabilities-—
Capital
Federal District Judge Welsh at Philadelphia has appointed six temporary
for the company declaring internal quarrels and dissensions have
trustees
produced
$153,689,646
16,729,085
716,079
9,073,260
326,752
16,282,005
assets.
Philadelphia Rapid Transit Co.—Six Temporary Trus¬
141, p. 2596.
Total tangible and intangible
property
$168,229,706
Investments in and advances to other
companies
(net after deducting reserve)
___■
Deposits for matured bond interest, &c.
Deferred charges and prepaid accounts.
92,975,316 108,555,985
tees—
of the
lated accounts, and to reflect the
application of the capital surplus account
in reduction of the stated value of
intangibles.]
Tangible property.
Intangible property
Total
92,975,316 108,555,985
x Represented
by 1,400,000 no-par shares,
a After deprec at on, depleton and obsolescence of $29,939,677 in 1935 and $38,288,298 in 1934.
—V. 141, p. 3081.
~
;
The trustees
Consolidated Balance Sheet Dec. 31,1935
[Prepared to show, in comparison with the balance sheet of Dec. 31, 1935,
as published, the effect of certain entries if
made as of that date to reflect
the recently completed
analysis of the company's property and other re¬
Other
(non-cur.)
rec.
Total..
ity interests
Earnings
Notes and accts.
Def. debit items
Losses assigned to minor¬
Net
4,351,403
supplies, &c._
7(M»I
525,000
119,811
127" 447
$39,719,012 $41,158,784 $45,980,828
carried..
No. carried 1 kilometer.
Av. length of haul, kms.
Avge. receipt per pass..
Av. rec. p. pass. p. km..
2,790,474
72,869,713
26.1
.$0.0814
$0.0031
Total no. tons fr'tcarr..
341,484
No. tons carried 1 km.. 12,814,159
Av. length of haul, kms.
37.5
Avge. rec. per ton
$0.7671
Av. rec. per ton per km.
$0.0204
Total
no. pass,
1934
2,848.058
75,357,547
1933
2,767,301
75,779,011
1932
2,122,135
57,923,479
26.5
27.4
27.3
$0.0833
*
$0.0841
$0.0030
444,304
16.854,724
37.9
$0.7389
$0.0195
$0.0941
$0.0035
418,640
16,070,099
$0.0031
389,264
13.732,201
35.3
$0.7311
$0.0207
38.4
$0.7919
$0.0206
Financial
3360
Calendar Years
Income Account for
1933
1932
$237,172
284,588
10,597
11,775
$232,566
328.282
11,145
16,366
$199,736
$512,337
$544,132
$588,358
$563,943
76,596
92,721
66,239
89,462
3,639
175,085
63,340
70,943
81,993
3,378
168,922
65,772
80,684
3,416
171,975
61,505
$397,766
146,366
$391,009
197,349
3,201
$391,570
172,373
2,933
1935
Freight
Mail, express, &c
Incidental
Total
1934
$227,108
261,951
9,206
14,072.
Revenue—
revenue
331,503
16,959
15,745
Expenses—
Maint. of way & struct—
Malnt. of equipment.
Traffic
3,653
172,505
52,582
Transportation
General
Total oper. expense—
Net operating revenue. _
$398,058
114,279
2,757
Railway tax accruals
Uncollectibles
2,898
7
■
$194,149
6,508
2,346
Pixie Corp.—Registers with SEC—
$169,440
3,892
$145,808
341,960
$112,692
341,960
funded debt
Extraor. exch. exp. acct.
on
$200,657
341,960
$173,332
341,960
22,363
bond int. payments._
Cr571
190
C"rl",375
""8,239
Additions & betterments
3,371
53,064
29,391
2,524
Def. trans'd to p. & 1-
$251,251
$198,148
$202,606
1935
1934
1935
Liabilities—
Assets—
Investment in road
and equipment. 9,638,298
Contractural rights 4,999,000
136,417
&
9,638,108
4,999,000
75,868
conduc.
2,294
139,763
3,510
Prepaid ins., &c..
10,118
P. & L. debit bal- 4,788,705
1,044
152,163
2,423
28,764
4,543,213
r
^
$
for bond interest
6,095,927
70,655
Tax
Poor & Co.
1934
1933
1932
$2,409,187
$2,184,426
2,888,709
3,351,945
Selling & admin, exps.
727,230
706,295
1,854,761
625,715
1,743,011
739,718
Profit from operations
$266,018
113,842
$454,201
122,729
$152,176
$331,473 Ioss$228,030 loss$458.302
c
ing Fed. tax & int..
Int. received and income
from investments
92,780
of par value of
bonds retired over cost
of acquirement.
Total
1936—12 Mos—1935*
$50,949
33,613
in
$510,487
393,513
$538,635
407,898
$19,309
30,341
$116,974
360,633
$130,737
345,650
$11,161
Net deficit..
Inc.
$55,233
35,923
$17,335
28,496
Net revenue
$11,032
$243,658
$214,912
approp. for invest,
physical property.
—V.
190
3,371
$243,849
$218,283
_
142,
p.
$11,161
$11,032
Pittsburgh & Lake Erie RR.—Earnings—
Period E-d. Mar. 31—
1936—Mo
1936—3 Mos.—1935
$4,262,001
3,672,972
$3,827,365
3,128,999
$147,986
108,063
178,170
$254,396
102,416
138,326
$589,029
341,938
525,946
$698,366
304,280
446,400
$218,093
14,441
$290,306
42,085
$773,037
45,786
$840,486
129,051
charges
N et
$1,375,799
1,121,403
$232,534
43,996
7,499
$332,391
55,050
47,065
$818,823
139,336
23,323
$969,537
160,370
138,854
income
$181,039
$230,276
$656,164
$670,313
rev.
expenses.
from ry. oper.
Railway tax accruals
Equip. & jt. facil. rents.
Net ry. oper. income-
Other income
Total income
Miscell. deductions
Fixed
Net
—V.
th—1935
$1,349,959
1,201,973
revenues.
142, p. 3011.
Pittsburgh. Terminal Coal Corp.—Earnings—
3 Mos. End. Mar. 31—
loss after deprec.,
1936
1935
1934
$69,375
$82,181
1933
Net
depletion. &c142, p. 3184.
$135,724
$181,196
—V.
paid
on
1935
Railway oper. incomeEquipment rents—Cr
Joint facility rents—Dr.
$2,530,258
1,713,273
242,513
$2,239,822
1,739,947
$474,197
384,846
23,072
$574,472
349,410
19,042
1932 ^
131,069
617
31,837
$904,840
14,619
Other deductions
Net income
_
_
$1,045,198
935,031
14,667
_
$95,500
$850,862
932,398
10,733
$919,459
1,017,707
7,858
$619,023
19,020
$638,043
1,058,208
13,365
,\
def$92,270 def$106,106 def$433,530
Balance Sheet Dec. 31
13,829
$127,410
362,843
1935
Assets—
equipment
179,119
Sinking fund
Dep. in lieu of mtg.
1,000
property sold...
Invest, in affil. cos.
rec...
99,274
406,044
4 ,333,162
154,563
3,433
217,513
8,689
10,000
160,459
144,364
curr. assets.
548
Other
investments
Mat'ls & supplies.
Bal. from agts., &c
Cash
Special deposits...
Loans & bills
rec_.
Traffic, &c.t bals.
Misc. accts.
Other
Deferred assets.
b Incl.
purchased product, labor, material and production expenses,
provision for depreciation,
c Incl.
salaries, commissions,
traveling expense, rent, taxes, &c., but not incl. interest, patent acquire¬
ment and expenses,
d Incident to the acquirement ana protection of
patents and patent rights, provision for amortization of patents of Rail
Joint Co. and provision for depreciation on buildings and equipment.
eBut not incl. interest and investment inepme received and profit from
disposal of investment and fixed assets.
not
incl.
Earnings for the Three Months Ended March 31
1936
Net billings..
——
Net profit after deprec., int., & prov.
for Federal taxes (estimated)
x
179,139
1,000
Gov't grants
104,427
Traf.,&c.,bals.pay.
1,313
250,237
96,774, Accts. & wages pay.
85,253'
4,458,162
198,684
Misc. accts. pay._
Int. mat'd unpaid.
Funded
605
73,430
16,603
75,000
152,191
179,471
1,580
1,394
247,160
tured,
debt
208,705
5,543
4,923
51,015
156,530
22,128
Deferred liabilities
32,053
Tax liabilities
203,751
Acer. depr. equip. 3,766,111
Unadjust. credits.
71,448
acor.
Other current liab.
Add'ns to property
thro. inc. & sur.
Profit & loss bal..
63,809,530 63,635,449
Total
xll9,000
70,000
1934
$877,000;
y33,000
After making provision of $26,000 for bond interest, $21,000 for depre¬
$16,000 for Federal taxes,
y Before Federal taxes. >
Fred A. Poor, President, in letter to stockholders outlining results for
first quarter of 1936 says, in part:
"The net surplus charges this year is $11,000 and. after taking into ac¬
count all charges, the surplus for the firet three months of this year has
increased $108,000.
Last year the increase totaled $56,000. At the close
of the quarter surplus this year is $788,000 compared with $662,000 a
year ago.
"Net working
capital amounted to $1,407,000
on
March 31, 1936, and
included $855,000 of cash, and marketable securities which cost $197,000
but which have a market value of $151,000 on April 15. 1936.
The ratio
of current assets to current liabilities is 4.6 to 1.
1, 1936, the accumulated unpaid dividends on the class A
"Pursuant to
shares
policy of acquiring new devices and extending the scope
of our business, we acquired the right to manufacture and sell the Klasing
car brake late in 1935.
Since the close of last year we have also purchased
all of the capital stock of the Peerless Equipment Co., which sells the
Peerless draft gear and several other devices and services to railroads."
our
Consolidated Balance Sheet Dec. 31
Assefs—
1935
xFixed assets..-.
Notes
Cash
ree'd
surr.
1934
8905,270 $1,028,062
Patents & goodwill
Investments
6,012,225
507,023
6,019,715
427,026
8,355
5,462
life Insurance...
116,796
104,786
5,008
restrictions
depos.
Cash
and
1934
1935
Capital stock...$6,727,976 $6,727,976
payable
and
accruals...
174,697
101,406
inc.,
&c.,
Deferred credits—
5,290
Bank depos. under
Cash
Liabilities—
y
Accounts
Federal
from
value of
32,856
4,083
Interest
19,675
55,833
7,784
23,094
1,722,500
1,847,500
829,786
149,479
883,150
276,890
taxes
6%
on notes..
sinking
fund
notes
Paid in contributed
with
1,979
1,286
34,940
35,515
1,238,308
1,255,470
267,799
2,103
262,288
& cap. surplus..
241,627
4,320
241,294
Deficit--
—
market¬
able securities..
Accts. & notes
rec.
Accr'd int. receiv.
Inventories.
31~620
1,094,555
411,432
27,435
8,258
Total
$9,362,094 $9,369,853
Total
$9,362,094 $9,369,853
x After
depreciation of $2,246,318 in 1935 and $2,119,500 in 1934.
Represented by 160,000 shares of A and 362,843 shares of B stock of
no par:—V. 141, p. 3236.
y
152,484
7,113,490
382,745
153,690
18,070
43,151
190,890
3,483,021
61,022
150,184
7,177,862
Postal
Telegraph Land Line System —Earnings—
1936—Month—1935
Teleg. & cable oper. rev_ $1,965,369
$1,863,837
Teleg. & cable oper. exps
1,788,137
1,721,273
7,500
15,000
Uncollecting oper. revs.
Taxes assign, to oper'ns.
40,000
41,667
Period End. Mar. 31
63,809,530 63,635,449
Equipment Trust Certificates.-
Deductions
Net deficit
The Interstate Commerce Commission
on May 8 authorized the company
obligation and liability, as guarantor, in respect of not exceeding
$2,000,000 equipment trust certificates, series of 1936, to be sold at 97.75
and divs. and the proceeds applied to company's indebtedness.
The report of the Commission says in part: *
For the purpose of refunding part of its present indebtedness the appli¬
cant proposes to enter into an equipment trust agreement with certain
vendors and with the Chase National Bank, New York, as trustee, to be
dated April 1, 1936, and to include thereunder the following equipment:
1,809 55-ton all-steel self-clearing hopper cars, 894 50-ton all-steel selfclearing hopper cars, 20 cabooses, 22 locomotives, 297 55-ton composite
1936—3 Mos.—1935
$5,540,395
$5,270,069
5,245,565
5,069,289
22,500
45,000
120,000
125,000
_
$129,732
2,199
$85,897
1,939
$152,330
6,942
$30,780
1,530
$131,931
235,296
$87,836
224,831
$159,272
703,922
$32,310
675,616
$103,365
Operating income
Non-operating income.
Gross income
Total—
$1,096,000
ma¬
unpaid..
Unmat'd int.
89,264
1,565,847
1935
$1,375,000
ciation and
$
stock.—30,235,100 30,235,100
Fund, debt unmat .20,026,707 20,166,414
Loans & bills pay-
_.
Unadjusted debits
1934
I
Common
57 ,839,810 57,869,002
Misc. phys. prop-
i
$
Liabilities—
Invest, in road and
41,910
$296,664 loss$236,998 def$480,876
362,843
362,843
362,843
$0.15
Nil
Nil
Nil
Earnings per share
Deferred charges..
1934
159
Net profit
Shs. class B stk. (no par)
trustee
1935
7,053
fixed assets
employees
Total income
Total interest accrued..
130,294
5,144
Interest paid-Prov. for Fed. inc. tax—
$368,189
282,671
$835,971
14,891
123,736
21,500
outstanding.
$2,720,147
2,003,046
242,903
$729,391
326,860
23,063
116,717
11,430
secure.]
disposition of)
stock of the company amounted to $6,375 per share on the 160,000
Report-
1933
$1,033,188
12,009
Other income
-Annual
1934
Railway oper. revenues- $3,001,245
Railway oper. expenses2,040,278
Railway tax accruals...
231,285
Uncoil, railway revenues
290
15,294
99,150
retirement
Loss from
"On March
Pittsburgh & West Virginia Ryv
Calendar Years—
45,913
$476,792 loss$107,959 loss$343,529
Bond int. exps. & prems.
Loss from sale of
but
2513.
Railway oper.
Railway oper.
99,478
18,133
6,864
$251,820
—
Balance (deficit)
74,158
.19,718,106 19,440.583
Total
1936—Month—1935
Deductions
127,186
Excess
19,718,106 19,440,5831
Oper. exps. & taxes—_
loss$71.2891oss$298,303
156,741
159,999
Profit before deduct¬
e
75
Earnings for February and 12 Months Ended Feb.
Gross oper. revenue
$1.35
$4,512,442
—--_
Total.....
126,404
$0.75
1935
$3,881,958
2,984
_...._
2,524
167,444
b Purchase & production
cost of production- —
d Expenditures
liabilities
$170,912
(& Subs.)—Earnings—
Calendar Years—
5,861,538
26,986
Oth. def. liablls
$125,829
169,742
$0.62
standing
Earnings per share
142, p. 2682.
5,000,000
8,549,000
Philip. Govt. adv.
Accts. & wag. pay.
Mat'l & supplies..
Misc. accts. rec...
P 1934
$
5,000,000
8,549,000
Cap. stock com...
1st mtge. bonds..
1934
1935
1936
$104,512
—V.
Net sales
Balance Sheet Dec. 31
balance
Co.—-Earnings—
Net profit after all charges and taxes.
Shares of capital stock (no par) out¬
$200,543
tyTisc. income charges
Agents
given on first page of this department.
Pond Creek Pocahontas
3 Months Ended March 31—
Gross income
Cash
May 16, 1936
gondola cars, and 700 50-ton steel gondola cars, a total of 3,742 units.
The
equipment, which is now in the applicant's possession, but subject to the
lien of two series of equipment trust certificates and certain other liens, is
claimed to have an appraised value of $4,061,132.
The ledger value, less
accrued depreciation as of March 31, 1936, is given as $3,016,692, and a
computed depreciated value, based on a 30-year life for locomotives and
25 years for freight cars, as serviceable units, produces $3,029,949.
The agreement will provide for the acquisition of the equipment by the
vendors and the transfer thereof, free of all liens, to the trustee, as trustee
for the owners of the trust certificates, which will lease it to the applicant
by a lease to be executed simultaneously with the agreement.
An invitation to bid for the purchase of the proposed certificates was
sent to 20 banking firms and two bids were received.
The higher of these,
97.75 and divs., was submitted by A. G. Becker & Co., New York, and,
subject to our approval, has been accepted.
On this basis the average
annual cost of the proceeds to the applicant will be approximately 3.97%.
—V. 142, p. 3011, 2337.
See list
$143,462
$111,522
1,169
By. oper. income
Non-oper. income
Int.
.
73,989
Chronicle
$136,995
$544,650
$643,306
to assume
Pressed Steel Car Co.—Assents Seen
Plan—
Sufficient to Ratify
,
Kuhn, Loeb & Co., reorganization managers have issued the following
statement:
"We are advised by the trustees that assents to the company plan of
reorganization have been received in amounts in excess of the requirements
of the bankruptcy act from holders of both classes of stock as well as holders
of debentures and other allowed claims."
Volume
The
Financial
142
Chronicle
3361
bondholders
protective committee for the 5% bonds, of which
Jacques Cohen is chairman, has sent a letter to the bondholders advising
them that it intends accepting the General American
Transportation Co..
plan on May 27 which is the day of the hearing in Pittsburgh. Acceptance is
conditional, the committee says, upon promises secured from the new
interests that there will be no retirement of the prior
preferred stock while
any of the bonds are outstanding and that current assets bear a proper and
safe ratio to
outstanding liabilities, including liability
Consolidated Balance Sheet Dec. 31
al935
Assets—
from
upon the confirmation of the plan
of reorganization to May 27,
1936, at 9 o'clock, a. m.. Eastern JStandard
Time, at the New Federal Building, Pittsburgh, Pa.—V. 142, p. 3185.
Pullman
1936—Month—1935
1936—3 Mos —1935
Total
Scenarios
revenues..
Total
expenses
18,977
9,011
9,020
4,470
27,465
$4,479,456
4,001,345
$4,004,143 $13,840,531 $11,937,375
4,230,795
12,061,376
12,221,685
&
6,778",282
342,466
revenue
$478,110 def$226,651
expenses..
Net
$159,267
136,134
$136,141
122,932
$23,132
$13,209
revenue.
Total net
revenue
Taxes accrued
$501,243 def$213,442
212,895
131,691
'
Operating income
142.
$513,663
421,798
$426,821
365,853
$91,865
$60,968
$1,871,020 def$223,342
706,809
404,579
Inv.
in &
$288,348 def$345.133
$1,164,211 def$627.921
Pullman, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935*
1936—12
Depreciation, &c
on
2,730,958
int.
gtd.
debt of subs
cos—
Inv.
&
88,068
Gtd. fund, debt of
3,956,073
posits and assets
Deferred charges..
3,850,000
3,850,000
..12,798,628 12,742,275
Reserves
474,859
999,871
26,901,457
Net proceeds from
1,425,468
].26,964,916
y Deficit
sub.cos .not cons.
3,712,313
de¬
480,736
oper.
& mtge. by
Stad. Theat. Cp.
Keith-Albee-Orph-
Mos.—1935
eum
Earnings after
expenses
and Federal taxes
taxes,
and expenses...
Accrd. int.
adv. to
affiliated
2683.
p.
3,541,458
50,000
Corp
Other
-V.
277,787
Land owned
revenues
Total
744,281
from
88,068
381,581
254,017 Ser. bonds & mtge.
instalments due
18,666,514 19,337,333
Bldg. & equipments,689,774 14,225.755
within one year.
934,484
Impt. & equip, on
Deposits
626*981
841,598
leased property. 6,901,368
7,277,208 Def. accts. & notes
Other
leaseholds,
payable
1,068,558
1,320,311
goodwill & con.. 5,834,311
5,898,862 Funded debt
33,422,403 35,676,764
$1,779,155 def$284,310
Auxiliary Operations—•
Total
159,561
foreign subs....
239,967
held
234,382
184,916
to
sale of
on
Remittances
by Stad. Theat.
Net
227,479
payable
investments
Accrd.
con¬
&
rec.
69,430
1,378,029
officers & empl.
Deposit
tinuities
Assets
Accts.
30,159
79,429
8,521,942
Inventories
Sleeping Car Oper.—
69,430
1,903,193
& sub. cos
side producers..
sec
$
3,635,910
Accts. pay. to affil.
employees
Market,
al934
3,712,833
cos
311,345
866,981 Accounts payable.
&
Accrued int., &c-_
Advances to out¬
Co.—Earnings—
Period, End. Mar. 31—
278,054
886,790
rec.
receiv.
officers
"
$
Notes pay. & deb.
Notes pay. of affil.
andstoek
Accounts
4,659,505
debs.
Notes & accts.
the bonds and
on
al935
-
Liabilities—'
$
5,053,005
Subscrip. to
exclusive of the amounts necessary for working capital.
The Court had adjourned the hearing
al934
$
Cash
$3,745,949 $13,758,012 $15,714,580
3,065,812
13,511,614
12,172,207
x
254,017
4,260,823
25,057,581
7%
pref. stock
$4,586,796
3,386,533
381,581
4,259,916
Corp.
Common stock..25,057,581
Total
Net profit
$1,200,263
$680,137
$246,398
93,086,407 92,412,8761
Total
93,086,407 92,412,876
a Trustees'
report,
x Represented by 2,557,554 shares of no par value,
Includes capital deficit of $11,001,351 in 1935 ($10,822,955 in 1934) and
operating deficit of $15,963,565 in 1935 ($16,078,501 in 1934).—V. 141.
$3,542,373
y
Consolidated Balance Sheet March 31
1936
Assets-——
x
1935
$
&
186,299,851
12,207,060
8,729,735
5,954,370
y
notes
Pullman Co..
10,572,541
car accts
Cash
sees.
1,895,659
Investments
in
Deferred
affil. cos., &c_
4,108,368
176,291
Special deposits.
Res. fund assets
x
4,144,209
123,947
7,931,249
1,292,624
8,624,009
1,419,453
Deferred assets.
Total
7,395,404
13,691,498 Fed. tax res.i&c.
3,926,392
10,526,723 Pension & other
reserves
22,120,637
11,881,642
2,322,622 Conting. reserve 3,350,000
13,633,014
13,070,807
secur.
U. 8. Gov.
8,810
Accts. pay., &c.
Equip, trust and
Oth. mkt.
$
credits
2,123,966
39,236,793
Surplus
y
11,343,772
3,350,000
Nil
no par
$0.23
$0.09
Apr.
Consolidated Income Account
22 33.
$348,696
x
Operating income
$3,630,088
of foreign sub¬
52,525
sidiaries not consol
xl933
R. C. A.
2,127,686
2,297,436
397,164
683,107
397,756
84,480
89,862
78,633
129,562
55,815
62,236
15,239
154,209
34,376
515,775
49,165
32,127
153,191
91,301
182,019
34,257
123,948
$4,114,562
2,199,261
sale of invest.
$3,073,568
2,298,090
2,545,409
3,717.619
30,975
80,927
516.567
324,247
.
junk film & discs.
Sundry other income—
Total income
Interest and discount
sale
of
capital assets.
on rent secur.
&
24,560
98,295
$406,078df$5,391,963
invest¬
Forfeited deposit
dep.
75,000
843,004
_
48,114
292,535
Cr531
Cr232
Cr845
137,454
under rental agreem'ts
Amount
applicable
to
minority int. in sub.
co
Prov .for losses of affil cos
281,100
taxes.
y
1934
x$36,410
y$1.31
$1.39
Before taxes and depreciation .- -V.
x$0.81
142,
p.
Communications, Inc.—Earnings—
oper. rev.
1936—Month—1935_•
$380,537
330,424
6,571
$345,987
1936—3 Mos.—1935
$1,125,382
$1,009,656
1,000,118
923,796
18,925
11,515
3,000
3,000
51,760
33,863
Uncollec. oper. revenues
1,000
19,125
Operating income
Non-oper. income
$23,417
38,204
$11,375
37,408
$51,579
121,043
$37,483
124,876
Gross income
Deductions
$61,620
34,722
$48,783
36,763
$172,622
107,119
$162,359
109,342
$26,898
$12,020
$65,503
$53,017
oper. exps.
Other oper. revs., deficit
income
—V. 142, p.1133.
Quar. End. Mar. 31—
1936
Illinois—Earnings
1935
1934
Net profit after charges
and taxes
$145,581
$35,052
$145,197
1933
$56,880
Remington Rand, Inc.—Plans Stock Issue—$4.50 Cumu¬
Preferred to Replace the Present $6 and $5 Series—Rights
lative
Stockholders—
to
H.
James
solidation
of
Rand Jr., President, announced May 8 a
all present preferred stocks into a new
plan for the con¬
$4.50 cumulative
bearing common stock purchase warrants, and for the
offering to holders of common stock rights to buy additional common
shares, the proceeds to be used eventually to retire the new preferred shares.
Under the plan each share of the present 5% ($25 par) prior
preferred
stock, of which 196,441 shares are outstanding, including 9,702 reacquired
by the company, will be exchanged into one-quarter share of new $4.50
dividend ($25 par) preferred stock, with warrant.
Each share of the present $6 dividend ($25 par) preferred stock, of which
175,394 shares are outstanding, including 16,800 shares reacquired by the
company, will be exchanged for one share of the new $4.50 preferred
preferred
issue,
100,745
52,500
389,657
prof, of subs
ministrative expenses.
Prov. for income taxes.
_
Sundry other charges
Settlement of lease oblig.
Prelim, exp. in connect'n
124,288
136,500
154,438
new
Prov. for losses
on
adv.
144.195
39,757
191,896
theatres
200,000
393,431
.
Pict.
product. & studio
equip, aband., &c
prof$684,733
now outstanding must be applied to retirement of
outstanding
debt or redemption of preferred stocks, as the
company elects,
the plan.
The purpose looks to the ultimate retirement of all
outstanding debenture and preferred issues.
On completion of the program
the company will have as its only outstanding capital about
2,500,000
warrants
628,485
$310,575
shares.
rights to subscribe
held, at $27.50 a share, between
Sept. 1 next to and including March 1, 1939.
The rights may be exercised in full, but to help smaller stockholders
to make use of their rights, a stagger plan is provided under which
they
may
subscribe at specified intervals between those dates.
This plan
provides that the common stockholder may exercise one-tenth of his
right on or before Oct. 1, 1936, unconditionally; if he does so, then he
may exercise an additional one-fourth of his right on or before Oct. 1, 1937;
if he
exercises this amount he may exercise an additional one-fourth of
his right on or before Oct. 1, 1938; if he also exercises this third
instalment,
he may exercise the remaining four-tenths of such right on or before
March 1, 1939.
Transferable rights covering these options will be issued
of each part of the program.
The rights will be issued
July 1 under an agreement between the company and
the City Bank Farmers Trust Co., as trustee.
A registration statement will be filed with the Securities and
Exchange
upon
and
$4,384,064 $10,695,503
Trustees' report in 1934 and 1935; receiver's report in 1933.
option of the
company at $100 a share.
The company has covenanted
that no preferred stocks of any class will be called during the
currency of
the exchange plan to terminate on June 12 unless extended.
Proceeds from the exercise of the preferred warrants and any other
Common stockholders of record of June 10 will receive
245,097
243,608
299,900
51,212
65,826
Warrants on the new preferred stock will entitle the holders to
purchase
1H shares of common stock for each share held at any time for a period
beginning Sept. 1, 1936, at prices starting at $27.50 during
and increasing $2.50 each year thereafter to $45 in the
eighth year.
The new preferred stock will be entitled to $100 a share upon
liquidation
or dissolution,
will have full voting rights, and will be redeemable at the
to one additional share for each four shares
Receiver's & trustee's ad¬
x
$62,442
Taxes assign, to oper—
common
56,361
Part, of officers & empl.
Net loss
1935
y$58,849
_
funded
continuities
written off
with
;
under
Prov. for additional liab.
in
1936
&c.
of eight years
the first year
57", 170
Forfeited deposits
Scenarios
$27,208
with warrant.
Trailer income
ment &
$43,495
4,101,691
$2,235,747 def$668,076df$6 ,592,289
theatres
Loss
$11,270
317,691
4,489
1,000
11,432
1932
$18,290,804 $23,255,454 $35,931,507
21,276,717
18,413,748
19,845,199
on
cos
Interest earned
on
$27,208
Reliance Manufacturing Co. of
Commission from outside
Loss
$43,495
$12,176
Federal
Teleg. & cable
Tel eg. & cable
for Calendar Years
xl934
Before
Net
salaries,
Profits
Sale of
,270
$1.74
..$45,475,244 $41,695,207 $43,966,638 $59,878,397
other
10,923,101
10,216,094
13,520,821
22,322,974
Cost of film sales & ser v. 17,548,852
16,162,481
15,598,102
19.935.410
Film selling & gen. exp._
3,896,028
3,822,175
3,691,083
4,321,917
Operating expenses and
theatre overhead.
7,883,131
7,639,736
9,878,626
16,745,367
Deprec. of capital assets
& amort, of leaseholds
1.594,044
1,618,975
1,946,082
3,145,018
on
$1
1302.
Total income
Profit
$12,176
Period End. Mar. 31—
salaries & film service.
received
$25,876
1,331
—V. 142, p. 968.
2,608,737
invest, in other
325
Earns, per sh. on 44,890 shs. capital
stock (no par)
771.476
$0.15
&
other income
Dividends
482
Rapid Electrotype Co.—Earnings—
$116,094
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings—
Artist's
$43,169
151
3 Months Ended March 31—
Net profit after charges, deprec.,
and Federal taxes
Co.—Earnings—
Earnings for 3 Months Ended March 31, 1936
Net income after charges and Federal taxes
Earnings per share on 199,650 shares capital stock (no par)
—V. 142, p. 3011.
concessions
2,946
$10,787
_
Gross income-
shares in 1935
special dividend of 20 cents per share on the
stock, par $105 payable Jane 15 to holders of record June 1.
A
similar special dividend was paid on Aug. 15, 1935, this latter
being the
first payment made since Aug. 1, 193a when 10 cents per share was dis¬
tributed; prior to this latter date dividends of 20 cents per share were
distributed each three months.—V. 141, p. 3548.
Rents,
3,146
$12,024
$218,000
183,835
750
7,538
—V. 142, p. 2170.
a
xl935
Theatre admissions
$19,415,689
Film rentals and sales— 23,450,818
Operating income
Non-operating income.
$245,281
190,424
750
10,937
1,324.989
common
Reed Roller Bit
250
48,651,876
Pyrene Mfg. Co.—20-Cent Special Dividend—
The directors have declared
250
1936—3 Mos.—1935
$75,984
62,000
258,932,107 266,614,790
16 Weeks Ended—
Apr. 18 36. Apr. 20 35. Apr. 21 34.
Net profit after int., deprec. & Federal taxes _loss$ 188,612
$179,464
$73,429
Shs.com.8tk.out.(no par)
771,476
771,476
771,476
share
—V. 142, p. 3185.
$78,271
62,850
Uncollectible oper. revs.
Taxes assignable to oper.
9,852
6,590,324
4,320,329
Purity Bakeries Corp. (& Subs.)—Earnings—
per
America—Earning
1936—Month—1935
Tel eg. & cable oper. revs.
Tel eg. & cable oper. exp.
Net income
Total
Represented by 3,820,182
and 3,820,472 in 1934.—V. 142, p. 2170.
Earnings
Radio Marine Corp. of
Deductions
258,932,107 266,614,7901
After depreciation,
3391.
p.
Capital stock,
Pullman, Inc. 191,009,100 191,023,648
Capital stock,
receivable
other
1935
$
Liabilities—
14,541,281
Inventories
Acdts.
1936
S
Prop. & equip. 182,160,949
exercise
delivered
Commission
or
in
before Sept.
on
time under
1, 1936.
normal circumstances
to
become effective
on
Financial
3362
Application will be made to list
the new preferred on the New
Stock Exchange.
The company has
in authorized capital
j
approved a plan to reclassify preferred shares and to
settle accrued preferred dividends by an issue of new 5% prior preferred
and additional common stock.
During March, 1936, the 20-year 5H % debentures, of which $17,453,000
were
outstanding, were replaced, except as to unexchanged debentures
called for redemption on May 19, by 20-year 4H% debentures, with
stock purchase warrants attached, in the amount of $20,000,000.
The
warrants call, in the aggregate, for issuance of 300,000 common shares at
prices ranging from $25 to $40, and expire on March 1, 1944.
An interim report for the 12 months ended on Feb. 29 shows net profit
of $2,991,447, equal to $1.25 a share on the common stock after dividend
requirements on preferred shares outstanding at Feb. 29, and a gain of
86.4% over the preceding year.
Consolidated net sales were 16.2%
higher for the 12 months.
.
,
Net current assets on Feb. 29 were $22,823,280, or $2,503,213 higher
Paper Co.—Earnings—
St. Regis
York
1933
1932
7,798,819
$9,071,581
7,689,352
$6,854,928
6,175,375
$8,185,971
7,556,341
Operatingincome.... $1,344,999
$1,382,229
$679,552
26,061
370,162
$629,630
812,736
200.717
147,299
134,578
178,333
$1,584,466
378,789
763,826
189,426
$1,555,589
426,876
765,111
.,184,293
528,669
775,857
213,356
275,978
$1,620,699
802", 667
1,070", 332
Calendar Years—
*_
notified the Sotck Exchange of a proposed change
stock from 310,000 shares, $25 par, prior preferred
stock; 180,000 shares, $25 par, $6 preferred stock, and 2,500,000 shares
$1 par common stock, to 250,000 shares $4.50 preferred stock of $25 par,
with warrants, and 3,000,000 common shares of $1 par.
Stockholders
Will vote June 12 on approving the proposal.
This represents the third stage of a refunding and capital simplification
plan initiated by the directors and officers a year ago.
On July 30,1935,
Netsales, royalties,
Cost and expenses
Dividends
,
„
.
_
received38,749
(less
Prof, on sale secur.
Federal tax)
than $7,000,000,
a
Total income
—
Interest
Depreciation
Other income charges
Earnings for 12 Months
50,764
Sub. pref. divs.,
&c
Net loss
— -
Operating profit.
15,293,789
'-
•
— _ - —
*
----
--
—
Other income
817,492
$2,991,447
Date Continued—
company and Pan American
of
date
sale
the
properties of the
by Federal Judge William P. James to
June 1.
The hearing on the upset price has been set for May 23.
The
court order provided that in the event the court shall in the meantime modify
the present upset price of $29,656,510, "or shall fix additional upset prices,
announcement thereof shall be made by the special master at the time of
sale."—V. 142, p. 2338.
Petroleum Co. has been continued
Richmond Radiator Co., Inc.—Registrar—
The Guaranty Trust Co. of New York has been appointed registrar for
1,000,000 shares of common stock of the par value of $1 each.—V. 141,
p.1283.
Corp
16,796,512 16,796,512
6,598,897
Other investments 6,609,483
84,450
Marketable securs.
183,725
Accrued accounts.
183,115
Dividend payable.
Res. forconting...
13,854
1,834,075
21,137
373
12,231
Miscell. reserves..
184,743
170,489
1,347,206
1,690,624
a
1,963,500
Demand bank loan 4,000,000
building,
Land,
machry., equip.,
ih
Consigned
mdse._
Mfg. Co., Inc. (&
After provision
Subs.)—Earnings—
1933
1934
1935
1936
Quar. End. Mar. 31—
Net profit after taxes and
other charges
x
loss$57,937
loss$78,994 loss$105,076
for depreciation of $25,675,
Federal taxes of $16,850
x$101,124
and other charges.
Shipments for the quarter were approximately 120% in excess of ship¬
ments for the same quarter last year.
"
Accumulated preferred dividends, which on Dec. 31 amounted to $143,-
declared and paid out of surplus, as well as the
amounting to $43,750, a total paid thus
$187,500—V. 142, p. 2002.
7§0,
were
first
quarter
,
Rose's 5, 10 & 25
Month
Cent Stores,
February
1935
$213,387
241,914
315,913
350,704
had 91 units in operation in April as
2683.
The company
—Y. 142, p.
1934
$186,008
199,429
206,861
237,261
295,556
308,669
March.
April
dividend for the
far this year of
Inc.—Sales—
19361
$257,051
295,556
of—
January
against 78 a year ago.
Royalite Oil Co., Ltd.—Extra Dividend—
dividend of 25 cents per share in
regular dividend of 50 cents per share on the common
value both payable June 1 to holders of record May 15.
Similar payments were made on Dec. 2, 1935.
A dividend of 75 cents per
share was paid on June 7, 1935—V. 141, p. 3084.
The directors have declared an extra
addition
stock,
Notes pay.,
21,675
Inventories
210,242
the
to
no
par
(Helena) Rubenstein, Inc.—Accumulated
Dividend—
share on account
of accumulations on the $3 cum. pref. stock, no par value, payable June 1
to holders of record May 19.
Like amounts have been paid each quarter
since and including Sept. 1, 1932 prior to which regular quarterly distribu¬
The directors have declared a dividend of 25 cents per
tions of 75 cents per share were made;
Accruals after the payment of the current
dividend dividend will amount
$8 per share.—Y. 142, p. 1302.
Russek's Fifth Ave.,
Inc.—25-Cent Dividend—
The directors have declared a dividend of 25 cents per
share on the com¬
stock, par $5, payable June 1 to holders of record May 20.
A like
payment was made on March 2, last, this latter being the first dividend
paid since Sept. 2, 1930, when 40 cents per share was distributed.—V. 142,
173,711
materials
40,469
erations
Notes rec., not due
11,980
670,490
within one year.
Defer, debit items.
681,721
73,650,901 75,327,5181
Total
Davis & Co.
1935
Offered—Paul H.
shares
May 12 offered an issue of 60,000
on
($1 par) capital stock at $16.50 per share.
The company is one of the
oil pumps and water pumps
water and oil pumps
leading manufacturers of radiator cooling fans,
for automobiles, trucks and engines, as well as
for industrial and stationary power
plants, automotive
cranks, governors for motors, super-chargers for gasoline and
motors, and blowers for various industrial uses, also fans, blowers
and other parts for refrigerating and air conditioning manufacturers.
starting
Diesel
The company numbers among its customers in the automotive field.
Ford, General Motors. Studebaker, Nash, Lincoln, and a number of other
leading automobile manufacturers.
Prominent among the company's
customers in the industrial field are Caterpillar Tractor, Delco Appliance
Division of General Motors, Frigidaire, Kohler, J. I. Case Co., Chicago
Pneumatic Tool, Ingersoll-Rand, Waukesha Motors, and Allis-Chalmers.
Authorized
Capitalization—
$150,000
Capital stock ($1 per)
Outstanding
$138,000
Purpose of Issue—55,000 of the 60,000 shares of capital stock offered
are from shares issued and outstanding and owned by certain stockholders
and do not constitute new financing by the company or the issuance of
stock held in its treasury.
The remaining 5,000 shares of the shares being
offered consist of an original issue of shares by the company, the proceeds
of which, after deduction of underwriting discounts or commissions but
before deduction of other expenses, amount to $67,500.
Of this amount $1
a share, or a total of $5,000, will be credited to capital, and $12.50 a share,
or a total of $62,500 will be credited to paid in surplus.
The proceeds will
be added to the working funds of the company to be used for proper cor¬
porate purposes.
■■
r
Income Account Year Ended Jan. 31
1934
1935
1936
$2,349,671
1,722,898
211,336
17,833
.
Other income.
Total deductions
Prov. for Fed. income taxes
Net profit...
$183,280
1,493
$85,635
1,682
$405,660
3,468
63,817
$184,773
5,744
24,756
$87,317
2,921
11,860
$338,375
Selling & administrative expenses
Provision for depreciation
$835,495
631,477
110,472
8,056
&c
$1,367,672
991,346
180,304
12,742
$397,604
Gross sales, less returns,
Cost of goods sold
$154,272
$72,536
,
7,911
ry.
Cash
1936—3 Mos. —1935
$740,067
$742,315
774,470
813,696
58,704
38,65
1936—Month—1935
$252,487
293,981
12,962
revenues.
$249,611
260,406
19,961
"
_.
2,229
Cr2~,682
CY4,619
Crl3~,008
deficit..
$56,685
$28,074
4,411
5 413
$105,420
1»,802
$80,099
13,830
$52,274
Equip & jt. facil rents.
Liabilities—•
Assets—
RR.—Earnings—
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals
$22,661
$86,618
370
359
34,378
34,621
1,854
103,161
$66,269
1,805
103,853
$87,022
Total deficit
$57,641
$191,633
$171,927
Miscellaneous deductionsi
Fixed charges.
Net deficit
-
Accts. & notes receivable.
Inventories
Fixed assets (net)
Other assets
—First
Week
1936
Period—
$350,300
Gross earnings
Earnings—
Jan.
of May
$295,110
to May 7
1935
$6,333,835
$5,502,124
Schiff Co.—Sales—
1935
$590,039
592,019
/ $486,507
515,158
1933
$357,030
441,916
811,356
750,907
1,143,763
664,335
1,190,426
1,147,818
844,512
833,852
1936
$656,620
611,867
January
February
March
April
244 stores in operation
142, p. 2684.
The company had
on
1934
.
April 30 as against 239
Segal Lock & Hardware Co., Inc.—-Unfilled Orders—
unfilled orders totaled $401,608 as of April 1,
backlog of $105,057 on April 1, 1935.—V. 142,
The company reports that
142,
p.
-
37,465
64,099
1,835
46,000
732,469
$955,028
Total...
Inc.—New Director—
meeting of stockholders held on May 11, directors whose
reelected and Kenneth J. Hanau was elected a director.
were
2685.
Shamrock Oil & Gas Corp .—Registers
with SEC—
this department.
Co.
of
Canada,
Ltd.—Accumulated
Dividend—
The directors
have declared
a
dividend of $1.75 per share on account
on the 7% cumulative preferred stock, par $100, payable
July 2 to holders of record June 15. A similar payment was made on April 1
and Jan. 2 last and on Oct. 1, July 2, April 1 and Jan. 2, 1935, this latter
being the first dividend paid on the preferred stock since the regular quarterly
dividend of $1.75 per share was paid on Dec. 31, 1932.
The current dividend is applicable to the quarter ended June 30, 1935.
—V. 142, p. 1135.
of accumulations
Month of
p.12685.
expired
Sherwin-Williams
1
1936
1935
142, p. 3186.
1936, comparing with
Selected Industries,
At the annual
terms
$73,158
.
3012.
See list given on first page of
St. Louis Southwestern Ry.
ago.—V.
$955,028
-V. 142, p.
—V.
—V. 142, p. 3012.
Accounts payable
77,063 Accrued liabilities
205,291 Reserve for Federal taxes
239,258 Deferred income
241,995 Capital stock
surplus
77,355 Earned
$114,066
Marketable securities
Total
Net ry. oper.
Other income
year
73,650,901 75,327,518
Total
reserve for depreciation and
depletion of $11,937,235 in
$11,333,300 in 1934 —V. 142, p. 6314.
After
a
and
Consolidated Balance Sheet Jan. 31 1936
Rutland
Uncollect,
18,051,036
lumbering op¬
2683.
Period End. Mar. 31—
a
stock
Capital surplus...17,147,037
.
mon
—V.
Common
264,789
166,796
policy
on
87,831
1,045,037
1,048,061
4,428,300
4,428,300
41,207,140 41,207,140
value
surr.
insur.
Pref. stock
32,664
110,629
25,177
credits._
Pref. stk. of subs..
178
Due from affil. cos.
10,000
Due to affil. cos...
2,889,876
71,220
Int. & divs. rec
Adv.
Deferred
33,372
1,503,813
Claims receivable-
not due
within one year.
41,394
19,441
1,134006
2,999,715
Special deposit
Cash
962,033
559,059
payable
payable.
Accounts
United
Cash.
&
Notes
43,458,118 44,443,883
&c
Invest,
...
Schwitzer-Cummins Co. (Ind.)—Stock
Ritter Dental
$
$
Liabilities—
Funded debt..
Notes receivable..
stock (par $1)
$1.24
of $126,341.—V. 142, p. 2842.
1934
1935
<
2,108,500
4,000,000
1,035,125
1,045,822
236,571
13,962
1,839,218
400,690
1,006,274
x93,011
Richfield Oil Co. of Calif.—Sale
The
$
Sinking fund, &c__
Net profit
Earnings per share on 1,380,284 shares common
Including non-recurring expenses
1934
$
Accts. receivable..
x
$1,480,327 $1,524,500
investments amounting to $368,273 were charged to
Consolidated Balance Sheet Dec. 31
Assets—»
ZZ?'&§?
discount
—
wholly-owned foreign subsidiaries..
foreign income taxes
of non-consolidated
$1,443,698
80,802
Losses on sales of
x
$5,264,385
Provision for United States and
61,682
$1,480,327
earned surplus account.
--
Interest and amortization of
Loss
$4,446,893
68,091
$569,775
$395,482
Deficit
—
Total income.--.-
Depreciation...
p.
x
636,205
709,150
278,355
308,671
Preferred dividends
debentures
Subs.)
S38.449,154
18,708,472
Ended Feb. 29, 1936 (Incl.
_.
Expenses
$569,775
318,869
—
Income taxes
Extraordinary charges..
1935
Net sales
Cost of sales.
218,033
60,240
199,346
233,666
36,704
403,247
60,415
$395,482
Taxes
by exchanges for 5Hs.
not absorbed
to
See
Other income credits
_
year ago.
As of March 31 cash holdings were more
of whicn $2,000,000 was net amount received from sales of 4 \i%
than
i
1934
1935
&C-. $9,143,818
stockholders
the
:
1936
16,
May
Chronicle
a
Sisters of Mercy, Council Bluffs, Iowa—Bonds Offered
—Jackley & Co., Des Moines, Iowa, on April 23 offered
$148,000 first mortgage 4^% bonds.
The
bonds, dated May 1, 1936 and due serially May 1, 1937 to 1950
are secured on the Mercy Hospital, Council Bluffs, la., and St.
Bluffs, la.
inclusive
Bernard's Hospital, Council
Volume
Financial
142
Southern Natural Gas Co.—Balance Sheet March 31 '36
Assets—
Chronicle
Liabilities—
.x$5,000,000
Capital stock....
.
20,199,405
279,582 Bonded debt
140,629
1,098,898 Accounts payable
302,991
506,334 Accrued int. on funded debt.
175,727
113,710 Accrued taxes
3,149
Accrued insurance
111,641
376,018 Miscell. accrued liabilities...
1935 Annual Report—Net Profits
Transmission system props..$27,905,485
Organlza. & other intangible.
Cash in banks and
Accounts
on
.
hand..
receivable..
Materials and supplies
Investments in affll. cos.:
Alabama Nat.
Gas Corp..
.
Georgia Nat. Gas Corp...
Compressing
Sta¬
Reserve for deprecia'n, &c..
tion, Inc..
6,660
and
Capital surplus
Equip. & main ext. installa'ns
Prepaid insurance and taxes.
Miscellaneous def'd charges..
Total
2,293,136
412,522
.
surplus—
—-.
6,342
30,720
1,329,573
10,878
20,190
Bond discount and expense..
$32,115,028
Represented by 554,535
x
Earned
bond
scrip, at cost
Special deposits
34,226
9,558
Miscellaneous reserves
3,684
Reacquired stock
3,431,939
.
Reserve for amortiza'n, &c_.
350
Due from affiliated cos
100
Consumers' meter deposits..
426,600
Richland
no par
S32,115,028
Total
shares class A stock and 274,939 shares
class B stock, no par value.—V. 142, p. 3013.
Southern
California
Edison
Co., Ltd.—Removed from,
Listing and Registration—
The New York Curb
Exchange has removed from listing and registration
1955.—V. 142, p. 3013.
the 1st & ref. mtge. 4H% gold bonds, due Nov. 1,
Southern
Cash was increased to $160,825,348 from $133,166,645, while marketable
securities, with an aggregate quoted market value of $89,500,000, were
carried at $88,334,607.
A year previously marketable securities, with a
market value of $97,108,000, amounted to $93,852,530.
Inventories, including crude oil and its products, other merchandise and
materials and supplies, amounted to $266,264,656,
as compared with
$262,144,771 on Dec. 31, 1934.
W. S. Parish, chairman, and W. C.
Teagle, President, in their remarks, said that.crude oil stocks at the end of
the year were down to normal working quantities, amounting to 38,126,814
barrels, as compared to 40,216,870 a year earlier.
Gross operating income of the company for 1935 amounted to $1,076,215,248, against $1,017,972,536 in 1934.
The reserve for depreciation,,
depletion, amortization and retirement was $118,339,333, against $111,633,587. Non-operating income increased from $18,973,269 to $26,288,795.
Consolidated net profits were $62,863,192 after charges, taxes and
reserves, equal to $2.43 a share on the 25,856,081 capital shares ($25 par)
outstanding. In 1934 the company had net profits of $45,618,960, or $1.75
a share, on the
outstanding capital stock.—V. 142, p. 3190, 1659.
Standard
1936
....
$2,361,269
of Ma^
Jan. 1 tp May 7
1935
1936
1935
$1,939,357 $42,067,542 $36,374,988
Period End. Mar. 31
oper.
lease
Earnings—
1936—3 Mos.—1935
$6,121,027 $19,389,765 $18,073,654
84,625
93,020
29,060
11,633,944
12,439,513
3,936,758
$6,577,122
31,505
4,216,528
of oper.
3,869
717,000
7,147
704,000
11,606
2,172,000
21,049
2,094.000
income.... $1,608,220
$1,444,062
$4,673,626
$4,240,036
property
Operating taxes
Net oper.
—V. 142, p.
3189.
Spang, Chalfant & Co., Inc. (& Subs.y^^-Earnings—
Period End. Mar. 31—
gen. expenses..
$1,110,645
243,623
$793,935
218,127
1936—12 Mos.—1935
$4,127,588
$3,657,762
944,028
852,071
Net income from oper.
$867,022
$575,807
84,831
$3,183,559
331,721
Starrett
$3,515,280
1,251,084
$3,080,404
1,206,991
Other income
_
1936—3 Mos.—1935
33.029
_
Total income
$900,051
281,984
Depreciation
;
Int. on 5% first mort¬
gage gold bonds
x Int., discounts, taxes &
$660,639
321,788
78,675
87,481
329,203
576.566
188,612
337,941
186,871
$313,522
$131,903
$1,169,812
$990,107
in
profit—based
Includes $45,277 flood loss in 1936.
a dividend of $1,623^ per share on account
accumulations on the 6H% cumulative preferred stock, par $100,
payable June 1 to holders of record May 16.
A dividend of $3.25 per
share was paid on March 2, last, this latter being the first dividend paid
since Sept. 1, 1934 when a regular quarterly payment of $1.62H Per share
"
Assets—
1936
Liabilities—
¥
1,393,852
Listed
sec. at cost.
2,459,127
Notes &accts.rec.
2,603,879
& employees
Inv. & other assets
Acer,
36,990
8,463,224
1,555,499
49,000
1,
Superheater
share.
Co.—Earnings—
[Including its Canadian affiliate]
1935
1936
3 Months Ended March 31—
159,049
Profits from operations
Other income
$144,987
102,405
$379,162
26,062
60,391
— -
equip_.18,163,465 18,462,417
56,846
32,433
16,797
30,460
Patents & licenses.
-
Depreciation
Federal, Dominion & foreign income taxes
Consolidated earnings, 3 months to March 31,''35.
Earnings applicalble to minority interests
.
Res.
467,964
349,534
78,675
bond
$247,393
22,138
36,423
$292,709
29,065
$188,832
8,398
$263,644
881,305
$0.30
$180,433
874,529
$0.20
$220,113
the com¬
received on April 22, 1936, has consented to the withdrawal of the
registration statement.—V. 139, p. 457.
pany
inc.
177,791
243,211
mtge.
of Registration—
The Securities and Exchange Commission upon the request of
194,910
taxes
Susquehanna Silk Mills—Voting Trust Agent—
The City Bank Farmers Trust Co. has been appointed agent of the
voting trustees for the class A and class B capital stock.—V. 142, p. 1835.
Sussex Fire Insurance Co.—Withdrawal
payable, April
1936 on pref.
for Fed.
stock outstanding
87,350
int.,
Reserves
1st
¥
common
Earnings per share.
—V. 142, p. 2687.
757,706
stock
Deferred charges..
1935
1,010,784
payable
Div.
7,094,712
2,225,633
Land, buildings,
mach. &
$
2,654,455 Accounts payable2,459,127 Acer. taxes,wages,
&c
1,695,647
Notes rec.—officers
Inventories
Accumulations after the current payment will amount to $6.50 per
Shares
1935
¥
Cash
made.
was
—V. 142, p. 971.
Net earnings after providing for minority interests
Balance Sheet March 31
1936
x
Stromberg Carlson Telephone Mfg. Co.—Accum. Div.
The directors have declared
358.492
91,076
28,389
of old
stock.—V. 142, p. 1834.
of
Total.
part upon book invent.
x
Corp.—Exchange Agent—
274,713
164,479
61,390
miscellaneous
Prov. for Fed. inc. taxes
Net
Corp.—Registers with SEC—
(Frederick) Stearns & Co. (Mich.)—Stock Offered—•
Watling, Lerchen & Hayes, Detroit, on May 5 offered 13,250
shares of participating preferred stock (par $100), 5% cumu¬
lative, at $100 per share,
v
$2,805,691
Gross inc. from oper
Selling &
(Del.)—Admitted to
securities for 5% secured income bonds and common
1936—Month—1935
rev.
expenses
for
Corp.
The Manufacturers Trust Co. is exchange agent to effect exchange
Operating revenues
Rent
Light
See list given on first page of this department.
"
Southwestern Bell Telephone Co.
Operating
&
The New York Curb Exchange has admitted to unlisted trading privileges
the new common stock, $1 par, in lieu of old common stock, no par, issuable
share for share in exchange for old common stock.—V. 142, pi 3014.
'
—V. 142, p. 3188.
Uncollectible
Power
Unlisted Trading—
Standard Tractor
Eirsf Week
$62,863,192—
The pamphlet report just released for publication shows current assets
Dec. 31, 1935 of $641,470,025 and current liabilities of $216,132,547, com¬
pared to $608,939,709 and $201,774,363, respectively, at the close of 1934.
Ry.—Earnings—
Period—
Gross earnings
3363
The consolidated balance sheet of the company and its subsidiaries as of
Dec. 31, 1935, shows total assets of $1,894,914,483.
147,252
194,258
20-yr.
Thompson Products, Inc.— To Resume Common Divs.—
The directors have declared a dividend of 30 cents per
share on the com¬
5% sinking fund
mon
gold bonds—due
payment will be the first made on the common stock since Jan. 2, 1932
when a regular quarterly dividend of 30 cents per share was distributed.
—V. 142, p. 2519.
1948
6%
-
6,294,000
6,988,000
pref.
cum
stock (par ¥100)12,994,000 12,994,000
Common stock.
3,750,000
3,750,000
Earned surplus
9,538,346
9,435,784
y
Total
x
.34,749,683 34,703,885
After
1935.
y
Trans-State Oil Co.—Withdraws
_
Total
34,749,683 34,703,885
The Securities and Exchange
142,
p.
Registration—
Commission has permitted the company
the Securities
Truax-Traer Coal
Co.—Listing—
The New York Stock Exchange has authorized the listing of
2004.
This
to withdraw its registration statement filed April 28 under
Act covering $500,000 5% debentures bonds.
reserve for depreciation of $7,593,279 in 1936 and $6,686,903 in
Represented by 750,000 no par shares declared value $5 per
share.—V.
stock, no par value, payable July 1 to holders of record June 25.
15,453 shares
offer¬
of common stock (no par) upon official notice of issue pursuant to an
Spiegel, May, Stern & Co., Inc.—Sales—
Month of—
1936
$1,457,489
1,945,122
4,044.554
3,795,637
January.
February
March
April
—V.
_
142, p.
1935
$1,260,469
1,617,261
3,108,329
3,299,647
1934
$927,917
1,421,846
2,732,512
2,322,133
1933
$320,710
663,633
948,452
861,980
2517.
Standard Gas & Electric
Co.—Weekly Output—
Electric output for the week ended May 9, 1936 totaled 93,349,021 kilo¬
hours, an increase of 16.6% compared with the corresponding week
watt
last year.—V. 142, p. 3189.
Standard Oil Export Corp —Entire
Preferred Issue to Be
(N. J.) above.—
Redeemed June 30—See Standard Oil Co.
V.
140, p. 4250.
Standard Oil Co. of Calif.—New
P. H. Patchin
of stockholders
R.
p.
was
May 7.
K. Davies and J.
3190.
At the organization meeting of directors,
A. Moffett were elected Vice-Presidents.—V. 142
Standard Oil Co. (New
to Issue
Director, cfee.—
added to the board of directors at the annual
meeting
held
Jersey)-
-Files with SEC—Seeks
$85,000,000 3% Debentures—
The company on May 7 filed with the Securities and
Exchange Com¬
mission a registration statement (No. 2 -2152. Form A-2) under the Securi¬
ties Act of 1933 covering $85,000,000 of 25-year 3% debentures, due June
1,
1961.
According to the registration statement the net proceeds from the
sale of the debentures will be made available to Standard Oil Export
Corp
and used, together with other funds to be supplied by Standard Oil Co *
to retire
$76,493,500 of 5% preferred stock of Standard Oil Export Corp. on
June 30, 1936, at 110%.
The amount required for the redemption, it is
stated, is $84,142,850.
Payment of the semi-annual dividends due on the
preferred stock on June 30, 1936, will be furnished by subsidiaries of
Standard Oil Co. under a guarantee agreement.
The debentures are redeemable at the option of the company at
any time
a whole after 30 days'
notice or in part after 60 days' notice at the
as
following prices plus accrued interest:
If redeemed on or before June 1
1941, 103%; thereafter and incl. June 1, 1946. 102%; thereafter and incl.
June 1, 1951, 101%; thereafter and incl. June 1, 1956, 100^%; and there¬
after, 100%.
The price to the public, the names of the underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
ing of exchange for preferred and common stock of Truax-Traer Lignite
Coal Co. and 70,000 shares of common stock (no par), upon official notice
of issue upon conversion of the preferred stock, 6% convertible series.
The directors on Jan. 7, 1936, authorized the making of an offer to 21
named persons, each of whom was the record holder of preferred stock or
common stock, or both, of Truax-Traer Lignite Coal Co., to exchange six
shares of common stock of the company for each share of preferred stock
of Truax-Traer Lignite Coal Co., and l-10th of a share of common stock
of the company for each share of common stock of Truax-Traer Lignite
Coal Co. held by such persons (with settlement for fractional shares in
cash).
All of such persons are connected or affiliated in some capacity
directly or indirectly with the company.
Such offers have been accepted
by all but one of such persons, as to all preferred and common stock of
Truax-Traer Lignite Coal Co. held by them of record, and the company is
now obligated to issue 15,453 shares of its common stock.
Such 15,453
shares of common stock will be capitalized at the rate of $5 per share.
Each
of such persons has stated to the company in writing that he is acquiring
the stock of the company for investment purposes, and not for resale.
Upon the issue of such shares the company will acquire 1,909 shares of
preferred stock and 39,990 shares of common stock of Truax-Traer Lignite
Coal Co. and will acquire 30 shares of such common stock for cash.
On April 6, 1936, the certificate of incorporation of the company was
amended to increase the authorized common stock from 500,000 shares to
1,000,000 shares and to provide for an authorized amount of 30,000 shares
of preferred stock, issuable in series, of which the initial series, limited to
5,000 shares, is preferred stock, 6% convertible series, convertible into
common stock at the rate of 14 shares of common stock for each share of
preferred stock converted on or before March 15, 1938, at the rate of 12
shares of common stock for each share of such preferred stock converted
after March 15, 1938, and on or before March 15, 1940, and 10 shares of
common stock for each share of such preferred stock converted after March
15
1940.
'the company proposes to issue and sell 5,000 shares of preferred stock,
6% convertible series, to underwriters at $100 per share and divs., and the
underwriters propose to extend to the common stockholders of the company
a preferential opportunity to purchase such
preferred stock at that price
for a period of ten days commencing within three days after the registration
of such preferred stock under the Federal Securities Act of 1933, as amended,
has become effective.
The company proposes to pay to the underwriters for
their services in connection with the sale of such preferred stock, $2.50 per
share on the entire 5,000 shares and an additional $2.50 per share for each
share not purchased from them by the common stockholders pursuant to
such offering.
Company has filed on April 24, 1936 a registration statement under the
Federal Securities Act of 1933, as amended, covering the 5,000 shares of
such preferred stock and the 70,000 shares of common stock into which it
will be presently convertible.
Financial
3364
The company in an amendment filed with the Securities and Exchange
Commission, states that its 5,000 shares of 6% convertible preferred stock
will be offered at 100.
Underwriters are:
Piper, Jaffray & Hopwood,
West Co., 500 shares,
1,750 shares; J. M. Dain & Co., 1,000 shares; Trhail
1,750 shares.—V. 142, p. 3191.
1935
1936
s.
director and member of the finance
patents,
goodwill, &c—
he will relinquish his activities as President
Corp.—V. 142, p. 2689.
committee effective June 1 when
4
Union Compress & Warehouse Co.—Registers with SEC
first page of this department.—V. 127, p. 1691.
See list given on
United Aircraft Corp. (&
Subs.)—Earnings—
1936
$5,198,604
4,802,107
139,977
3 Months Ended March 31—
Sales and operating revenues
Cost of sales and operating expenses
Depreciation
1935
$2,417,326
2,425,270
130,436
23,972
38,335
$256,520 loss$138,380
-
Other income
Crl80,906
10,453
x74,217
-
Other deductions
Federal income tax
—
Minority proportion of profits
C?245,226
5,015
22,728
1,803
3,585
$350,952
y2,109,561
$0.16
$75,516
2,087,532
of sub. company._
profit for period
Shares capital stock outstanding...
Earnings per share
Net
$0.03
Which will be outstanding when all exchanges
Aircraft & Transport Corp,, have been effected.
This amount includes 21,779 shares of stock issued to March 31 against
subscription warrants for 417,555 shares, which expired on April 13.
—V. 142, p. 2175.
Includes other taxes,
x
y
Total...
y
Represented by 45,432
no par
1,389,104
and 250,000 shares
shares.—V. 142, p. 2848.
May 9, '36. May 2, '36. May 11,'35.
79,513,106
78,399,951
70,715,787
of system (kwh.)
(Company only) for 3 and 12 months ended
Income
59,897
Co.—Weekly Output—-
United Gas Improvement
Week Ended—•
Electric output
l.ooo'ooo
$4,495,491 $4,500,120
Represented by 254,568 shares no par value in 1936
March 31:
1936—3 Mos.—1935
1936—12 Mos.—1935
$5,568,115 $22,288,092 $23,132,983
Period End. Mar. 31—
Operating profit
60,257
yl81,728
1,018,272
Common stock..
Surplus
$4,495,491 $4,500,120
in 1935.
1,657,000
17,678
in
subsidiary cos..
supplies, &c
x
int.
Cum .conv.pref.stk
x
expenses,
Total
12,678
2,484,654
Minority
2,130,476
2,171,819
Prepaid
incl.
debs
Treas.
Deferred income..
and
plant
Prop.,
conv.
f. g. debs, out¬
standing,
44,391
29,675
19,494
5,153
receivable, &c_.
6%
10-yr.
accts.
Miscell. investm'ts
9~3~,572
193,750
Long-term debt-—
18,802
358,727
27,149
—life insurance.
Treas .debs .at cost
94,708
Fed.,State&for'gn
Licenses,
New Director—
Leon C. Stowell had been elected a
of the Dictaphone
Accrued expenses.
taxes—estimated
equipment (cost)
1933.
681,747
929,370
563,210
975,435
(net).
$188,159
166,526
Notes payable—.
Cash surrender val.
Misc. notes,
$177,907
100,000
99,720
Accounts payable-
Accts., notes & ac¬
1935
1936
Liabiliies—
<
$282,952
$694,893
Inventories
Underwood Elliott Fisher Co .—Larger Dividend—
The directors have declared a dividend of 75 cents per share on the
common stock, no par value, payable June 30 to holders of record June 12.
This compares with 62Y> cents paid onMarch31, last and Dec. 31, 1935;
50 cents paid in each of the five preceding quarters:
37 K cents on June 30.
1934; 25 cents on March 31, 1934. and on Dec. 30, 1933, and 12H cents
per snare distributed each quarter from Sept. 30, 1932 to and incl. Sept. 30,
Sheet Mar. 31
Condensed Consolidated Balance
Assets—
Cash
cept. rec,
and Goldman Sachs,
May 16, 1936
Chronicle
Dividends—Sub. cos... $5,583,626
Other companies
1,436,684
1,604,763
6,166,282
7,257,376
$7,172,878 $28,454,374 $30,390,359
$7,020,310
Total dividends
Int., services to subs.,
compensation for oper.
of Phila. Gas Wks. &
miscell., less loss from
oper. of Northern Lib¬
385,733
353,737
erties Gas Co. prop...
1,428,237
1,530,730
for common stock of United
United Carbon Co. (&
Subs.)—Earnings—
309,610
89,585
Net
_
342
$477,633
$309,863
$128,971
397,885
$1.42
stock
394,327
$1.21
370,127
$0.67
370,127
$0.26
1936
674,666
Notes payable
400,000
800,000
Accts.
857,121
248,615
243,157
accepts.
408,467
857,458
receivable.
Accts.
Inventories
358,734
656,568
receivable
611,904
117,426
211,474
238,731
87,147
191,309
1 ,301,763
1,342,748
20,623,361
1
1
Cap. stk. of Carb
Black Exp't, Inc
274,180
Deferred
135,152
274,180
318,494
Tr-mks., cont., &c
payable
Acer, taxes,
Federal taxes
Divs.
payable
Res. for
236,596
9,518,922
depletion
10,635,092
possible
335,604
Res. for Fed. taxes
180,000
Deferred income.
266,126
27,013,331 25,000,684
1,687,444
Total. ..ir,
1936—3 Mos.—1935
(394,327
to
public
1936- -12 Mos.—1935
$8,215,909 $29,194,483 $25,963,695
3,777,178
14,828,463
13,632,271
$4,438,731 $14,366,020 $12,331,424
19,658
* 91,005
95,336
$6,360,350
$4,458,389 $14,457,025 $12,426,760
and
1,289,808
034,276
Int. charged to construe.
374,587
C'r5,538
345,662
Cr20,214
1,305,675
024,984
retire. & deple'n
appropriations
1,385,232
1,048,095
3,619,741
3,495,348
$4,606,069
9,345
$3,084,846
9,375
$9,556,593
37,380
$7,675,880
37,499
$4,596,724
$3,075,471
$9,519,213
$7,638,381
other deductions
Prop,
reserve
Pref. divs. to public..
26,196
10,829
31,475
43,744
on
$43,361,134 $44,075,656
$8,022,430
$8,151,263
1,136,086
1,152,845
184,630
11,921,482
534,893
734,710
12,118,626
501,757
745,662
pref. stocks and
prior deduc'ns.
$30,170,049 $30,709,611
4,591,512
4,644,157
$6,886,344
583,794
interest--
$6,998,418 $25,578,537 $26,065,454
590,312
2,240,413
2,161,726
Bal. of earns, of utility
subs. applicable to
$6,302,550
$6,408,106
$23,416,811
$23,825,041
Dr 18,234
63,272
67,548
468,513
$6,284,316
U. G. I. Co
$6,471,378
Earns, of non-util. subs,
appl. to U.G.I. CoTotal income
I
$23,484,359 $24,293,554
Losses of Nashv. Gas &
Co.
Heat.
to U. G. I.
applicable
Dr33,480
Co-.
Earns, of subs, applic
to U. G. I. Co
Def. int. & divs.
Otherinc. of U. G. I. Co.
—
...
...
...
Provision for taxes
on
Drl20,654
$6,437,898 $23,441,856 $24,172,900
on cum.
pref. stocks of subs.,
applic. to U. G. I. Co.
Total
$6,284,316
Dr42,503
notes pay.,
&c..
33,531
1,790,421
$8,108,268
430,641
224,054
a28,500
44,305
1,990,495
144,692
7,594,519
174,892
8,788,106
5,472,698 $31,181,067 $33,135,898
452,805
1,842,520
1,723,922
116,634
573,938
524,244
37
a28,500
1,946
Bal. applic.
of subsidiaries
$4,570,528
$3,064,642
$9,487,738
to capital
stocks of U.G.I .Co. $7,425,073
$7,594,637
Divs.
U. G. C. in
subs,
(as
on
$5 div. pf. stk.
956,520
$7,903,222 $28,736,109 $30,885,786
956,520
3,826,080
3,826,080
$6,468,553
$6,946,702 $24,910,029 $27,059,706
Bal.
$9,487,738
25,486
$3,064,642
20,543
96,283
$7,594,637
79,755
$4,596,014
80,341
Expenses, incl. taxes—
Interest to public
760,987
$3,085,185
58,156
707,625
$9,584,021
273,842
2,923,175
$7,674,392
230,813
2,869,813
$4,570,528
Other income-
'
earned surplus
applic. to common
stock of U.G.I.Co.
Earns, per
sh. com. stk.
outst'g end of period..
$0.27
$0.29
$1.07
$1.16
Represents advance, without interest, to the Connecticut Gas & Coke
Securities Co. to create sufficient surplus on the books of the Coke com¬
a
enable it to pay dividends on its cumulative preferred stock, said
under agreement dated March 9, 1936, between the
the U G I Co., the latter company being the owner
outstanding shares of common stock of the Coke com¬
pany.
The agreement provides in substance that the Coke company shall
repay the above amount, and subsequent advances made for the same pur¬
pose, but only out of net earnings applicable to the payment of dividends,
after all dividends on preferred stock in arrears, if any, have been paid, and
before payment of any dividends on common stock.
The U
G I
Co. is obligated to indemnify the Koppers Co. of Del.
on account of that company's guarantee of the payment of dividends at the
rate of $3 per share per annum on 198,997 shares of preferred stock of the
Connecticut Gas & Coke Securities Co. for 25 years from Oct. 1, 1926.—
V. 142, p. 3192.
pany to
advance being made
Bal. carried to consol.
$3,754,686
$2,319,404
$6,387,004
$4,573,766
Notation—All intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of subsidi¬
above statement.
full requirements for the respective periods (whether paid
or not paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income
available for minority holdings by the public of common stock of subsidi¬
aries.
Minority interests have not been charged with deficits where in¬
come accounts of subsidiaries have so resulted.
The "net equity of United
aries represent
preferred divi¬
earnod on securities held, plus the proportion of earnings
to common stocks held by United Gas Corp., less losses
where income accounts of individual subsidiaries have resulted in deficits
for the respective periods.—V. 142, p. 3191.
Gas Corp. in income of subsidiaries" includes interest and
dends paid or
which accrued
United-Carr Fastener Corp. (&
Subs.)—Earnings—
Period Ended March 31—
3 Months
Net sales & commission income
Cost of goods sold & operating expenses...
Other deductions, less other income
$1,330,078
1,004,899
20,495
Debenture interest
61,573
Depreciation
interests—
Net profit..
Earnings per share of common stock (outstanding
March 31, 1936) after preferred dividends
12 Months
$5,446,953
4,161,308
102,501
30,025
248,110
4,603
156,744
19,227
$196,518
$729,035
$0.73
$2.77
41,988
taxes—estimated
Profit applicable to minority
3,011,275
128,719
Earns, avail, for com.
United Gas Corp.—
Income
2,971,388
121,487
180,536
v
income
Net
Divs.
Int.
of United
Gas Corp. in income
Not equity
Net equity of
income
of
$11,475,887
and
funded
deductions
Expenses
Portion applic. to minor¬
ity interests
...$11,295,841
Gross income
unfundeddebt
stks. of utility subs.
$6,347,651
12,699
Gross corp. income—
$10,955,224 $11,175,331 $41,594,984 $42,525,781
340,617
300,556
1,766,150
1,549,875
Operating income
Non-oper. income
on
$97,991,503
55,465,722
27,013,331 25,000,684
Subsidiaries—
Interest
1936—12 Mos—1935
Oper. revs, of util. subs_$26,666,133 $25,626,812$101,034,514
Operating expenses
15,710,909
14,451,481
59,439,530
Subs.)—Earnings—
Operating revenues
$10,515,462
Oper. exps., incl. taxes__
4,167,811
Other income (net)
'
Cos.) for Period Ended March 31
1936—3 Mos—1935
Period End. Mar. SI—
Minority
Net revs, from oper..
$1,111
^
which
v
Other
11,768", 464
Represented by 397,885 no par shares common stock in 1936
shares in 1935).—V. 142, p. 1659.
Period End. Feb. 29—
company,
Amort, of dt. dis. & exp.
2,359,896
x
United Gas Corp. (&
to
Income Statement {Incl. Sub.
other
Total....
$1,015
sub¬
for the three months of 1936,
each share of U G I. common
stock, compared to approximately four cents for the corresponding three
applicable
181,645
stock. 11,952,538
...
$359,818 def$894,611
67,830
interest.
Common
Surplus
$.259
amounted to approximately three cents for
Interest
_
x
$219,677
$.247
stock
com.
200,000
86,000
losses & conting.
Minority
3,826,080
26,739,508
share.
deprec. &
Res've for
charges.
3,826,080
23,251,755
[Excluding Philadelphia Gas Works Co.]
royal¬
ties, &c
796,596
Permanent assets.22 ,522,620
Other assets
for
S
Ltabilities—
—
&
Notes
956,520
5,812,938
Note—Previous years' figures restated for comparative purposes.
The above statement does not include undistributed earnings of
1935
1935
Assets—
Cash
956,520
months of 1935.
Consolidated Balance Sheet March 31
1936
2,250,112
5,812,939
Balance
sidiaries
out¬
standing (no par)
Earnings per share
2,444,958
def$78,607
on
on common
Balance
569,476
$6,989,135 $27,437,653 $29,670,977
$6,690,852
pref. stock
stock.
Divs.
—per
$567,831
profit
com.
$287,625
158,655
$517,342
207,479
$750,715
272,740
$967,026
adminis. expenses
.«
683,195
Divs.
1933
1934
1935
1936
3 Mos. End. Mar. 31—
Shares
taxes,
income-..
Net
Oper. profit after deduct,
mfg., sell., gen. and
Deprec. and depletion.
Minority interest
Exps., prov. for
interest, &c.
$7,558,611 $29,882,611 $31,921,890
$7,374,047
Total income....
Coke company and
of a majority of the
United States Oil & Royalties Co.—Par Value Reduced—
of incorporation have been amended to change the
The company's articles
authorized capital of the company from $1,000,000, divided into 4,000,000
shares of the par value of 25c. per share, to $200,000, divided into 4,000,000
shares of the par value of 5c. per share.
This amendment was adopted at
the stockholders held on April 6, and became effective
April 7, the date of the filing of the certificate of amendment in the
the annual meeting of
on
office of the Secretary of State of the State of Utah.
authorized dapital and the change in the par value of
This reduction in the
the shares to conform
primarily for the purpose of eliminating the large deficit
which the company has accumulated over a period of years, through
write-offs, depletion of oil reserves, depreciation and obsolescence of tools
and equipment, and other deductions of a similar nature.
In addition to
eliminating this deficit, the reduction of capital has also created a "re¬
duction surplus," which can be used as a basis for future distributions to
thereto was made
the stockholders.—V. 140, p.
4084.
Volume
Financial
142
United Light & Power Co.
1935
1936
$80,714,998 $74,355,286
37,873,516
34,700,195
4,628,769
4,281,129
7,771,160
7,192,668
taxes..
9,060,847
8,334,072
(after eliminating intercompany transfers)
General operating expenses
Maintenance
Provision for retirement
General taxes & estimated Federal income
Net
earns,
$19,847,221
1,571,945
from oper. of sub..& controlled cos__$21,380,704
Non-operating income of sub. & controlled
2,627,278
cos
Total income of sub. & controlled cos
$24,007,982 $21,419,166
Int., amortiz. & pref. divs. of sub. & controlled cos.:
Interest on bonds; notes, &c
11,444,560
11,430,543
Amortization of bond discount & pref. stockexp_
646,155
668,664
Dividends on preferred stocks
4,258,310
4,258,656
Balance
$5,061,302
1,470,090
$7,658,956
Proportion of earns., attributable to min.
com.
1,797,903
stk.
Total income
shareholders was sought by its directors.
Stockholders also approved and adopted new by-laws changing the date
of the annual meeting to the second Wednesday in May and reduced the
number of directors from 11 to 8.—V. 142, p. 3017.
United Verde Extension Mining
Copper {Pounds)—
January...
February
$3,591,211
9,749
$5,873,504
253,792
208,679
$3,332,857
2,319.831
243,860
$3,093,039
Holding
company deductions: Int. on funded debt.
Amortization of bond discount and expense
Balance transferred to consolidated surplus
Operating
Operating
Net
1935
$71,331,573 $66,126,072
33,283,093
30,656,026
4,143,606
6,656,639
8,055,288
3,834,090
6,266,575
7,855,659
from oper. of sub. & controlled cos.-$19,192,944
income of sub. & controlled cos
1,931,172
$17,513,719
1,531,992
-
earns,
Non-oper.
Total income of sub. & controlled
$21,124,117 $19,045,712
cos
Int., amortiz. & pref. divs. of sub. & controlled cos.:
Interest on bonds, notes, &c
10,080,969
Amortiz. of bond disct. & pref. stock expense—
603,167
Dividends on preferred stocks
3,027,452
Balance
10,083,360
625,714
3,028,120
$5,611,446
Equity of the United Lt. & Rys. Co. in
sub. and controlled
earns,
$3,843,632
178,638
$3,664,994
1,375,000
42,988
$2,247,005
$1,006,302
of
cos
Income of the United Lt. & Rys. Co.
(excl. of inc.
received from subsidiaries)
Total income
Expenses of the United Lt. & Rys. Co
Balance
Holding
company
Interest
deductions:
-
expense.
Balance transferred to consolidated surplus-..'.Prior pref. stock divs.: 7% prior pref.—first series.
6.36% prior preferred—series of 1925
6% prior preferred—series of 1928
-
Balance-
a
Deficit
Before
275,002
346,212
619,488
Subs.)—Earnings—
1936
1935
$527,722
317,849
$494,807
266,499
44,563
81,558
69,662
5,944
Gas
Ice and cold storage
43,067
CoalminingSteam heating
Water
jobbing
63,955
56,448
5,028
Dr 1,070
Dr 1,410
(net).
Total operating revenues
Power purchased
-$1,045,890
58,591
160,254
320,797
46,995
93,712
100.580
Gas purchased
Operation.
Maintenance
$928,735
54,390
117,659
297,490
40,933
95,101
89,696
$264,957
3,376
Provision for retirement and depletion
Taxes
Operating
Operating
(net)
...
$233,464
6,937
$268,333
$240,401
2,010
net
earnings
applicable
to
Other income (net)
$383,524
Drl21
$321,904
3,845
$4,330,319
34,512
$4,113,435
43,564
Gross corporate inc.Int. & other deductions.
$383,403
237,756
$325,749
242,291
$4,364,831
2,871,750
$4,156,999
2,918,959
Balance
y$145,647
y$83,458
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,493,081
747,299
$1,238,040
746,149
Net revs, from oper__
1,704,761;
1,704,761
Deficit
$958,979
$1,212,870
y Before
property retirement
reserve
appropriations and dividends,
z Dividends
accumulated and unpaid to March 31, 1936, amounted to
$4,830,156, after giving effect to dividends of 58 1-3 cents a share on
$7 preferred stock and 50 cents a share on $6 preferred stock, declared
for payment on April 1, 1936.
Dividends on these stocks are cumulative.
Preferred Dividends—
The directors have declared dividends of 58 1-3 cents per share on the
$7 cumulative preferred stock, no par value, and 50 cents per share on the
no par $6 cumulathe preferred stock, both payable July 1 to holders of
record June 1.
Similar amounts were paid on April 1, Jan. 15 and Oct. 25
last.
On Feb. 1, 1935 the company paid dividends of $1.16 2-3 and $1 per
share, respectively, on these issues, these latter payments being the first
made since Jan. 2, 1933, when regular quarterly dividends were distributed
142,
2690.
p.
Vadsco Sales Corp. (&
Calendar Years—
Subs.)—Earnings—
1935
Cost of goods sold.
1934
1933
1932
$1,971,238
1,042,633
Net sales..
$2,239,441
1,138,126
$2,328,772
1,269,259
$3,037,800
1,740,396
$1,297,404
Operating profit
,606
$1,101,315
$1,059,513
7,435
9,155
23,104
21,510
,041
991,448
$1,110,470
1,103,823
$1,082,617
1,154,238
$1,318,914
1,356,913
20,397
38,629
39,466
50,172
39,169
39,649
4,048
44,965
60,608
55,488
29,870
$79,854
$116,116
$266,832
$118,041
Income from invest, and
miscell. earnings
Sell.,gen. & adm.
exps__
Prov. for bad & doubtful
Int.
&
amortization
discount
Rent
on
on
of
mortgage
_
lease & exps. re¬
lating to idle properties
Miscellaneous charges
__
Loss for year..
Note—No provision has been made in the above statement for 1935 for
loss for the year of Vadsco Realty Corp. in the amount of $81,831.
the
Depreciation provided on capital assets during 1935 amounted to $16,374.
Consolidated Balance Sheet Dec. 31
Assets—
a
1935
1934
Liabilities—
chin'y & equip.
_
$325,724 $1,978,908
342,648
&c._
rec.
4,000,000
307,492
413,125
458,897
4,000,000
Advs. to officers &
Common stock..
rental &
exp.
1,021,573
13,084
14,470
un-
6,793
Liab. for def. asses-
4,199
508,920
11,224
1,021,573
advertising
Reserve for taxes.
ment on
2,306
411,568
employees
Other
7% pref. stock..$2,185,300 $2,254,100
c
Adv.
brands,
tr.-marks,
Cash
1934
1935
b
Land, bldgs.,ma-
Misc. securities.
$266,323
19,108
1936—12 Mos.—1935
1936—Month—1935
$817,478 $10,667,686 $10,133,643
495,574
6,337,367
6,020,208
2,435
United
Public Utilities Corp
$3,950
dividends
and
Light Co. (& Subs.)—Earnings—
revenues
Inventories
of
&
expenses
Notes & accts.
Total net earnings
General interest
Balance
$3,942
appropriations
reserve
$930,133
546,609
Good-will
Net earnings from operations
Other income
Power
accounts
Operating Revenues—Electric
and
retirement
Total income
3 Mos. Ended March 31—
Subsidiaries—
Merchandise
$329
$328
property
Period End. Mar. 31—
—V. 142, P. 2345.
United Public Utilities Corp. (&
$635,593
639,543
919,617
Note—No provision has been made in the above statement for unpaid
cumulative interest on the 6% income demand note, payable if earned,
amounting to $984,000 for the period from Jan. 1, 1934, to Dec. 31,1935.—■
V. 142, p. 2521.
—V.
5M% debentures, due 1952
Amortization of debenture discount and
on
$628,151
632,093
$52,073
52,401
1,375,000
42,988
$4,595,701
275,002
346,212
619,267
stk.
8,721
$6,186,192
172,501
com.
$52,118
52,447
Gross corporate inc__
Int. & other deductions.
$3,834,911
574,745
attributable to min.
$5,308,517
1,473,606
$3,355,220
earns.,
$7,412,528
1,801,081
$6,013,690
Proportion of
$84,890
547,631
3,072
$17,424
34,431
revs,
73.513
[Electric Power & Light Corp. Subsidiary]
1936
General taxes and estimated Federal income taxes
263
$141,636
484,519
1,996
$19,043
33,030
expenses
$769,165
2,317,993
12 Months Ended March 31—
Gross operating earnings of sub. & controlled cos.
(after eliminating intercompany transfers)
$1,004,507
from oper__
Rent from leased prop__
Other income (net)
Subs.)—Earnings—
General operating expenses
1936—12 Mos.—1935
$1,077,784
936,148
$90,937
revenues
Utah
Maintenance
Provision for retirement
-Earnings—
-1935
1936—Month
$97,761
78,718
—V. 142, p. 2345.
United Light & Rys. Co. (&
x
Utah Light & Traction Co.
a
Balance
1936
Period End. Mar. 31—•
$3,600,961
268,103
$5,619,711
Expenses of the United Lt. & Pow. Co
Co.—Output—
1935
1934
1933
1,790,046
2,690,000
3,014,232
x
1,701,020
2,826,578
2,720,000
March
2,095,366
2,021,016
2,803,708
3,013,188
April
2,175,272
432,760
2,755,874
2,977,420
x March
production was the first in 1936, the smelter being closed down
during January and February.—V. 142, p. 2690.
Net
Equity of the United Lt. & Pow. Co. in earns.
of sub. & controlled cos
$5,861,052
Inc. of the United Lt. & Pow. Co.
(excl. of income
received from subsidiaries)
12,451
3365
in turn, is controlled by United Stores, approval of the latter's
company,
(& Subs.)—Earnings—
12 Months Ended March 31—
Gross operating earnings of sub. & controlled cos.
Chronicle
1926
&
1927
Fed.
taxes
(paid Jan.
inc.
1936).
51,298 Accounts payable.
24,288 Accruals, unclaim,
66,709
115,150
$237,965
17,002
121,106
40,414
29,808
$132,065
$99,856
Contingent res've.
69,085
155,624
Note—Dividend requirements, not provided for in the above
statement,
at full cumulative rates for a three months' period on
preferred stocks of
Min. int. in subs..
5,020
United Pub. Utils. Corp. gen. & admin, exps. (net)
Interest on funded debt
Net income
United
Public
$107,810.
amount to
investments
Deferred charges._
divs.,
tax
serves, Ac
Corp. outstanding March 31, 1936 amount to
Total preferred stock dividends in arrears at March 31, 1936
$539,052.—V. 141, p. 2752.
United States
The
directors
stock,
have
Gypsum Co.—Dividend Doubled—
declared
a
dividend
$20, payable July 1
quarterly dividends of 25 cents
of
50
cents
per
on
the
holders of record June 15.
Regular
per share had previously been
distributed in each of the nine preceding quarters.
In addition an extra
dividend of 50 cents was paid on Dec. 24, 1935, and extras of 25 cents
per share were paid on Oct. 1, 1935 and on Dec. 24, 1934.—V. 142, p. 1660.
par
United States Pipe &
to
Foundry Co.—Trustee—
The City Bank Farmers Trust Co. has been appointed trustee for
$5,000 J300
principal amcmnt 10-year 3 M % convertible debentures, due May 1,
United States Steel
See
V.
under
142,
p.
United
"Indications
of
Corp.—April Shipments—
Business
Activity"
on
a
Stores
Corp.—To
Vote
on
with
page.—
Agreement—To
The stockholders at their annual meeting May 13 approved
Tobacco Co. to pay Tobacco Products
lease
the
1,183,028
$6,846,825 $7,334,002
After depreciation of $638,559 in 1935 and $1,034,810 in 1934.
stock to be issued for stocks of pedecessor cos. not presented
amounting to $135,400
To Vote
on
Purchase
of Pref. Stock—
The stockholders on May 19 will consider the approval and ratification
the purchase pursuant to authorization of 5,000 shares of preferred
stock of the corporation.—V.S142, p. 638.
of
Veeder-Root,
Inc.—$llExtra
Dividend—
anVxtra dividend of $1 per share in addition
regular quarterly dividend of»50 cents per share on the common stock,
no par value, both payable June 1 to holders of record May 20.
An extra
dividend of $2 per share was paid on Nov. 3o, 1935, and an extra of 50 cents
was distributed on Dec. 29,
1934.—V. 142, p. 1490.
Cut
to the
<
ment of American
in settlement of
Total--,
5,020
558,000
4,410,693
The directors have declared
preceding
3017.i
Directorate—
$6,846,825 $7,334,002
60,948
b Incl.
for exchange,
($144,500 in 1934).
c Represented by 1,020,101
(1,015,927 in 1934) no par shares, (incl. stock to be issued) for stocks of
predecessor cos. not presented for exchange, amounting to 21,531 (22,861
in 1934) sharas.
a
share
49,119
re¬
Mortgage payable.
Capital surplus— 4,465,223
Deficit
1,068,702
Utilities
Total
common
1,317,751
22,478
Vimy Gold & Metals,
an
agree¬
Corp. $650,000
claim for further payment against commutation of the
latter company.
American Tobacco Co. paid Tobacco
a
Products
Corp. of New Jersey, all of whose stock is owned by Tobacco
Products Corp. of Delaware, an amount sufficient to redeem the deben¬
tures at principal and accrued interest.
The settlement is subject to
approval of stockholders of Tobacco Products of Delaware.
Since this
Ltd., of Montreal—Registration
Voided—
The Securities and Exchange Commission has issued a stop order suspend¬
ing the effectiveness of a registration statement filed on Dec. 24 by the
company.
The statement, which covers a proposed issue of 819,993 shs.
of common stock, became effective, after two amendments, on Feb. 16.
The Commission said the registrant had consented to the entry of the
stop order.
3366
Financial
Chronicle
Vanadium Corp. of America (& Subs.)—Earnings—
\t
Calendar Years—
1935
Net sales
Cost, expenses, &c
Net
from oper_
earns,
Other income
1932
$2,683,636
2,879,838
$1,322,876
2,260,463
$30,172 loss$196,203 loss$937,587
76,979
57,682
71,305
$519,989
542,418
169,619
32,839
179,297
Deprec. and depletion-Int. on 10-year 5% debs.
Int. on notes payable
Loss on property retiredon
1933
$3,157,580
3,127,408
$335,103
184,886
.
Total income
Prov. for loss
1934
$3,933,395
3,598,292
$107,152 loss$138,521 loss$866,282
562,244
523,994
437,732
188,216
200,763
214,325
32,852
40,057
20,988
22,011
1,063
6,948
May 16, 1936
Weatherford
Mineral
Wells
&
Northwestern
Ry.—
Abandonment—
Commerce
Interstate
The
Commission
recently
issued
certificate
a
permitting the company to abandon that part of its line of railroad extending
from Salesville in a westerly direction to Graford, 12.04 miles, all in Palo
Pinto County, Texas.—V. 130, p. 3347.
Westchester Lighting
Co.—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935
1936—12 Mos.—1935
gas—cubic feet. 1,469037700 1332,643300 4817,772000 4787,699900
Sales of
of
Sales
elec.
energy—
kilowatt hours
56,801,259
49,576,969 212,464,098 201,235,202
$1,624,037
2,830,376
50,377
$1,739,480
3,043,400
$6,127,319
10,777,022
53,556
284,299
$4,504,791
2,435,596
319,771
$4,836,436 $17,188,642 $18,311,646
2,869,519
10,570,966
11,108,715
392,550
1,470,739
1,555,676
Operating revenues:
process
100,000
Loss on sale of miscellan.
materials
From sales of gas——
From sales of elec. en.
3,535
equipment
From miscell. sources.
$6,629,967
11,450,910
230,767
Provision
for reduction
of inventory value
on sale of securities
Other charges
Loss
60,000
45,682
59,310
_
21,606
Total oper. revenues.
Retirement
1,161
Taxes
Net loss
$425,790
,017
$905,560
1935
Assets—
x
Plant,
V"
1934
S
$
;
V-A:-. .-'■v-'
patents,
13,417,186
704,910
504,154
156,464
Cash
Accts. receivable._
Sundry debts
Marketable
1934
$
$
Capital stock.__ll,299,110 11,299,110
10-year 5%
sink¬
ing
fund
gold
326,010
debentures
817,542
Accrued
169", 148
300,250
Accrued
2,023,301
2,276,696
78,814
88,203
Other assets
Inventories
3,177,500
Notes pay.not curr
13,511
12,410
secur.
payroll
__
3,622,000
1,035,622
952,606
11,527
interest..
Notes payable....
51,447
for
prov.
581,734
548,845
1,900,831
1,968,504
$1,025,521
5,537
Dr4,279
$3,246,105
Drl,132
Pr36,201
$3,678,750
21,908
Drl9,393
$1,026,779
251,287
$3,208,771
1,005,150
$3,681,265
1,005,149
on
_
income—"
Gross corp.
Int.
_
long-term debt..
$1,161,745
251,287
Miscell. int., amortiz. of
debt disct. & expenses
& miscell. deductions.
187,648
142,
—V.
195,871
1,003,898
1,034,499
$722,809
Net income
16,765
45,012
(incl.
Operating income
$1,167,689
Non-oper. revenues
2,178
jDr8,122
Non-oper. rev. deducts.^
y
10,879,689
&c
1935
Liabilities—
property,
expense
Federal income tax)
$1,651,960
Consolidated Balance Sheet Dec. 31
.
Operating expenses
$579,619
$1,199,722
$1,641,615
1661.
p.
_
209,319
429,722
99,509
118,028
Capital surplus
2,634,288
2,381,822
6% sink, fund gold bonds, due
April 1, 1948.(A. O. Van Suetendael, Chairman), in a letter to bondholders
dated May 13 states that the court has indicated that early liquidation of
4,214,811
1,766,577
the
14,379,966
17,414,257
payable
Accrued taxes
.
Ri6S6rVG9
ized portion
7,539
Total
47,114
Accounts
4,900
Deterred charges.
Patents, unamort¬
303,869
24,241
Earned deficit
Mtge. receivable..
13,493
.-14,379,966
17,414,257
Total-.-
16,999
x After reserve for
depreciation and depletion of $6,040,854 and reserve
for loss on contemplated disposition of plant of $1,250,000 in 1935 and after
depreciation and depletion of $5,774,455 in 1934.
(no par) shares.—V. 142, p. 2521.
y
Represented by 376,637
The directors have declared an initial dividend of 2
K cents per share
the common stock, payable July 2 to holders of record June 15.—V.
138. p. 1066.
stock.
First mtge. bonds to be unchanged in amount, maturity, or lien position,
but to receive 4% income interest and 2% from income for amortization,
both cumulative.
Any interest or amortization payment may be deferred
if necessary in the judgment of the board
of directors, to preserve quick
Bondholders to control the board of directors, through
otherwise, until all bonds are retired.
To offset defaulted
and reduced interest, bonds to receive (15%) 30,176 shares of a new issue
asset
position.
voting trust
Virginia Electric & Power Co.—Earnings—
Period End. Mar. 31—
1936—Month—1935
Gross earnings
$1,294,232
506,685
91,088
170,453
Operation
Maintenance
Taxes
of common stock.
1936—12 Mos —1935
$1,205,346 $15,508,629 $15,183,723
494,471
6,127,849
5,913,464
77,442
1,036,986
966,467
152,332
1,634,638
1,882,945
$526,005
6,666
Balance
Interest & amortization.
Balance
$481,100
$532,672
148,059
Inc. from other sources.
$481,100
156,440
$6,709,155
Debentures and creditors to receive (45%) 90,528 shares of the new com¬
mon
stock.
.
Present stockholders to receive
only rights to subscribe to new common
prior preference (9%)
(3%) 6,035.2 shares—common (1%) 2,011.7
stock at about $6 per share, in the following amounts:
18,105.6 shares—preferred
$6,420,846
20,000
$384,612
$324,659
$6,729,155
1,943,978
Balance for common dividends and surplus
—V. 142, p. 2850.
$1,813,614
$1,550,711
Co.—Earnings—
$309,573
3,420
$378,053
297,896
4,727
Taxes—State, local, &c
Federal 3% on electricity!-
$949,446
348,394
18,226
45,082
148,608
62,936
16,622
$374,120
3,932
Maintenance
Provision for retirement-
$312,994
Net earnings from operation.....
meeting held May 7 approved the retirement of 4,486
Other income
(net)
Net earnings before interest
capital stock.
2346.
Funded debt interest
General interest
Wabash
Ry.—Payment
on
Equipment Trusts—
pay in cash on June 1, 1936, the $166,000 of
equipment trust certificates, series D, $171,000 of equipment trust certif¬
icates, series E, and $279,000 of equipment trust certificates, series F,
all due Dec. 1, 1933, and deferred to Dec.
1, 1936.
The equipment trust certificates should be surrendered on June
1, 1936,
at the office of company, 15 Broad
St., New York, agent for Pennsylvania
Co. for Insurances on Lives &
Granting Annuities, successor trustee, now
acting under the equipment trust agreement.
At the time of presentation of
certificates, all unpaid interest accruing
thereon to June 1, 1936, at the rate of
5% on series D and E and 4H% on
series F, will be provided for.
[The foregoing corrects item in last week's
22,377
22,790
Net income before preferred dividends..
$53,051
loss$17,361
Walworth Co. (&
1936
on
mortgage bonds of subs.._
on mtge. bonds & debs, of
_.
Walworth Co. (accr'd but not
new
Netprofit
Virginia Water Service Co. (& Subs.)—Earnings
1935
1936
i
Operating revenue.
Operation.
$1,061,603
322,641
74,444
152,011
.
$984,828
317,129
49,316
154,633
$512,506
20,350
$463,749
40,720
$532,856
265,593
6,077
26,538
...
Maintenance
General taxes
paid)
equip..
.'V
_A
Provision for Walworth Alabama
$361,522
10,425
4,840
134,301
111,034
134,309
110,703
$10,475
loss$44,142
$504,469
258,340
9,017
26,332
_
3,937
Consolidated net profit.
142, p. 2690.
loss$48,080
$97,306
Miscellaneous interest
Amortization of debt discount and expense—
Interest charged to construction
,
0990
Cr496
11,667
79,819
7,547
80,150
$144,150
63,250
$123,577
Provision for Federal income tax
Provision for retirements and replacements
Net income
Dividends
$10,475
...
Interest
$101,243
3,937
com¬
pany accr'd unpaid pref. dividend
—V.
Gross corporate income.
on bonds
1934
$206,093
1,191
3,709
Coupon int.
plant &
1935
$196,242
1,002
2,938
83,958
97,870
notes and drafts
on
West
12 Months Ended March 31—
Other income.
on
Deprec. taken
Adjustments made subsequent to March 31, 1935, but applicable to
beginning Jan. 1, 1935, have been given effect to in this column.
Subs.)—Earnings—
3 Months Ended March 31—
Profit
Interest
Interest
x
the period
—V. 142, p. 2851.
3192.
p.
303,517
4,047
Amortization of debt discount and expense
On May 1, 1936, the receivers announced that
they had elected to
exercise their option under the
provisions of deferment agreements dated
June 1, 1933, and would
"Chronicle."]—V. 142,
xl935
1936
$1,044,427
371,189
9,891
56,747
147,038
67,752
17,686
OperationPower purchased
shares of 7 % preferred stock held in the
company's treasury and authorized
a reduction by
$448,600 in the stated value of the authorized
p.
1838.
3 Months Ended March 31—
Detinning Co.—Preferred Stock Reduced—
a
142, p.
Total gross earnings
Appropriation for retirement reserve
Preferred dividend requirements
^Stockholders at
stock to be held in the treasury available for
new common
West Texas Utilities
$6,420,846
1,898,525
$4,522,320
1,800,000
1,171,609
Vulcan
Undistributed
future issue.—V.
$4,785,177
1,800,000
1,171,563
142,
or
shares.
Balance
—V.
Corp.—-Committee Proposes Plan—
business is inevitable unless interested parties assert themselves in
support of a plan of reorganization.
The committee also states that it is
opposed to the so-called Helbig plan, and the debtors April 29th plan as
being unfair to bondholders and favors junior interests.
The committee proposes a plan which provides in substance: New
capi¬
talization to consist only of $1,508,800 1st mtge. bonds and 201,173 shares of
common
v>;
Ventures, Ltd.—Initial Common Dividend—
on
Westchester Service
The protective committee for the 1st mtge.
on
i
-
preferred stock
Note—Due
unusual
to
___
cold
23,000
weather
during the first quarter of 1936,
maintenance expenses for year ended March 31,1936, include extraordinary
charges estimated at $22,176.
Consolidated Balance Sheet March 31
Ward
Baking Corp.—75-Cent Preferred Dividend—
P The directors have declared
of accumulations
a
1936
the 7% cum. pref. stock, par $100, payable July 1
toiholders of record June 15.
This compares with 50 cents paid on this
issue in each of the 11 preceding
quarters, while on April 1 and July 1,
1933 distributions of 25 cents each were
made, 50 cents per share paid on
Jan. 3, 1933. $1 per share on July 1 and Oct. 1. 1932 and
$1.75 per share in
previous quarters.—-V. 142, p. 2524.
on
Liabilities—
Plant, property,
equip., &c
9,417,358
Cash & work.funds
a
133,969
and
St.
R.-K.-O. to give 10-year franchises to Fanchon & Marco for their
Louis theatres, and a general release by Fanchon & Marco as to
any
triple
agrees
Demand notes pay.
165,897
revenue.
39,767
6,800
Investments
43,300
Kanawha Valley
500
to West Va. Pro¬
duction Co
42,376
Due fromsubsid. &
C17.574
10,000
117,346
196,823
188,785
10,000
Notes & accts. pay.
Accrued int., taxes,
affiliated cos
376
737
dividends,
&c—
Debt discount and
Consumers' depos.
exp. in process of
and accrued int.
amortization
Comm.
on
408,888
154,000
94,964
unadjust. deb..
430,136
154,000
73,124
6,772
cap.stk.
Mat'ls & suppliesDeferred charges &
48,718
Total.....
112,826
822,272
107,670
878,569
1,114,000
552,000
1,114,000
365,000
552,000
1,458,618
500,478
1,499,952
420,742
thereon
Reserves.
..
~
.
_
$6 pref. stock
$6 cum. 2dpf.stk.
365,000
b Common stock..
Capital surplus
Earned surplus
damage suits contemplated during the controversy.
Paramount
not to refuse to deal with Fanchon & Marco for any reason other than
price.
Actually, the settlement received the approval of two Federal Judges,
Judge Bondy having passed upon it as a result of the fact that he appointed
the trustee for R.-K.-O., which was a defendant.
Signing for the Govern¬
ment were Russell Hardy and Walter L. Rice, special assistants to the
Attorney General, who had been prosecuting the case.
I*
The suit was first brought in St. Louis, where the Court later permitted
the
Government
to
withdraw
it without prejudice.
The defendants
contested the order of the Court permitting the withdrawal, taking the
matter to the U. S. Supreme Court, which has not yet handed down its
opinion.
Meantime, the Government filed the suit anew in Federal Dis¬
trict Court in New York.—Y. 142, p. 2346.
S
1-yr. 6% gold notes
190,500
38,820
1935
5,228,000
Water Corp
receivable
Brothers, Paramount and R.-K.-O., and their officers and subsidiaries, to
restrain trade in motion picture films and in concert to withhold essential
films from Fanchon & Marco, Inc., independent theater
operators.
The basis of the settlement includes an agreement
by Warner Brothers
5,322,500
9,407,733
96,421
Notes and accts.
Unbilled
$
Long-term debt.
Divs.rec. from sub
Warner Bros. Pictures, Inc.—Anti-Trust Suit Settled—
Federal Judge Knox on April 30 approved a settlement of the anti-trust
suit brought by the U. S. Government
against Warner Brothers Pictures,
Inc., and 39 other defendants, charging conspiracy on the part of Warner
1936
1935
Assess—
dividend of 75 cents per share on account
10,472,092 10,482,563
10,472,092 10,482,563
Total...
After
reserves
of $22,530 in 1936 and $27,010 in 1935.
b Repre¬
by 12,000 shares no par value,
c Accounts payable only.—Y. 142,
2852.
a
sented
p.
Western Pacific
RR.—Hearings Postponed Until July 1—
At the request of interested
parties the Interstate Commerce Commission
has postponed until July 1 further hearings on a plan of reorganization for
the Company.
The delay was requested by all parti s who had agreed
that
the
RFC
in
the
interim
should
make
a
study
of the property
determine what funds would be necessary to improve the
road.
to
Volume
Financial
142
Chronicle
The agreement to have the RFC
experts make a study of the property
apparently arises out of the objections of the RFC to the management plan
for reorganization.
Under the management plan it is provided that the
RFC shall furnish $10,000,000 of new
money to rehabilitate the road.
surplus.
Balance Sheet March 31
The
study now decided upon will be to determine whether $10,000,000 is
necessary and if not what amount is.—V. 142, p. 3017.
Western Maryland
Ry.—Earnings—
$377,043
on
to April 30—
1935
$5,311,982
$4,968,643
Jan.
$265,250
-Jan. 1 to Ma 7—
ly
1935
1936
$275,253
Western New York Water
1936
$763,250
revenues
$756,840
202,580
34,773
207,883
Other regulatory commission expense
General expenses transferred to construction
Provision for uncollectible accounts
30,238
3,744
Cr7,995
1,800
33,017
96,301
3,813
6,946
_
Maintenance
„
Corporate taxes
Net
earnings before
replacements and Federal income
$407,511
2,716
112,516
pref. cap.stock.
799,175
146,338
984
Res. for investm'ts
7,471
1,050
_
75
Preferred stock...
Cr441
CV62
35,750
10,117
and expense
47,750
12,110
Provision for Federal income tax
Prov. for int. on Fed. income taxes of prior years.
92
Net income
$78,515
51,530
$74,687
12,882
preferred stocks.
Total
26,791
$2,394,011 $2,081,108
1936—4 Wks.—1935
$412,647
142,
p.
1936—17 Wks.—1935
$395,049
$1,841,204
Subs.)—Earnings—
12 Months Ended—
Operating
Operating
$1,721,206
2855.
Wisconsin Public Service Corp. (&
Feb. 29 '36
revenues
Feb. 28 '35
$7,350,587
4,283,236
$6,996,384
4,247,860
$3,067,350
29,071
$2,748,523
31,595
$3,096,422
911,666
$2,780,119
655,045
$2,184,755
24,000
$2,125,073
1,350,925
105,552
15,100
$745,420
$653,495
;
expenses, maintenance and all taxes
Net oper. rev. (before
approp. for retire, res've)
_
income.
Net operating revenue and other income
(before
appropriation for retirement reserve)
51,201
9,446
548,020
661,060
578,352
260,638
x
555,877
Paid-in surplus—
569,274
Earned surplus.442,011
$2,394,011 $2,081,108
Period End. April 25—
Other
Interest charged to construction
Provision for retirements and replacements
See
Common stock
Sales.
—V.
$407,595
204,887
3,654
2,909
Winn & Lovett Grocery Co.—Sales
84
$387,600
204,887
49,230
3,460
9,909
Miscellaneous interest
on
Cr2,007
3,150
21,378
79,113
3,859
6,342
99
Gross corporate income
Interest on mortgage debt
Interest on debenture bonds
Dividends
623
3,736
Called for redemption May 1, 1936 —V.
142, p. 1839.
x
139
$387,501
taxes
Other income
Amqrtization of debt discount
623
Dividends payable
Prov. for retire, of
deprecia'n)
Total
for retirements and
prov.
9,274 Accrued expenses.
1,825,779 Accounts payable.
Def. cap. stk. tax.
1935
1935
$17,700
5,614
8,539
1,755,411
stock sub¬
expenses.
1936
purchases
on
of investments..
scriptions (net).
Furniture & fixt's
Prepaid
Liabilities—
Due
$99,642
divs.
Co.—Earnings—
General operation
Rate case expense
Real property taxes
Excise taxes
&
investments.
on
(less
$5,243,896
$5,577,232
12 Months Ended March 31-**-
Operating
Due
1935
$508,037
int.
_o
$326,787
1936
Investments
1
1936
-First Week of May
1936
1935
Period—
Gross earnings (est.)
—V. 142, p. 3017.
Assets—
Cash
Accr.
-Fourth Week of April
1936
1935
Period—
Gross earnings (est.)
3367
Profit on sale of investments of $156,246 for the first three months of
1936 resulting from increase in price over book value has been credited to
Appropriation for retirement
reserve
Gross income....
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
Net income
—V. 142, p. 2526.
1,352,858
62,477
....
Balance Sheet
Assets—
Mar. 31'36 Dec. 31 *35
Plant, property,
equipment, &c.$8,475,143 S8,474,249
Misc. special dep.
1,106
Cash
Accts. receivable.
119,287
73,551
_
Cash held by trus¬
tees for int. accr.
Unbilled
1,106
69,169
Liabilities—
tension
$4,711,500 $4,711,500
&
ex¬
depos..
16,700
revenue
8,000
7,500
22,822
& prepaid accts.
178,387
183.570
(current)
4,786
140,704
Accrued items
Prov.
for
5,231
116,835
z
176,152
Capital surplus
Total
1932
$6,510,547
5,497,719
$327,646
95,649
$820,383
xl85,713
$296,517
$180,163
79,957
$423,295
$1,006,096
$364,606
$260,120
9,267
$250,853
599,857
$0.42
income
206,133
1,000,000
792,525
541,281
income
y
Represented by
$423,295
$966,153
$364,606
599,857
$0.70
599,857
$1.61
599,857
Shs.cap.stk.out.(no par)
Corp.
50,000
shares
(no
par).—
Earnings for the Three Months Ended March 31
1936
1935
paid a liquidating dividend of 87 H
liquida
May 15 to holders of record May 1.—V. 142, p. 2690.
$270,019
loss$69,812
$0.45
Nil
cents per share on
Assets-
Telegraph Co. (Inc.)—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935
Gross revs., incl. divs. &
interest
.$23,060,859 $21,201,507
Maint., repairs &
depreciation
Other
oper.
3,167,547
|
1935
1934
12,254,410
12,201,247
$692,443 $1,034,789
Trade acceptances,
5.329,173
68,911,301
5.351,925
$964,686
Net income
16,659,129
1,337,940
69,646,416
1,322,621
bonded debt.
$204,100
$6,018,664
$1,862,065
-Y. 142, p.2691.
122,059
611,445
1,745,639
Inventories
Due from affil. cos.
107,259
427,296
1,725,899
213,280
167,989
Rec.
73,953
159,943
4-year
over
term
for eng.
dev. serv.
Accrued liabilities
Due to affil.
for
70,465
11,514
cos—
52,209
com¬
238,452
3,334,440
231,800
3,519,705
4,609
25,589
x
54,345
52,247
Earned surplus—
Prov.
for
64,694
25,000
mitment conting
(net).
Total
67,885
71,713
&c_.
Plant prop. (net)..
proposed increase in the
convertible prior lien or
4,150
Res. for price red.,
Reserve
taxes, 'in¬
37,831
32,146
.
sales contracts..
&
Federal
39,942
income taxes
Common stock..
Capital surplus—
surance,
1934
1935
$150,000 $1,000,000
113,807
220,412
Depos. on unfilled
self-insur.,
Misc. Inv. at cost-
stockholders on May 27 will vote on a
authorized capital stock by $16,000,000 4j^%
1st preferred stock.—V. 142, p. 3193.
Liabilities—
Notes pay. to affili¬
ated company..
Trade acceptances,
Prepaid
Wheeling & Lake Erie Ry.— To Increase Stock—
The
$0.18
Nil
Accounts payable-
current
not current
17,606.005
„
on
3,000,338
hand..
Acc'ts receivable..
lines &
taxes
Interest
$93,248,663 $88,326,538
for
incl.
exps.,
of leased
rent
res.
on
1936—12 Mos.—1935
$105,384
loss$75,109
Consolidated Balance Sheet Dec. 31
Cash in banks and
Western Union
1933
1934
Net profit after charges.
Earns, per sh. on 599,857
Liquidating Dividend—
company
$0.60
x Includes
royalties received under cross license agreement, less expenses
of $112,143.
shs. cap. stk. (no par).
Western Power
by
68,090
39", 942
Earned per share
$8,877,823 $8,842,719
and expense,
10,306
832,665
Extraordinary deduc'ns.
Prov. for Fed. inc. taxes
Net
Earned surplus
.$8,877,823 $8,842,719
1933
$5,053,680
4,413,162
344,001
176,152
206,133
1,000,000
792,524
557,086
Common stock..
Including unamortized debt discount
shares
(no par),
z Represented
142, p.2852.
13,229
1,001,799
1,014,934
$5 non-cum.part.
preferred stock,
x
1934
$9,339,851
8,146,226
373,242
Total income
income tax
-Earnings-
1935
$7,757,461
7,052,697
377,118
Other income
Federal
Reserves
y
Years—
Depreciation
Net
Contrib. for extens
The
Calendar
Net sales
Due affiliated cos.
22,350
V.
194,557
69,337
14,138
194,609
69,286
10,109
Misc. def. liabil
67,602 Accounts payable.
Mat'ls & supplies,
x Deferred
charges
Total
Wright Aeronautical Corp.
Mar. 31'36 Dec. 31'35
Funded debt
Consumers-
$7,045,377 $7,497,811
2,999,285
1,526,248
2,004,907
2,999,285
1,470,078
1,581,612
$7,045,377 $7,497,811
Total
Represented by 599,857 no par shares.—V. 142, p. 2347.
Willys-Overland Co.—Bondholders' Committee—
The members of the bondholders committee have each
resigned and the
following are now members of the committee: Lawrence W. Churchill
(Herrick, Berg & Co.), New York; William F. Eastman (Ellis & Co.),
New York; Charles B. Mertz, Pelham, N. Y.; John P.
Fay (Hemphill,
Noyes & Co.), New York, with Andrew Muirhead, Secretary, D 7 Produce
Exchange, 4 Broadway, New York.
CURRENT
—Robert
Amott,
Assets—
Notes & accts.
rec.
Inventories
Invest, in
423,493
affil., &c.,
reserve
5,054,531
Owing from affil.,&c.,cos..less
reserve
(less
-
Property account
Goodwill, patents, &c
a
—
Deferred charges
Deficit
19,121
17,532,369
at
Feb.
1
28,539
bl0,879,671
initial
—John E. Sloane & Co., 41 Broad St.
due
&
....
payable
of the country for the first three months of 1936.
taxes
28,075
275,000
14,073
and
penalties thereon
Accrued
188,570
royalties
6^3
Owing to subsidiary
co
Wall St., New
Common stock (par $5)
—G.
$36,927,743 I
Total
$36,927,743
deducting reserve for depreciation of $9,485,043.
b Arrived
Adjustment to reduce investments in and advances to sub¬
sidiary cos. to the amount of their net tangible assets, $36,287,855; deduct
surplus Jan. 1, 1933, $31,235,032; loss for the period from Jan. 1, 1933,
to Feb. 25, 1936, before providing for
depreciation,
>,826,844; common
stock issued for scrip previously credited to surplus, :
-V. 142, p. 2346.
man
Interest
on
Dividends
stock
on
stocks—
Total income
Operating
expenses.
profit.
have prepared
industry.
& Co., members of New York Stock Exchange,
the removal of their main office in this city to 111 Broadway.
Co., Inc., New York City, distributors of bedding supplies.
&
Miller
&
Co.,
Inc.,
52
William
St.,
New
lork, have
—Phelps, Fenn & Co., 39 Broadway, New York, have issued
State and
•—Jay Patrick,
Sales
a
list of
municipal bonds yielding from 0.50 to 3.95%.
Paul
R. Fernier and James L. Nicoll have joined the
Department of Lord, Abbott & Co., Inc.
—Harold Frank, formerly with M.S. Riche and J. Arthur Warner & Co.,
is now associated with
Kennedy, Hall & Co.
—Outwater & Wells, 15 Exchange Place, Jersey City, N. J., have issued
1936
1935
$1,021
1,130
16,482
$1,636
$18,633
6,444
$15,353
$12,189
$8,696
895
12,821
a
list of New Jersey investment suggestions.
—First of Michigan Corporation,
—John B. Carroll &
6,656
1 Wall St., New York City has pre¬
pared a list of corporate bond quotations.
Co. have moved their offices to larger quarters at
70 Pine Street, New York.
—Leonard A. Frisbie has been admitted
Net
40
prepared a comprehensive analysis of Roeser & Pendelton, Inc.
Co.—Earnings-
subscriptions..
M.-P. Murphy
—Robinson
at as follows:
Three Months Ended March 31—
Income—Interest on investments..
Ohrstrom & Co.,
—James Talcott, Inc., has been appointed factor for The Allen C. Weiss-
Total
After
L.
analysis of the earnings of the leading corporations in the food
announce
5,123
Bankruptcy" is the title of a
York.
—Peter P. McDermott & Co., 39 Broadway, New York,
an
97,507
266,080
12,621,700
14,999,420
of comparative earnings of 89 of the principal railroads
—"Bonds of Railroads in Receivership or
33,221
1,999,363
Res. for contingencies
7% preferred stock
summary
comparative tabulation being distributed by G.
764,240
....
Claims of employees in respect
1st mtge.
Wisconsin Investment
the
New York City have issued their
monthly
deposits and
of compens. for injuries...
Accr. int. on notes & accts.
a
of New York will supervise
3,139,782
outstanding.
Payrolls & unclaimed wages.
&
Trust Co.
Emergency Relief bonds of the City of Oswego, N. Y.
15,
payable
credit balances
Taxes
has been appointed representative of Lord,
1,718,509
Accounts
Receivers- ctfs.
rec.
reserve)
payable, less
unearned
Dealers'
1,110,338
Miscell. notes & accounts
int.
Company,
preparation and certify to the genuineness of signatures and seal of $160,000
$777,078
1933
cos., less
Baker &
r^-The Continental Bank &
Liabilities—
hand...
$1,840,346 Notes payable
(less res.)
39,334 Trade accepts,
on
NOTICES
Henderson, formerly with S. W. Strauss & Company and
Abbett & Co., Incorporated in the western New York territory.
Balance Sheet Feb. 25, 1936
Cash in banks &
P.
of Gordon Graves
&
Co.
as a
general partner in the firm
Chronicle
Financial
3368
May 16,
1936
gUpnris and Jluntwmts.
1
PUBLISHED
AS
ADVERTISEMENTS
THE NEW YORK CENTRAL RAILROAD COMPANY
EXTRACTS FROM REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE
ENDED
To the
DECEMBER 31,
York
Central
Railroad Company:
amounted
revenues
to
(5.12%).
$310,192,979.54,
gross
60,259,869.12
—933,733.21
x7,682,334,56
+7,797,380.10
*
Credit,
x Deficit.
Note—Included
in
Non-
Income
operating
Rent
are
■.
;
$6,355,145
Increase
46.353,131 1,267,392 $54,020,521 $3,042,754
2,736,095
845,920
1.367,047
351,054
2,670,306
327,961
3,130,985
486,608
Lumber, shingles and lath.._ 1,407,384
356,750
3,263,146
826,985
year.
5th class
3,134,576
712,265
9,585,536
for the
$115,045.54
.
Profit on road and equipment sold..........
Unrefundable overcharges
'-Donations............
rated
Miscellaneous credits
2,721,838
.....
,
x4,103.04
33,173.60
3,328.68
2,113,389.21
.
Automobiles, auto trucks and
2,192,103
and
15,619,895
3,860,838
692,388
33,333,992
4.993,629
.
Surplus appropriated for investment in phy¬
sical property
Loss on retired road and equipment
Not otherwise specified.
Miscellaneous debits
The
carried 44,381,459 revenue passengers, a
decrease
of
1,114,350
(2.45%).
Interline
passengers
increased 9,796 (0.52%), while local passengers decreased
768,649 (6.26%) and commutation passengers decreased
355,497 (1.14%).
Revenue from passengers amounted to
$55,292,023.51, an increase of $539,411.72 (0.98%).
Net railway opera ing income was $36,748,524.01, an
increase of $7,587,595.90.
Net income for the year was $115,045.54,-which was
carried to the credit of profit and loss.
ACCOUNT FOR THE
Year Ended
Dec
31, 1935
11,214.92 Miles
Operating Income—
Operated
Railway operations:
Railway
Railway
Net
oper.
oper.
revenue
way
OPERATING EXPENSES
Restoration of rates of pay
$
$237,197,454.76
Decrease (—)
—184.12 Miles
$
+15,108,098.25
+13,025,694.82
70,913,121.35
+2,082,403.43
(76.47)
(75.97)
24,836,981.06
178,056.42
( + .50)
—4,217,549.49
52,213,884.79
45,898,083.87
+6,315.800.92
11.980,672.52
—304,171.04
3.788,859.30
4,756,483.24
—967,623.94
36,748,524.01
oper.
Equipment
29,160,928.11
+7,587,595.90
615,952.29
834,820.27
562,136.19
income.
rents,
640,047.30
—218,867.98
—77,911.11
—15,848.00
net
debit.
facility rents,
net
debit
Net railway
Expenses for maintenance of way and structures increased
$325,318.26 (1.04%).
Accounts reflecting the larger increases were:
bridges,
trestles and culverts $211,471.39,
due to repairs made
necessary by flood conditions; rails and other track material
$433,958.92, due to a more extensive program of rail renewals;
ballast $170,580.02; roadway maintenance, track laying and
surfacing and other accounts reflecting labor charges show
increases aggregating $712,833.79, due to the restoration of
rates of pay, and there were net increases in other items
amounting to $85,040.73.
Partly offsetting the foregoing, accounts reflecting sub¬
stantial decreases were:
ties $522,645.47, fewer ties having
been renewed;
accounts for maintenance of structures
$610,039.56, roadway machines and small tools and supplies
Operated
11,676,501.48
Railway
Transportation for investment—credit
Increase (+) or
72,995,524.78
to revenues
operating
income..
Miscellaneous operations:
Revenues
Expensas and taxes
Miscell. oper. income.
53,816.10
194,772.97
29,355,701.08
157,484.03
3,305,336.43
139,008.07
4,989,741.25
+18,475.96
—1,684,404.82
ting physical property..
Separately operated proper¬
ties—profit
918,241.62
1,937,052.28
—1,018,810.66
614,399.60
10,695,431.05
348,652.81
7,387,682.39
+265,746.79
+3,307,748.66
5,395,958.56
6,009,557.66
—613,599.10
1,249,449.48
1,884,301.60
—634,852.12
160,123.16
169,105.33
—8,982.17
142,417.41
28,413.55
328,318.54
Expenses for maintenance of equipment increased $4,697,713.76(7.75%).
A net increase of $2,896,074.29 in the cost of superin¬
tendence and the several repair accounts resulted from the
restoration of rates of pay under agreement with employees,
increased charges for materials and more shop days worked
than in the previous year. Equipment depreciation increased
$1,856,001.87, due to the application of slightly higher rates
of depreciation as prescribed by the Interstate Commerce
Commission, while other accounts reflect a net decrease of
$54,362.40.
T
Traffic
expenses
increased $118,462.15 (1.90%).
In¬
creases of $197,736.97 in the cost of superintendence, due to
restoration of rates of pay, and $24,323.09 in the cost of
advertising, are offset in part by decreases in other accounts
amounting to $103,597.91.
Transportation expenses increased $7,411,873.72 (6.74%).
The restoration of rates of pay and an increase in traffic
+7,446,639.03
Income from lease of road
Miscellaneous rent income.
Miscellaneous
non-operat-
$155,881.56.
—140,956.87
36,802,340.11
—28,413.55
—185,901.13
Total operating income...
Non-Operating Income—
Dividend income
Income from
funded
se-
curities....
Income from unfunded
se-
curitias and
other
Release
from
accounts...
sinking
reserve
of
and
funds
premiums
on
funded debt
Miscellaneous income
Total non-oper. income.
22,638,841.34
23,221,833.48
—582,992.14
59,441,181.45
Gross income
52,577,534.56
+ 6,863,646.89
'#
'•
;
--r
Deductions from Gross Income—
Rent for leased roads
26,366,303.58
840,400.65
Miscellaneous rents.
Miscellaneous tax accruals.
Separately operated
Interest
on
84,082.26
funded debt...
Interest on unfunded debt.
7,448.25
28,549,102.04
3,455,938.69
handled resulted in
12,947.37
28,744,885.44
3,581,175.53
—5,499.12
—195,783.40
—125,236.84
•
increased charges of $6,231,833.57 for
superintendence, station, tram and yard operation, together
■
The cost of locomotive
with other items incident thereto.
fuel
26,282,477.93 +"
+83,825.65
1,046,524.50
—206,123.85
444,534.36
—360,452.10
prop¬
erties—loss
$13,025,694.82
Transportation expenses
Year Ended
$
Increase
$325,318.26
4,697,713.76
118,462.15
7,411,873.72
298,888.99
157,689.57
15,748.37
Miscellaneous expenses
General expenses
expenses
Railway tax accruals— 20,619,431.57
Uncollectible ry. revenues
162,208.42
Amount
$31,478,584.44
65,297,666.21
6,397,437.63
117,380,073.06
4,368,439.20
12,304,733.97
29,479.75
Group—
Maintenance of way and structures
Maintenance of equipment
from rail¬
of
under agreements with em¬
ployees and the increased cost of locomotive fuel and other
materials were major factors contributing to an increase of
$13,025,694.82 in operating expenses.
By groups they were as follows:
Traffic expenses
Dec. 31, 1934
11,399.04Miles
6,191,952.81
1935--$195,968,343.44
xDebit.
YEAR
revenues.310,192,979.54 295,084,881.29
expenses.237,197,454.76 224,171,759.94
operations
Percentage
Income
4,748,854.20
1,335,560.41
Balance to credit of profit and loss, December 31,
Including Boston & Albany Railroad, Ohio Central Lines, Michigan Central
Lines, Big Four Lines, and All Other Leased Lines
Joint
—
,
$107,538.20
company
INCOME
2,260,833.99
$202,160,296.25
,,
Deductions—■
miscel¬
laneous*
*
539,812
8,956,987
parts.
Manufactures
,
$199,899,462.26
December 31, 1934
Credit balance transferred from income
..
articles
$6,621,131
LOSS ACCOUNT
PROFIT AND
Products of mines*
steel
———
■.
.
panies whose properties are jointly used by this company, as to the major
portion of which a like amount was paid by the Company to those companies
as rental and included in Joint Facility Rents.
Bituminous coal
and
■
ating Income are items
representing interest and
dividends amounting to.
1,646,697
2,086,62?
received on securities of and advances to terminal and other railroad com¬
Balance to credit of profit and loss,
ore
■
certain intercompany
debits amounting to
were:
Revenue
./■■■—.
u.
Also included in Non-oper¬
deductions for
switching charges, absorbed overcharges, etc.) therefrom,
Increase
1
Roads
Leased
for
!.
and
transactions representing
credits and corresponding
in which the larger increases
Tons
$
+11,114.28
—135,577.83
from
income
Net income
occurred with increased gross revenue (before
Iron
deductions
Total
104,482,468 tons,
Freight revenues,
which include $7,180,326 resulting from the emergency
charges authorized by the Interstate Commerce Commis¬
sion (in Ex Parte No. 115), amounted to $218,260,324.49,
an increase of $14,105,250.91
(6.91%).
As shown in the appended statement of commodities
handled( pp. 44-47), while there was a decrease in the
tonnage 0i the products of agriculture and of animals and
animal products, there were substantial increases in tonnage
'Iron
Operated
$
14,699.90
132,624.09
an
Revenue freight handled amounted to
an increase of 4,617,357 tons
(4.62%).
in other groups.
Some of the commodities
Operated
$
25,814.18
*2,953.74
115.045.54
organization
Miscell. income charges..-
$15,108,098.25
(+) or
Decrease (—)
—184.12 Miles
59,326,135.91
Maintenance of investment
Operating
Increase
Dec. 31, 1935
Dec. 31, 1934
11,214.92 Miles 11,399.04 Miles
THE YEAR'S BUSINESS
increase of
Year Ended
Year Ended
Stockholders of
The New
YEAR
1935
increased
increase in price and
damages tnd injuries
increased $352,320.56, and there were net increases in other
accounts amounting to $245,138.26.
amount
$582,581.33,
consumed.
due
Accruals
to
for
Volume
Financial
142
Chronicle
3369
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
of
with sales of 4,250
higher,
futures
with
were
No. 7 rate
Brazil
bags.
points higher,
Rio contracts closed 2 to 3 points
transactions
of
750
bags.
Rio
de
Janeiro
unchanged to 50 reis higher, while the official
was
were
100 reis
Havre futures
Cost and freight offers from
higher.
unchanged
with
business
little
1936
beans in the United States for the first four months
established a record of 1,811,988 bags compared
with 1,807,367 bags in the first four months of 1935, which
Friday Fight, May 15, 1936.
Coffee—On the 9th inst. futures closed 4 to 7
cocoa
of
COMMERCIAL EPITOME
transpiring.
unchanged to 3^-franc lower.
On the
11th inst. futures closed 1
point lower to 7 points higher,
with transactions
totaling 19,250 bags.
Old Rio ended
3 to 6 points
higher, with sales of 4,750 bags.
The new Rio
contract was more active than on
any day to date, closing
9 to 11 points higher with sales
totaling 2,750 bags.
Rio de
Janeiro futures opened 25 reis higher, and lost the gains by
the close.
Cost and freight offers from Brazil were irregular
with some shippers asking more and others
less, the range of
Santos 4s being 8.10 to 8.50c.
Havre futures closed 3^ to
3% francs lower.
On the 12th inst. futures closed 5 to 7
points lower for Santos contracts, with sales of 1,000 bags.
were
was a new
high record last year.
Local closing: May 5.16;
July 5.18; Sept. 5.26; Oct. 5.28; Dec. 5.33.
On the 11th
inst. futures closed 2 to 1 point higher.
Only 35 lots or
469 tons changed hands during the day.
London outside
prices were unchanged, and futures 13^d. higher to un¬
changed, with 660 tons the total sales.
Local closing:
May 5.18; July 5.19; Sept. 5.28; Oct. 5.30; Dec. 5.35.
On the 12th inst. futures closed 2 to 3 points down.
The
feature of the trading was the exchanging of contracts by
leading manufacturers for the actual cocoa.
July was
outstanding in this character of trading.
Outside of these
operations there was little to the market.
Transactions
totaled
78
lots
or
1,045 tons.
London cash cocoa was
Futures there were unchanged to l^d. lower,
transactions of 160 tons.
Local closing: May 5.16;
unchanged.
with
points lower, with transactions
Rio contracts closed 3 lower
1,000 bags traded.
Rio de Janeiro
futures were 100 to 125 reis lower.
Cost and freight offers
from Brazil were about
unchanged, as were local spot prices.
Havre futures were ^-franc higher.
On the 13th inst.
futures closed 12 to 7 points lower, with sales of 22,500 bags
in Santos contracts.
Rio contracts closed 4 to 6 points
lower, with sales of 6,000 bags.
Rio de Janeiro futures were
100 to 150 reis higher.
Cost and freight offers from Brazil
were
generally unchanged, although one shipper reduced
offerings 10 points.
Santos Bourbon 4s showed a range of
from 8.15 to 8.50c.
Havre futures were Vx to 1 z/i francs
higher.
'
July 5.17; Sept. 5.26; Oct. 5.28; Dec. 5.32.
On the 13th
inst. futures closed unchanged to 1 point lower.
London
was
steady.
Volume of business on the New York Exchange
was
124 lots, or 1,662 tons.
There was no special feature
to the trading.
Closing: July 5.17; Sept. 5.25; Oct. 5.26;
Dec. 5.31; Mar. 5.39.
On the 14th inst. futures closed 1 point higher to un¬
changed.
Hershey was reported as picking up large quanti¬
ties of September, upward of 50 lots being taken in at 5.25c.,
with the same interest bidding for 50 more.
Sales for the
day totaled 164 lots, or 2,198 tons.
Cash cocoa in London,
lLjjd. lower to unchanged. Futures there unchanged to
ll^d. higher.
Sales at London were 180 tons.
Local
closing:
May, 5.17; July, 5.17; Sept., 5.26; Oct., 5.28;
Dec., 5.31.
Today futures closed 1 point up throughout the
list.
Trading was more active, stimulated by favorable
reports from London.
Sales totaled close to 300 tons.
Private advices stated that United Kingdom consumption
On the 14th inst. futures closed 5 to 8 points down for
Santos contracts, with sales of 31,500 bags.
Rio contracts
for the first months of the year was estimated
an increase of
40% over the comparable 1935
closed 5 to 7 points lower with sales of 2,000 bags.
Rio de
Janeiro futures were 25 to 50 reis lower.
Cost and freight
closing:
Rio contracts ended 3
totaling 2,750 bags.
to
unchanged, with
to 5
The
new
offers from
Brazil were little changed but it was reported
slightly less desirable 4s were done to New Orleans for
shipment in equal monthly amounts from May to Dec. at
that
7.80c.
Santos Bourbon 4s
were generally at from 8.10 to
Nothing done in local spot market.
Havre futures
8.20c.
closed 1 to 2 francs lower.
Notices amounting to 13 were
issued against the Santos contract.
Three Rio notices were
immediately stopped.
Today futures closed 5 to 7 points
for Santos contracts
up
contracts closed 6 to 7
with
sales
20
of
Rio
contracts.
with sales of 2 contracts.
Janeiro futures were 75 to 125 reis higher.
The
open market exchange rate was 30 reis weaker at 17.730.
Shipment and spot markets were quiet.
Cables reported
that Brazilian weather was fine with temperatures well above
50 degrees.
Havre futures were 1 to 1% francs lower.
Rio
points
up
de
Rio coffee prices closed as follows:
May
July
September
4.47
December-
4.61
-
March
4.87
4.94
_
4.75
Santos coffee prices closed as follows:
March
8.00
September
May.
July
8.10
December
--8.39
8.47
8.28
During April Brazil destroyed 134,000 bags of coffee,,
27,000 bags of which were burned during the latter half of
the month, the New York Coffee & Sugar Exchange was
advised by cablegram on May 12.
Since the start of the
program by Brazil to eliminate coffee surpluses by fire, it
is stated, a total of 36,509,000 bags have been
destroyed.
Shipments of coffee from Brazil and Colombia, the world's
largest producers, during the 10 months of the crop year
July 1935 through April 1936, exceed the exports during
the whole of the previous crop year, the New York Coffee
& Sugar Exchange announced May 12.
Brazil during the
10 months shipped 13,835,000 bags, against 13,757,000
during the 1934-35 season, while Colombia exported 3,162,159
bags, against 3,126,789 during the 12 months ended June
30, 1935, the Exchange said, adding:
Comparing the 10 months of the present
parable period reveals that Brazil's shipments
ahead,
Brazil
to
while
Europe
a
to
to
the
increase
United
this
or
16.3%,
more to
Europe than during the
Cocoa—On
the
9th
or
are
season
States
gain of 1,179,000 bags,
324,732 bags,
more
Colombia's
shipments
season
gained
with the 1934-35
2,784,000 bags,
is
728,913
21%,
or
bags,
or
com¬
25.2%,
or
30%.
1,383,000
bags;
29.8%, while Colombia has shipped
this country and 371,249 bags, or 93.5%,
same
inst.
10 months of the
futures
closed
1934-35 year.
unchanged
to
1
point down.
Brazilian interests were sellers here on
firm spots.
Holders of West African cocoa were reported
sellers on an advancing scale in small quantities in Europe,
Local
Sugar—On the 9th inst. futures closed 1 to 3 points higher.
This level
brought prices within a point of the 8-year highs
Wednesday last.
Transactions totaled 2,550
posted at 2.94c.
No
sales were reported in the market for raws, and offers were
virtually unchanged.
Philippines for May-June were avail¬
able at 3.85 and 3.86c., while 3.88c. was asked for June-July
shipment.
Puerto Ricos in parcel lots were obtainable at
3.85c., while no Cuban offers were around at 3.00c.
London
registered
tons.
futures
on
Fifteen lots of spot May were
unchanged to ^d. lower.
On the 11th inst.
points higher, with sales totaling 6,050
tons.
The feature of the trading was the short, covering in
May, the action of this element being quickened by the
prompt stopping of 36 transferable notices issued, which
sent that month up 7 points to 3c.
In the market for raws
it was disclosed that McCahan on Saturaday had purchased
1,000 tons of Philippines, May-June shipment at 3.85c.,
unchanged from five other sales earlier last week.
Offers
were
light at 3.85c., Philippine sellers asking 3.88c. for
June-July shipments sugars and no Cubas known to be
offered under 3c.
London futures were lAd. to Id. higher,
while raws after selling afloat at 4s. 9d., or 89J^c. f. o. b.
Cubas were held at 4s. 9%d. or about 90 %c.
the 12th
inst. futures closed 4 points higher to 2 points lower.
Sales
were
5,800 tons.
Seven transferable notices were issued
against the spot May month, which again sold at 3c.
In the
market for raws there was very little change.
Limited
quantities of duty frees were offered at 3.85c., and Cubas at
3c.
Two additional sales were reported at 3.85c., un¬
changed, Godchaux buying 3,000 tons of Philippines, JuneJuly shipment, on Saturday, and Colonial purchasing 2,000
tons,
the
same
shipping position
Monday.
Secretary
Wallace was reported as urging before the Senate Finance
Committee, a processing tax of 3^c. per pound on sugar.;
Cuban production to April 30, according to Lamborn, was
2,509,830 tons, against 2,504,317 last year.
London futures
closed unchanged to %d. higher.
On the 13th inst. futures
closed 3 points lower to unchanged. The session was quiet,
reflecting the dull conditions in the market for raws, where,
with one or two exceptions, there has been a complete lack
of buying since the end of March.
One notice was issued
against the May contract, which opened at 3c. and closed at
2.97c., off 3 points.
Sales were 2,700 tons.
In the market
for raws it was reported that Imperial, on Tuesday, pur¬
chased 4,150 tons of Puerto Ricos, first half June shipment,
at 3.85c., the price at which all duty free sales during the past
week have been made.
There were still offerings of duty
were
futures closed 1 to 2
frees at 3.85c. and Cubas at 2.95c.
easier,
bags for the week.
sales at that
period.
July, 5.18; Sept., 5.27; Dec., 5.32; March, 5.40.
but held aloof from offerings in the United States market.
New York warehouse stocks showed a decrease of 14,000
Exchange reported that disappearance
at 38,827 tons,
with
declines
additional offers of
price.
of
raws
%
I ondon futures closed
Id., while there were
at 4s. 9%d. or about 90^c. after
to
Financial
3370
On thr
14th inst.
futures closed unchanged to 2
points
higher.
Sales totaled 6,400 tons, of which 6,000 tons
represented one block of May, 1937, at 2.65c.
One addi¬
tional spot May notice was issued.
This delivery sold at
2.99c., up 2 points.
In the market for raws about 3 to 4
cargoes of Puerto Ricos for June shipment were offered at
3.85c. as well as parcel lots for late May and early June
arrival.
London closed l/id. to Id. lower, with sales of 1,000
tons.
Raws there were reported sold at 4s. 9d. per cwt., or
about .89c. f. o. b. Cuba.
Today futures closed 2 points
up on May and 1 to 2 points down on the rest of the list.
Trading was quiet.
Three transferable notices were issued
against May contracts, which failed to depress the spot
month.
It advanced 2 points to 2.98m
A block of 30 lots
of May was posted at 2.65c. at the opening, the same price
at which 120 lots in a single block were down yesterday.
The raw sugar market was unchanged, with duty free still
on offer at 3.85c.
London futures were unchanged to lHd.
higher.
Raws sold - at
89He. f. o. b. Cuba.
British
refined was reduced l^d. a cwt.
Prices
were as
follows:
2.64
2.871 January
July
March
2.62 May
September
-.2.98
2.851
.
Sugar consumption in the United States as measured by
a decrease in April of
18.26%, com¬
pared with April of-last year, according to the preliminary
estimate of B. W. Dyer & Co., sugar economists and brokers.
Consumption amounted to 509,000 long tons, raw sugar
value, the firm said, compared to 615,149 tons in April of
1935, a decrease of 106,149 tons.
For the first four months of 1936, according to the Dyer
company, consumption amounted
to 1,998,813 tons, an
increase of 10,055 tons or 0.51%, compared with the same
period of 1935 when 1,988,758 tons were consumed.
distribution showed
Lard—On the 9th inst. futures closed 2
points lower to
The market is believed to be in a rather
oversold condition as a result of the rather heavy liquidation
by speculative longs and operations of the shorts the past
few days.
No improvement in the cash demand for lard
has been reported recently, and during the past several
days the price on cash declined 35 points, and loose lard
40 points.
Liverpool lard futures closed weak, 6d. to Is.
2
points higher.
lower.
on Saturday and final prices
75c. lower.
Shipments of lard
reported on the above date were light and
pounds to Antwerp.
On the 11th inst.
futures closed 12 to 15 points lower on the near months
and 22 points down on the distant October delivery.
This
further sharp decline was attributed almost entirely to
the weakness of hogs.
Final hog prices were mostly 25c.
lower at Chicago, the top price registering $9.80 and the
major portion of the sales executed at $9.15 to $9.70.
Re¬
ceipts were again liberal at the principal Western markets
and totaled 64,300, against 46,000 for the same day last
year.
Export shipments of lard over the weekend were
fairly heavy from the port of New York and totaled 153,440
poUnds, destined for London, Liverpool and Manchester.
Liverpool lard futures displayed a steadier undertone after
^
at
Hogs closed weak
Chicago
were
50c.
to
for export as
totaled 7,500
the recent
sharp decline and prices at the close were un¬
all positions except May, which was 3d. lower.
On the 12th inst. futures closed irregular, 12 points lower to
7 points higher.
The weakness and irregularity was due
to local liquidation and selling for foreign account, induced
apparently by the continued weakness in hogs.
Western
hog receipts continue to run quite heavy.
Marketings at
the principal receiving points were 65,500 head, against
46,500 on the same day last year.
Closing hog prices were
10c. to 25c. lower at Chicago, the top price registering
$9.60 and most of the transactions ranging from $9 to $9.45.
Chicago expects 14,000 head for today.
Liverpool lard
futures closed easy following the sharp break in Chicago
on
Monday.
Final prices were 3d. to 6d. lower.
Lard
shipments from the port of New York on this date were
fairly heavy and totaled 138,880 pounds for Liverpool,
Southampton and Glasgow.
On the 13th inst. futures
closed unchanged to 10 points higher.
The volume of
trade was relatively moderate.
A firmer tone prevailed,
due largely to short covering, this element apparently
desiring to take profits after the prolonged decline of the
past several days.
The cash markets were also a shade
steadier, the prices on cash and loose ending 5 points higher.
Hogs were steadier after the recent sharp decline, with
closing prices at Chicago 5c. to 10c. higher, the top price
registering $9.60, with most of the sales ranging from $9.10
to
$9.55.
Receipts at Chicago were fairly heavy and
totaled 14,000 head.
Liverpool lard futures closed easy,
Is. lower on the spot position, 9d. lower on May and 3d.
lower on July and September.
Foreign demand for lard
continues light, with clearances from the port of New York
totaling 18,750 pounds for Gothenburg.
On the 14th inst. futures closed 15 points higher on the
nearby deliveries and 5 to 7 points higher on the deferred
options.
The firmness of lard was attributed to the steadi¬
ness of the hog market, and to
covering by speculative shorts.
Cold storage holdings of lard on May 1, according to the Bu¬
reau of Agriculture, amounted to 83,331,000 lbs., the latter
figure representing an increase of 6,517,000 lbs. compared
to the April 1 figure, which was 76,814,000 lbs.
Hog receipts
at the principal Western markets were fairly liberal, totaling
changed
on
1936
16,
May
Chronicle
45,400, against 39,300 for the
Lard clearnaces from the Port of New
York on this date totaled 63,280 lbs., destined for Hamburg.
Today futures closed 10 to 15 points down.
The weakness
was attributed entirely to a weaker hog market, inducing
liquidation and pressure from speculative shorts.
for the Western movement,
same
day
a year ago.
FUTURES IN CHICAGO
DAILY CLOSING PRICES OF LARD
Mon.
Sat.
r
May
July--!
-
September
Cottonseed Oil sales,
10.40
10.37
10.40
10.55
10.37
10.45
9.95
10.00
10.07
10.12
as
follows:
8.97@ ----8.77 @8.79
8.95@9.10 August—
April
May
8.95@
June
8.97 @8.99 October
September
—
8.70@
-8.61 @8.65
—
November
--8.97@
July...
<
10.40
10.25
10.32
10.02
including switches, 51 contracts.
Prices closed
Crude, S. E., 7HC-
Fri.
Thurs.
10.35
10.32
10.40
-10.17
October
Wed.
10.40
10.27
10.32
--10.52
10.40
10.47
-
Tues.
Pork—Quiet.
Mess, $31 per barrel; family, $30, nominal,
barrel; fat backs, $20.25 to $24.75 per barrel.
Beef:
Quiet.
Mess, nominal; packer, nominal; family, $18.50
to $19.50 per barrel, nominal; extra India mess, nominal.
Cut meats: Quiet.
Pickled hams, picnics, loose, c. a. f.,
4 to 6 lbs., 15c.; 6 to 8 lbs., 14Hc.; 8 to 10 lbs., 14Hc.
Skinned, loose, c. a. f.: 14 to 16 lbs., 19%c.; 18 to 20 lbs.,
18^c.; 22 to 24 lbs., 18^c.
Bellies, clear, f. o. b., New
York: 6 to 8 lbs., 22c.; 8 to 10 lbs., 21c.; 10 to 12 lbs., 19Hc.
Bellies, clear, dry, salted, boxed, New York; 14 to 16 lbs.,
15Hc.; 18 to 20 lbs., 14^c.; 20 to 25 lbs., 14^c.; 25 to 30
lbs., 14Hc.
Butter, creamery, first to higher than extra
and premium marks, 27 H to 28c.
Cheese, State, whole
milk, held 1935, fancy, 21 to 22c.
Eggs, mixed colors,
checks to special packs, 19 to 19 He.
per
continue
Buyers are talking 8 He. per
pound.
Consumers are believed to be pretty well covered as
to immediate needs.
Quotations: China Wood: Tanks, for¬
ward, 18.3c.; drums, spot, 19e.; Qocoanut: Manuola, tanks,
April-June, 3 He.; Coast, 3He.
Corn, crude, tanks, West
Mills, 8H to 8 He.
Olive, denatured, spot Spanish, 76c.;
Shipment forward, 73c.
Soya bean: Tanks, mills, 6 to 6He.;
C. L., drums, 7.6c.; L. C. L., 8.0c.
Edible, 76 degrees,
9He.
Lard, prime, 12He.; extra strained winter, 11c.
Cod, crude, Newfoundland, nominal; Norwegian Yellow,
35He.
Turpentine, 38 to 43He.
Rosins, $4.50 to $5.85.
Oils—Deliveries of Linseed oil against contracts
to
go
out in good volume.
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber—On the
advanced
sheets
9th inst. futures
Transactions totaled 410 tons.
higher.
15.34
to
from
closed 3 to 5 points
Spot ribbed smoked
London closed
15.31.
Singapore closed l-16d. to Hd. higher.
Cer¬
warehouses licensed by
unchanged.
tificated stocks of rubber in local
the Exchange decreased by 70 tons to a total in
at the close of business Saturday of 24,270 tons.
storage
Local
May 15.29; June 15.35; July 15.42; Aug. 15.46;
Sept. 15.51; Oct. 15.54; Nov. 15.58; Dec. 15.62.
On the
11th inst. futures closed 6 to 11 points lower.
Transactions
totaled 370 tons.
Spot ribbed smoked sheets declined to
15.31
from
15.34.
London and
Singapore closed un¬
changed.
In the domestic outside market factory buying
was almost completely at a standstill.
Prices were easier
and ranged, from 15 7-16c. to 15He. for standard sheets
at the close.
Hardly any shipment business was done
during the day.
The market for futures closed as follows:
May 15.23; July 15.34; Sept. 15.43; Dec. 15.55.
On the
12th inst. futures closed unchanged to 3 points lower, with
the exception of April, which was 1 point higher.
Trans¬
actions totaled 450 tons.
Spot ribbed smoked sheets re¬
mained unchanged at 15.31.
During the day 110 tons
were tendered for delivery against May contracts.
London
and Singapore closed with slight declines.
Local closing:
May 15.20; June 15.25; July 15.31; Aug. 15.36; Sept. 15.42;
Oct. 15.45; Nov. 15.49; Dec. 15.53.
On the 13th inst.
futures closed 10 to 12 points higher.
Transactions totaled
720 tons.
Spot ribbed smoked sheets advanced to 15.37
from 15.31.
London and Singapore closed unchanged to
Hd. higher.
Local closing: July 15.41; Sept. 15.53; Oct.
closing:
15.57; Dec. 15.63.
On the
Sales
14th inst.
vanced to
futures closed 12 to 16 points
higher.
Spot ribbed smoked sheets ad¬
15.50 from 15.37.
London and Singapore closed
totaled
1,290
tons.
unchanged to Hd. advance.
Local closing: May, 15.45;
July, 15.55; Sept., 15.66; Dec., 15.76; Mar., 15.89.
Today
futures closed 19 to 23 points up.
Rubber futures rallied
following release of April statistics showing record consump¬
tion of crude rubber in this country.
The opening was 10
to 14 points higher, with prices closing at about the high of
the day.
London and Singapore markets closed steady and
unchanged to Hd. higher.
Local losing: May, 15.68; July,
15.76; Sept., 15.86; Oct., 15.88; Dec., 15.98; Jan., 16.02;
March,
16.11.
Sales
were
248 contracts.
Hides—On the 9th inst. futures closed 3 to 8
points lower.
pounds.
In the
domestic spot market 8,000 April light native cows sold at
10Hc., unchanged from the last sale.
In the Argentine
spot market sales totaled 15,000 hides, with April frigorifico
steers selling at 11 15-16th.
Local closing: June, 11.20;
Sept., 11.54; Dec., 11.83; March, 12.13.
On the 11th inst.
Transactions
amounted
to
1,280,000
Volume
Financial
142
futures closed 8 to
12
points lower.
Transactions totaled
I,800,000 pounds.
Stocks of certificated hides in the ware¬
houses licensed by the Exchange remained unchanged at
870,161 hides.
Local closing:
June, 11.10; Sept., 11.42;
Dec., 11.75.
On the 12th inst. futures closed 10 to 13
pounds.
the
Exchange remained unchanged at 870,161 hides.
No sales
of spot hides were reported.
Local closing: June, 10.98;
Sept., 11.32; Dec., 11.62.
On the 13th inst. futures closed
33 to 37 points higher.
Transactions totaled 2,160,000
pounds.
In the domestic spot market sales totaled 6,000
hides.with May light native cows selling at 10 He., unchanged.
In
the South American spot markets 2,000 Argentine
frigorifico steers sold at 11 15-16thc. and 1,500 Uruguay
frigorifico steers sold at 12 He.
Local closing: June, 11.35;
points
down.
Transactions
totaled
3,840,000
Stocks of certificated hides in warehouses licensed by
Sept., 11.69; Dec., 11.95; March, 12.25.
On
the
14th
Transactions
inst.
futures
closed 3
to
11
points lower.
totaled
1,920,000 pounds.
In the domestic
spot markets sales were 59,100 hides, with April-May light
native cows selling at 10He.
In the Argentine spot market
13,000 frigorifico steers sold at 11 He.
Stocks of certificated
hides in warehouses licensed by the Exchange remained
unchanged at 870,161 hides.
Local closing: June, 11.28;
Sept., 11.58; Dec., 11.93.
Today futures closed 4 points
up to 2 points down.
The market was quite active with
transactions totaling over 3,200,000 pounds, most of which
represented switching operations between the June and
December deliveries.
Certificated stocks decreased 3,999
hides to a total of 866,162 hides.
Local closing:
June,
II.28; Sept., 11.62; Dec., 11.91.
Ocean Freights—Market much more active with charter¬
ing heavy.
Trips were quite active.
Chronicle
3371
London and New
York markets
are
so
close from
a
price
standpoint.
Steel—There was a further drop of 1 point from the pre¬
vious week, steel operations for the current week being
estimated at 69.1 % of capacity.
This year's peak was 71.2 %
of
capacity during the last week in April, which compares
43.4% of capacity during the corresponding period of
last year.
However, notwithstanding the slight recession
in steel production, reports from other sections of the trade
are most
optimistic, especially in the sales field.
New York
jobbers are finding that sales during May are running neck
and neck with April, that month having been the best for the
year to date.
One line of light steel and another of heavy
steel stand out prominently as among the main
supports of
the steel industry over the next few weeks.
One is auto¬
mobile production, which is expected to be well maintained
through June. The heavy steel demand is that for freight
car construction.
Another good outlet for heavy steel that is
promised over the next few weeks, is the shipbuilding in¬
dustry.
It is estimated that some dozen ships, including
tankers, will come out for bids very shortly. Steel for inland
waterway barges has already proved an important outlet
for the metal in the form of steel plates. Tin plate production
continues to lead other steel lines from the standpoint of
activity, with a production of 90% of capacity, while makers
of sheets and strips are generally working at 65 to 70% of
capacity. As concerns the rumors of an advance of $2 to $3
per ton on major steel items for the third quarter, many in
the trade were not inclined to take these whisperings
seriously.
The consensus of opinion seems to be that there may be a
marking up of quotations for the fourth quarter, yet hardly
for third quarter, which is normally one of the dullest
periods
with
of the year.
Charters included:
Trips—West Indies, round, $1; same, $1.15; trip
across, prompt, redelivery, United Kingdom-Continent, $1.70; trip across,
prompt, $1.75; West Indies, round, $1.10; same, $1.25.
Prompt, New
York-Pacific Coast, redelivery Gulf, $1.10.
Sugar—Cuba, June, London,
Liverpool, Greenwich, Antwerp, Rotterdam, Amsterdam, 13s. 8d.; Santo
Domingo, May-June, 13s.
Coal—A fair volume of trade is reported for the middle of
May for anthracite, enough to check the normal declining
tendency of production.
Bituminous output for last week
was
6,860,000 tons, down 60,000 tons in a week.
The
decline followed a slight dip in factory and mill output.
Production, in the trades' opinion, is showing up satis¬
factorily, and the low state of factory and mill stocks inspires
the hope gains over 1935 will be continued.
Copper—Extremely dull conditions continued to prevail
in the copper trade.
Indications are that the total sales for
the month may total not more than 15,000 tons, unless
something unforeseen should happen to bring about a brisker
trade than prevailed the first half of the month.
Quiet
conditions also prevail in European markets, with the foreign
price of copper substantially unchanged at 9.10 to 9.15c.
per pound,
c.
i. f. European ports.
The copper scrap
market is slightly easier than a week ago.
The makers of
brass ingots are bidding 6He. per pound for composition
metal, as against 6 He. a week ago.
Trading in futures on
the Commodity Exchange has been very dull, with no sales
reported on some days, whereas the average daily turnover
during active periods is about 20 lots, or 500 tons per day.
World stocks of refined copper declined 12,300 tons during
April, the Copper Institute announced.
Stocks at the end
of the month stood at 471,000 tons, the smallest since
Nov., 1935.
United States stocks of copper declined 4,800
tons to 233,800 tons, which is slightly larger than at the
of the year.
start
Tin—There
was
situation outside of
very
a
little
importance in the tin
of
rather sharp advance of %c. per pound
Straits tiA to the level of 47c. per pound.
The
Sterling exchange was entirely responsible.
sterling gained in strength, American tin prices became
stronger.
The supply of spot tin appears scarce.
However,
there is a general feeling of disappointment among dealers
and importers over the small volume of business the past
several weeks and the indications of very little change in
the near future.
It appears to be entirely a buyers' market
just now.
Tin afloat to the United States is 8,286 tons.
in
spot
marked advance in
As
Tin
arrivals
so
far
this month have been: Atlantic ports,
1,239 tons; Pacific ports, 70 tons.
Commodity Exchange
warehouse stocks declined 5 tons to
Lead—Generally active with
a
1,190 tons.
fair volume of business,
and prices holding firm.
Producers expect that sales for the
week will approximate 6,000 tons.
Indications are that this
activity will continue for some little time.
Automobile pro¬
duction is holding up well, and no great decline in production
is expected for June, thus assuring a good outlet in the battery
field.
Zinc—There has been very little change in the zinc situation.
The market appears to be in the doldrums, the same dull
conditions prevailing that have existed for the past several
weeks.
Demand is confined to
a
few
carloads, and usually
for prompt shipment.
Sales for the week are expected to be
around 3,000 tons, though from surface indications these
figures
are
hardly justified.
Statistics for last week's sales
revealed that virtually all of the
purchasing was for May
delivery, and it is presumed that the same holds good for this
week.
A rather sharp decline in zinc on the London Metal
Exchange caused no little apprehension here, since the
Pig Iron—Pig iron sales
are
reported at low ebb with
conditions the quietest of the year so far.
The steel situa¬
tion is being watched closely and the rather buoyant condi¬
tions that still prevail in many sections of the steel industry,
with the
rumors of a possible advance in prices for the third
quarter, have done much to keep alive that hopeful optimistic
attitude that prevails in pig iron circles.
Pig iron sellers
have observed
some improvement among makers of machine
tools, which accounts for a larger consumption of pig iron
at the machine tool foundries.
Total sales of pig iron in
the New York area for last week were placed at approximately
1,000 tons.
Eastern foundries are reported as working at
45% of capacity.
In the Pittsburgh district the best con¬
sumption of iron is among those concerns which are making
steel mill equipment.
Wool—Western growers of
wool
are
still maintaining
a
firm attitude, this being reflected in a firm spot market for
the raw staple.
It is reported that some houses are in
receipt of mill bids on Texas 12 months and French combing
territory wools at around 80c., but at this price most dealers
are unwilling to sell.
^ Fleece wools, too, nave firmed up a
little with dealers asking about lc. per grease pound higher
on Hths and H blood wools than a week ago. Unable to secure
original bag wool at 78c., some mill buyers are taking small
spot lots at 80c.
Dealers are not offering wool at this price,
most of them asking 82 to 83c. up to 85e. for an all staple
original bag territory.
Mills cling to the hope that when
the new clip wool accumulates in larger volume, growers
will be ready to accept prices in order to move their wools.
Such a hope might seem reasonable under normal conditions
but today consideration should be given to the attitude of
the Government toward1 agricultural interests, which is
distinctly favorable.
And should growers be forced into a
position that would entail anything like a sacrifice of wool
values, it is very likely that financial help from the Govern¬
ment would be speedily forthcoming.
Further, wool is in
a very strong statistical position from a world standpoint.
All this is common knowledge to most growers, and a break
in the firm front of the Western wool producers seems very
unlikely.
Silk—On the
Sales
totaled
11th inst. futures closed
600
bales.
Spot
declined
1
to
3c.
lower.
2He. to $1.66.
Japanese cables were lower, Yokohama showing a decline of
14 to 20 yen and Kobe bourse showing a loss of 9 to 20 yen.
Grade D declined 10 yen at Yokohama with the price 730 yen,
and 15 yen off at Kobe, with the price 725 yen.
Cash sales
were 350 bales, and trades in futures totaled 4,750 bales for
both markets.
The yen held at 29He.
Local closing:
May, 1.56H; June, 1.54; July, 1.50; Aug., 1.49; Sept.,
1.46H; Oct., 1.46; Nov., 1.45H; Dec., 1.45HOn the 12th
inst-. futures closed unchanged to 2c. lower.
Transactions
totaled
1,280 bales.
Spot declined 3Hc. to S1.62HJapanese cables reported Grade D as having lost 7 H yen on
the Yokohama Bourse, dropping to the level of 722H yen,
and at Kobe Grade D lost 5 yen to the level of 720 yen.
In
the former market futures were 6 to 14 yen lower, and in the
latter, 5 to 12 yen lower.
Cash sales on both Bourses were
500 bales, and futures totaled 4,875 bales.
Local closing:
May, 1.55; June, 1.52H; July, 1.49; Aug., 1.47; Sept., 1.46;
Oct., 1.45HOn the 13th inst. futures closed H to lHc.
higher.
Sales totaled 930 bales.
Spot declined lc. to
$1.63 HJapanese cables reported Grade D 10 yen lower on
both Yokohama and Kobe Bourses, the price going to 712H
yen at Yokohama and 710 yen at Kobe.
At Yokohama
futures were 4 yen up to 4 yen down, and at Kobe 1 to 8 yen
Financial
3372
lower.
transactions
575 bales, and
Local closing:
Cash sales for both markets were
futures
bales.
5,375
totaled
May, 1.56^; June, 1.54; July, 1.50J& Aug.,
1.47; Oct., 1.463^; Nov., 1.46; Dec., 1.45^.
On the 14th inst. futures
totaled
Transactions
1.47^; Sept.,
closed Ac. lower to lc. higher.
Spot declined l^c. to
with Grade D reported
Yokohama and Kobe, the price at the former
being 707 lA and at the latter 705 yen.
At Yokohama futures
were 5 to 10 yen lower and at Kobe futures were 3 to 13 yen
Japanese cables were easier,
$1.62.
down 5 yen at
totaled 650 bales, while
futures totaled 4,750 bales.
Local closing: May, 1.57A;
June, 1.53^; July, 1.50; Aug., 1.47Sept., 1.473^; Oct.,
1.46; Nov., 1.46; Dec., 1.46.
Today futures closed 3^c. to
23^c. down. The price of crack double extra silk in the
New York spot market advanced Ac. to $1.6234Certifi¬
cated stocks of silk increased 110 bales to a total of 580 bales.
The Yokohama Bourse closed 5 to 9 yen higher, but the price
of Grade D silk in the outside market declined 2lA yen, to
705 yen a bale.
Local closing: May, 1.56; June, 1.53;
July, 1.49; Aug., 1.47; Sept., 1.46; Oct., 1.45; Nov., 1.44;
Cash sales for both bourses
lower.
Below
the exports for the week:
are
Exported to—
Week Ended
1936
15,
May
Dec- 1.4334-
"800
New Orleans
below. For the week
have reached 40,509
bales, against 39,157 bales last week and 20,044 bales the
previous week, making the total receipts since Aug. 1, 1935,
6,420,391 bales, against 3,898,853 bales for the same period
1934-35,
showing
increase since
an
Aug.
1935, of
1,
2,521,538 bales.
Los
"377
2~999
4,263
Total 1935
21,721
4,977
7,988
3,614
17.411
5.378
12,321
11,582
17,648
893
124
Corpus Christi-_
1,264
1,533
680
1,077
1,235
997
2,301
1,286
-
-
-
542
14
848
20
Mobile
304
611
338
Savannah
1,618
3,978
519
130
Charleston
-
-
1.868
397
2.315
New Orleans
-
460
193
178
235
959
7
France
Britain
Exports from—
_
—
...
—
—
-
162,775 138,132
...
184,763
78,253
442,136
69,912
31,531
18,239
250
965
745
836
108
150
6~976
7,477
3,931
50,000
22,151
35,403
2,166
38,085
3,385
16,024
38,018
107,433
1,568
80,634
104,956
146,308
Wilmington
5,174
10,500
143,562 104,252
_
.
Boston.
2,622
1,384
4,026
2,897
55
792
Francisco
5,877
4,707
8,344
5,280
The
769
40,509
9,170
receipts, the
compared with
following table shows the week's total
1935 and stocks to-night,
last year:
"77
45
14,510
*
This
Since Aug
City
Houston
_
Beaumont
New Orleans
Since Aug
1 1934
This
1 1935
Week
315
58,162
517,341
2,925
346,074
36,111
30,240
380,513
335,342
9,176
599,960
43,343
84,654
10,858
3,216
99,884
Gulfport
373,943
159,565
3,693
307,053
"342
129", 859
104
72,990
6,811
112,690
8,780
3,389
177,150
"959
210", 531
"211
141,451
7
55,826
21,517
40,668
17
63
56,680
16,658
221
51,725
27,625
482
25,662
Jacksonville
1,686
_
814
489,331
114", 850
18
2",454
Mobile
Pensacola
1
690.843 349,270
785,120 347,832 1430,086
17
Wilmington
924
Norfolk
N'port News, &c
New York
39",758
"9",263
664
Charles
31,353
15,049
19,839
31,102
"3~, 980
Charleston
Boston
2,873
1,850
2,125
14,460
18,541
20,297
._
769
Baltimore
Philadelphia
Totals
40,509 6.420,391
_
In order that
we
comparison
21,061 3,898,853 1,721,210 1,783,895
may
be made with other years,
give below the totals at leading ports for six seasons:
1935-36
Receipts at—
1934-35
1933-34
1930-31
1931-32
1932-33
Galveston
11,027
Houston
9,176
13,366
11,140
4,993
22,345
2,454
342
2,103
24,761
27,949
37,300
7,380
1,686
104
809
3.857
7,570
5,018
12,267
7,621
1,880
'""§59
"""211
428
6,032
2,463
2,383
7,280
4,436
"""682
New
Orleans.
Mobile
Savannah
3,133
5,107
19,856
107
Brunswick
Charleston
17
Norfolk.
63
18
326
526
739
52
235
770
"
"""966
All others
•
"""740
"'"491
"9",952
"2",130
1,257
40,509
21,061
51,676
118,296
37,536
20,516
Since Aug. l._ 6.420,391
The exports for
3,898,853 6,996.786 8,011,153 9,339,412 8,320,852
the week ending this evening reach a total
of 50,442 bales, of which
France,
6,720 to
6,392
were
Germany,
to Great Britain, 4,263
1,436 to Italy, 23,199 to
Japan, 343 to China and 7,889 to other
the corresponding week last year
bales.
782
1,093
133
221
N'port News.
to
.
"
924
Wilmington..
Total this wk_
1933-34. 1185,774-715,397 1310.193
36,515 863,768 5359,359
612,5291612.805 237,142
935,602 6609,442
telegrams to-night also
give us the following amounts of cotton on
cleared, at the ports named:
On
Leaving.
Ger¬
Great
France
Britain
Orleans
__
Other
many
wise
700
6,000
2,905
1.033
12,900
8,131
5,544
1,400
24,000
69
16,583
18,126
"166
2", 167
'"91
19,959
3,875
9,513
3,726
4,170
Mobile
Total
700
700
Savannah
Slock
Coast¬
Foreign
1,377
1,558
3,000
5,973
8,119
Galveston
New
shipboard, not
Shipboard Not Cleared for—
May 15 at—
100
3,696
1,438
Norfolk
Other
For the
season
previous
season.
493,341
329,491
362,387
176,450
31,253
111.154
31,102
122,827
ports
off
3,834
its
9,938
4,019
8,456
28,013
60,367
60.947
63,205 1,658.005
73,578 1,710,317
87,850 2,740,238
1,569
1,147
5,100
destinations.
tivity, prices scored substantial gains.
The passage of the
Smith bill by the Senate was held almost entirely respon¬
In
and strength in cotton, this measure
distinctly bullish by the generality of
sible for this activity
being
construed as
traders here and
abroad.
prices closed 3 points up to 4 points down.
fluctuations confined
The volume of trade was small with
within
a
very narrow range.
The
new crop
months yielded
it being generally appreciated by the
trade that the cotton crop situation in the western and south¬
western part of the belt has been very materially changed by
the soaking beneficial rains.
On the other hand/the near
months displayed considerable firmness, some good buying
being in evidence for domestic and foreign account.
In the
distant positions there was some liquidation together with
hedge selling.
There was no new outside interest in evidence,
operations being confined largely to the trade.
The sale of
half a million bales of Federal loan cotton in a month brought
readily under
the
pressure,
prediction from trade sources, that by September Amer¬
be in the best statistical position since
ican cotton would
1930.
From
a
huge total of 6,000,000 bales of spot cotton
expected to be
and futures, the Government's holdings were
slashed to slightly more than 3,500,000 bales by the end of
this season.
The average price of middling at the 10 desig¬
the 11th inst. prices
This represented a
rather substantial recovery from the maximum declines of
the day of 3 to 9 points.
Volume of business continued
small, with spasmodic activity for short periods during the
session.
May closed at 11.58c., down 2 points, while July
finished at 11.25, unchanged from previous close.
The new
crop months, as usual, were
under the influence of the
reports, which were generally bearish.
The pressure against
nated spot markets was 11.56c.
On
closed unchanged to 2 points lower.
was
in the form of hedging and liquidation
induced by reports
the week-end.
For
of heavy rains in the western belt over
a time there was some aggressive selling
these deliveries
of the distant
have been
the December
to date aggregate exports
relatively
became most active, with a rapidly
As a result of this pronounced ac¬
and
lethargy
broadening tendency.
total exports were 55,355
5,359,359 bales, against 4,068,325 bales in the same period
of the
315
69,883
360,822 423,512 1381,335101,776 760,767 1068,325
1934-35.
On the 9th inst.
459
Brunswick
Lake
278,730
quiet and without special feature during the early part of
the week until Thursday, when the market suddenly shook
1935
1936
886,663
8
62,852
5,107 1,057,496
214
273,892
4,693
998,272
ll", 140
3,133
11,027 1,509,204
44,483
9,176 1,689,358
124
270,183
38,036
13",366 1,668,706
Galveston
_
14
6,350
6,098
2,727
191,145
3,306
1240,136 655,902
Total
10,052
5,789
Stock
1934-35
Week
.
1,656
8,053
Speculation in cotton for future delivery was
Receipts to
May 15
Savannah
12,652
12,887
-
....
Total 1934
Corpus Christi.
4,351
17,394
250
■
_
34,714
312
32,263
5,376
Total 1935
Texas
183,708
300
-
229
Seattle
Total 1936..
1935-36
-
1,700
Charleston
total since Aug. 1
•
7,376
14
"210
.
-
-f-
-
-
A*---'-
Baltimore
Philadelphia...
168,390
«•-
-
-
1,130
-
■
Houston
7,131
-
-
50
■
Los Angeles...
«-
-
'im
1,086
10,412
924
769
Baltimore
Totals this week.
'"m
,
4,051
.
1,668
2,354
1,224
1,152
Gulfport.
2,379
143,953
9,742
6,694
im
:«£■
'
30,706
_
New York
50
3,659
"
3,098
_
-
'
761
.
Norfolk
*
9,014
27,825
4,609
6,838
2,769
494
8,564
8,724 207,448 1196,401
41,410
13,337
3,500 27,479 273,791
2,109
205,276
3,042
261,946 265,193
Orleans..
Total
9,712 220,829 1181,765
13,501 297,791 1457,185
1,078 47,158 282,347
387,301
199,144 107,326
54,498
59,931
Corpus Christi.
17
273
98
160
76
260
57
Norfolk
78,509
Other
China
Japan
Italy
many
257,323 139,964
Galveston
Houston...
7
7
—
55,355
Ger¬
Great
13,366
2,454
1,686
310
•
Lake Charles
10
124
..
-
"
Wilmington
11,027
9,176
2,696
3,704
_
12,752
1935 to
1
May 15, 1936
San
50,442
Exported to—
From
Aug.
....
7,889
14,169
4,303
Total 1934
In addition to above exports, our
1,283
1,667
3,174
Galveston
3,208
343
23,199
1,436
6,720
6,392
Total
809
1,300
1,766
L389
Total
Houston.
"200
209
Angeles
Total
Receipts at—
42
13
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
12,250
1,967
7,143
3",145
Savannah
Norfolk.
Charleston
from the South tonight, is given
4,198
1~300
Savannah.....
ending this evening the total receipts
293
"609
Jacksonville
Crop, as indicated by our tele¬
4,855
1
29
Lake Charles—
Pensacola, &c.
Movement of the
21,957
l"423
1J75
Mobile
Mobile
Friday Night, May 15, 1936.
346
1,967
Corpus Christi..
Lake Charles..
of
1,557
50
"
Texas City....
COTTON
12,078
3,165
1,347
Total
Other
China
Japan
Italy
many
1,141
5,177
Houston...
New
grams
France
Britain
Galveston
Beaumont
The
Ger¬
Great
Exports from—
bales.
600
May 16, 1936
Chronicle
positions by Wall Street interests, notably m
delivery.
The trade and the Far East were the
best buyers.
Short covering on the part of professionals
played a considerable part in the recovery towards the clo .
Volume
Financial
142
Chronicle
Pool brokers
liquidated about 5,000 bales of May at bids of
these offerings being well absorbed by the trade
Sales of spot cotton
by the Producers' Pool last
week through Friday, May 8, totaled
approximately 5,000
running bales, according to the New York Cotton Exchange
Service.
This left the Pool with a stock, after minor re¬
adjustments, of about 207,000 bales of spot cotton.
The
adjusted figure on total sales since Feb. 12, is about 426,000
bales.
Sales of futures during the week through Friday,
aggregated about 36,900 bales, leaving the Pool's holdings
of futures at 581,000 bales.
Average price of middling
based on the 10 designated spot markets Monday, was 11.55c.
as
compared with 11.56c. Saturday.
On the 12th inst.
prices closed 1 point higher to 2 points lower.
Outside of
evening up operations in the May contract, with the Pool
supplying most of the cotton—-trading was extremely quiet
11.58c.,
and shorts.
with minor fluctuations.
Pool were credited with
May 9 to May 15—
Middling upland
Futures—The
May
inst.
prices
closed
The
3 to 16 points up.
sudden
burst of activity and expansion of trade was attrib¬
uted largely to the passage of the Smith bill by the Senate,
which was regarded as distinctly bullish by most of the
trade
here
and
abroad.
There
heavy buying of the
new crop months at the
start and throughout the session,
especially by foreign interests.
The demand was largely
confined
the
to
October
and
was
December
strong stimulus to bullish sentiment
favorable
weather
As
rains.
conditions
the session
in
was
the
Another
options.
the continued un¬
East,
due to
progressed outside buying
lack
of
was more
in evidence, especially from the Wall Street element.
Liv¬
erpool was conspicuous on the buying side.
Sales of May
by the Pool were estimated at 15,000 bales on bids of 11.60
11.62c.
to
Average price of middling at the 10 designated
was 11.64c. against 11.56c. on Wednesday.
Today prices closed 2 points up to 2 points down.
An
important feature at the opening was some liquidation of
spot markets
October by
spot interests, with
one
well known dealer sell¬
ing approximately 2,000 bales of that month.
less active
than
yesterday.
Trading
was
October and December received
good deal of attention from the Far Eastern houses, who
were principally
on the buying side.
The local trade was
a
also
on
houses
from
was
the
buying side.
on
were
these
no
the
evidence of any selling by the Pool.
Staple Premiums
60% of average of
six markets quoting
Differences between grades established
for deliveries
are
21 1936
15-16
1-inch &
inch
lopger
.22
.48
contract to
on
May 21 1936
quotations of the ten
markets designated by the
Secretary of
Agriculture.
for deliveries on
May
The South, New Orleans and spot
side of the market, but
offerings
appeared well taken care of.
There
reverse
sources
the
average
White
.22
.48
.22
.48
Strict Good Middling.,
Good Middling..
.22
.48
Strict Middling
do
.22
.47
Middling..
do
.17
.35
.16
.28
Strict Low Middling...
Low Middling
...
......
.75
on
Mid.
do
.64
do
do
.55
do
.39
do
.Basis
do
do
59 off
do
.131
*
Mid.
do
♦Strict Good Ordinary.,
do
2.05
do
do
2.57
do
.22
.48
♦Good Ordinary
Good Middling
.22
.48
Strict Middling
do
do
.39
do
.22
.47
Middling...
do
do
.02
do
do
do
.57 off
do
do
do
.17
.35
Strict Low
.16
.28
.20
.41
Low Middling
Good Middling
.20
.41
Strict Middling
.16
.32
Extra White
Middling...
.55
.....1.27
Spotted
18
do
Middling
on
do
do
on
do
10 off
.58 off
do
do
do
♦Strict Low Middling...
do
1.28
do
♦Low Middling
do
2.00
do
.14
.31
.14
.31
Good Middling
do
do
.14
.31
Strict Middling
♦Middling
do
do
do
do
....1.28
♦Strict Low Middling...
do
do
1.95
do
♦Low Middling
do
do
2.50
do
.14
.31
.14
.31
Middling..Yellow Tinged
Good Middling
♦Strict Middling
♦Middling
.14
.31
.14
Good Middling
♦Strict Middling
/ '.
.31
♦Middling
Good
Middling
Strict Middling.
♦Middling
♦Good Middling..
♦Strict Middling
♦Middling
*
Not deliverable
on
future contract.
.07 off
36 off
do
59
Light Yellow Stained.
do
do
.65 off
do
do
do
...1.27
do
do
do
do
...1.91
do
do
do
1.22 off
do
do
do
1.80
do
2.36
I
Gray
do
.47 off
do
do
.72
do
do
1 19
do
BlueStained
do
do
do
do
,
..Il.23
Tuesday
May 12
closing
as
Wednesday
May 13
Fri.
11.73
prices
follows:
at
vf.
-
Thursday
Friday
May 14
May 15
—
Range..
Closing. 11.43/1
July—
11.42/7
11.42/7
11.44/7
11.50/7
11.52/7
Range
11.24-11.26 11.21-11.26 11.25-11.29 11.26-11.30 11.30-11.39 11.34-11.40
Closing. 11.25
11.25-11.26 11.26
11.29
11.38
10.40
_.
Aug.—
Range..
11.03/1
Closing
Sept.—
Range
11.03/7
11.03/7
11.14/7
11.23/7
11.25/7
10.74/7
10.73/7
10.81/7
10.97/7
10.96/7
_.
Closing. 10.75n
Oct.—
Range.. 10.27-10.30 10.21-10.29 10.26-10.33 10.28-10.35 10.39-10.52 10.46-10.51
Closing. 10.28-10.29 10.27
10.49-10.50
10.26-10.28 10.34-10.35 10.50
Nov.—
Range..
Closing. 10.28/i
10.28/7
10.26/7
10 .4^/7
10.33/7
10.49/7
Dec.—
Range.. 10.29-10.30 10.21-10.30 10.27-10.32 10.28-10.34 10.38-10.49 10.45-10.49
Closing. 10.29-10.30 10.29
10.33
10.27
10.48-10.49 10.49
Jan.{ 1937)
Range
Closing
_
10.31-10.32 10.22-10.29 10.27-10.30 10.30-10.30 10.40-10.49 10.44-10.49
.
10.31/7
10.29/7
10.27
10.33/7
10.49
10.47/7
Range..
10.32 n
Closing
10.30/7
10.29/7
10.34/7
10.49/7
10.47/7
.
Feb.—
.
Mar.—
'
Range.. 10.33-10.35 10.25-10.33 10.31-10.35 10.31-10.35 10.40-10.50 10.44-10.51
Closing
10.33
.
10.31/7
10.31
10.35
10.49-10.50 10.47
April—•
Range..
Closing.
/7
Nominal.
Range of future prices at New York for week ending
May 15 1936 and since trading began on each ontion:
Range for Week
Range Since Beginning of Option
May 1936.. 11.57 May 11 11.65 May 15 10.33 Aug. 24 1935 12.07 May 17 1935
June 1936..
10.58 Sept. 30 1935 11.38 Oct.
8 1935
9 1936 11.97 May 25 1935
July 1936.. 11 ~21 "May" 11 11.40 May 15 10.21 Jan.
Aug. 1936..
10.39 Jan.
9 1936 11.55
Nov. 25 1935
10.42 Sept.
9.80 Jan.
3 1935 11.40
July
9 1936 11.45
Dec.
3 1935
10.12 Mar.
3 1936 10.19
Jan.
8 1936
9 1936 10.69
Jan.
2 1936
25 1936 10.53 Apr.
22 1936
May 1110.51 May 15 10.20 Mar. 27 1936 10.60 Apr.
18 1936
Sept. 1936-.
Oct.
1936.. 10.21
May 11 10.52 May 14
Nov. 1936..
Dec.
1936.. 10.21
May 11 10.49 May 14
9.76 Jan.
Jan.
1937-- 10.22
May 11 10.49 May 14
9.94 Feb.
Feb.
26 1935
1937.
Mar. 1937.
The
10.25
Visible
Supply of Cotton tonight, 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 tonight
(Friday) we add the item of exports from the United States,
for Friday only.
1936
May 15—
Stock at Liverpool
Stock at Manchester...
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1935
634,000
71,000
705,000 1,031,000
227,000
547,000
117,000
265,000
21,000
19,000
68,000
72.000
57,000
66.000
9,000
7,000
8,000
7,000
553,000
Total Great Britain
Stock at Bremen
Stock at Havre
610,000
95,000
705,000
220,000
165,000
16,000
72,000
67,000
9,000
4,000
bales.
—
507,000
Total European stocks
India cotton afloat for Europe
1,258,000 1,212,000
180,000
128,000
American cotton afloat for Europe
165,000
195,000
144,000
Egypt, Brazil,&c.,afl't for Europe
119,000
Stock in Alexandria, Egypt
261,000
246,000
Stock in Bombay, India
894,000
813,000
Stock in U. S. ports
1,721,210 1,783,895
Stock in U. S. interior towns
1,693,071 1.345,933
U. S. exports today
17,015
6,184
1934
911,000
120,000
983,000
1932
659,000
115,000
774,000
511,000
223.000
24,000
76,000
112,000
946,000
2,014,000 1,720,000
78,000
90,000
175,000
328,000
86.000
88,000
356,000
469,000
1,187,000
985,000
2,828,088 4,010,819
1,404,254 1,624,351
33,186
38,449
Total visible
supply
6,308,296 5,874,012 8,161,528 9 ,353.619
above, totals of American and other descriptions are as follows:
j\.7Yl6ViCClH'
-
.
Liverpool stock
Manchester stock
bales.
_______
Bremen stock.
Havre stock
—...
Other Continental stock
American afloat for Europe
U. S. ports stock
U. S. interior stock
U. S. exports today
Total American
East Indian, Btazil, &c.—
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
—
277,000
214,000
411,000
366,000
41,000
51,000
64,000
180,000
177,000
138,000
101,000
103,000
97,000
861,000
877,000
165,000
1 95,000
I
175.000
328,000
1,721,210 1,783,895 2,828,088 4 ,010,819
.1,693,071 1,345,933 1,404,254 1 ,624,351
17,015
6,184
33,186
38,449
48,000
.
_
__
4,342,296 3,961,012 5,763,528 7,308,619
333,000
47,000
41,000
27,000
64,000
180,000
119,000
261,000
894,000
420,000
500,000
30,000
69,000
50,000
16,000
66,000
122,000
128,000
78,000
144,000
86,000
246,000
356,000
813,000 1,187,000
293,000
51,000
69,000
90,000
88,000
469,000
985,000
do
do
Yellow Stained
and
Wed. Thurs.
11.63
11.66
Range.. 11.58-11.60 11.57-11.60 11.58-11.62 11.58-11.59 11.60-11.62 11.61-11.65
Closing. 11.60
11.58
11.58
11.58
11.61-11.62 11.63
Of the
Middling Pair
Strict Good
Monday
fMay 11
9
Option for-
14th
the
lowest
Tues.
11.63
June—
effect in
of the belt.
11.63
May I 1936)
_
10 designated spot markets on this date was 11.55c., un¬
changed from Monday.
On the 13th inst. prices closed
unchanged to 8 points higher.
Although volume of business
was
comparatively small, the session was quite active, with
buying of the October contracts the feature.
Houses with
foreign connections were conspicuous buyers of this delivery.
The happenings at Washington had no small influence in the
buying especially of the new crop months, as for a time it
looked as though the inflationary scare was again appearing
on the horizon.
As to weather, complaints of lack of moisture
in the Eastern belt keep coming in, which to some degree are
offsetting the good results from beneficial rains in other parts
Mon.
highest,
Saturday
.
creating bearish sentiment.
The New York Cotton
Exchange Service estimated April domestic cotton consump¬
tion at 545,000 bales, against 549,000 in March and 469,000
in April a year ago.
Average price of middling based on the
Sat.
11.65
New York for the past week have been
Brokers who usually act for the
liquidating about 14,000 bales of
May, mostly at bids of 11.58c., although some of this cotton
they sold at 11.60 and 11.59c. in the early dealings.
Trade
interests and shorts were the best buyers of May.
Weather
reports continue favorable, but appear to have little or no
On
3373
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
off
do
1.82
do
1.2.29
do
Total East India, &c
Total American.
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
1,966,000 1,913,000 2,398,000 2,045,000
4,342,296 3,961,012 5,763,528 7,308.619
6,308,296 5,874,012 8,161,528 9,353,619
6.56d.
11.73c.
9.48d.
5.20d.
5.96d.
6.90d.
12.50c.
11.60c.
8.83d.
9.05d.
6.08d.
4.96d.
6.55d.
5.77d.
6.23d.
5.96d.
8.50c.
8.90d.
5.23d.
5.66d.
Continental imports for past week have been 75,000 bales.
The above figures for 1936 show a decrease from last
week
of
115,127 bales, a gain of 434,284 bales
1,853,232 bales from 1934, and a
3,045,323 bales from 1933.
decrease of
1935, a
decrease of
over
3374
Financial
the
At
Interior
the
Towns
movement—that
is,
Chronicle
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 set out in
detail below:
May
In
Movemen
Week
Ship¬
Season
Week
15
60
58,243
2
15,426
Montgomery.
15
21
81,107
85,625
{fi'm
Selma
109,611
27,294
36,700
31,826
14,999
161,145
31,261
113,126
680
Ala.,Birming'm
Eufaula
__
Ark., Blythville
87
Forest City--
171
61
Helena
Hope
Jonesboro
1,459
260
Little Rock-_
63
Newport
349
Pine Bluff.
71
"~35
2,051
312
3,477
277
1,000
Columbus
Macon
129
-
45
Rome.-
10
90
701
320
386,164
3,907
173,568 11,590,140
*39,308
572,733
175
Natchez
Vicksburg...
Yazoo City—
32
Mo., St. Louis.
N.C.,Gr'nsboro
7,285
58
79
1~022
388
56
448
13
"~27
7
Texas, Abilene.
Austin
Brenham
540
.....
71
Paris
Robs town
"223
71
3,814
7,763
9,288
1,337
1,555
457
'
Decrease.
Movement into
531
Bales
9,017
71
265
79,897
205
7,372
158i
35,069 4,980,759
Total, 66 towns
74,377 1693071
totals
show
that
Norfolk
11.75
11.75
130
14,410
11.49
11.51
11.61
11.63
2,452
9,247
11.55
11.90
11.55
2,515
11.85
11.86
11.89
11.88
11.90
11.35
11.35
11.35
11.40
11.50
11.50
497
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton nt
Southern and other principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton onWeek Ended
Galveston
11.53
New Orleans..
11.63
Mobile--
11.45
Montgomery
Augusta
Memphis
12.35c.
—
1932
5.65c.
1931
9.50c.
11.70
11.70
11.43
11.23
11.45
11.25
Fort Worth
11.20
11.20
11.21
11.19
11.23
11.25
6,848
83
11,921
1,349
3,643
15,648
8,545
11
280
41,2531345933
stocks
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
week have been as follows:
for
the past
May
have
1914 —..13.40c.
1906
12.00c.
1905
8.25c.
1912
13.00c.
1908
9.80c.
1907
26.20c.
-21.25c.
1915
12.55c.
1913
1911
1910
1909
Market and Sales at New York
The total sales of cotton
week at New York
are
Tuesday
May 12
May 11
9
Thursday
May 14
May 13
11.48
11.51
May(1936) 11.51
Wednesday
Friday
May 15
11.58 11.59
11.55
11.51
11.18
11.17-11.18 11.18-11.19 11.20
11.27-11.28 11.31-11.32
August
September
10.25
10.23
10.24
10.30
10.46
10.45
December. 10.27
10.24
10.24
10.30
10.45
10.44
(1937) 10.28
10.24
10.24
10.30
10.45
10.43
102761029a 193261034a 10.44
Bid. 10.44
October
._
November
_
10.26
10.30
Bid.
Bid
Tone-
1916
1922
Monday
Saturday
April.——
-32.05c.
1923
11.63
June.—i-
1918
1917
1921
11.85
11.33
132
22.30c.
16.35c.
11.90
11.19
11.80c.
15.80c.
-15.90c.
11.35c.
11.00c.
12.05c.
11.95c.
1929—-.19.60c.
1930.
11.85
15,454381,540
49
8,054
2,427
44
4,507
41.60c.
29.75c.
26.70c.
20.10c.
1919
11.75
11.60
Quotations for 32 Years
1927
1926
1925
1924
11.45c.
8.70c.
11 60
11.78
11.58
11.88
11.21
The quotations for middling upland at New York on
May 15 for each of the past 32 years have been as follows:
..
11.49
11.31
""4
interior
1920
11.67
11.46
11.30
11.20
March
-21.75c.
-15.65c.
-18.85c.
11.63
11.45
11.60
February
1928
11.67
11.63
11.30
week last year.
11.73c.
11.65
11.60
Jan.
1935
1934
1933
_
Friday
11.55
11.60
11.20
the
1936
-
Wed day Thursday
11.53
11.59
Dallas--——.
during the week 39,308 bales and are to-night
347,138 bales more than at the same period last year.
The
receipts at all the towns have been 18,721 bales more than
New York
Tuesday
11.53
Little Rock
decreased
same
Saturday Monday
May 15
1,265108,005
3,058' 49,056
16,348 3,386,606
the
12,868.555
-.14,946,754
-
Below
July_._„
above
Bales
12,101,333
*
170,035 1932
90.772 1931
5,076
Includes the combined totals of 15 towns In Oklahoma.
The
years:
Since Aug. 1—
——143,147 1933
1934—May 18
1933—May 19
1932—May 20
19
16,631
26,816
56,894
"21;
811
sight in previous
Week—
11.76
11.75
109
6,747
"200
908,429
12,876
11.75
1,826
15,141
5,540
24,681
1,009,963
11.75
379
"466
46,861
35,721
13j
8,474,403
12,584,631
16,929
Savannah
400
21,118
50|
64j
721
.
16
.
_
_
Waco
*
55,328
34,219
10,525
San Antonio
Texarkana
♦
*81,274
97,843
4,610
3,436
86
240,649
1,848
121,617
8,362 1,354,747
41
24,007
53,762
25,477 526,268
43
1,438
366
1,037
421,758
134,260
North. spinnV takings to May 15-
Houston
15 towns*
Dallas.
during week
Total in sight May 15-__—
Came into sight
10
1,650
3,185
Oklahoma—
S.C., Greenville
Tenn., Mem phis
8,357,222
198,455
16,232
3,739
51
122,748
*24,905
135
1
600
—
mill takings
consumption to May 1
southern
of
2,260
2,515
15
2,845
828
_
Jackson
190
229
343
82,968
19,040
14,571
19,501
3,898,853
633,369
3,825.000
8,059
46,023
14.284
28,546
11.285
3,805
31,581
69,090
98,610
12,711
18,266
21,948
21,535
30,275
15,771
39,682
4,620
14,281
74,239
98,369
27,550
13,518
19,238
57,672
131,248
23,327
135,298
25,003
3,907
21,817
28,344
178,526
428
4,105
5,371
18,260
40,562
24,573
24,844
95,306
153,064
1,811
15,319 1,915,943
4
54,770
16
18,492
6
12,135
42
168
"807
42
307
880
Columbus
86
78,193
38,058
6,399
Miss.Clarksdale
728
433
"377
300
1,220
2,886
1,130
3,306
296
86,224
17,082
1,224
201,071
8,087
2
406
"i§3
24,114
21,715
16,281
24,154
21,935
16,520
2,883
6,919
8,217
3,217
3,214
La., Shreveport
Greenwood.
10
400
830
4,479
69
133
110
53,711
15,428
71,410
121,888
41,243
173,890
56,233
8,789
30,726
37,784
18
2,910
17
122,861
27,676
47,087
29,128
28,078
2
69
3,863
142
344
Atlanta
159
7
180,801
43,539
34,456
24,335
66,039
294,208
Augusta
10
44,868
12,201
16,810
46,087
149,555
120,231
32,100
Walnut Ridge
May
20,960
8,689
23,924
44,215
79
5,636
56,808
15,012
Stocks
Week
Season
16,279
774
Ga.t Albany...
Athens
Week
61,660
56,954
78,596
16,189
12,052
571
Ship¬
ments
Receipts
36,729
11,144
1,026
Excess
Aug. 1
21,061
1,687
100,000
40,509
South'n consumption to May 15--125,000
over
May
Week
Receipts
Stocks
ments
Towns
1935
Since
Week
Aug. 1
6,420,391
749,749
4,420,000
Receipts at ports to May 15
Net overland to May 15
Interior stocks in excess
to May 17,
-1934-35Since
Sight and Spinners'
Takings
Total marketed
Movement to May 15, 1936
16, 1936
-1935-36-
on the spot each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Steady.
Quiet.
Steady.
Options
Steady.
Steady.
Steady.
Steady.
Steady
Steady.
Steady.
Steady.
Steady
Census Report on Cotton Consumed and on Hand,
&c., in April—Under date of May 14, 1936, the Census
report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of April, 1936
and 1935.
Cotton consumed amounted to 576,762 bales of
lint and 61,450 bales of linters, compared with 548,913 bales
of lint and 60,811 bales of linters in March, 1936, and
468,402 bales of lint and 69,341 bales of linters in April
1935. It will be seen that there is an increase in April, 1936,
when compared with the previous year in the total lint and
linters combined of 100,469 bales, or 18.7%. The following
Bureau issued its
is the statement:
SALES
Futures
Spot Market
Market
Closed
Closed
Quiet,2pts. dec
Quiet, 2 pts. dec
Steady, unchanged.
Steady, unchanged.
Steady, 3 pts. adv__
Steady, 7 pts. adv__
Steady....
Steady—.——
Steady.
Steady
Steady————
Steady
APRIL REPORT
Contr'ct
Spot
OF
COTTON
AND EXPORTED,
,
Total
CONSUMED, ON HAND, IMPORTED
AND ACTIVE COTTON SPINDLES
(Cotton in running bales, counting round
Saturday—Monday
Tuesday
Wednesday.
Thursday
Friday
—
-
_
as half bales, except foreign, which is in
500-pound bales)
"200
"200
Cotton Consumed
..
Cotton
During—
200
200
Aug. 1
32,890
3i"io6
reports Friday night.
Aug. 1 in the last two
In Con¬
Months
Year
suming
83,990
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since
Hand
Cotton
Nine
Total week.
Since
on
April 30—
Aug. 1, as made up from telegraphic
The results for the week and since
Ended
April
(bales)
United States
....
j
In
Public
Storage
Establish¬ & at Com¬
April 30
presses
(bales)
1936 576,762
ments
(bales)
(bales)
Via St.
Louis.
6,399
1,240
Via Mounds, &c
Via Rock Island
Via Louisville
100
Via Virginia points
Via other routes, &c
3,769
4,574
Total gross overlaDd
Deduct Shipments—
16,082
1936 486,749 3,903,855
1935 379,290 3,292,873
1936
73,507
1935
Since
Since
Week
Cotton-growing States..
1936
67,964
16,506
611,857
643,516
133,809
1935
21,148
179,372
49,022
18,175
1936
50,323
22,174
20,511
67,440
43,158
24,789
12,935
24,289
8,260
1935
5,799
6,794
6,615
4,159
26,975
10,012
1936
1,659
1,097
16,875
7,316
15,744
6,967
1936
61,450
1935
69,341
-1934-35-
1935-36-
May 15—
Shipped—
Week
Aug. 1
Al
other States.--
Aug. 1
596
188,022
92,379
3,482
4,020
12,922
156,967
484,826
2,515
197,987
72,329
2,828
10,972
172,254
595,045
10,613
935,193
1935
Other ioreign cotton
769
7,030
Total to be deducted..
Leaving total net overland *
27,683
9,607
264,376
8,169
301,666
8,926
749,749
1,687
__|
633,369
482
275
,
Country of Production
of
116,380 bales.
an
increase
A;'3V,,v.•
~
/
over
A-
a
2,193
8,564
3,402
250,061
61,543
1936
'
251,701
54,296
All other..
9 Mos. End. Apr. 30
,:1936
5,887
47,536
1935
58,611
194
.
' :
117
931
1,064
2,607
China
British India
of Fore gn Cotton (50045. Bales)
1935
4,695
Peru
Mexico
s
April
w
Egypt
The foregoing shows the week's net overland movement
this year has been 8,059 bales, against
1,687
bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
532,618
532,295
Impor
.
Including movement by rail to Canada.
681,764
No' Included Above—
301,824
8,059
224
1936
;
Amer.-Egyptlan cotton.
25,328
12,489
264,007
8,023
Inland, &c., from South
*
—
Linters
Overland to N. Y., Boston, &c—.
Between interior towns
972,743 5,909,742 17,118,660
824,259 7,019,872 17,023,872
171,703
102,818
5,320,982
188,862
165,360
6,148,416
45,967
7,966
683,894
Included Above—
Egyptian cotton
77
1,051,415
April
(Number)
4,649,521 1,190,413 6,020,526 23,123,536
1,062,143 7,203,407 23,854,052
New England States
follows:
Active
During
1935 468,402 4,115,761
1935
years are as
Spindles
100
19,174
2,714
3,059
1,595
18,427
480
4,620
2,903
31,002
33
53
801
741
12,629
9,060
102.158
83,497
year ago
.".-A
\W
Total
Volume
142
Financial
Exports of Domes ic Cotlons Excluding Lin'ers
(Running Bales—See Note for Linters)
Coun'.ry to Which Exported
9 Mos. End.
April
Apr. 30
Chronicle
3375
very favorable out in this part
for a good season.
of the country and looks like
we are
headed
Sweetwater {Nolan County)—15% increase in acreage,
35% planted, very
Beneficial rains have fallen over part of this
territory the past
week; however, from Sweetwater west majority of land is still in need of
little up.
moisture.
1936
United Kingdom
France
1935
79,937
30,531
.
Italy
34,932
Germany
Spain
44,575
11.092
_
Belgium
Other
6,063
Europe
318,841
321,304
397,455
673,245
273,569
202,218
68,630
180.676
147,499
9,547
53,214
35,182
98,685
Japan
607.936
1,165,754
612,425
45,819
26,846
26,270
19,569
21,016
471,899
75,071
394,486
1,284,211
1,050
14.265
1,319,385
33,177
8,978
20,545
201,689
177,669
1,685
10.993
40,017
65,637
352,710
323,155
5,167,070
3,895,785
China
Canada...
All other
Total
105.133
Note—Linters exported, not included
above, were 12,532 bales during April in
1936 and 15.657 bales in 1935;
178,359 bales for the nine months ending April 30 in
1936 and 146,032 bales in 1935.
The distribution for April, 1936, follows: United
Kingdom, 399; Netherlands, 3,650; Belgium, 300;
France, 615; Germany, 5,959;
Italy, 534; Canada, 340; New Zealand, 8; Japan, 727.
WORLD
STATISTICS
The world's production of commercial
cotton, exclusive of linters, grown in 1934,
compiled from various sources was 22.869,000 bales,
counting American in running
bales and foreign in bales of 478
as
pounds lint, while the consumption of cotton (ex¬
clusive 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.
Census
Report
Cottonseed
on
Oil
Production—On
May 13 the Bureau of the Census issued the following state¬
ments ho wing cottonseed
received, crushed and on hand,
and cottonseed products
manufactured, shipped out, on hand
and exported for the nine months'
period ended April 30,
1936 and 1935:
COTTON SEED RECEIVED, CRUSHED AND ON HAND
(TONS)
Received atMills*
Crushed
On Hand at Mills
Aug. 1 to April 30
State
Aug. 1 to April 30
April 30
1936
1935
Alabama
285,754
Arkansas
291,157
California
92,875
416,057
173,046
Georgia
Louisiana
Mississippi
509,772
222,097
191,577
204,303
230,455
North Carolina
Oklahoma
North Carolina
Tennessee
1935
288,619
284,341
87,933
425,013
172,710
494,936
227,008
193,086
202,476
232,738
955,581
103,996
102,496
414.836
157,864
468,073
246,253
95,906
193,635
279,658
710,031
122.837
1936
259,044
274,401
97,593
380,583
157,753
433,170
233,096
1935
6,125
26,413
13,086
5,083
60,263
3,651
54,198
15,098
6,257
1,193
27,058
29,365
9,225
5,291
13,212
1,699
27,848
5,166
107,654
193,513
734
3,588
277,814
783,327
116,200
2,123
23,195
147
7,213
3,677,215 3,340,365 3,668,437 3,314,148
98,353
248,878
Texas
956,364
103,758
All other States
United States
*
1936
266,370
282,406
Includes seed destroyed at mills but not
89,575 tons and 222,761 tons on hand
nor 52,465 tons and 113,247 tons reshipped for 1936 and
1935, respectively.
Aug. 1
COTTONSEED
PRODUCTS
MANUFACTURED,
AND ON
NORTH
1935
1936
SHIPPED
TEXAS
Sherman {Grayson County)—Cotton planted this section
75 %, with 50 %
good rains past week over this section and
planted this week.
Increase in acreage over
last season will be from
10% to 20%.
Plenty of seed to finish planting.
Terrell {Kaufman County)—Increase in
acreage about 20 to 25 %.
Around
85% planted, with about 60 to 65% up to a good stand and
plenty of mois¬
ture.
Will not need any rain for three or four weeks.
Texarkana {Bowie County)—Bottom lands all
planted, with cotton up
uniformly to a perfect stand; 10% chopped; fully 15% increase in acreage.
up to a fair stand.
We had
balance of the acreage will be
Uplands 80%
last
season.
planted, 30%
up to
Moisture sufficient at
good stands.
Acreage about
same
as
present.
Wills
Point {Van Zandt County)—25% of the cotton crop in this section
has been planted and
10% is up to a stand.
Heavy rains—approximately
eight inches—fell here Friday and Saturday.
Much of the cotton up will
have to be replanted due to the extreme
grassy condition of
fields, and prac¬
Crop two to three weeks late.
tically all of the cotton just planted is lost.
CENTRAL TEXAS
Athens {Henderson
County)—Cotton planting is well under way in Hen¬
derson County.
Some replanting necessary due to cotton which was
planted on May 1 and 2 did not come up, due to the heavy rain on
May 3^
The cotton is about
25% planted and the stands are uniformly
Acreage increase about
15%.
Moisture sufficient for time being.
Calvert
{Robertson County)—90% planted and 10%
good.
being replanted;
75% up.
Germination good, stands very good.
Cultivation fairly good
but just getting started.
Quality of seed very good.
Rainfall ample for
present needs; prefer warm, dry weather for three to four weeks to
place
soil in a good state of cultivation.
Probably 20% increase in acreage over
1935.
Little attention paid to Government soil erosion program
by larger
planters or owners of best lands.
Crop is probably 10 days to two weeks
late, but with normal weather conditions could be easily overcome.
Ennis {Ellis County)—Acreage is increased over last season 15 to
20%.
About 35% are signing up on the new Government plan.
About 75%
planted and very little to be replanted, and about 75% of this up to a
good
stand.
Land well cultivated and on Friday we had an inch of rain, and
1.5 inches Saturday night, which is all we need for some time.
We now
need warm, dry weather.
Glen Rose
{Somervell County)—We have
planty of moisture.
Very
little cotton planted.
Planting will be general about the 20th.
Acreage
about the same as last year.
Hillsboro {Hill
County)—With favorable weather prevailing past week,
farmers succeeded in planting about 80% of acreage to
cotton, which is
germinating rapidly and at the present time about 50% is up to stand.
Friday afternoon we had 1.75 inches of rain, which gives us all we need in
the way of moisture.
Acreage increase 10% to 15%
La Grange
(Fayette County)—90% of cotton is planted; 70% is up from
Present moisture sufficient.
10% increase in acreage.
fair to good stand.
Taylor (Williamson County)—Condition in this county at this time is very
good.
Cotton is about 85% planted, with about 50% up to good stand.
Very little replanting necessary, and that only where cutworms did damage.
Warm weather during week and rains the end of the week have benefited
germination and the young plants.
We will have a 20% increase in acre¬
age over last season.
Temple (Bell County)—Rains last week and this week over most of county;
plenty of moisture for present.
About 60% cotton planted, with 5 to 10%
up.
Estimate increase of 15% in acreage.
Need 10 days or two weeks
dry, warm weather so that planting can be completed and cotton come up.
Waxahachie (Ellis County)—It has been far too dry thus far this year;
however, we are getting a good rain today (Friday), which will insure getting
all cotton up to good stand and growth of that part of the crop
already up.
70% planted and 30% up.
Expected increase of about 15% in acreage
over last season.
Farmers slow in signing up for soil conservation program,
as there seems to be a lack of understanding of the
program.
OUT,
HAND
EAST
TEXAS
Jefferson (Marion County)—Had good rain in this county last night, which
Produced
Item
Season
Aug. 1
Crude oil, lbs...
Refined oil, lbs. I
Cake and
meal.j
tons
Hulls, tons
Linters, running
bales
Hull
fiber,
500-
lb. bales
Shipped Out
Aug. 1 to
April 30
On Hand
Aug. 1 to
On Hand
April 30
April 30
1935-36
*28,262,543 1,113,561,526 1,059,442,864
*85,206,380
1934-35
34,400,287 1,031,998,905 1,023,816,516
61,724,572
1935-36 a444,833,215 b980,488,500
8487,536,018
1934-35
656,804,830
952,104,913
576,782,632
1935-36
198,367
1,663,436
1,659,374
202,429
1934-35
124,572
1,507,941
1,368,614
263,899
1935-36
76,604
950,305
932,345
94,564
1934-35
30,958
852,474
754,656
128,776
1935-36
71,292
835,925
793,639
113,578
1934-35
75,958
747,091
675,568
147,481
1935-36
1,332
35,408
36,084
656
1934-35
646
61,075
59,902
1935-36
5,966
3,970
40,379
34,971
35,592
28,529
1,819
.
Grabbots, motes.
&c.,
600-lb.
bales
1934-35
10,753
10,412
*
Includes 8,916,786 and 11,334,305 pounds held
by refining and manufacturing
establishments and 8,589,280 and 8,996,936 pounds in transit to
refiners and con¬
sumers
a
and
Aug. 1, 1935, and April 30, 1936, respectively.
5,175,698 and 16,017,822 pounds held by refiners, brokers, agents,
Includes
warehousemen
at
places other than refineries and manufacturing establish¬
ments and 7,214,525 and 6,769,970 pounds in transit to
manufacturers of lard
substitute, oleomargarine, soap, &c., Aug.
1935, and April 30, 1936, respectively,
b Produced from 1,063,649,762
pounds of crude oil.
,
EXPORTS
AND
IMPORTS
OF
MONTHS
COTTONSEED
ENDING
PRODUCTS
FOR
EIGHT
MARCH 31
will help us materially.
About 90% of our crop planted and up to a good
stand.
Acreage about the same as last season.
Our crop is about three
W6@ks lcltC
•
•
San
Augustine (San Augustine County)—Will have a slight increase in
Crop in portion of the county is fair and stands are good.
Lots
yet to be planted and a good rain needed before some of the
cotton already planted will come up.
Timpson (Shelby County)—Crop about 50% planted; about 35% up to a
good stand; some farmers waiting for rain before planting some of their
cotton.
Fields are unusually dry; not a heavy rain here since last Novem¬
ber.
Crop about two weeks late and something like 10% increase in acreage
acreage.
of cotton
of cotton this year.
.
SOUTH
„
TEXAS
Corpus Chrisli (Nueces County)—This territory has had ample moisture
and all needed at present is warm sunshine.
Very heavy rains in this sec¬
tion last night and this morning.
Acreage is about 15% to 20% increased
over past season.
All cotton has been planted and is up and from four to
fully 12 inches high, with a good taproot, mostly squaring and all good
stands, and making wonderful progress even with lack of sunshine and
warmth.
Weather at present very unsettled, favorable for insects.
San Antonio (Bexar County)—After a long drought we had our first rain
about a week ago; since that time farmers have been completing planting
and plowing what was already planted.
Have just had a little over an
inch of rain, which is just about what this territory needed for the present.
About 90% of the cotton is planted and about 65% is up.
There is an
increase in acreage of about 15% over last year.
A few farmers are com¬
plaining about the June bugs in the fields, but think the damage is small
at this time.
Seguin (Guadalupe County)—Sufficient moisture for planting in our sec¬
Planting practically completed.
60% to 70% of cotton planted is
small percentage now being chopped; chopping will be general next
week.
About 10% increase in acreage.
Some replanting necessary, due
to poor stand of first planting.
Fields in fair condition.
Need one more
week of dry weather to clean out crop and then a good soaking rain.
tion.
up;
Item
1936
Exports—Oil, crude, pounds
Oil, refined, pounds
294,063
2,099,474
10,240
165,827
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports—Oil, crude and refined, pounds
Cake and meal, tons of 2,000 pounds
*
*88,354,575
2,469
1935
1,171,514
1,974,731
2,357
130,375
56,731,474
41,830
Amounts for April not Included above are 498,947
pounds
crude, and 9,844,785
refined, "entered directly for consumption," 1,339,520 crude and
634,560 refined
"withdrawn from warehouse for
consumption," and 1,340,640 crude and 5,316,227
refined "entered directly into warehouse."
Dallas
Cotton
Exchange Weekly Crop Report—The
Exchange has issued its first weekly com¬
prehensive report for 1936, covering cotton crop conditions
Dallas
Cotton
in the different sections of Texas and also in Oklahoma
and
Arkansas.
We reprint this report, which is dated
May 11,
in full below:
TEXAS
WEST
TEXAS
Lubbock (Lubbock County)—Looks like 20% increase in
acreage.
About
20% of the Plains have moisture to plant on.
Need a general rain.
Verysmall per cent planted.
Quanah {Hardeman County)—Soil preparation about two-thirds com¬
pleted for crop.
Weather is too cool and mostly too dry for best results.
The rains we have had over our territory have been
spotted.
Think 95%
of farmers are signing up on soil conservation program.
No new seed being
bought.
Supply on hand adequate and will turn out all right if growing
conditions favorable.
Plenty of labor and everyone anxious to work.
Estimate acreage increase will be 15% in this territory.
Snyder {Scurry County)—There was a good rain in this part of the country,
enough to bring up what cotton was planted, and enough moisture to start
planting in localities that have been too dry to plant.
Conditions look
OKLAHOMA
Anadarko
(Caddo County)—Moisture conditions were very poor in our
territory until May 1.
Rainfall has been ample since.
Due to drought
seed beds are very poor and late.
Planting will be in full progress from
Monday on until finished.
Very little planted so far; none up.
Lack of
rain is causing quite a bit of wheat to be plowed up for cotton and row feed
crops.
Increase in cotton acreage may be more than 20%.
There is a
serious shortage in good planting seed.
Chickasha (Grady County)—Chickasha territory received from 1 to 1M
inches rain during past week, making total of approximately two inches
of moisture during past 10 days.
Planting will be in full swing by middle of
coming week.
Ground in fine condition.
20% increase acreage this
county; very little planted, none up.
Planting about 10 days late.
Hobart (Kiowa County)—Although western Oklahoma has had several
scattered showers past 10 days, the soil is still badly in need of moisture.
There has been no planting done except in the Frederick tertitory, but
owing to showers of past two days it is probable that planting will be well
under way by the middle of the coming week.
A good deal of wheat has
been plowed under in this section and there is some talk of the greater part
of this being planted to cotton.
I doubt if this land would make even a
fair crop, even under ideal conditions through the growing season, which
will be necessary for western Oklahoma to make a good crop, owing to de¬
ficiency of moisture to date.
Estimate 25% increase in acreage for west¬
ern
Oklahoma.
(Greer County)—While cotton planting time is now with us,
had 0.81 inch rainfall this week, general raihs are urgently
needed, as had only around two inches precipitation since last November.
Small grain has, generally speaking, passed out of the picture, and if ample
moisture could be had, much of this wheat would be planted to cotton.
Nothing planted as yet, but many will get started next Monday.
Producers
will cooperate with Government program, and without more favorable
weather hence our cotton acreage will be practically same as last year,
with possibly slightly better quality seed being planted.
Waurika (Jefferson County)—Previous to past week or 10 days weather
conditions were getting serious
owing to continued lack of rain, but forMangum
and though we
Financial
3376
tunately during past week or so we have been relieved with rains of more
than 2)4 inches, putting the soil in excellent shape for planting.
As yet
very little cotton has been planted and none is up.
If weather clears and
warms up, we expect considerable planting the coming week.
Expect an
increase in acreage over last year, but too early to estimate percentage.
ARKANSAS
(Little River County)—Acreage increased 10% to 15% over
picked acreage last season.
90% through planting, 75% up, stands fair
to good.
Slow rain falling today.
This, with light rain on April 22 and
April 28, the only moisture this section has received since Dec. 1.
Land
working well, fields clean, condition much better than this date last year,
as our section was having packing rain and overflows which made it neces¬
sary to plant and replant until after July 1 last year.
Little Rock (Pulaski County)—Top soil moisture is adequate at present
but there is a deficiency in subsoil moisture, as the rainfall since Jan. 1
has been about 11)4 inches less than normal.
Weather past 10 days very
favorable for field work and growth of cotton.
90% planted and about
60% up.
Good to excellent stands where up.
Practically no replanting
necessary to date.
Cultivation and chopping in progress past week and
fields now clean.
Good rain today, the first since last Saturday.
Crop
normal to six days late.
Fully 10 days ahead of same date in 1935.
In¬
creased acreage estimated at fully 15%.
Searcy (White County)—Moisture conditions in this territory are very
favorable for planting.
About 60% of the crop has been planted and about
10% of the cotton is up.
At the present time it is very hard to determine
if there will be an increase or decrease in acreage as compared with last
Ashdoivn
season.
Telegraph—Reports to us by tele¬
graph this evening denote that due to the lack of rainfall
conditions in the eastern part of the cotton belt are worse
than ever, with extreme high temperatures adding to the
prevailing bad situation.
Planting cannot be finished in
many localities until rain falls.
Very little complaint is
coming from the central and western divisions of the cotton
Weather Reports by
belt.
Rain
Rainfall
3 days
3.05 in.
dry
Austin
2 da,ys
0.02 in.
Abilene
dry
Brenham__
___3 days
2.42 in.
Brownsville
3 days
2.12 in.
Corpus Christi
3 days
1.78 in.
Dallas
2 days
1.28 in.
El Paso
dry
Kerrville
1 day
1.04 in.
Lampasas
3 days
2.88 in.
Longview
__3 days
5.38 in.
Luling
;
1 day
0.94 in.
Nacogdoches
2 days 0.90 in.
Palestine
2 days
1.34 in.
Paris
4 days
4.54 in.
San Antonio
3 days
2.56 in.
Taylor
4 days
2.38 in.
Weatherford
2 days
1.68 in.
Oklahoma—Oklahoma City-.2 days
2.40 in.
Arkansas—Eldorado
3 days
1.55 in.
Fort Smith.
2 days
1.54 in.
Little Rock
3 days
0.44 in.
Pine Bluff
___3 days
1.35 in.
Louisiana—Alexandria
2 days
0.40 in.
Amite
1 day
0.18 in.
New Orleans
dry
Shreveport
4 days
1.86 in.
Mississippi—Greenwood
1 day
0.22 in.
Meridian
1 day
0.08 in.
Vicksburg
2 days
0.28 in.
Alabama—Mobile
dry
Birmingham
___1 day
0.08 in.
Montgomery
1 day
0.28 in.
Florida—Jacksonville
1 day
0.64 in.
Miami
dry
Pensacola
dry
Tampa._1 day
0.06 in.
Georgia—Savannah
1 day
0.17 in.
Atlanta
1 day
0.02 in.
Augusta.2 days
0.82 in.
Macon
i
___2 days
0.10 in.
Thomasville
2 days
0.76 in
South Carolina—Charleston_2 days
1.53 in.
Greenwood.
dry
Texas—Galveston
Arnarillo
_
--
1
dry
Columbia,
1.05 in.
1.17 in.
dry
1 day
3 days
Conway
North Carolina—Asheville
Charlotte
Newborn
dry
1 day
,__1 day
0.20
0.05
dry
3 days
1.42
3 days
1.96
2 days
0.98
Raleigh
Weldon
Wilmington
Tennessee—Memphis
Chattanooga
Nashville
Rain
in.
in.
in.
in.
in.
Thermometer
low 64
mean 74
low 42
mean 63
high 86
low 60
mean 73
high 90
low 54
mean 72
high 84
low 62
mean 7d
high 84
low 64
mean 74
high 82
low 64
mean 73
high 84
low 60
mean 72
high 90
low 54
mean 72
high 86
low 52
mean 69
high 88
low 54
mean 71
high 86
low 56
mean 71
high 88
low 60
mean 74
high 82
low 56
mean 69
high 82
low 58
mean 70
high 84
low 58
mean 71
high 86
low 58
mean 72
high 88
low 58
mean 73
high 86
low 56
mean 71
high 80
low 54
mean 67
high 86
low 49
mean 68
high 82
low 54
mean 68
high 84
low 54
mean 69
high 89
low 51
mean 70
high 85
low 59
mean 72
high 90
low 57
mean 74
high 88
low 68
mean 78
high 85
low 61
mean 73
high 89
low 51
mean 70
high 90
low 52
mean 71
high 86
low 58
mean 72
high 91
low 64
mean 76
high 88
low 56
mean 72
high 94
low 64
mean 79
high 92
low 62
mean 77
high 84
low 68
mean 76
high 82
low 66
mean 74
high 90
low 64
mean 77
high 93
low 62
mean 78
high 96
low 64
mean 80
high §6
low 62
mean 79
high 96
low 58
mean 77
.high 94
low 58
mean 76
high 93
low 64
mean 79
high 95
low 60
mean 78
high 94
low 58
mean 76
high 96
low 53
mean 75
high 88
low 50
mean 69
high 92
low 64
mean 78
high 95
low 50
mean 73
high 90
low 48
mean 69
high 93
low 58
mean 76
high 88
low 52
mean 70
high 86
low 55
mean 72
high 94
low 58
mean 76
high 90
low 50
mean 70
high 83
high 86
Tlie
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
May 15, 1936
May 17, 1936
Feet
New Orleans
Above
Memphis
Above zero of
Nashville
Above
zero
zero
of gauge.
gauge.
of gauge.
.Above zero of gauge.
.Above zero of gauge.
Shreveport
Vicksburg
from
Receipts
the
Feet
9.8
15.5
9.4
18.9
21.4
14.9
29.2
12.0
31.5
38.3
Plantations—The
May ie, me
(1) That the total receipts
The above statement shows:
plantations since Aug. 1 1935 are 6,987,547 bales;
4,139,457 bales and in 1933-34 were 7,111,389
bales.
(2) That, although the receipts at the outports the
past week were 40,509 bales, the actual movement from
plantations was 1,201 bales,
stock at interior towns
having decreased 39,308 bales during the week.
;
from the
in 1934-35 were
Shipping
shown
News—As
on
a
previous
page,
from mail and telegraphic reports, are as
up
•
'
■
follows:
100To
2,838
764
793
4,855
293
371
Copenhagen—May 14—Tampa, 371
To Oslo—May 14—Tampa,
100
To Gdynia—May 14—Tampa, 634
NEW ORLEANS—To Oslo—May 9—Tampa, 100To Havana—Apr. 18—Santa Marta, 120
Apr. 25—Sixola,
120
May 2—Tivives, 120---May 9—Metapan, 120
To Gdynia—May 9—Tampa, 659
—
To Ghent—May 11—Michigan, 281
To Gothenburg—May 9—Tampa, 1,475
To Havre—May 11—Michigan, 805
To Wasa—May 9—Tampa, 100
—
To Dunkirk—May 11—Michigan, 870—
—
To Liverpool—May 9—West Queeches, 800—
To Brest—May 11—Michigan, 100
To Genoa—May 12—Marina 0,1,023.
To Antwerp—May 21—Kellerwald, 50To Naples—May 12—Marina O, 400
LAKE CHARLES—To Genoa—May 8—Marina 0,13- To Liverpool—May 9—West Tacook, 29
MOBILE—To Hamburg—May 8—Chemnitz, 309
To Gdynia—May 8—/Chemnitz, 200
To Bremen—May 8—^Chemintz, 300
SAVANNAH—To Japan—May 14—Montreal Maru, 1,300CORPUS CHRISTI—To Japan—May 5—Katsuragi, 1,967
NORFOLK—To Holland—May 11—Breedijk ,263
To Hamburg—May 15—City of Hamburg, 1,126
To Manchester—May 13—Leigh, 377---—
100
634
100
480
659
281
1,475
805
100
870
800
100
1,023
50
400
13
29
309
200
300
1,300
1,967
263
1,126
377
Japan—May 11—Golden Sun, 1,949; Pres.
May 12—Hokkani Maru, 250
12—Lochgail, 209
LOS ANGELES—To
Hoover, 800
2,999
209
To Liverpool—May
50,442
Total
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 from which statistics
takings
obtainable; also the
sight for the like period:
are
amounts gone out of
or
•
1934-35
1935-36
Cotton Takings,
Week and Season
Season
Week
Visible supply May 8
Visible supply since Aug. 1
American in sight to May 15-
6,038,219
6,423,423
Bombay receipts to May 14—
Other India ship'ts to May 14
Alexandria receipts to May 13
Other supply to May 13 * b
83,000
10,000
10,000
11,000
*
Embraces receipts in Europe from
This total embraces since Aug. 1
673,000
1,462,200
478,000
5.874,012
5,874,012
386.050 14,237,310
223,050 9,208,110
163,000 5,029,200
363,387 16,041,194
246,387 11,029,594
117,000 5,011,600
Of which American.
2.144,000
6,260,062 20,111,322
6,308,296
6,308,296
Total takings to May 15 a
6.879,719
8,474,403
97,843
94,000
6,000
12,000
12,000
6,671,683 22,349,490
Visible supply May 15
a
4,295", 259
12,584,631
2,587,000
822,000
1,619,600
441,000
134",260
Total supply
Deduct—
Season
Week
Brazil, Smyrna, West Indies, &c.
the total estimated consumption by
Southern mills, 4,420,000 bales in 1935-36 and
3,825,000 bales in 1984-35—
takings not being available—and the aggregate amount taken by Northern
foreign spinners, 11,621,194 bales in 1935-36 and 10,412,310 bales in
1934-35, of which 6,609,594 bales and 5.383,110 bales American.
and
b Estimated.
India Cotton
Movement from All Ports—The
of India cotton at
for three years,
have been
as
Aug. 1
as
cabled,
follows:
1933-34
1934-35
1935-36
May 14
Receipts—
Week
Week
Aug. 1
83,000 2,587,000
Bombay
Since
Since
Since
Receipts from Plantations
Ended
receipts
Bombay and the shipments from all India
ports for the week and for the season from
following table
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipls at Ports
255
1,347
To
The
Stocks at Interior Towns
346
461
680
3,165
-—
9—Michigan, 461
Dunkirk—May 9—Michigan, 680----To Bremen—May 12—Ingram, 3,165
HOUSTON—To Ghent—May 9—Binnendijk, 30
May 14—Cranford, 225To Havre—May 14—Cranford, 1,347—
_
_____
——
To Rotterdam—May 8—Binnendijk, 2,403—May 14—Cran¬
ford, 435-To Bremen—May 8—Ingram, 764
To Hamburg—May 8—Ingram, 793
To Japan—May 12—Asosan, 2,108; Rio de Janeiro, 800—May 13—Kenugasa Maru, 1,947
To China—May 13—Kinnugasa Maru, 293
To Havre—May
v
Southern
Week
Bales
•
GALVESTON—To
Japan—May
8—Katsuragi
Maru,
5,330;
Eidswald, 4,156
May 13—Asosan Maru, 2,592
12,078
To China—May 8—Katsuragi Maru, 50
50
To Liverpool—May 9—Atlantian, 3,747
,
3,747
To Manchester—May 9—Atlantian ,1,430
1,430
To Ghent—May
9—Michigan, 246—May 11—Binnendijk,
indicates the actual movement each week from the planta¬
tions.
the
exports of cotton from the United States the past week have
reached 50,442 bales.
The shipments in detail, as made
Of which other
Thermometer
Rainfall
Chronicle
Aug. 1
94,000 2,144,000
Week
60,000 2,037,000
Since Aug.
For the Week
Aug. 1
1
Exports
1936
1935
1934
1936
1935
1934
1936
i
1935
1934
From—
Great
Jap'ndk
nent
China
Total
51,000
2,000
35,000
3,000
Britain
i
Conti-
7,000
Great
96,000
58,000
42,000
99,000
Conti¬
Japan &
Britain
nent
China
Total
Feb.
22,351
7„
70,572
54,614
14-
63,630
56,534
64,035
40,895
85,311 2,196,265 1,740,457 1,964,746
84,994 2,158,658 1,708,0421,910,901
17,101
26.023
27,759
8,480
31,149
1935-36—
31,693
45.509
73,560 2,124,667 1,677,356 1,861,686
70,903 2,103.575 1,639.950 1,815,174
22,543
42,943
1,007
24,345
1934-35—
8,103
24,391
1933-34..
63,824 2,057,037 1,603.9371,759.566
80,965 2,012,824 1,587,972 1,720,902
76,297 1,967,167 1,559,937(1,687,665
64,579 1,944,895 1,535,485jl.662,788
1,667
Nil
8,216
1935-36—
Nil
8,322
42,301
1934-35—
1,713
22,525
2,103
1933-34-
39
43,060
39,702
Nil
Nil
25,587
1935-36-
4,617
6,763
32,699
1934-35-
Nil
Nil
39,301
1933-34—
15.333
Nil
38,413
21..
28..
Mar.
Bombay—
5~6O6
48,205
28,622
38,439
24,287
20-
47,370
27..
4,000
10,000
6,000
23,000
6,000
23,000
6,000
11,000
5,000
8,000
26,000
51,000 68,000
35,000 48,000
96,000 122,000
6,000
48,797
30,138
24,491
3—
35.770
25,927
10-
35,607
25,529
17-
34,922
34.771
15,829
68,255 1,902,472 1,492,794! 1,620,120
70,948 1,871,4821,474,0281,581,871
74,294 1,833,9131,451,8451,546,878
21,251
79,174
15,791
21,595
21,061
75,235 1.779,0761,396,1981,467.685
Nil
Nil
46,544 1,732,379 1,370,8381,436,369
51,676 1,693,0711,345,9331,404,254
Nil
Nil
36,803
15,228
decrease
1,201
Nil
19,561
11,000 bales.
Total
Apr.
May
1—
8—
15—
338,000 1,096,000 1,531,000
279,000 1,039,000 1,374,000
664,000 1,009,000
288,000
Oth. India—
613..
24..
97,000,
56,000
57,000,
20,044
39,157
40,509
1,814,4751,423,178|1,506,117
822,000
673,000
758,000
311,000i
194,000
511,000
479,000
219,000
539,000
408.000
849,000 1,096,000 2,353,000
250,000
276,000
758,000 1,039,000 2,047,000
664,000 1,767,000
827,000
all—
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
Exports from all India ports record an increase
Volume
Financial
142
bales during the week, and since Aug. 1 show an
of 20,000
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
years:
1933-34
1935-36
1934-35
50,000
8,143,398
60,000
7,310,588
Alexandria, Egypt,
May 13
Receipts (cantars)—
c
This week..
Aince Aug. 1__
65,000
8,269.807
1
This
.
Aug.
Week
1
To LiverpoolTo Manchester,
5,000 182,656
&c
7,000 138,895
To Continent and India. 15.000 578,414
To America
1,000 34,281
Total exports
14",000
28.000 934.246
...
14,000
Week
1
Aug.
Since
This
Since
This
Since
Week
Exports (Bales)—
Aug.
1
119,359
130,937
633,107
35,062
241,720
159,943
5,000 580,311
1,000 67,821
918,4651
6,000 1049795
-A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended May 13 were
50,000 cantars and the foreign shipments 28,000 bales.
received by cable to¬
Market—Our report
Manchester
^
night from Manchester states that the market in yarns and
clpths is steady.
Demand for home trade is improving.
We give prices today below and leave those for previous
weeks of this and last year for comparison:
1935
1936
84 Lbs. Shirt¬
84 Lbs. Shirt¬
32s Cop
ings, Common
to Finest
Cotton
ings, Common
Middl'g
Twist
Middl'g
Twist
32s Cop
to Finest
Upl'ds
Cotton
Upl'ds
d.
d.
s.
d.
s.
d.
d.
d.
d.
d.
s.
s.
d.
d.
Feb.—
9
2
9
@
104@11H
9
2
4
6.21
2
@94
7.00
6.17
9 2
@94
7.10
6 04
loxtciim
10>A @UH
10^@11$*
9
4
92
@
9?4@11H
14
9%@\\%
9
2
@
9
9^(5-11*
9
2
@
9
9H@11
9 2
@
9 4
9%@\\
21
28—.
7.05
@94
6.07
4
7
7.09
94
Mar.—
1
@
9
3
0.12
10^@11$*
9
2
2
@
9
4
6 30
10
9
0
9
1
@
9 3
6 34
9%@llH
9
2
@
9
4
6.44
7.10
@94
9
9^@11H
20
27
9
9^@11H
6
13
'
6.59
94 @11
@91
6 30
94@11H
9
0
@92
6.36
94@U
@11*4
/
@92
8 7
9
0
@92
6.35
9
0
@92
0.65
9
0
@92
6.63
@11^
April—
9K@11H
9
1
@
9
3
10
9K
114
9
1
@
9
3
6 57
10
17
9H@UH
9
1
@
9
3
6.58
10
9%(®U4
9
1
@
9
3
6.62)
10%@11%
9 0
@92
6.78
9X@U H
9
1
@
9
3
6.46
9 0
@92
6.81
9 1
@
9 3
6.46
9 0
@92
6.88
9
@
9
6.56
104 @11%
ioy8@uys
ioy8@uy8
9
@92
6.90
3
24
6.50
@11^
May—
1
8
9% @11 J*
15
1
3
0
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
ard
Density
ard
Stand¬
High
Stand¬
High
Stand¬
High
Density
ard
Density
65c.
85c.
1.00
45c.
Salonica
85c
1.00
.30c.
.45c.
Manchester.30c.
.45c.
Flume
Antwerp
30c.
.45c.
Barcelona
Havre
27c.
.42c.
Japan
Rotterdam
30c
45c.
Shanghai
Genoa
45c.
60c.
Bombay z
50c
Oslo
46c.
6lc.
Bremen
30c
42c.
57c.
Hamburg
32c.
,47c
Stockholm
•Rate la open.
z
.50c
Piraeus
Trieste
Liverpool
30c.
*
*
Venice
*
*
Copenhag'n.42c
.57c
*
*
Naples
40c
55c
65c
Leghorn
40c
55c
45c
Gothenb'g
42c
57c
65c
.50c.
Only amall lota
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
April 24
63,000
631,000
295,000
59,000
Forwarded
Total stocks
Of which American.
Total
imports
-
Of which American
May 8
64,000
628,000
290,000
May 1
55,000
616,000
287.000
68,000
66.000
18,000
156,000
47,000
34.000
162,000
55,000
Of which American
Amount afloat.
27,000
158,000
50,000
May 15
64,000
610,000
277,000
43,000
19,000
154,000
48,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been as follows:
Saturday
Monday
A fair
A fair
A fair
12:15
{
business
business
business
P. M.
[
doing.
doing.
doing,
Wednesday
Tuesday
f
Spot
Market,
Futures.
Market
(
j
opened
Market,
4
P. M.
[
Quit, un¬
Quiet,
2
to 4
pts. changed
1 pt.
decline.
to changed
Good
Good
doing.
Inquiry.
inquiry
6.51d.
6.55d.
Quiet but
Steady,
to stdy.,1 to 2 3
to 5
2 pts. dec.
2 pts. adv.
pts.
advance.
Steady,
Steady,
Steady,
Steady, un¬ Quiet but
changed to steady, un¬ 1 to 3 pts. 1 to 2 pts. 3 to 7 pts.
advance.
decline
advance.
1 pt. dec.
changed to
3 pts. adv.
1
Prices of futures at Liverpool for each day
May 9
Sat.
are
Wed.
Tues.
Mon.
Friday
business
i
Steady, un¬
adv.
Thursday
A fair
6.47d.
6.48d.
6.44d.
Mid.Upl'ds
6.56d.
Steady
3 to 4 pts.
advance
Steady
2 to 4 pts.
advance
given below:
Thurs.
Frl.
to
May 15
Neio Contract
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
May
6.14
6.18
6.17
6.17
6.18
6.16
6.17
6.20
6.20
6.21
6.22
July
5.97
6.01
6.00
6.01
6.02
6.00
6.00
6.05
6.05
6.07
6.07
October
5.62
5.65
5.66
5.66
5.65
5.71
5.72
5.75
December
5.54
January (1937)
5.54
5.56
5.55
5.57
March
5.54
5.56
5.55
5.57
May...
5.51
July
5.52
October------—
5.40
«.
-
_
5.64
5.55
-
-
-
5.57
_
«
—
-
5.65
-
-
-
-
5.57
5.55
5.57
5.55
5.54
-
off
later,
5.57
5.52
5.54
5.40
5.42
„
-
_
5.61
5.61
5.65
5.55
5.60
5.61
5.65
5.55
-
-
5.40
5.75
5.66
5.55
5.60
5.52
-
-
5.62
5.56
5.65
5.65
5.64
5.58
■
5.62
5.46
5.50
T
December
a
result
Friday Night, May 15, 1936.
been developing
good underlying demand had
of
the marked
firmness
of wheat
during
the
early part of the week, but when prices for this grain fell
The tone
prices for wheat receded.
same
ers,
and the recent crop reports appear to encourage
old hand-to-mouth
policy prevails among consum¬
this
attitude.
Wheat—On
the
9th inst.
prices closed
to lc. up.
attributed to reports that
business totaling 1,250,000
bushels.
Further, the market was believed to be in a
rather oversold condition, and as shorts attempted to even
up over the week end they found the market sensitive to
demand, prices responding readily.
Further generous rains
were recorded over the belt, but this news appeared
to be
ignored as a bearish factor.
The feeling prevails among not
a few that present
prices discount much that is favorable in
crop prospects, and that the bearishly inclined will find
The firmness of this grain was
Canada had effected new export
more
and
more
resistance to downward pressure as
time
goes
good
export demand.
Wheat was tendered on May contracts in
Kansas City and in Winnipeg, but no tenders were an¬
nounced in the Minneapolis and Chicago markets.
It was
reported that arrangements were made to ship 300,000
bushels of wheat from Kansas City to Chicago, presumably
for delivery purposes.
On the 11th inst. prices closed un¬
changed to l^c. lower.
Notwithstanding the general
expectation of a bullish Government crop report on winter
wheat, to be issued after the close—traders generally were
not disposed to take changes in commitments on the long
side in view of the remarkable recoveries in the crop as the
result of two weeks of soaking beneficial rains.
The Govern¬
ment estimate of winter wheat was expected to be close to
500,000,000 bushels, or at least equal to or above the average
private estimate of 486,000,000 bushels.
The Federal figure
of only 464,000,000 bushels, however, proved a great surprise
to the trade.
A highly important consideration in analyzing
the report, and not lost sight of by many in the trade—is the
fact that this Government survey does not cover the vast
improvement in crop conditions since the 1st of May as a
result of the prolonged period of beneficial rains.
News
from the winter wheat belt was surprisingly favorable.
on.
The Dominion market
was
strong, helped by a
Reports suggested that an improvement measuring as much
50,000,000 bushels was not unlikely, compared to estimates
as
of two weeks ago.
Conditions in the spring wheat area are
reported to be the best in four years.
There was a 2-cent
break in the May contract in Kansas City, but with all this
unusual news, the May contract on the Chicago Board
showed little or no action either way.
No tenders have yet
been offered in the May contract.
Reports were current
that 700,000 bushels of choice wheat from Kansas City had
been arranged for, to tender on May contracts on the
Chicago Board.
This had no apparent effect on the spot
market.
On the 12th inst. prices closed % to 1 J^c. down.
The bullish Government crop report had little or no effect
on the market.
There was a slight upturn in prices, but
the decline extending
steady flow of highly
favorable reports concerning the crops, especially spring
wheat, and this is creating a distinctly bearish feeling and
this
as
was
much
lost shortly after the opening,
as 2c.
There appears to be a
reported in the
outlook.
Further beneficial rains were
that
backward, and the forecast is for continued favor¬
were
areas
the 13th inst. prices closed ^c. to
rise was attributed almost entirely
to the sharp advance at Liverpool.
The strength in the
latter market was ascribed to the increasing nervousness
over the renewed tenseness of the European political situa¬
tion.
The possibility of inflationary legislation at Washing¬
ton was also viewed with some concern.
The maximum
advance on the Chicago Board was 134$c.
Domestic traders
naturally focussed their attention on the Frazier-Lemke
farm bill, fully cognizant of the fact that its passage in the
lower House would have far-reaching effects, even though a
Presidential veto was assured.
Speculators and traders with
bearish tendencies are moving with caution these days in
view of the critical situation abroad, especially between
Great Britain and
Italy.
Further purchases of 10,000
bushels of Kansas City wheat to come to Chicago were
announced but it was pointed out that these purchase
implied no threat that the wheat would be delivered on May
contracts here, as every bushel so delivered would show a
loss.
May wheat was quite firm in the later trading.
Good
milling and shipping demand was reported.
On the 14tli inst. prices closed %c. lower to ^c. higher.
The heaviness of the near positions was ascribed to the
threat of deliveries on May contracts, traders regarding the
recent purchases at Kansas City as wheat that will very
likely be tendered before the current delivery expires.
Easi¬
ness at Liverpool also had its depressing influence.
Further
sales to store were finally confirmed, making a total of
500,000 bushels during the past two days.
So far no de¬
liveries have been tendered on the
May contract.
Two
weeks remain in which deliveries on May contracts may
able crop weather.
On
lc. higher.
This sharp
be made.
%c. above yesterday's finals.
due largely to bullish
reports from Winnipeg stating that houses with export con¬
nections were buyers there.
It is also reported that the
big export business in Canadian wheat is not being re¬
flected in the Winnipeg market because sales are made on
the basis of the July future, and hedges are not taken in.
Some estimates were that such futures sales total upward
Today
BREADSTUFFS
as
interest in flour died down.
The
The
Flour—A
consumer
of the flour market became soft as
increase of 306,000 bales.
previous two
3377
Chronicle
prices closed
strength
in
wheat
% to
today was
Financial
3378
of
Open interest in wheat was 75,025,000
10,000,000 bushels,
PRICES
OP
WHEAT
Sat.
CLOSING
DAILY
Mon.
CLOSING
PRICES
OF
NEW
IN
WHEAT
Sat.
YORK
Fri.
107%
108%
FUTURES
Mon.
IN CHICAGO
Wed.
Tues.
Thurs.
Fri.
93%
93% 92
93
92%
93%
86%
85% 84% 85%
85%
85%
September
85%
84% 84
84% 84%
85%
Season's High and When Made
I
Season's Low and When Made
September
102%
Apr. 16, 19341 September
78% July 6,1935
December
97%
July 31, 19351 December
81
July
6,1935
May
98%
Aug.
1. 19351 May
88% Aug. 19, 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
May
July
—
—
-
Sat.
Mon.
77%
78%
79%
May
July
—
-
October
Tues.
Thurs.
Wed.
Fri.
Holi-
77
77%
78
78%
77%
78%
77%
78%
day
78%
79%
79%
79%
closed y8 to Yd. lower.
in view of the strength in other
grains.
On a moderate amount of selling prices eased frac¬
tionally, and with no particular incentive furnished traders
to aggressively take the buying side, trading became dull,
with very little change in price range during the session.
The spot market was quoted steady to a trifle easier / and
shipping demand was again good, with sales of better than
100,000 bushels reported.
Receipts were also fairly large.
On the 11th inst. futures closed % to ^c. lower.
Factors
the 9th inst. prices
Corn—On
rather surprising
was
operating against corn on this date were heavier, receipts from
the country and indications of a continued large movement.
On the other hand, reports were current of an arrangement
to ship 200,000 bushels of corn out of Chicago.
Sales for
shipment were not as large as of past several days.
Bearish
reports continue to be received concerning the new crop
acreage, which has promise of being quite large.
On the
12th inst. prices closed unchanged to
Yg. lower. The
easier tone of the spot market despite rather large sales,
was responsible in large measure for the sagging tendency in
the futures market.
Spot houses were noted on the buying
side of May against sales of the more deferred deliveries.
On the 13th inst. prices closed Yc. off to %c. up, with May
at 623^c.
The commercial demand for corn is reported as
excellent, and this with the strength in wheat should have
acted as quite a stimulus, but for some reason or other there
was no appreciable response to these factors.
On the 14th inst. prices closed %c. lower to %c. higher.
This market was devoid of any special feature.
Shipping
demand was sustained, while country offerings were ex¬
tremely light.
Arrivals at primary markets were smaller
than a week ago.
Field and planting conditions are re¬
ported as excellent.
Today prices closed unchanged to %c.
higher.
There was very little news on this grain outside
CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs.
DAILY
81%
No. 2 yellow
79%
79%
78%
78%
78%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July
63%
61%
59%
—
September.
Season's High and
September
84%
December
65
May
68%
62%
60%
58%
62%
60%
58%
62%
60%
58%
62%
60%
58%
62%
60%
58%
When Made
I
Season's Low and When Made
Jan.
5, 19351 September
67%
Mar. 25, 1935
June
6, 19351 December
60%
June
1,1935
July 29, 19351 May....
56
Aug. 13. 1935
Oats—On the 9th inst.
prices closed 34c. down to Yg.
up.
There was nothing to explain this irregular trend in
prices.
Trading was dull with the news devoid of any special
feature.
On the 11th inst. price*. closed unchanged to 34c.
lower.
This market was quiet and without feature.
On
the 12th inst. prices closed unchanged to y8c. lower.
There
was little or nothing to report concerning this market, the
session being quiet and featureless.
On the 13th inst. prices
closed 34c. lower to %c. higher.
The action of this market
was almost a parallel with the action of the corn market,
with its irregularity and lack of response to bullish factors.
There was nothing in the way of news concerning this grain.
On the 14th inst. prices closed unchanged to 34 c. lower.
was
nothing of real interest in connection with this
Today prices closed %c. down.
grain.
in the
news
DAILY
or
PRICES
OF
40%
CLOSING
PRICES
OF
December
DAILY
nothing
IN
Wed.
FUTURES
Mon.
Tues.
Thurs.
40%
40%
IN
40
39%
Tues.
52%
52%
52%
CHICAGO
Thurs.
Fri.
IN
Wed.
53%
53%
54%
52%
52%
53%
54%
54%
54%
54*
54
55
I
Season's Low and When Made
5, 19351 September
45
June 13, 1935
48%
June 13, 1935
1. 1935! May
46%
Aug. 19, 1935
Season's High and When Made
Jan.
December
76
53%
June
May
52%
Aug.
September
3, 19351 December
RYE FUTURES IN WINNIPEG
DAILY CLOSING PRICES OF
Mon.
Sat.
May
July--DAILY
40%
41%
——
-
OF
CLOSING PRICES
Tues.
BARLEY
Tues.
37
37
37
39
39
39
41%
43
Fri.
37
39
OF BARLEY FUTURES IN WINNIPEG
DAILY CLOSING PRICES
Mon.
Sat.
May
July
Fri.
CHICAGO
Thurs.
37
39
Wed.
37
--
41%
42%
IN
39
May
July
Thurs.
41%
42%
FUTURES
Mon.
Sat.
Wed.
40%
41%
Holiday
37%
37%
-
Tues.
Wed.
36%
36%
Holiday
Thurs.
37%
37%
37%
37%
Fri.
37%
37%
Closing quotations were as follows:
GRAIN
Oats, New York—
Wheat, New York—
No. 2 red, c.i.f., domestic ...108%
Manitoba No. 1, f.o.b. N Y„ 86%
Corn
No
2 white
39 %
Rye, No. 2, f.o.b. bond N. Y— 63%
Barley, New York—
47% lbs. malting
47%
.45-92
Chicago, cash
New York—
Nol
2
78%
yellow, all rail
FLOUR
$
4.10
Spring pats.,high protein $6 25@6.451 Rye flour patents
Spring patents
5 ,85@6.15ISeminola, bbl., Nos. 1-3- 7.25@7.30
2.40
Clears, first spring
5 10(2)5.351 Oats, good
4.901 Corn flour
2.00
Soft winter straights
5.50 Barley goods—
Hard winter straights—
Coarse
2.85
5.70
Hard winter patents
4.95
Fancy pearl,Nos.2.4&7 4.00@4.75
Hard winter clears
regarding the movement of grain
All the statements below
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Oats
Corn
Wheat
Flour
Receipts at-
Barley
Rye
bbls.mibs. bush. 60 lbs bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
234,000
201,000
517,000
161,000
1,264, 000
212,000
57,000
92,000
74,000
115,000
8,000
7,000
474,000
73, 000
123,000
5,000
2,000
23,000
192,000
Duluth
19", 000
Milwaukee..
414,000
230,000
43, 000
188, 000
170, 000
740,000
Minneapolis.
Toledo
63~,666
Detroit
21,000
10, 000
13.000
17,000
16,000
112,000
546, 000
82,000
35,000
Indianapolis.
478, 000
180,000
11,000
48"666
Peoria
29,000
9.000
511, 000
48,000
46,000
59,000
Kansas City.
13,000
584,000
530, 000
157,000
342, ,000
76,000
59,000
23,000
63.000
95, 000
3,000
2,073,000
39, 000
"5", 000
665, ,000
134,000
90.000
Louis...
St.
Omaha—..
St.
Joseph._
Wichita
Sioux
City..
Buffalo
16,000
17, 000
3,000
1,000
13,000
Total week,'36
363,000
4,217.000
454,000
333,000
2,613,000
4,971,000
1,801,000
1,583,000
Same week,'35
766,000
191,000
1,385,000
1,106,000
Same week,'34
366,000
3,872,000
3,948,000
1,514,000
108,000
835,000
Since Aug. 1—
14,920,000 279,849,000 151,020,000 115,871,000 20,418,000 81,136,000
14,444,000 166,069,000 154,177,000 42,385,000 11,119,000 52,644.000
14.118,000 180,503,000 166,331,000 59.853,000 9,417,00044,299,000
1935
1934
1933
Total receipts
of flour and grain at the seaboard ports for
1936, follow:
the week ended Saturday, May 9
Oats
Corn
Wheat
Flour
Receipts at—
Barley
Rye
bbls.WQlbs.bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
■
27,000
11,000
New Orleans *
17,000
Philadelphia.
_
-
-
■
7,000
3,000
72,000
138,000
New York
Baltimore
10,000
10,000
20,000
2,000
------
11,000
25,000
-
14,000
-
-
-
—
-
-
66,000
------
------
------
2,000
------
957,000
72,000
42,000
12,000
2,898,000
40,000
Boston
18,000
38,000
558,000
Quebec
2,000
Halifax
1
58,000
89,000
145,000
40,000
1,170,000
1,320,000
1,037,000
352,000
250,000
1,375,000
46,000
139,000
Since Jan. 1,'35
4,469,000
13,100,000
155,000
4,421,000
224,000
High and When Made
I
Season's Low and When Made
44%
Jan.
7, 19351 September
31%
June 13, 1935
35%
June
4, 19351 December---- 33%
June 13, 1935
37
Aug.
1, 1935IMay
Aug. 17, 1935
29%
5,788.000
2,760,000
444,000
26%
25%
26%
26
26%
26%
25%
26%
26%
CLOSING PRICES OF OATS'FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
Holiday
31
31
31%
31%
30%
31
31%
31%
a
11th inst.
strength in
of
FUTURES
Mon.
53%
52%
53%
4,487,000
26%
26
26%
Thurs.
Fri.
RYE
Sat.
26,850,000
On the 12th inst.
a
OF
PRICES
CLOSING
5,552,000
heaviness of
ness
DAILY
May
July
September
CHICAGO
Wed.
reported substantial step-up in flour sales.
prices closed 34c. to 34c. lower.
With
wheat lower and the flour market relatively dull,
prices for
rye naturally sympathized and eased on the slightest pres¬
.and
demand for spot rye.
SinceJan.1,'36
wheat and to
The
past two or three days, with prices on the upward trend.
There is no news to explain the firmness outside of a good
Montreal.
Fri.
Rye—On the 9th inst. prices closed 134c. up on the May
delivery and 34c. to lc. up on the other months.
This
pronounced strength was due largely to the firmness of
sure.
ket
25%
26
26%
26%
26%
26%
31%
31%
the
This mar¬
has been acting independent of the other grains for the
253,000
May
July
On
Today prices closed % to 34c. higher.
markets.
Sorel
NEW YORK
Tues.
grain
It was in rather sharp contrast to the other
demand.
Total week,'36
May
July..
September
May—.
40%
OATS
Sat.
Season's
OATS
Sat. Mon.
No. 2 white
September
was
trading worthy of comment.
CLOSING
.
DAILY
There
inst. prices
14th
the
On
firmness of this
Chicago
Fri.
displayed in rye.
closed 34 to %c. higher.
The
grain was ascribed largely to a steady spot
part in the firmness
Trading was quiet and featureless.
of the usual routine.
There
the only grain
was
responded in proper measure to the strength in the
wheat market.
A steady spot situation also played its
Thurs.
Wed.
Tues.
107% 106% 107%
108
No. 2 red-..--..
This
This
higher.
prices closed %c. to lc.
that
bushels.
DAILY
May 16, 1936
Chronicle
this
better
rye
was
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
1936, are shown in the annexed
ended Saturday, May 9
statement:
Wheat
New York
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
239,000
New
rather surprising in view of the
2,000
Orleans—..
Sorel
957,000
2,898,000
558,000
Montreal
Quebec
feeling in the flour trade.
On the 13th inst.
40",000
Total week, 1936..
>_
72,000
38,000
38,000
139,000
4,652,000
93,868
42,000
72,000
1,671,000
78,423
184.000
17,000
The destination of these exports for
July 1 1935 is
42,000
~2~666
Halifax
Same week, 1935
48,868
1,000
Norfolk
prices closed 34c. to %c. higher.
other grains, especially of wheat.
The firm¬
cereal was attributed to a good spot demand
Week 1935
as
below:
the week and since
Volume
Financial
142
Flour
Corn
Wheat
[ Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
May 9
July 1
May 9
July 1
May 9
July 1
1936
1935
1936
1935
1936
1935
Bushels
Bushels
Bushels
H
Barrels
United
Kingdom.
39,682
8,151
15,000
27,000
Barrels
So. & Cent. Amer.
West Indies
1,623,000
479,479
3,012,000
43,270,000
37,560,000
352,000
4,000
556,000
72,000
3,000
682,000
7,000
1,000
7,000
4,000
4", 035
153,370
i~2~66o
254",000
93,868
78,423
Continent..
3,829,464
3,157,811
4,652,000
81,647,000
1,671,000
62.395.000
Brit.No.Am. Cols.
Other countries
...
Total 1936
Total 1935
The
Bushels
2,155,615
10.000
GRAIN
Wheat
Boston
89,000
27,000
New York
Oats
Rye
Barley
Bushels
Bushels
Bushels
38,000
84,000
3,000
26,000
10,000
207,000
46,000
524,000
236~000
130*,000
7,000
1,768,000
12:666
2,000
2,000
41,000
3,524,000
"8:660
31,000
153,000
1,000
1,000
Galveston
31,000
13,000
48,000
390,000
376,000
523,000
8,408,000
2,205,000
145,000
769,000
679,000
New Orleans
2,000
270,000
Fort Worth
..
Wichita
Hutchinson
St. Joseph.
City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago..
On Lakes
Milwaukee
Duluth
702,000
7,926,000
4,294,000
Detroit
155,000
Buffalo
3,279,000
Minneapolis,
"
26~l"600
47,000
219,000
Baltimore
Kansas
STOCKS
Corn
Bushels
2,000
Philadelphia
afloat
there
has
been an acute shortage of moisture and in the worst sections
will be slow, but in much of this area recent rains were heavy
enough to start the new grass.
recovery
In the northern, half of the Great Plains area
spring work was delayed by
late season and farmers have
pushed the seeding of small grain on poorly
prepared land.
Over much of this region there is now a fair to
good supply
of surface and subsoil moisture but there are still
some considerable areas
a
where the
moisture supply is
From the
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 9, were as follows:
Bushels
3379
siderable southwestern area there is stiU a scant
supply of moisture in the
subsoil and final outturn is
largely dependent on the receipt of well dis¬
tributed rains during the remainder of the
growing season.
In the range
areas of west
Texas, New Mexico, and parts of Colorado and Oklahoma
insufficient to give
any
assurance
of good
crops.
visible
United States-
Chronicle
2,000
lT.ooo
592,000
23,000
30,000
448^666
372:666
443,000
905,000
3,967,000
94,000
714,000
333,000
9,000
160,000
61,000
18,000
294,000
88,000
1,127,000
225,000
1,781,000
32,000
170,000
ranges
For the country as a whole,
present prospects point to a light crop of
wheat, the fifth light crop in succession, to a nearly average
crop of
hay crop which has had an unfavorable start but which still has
opportunity to recover, with such shortage as is now indicated offset
by
above-average stocks of hay on hand; and to pastures that have been late
in starting and show
only fair prospects.
Fruits seem likely to be in only
moderate supply and not
very evenly distributed, for while most of the
main fruit belts seem to have come
through the winter with slight injury
there was widespread frost
injury to the scattered orchards of the central
States.
Prospects for late planted crops still seem to be about
average
except that the South seems to have started the season somewhat
handi¬
capped by unfavorable weather.
winter
rye, to a
Both milk production and
egg production have been showing about the
usual seasonal increase and both were
running slightly heavier on May 1
than on that date last
year.
Wheat—Prospective United States production of winter wheat in 1936,
as indicated
by condition as of May 1, was 463,708,000 bushels.
Produc¬
tion in 1935 was 433,447,000 bushels and in 1934 was
405,552,000 bushels.
The five-year (1928-32)
average production was 618,186,000 bushels.
The acreage of winter wheat
remaining for harvest in 1936 is estimated at
35,932,000
32,968,000
acreage
acres as
acres
was
compared with 31,000,000 acres harvested in 1935 and
1934.
The five-year
(1928-32) average harvested
in
39,454,000
acres.
Abandonment
1936 crop is
939,000
892,000
88,000
2,303,000
2,371,000
15,000
502,000
1,147,000
5,167,000
2,795,000
60,000
807,000
204,000
"16:666
On Canal
show mostly better than
average condition and prospects; stock is in good shape, there are fair to
good supplies of hay on hand from the 1935 crop and the
supply of water
for irrigation is expected to be somewhat above
average.
of acreage
seeded
for
the
estimated to have been 24.4%.
Abandonment of the 1935
30.4% and the 10-year (1923-32) average was 12.6%,
crop was
6,173,000
275,000
78,000
509,000
151,000 10,346,000
78,000
8,130,000
10,000
4,000
1,517,000
820,000
Rocky Mountains westward
Abandonment is excessive in the western Great Plains
average in all the western States with the
In the K astern States abandonment this
area
and is above
exception of Arizona and California.
is slightly less than average.
crop remaining for harvest was reported at
67% of
normal on May 1, 1936, as compared with
75.3% on the same date last
year and the 10-year (1923-32) May 1 average of
81.2%.
Continued droughty conditions during April in the southern
Great Plains
were responsible for the decline in
prospects during the month and most
of the decline occurred in the States of
Kansas, Oklahoma and Texas.
Condition
year
of the
Below average
91936.- 34,729,000
8,248,000 33,428,000
21936.- 37,669,000
8,030,000 34,866,000
Total—May 11 1935.. 35,172,000 12,193,000 10,630,000
Total—May
Total—May
Note—Bonded grain not included above:
6,748,000 11,747,000
6,861,000 11,856,000
8,473,000
7,129,000
Oats—New York, 6,000 bushels: total,
6,000 bushels, against none in 1935. Barley—Buffalo afloat, 52,000; total, 52,000
bushels, against 287,000 bushels in 1935.
Wheat—New York, 304,000 bushels;
Boston, 41,000; Philadelphia, 31,000; Buffalo, 5,212,000; Buffalo afloat, 565,000;
Duluth, 482,000; Erie, 86,000; Chicago, 74,000; Albany, 3,967,000; Canal, 228,000;
total, 10,990,000 bushels, against 8,621,000 bushels in 1935.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Montreal...,
Bushels
Bushels
Bushels
Bushels
6,187,000
227,000
1,821,000
Pt. William & Pt. Arthur 52,204,000
60,000
480,000
2,807,000
2,809,000
Other Canadian & other
45,541,000
1,826,000
178,000
463,000
9 1936..103,932,000
Total—May 2 1936.. 110,931,000
3,874,000
4,666,000
4,751,000
3,045,000
3,501,000
3,180,000
3,752,000
4,374,000
4,743,000
water points
Total—May
Total—May 111935.-111,589,000
Summary—
American
.
_
.
_
^
.
..
Canadian
34,729,000
103,932,000
8,248,000 33,428,000
3,874,000
the
yields are in prospect in all sections of the country except
Northeast, with the greatest reduction from average
appearing in the
of States extending from Montana and South Dakota to New
Mexico
group
and Texas.
Rye—The condition of
rye on May 1, 1936 indicates a United States
rye
of 35,253,000 bushels as compared with 57,936,000 bushels
produced
16,045,000 bushels in 1934.
The five-year (1928-32) average
production was 38,655,000 bushels.
The acreage of rye
remaining for harvest as grain in 1936 is estimated
at 3,716,000 acres, as compared with
4,063,000 acres harvested in 1935 and
1,942,000 acres in 1934.
The five-year (1928-32) average harvested
acreage
was 3,296,000 acres.
\
Rye acreage sown in the fall of 1935 was 6,336,000 acres or
2.9% above
the acreage sown in the fall of 1934.
Considerable acreage of rye is or¬
dinarily used as pasture, or is turned under for soil improvement.
This
acreage is included in the seeded acreage but not in the
acreage for harvest
crop
in 1935 and
The condition of rye on May 1 was
74.3%, compared with 82% a year
10-year May 1 average of 84.4%.
Condition is below average
States and from 13 to 39 points below average in North Dakota,
Dakota, Nebraska, Oklahoma, Texas, Montana, Wyoming and
ago and the
in nearly all
South
Colorado.
Oats (Southern
Atlantic and
6,748,000 11,747,00
3,045,000
3,752,000
Total—May
Total—May
91936.-138,661,000
8,248,000 37,302,000
9,793,000 15,499,000
2 1936.. 148,600,000
8,030,000 39.532,000 10,362,000 16,230,000
Total—May 111935.-146,761,000 12,193,000 15,381,000 11,653,000 11,872,000
States)—The May 1 condition of
oats
in
the South
South
Central States reported at 48.5% of normal is
20 1
points below the figure reported on May 1, 1935 and 23.8 points below the
nine-year (1924-32) average.
Texas with approximately 39% of the total
acreage in the 10 Southern States has a condition of only 38% which is
23 points lower than a year ago and 31 points below the
nine-year (1924-32)
average.
Oklahoma, the second most important State in the Southern
group has a
condition of 43% of normal, 28 points below last
year and 32 points lower
the nine-year
(1924-32) average.
The condition is higher in the
other eight Southern States ranging from 64% in Arkansas to
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
than
ended
Carolina, with
May 8, and since July 1 1935 and July 2 1934,
following:
are
shown in the
Wheat
Corn
(1924-32) 75.8%.
Growing conditions for potatoes continued unfavorable in the South¬
Prospects also declined materially in Louisiana,
Oklahoma,
and Texas due to cold weather early in April, followed
by lack of rainfall
eastern States.
Week
Since
Since
Week
Since
Since
May 8,
July 1,
July 2,
May 8,
July 1,
July 2,
1936
1935
1934
1936
1935
1934
Bushels
Exports
78% in North
an average for the South Atlantic States of
75%.
Early Potatoes—The condition of the early potato crop in the 10
on May 1 was
70.3%, a decline of six points since April 1.
On May 1 a year ago the condition was 77.3% and the
nine-year average
Southern States
Bushels
Bushels
Bushels
Bushels
Bushels
until late in the month.
WINTER
North Amer.
Black Sea
280,000; 36,138,000
Argentina.
Australia
6,371,000 152,662,000139,707,000
.
__
Total
587,000
38,000
8,683,000
16,168,000
256,000
Abandoned
ate
328,000
496,000' 34,521,000 38,544,000
9,948,000 392,086,000444,919,000
341,000
winter wheat acreage
30.4% and the 10-year average
(1923-32) 12.6%.
The May 1 condition is placed at 67.0%
this year, as compared with 75.3% of normal on May 1,1935,
70.9% on May 1, 1934, 66.7% on May 1, 1933, and no less
than 90.3% on May 1, 1931, and a 10-year average condition
of 81.2%.
The estimated production of winter wheat is
now estimated at 463,708,000 bushels, which
compares with
a harvest of 433,447,000 bushels last
year, and an average
five year (1928-32) production of 618,186,000 bushels.
Be¬
Crop prospects declined during April chiefly as a result of unevenly dis¬
rainfall and extreme temperatures.
The continuation of the
drought in the Southwest through April was chiefly responsible for the 6%
decrease in the Crop Reporting Board's forecast of winter wheat production.
Excessive rains in early April over large areas in the Southeast decreased
prospects for most crops of that area. In the whole country east of the
Rocky Mountains, but especially in northern areas, the spring was late,
farmers are behind with plowing and planting, and pastures have been slow
in starting.
Late freezes also nipped early vegetation over a wide area.
Hay crops and pastures need rain in much of the eastern Mississippi Valley
tributed
area.
been
a
very marked improvement in
conditions, chiefly as a result of warmer weather with widespread rains
over most of the Great Plains area where they were most
urgently needed,
but from western Kansas to the Rio Grande River a large acreage of the
grain seeded last fall had already been lost.
Over most of this area recent
rains will permit the planting of spring sown crops but in a rather con-
Condition May 1
Production
Left
Har¬
1936
Aver.
vest
1923-
1936
1935
1932
1932
Aver.
1935
1936
1928-
Indi¬
1935
1932
cated
1936
Per
Per
Per
1,000
Per
Per
Per
1,000
1,000
1,000 1
Acres
Cent
Cent
Cent
Bush.
Bush.
Bush.
Cent
Cent
Cent
New York
3.6
5.0
3.0
270
82
84
84
New Jersey..
2.1
2.0
2.5
57
87
85
86
892
83
Pennsylvania.
3.0
1.5
2.0
87
86
Ohio
13.4
1.0
7.0
1,816
77
90
71
Indiana
10.4
2.0
11.0
1,717
80
88
68
Illinois
9.0
11.4
3.0
Michigan
3.4
1.5
Wisconsin
9.8
1,784
78
87
2.0
762
82
84
81
4.0
24
84
91
87
69
__
Iowa
6,141
1,372
18,816
42,343
28,458
26,506
17,754
*
5,265
1,311
16,948
31,780
24,038
29,436
15,240
600
440
480
11.0
4.0
15.0
156
82
91
76
3,283
2,655
7.0
7.0
377
2,652
85
79
81
6,698
20,217
5,814
6,786
8.7
3.5
8.0
1,884
81
87
72
South Dakota 19.0
30.0
50.0
142
81
78
61
Nebraska
12.6
22.0
20.0
82
76
74
Kansas..—--
13.0
49.6
26.0
2,853
10,436
80
57
2.2
1.0
3.0
85
88
85
79
2.9
2.5
2.0
419
83
88
83
Virginia
2.6
2.0
4.0
612
83
87
West Virginia
4.5
1.0
3.0
150
81
90
84
No. Carolina.
3.0
1.0
3.0
487
85
88
82
76
82
Missouri
Delaware
Maryland
So.
4,243
1,165
17,205
30,251
26,279
30,079
15,343
6.5
Minnesota.
...
66
79
1,867
54,169
177,054
1,800
8,648
9,220
1,643
3,653
24,130 24,492
852
1,580
36,400 35,662
59,887 114,796
1,658
1,530
8,323
7,542
8,714
8,568
2,538
2,100
5,198
5,016
4.5
1.0
9.7
Carolina.
Georgia
3.0
5.0
95
76
78
77
510
805
14.0
5.0
855
10.0
309
82
86
80
3.0
4.5
3,097
375
82
3,862
84
78
3,002
2,918
3,636
3,938
Kentucky
Tennessee
low is the report:
Since the first of May there has
1923-
4,463,000 300,050,000 236,056,000
was
WHEAT
for
Aver.
38,076,000j 37,804,000
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
on May 11 issued its crop
report as of May 1, 1936.
This
report estimates the abandonment of winter wheat at 24.4%,
leaving the acreage remaining to be harvested at 35,932,000
acres, as compared with 31,000,000 acres harvested in 1935,
and 32,968,000 acres in 1934.
Last year the abandonment of
i
Acreage
953,000! 70,507,000162,863,000 3,535,000 253,247,000 182,046,000
1,848,000! 98,002,000 98,412,000
India
Oth. countr's
5,065,000
44,000
7.0
5.0
3.0
101
73
575
980
909
Alabama
7.8
6
80
78
Arkansas
10.0
8.0
10.0
40
80
81
72
247
424
9.6
30.0
33.0
340
79
56
42
Texas
16.7
68.0
55.0
3,262
2,092
39
37
25.7
15.0
30.0
33,080
10,010
29,358
Montana
773
80
84
68
6.3
7.0
16.0
490
89
91
78
Wyoming
15.2
53.0
45.0
157
85
48
53
Colorado
28.2
79.0
55.0
579
79
25
60
New Mexico.
38.6
73.0
60.0
178
74
40
50
2.3
1.0
1.0
55,145
41,083
8,800
13,252
1,711
13,051
3,712
37
92
91
94
602
836
Utah
3.1
2.0
5.0
851
182
92
93
81
2.0
3.0
3,358
Nevada.....
1.4
2
3,192
95
2,366
96
95
69
50
Washington.. 16.4
4.5
25.0
48
841
84
91
70
10.0
15.0
15.0
739
90
84
82
California
17.9
5.0
7.0
751
28,039
17,610
11,046
30,425
Oregon...
18,922
14,780
14,269
United
12.6
30.4
24.4
35,932
Oklahoma
Idaho
Arizona.
....
States
6.0
73
79
93
81.2
75.3
80
86
34
66
10,469
9,030
1,177
2,220
700
10,931
13,592
66
13,389
8,503
8,330
1,570
5,790
1,068
67.0 618,186 433,447
463,708
Financial
3380
Sown
Left for
Harvest
1923-
Pu rposes for
N.
1936
86
86
85
315,000
345,000
285,000
90
85
445,000
86
86
86
1,671,000
662,000
315,000
1,665,000
1,390,000
103,000
44,000
84
89
127,000
59,000
84
87
78
86
89
82
79
Mich
182,000
85
83
327,000
131,000
245,000
85
Wis
86
92
87
640,000
378.000
86
89
80
87
1,118,000
757,000
1,978,000
2,334,000
5,966,000
677,000
77
.
Illinois
Minn
1,320,000
528,000
738,000
2,940,000
4,082,000
2,077,000
1,638,000
2,940,000
5,292,000
1,080,000
600,000
158,000
72,000
90
71.000
N. Dak..
S.
9,900.000
144,000
21.000
85
83
1,730,000 1,124,000
80
65
66
485,000
444,000
73,000
5,000
85
85
61
4,048,000
7,050,000
16,000
40,000
9,000
55,000
Mo
882.000
Dak..
740,000
156,000
10,000
29,000
NeD
Kan
Del
Md
85,000
Va
W. Va...
16,000
Caro.
137,000
So. Caro.
26,000
Georgia.
39,000
69,000
60,000
22,000
No
_
Ky
11,362,000 12.754,
00
74
3.150.000
7,250,000
83
60
76
223,000
682,000
88
87
82
86
90
84
82,000
264,000
72,000
240,000
85
86
80
605,000
540,000
85
87
86
86
84
79
150,000
458,000
87
81
216,000
460,000
99,000
78
75
73
77
74
88,000
95,000
60,000
84
87
78
106,000
132,000
82
84
76
109,000
82,000
80
56
41
72
60
39
180,000
115,000
78,000
33,000
412,000
72,000
7,000
110,000
64,000
84
78
74
Idaho
12,000
5,000
92
86
91
Wyo
37,000
98,000
6,000
35,000
85,000
37,000
44,000
4,ooo
89
41
63
82
39
66
91
89
93
14,000
84
87
82
117,000
98,000
38,000
112,000
25,000
92
91
95
240,000
299,000
312,000
84.4
82.0
Tex
Colo
Utah
Wash
Ore
U.
S__
6,336,000 3,716,000
Weather
Report
for the
574,000
46,00
225,000
443,000
23,000
64,000
63,000
36,000
18,000
620,000
544,000
50,000
144,000
222,000
126,000
45,000
55,000
330,000
74.3 38,655,000 57,936,000 95,255,000
Week Ended May 13—The
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended May 13, follows:
Warm weather
the
the
prevailed over the eastern half of the country, while in
were rather frequent and widespread, especially dur¬
the interior showers
ing the early days of the week.
The weekly mean temperatures were ab¬
normally high east of the Great Plains; the relatively warmast weather
occuring in central and northern districts, where the average temper¬
atures ranged from 9 degrees to as
much as 17 degrees above normal.
There were several cool days in the Southwest where the temperatures aver¬
aged from near normal to 3 degrees or 4 degrees subnormal.
Most of the
more western sections had above-normal warmth.
Freezing weather was confined to the interior of the Northeast, a few
localities in the extreme northern portions of the country, and some high
elevations of the West.
The lowest temperature reported was 26 degrees
at Greenville, Me., on May 6, with Northfield, Vt., reporting 28 degrees
on the same day.
In the West the lowest was 28 degrees at Yellowstone
Park, Wyo., on May 8, and at Flagstaff, Ariz., on May 9.
Preciptation was substantial to rather heavy over a large interior section,
covering most States between the Mississippi River and the Rocky Mounttains.
In this area, however, some localities had scanty falls, such as
southern Louisiana, eastern Iowa, western South Dakota, and much of
North Dakota.
The most substantial rains occurred from Nebraska south¬
ward to the Gulf and lower Rio Grande Valley.
In the more Eastern
States there was very little rainfall and the amounts were scanty quite
generally west of the Rocky Mountains.
The outstanding feature of the weather of the week was the occurance
of additional rains in the Midwestern States, in some of which drought
had prevailed for a long time.
The rains were widespread, substantial
in amount, and have very definitely relieved the droughty conditions,
at least
for the present.
began the latter part of April and up to 8 a. m., May 11, a
period of approximately two weeks, for States between the Rocky Moun¬
tains and the Mississippi River, preliminary reports show the
following
totals: Montana, western 1.35, eastern 1.15; North Dakota, western 0.42,
eastern 0.98; South Dakota, western 1.40, eastern 2.23; Nebraska, western
2.50, eastern 3.10; Kansas, western 2.35, central 2.69, eastern 2.86; Okla¬
homa, western 2.69, eastern 3.50; Texas, northwestern 1.06, southwestern
3.11, north-central 2.70, eastern 2.12; Louisiana, 2.12; Arkansas, western
3.68, eastern 2.34; Missouri, southern 1.91, northern 3.50; Iowa, southern
2.49, northern 2.13; and Minnesota, southern 2.05, northern 1.85 inches.
Notwithstanding the widespread and mostly substantial rains between
the Mississippi River and the Rocky Mountains, a few areas were largely
missed and are still dry.
These are principally parts of Louisiana, ex¬
treme western Texas, eastern New Mexico, a few counties in western Kan¬
The rains
sas,
Nebraska, and eastern Iowa.
northwestern
northeastern Wyoming,
topsoil is now in good condi¬
quite generally between
the Mississippi River and the Rocky Mountains.
East of the Mississippi River the soil-moisture situation is not as favor¬
able as it was a couple of weeks ago.
There is more or less need for rain
in much of the Ohio Valley and in a large southeastern area, extending
from Pennsylvania southward and southwestward to the eastern half of
Aside from these rather restricted areas the
tion, or has sufficient moisture for present needs,
earlier in the year was excessive, but
little during the past month, and, as a result, the
topsoil has become dry, hard, and badly crusted or baked in most places.
This has delayed germination, retarded growth, and interfered with paint¬
ing operations.
Showers are needed generally.
Temperature conditions were favorable throughout the principal agri¬
cultural areas, and growth of vegetation has been rapid wherever the soil
has had favorable moisture, especially in midwestern sections.
Farm work
made generally good advance, though the season is still late, ranging
mostly up to two weeks later than normal.
SMALL GRAINS—Conditions were mostly favorable for small grain
crops,
especially in the Midwest where very
generous
precipitation
occurred.
In Kansas winter wheat improved; it is headed out in south¬
eastern and south-central sections and is showing in boot nearly to the
northern border.
In Nebraska and Missouri progress was good to ex¬
cellent and was generally fair in most of the Ohio Valley States, with im¬
provement reported from many places, though rain is needed in some
sections.
In the more eastern States wheat maintained its generally satis¬
Alabama.
there
has
In these
been
States rainfall
very
factory condition.
In Oklahoma the rains came too late to be of much
benefit to small grains; wheat shows slight improvement, but its condition
continues poor, with heavy abandonment.
In much of Texas the crop
will be helped by recent precipitation.
Conditions were decidedly favorable for spring wheat in all portions of
the belt.
With sufficient moisture for present needs the crop has come
is coming up, to good stands and early fields have good color and
growing rapidly.
The present favorable situation with regard to spring
up, or
are
wheat
extends
warmer
to
weather
the
have
North
been
Pacific
helpful;
area
where
additional showers and
that survived the
the winter wheat
winter in Washington is spotted.
Oats show much improvement in the interior valley States though
is needed in some eastern sections and the crop still is generally late.
rain
Oats
Some flax was seeded
during the week in North Dakota and seeding is rather general in Minnesota.
CORN—Corn planting made good advance during the week and is now
well along in many northern parts of the belt, and nearly completed in
southern sections, though much remains to be planted in the eastern Ohio
Valley and some southwestern localities where it had been too dry for field
work.
In Missouri planting is about three-fourths done; in Kansas nearly
done in the southeast, and one-fourth to one-half completed in the north¬
east; in Illinois three-fourths planted in west-central and southwestern
areas, but less in other sections.
In Iowa planting made very good ad¬
vance; up to half done locally in the south, and beginning in the extreme
north.
Progress was fair in Nebraska, and seeding has started in the Lake
ragion.
The rains in the Great Plains have been decidedly helpful, but
in the Atlantic area moisture is needed for the topsoil.
continue generally poor in Texas and Oklahoma.
New York,
Friday Night, May 15, 1936.
Retail trade during the past week
calmness.
70,000
Mont
Okla
THE DRY GOODS TRADE
4,218.000
766,000
13,000
9,000
3,000
Tenn
in Texas.
continued the upward
trend it had
147,000
459,000
67,000
72,000
siderable is yet to plant
8,992,000
2.182,000
80
9,000
10,000
12,000
largely relieved the droughty conditions.
unfavorable situation has progressively
1,460,000
I 274 090
89
Iowa
289,000
2,358,000
163.000
Indiana.
Bushels
89
91,000
Ohio
Bushels
Bushels
%
%
211,000
118,000
Pa
cated
1928-32
%
19,000
17,000
47,000
68,000
126,000
J
Indi¬
1935
Average
1936
1935
1932
Grain
Acres
Acres
N. Y
Production
Aver.
for All
State
show
have
However, in eastern States an
developed.
Here, following the
heavy rains early in the season, three or four weeks of dry, sunny weather
have baked and crusted the soil, producing decidedly unfavorable con¬
ditions for young cotton, as well as delay in planting.
In the northeastern
belt germination is slow, with considerable cotton yet to plant.
The
unfavorable dryness of the topsoil extends from the extreme northeast to
the central portion of Alabama, while germination of late planted in Tennes¬
see, where seeding is about three-fourths done, has been slow because of
dryness.
In Oklahoma much cotton remains to be planted, and con¬
COTTON—Weather conditions as they affect the cotton crop
marked improvement in the western half of the belt, where good rains
RYE
Condition May 1
Acreage
1936
16,
May
Chronicle
ment
was
resumed last week following the post-Easter
While in some sections of the country the improve¬
less pronounced, sales in other districts were
spurred by favorable weather conditions. Active demand
existed for summer apparel and sports wear.
Department
store sales for the country as a whole, according to the usual
monthly compilation of the Federal Reserve Board, showed a
gain during April over last year of 8%, while the increase for
the first four months of the year was given as 9%.
Best
results were registered in the St. Louis district with an
increase of 15%, while the least favorable showing was made
by the Philadelphia area, the gain there amounting to only
4%. In the New York district the volume increased 7%.
Sales for the current month are expected to maintain a sub¬
stantial gain over May, 1935, notwithstanding the fact that
last year the month had one business day more.
Trading in the wholesale dry goods markets continued to
reflect the improvement registered in the retail field.
The
summer-like weather made drastic inroads into retailers''
stocks of summer apparel, beachwear and accessories, and
numerous reorders
for these goods were placed.
Cotton
dresses were in particularly good demand.
Wholesalers,
however, continued to confine their orders to fill-in purchases.
They are said to be fairly well covered on their immediate
requirements, and in view of the still existing uncertainties
and the weak gray cloth prices, little inclination is shown to
do any additional fall buying. Business in silk goods regis¬
tered a slight revival from its lethargy of recent weeks. The
warnier weather caused an active demand for summer silks,
with most interest centering on printed chiffons and sheers.
Trading in greige goods was marked by a continued though
slight improvement in the demand for print fabrics. Business
in rayon yarns continued at an active pace.
Although pro¬
duction was reported to have reached a record level, stocks
were said to be still subnormal, with many producers believed
to be booked up well into June.
Most active demand pre¬
vailed for pigment types. Broad silk weavers showed interest
in heavier counts for fall fabrics.
Domestic
Cotton
Goods—Trading in print cloths con¬
tinued extremely dull during the greater part of the
with only scattered orders appearing in the market.
week,
With
jobbers believed to be covered on spring and summer goods,
no inclination was shown
to place additional fall business
until prices and production uncertainties have become clari¬
fied.
Quotations continued their sagging trend, although
under review, a slightly steadier
fair-sized orders came into the
market.
The voluntary curtailment movement by manu¬
facturers made little progress, with only a few scattered mills
adopting a reduced production schedule. Labor troubles in
towards the end of the period
tone
a
developed, and
some
number of Southern mills
helped to curtail output to some
continued to run substantially
featured
by a fair demand for fancies, but, otherwise, the market was
quiet.
Prices, however, held steady as manufacturers in
extent, but total production
ahead
of sales.
Trading in fine goods was again
this field have been
to the actual
more
demand.
successful in adjusting their output
Some second-hand business
developed
inquiries called for immediate delivery of goods thatwere hard to obtain.
Closing prices in print cloths were as
follows: 39-inch 80's, 7 to 7^c.; 39-inch 72-76's, 6^c.;
39-inch 68-72's, 5%c.; 3834-inch 64-60-s, 5 to 5^c.; 38Hinch 60-48's, 4 7-16 to 4He.
as
most
Woolen
Goods—Trading in men's
wear
fabrics continued
Duplicate orders for fall goods increased in volume,,
as
did specifications against blanket contracts.
Mills re¬
mained active on unfilled orders, the total of which was
active.
approximately 40% larger than last year.
busy with shipments of summer clothing
and sports wear for which consumer demand had been ac¬
celerated by favorable weather conditions.
Business in
women's wear goods was featured by continued good demand
for the new fall lines of cloakings and dress goods.
Orders
for white and pastel coatings also continued in good volume.
Reports from retail centers made a good showing, with high
temperatures stimulating the sale of summer wear in many
estimated to be
Wholesalers
were
sections.
Foreign Dry Goods—Trading in linens continued at a
satisfactory pace.
Although the competition of synthetic
materials has become rather keen, the greater variety of
types in dress novelties was able to offset this development.
were featured in prints for both day and
Most linen dresses
evening
to spot and
afloat
have grown,
with prices:
lightweights;
wear.
Business in burlap was limited
goods, the scarcity of which was said to
rather acute.
Trading in shipments was dull,
showing a somewhat easier trend. Domestically
were quoted at 4.10c., heavies at 5.50c.
Volume
Financial
142
-
->
Chronicle
State and City
3381
Department
MUNICIPAL
Specialists in
Dealer
Illinois & Missouri
Bonds
BONDS
Markets
WM. J. MERICKA
CO.
INCORPORATED
Union Trust Bld9.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS &, CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
RECONSTRUCTION
FINANCE
CORPORATION
In a suit appealed from Superior
Court, the Supreme Court said that
litigating Atlanta and Marietta banks should pay to Mr. Daniel the $2,500,000 State money they had on deposit.
A headnote dealing with Governor
Talmadge's suspension of Mr. Hamil¬
ton on Feb. 24, when that official refused to
sign a State check in the
absence of a specific appropriation, said that Mr. Hamilton's
suspension
"not
was
a
necessary
High Bids Received on Municipal Bonds Taken Over from
PW A Holdings—The highest of seven bids received for the
New York City bonds offered by the Reconstruction Finance
Corporation on May 12, along with other issues aggregating
$9,097,100 in all, as reported here recently, was a tender of
110.93, submitted by a syndicate headed by the Chase
National Bank of New York City.
The said Corporation announced the high bids received
were
as
follows:
$4,907,000 City of New York 4% rapid transit subway serial bonds—
$1,109.30, by Chase National Bank, New York, and associates.
108,000 Anniston, Ala., 4% public school house
Equitable Securities Corp., New York.
bonds—$977.60, by
22,500 Clanton, Ala., 4% municipal improvement bonds—$881.20,
by Watkins, Morrow & Co., Inc., Birmingham.
223,000 Board of Education, Walker County, Ala., 4% school warrants
—$1,031.30, by Marx & Co., Birmingham.
308,000 Phoenix, N. M., 4% sanitary sewer extension bonds—$1,038,
by Blyth & Co., Inc.. New York
1,235,000 Fort Smith, Ark., 4% waterworks revenue bonds—$1,014.37,
by C. W. McNear & Co., Chicago.
200,000 Kokomo, Ind., 4% sewage works revenue bonds—$1,022.30,
by C. w. McNear & Co., Chicago.
14,500 School District of Dunklin County, Mo., 4% bonds—$975.50,
by Foster Petroleum Corp., Westerly, R. I.
31,000 School District of Thayer, Mo., 4% school bonds—$991.18, by
Baum. Bernheimer Co.. Kansas City.
69,000 Fallon,
Nev.,
4%
waterworks improvement—$983.81,
by
Brown, Schlessman, Owen & Co., Denver.
56,000 Holland. N. Y., 4% water bonds, series of 1934—$1,063.89, by
Manufacturers & Traders Trust Co., Buffalo.
66,000 Lloyd, N. Y., 4% sewer bonds—$1,061.20, by Roosevelt &
Weigoid, Inc., New York.
1
60,000 Pleasantville, N. Y., 4% sewer bonds, sewer assessment bonds
and water bonds of 1934—$1,051.49, by Hoffman, Adams &
Co., New York.
19,000 Rouses Point, N. Y., 4% street improvement bonds—$1,040.35,
by Birge, Wood & Trubee, Buffalo.
117,000 County of Caldwell, N. C., 4% school building bonds—$1,013.73, by R. S. Dickson & Co., Charlotte, N. C.
62,000 Fayetteville, N. C., 4% municipal wharf bonds—$1,022.9934,
by William B. Greene Co., Winston-Salem, N. C.
82,000 Lenoir, N. C.. 4% fire alarm system bonds, street improvement
bonds
and
waterworks
improvement
bonds—$986.25, by
Branch Banking & Trust Co., Wilson, N. C.
273,000 County of Rockingham, N. C., 4% school building bonds—
$1,026.41, by Lewis I. Hall, Inc., Greensboro. N. C.
32,500 Fremont, Ohio, 4% city portion relief sewer bonds—$1,078, by
Stranahan, Harris & Co., Inc., Toledo, Ohio.
29,000 Clinton, Okla., 4% sewage disposal bonds of 1935—$1,010.50,
by R. J. Edwards, Inc., Oklahoma City, Okla.
5,000 Grady County, Okla., 4% court house and jail bonds of 1934—
$1,090,382, by R. J. Edwards, Inc., Oklahoma City.
15,000 Drain, Ore., 4% water bonds—$1,011.70, by Foster Petroleum
Corp., Westerly. R. I.
14,900 School District No. 15, Union County, Ore., 4% school building
bonds—$981.70, by Foster Petroleum Corp., Westerly, R. I.
58,000 Clinton, S. C., 4% waterworks improvement revenue bonds—
$1,006.30, by McAlister, Smith & Pate, Inc., New York.
13,000 Greenwood, S. C.. 4% sewer revenue bonds—$1,002.75, by
G. H. Crawford Co., Inc., Columbia, S. C.
24,700 School District, Spartanburg County, S. C., 4% school building
bonds—$1,015,204, by C. W. Haynes & Co., Inc., Columbia,
s
c
14,000 Beresford, S. D., 4% waterworks bonds—$1,055, by Frank
Filip & Co., Cedar Rapids, Iowa.
36,000 Independent District of Groton, Brown County, S. Dak., 4%
school bonds—$1,037.80, by First National Bank of St. Paul,
and
associate.
15,000 Sioux Falls, S. Dak., 4% City Hall bonds, 1934—$1,091.33, by
Charles A. Fuller Co., Minneapolis, Minn.
215,000 El Paso, Texas, 4% sewer revenue bonds—$986.26, by Brown,
Schlessman, Owen & Co., Denver, and associates.
137,000 Guadalupe County, Texas, 4% courthouse and jail warrants,
series 1934—$1,045,073, by Bowman, Roche & Co., Austin,
Toxcts
84,000 University Park, Texas, 4% water revenue bonds—$1,064, by
Mercantile-Commerce Bank & Trust Co., St. Louis.
21,000 Amherst, Va., 4% water supply improvement bonds—$1,023,
by Second National Bank of Culpeper, Va.
An issue of $10,000 by the Town of Chatham, Va., of 4% water improve¬
bonds, drew a bid of $1,017.20 a thousand by Piedmont Financial
Co., Inc., New York.
No bids were submitted for an offering of $52,000 East Brunswick, N. J.,
water bonds; $201,000 school district bonds of the Borough of Penns Grove
and the Township of Upper Penns Neck, N. J.; $165,000 school district
bonds of Guilderland, N. Y.; $10,000 Carrington, N. Dak., sewer bonds;
$114,000 Fairport, Ohio, waterworks bonds; $31,000 Quaker City, Ohio,
waterworks bonds; and $9,500 East Bark, W. Va., waterworks bonds.
The offering of $86,000 of Camden, N. J., water improvement bonds was
ment
withdrawn.
News Items
Georgia—Suspension of State Treasurer Upheld—The fol¬
lowing is the text of an Associated Press dispatch from Atlanta
on May 9, regarding the State Supreme Court decision
up¬
holding the Governor's action in ousting the State Treasurer
last February:
The Georgia Supreme Court upheld Governor Eugene B. Talmadge
today in his suspension of State Treasurer George B. Hamilton and held
fthat Mr. Talmadge's appointee, J. B. Daniel, was the legal State Treasurer.
removal
or
tantamount to removal."
for Governor Talmadge to give
reasons
The Court said it
was
not
for suspending the Treas¬
and that the order of suspension was not "subject to review or control
of the courts."
urer
Illinois—Governor to Call Legislature to Act on Registration
Bill—Governor Horner announced in Springfield on May 8
that he would call another special session of the Legislature
this month to consider proposed legislation for permanent
registration of voters. In a recent letter to the Governor it
was
requested by State's Attorney Courtney of Cook County,
registration
that he ask the Legislature to pass a permanent
bill. This proposal was beaten twice within a
year by the
opposition of Cook County Democratic leaders. If passed
before July 1, such an act would require only a bare
majority
to make it effective by that date.
Iowa—State Supreme Court Upholds New State Three-Point
Tax Law—A special dispatch from Des Moines
had the following to say regarding an
approving
the new tax law by the Iowa Supreme Court:
on May 5
opinion on
Iowa's three-point tax law was declared constitutional
by the State
Supreme Court here today. The program includes a personal net income
tax, a State sales tax, and
a
corporation income tax.
The
opinion, written in a case brought by Ray P. Scott of Marshalldelivered by Justice Paul Richards of Red Oak.
All of the
justices except Carl Stiger of Toledo concurred.
town,
was
Mr. Scott's contention
faulty
passage.
the two houses.
voted out
was
that the law
was
unconstitutional because of
He said the bill as a whole had never been approved by
Instead, he said, a conference committee report had been
by the legislators.
Louisiana—Governor
Leche
Inaugurated—Governor-elect
on May 12,
according to Baton Rouge dispatches. The Legislature con¬
vened on May 11 for the first time in eight years without
the dominating presence of Senator Huey P. Long.
It is
expected that the legislators will wipe from the statute books
some of the more punitive measures Senator
Long had enacted
as weapons in his warfare
against the National Administra¬
tion and sundry political opponents in the State. Governor
Leche is reported to have been a disciple of the late Senator
from Louisiana and his successor to the leadership of the allpowerful State organization that Huey Long built up.
Richard Webster Leche
was
inducted into office
New Jersey—Relief Issue Delayed Again as Session Ad¬
journs Temporarily—The State Legislature continued its
policy of inaction which has been the order of procedure
since the session convened on Jan. 14, when it permitted the
problem of financing unemployment relief to go over until
after the primary election, which will be held on May 19,
according to Trenton advices of May 12. The Assembly is
said to have adjourned until May 21, with the Senate follow¬
ing its example later in the evening.
New York City—Report on Bills Passed by
Legislature for
City Affairs—A dispatch from Albany to the New York
"Herald Tribune" of May 14 had the following to say in
regard to measures approved by the 1936 Legislature affect¬
ing the City of New York:
Mayor F. H. LaGuardia, while cordially disliked by a majority of the
legislators, Democratic as well as Republicans, succeeded in obtaining
approval of many of his pet measures by the 1936 Legislature, a survey
tonight disclosed. About 40 bills, sponsored by the Mayor or other city
officials, it was learned, were passed during the last four and a half months,
while a half dozen other measures, considered important by Mr. LaGuardia,
were
killed.
Mayor has had considerable success. Only today a bill, amending
instead of 4%, was
approved. Another New York bill passed by the two houses today was a
measure giving the firemen of the city an eight-hour day, thus
answering
an appeal that has been
made persistently by the group for years. The
latter was not supported by the Mayor.
But the
the
bankers' agreement to make the interest rate 2%
Salary Cuts Restored
Legislature also approved a series of bills, on which the Mayor
stand, designed to restore about $18,000,000 in salary cuts to
New York City teachers, firemen, policemen and other employees, one of
them going through tonight.
The restorations in some instances would
be effective next year, and in others on Jan. 1, 1938.
The Governor will
undoubtedly ask the Mayor to take a stand on these bills when they come
before him for signing.
Not always was the Legislature this indulgent with the Mayor, however,
for they killed one of his pet bills in committee.
This measure would
permit the city to construct a power plant, with the approval of the people,
the plant to be used as a "yardstick" to govern the rates of private utili¬
ties.
It also turned thumbs down on a bill giving the city more power in
the demolition of vacant and abandoned buildings; one tightening the
definition of "drunken driver," and a third providing for the clearing of
titles of property on "water grant streets."
According to Reuben H. Lazarus, Assistant Corporation Counsel, munici¬
pal representative at the Capitol, the following is the list of the more im¬
portant LaGuardia measures that went through both houses:
The
took
no
Important Victories of Mayor
York 1939 world's fair.
the City of New York to issue $7,000,000 of bonds to
A bill establishing the New
A bill authorizing
pay
New York City's share of the world's fair.
Financial
3382
A
bill
the
to amend
"banker's agreement law," which will permit the
refunding of special revenue notes into five-year serial bonds with a reduc¬
tion of interest from 4% to 2%, resulting in a saving of approximately
$2,000,000.
An attendant agreement reached with the Committee on
Banks by the Comptroller provides for a similar reduction in interest on
1936
16,
May
Chronicle
East River River tunnel between mid-
Creating authority to construct
and Queens.
town Manhattan
Requiring American Flag to be displayed in school assemblies.
Restoring teachers' salaries in New York City to the levels that preceded
1932 cuts
.
Modifying silicosis law benefits
and requiring installation of dust-elimin¬
future loans.
A bill to permit the exemption from
ation devices.
making work for
eight to 16 years old unaccompanied under prescribed safeguards.
Series of bills designed to strengthen control of public utilities.
Three-platoon system for firemen in New York City.
taxation of the increased value of
buildings due to improvements, such exemption to run for five years. This
Act, it is confidently expected, will result in increased building activities,
many persons engaged in the building trades and an
for building materials.
A bill extending to July 1, 1937, the delegation of taxing power to the
city to pay the costs of unemployment relief.
A bill creating the New York City Tunnel Authority to build the midtown tunnel connecting the boroughs of Manhattan and Queens; and ulti¬
mately, to build a tunnel between Hamilton Ave., Brooklyn, to the Battery.
The Federal Government has allotted $58,000,000 of Public Works Ad¬
increased
demand
ministration moneys for this
A bill establishing the New
project.
York City Board of Statutory Consolidation.
be the duty of this
board to set up an administrative code to harmonize with the new charter;
and, should the charter fail at the polls, to codify the laws affecting the
City of New York, after a thorough overhauling by way of modernization,
simplification, clarification and restatement.
A bill providing for local option in the admission of minors to theaters.
The present provisions of the penal law are almost universally violated,
with attendant danger to the morals and safety of children admitted to
motion picture theaters. A minimum of recommendations for local legisla¬
tion is provided in this law, the most important of which is the require¬
ment for a matron in attendance to supervise a special section set aside for
In the event
a
new
charter is voted next fall, it will
children.
Three bills to expedite and
facilitate the Atlantic Ave. improvement in
Brooklyn.
taxation the Academy of Music, in Brooklyn. This
is part of a program to save and continue the academy.
A bill suspending until the end of 1938 the law providing for quarterly
payment of taxes beginning in 1937. An investigation by the Comptroller
revealed the fact that the cost of collecting taxes quarterly would amount
to approximately $470,000 a year and that tne saving on loans would amount
to about $300,000.
Until further study is given the subject, it was decided
to suspend the law for two years.
A bill to exempt from
New York State—Governor
Signs Municipal Debt Restric¬
dispatch from Albany on
May 11 had the following to say in regard to a bill signed on
that date, dealing with municipal borrowing limitations:
tion
Bill—An
Associated
Press
""Governor"Lehman signed today the R. B. Smith bill, which he said was
of all New York cities with the
York, Rochester and Buffalo, "so that the municipal
debt will not increase as rapidly in the future as it has in the past."
The measure puts restrictions on the issuance of bonds in all cities except
New York, Rochester and Buffalo, so that they will not be contracted for a
aimed at restricting the borrowing power
exception of New
would maximum
in each probable
JieriodThe Lehman said specifiedperiod of instance. usefulness of any prolonger than the be the
ect.
term
Governor
measure,
introduced by Assemblyman R. B.
Smith, Republican from Onondaga, means that "the municipal debt
not increase as rapidly in the future as ithas inthe past." ; i
i !;
1
will
' i
""in connection witnTfie"above report~we~quote from the
Street Journal" of May 12, which discussed the
measure from the angle of the investment bankers:
"Wall
Governor Lehman Monday signed a bill which would restrict the borrow¬
ing power of municipalities throughout the State.
Designed to prevent
the increase in local debt at the rate of recent years, the bill provides that
bonds issued by other than Buffalo, Rochester and New York City for
three or more years shall not be contracted for a period longer than the
estimated usefulness of the project.
Bill also restricts bonds issued for electric light and power projectts to
30 years' duration.
Discussing the measure, Governor Lehman said:
"A recent comprehensive study of the financial problems of the cities
and villages has revealed the necessity of this bill. Similar laws have been
passed in other States and proved beneficial."
The new law, in the opinion of the banking fraternity, will reduce the
amount of bonds on which citizens of the various municipalities are called
upon to pay interest charges long
Issued has passed its usefulness.
facility for which they were issued no longer exists. In some cases citizens
have paid many times the original principal in interest charges on these
It was to prevent such financial evils tnat the present law was
issues.
enacted.
State—Legislative Session Ends—The Repub¬
majority in the Assembly killed Governor Lehman's
eight-point social security program for the third and last
time on May 13, despite the strenuous efforts of the Governor
to secure its approval.
Convinced that there was no hope
of obtaining passage of the entire social security program,
which would have brought State law into line with the
Federal Security Act, the Democratic Senate later passed the
Wads worth Old Age Pension Law, which reduces the age
limit for such benefits from 70 to 65 years.
This measure,
carrying out one phase of the security plan, was passed some
time ago by the Assembly as the only concession the Repub¬
licans would make to the Governor's repeated appeals.
The following is a summary of the action taken by the
1936 Legislature on the more important bills, as it was given
in the New York "Herald Tribune" of May 14:
New York
lican
Adopted
Governor Herbert H. Lehman's executive
budget, reduced from $309,-
000,000 to $293,000,000.
Two cents a gallon emergency gasoline tax reduced to one cent, this
with basic two cent tax, making total State gasoline tax of three cents a
gallon, effective July 1. All other emergency and other taxes continued.
Old age assistance provisions of Governor Lehman's Federal-aid social
security program, reducing age limit for relief from the present 70 to 65 years.
Proposing $30,000,000 bond issue for unemployment relief, to be voted
at the November election.
Transferring
unemployment relief from the Temporary Emergency
a permanent basis in the
State Department of
Relief Administration to
Social Welfare.
Enactment of 37 anti-crime bills recommended by Governor Lehman in
his 60 point program.
Submitting quastion of holding constitutional convention to a vote of
the people in November.
Legislation to effect county and town governmental reforms under
County Home Rule Amendment which was adopted last fall.
Removing official stigma of illegitimacy from children of unwed parents.
Appropriating $2,200,000 out of unemployment relief bond moneys for
public works projects in connection with New York 1939 World's Fair.
Continuing emergency moratorium on mortgage foreclosures.
Establishing eight-hour day for employees of State institutions.
Prohibiting employment of bus and truck operators for more than 10
hours a day.
Providing for the free transportation of children attending private and
parochial schools, where such transportation is provided for public school
children.
Creating State Traffic Commission in Department of Taxation.
Providing for refunds to employers contributing to unemployment in¬
in event the unemployment insurance law is declared invalid.
Continuing State milk control and price-fixing for another year.
Appropriating $300,000 for flood control.
surance
picture theaters for attendance of children
Defeated
Governor Lehman's
social security program.
Legislative investigation of unemployment relief and administration.
appropriation of $10,000,000 for unemployment relief.
Congressional and legislative reapportionment.
Real estate tax limitation.
Several of Governor Lehman's anti-crime bills, including creation of
State Department of Justice, creation of division of crime prevention;
fingerprinting of all persons charged with misdemaneors and vagrancy;
five-sixth jury verdicts and permitting judges and district attorneys to
Extra cash
comment.
Series of bills
providing for woman jurors.
Proposing constitutional amendment to
legalize pari-mutual betting at
. ..........
Legalizing of lotteries for relief purposes.
Legalizing dog racing.
Legalizing bookmakers at racetracks.
Ratification of Federal constitutional
amendment
racetracks
.......... .. ..
.
to give Congress
of age.
for State Senators.
Constitutional amendment for one-house Legislature.
Constitutional amendment to permit tolls on barge canal systems.
Limiting savings bank mortgage interest to 4 M %.
Limiting single savings bank deposits to $5,000.
State-wide personal registration of all voters.
Compulsory automobile insurance.
Compulsory semi-annual inspection of automobiles.
State licensing and control of employment agencies.
Prohibiting marriages until after lapse of 72 hours from issuance of license.
Making abandonment for three years legal ground for absolute divorce.
Prohibiting sale of gasoline to intoxicated operators of motor vehicles.
power to
control employment of persons under 18 years
Constitutional amendment for four-year term
Employee contributions to
unemployment insurance fund.
Repeal of teacher's oath.
staff correspondent of the New York "Herald
May 14 commented in part as follows on the
The Albany
Tribune"
on
adjournment of the said legislative
session:
concluded its four-and-a-half months of legislative
activity at 7:14 a. m. today, ending the longest session in 25 years, leaving
behind about 525 bills for GovernorjHerbert H. Lehman to act on during the
next 30 days, or about half the number usually dropped on the Governor's
doorstep at the conclusion of a session.
Although the clocks in the two Houses indicated the adjournment time
officially at noon Wednesday, the final gavel fell in the Assembly at 7:05
a. m., and the Senate followed suit nine minutes later, both Houses having
been in session continuously for 21 hours.
The last hours of the extended
session, marked by the usual confusion and disorder, saw the defeat of some
of the most important bills and the passage of more than 150 less far-reaching
The 1936 Legislature
measures.
Final defeat of Mr.
by the
yesterday was only the first step.
Lehman's eight-point social security program
Republican-controled Assembly early
During the hours that followed, one House or the other refused to approve
two major anti-crime bills, passed one county government reform measure,
while killing the two bills admittedly better than that passed; blasted all
hope of Congressional or legislative reapportionment for the present;
killed
a
resolution
permitting pari-mutuel betting
in the State, and denied
at increasing the
of Mr. Lehman for approval of a bill aimed
efficiency of the State Mortgage Commission.
On the other side of the ledge the two Houses approved
the request
the supplemental
budget, containing additional appropriations amounting to $2,136,000, thus
bringing the State budget for the year to $295,000,000; they passed the
Wadsworth old-age bill reducing the limit for pensions from 70 to 65 years;
they set up legislative investigating committees with appropriations for
their work amounting to $192,000, instead of the $600,000 expended for
such activities last year, and made an appropriation for flood control.
after the project for which they were
It is pointed out that many bond issues in various parts of the Nation,
which were issued for specific projects, still are outstanding, although the
on
Authorizing licensing of motion
United States—Social Security
Acts Approved by 12 States
Washington dispatch to the New York "Journal of
Commerce" of May 11 had the following to say in regard
to the favorable action taken by a number of the States on
—A
social security measures:
With the passage by Rhode Island of a State unemployment compensa¬
and the District of Columbia now have such legislation,
Board pointed out today.
The other States are Alabama, California, Indiana, Massachusetts, Mis¬
sissippi, New Hampshire, New York, Oregon, Utah, Washington and
tion law, 12 States
the Social Security
Wisconsin.
.
.
„
„
Action Follows Survey
this subject followed an intensive study
compensation made by the Unemployment Insurance
appointed by the Governor last year. The members
of the Commission, made up of representatives of industry, labor and the
general public, unanimously supported the pooled type of fund now incor¬
Rhode
Island's legislation on
of unemployment
Fund Commission
porated in the law.
,
.
.
..
,
,,
The provisions of Rhode Island s law are, in the main, similar to those
found in other States' enactments. Rhode Island is the tenth jurisdiction
to adopt the completely pooled type of unemployment compensation fund.
Contributions to this fund are made both by employers and employees.
An employer who has four or more persons on his payroll for 20 days,
each day in a different calendar week in the year, contributes 0.9% of his
payroll for the year 1936, his contribution to be no less, however than 90%
of his Federal tax for the year.
In 1937 he contributes 1.8% of his payroll
and in 1938 and thereafter 2.7%.
Contributions Begin in 1937
Employee contributions begin in 1937, when 1% of their wages up to
$3 000 a year will be collected. In 1938 and thereafter their rate of contri¬
butions will be 1.5% of wages up to $3,000 a year
..
Benefits to jobless workers are figured at 50% of the weekly wage, with
a minimum of $7.50 a week, the highest provided in any of the State laws
thus far enacted, and a maximum of $15 a week.
They may continue to
receive benefits for a maximum of 20 weeks in the year.
Rhode Island's law also provides for a five-year study on merit rating
advisibility of reducing contributions
The administration of the law
for the purpose of ascertaining the
in industries with good employment records.
in the division of unemployment compensation of the Department
of Labor. A board of three members, representing labor, industry, and the
is placed
general public, constitutes
its executive officers.
Westchester County, N.
Y.—Comprehensive Survey Pre¬
School Districts—The 74 school districts of West¬
chester County, N. Y., have a total indebtedness of $54,263,669 on which the current tax levy for operating and debt
pared
on
service charges aggregate
$14,873,647, Gertler & Co., Inc.,
point out in a comprehensive survey giving for the first
a complete picture of the school districts in respect to
financial
time
their
position.
3.15% of the assessed property valuation
$1,719,841,179 but the survey points out that in
State, the various towns and not
of taxes and remittance of them
This indebtedness amounts to
for
school
purposes
of
Westchester, unlike other counties in this
the county are responsible for collection
to the school district.
The compilation also
includes a complete abstract
.
of the law governing
school districts and
the assessment and
district bonds, State aid for the
the special Westchester County provisions respecting
collection of taxes for school purposes.
the issuance of school
Volume
Financial
142
United
States—Report Released on Financial Statistics
1934—The percent distribution of all govern¬
having a population of over
100,000 shows that cities increase their expenditures for
capital outlay in prosperous years and decrease them in
years of depression.
For the year 1934,12.1 % of all govern¬
mental-cost payments was expended for outlays; in 1933,
10.8%, as compared with 31.4% in 1926, according to a"
report released on May 15 by Director William L. Austin,
Bureau of the Census, Department of Commerce.
for
Cities,
mental costs of tne 94 cities
This is
one
of
a
series of releases on the total and per capita costs
of city
governments for specified years.
The per capitas for 1933 and 1926
as
are based on the estimated population
of the middle of the fiscal year of each city reported, and those for 1934
based on the estimated population as of July 1, 1933, no later estimates
are
having been made.
These statistics
the government of the city corporation proper
cover
and
also independent districts practically coextensive with the cities. They also
include a per centage of the financial transactions of the
county government
Chronicle
3383
Voted Bond Tax Levy—The district held an election on April 4, 1936 and
voted a continuous tax of seven mills to be used
solely for the retirement of
the principal and interest of the
refunding bonds in the manner hereinafter
provided.
Sinking Fund—The
used in the
following
seven
mills tax
levy will be irrevocably set aside to be
manner:
First—To pay all
interest on the refunding bonds.
Second—Payment of certificates of indebtedness which may be issued to
cover
refunding
expenses.
Third—The purchase of its refunding bonds on advertised sealed tenders
at
discount.
Fourth—If the district is unable to purchase its bonds at a discount on
tenders then the surplus in the fund must be used to call refunding bonds for
payment in numerical order on the first day of January at par and accrued
a
interest.
Allotment of Bond Numbers—Serial numbers of the refunding bonds will be
allotted bondholders in the order of
principal maturities now outstanding so
that the first bonds called at par and accrued interest will be the earliest
maturities now outstanding.
•
Payment of Past Due Interest—Board of Directors have set aside sufficient
funds for the payment of all interest due
prior to and including April 1,
1936 at 75% of the face amount of such interest in full settlement of such
interest.
;<■
for cities having over 300,000 population, in order that data for such
Proceeds of Continuous Levy and Requirements for Debt Service—On the
basis of the present assessed valuation of $6,862,703 the proposed continuous
may
tax of seven mills for debt service will
cities
be comparable witb those of other cities in this class in which the
ordinary county functions are performed by the city government.
The payments for capital outlays vary so
widely that a comparison of
per capita costs by cities or by years has little or no significance and for that
reason no per capitas were
computed for capital outlays nor for all govern¬
mental costs, which include payments for outlays.
OFFERINGS
,
WANTED
per annum.
produce approximately $48,038.92
Annual interest requirements on the refunding bonds will start
with $36,592.50 which amount will be reduced
purchased
proportionately
as
bonds
are
on tender or retired at par.
Legality—Legality of the refunding bonds will be approved by Wallace
Townsend, Attorney, Little Rock, Arkansas.
Trustee and Paying Agent—The Commercial National Bank of Little
Rock, Arkansas will be the trustee and paying agent of the refunding bonds.
Expenses—All expenses incident to the refunding will be paid by the
district.
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
California Municipals
Francis, Bro. & Co.
ESTABLISHED
1877
WOO State of California Relief V/i%, due Jan. 1/44, to yield 2.30
Investment Securities
ST. LOUIS
TULSA
DONNELLAN
111 Sutter St.
Bond Proposals and Negotiations
& CO.
San Francisco, Calif.
Telephone Exbrook 7067
Teletype-S P 396
CALIFORNIA MUNICIPALS
ALABAMA
$100,000 San Francisco, Water
...
4s 12-1-49 2.70%
Municipal Bonds
FBootke,Gillette 8 Co.
EQUITABLE
Ill
west
7th
teletype
la
566
member los angeles stock exchange
Nashville
York
Birmingham
LOS ANGELES
st.
Securities Corporation
New
Knoxville
Chattanooga
Memphis
CALIFORNIA
ALAMEDA COUNTY
ALABAMA
BIRMINGHAM,
Ala.—BONDS
is reported
to have passed
mission
AUTHORIZED—The
City
Com¬
ordinance on May 5 authorizing
Due from
any interest period on payment of 3%
an
the issuance of $4,000,000 in 4% water supply system bonds.
April 1, 1941, to 1981, callable on
premium.
•
ARIZONA
APACHE
Collins,
COUNTY
Croke & Co. of
O. Saint John), Ariz.—BOND SALE—.
Denver have purchased and are now offering to
(P.
2% to 3.60%, according to maturity, an
bonds.
Denom. $1,000.
Dated May 1,
Principal and semi-annaul interest (May 1 and Nov. 1) payable at
the County Treasurer's office, in St. Johns.
Due $3,000 yearly on May 1
from 1938 to 1947, inclusive.
investors at prices to yield from
issue of $30,000 4H % refunding
1936.
MOHAVE
COUNTY
(P. O. Oakland), Calif.—BOND OFFERING—
Sealed bids will be received until
(P. O. Kingman), Ariz—BOND OFFERING—
J. J. Cunningham. Clerk of the Board of County Supervisors, will receive
bids until June 1 for the purchase at not less than par of $45,000 4X%
funding bonds.
Dated June 1, 1936.
Certified check for $2,500 required.
10 a. m. on May 18 by G. E. Wade,
County Clerk, for the purchase of a $14,000 issue of Livermore Union
High School District bonds.
Denom. $1,000.
Dated May 15, 1936.
Due on May 15 as follows: $1,000, 1937; $2,000, 1938; $3,000, 1939, and
$4,000 in 1940 and 1941.
Interest rate is not to exceed 4H%. payable
M. & N.
Rate to be stated in a multiple of M of 1% and it shall not be
necessary for such rate to be uniform for all of the bonds.
Split rate
interest bids will be accepted.
Prin. and int. payable in lawful money.
These bonds are part of an authorized issue of $18,000.
A certified check
for $1,000, payable to the Chairman of the Board of Supervsors, must
accompany the bid.
Bidders are requested to submit a calculation of
the total net interest cost to the District on the basis of their respective bids.
CALIFORNIA (State of)—BONDS SOLD—The $54,000 2%% State
park bonds offered on May 14—V. 142, p. 2867—were awarded to State
Trust Funds at par.
Dated Jan. 2, 1929.
Due Jan. 2, 1957.
BOND SALE ORDERED—The sale of $5,000,000 2%% veterans home
and farm purchase bonds was authorized recently by the finance committee
of the State Veterans Welfare Board.
The sale will take place in the latter
part of June.
LINDSAY, Calif.—BOND SALE—It is stated by the City Clerk that
$35,000 bonds out of a total of $52,000 city hall bonds approved by the
3, have been sold as follows: $29,000 to
the PWA, and $6,000 to a local bank.
voters at an election held on Dec.
ARKANSAS
Markets in ail State,
BONDS
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—BOND
OFFERING—L. E. Lampton, County Clerk, will receive bids until 2 p.m.,
June 1 for the purchase of $15,000 5% bonds of Enterprise School District.
County & Town Issues
Denom. $1,000.
Dated May 1, 1936.
Due June 1, 1946.
Certified check
for 3% required.
NEVADA IRRIGATION DISTRICT
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS, MO.
(P. O. Nevada City), Calif.—
CONFIRMATION OF RFC LOAN—William Durbrow, District Manager,
confirms the report given in these columns recently, to the effect that the
Reconstruction Finance Corporation had authorized a loan of $4,050,000
for refinancing purposes, and an additional loan of $200,000 to be used for
construction work in building up the district's income under its contracts
with the Pacific Gas & Electric Co.—V. 142, p. 2866.
ORANGE COUNTY (P. O. Santa Ana), Calif.—BONDS DEFEATED
142, p. 2541—the voters defeated the
proposed issuance of $325,000 in school rehabilitation bonds, according to
the County Clerk.
—At the election held on May 5—V.
ARKANSAS
State & Municipal Bonds
SAN MATEO, Calif.—BONDS VOTED—It is stated by the City Man¬
ager that at the election held on May 5—V. 142, p. 1678—the voters ap¬
proved the issuance of the $300,000 in general obligation bonds by a wide
margin.
Dated about July 1, 1936.
Due in .7 years.
It is said that the
bonds are to be sold as soon as possible.
'
WALTON, SULLIVAN & CO.,
LITTLE
ROCK, ARK.
ST. LOUIS, MO.
TUOLUMNE COUNTY
(P. O.
Sonora),
Calif.—BOND SALE—
An issue of $30,000 43^% bonds of Columbia School District was sold
recently to Brush, Slocumb & Co. of San Francisco.
Due from 1937 to
1955.
WILLIAMS,
ARKANSAS
ARKANSAS (State of)—BOND
TENDERS REQUESTED—The State
Board adopted a resolution at its recent monthly meeting
State Treasurer Earl Page and Refunding Supervisor J. O.
Goff to prepare advertisements for highway and road improvement district
bond tenders at 10 a. m., July 6.
A total of $335,904.89 will be available
July 1 to purchase highway refunding bonds before maturity and $180,730.86 to purchase road district refunding bonds.
Balances in the accounts for city paving aid certificates and contractors'
funding notes are less than $100 and no tenders will be received on these
obligations at the July meeting:
Refunding
requesting
NORTH
LITTLE
REFUNDING
ROCK
SPECIAL
PLAN OFFERED—The
SCHOOL
district,
DISTRICT,
Semi-Annual
Interest—The
as
first
through the Commercial
Fouch, City Clerk
following 5%
$3,000 water system extension bonds.
Denom. 18 for $100 and 4 for $300.
2,600 sewer system construction bonds.
Denom. 18 for $100 and 4 for
$200.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
DENVER
outlined below:
Telephone:
due Jan. 1, 1937 will be for
nine months, thereafter interest will be paid semi-annually on Jan. 1 and
July 1st of each year.
Interest Rate—The refunding bonds will bear interest at 3 M % from April 1,
1936 to Jan. 1, 1951 and will bear interest at 4>£% thereafter to maturity
or until purchased or called.
A.
bonds:
Ark.—
National Bank of Little Rock, is offering to the holders of its outstanding
bonds a refunding plan calling for exchange of their present holdings into
lower-interest-bearing securities,
Date of Issue—April 1, 1936.
Maturity—Jan. 1, 1966.
Calif.—BOND OFFERING—Ira
will receive bids until 8 p. m. June 1, for the purchase of the
Keystone 2395
—
Teletype: Dnvr 51
coupon
COLORADO
CASTLE ROCK SCHOOL DISTRICT (P. O. Castle Rock), Colo.—
BONDS SOLD—It is reported that $38,000 high school bonds approved by
the voters at an
election held
on
May 1, have been sold.
Financial
3384
COLORADO, State of—INVESTMENT OF FUNDS APPROVED BY
STATE EXECUTIVE COUNCIL—A proposal by State Treasurer Charles
M.
Armstrong that several million dollars in State funds be invested in
on May 6 by the State
short-term government securities was approved
Executive Council.
of banks to accept large State departmental funds because
Reluctance
of
the
amount
of
required
security
by
law
made
the
move
necessary,
Armstrong said.
voting
on
is
election
to
be
held
on
PUEBLO COUNTY SCHOOL DISTRICT
district
Colo.—BOND SALE—The
bonds to Bosworth,
Benwell, both of Denver.
refunding
has
Chanute,
sold
NO.
an
1 (P. O. Silverton),
issue of $27,000 4%
Loughridge
&
Co.
and
O.
F.
May 16, 1936
being issued to secure the loan portion of a $212,700 Public Works Adminis¬
tration light plant allotment, are said to have been started in Circuit Court
by City Attorney Denison and Circuit Judge Elwyn Thomas. An order is
said to have been signed May 2, requiring the Sate to show cause why the
issue should not be validated.
It is reported that the order is returnable
on May 27.
The issue was validated recently, but is being revalidated for
the reason that a slight change was made subsequently by the City Com¬
mission, in the maturity date of the bonds.
,
JACKSON COUNTY SPECIAL TAX SCHOOL
DISTRICT
SIDE SCHOOL
(P. O. Pueblo), Colo.—-BOND
May 19, for the purpose of
the question of issuing $140,000 4% school bonds.
NORTH
ELECTION—An
Chronicle
Fla.—BOND
Marianna),
O.
(P.
Int. Rate
Amt. Bid
Halsey Stuart & Co., N. Y.; Bancamerica-Blair
h Corp., N. Y., and R. F. Griggs Co.,Waterb'y
Lehman Bros., N. Y.; Phelps, Eenn & Co.,
2.25%
$504,675
y:';Vw.
and the Bridgeport City Co., Bridgep't
2.25%
504,500
Blyth & Co., N. Y.; F. S. Moseley & Co.,
Boston, and Goodwin Beach & Co., Hartford
2.25%
502,650
Dick & Merle-Smith, N. Y___
2.40%
502,037
Brown Harriman & Co., N. Y„ and Hemphill, (2.50% $220,0001500,095
Noyes & Co., New York
—
12.00%
280,0001
N. Y.,
TARPON SPRINGS, Fla.—BOND REFUNDING CONTEMPLATED—
At
a
joint meeting of city officials and tax
and an interest rate of
GEORGIA
CITY
CONSOLIDATED
City), Ga.—BOND SALE—We
DISTRICT
(P. O.
Sale
WAYNESBORO SCHOOL DISTRICT (P. O. Waynesboro), Ga.—
ELECTION—An election will be held on June 9, according to
in order to vote on the issuance of $30,000 in 4% semi-annual
high school bonds.
Due $1,000 from July 1, 1937 to 1966. inclusive.
BOND
OFFERINGS
WANTED
SALE—Chauncey T. Warner, Town
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
Conn .—BOND SALE— The $385,000 2^% coupon
142, p. 3215 —
were awarded to the Bancamerica-Blair Corp. of New York at 101.90, a
basis of about 2.42%:
;
BRITAIN,
SALT LAKE CITY
bonds described below, which were offered on May 13—V.
$260,000 sewer fund bonds, 14th series, 6th issue.
from 1937 to 1962, inclusive.
Due $5,000
1936.
Due $10,000
on
on
Denom. $1,000.
Principal and int.
second high bidders, offering a price of 101.658.
Other bids were as fellows:
Rate Bid
100.709
Bidder—
Halsey, Stuart & Co., Inc., and the R. F.
First National Bank of Boston
Griggs Co
100.65
& Co.; Cooley & Co., and Edward M. Bradley & Co_»
Stoddard & Williams
Estabrook & Co
Coffin & Burr and Goodwin, Beach & Co
Brown Harriman & Co.; Hemphill, Noyes & Co., and Roy T. H.
Bell Teletype: SL K-37
3221
IDAHO
FIRTH, Idaho—BONDS NOT SOLD—It is stated by the Village Clerk
that the $14,000 issue of not to exceed 5% semi-ann. water works bonds
offered on May 2—V. 142, p. 2869—was not sold as no bids were received.
Dated May 1, 1936.
Due from May 1, 1937, to 1956.
GENESEE, Idaho—BOND ELECTION—Voters of Genesee will go to
question of issuing $15,000 water mains
the polls on May 26 to vote on the
improvement bonds.
,
;
Phone Wasatch
July 1,
July 1 from 1937 to
(J. & J.) payable at the First National Bank of Boston or at the New
Britain National Bank, New Britain, at holder's option.
The Harris Trust & Savings Bank of Chicago and Kean, Taylor & Co. of
New York, jointly, were
SCHOOL
informed by Brooke, Tindall & Co. of
report,
purchased on March 2 the initial block of $157,900, due from
1937 to 1950 incl,, as 2Ms, at 100.875, a basis of about 2.12%.
1,
are
Atlanta, that they have purchased a $12,000 issue of 5% school bonds.
Due $1,000 from Jan. 1. 1952 to 1963, incl.
house having
Each issue is dated Jan.
resolution is said to have
2%.
$12,000 on Jan. 1 from 1951 to 1956 incl.
Interest payable J. & J.
The
bonds are the balance of a total issue of $229,900, the same investment
125,000 school bonds, 27th series.
1961, inclusive.
payers a
been adopted, to seek refunding of the city's outstanding bonds, $2,400,000
in principal, and $700,000 in defaulted interest, for 20 cents on the dollar
Clerk, reports that Putnam & Co. of Hartford pin-chased on April 30
$72,000 3% coupon high school building bonds at a ptice of 100.13, a
basis
of about 2.99%.
Dated Jan. 1, 1936.
Denom. $1,000.
Due
NEW
of
pal and semi-annual interest (May 1 and Nov. 1).
Payable at the office
County Superintendent of Instruction, at Marianna.
Due $150 yearly on May 1 from 1937 to 1956, incl.
SALE
Other bids were:
Conn .-—BOND
25
at the office of the
higher bidder, offering a premium of $840 for 2.10s.
Dated May 15, 1936.
Due May 15 as follows: $55,000, 1938 to 1941, and $56,000, 1942 to 1946.
HAVEN,
Board
treatment
f? BRIDGEPORT, Conn.—BOND SALE—The $500,000 coupon, registerable as to principal, series B refunding bonds offered on May 12—V. 142,
p. 3036—were awarded to a syndicate comprising Halsey, Stuart & Co.
and the Bancamerica-Blair Corp., both of New York and the R. F. Griggs
Co. of Waterbury as 2.10s for a premium of $1,090, equal to 100.218, a
basis of about 1.96%.
The First National Bank of Boston was second
EAST
County
PENSACOLA, Fla.—BONDS AUTHORIZED—The City Council on
April 20 adopted an ordinance authorizing the issuance of $74,000 sewage
and disposal works construction bonds.
CONNECTICUT
Bidder—
DISTRICT NO.
OFFERING—The
Public Instruction will receive bids until 10 a.m., May 19 for the purchase
of $3,000 6% school bonds.
Denon. $150.
Dated May 1, 1936.
Princi¬
R. L. Day
100.48
100.388
100.211
Idaho—BONDS VOTED—A $40,000
100.559
First Boston Corp. and Day,
JEROME SCHOOL DISTRICT,
bond issue for construction of a grade school was approved by the voters
at a recent election.
Putnam & Co. and
99.709
Barnes & Co
Conn .—BOND SALE—R. L. Day & Co
of
$100,000 series B sewer construction
bonds as lMs, at a price of 100.079, a basis of about 2.49%.
Dated May 15,
1936.
Denom. $1,000.
Due $10,000 on May 15 from 1938 to 1947, incl.
Principal and interest (M. & N.) payable at the Hartford National Bank.
WEST
HARTFORD,
Boston have been awarded an issue of
ILLINOIS
DEERFIELD, 111.—BOND SALE—Ballman & Main of Chicago have
purchased and are now offering to investors an issue of $37,500 4M%
coupon, registerable as to principal, funding bonds at prices to yield from
2M% to 3M%» according to maturity.
Denom. $1,000 except one for
$500.
Dated April 17, 1936.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the American National Bank & Trust Co. of Chicago.
Due Jan. 1 as follows:
$500, 1939: $1,000, 1940 to 1943; $2,000, 1944 to
1947; $3,000, 1948 to 1954, and $4,000, 1955.
BELVIDERE,
111.—BOND OFFERING—The City Clerk will receive
for the purchase of $21,000 funding bonds.
bids until 7 p. m., May 18
BONDS
FLORIDA
BELLEVILLE, III.—BOND ELECTION—The City Council on April 28
adopted an ordinance providing that a proposed bonds issue of $282,000
for construction of a sewage disposal plant be submitted to the voters
at an election to be
PIERCE-BIESE CORPORATION
CRYSTAL
JACKSONVILLE
Miami
Orlando
Tampa
held
on
June 16.
SCHOOL DISTRICT NO. 238 (P. O.
Chebanse), 111.—BOND SALE—Paine, Webber & Co. of Chicago have
purchased $17,000 school bonds.
CHEBANSE
TOWNSHIP
111.—BOND SALE DETAILS—Ballman & Main
of $55,000 4% funding bonds reported sold
paying par for the issue. The bonds are dated
May 12. 1936, and instead of maturing Dec. 1, 1955, are due serially on
LAKE,
of Chicago purchased the issue
in these columns recently,
Dec. 1 as follows: $2,000, 1939 to 1941 incl.; $3,000,
$4,000 from 1950 to 1954 incl., and $5,000 in 1955.
1942 to 1949 inc.;
EVANSTON, 111.—WARRANT SALE—The $308,000 tax anticipation
offered on May 11 were sold to Bartlett, Knight & Co. of Chicago.
warrants
Florida Municioals
LEEDY. WHEELER & CO
Orlando, Fla.
Bell
Orlando
10
System
Teletype
Jacksonville
No.
96
INDIANA
ATTICA, Ind.—BOND SALE—The $16,500 street improvement bonds
on May 11—V. 142, p. 3216—were awarded to Jackson, Ewart &
Co. of Indianapolis as 3 Ms, at par plus a premium of $82.50, equal to 100.50,
a basis of about 3.18%.
Dated April 15, 1936 and due as follows: $500
Jan. 1 and July 1 from 1938 to 1945, incl. and $8,500 on Jan. 1, 1946.
offered
ATTICA, Ind.—OTHER BIDS—The $16,500 street improvement bonds
on May 11 to Jackson, Ewert & Co. of Indianapolis as 3Ms, at
plus a premium of $82.50, equal to 100.50, a basis of about 3.18%, were
awarded
par
also bid for
as
follows:
Int. Rate
Bidder—
FLORIDA
rr
State of—COURT RULING ON REFINDUNG BONDS
IMPORTANT PRECEDENT— The "Wall Street Journal"
of May 11 carried the following brief article on a recent Supreme Court
decision dealing with refunding bonds of municipalities:
M*"The Florida Supreme Court has handed down a decision likely to be
held as a precedent in refunding operations of the various political sub¬
divisions of the
State.
The
decision, which affects the refunding of
of $522,000 of Pensacola bonds, held that these obligations carry the
same contractual obligations of the bonds which they refund.
"The decision is important to holders of refunding bonds of the various
municipalities throughout the State who have been worried by the various
laws passed by the 1935 session of the State Legislature.
Among these
new laws is the homestead amendment law which
would remove from
taxation a large amount of real estate, and narrow the base upon which
levies could be made for the payment of bonded indebtedness.
Mk,"Discussing municipal refunding bonds of the State, in light of the
Supreme Court decision, municipal attorneys point out that there is a
technicality which prospective buyers of the bonds should not overlook.
They assert that under the law as they interpret it, refunding bonds carry
the same contractual obligations of the securities which they replace only
if they are exchanged with holders of the bonds which they refund.
Mk"This would seem to create the unusual situation of certain bonds of
the one series being exempt from the recently enacted legislation while
other bonds of the same series, but which were not exchanged with holders
of the old bonds, being subject to the 1935 legislation.
k-^"It was pointed out that those refunding bonds of various municipalities
in the State which are exempt from the new legislation carry legal opinions
of private bond attorneys while others of the same series do not.
Because
of this difference in security, specialists in Florida obligations segregate
FLORIDA,
VIEWED
AS
by numbers those bonds which carry legal opinions
for the
and those which do not.
Fla.—BOND VALIDATION SOUGHT—Proceedings
revalidation of $149,000 municipal utility revenue bonds which are
FORT
PIERCE,
3M%
3M%
City Securities Corp
A. S. Huyck & Co
Premium
$102.00
126.00
SCHOOL TOWNSHIP (P. O. Otterbein), Ind.—BOND
OFFERING—Charles W. Killin, Trustee, will receive sealed bids until
BOLIVAR
building bonds.
follows: $1,000, Aug. 1, 1937;
1:30 p. m. on May 29 for the purchase of $26,000 4% school
Dated Feb. 1,
1936.
Denom. $500.
Due
as
$1,000, Feb. 1 and Aug. 1 from 1938 to 1949 incl., and $1,000, Feb. 1, 1950.
Principal and interest (F. & A.) payable at the Fowler State Bank, Fowler.
Transcript of proceedings will be furnished at the time of sale.
SALE DETAILS—The sale of $74,000
in these columns recently was made
Fort Wayne and the City Securities
Corp., Indianapolis, jointly, as 4s, at a price of 101.75.
Due serially as
follows: $1,000, 1938 to 1940, incl.; $2,000, 1941 to 1947, incl.; $3,000 from
1948 to 1950, incl. and $4,000 from 1951 to 1962, incl.
Legal opinion of
BLUFFTON,
Ind.—BOND
sewage works revenue bonds noted
to the Central Securities Corp. of
Charles & Trauernicht of St. Louis.
on
CLINTON, Ind.—BOND SALE— The $26,000 4M % sewer bonds offered
Feb. 12 have been sold to Cumberworth, Harris & Co. of Indianapolis.
15, 1936, and due $1,000 each six months from July 1
1937.
Dated Feb.
to Jan.
1, 1950 incl.
LEESBURG, Ind.—BOND SALE—The $4,750 4% town building bonds
on May 11—V. 142, P. 2707—were awarded to the Peoples State
Bank of Leesburg at par plus a premium of $124.66, equal to 102.62, a
basis of about 3.52%.
Dated April 1, 1936 and due $475 on Jan. 1 from
offered
1938 to 1947, incl.
PIPE CREEK TOWNSHIP SCHOOL TOWNSHIP (P. O. Bunker
Hill), Ind —BOND SALE—The $10,000 school bonds offered on May 2
142, p^ 2869—were awarded to the Wabash Valley Trust Co. of Peru
as 3s, at par plus a premium of $21, equal to 100.21, a basis of about 2.96%.
Dated May 1, 1936 and due as follows: $500, July 1, 1937; $500, Jan. 1
and July 1 from 1938 to 1946 incl. and $500, Jan. 1 1947.
V.
Volume
Financial
142
PLYMOUTH
SCHOOL
CITY
(P.
O.
Plymouth),
Chronicle
SIOUX
Ind
OFFERING—Sealed
bids addressed to the School Superintendent will be
received until 2 p. m. on May 29 for the purchase of $7,694.10 not to exceed
4% interest building bonds.
Dated May 1, 1936. One bond for $94.10,
others $400 each.
Due as follows: $94.10 Nov. 1, 1936; $400. May 1 and
Nov. 1 from 1937 to 1945 incl., and $400, May 1, 1946.
Principal and
interest (M. & S.) payable at the Marshall County Trust & Savings Co.,
Plymouth. A certified check for $100, payable to the order of the Trustees,
must accompany each proposal.
TIPTON, Ind.—BOND SALE—Stifel, Nicolaus & Co. of St. Louis have
purchased $75,000 4% sewage works revenue bonds at par.
Dated Feb. 1,
1936.
Due Feb. 1, 1962.
Interest payable F. & A.
Legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
3385
CITY, Iowa—BONDS AUTHORIZED—It is reported that the
city officials recently decided to issue $315,000 in flood protection bonds,
to be used in connection with a Public Works
mated to cast $2,200,000.
Administration project esti¬
TAMA, Iowa—-BOND OFFERING—Charles E. Davis, City Clerk, will
receive bids until 7:30 May 18 for the purchase of $35,000 sewer outlet and
purifying plant bonds.
WHAT
CHEER, Iowa—BOND SALE—The $3,500 issue of sewer
purifying plant bonds offered for sale on May 12—V. 142, p.
awarded to the White-Phillips Corp. of Davenport, as 2Ms,
premium of $11.50, equal to 100.328, a basis of about 2.72%.
outlet and
3217—was
paying
a
Due from 1937 to 1956 incl.
KANSAS
CHANUTE,
Iowa Municipals
call
DES
Waterloo
the voters at
Building:
T.
T.
voters
Sioux City
Davenport
&
Sioux Falls,
IOWA
ment of a
approved
proposed bond issue of $53,000 for establish¬
municipal electric light and power plant.
a
refunding bonds offered on May 4—V. 142, p. 3037—were awarded to
M.I. Roberts, of Diagonal, on a bid of par for 3 Hs.
Denom. $500.
Half
of the issue will be dated May 15, 1936 and the other half May 15, 1937.
Interest payable May and Nov.
Payable $3,500 on each of the date Nov.
15. 1946 and Nov. 15. 1947.
BREMER
W.
COUNTY (P. O. Waverly), Iowa—BOND OFFERING—
Hoth, County Treasurer, will receive bids until 2 p. m. May 19
purchase of $75,000 court house bonds.
Due serially on Dec. 1
C.
the
from 1937 to
COGGON INDEPENDENT SCHOOL DISTRICT (P. O. Coggon),
Iowa—BOND SALE—A $10,000 issue of school construction bonds has
been purchased by the Merchants National Bank of Cedar Rapids, accord¬
ing to the Secretary of the Board of School Directors.
DES MOINES,
Iowa—BOND OFFERING—John T. Stark, City Treas¬
urer, will receive bids until 10 a. m. May 21 for the purchase of $85,000 city
improvement fund bonds and $25,000 sewer fund bonds.
The improve¬
ment bonds mature $10,000 in 1939, 1940 and 1941; $15,000 in 1942, 1943
and 1941: and $10,000 in 1945.
The sewer bonds mature $5,000 yearly
from 1938 to 1942.
EAGLE
142,
GROVE, Iowa—BONDS VOTED—At the election held on May 6
p. 2870—the voters approved the issuance of the $39,000 in
bonds, reports the City Clerk.
sewer system
EDDYVILLE
INDEPENDENT
FAIRFIELD,
SCHOOL
DISTRICT, Iowa—BOND
a
proposal
Iowa—BOND
SALE—The $18,300 issue of coupon
May 8—V. 142, p. 3037—was awarded
Moines as 2s, paying a premium of
$1, equal to 100.05, a basis of about 1.99%.
Denom. $500, one bonds
for $300.
Dated June 1, 1936.
Due from 1937 to 1943 incl.
Interest
refunding bonds offered for sale
the
Carleton
D.
Beh
Co.
on
of Des
payable J. & D.
HUMBOLDT
COUNTY
(P. O.
TION—A proposition to issue
Dakota City), Iowa—BOND ELEC¬
$800,000 primary road bonds will be sub¬
election to be held on May 14.
mitted to the voters for approval at an
JAMES TOWNSHIP SCHOOL DISTRICT, Pottawattamie
County,
Iowa—BOND OFFERING—Harry Simon, Districty Secretary, will receive
bids until 8p.m. May 19 for the purchase of $3,000 school bonds.
LADORA SCHOOL DISTRICT,
have given their approval
bonds.
The vote was 106
LEWIS
It
is
SCHOOL
Iowa—BONDS VOTED—The voters
proposal to issue $19,000 school building
"for" to 33 "against."
to
a
DISTRICT
(P.
O.
Lewis)
Iowa—MATURITY—
stated
by the District Secretary that the $35,000 3M% refunding
purchased by Jackley & Co. of Des Moines, at 100.34, as noted
here last March—V. 142, p. 1681—are due as follows:
$2,000, 1937, and
$3,000 from 1938 to 1948, giving a basis of about 3.44%.
bonds
LOUISA
COUNTY
(P.
$420,000 in bonds, divided
jail bonds.
JEFFERSON COUNTY (P. O. Oskaloosa), Kan.—BOND OFFERING
a. m. on May 18 by W. I. Ferrell,
County Clerk, for the purchase of two issues of 2M% semi-annual bonds
aggregating $18,000, divided as follows:
—Sealed bids will be received until 10
$10,000 poor relief bonds.
Denom. $1,000.
Due $1,000 from May 1,1937
to 1946, incl.
8,000 public works relief bonds.
Denom. $500.
Due on May 1 as
follows: $500, 1937 to 1940, and $1,000 from 1941 to 1946, all incl.
Dated May 1, 1936.
Interest payable M. & N.
subject to the approving legal opinion of Dean &
certified check for 2% of the bid is required.
MACEDONIA
proposal to issue
Wapello) Iowa—BOND ELECTION—
1, the voters will pass on the issuance of
follows: $400,000 road, and $20,000 county
as
CONSOLIDATED
SCHOOL
DISTRICT,
Iowa—
May 28 at which
$56,000 school building bonds will be submitted
to
a
the
voters.
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
C. White, District Scretary, will
receive bids until 8
May 26, for the purchase of $1,000 school building bonds.
Due
$2,000 yearly on May 1 from 1941 to 1945.
MANILLA
OFFERING—W.
m.,
MASON TOWNSHIP
SCHOOL DISTRICT
(P. O. Mason City,
R. F. D. No. 3) Iowa—MATURITY—It is stated by the District Secretary
the
Mason
$16,500 school bonds purchased by the First National Bank of
City, as 3s, as reported here last March—V. 142, p. 2029—are due
in 1953.
SCHOOL DISTRICT, Iowa—BOND ELECTION—An
on May 12 at which the voters will pass on the
ques¬
issuing $22,000 high school building bonds.
PLAINFIELD
election is to be held
tion of
POCAHONTAS COUNTY (P. O. Pocahontas) Iowa—BOND ELEC¬
TION REPORT—It is stated by the County Treasurer that at the election
on
as
May 14, the amount of road bonds voted on was $525,000, not $225,000,
previously reported in these columns—V. 142, p. 3037»
POLK COUNTY (P. O. Des Moines), Iowa—BOND SALE—The $618,on May 8—V. 142, p. 3037—were awarded to the Iowa-
000 bonds offered
Des Moines National Bank & Trust Co. of Des Moines
as 2 Ms for a premium
100.809, a basis of about 2.11%. The bonds consist of
funding bonds and $174,000 emergency road repair
expense funding bonds.
Dated May 1, 1936.
Due Nov. 1 as follows:
$35,000, 1937 to 1940; $34,000, 1941; $44,000, 1942, and $100,000, 1943 to
1946. Wheelock & Cummins of Des Moines were next high bidders, offering
a premium of $4,950 for 2 Ms.
of $5,000, equal to
$444,000
pauper warrant
POWESHIEK COUNTY
(P. O. Montezuma), Iowa—BONDS SOLD
2M% funding bonds have
Due on Nov. 1 as follows:
$2,000, 1937; $4,000, 1940, and $6,000 in 1941.
Principal and interest
(M. & N.) payable at the County Treasurer's office.
—The County Auditor reports that the $12,000
been sold. Denom. $1,000. Dated Jan. 1, 1936.
RED OAK INDEPENDENT SCHOOL DISTRICT (P. O. Red Oak),
Iowa—MATURITY—In connection with the sale of the $65,000 refund¬
ing bonds to the Carleton D. Beh Co. of Des Moines as 2Ms, at par—V.
142, p. 3037—it is stated by the Secretary of the Board of School Directors
that the bonds mature on Nov. 1 as follows: $5,000, 1937 to 1943, and
$6,000 from 1944 to 1948, all incl.
SCOTT
COUNTY (P. O. Davenport), Iowa—BONDS SOLD—The
warrant funding bonds to Vieth, Duncan,
Wood of Davenport, in exchange for outstanding poor fund
county has sold $104,000 2M%
Worley
&
warrants.
Said bonds to be sold
Dean, of Topeka.
A
CITY, Kan.—MATURITY— It is reported by the City Clerk
that the $22,000 2M% semi-ann. refunding bonds purchased by the Com¬
mercial National Bank of Kansas City, at a price of 101.38, as noted in
columns recently—V. 142 p. 3038—are due on April i as follows:
$2,000, 1937 to 1944, and $3,000 in 1945 and 1946, giving a basis of about
2.01%.
these
KAW
RIVER DRAINAGE
The bonds mature from 1938 to 1941.
DISTRICT
(P. O. Silver Lake), Kan.—
BONDS VOTED—A $35,000 bond issue was approved by the voters recently.
COUNTY
LEAVENWORTH
(P. O.
Leavenworth)
Kan .—BOND
SALE DETAILS—It is reported by the County Clerk that the $42,600 poor
fund bonds purchased by the City National Bank & Trust Co. of Kansas
as 1 Ms, at a price of 100.15, as noted here in March—V. 142, p. 2197—
dated April 1, 1936, and mature as follows: $10,000, 1937 to 1940, and
$2,600 in 1941, giving a basis of about 1.44%.
City,
are
NORTON
COUNTY (P.
O. Norton)
Kan.—BOND SALE CAN¬
CELLED—It is stated by the County Clerk that the sale of the $20,000 2%
public works relief bonds to the City National Bank & Trust Co.
142, p. 1864—
of Kansas City, reported in these columns last March—V.
has been cancelled.
\
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND SALE—The
County Commissioners have sold $100,000 2M% poor relief bonds to the
Columbian Securities Co. and Estes, Payne & Co., both of Topeka, at a
price of 101.384.
SHAWNEE COUNTY (P. O. Topeka), Kan.—BOND SALE—An issue
of $24,500
2M% works relief bonds has been sold to the Columbian Securi¬
Co., both of Topeka. Due $2,000 yearly
ties Corp. and Estes, Payne &
on Feb. 1 from 1937 to 1946.
WASHINGTON,
Kan —BOND
ELECTION HELD
LEGAL—The
Kansas City, lost on May 4 in
claim that an election at the above city, Sept. 12,
1933, authorizing an $88,000 bond issue for a municipal power plant, was
illegal.
The Washington voters approved the bond issue by a vote of
West Missouri Power Co., with offices at
the Surpeme Court its
506 to 254.
WILSON COUNTY (P. O. Fredonia), Kan.—BOND OFFERING—
Sealed bids will be received until 11 a. m. on May 18 by W. D. McGinnis,
County Clerk, for the purchase of a $9,500 issue of 2 M % coupon unemploy¬
ment relief bonds.
Bonds mature in nine equal instalments beginning
Aug. 1, 1937.
Interest payable M. & N.
The issuance of these bonds
is authorized by Chapter 190, Session Laws of 1935.
Bids are to be for
all or any part of such bonds.
A certified check for 2% of the bid is
required.
O.
BOND ELECTION—a special election is to be held on
that
bonds authorized by the City Council last January,
142, p. 491—have been sold.
on May 8—V.
142, p. 3217—was awarded to the
Securities Corp. of Topeka as 4s, paying a premium of $60,
equal to 100.24, according to the City Clerk.
KENTUCKY
At the primary election on June
p.
election held on May 4 the
and water improvement
Columbian
semi-ann.
ELECTION—An election has been called for May 18 at which
to issue $15,000 school building bonds will be voted upon.
to
an
street
noted here at that time—V.
KANSAS
BUENA VISTA COUNTY (P. O. Storm Lake), Iowa-BONDS VOTED
an election held on May 6, the voters approved the issu¬
ance of $1,000,000 in primary road paving bonds by a wide margin.
water works
of $50,000
1945.
—It is said that at
—V.
the issuance
HAYS, Kan.—BOND SALE—The $25,000 issue of park improvement
voters of the town
BARTLETT
CONSOLIDATED
INDEPENDENT
SCHOOL
DIS¬
TRICT
(P.
O.
Bartlett), Iowa—BOND SALE—The $7,000 coupon
for
recent election.
bonds offered for sale
ALTA, Iowa—BOND ELECTION—On May 29 the
to approve
a
HAVEN, Kan.—BONDS SOLD—It is stated by the City Clerk that the
Teletype: DESM 31
as
asked
City Commission will
question of issuing $14,500
bonds.
S. D.
$26,000
will be
the
EUDORA, Kan.—BONDS VOTED—At
Iowa City
A.
ELECTION—'The
to vote on
CHASE SCHOOL DISTRICT, Kan.—BONDS VOTED—A $20,000
bond issue for construction of a grade school building was approved by
MOINES
Ottumwa
Cedar Rapids
Kan .—BOND
special election June 2
viaduct bonds.
Polk-Peterson Corporation
Des Moines
a
State of—BOND OFFERING—It is stated by Ben
Johnson, Chairman of the State Highway Commission, that the said
Commission will on May 29, at 10 a. m., receive and open sealed com¬
petitive bids for the purchase of bridge revenue refunding bonds, to be
issued and sold by the Commission to provide such funds as may be neces¬
sary for redeeming of bridge revenue refunding 4%
bonds which were
issued by the State Highway Commission, dated July 1, 1935, for bridge
projects Nos. 1 and 2, the amounts of bridge revenue refunding bonds to be
issued and sold being as follows:
$4,240,000 Bridge Project No. 1, and
$1,225,000 Bridge Project No. 2 bonds.
All of said outstanding bonds
are in the denomination of $1,000 each and are subject to redemption on
July 1, 1936, at par, plus a premium of 2M%.
All of the outstanding
bonds mature on July 1, 1950.
The bridge revenue refunding bonds of each issue will be dated July 1,
1936; will be issued in the deonmination of $1,000 each, numbered con¬
secutively from 1 upwards; will mature July 1, 1950; and all bridge revenue
refunding bonds will be redeemable at par and a premium not to exceed
2^% on any interest payment date on 30 days' notice, under the same
terms and conditions as the outstanding bonds to be refunded thereby.
Both principal and interest on the bridge revenue refunding bonds will be
paid in lawful money of the United States at the Chemical Bank & Trust
Co., New York City. The bonds will be subject to registration in the name
of the holder as to principal alone. All bonds of each issue will bear interest
payable semi-annually, Jan. 1 and July 1, at the same rate not exceeding
3 Yi% in a multiple of M of 1 %; and each bid must specify the interest rate
and the price bid for the bonds of each issue.
I The bonds will be sold at par plus any premium which the bidder will pay.
The bridge revenue refunding bonds of each issue will be delivered and
payment therefor must be made at the Chemical Bank & Trust Co., New
York City, on July 1, 1936, at 10 o'clock, a. m., and the proceeds of the
bonds so sold, exclusive of any premium, will be deposited in trust with
said Chemical Bank & Trust Co. for paying the principal on the outstanding
bonds which will be called for redemption on July 1, 1936.
The amounts required for paying the redemption premium on the out¬
standing bonds and the interest payable thereon on July 1. 1936, will be
paid from the sinking fund for the bonds of such issue and will be deposited
in trust with the Chemical Bank & Trust Co. to make such payment. Any
balance remaining in the sinking fund for each such issue, after making
the foregoing payment, will be transferred to the sinking fund for the appro¬
priate issue of bridge revenue refunding bonds.
If the definitive bonds shall not be prepared and ready for delivery
on July 1, 1936, the Commission will issue temporary printed bonds of the
same denomination, which will be exchangeable for the definitive bonds
when the latter are ready for issuance and delivery.
Bids will not be considered unless accompanied by an unconditional
certified check on a bank or trust company, considered by the Commission
to be financially responsible, payable to the order of the Treasurer of
Kentucky, for 1% of the par value of the amount bid for.
Award or re¬
jection of bids will be made on the date above stated for the receipt of
bids, and the checks of unsuccessful bidders thereupon will be returned
immediately.
Checks of the successful bidder or bidders will be held unKENTUCKY,
Financial
3386
cashed
any
as
security for the performance of the bid or bids; but, in the event
successful bidder shall fail to comply with the terms, covenants and
conditions of the bid, the check may then be cashed and the proceeds
thereof retained as and for full liquidated damages. Whenever such terms,
covenants and conditions shall have been complied with as to the refunding
Issue of bonds, or when it
shall be found impossible by the State Highway
refunding issue of bonds, the check
Commission to issue and deliver the
will be returned.
MUHLENBURG COUNTY (P. O. Greenville), Ky.—PURCHASER—
It Is stated by the Clerk of the County Court that the S36.373.68 issue of
4K% semi-annual funding bonds reported sold recently—V. 142, p. 2370—
was
purchased by the W. C. Thornburgh Co. of Cincinnati.
BONDS SOLD—He also states that the same company bought a $25,000
issue of
4% % semi-annual road and bridge bonds.
ASCENSION PARISH SCHOOL DISTRICT NO. 1 (P. O. Donald,
sonville), La.—BOND ELECTION—On May 19 an election will bo held
proposal to issue $90,000 school building bonds will be submitted
to the voters for approval.
BOSSIER PARISH (P. O. Benton), La.—BOND OFFERING CAN¬
CELED—We are informed by D. W. Brownlee, Secretary of the Police
Jury, that the offering of the $18,000 jail bonds, previously scheduled for
May 12, as noted here—V. 142, p. 2370—was called off as the Police Jury
decided not to issue any bonds at present.
CALCASIEU PARISH SCHOOL DISTRICTS (P. O. Lake Charles^
La.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
by H. A. Norton, Secretary of the Parish School Board, for the
purchase of three issues of not to exceed 6% semi-annual school bonds
aggregating $175,000, divided as follows:
June 9,
$50,000 School District No. 23 bonds.
50,000 School District No. 24 bonds.
75,000 School District No, 25 bonds.
Dated May 1, 1936. Due serially in from 1 to 15 years. A certified check
for 3% of the amount of bonds, payable to the Parish School Board, must
the bid.
PARISH CONSOLIDATED SCHOOL DISTRICT
Jonesville) La .—BOND OFFERING—It is stated by H. W.
Wright, Superintendent of Schools, that he will receive sealed bids until
July 8, for the purchase of a $90,000 issue of school bonds. Interest rate is
not to exceed 6%, payable semi-annually.
Dated about July 1, 1936. Due
serially in 20 years. These bonds were approved by the voters at an election
CATAHOULA
NO. 1 (P. O.
held on May 5.
/
COLUMBIA, La.—BONDS VOTED— On April 21 Caldwell tax payers
their approval to the issuance of $70,000 court house and jail bonds.
gave
DISTRICT NO. 2 (P. O. PlaqueLa.—BOND OFFERING—Sealed bids will be received until
17, by L. P. Terrebonne, Secretary of the Parish School
Board, for the purchase of a $60,000 issue of school bonds.
Interest rate is
not to exceed 6%, payable J. & b.
Denom. $1,000. Dated June 1, 1936.
Due $4,000 from 1937 to 1951, incl.
Prin. and int. payable at any bank
designated by the purchaser.
A certified transcript and the approving
opinion of Chapman & Cutler, of Chicago, will be furnished the purchaser.
A certified check for $3,000, payable to Louis J. Wilbert, President of the
school board, must accompany the bid.
IBERVILLE PARISH SCHOOL
mine),
2:30 p. m. on June
citizens at a recent election
proposal to issue $15,000 water works refunding
KENT WOOD, La .—BONDS VOTED—The
their approval to a
Shawmut Bank of Boston, in Boston.
Delivery of notes to
purchaser will be made at that bank on or about May 18.
Notes will be authenticated as to genuineness and validity by the
National Shawmut 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.
National
Financial Statement
bonds.
MANDEVILLE, La .—BONDS SOLD—A. $35,000 issue of 6% water
system revenue bonds was sold recently to the Ernest M. Loeb Co., Inc., of
New Oreans, according to report. Due serially from 1939 to 1959 incl.
ready for exchange for the outstanding paving certificates on May 11.
1936.
RED RIVER PARISH ROAD DISTRICTS (P. O.
Coushatta), La.—
REFINANCING PLAN ANNOUNCED—A move to turn defaulted obliga¬
tions into current securities by a refunding plan for Red River Parish
on
♦Including tax title loans.|
and the county.
ESSEX COUNTY (P. O.
several months.
Additional refunding issues will be:
A block of $130,000 in 5% Road District No. 1, due from 1938 to 1970,
to be exchanged for what remains of the original issue of $150,000.
An issue or $97,000 of 6% Road District No. 1, Subdistrict No. 1, due
from 1938 to 1955, to retire the balance of an original loan of $140,000,
which all mature by 1946.
A block of $67,000 of 6% Road District No. 1, Subdistrict No. 2, matur¬
ing from 1937 to 1957, to retire what remains of an old issue of $90,000
all due by 1947.
An issue of $42,000 of 6% Road District No. 1, Subdistrict No. 3. due
from 1938 to 1958, to take up the balance of the old $55,000 loan, all due
by 1947.
Beverly National Bank
Naumkeag Trust Co
Gloucester National Bank
Irvine,
Commis¬
purchase of $150,000 234% flood repair bonds, dated June 15, 1936.
follows:
_
Discount
Bidder—
—
BOSTON
0.29%
0.32%
0.33%
0.33%
—
-—
METROPOLITAN
(P. O. Boston), Mass.—
$5,334,000 BONDS—The district will be in the market on June 1
with an offering of $5,334,000 234% bonds to mature serially on June 1
from 1937 to 1961 incl.
The offering will include issues of $3,815,000 and
$1,519,000 and of the proceeds, $3,000,000 will be used in the refunding of
an issue of $3,000,00 334s maturing June
1, 1936.
District bonds out¬
standing on May 15, 1936 aggregated $51,568,000, divided as follows:
Amount—
Int. Rate
Maturity
Mar.
1. 1937-39
$1,411,000
--434%
Mar.
1, 1937
430,000
434%
Mar.
1, 1940-66
20,855,000
4M%
June
1, 1936
3,000,000
334%
Mar.
1,1937
2,098,000
3%
1, 1936-49
Aug.
1,550,000
234%
Jan.
1, 1937-60
6,183,000
3%
Mar.
1, 1937-60
8,330,000
3%
Dec. 15, 1936-60
7,711,000
2M%
TO SELL
—
—
-
---
-
-
Mass.—BOND SALE—An issue of $200,000 coupon
street bonds offered on May 14 was awarded to Blyth & Co. of New York
on a bid of 100.322 for 1 Ms, a basis of about 1.14%.
The BancamericaBlair Corp. of New York was second with a bid of 100.21 for lMs.
Dated
May 1, 1936.
Due $40,000 on May 1 from 1937 to 1941.
CAMBRIDGE,
CHELSEA,
Mass.—NOTE
OFFERING—George F. Henders'on, City
a. m. (Daylight Saving Time) May 15
Treasurer, will receive bids until 11
0.36%
Corp. on a 0.34% discount basis, plus a premium of $1.60.
Co. of New York were second with a bid of 0.343% discount.
Other bids were as follows:
0.37%
Leavitt &
Discount
Bidder—
0.374%
First National Bank of Boston
Faxon, Gade & Co
0.39%
-0.435%
0.45%
0.46%
Day Trust Co
Socurity Trust Co. of Lynn
Merchants National Bank
Whiting, Weeks & Knowle8-w--w-.--i-^-*-i,-Ww^..«-;*.^.«.--^»--0.46%
MARBLEHEAD, Ma**.—RECORD HIGH TAX RATE—The tax rate
$33 per $1,000 of assessed valuation, the highest in the town's
history and comparing with $31 for 1935.
for 1936 is
Mast.—NOTE OFFERING—Francis
NEWTON,
Newhall.
City
Trea¬
will receive bids until noon May 18, for the purchase at discount of
$500,000 revenue anticipation temporary loan notes, to mature Nov. 25,
1936, payable in Boston or New York, at purchasers' option.
Notes made in reasonable amounts to suit purchasers, will be dated and
surer,
delivery made on next day after award at the office of the purchaser in
Boston.
New York delivery of notes will be one day later than Boston
delivery.
All notes in anticipation of revenue of the City of Newton have the follow¬
ing certificate, viz:—
"The Old Colony Trust Co. of Boston, Mass., hereby guarantees the
genuineness of thepursuance of an order of the Board this is a note of the
signatures hereon, and certifies that of Aldermen issued
y virtue and in
City of Newton, the validity of which order has been approved by Ropes,
Gray, Boyden & Perkins, of Boston, Mass."
NORTH
ADAMS, Mass—NOTE SALE—The issue of $100,000
revenue
anticipation temporary loan notes offered on May 15 was awarded to R. L.
Day & Co. of Boston on a .13% discount basis. The Merchants National
Bank of Boston bid .47% discount.
Notes payable Jan. 15, 1937.
NORTHAMPTON, Mass.—TEMPORARY LOAN—'The issue of $15(57revenue anticipation notes offered on May 12—V. 142, p. 3217—was
England Trust Co. of Boston at a rate of 0.237%,
000
awarded to the New
were
Dated May 14, 1936, and due Dec. 10,
1936.
Other
follows:
as
Rate
Bidder—
Merchants National Bank of Boston
0.26%
First Boston Corp
i
0.28%
0.28%
0.289%
Whiting, Weeks & Knowles
Second National Bank of Boston
R. L. Day & Co-
0.30%
*
First National Bank of Boston
—
Mansfield & Co_
0.305%
0.325%
QUINCY, Mass.—BOND SALE—The $200,000 coupon street construc¬
offered on May 12—V. 142, p. 3218—were awarded to
Whiting, Weeks & Knowles and the Harris Trust & Savings Bank, both of
Boston, on a bid of 100.923 for 2s, a basis of about 1.83%. Lazard Freres
& Co. of New York were second with a bid of 100.769 for 2s. Dated May 1,
1936. Due $20,000 yearly on May 1 from 1937 to 1946 incl.
tion loan bonds
Other bids
were
follows:
as
Int. Rate
Bidder—
National Shawmut Bank
Rate Bid
2%
100.356
2%
—
100.178
100.164
100.71
100.707
100.651
Blyth & Co.; Graham, Parsons & Co., and Burr
-
2%
Bancamerica-Blair Corp
Halsby, Stuart & Co
Faxon, Gade & Co..
—
2 M%
234 %
2M%
a. m. May 19, for the purchase at discount
Denoms.
$25,000, 6 for $10,000 and 3 for $5,000.
Dated May 19, 1936.
Payable $100,000 on Nov. 3 and Dec. 15. 1936, and $200,000 Feb. 25, 1937,
at the National Shawmut Bank of Boston, in Boston.
Delivery will be
made at that bank on or about May 19.
Notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advance of Storey, Thorndike, Palmer &
Dodge, and all legal papers incident to this issue will be filed with said bank,
where they may be inspected.
Tax Levy
of
an
13
will receive bids until 11
issue of $400,000 revenue anticipation temporary loan notes.
for
1933
1934
1935
$3,865,607.94
$3,832,817.90
$4,332,270.76
Uncollected Taxes
0.35%
DISTRICT
-
0.31%
— _—
Mass.—NOTE SALE—An issue of $300,000 temporary loan
17, 1936, was awarded on May 13 to the First Boston
LYNN,
0.37%
First National Bank of Boston
0.295%
—
notes to mature Dec.
surer,
ARLINGTON, Mass.—NOTE SALE—An issue of $400,000 temporary
on May 11 was awarded to the Second National B^nk of
Bqston on a .257% discount basis
Newton, Abbe & Co of Boston were
neixt with a bid of .28% discount.
Notes are dated May 15, 1936 and will
mature $200,000 Nov. 13, 1936 and $100,000 on each of the dates May 7,
and May 21, 1937.
'
'
loan notes offered
Whiting, Weeks & Knowles
0.283 %
QUINCY, Mass.—NOTE OFFERING—Harold P. Newell, City Trea¬
MASSACHUSETTS
as
0.24%
_
Hornblower & Weeks
OFFERING—Harry
sioner of Finance and Revenue, will receive sealed bids until May 25 for the
Other bids were
0.23%
-
Newton, Abbe & Co
Merchauts National Bank, Salem
Jackson & Curtis
Gloucester Safe Deposit & Trust Co
&Co—
MARYLAND
Salem), Mass .—OTHER BIDS—The $35,000
flood emergency notes awarded on May 8 to the Cape Ann National Bank
of Gloucester at 0.21% discount, as previously reported in these columns,
were also bid for as follows:
Bidder—
Discount
bids
First Boston Corp
United States Trust Co
Merchants National Bank of Boston.
National Shawmut Bank
-
CONCORD, Mass .—REDUCES TAX RATE—The tax rate for 1936
has been set at $38.20 per $1,000 in contrast with $39.60 last year.
The
reduction of $1.40 is attributed to an increase of nearly $50,000 in valuations,
a smaller budget and a decrease in the amount of taxes to be paid the State
interest-to-follow.
Jury of that parish.
exchanged for new bonds
but of more distant maturities.
The largest block of the new securities will consist of $347,000 in con¬
solidated road district obligations bearing a 5% coupon and maturing from
1938 to 1969.
Holders of the old issue will be asked to turn in their bonds
for exchange at the Bank of Coushatta as soon as the details have been
completed and the new securities printed.
The preparations may take
amount and same coupon rate
Md.—BOND
1935
$2,001,912.22
510,220.82
*2,626,470.79
2,184,420.06
496,826.95
486,520.79
418,283.79
hand
of the
CUMBERLAND,
1934
$2,072,033.18
32,031.89
Gross debt as of May 1, 1936
road districts, has been announced by the Police
Old bonds amounting to about $684,000 will be
same
of May 1, 1936
6,813.82
Net. debt as of May 1, 1936Tax titles
NEW ORLEANS, La .—REPORT ON PAYMENT OF PAVING CER¬
TIFICATES—We are advised that the refunding 434% paving certificates
were
as
1933
$1,914,220,80
Tax levy
Uncollected taxes
Cash
at which a
gave
May 16, 1936
for the purchase at discount of $300,000 revenue anticipation temporary
loan notes, dated May 18, 1936, and payable March 16, 1937, at the
Loan against tax titles
LOUISIANA
accompany
Chronicle
1933
as
of April 30, 1936
1935
1934
$17,659.76
$25,899.97
Gross debt as of April 30, 1936
Net debt as of April 30, 1936
-
Tax titles held
Loan against tax titles
*
-
—
—
$1,121,531.93
*5,081,500.00
4,721,500.00
380,190.35
344,000.00
Including tax title loans.
SOMERVILLE, Mass.—BONDS AUTHORIZED—'The Board of Alder¬
men
recently passed
an
order authorizing the issuance of $145,000 bonds.
SPRINGFIELD, Mass.—NOTE SALE—An issue of $200,000 temporary
loan notes offered on May 12 was awarded to
of Boston on a 0.194% discount basis.
The
Boston
Nov.
was
second high, bidding 0.95%
12, 1936, in Boston
Other bids
were
as
or
the New England Trust Co.
Merchants National Bank of
discount. Notes will be payable
New York.
follows:
Bidder—
Discount
Whiting, Weeks & Knowles
0.20%
0.238%
-
First National Bank of Boston
Newton, Abbe & Co
Faxon, Gade & Co. (plus $2)
0.239%
-
-
0.25%
Leavitt & Co
0.265%
Day Trust Co
Halsey, Stuart & Co
0.28%
TEMPLETON,
offered
on
May 8
0.37%
Mass.—NOTE
were
SALE—The $5,000 town hall notes
awarded to the Merchants National Bank of Boston
Volume
Financial
142
l^s, at a price of 100.07,
as
a
basis of about 1.48%.
and due serially from 1937 to 1941 incl.
Dated June 1, 1936,
Other bids were as follows:
Int. Rate
Whiting, Weeks & Knowles
Faxon, Gade & Co
Tyler, Buttrick & Co.
Mass.—NOTE SALE—The
WAKEFIELD,
Rate Bid
1K%
12*%
1% %
Bidder—•
100.02
100.05
100.09
National Bank
dis¬
Merchants
May 11 an issue of $159,000 notes at 0.42%
Due $50,000 each on May 25, April 8 and May 6, 1937.
of Boston purchased on
count.
WATERTOWN, Mass.—NOTE SALE—The $100,000 revenue antici¬
pation notes offered on May 11—V. 142, p. 3218—were awarded to the
Union Market National Bank at 0.34% discount.
Due March 29, 1937.
Other bids were as follows:
V-.-'!
Bidder—
DAWSON,
Minn.—BOND
OFFERING—Cterence
Olsen,
City Clerk,
will receive bids until 2 p. m. May
15 for the purchase of $28,500 series B
refunding bonds, $11,000 series C refunding bonds, $5,000 series E refund¬
ing bonds and $11,250 series B special paving bonds.
DAWSON
DISTRICT
SCHOOL
SALE—It is stated by
(P.
O.
Dawson)
Minn.—BOND
the State
the Clerk of the Board of Education that
nl946nent ®oarc* has P^chased $32,000 3% semi-ann. school bonds. Due
DETr9it LAKES, Minn.—CERTIFICATE SALE—It is stated by the
City Clerk that $2,265 sanitary sewer certificates were
the City Water and
to
sold recently at par
Light Department.
FARIBAULT, Minn.—BONDS DEFEATED—AX, the election held on
rejected the proposed
of the $122,000 in sewage disposal plant bonds.
May 5—V. 142, p. 2710—the voters are said to have
Discount
0.37%
^
■"....
■
Shawmut National Bank
0,377%
Newton, Abbe &Co
Merchants National Bank of Boston
Washburn & Co
-
Whiting, Weeks & Kiiowles
Bank of the Manhattan Co
Leavitt & Co
Faxon, Gade & Co
0.38%
0.39%
0.39%
0.41%
0.423%
0.44%
^
Mass.—NOTE SALE—An issue of $100,000 temporary
WINTHROP,
3387
Chronicle
loan notes maturing May 20, 1937, was awarded on May 11 to the First
Boston Corp. on a 0.29% discount basis.
Leavitt & Co. of New York bid
issuance
FERGUS FALLS, Minn.—BOND OFFERING—B. M. Lein, City Clerk,
8p.m. June 1 for the purchase at not less than par
2% % coupon sewage disposal plant and interceptor sewer system
will receive bids until
of $95,000
Dated June 1, 1936. Principal and
payable at Fergus Falls.
Due yearly on June 1 as
1947, and $5,000, 1948 to 1958 incl.
Certified
check for 5% of amount of bid required.
construction bonds.
Denom. $1,000.
semi-annual interest
follows:
$4,000,
1938 to
KELLOGG, Minn.—CERTIFICATE SALE—The $12,500 water works
of indebtedness offered on May 8—V. 142, p. 3039—were
Minneapolis on a bid of par for 3Ks.
certificates
awarded to M. H. Bishop & Co. of
0.473% discount
Minn.—MATURITY—The $27,000 issue of 2^%
that was purchased at par by the Charles A.
noted here recently—V. 142, p. 3218—are
follows:
$2,000, 1937 to 1948, and $3,000 in 1949.
LAKEFIELD,
semi-ann.
bonds
village
Fuller Co. of Minneapolis, as
We
due on May 1 as
Buy for Our Own Account
OFFERING—Sealed bids will be
G. Price, City Clerk, for the pur¬
bonds.
Denom. $1,000.
Dated
July 1, 1936. Due on July 1 as follows: $4,000, 1938 to 1945, and $3,000 in
1946.
Prin. and int. (J. & J.) payable at the City Treasurer's office or at
the First National Bank Moorhead.
A certified check for $500, payable to
Minn.—BOND
MOOREHEAD,
MICHIGAN MUNICIPALS
received until 8 p. m. on May 19, by R.
chase of a $35,000 issue of 3% bridge
Cray, McFawn A Company
DETROIT
the bid.
INDEPENDENT SCHOOL DISTRICT
SALE—The $132,000 3% refunding
OLIVIA
Minn.—BOND
A. T. T. Tel. DET347
Telephone CHerry 6828
the city, must accompany
(P. O. Olivia),
bonds offered on
30—V. 142, p. 2873—were awarded to M. H. Bishop &
Minneapolis at par.
Dated April 1, 1936.
Due on April 1 as
$10,000, 1937; $7,000, 1938 to 1951, and $6,000, 1952 to 1955.
April
MICHIGAN
BAY
CITY
SCHOOL
DISTRICT,
Mich.—BOND OFFERING—
B. Bennett, Secretary of the Board of Education, will receive sealed
bids until 4 p. m. on June 3, for the purchase of $660,000 not to exceed 4%
—E.
interest coupon refunding bonds.
Dated July I, 1936.
Denom. $1,000.
Due $44,000 on July 1 from 1937 to 1951, incl.
The bonds are not callable
will bear interest at a rate expressed by the bidder in a multiple of
and
14 of 1%.
Principal and interest (J. & J.) payable in lawful money of the
United States at the Chase National Bank, New York City or the National
Bank of Bay City, at holder s option.
Bids must be for all of the issue and
conditioned only on the approval of the bonds by Chapman & Cutler of
Chicago,
a certified check for 2% of the offering, payable to the order of
the School District, must accompany each proposal.
The bonds offered
are unlimited general obligations,
payable from ad valorem taxes.
The
district will pay for the printing of the bonds and the legal opinion.
BEAVERTON
RURAL
AGRICULTURAL
SCHOOL
TAIL COUNTY
INDEPENDENT SCHOOL
(P. O. Perham), Minn.—BOND ELECTION—An
OTTER
NO.
44
which a proposition to issue
bonds will be submitted to the voters.
be held on May 26 at
RENVILLE, Minn .—CERTIFICATE OFFERING—The City
May 15 for the purchase of $30,000
provement certificates of indebtedness, to bear interest at no
4%.
Dated June 1, 1936. Interest payable semi-annually.
Mich.—TAX
10 years.
.
ROCHESTER, Minn.—BOND SALE— The $44,500 bonds held in the
sinking fund, including $33,000 4H% Minnesota Rural Credit
due Feb. 15,1944, which were offered for sale on May 4—V. 142, p. 3040—
were awarded to the Northwestern National Bank & Trust Co. and Bigelow,
Webb & Co., both of Minneapolis, for a premium of $6,315.
bonds
WAITE PARK,
on
of)—EXCHANGE
AGENT
FOR
Municipal Bonds
EQUITABLE
Securities Corporation
Knoxvllle
Chattanooga
Memphis
MISSISSIPPI MUNICIPALS
OF
advertisement
II, the Detroit Trust Co., Detroit, has been appointed exchange
agent and is prepared to exchange bonds of certain assessment districts
for the new bonds to be issued under the State Refunding Program.
The
following are the districts: Road Numbers 418
449, 462 463 467, 471,
473. 473-A, 474, 475, 481, 484, 491, 492, 501 and 1120.
The trust com¬
pany is exchange for the above units, with exception of Wayne County
Territory.
on
Nashville
New York
Birmingham
HOLDERS
an
that is to be
improvements
MISSISSIPPI
827,107.65, approximately $13,000,000 lower than for the current year.
The gross municipal budget will total $122,377,786.14.
The difference
is made up of revenues received from the State and other sources.
More than one-third of the tax levy will go toward maintenance of schools,
and public libraries.
They will receive $15,257,956 for operating expenses
and $3,312,969 for interest charges.
(State
.
Minn— BOND ELECTION—At an election
May 26 a proposed $20,000 bond issue for street
will be submitted to the voters.
WARREN,
held
$13,000,000—The annual tax
statement presented to the Common Council recently by Controller Fred
T. Gies showed the tax levy for the fiscal year starting July 1 to be $54,-
MICHIGAN
Minn.—BOND OFFERING—L. A. CleaU, Village Clerk,
7:30 p. m. May 19 for the purchase of $18,000 3J^%
will receive bids until
refunding bonds.
LEVY CUT
HIGHWAY IMPROVEMENT BONDS—As announced in
Clerk will
street im¬
more than
Due serially
for
DEERFIELD
TOWNSHIP
FRACTIONAL
SCHOOL
DISTRICT
NO. 1 (P. O. Deerfield), Mich.—BOND OFFERING—Arthur J. Cannon,
Secretary of the Board of Education, will receive sealed bids until 6 p. m.
on May 16, for the purchase of $13,000 4% school bonds.
Dated April 1,
1936.
Due April 1 as follows:
$850 in 1937 and 1938; $900, 1939 and 1940;
$1,000, 1941 and 1942; $1,100, 1943 and 1944; $1,200, 1945 and 1946;
$1,300, 1947; $1,400 in 1948 and $200 in 1949.
Interest payable A. & .O
A certified check for $500 must accompany each proposal.
DETROIT,
DISTRICT
election is to
$36,000 school building
receive bids until 9 p. m.
DISTRICT
(P. O. Beaverton), Mich.—BOND OFFERING—Maude B. Niggeman,
Secretary of the Board of Education, will receive bids until 8p.m. May 18
for the purchase of $36,000 coupon, registerable as to principal only, school
building bonds, to bear interest at no more than 4%. Dated Nov. 1, 1935.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
office of the District Treasurer. Due on May 1 as follows: $500, 1937,1938
and 1939; $1,000, 1940 to 1951, and $1,500, 1952 to 1966.
Co. of
follows:
Bough
t—Sold—Quoted
page
,
,
8ch<irl-T L Jones
,
incorporated
i
A. T. T. TEL.
TELEPHONE RAYMOND 1189
N. O. 180
New Orleans
REYNOLDS TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Howard
bonds offered on
p. 3039—were not sold.
Due $1,000 on June 30 from 1938
City), Mich.—BONDS NOT SOLD—The $20,000 3%
May 1—V. 142,
to 1957 incl.
ROMEO, Mich.—BOND SALE—The $12,000 paving bonds offered on
May 11—V. 142, p. 3218—were awarded to Crouse & Co. of Detroit as
3^s, for a premium of $33.60, equal to 100.28, a basis of about 3.42%.
Dated Oct. 15, 1935.
Due $1,500 yearly on Oct. 15 from 1936 to 1943.
SCIO
AND
WEBSTER
TOWNSHIPS
FRACTIONAL
SCHOOL
DISTRICT NO. 9 (P. O. Dexter), Mich.—BOND OFFERING—H. Stan¬
ley Yaughan, Secretary of the Board of Education, will receive bids until
6 p. m. (Eastern Standard Time) May 19 for the purchase of $53,000
coupon, registerable as to principal, school improvement bonds, to bear
interest at no more than 4%.
Dated May 1, 1936. Principal and semi¬
annual interest (May 1 and Nov. 1) payable at the Dexter Savings Bank
in Dexter.
Due May 1 as follows: $3,000, 1937 to 1941; $1,000, 1942 to
1947; $1,500, 1948 to 1959. and $2,000, 1960 to 1966.
Northwestern Municipals
Minnesota, North and
South Dakota, Montana,
Oregon, Washington
MISSISSIPPI
CLARKSDALE, Miss.—DISCRIPTION OF BONDS SOLD—The $58,000 3 \i % refunding bonds sold on April 28 to J. S. Love & Co., Wiggins. &
Walton, C. H. Little & Co., all of Jackson, and Fox, Einhorn & Co. of
Cincinnati are described as follows: Denom. $1,000.
Dated May 1, 1936.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
Chemical Bank & Trust Co. of New York.
Due $5,000 yearly on May 1
from 1944 to 1954, incl., and $3,000 May 1, 1955.
COAHOMA COUNTY (P. O. Clarksdale), MisBOND OFFERING—
1 the city will offer for sale an issue of $80,000 refunding bonds.
will be offered at public auction.
T. F. Logan Jr., Clerk of
the Board of County Supervisors, will receive bids until 2 p. m. for the
On June
The bonds
exceed
purchase of the bonds.
Bidders are to name rate of interest, not to
6%.
Denom. $1,000.
Dated July 1, 1936.
Interest payable semi¬
annually.
Due Jan. 1 as follows: $13,000, 1941; $3,000, 1942; $20,000,
1943; $1,000. 1944; $15,000, 1945, and $14,000 1946 and 1947.
Certified
check for $2 500, payable to the Clerk of the Board of County Supervisors,
required.
Legal opinion by Charles &
Trauernicht of St. Louis.
GREENVILLE, Miss.—BOND SALE—Dane & Weil,
Orleans have purchased and are now offering to investors at
from 1.75% to 3.15%, according to maturity, an issue of
feneral improvement bonds. Denom. $1,000.
'rincipal and semi-annual interest (April 1
and
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
Teletype—Mpls287
York.
Due April 1 as
ITT A
BENA
MINNESOTA
CARLTON COUNTY (P. O. Carlton),
Minn.—BOND OFFERING—
Sealed bids will be received until 1 p. m. on May 26, by Alfred C. Grunig,
County Auditor, for the purchase of a $75,000 issue of poor relief bonds.
Interest rate is not to exceed 2%%, payable J. & D.
Denom. $1,000.
Due on June 1 as follows:
$5,000, 1938 to 1940, and
$10,000 from 1941 to 1946, all incl.
Prin. and int. to be payable at such
place as designated by the purchaser.
The blank bonds and approving
opinion of Junell, Driscoll, Fletcher, Dorsey & Barker, of Minneapolis, will
be furnished. A certified check for $2,000, payable to the County Treasurer,
must accompany the bid.
Dated June 1, 1936.
DARFUR, Minn.—BOND SALE—A block of $5,000 3% coupon bonds
sold recently to the State Bank of Darfur at a premium of $50, equal
was
to
101.
Dated April 1, 1936.
Oct. 1) payable in New
1940; $4,000, 1941;
follows: $1,000, 1938, 1939 and
$5,000, 1942 to 1945. and
$3,000, 1946.
SCHOOL
BONDS SOLD—The
Inc. of New
prices to yield
$30,000 3M%
DISTRICT (P. O. Itta Bena), Miss.—
of the Board of Education states that
bonds have been purchased at par by the
Secretary
$13,000 4% semi-ann. school
Public Works Administration.
CONSOLIDATED SCHOOL DISTRICT (P. O. K^IMiss.—BONDS SOLD—It is reported by the Secretary of the
Security Bank and the Farmers & Merchants Bank,
both of Corinth, jointly have purchased at par a $10,000 issue of 6%
semi-ann. school bonds.
Dated Feb. 1, 1936.
Due in 1956. Legality
approved by Charles & Trauernicht of St. Louis.
LAUDERDALE COUNTY (P. O. Meridian), Miss .—NOTE OFFERllTG
—Sealed bids will be received by Mack Cameron, Clerk of the Board of
Supervisors, until June 2 for the purchase of a $12,500 issue of tax antici¬
KOSSUTH
suth),
School Board that the
pation notes.
MISSISSIPPI
(State of)—NOTES SOLD—A syndicate headed by
Chicago and including among others Stifel, Nicolaus &
Nuveen & Co. and C. W. McNear & Co. of Chicago
A. C. Allyn & Co. of
Co. of St. Louis, John
3388
Financial
J. Van Ingen & Co. of New York was awarded
and B.
$5,000,000 of the
highway notes offered on May 14—V. 142, p. 3040. The notes awarded
comprised series A, which matures oh April 1 as follows: $500,000. 1937:
$125,000, 1938 and 1939: $175,000, 1940 to 1946; $225,000, 1947, 1948 and
1949; $275,000, 1950 and 1951; $300,000, 1952 to 1955, and $600,000, 1956.
The purchasers are paying a premium of $12,000 for 4% notes, a price
equivalent of 100.24, a basis of about 3.97%.
YAZOO-MISSISSIPPI
DELTA
LEVEE
DISTRICT
(P. O. Clarksdale), Miss.—BONDS OFFERED FOR INVESTMENT—The $1,254,000
refunding bonds that were sold on May 6 to a syndicate headed by the
Whitney National Bank of New Orleans, as reported in detail in these
columns at that time—V. 142, p. 3218—were reoffered by the successful
bidders on May 11 for general puolic subscription.
It is stated that these
bonds bear interest at 2, 2^, 3, and
3H%.
Dated June 1, 1936.
Due
from June 1, 1937 to 1953.
Non-callable before maturity.
Principal and
interest (J. & D.) payable at the Chemical Bank & Trust Co., New York
City.
Legality to be approved by Charles & Trauernicht of St. Louis, Mo.
BOND CALL—We understand that the Board of District Commissioners
will call for payment as of July
the following bonds:
$116,000 Fifth series 4%
1, at
par
and accrued interest to call date,
Dated July 1, 1902.
bonds.
Due
July
on
1,
Chronicle
May
1936
16,
SIDNEY SCHOOL DISTRICT, Neb.—BOND CALL—It is announced
on July 1 $35,000 outstanding 4M% school refunding bonds, dated
July 1, 1931 and scheduled to mature July 1, 1951, will be called for re¬
tirement.
The bonds should be presented at the office of the Kirkpatrick
Pettis-Loomis Co., Omaha.
that
SOUTH SIOUX CITY SCHOOL DISTRICT, Neb.—BOND OFFER¬
ING—Charles Lammert, Secretary of the Board of Education, announces
$30,500 4% bonds are for sale in the open market.
Bids may be
filed at any time.
Denom. $500 and $1,000.
Interest payable semiann. on Aug. 1 from 1937 to 1965, incl.
that
NEVADA
ELY, Nev.—BOND SALE NOT CONSUMMATED—We are now ad¬
vised that the $36,000 various civic improvement bonds being offered for
sale on June 5, as reported here recently—V. 142, p. 3219—are the bonds
that were purchased on March 23 by Edward L. Burton & Co., and the
First Security Trust Co., both of Salt Lake City, as 3^s, at 102.82, a
basis of about 3.37%, as carried in these columns at that time—Y. 142,
p. 2373.
The original sale was not consummated, according to report.
HUMBOLDT COUNTY (P. O. Winnemucca), Nev.—BOND SALE
$40,000 3 % hospital bonds was sold recently to the First Security
An issue of
300,000 Seventh series 4% bonds.
Dated July 1, 1905.
Due
on
Jan. 1,
1955.
Trust Co. and Edward L. Burton & Co., both of Salt Lake
mium of
854,000 Tenth series 4^% bonds.
Dated July 1, 1916.
City, at
a pre¬
$42, equal to 100.105.
Due serially.
Entire issue.
The bonds called of the fifth series are numbered 1 to 30, and 35 to 120,
The seventh series bonds are numbered from 1 to 300. both incl.
A
all incl.
H. L. All ft & Company
MISSOURI
New Jersey
M^fmpipal Bonds
Telephoira$l;ilipror 2-7333
GLASGOW, Mo.—BONDS VOTED—A $15,000 bond issue for water
main
improvements has been approved by the voters.
N. Y. 1-528
A. T. &
RIDGEWAY SCHOOL DISTRICT, Mo.—BOND SALE—An issue of
$12,000 school bonds has been sold to the Farmers National Bank of Ridgeway at a price of 100.80.
New York
100 Broadway
SIKESTON,
Mo.—BOND ELECTION—An election will be held on
May 19 for the purpose of voting on the question of issuing $15,000 school
building bonds.
WASHINGTON, Mo.—BOND SALE—An issue of $20,000 swimming
pool bonds was sold recently to Baum, Bernheimer & Co. of Kansas City
for a price of $21,015.25, equal to 105.057.
MUNICIPAL BONDS
New Jersey
and General Market Issues
MONTANA
I*- BILLINGS, Mont.—BOND OFFERING—Bids for the purchase of an
issue of $50,000 air port hangar bonds will be received by C. W. Nickey,
City Clerk, until June 16.
for June 2.
GLENDIVE,
The date of the sale had originally been set
v;C.^ ;
Mont.—BOND
OFFERING—As previously reported
B. J. Van
57
in
A.
these columns—Y. 142, p. 3040—on June 1 the city will offer for sale an
issue of $34,000 6% bonds of Special Improvement Oiled Paving District
No.
August Colin, City Clerk, will receibe bids until 7:30
10.
p.
m.
Ingen & Co. Inc.
WILLIAM STREET, N.
T.
&.
T.:
N.
Y.
Telephone:
Newark Tel.:
Y. 1-730
John 4-6364
Market 3-3124
on
that date for the purchase of the bonds at not less than par.
Denom. $500.
Dated Nov. 1, 1935.
Principal and annual interest (Jan. 1) payable at the
NEW
City Treasurer's office.
Certified check for 5% of amount of bid, payable
City Treasurer, required.
MUNICIPALS
JERSEY
to the
KESSLER SCHOOL DISTRICT, Mont.—BONDS VOTED
-At the
May 2 election the proposal to issue $17,000 school building bonds was
approved by the voters by 47, to 7.
Colyer, Robinson $ Company
INCORPORATED
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 2
(P. O.
1180
Kenwood), Mont.—BOND OFFERING—As previously reported in these
columns, the district
will sell $17,000 school building
bonds at
no
more
New Yor
than 6% interest on June 9.
Mrs. W. K. Converse, District Clerk, will
receive bids until 8 p. m. on that date for the purchase of the bonds.
Dated June 10, 1936.
Interest payable June 10 and Dec. 10.
Certified
check
for
bonds
will be the first choice and serial bonds will be
$100,
payable to the
District
Clerk,
required.
bonds are sold, the entire issue may be put into one
divided into several bonds, as the Board of Trustees may
|»> If serial bonds are sold they will be in the amount of $850 each; the sum
of $850 will become payable on June 10, 1937, and a like amount on the
day each
year
thereafter
uijitil all
are
NEW
LEWISTON, Mont.—BOND SALE—The $15,000 issue of
armory
and
civic center.bonds offered for sale on May 11—V. 142, p. 2873—was awarded
National Bank of Lewistown, as 4s, according to the City Clerk.
The State submitted the second highest bid for the bonds.
Mont.-—BOND OFFERING—R. B. Davidson, City Clerk,
will receive bids until 7:30 p. m., June 1 for the purchase of $40,500 6%
refunding bonds. Denom. $2,700. Certified check for 1%, required.
POLSON,
COUNTY
SCHOOL
DISTRICT
NO.
29
(P.
O.
Out¬
look), Mont.—BOND OFFERING—Amund Johnson,
District Clerk, will
than par of
$12,000 gymnasium construction bonds.
Bidders are to name rate of
interest, not to exceed 6%.
Dated June 10, 1936.
Interest payable
June 10 and Dec. 10.
Certified check for $1,000, payable to the Clerk,
required.
Amortization bonds will be the first choice and serial bonds will
receive bids until 8 p.m. June 10 for the purchase at not less
be the second choice of the School Board.
If amortization
bonds are sold, the entire issue may be put into one
divided into several bonds, as the Board of Trustees may
payable
of issue.
If serial bonds are sold, they will be in the amount of $4,000 eacn, the
sum of $4,000 will become payable on June
10, 1956, and a like amount
on the same day each year thereafter until all are paid.
or
determine upon at the time of sale, both principal ard interest to be
in semi-annual instalments during a period of 20 years from Lie date
CAMDEN,
MUNICIPALS
OFFERING
WANTED
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
THE
OTHER
NEBRASKA
ISSUES
NATIONAL COMPANY
OF
First National Bank
OMAHA
BIdg-
A. T. & T. Teletype OMA 81
NEBRASKA
ARAPAHOE, Neb.—BOND SALE—A $7,000 issue of swimming pool
Lincoln,
bonds is reported to have been purchased by the First Trust Co. of
as 3%s, at par.
Due on March 1, 1946; optional after five years.
SCHOOL
SALE—The Bartlett
DISTRICT
(P.
O.
Barlett), Neb.—BOND
purchased recently
State Bank is reported to have
$5,000 school bonds.
CHADRON, Neb.—BOND SALE DETAILS—The $100,000 refunding
bonds recently sold to the Kirkpatrick-Pettis-Loomis Co. of Omaha, as
3 Ms—V. 142, p. 3041—are coupon bonds, in the denomination of $1,000
each.
Interest payable Feb. 1 and Aug. 1.
Due $10,000 Aug. 1, 1937;
and $90,000 Aug. 1, 1951, of which $15,000 will be subject to call on and
after
N.
3—TAX
Aug. 1, 1939, and $75,000 May 1, 1941.
RECEIPTS
SHOW
RISE
collections of the above city for
tax
OVER RECENT
the four months
ended April 30, 1936, totaled $1,304,050, an increase of $142,760 over the
amount collected during the same period of 1935, and equivalent to-32%
of the 1936 levy, it was announced on May 12 by George E. Brunner,
Director of Revenue and Finance.
Total
receipts of the City during this
four month period were $2,257,405, as compared with $2,120,859 realized
in the similar period last year.
In
rents
addition to the gain in revenues from current tax collections,
during
the
period
yielded
$56,000,
water
of $13,535,
Control over
expenditures also is revealed in the figures made public by Commissioner
Brunner.
City expenditures during the first four months were $952,137,
or $445,804 under the budget appropriations for that period.
same
revenues
increased from $166,663
PLANS ISSUANCE OF $8,560,000
an
increase
to $237,394.
BONDS—Funding bond ordinances
which will provide the basis for a financial rehabilitation program for the
city and enable it to fund all of its floating debt were introduced in the
Board of Commissioners on May 14 and passed unanimously on first read¬
ing.
Final reading of the three necessary ordinances will take place on
May 28, at which time final adoption is expected by George E. Brunner,
Commissioner of Revenue and Finance.
The ordinances will refinance all
the city's
floating debt, amounting to about $8,500,000, and are the first
the financial program prepared by Dr. W. Carlton
Harris, the city's advisor.
The program will lead up to public sales of the funding bonds and is
based on fundamental improvements in the city's policies in financial
matters such as budget management, tax collections and economies, Com¬
step in.carrying out
missioner
NEBRASKA
BARTLETT
JERSEY
sold, as the bids were rejected.
The issue will be re-offered.
Dated
May 1, 1936 and due May 1 as follows: $3,000 from 1937 to 1942 incl.,
and $2,500 in 1943.
while other
single bond
24
N. J.—BONDS NOT SOLD—The $20,500 4% coupon or
registered refunding bonds offered on May 11—V. 142, p. 3041—were not
PERIOD—Current
paid.
to the
SHERIDAN
Teletype
NWRK
BUTLER,
determine upon at the time of sale, both principal and interest to be payable
in semi-annual instalments during a period of 20 years from the date of issue.
same
MArket 3-1718
A. T. & T.
REctor 2 2055
Amortization
If amortization
or
Wire:
the second choice
of the School Board.
single bond
Raymond Blvd., Newark
Brunner
stated.
The
new
bonds
will be issued
under
the
pro¬
visions of Chapter 77 of the New Jersey Pamphlet Laws of 1935 as amended,
and provide for a cash basis method of operation. The ordinances covenant
that any deficit arising from a year's operation must be placed in the next
year's budget and paid off from the taxes of that year. They were prepared
by Hawkins, Delafield & Longfellow, New York, bond counsel of the city,
and provide for $8,560,000 of general refunding bonds, $165,000 school
refunding bonds, and $260,000 water refunding bonds.
According to Commissioner Brunner, the new bonds will mature from
1945 to 1970, thus giving the city a nine-year period during which its
present amortization schedule can be operated so that approximately
$9,000,000 of present debt will be retired. Gross debt of the city is about
$29,OO0,OOO. Mr. Brunner also disclosed that Camden collected 65.9%
of its 1935 tax levy of $5,849,082, and that current tax collections are run¬
ning at a rate of 4% better than last year.
Expenditures also have been
cut, according to the Commissioner.
ELIZABETH,
N.
improvement bonds
J.—BONDS SOLD—An issue of $99,000 general
sold recently to the City Sinking Fund Commission
was
at par.
HARVEY CEDARS, N. 3.—BOND SALE—The $50,000 6% coupon
(registerable as to principal only) general refunding bonds offered on
May 9—V. 142, p. 2873—were awarded to the Ocean County Trust Co.
of Toms River at par.
There were no other bids received.
Dated May 1,
1936.
Due $2,500 yearly on May 1 from 1937 to 1956; optional any time
after May 1, 1946.
LIVINGSTON TOWNSHIP SCHOOL DISTRICT (P. O. Livingston),
J.—BOND SALE—The $14,500 coupon or registered school bonds
N.
offered
on May 14—V. 142, p. 3041—were awarded to J. B. Hanauer & Co.
as 4s for a premium of $61.68,
equal to 100.425, a basis of about
8.92%. C. A. Preim & Co. of Newark were second high bidders, offering a
premium of $47.85 for 4% bonds.
Dated May 1, 1936.
Due May 1 as
follows: $1,000 in 1937; and $1,500 from 1938 to 1946.
of Newark
FRANKLIN
COUNTY
(P. O.
Franklin), Neb.—BONDS SOLD—In
effect that $40,000
refunding bonds had been contracted for—V. 142, p. 3041—it is stated by
the County Clerk that the bonds were purchased by the Mortgage Invest¬
ment Co. of Hastings, as 3s and mature $5,000 from May 1, 1941 to 1948,
connection with the report carried here recently, to the
inclusive.
•
HASTINGS, Neb —BONDS AUTHORIZED—An ordinance is said to
have
of
been passed recently by the City Council, providing for the issuance
$125,000 in refunding bonds.
MIDDLESEX COUNTY
(P. O. New Brunswick),
N. J.—BOND
SALE—The issue of coupon or registered improvement bonds offered on
May 15—V. 142, p. 3220—was awarded to the Bancamerica-Blair Corp.
Goldman, Sachs & Co.; B. J. Van Ingen & Co. of New York; E. Lowber
Stokes & Co. of Philadelphia and John B. Carroll & Co. of New York, who
took $1,284,000 bonds as 3.10s at a price of 100.15, a basis of about 3.08%.
Volume
Financial
142
Chronicle
3389
Dated May
15, 1936.
Due May 15 as follows:
$75,000, 1937 and 1938;
$100,000, 1939 to 1945; $105,000, 1946; $110,000, 1947 and 1948, and
$109,000,1949.
MONROE
TOWNSHIP
(P.
O.
Williamstown),
N.
J .—BONDS
exchanged
EXCHANGED—An issue of $170,000 refunding bonds has been
with holders of the old bonds.
NEW
MEXICO
COLFAX COUNTY SCHOOL DISTRICT NO. 24
(P. O. Raton)
N. Mex.—BOND SALE DETAILS—"We are now informed that the
$20,000 coupon school bonds purchased on April 30 by E. F. Hutton & Co. of
Albuquerque, as reported here recently—V. 142, p. 3042—were sold
3%% bonds, at par. Due from July 1, 1939 to 1955.
as
CURRY COUNTY SCHOOL DISTRICT NO. 61
(P. O. Clovis),
N. Mex.—BOND OFFERING—Sealed bids will be received until 10 a. m.
June 1 by R. B. Worthington, County
Treasurer, for the purchase
of a $7,000 issue of general
obligation school bonds.
All bids must specify
the lowest rate of interest at which the bidder will
purchase said bonds
on
at
par,
and (or)
the
lowest rate
of interest
and
premium, if any,
Jar at 15, 1936. Due $500 annually from bonds.
which such bidder will purchase said June
une
Interest
rate
is
not
to
above
Denom. $500. Dated
1939, to 1952 incl.
15,
exceed
5%, payable semi-annually.
Prin. and
int. payable at the State Treasurer's office, or at a
place designated by the
buyer.
The bonds cannot be sold for less than par.
A certified check
for 5% of the bid is required.
GALLUP, N. M.—BONDS AUTHORIZED—An ordinance is said to
have been passed by the City Council
recently, authorizing the issuance
of $110,000 in water plant
purchase bonds.
HOT
SPRINGS, N. Mex.—BOND OFFERING—A. J. Burleson, Mayor,
will receive bids until 5
p. m.
June 1 for the pin-chase of $15,000 crippled
children's hospital bonds.
PORTALES, N. M.—BOND ELECTION—An
May 22 at which
a
be voted upon.
election will be held
on
proposition to issue $50,000 school building bonds will
Financia I Sta temen t
The assessed valuation of the
property subject to the taxing power of the
The total bonded debt of the city including the above
city is $14,542,167.
mentioned
bonds is $622,300.
The population of the city (1930 census)
15,777.
The bonded debt above stated does not include the debt of
subsidivison having power to levy taxes upon any or all of the
property subject to the taxing power of the city.
The fiscal year com¬
mences July 1.
The amount of taxes levied for the fiscal years commencing
July 1, 1932, July 1, 1933 and July 1, 1934 was respectively $214,056.25,
$210,714.74 and $210,639.16.
The amount of such taxes uncollected at
was
any other
the end of
each of said fiscal years was respectively
$14,817.44, $7,856.16
and $11,851.05.
The amount of such taxes remaining uncollected as of
May 5, 1936 is respectively $207.91, $712.77 and $5,303.69.
The taxes of
the fiscal year
commencing July 1, 1935, amount to $209,272.60 of which
$191,407.05 has been collected.
EDEN
N.
Y.—BOND SALE—The $57,000 coupon or registered water
works construction bonds of Eden Water District No.
1, offered on May 9—
V. 142, p. 3042—were awarded to the First Bank of Eden as 3s for a
premium
of $341.83, equal to 100.599, a basis of about
2.95%.
Dated April 1, 1936.
Due April 1 as follows:
$1,000, 1937 to 1940; $2,000, 1941 to 1945;
193-645
$3,000,1946 to 1949; $4,000,1950 to 1953, and $5,000, 1954,1955 and 1956.
Other bids
were as
follows:
Bidder—
Rutter & Co
Int. Rate
E. H. Rollins & Sons.
A. C. Allyn & Co., Inc
-
Bancamerica-Blair Corp
Marine Trust Co
Bacon, Stevenson & Co
George B. Gibbons & Co., Inc
Halsey, Stuart & Co., Inc
EVANS
Rate Bid
3.10%
3.20%
3.20%
3.20%
3.25%
3.40%
3.50%
3.60%
100.27
100.30
100.15
100.15
100.21
100.18
100.639
100.39 i
(P. O. Angola), N. Y—OFFERING OF WATER DISTRICT
NO. 2 BONDS—Edward A. Lemmler, Town Clerk, will receive bids until
10 a. m. (Eastern Standard Time) May 18 for the purchase at not less than
par of $28,000 coupon, fully registerable, bonds of Water District No. 2
of the Town of Evans.
Bidders are to name rate of
interest, in a multiple
34% of 1-10%, but not to exceed 6%. Denom. $1,000. Dated May 1,
Principal and semi-annual interest (May 1 and Nov. 1) payable
at the Evans National Bank of
Angola, in Angola. Due $1,000 yearly on
May 1 from 1941 to 1968. Certified check for $560, payable to the Town of
Evans, required. Approving opinion of Clay, Dillon & Vandewater of New
of
SANTA FE COUNTY (P. O. Santa Fe), N. Mex.—BOND OFFERING
—Sealed bids
will be received by P. C. Berardinelli,
County Treasurer,
until 2 p. m. on June 15, for the purchase of an issue of $100,000 Santa Fe
Municipal School District coupon bonds.
Int. rate is not to exceed 6%,
payable (J. & J.).
Denom. $1,000.
Dated July 1, 1936.
Due
in sub¬
stantially equal annual instalments from July 1. 1937 to 1951.
All bids
submitted shall specify the lowest rate of interest and
premium, if any,
above par, at which such bidder will purchase the bonds at
None of
par.
such bonds will be sold at less than
par and accrued interest to date of
delivery.
Prin. and int. payable at the State Treasurer's office or at a
banking house in New York City, to be designated by the purchaser.
The
Board of Education will furnish the approving opinion of Pershing,
Nye,
Bosworth & Dick, of Denver, as well as the
required bond forms.
A certi¬
fied check for 5% of the amount
bid, payable to the County Treasurer,
is required.
1936.
York will be furnished by the town.
Financial Statement
The assessed valuation of the real
property of the town subject to taxation
it appears on the last
preceding town assessment roll, is $9,615,174, and
the total contract debt of said town,
including this issue of $28,000 Water
as
District No. 2 bonds, is $49,500.
Deducting $46,000 obligations issued to
provide for the supply of water, the net debt is $3,500.
Population (1930 census) is 3,827.
The total debt above stated does not include the debt of
any other sub¬
division having power to levy taxes upon any or all of the
property subject
taxing power of the town.
to the
Offerings
—
New York State Municipals
Gordon Graves
1
WALL
ST.,
YORK
STOCK
$147,514.04
146,510.42
135,654.71
$149,436.50
of which $97,000 has been collected.
Co.
EXCHANGE
N. Y.
1
Taxes of the fiscal year commencing Jan. 1, 1936, amount to
County—City—Town■—School District
MEMBERS NEW
Tax Data
Taxes levied for preceding three fiscal years:
Wanted
Whitehall 4-5770
GREENWOOD, JASPER, WEST UNION, CANISTER AND ANDOVER CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Greenwood),
N. Y.—BOND OFFERING—Sealed bids will be received
by Robert P.
Holly, District Clerk, until 2:30 p.m. (Eastern Standard Time) on May 19
for the purchase of $75,000 not to exceed 5% interest
coupon or registered
school building bonds.
NEW
YORK
ALBANY COUNTY (P. O. Albany), N. Y.—PLANS BOND SALE—
The Board of Supervisors has authorized the sale of
$500,000 tax revenue
bonds for the purpose of funding an equal amount of notes issued in an¬
ticipation of taxes levied in December
1934.
,
AVON UNION FREE SCHOOL
N. Y.—BOND OFFERING—W. W.
DISTRICT NO. 1 (P. O. Avon),
Hogmire, District Clerk, will receive
bids until 2p.m. (Eastern Standard Time) May 22 for the
pin-chase at not
less than par of $57,750 coupon, fully
registerable, school building improve¬
ment bonds.
Bidders are to name rate of interest, in a multiple of
34 % or
1-10%, but not tc exceed 6%. Denom. $1,000, except one for $750. Prin¬
cipal and semi-annual interest (June 1 and Dec. 1) payable at the Avon
Branch of the Union Trust Co. of Rochester, in New \ ork
exchange. Due
on June 1 as follows:
$2,750, 1939; $3,000, 1940; and $2,000, 1941 to 1966.
Certified check for $1,000, payable to Mary E. Jacobs, District
Treasurer,
required.
Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished by the district.
$134,-
The bonded debt
as
stated
does not include the debt of any other subdivision
having power to levy
taxes upon any or all of the property subject to the
taxing power of the
district.
The school year commences July 1.
Taxes levied
Uncollected
at end of fiscal year,
-
1934-35
'
$21,519.83
3,180.18
1933-34
$19,077.52
3,029.10
1932-33
$17,184.92
2,473.43
Taxes uncollected for said years were reported to the
County Treasurer
by the Board of Education and have been paid by the County Treasurer
to the Treasurer of the School District.
The amount of taxes levied for the
fiscal year 1935-36 is $21,276.14, and to date
$16,184.00 of such taxes have
been collected. Fiscal year ends June 30.
BUFFALO, N. Y.—TAX RATE SUBJECT OF COURT ACTION—
Litigation over the 1936-37 budget was reopened May 14 in special term
of Supreme Court, when arguments will be heard in an action
to compel
establishment of a tax rate of $25.69 per $1,000 assessed
valuation, as
fixed by the Common Council, instead of a rate of $26.72 as fixed
by Mayor
George J. Zimmermann.
The bills must be sent out on July 1.
The action, brought in the name of Mrs.
Agnes M. Robertson, wife of
William E. Robertson, head of the United
Taxpayers' League, was instituted
formerly
HINSDALE,
ISCHUA AND
CLARKSVILLE
CENTRAL
SCHOOL
DISTRICT NO. 1 (P. O. Hinsdale), N. Y.—BOND SALE—'The
$142,000
coupon or
registered school building bonds offered
3043—were
awarded to
the
Marine
Trust
Co.
on
May 11—V. 142,
of Buffalo
as
3.10s
for
p.
a
premium of $198.80, equal to 100.14, a basis of about 3.09%. The National
Bank of Olean offered a premium of $566.80 for 3.20s. Dated May 1, 1936.
Due May 1 as follows:
$5,000, 1939, 1940 and 1941; $6,000, 1942 to 1946;
$7,000, 1947, 1948 and 1949; $8,000, 1950 to 1954, and $9,000.1955 to 1958.
COMMON
SCHOOL DISTRICT NO. 3 (P. O. Mount
coupon or registered school
April 28—V. 142, p. 2712—were awarded to the Hartwick
National Bank of Hartwick as 4s, at a price of 100.64, a basis of about
3.93%. Dated April 1. 1936 and due $500 on April 1 from 1938 to 1958 incl.
LAURENS
bonds offered
The assessed valuation of the property subject to the
taxing power of the
district according to the 1935 assessment roll is $2,986,424.00.
The total
bonded debt of the district including the present offering of bonds is
The population is approximately 2,500.
New York will be furnished the successful bidder.
Vision), N. Y.—BOND SALE—The $10,500
Financial Statement and Tax Data
750.00.
The bonds will be dated May 1, 1936.
Denoms.
$1,000 and $500, 70 of the former amount and 10 of the latter. Due May 1
follows:
$2,000, 1939 to 1943 incl.; $2,500, 1944 to 1948 incl.; $3,000,
1949 to 1953 incl.; $3,500 from 1954 to 1958 incl.and $4,000from 1959 to
1963 incl.
Bidder to name one rate of interest on the issue, expressed in a
multiple of 34 or 1-10th of 1%. Principal and interest (M. & N.) payable
at the First National Bank, Greenwood, with New York
exchange. A certi¬
fied check for $1,500, payable to the order of John Krieger, District Treas¬
urer, is required.
The approving opinion of Clay, Dillon & Vandewater of
as
on
MAMARONECK, N. Y.—NOTE OFFERING— F. H. Bull Jr., Village
Treasurer-Clerk, will receive bids until 10 a. m. (Daylight Saving Time)
May 20 for the purchase of $275,000 tax notes. Sale will not be made at
less than par.
Bidders are to name rate of interest, in a multiple of 6%.
Dated May 25, 1936.
Due $200,000 July 15, 1936, and $75,000 Dec. 15,
1936.
Principal and interest payable at maturity at the Manufacturers
Trust Co., in New York.
Denominations to suit the purchaser, but not
less than $5,000 each.
Approving opinion of Clay, Dillon & Vandewater
of New York will be furnisned by the village.
MECHANICVILLE, N. Y.—BOND OFFERING—John S. Moore. Com¬
missioner of Accounts, will receive sealed bids until 2 p. m. (Eastern Stand¬
ard Time) on
May 20 for the purchase of $25,000 not to exceed 4% interest
registered public welfare bonds.
Dated June 1, 1936.
Denom.
Due June 1 as follows: $2,000 from 1937 to 1941, incl., and $3,000
from 1942 to 1946, incl.
Bidder to name one rate of interest on the issue,
coupon or
$1,000.
expressed in a multiple of 34 of l-10th of 1%.
Principal and interest
(J. & D.) payable at the new York State National Bank, Albany (Me¬
chanic ville Branch, Mechanicville), or at holder's option, at National City
Bank, New York.
from unlimited
the
The bonds are general obligations of the city, payable
A certified check for $500, payable to' the order of
taxes.
city, must accompany each proposal.
Tuesday when City Treasurer James D. Hoban was served
with a court order directing him to show cause
why the tax rate should not
be fixed at the lower figure.
Corporation Counsel Gregory U. Harmon,
who will be called upon to represent Mr.
Hoban, was served with a similar
NEW YORK,
N. Y.—$4,907,000 BONDS PUBLICLY OFFERED—
Public offering of $4,907,000 4% rapid transit subway bonds due July 1,
1950 to 1957 incl. is being made by a banking group headed by the Chase
order.
National
on
.
*
The increase in the tax rate, $1.03, resulted from the action of the
mayor
in vetoing the Council's proposal to increase the bond
refunding program
from $2,500,000 to $3,500,000.
in
It is the contention of Mrs. Robertson the mayor exceeded his
vetoing the increase and that the Council's aciion was final.
authority
CARMEL, N. Y.—OFFERING OF CARMEL WATER DISTRICT NO. 2
BONDS—Edward Ganong, Town Clerk, will receive bids until 11 a. m.
(Eastern Standard Time) May 20 for the purchase at not less than par of
$66,000 bonds of Carmel Water District No. 2.
Bidders are to name
rate of interest, not to exceed 4%.
Denom. $1,000.
Dated Nov. 1, 1936.
Prin. and semi-ann. int. (May 1 and Nov. 1) payable at the National
City
Bank of New York, in New York.
Due yearly on Nov. 1 as follows:
$1,000 1936 to 1945; $2,000 1946 to 1955; $3,000 1956 to 1964; $4,000
1965, and $5,000 in 1966.
CORNING, N. Y.—BOND OFFERING—Chester R. Hallock, City
Chamberlain, will receive sealed bids until 2 p.m. (Eastern Standard Time)
May 21 for the purchase of $80,000 not to exceed 4% interest coupon
or registered emergency relief bonds.
Dated June 1, 1936. Denom. $1,000.
Due June 1 as follows: $10,000 in 1942 and 1943 and $20,000 from 1944 to
on
1946 incl.
Bidder to name one rate of interest on the issue, expressed in a
multiple of 34 or 1-10 of 1%.
Principal and interest (J. & D.) payable
Irving Trust Co., New York City. The bonds will be general obliga¬
tions of the city, payable from unlimited taxes. A certified check for
$1,600,
at the
payable to the order of the city, must accompany each proposal.
The
approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
Bank.
The bonds are priced to yield from 2.90% to
3.25%,
according to maturity.
They are legal investment for savings banks and
\ork State, according to the bankers, and are interest
trust funds in New
exempt from all present Federal and New York State income taxes.
Asso¬
ciated with the Chase National Bank, in the offering are Chemical Bank &
Trust Co.; R. W. Pressprich & Co.; Blyth & Co., Inc.; The Northern Trust
Co., and Kelley, Richardson & Co., Inc. The bankers purchased the bonds
held by the Reconstruction Finance Corporation.
at the recent sale
NEW
YORK,
APPROVED—The
N.
Y.—$875,000 CORPORATE
Sinking
Fund
Conmiission
on
STOCK
May
13
NOTE
ISSUE
approved
issuance of $875,000 corporate stock to finance improvements to the
facilities on Staten Island.
NIAGARA FALLS, N.
Y.—BOND OFFERING—Charles
the
pier
H. Brown Jr.,
City Comptroller, will receive bids until 11 a. m. (Eastern Standard Time)
May 18 for the purchase at not iess than par of $500,000 coupon, fully
registerable, public welfare bondswiBidders are to name rate of interest,
in a multiple of 34% or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated May 1, 1936. Principal and semi-annual interest (Jan. 1 and July 1)
payable at the Central Hanover Bank & Trust Co. in New York.
Due
Jan. 1 as follows:
$25,000. 1937 to 1940; and $1,00,000, 1941 to 1944.
Certified check for $10,000, required. Approving opinion of Clay, Dillon &
Vandewater of New York will be furnished by the city.
NISKAYUNA UNION FREE SCHOOL DISTRICT NO. 5 (P. O.
Schenectady), N. Y.—BOND SALE—The $23,000 coupon, fully registerschool building bonds offered on May 11—V. 142, p. 3043—were
awarded to Adams, McEntee & Co. of New York as 2.70s for a premium of
$64441, equal to 100.28, a basis of about 2.67%. The second high bid came
able,
3390
Financial
from E. H. Rollins & Sons of New York, who offered a premium of $98.90
for 3% bonds. Dated June 1, 1936. Due $2,000 yearly on June 1 from
1939
to
1949, incl.; and $1,000, June 1, 1950.
Other bids were
Bidder—
as
follows:
"r
Int. Rate
E.H. Rollins & Sons-..
J. W, Seligman & Co
3%
3%
3.10%
3.10%
.20%
3.20%
3.40%
3.50%
Rutter & Co
Manufacturers & Traders Trust Co
George B. Gibbons & Co., Inc.
Marine Trust Co
Bacon, Stevenson & Co
Roosevelt & Weigold
OLD
FORGE FIRE DISTRICT,
coupon
or
bonds
registered
Premium
offered
$98.90
92.00
69.00
45.77
100.60
95.25
92.00
51.06
N. Y —BOND SALE—The $20,000
on
May
9—V.
142,
p.
3221—were
awarded to the First National Bank of Old Forge on a bid of par for
4Ms.
There were no other bidders.
Dated May 1, 1936.
Due $2,000 yearly on
May 1 from 1937 to 1946.
ORANGE
(P. O. Goshen), N. Y.—BOND SALE—The
coupon or registered welfare home bonds offered on May 13—
V. 142, p. 3043—were awarded to Geo. B. Gibbons & Co. of New York
on a bid of 100.46 for 2.10s, a basis of about 2.06%.
A. C. Allyn & Co. of
New York bid 101.36 for 2.20s.
Dated May 1,1936.
Due May 1 as follows:
$240,000
1945;
$20,000, 1946, 1947 and 1948; and $40,000,
Geo. B. Gibbons & Co., Inc., of New York made public offering of the
issue as prices to yield from 1.50% to 2.05% .
The county reports assessed
valuation for
1935 of $179,613,058 and total bonded debt,
issue, of $1,206,000.
The bonds
are
including this
legal investment for savings banks and
trust funds in New York State.
OSWEGO,
N. Y.—BOND
SALE—The $160,000
coupon
or.
registered
emergency relief bonds offered on May 12—Y. 142, p. 3043—were awarded
to the First of Michigan Corp. of Detroit and Schaumburg, Rebham &
Lynch of New York
on a bid of 100.449 for 1.90s, a basis of about 1.82%.
Savings Bank of New York were second with a bid of
Dated May 15, 1936. Due $16,000 yearly on May 15 from
The Harris Trust &
100.75 for 2s.
1937 to 1946.
The
following is
a
complete lisc of the other bids received for the issue:
Name—
Rate
Harris Trust & Savings Bank, New York--
Premium
__2.00%
2.00%
2.00%
2.00%
—
Granbery, Safford & Co.. New York
First & Second Nat. Bank & Trust Co., Oswego
Roosevelt & Weigold, New York
;
Halsey, Stuart & Co., New York, j
George B. Gibbons & Co., New York
Manufacturers & Traders Trust Co., Buffalo
$1,211.20
494.40
352.00
352.00
222.20
279.52
302.72
-2.10%
__2.25%
2.50%
OYSTER BAY (P. O. Massapequa), N. Y.—OFFERING OF NORTH
MASSAPEQUA FIRE DISTRICT BONDS— Rudolph F. Zerrender, Secre¬
tary of the Board of Fire Commissioners, will receive sealed bids until
7:30 p. m. (Eastern Standard Time) on May 18 for the purchase of $8,000
not to exceed 5% interest coupon or registered fire house and equipment
bonds.
Dated Feb. 1, 1935.
Denom. $1,000. Due $1,000 on Feb. 1 from
1949 to 1956 incl.
in
a
Bidder to
multiple of K
or
name one rate of interest on the issue, expressed
1-10 of 1%.
Principal and interest (F. & A.) pay¬
Bank, Farmingdale, with New York exchange.
able at the First National
The bonds offered
the unsold balance of
an authorized issue of $20,000,
A certified check for $200, payable to the order
proposal. The approving
opinion of Clay, Dillon & Yandewater of New York will be furnished the
are
May
Chapter 230, Laws of 1935.
of the District Treasurer, must accompany each
successful bidder.
National Bank & Trust Co. of Corning.
Due $1,000 yearly on April 1, from
1941 to 1958, incl. Certified check for $360 payable to the village, required.
Approving opinion of Caly, Dillon & Vandewater of New York will be
furnished by the village.
TANNERSVILLE, N. Y.—BOND SALE—The $33,000 coupon, fully
registerable, bonds described below, which were offered on May 11—
V. 142, p. 2876—were awarded to Geo. B. Gibbons & Co. of New York as
3.60s, for a premium of $52.80, equal to 100.16, a basis of about 3.58%:
$13,000 playground bonds. Due $1,000 yearly on May 1 from 1941 to 1953.
20,000 public works bonds. Due May 1 as follows: $2,000, 1938 to 1941,
and $3,000, 1942 to 1945.
Dated May 1, 1936.
The Manufacturers & Traders Trust Co. of Buffalo was second high
bidder, offering a premium of $65.67 for 4.20s.
COUNTY (P. O. White Plains), N. Y.—BOND
S.
Coffey, County Treasurer, will receive bids
(Daylight Saving Time) on May 19, for the purchase of $530,000
exceed 6% interest coupon or registered bonds, divided as follows:
WESTCHESTER
;;
until
awarded to Rutter & Co. of New York
on a
noon
not to
$190,000 Saw Mill River Valley Sanitary Sewer District bonds.
Due
$10,000 on June 1 from 1937 to 1955, inclusive.
135,000 South Yonkers Sanitary Sewer District bonds.
Due June 1 as
follows:
$5,000 from 1937 to 1944, incl.; $10,000 from 1945 to
1949, inclusive, and $20,000 in 1950.
120,000 Blind Brook Sanitary Sewer District bonds.
Due June 1 as
follows:
$10,000 from 1938 to 1943. incl. and $15,000 from 1944
to 1947, inclusive.
55,000 highway acquisition bonds.
Due June 1 as follows:
$5,000 in
1937 and $10,000 from 1938 to 1942, inclusive.
30,000 Mamaroneck Valley Sanitary Sower District bonds.
Due $5,000
on June 1 from 1938 to 1943, inclusive.
All of the bonds will be dated June 1, 1936.
Denom. $1,000. Bidder to
a single interest rate on all of the bonds, expressed in a multiple of
% of 1 %.
Principal and interest (J. & D.) payable in lawful money of the
United States at the County Treasurer's office.
No bid will be accepted if
the premium offered is greater than the interest on the bonds figured to
maturity at H of 1% per annum.
The bonds will be prepared under the
supervision of the Continental Bank & Trust Co., New York, which will
certify as to the genuniness of the signatures of coutny officials and the seal
impressed on the certificates.
A certified check for $10,600, payable to
the order of the County Treasurer, must accompany each proposal.
The
bonds will be payable from unlimited ad valorem taxes on
all taxable
property in the county.
The approving opinion of Hawkins, Delafield &
Longfellow of New York will be furnished the successful bidder.
name
WESTCHESTER
COUNTY
issue $475,000 sewer extension
WHITESTOWN,
99.714, the net interest cost of 3.507% being the lowest at which the Port
Authority has ever effected long-term financing.
The bonds are dated
May 1, 1936, and mature May 1, 1976.
Redeemable in whole or in part,
at the option of tae Port of New York Authority, on interest payment dates,
at 103% beginning on May 1. 1941. and thereafter, and on or before
May 1.
1945; at 102% thereafter and on or before May 1, 1950; at 101% thereafter
and on or before May 1, 1955: and at 100% thereafter to maturity.
Pay¬
ments will be made into the "Third Series,
33^ %, due 1976, Sinking Fund,"
commencing in 1941.
The moneys in the sinking fund will be applied to
the retirement of the bonds of the third series by purchase or call.
The successful banking group made public reoffering of the issue at a
price of 101, to yield over 3.45%.
The bankers reported the issue all sold
within a few hours following the award.
Official announcement of the
offering appears as an advertisement
on
page IV.
Members of the
account, in addition to Speyer & Co., are:
Wertheim & Co.
Baer, Stearns & Co.
Hayden, Stone & Co.
Burr &
Halsey, Stuart & Co., Inc.
Hallgarten & Co., Inc.
A. G. Becker & Co.
John B. Carroll & Co., Inc.
H. L. Schwamm & Co.
Morse Bros. &
Arrowsmlth &
Bancamerica-Blair Corp.
Van
Edward Lowber Stokes
Cassatt & Co.
G. M.-P. Murphy & Co.
Estabrook & Co.
Schlater, Noyes & Gard¬
Graham, Parsons & Co.
F. S. Moseley & Co.
Kean, Taylor & Co.
ner, Inc.
B.J. Van Ingen & Co.. Inc.
Co., Inc.
Alstyne, Noel & Co.
Schoellkopf, Hutton &
Pomeroy, Inc.
E. H. Rollins & Sons
Jackson & Curtis
Otis & Co.
Piper, Jaffray & Hopwood
of Minneapolis
A. C. Allyn & Co., Inc.
The
next
behalf of
an
Baar, Cohen & Co.
J. S.
Manufacturers Trust Co.
Stone & Webster and
Blodget, Inc.
Goldman, Sachs & Co.
Phelps, Fenn & Co.
George B. Gibbons &
Co., Inc.
Rippel&Co.
Anglo-California National
MacBride, Miller & Co.
Hawley, Huller & Co.
Ira Haupt & Co.
Dyer, Hudson & Co.
Bank, San Francisco
Bacon, Stevenson & Co.
Hannahs, Ballin & Lee
R. H. Moulton & Co.
was
made
on
&
Baker, Weeks & Harden
Newton, Abbe & Co.
Stern Bios., Kansas City
Charles
Mercantile Commerce
Illinois Co. of Chicago
Battles & Co.
Field, Richards & Shepard,
First Cleveland Corp.
&
Tr.
Co.
of
Inc.
Darby & Co.
Wells-Dickey Co.
Eldredge & Co.
Milwaukee Co. of
Foster & Co.
group
H. Newton &
Co.,
Inc.
on
Campbell, Phelps & Co.
Dougherty, Corkran & Co.
C. F. Childs & Co., Inc.
the loan, a price of 99.3599, was made
by
a
consisting of the following (all of New York City):
National City Bank
Chase National Bank
First Boston Corp.
will receive bids at Raleigh,
May 26 for the purchase at not less than par of $119,000
a. m.
coupon,
registerable, bonds, divided
as
follows:
$19,000 water and sewer bonds. Due $1,000 May 1 from 1938 to 1956.
100,000 electric light system bonds. Due May 1 as follows: $3,000, 1937 to
$941; $4,000, 1942 to 1946; $6,000, 1947 to 1951, and $7,000, 1952
to 1956.
Bidders
to name rates of interest (limited to two separate rates) bonds
Denom. $1,000.
Principal and semi-annual interest (May 1
1) payable at place of purchaser's choice. Certified check of
$2,380, payable to the State Treasurer, required.
are
to
are
bear.
Nov.
GREENVILLE,
N. Caro.—BOND OFFERING—W. E. Easterling,
Secretary of the Local Government Commission, will receive bids at Raleigh,
11 a. m. May 26 for the purchase at not less than par of $75,000
coupon, registerable, street improvement bonds.
Bidders are to name
interest rates (limited to two different rates) bonds are to bear, not to exceed
6%.
Denom. $1,000.
Dated April 1, 1936.
Principal and semi-annual
interest (April 1 and Oct. 1) payable in New York.
Due April 1 as follows:
$2,000, 1939 to 1942; $4,000, 1943 to 1940, and $5,000, 1951 to 1957. Cert,
check for $1,500, payable to the State Treasurer, required.
COUNTY
(P.
O.
Hendersonville),
N.
C.—BOND
May 12—V. 142, p. 3222—were awarded to R. S. Dickson & Co.
of Charlotte as follows: $125,000 as 4s, maturing $50,000 on July 1, 1938,
and $75,000 on July 1, 1939; the remaining $35,000 as 3s, maturing on
July 1, 1940. The bonds were awarded on a net interest cost of 3.699%.
on
are
divided
as
follows:
$131,000 funding bonds. Due on July 1 as follows: $21,000, 1938; $75,000.
¥
1939, and $35,000 in 1940.
29,000 school funding bonds. Due on July 1, 1938.
•
price paid for both issues
was
par.
No other bid
was
sub¬
WAKE
COUNTY
(P.
O.
Raleigh),
N.
C.—REFINANCING PLAN
APPROVED—A refinancing plan for the above county, under which a 20%
present tax levies may be made, has been approved by the
Local Government Commission, according to a Raleigh dispatch.
Under
the plan $300,000 in 3%% bonds maturing 1937 to 1939 would be retired,
and a like amount of 3 % bonds maturing over a period of 25 years would be
The maturities next year under this plan would be $10,000
substituted.
instead of $100,000, it is said.
WILKES COUNTY
(P. O. Wilkesboro), N. C —BONDS AUTH¬
ORIZED—The Board of County Commissioners recently passed an ordinance
authorizing the issuance of $80,339.37 debt funding bonds.
Lehman Bros.
E.B. Smith & Co.
White, Weld & Co.
Brown Harriman & Co.
CAROLINA
reduction in
Mitchell, Herrick & Co.
Milwaukee
The third and final bid
80
mitted for the bonds.
Indianapolis
Hemphill, Noyes & Co.
Kelley, Richardson & Co.
St. Louis
RLGH
Government Commission,
until 11
The actual
Union Trust Co. of
Lawrence Marks & Co.
Bank
NORTH
The issues
Rebhann
Dominick & Dominick
E. H. Rollins & Sons
TELETYPE
FARMVILLE, N. Caro.—BOND OFFERING—W. E. Easterling, Secre¬
tary of the Local
HENDERSON
Yarnall & Co.
1
T.
T.
SALE—The two issues of coupon bonds aggregating $160,000, offered for
Robinson, Miller & Co.
Hayden, Miller & Co.
A.
RALEIGH, N. C.
Direct Private Wire to Pask & Walbridge our New York Correspondent
sale
Washburn & Co.
Schaumburg,
Lynch
ARNOLD
&
INCORPORATED
until
Brooke, Stokes & Co.
Jenks, Gwynne & Co.
Van Deventer, Spear & Co.
highest bid for the issue, an offer of 99.589,
account composed of the following firms:
Blyth & Co.
Co.
& Co.
J. S. Bache&Co.
.
KIRCHOFER
and
Starkweather & Co.
Co., Inc.
May 4 voted to
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AUTHORITY, N. Y.—A WARDS $17,500,000
COST—The $17,500,000 3^%
third series
general and refunding bonds offered on May 14—V. 142, p. 3221—were
awarded to a syndicate headed by Speyer & Co. of New York at a price of
Co.
on
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
bid of 100.28 for 2%s, a basis
Lobdell & Co.
Plains), N. Y.—BONDS
-y': 7.
LOW
Ladenburg, Thalmann &
White
MARCY,
PORT OF NEW YORK
RECORD
O.
bonds.
DEERFIELD AND TRENTON CEN¬
TRAL SCHOOL DISTRICT NO. 2 (P. O. Whitesboro), N. Y —BOND
SALE—The $650,000 coupon or registered school building bonds offered
on May 12—V. 142, p. 3222—were awarded to a group comprised of E. H.
Rollins & Sons, A. C. Allyn & Co., B. J. Van Ingen & Co. and Rutter &
Co., all of New York, on a bid of 100.57 for 2.90s, a basis of about 2.84%.
Dated May 1, 1936. Due May 1 as follows: $25,000,1939 and 1940; $30,000
1941 to 1944; $35,000, 1945 to 1948; $40,000, 1949 to 1952. and $45,000,
1953 to 1956.
The purchaser made public re-offering of the issue at prices
to yield from 1.50% to 2.90%, according to maturity.
of about 2.73%.
C. F. Herb & Co. of New York were second high with a
bid of 100.2796 for 2%s.
Dated Dec. 1, 1935.
Due Dec. 1 as follows:
$1,000, 1937 to 1941; $2,000, 1942 to 1946, and $3,000, 1947 to 1956.
AT
(P.
AUTHORIZED—The County Board of Supervisors
PEEKSKILL, N. Y.—BOND SALE—The $45,000 coupon or registered
municipal building bonds offered on May 12—V. 142, p. 3221—were
BONDS
1936
16,
Denom. $1,000.
Dated April 1, 1936.
Prin¬
cipal and semi-annual interest (April 1 and Oct. 1) payable at the First
registerable, water bonds.
OFFERING—William
COUNTY
$15,000 from 1942 to
1949 1950 and 1951.
Chronicle
Kidder, Peabody & Co.
OFFERS TO PURCHASE BONDS AT PREMIUM IN ADVANCE OF
CALL DATE—Co-incident with the
public sale of the $17,500,000 314%
general and refunding bonds, the Port Authority announced that it will
purchase, at a price of 101.85 plus accrued interest to date of delivory, the
outstanding 4% series B New York-New Jersey Interstate Bridge bonds
issued in the construction of the
George Washington Bridge, dated Dec. 1,
1926, and due Dec. 1, 1936-50. The offer, which is subject to revocation
without notice, applies to the bonds which will be called for redemption at
par and accrued interest on Dec. 1, 1936.
Frank C. Ferguson, Chairman,
requests that interested bondholders communicate with the Port Authority,
111 Eight Ave., New York City. The above offer of the Port Authority is
advertised elsewhere in this issue.
SOUTH CORNING, N. Y.—BOND OFFERING—Charles W. Burns,
Village Clerk, will receive bids until 2 p. m. (Eastern Standard Time)
May 25, for the purchase at not less than par of $18,000 4% coupon, fully
NORTH
DAKOTA
GARDNER SCHOOL DISTRICT NO.
56
(P. O. Gardner), N. Dak.
—BOND OFFERINGS. B. Carter, Clerk of the Board of Education, will
receive bids until 2 p.m. May 28, for the purchase of $4,000 general obliga¬
tion
school
building
bonds.
Denom.
$200.
Certified
check
for
2%,
required.
HILLSBORO, N. D.—BOND SALE—The $10,000 issue of water main
bonds offered for sale on May 11—V. 142, p. 3222—was awarded to the
First National Bank of Hillsboro as 4s at par, according to the
City Auditor.
D^ated May 1, 1936.
Due $500 from May 1, 1937 to 1956, incl.
OHIO
BELMONT COUNTY (P. O. St.
Clairsville), Ohio—BOND SALE—
The county has disposed of an issue of $34,000 poor relief bonds to the
State Industrial Commission at 3 %.
Volume
Financial
142
Chronicle
3391
STRUTHERS,
OHIO
OFFERING—John
F.
Pearce,
City
Auditor, will receive bids until noon May 30 for the purchase at not less
than par of $27,000 5% coupon
refunding bonds. Denom. $1,000. Dated
April 1, 1936. Interest payable April 1 ad Oct. 1.
Due $3,000 yearly on
Oct. 1 from 1939 to 1947, incl. Certified check for $300,
required.
MUNICIPALS
\
MM II
Ohio—BOND
T
YOUNGSTOWN, Ohio—DEBT FUNDING BONDS APPROVED—
he State Tax Commission has approved a bond issue amounting to $1
39,000 to be submitted to the voters for approval.
The issue is to pay
$476,380 in unpaid bills; $164,284 in judgments and court costs; $239,462
in poor relief; $188,123 to the
Mahoning Valley Sanitary District; and
$125,000 revenue loan owned the teachers retirement fund since 1934. The
1
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
problem of how to retire $650,000 worth of city scrip will still face officials,
if the issue is approved.
However, successful passage of the bond
issue will give city officials an
opportunity to establish "pay-as-you-go"
even
operations.
OHIO
CINCINNATI,
Ohio—BOND
OFFERING—Henry
Urner,
City
Auditor, will receive sealed bids until noon (Eastern Standard Time) on
June 3 for the purchase of $7,810,000 Cincinnati Southern
Ry. refunding
bonds maturing in 1952 and $318,000 water works
refunding bonds due
serially from 1937 to 1945, incl.
The offering is being made subject to a
favorable ruling by the State Supreme Court,
anticipated shortly, on the
validity of a recently enacted State law permitting refunding of bonds
outside the 10-mill tax limitation.
The proceedings of the proposed sale,
together with $77,000 to be obtained through the sale of that amount of
Cincinnati Southern bonds due in 1942 to the
sinking fund and revenues
currently available, will be used in the redemption of presently outstanding
bonds, including $7,887,000 Southern Ry. 3^s and 4s of 1891 and 1902
and $995,000 serial water works 3^s and 3.65s of 1906.
Present plans
call for the redemption of the bonds between
July 1 and Aug. 1.
City
officials expect that the new refunding bonds will be sold on a net interest
cost of less than 2K%-
E.
COLUMBUS, Ohio—BOND OFFERING—Helen
will receive bids until
noon
$1,396,600 4%
described
$485,000
registerable, general unlimited tax bonds, further
coupon,
follows:
as
T. Howard, City Clerk,
June 11 for the purchase at not less than par of
sewage treatment works fund No. 1 bonds.
Dated Dec. 15, 1933.
on Feb. 1 as follows:
$15,000, 1943 to 1947; $16,000, 1948 to
1952; $15,000, 1953 to 1957; $119,000, 1958; and $136,000, 1959.
186,000 Main Street bridge fund No. 1 bonds. Dated May 1,1934. Due on
Feb. 1 as follows: $8,000,1940 to 1956;
$10,000,1957; and $20,000
Due
1958
1959*
598,600 relief,
sanitary and storm sewers fund No. 1 bonds.
Dated
Dec. 15, 1933. Relief sewers portion, amounting to $124,000 will
mature on Feb. 1 as follows: $54,000 in 1958 and $70,000 in 1959.
Sanitary sewers portion, amounting to $63,000, will mature on
Feb. 1 as follows:
$10,000, 1957; $21,000, 1958; and $32,000,
1959.
Storm sewers portion, amounting to $411,600, will mature
on Feb. las follows: $3,000,1940 and
1941; $7,000,1942; $20,000,
1943 to 1956; $19,000, 1957; $33,000, 1958, and $66,000, 1959.
127,000 intercepting sewers fund No. 1.
Dated Dec. 15, 1933.
Due
Feb. 1 as follows: $56,0^0, 1958, and $71,000, 1959.
Denom. $1,000, except one bond for $600.
Principal and semi-annual
interest (Feb. 1 and Aug. 1) payable at the city's
agency in New York.
Bidders may name lower rates of interest on the various
issuos, in multiples
of %%, but only one rate may be specified on each issue.
Certified check
for 1 % of amount of bonds bid for, payable to the
City Treasurer, required.
Bids must be made on blank forms which
may be obtained from the City
Clerk.
Approving opinion of Squire, Sanders & Dempsey, of Cleveland,
will be furnished by the city.
.
CRESTON, Ohio—BOND OFFERING—W.
K.
Bechtel, Village Clerk,
will receive bids until noon June
6, for the purchase of $35,000 6% water
works plant bonds.
Denom. $500.
Dated April 1, 1936.
Interest payable
April 1 and Oct. I. Due yearly on Oct. i as follows:
$1,000, 1937 to
1941;
and $1,500, 1942 to 1961.
FRANKLIN
Stafford),
Certified check for $350, required.
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
Ohio—BOND
SALE—The $15,000 school
house
addition
bonds offered on May 8—V. 142, p. 2713—were sold as
3)^s
to the First National Bank of Clarington.
Dated
construction
on
HAMILTON
COUNTY
10-mill tax limitation.
OKLAHOMA
of amount of bid required.
ENID, Okla.—PRICE PAID—The $140,000 issue of coupon water
works bonds that was awarded on May 4 to H. H. Champlin as 2s, as re¬
ported in these columns—V. 142, p. 3223—was sold at par.
Due $20,000
from 1939 to 1945 incl.
The Commerce Trust Co. of Kansas City, Mo.,
offered par for $80,000 as 3s and $60,000 as 2M % bonds.
GARVIN COUNTY CONSOLIDATED
(P.
O.
SCHOOL DISTRICT
NO. 2
Maysville), Okla.—BOND SALE—The $25,000 issue of school
bonds offered for sale on April 27—V. 142, p. 2877—was purchased by
C. Edgar Honnold, of Oklahoma City, divided as follows:
$10,000 as 4s,
maturing $2,000 from 1941 to 1945; $8,000 as 3)^s, maturing $2,000 from
1946 to 1949, and $7,000 as 3s, maturing $2,000 from 1950 to 1952, and
$1,000 in 1953.
MOUNTAIN PARK, Okla.—BOND OFFERING—J. E. Walker, Town
Clerk, will receive bids until 7 p. m .May 18 for the purchase at not less
than par of $10,000 city hall bonds, to bear interest at rate named in the
successful bid.
Due $1,000 yearly beginning three years after date of
issue.
Certified check for 2% of amount of bid required.
NICHOLS
HILLS, Okla.—APPROVAL SOUGHT ON BOND ISSUE—
on May 5 filed an original Supreme Court action
Q. Williamson, Attorney General, to approve $136,000 worth
of refunding bonds agreed upon by bondholders.
Mr. Williamson refused to approve the refunding bonds, which carry
5% interest in comparison to the 6% interest offered in the original water¬
works, sanitary sewer, storm sewer and park bonds, on the theory that the
treasurers of Oklahoma and Creek counties, Rush Springs and Guthrie
—Trustees of Nichols Hills
to force Mac
could not enter into such
an
agreement.
The two counties and two towns hold a portion of the bonds for sinking
fund investments.
Some of the original bonds are delinquent.
SAPULPA
SCHOOL
DISTRICT
(P.
O.
Sapulpa)
Okla.—BONDS
APPROVED—The
District Court is said to have approved recently an
application calling for the issuance of $107,000 in 6% funding bonds.
Denom. $1,000.
Due on April 30, as follows:
$6,000, 1939 to 1954, and
$11,000 in 1955.
SEMINOLE
SCHOOL DISTRICT NO.
17
(P. O. Seminole), Okla.
—BOND
OFFERING—Chester Gates, Clerk of the Board of Education,
will receive bids until 7:30 p. m. May 18 for the purchase at not less than
gar the$80,000 school buidling bonds, which will bear interestone rate named
at year after
y of
successful bidder.
Due $20,000 yearly beginning
date of issue.
Certified check for 2 % of amount of bid required.
SNYDER, Okla.—BOND ELECTION—'The Town Board of Trustees
have called
April 1 from 1937 to 1951 incl.
bonds will be issued outside the
CHANDLER, Okla.—BOND OFFERING—H. W. Stoltenberg, City
Clerk, will receive bids until 7:30 p. m. May 19 for the purchase at not
less than par of $36,000 sewer extension and sewage disposal plant bonds,
to
bear interest at rate named by the successful bidder.
Due $2,000
yearly beginning three years after date of issue.
Certified check for 2%
May 1, 1936, and due
$1,000
The
Two firms already have said they will
buy the bonds.
Attorneys for one
bond company previously had ruled that the city's inside
bonding power
had been exhausted, according to report.
a
special election for May 12 at which
water bonds will
a
proposal to issue $15,000
be submitted to the voters.
(P. O. Cincinnati), Ohio—VOTES $300,000
RELIEF BONDS—At the May 12 election the voters,
by a count of almost
2 to 1, approved $300,000 relief bond issue.
The bonds will be issued under
the Carey Act which levies an excise tax on utilities to finance
relief
ELECTION—'The
Board
of
Com¬
missioners have passed an ordinance calling a special election for June 5
at which a proposal to issue $80,000 electric light plant extension bonds
expenditures.
will be submitted to the voters.
LIMA
CITY
SCHOOL
DISTRICT,
Ohio—BOND OFFERING—
C. H. Pool, Clerk of the Board of Education, will receive sealed bids until
5 p. m. on May 22, for the purchase of $32,000 4%
coupon refunding bonds.
Dated April 1, 1936.
Denom. $1,000.
Due as follows:
$1,000 April 1 and
Oct. 1 from 1941 to 1946, incl. and $2,000 April 1 and Oct. 1 from
1947 to
1951, incl.
with
Interest payable A.
&
O.
Bids may be made for the bonds
STILLWATER,
WOODWARD,
Okla.—BOND
'
Okla.—BOND SALE—The
$35,000 public park im¬
on May 11—V. 142, p. 3223—were awarded to
Inc., of Oklahoma City for a premium of $5.55, equal to
100.015, a basis of about 3.92%.
The $10,000 bonds maturing serially
from 1939 to 1943 are to bear interest at 4Vi%\ $22,000 coming due from
1944 to 1954, 4%; and $3,000 maturing in 1955. 3%.
provement
R.
bonds offered
J. Edwards,
interest rate other than
an
4%, expressed in a multiple of H of 1%.
$320, payable to the order of the Board of Education,
each proposal.
The bonds to be refunded have already
matured and include $29,000 issued inside tax limitations and
$3,000 out¬
A certified check for
must accompany
side the limit.
LORAIN COUNTY
Oregon Municipals
(P. O. Elyria), Ohio—BOND OFFERING—F. L.
Ellenberger, Clerk of the Board of County Commissioners, will receive bids
until 2 p. m. June 2, for the purchase at not less than
par of $39,000 emer¬
gency poor relief bonds, to bear interest at no more than 6%, in a multiple
of
H%.
Denom. $1,000 and odd.
Dated June 1, 1936.
Principal and
(March 1 and Sept. 1) payable at the State Treasurer's
Due yearly on March 1 as follows:
$3,900, 1937;
$4,200. 1938; $4,400, 1939; $4,700, 1940; $5,000,
1941; $5,300. 1942;
$5,600, 1943; and $5,900, 1944.
Certified check for $1,000, payable to the
County Commissioners, required.
CAMP & CO., INC.
semi-annual interest
office
in
Columbus.
MADEIRA VILLAGE SCHOOL
DISTRICT, Ohio—BOND SALE—
Magnus & Co. of Cincinnati have purchased and are now offering to
investors at prices to yield from 1H% to 3.10%,
according to maturity,
an issue of $40,000
3%% school building bonds.
Denom.
$1,000.
Dated
and semi-annual interest (April 1 and Oct. 1)
Bank, in Cincinnati.
Due on Oct. 1 as
$3,000, 1938 to 1947; $2,000, 1954; $3,000. 1955 and 1956; $2,000.
April
1, 1936.
payable at the
follows:
1957.
Portland, Oregon
OREGON
Principal
bids
to
National
were received, according to the City Recorder.
1951, optional on and after three years.
It
is stated that
the bonds will
be
Due $2,000 from 1937
exchanged with the holders of the
original bonds.
Zanesville),
WATERSHED
CONSERVANCY DISTRICT (P. O.
Ohio—BOND SALE—The district has sold $500,000 1 Yi%
bonds to the Citizens National Bank of Zanesville.
NORWOOD, Ohio—BOND OFFERING—A. M. Schoneberger, City
Auditor, will receive bids until noon June 1 for the purchase at not less than
par of $20,000 4% coupon water works bonds, series A.
Denom. $1,000.
Dated June 1, 1936.
Principal and semi-annual interest payable at the
First National Bank, Norwood.
Due $1,000 yearly on Dec. 1 from 1937
to 1956.
Cert, check for 5% of par value of bonds, payable to the
City
Treasurer, required.
Approving opinion of Peck, Shaffer & Williams of
Cincinnati will be furnished by the city.
OHIO, State of—NO CHANGE SHOWN
CITY
BONDS—With
inactivity and
IN AVERAGE
few price
changes
YIELD FOR
prevailing
in
Ohio municipal bonds, the average yield of bonds for 30 Ohio cities
prepared
by Wm. J. Mericka & Co., Inc., whose New York office is located at One
Wall Street, during the week ended May 14th. showed no
change from the
proceeding week,
remaining
cities continued at 2.91
and
at
for
2.92.
Average yield for
15 largest
15 secondary cities at 2.94.
Ohio
Averages
are
weighted according to outstanding debt of each city.
RICHWOOD,
system
Building,
BEND, Ore.—BONDS NOT SOLD—The $30,000 issue of 5% semi-ann.
refunding bonds offered on May 1—V. 142, p. 2878—was not sold as no
First
MUSKINGUM
30
Porter
Ohio—BOND SALE—The $10,400 4%
construction bonds offered on May 9—V. 142,
COOS COUNTY SCHOOL DISTRICT NO. 12 (P. O. Marshfield),
Ore.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
May 18 by Adam Donaldson, District Clerk, for the purchase of a $2,000
issue of 5% school bonds.
Denom. $200.
Dated June 1, 1936.
Due on
June 1, 1946, optional on June 1, 1937.
Principal and interest (J. & D.)
payable at the State's fiscal agency in New York. The approving opinion
of Teal, Winfree, McCulloch, Shuler & Kelley of Portland will be furnished.
A certified check for 5% of the amount bid is required.
HARNEY
May 15,
sanitary
p.
sewer
3045—were
1, 1935.
SPRINGFIELD, Ohio—PURCHASERS REFUSE BONDS—Seasongood
O.
Burns),
Ore—BOND SALE
CAN¬
as
had been originally scheduled—V. 136,
p.
2714.
NORTH BEND, Ore—BOND OFFERING—Sealed bids will be received
9, according to report, by I. N. Hartley, City Treas¬
urer, for the purchase of a $28,500 issue of 6% refunding bonds.
Denom.
$500.
Dated June 10, 1936.
Principal and interest (J. & D.) payable at
the
City Treasurer's office.
the
bid.
—We
have received
A certified check for
5%
must accompany
(P. O. Astoria), Ore.—OFFER TO PURCHASE
notice from Morris Mather,
Secretary of the Bond¬
holders' Protective Committee, Chicago, 111., that he will receive offerings
for the account of the Port of Astoria, until
June 11, 1936.
Tenders may also be mailed direct to R. R. Bartlett, Port
of bonds of the above port,
Manager. Astoria.
& Mayer of Cincinnati have refused to accept an issue of $83.000
refunding
bonds.
SENECA
COUNTY
'P.
O.
Jiff in), Ohio—BOND OFFERING—
F. W. Grill, County Auditor, will receive bids until 10 a. m. June 4 for the
purchase at not less than par of $20,500 6% coupon emergency poor relief
bonds.
Denom. $1,000 and odd.
Dated May 1, 1936. Principal and semi¬
annual interest (March 1 and Sept. 1) payable at the County Treasurer's
office.
Due on March 1 as follows: $2,100, 1937; $2,200, 1938;
$2,300,
1939; $2,500, 1940; $2,600, 1941; $2,800, 1942; $2,900, 1943, and $3,100,
1944. Certified check for $205, payable to the County Auditor, required.
(P.
until 8 p. m. on June
PORT OF ASTORIA
awarded to the First Cleveland Corp. of Cleveland.
Dated Dec.
Due $800 yearly on Oct. 1, from 1937 to 1949, inclusive.
COUNTY
CELED—It is reported that the proposal to issue $150,000 in road construc¬
tion bonds was not placed on the ballot at the primary election held on
All bonds must be offered firm for
a
period of 10 days.
PENNSYLVANIA
BELLEFONTE,
Pa.—BONDS
VOTED—At
the
April 28 primary
a proposal to issue $136,000 funding bonds was approved by the
The vote was 767 "for" to 257 "against."
elections
voters.
BLAWNOX, Pa.—BOND OFFERING—Walter R. Dripps, Borough
Secretary, will receive bids until 7 p. m. May 25 for the purchase of $19,000
coupon bonds.
Bidders are to name rate of interest, in a multiple
but not to exceed 3^6%.
Denom. $1,000.
Dated June 1, 1936.
payable June 1 and Dec. 1.
Due $4,000 yearly
on
of
Interest
June 1 from 1947 to
Financial
3392
Chronicle
May 16, 1936
SPRINGFIELD
TOWNSHIP
(P.
O.
Springfield),
Pa— BOND
OFFERING—John W. Calder, Township Secretary, will receive sealed bids
(Eastern Standard Time) on June 2 for the purchase of $150,000
IM, 2, 2)4. 2)4, 2%, 3, 3)4 or 3)4% interest coupon sewer bonds.
Denom. $1,000. Due $5,000 on June 1 from 1937 to
1966 incl.
The bonds will be registerable as to principal only and must
bear one rate of interest.
J. & S. interest payments. A certified check for
Commonwealth of
until 7 p. m.
114,
Dated June 1, 1936.
PENNSYLVANIA
payable to the order of the Township Treasurer,
2% of the bonds bid for,
each proposal. The issue will be sold subject to the favor¬
opinion of Townsend, Elliott & Munson of Philadelphia.
must accompany
able legal
Moncure Biddle & Co.
1520 Locust
SCHOOL
SUMMERVILLE
DISTRICT,
Pa.—BOND
SALE—The
$20,000 4% coupon (registerable as to principal) bonds offered on May 8—
142, p. 3046—were awarded to Leach Bros., Inc. of Philadelphia at a
St, Philadelphia
V.
price of 103.60, a basis of about 3.63%.
annually from 1939 to 1958 incl.
PENNSYLVANIA
check for $500, payable to the
print the bonds and will furnish
approving opinion of Burgwin, Scully & Churchill of Pittsburgh.
\
1950, and $3,000 June 1, 1951.
Certified
Borough Treasurer, required. Borough will
the
McKEESPORT,
EAST
bonds awarded on May 6 to
Pa.—OTHER BIDS—The $33,000 cotlpSn
Singer, Deane & Scribner, Inc., of Pittsburgh
3)4s, at par plus a premium
3.48%, as previously noted in
as
of $66.75, equal to 100.202, a basis of about
these columns, were also bid for as follows:
Int. Rate
Bidder—
4%
4%
4%
Leach Bros., Inc
Glover & MacGregor
S. K. Cunningham &
Co
CITY,
ELLWOOD
Premium
101.15
101.03
Dated Dec. 1, 1935 and due $1,000
;
Pa.—BOND SALE—An issue of $7,000 4)4% coupon
March to S. K. Cunningham & Co. of Pittsburgh
at a price of par.
Dated April 1, 1936.
Denom. $1,000.
Due $1,000
from 1945 to 1951 incl.
Principal and interest (A. & O.) payable at the
First National Bank, Homestead.
Legality approved by Burgwin, Scully
& Burgwin of Pittsburgh.
WHITAKER,
bonds was sold in
sewer
ZELIENOPLE SCHOOL DISTRICT, Pa.—BONDS VOTED—At the
April 28 the residents of the district voted favorably upon
question of issuing $28,000 high school addition construction bonds.
election held on
the
100.70
$20,000.00
Pa.—BONDS
AUTHORIZED—'The
Borough
ordinance authorizing the issuance of $52,000
Council recently passed an
STATE OF NORTH CAROLINA
city hall bonds.
Pa.—BOND OFFERING—
George W. Stehly, District Secretary, will receive bids until 6p.m. May 29
for the purchase of $40,000 coupon operating revenue school bonds to bear
interast at 2)4, 2%, 3, 3)4, 314, 3% or 4%.
Denom. $1,000.
Dated
June 1, 1936.
Due $4,000 yearly on June 1 from 1937 to 1946.
Certified
FOUNTAIN
check
for 2%
HILL SCHOOL DISTRICT,
Hwy. 4y4s,
1947 at 3.00% basis & int.
F. W. CRAIGIE &
required.
COMPANY
Richmond, Va.
DISTRICT
SCHOOL
TOWNSHIP
GREGG
due January
(P.
O.
R. D.), Pa.—BOND OFFERING—The district will offer
issue of $10,000 coupon school bonds.
H. S. Limbert,
an
Centre
for sale
on
Hall
A. T. T. Tel. Rich. Va. 83
3-9137
Phone
May 29
District Secretary,
of the bonds until 7 p. m. on that date.
of interest, making choice from 2)4%, 2)4%.
will receive bids for the purchase
Bidders are to name rate
3%, 3)4%, 3)4%, 3)4% and 4%.
Denom. $500.
Dated July 1, 1936.
Interest payable Jan. 1 and July 1.
Due June 30, 1951; optional on and
after July 1, 1941.
Certified check for 2% of amount of bonds bid for,
payable to the District Treasurer, required.
HEMPFIELD
TOWNSHIP SCHOOL DISTRICT
Southern Municipal Bonds
(P. O. Hunkers),
Pa.—BOND OFFERING—Paul E. Sarver, District Secretary, will receive
Crowell
of
&
McALISTER, SMITH & PATE, Inc.
(Eastern Standard Time) on June 1, at the otfices
Whitehead, Solicitors, Bank and Trust Building, Greens-
sealed bids until 10
a. m.
Pa.—BOND OFFERING—As previously reported in
these columns, on June 1 the city will offer for sale two issues of 2)4%
bonds, aggregating $204,000.
Arthur L. Schwing, City Treasurer, will
receive bids until 10 a. m. on that date for the bonds, which are described
JOHNSTOWN,
as
follows:
\
KINGSTON SCHOOL DISTRICT, Pa.—BOND OFFERING—W. H.
Evans, District Secretary, will receive sealed bids until 7:30 p. m. (Eastern
Standard Time) on May 28 for the purchase of $125,000 1)4, 1)4, 2, 2)4,
2)4, 2% or 3% coupon operating revenue bonds.
Dated June 1, 1936.
Denom. $1,000.
Due June 1 as follows:
$10,000, 1937; $15,000, 1938:
$20,000, 1939; $25,000 in 1940 and 1941 and $30,000 in 1942. Alternate
bids will be received on the basis of the bonds maturing on and after June 1,
1939 being subject to call at par and accrued interest on June 1, 1938 or
on any interest payment date thereafter.
The bonds may be registered as
to principal only and all must bear the same rate of interest.
Interest
payable J. & D.
A certified check for 2%, payable to the order of the
District Treasurer, must accompany each proposal.
They will be sold
subject to the favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
LEWIS
Pa .—BOND
RUN,
Telephone WHltehall
GREENVILLE,
OFFERING—A.
T.
Vinca Jr.,
Borough
Secretary, will receive sealed bids until May 15 for the purchase of $8,555.40
5% street improvement bonds, due in from 1 to 15 years.
McKEESPORT, Pa.—BOND SALE—The Borough Council
of $33,000 3)4% refunding bonds to Singer, Deane &
Pittsburgh at a premium of $66.75, equal to 100.202.
issue
has sold an
Scribner of
Cincinnati; A1 ester G. F'urman Co., Henry
NEW
EAGLE
SCHOOL
DISTRICT,
Pa.—BOND
Approving
t0,rhetlactual
maturities on the above bonds
OFFERING—
District Secretary, will be received
serially
PARKER
(P. O. Parkers Landing), Pa.—BOND OFFERING—R. V.
Robinson, City Clerk, will receive sealed bids until June 1 for the purchase
of $5,000 4 )4 % water supply bonds. This is the issue for which all bids were
rejected on April 30. because of faulty advertising.
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Plains), Pa.—
BONDS NOT SOLD—The
$16,000 school bonds offered on May 12 at not to
exceed 4% interest—Y. 142, p. 3224—were not sold, as no bids were re¬
ceived.
Dated April, 1936.
Due $2,000 yearly on April 1 from 1937 to
1944, incl.
POTTER
issue
TOWNSHIP
(P.
O.
Monaca),
Pa —BOND
SALE—The
(registerable as to principal) bonds offered on
May 11 was awarded to Glover & MacGregor of Pittsburgh as 3s, at par
plus a premium of $16.28, equal to 100.18, a basis of about 3.69%.
Dated
April 1, 1936, and due $1,500 on April 1 from 1937 to 1942 incl.
of
$9,000
coupon
ROYERSFORD, Pa.—BONDS VOTED—By
residents
sewage
of the borough on
installation bonds.
SCRANTON
SCHOOL
Aprl
28
approved
DISTRICT,
vote of 439 to 368 the
the issuance of $80,000
a
Pa.—BOND OFFERING—Jacob
Eckersley, District Secretary, will receive sealed bids until 8 p.m. (Eastern
Standard Time) on May 25 for the purchase of $207,000 bonds now in the
sinking fund and described as follows:
,
$127,000 414% series B building and improvement borids.
Dated Jan. 1,
1927. Due Jan. 1 as follows: $7,000, 1937: $20,000, 1938; $43,000
•
in
1948 and $57,000 in 1949.
60,000 4)4% building and improvement bonds.
Dated April 30, 1915,
and due $30,000 each on April 30 in 1940 and 1945.
20,000 414% series C (electoral approval) building improvement bonds.
Dated Jan. 1, 1930, and due $15,000 on July 1, 1938, and $5,000
on July
1, 1953.
on each maturity and proposals must be accompanied
certified check for 2% of the bonds, payable to the order of the school
Bids will be received
by
a
district.
are on
May 1 as follows:
1972,
$20,000, 1939 and 1940; $25,000, 1941 to 1952; $30,000, 1958 to
and $15,000, 1973 to 1976.
Prin. and int. (M. & N.) payable at the
Chemical National Bank in New York.
Legality to be approved by Storey,
Thorndike, Palmer & Dodge of Boston.
RAPID
CITY, S. Dak.—BOND OFFERING—C. I. Leedy, City Auditor,
until 8 p. m. June 1 for the purchase at not less than par
will receive bids
of the
following bonds, which are to
bear interest at no more than
4%:
Dated June 1, 1936. Due yearly on June 1 as
and $12,000, 1941 to 1956.
90,000 waterworks improvement bonds. Dated July 1, 1936. Due $6,000
yearly on July 1 from 1942 to 1956.
"Denom. $1,000. Principal and semi-annual interest payable at the City
Treasurer's office.
Certified check for 5% of amount bid required.
$1^5,000
refunding bonds.
follows: $11,000,
1938, 1939 and 1940,
SOUTH
DAKOTA
MADISON, S. Dak.—BOND ELECTION—At an election to be held on
June 2 the voters will pass on a proposal to issue $35,000 auditorium-armory
bonds.
WHITE SWAN
SCHOOL DISTRICT NO. 9 (P. O. Lake Andes) S*
CALL—John Hefferman, District Treasurer, is said
all school warrants issued from July 1, 1934 to
Dak.— WARRANT
be calling for payment
to
TENNESSEE
GRUNDY
COUNTY
(P. O. Altamount),
Tenn.—OPTION GIVEN
reference to a report that the county had authorized the
bonds, which appeared in these columns recently—V. 142,
ON BONDS—In
sale of $40,000
2715—Huber Lush, Clerk of the County Court, informs us that Clark &
taken an option on the bonds, which are being issued
the purpose of financing the construction of a high school.
Bonds
bear interest at 6%, are dated April 1, 1936.
Denom. $1,000.
Principal
and semi-annual interest (April 1 and Oct. 1) payable at the Central Han¬
over Bank & Trust Co., in New York.
Due in 1937, 1946, 1947 and 1956.
p.
Co. of Nashville have
for
until June 8 for the purchase of $8,000 building bonds, to mature
from 1940 to 1947 incl.
Bidder to name the rate of interest.
PLAINS
T. Mills, Vivian
and Gilfillin & Houston, all of Greenville, which purchased
The bonds are dated May 1, 1936, and mature May 1,
1939 to 1976 incl.
They are priced to yield from 1.75% to 3.35%, according
M. Manning,
July 1, 1835.
MORTON, Pa.—BOND OFFERING—On June 8 the borough will offer
an issue of $35,000 sanitary sewer bonds.
Gertrude E. Shubert,
Borough Secretary, will receive bids until 7p.m. (Eastern Standard Time)
on that date for the purchase of the bonds.
Bonds are coupon in form,
with privilege of registration as to principal.
Bidders are to name rate
of interest, from 3% to 4%.
Denom. $1,000.
Dated June 15, 1936.
Interest payable June and December.
Due June 15, 1966; subject to call
Sealed bids addressed to H. E. Evans,
CAROLINA
them recently.
for sale
on and after June 15,1946.
Certified check for $500 required.
opinion of Saul, Ewing, Remick & Saul of Philadelphia.
CHARLESTON, S. C.
S. C.
SOUTH
4-6765
GREENVILLE, S. C.—BONDS OFFERED TO PUBLIC—OfferingVof
a new issue of $1,000,000 3)4 % wator refunding bonds was made on May 12
by a banking group headed by McAlister, Smith & Pate, Inc., New York,
and including Fix, Einhorn & Co., Inc., Cincinnati; Walter, Woody &
Heimerdinger,
$159,000 refunding bonds.
Dated July 1, 1936.
Interest payable Jan. 1
and July 1.
Due July 1 as follows:
$17,000, 1938; $20,000,
1939; $21,000, 1940; $24,000, 1941; $25,000, 1942 and 1943, and
$27,000, 1944.
45,000 improvement bonds.
Dated June 1, 1936.
Interest payable
June 1 and Dec. 1.
Due $15,000 on June 1 in each of the years
1945, 1946 and 1947.
I
Denom. $1,000.
Interest payable semi-annually.
Certified checks of
$1,500 and $500 required with the larger and smaller issues, respectively.
NEW YORK
BROAD STREET
67
burg, for the purchase of $50,000 3, 3)4 or 4% emergency bonds. Dated
June 15, 1936.
Denom. $1,000.
Due Dec. 15 as follows: $5,000, 1938;
$6,000 from 1939 to 1942 incl., and $7,000 from 1943 to 1945 incl. Redeem¬
able in whole or in part at any interest payment date on or after Dec. 15,1
1937, on 30 days' notice to holders. Interest payable J. & D. A certified
check for $.500, payable to the order of W. G. Hillis, Treasurer, must
accompany each proposal.
KNOXVILLE,
The
"Wall
Tenn.—DEBT REFUNDING CONTEMPLATED—
of May 9 carried the following report on a
Street Journal"
proposed refunding program of the above city:
"Knoxville, Tenn., has under consideration
designed to improve the city's current
been taken by the city officials as yet.
several refinancing plans
position.
No definite action has
several years ago, undertook a refunding program which
extended about $8,000,000 of its debt, but left the city short of cash.
Presently the city is not faced with heavy maturities, but there is about
$2,000,000 floating debt which officials would like to fund.
.r
H
"The short term debt is in the form of warrants, and these can be used
"Knoxville,
payment of taxes by citizens.
The city also pays part of its payroll
of security and because of this has created a revolving debt
found cumbersome.
"The city has not yet decided whether to fund the temporary debt,
or to
include in the operation the refunding at a lower rate of interest
of the approximately $8,000,000 of debt which is callable.
"A short time ago bond houses of Chicago offered a refunding plan,
understood to involve practically all of the city's funded debt.
However,
for
with this type
which at times it has
city officials were advised that such a large operat[on is unnecessary, and
would hardly help the credit rating.
Officials considered that plan as a
means of reducing interest charges which in the next few years will amount
to
approximately $1,500,000 annually.
The small amount of maturitias
1940 gives little hope for a reduction of interest charges
up."
between now and
under the current set
MEMPHIS,
Tenn.—BOND OFFERING—Sealed bids will be
received
June 2, by D. C. Miller, City Clerk, for the purchase
$75,000 issue of coupon city hospital bonds.
Biddres to name the
rate of interest in multiples of )4 or one-tenth of 1%.
Denom. $1,000.
until 2.30 p. m. on
of
a
1936.
Due on May 1 as follows: $5,000, 1937 to 1946;
1947 to 1952, and $1,000 in 1953.
Prin. and int. payable at the
office, or at the Chemical Bank & Trust Co. in New
York.
The city will have all bonds prepared without cost to the purchaser.
The bonds may be registered as to principal only.
No proposal blanks
will be furnished and bidders are required to submit bids in triplicate.
Dated May 1,
$4,000,
City Treasurer's
Volume
The
will be
Financial
142
opinion
approving
furnished.
No
of
Thomson,
arrangements
commission, brokerage
or
Wood & Hoffman of New York,
can be made for deposit of funds,
fees.
PARIS, Tenn.—BOND OFFERING—Sealed bids will be received until
10 a. m. on May 22, by Fred R. Balch, City Recorder, for the purchase of
a
$20,000 issue of 3M % public improvemeht bonds.
Denom. $1,000.
Dated March 1,1936.
Due $1.000 from 1937 to 1956, optional on March 1,
1946.
Principal and interest (M. & S.) payable at the City Treasurer's
office.
Bonds are registerable as to principal.
Authority for issuance:
Resolution by the City Council under the "Public Work Act of 1935,
and are issued for street improvement and public property improvement.
These bonds will not be sold for less than par and accrued interest, plus
cost of printing of bonds and approving opinion.
A certified check for
$500. payable to the City Treasurer, must accompany the bid.
r
CONTEMPLATED—
total of $540,000 in
5)4% and 6% bonds through the issuance of 2% and 2)4% bonds.
It is
reported that the Governor has signed a bill authorizing such refunding.
ROCKWOOD,
Term.—BOND
REFUNDING
The city officials are said to be planning to refund a
SAVANNAH, Tenn.—BONDS SOLD TO PWA—It is reported that
$35,000 4% semi-ann. water works
bonds have been purchased at par
by the Public Works Administration.
Chronicle
NEWTON
3393
COUNTY
SULLIVAN COUNTY (P. O.
Blountville), Tenn.—BOND ELECTION
27, in order to vote on the
proposed issuance of $235,000 in school bonds.
>.
ORANGE
COUNTY
stated by the
(P.
—
Sold
—
is
Tex.—BONDS SOLD—It
Orange),
O.
County Judge that the $110,000 court house construction
sinking fund.
TEXAS (State of)—WARRANT CALL—Outstanding State warrants
bearing dates up to Jan. 10, 1936, and amounting to $1,275,293 are being
called for payment.
UPSHUR COUNTY ROAD DISTRICTS (P. O.
BOND CALL—W. A. Lunsford, County Treasurer, is
Gilmer), Tex.—
said to be calling
following bonds:
1916, due on July 1, 1956,
for payment at par and accrued interest, the
Road District No. 1 5% bonds, dated July 1,
optional 1936.
Road District No. 7 5)4% bonds, dated July 1,
1916, due on July 1, 1956,
optional 1935.
Dated Jan. 1, 1917, due on July 1,
tional Jan. 1, 1935.
Road, series D 5M% bonds.
optional May 15, 1936.
Road, series E 5M% bonds.
,
,
Dated May 15, 1920, optional on May 15,
1936.
.
,
Dated June 15, 1930, optional on June
15,
.
The Road District No. 1 bonds are being called as
all other bonds are being called as of June 10.
Quoted
1957, op¬
Dated May 15, 1919, due May 15, 1959,
Road, Series F 5)4% bonds.
1935 and 1936.
Bought
1
bonds approved by the voters on March 7, as noted here at that time—V.
142, p. 2205—were purchased by the county out of funds on hand in the
1935 and
TEXAS BONDS
NO.
and accrued interest to date of call.
Road, series B 5% bonds.
—An election is said to be scheduled for June
DISTRICT
(P. O. Newton)
Tex.—BOND PAYMENT NOTICE—It is reported that of the $40,000
5)4% road bonds, dated March 10, 1918, due on March 10, 1948, and
optional on Mardh 10, 1928, which were called for payment on March 10,
there are still $5,000 bonds now outstanding.
Funds are available at the
State Treasurer's office in Austin, for the payment of these bonds at par
ROAD
of June 10 and July 1
YORKTOWN, Tex.—BOND VALIDITY CONTESTED—A suit is said
District Court contesting the validity of the $65,000
light and power plant bonds that were approved by the voters on Apr. 7
to have been filed in
in
—V. 142, p. 2715.
H. C. BURT & COMPANY
Sterling Building
for payment through
SPRING, Texas—BOND ELECTION—The City Council is said
an
election for May 19, in order to vote on the issuance of
$42,000 in airport purchase warrants.
GALVESTON
NO.
17
(P.
O.
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
Galveston), Texas—PRICE PAID—In connection with
the sale of the $60,000 school bonds to the American National Insurace Co.
of Galveston, as 4s, reported in these columns recently—V. 142, p. 3225—
it is stated
from
by the County Auditor that the bonds were sold at par.
Due
1937 to 1976.
CROCKETT
SCHOOL
voters of the district
DISTRICT,
recently approved
a
,
Crystal City) Tex.—
that she will call
BOND SALE—Mrs. Elma Ivey, County Treasurer, states
Houston, Texas
TEXAS
BIG
to have called
»»
ZAVALA COUNTY ROAD DISTRICTS (P. O.
Incorporated
Tex.—BONDS
VOTED—The
the County Commissioners' Court on
May 20, the
following 5% bonds.
$10,000 Road District No. 1.
Dated Jan. 10, 1916. Due Jan. 10, 1956,
optional Jan. 10, 1926. Part of an original issue of $15,000.
13,000 Road District No. 3. Dated April 10, 1916. Due April 10, 1956,
optional April 10, 1926.
Part of an original issue of $25,000.
11,000 Road District No. 4.
Dated July 10, 1914.
Due July 10, 1954,
optional July 10, 1924.
Part of an original issue of $20,000.
9,000 Road and Bridge.
Dated June 25, 1910.
Due June 25, 1950,
optional June 25, 1920. Part of an original issue of $20,000.
9,000 Road and Bridge.
Dated Oct. 10, 1911.
Due Oct. 10, 1951,
optional Oct. 10, 1921.
Part of an original issue of $23,000.
The above bonds may be presented for payment at the State Treasurer s
office on date called at which time interest shall cease.
(The first three issues of these bonds were refunded recently, as noted in
these columns at that time.—V. 142, p. 3047.)
f
proposal to issue $25,000 school
bonds.
HARRIS
COUNTY
$302,000 bonds offered
We Are
(P. O. Houston), Tex.—BOND SALE—The
May 11—V. 142, p. 3225—were awarded to the
on
Mercantile Commerce Bank & Trust Co. of St. Louis and A. W.
& Co. of Houston, bidding for all or none, as follows:
$227,000 road, series C, 1933 bonds as 3s for
to 100.13, a basis of about 2.99%.
Snyder
mt
Specialists in
HAMPSHIRE-VERMONT
MAINE—NEW
Municipal Issues
premium of $295.55, equal
Dated Dec. 15, 1933.
Due
$15,000, 1954 to 1962, and
a
as
follows: $20,000, 1950 to 1953;
$12,000 in 1963,
75,000 hospital bonds as 3s for a premium of $97.65, equal to 100.13.
a
basis of about 2.99%.
Dated Oct. 10, 1935.
Due $11,000
in 1961, and $16,000, 1962 to 1965.
E. H. Rollins & Sons
Incorporated
200
Devonshire
St.,
Boston,
Mass.
The
Weil, Roth & Irving Co. of Cincinnati was second high bidder for
for the hospital bonds, offering a $60 premioum for 3% bonds. The First
Boston Corp. of New York, through the Gregory-Eddleman Co. of Hous¬
ton, submitted a better tender for the road issue than did the Mercantile
Commerce Bank & Trust Co. and A. W. Snyder & Co.
The offer was to
pay a premium of $1,010 for 3s, but due to the fact that the purchasers
conditioned their bid "all or none," and that the next high bid for the
hospital issue was for 3 Ms, the county decided that the "all or none" bid
was
VERMONT
BARRE, Vt.—BOND SALE—On May 12 an issue^of $16,000 2H%
airport bonds was awarded to E. H. Rollins & Sons of Boston on a bid of
100.303.
Interest payable May and November.
Due on May 15 from
1937 to 1947.
the best offer obtainable.
VERGENNES,
HOUSTON, Tex.—BOND SALE—The $1,044,000 bonds described be¬
low, wrhich were offered on May 11—V. 142, p. 2879—were awarded to a
syndicate composed of Lazard Freres & Co. of New York, A. G. Becker
& Co. of Chicago; F. S. Moseley & Co. of Boston; Kalman & Co. of St.
Paul; Shannon Kenower & Co. of Detroit and Milton R. Underwood &
Co. of Houston,
as
follows:
All the bonds
1956 incl.
are
dated June 1,
1936,
second
high.
This group offered to take the hospital issue at 3%
premium of $3,583.40 and the street improvement issue at 2 M%
premium of $697.
The net interest cost on the two issues is about 2.82%.
OFFERED
FOR
INVESTMENT—'The
successful
for
for
bidders
re-
banks and trust funds in Newr York and Massachusetts.
OTHER BIDS—The second highest bid for the Houston issue was 100.41
for $874,000 3s and $170,000 2Ms, or a net interest cost of
2.881%, sub¬
mitted by Phelps, Fenn & Co. and associates.
An interest cost basis of 2.88817 was named by a group headed
by
Brown Harriman & Co., which specified 101.399 for the hospital bonds and
101.2699 for the highway improvements, all carrying 3% coupons.
Others
in the group were Blyth & Co., Inc.; Mercantile-Commerce Bank & Trust
Co. of St. Louis; Eldredge & Co., Inc., and A. W. Snyder & Co.
For $874,000 hospital bonds as 3s and $170,000 highway improvements
2M>s,
an
a group headed by Halsey, Stuart & Co. named a price of 100.355,
interest cost basis of 2.8858%, and for all the bonds as 3s, 100.855
proffered, which would make interest cost qf 2.92669%.
This group
included Bancamerica-Blair Corp.; George B. Gibbons & Co., Inc.;
Darby
& Co.; Fort Worth National Bank, and Mahan, Dittmer & Co.
Bidding for the entire amount as 3s, three other groups named prices
of 100.71, 100.6876 and 100.39, respectively!.
The first group included
Lehman Brothers; Stone & Webster and Blodget; Estabrook & Co.; Stern
Brothers & Co., and Donald O'Neil & Co.; the second, First Boston
Corp.;
Illinois Co.
of Chicago;
Gregory-Eddleman Co.. and Walker, Austin
Waggener; and the third, Northern Trust Co.; Harris Trust & Savings
Bank, and Chase National Bank of New York.
was
Texas—BOND
ELECTION—It is stated by the City
Treasurer that an election will be held on May 28, in order to vote on the
proposed issuance of $200,000 in 4% paving construction bonds.
Due in
10 years.
MARSHALL, Tex.—BONDS CALLED—This city is said to have called
for payment as of April 30, the following bonds: $220,500 school
building;
$70,500 water works; $44,500 street improvement; $17,700 sewer, and
$5,700 sidewalk bonds.
All series of 1923, dated Dec. 31, 1923.
MILAM COUNTY ROAD DISTRICT NO. 21
j.—
Arthur Perry & Co
_—
—
Ballou, Adams & Whittemore_____
Coffin & Burr
First Boston Corp
Burlington Savings Bank.
_____
Pq
100.691
100.483
100.47
100.329
2H%
2%%
2%%
3%
3%
3%
3%
3%
101.49
100.65
100.51
100.09
Par
VIRGINIA
have
approved the issuance of the $250,000 in school bonds.
BERRYVILLE, Va.—BOJSIDS SOLD—It is stated by Mayor Harris that
semi-annual sewerage system construction bonds approved
by the voters last December, as noted here at that time, have been sold at
par, as follows: $15,000 to the Bank of Clark County, of Berryville, and
$15,000 to the First National Bank of Berryville.
BLAND SANITARY DISTRICT NO. 1 (P. O. Prince George) Va.—
BOND SALE—The $20,000 issue of 5% semi-ann. sewer bonds offered for
sale on May 5—V. 142, p. 3047—was awarded to the County Sinking
Fund, at par. Dated May 15, 1936. Due in 30 years, optional in 15 years.
the $30,000 3 )4 %
NEWPORT
NEWS, Va .—BONDS AUTHORIZED—The City Council
is reported to have authorized recently the issuance of $68,000 in street
paving bonds, to mature in 10 years. The Council is said to have also passed
on second reading an ordinance providing for $200,000 in short-term notes
to take care of current municipal operations.
Va —BOND SALE—The $44,000 3% coupon or regis¬
May 14—V. 142, p. 3047—were awarded to
of Richmond for a premium of $1,261.04, equal to
100.593, a basis of about 2.93%.
The Augusta National Bank of Staunton
was second high, bidding $45,069.20.
Dated May 1, 1936. Due on May 1
as follows:
$2,000, 1937 to 1954; and $4,000, 1955 to and 1956.
STAUNTON,
tered school bonds offered on
The
Richmond Corp.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
Ferris & Hardgrove
SPOKANE
Teletype—SPO 176
$16,500 road bonds
MONAHANS SCHOOL DISTRICT, Tex.—BOND SALE—An issue of
$15,000 high school building equipment bonds was sold recently to the
First National Bank of Boston
PORTLAND
SEATTLE
Teletype—SEAT 191 Teletype—PTLD ORE 160
(P.O.Cameron), Tex.
—BONDS SOLD—It is stated by the County Judge tnat
have been purchased by the Rockdale State Bank."
State Board of Education.
-
___
Rate Bid
Int. Rate
2)4%
2^%
__.
E. H. Rollins & Sons
ARLINGTON COUNTY (P. O. Clarendon), Va.—BONDS VOTED—
At the election held on May 12—V. 142, p. 3047—the voters are said to
public subscription, the hospital bonds priced
yield from 1.50 to 2.90%, and the 170,000 street improvement bonds
are priced to yield from
1.80% to 3.00%, according to maturity.
The
bonds are legal investment, in the opinion of the bankers, for savings
KILGORE,
refunding
follows:
a
to
or
as
Bidder—
a
offered the above bonds for
as
were
Vermont Securities, Inc
Ross A Co., Inc__
A syndicate which included Phelps, Fenn & Co.; Eastman, Dillon &
Co.; Keen, Taylor & Co.; L. F. Rothschild & Co., and Campbell, Phelps
& Co. of New York, and W. H. Newbold's Son & Co. of Philadelphia was
BONDS
$20,000^coupon
on
Cuen of Vergennes as 2 Hs, at a
Robert W. McCuen_
$874,000 hospital bonds as 2Ms for a premium of $1,223.60, equal to
100.14, a basis of about 2.74%.
Due on June 1 as follows:
$48,000, 1939 to 1955, and $58,000 in 1956.
170,000 street improvement bonds as 3 Ms for a premium of $238, equal
to 100.14, a basis of about 3.24%.
Due $10,000 from J.unel,
1940 to
SALE—The
Vt —BOND
May 13—V. 142, p. 3047—were awarded to Nancy Mcprice of 101, a basis of about 2.31%. Dated
May 1, 1936, and due $2,000 on May 1 from 1937 to 1946 incl. Other bids
bonds offered
WASHINGTON
SPOKANE,
Wash.—BOND
CALL—H.
F.
Tabb,
City
Treasurer,
is
said to be calling for payment on May 15, the following bonds:
Grading, up to and including No. 5, of Local Improvement Dist. No. 1909.
Financial
3394
Walk, up to and including No. 7, of Local Improvement District No. 1839.
Sewer, up to and incl. No. 24, or Local Improvement District No. 1845.
SPOKANE COUNTY SCHOOL DISTRICT NO. 102 (P. O. Spokane),
Wash.—BOND SALE POSTPONED—We are informed by Paul J. Kruessel, County Treasurer, that the sale of the $10,000 not to exceed 6% semiann. coupon school bonds previously scheduled for May 7, as noted here
V. 142, p. 3048—was postponed to June 11 because of a technicality in the
former proceedings on the bonds.
'
Chronicle
UINTA
1936
16,
May
COUNTY
SCHOOL
DISTRICT
NO.
1
(P. O. Evanston)
Wyo.—BOND SALE DETAILS—In connection with the sale of the
$55,000 school bonds to the First Security Trust Co., and Edward L.
Burton & Co., both of Salt Lake City, at a price of 100.16, as noted in these
columns recently—V. 142, p. 3048—it is stated by tne District Clerk that
the bonds were sold as follows: $22,000 as 3J4s, maturing $2,000 from 1938
to 1948, and/the remaining $33,000 as 3s, maturing $2,000,1949 to 1951, and
$3,000 from 1952 to 1960 incl., giving a net interest cost of about 3.09%.
STEVENS COUNTY SCHOOL DISTRICT NO. 80, Wash.—BOND
NOT SOLD—The district did not dispose of the issue of $8,500 school bonds
offered
May 11—Y. 142,
on
p.
3048.
Canadian Municipals
WHITE SALMON IRRIGATION DISTRICT (P. O. White Salmon),
Wash.—BOND ELECTION—An election will be held on May 23 at which
a proposal to issue $15,000 refunding bonds will be voted upon.
Information and Markets
WISCONSIN
BRAWLEY, GATHERS & CO.
CHIPPEWA COUNTY (P. O. Chippewa Falls), Wis.—BOND SALE—
The county on May 13 awarded $740,000 highway improvement bonds to
the First National Bank of Chicago as 2s at a premium of $4,251, equal to
100.574, a basis of about 1.90%. Bids had been requested on either $740,000
bonds or $320,000 bonds. Edward B. Smith & Co. of New York was second
high bidder for the $740,000 block, offering to take that amount at 2% for
a premium of $2,294.
The Central Republic Bank & Trust Co. of Chicago
was high bidder for the $320,000 block, offering 100.278 for
134s, while
Edward B. Smith & Co. were second high with a bid of 100.13. The bonds
awarded will be dated May 1, 1936 and will mature $100,000 yearly on
May 1 from 1939 to 1945, and $40,000 May 1, 1946.
CLARK
COUNTY
(P.
O.
Neillsville), Wis.—LIST OF BIDS—The
following is an official tabulation of the bids received for the purchase of
the $233,000 highway improvement bonds, sold on May 7 to the North¬
western National Bank of Minneapolis, as reported in detail in our columns
at that time.—V.
*
142, p. 3226:
Northwestern National Bank & Trust Co., Minneapolis., 134% interest
plus a premium of $1,288.50.
Tnrall Company, Minneapolis, 1H% interest
plus a premium of $1,203.00.
Harris Trust & Savings Bank, Chicago, 1 34% interest plus a premium,
25 KING
CANADA
of)—EARLY REFUNDING OF DEBTS EX¬
PECTED—The Province's plan for refunding of practically the entire debt
of $160,000,000, at a lower rate of interest, will be in operation before the
end of June unless unexpected difficulties arise, according to Premier
Aberhart.
.%v.
ALBERTA
ALBERTA
Milwaukee,
1%%
interest plus
a
premium
'.yj '■■■■'
Company and the First National Bank of Winona,
1%% interest plus a premium of $1,127.50.
Central Republic, Chicago, 134% interest plus a premium of $372.80.
T. E. Joiner & Co., Chicago, and Bancamerica Blair Corp., Chicago,
1M% interest plus a premium of $1,221.00.
r
O. W. McNear & Company, Chicago, 234% interest plus a premium of
$442.73.
National
Exchange Bank of Milwaukee,
134%
interest plus
a
White-Phillips Company, Chicago, 134% interest plus a premium of $6.00.
Bacon, Whipple& Co., Chicago, 1H% interest plus a premium of $1,179.45.
The Securities Company, Milwaukee, 1%% interest plus a premium of
$628.86,
First National Bank of Chicago, Chicago, 134% interest plus a premium
of $661.00.
E. S. Moseley & Company, Chicago, 134% interest plus a premium of
$165.00.
Edward B Smith & Co., Chicago, 134 % interest plus a premium of $652.40.
Halsey, Stuart & Co., Chicago, 134% interest plus a premium of $163.10.
of)—CONTINUES
BOND
ISSUE—Holders
INTEREST PAYMENTS
$3,200,000 de¬
of Alberta's
dispatch from Alberta.
Assurance of the maintenance of interest payments
was given by Premier Aberhart in a recent interview, when he declared:
"We owe the interest and I think we should pay it."
made for the
step in paving the way for the Social Credit program.
be introduced stage by stage, the Premier said.
(P. O. Superior), Wis .—BOND OFFERING—
As already reported in these columns, on May 16 the
county will offer for
sale an issue of $167,000 5% highway improvement bonds.
A. R. Cole,
County Clerk, will receive bids until 10 a. m. for the purchase of the bonds.
Denom. $1,000.
Dated May 1, 1936. Principal and semi-annual interest
(May 1 and Nov. 1) payable at the County Treasurer's office. Due $50,000
May 1, 1940, and $117,000 May 1, 1941. Certified check for 5%, required.
Wis .—BOND OFFERING—Sealed bids
will
be
received
until 2 p. m. (Central Standard Time) on May 29, by A. E.
Axtell, Director
of Finance, for the purchase of two issues of
refunding bonds aggregating
$45,000, divided as follows:
$35,000 school, series of 1923, and $10,000
school, series of 1930 bonds.
Interest rate is not to exceed 4%, payable
J. &D. Denom. $1,000. Dated June 1, 1936. Due on June 1, 1949. Prin.
and int. payable at the City Treasurer's office.
The bonds will not be sold
for less than par.
The city will furnish its own completed bonds.
Legal
approval by Chapman & Cutler of Chicago.
A certified check for $500,
payable to the city, must accompany the bid.
KENOSHA COUNTY (P. O. Kenosha), Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. (Central Standard
Time),
by John C. Niederprim, County Clerk, for the purchase of
on
an
May
issue
of $160,000 3% highway improvement, series F bonds.
Denom. $1,000.
Catod May 1, 1936.
Due on May 1 as follows: $75,000, 1937 and
1938,
1939.
is the next major
Social Credit will
...
Payment of Alberta's Social Credit basic dividends, under which citizens
will be paid a monthly dividend—forecast by many as $25 a month—
will be the last stage in the Government's plan to create an era of plenty
First must come the solving of the problems of debt, a balanced budget,
employment established, purchasing power increased, industry aided and
a start made in the development of the natural resources of Alberta.
General dividends would not be instituted in blanket form, the Premier
indicated.
He said they would be gradually introduced.
Some citizens
would have a first claim in receiving the monthly payments.
First, he said, would be the aged and sick, the unemployables, and
through the dividends the youth of the Province would be assisted.
Then,
with Social Credit in full operation, would come the payments to all bona
fide citizens.
Interest payable M.
& N.
Bonds to sell for not
Legal opinion by the Attorney General.
A certified check
payable to the county, in a sum not less than 2% of the amount bid is
required.
leiss than par.
(These are the bonds that were sold on
April 24 to R. W. Pressprich
& Co. and Salomon Bros. & Hutzler, both of
Chicago, jointly, as reported
these columns in detail—V. 142, p. 3048.
The re-advertisement is
.
,
when the payments would start.
and this, it was
has been postponed indefinitely.
The Premier gave no indication as to
There would have to be a general registration of citizens,
announced some time ago,
Successful bid.
and $10,000 in
would be
$3,200,000 issue in his $160,000,000 refunding plan, hwich
will come into operation within the next few weeks.
The pian for refunding the Province's bonded debt
DOUGLAS COUNTY
KENOSHA,
but the time will
intend to
have to be extended and it was hard to fix a definite date.
"We
maintain the principal," he said in explaining that provision
.
26
DEFAULTED
for all.
premium of $71.00.
Brown Harriman & Co., Chicago, 1)4% interest plus a premium of $184.07.
Northern Trust Company, Chicago, 134% interest plus $631.00.
*
(Province
ON
Payment of principal will be made, Mr. Aberhart said,
Milwaukee Company,
of $415.00.
Channer Securities
Marine
(Province
faulted bond issue, on which payment was passed April 1, will be paid
interest charges until the principal can be met, reports an Associated Press
of $456.00.
The
ELGIN 6438
ST. WEST, TORONTO
BRITISH
COLUMBIA
(Province
of)—CASH
AVAILABLE
TO
MEET MATURITY—Hon. John Hart, Minister of Finance, has stated
that the $3,500,000 bonds due on May 15 will be paid "from revenue
surplus accrued up to March 31, 1936 and that no funds appertaining to
sinking funds are being used for the repayment." It was at first reported
sinking funds would be used to meet the maturity. Only one other large
by the Province before 1939, this being a loan of $1.000,Revenues received by the
$25,500,000, the second
largest annual income in its history and comparing with the peak of $26,100,000 in 1929-30.
that
issue must be met
000 334s, due July 8, 1938, according to report.
Province for the 1935-36 period amounted to
CALGARY,
Alt&.—REDUCES INTEREST RATE ON BONDS—The
the city for the current year will remain at 50 mills, according
report.
The rate, it is said, is based on a reduction of interest charges
On all outstanding city debentures to 3 %. and will mean a cash deficit of
$412,839 on the year's operations.
tax rate for
to
MANITOBA
(Province of)—REARRANGES DRAINAGE DISTRICT
DEBTS—An Order-in-Council providing a new financial set-up for drainage
districts and for transfer of $1,783,000 to the public debt of the Province
from the capital debt on drainage district debentures has been passed by
the Manitoba Government.
.
The Government's action validates the scheme adopted after months of
„
study by a special drainage commission.
As a follow-up to the Order-in-Council 31 rural municipal municipalities
of the drainage areas will need to pass by-laws providing delivery to the
Provincial Treasurer of a new issue of 4 34 % debentures covering the
amount of drainage indebtedness allocated to each municipality under the
,
new
,
set-up.
in
made necessary because the previous advertisement was one
day short of
the required statutory notice.)
MAZOMANIE GRADED JOINT SCHOOL DISTRICT NO. 2
(P. O*
SALE—The $15,500 issue of 3% semi-ann.
on May 12—V.
42, p. 3226—was awarded
H
Haydon & Co. of Madison, paying a premium of $10, equal to
Mazomame), Wis.—BOND
refunding bonds offered for sale
to%°566.»ni°™19519%- DUe°nMay 5
as follows:
$1,000,1937
MAZOMANIE UNION FREE HIGH SCHOOL DISTRICT
(P. O.
SALE—The $16,000 issue of 3% semi-ann.
refunding bonds offered for sale on May 12—V. 142, p. 3226—was pur¬
chased by Harley, Haydon & Co. of
Madison, paying a premium of $10,
basis of ab°nt 2.99%.
Due on May 15 as follows:
$1,000, 1937 to 1949, and $1,500 in 1950 and 1951.
Mazomame), Win.—BOND
NEENAH, Wis.—BOND OFFERING—Sealed bids will be received until
10 a. m. (Central Standard Time), on
May 22, by H. S. Zemlock, City
Clerk, for the purchase of a $235,000 issue of sewerage treatment plant
bonds.
Interest rate is not to exceed 334%, payable J. & D.
Rate to be
stated in multiples of 34 of 1% and bids for
only one interest rate shall be
®?«sI™re?AoPen<?33; #* .000. Dated June 1,1936. Due on June 1 as follows:
$10,000, 1938 to 1946, and $29,000 from 1947 to 1951. Prin. and infy pay¬
able at the City Treasurer's office.
Bonds are to be sold subject to the
approving opinion of Chapman & Cutler, of Chicago, at the expense of the
bidder, and all bids must be so conditioned. A certified check for 2% of the
amount
bid
2i^ 2aa
$175,000
required.
is
OCONTO,
Wis.—BONDS
^ on
■
water
in
DEFEATED—It
is
reported
that
at
an
28, the voters defeated the proposed issuance of
supply bonds.
Wis.—PRICE PAID—In connection with the sale of the
$503,000 334 % semi-ann. sewage treatment system, mortgage revenue
bonds purchased by a group headed by the First Boston
Corp. of New
York, as reported in these columns recently—V. 142, p. 3048—it is reported
by riie City Clerk that the bonds were sold at a price of 97.05, a basis of
about 3.45%. Dated Nov. 1,1935. Due from Nov.
1,1938 to 1965, optional
after three years from date of issue.
NOVA SCOTIA (Province of)—PLANS LONG-TERM
The Government plans to borrow $7,772,107 for public
RICHMOND
DISTRICT,
B.
C.—APPROVES DEBT REDUCTION
PLAN— Proposal of A. J. Moffatt, Municipal Clerk of Richmond District,
to reduce the bonded debt and effect a saving in interest and sinking fund
payments has been approved by the council.
The plan is that the district
debentures bought by the council as sinking fund investments be canceled
and a readjustment made of sinking fund levies.
The proposal, it is said, will reduce the bonded debt by $147,500 im¬
mediately and save the municipality about $22,400 in interest and sinking
fund payments over a 23-year period.
ST.
LAMBERT,
Que.—DEBT
REFUNDING
APPROVED—Final
approval to the financial reorganization of St. Lambert, Que., was given
by the council just recently, when third and last reading was given to
By-law No. 224. It provides for the redemption of outstanding bonds within
30 days of the by-law coming into effect, and for the making of a loan in the
form of a new bond issue to the amount of $3,300,000 for a period not
exceeding 30 years and to bear interest not exceeding 4 34 %. with which to
redeem outstanding obligations.
SASKATCHEWAN
(Province
of)—CENTRAL
WYOMING
GREYBULL
HIGH
SCHOOL
DISTRICT,
Wyo.—BOND SALE—
at a price
of 100.405, the first $50,000 to bear interest
Brown, Schlessman, Owen & Co. of Denver
balance 334
•
at
334% and the
second high,
were
?£fHinfiU00-405 for #53.000 334% bonds and $47,000 334s. Dated June 1,
1936.
Due
y^rly as follows: $5,000, 1941 to 1947; $6,000. 1948 to 1952;
and
$7,000, 1953 to 1957.
BANK
LOAN PAYMENTS—The Bank of Canada has agreed to loan
FINANCES
the Province
the approximately $3,000,000 required to meet maturing issues in May and
June. This is the first instance of such assistance to a Canadian Province,
it is said.
TORONTO, Ont.—OFFERING OF $6,144,000 BONDS—Samuel McBride, Mayor and1 Chairman of the Board of Control, will receive sealed
bids until noon (Eastern Daylight Saving Time) on May 20 for the purchase
of $6,144,000 coupon (registerable as to principal only) bonds.
Bids must
be for all of the bonds and name one price therefor.
The offering includes:
$2,872,000 2% bonds, due serially from 1937 to 1941, incl.
maturity, 3 years.
2,283,000 234% bonds, due serially from 1937 to 1946, incl.
maturity, 534 years.
989,000 3% bonds, due serially from 1937 to 1956, incl.
maturity, 11 years.
Average
Average
Average
Denom. $1,000.
Principal
and interest payable in Toronto only.
A certified check for 2 % of the bonds
bid for, payable to the order of the Mayor, must accompany each proposal.
The bonds will be approved by Clarke, Swabey & McLean of Toronto.
Bonds to be paid for and delivery made on June 1 at the office of George
Wilson, Commisisoner of Finance.
One of the highlights of City of Toronto financing, the prospectus'points
out, is that never In its history have bond offerings been renewed or re¬
funded.
In conformity to this established practice, it is stated in the
prospectus that since Jan. 1,1919, $146,648,000 of debt has been redeemed,
of
which $31,095,000 was before
maturity.
In addition, debentures
amounting to $5,757,000 will imature during the balance of this year.
All of the bonds will be dated June 1, 1936.
The $100,000 coupon school bonds offered on
May 14—V. 142, p. 2880—
were awarded to the American National Bank
of Cheyenne, the Stockgrowers National Bank of Cheyenne and Geo. W. Vallery & Co. of Denver
FINANCING—
works and $4,894,000
for refunding purposes.
@FedFRASER